MIRA INFORM REPORT

Report Date :

17.10.2013

IDENTIFICATION DETAILS

Name :	FRITZMEIER MOTHERSON CABIN ENGINEERING LIMITED
Registered Office :	2^nd Floor, F-7, Block B-1, Mohan Cooperative Industrial Estate,Mathura Road, New Delhi – 110044
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	23.04.2007
Com. Reg. No.:	55-162125
Capital Investment / Paid-up Capital :	Rs. 500.000 Millions
CIN No.: [Company Identification No.]	U31908DL2007PLC162125
TAN No.: [Tax Deduction & Collection Account No.]	DELF03434E
PAN No.: [Permanent Account No.]	AABCF1187D
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of driver cabin for off highway vehicles and welding fixtures.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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

Maximum Credit Limit :	USD 1770000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. The rating takes into consideration from its promoters viz. Samvardhana Motherson International Limited and Fritzmeier. Trade relations are reported as fair. Business is active. Payment are reported to be slow but correct. The company can be considered normal for business dealings at usual trade terms and condition.

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	ICRA
Rating	Long term rating: “BBB-”
Rating Explanation	Moderate degree of safety and carry moderate credit risk.
Date	March, 2013

Rating Agency Name	ICRA
Rating	Short term rating: “A3”
Rating Explanation	Moderate degree of safety and carry higher credit risk.
Date	March, 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.

LOCATIONS

Registered Office :	2^nd Floor, F-7, Block B-1, Mohan Cooperative Industrial Estate,Mathura Road, New Delhi – 110044, India
Tel. No. :	91-11-40555940
Fax No. :	91-11-40555940
E-Mail :	corporate@fritzmeier.motherson.com
Factory :	Survey No. 522, 523, 762, NH 4, Athivakkam Road, (Next to Sabari Mill), Singadivakkam – Chinnayan, Chatiram Village, Attuputhur Post, Kanchipuram – 631561, Tamilnadu, India
Tel. No.:	91-44-27248251/ 53/ 54/ 56

DIRECTORS

As on 15.05.2013

Name :

Mr. Vivek Chaand Sehgal

Designation :

Director

Address :

22, Gwingana Crescent, Glen Waverly, Victoria Australia 3150

Date of Birth/Age :

28.09.1956

Date of Appointment :

08.05.2008

DIN No. :

00291126

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	U74899DL1983PLC016995	MOTHERSON AUTO LIMITED	Director	22/11/1983	22/11/1983	-	Active	NO
2	L34300DL1986PLC026431	MOTHERSON SUMI SYSTEMS LIMITED	Director	19/12/1986	19/12/1986	-	Active	NO
3	U74999DL1992PLC049607	MOTHERSON TECHNO TOOLS LIMITED	Director	20/07/1992	20/07/1992	-	Active	NO
4	U74899DL1995PLC074884	SMR AUTOMOTIVE SYSTEMS INDIA LIMITED	Director	22/12/1995	22/12/1995	05/12/2006	Active	NO
5	U55101DL1997PLC090104	KYUNGSHIN INDUSTRIAL MOTHERSON LIMITED	Director	09/10/1997	09/10/1997	-	Active	NO
6	U34107DL2000PLC108736	ANEST IWATA MOTHERSON LIMITED	Director	05/12/2000	05/12/2000	-	Active	NO
7	U67120DL1985PLC020695	MOTHERSONSUMI INFOTECH AND DESIGNS LIMITED	Director	30/01/2001	30/01/2001	-	Active	NO
8	U25209DL1998PLC092635	SOUTHCITY MOTORS LIMITED	Director	15/05/2003	15/05/2003	23/12/2006	Active	NO
9	U74899DL1989PTC036396	MOON MEADOWS PRIVATE LIMITED	Director	19/02/2004	19/02/2004	10/05/2007	Active	NO
10	U34300DL1996PTC084072	WEBASTO ROOFSYSTEMS INDIA PRIVATE LIMITED	Director	27/02/2004	27/02/2004	04/04/2011	Active	NO
11	U28910DL2004PLC126353	MOTHERSON AUTO ENGINEERING SERVICE LIMITED	Director	22/07/2004	22/07/2004	-	Active	NO
12	U74140DL2004PTC131119	MOTHERSON CONSULTANCY PRIVATE LIMITED	Director	09/12/2004	09/12/2004	-	Amalgamated	NO
13	U74900DL2004PLC131118	SAMVARDHANA MOTHERSON INTERNATIONAL LIMITED	Director	09/12/2004	09/12/2004	-	Active	NO
14	U34300KA2004PLC060158	YASKAWA ROBOTICS INDIA LIMITED	Alternate director	03/03/2006	03/03/2006	01/02/2011	Amalgamated	NO
15	U64201DL2005PLC142759	BALDA MOTHERSON SOLUTION INDIA LIMITED	Director	26/06/2006	26/06/2006	-	Amalgamated	NO
16	U29298DL2006PLC155317	ANEST IWATA MOTHERSON COATING EQUIPMENT LTD.	Director	08/11/2006	08/11/2006	25/12/2006	Active	NO
17	U31908DL2007PLC162125	FRITZMEIER MOTHERSON CABIN ENGINEERING LIMITED	Director	08/05/2008	23/04/2007	-	Active	NO
18	U34102DL2007PLC168779	CALSONIC KANSEI MOTHERSON AUTO PRODUCTS LIMITED	Director	29/08/2008	02/10/2007	-	Active	NO
19	U31500DL2008PLC174123	MAGNETI MARELLI MOTHERSON AUTO SYSTEM LIMITED	Director	14/08/2009	16/04/2008	-	Active	NO

Name :

Mr. Ajay Bahl

Designation :

Director

Address :

844, Ca Apartments, Paschim Vihar, New Delhi – 110063, India

Date of Birth/Age :

02.08.1963

Date of Appointment :

08.05.2008

DIN No. :

00946201

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	U31908DL2007PLC162125	FRITZMEIER MOTHERSON CABIN ENGINEERING LIMITED	Director	08/05/2008	23/04/2007	-	Active	NO
2	U29199DL2006PLC156494	MATSUI TECHNOLOGIES INDIA LIMITED	Director	22/06/2009	25/09/2008	-	Active	NO

Name :

Georg Fritzmeierz

Designation :

Director

Address :

Kleinhelfendorf, 4E, Aying, Germany 85653

Date of Birth/Age :

12.12.1967

Date of Appointment :

08.05.2008

DIN No. :

01099055

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	U31908DL2007PLC162125	FRITZMEIER MOTHERSON CABIN ENGINEERING LIMITED	Director	08/05/2008	23/04/2007	-	Active	NO

Name :

Uwe Christian Rastel

Designation :

Director

Address :

Am Saum, 19, D-83620, Feldkirchen Westerham, Germany 83620

Date of Birth/Age :

23.06.1962

Date of Appointment :

18.05.2010

DIN No. :

03083209

KEY EXECUTIVES

Name :	Chitta Ranjan Biswal
Designation :	Secretary
Address :	99, DDA (J) Flats, Badarpur, New Delhi – 110044, India
Date of Birth/Age :	24.07.1975
Date of Appointment :	04.02.2012
PAN No.:	AEJPB0125L
Name :	M Paramasivan
Designation :	Manager
Address :	No.25, Netaji Street, D.K. Naidu Nagar, Sriperumbudur, Chennai – 602105, Tamilnadu, India
Date of Birth/Age :	25.03.1962
Date of Appointment :	01.04.2013
PAN No.:	AKAPP1808K

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 15.05.2013

Names of Shareholders	No. of Shares
F Holding GmbH, Austria	25000000
Samvardhana Motherson International Limited, India	399500
Samvardhana Motherson Finance Services Cyprus Limited, Cyprus	24600000
Ashok Tandon	100
Manoj Maheshwari	100
Parthasarathy Srinivasan	50
Ajay Bahl	50
Rajesh Srivastava	100
Chandra Shekhar Panda	100
Total	50000000

As on 15.05.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	99.20
Bodies corporate	0.80
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of driver cabin for off highway vehicles and welding fixtures.

Products :

Item Code No. (ITC Code)	Product Description
87071000	Manufacturer of driver cabin for off highway vehicles and welding fixtures.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· State Bank of India, MID Corporate Group, Industrial Finance Branch, No.155, Anna Salai, Chennai - 600002, Tamilnadu, India

Development Credit Bank Limited, No.61 Nungambakkam High Road, Nunagambakkam, Chennai - 600034, Tamilnadu, India

Facilities :

SECURED LOANS	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
LONG TERM BORROWINGS
Rupee term loans from banks (Exclusive first charge on the assets created out of their term loan excluding fixed assets specifically charged to DCB. Exclusive first charge on all assets created out of the loan.)	40.848	64.928
SHORT TERM BORROWINGS
Other loans and advances, others (Pari Passu first charge with DCB on the entire stocks of raw materials, smei finished and finished good, consumables, packing materials, spares stores and other current assets along with the assets secured for term loans.)	72.760	122.865
Total	113.608	187.793

Banking Relations :	--
Auditors :
Name :	R.K.J.K. Khanna and Company Chartered Accountants
Address :	D-41, New Delhi South Extension, Part-II, New Delhi – 110049, India
Income-tax PAN of auditor or auditor's firm :	AAAFR9497E
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	· Motherson Sumi Infotech and Designs Limited Motherson Auto Limited Motherson Sumi Systems Limited Kyungshin Industrial Motherson limited

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
50000000	Equity Shares	Rs.10/- each	Rs. 500.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
50000000	Equity Shares	Rs.10/- each	Rs. 500.000 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	500.000	500.000	500.000
(b) Reserves & Surplus	(56.832)	(76.665)	(87.150)
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	443.168	423.335	412.850
(3) Non-Current Liabilities
(a) long-term borrowings	40.848	64.928	114.993
(b) Deferred tax liabilities (Net)	9.348	12.682	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.720	0.412	0.311
Total Non-current Liabilities (3)	50.916	78.022	115.304
(4) Current Liabilities
(a) Short term borrowings	72.760	122.865	62.930
(b) Trade payables	35.223	76.010	43.391
(c) Other current liabilities	64.773	52.146	49.502
(d) Short-term provisions	0.146	0.125	0.097
Total Current Liabilities (4)	172.902	251.146	155.920
TOTAL	666.986	752.503	684.074
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	413.226	457.700	485.107
(ii) Intangible Assets	0.508	1.044	0.828
(iii) Capital work-in-progress	5.947	0.254	6.472
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	24.859	1.854	0.987
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	444.540	460.852	493.394
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	118.407	174.161	109.519
(c) Trade receivables	76.941	91.137	44.400
(d) Cash and cash equivalents	5.638	2.100	0.839
(e) Short-term loans and advances	21.277	24.156	35.146
(f) Other current assets	0.183	0.097	0.776
Total Current Assets	222.446	291.651	190.680
TOTAL	666.986	752.503	684.074

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	556.183	473.986	270.946
		Other Income	0.532	1.219	1.025
		TOTAL (A)	556.715	475.205	271.971
Less	EXPENSES
		Cost of materials consumed	285.430	232.115
		Employee benefit expense	90.592	68.866
		Other expenses	80.920	78.971
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	0.599	(12.251)
		TOTAL (B)	457.541	367.701	197.418
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		99.174	107.504	74.553
Less	FINANCIAL EXPENSES (D)		28.631	30.086	26.806
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		70.543	77.418	47.747
Less/ Add	DEPRECIATION/ AMORTISATION (F)		54.044	54.250	49.417
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		16.499	23.168	(1.670)
Less	TAX (H)		(3.334)	12.683	0.000
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		19.833	10.485	(1.670)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(76.665)	(87.150)	(85.480)
	BALANCE CARRIED TO THE B/S		(56.832)	(76.665)	(87.150)
	EARNINGS IN FOREIGN CURRENCY		0.162	2.207	0.937
	IMPORTS
		Raw Material & Components	94.093	111.760	66.759
		Capital goods	0.000	0.000	2.235
	TOTAL IMPORTS		94.093	111.76	68.994
	Earnings / (Loss) Per Share (Rs.)		0.40	0.21	(0.03)

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	3.56	2.21	(0.61)
Net Profit Margin (PBT/Sales)	(%)	2.97	4.89	(0.62)
Return on Total Assets (PBT/Total Assets}	(%)	2.50	3.08	(0.25)
Return on Investment (ROI) (PBT/Networth)		0.04	0.05	0.00
Debt Equity Ratio (Total Debt/Networth)		0.26	0.44	0.43
Current Ratio (Current Asset/Current Liability)		1.29	1.16	1.22

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	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	-----
22]	Litigations that the firm / promoter involved in	-----
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

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10288262	17/07/2012 *	235,250,000.00	DEVELOPMENT CREDIT BANK LIMITED	NO.61 NUNGAMBAKKAM HIGH ROAD, NUNAGAMBAKKAM, CHENNAI – 600034 , TAMILNADU, INDIA	B45426442
2	10157858	16/09/2010 *	311,500,000.00	STATE BANK OF INDIA	MID CORPORATE GROUP, INDUSTRIAL FINANCE BRANCH, NO.155, ANNA SALAI, CHENNAI - 600002, TAMILNADU, INDIA	A95948212

* Date of charge modification

NOTE

The registered office of the company has been shifted from 43, Community Centre, Bhageria House, New Friends Colony New Delhi – 110025, India to the present address w.e.f. 14.01.2009

OPERATIONAL PERFORMANCE

The total income of the company is Rs. 556.715 Millions during the year 2012-2013 as compared to Rs. 475.205 Millions in the previous year. The company earned a profit of Rs. 19.833 Millions as compared to profit of Rs. 10.486 Millions in the previous year.

FIXED ASSETS

v Tangible assets

Land

Buildings

Other Building

Plant and Equipment

Factory Equipments

Other plant and Equipment

Furniture and Fixtures

Vehicles

Office Equipment

Computer

Equipments

Other Equipments

v Intangible Assets

Computer Software

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.61.69
UK Pound	1	Rs.98.59
Euro	1	Rs.83.67

INFORMATION DETAILS

Report Prepared by :

MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		47

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.