1. Summary Information

		Country	India
Company Name	RASHMI METALIKS LIMITED	Principal Name 1	Mr. Sanjay Kumar Patwari
Status	Moderate	Principal Name 2	Mr. Surendra Jha
		Registration #	21-097737
Street Address	39 Shakespeare Sarani, 6th Floor, Kolkata - 700017, West Bengal
Established Date	30.01.2004	SIC Code	--
Telephone#	91-33-22894255	Business Style 1	Manufacturer
Fax #	91-33-22894254	Business Style 2	--
Homepage	www.rashmigroup.com	Product Name 1	Iron and Steel
# of employees	Not Available	Product Name 2	--
Paid up capital	Rs. 308,834,000/-	Product Name 3	--
Shareholders	Bodies corporate 99.98%, Directors or relatives of directors 0.02%	Banking	DBS Bank Limited
Public Limited Corp.	No	Business Period	9 Years
IPO	No	International Ins.	-
Public Enterprise	No	Rating	B (39)
Related Company
Relation	Country	Company Name	CEO
Enterprises over which Key Management Personnel and / or their relatives have significant influence :	--	Rashmi Cement Limited	--
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2011		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	3,067,413,000	Current Liabilities	1,463,271,000
Inventories	2,129,099,000	Long-term Liabilities	2,737,549,000
Fixed Assets	3,318,320,000	Other Liabilities	264,357,000
Deferred Assets	1,613,000	Total Liabilities	4,465,177,000
Invest& other Assets	2,775,353,000	Retained Earnings	6,517,787,000
		Net Worth	6,826,621,000
Total Assets	11,291,798,000	Total Liab. & Equity	11,291,798,000
Total Assets (Previous Year)	7,865,475,000
P/L Statement as of	31.03.2011		(Unit: Indian Rs.)
Sales	14,614,989,000	Net Profit	609,728,000
Sales(Previous yr)	11,726,342,000	Net Profit(Prev.yr)	447,917,000

MIRA INFORM REPORT

Report Date :

18.03.2013

IDENTIFICATION DETAILS

Name :	RASHMI METALIKS LIMITED
Formerly Known As :	RASHMI METALIKS PRIVATE LIMITED
Registered Office :	39 Shakespeare Sarani, 6th Floor, Kolkata - 700017, West Bengal
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	30.01.2004
Com. Reg. No.:	21-097737
Capital Investment / Paid-up Capital :	Rs. 308.834 Millions
CIN No.: [Company Identification No.]	U27109WB2004PLC097737
TAN No.: [Tax Deduction & Collection Account No.]	CALR06417F
PAN No.: [Permanent Account No.]	AACCR7183E
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Iron and Steel.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (39)

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

Maximum Credit Limit :	USD 27300000
Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is a part of Rashmi Group. It is a well established company having a moderate track record. The latest financial are not made available with the government department. As per previous year’s record, the company performance seems good. Liquidity position of the company is strong. Fundamental are healthy. Trade relations are reported to be fair. Business is active. Payments are reported to be unknown. The company can be considered for business dealings with slight 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 – 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	FITCH
Rating	Long term : BB+
Rating Explanation	Speculative rating withdrawn due to lack of information.
Date	July 20, 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 :	39 Shakespeare Sarani, 6th Floor, Kolkata - 700017, West Bengal, India
Tel. No.:	91-33-22894255/ 56
Fax No.:	91-33-22894254
E-Mail :	amitshyamsukha.ca@gmail.com / rashmi_cement@yahoo.com / karnnaveen@rashmigroup.com
Website :	www.rashmigroup.com
Works :	Gokulpur, PO: Shyamraipur, District West Midanapore, West Bengal, India
Tel. No.:	91-3222-2234533

DIRECTORS

AS ON 28.09.2012

Name :	Mr. Sanjay Kumar Patwari
Designation :	Managing director
Address :	Post Jhargram, District – Paschim Medinipur, Jhargram – 721507, West Bengal, India
Date of Birth/Age :	29.08.1979
Qualification :	B.Com
Date of Appointment :	30.01.2004
PAN No.:	AFPPP9576G
DIN No.:	00206891
Name :	Mr. Surendra Jha
Designation :	Director
Address :	Ward – 15, P.S., District – Midnapur, Jhargram – 721507, West Bengal, India
Date of Birth/Age :	05.07.1953
Qualification :	B.Com
Date of Appointment :	02.01.2010
PAN No.:	AKNPJ8666N
DIN No.:	02911139
Name :	Mr. Salil Roy
Designation :	Director
Address :	Mauja – Bachhurdoba (Part) J.L. No. 394, 11 Part, Jhargram – 721507, West Bengal, India
Date of Birth/Age :	10.11.1964
Date of Appointment :	05.01.2012
DIN No.:	03302526

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 28.09.2012

Names of Shareholders	No. of Shares
Sajjan Kumar Patwari	5000
Sanjay Kumar Patwari	5000
Image Vinimay Limited	4890000
Bohra G & N N Brothers Private Limited, India	500000
Consortium Enterprises Private Limited, India	5343000
Guru Ganesh Finance (India) Limited, India	5125000
Kalinga Metalics Private Limited, India	1384000
Krish Vanijya Private Limited, India	144400
Orissa Khanij Private Limited, India	1746000
Orissa Metaliks Private Limited, India	2216800
Rashmi Energy Limited, India	454400
Rashmi Infrastructure Private Limited, India	280000
Rashmi Iron Industries Private Limited, India	270000
Rosemary Sponge and Ispat Private Limited, India	1932100
Roxy Securities Private Limited, India	1488800
Sursadhana Sponge and Ispat Private Limited, India	1968400
Suvarna Banijya Private Limited, India	147300
Ramsetu Tradewings Private Limited, India	122000
Quantum Commercial Private Limited, India	140100
Juliet Commercial Private Limited, India	144600
Afsons (India) Private Limited, India	578000
Advent Commotrade Private Limited, India	14000
Atlanta Commotrade Private Limited, India	83800
Cimmco Vinimay Private Limited, India	535400
Compact Advertising and Credit Private Limited, India	32400
Dayalu Mercantile Private Limited, India	36000
Harsh Commotrade Private Limited, India	32200
Kaypee Mercantile Private Limited, India	157000
Mahalaxmi Marketing Private Limited, India	3808420
Marina Suppliers Private Limited, India	80000
Safal Agencies Private Limited, India	112240
Yogesh Tie-up Private Limited, India	295700
Mundat Securities Private Limited	1289023
Total	35361083

AS ON 28.09.2012

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	99.98
Directors or relatives of directors	0.02
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Iron and Steel.

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Installed Capacity Qty-M/T
Pig Iron	176840.00
Sinter	288000.00
Ms Ingot & Ms Billet	150000.00
TMT	120000.00

Note: Since the Industry in which the Company Operates is de-licensed, the requirement for disclosure of Licensed Capacity is not applicable

Particulars	Actual Production * Qty-M/T
Pig iron	83098.33
MS Runner Scrap	3288.13
Granulated Slag	27754.66
MS Billet	74205.87
MS Ingot	--
Sinter	85006.83
TMT	4595.71

*including goods consumed captively

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Ø DBS Bank Limited, 221, Fort House, 3rd Floor, D.N. Road, Fort, Mumbai - 400001, Maharashtra, India

Ø The Hongkong and Shanghai Banking Corporation Limited, Hongkong House, 31 B B D Bag, Kolkata - 700001, West Bengal, India

Ø ICICI Bank Limited Landmarkrace Cource Circle, Alkapuri, Baroda - 390015, Gujarat, India

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Rupee term loans banks secured	214.981	501.014
Foreign currency loans banks secured	52.553	88.155
Working capital loans banks secured	1589.653	786.038
Working capital loans others secured	822.144	608.578
Hire purchase installment payable secured	0.667	14.183
Other debt secured	57.551	0.000
Total	2737.549	1997.968
Note: Loans are secured as follows: i) Term Loans from banks are secured by way of equitable mortgage by deposit of title deeds of the Company’s land and immovable properties at Gokulpur and a first charge by way of hypothecation of the company's movables (save and except book debts) including movable machinery, machinery spares, tools and accessories (both present and future), subject to prior charges created in favor of the Company's bankers on the stock of raw materials, finished goods, process stock, consumable stores and book debts for securing working capital facilities. ii) All the mortgages and charges created in favor of the banks rank pari-passu inter se, except where specifically stipulated otherwise. iii) The above term loans are further secured by the personal guarantee of three promoter directors of the Company. iv) Cash Credit and other working capital facilities from banks are secured by hypothecation of raw materials, finished goods, process stock, consumable stores, book debts etc. (both present and future), second charge over the entire fixed assets of the company and personal guarantee of promoter directors of the company. v) Hire purchases obligations are secured by hypothecation of vehicles purchased under the respective agreements

Banking Relations :	--
Auditors :
Name :	Shyamsukha Amit and Associates Chartered Accountants
Address :	19, Ganesh Chandra Avenue, Premier House, 2nd Floor, Suite No - 7, Kolkata – 700013, West Bengal, India
Income-tax PAN of auditor or auditor's firm :	AKOPS3849P
Enterprises over which Key Management Personnel and / or their relatives have significant influence :	Ø Rashmi Cement Limited [U14107WB1991PLC053043] Ø Bohra G and NN Brothers Private Limited [U67190WB1981PTC033517] Ø Rashmi Iron Industries Private Limited [U27102WB2004PTC100058] Ø Sursadhana Sponge and Ispat Private Limited [U27109WB2006PTC108858] Ø Orissa Metaliks Private Limited [U27109WB2006PTC111146] Ø Kalinga Metalics Limited [U27103WB2007PLC112959] Ø Rosemary Sponge and Ispat Private Limited [U27109WB2006PTC108848] Ø Orissa Khanij Private Limited [U27205WB2007PTC112958] Ø Image Vinimay Limited [U51109WB1993PLC060165] Ø Rashmi Infrastructure Private Limited [U70101WB2006PTC111143] Ø Rashmi Energy Limited [U23101WB2007PLC120701] Ø Rashmi Float Glass Limited [U26100WB2007PLC117705] Ø Guru Ganesh Finance (India) Limited [U6-5191WB1994PLC130344] Ø Consortium Enterprises Private Limited [U51909WB1995PTC070694] Ø Krish Vanijya Private Limited [U51109WB2007PTC113517] Ø Patwari and Sons

CAPITAL STRUCTURE

AS ON 28.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
40,000,000	Equity Shares	Rs. 10/- each	Rs. 400.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
35,361,083	Equity Shares	Rs. 10/- each	Rs. 353.611 Millions

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
40000000	Equity Shares	Rs.10/- each	Rs. 400.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
30883400	Equity Shares	Rs.10/- each	Rs. 308.834 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		308.834	280.365	255.912
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		6517.787	4513.058	2866.944
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		6826.621	4793.423	3122.856
LOAN FUNDS
1] Secured Loans		2737.549	1997.968	2018.588
2] Unsecured Loans		0.000	13.391	27.513
TOTAL BORROWING		2737.549	2011.359	2046.100
DEFERRED TAX LIABILITIES		256.800	210.142	119.862
TOTAL		9820.970	7014.924	5288.819
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		3318.320	2696.620	1221.267
Capital work-in-progress		2749.817	983.310	1521.711
INVESTMENT		25.536	25.536	25.536
DEFERRED TAX ASSETS		1.613	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	2129.099	1692.634	2344.925
	Sundry Debtors	544.915	1068.241	196.526
	Cash & Bank Balances	170.650	142.527	199.788
	Other Current Assets	148.582	3.012	0.040
	Loans & Advances	2203.266	1253.595	630.130
Total Current Assets		5196.512	4160.009	3371.409
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1344.444	602.689	843.238
	Other Current Liabilities	118.827	213.597
	Provisions	7.557	34.265	7.866
Total Current Liabilities		1470.828	850.551	851.104
Net Current Assets		3725.684	3309.458	2520.305
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		9820.970	7014.924	5288.819

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	14614.989	11726.342	6367.742
		Other Income	175.494	68.366	123.205
		TOTAL (A)	14790.483	11794.708	6490.947
Less	EXPENSES
		Consumption materials changes inventories	10851.993	8219.183	4050.744
		Manufacturing service costs	1440.371	1613.264	1814.447
		Employee related expenses	84.134	31.630	0.000
		Administrative selling other expenses	1053.987	955.641	20.830
		Contract Cost	207.147	24.652	14.762
		Prior Period Expenses	(7.217)	(34.422)	0.000
		TOTAL (B)	13630.415	10809.948	5900.783
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1160.068	984.760	590.164
Less	FINANCIAL EXPENSES (D)		195.737	229.747	250.891
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		964.331	755.013	339.273
Less/ Add	DEPRECIATION/ AMORTISATION (F)		205.340	168.623	53.963
	PROFIT BEFORE TAX (E-F) (G)		758.991	586.390	285.310
Less	TAX (I)		149.263	138.473	54.150
	PROFIT AFTER TAX (G-I) (J)		609.728	447.917	231.160
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		962.723	514.806	283.646
	BALANCE CARRIED TO THE B/S		1572.451	962.723	514.806
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Exports	8428.824	6472.702	2583.405
		Arbitration Settlement	0.000	14.038	0.000
	TOTAL EARNINGS		8428.824	6486.74	2583.405
	IMPORTS
		Raw Materials	499.591	374.149	234.780
		Stores, Spares & Consumables	4.907	0.000	0.000
		Capital Goods	706.179	105.143	4.243
		Trading Goods	202.957	441.866	0.000
	TOTAL IMPORTS		1413.634	921.158	239.023
	Earnings Per Share (Rs.)		21.74	17.50	11.60

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	4.12	3.80	3.56
Net Profit Margin (PBT/Sales)	(%)	5.19	5.00	4.48
Return on Total Assets (PBT/Total Assets}	(%)	8.91	8.55	6.21
Return on Investment (ROI) (PBT/Networth)		0.11	0.12	0.09
Debt Equity Ratio (Total Debt/Networth)		0.40	0.42	0.66
Current Ratio (Current Asset/Current Liability)		3.53	4.89	3.96

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

UNSECURED LOANS

Unsecured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Other debt unsecured	0.000	13.391
Total	0.000	13.391

Note:

The Registered office of the company has been shifted from 1 Garstin Place, Room No. 3B 3^rd Floor, Kolkata – 700001, West Bengal, India to the present address w .e .f .24.08.2006

PERFORMANCE:

Overall:

During the year, the Company has achieved a turnover of Rs. 14860.000 Millions against Rs. 11840.000 Millions in the earlier year i.e. there is an increase of 26 % in turnover.

CONTINGENT LIABILITIES NOT PROVIDED FOR IN RESPECT OF:

(Rs. In Millions)

Particulars	31.03.2011	31.03.2010
Entry Tax Matter Under Dispute	3.197	3.197
Un-expired Bank Guarantees, Bills discounted and Letters of Credit	1436.364	1346.996
Custom duty for import of Capital Goods under EPCG Scheme	263.156	145.404

FIXED ASSETS:

Ø Land

Ø Building

Ø Electrical Installation

Ø Plant and Machinery

Ø Vehicles

Ø Computer

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. 54.16
UK Pound	1	Rs. 81.74
Euro	1	Rs. 70.50

INFORMATION DETAILS

Report Prepared by :

BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		39

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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