MIRA INFORM REPORT

Report Date :

11.11.2013

IDENTIFICATION DETAILS

Name :	ADVATECH CERA TILES LIMITED (w.e.f.29.04.2004)
Formerly Known As :	ACTION CERA TILES LIMITED
Registered Office :	Survey No. 209, Village Dhanali, Taluka Kadi, Mehsana - 382715, Gujarat
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	01.01.2004
Com. Reg. No.:	04-043426
Capital Investment / Paid-up Capital :	Rs. 50.000 Millions
CIN No.: [Company Identification No.]	U26933GJ2004PLC043426
TAN No.: [Tax Deduction & Collection Account No.]	AHMA04241G
PAN No.: [Permanent Account No.]	AAECA7299Q
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Ceramic Tiles.
No. of Employees :	150 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (27)

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

Maximum Credit Limit :	USD 370000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Exist
Comments :	Subject is an established company having moderate track record. Reserves of the company appear to be low. Rating also takes into consideration volatility associated with raw material prices, weak financial risk profile marked by low cash accruals and highly competitive ceramic tile industry with linkage to real estate. However, trade relations are fair. Business is active. Payment terms are slow but correct. The company can be considered for business dealings with some cautions.

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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
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

The current downturn provides an opportunity to push ahead with reforms to accelerate growth, says the latest India Development Update report released by the World Bank. The report says that the adverse effects of rupee depreciation are likely to be offset by the gains in the exports performance due to improved external competitiveness. Since May this year, the local currency has depreciated substantially and fell to a record level of Rs 68.85 to a dollar on August, 28.

A stagflation like situation appears to have arisen as inflation jumped to an eight month high of 6.46 % for the month of September. It is up from 6.10 % in August. Growth continues to be muted with factory output plunging to 0.6  % in August. Onion prices have risen nearly 300 % from last September. Vegetables cost nearly 90 % more than they did last year. Wake up to the economic contribution of slum dwellers. They contribute more than 7.5 % to the country’s gross domestic product, according to a recent study conducted in 50 top cities.

136000 estimated number of jobs created during the second quarter of the current financial year. 50000 estimated number of additional jobs in the field of corporate social responsibility in the coming years.

The International Finance Corporation expects to come out with its rupee linked bonds issue before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple iPhone 5c (Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has been launched in India from 1^st November.

The Land Acquisition Act to provide just and fair compensation to farmers will come into force from January 1 next year, said Rural Development Minister Jairam Ramesh. The Act replaces a 119 year old registration. The Securities and Exchange Board of India has approved the trading of currency futures on the Bombay Stock Exchange. The exchange plans to launch the currency futures platform with advanced trading technology by the end of November.

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long term Bank facilities : B (Suspended)
Rating Explanation	Risk prone credit quality and very high credit risk.
Date	September 13, 2012

Rating Agency Name	CARE
Rating	Short term Bank facilities : A4 (Suspended)
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	September 13, 2012

Reason for suspension: Not furnished information required for rating.

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. Vishal Bhai
Designation :	Purchase Manager
Contact No.:	91-9374023239
Date :	07.11.2013

LOCATIONS

Registered Office/ Factory :	Survey No. 209, Village Dhanali, Taluka Kadi, Mehsana - 382715, Gujarat, India
Tel. No.:	91-2764-267637/ 324351
Mobile No.:	91-9374023239 (Mr. Vishal Bhai)
Fax No.:	91-2764-267638
E-Mail :	alaska_tiles@yahoo.co.in info@alaskatiles.in
Website :	http://www.alaskatiles.in
Area :	22 Bigha
Location :	Owned
Corporate Office :	3, Third Floor, Agrawal Mall, Opposite Bhagwat Vidyapith, S.G. Highway, Ahmedabad - 380060, Gujarat, India
Tel. No.:	91-79-32211522

DIRECTORS

AS ON 30.09.2013

Name :

Mr. Jagadishbhai Jayrambhai Raval

Designation :

Managing director

Address :

Madhuvan Society, Idar Town, Idar Sabarkantha – 383430, Gujarat, India

Date of Birth/Age :

01.06.1957

Qualification :

B.A.

Date of Appointment :

01.09.2013

PAN No.:

ABOPR9142F

DIN No.:

00285846

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	U26933GJ2004PLC043426	ADVATECH CERA TILES LIMITED	Managing director	01/09/2013	01/01/2004	Active	NO
2	U40106GJ2013PLC075039	AURASUN ENERGY LIMITED	Director	13/05/2013	13/05/2013	Active	NO

Name :

Mr. Bhagubhai Trikambhai Patel

Designation :

Director

Address :

Trimurti Hospital, Near Bus Stand, Idar Sabarkantha – 383430, Gujarat, India

Date of Birth/Age :

12.08.1955

Qualification :

MD

Date of Appointment :

05.06.2004

PAN No.:

AARPP7283K

DIN No.:

00087274

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	U26933GJ2004PLC043426	ADVATECH CERA TILES LIMITED	Director	05/06/2004	05/06/2004	Active	NO
2	U85110GJ2008PTC054715	MEDISTAR HOSPITAL PRIVATE LIMITED	Director	08/08/2008	08/08/2008	Active	NO

Name :

Mr. Arif Ahmed Nandolia

Designation :

Director

Address :

Unit No. 19, Aarey Milk Colony, Goregaon (East), Mumbai – 400065, Maharashtra, India

Date of Appointment :

15.07.2004

DIN No.:

00087322

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	U26933GJ2004PLC043426	ADVATECH CERA TILES LIMITED	Director	15/07/2004	15/07/2004	Active	NO
2	U24110GJ2004PTC045074	ADVATECH INDUSTRIES PRIVATE LIMITED	Director	01/12/2004	01/12/2004	Active	NO
3	U24117GJ2004PTC043802	NANCO CHEM PRODUCTS PRIVATE LIMITED	Director	29/09/2012	05/07/2012	Active	NO

Name :

Mr. Baldevbhai Jayrambhai Raval

Designation :

Whole-time director

Address :

Kalrav Society, Jawanpura, At Idar Sabarkantha – 383430, Gujarat, India

Date of Birth/Age :

26.04.1963

Qualification :

B.A.

Date of Appointment :

01.09.2013

PAN No.:

AEQPR4671C

DIN No.:

02422546

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	U26933GJ2004PLC043426	ADVATECH CERA TILES LIMITED	Whole-time director	01/09/2013	01/03/2007	Active	NO

KEY EXECUTIVES

Name :	Mr. Vishal Bhai
Designation :	Purchase Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2013

NOTE: SHAREHOLDING DETAILS FILE ATTACHED

AS ON 30.09.2013

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	0.10
Directors or relatives of directors	99.90
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Ceramic Tiles.

Products/ Services :

ITC Code No.	Product Descriptions
99611621	Ceramic Tiles

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

PRODUCTION STATUS (AS ON 31.03.2012)

Particulars	Licensed Capacity	Installed Capacity
Glaze Tiles	9000 M2	9000 M2 Per Day

GENERAL INFORMATION

Customers :	Wholesalers and Retailers
No. of Employees :	150 (Approximately)
Bankers :	· Dena Bank, Highway Branch, Highway, Mehsana - 384001, Gujarat, India ICICI Bank Limited

Banking Relations :	--
Auditors :
Name :	K. K. Patel and Associates Chartered Accountants
Address :	F-63, 2nd Floor, Akash Ganga Complex, Near ST Stand, Himatnagar - 383001, Gujarat, India
Tel. No.:	91-2772-240499
Mobile No.:	91-9898044121
E-Mail :	kamleshpatel174@hotmail.com
Income-tax PAN of auditor or auditor's firm :	AGPPP6687D

CAPITAL STRUCTURE

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
5,000,000	Equity Shares	Rs. 10/- each	Rs. 50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5,000,000	Equity Shares	Rs. 10/- each	Rs. 50.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	50.000	42.500	42.500
(b) Reserves & Surplus	43.344	46.622	17.767
(c) Money received against share warrants	0.000	0.000	0.000
			0
(2) Share Application money pending allotment	0.000	0.000	23.859
Total Shareholders’ Funds (1) + (2)	93.344	89.122	84.126
(3) Non-Current Liabilities
(a) long-term borrowings	77.734	58.826	57.791
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	77.734	58.826	57.791
(4) Current Liabilities
(a) Short term borrowings	150.922	131.893	83.199
(b) Trade payables	89.825	81.115	50.436
(c) Other current liabilities	27.637	16.513	4.498
(d) Short-term provisions	2.601	4.143	2.011
Total Current Liabilities (4)	270.985	233.664	140.144
TOTAL	442.063	381.612	282.061
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	142.032	103.014	96.357
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	11.822	19.847	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	3.675	13.132	1.168
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	5.694	11.187	11.262
(e) Other Non-current assets	0.000	0.042	0.056
Total Non-Current Assets	163.223	147.222	108.843
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	195.493	158.320	87.512
(c) Trade receivables	74.738	62.536	73.154
(d) Cash and cash equivalents	0.990	4.714	7.818
(e) Short-term loans and advances	7.619	8.820	4.734
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	278.840	234.390	173.218
TOTAL	442.063	381.612	282.061

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Revenue from operations	296.321	482.488	363.114
		Other Income	1.398	0.556	1.065
		TOTAL (A)	297.719	483.044	364.179
Less	EXPENSES
		Cost of materials consumed	206.940	350.610	209.576
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(42.534)	(67.651)	9.525
		Employee benefit expense	11.661	12.935	7.552
		Selling and Distribution expenses	0.000	0.000	94.458
		Other expenses	68.340	139.022	2.315
		TOTAL (B)	244.407	434.916	323.426
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		53.312	48.128	40.753
Less	FINANCIAL EXPENSES (D)		30.047	26.456	20.426
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		23.265	21.672	20.327
Less/ Add	DEPRECIATION/ AMORTISATION (F)		17.026	14.471	15.117
	PROFIT BEFORE TAX (E-F) (G)		6.239	7.201	5.210
Less	TAX (H)		1.780	2.159	2.000
	PROFIT AFTER TAX (G-H) (I)		4.459	5.042	3.210
	Earnings Per Share (Rs.)		0.89	1.19	0.76

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	1.50	1.04	0.88
Net Profit Margin (PBT/Sales)	(%)	2.11	1.49	1.43
Return on Total Assets (PBT/Total Assets}	(%)	1.46	2.07	1.85
Return on Investment (ROI) (PBT/Networth)		0.07	0.08	0.06
Debt Equity Ratio (Total Debt/Networth)		2.45	2.14	1.68
Current Ratio (Current Asset/Current Liability)		1.03	1.00	1.24

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	No
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
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	Yes
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

LITIGATION DETAILS

HIGH COURT OF GUJARAT

TAX APPEAL No. 115 of 2011

Status: PENDING ( Converted from : ST/404/2011 ) CCIN No: 001092201100115

Last Listing Date: 26/03/2012

Coram: - HONOURABLE THE CHIEF JUSTICE MR. BHASKAR BHATTACHARYA

HONOURABLE MR.JUSTICE J.B.PARDIWALA

S.NO.

Name of the Petitioner

Advocate On Record

1

COMMISSIONER OF INCOME TAX GANDHINAGAR

MR SUDHIR M MEHTA for: Appellant(s) 1

S.NO.

Name of the Respondant

Advocate On Record

1

M/S ADVATECH CERATILES LTD

RULE SERVED for :Opponent(s) 1

Presented On : 20/01/2011 Registered On : 20/01/2011

Bench Category : : DIVISION BENCH District : AHMEDABAD

Case Originated From: THROUGH ADVOCATE Listed : 5 times

Stage Name : FOR REGULAR ADMISSION (SPL.)

Classification	DB - OJ - TAX APPEAL - INCOME TAX ACT, 1961 - APPEAL TO HIGH COURT - U/S 260 OF IT ACT - LONG TERM CAPITAL GAIN - U/S 54EA
Act	INCOME-TAX ACT, 1961

Office Details

S. No.

Filing Date

Document Name

Advocate Name

Court Fee on Document

Document Details

1

15/08/2011

VAKALATNAMA

MR SUDHIR M MEHTA ADVOCATE
for PETITIONER(s) 1

-

MR SUDHIR M MEHTA:1

2

15/08/2011

DOCUMENT

RULE SERVED
for RESPONDENT(s) 1

-

RULE SERVED:1

3

17/09/2012

APPEARANCE NOTE

MR SUDHIR M MEHTA ADVOCATE
for PETITIONER(s) 1

-

MR SUDHIR M MEHTA:1

Court Proceedings

S. No.	Notified Date	Court Code	Board Sr. No.	Stage	Action	Coram
1	05/03/2012	1	43	FOR REGULAR ADMISSION (SPL.)	NEXT DATE	· HONOURABLE THE CHIEF JUSTICE MR. BHASKAR BHATTACHARYA · HONOURABLE MR.JUSTICE J.B.PARDIWALA
2	13/03/2012	1	15	FOR REGULAR ADMISSION (SPL.)	NEXT DATE	· HONOURABLE THE CHIEF JUSTICE MR. BHASKAR BHATTACHARYA · HONOURABLE MR.JUSTICE J.B.PARDIWALA
3	26/03/2012	1	-	FOR REGULAR ADMISSION (SPL.)	RULE/ADMIT	· HONOURABLE THE CHIEF JUSTICE MR. BHASKAR BHATTACHARYA · HONOURABLE MR.JUSTICE J.B.PARDIWALA

Available Orders

S. No.	Case Details	Judge Name	Order Date	CAV	Judgement	View	Download
1	TAX APPEAL/115/2011	· HONOURABLE THE CHIEF JUSTICE MR. BHASKAR BHATTACHARYA · HONOURABLE MR.JUSTICE J.B.PARDIWALA	26/03/2012	N	ORDER	Download	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	27/03/2012	O/10498/2012	26/03/2012	28/03/2012	29/03/2012	Delivered	ORDER

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10329409	07/08/2012 *	251,596,000.00	DENA BANK	HIGHWAY BRANCH, HIGHWAY, MEHSANA - 384001, GUJARAT, INDIA	B60968161
2	10308926	07/08/2012 *	251,596,000.00	DENA BANK	HIGHWAY BRANCH, HIGHWAY, MEHSANA - 384001, GUJARAT, INDIA	B57004996

* Date of charge modification

UNSECURED LOANS

UNSECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG-TERM BORROWINGS
Term loans from banks	37.436	32.105
Loans and advances from directors	2.200	0.000
Loans and advances from others	38.098	26.721
SHORT TERM BORROWINGS
Loans repayable on demand from banks	150.922	131.893
Total	228.656	190.719

FINANCE

The Company had comfortable finance position throughout the year.

TRADE REFERENCE:

· M.B. Industries, Mehsana, Gujarat, India

Swastik Tiles Limtied, Mehsana, Gujarat, India

FIXED ASSETS:

· Land

Buildings

Other building

Plant and equipment

Other plant and equipment

Furniture and fixtures

Vehicles

Motor vehicles

Office equipment

Other equipments

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. 62.73
UK Pound	1	Rs. 100.92
Euro	1	Rs. 84.06

INFORMATION DETAILS

Information Gathered by :	HNA
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		27

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.