MIRA INFORM REPORT

Report Date :

04.10.2013

IDENTIFICATION DETAILS

Name :	G.R.SPONGE AND POWER LIMITED (w.e.f.21.04.2003)
Formerly Known As :	G.B. FINTECH LIMITED
Registered Office :	Agrawal Complex, Samta Colony, Raipur – 492001, Chhattisgarh
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	20.08.1996
Com. Reg. No.:	011135
Capital Investment / Paid-up Capital :	Rs. 99.577 Millions
CIN No.: [Company Identification No.]	U65921CT1996PLC011135
PAN No.: [Permanent Account No.]	AAACG8765H
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Sponge Iron and Power Generation.
No. of Employees :	90 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

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

Maximum Credit Limit :	USD 1198000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. 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 – 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

We are living in a world where volatility and uncertainty have become the New Normal. We saw a change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once powerful countries in Europe are now fighting for bankruptcy. We have taken growth in the developing part of the world for granted but economic growth in China and India has begun to slow. Companies that were synonymous with their product categories just a few years ago are now no longer in existence. Kodak, the inventor of the digital camera had to wind up its operations, HMV, the British entertainment retailing company and Borders, once the second largest bookstore have shut down due to their inability to evolve their business models with the changing time. Readers’ Digest, Thomson Register are no more !

There is another megatrend happening. The World order is changing as economic power shifts from West to East. According to McKinsey study, it took Britain more than 100 years to double its economic output per person during its industrial revolution and the US later took more than 50 years to do the same. More than a century later, China and India have doubled their GDP per capital in 12 and 18 years respectively. By 2020, emerging Asia will become the world’s largest consuming block, overtaking North America.

The years after the outbreak of the global financial crisis, the world economy continues to remain fragile. The Indian economy demonstrated remarkable resilience in the initial years of the contagion but finally lost ground last year. GDP growth slowed down. Currency has been weakening. There is a marked deceleration in agriculture, industry and services. Dampening sentiment led to a cut-back in investment as well as private consumption expenditure.  Inflation remained at high levels fuelled by the pressure from the food and fuel sectors. The large fiscal and current account deficit s continued to cause grave concern. It is imperative that India regains its growth trajectory of 8-9 % sooner than later. This is crucially important given the need to create gainful livelihood opportunities for the millions living in poverty as also the large contingent of young people joining the job market every year.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long term rating : BB+
Rating Explanation	Moderate risk of default
Date	September 25, 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 (GENERAL DETAILS)

Name :	Mr. S. Sathyanarayan
Designation :	Finance Department
Contact No.:	91-711-4259160
Date :	03.10.2013

LOCATIONS

Registered Office :	Agrawal Complex, Samta Colony, Raipur – 492001, Chhattisgarh, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	rkscaryp@yahoo.co.in accounts@grgroup.com
Location :	Owned
Factory :	Plot No. 102, Phase II, Industrial Area, Sitara, Raipur - 493111, Chhattisgarh, India
Tel. No.:	91-771–4259160/ 170
Fax No.:	91-771–4259190

DIRECTORS

AS ON 29.09.2012

Name :

Mr. Ramesh Kumar Agrawal

Designation :

Director

Address :

Agrawal Complex, Samta Colony, Raipur, Chhattisgarh, India

Date of Birth/Age :

15.06.1961

Qualification :

M.Com, LLB

Date of Appointment :

01.09.1997

PAN No.:

ACIPA4369C

DIN No.:

00748853

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	U65921CT1996PLC011135	G.R.SPONGE AND POWER LIMITED	Director	01/09/1997	01/09/1997	Active	NO
2	U63011CT2004PTC016906	RAIPUR HANDLING AND INFRASTRUCTURE PRIVATE LIMITED	Director	11/06/2007	11/06/2007	Active	NO
3	U01010CT2005PTC017876	C.G. SPONGE MANUFACTURERS CONSORTIUM COAL FIELDS PRIVATE LIMITED	Director	21/01/2008	21/01/2008	Active	NO
4	U28112CT1991PTC006679	G. R. METALIKS AND INDUSTRIES PRIVATE LIMITED	Director	08/09/2008	08/09/2008	Active	NO
5	U27100CT2009PTC021266	AGNI MINERALS AND METALS PRIVATE LIMITED	Additional director	10/07/2009	10/07/2009	Active	NO
6	U14200CT2009PTC021314	G.R. MINES AND MINERALS PRIVATE LIMITED	Director	05/08/2009	05/08/2009	Active	NO
7	U70100CT2010PTC021544	VIKRUTI INFRASTRUCTURES PRIVATE LIMITED	Director	08/01/2010	08/01/2010	Active	NO
8	U51109WB1994PTC062550	ARYABHATT SALES PRIVATE LIMITED	Additional director	15/02/2011	15/02/2011	Active	NO
9	U10101CT2011PTC022631	DEAVNARA COAL FIELDS PRIVATE LIMITED	Director	19/08/2011	19/08/2011	Active	NO
10	U51109WB2007PTC120483	ALTERNATE VYAPAAR PRIVATE LIMITED	Director	19/10/2011	19/10/2011	Active	NO

Name :

Mr. Chetan Agrawal

Designation :

Director

Address :

Agrawal Complex, Samta Colony, Raipur, Chhattisgarh, India

Date of Birth/Age :

26.11.1986

Date of Appointment :

20.07.2012

DIN No.:

00748916

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	U65921CT1996PTC011369	G.R. MINERALS AND INDUSTRIES PRIVATE LIMITED	Director	14/10/2006	14/10/2006	Active	NO
2	U14290CT2009PTC021315	G.R. ORES AND FUELS PRIVATE LIMITED	Director	05/08/2009	05/08/2009	Active	NO
3	U51109WB1994PTC062550	ARYABHATT SALES PRIVATE LIMITED	Additional director	15/02/2011	15/02/2011	Active	NO
4	U51109WB2007PTC120483	ALTERNATE VYAPAAR PRIVATE LIMITED	Director	19/10/2011	19/10/2011	Active	NO
5	U65921CT1996PLC011135	G.R.SPONGE AND POWER LIMITED	Director	20/07/2012	20/07/2012	Active	NO
6	U28112CT1991PTC006679	G. R. METALIKS AND INDUSTRIES PRIVATE LIMITED	Director	20/07/2012	20/07/2012	Active	NO

Name :

Mr. Keshav Kumar Agrawal

Designation :

Director

Address :

Agrawal Complex, Samta Colony, Raipur, Chhattisgarh, India

Date of Birth/Age :

20.10.1990

Qualification :

Graduate

Date of Appointment :

18.03.2009

PAN No.:

AHHPA8733G

DIN No.:

02460958

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	U65921CT1996PLC011135	G.R.SPONGE AND POWER LIMITED	Director	18/03/2009	18/03/2009	Active	NO
2	U14200CT2009PTC021314	G.R. MINES AND MINERALS PRIVATE LIMITED	Director	05/08/2009	05/08/2009	Active	NO
3	U28112CT1991PTC006679	G. R. METALIKS AND INDUSTRIES PRIVATE LIMITED	Director	21/06/2012	21/06/2012	Active	NO
4	U65921CT1996PTC011369	G.R. MINERALS AND INDUSTRIES PRIVATE LIMITED	Director	21/06/2012	21/06/2012	Active	NO

KEY EXECUTIVES

Name :	Mr. S. Sathyanarayan
Designation :	Finance Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2012

Names of Shareholders	No. of Shares
Aryabhatt Sales Private Limited, India	2350000
G.R. Minerals and Industries Private Limited, India	3250000
Ganpatrai Agrawal and Sons	100000
Ramesh Kumar Agrawal (HUF)	90000
G.R. Metalics and Industries Private Limited, India	3475000
Shri Binod Kumar Pansari	100
Chetan Agrawal	232000
Ramesh Kumar Agrawal	230400
S. Satyanarayan	100
Amita Agrawal	230000
Pisto Devi Agrawal	100
Total	9957700

AS ON 29.09.2012

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	91.14
Directors or relatives of directors	8.86
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Sponge Iron and Power Generation.

Products/ Services :

ITC Code No.	Product Descriptions
72181000	Steel Products
99999999	Power

Terms :

Selling :

Cash and Credit

Purchasing :

Cash, Credit and Depend

GENERAL INFORMATION

Customers :

Others

No. of Employees :

90 (Approximately)

Bankers :

· IDBI Bank Limited

· Andhra Bank, Fafadih, Fafadih Chowk, Raipur - 492001, Chhattisgarh, India

· State Bank of India

Facilities :

SECURED LOANS	31.03.2012 (Rs. In Millions)	31.03.2011 (Rs. In Millions)
LONG-TERM BORROWINGS
Rupee term loans from banks [EM of Plant and Machinery, Land and Building and Other Fixed Asset]	25.310	52.813
SHORT TERM BORROWINGS
Working capital loans from banks [Hypothecation of inventory and Book debts and EM of factory land, building, plant and machinery of company]	163.626	98.411
Total	188.936	151.224

Banking Relations :	--
Auditors :
Name :	R.K. Singhania and Associates Chartered Accountants
Address :	205, 1st Floor, Samta Colony, Raipur, Chhattisgarh, India
Income-tax PAN of auditor or auditor's firm :	AAGFR3093N
Associates :	· Aryabhatt Sales Private Limited [U51109WB1994PTC062550] · G.R. Minerals and Industries Private Limited [U65921CT1996PTC011369] · Ramesh Steel Industries

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
11,000,000	Equity Shares	Rs. 10/- each	Rs. 110.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
9,957,700	Equity Shares	Rs. 10/- each	Rs. 99.577 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	99.577	99.577
(b) Reserves & Surplus	200.017	163.420
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	299.594	262.997
(3) Non-Current Liabilities
(a) long-term borrowings	82.383	103.896
(b) Deferred tax liabilities (Net)	34.556	41.036
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	116.939	144.932
(4) Current Liabilities
(a) Short term borrowings	163.626	98.411
(b) Trade payables	18.477	41.029
(c) Other current liabilities	55.959	35.927
(d) Short-term provisions	8.512	10.233
Total Current Liabilities (4)	246.574	185.600
TOTAL	663.107	593.529
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	215.786	234.152
(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	9.211	2.322
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	41.765	35.618
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	266.762	272.092
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	212.321	158.895
(c) Trade receivables	57.108	90.676
(d) Cash and cash equivalents	33.883	30.562
(e) Short-term loans and advances	93.033	41.304
(f) Other current assets	0.000	0.000
Total Current Assets	396.345	321.437
TOTAL	663.107	593.529

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		99.577
2] Share Application Money		0.000
3] Reserves & Surplus		127.068
4] (Accumulated Losses)		0.000
NETWORTH		226.645
LOAN FUNDS
1] Secured Loans		205.503
2] Unsecured Loans		61.997
TOTAL BORROWING		267.500
DEFERRED TAX LIABILITIES		28.993
TOTAL		523.138
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		273.100
Capital work-in-progress		0.000
INVESTMENT		1.372
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	149.941
	Sundry Debtors	36.293
	Cash & Bank Balances	11.869
	Other Current Assets	83.296
	Loans & Advances	0.000
Total Current Assets		281.399
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	24.388
	Other Current Liabilities	4.072
	Provisions	4.273
Total Current Liabilities		32.733
Net Current Assets		248.666
MISCELLANEOUS EXPENSES		0.000
TOTAL		523.138

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Revenue from operations	857.325	662.054	585.451
		Other Income	1.620	1.084	1.128
		TOTAL (A)	858.945	663.138	586.579
Less	EXPENSES
		Cost of materials consumed	672.906	497.405
		Purchases of stock-in-trade	13.568	0.000
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(1.520)	(2.849)
		Employee benefit expense	12.657	6.908
		Other expenses	35.456	34.235
		TOTAL (B)	733.067	535.699	475.993
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		125.878	127.439	110.586
Less	FINANCIAL EXPENSES (D)		37.791	34.571	27.482
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		88.087	92.868	83.104
Less/ Add	DEPRECIATION/ AMORTISATION (F)		33.747	37.706	42.595
	PROFIT BEFORE TAX (E-F) (G)		54.340	55.162	40.509
Less	TAX (H)		17.743	18.809	17.135
	PROFIT AFTER TAX (G-H) (I)		36.597	36.353	23.374
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	0.853	1.009	NA
	Earnings Per Share (Rs.)		3.68	3.65	2.35

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	4.26	5.48	3.98
Net Profit Margin (PBT/Sales)	(%)	6.34	8.33	6.92
Return on Total Assets (PBT/Total Assets}	(%)	18.14	20.97	7.31
Return on Investment (ROI) (PBT/Networth)		0.18	0.21	0.18
Debt Equity Ratio (Total Debt/Networth)		0.82	0.77	1.18
Current Ratio (Current Asset/Current Liability)		1.61	1.73	8.60

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	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	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

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10373405	07/08/2012	10,000,000.00	ANDHRA BANK	RAIPUR BRANCH, FAFADIH, RAIPUR - 492001, CHHATTISGARH, INDIA	B56754922
2	10237680	08/03/2013 *	20,000,000.00	ANDHRA BANK	FAFADIH, FAFADIH CHOWK, RAIPUR - 492001, CHHATTISGARH, INDIA	B70908413
3	10237408	02/03/2013 *	234,900,000.00	ANDHRA BANK	FAFADIH, FAFADIH CHOWK, RAIPUR - 492001, CHHATTISGARH, INDIA	B71165492
4	10213312	16/04/2010	160,000,000.00	ANDHRA BANK	FAFADIH, FAFADIH CHOWK, RAIPUR - 492001, CHHATTISGARH, INDIA	A83791152
5	10122343	14/01/2013 *	135,000,000.00	ANDHRA BANK	FAFADIH, FAFADIH CHOWK, RAIPUR - 492001, CHHATTISGARH, INDIA	B67497206
6	10096770	27/03/2008	10,000,000.00	ANDHRA BANK	OPPOSITE GANJ THANA, FAFADIH CHOWK, RAIPUR - 492001, CHHATTISGARH, INDIA	A35794296
7	10021839	29/12/2006 *	10,000,000.00	ANDHRA BANK	FAFADIH, FAFADIH CHOWK, RAIPUR - 492001, CHHATTISGARH, INDIA	A05328588
8	80005199	27/05/2006 *	136,800,000.00	ANDHRA BANK	OPPSOSITE TELEPHONE EXCHANGE, FAFADIH CHOWK, RAIPUR - 492001, CHHATTISGARH, INDIA	-
9	90206046	31/01/2004	1,651,900.00	MAGMA LEASING LIMITED	24; PARK STREET, KOLKATA, WEST BENGAL, INDIA	-
10	90210195	31/12/2003	1,711,555.00	MAGMA LEASING LIMITED	24; PARK STREET, KOLKATA, WEST BENGAL, INDIA	-
11	90209433	29/12/2003	12,500,000.00	ANDHRA BANK	RAIPUR, RAIPUR, MADHYA PRADESH, INDIA	-
12	90210193	31/10/2003	1,280,000.00	MAGMA LEASING LIMITED	24; PARK STREET, KOLKATA, WEST BENGAL, INDIA	-
13	90205964	18/10/2012 *	453,500,000.00	ANDHRA BANK	FAFADIH, FAFADIH CHOWK, RAIPUR - 492001, CHHATTISGARH, INDIA	B61506945

* Date of charge modification

UNSECURED LOANS

UNSECURED LOANS	31.03.2012 (Rs. In Millions)	31.03.2011 (Rs. In Millions)
LONG-TERM BORROWINGS
Intercorporate borrowings	57.073	51.083
Total	57.073	51.083

GENERAL INFORMATION

Subject is a manufacturing company of Raipur. Company is engaged in production of Sponge and Power.

FIXED ASSETS:

· Land

· Buildings

· Office building

· Factory building

· Plant and equipment

· Factory equipments

· Other pollution reduction equipment

· Furniture and fixtures

· Vehicles

· Motor vehicles

· Office equipment

· Computer equipments

· 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. 61.93
UK Pound	1	Rs. 100.44
Euro	1	Rs. 84.24

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		42

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	--

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.