MIRA INFORM REPORT

Report Date :

23.03.2013

IDENTIFICATION DETAILS

Name :	INDUCTOTHERM (INDIA) PRIVATE LIMITED
Registered Office :	Shri Kishorebhai D. Vyas Building, Ambli - Bopal Road, Bopal, Ahmedabad-380058, Gujarat
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	04.12.1982
Com. Reg. No.:	04-005739
Capital Investment / Paid-up Capital :	Rs.10.000 Millions
CIN No.: [Company Identification No.]	U29120GJ1982PTC005739
TAN No.: [Tax Deduction & Collection Account No.]	AHMI00607F AHMI00050B AHMI00522E AHMI00562C
PAN No.: [Permanent Account No.]	AAACI3672B
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Induction Melting Furnaces, Induction Heating Furnaces and Induction Welding equipment,
No. of Employees :	320 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (63)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 7400000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Exist
Comments :	Subject is established company having fine track record. Company’s performance capacity is good. Financial position appears to be strong. Trade relations are reported as decent. Business is active. Payments are reported to be regular and as per commitment. The company can be considered good 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

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

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

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

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Mr. Vijay
Designation :	Export Department
Contact No.:	91-2717-231961

LOCATIONS

Registered Office / Head Office / Factory:	Shri Kishorebhai D. Vyas Building, Ambli-Bopal Road, Bopal, Ahmedabad-380058, Gujarat, India
Tel. No.:	91-2717-231961 (8 Lines)
Fax No.:	91-2717-231268
E-Mail :	finance@inductothermindia.com iil@inductothermindia.com accounts@inductothermindla.com
Website :	www.inductothermindia.com
Location :	Owned

DIRECTORS

As on 17.07.2012

Name :	Mr. Jagat Jayant Shah
Designation :	Managing Director
Address :	Saumya, C-62, Sterling City, Bopal, Ahmedabad - 380 058, Gujarat, India
Date of Birth/Age :	19.03.1942
Qualification :	M.S. (Mechanical) USA B.E. (Mechanical)
Date of Appointment :	21.06.1999
Voter ID No.:	LPZ1555317
DIN No.:	00198802
Name :	Mr. Bharat Lallubhai Seth
Designation :	Director
Address :	9/10, Bhanuchandra, Co-Operative Society, Near Ranchodji Temple, Jivrajpark, Ahmedabad, Gujarat, India
Date of Birth/Age :	30.11.1949
Date of Appointment :	01.04.2001
DIN No.:	00181139
Name :	Mr. Henry M. Rowan
Designation :	Director
Address :	C/O, Inductotherm Corporation, 10 Indel Avenu, Rancocas, New Jersey, USA-08073
Date of Birth/Age :	01.12.1923
Date of Appointment :	31.12.1988
DIN No.:	00179462
Name :	Mr. Michae Anthony Nallen
Designation :	Director
Address :	9, Perennial Lane, Hampden MA 01036, USA
Date of Birth/Age :	19.07.1960
Date of Appointment :	06.12.2010
DIN No.:	03364228
Name :	Mr. Satyen Nagesh Prabhu
Designation :	Director
Address :	C/O, Inductotherm Corporation, 10 Indel Avenu, Rancocas, New Jersey, USA-08073
Date of Birth/Age :	17.10.1961
Date of Appointment :	09.12.1999
DIN No.:	00173080
Name :	Mr. Gary Anthony Doyon
Designation :	Director
Address :	80, Touraine Road, Grosse Pointe Farms, Michi Gan, USA-48236
Date of Birth/Age :	09.12.1999
Date of Appointment :	13.01.1959
DIN No.:	02129096
Name :	Mr. Chirag Girishbhai Sitwala
Designation :	Whole Time Director
Address :	D-23, Ishan-2, Opposite Karnavati Club, SG Highway, Satellite, Ahmedabad – 380015, Gujarat, India
Date of Birth/Age :	30.11.1968
Qualification :	Diploma in Electronics
Date of Appointment :	17.07.2012
DIN No.:	05322617
Name :	Mr. Naishadh Nalinkant Parekh
Designation :	Whole Time Director
Address :	501, Shailraj Tower, Nirant Co-operative Housing Society, Vibhag IV, Vastrapur, Ahmedabad – 380015, Gujarat, India
Date of Birth/Age :	22.02.1957
Date of Appointment :	17.07.2012
DIN No.:	05324759
Name :	Mr. Prakash Dinkar Chaubal
Designation :	Whole Time Director
Address :	5, Suyash PM Road, Vile Parle (East), Mumbai-400057, Maharashtra, India
Date of Birth/Age :	28.08.1951
Qualification :	B.E. (Electronics)
Date of Appointment :	17.07.2012
DIN No.:	05324762
Name :	Mr. Vijay Vasudev Joshi
Designation :	Whole Time Director
Address :	14, Meera Madhav Apartments, Gulbai Tekra, Ahmedabad-380006, Gujarat, India
Date of Birth/Age :	27.09.1951
Qualification :	B.E. (Electronics)
Date of Appointment :	17.07.2012
DIN No.:	05322628

KEY EXECUTIVES

Name :	Mr. Vijay
Designation :	Export Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 17.07.2012

Names of Shareholders	No. of Shares
Inductotherm Technologies Inc., USA	99999
Bharat Lallubhai Sheth	1
TOTAL	100000

As on 17.07.2012

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	99.99
Directors or relatives of Directors	0.01
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Induction Melting Furnaces, Induction Heating Furnaces and Induction Welding equipment

Products :

Product Description	Item Code No. (ITC Code)
Induction melting, Heating and Welding Equipment	85.14
Water Cooled Capacitors	85.32
Component and Spares	--

GENERAL INFORMATION

Customers :	Manufacturing Companies
No. of Employees :	320 (Approximately)
Bankers :	State Bank of India, SPL Commercial Branch, Gandhigram, Opposite Gandhigram Railway Station, Ahmedabad-380009, Gujarat, India HDFC Bank, Navrangpura Branch, Ahmedabad, Gujarat, India Tel. No,: 91-79-26400726

Banking Relations :	--
Auditors :
Name :	Chandabhoy and Jassoobhoy Chartered Accountants
Address :	605-607, Silveroaks, Near Mahalakshmi Char Rasta, Paldi, Ahmedabad - 380007, Gujarat, India
Tel. No.:	91-79-26586063/ 26586069
Fax No.:	91-79-26586063
E-Mail :	cnjabd@vsnl.net
PAN No.:	AABFC0696F
Holding Company :	Inductotherm Technologies Inc., USA.
Fellow Subsidiaries :	Inductotherm Europe Limited Inductoheat Europe GMBH Inductotherm Corporation, USA Inductotherm Group Australia Pty. Limited Thermatool Corporation, USA Inductoheat Incorporation Inductotherm Heating and We lding Technologies Inductotherm Industries (Shanghai) Limited Inductotherm Korea Limited Indel Inc. Inductotherm Group Brasil PT Inductotherm Indonesia Consarc Engineering Limited Consarc Corporation Inductotherm Group Taiwan Limited Inductotherm Induksiyon Systemleri Sa. A Servemelt Comm. Brasil Alpha 1 Induction Service Centre High Energy Corporation Inductotherm Coating Equipment, S.A. Magnetic Metals Corporation Inductotherm Japan Limited Radyne Corporation Lepel Corporation AB Plan GMBH Bricmont (India) Private Limited CIN No.: - U72200PN1998PTC012971
Subsidiary Company :	Newelco India Private Limited CIN No.: U31909DL1994PTC057720

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
200000	Equity Shares	Rs.100/- each	Rs.20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.100/- each	Rs.10.000 Millions

Disclosure of shareholding more than five per cent in company

Name of shareholder	Number of shares held in company	Percentage of shareholding in company
Inductotherm Technologies Inc., USA	99,999	100.00%

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		10.000	10.000	10.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		1848.458	1091.960	1211.389
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1858.458	1101.960	1221.389
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		0.000	0.000	0.000
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		1858.458	1101.960	1221.389
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		231.877	252.635	238.313
Capital work-in-progress		4.721	0.508	0.602
INVESTMENT		0.824	0.824	0.825
DEFERREX TAX ASSETS		74.358	70.496	37.884
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	940.013	885.475	587.982
	Sundry Debtors	382.914	265.395	292.019
	Cash & Bank Balances	997.691	629.404	873.513
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	2480.378	1843.822	1463.586
Total Current Assets		4800.996	3624.096	3217.100
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	172.268	275.776	207.286
	Other Current Liabilities	837.479	709.040	555.330
	Provisions	2244.571	1861.783	1510.719
Total Current Liabilities		3254.318	2846.599	2273.335
Net Current Assets		1546.678	777.497	943.765
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1858.458	1101.960	1221.389

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	3974.760	3424.100	2906.100
		Erection, Commissioning and Service Charges	NA	NA	0.000
		Other Income	NA	NA	64.991
		TOTAL	NA	NA	2971.091
Less	EXPENSES
		Office Expenses
		Administrative Expenses	NA	NA	1943.638
		Advertising Expenses
		TOTAL	NA	NA	1943.638
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		1182.481	1071.729	1027.453
Less/ Add	DEPRECIATION/ AMORTISATION		39.837	37.508	42.183
	PROFIT BEFORE TAX		1142.644	1034.221	985.270
Less	TAX		386.146	337.389	365.547
	PROFIT AFTER TAX		756.498	696.832	619.723
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		541.960	741.389	1127.626
Less	APPROPRIATIONS
		Interim Dividend paid	0.000	700.000	800.000
		Corporate Dividend Tax	0.000	116.261	135.960
		Transfer to General Reserve	0.000	80.000	70.000
	BALANCE CARRIED TO THE B/S		1298.458	541.960	741.389
	EARNINGS IN FOREIGN CURRENCY
		Export on FOB Basis			899.785
		Commissioning and Servicing Income			3.040
		Commission Income			0.899
		Income From Job Work	1198.830	889.700	9.698
		Reimbursement of Travel Expenses			0.713
		Training Fees Income			0.124
		Discount Earned			0.097
		Order Cancellations Charges			0.034
	TOTAL EARNINGS		1198.830	889.700	914.390
	IMPORTS
		Raw Materials	NA	447.658	278.321
		Capital Goods	NA	17.470	2.390
	TOTAL IMPORTS		NA	465.128	280.711
	Earnings Per Share (Rs.)		7564.98	6968.32	6197.23

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	NA	NA	20.86
Net Profit Margin (PBT/Sales)	(%)	28.75	31.30	33.16
Return on Total Assets (PBT/Total Assets}	(%)	22.30	27.15	28.51
Return on Investment (ROI) (PBT/Networth)		0.61	0.97	0.81
Debt Equity Ratio (Total Debt /Networth)		0.00	0.00	0.00
Current Ratio (Current Asset/Current Liability)		1.48	1.27	1.41

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	----------------------
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	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	Yes
23]	Banking Details	Yes
24]	Banking facility details	No
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	No

LITIGATIONS DETAILS

HIGH COURT OF GUJARAT

TAX APPEAL No. 608 of 2011

Status : PENDING (Converted from : ST/1743/2010 ) CCIN No : 001092201100608

Last Listing Date: 20/06/2012

Coram

· HONOURABLE MR.JUSTICE VIJAY MANOHAR SAHAI

· HONOURABLE MR.JUSTICE N.V.ANJARIA

S.NO.	Name of the Petitioner	Advocate On Record
1	COMMISSIONER OF INCOME TAX -II	MRS MAUNA M BHATT for: Appellant(s)  1

S.NO.	Name of the Respondant	Advocate On Record
1	INDUCTOTHERM (INDIA) PRIVATE LIMITED.

Presented On : 17/06/2010 Registered On : 17/06/2010

Bench Category : DIVISION BENCH District : AHMEDABAD

Case Originated From : THROUGH ADVOCATE Listed : 4 times

StageName : FOR REGULAR ADMISSION (SPL.)

Act INCOME-TAX ACT, 1961

S. No.	Filing Date	Document Name	Advocate Name	Court Fee on Document	Document Details
1	14/06/2010	MEMO OF APPEAL/PETITION/SUIT	MRS MAUNA M BHATT ADVOCATE for PETITIONER(s)  1	20	-

S. No.	Notified Date	Court Code	Board Sr. No.	Stage	Action	Coram
1	27.07.2010	3	-	FOR REGULAR ADMISSION (SPL.)	NEXT DATE	HONOURABLE MR.JUSTICE D.A.MEHTA  HONOURABLE MS.JUSTICE H.N.DEVANI and REGISTRAR ( JUDICIAL)
2	31.03.2011	3	-	OFFICE OBJECTION REMOVED	NEXT DATE	HONOURABLE MR.JUSTICE AKIL KURESHI  HONOURABLE MS JUSTICE SONIA GOKANI
3	20.06.2012	3	-	FOR REGULAR ADMISSION (SPL.)	NEXT DATE	HONOURABLE MR.JUSTICE VIJAY MANOHAR SAHAI  HONOURABLE MR.JUSTICE N.V.ANJARIA

Available Orders

S. No.	Case Details	Judge Name	Order Date	CAV	Judgement	View	Download
1	TAX APPEAL/608/2011	HONOURABLE MR.JUSTICE VIJAY MANOHAR SAHAI  HONOURABLE MR.JUSTICE N.V.ANJARIA	20.06.2012	N	Y	View	Download

Certified Copy

S. No.	ApplicantName	ApplicationType	Application Date	UOL Number	Order Date	Notify Date	Delivery Date	Status	Nature Of Document
1	MRS MAUNA M BHATT	ORDINARY	21.06.2012	O/18717/2012	20.06.2012	03.09.2012	04.09.2012	Delivered	-

OPERATIONS

This is the year of remarkable performance of the Company as the Turnover of the Company reached to Rs.3974.760 millions which indicates an increase of 16 % over the previous year. In spite of volatility in the economic environment in India as well as globally, the Company managed well to achieve the highest ever turnover in its history. The Equipment Turnover of the Melting Division was almost stagnant whereas of the Heating Division and Welding Division increased by 25 % and 74 % respectively. The spares business of the Company has registered the growth of 32% due to increasing population of their equipment in the market.

EXPANSION PROJECT

The Company has entered into agreement with GIDC (Gujarat Industrial Development Corporation) for allotment of plot of land admeasuring 99,927.65 sq. mtrs. amounting to Rs.275.490 millions. The phase I on design was reviewed with Management Group Advisory Board and they are now waiting for recommendation/input for changes in design. It is estimated that the first phase of moving heating divisions and the construction of the office and other auxiliary requirements will cost approx. Rs. 400.00 millions ( USD 8 mn.) with a time span estimate of about 1 year from the start of the construction phase. It is also estimated that the cost of Phase II would be approx. Rs.1000.000. millions. (USD 20 mn.) and the estimate for the completion of the total project would be about 3 years.

CONTINGENT LIABILITIES

Rs. In Millions

Particular	31.03.2012	31.03.2011
Bank Guarantees	227.204	228.214
Claims against the Company not acknowledged as debts	0.130	0.120

FIXED ASSETS

• Land
• Building
• Electrical Installations
• Computers
• Office Equipments
• Furniture and Fixture
• Computers
• Vehicles
• Type Writers
• Air conditioner
• Electric Fans
• Xerox Machine

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.54.34
UK Pound	1	Rs.82.56
Euro	1	Rs.70.10

INFORMATION DETAILS

Information Gathered by :	PLK
Report Prepared by :	NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	7
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	7
--CREDIT LINES	1~10	7
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--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
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		63

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.