MIRA INFORM REPORT

Report Date :

12.03.2013

IDENTIFICATION DETAILS

Name :	NUBERG ENGINEERING LIMITED (w.e.f. 02.04.2008)
Formerly Known As :	NUBERG ENGINEERING PRIVATE LIMITED
Registered Office :	1223, Gali No. 83, Shanti Nagar, Trinagar, New Delhi – 110 035
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	21.06.1996
Com. Reg. No.:	55-079817
Capital Investment / Paid-up Capital :	Rs.100.362 Millions
CIN No.: [Company Identification No.]	U74210DL1996PLC079817
IEC No.:	0596049480
TAN No.: [Tax Deduction & Collection Account No.]	DELN02816C
PAN No.: [Permanent Account No.]	AAACN3523A
Legal Form :	A Closely held Public Limited Company
Line of Business :	Manufacturer and Exporter of Nitrogen Gas Generators, Various Pressure Vessels, Reactors, Absorbers, Columns, Heat Exchangers, Tanks, etc.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 1011884
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. There appears dip in profitability during the current year. However, general financial position seems to be good. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered for normal business dealings under 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	BB+ (Long Term)
Rating Explanation	Having Moderate risk of default regarding timely servicing of financial obligation.
Date	January, 2013

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 :	1223, Gali No. 83, Shanti Nagar, Trinagar, New Delhi – 110 035, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	aksingh@nuberg.in
Website :	www.nubergindia.com
Corporate Office :	Nuberg House, A – 38, H, Sector – 64, Noida – 201301, Uttar Pradesh, India
Tel. No.:	91 - 120 – 2403101/ 2403102/ 2403103
Fax No.:	91 - 120 - 2403104

DIRECTORS

AS ON 29.09.2012

Name :

Mr. Vinod Kumar Gupta

Designation :

Managing director

Address :

D-44, Sector 39, Noida - 201301, Uttar Pradesh, India

Date of Birth/Age :

24.08.1960

Date of Appointment :

21.06.1996

Din No.:

00312784

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	Company/ LLP Status	Defaulting status
1	U74210DL1996PLC079817	NUBERG ENGINEERING LIMITED	Managing director	01/04/2012	21/06/1996	Active	NO
2	U51103DL2002PTC115423	NUBERG EXPORTS PRIVATE LIMITED	Director	17/05/2002	17/05/2002	Active	NO
3	U24100DL2007PLC170698	INDIAN PEROXIDE LIMITED	Director	23/11/2007	23/11/2007	Active	NO
4	U24100DL2010PTC205725	NUBERG INDUSTRIES PRIVATE LIMITED	Director	12/07/2010	12/07/2010	Active	NO

Name :

Mr. Anil Kumar Tyagi

Designation :

Managing director

Address :

B104, Sector 39, Noida - 201301, Uttar Pradesh, India

Date of Birth/Age :

05.03.1960

Date of Appointment :

21.06.1996

Din No.:

00312763

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	Company/ LLP Status	Defaulting status
1	U74210DL1996PLC079817	NUBERG ENGINEERING LIMITED	Managing director	01/04/2012	21/06/1996	Active	NO
2	U51103DL2002PTC115423	NUBERG EXPORTS PRIVATE LIMITED	Director	17/05/2002	17/05/2002	Active	NO
3	U24100DL2007PLC170698	INDIAN PEROXIDE LIMITED	Director	23/11/2007	23/11/2007	Active	NO
4	U24100DL2010PTC205725	NUBERG INDUSTRIES PRIVATE LIMITED	Director	12/07/2010	12/07/2010	Active	NO
5	U24119DL2008PTC175910	INVENTA ORGANICS PRIVATE LIMITED	Director	30/09/2010	10/09/2010	Active	NO
6	U29220DL2008PTC175915	CORAL EQUIPMENTS PRIVATE LIMITED	Director	30/09/2010	10/09/2010	Active	NO

Name :

Mr. Jaswant Singh Tyagi

Designation :

Director

Address :

B104, Sector 39, Noida - 201301, Uttar Pradesh, India

Date of Birth/Age :

28.07.1928

Date of Appointment :

30.09.2009

Din No.:

00312639

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	U74899DL1995PTC064476	AMITY EXIM PRIVATE LIMITED	Director	18/01/1995	18/01/1995	-	Active	NO
2	U72900DL2001PTC109483	AMITY E-TECHNOLOGIES PRIVATE LIMITED	Director	02/02/2001	02/02/2001	-	Active	NO
3	U45201DL2005PTC135375	INVENTA CONSTRUCTIONS PRIVATE LIMITED	Director	26/04/2005	26/04/2005	-	Active	NO
4	U29220DL2008PTC175915	CORAL EQUIPMENTS PRIVATE LIMITED	Director	26/03/2008	26/03/2008	10/09/2010	Active	NO
5	U24119DL2008PTC175910	INVENTA ORGANICS PRIVATE LIMITED	Director	26/03/2008	26/03/2008	10/09/2010	Active	NO
6	U74210DL1996PLC079817	NUBERG ENGINEERING LIMITED	Director	30/09/2009	30/09/2009	-	Active	NO

Name :

Mr. Shashi Tyagi

Designation :

Director

Address :

B104, Sector 39, Noida - 201301, Uttar Pradesh, India

Date of Birth/Age :

11.03.1959

Date of Appointment :

01.04.2005

Din No.:

00312665

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	U74899DL1995PTC064476	AMITY EXIM PRIVATE LIMITED	Director	18/01/1995	18/01/1995	-	Active	NO
2	U72900DL2001PTC109483	AMITY E-TECHNOLOGIES PRIVATE LIMITED	Director	02/02/2001	02/02/2001	-	Active	NO
3	U45201DL2005PTC135375	INVENTA CONSTRUCTIONS PRIVATE LIMITED	Director	26/04/2005	26/04/2005	-	Active	NO
4	U29220DL2008PTC175915	CORAL EQUIPMENTS PRIVATE LIMITED	Director	26/03/2008	26/03/2008	10/09/2010	Active	NO
5	U24119DL2008PTC175910	INVENTA ORGANICS PRIVATE LIMITED	Director	26/03/2008	26/03/2008	10/09/2010	Active	NO
6	U74210DL1996PLC079817	NUBERG ENGINEERING LIMITED	Director	30/09/2009	30/09/2009	-	Active	NO

Name :

Mrs. Sugandha Gupta

Designation :

Director

Address :

D-44, Sector 39, Noida - 201301, Uttar Pradesh, India

Date of Birth/Age :

12.10.1958

Date of Appointment :

01.04.2005

Din No.:

00312701

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	Company/ LLP Status	Defaulting status
1	U74210DL1996PLC079817	NUBERG ENGINEERING LIMITED	Director	01/04/2005	01/04/2005	Active	NO
2	U24100DL2007PLC170698	INDIAN PEROXIDE LIMITED	Director	23/11/2007	23/11/2007	Active	NO
3	U29100DL2008PTC175806	ACCENT ENGINEERING PRIVATE LIMITED	Director	24/03/2008	24/03/2008	Active	NO
4	U74120DL2008PTC175754	ANTIQUE ENGINEERING PRIVATE LIMITED	Director	24/03/2008	24/03/2008	Active	NO

KEY EXECUTIVES

Name :	Mr. Ajay Kumar Singh
Designation :	Secretary
Address :	139, IInd Floor, Sector-3-F, Vashali, Ghaziabad – 201010, Uttar Pradesh, India
Date of Birth/Age :	05.12.1979
Date of Appointment :	30.05.2011
PAN No:	BTOPS8210E

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2012

Names of Shareholders	No. of Shares
Mr. Anil Kumar Tyagi	5010000
Mr. Vinod Kumar Gupta	5010000
Mr. Sandeep Tyagi	2700
Mr. R.D. Gupta	2700
Mr. Rama Gupta	2700
Mr. Shashi Tyagi	2700
Mrs. Sugandha Gupta	2700
Mr. Subodh Tyagi	2700
Total	10036200

AS ON 29.09.2012

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Nitrogen Gas Generators, Various Pressure Vessels, Reactors, Absorbers, Columns, Heat Exchangers, Tanks, etc.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Union Bank of India, Specialised SSI Branch, Sector – 15, Naya Bans, Noida – 201 301, Uttar Pradesh, India

Facilities :

Secured Loan	As on 31.03.2012 [Rs. in Millions]	As on 31.03.2011 [Rs. in Millions]
Term loans banks secured	3.637	2.653
Term loans Others secured	66.000	12.023
Working Capital loans Others secured	111.330	96.012
Total	180.967	110.688
Unsecured Loan	As on 31.03.2012 [Rs. in Millions]	As on 31.03.2011 [Rs. in Millions]
Other Loans and Advances Unsecured	50.030	30.130
Total	50.030	30.130

Banking Relations :	--
Financial Institution :	Tata Capital Limited, One Forbes, Dr. V B Gandhi Marg, Fort, Mumbai – 400001, Maharashtra, India
Auditors :
Name :	PVR and Company Chartered Accountants
Address :	602A, Deep Shikha, Rajendra Place, New Delhi – 110008, India
PAN NO.:	AAMFP2884K
Associates:	Coral Equipment Private Limited Citrus Technologies Private Limited Inventa Organics Private Limited Nuberg Exports Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
12000000	Equity Shares	Rs. 10/- each	Rs.120.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10036200	Equity Shares	Rs. 10/- each	Rs. 100.362 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		100.362	75.272	50.181
2] Share Application Money		10.000	0.000	0.000
3] Reserves & Surplus		142.609	171.350	157.654
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		252.971	246.622	207.835
LOAN FUNDS
1] Secured Loans		180.967	110.688	70.236
2] Unsecured Loans		50.030	30.130	65.769
TOTAL BORROWING		230.997	140.818	136.005
DEFERRED TAX LIABILITIES		6.517	5.143	3.431
TOTAL		490.485	392.583	347.271
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		305.790	295.343	215.749
Capital work-in-progress		4.496	0.864	21.922
INVESTMENT		0.000	0.000	10.700
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	82.070	48.887	52.621
	Sundry Debtors	414.581	381.987	167.100
	Cash & Bank Balances	162.603	97.450	87.699
	Other Current Assets	0.000	39.556	34.602
	Loans & Advances	114.820	86.683	29.664
Total Current Assets		774.074	654.563	371.686
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	325.424	364.417	205.899
	Other Current Liabilities	234.504	142.270	31.296
	Provisions	33.947	51.784	35.695
Total Current Liabilities		593.875	558.471558.471	272.890
Net Current Assets		180.199	115.859	98.796
MISCELLANEOUS EXPENSES		0.000	0.286	0.104
TOTAL		490.485	412.352	347.271

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	894.354	1034.058	1035.224
		Other Income	48.982	42.369	51.195
		TOTAL (A)	943.336	1076.427	1086.419
Less	EXPENSES
		Consumption materials changes inventories	513.368	712.480	771.274
		Changes in Inventories of Finished Goods, Work in Process and Stock in Trade	(2.477)	(5.475)	0.000
		Manufacturing service costs	0.000	0.000	81.202
		Employee related expenses	97.539	61.456	35.326
		Administrative selling other expenses	0.000	0.000	84.717
		Other Expenses	262.298	182.083	0.000
		TOTAL (B)	870.728	950.544	972.519
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		72.608	125.883	113.900
Less	FINANCIAL EXPENSES (D)		32.367	20.236	13.626
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		40.241	105.647	100.274
Less/ Add	DEPRECIATION/ AMORTISATION (F)		8.573	5.954	4.081
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		31.668	99.693	96.193
Less	TAX (H)		11.705	34.618	47.395
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		19.963	65.075	48.798
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	NA	52.106
Less	APPROPRIATIONS
		Transfer to General Reserve	NA	NA	16.727
		Dividend	NA	NA	0.000
		Tax on Dividend	NA	NA	0.000
	BALANCE CARRIED TO THE B/S		NA	NA	84.177
	Earnings / (Loss) Per Share (Rs.)		1.99	8.65	0.97

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	2.12	6.04	4.49
Net Profit Margin (PBT/Sales)	(%)	3.54	9.64	9.29
Return on Total Assets (PBT/Total Assets}	(%)	2.93	10.91	16.38
Return on Investment (ROI) (PBT/Networth)		0.13	0.42	0.46
Debt Equity Ratio (Total Debt/Networth)		0.91	0.57	0.65
Current Ratio (Current Asset/Current Liability)		1.30	1.21	1.36

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	Yes
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]	PAN of Proprietor/Partner/Director, if available	No
32]	Passport No of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

Bankers Charges Report as per Registry

Corporate identity number of the company	U74210DL1996PLC079817
Name of the company	NUBERG ENGINEERING LIMITED
Address of the registered office or of the principal place of business in India of the company	1223, Gali No. 83, Shanti Nagar, Trinagar, New Delhi – 110 035, India
This form is for	Modification of charge
Charge identification number of the modified	10327258
Type of charge	Immovable Property
Particular of charge holder	CIN No.: L65990MH1991PLC060670 Tata Capital Limited, One Forbes, Dr V B Gandhi Marg, Fort, Mumbai – 400001, Maharashtra, India Email ID: avan.doomasia@tatacapital.com
Nature of description of the instrument creating or modifying the charge	Memorandum for Recording Extension of Mortgage by Deposit of Title Deeds Covering Enhanced Limits and Additional Facilities Dated 30.01.2012
Date of instrument Creating the charge	30.01.2012
Amount secured by the charge	Rs. 80.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Long Term Lending Rate (LTLR) @ 18.00% p.a. Rate of Interest @ LTLR minus 3.15 % p.a. Terms of Repayment Principal and Interest amount to be repaid in 48 months. Margin N.A. Extent and Operation of the charge The charge extends to the due repayment of the loan of Rs.80.000 Millions including the interest, additional interest, costs, charges, expenses and all other monies payable under the Facilities Agreements dated 23.12.2011 & 28.01.2012. In the event of default in payment of interest or repayment of principal amount of the Loan the Borrower shall pay to the Lender, further interest @ 2% p.a. as penal interest
Short particulars of the property charged	All that piece or parcel of properties admn. 2040 sq.mtr, situated at Industrial Plot No. A-60, Sector 136, Noida, District Gautam Budh Nagar Uttar Pradesh, India
Particulars of the present modification	Charge on the mortgaged assets mention in Schedule 1 in respect of the First Facility of Rs. 50.000 Millions has been extended as security for the Second Facility of Rs. 30.000 Millions. The amount of loan stands increased to Rs. 80.000 Millions.

FIXED ASSETS:

• Land and building:
• Land
• Canteen
• Vehicle
• Cycle
• Scooter
• Cars
• Plant and machinery:
• Air conditioners
• Electric fitting
• Generator
• Machinery-plant
• Furniture and fixture
• Office equipments
• Office furniture
• Electric equipment
• Guest house equipment
• UPS and perifers
• Computers
• Capital work in progress

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 records 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. 54.29
UK Pound	1	Rs. 81.09
Euro	1	Rs. 70.61

INFORMATION DETAILS

Report Prepared by :

SDA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		45

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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