MIRA INFORM REPORT

Report Date :

18.10.2013

IDENTIFICATION DETAILS

Name :	GUJARAT METAL CAST INDUSTRIES LIMITED
Formerly Known As :	PATSAN HYGIENE INDUSTRIES PRIVATE LIMITED
Registered Office :	Near Haripura Bus Stand, Jarod-Samlaya Road, Village Garadhiya, Savli Vadodara – 391520, Gujarat
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	11.03.1986
Com. Reg. No.:	04-008536
Capital Investment / Paid-up Capital :	Rs. 69.481 Millions
CIN No.: [Company Identification No.]	L27100GJ1986PLC008536
TAN No.: [Tax Deduction & Collection Account No.]	BRDG00273A
PAN No.: [Permanent Account No.]	AAACG83433G
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of foam foundry producing aluminum, malleable, ductile and cast iron casting
No. of Employees :	Information not declined by management

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 430000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Exist
Comments :	Subject is an established company having satisfactory track record. Company has successfully wiped out its accumulated losses. Performance of the company appears to be improving. Rating also takes into consideration promoters experience in casting industry and established customer base. 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 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.

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: “BBB –“
Rating Explanation	Moderate credit quality and average credit risk.
Date	09.05.2013

Rating Agency Name	CRISIL
Rating	Short term rating: “A3“
Rating Explanation	Moderate degree of safety and higher credit risk.
Date	09.05.2013

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 DECLINED

Management non co-operative

Tel. No.: 91-2667-662200/ 662221

LOCATIONS

Registered Office :	Near Haripura Bus Stand, Jarod-Samlaya Road, Village Garadhiya, Savli Vadodara – 391520, Gujarat, India
Tel. No.:	91-2667-662200/ 662221
Fax No.:	91-2667-215603
E-Mail :	p.kamodia@gmcil.com casting@gmail.com
Website :	www.gmcil.com

DIRECTORS

As on: 27.07.2013

Name :	Mr. Anil Ramanbhai Patel
Designation :	Director
Address :	Plot No. 8, R.S. No. 79, Near Narmada Canal, Sevasi, Vadodara – 391011, Gujarat, India
Date of Birth/Age :	23.12.1951
Date of Appointment :	13.04.2007
DIN No.:	00228658
Name :	Mr. Chandrakant Revandas patel
Designation :	Managing Director
Address :	Ganga Sadan, 15, Abhishek Colony, Patel Race Course Circle, Vadodara - 390 007, Gujarat, India
Date of Birth/Age :	28.07.1946
Date of Appointment :	11.03.1986
PAN No.:	AERPP2865F
DIN No.:	00315068
Name :	Mr. Manubhai Kashiram Contractor
Designation :	Director
Address :	67, Vishwas Colony, Alkapuri, Vadodara – 390007, Gujarat, India
Date of Birth/Age :	02.01.1939
Date of Appointment :	25.12.2003
DIN No.:	00356735
Name :	Mr. Tapan Chandrakant Patel
Designation :	Director
Address :	15, Abhishek Colony, Race Course Circle, Vadodara – 390007, Gujarat, India
Date of Birth/Age :	18.03.1976
Date of Appointment :	29.07.2006
PAN No.:	AERPP2869K
DIN No.:	00753067
Name :	Mr. Shirish Chandubah Amin
Designation :	Director
Address :	F3/1, Atul Colony, Valsad – 396020, Gujarat, India
Date of Birth/Age :	28.05.1940
Date of Appointment :	29.07.2006
DIN No.:	00871017
Name :	Mr. Shirishkumar Natwarlal Bakshi
Designation :	Director
Address :	43, Suvarnapuri, Jetalpur Road, Vadodara – 390007, Gujarat, India
Date of Birth/Age :	07.07.1939
Date of Appointment :	13.01.2007
DIN No.:	01085971
Name :	Mr. Prabir Chandrakant Patel
Designation :	Director
Address :	Ganga Sadan, 15, Abhishek Colony, Race Course Circle, Vadodara – 390007, Gujarat, India
Date of Birth/Age :	09.02.1974
Date of Appointment :	01.04.2007
PAN No.:	AERPP2868J
DIN No.:	01506895

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

Shareholders Details File Attached

Equity Share Break up (Percentage of Total Equity)

As on: 27.07.2013

Category	Percentage
Bodies corporate	5.84
Directors or relatives of directors	71.38
Other top fifty shareholders	22.78
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of foam foundry producing aluminum, malleable, ductile and cast iron casting

GENERAL INFORMATION

Customers:

· Hero

· Honda

· Suzuki India

· Mahindra 2 Wheelers

· Mahindra India

· ABB

· JBT Corporation

· Webtec Corporation

No. of Employees :

Information not declined by management

Bankers :

· State Bank of India, Mid Corporate Group Industrial Finance Branch, Marble Arch, Race Course Circle, Vadodara - 390007, Gujarat, India

· State Bank of Indore, Race Course Circle, Baroda - 390005, Gujarat, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2013	As on 31.03.2012
Long term borrowings
Rupee term loans from banks	11.965	25.023
Term loans from others	0.630	1.425
	0.000	0.000
Short term borrowings	0.000	0.000
Loans repayable on demand from banks	60.188	60.775
Total	72.783	87.223

Banking Relations :	--
Auditors :
Name :	J.R.S. Patel and Company Chartered Accountants
Address :	106, Anurag Commercial Centre, R.C. Dutt Road, Vadodara – 390007, Gujarat, India
PAN No.:	AABFJ9954F

CAPITAL STRUCTURE

As on: 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
11000000	Equity Shares	Rs.10/- each	Rs. 110.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
6948060	Equity Shares	Rs.10/- each	Rs. 69.481 Millions

As on: 27.07.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
11000000	Equity Shares	Rs.10/- each	Rs. 110.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
6948060	Equity Shares	Rs.10/- each	Rs. 69.481 Millions
52700	Calls Unpaid	Rs.10/- each	Rs. 0.527 Million
	Total		Rs. 70.008 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	69.481	69.481	69.481
(b) Reserves & Surplus	39.616	16.111	3.342
(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)	109.097	85.592	72.823
(3) Non-Current Liabilities
(a) long-term borrowings	50.764	58.991	57.901
(b) Deferred tax liabilities (Net)	1.463	3.407	6.720
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	1.132	0.944	0.853
Total Non-current Liabilities (3)	53.359	63.342	65.474
(4) Current Liabilities
(a) Short term borrowings	60.188	60.775	74.006
(b) Trade payables	35.248	35.534	36.080
(c) Other current liabilities	26.841	25.312	15.292
(d) Short-term provisions	11.872	4.908	4.502
Total Current Liabilities (4)	134.149	126.529	129.880
TOTAL	296.605	275.463	268.177
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	69.705	74.377	77.392
(ii) Intangible Assets	0.909	0.563	0.000
(iii) Capital work-in-progress	68.764	64.969	55.729
(iv) Intangible assets under development	1.353	1.353	0.000
(b) Non-current Investments	0.004	0.043	0.072
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	4.641	4.756	8.554
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	145.376	146.061	141.747
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	50.702	49.610	38.052
(c) Trade receivables	65.783	66.859	68.506
(d) Cash and cash equivalents	14.178	3.111	4.353
(e) Short-term loans and advances	12.789	3.026	14.152
(f) Other current assets	7.777	6.796	1.367
Total Current Assets	151.229	129.402	126.430
TOTAL	296.605	275.463	268.177

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	452.073	392.555	352.904
		Other Income	2.365	4.355	2.406
		TOTAL (A)	454.438	396.910	355.310
Less	EXPENSES
		Cost of materials consumed	179.823	158.312	151.024
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	5.495	(8.541)	(2.583)
		Employee benefit expense	34.807	40.743	28.444
		Other expenses	162.569	151.839	129.185
		TOTAL (B)	382.694	342.353	306.070
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		71.744	54.557	49.240
Less	FINANCIAL EXPENSES (D)		16.240	14.140	9.140
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		55.504	40.417	40.100
Less/ Add	DEPRECIATION/ AMORTISATION (F)		22.890	20.850	19.271
	PROFIT BEFORE TAX (E-F) (G)		32.614	19.567	20.829
Less	TAX (H)		5.056	6.798	7.641
	PROFIT AFTER TAX (G-H) (I)		27.558	12.769	13.188
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(15.477)	(28.246)	(41.434)
		Proposed dividend Inclu. Div. Tax	4.053	0.000	0.000
	BALANCE CARRIED TO THE B/S		8.028	(15.477)	(28.246)
	EARNINGS IN FOREIGN CURRENCY		15.280	18.565	NA
	Earnings Per Share (Rs.)		3.97	1.84	1.90

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	6.07	3.21	3.71
Net Profit Margin (PBT/Sales)	(%)	7.21	4.99	5.90
Return on Total Assets (PBT/Total Assets}	(%)	14.41	9.36	9.81
Return on Investment (ROI) (PBT/Networth)		0.30	0.22	0.29
Debt Equity Ratio (Total Debt/Networth)		1.01	1.40	1.81
Current Ratio (Current Asset/Current Liability)		1.12	1.02	0.97

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	Yes
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	Yes
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

CURRENT MATURITIES OF LONG-TERM DEBT DETAILS:

Particulars	As on 31.03.2013	As on 31.03.2012	As on 31.03.2011
Current maturities of long-term debt	19.839	20.318	11.636
Total	19.839	20.318	11.636

UNSECURED LOAN

(Rs. In Millions)

Particulars	As on 31.03.2013	As on 31.03.2012
Long term borrowings
Rupee term loans from banks	12.818	14.991
Loans and advances from related parties	25.351	17.552
Total	38.169	32.543

LISTING DETAILS

Status : PENDING

( Converted from : ST/1912/2007 )

CCIN No : 001092200800942

Last Listing Date:	06/07/2011
Coram	HONOURABLE MR.JUSTICE AKIL KURESHI HONOURABLE MS JUSTICE SONIA GOKANI

S.NO.	Name of the Petitioner	Advocate On Record
1	THE COMMISSIONER OF INCOME TAX- I,	MRS MAUNA M BHATT for: Appellant(s) 1

S.NO.	Name of the Respondant	Advocate On Record
1	GUJARAT METAL CAST INDUSTRIES LTD.	MR SN DIVATIA for :Opponent(s)

Presented On	: 03/07/2007	Registered On	: 03/07/2007
Bench Category	: DIVISION BENCH	District	: VADODARA
Case Originated From	: THROUGH ADVOCATE	Listed	: 4 times
Stage Name	: TAX APPEALS - GROUP A MATTERS
Act	INCOME-TAX ACT, 1961

OFFICE DETAILS

S. No.	Filing Date	Document Name	Advocate Name	Court Fee on Document	Document Details
1	15/08/2008	VAKALATNAMA	MR SN DIVATIA ADVOCATE for RESPONDENT(s) 1	-	MR SN DIVATIA:1
2	15/08/2008	VAKALATNAMA	MRS MAUNA M BHATT ADVOCATE for PETITIONER(s) 1	-	MRS MAUNA M BHATT:1
3	01/12/2008	APPEARANCE NOTE	MRS MAUNA M BHATT ADVOCATE for PETITIONER(s) 1	-	MRS MAUNA M BHATT:1
4	11/05/2009	VAKALATNAMA	MR SN DIVATIA ADVOCATE for RESPONDENT(s) 1	5	MR SN DIVATIA:1

COURT PROCEEDING

S. No.	Notified Date	Court Code	Board Sr. No.	Stage	Action	Coram
1	02/05/2008	10	-	FOR OFFICE OBJECTION	NEXT DATE	REGISTRAR (JUDICIAL)
2	09/02/2009	10	-	WARNED LIST - TAX APPEAL	NEXT DATE	HONOURABLE THE CHIEF JUSTICE MR. K.S.RADHAKRISHNAN HONOURABLE MR.JUSTICE AKIL KURESHI
3	06/07/2011	10	-	TAX APPEALS - GROUP A MATTERS	FIXED RULE / ADMIT	HONOURABLE MR.JUSTICE AKIL KURESHI HONOURABLE MS JUSTICE SONIA GOKANI

AVAILABLE ORDERS

S. No.	Case Details	Judge Name	Order Date	CAV	Judgment/Order	Download
1	TAX APPEAL/942/2008	HONOURABLE THE CHIEF JUSTICE MR. K.S.RADHAKRISHNAN HONOURABLE MR.JUSTICE AKIL KURESHI	01/04/2009	N	ORDER	Download
2	TAX APPEAL/942/2008	HONOURABLE THE CHIEF JUSTICE MR. K.S.RADHAKRISHNAN HONOURABLE MR.JUSTICE AKIL KURESHI	20/04/2009	N	ORDER	Download

CERTIFIED COPY

S. No.	ApplicantName	ApplicationType	Application Date	UOL Number	Order Date	Notify Date	Delivery Date	Status	Nature Of Document
1	MRS MAUNA M BHATT	ORDINARY	02/04/2009	O/10029/2009	01/04/2009	06/04/2009	08/04/2009	Delivered	-
2	MRS MAUNA M BHATT	ORDINARY	07/07/2011	O/24013/2011	06/07/2011	16/05/2012	-	Notified	-

Note:

The Registered Office of the company has been shifted from 702 Regent Towers Opposite Ayakarbhavan Race Course Circle, Vadodara – 390007, Gujarat, India to the present address w.e.f 25.09.2006.

FINANCIAL AND OPERATIONAL PERFORMANCE

During the year, the sales turnover and other income of the company increased from Rs. 396.910 millions in the previous year to Rs.453.509 millions, i.e. an increased by 14% over the previous year. The company's exports increased from Rs.94.924 millions in the previous year to Rs.137.519 millions during the year i.e an increase by 44.87% over the previous year.

The company's profit before tax for the year increased from Rs.19.567 millions in the previous to Rs.32.613 millions i.e an increase of 66.67% over the previous year. The company's exports are now increasing because of the increase in overseas demand and different overseas market is tapped.

The company has aggressively moved in the domestic market and hopes to achieve good domestic business during the current fiscal. Due to the wide spread awareness of Lost Foam technology in North America and Europe the supply of complex and critical castings from the company is higher as compared to simpler castings to these markets. Moreover the company is taking necessary steps to increase the export business and hopes to make good exports during the current fiscal year.

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10148011	20/10/2012 *	198,100,000.00	STATE BANK OF INDIA	MID CORPORATE GROUP INDUSTRIAL FINANCE BRANCH, MARBLE ARCH, RACE COURSE CIRCLE, VADODARA, GUJARAT - 390007, INDIA	B61604898
2	10148095	25/10/2012 *	198,100,000.00	STATE BANK OF INDIA	MID CORPORATE GROUP INDUSTRIAL FINANCE BRANCH, MARBLE ARCH, RACE COURSE CIRCLE, VADODARA, GUJARAT -390007, INDIA	B61604591

* Date of charge modification

Fixed Assets:

• Land-Savali
• Building
• Staff quarter
• Plant and machinery
• Furniture and fixtures
• Lab. Equipment
• Factory equipment
• Computer
• Motor car / vehicle
• Dies, tools and pattern

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. 61.58
UK Pound	1	Rs. 98.51
Euro	1	Rs. 83.49

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	DPH

SCORE & RATING EXPLANATIONS

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

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.