MIRA INFORM REPORT

Report Date :

13.06.2013

IDENTIFICATION DETAILS

Name :	SPECTRO LAB EQUIPMENTS PRIVATE LIMITED
Registered Office :	E-41, Okhla Industrial Area, Phase-II, New Delhi – 110020
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	28.02.2007
Com. Reg. No.:	55-159844
Capital Investment / Paid-up Capital :	Rs. 0.110 Million
CIN No.: [Company Identification No.]	U29297DL2007PTC159844
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Various High Quality Products.
No. of Employees :	15 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (27)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 18000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. The external borrowing seems to be huge which act as a threat to the liquidity position. However, trade relations are reported to be fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with great caution.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

INFORMATION PARTED BY

Name :	Mr. Rajesh
Designation :	Office Executive
Contact No.:	91-9873571517
Date :	11.06.2013

LOCATIONS

Registered Office/ Factory :	E-41, Okhla Industrial Area, Phase-II, New Delhi – 110020, India
Tel. No.:	91-11-26383312/ 40522000/ 26383048/ 26383049/ 41611000
Fax No.:	91-11-40503150/ 40503151/ 40522000
E-Mail :	prashant@spectro.in soniyashm@yahoo.com
Website :	http://www.spectrolabequipments.com
Location :	Owned

DIRECTORS

As on: 30.09.2012

Name :

Mr. Kuldeep Dhingra

Designation :

Managing Director

Address :

G - 124, Kalkaji, Delhi- 110019, India

Date of Birth/Age :

12.07.1954

Date of Appointment :

28.02.2007

DIN No.:

01105920

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U74220DL1998PLC092698	Spectro Analytical Labs Limited	Managing director	12/03/1998	12/03/1998	-	Active	NO
2	U15134DL2000PTC103789	Rkd Consultancy Private Limited	Director	22/12/2005	22/12/2005	12/12/2007	Active	NO
3	U73200UP2006PTC031472	Spectro Research Lab Ventures Private Limited	Director	01/03/2006	01/03/2006	-	Active	NO
4	U73100RJ2007PTC023792	Spectro Test Lab Private Limited	Director	07/02/2007	07/02/2007	28/04/2008	Active	NO
5	U29297DL2007PTC159844	Spectro Lab Equipments Private Limited	Managing director	28/02/2007	28/02/2007	-	Active	NO
6	U74200DL2008PTC177126	Spectro Weld Institute Private Limited	Director	24/04/2008	24/04/2008	-	Active	NO
7	U74220RJ2008PTC026482	Spectro Testing And Research Centre Private Limited	Director	05/05/2008	05/05/2008	-	Active	NO
8	U40300JK2008PTC002928	Spectro Testing Private Limited	Director	25/07/2008	25/07/2008	-	Active	NO
9	U74140DL2010PTC198940	Spectro Ace Analytical Labs Private Limited	Director	10/02/2010	10/02/2010	-	Active	NO
10	U74140DL2010PTC201479	Global Pt Provider Private Limited	Director	12/04/2010	12/04/2010	-	Active	NO
11	U74990MH2010PTC201958	Spectro Ssa Labs Private Limited	Director	12/04/2010	12/04/2010	-	Active	NO
12	U74900KA2010PTC054283	Spectro V and G Industrial Labs Private Limited	Director	29/06/2010	29/06/2010	-	Active	NO
13	U74220OR2010PTC012862	Spectro Gsn Laboratory Private Limited	Managing director	24/12/2010	24/12/2010	-	Active	NO
14	U74999DL2011PTC221884	Spectro Labcare Private Limited	Director	04/07/2011	04/07/2011	-	Active	NO
15	U74210DL2011PTC224589	Spectro Corporate Trainers Private Limited	Director	06/09/2011	06/09/2011	-	Active	NO
16	U74200KL2011PTC029679	Spectro Integrated Labs Private Limited	Director	28/10/2011	28/10/2011	-	Active	NO
17	U74999DL2011PTC229070	Spectro Bharti Automation Private Limited	Director	21/12/2011	21/12/2011	-	Active	NO
18	U93000DL2012PTC231118	Spectro Inspection Services Private Limited	Director	07/02/2012	07/02/2012	-	Active	NO

Name :

Mr. Sushant Gupta

Designation :

Director

Address :

W-66, Greater Kailash, Part-II, New Delhi - 110048, India

Date of Birth/Age :

24.09.1975

Date of Appointment :

28.02.2007

DIN No.:

01105937

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U74220DL1998PLC092698	Spectro Analytical Labs Limited	Director	15/04/1999	15/04/1999	-	Active	NO
2	U15134DL2000PTC103789	Rkd Consultancy Private Limited	Director	22/12/2005	22/12/2005	12/12/2007	Active	NO
3	U73200UP2006PTC031472	Spectro Research Lab Ventures Private Limited	Director	01/03/2006	01/03/2006	-	Active	NO
4	U73100RJ2007PTC023792	Spectro Test Lab Private Limited	Director	07/02/2007	07/02/2007	28/04/2008	Active	NO
5	U29297DL2007PTC159844	Spectro Lab Equipments Private Limited	Director	28/02/2007	28/02/2007	-	Active	NO
6	U74200DL2008PTC177126	Spectro Weld Institute Private Limited	Director	24/04/2008	24/04/2008	-	Active	NO
7	U74220RJ2008PTC026482	Spectro Testing And Research Centre Private Limited	Director	05/05/2008	05/05/2008	-	Active	NO
8	U40300JK2008PTC002928	Spectro Testing Private Limited	Director	25/07/2008	25/07/2008	-	Active	NO
9	U74140DL2010PTC198940	Spectro Ace Analytical Labs Private Limited	Director	10/02/2010	10/02/2010	-	Active	NO
10	U74140DL2010PTC201479	Global Pt Provider Private Limited	Director	12/04/2010	12/04/2010	-	Active	NO
11	U74990MH2010PTC201958	Spectro Ssa Labs Private Limited	Director	12/04/2010	12/04/2010	-	Active	NO
12	U74900KA2010PTC054283	Spectro V and G Industrial Labs Private Limited	Director	29/06/2010	29/06/2010	-	Active	NO
13	U74220OR2010PTC012862	Spectro Gsn Laboratory Private Limited	Director	24/12/2010	24/12/2010	-	Active	NO
14	U74999DL2011PTC221884	Spectro Labcare Private Limited	Director	04/07/2011	04/07/2011	-	Active	NO
15	U74210DL2011PTC224589	Spectro Corporate Trainers Private Limited	Director	06/09/2011	06/09/2011	-	Active	NO
16	U74200KL2011PTC029679	Spectro Integrated Labs Private Limited	Director	28/10/2011	28/10/2011	-	Active	NO
17	U74999DL2011PTC229070	Spectro Bharti Automation Private Limited	Director	21/12/2011	21/12/2011	-	Active	NO

Name :

Mr. Prashant Gupta

Designation :

Director

Address :

W-66, Greater Kailash, Part-II, New Delhi - 110048, India

Date of Birth/Age :

22.03.1972

Date of Appointment :

28.02.2007

DIN No.:

01105985

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U74220DL1998PLC092698	Spectro Analytical Labs Limited	Director	14/08/2006	14/08/2006	-	Active	NO
2	U29297DL2007PTC159844	Spectro Lab Equipments Private Limited	Director	28/02/2007	28/02/2007	-	Active	NO
3	U74999DL2011PTC221884	Spectro Labcare Private Limited	Director	04/07/2011	04/07/2011	-	Active	NO
4	U74210DL2011PTC224589	Spectro Corporate Trainers Private Limited	Director	06/09/2011	06/09/2011	-	Active	NO
5	U74999DL2011PTC229070	Spectro Bharti Automation Private Limited	Director	21/12/2011	21/12/2011	-	Active	NO

Name :

Mr. Suneil Dua

Designation :

Director

Address :

A-504, Saransh Apartment, 34 I.P. Extension, New Delhi-110092, India

Date of Birth/Age :

25.05.1956

Date of Appointment :

22.01.2011

DIN No.:

03013955

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U74220DL1998PLC092698	Spectro Analytical Labs Limited	Additional director	26/03/2010	26/03/2010	-	Active	NO
2	U29297DL2007PTC159844	Spectro Lab Equipments Private Limited	Director	22/01/2011	22/01/2011	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.09.2012

Names of Shareholders	No. of Shares
Suneil Dua	1000
Spectro Analytical Labs Limited	10000
Total	11000

Equity Share Break up (Percentage of Total Equity)

As on: 30.09.2012

Category	Percentage
Bodies corporate	91.00
Directors or relatives of directors	9.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Various High Quality Products.
Products :	· Analytical Instruments · Chemical Plants/ Reactors · Coal Testing Equipments · Environmental Equipments · Gold/ Diamond/ Jewelry Testing · Mechanical Test Equipments · Metallurgical Test Equipments · NDT Equipments · Pharma Test Equipments · Polymer and Rubber Lab · Soil and Civil Test Equipments · Textile Test Equipments
Exports :
Products :	· Analytical Instruments · Chemical Plants/ Reactors
Countries :	· USA · Japan · Australia, etc
Imports :
Products :	Raw Materials
Countries :	· China · Japan
Terms :
Selling :	L/C
Purchasing :	L/C

GENERAL INFORMATION

Customers :

Wholesalers and Retailers

No. of Employees :

15 (Approximately)

Bankers :

Axis Bank Limited, 2nd Floor, Statesman House, 148, Barakhamba Road, New Delhi - 110001, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
Long Term Borrowing
Reliance capital car loan	5.233	6.107
Total	5.233	6.107

Banking Relations :	--
Auditors :
Name :	R. Plaha and Association Chartered Accountants
Address :	KD – 199, Pitampura, New Delhi – 110088, India
Tel. No.:	91-11-27315107/ 27311955
Fax No.:	91-11-27315107/ 27311955
E-Mail :	plaha_r@yahoo.com
PAN No.:	AALFR1594F

CAPITAL STRUCTURE

As on: 30.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.10/- each	Rs. 1.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
11000	Equity Shares	Rs.10/- each	Rs. 0.110 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	0.110	0.110
(b) Reserves & Surplus	4.441	1.608
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
(3) Non-current liabilities
(a) long-term borrowings	32.279	17.754
(b) Deferred tax liabilities (Net)	0.029	0.174
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
(4) Current liabilities
(a) Short term borrowings	0.000	0.000
(b) Trade payables	19.983	15.793
(c) Other current liabilities	0.000	0.000
(d) Short-term provisions	7.473	6.388
TOTAL	64.315	41.827
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	8.246	7.876
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.085	0.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	0.702	0.000
(e) Other Non-current assets	6.823	2.881
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	10.347	4.826
(c) Trade receivables	31.947	25.162
(d) Cash and cash equivalents	2.680	0.202
(e) Short-term loans and advances	3.338	0.402
(f) Other current assets	0.147	0.478
TOTAL	64.315	41.827

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		0.100
2] Share Application Money		0.000
3] Reserves & Surplus		0.561
4] (Accumulated Losses)		0.000
NETWORTH		0.661
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		1.312
TOTAL BORROWING		1.312
DEFERRED TAX LIABILITIES		0.000
TOTAL		1.973
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.038
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1.112
	Sundry Debtors	3.589
	Cash & Bank Balances	0.157
	Other Current Assets	3.354
	Loans & Advances	0.000
Total Current Assets		8.212
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1.914
	Other Current Liabilities	4.127
	Provisions	0.239
Total Current Liabilities		6.280
Net Current Assets		1.932
MISCELLANEOUS EXPENSES		0.003
TOTAL		1.973

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income		72.609	25.698
		AMC, Installation and Commissioning Receipts		2.376	1.808
		Other Income		0.020	0.000
		TOTAL	85.432	75.005	27.506
Less	EXPENSES
		Goods Consumed		56.282	22.019
		Direct Expenses		4.392	1.331
		Administrative & Other expenses		12.756	3.517
		Preliminary Expenditure		0.003	0.003
		TOTAL	81.114	73.433	26.870
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		Including depreciation	1.572	0.636
Less/ Add	DEPRECIATION/ AMORTISATION			0.029	0.008
	PROFIT BEFORE TAX		4.318	1.543	0.628
Less	TAX		1.483	0.496	0.239
	PROFIT AFTER TAX		2.835	1.047	0.389
	Earnings Per Share (Rs.)		257.72	95.18	--

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	3.31	1.40	1.41
Net Profit Margin (PBT/Sales)	(%)	0.00	2.12	2.44
Return on Total Assets (PBT/Total Assets}	(%)	6.72	3.69	7.61
Return on Investment (ROI) (PBT/Networth)		0.94	0.90	0.95
Debt Equity Ratio (Total Debt/Networth)		7.09	10.33	1.98
Current Ratio (Current Asset/Current Liability)		1.76	1.40	0.76

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	No
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

UNSECURED LOAN

(Rs. In Millions)

Particulars	As on 31.03.2012	As on 31.03.2011
Long Term Borrowing
Spectro analytical lab limited	27.046	11.647
Total	27.046	11.647

Bankers Charges Report as per Registry

Corporate identity number (CIN) or foreign company registration number of the company	U29297DL2007PTC159844
Name of the company	SPECTRO LAB EQUIPMENTS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	E-41, Okhla Industrial Area, Phase-II, New Delhi – 110020, India Email-id - soniyashm@yahoo.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10388625
Type of charge	Book debts Others (First and Exclusive Charge Over Current Assets)
Particular of charge holder	Axis Bank Limited, 2nd Floor, Statesman House, 148, Barakhamba Road, New Delhi - 110001, India Email-id - Mohd.Aqib@axisbank.com
Nature of instrument creating charge	Deed of Hypothecation of Current Assets (Stock And Book Debts)
Date of instrument Creating the charge	28.02.2013
Amount secured by the charge	Rs. 20.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest As Per Sanction Letter No. Axis b/ SME-Del Ii/2012-13/14628 Dated 25.02.2013 To Be Amended From Time To Time. Terms of Repayment As Per Sanction Letter No. Axis b/ SME-Del Ii/2012-13/14628 Dated 25.02.2013 To Be Amended From Time To Time. Margin As Per Sanction Letter No. Axis b/ SME-Del Ii/2012-13/14628 Dated 25.02.2013 To Be Amended From Time To Time. Extent and Operation of the charge Extent and Operation - 100% Others The Above Is To Secure Cash Credit Under SME Power Scheme.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	i) Hypothecation By Way of First and Exclusive Charge Over All Present And Future Entire Current Assets of The Company Stored or To Be Stored At The Company's Godowns or Premises or ii) Wherever Else The Same May Be.
Particulars of the present modification	Bank's First And Exclusive Charge Over All Present and Future Entire Current Assets Of The Company Stored or To Be Stored At The Company's Godowns or Premises or Wherever Else The Same May Be, Already Registered For Rs. 10.000 millions Shall Stand Enhanced To Rs. 20.000 millions.

OPERATIONS

The Future Prospects of the company seem to be quite bright. They are bagging quantum sale orders from giant corporates and industry upcoming in Gurgaon, Noida and other metropolitans. It is envisaged that the performance shall be better in the ensuing year.

FIXED ASSETS:

· Furniture

· Computer

· Motor Cycle

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs. 58.27
UK Pound	1	Rs. 91.16
Euro	1	Rs. 77.50

INFORMATION DETAILS

Information Gathered by :	NYA
Report Prepared by :	DPH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		27

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
-	NB	New Business	-

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

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