MIRA INFORM REPORT

Report Date :

04.03.2013

IDENTIFICATION DETAILS

Name :	AGRAWAL METAL WORKS PRIVATE LIMITED
Registered Office :	205, 2nd Floor, Arunachal Building, 19, Barakhamba Road, New Delhi – 110001
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	07.06.1945
Com. Reg. No.:	55-000835
Capital Investment / Paid-up Capital :	Rs.12.500 Millions
CIN No.: [Company Identification No.]	U74899DL1945PTC000835
PAN No.: [Permanent Account No.]	AABCA4897R
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Non-Ferrous Flat Rolled Products.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 2800000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is old and well established company having a satisfactory track record. Financial performances seems to be good. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct and as per commitment. The company can be considered for normal business dealings at usual trade terms and conditions.

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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

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

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	BBB (Long Term Rating)
Rating Explanation	Having moderate degree of safety regarding timely servicing of financial obligation. It carry moderate credit risk.
Date	March 2012

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.

LOCATIONS

Registered Office :	205, 2nd Floor, Arunachal Building, 19, Barakhamba Road, New Delhi – 110001, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	finance@amwl.in accounts@agrawalmetal.com
Website :	finance@amwl.in
Factory 1/ Mailing Address :	Jhajjar Road, Rewari – 123 401, Haryana, India
Tel. No.:	91-1274-253401/ 253404
Fax No.:	91-1274-254412/ 256413
Factory 2 :	SPL 144 A and B, RIICO Industrial Area, Phase I, Bhiwadi – 301 019, Rajasthan, India

DIRECTORS

As on: 27.09.2012

Name :

Mr. Davinder Kumar Jain

Designation :

Managing Director

Address :

69RL, Model Town, Rewari – 123 401, Haryana, India

Date of Birth/Age :

14.11.1948

Qualification :

B.E. (Elect)

Experience :

33 Years

Date of Appointment :

06.03.2008

DIN No.:

00250693

Name :

Mr. Subhash Chand Jain

Designation :

Director

Address :

L – 18, Model Town, Rewari – 123 401, Haryana, India

Date of Birth/Age :

18.09.1956

Date of Appointment :

07.07.2006

DIN No.:

00250598

Name :

Mr. Vivek Indermani Gupta

Designation :

Director

Address :

Vrindavan, 4^th Floor, 32, Mount Marry, Off Captain Villa, Bandara (West), Mumbai – 400 050, Maharashtra, India

Date of Birth/Age :

24.07.1969

Date of Appointment :

05.09.2005

DIN No.:

00027546

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	U67120MH1997PTC110941	GEPL CAPITAL PRIVATE LIMITED	Director	26/09/1997	26/09/1997	-	Active	NO
2	U67190MH1998PTC115790	GEPL COMMODITIES PRIVATE LIMITED	Director	15/07/1998	15/07/1998	-	Active	NO
3	U67120MH1999PTC123100	GEPL INSURANCE BROKING PRIVATE LIMITED	Director	15/12/1999	15/12/1999	-	Active	NO
4	U74899DL1945PTC000835	AGRAWAL METAL WORKS PRIVATE LIMITED	Director	05/09/2005	05/09/2005	-	Active	NO
5	U65190MH2007PTC174181	GEPL FINANCE PRIVATE LIMITED	Director	17/09/2007	17/09/2007	-	Active	NO
6	U40300MH2012PTC230586	GEPL POWER PRIVATE LIMITED	Director	03/05/2012	03/05/2012	-	Active	NO

Name :

Mr. Mayur Sunil Gupta

Designation :

Director

Address :

Flat No. 2201, 22^nd Floor, B – 30, Eden Woods, Shastri Nagar, Off Lokhandwla Road, Andheri (West), Mumbai – 400 053, Maharashtra, India

Date of Birth/Age :

02.03.1978

Qualification :

CA, CPA and MBA

Experience :

7 Years

Date of Appointment :

15.07.2006

DIN No.:

00250780

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	U74899DL1945PTC000835	AGRAWAL METAL WORKS PRIVATE LIMITED	Director	15/07/2006	15/07/2006	-	Active	NO
2	U45201MH2012PTC229203	BLESSFAY REALTY PRIVATE LIMITED	Director	04/04/2012	04/04/2012	10/08/2012	Active	NO

Name :

Mr. Rajiv Jain

Designation :

Director

Address :

601/17, Heritage City, Mehrauli Road, Gurgaon – 122 001, Haryana, India

Date of Birth/Age :

11.04.1960

PAN No.:

AASPJ0893L

Date of Appointment :

18.06.2011

DIN No.:

00275752

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	U31300RJ1988PTC035751	DRAWMET WIRES PRIVATE LIMITED	Managing director	28/11/2000	28/11/2000	-	Active	NO
2	U74899DL1945PTC000835	AGRAWAL METAL WORKS PRIVATE LIMITED	Director	13/09/2011	18/06/2011	-	Active	NO

KEY EXECUTIVES

Name :	Mr. S. Loonker
Designation :	President
Date of Birth/Age :	56 Years
Qualification :	B.Com, DCWA
Experience :	36 Years
Date of Appointment :	11.04.84

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 27.09.2012

SHAREHOLDING DETAILS FILE ATTACHED

Equity Share Break up (Percentage of Total Equity)

As on: 27.09.2012

Category	Percentage
Directors or relatives of directors	69.20
Other top fifty shareholders	30.80
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Non-Ferrous Flat Rolled Products.

PRODUCTION STATUS (As on: 31.03.2012)

Particulars	Unit	Actual Production
Non-ferrous flat rolled products	MT	14875*
Electricity	Units/ MT	1551
LDO/HSD	Ltrs / MT	14
LPG GAS	Kgs / MT	9

Notes: *Includes 771 MTs (Previous Year MTs) refined Unwrought which were not used for captive consumption.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· ING Vysya Bank Limited, Narian Manzil, Ground Floor, Shop No. G 1 to G 5, 1 Floor, Shop No.1001 to 1007, Barakhamba Road, New Delhi – 110 001, India

· State Bank of Bikaner and Jaipur, Kath Mandi, Rewari – 123 401, Haryana, India

· State Bank of Patiala

· State Bank of Hyderabad

· 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
Term Loans from Bank	6.865	27.424
Working Capital loans form banks	1026.246	793.837
Total	1033.111	821.261

Banking Relations :	--
Auditors :
Name :	K.C. Jain and Company Chartered Accountants
Address :	4812/24, Ansari Road, Darya Ganj, New Delhi – 110 002, India
PAN No.:	AAEFK4992K

CAPITAL STRUCTURE

As on: 27.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
4000000	Equity Shares	Rs.10/- each	Rs.40.000 Millions
1000000	Preference Shares	Rs.10/- each	Rs.10.000 Millions
1000000	Unclassified Shares	Rs.10/- each	Rs.10.000 Millions
	Total		Rs.60.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1250000	Equity Shares	Rs.10/- each	Rs.12.500 Millions

As on: 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs.50.000 Millions
1000000	Preference Shares	Rs.10/- each	Rs.10.000 Millions
	Total		Rs.60.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1250000	Equity Shares	Rs.10/- each	Rs.12.500 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		12.500	12.500	12.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		707.918	572.672	487.658
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		720.418	585.172	500.158
LOAN FUNDS
1] Secured Loans		1033.111	821.261	576.107
2] Unsecured Loans		30.000	30.000	15.000
TOTAL BORROWING		1063.111	851.261	591.107
DEFERRED TAX LIABILITIES		50.187	52.367	51.719
TOTAL		1833.716	1488.800	1142.984
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		410.651	393.016	363.461
Capital work-in-progress		4.614	0.477	10.476
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	608.953	549.401	410.325
	Sundry Debtors	716.894	620.385	377.275
	Cash & Bank Balances	42.202	8.633	18.228
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	142.426	81.278	123.933
Total Current Assets		1510.475	1259.697	929.761
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	43.608	104.339	104.204
	Other Current Liabilities	35.916	44.178	40.678
	Provisions	12.500	15.873	15.832
Total Current Liabilities		92.024	164.390	160.714
Net Current Assets		1418.451	1095.307	769.047
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1833.716	1488.800	1142.984

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Net Turnover/ Sales of Product	5695.133	4328.216	2738.639
		Other Income	NA	NA	10.615
		Closing Stock	NA	NA	311.790
		TOTAL (A)	NA	NA	3061.044
Less	EXPENSES
		Opening Stock			220.964
		Raw Material and Components Consumed			2275.847
		Manufacturing Expenses			226.233
		Excise Duty			1.516
		Administrative Expenses			51.445
		Selling Expenses			2.366
		TOTAL (B)	NA	NA	2778.371
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		392.782	329.129	282.671
Less	FINANCIAL EXPENSES (D)		118.343	86.475	70.076
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		274.439	242.654	212.595
Less/ Add	DEPRECIATION/ AMORTISATION (F)		54.244	50.535	46.029
	EXTRAORDINARY ITEMS		0.000	44.502	0.000
	PROFIT BEFORE TAX (E-F) (G)		220.195	147.617	166.566
Less	TAX (H)		70.421	48.052	24.801
	PROFIT AFTER TAX (G-H) (I)		149.774	99.565	141.765
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		74.171	39.158	(80.524)
Less	APPROPRIATIONS
		Interim Dividend Paid	9.375	6.250	2.500
		Proposed Divided	3.125	6.250	3.750
		Tax on Interim Dividend	1.520	1.038	0.425
		Tax on Final Dividend	0.507	1.014	0.637
		Prior Period Items	0.000	0.000	(0.229)
		Transfer to General Reserve	201.500	50.000	15.000
	BALANCE CARRIED TO THE B/S		7.918	74.171	39.158
	EARNINGS IN FOREIGN CURRENCY
		FOB value of Export	673.452	358.913	297.907
	TOTAL EARNINGS		673.452	358.913	297.907
	IMPORTS
		Raw Materials (Including direct imports/ high seas purchase)	8.561	43.937	12.039
		Stores & Spares	7.149	12.082	6.842
		Capital Goods	9.530	11.286	1.731
	TOTAL IMPORTS		25.240	67.305	20.612
	Earnings Per Share (Rs.)		119.82	79.65	113.41

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	NA	NA	4.63
Net Profit Margin (PBT/Sales)	(%)	NA	NA	6.08
Return on Total Assets (PBT/Total Assets}	(%)	11.46	8.93	12.88
Return on Investment (ROI) (PBT/Networth)		0.31	0.25	0.33
Debt Equity Ratio (Total Debt/Networth)		1.48	1.45	1.18
Current Ratio (Current Asset/Current Liability)		16.41	7.66s	5.79

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	No
9]	Name of person contacted	No
10]	Designation of contact person	No
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	No
20]	Export / Import details (if applicable)	No
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	Yes
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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

Note:

The registered address of the company has been shifted from 10, Plaza Cinema Building, Connaught Place, New Delhi – 110 001, India to the present address with effect from 01.08.2007.

UNSECURED LOAN

(Rs. In Millions)

	As on 31.03.2012	As on 31.03.2011
Other loans and advances	30.000	30.000
Total	30.000	30.000

Bankers Charges Report as per Registry

Corporate identity number (CIN) or foreign company registration number of the company	U74899DL1945PTC000835
Name of the company	AGRAWAL METAL WORKS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	205, 2nd Floor, Arunachal Building, 19, Barakhamba Road, New Delhi – 110001, India E-mail: finance@amwl.in
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10364485
Type of charge	Immovable property
Particular of charge holder	Axis Bank Limited, 2nd Floor, Statesman House, 148, Barakhamba Road, New Delhi - 110001, India E-mail: f8.axisbank@gmail.com
Nature of instrument creating charge	Memorandum of deposit for creation of further charge for term loan overall limit where the initial charge is created by way of mortgage by deposit of title deeds.
Date of instrument Creating the charge	08.08.2012
Amount secured by the charge	Rs.134.600 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest As per sanction letter no. AXISB/CO/MC1/11-12/VA/533 Dated 01.03.2012, AXISB/MC1/VA/12-13/11 Dated 18.04.2012 AND AXISB/MC1/RK/12-13/66 dated 21.06.2012 to be amended from time to time. Terms of Repayment As per sanction letter no. AXISB/CO/MC1/11-12/VA/533 dated 01.03.2012, AXISB/MC1/VA/12-13/11 dated 18.04.2012 AND AXISB/MC1/RK/12-13/66 dated 21.06.2012 to be amended from time to time. Margin As per sanction letter no. AXISB/CO/MC1/11-12/VA/533 dated 01.03.2012, AXISB/MC1/VA/12-13/11 dated 18.04.2012 AND AXISB/MC1/RK/12-13/66 dated 21.06.2012 to be amended from time to time. Extent and Operation of the charge First pari passu charge over fixed assets. Second pari passu charge over current assets. Others The above is to secure term loan.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Hypothecation by way of first pari passu charge over all present and future fixed assets and second pari passu charge over 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.
Particulars of the present modification	Term loan of rs. 13.46 croes already secured by 1st p/passu charge over all p/f f/assets and 2nd p/passu charge over entire c/assets of the co. Shall now adlly. Be secured by first pari passu charge over CO'S IMMO. PROP. I.E. 6 Bigha and 15 Biswa AT Jhajjar Road, Rewari Meas. 1110.50 Sq Yds. at Nai Abadi, Near Agrawal Metal Works Private Limited, rewari and 66400 sq. Mts. At Bhiwadi of land of the co. Together with all build. and Struc. Thereon/to be thereon.

FIXED ASSETS:

· Freehold Land

· Leasehold Land

· Factory Building

· Staff Residential Flats U-I

· Staff Residential Flats U –II

· Plant and Machinery

· Furniture and Fixtures

· Computer

· Computer for Plant

· Office and Electrical Equipment

· Vehicles

· Silver Statues and Wares

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.54.48
UK Pound	1	Rs.82.72
Euro	1	Rs.71.27

INFORMATION DETAILS

Report Prepared by :

VRN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		49

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

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.