MIRA INFORM REPORT

Report Date :

22.03.2013

IDENTIFICATION DETAILS

Name :	GAYSON AND COMPANY PRIVATE LIMITED
Registered Office :	18-D, Everest House, 46/C, Jawaharlal Nehru Road, Kolkata – 700071, West Bengal
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	18.07.1963
Com. Reg. No.:	21-025860
Capital Investment / Paid-up Capital :	Rs. 4.772 Millions
CIN No.: [Company Identification No.]	U29199WB1963PTC025860
TAN No.: [Tax Deduction & Collection Account No.]	CALG00293G
PAN No.: [Permanent Account No.]	AABCG0158R
Legal Form :	Private Limited Liability Company
Line of Business :	Supplier of Rolling Mills, Rolls, Associated Equipments and Consumables to Mini Steel Plants.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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

Maximum Credit Limit :	USD 1750000
Status :	Satisfactory
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Directors are reported as experienced and respectable businessmen. Financial position of the company is good. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered normal for 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	Letter of credit : A2
Rating Explanation	Strong degree of safety it carry very low credit risk.
Date	January 8, 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 /Head Office :	18-D, Everest House, 46/C, Jawaharlal Nehru Road, Kolkata – 700071, West Bengal, India
Tel. No.:	91-33-30521112/ 14/ 15/ 16/ 17/ 20
Fax No.:	91-33-22889247/ 1121
E-Mail :	exports@gaysons.com info@gaysons.co.in gayson@vsnl.com
Website :	www.gaysons.com
Branches :	Mumbai : Mr. Kapil Bansal Flat No. 1203, 12^th Floor, Jimmy Towers II, Plot No. 19 to 22, Sector 18, Kopar Khairane, Navi Mumbai, Maharashtra, India Tel : 91-22-27547536 E-mail : kapil@gaysons.com New Delhi : Mr. K.K.Mahajan B-4A/27, Rana Pratap Bagh, New Delhi – 110007, India E-mail : mahajan@gaysons.com Bangalore : Mr. N.K.Prasad 33, 9^th Cross, 16^th Main Road, B.T.M. 1^st Stage, Thavarekere, Near BDA Park-N, Bangalore – 560029, Karnataka, India E-mail : prasad@gaysons.com Chennai : Mr. H.P.Singh AL-112, 11^th Main Road, 3^rd Street, Anna Nagar, Chennai – 600040, Tamilnadu, India E-mail : hpsingh@gaysons.com Kanpur : Mr. Anand Dixit 128/253, K Block, (Near Sri Rameswaram Mandir), Kidwai Nagar, Kanpur – 208011, Uttar Pradesh, India E-mail : anand@gaysons.com Bhillai : Mr. Razi Ahmed C/o AM Menay, EWS 151, Vaishali Nagar, Near Gol Market, Bhillai, District Durg, Chhattisgarh, India E-mail : razi@gaysons.com

DIRECTORS

AS ON 29.09.2012

Name :	Mr. Chetan Aggarwala
Designation :	Director
Address :	1/1D, Asha Co-operative Housing Limited, 93 Deshpran Sasmal Road, Kolkata – 700033, West Bengal, India.
Date of Birth/Age :	07.05.1975
Date of Appointment :	08.02.2000
DIN No.:	00107606
Name :	Mr. Bhupinder Singh Saini
Designation :	Director
Address :	3/1, Mandeville Garden, Kolkata – 700019, West Bengal, India.
Date of Birth/Age :	20.07.1941
Date of Appointment :	12.05.1981
DIN No.:	00107665
Name :	Mr. Tejinder Singh Saini
Designation :	Director
Address :	3/1, Mandeville Garden, Kolkata – 700019, West Bengal, India.
Date of Birth/Age :	16.03.1971
Date of Appointment :	01.04.2005
DIN No.:	00107721
Name :	Mr. Amardeep Singh
Designation :	Director
Address :	3/1, Mandeville Garden, Kolkata – 700019, West Bengal, India.
Date of Birth/Age :	25.08.1960
Date of Appointment :	06.10.1986
DIN No.:	00107756

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2012

Names of Shareholders	No. of Shares
Amandeep Singh Dhanjal	1910
Amarjit Kaur Saini	4620
Gurvinder Kaur Dhanjal	4440
Rana Udyog Private Limited, India	6819
Chetan Aggarwal	2385
Bhupinder Singh	4408
Amardeep Singh	4545
Bharat Roll Industry Private Limited, India	2580
Salil Aggarwal	2384
Jitendra Singh	1243
Bevlyn Saini	4665
Tejinder Singh	3070
Bakhshish Singh	4625
Total	47694

AS ON 29.09.2012

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	19.71
Directors or relatives of directors	39.91
Other top fifty shareholders	40.38
Total	100.00

BUSINESS DETAILS

Line of Business :

Supplier of Rolling Mills, Rolls, Associated Equipments and Consumables to Mini Steel Plants.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Ø Axis Bank Limited, Kolkata Main Branch, 7, Shakespeare Sarani, Kolkata – 700071, West Bengal, India

Ø ICICI Bank Limited, Regional Office-Kolkata, 2B, Gorky Terrace, Infront of Park Nursing Home, Kolkata - 700017, West Bengal, India

Facilities :

Secured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
Loans repayable on demand - From Banks Secured against Procurement of stock meant for export, Book Debts and personal Guarantee of Directors and Corporate guarantee of Group Companies	332.713	208.968
Secured against Foreign Documentry Bills and personal Guarantee of Directors	433.823	418.971
Secured against personal Guarantee of Directors and bankers Letter of Credit	57.864	275.616
Total	824.400	903.555

Banking Relations :	--
Auditors :
Name :	Ghosh and Pande Chartered Accountants
Address :	Mercantile Building, Block – A, Room No. 59, 9, Lalbazar Street, 2^nd Floor, Kolkata – 700001, West Bengal, India.
Tel. No.:	91-33-22304638
Fax No.:	91-33-22304852/ 22312731
E-Mail :	ghoshpande@yahoo.com gpca@vsnl.net
Income-tax PAN of auditor or auditor's firm :	AACFG0980H
Associates :	Ø Bharat Roll Industry Private Limited [U27109WB1985PTC038819] Ø Rana Udyog Private Limited [U51909WB1995PTC071361] Ø Modern India Steel Rolling Mills Private Limited Ø Modern Inns Private Limited [U55101WB2006PTC112253] Ø Modern Ispat Private Limited Ø Modern India Con Cast Limited [U27106WB1987PLC042166] Ø Magnum Dealcomm Private Limited Ø Kraft Alloys Private Limited Ø Refined Alloys Private Limited Ø Naveen Holdings Private Limited Ø Sangrila infrastructure Consultancy Private Limited
Enterprise owned by key Management personnel :	Modern India Enterprises

CAPITAL STRUCTURE

AS ON 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
100,000	Equity Shares	Rs. 100/- each	Rs. 10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
47,694	Equity Shares	Rs. 100/- each	Rs. 4.769 Millions

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
100,000	Equity Shares	Rs. 100/- each	Rs. 10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
47,694	Equity Shares	Rs. 100/- each	Rs. 4.769 Millions
	Add: Forfeited Shares		Rs. 0.003 Millions
	Total		Rs. 4.772 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		4.772	4.772	4.772
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		433.015	312.134	221.079
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		437.787	316.906	225.851
LOAN FUNDS
1] Secured Loans		824.400	903.555	632.622
2] Unsecured Loans		2.899	0.000	0.665
TOTAL BORROWING		827.299	903.555	633.287
DEFERRED TAX LIABILITIES		4.981	6.015	7.427
TOTAL		1270.067	1226.476	866.565
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		55.044	59.815	61.644
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		62.919	50.986	52.082
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	45.051	96.721	55.703
	Sundry Debtors	998.205	892.177	668.323
	Cash & Bank Balances	435.843	508.655	116.457
	Other Current Assets	324.979	181.306	1.991
	Loans & Advances	4.325	7.666	159.057
Total Current Assets		1808.403	1686.525	1001.531
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	517.889	449.260	0.000
	Other Current Liabilities	138.410	121.590	245.607
	Provisions	0.000	0.000	3.085
Total Current Liabilities		656.299	570.850	248.692
Net Current Assets		1152.104	1115.675	752.839
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1270.067	1226.476	866.565

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Revenue from operations	9177.656	7321.787	4015.780
		Other Income	104.519	118.773	N.A.
		TOTAL (A)	9282.175	7440.560	N.A.
Less	EXPENSES
		Purchase of Stock-in-trade	8546.928	6964.697
		Changes in inventories of Finished Goods, Work-in progress and Stock-in-trade	51.670	(41.017)
		Employee Benefit Expenses	22.054	15.624
		Other Expenses	402.479	312.354
		Exceptional Items	4.236	0.597
		TOTAL (B)	9027.367	7252.255	N.A.
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		254.808	188.305
Less	FINANCIAL EXPENSES (D)		69.815	46.127
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		184.993	142.178
Less/ Add	DEPRECIATION/ AMORTISATION (F)		5.145	5.534
	PROFIT BEFORE TAX (E-F) (G)		179.848	136.644	58.805
Less	TAX (H)		58.967	45.588	22.002
	PROFIT AFTER TAX (G-H) (I)		120.881	91.056	36.803
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		303.364	212.308	175.505
	BALANCE CARRIED TO THE B/S		424.245	303.364	212.308
	EARNINGS IN FOREIGN CURRENCY
		Export of goods calculated on FOB Basis	8420.899	6894.986	3942.228
		Interest and Dividends	0.036	0.556	0.102
	TOTAL EARNINGS		8420.935	6895.542	3942.330
	IMPORTS
		Raw Materials	333.068	156.967	0.000
	Earnings Per Share (Rs.)		2534.51	1909.17	772.00

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	1.30	1.22	N.A.
Net Profit Margin (PBT/Sales)	(%)	1.96	1.87	1.46
Return on Total Assets (PBT/Total Assets}	(%)	9.65	7.82	5.53
Return on Investment (ROI) (PBT/Networth)		0.41	0.43	0.26
Debt Equity Ratio (Total Debt/Networth)		1.89	2.85	2.80
Current Ratio (Current Asset/Current Liability)		2.76	2.95	4.03

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]	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	Yes

UNSECURED LOANS

Unsecured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
Loans and Advances from related parties	2.899	0.000
Total	2.899	0.000

OPERATIONAL REVIEW

The performance of the company was better as compared with that of last year. The company has during the year achieved a turnover of Rs.8726.228 Millions against that of the previous year Rs. 7238.360 Millions resulting in an increase of about 21 % over the previous year.

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U29199WB1963PTC025860
Name of the company	GAYSON AND COMPANY PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	18-D, Everest House, 46/C, Jawaharlal Nehru Road, Kolkata – 700071, West Bengal, India Email: gayson@vsnl.com
This form is for	Creation of charge
Type of charge	Book debts Floating charge
Particular of charge holder	ICICI Bank Limited, Regional Office-Kolkata, 2B, Gorky Terrace, Infront of Park Nursing Home, Kolkata - 700017, West Bengal, India Email: mithun.dutta@icicibank.com CIN No.: L65190GJ1994PLC021012
Nature of description of the instrument creating or modifying the charge	Deed of Hypothecation (WCF) read with Credit Arrangement Letter vides Ref. No.23/MMGKOL/48721, dated: September 24, 2012.
Date of instrument Creating the charge	25.09.2012
Amount secured by the charge	Rs. 150.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest (i) EPC & FUBD/FBP: I-Base 9.75% + Spread 2.00% p.a. (ii) PCFC: For PSC 180 days- Max 6M LIBOR+408 bps p.a. (+200 bps for PSC 180-360 days). (iii) BC/LUT: Subject to upper cap of 6M LIBOR+350 bps p.a. Terms of Repayment (i) EPC/ PCFC loans will be allowed upto 180 days or expiry of contracts/ Export LCs or expiry of process cycle, whichever is earlier. These loans may be liquidated out of proceeds of export bill discounting/ purchase. (ii) FUBD/ FBP/ PSFC valid upto June 20, 2013 with usance not exceeding 180 days in case of DA bills. (iii) BC/ LUT valid upto December 25, 2012 with Credit period maximum upto 365 days including the LC usance period. (iv) Interest shall be served on monthly basis as and when due. Margin As stipulated by the Bank for the respective assets/ facilities from time to time. Presently on: (i) EPC/ PCFC: Inventory- Uniform margin of 25% against all components of inventory. (ii) EPC/ PCFC: Export Order- 85% of the FOB value in respect of export orders. (iii) EPC/ PCFC: Export LC- 85% of the FOB value in respect irrevocable LCs issued by a Bank acceptable to ICICI Bank. (iv) LUT: 10%. Extent and Operation of the charge (i) First charge over specific hypothecated properties/ assets of the Company. (ii) The charge shall be applicable to the ultimate balance that may become due to the Bank. Others The overall amount of charge consists of the following facilities: Export Packing Credit (EPC)- One Time of Rs.150.000 Million [+ Packing Credit in Foreign Currency (PCFC)- One Time (as Sub-limit of EPC- One Time) of Rs.150.000 Million] [+ Foreign Bills Purchased/ Discounted (FUBD/ FBP) (as Sub-limit of EPC- One Time) of Rs.150.000 Million] [+ Buyer's Credit (for other business purposes) (BC/ LUT) (as Sub-limit of FBP/D) of Rs.30.000 Million] = Total Credit Limit of Rs.150.000 Millions or Rs.150.000 Millions.
Short particulars of the property charged	Hypothecation of the Company's stocks of raw materials, semi-finished and finished goods, consumables stores and spares and such other moveables. Hypothecation of book-debts, bills whether for documentary or clean, outstanding monies, receivables, required for executing the specific LC backed export order in a form satisfactory to the Bank. Specific security for FUBD/ FBP: Against documents of title to goods viz. Bills of Lading/ AWBs, Bills of Exchange, invoices, packing lists, certificates of origin, etc. *The overall securities include additional 1 time security of EM by way of deposit of title deeds of specific immovable properties of Naveen Holdings (Private) Limited, a corporate ally of the Borrower. *The above security is backed up by corporate guarantee and Board Resolution of M/s Naveen Holdings (Private) Limited (Group Company).

CONTINGENT LIABILITIES

(Rs. In millions)

Contingent liabilities for :-	31.03.2012	31.03.2011
Counter Guarantee given to Bank	2100.000	2790.000
Corporate Guarantee given in favour of Bank for Bank Guarantee	142.000	110.000
Income Tax Disputed in Appeal	1.376	2.021
Sales Tax Disputed in Appeal	1.712	1.712

FIXED ASSESTS

v Land

v Leasehold Holiday Resort

v Building

v Flat

v Plant and Machinery

v Office Equipments

v Motor Car

v Fax Machine

v Air Conditioner

v Television

v Refrigerator

v Furniture and Fittings

v Electrical Installation

v Wind Electric Generator

v Xerox Machine

v 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. 54.28
UK Pound	1	Rs. 82.06
Euro	1	Rs. 72.23

INFORMATION DETAILS

Report Prepared by :

BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	7
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--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	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		50

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.