MIRA INFORM REPORT

Report Date :

21.11.2013

IDENTIFICATION DETAILS

Name :	M R T SIGNALS LIMITED
Registered Office :	2, Raja Woodmunt Street, 3^rd Floor, Kolkata – 700001, West Bengal
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	02.08.2006
Com. Reg. No.:	21-110742
Capital Investment / Paid-up Capital :	Rs. 35.648 Millions
CIN No.: [Company Identification No.]	U63031WB2006PLC110742
TAN No.: [Tax Deduction & Collection Account No.]	CALM08204A
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Contractor of Railway Signalling and Telecommunication.
No. of Employees :	60 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

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

Maximum Credit Limit :	USD 2890000
Status :	Satisfactory
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an well established company having satisfactory track record. The company undertakes signaling and telecommunication works for the Indian Railways. The company is performing well. Trade relations are reported as fair. 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 – 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	CRISIL
Rating	Long term rating: “BBB+”
Rating Explanation	Moderate degree of safety. It carry moderate credit risk.
Date	28.10.2013

Rating Agency Name	CRISIL
Rating	Short term rating: “A2”
Rating Explanation	Strong degree of safety. It carry low credit risk.
Date	28.10.2013

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.

INFORMATION PARTED BY

Name :	Mr. Suresh Upadhyah
Designation :	Account Manager
Contact No.:	91-9831561500
Date :	14.11.2013

LOCATIONS

Registered Office :	2, Raja Woodmunt Street, 3^rd Floor, Kolkata – 700001, West Bengal, India
Tel. No. :	91-33-22431573/ 4739
Mobile No. :	91-9831561500 (Mr. Suresh Upadhyah)
Fax No. :	91-33-22131828
E-Mail :	mrtsingnals@gmail.com
Branch Office :	Located at · Allahabad, Uttar Pradesh, India Guwahati, Assam, India Visakhapatam, Adhra Pradesh, India

DIRECTORS

As on 29.09.2012

Name :

Mr. Mahendra Kumar Anchalia

Designation :

Managing director

Address :

2, Raja Woodmunt Street, 3^rd Floor, Kolkata – 700001, West Bengal

Qualification :

B.Com

Date of Appointment :

02.08.2006

Voter ID No. :

WB/221/57/339133

DIN No. :

00356849

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U45201WB1991PTC050829	J M INTERNATIONAL PRIVATE LIMITED	Director	04/02/1991	04/02/1991	-	Active	NO
2	U51109WB1996PTC077421	SIKHAR DISTRIBUTORS PRIVATE LIMITED	Director	18/12/1996	18/12/1996	-	Active	NO
3	U51109WB1997PTC084297	SAMARTH SALES AGENCIES PRIVATE LIMITED	Director	11/12/2000	11/12/2000	-	Active	NO
4	U45203WB2001PTC093163	AtoZ INFRACON PRIVATE LIMITED	Director	02/05/2001	02/05/2001	31/05/2011	Active	NO
5	U51109WB1995PTC067765	CEZARIO TRADELINK PRIVATE LIMITED	Director	02/04/2002	02/04/2002	-	Active	NO
6	U51109WB1996PTC077427	NETWORTH COMMERCIAL PRIVATE LIMITED	Director	04/04/2003	04/04/2003	-	Active	NO
7	U70101WB2005PTC101469	MAX HI-RISE PRIVATE LIMITED	Director	01/02/2005	01/02/2005	17/09/2009	Active	NO
8	U23101WB2002PTC095498	KAMRUP COKE INDUSTRIES PRIVATE LIMITED	Director	10/07/2005	10/07/2005	-	Active	NO
9	U63031WB2006PLC110742	M R T SIGNALS LIMITED	Managing director	02/08/2006	02/08/2006	-	Active	NO
10	U31900WB2007PTC120875	URBAN ELECTRO - SYSTEMS PRIVATE LIMITED	Director	11/03/2008	11/03/2008	15/03/2010	Active	NO
11	U70102WB2010PTC150287	RB HIGHRISE DEVELOPERS PRIVATE LIMITED	Director	02/05/2013	02/05/2013	-	Active	NO

Name :

Renu Anchalia

Designation :

Director

Address :

2, Raja Woodmunt Street, 3^rd Floor, Kolkata – 700001, West Bengal

Qualification :

B.Com

Date of Appointment :

02.08.2006

Voter ID No. :

WB/22/157/339139

DIN No. :

00507702

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U51109WB1995PTC073846	SAPHIRE VINIYOG PRIVATE LIMITED	Director	28/01/2000	28/01/2000	-	Active	NO
2	U51109WB1997PTC084297	SAMARTH SALES AGENCIES PRIVATE LIMITED	Director	11/12/2000	11/12/2000	-	Active	NO
3	U45202WB2002PTC094953	MRT INDUSTRIES PRIVATE LIMITED	Director	29/07/2002	29/07/2002	-	Active	NO
4	U51109WB1996PTC077427	NETWORTH COMMERCIAL PRIVATE LIMITED	Director	04/04/2003	04/04/2003	-	Active	NO
5	U63031WB2006PLC110742	M R T SIGNALS LIMITED	Director	02/08/2006	02/08/2006	-	Active	NO

Name :

Mr. Ankit Anchalia

Designation :

Director

Address :

2, Raja Woodmunt Street, 3^rd Floor, Kolkata – 700001, West Bengal

Date of Birth/Age :

19.07.1988

Qualification :

B.Com

Experience :

Would you please arrage

Date of Appointment :

01/09/2007

DIN No. :

01720597

Name :

Mr. Amit Agarwal

Designation :

Director

Address :

18-B, Mayfair Road, Ballygunge, Kolkata – 700019, West Bengal, India

Date of Birth/Age :

16.03.1983

Qualification :

B.Com

Date of Appointment :

11.08.2011

DIN No. :

02257879

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U74999WB2008PTC126993	SHREE NARAYAN PLYWOOD AND VENEERS PRIVATE LIMITED	Director	22/07/2008	22/07/2008	-	Active	NO
2	U20296WB2011PTC156935	SHREE NARAYAN TIMBER COMPANY PRIVATE LIMITED	Director	10/01/2011	10/01/2011	-	Active	NO
3	U31903KA2009PTC049929	TVM SIGNALLING AND TRANSPORTATION SYSTEMS PRIVATE LIMITED	Director	30/09/2011	11/05/2011	-	Active	NO
4	U63031WB2006PLC110742	M R T SIGNALS LIMITED	Director	11/08/2011	11/08/2011	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Suresh Upadhyah
Designation :	Account Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2012

Names of Shareholders	No. of Shares
Mahendra Kumar Anchalia	250000
Saphire Viniyog Private Limited, India	407500
MRT Industries Private Limited, India	527000
Renu Anchalia	24000
Shriti Anchalia	8000
Rohtas Kumar Bonsal	4000
Sankar Kumar Saha	4000
Kanti Choudhary	1500
Chandra Moha Choudhary	1250
Kalavati Choudhary	1500
J.M. International Private Limited, India	790000
Trust K Anchalia Children M	2000
Cezario Tradelink Private Limited, India	1011500
Samarth Sales Agencies Private Limited, India	457500
Sikhar Distributors Private Limited, India	75000
Total	3564750

As on 29.09.2012

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	91.69
Directors or relatives of Directors	8.14
Other top fifty shareholders	0.17
Total	100.00

BUSINESS DETAILS

Line of Business :	Contractor of Railway Signalling and Telecommunication.
Exports :
Products/ Services :	They provides service to international country
Countries :	Bangladesh
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Suppliers :

Ansaldo STS Signals and Transport Private Limited, India

Customers :

· Government Bodies

Wester, Eastern all railway

No. of Employees :

60 (Approximately)

Bankers :

· Corporation Bank, Dharamtolla Branch, 8, Lenin Sarani, Kolkata - 700013, West Bengal, India

Axis Bank Limited, Bara Bazar

HDFC Bank Limited, Stephan House Branch, Kolkata, West Bengal, India

State Bank of India, Vagar Market Branch

Uttara Bank

Vijaya Bank

Facilities :

SECURED LOANS	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
SHORT TERM BORROWINGS
Short term debt Motor car loan from BMW financial services	1.051	2.517
Loans repayable on demand From Bank Cash Credit from Corporation Bank	7.938	4.324
Total	8.989	6.841

Banking Relations :	--
Auditors :
Name :	Jain Manoj and Associates Chartered Accountants
Address :	Block ‘A’, 3^rd Floor, Mercantile Building 9, Lal Bazar Street, Kolkata – 700001, West Bengal, India
Tel. No. :	91-33-22133095 (O)
Mobile No. :	91-9433099158
Fax No. :	91-33-22317967
E-Mail :	Jain_manoj64@sify.com Jain_manoj66@yahoo.com
Related Parties:	· Cezario Tradelink Private Limited Shappire Viniyog Private Limited

CAPITAL STRUCTURE

As on 30.09.2013

Authorised Capital : Rs. 50.000 Millions

Issued, Subscribed & Paid-up Capital : Rs. 42.848 Millions

As on 31.03.2012

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
3,564,750	Equity Shares	Rs.10/- each	Rs. 35.648 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	35.648	35.648
(b) Reserves & Surplus	686.575	662.277
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	13.300
Total Shareholders’ Funds (1) + (2)	722.223	711.225
(3) Non-Current Liabilities
(a) long-term borrowings	41.489	16.048
(b) Deferred tax liabilities (Net)	0.423	0.253
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	41.912	16.301
(4) Current Liabilities
(a) Short term borrowings	8.989	6.841
(b) Trade payables	379.464	261.214
(c) Other current liabilities	2.250	10.135
(d) Short-term provisions	11.947	20.265
Total Current Liabilities (4)	402.650	298.455
TOTAL	1166.785	1025.981
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	8.864	9.092
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	1.820	1.690
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	77.996	77.228
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	88.680	88.010
(2) Current assets
(a) Current investments	0.300	0.300
(b) Inventories	178.228	136.700
(c) Trade receivables	644.603	569.634
(d) Cash and cash equivalents	198.548	174.576
(e) Short-term loans and advances	56.392	56.656
(f) Other current assets	0.034	0.105
Total Current Assets	1078.105	937.971
TOTAL	1166.785	1025.981

SOURCES OF FUNDS			31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital			35.648
2] Share Application Money			0.000
3] Reserves & Surplus			641.224
4] (Accumulated Losses)			0.000
NETWORTH			676.872
LOAN FUNDS
1] Secured Loans			6.803
2] Unsecured Loans			1.634
TOTAL BORROWING			8.437
DEFERRED TAX LIABILITIES			0.239
TOTAL			685.548
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]			5.572
Capital work-in-progress			0.000
INVESTMENT			0.000
DEFERRED TAX ASSETS			0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories		153.802
	Sundry Debtors		527.734
	Cash & Bank Balances		110.790
	Other Current Assets		0.000
	Loans & Advances		85.455
Total Current Assets			877.781
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors
	Other Current Liabilities		187.908
	Provisions		10.074
Total Current Liabilities			197.982
Net Current Assets			679.799
MISCELLANEOUS EXPENSES			0.177
TOTAL			685.548

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	916.997	858.435	780.879
		Other Income	11.764	13.876	7.761
		TOTAL (A)	928.761	872.311	788.640
Less	EXPENSES
		Purchases of stock-in-trade	558.779	463.229
		Employee benefits expenses	13.110	11.425
		Other Expenses	352.422	341.788
		Changes in inventories of finished goods, Work-in-progress and stock-in-trade	(41.528)	17.102
		TOTAL (B)	882.783	833.544	767.544
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		45.978	38.767	21.096
Less	FINANCIAL EXPENSES (D)		7.042	5.825	1.297
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		38.936	32.942	19.799
Less/ Add	DEPRECIATION/ AMORTISATION (F)		2.520	1.671	1.423
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		36.416	31.271	18.376
Less	TAX (H)		12.118	10.218	6.642
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		24.298	21.053	11.734
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		60.974	39.921	28.187
	BALANCE CARRIED TO THE B/S		85.272	60.974	39.921
	Earnings / (Loss) Per Share (Rs.)		6.82	5.91	3.29

Particulars	31.03.2013
Sales Turnover (Approximately)	1160.000 (taken new contract)

The above information has been parted by Mr. Suresh Upadhyah (Account Manager).

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	2.62	2.41	1.49
Net Profit Margin (PBT/Sales)	(%)	3.97	3.64	2.35
Return on Total Assets (PBT/Total Assets}	(%)	3.13	3.05	2.08
Return on Investment (ROI) (PBT/Networth)		0.05	0.04	0.03
Debt Equity Ratio (Total Debt/Networth)		0.07	0.03	0.01
Current Ratio (Current Asset/Current Liability)		2.68	3.14	4.43

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 four 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	Yes
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
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	No
33]	Voter ID No of Proprietor/Partner/Director, if available	Yes
34]	External Agency Rating, if available	Yes

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10058614	13/05/2013 *	310,000,000.00	CORPORATION BANK	DHARAMTOLLA MID CORPORATE BANKING BRANCH, 8, LENIN SARANI, DHARAMTOLLA STREET, KOLKATA - 700013, WEST BENGAL , INDIA	B76672708

* Date of charge modification

UNSECURED LOANS

PARTICULAR	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
LONG TERM BORROWINGS
Loans and advances form directors, related parties and body corporates
Mahendra Kumar Anchalia	19.162	10.149
Renu Anchalia	9.446	1.781
Ankit Anchalia	8.429	0.000
Saphire Viniyog Private Limited	2.902	2.684
Cezario Trade Link Private Limited	1.550	1.434
Total	41.489	16.048

BACKGROUND

Subject is a well-established and company based at Kolkata engaged in carrying out Railway Signaling and Telecommunication Works on turnkey basis. The company capable of producing all types of drawings required for Signaling and Telecommunication works including Design of Signaling circuits. The company is executing modern signaling including Panel Interlocking, Route Relay Interlocking and latest state of art technology Viz. Solid State/ Electronic Interlocking the company carried out supply of Digital Axle Counter Works on Indian Railway for Track circuit and Block Proving with Axle Counters. The company also awarded annual maintenance contract for signaling and Telecommunication.

CONTINGENT LIABILITIES:

PARTICULARS	31.03.2012 (Rs. In Millions)	31.03.2011 (Rs. In Millions)
Bank Guaratee	2300.000	2000.000

FIXED ASSETS

· Furniture and fixture

Plant and Machinery

Mobile Handa

Xerox Machine

Type Writer

EBAPX

Car

Motor Bike

Computer

Air Conditioner

Fans

Fax Machine

Television

Generator

Refrigerator

Tractor and Trolly

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.62.56
UK Pound	1	Rs.100.77
Euro	1	Rs.84.71

INFORMATION DETAILS

Information Gathered by :	HNA
Report Prepared by :	MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	5
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		49

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.