MIRA INFORM REPORT

Report Date :

11.10.2013

IDENTIFICATION DETAILS

Name :	SILICON JEWEL INDUSTRIES PRIVATE LIMITED
Registered Office :	Near Beail Unit, Survy No. 57 and 59, Near G.I.D.C., Industrial Estate, Village, Jitalee, Ankleshwar – 393001, Gujarat
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	01.05.2008
Com. Reg. No.:	04-053748
Capital Investment / Paid-up Capital :	Rs.11.340 Millions
CIN No.: [Company Identification No.]	U20232GJ2008PTC053748
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Wide Range of Pre-Laminated Particle Board.
No. of Employees :	Not Available

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 551000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. Company has incurred loss from its operation during financial year 2012. Trade relation reported to be fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered for business dealing with some caution.

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.

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

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

LOCATIONS

Registered Office / Factory :	Near Beail Unit, Survy No. 57 and 59, Near G.I.D.C., Industrial Estate, Village, Jitalee, Ankleshwar – 393001, Gujarat, India
Tel. No.:	91-2646-230371 / 251110
Fax No.:	Not Available
E-Mail :	info@silicon-group.com coordinator@silicon-group.com siliconjewel@yahoo.com
Website :	www.groupssilicon.com
Admin Office :	Shri Laxmi Saw Mill Compound, Near Odhav Approch Bus Stand, Odhav, Ahmadabad – 382415, Gujarat, India
Tel. No.:	91-79-22894572 / 22870129

DIRECTORS

As on: 29.09.2012

Name :

Arvindkumar Vishrambhai Patel

Designation :

Director

Address :

Paras society, Near GEB, Talod - 383215, Gujarat, India

Date of Birth/Age :

23.09.1965

Date of Appointment :

01.05.2008

DIN No. :

00314312

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	U25209GJ2004PLC044396	STERLING LAM LIMITED	Director	01/07/2004	01/07/2004	-	Active	NO
2	U20232GJ2008PTC053748	SILICON JEWEL INDUSTRIES PRIVATE LIMITED	Director	01/05/2008	01/05/2008	-	Active	NO

Name :

Rameshbhai Maganbhai Patel

Designation :

Director

Address :

1, Chitrakut, Jay Jalaram Saw Mill Compound, Near O.N.G.C. Ankleshwar - 393001, Gujarat, India

Date of Birth/Age :

19.10.1963

Date of Appointment :

01.05.2008

DIN No. :

00468263

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	U21099GJ1997PTC033158	JALARAM CRAFT ENTERPRISES PRIVATE LIMITED	Director	10/10/1997	10/10/1997	-	Active	NO
2	U20232GJ2008PTC053748	SILICON JEWEL INDUSTRIES PRIVATE LIMITED	Director	01/05/2008	01/05/2008	10/12/2012	Active	NO

Name :

Vikaskumar Pravinbhai Dholu

Designation :

Director

Address :

At Talod, District Sk, Himmatnagar - 383215, Gujarat, India

Date of Birth/Age :

03.07.1986

Date of Appointment :

01.05.2008

DIN No. :

02033457

Name :

Prakashkumar Mansukhbhai Patel

Designation :

Director

Address :

9 Parag Soc Opposite Mangalam Cinema, Odhav, Ahmadabad, 382415, Gujarat, India

Date of Birth/Age :

22.10.1978

Date of Appointment :

01.05.2008

DIN No. :

02033548

Name :

Mansukhbhai Vashrambhai Patel

Designation :

Director

Address :

9 Parag Soc Opposite Mangalam Cinema, Odhav, Ahmadabad, 382415, Gujarat, India

Date of Birth/Age :

27.10.1953

Date of Appointment :

01.05.2008

DIN No. :

02033662

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	U20232GJ2008PTC053748	SILICON JEWEL INDUSTRIES PRIVATE LIMITED	Director	01/05/2008	01/05/2008	-	Active	NO
2	U51109WB2007PTC117284	INDRALOKE COMMERCIAL PRIVATE LIMITED	Director	23/02/2012	23/02/2012	-	Active	NO

Name :

Vishnubhai Ambalal Patel

Designation :

Director

Address :

Jalaram Street Opposite ONGC Colony Rajpipla Road Ankleshwar Bharuch – 393001, Gujarat, India

Date of Birth/Age :

28.03.1968

Date of Appointment :

24.05.2010

DIN No. :

03030752

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 29.09.2013

Name of Shareholders	No. of Shares
Dholu Vikas Pravinbhai	20000
Jalaram Craft Enter Private Limited	117000
Patel Arvindbhai Vasrambhai	30000
Patel Arvindbhai Vishrambhai	25000
Patel Bhavnaben P	10000
Patel Chetan R.	73000
Patel Darshitaben D	10000
Patel Darshnaben P.	25000
Patel Daxaben A.	10000
Patel Devikaben V.	12500
Patel Dharmeshbhai M.	46000
Patel Harshadbhai V.	10000
Patel Jagdishbhai R.	10000
Patel Jayaben M	66000
Patel Kalpanaben Jagdishbhai	10000
Patel Kalpanaben Vishnubhai	29000
Patel Laxmanbhai D.	10000
Patel Manshukhbhai Vasrambhai	74000
Patel Paminbhai L	20000
Patel Parshottmbhai D	20000
Patel Prakashbhai M.	35000
Patel Pravinbhai V.	22500
Patel Premilaben M	10000
Patel Radhaben R.	20000
Patel Rameshbhai M.	42000
Patel Snehal R.	10000
Patel Urmilaben P.	20000
Patel Vishnubhai Ambalal	56000
Sterling Lam Limited	91000
M/S. Silicon Global Marketing Private Limited	200000
Total	1134000

As on: 29.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	35.98
Directors or relatives of Directors	64.02
Total	100

BUSINESS DETAILS

Line of Business :

Manufacturer of Wide Range of Pre-Laminated Particle Board.

PRODUCTION STATUS AS ON (31.03.2012)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
	M. Tonnes	NA	60000 CBM per Annum.	28999.554 CBM

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Union Bank of India, SSi Ahmadabad Branch, 7-8, Bileshwar Estate, Opposite G.V.M.M. Odhav – Kathawada Road, Ahmadabad – 382415, Gujarat, India

Facilities :

Secured Loan	31.03.2012 [Rs. in Millions]	31.03.2011 [Rs. in Millions]
Long Term Borrowing
ICICI Bank Car Loan	0.219	0.488
Union Bank of India T/L I	87.798	123.965
Union Bank of India T/L II	35.566	22.913
HDFC Bank Limited Car Loan	0.868	0.000
Short Term Borrowing
Union Bank of India (Cash Credit)	120.112	90.472
Union Bank of India	25.048	30.204
Total	269.611	268.042

NOTE:

Long Term Borrowing:

The Company has obtained following Term Loan from Union Bank of India, Odhav, Ahmedabad.

1. Term Loan - I Rs. 1.575 millions

2. Term Loan - ll Rs. 0.875 millions (Buyer Credit)

3. import LC Rs. 10.000 millions

4. import LC (for Capital Goods) Rs. 69.100 millions (sub limit of Term Loan - ll)

• The above Term Loan I and ll is secured against the Hypothecation of Plant and Machinery, Equipments and Other Assets (Existing and Proposed).Cash Margin is secured against the Fixed Deposit with UBl, Ahmadabad. ,

• imports LC is secured against the Hypothecation of stock produced under LC and receivable arising out of same.

• Imports LC(for Capital Goods ) is secured against the Hypothecation of Machinery to be imported against LC.

• Term Loan - I is repayable in 4 Quarterly Installment of Rs. 80.494 millions each Term Loan - ll is repayable in 4 Quarterly Installment of Rs. 3.365 millions each.

• There is no default either as to interest or as to repayment as on the date of Balance-. Sheet.

Short Term Borrowing:

• The Company has obtained Cash Credit Facility of Peak Level 110.000 millions and Non Peak Level 90.000 millions

• The Margin for C.C. is against 25o/o on Stock and 35% on Book Debts of the company.

• The C.C Facility is secured against the Hypothecation of Stock and Book Debts (not older than 90 days).

• Working Capital limit is further personally guaranteed by the Directors of the Company.

• The Company has obtained Vehicle Loans from :

- HDFC Bank Ltd of Rs. 1.300 millions for the purchase of new Car (Carolla).

- lClCI Bank Ltd. of Rs. 0.800 millions for the purchase of new car (Vento)

• Loan from HDFC Bank Limited is repayable in 36 equal monthly installments of Rs.0.417 each. Repayment was start from 20.03.2012.

• Loan from lClCl Bank Limited is repayable in 36 equal monthly installments of Rs. 255.201 each.

• There was no default either in installment or interest as on the date of Balance Sheet.

Banking Relations :	--
Auditors :
Name :	P.M. Shah and Company Chartered Accountants
Address :	34, Tapi Villa, Vijay Nagar Society, B/H. Nirman Bhavan, Majura Gate, Surat – 395002, Gujarat, India
Tel. No.:	91-261-2464944 / 2462223
Fax No.:	91-261-2464944
E-Mail :	pmshahco@gmail.com
PAN No. :	AAFFT4233R

CAPITAL STRUCTURE

As on: 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
1250000	Equity Shares	Rs.10/- each	Rs. 12.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1134000	Equity Shares	Rs.10/- each	Rs.11.340 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	11.340	9.340
(b) Reserves & Surplus	126.592	104.051
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	13.700
Total Shareholders’ Funds (1) + (2)	137.932	127.091
(3) Non-Current Liabilities
(a) long-term borrowings	124.451	147.366
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	124.451	147.366
(4) Current Liabilities
(a) Short term borrowings	196.485	123.250
(b) Trade payables	96.893	50.744
(c) Other current liabilities	52.726	45.905
(d) Short-term provisions	5.508	3.189
Total Current Liabilities (4)	351.612	223.088
TOTAL	613.995	497.545
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	325.154	277.507
(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	0.000	0.000
(c) Deferred tax assets (net)	3.110	10.674
(d) Long-term Loan and Advances	3.306	3.306
(e) Other Non-current assets	2.416	3.949
Total Non-Current Assets	333.986	295.436
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	164.221	94.192
(c) Trade receivables	57.908	43.871
(d) Cash and cash equivalents	1.248	0.390
(e) Short-term loans and advances	53.603	48.522
(f) Other current assets	3.029	15.134
Total Current Assets	280.009	202.109
TOTAL	613.995	497.545

SOURCES OF FUNDS			31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital			9.340
2] Share Application Money			0.000
3] Reserves & Surplus			109.910
4] (Accumulated Losses)			(25.777)
NETWORTH			93.473
LOAN FUNDS
1] Secured Loans			215.692
2] Unsecured Loans			2.361
TOTAL BORROWING			218.053
DEFERRED TAX LIABILITIES			0.000
TOTAL			311.526
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]			206.896
Capital work-in-progress			0.000
INVESTMENT			0.000
DEFERREX TAX ASSETS			0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories		63.521
	Sundry Debtors		24.547
	Cash & Bank Balances		2.734
	Other Current Assets		0.000
	Loans & Advances		37.416
Total Current Assets			128.218
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors
	Other Current Liabilities		27.378
	Provisions		2.554
Total Current Liabilities			29.932
Net Current Assets			98.286
MISCELLANEOUS EXPENSES			6.344
TOTAL			311.526

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income
		Other Income
		TOTAL	431.266	297.845	139.900
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	423.227	288.601	120.877
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION				19.023
			(Including Financial And Depreciation)	(Including Financial And Depreciation)s
Less	FINANCIAL EXPENSES				16.500
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION				2.523
Less/ Add	DEPRECIATION/ AMORTISATION				28.300
	PROFIT/(LOSS) BEFORE TAX		1.562	9.244	(25.777)
Less	TAX		1.321	(10.674)	0.000
	PROFIT/(LOSS) AFTER TAX		0.241	19.918	(25.777)
	EARNINGS IN FOREIGN CURRENCY		Nil	Nil	Nil
	IMPORTS
		Machinery from China	28.318	51.351	17.459
		Machinery from Germany	0.000	0.000	17.459
	TOTAL IMPORTS		28.318	51.351	34.918
	Earnings/ (Loss) Per Share (Rs.)		0.21	17.56	(22.73)

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	0.05	6.69	(18.42)
Return on Total Assets (PBT/Total Assets}	(%)	0.25	1.90	(7.69)
Return on Investment (ROI) (PBT/Networth)		0.01	0.07	(0.27)
Debt Equity Ratio (Total Debt /Networth)		2.33	2.13	2.33
Current Ratio (Current Asset/Current Liability)		0.80	0.90	4.28

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--------------------
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	no
20]	Export / Import details (if applicable)	No
21]	Market information	----------------------
22]	Litigations that the firm / promoter involved in	----------------------
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	----------------------
26]	Buyer visit details	----------------------
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

NOTE:

The registered address of the company has been shifted from Plot No. 83/1, G.I.D.C. Ankleshwar – 393002, Gujarat, India to the present address w.e.f. 25.03.2009

UNSECURED LOAN:

Particulars	31.03.2012 [Rs. in Millions]	31.03.2011 [Rs. in Millions]
Short Term Borrowing
Jalaram Craft Enterprise Private Limited	5.572	2.574
Jalaram Wood Processors	2.023	0.000
Silicon Globle Marketing Private Limited	24.230	0.000
Indralock commercial Private Limited	17.200	0.000
Lagan Mercantile Private Limited	2.300	0.000
Total	51.325	2.574

INDEX CHARGES:

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10132752	31/07/2012 *	354,400,000.00	UNION BANK OF INDIA	S.S.I. BRANCH, 7/1 BILLESHWAR IND. ESTATE. OPP. GVMM, ODHAV - KATHWADA ROAD, AHMEDABAD, Gujarat - 382415, INDIA	B57279648
2	10129310	16/03/2013 *	384,400,000.00	UNION BANK OF INDIA	SSI AHMEDABAD BRANCH, 7-8, BILESHWAR ESTATE, OPP. G.V.M.M, ODHAV-KATHAWADA ROAD, AHMEDABAD, Gujarat - 382415, INDIA	B72767346

* Date of charge modification

REVIEW OF OPERATIONS:

The Company has achieved turnover of Rs. 431.266 which is increased by Rs.133.420 compared to the previous year. Even in uncertain world economy, company has maintained its turnover and profit for the year. The Company with team of Company is taking all necessary steps to increase the turnover and net profit looking to growth track of Indian Economy market.

FIXED ASSETS:

œ Land Improvement

œ Factory Building

œ Plant and Machinery

œ Office Equipment

œ Computer Equipment

œ Furniture and Fixture

œ Vehicles

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.62.14
UK Pound	1	Rs.99.02
Euro	1	Rs.83.87

INFORMATION DETAILS

Report Prepared by :

ANK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	2
--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	NO
--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
DEFAULTER
--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	--

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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.