MIRA INFORM REPORT

Report Date :

23.10.2013

IDENTIFICATION DETAILS

Name :	METROCITY TILES PRIVATE LIMITED

Registered Office :	C/O Common Wealth Tiles, Sasar Plot, Opp Dr. Mankad Hospital, Morbi – 363641, Gujarat

Country :	India

Financials (as on) :	31.03.2013

Date of Incorporation :	09.01.2007

Com. Reg. No.:	04-049735

Capital Investment / Paid-up Capital :	Rs. 49.050 Millions

CIN No.: [Company Identification No.]	U26933GJ2007PTC049735

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacturer of tiles.

No. of Employees :	500 (Approximately)

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 330000

Status :	Moderate

Payment Behaviour :	Slow

Litigation :	Clear

Comments :	Subject is an established company having moderate track record. There appears a dip in the turnover of the company and also company has incurred a loss during current year. External borrowings of the company are also huge. However, trade relations are reported as fair. Business is active. Payments are reported o be slow. The company can be considered for business dealings 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

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INDIAN ECONOMIC OVERVIEW

India’s current account deficit or CAD in April-June widened to 4.9 % of gross domestic product. High imports of gold and oil led to a worsening of the traqde deficit, resulting in CAD jumping to $ 21.8 billion to the latest quarter from $ 16.9 billion in the corresponding quarter of the previous financial year. The government aims to bring down CAD to 3.7 % or $ 70 billion, in 2013/14, from 4.8 % or $ 88.2 billion in 2012/13.

The finance ministry has started preparations for Budget 2014/15. With general elections scheduled to be held by May next year, there will only be an interim budget. The new government will present the fiscal Budget.

The Supreme Court has barred clinical trials for new drugs till a monitoring mechanism is put in place to protect the lives of people on which the drugs are tested.

Mumbai has been named the world’s second most honest city according to a survey on 15 cities worldwide by Readers’ Digest magazine. Finnish capital Helsinki bagged the top spot for the world’s most honest city while Lisbon, the capital of Portugal, proved to be the least honest. The survey put hundreds of people to test in four continents to find out just how honest they were by dropping wallets and seeing how many would be returned.

3.7 % Growth of the core sector in August, a seven month high. This takes the overall growth in April-August this year to 2.3 % compared with 6.3 % in the corresponding period next financial year.

$19 million Estimated average spending by companies across the globe including India, on social media this year, according to a global study by information technology major Tata Consultancy Services. This will rise to $ 24 million in 2015.

Rising inflation, fewer employment avenues and dwindling earnings are taking a toll on the spending capacity in India. Over 72 % respondents from middle and lower middle income families would be forced to slash their Diwali expenditure by 40 % and on average spend nearly 25 % of their monthly salary on Diwali, according to a survey by Assochem.

Analysts believe the shutdown of the US government would have limited impact in sectors such as IT or tourism that are dependent on Visa clearances.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Term Loan : D
Rating Explanation	This rating are in default or expected to be in default soon.
Date	5^th December 2012

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

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

INFORMATION PARTED BY

Name :	Mr. K Jadeja
Designation :	Export Department
Contact No.:	91-9925001455
Date :	22.10.2013

LOCATIONS

Registered Office :	C/O Common Wealth Tiles, Sasar Plot, Opp Dr. Mankad Hospital, Morbi – 363641, Gujarat, India
Tel. No.:	Not Available
Mobile No.:	91-9925001455
Fax No.:	Not Available
E-Mail :	export@groupofmetro.com exportmetrogroup@gmail.com metro@svtindia.com
Location :	Owned

Factory:	8 A, National Highway, Lakhdhirpur Road, Morbi, Gujarat, India

Branch Office:	3-Agrawal Mall, Gota Cross Road, Ahmedabad, Gujarat, India

DIRECTORS

As on 30.09.2013

Name :

Mr. Chandrashekhar Ratilal Adroja

Designation :

Director

Address :

Kayaji Plot, Morbi – 363641, Gujarat, India

Date of Birth/Age :

06.10.1979

Date of Appointment :

09.01.2007

DIN No.:

00700877

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	U31909GJ2006PTC048122	RECOVA ELECTRONICS PRIVATE LIMITED	Director	12/04/2006	12/04/2006	-	Active	NO
2	U26933GJ2007PTC049735	METRO CITY TILES PRIVATE LIMITED	Director	09/01/2007	09/01/2007	-	Active	NO

Name :

Mr. Dilip Ratilal Adroja

Designation :

Director

Address :

3- Umiya Apartment, 2^nd Floor, Kayaji Plot, Morbi – 363641, Gujarat, India

Date of Birth/Age :

06.04.1974

Date of Appointment :

09.01.2007

DIN No.:

00915853

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	U26933GJ2007PTC049735	METRO CITY TILES PRIVATE LIMITED	Director	09/01/2007	09/01/2007	-	Active	NO
2	U26933GJ2008PTC055178	QUTONE CERAMIC PRIVATE LIMITED	Director	14/02/2009	14/02/2009	12/04/2009	Active	NO
3	U26933GJ2009PTC056973	METROWORLD TILES PRIVATE LIMITED	Director	18/05/2009	18/05/2009	-	Active	NO

Name :

Mr. Tribhovan Laljibhai Patel

Designation :

Director

Address :

Block No. 10, Parshuram Society, Morbi – 363642, Gujarat, India

Date of Birth/Age :

20.07.1964

Date of Appointment :

01.06.2011

DIN No.:

03373269

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	U26933GJ2010PTC062183	AFFIL VITRIFIED PRIVATE LIMITED	Director	10/09/2010	10/09/2010	-	Active	NO
2	U26933GJ2007PTC049735	METRO CITY TILES PRIVATE LIMITED	Director	01/06/2011	01/06/2011	-	Active	NO

Name :

Mr. Ramjibhai Arjanbhai Adroja

Designation :

Director

Address :

501, Shravan Setu Apartment, Near Umiya Chowk, Morbi – 363641, Gujarat, India

Date of Birth/Age :

10.03.1966

Date of Appointment :

01.06.2011

DIN No.:

03373281

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	U26933GJ2010PTC062183	AFFIL VITRIFIED PRIVATE LIMITED	Director	10/09/2010	10/09/2010	-	Active	NO
2	U26933GJ2007PTC049735	METRO CITY TILES PRIVATE LIMITED	Director	01/06/2011	01/06/2011	-	Active	NO

Name :

Mr. Bhanuben Tribhovanbhai Adroja

Designation :

Director

Address :

Parshuram Society, B No. 10, Nazarbag Road, Morbi – 363642, Gujarat, India

Date of Birth/Age :

01.09.1966

Date of Appointment :

01.06.2011

DIN No.:

03557979

Name :

Mr. Hiteshkumar Maganbhai Padaliya

Designation :

Director

Address :

Arjun, Gautam Society, Near Janta Society, Morbi – 363641, Gujarat, India

Date of Birth/Age :

16.10.1978

Date of Appointment :

01.06.2011

DIN No.:

03557995

Name :

Mr. Ritaben Dilipbhai Adroja

Designation :

Director

Address :

Block No. 10, Parshuram Society, Morbi – 363642, Gujarat, India

Date of Birth/Age :

23.10.1976

Date of Appointment :

01.06.2011

DIN No.:

03558008

KEY EXECUTIVES

Name :	Mr. K Jadeja
Designation :	Export Department

Name :	Mr. Dhara Patel
Designation :	Company Secretary
Address :	31, Raj Tower, SAtadhar Char Rasta, Sola Road, Ahmedabad – 380061, Gujarat, India

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

SHAREHOLDING DETAIL FILE ATTACHED

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2013

Category	Percentage
Bodies corporate	1.54
Directors or relatives of Directors	98.46
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of tiles.

Exports :
Products :	Finished Goods
Countries :	Dubai Saudi Arabia

Imports :
Products :	Raw Material
Countries :	China Australia

Terms :
Selling :	Cash and Credit

Purchasing :	Cash and Credit, Depend

GENERAL INFORMATION

Suppliers:

Aashashree Freight Forwarders Private Limited.- Ahmedabad
Alfa Chem-Morbi
Amrut Tours and Travels-Morbi
Amtulla Minerals-Jodhpur
Anil Minerals-Bikaner
Aron Impex- Morbi
Arya Translogistics Private Limited.- Gandhidharn
Ashok Electric Company-Morbi
Balaji Sieel Corporation-Morbi
Balh Interior Tiles-Ghaziabad
Bhumi Trading Company- Morbi
Capco Chem Industries -Morbi
Casablance Sales and Trading Private Limited
Clwbhuja Minchem Private Limited -Rajsamand
Classic Sales Corporation-Vaaodara
Commonwealth Minerals Inc.-Morbi.
Cringe Graphics-Wakaner
Dev Products-Bhavnagar
Dhl Express India Private Limited (Mumbai)

Customers :

Retailers

Advanto Tiles Private Limited -Morbi
Aggaiwal Trading Company-Baraut
Aggarwal Trading Co-Mukerian
A.G.Traders-Wadsa
Anand Tiies (Gorakhapur)
Anand Tiles and Sanitary Ware (Luckncw)
Anna Stone Tranding-Aurangabad
Anhant Marketing-Banglore
Balaji Enterprise-Thane
Balan Floor Wall Tiles-Vellore
Balaji Tiles and Sanitary Wares-NepE I
Balaji Tiles (Una)
Bath and Sanitary World- Lucknow
Bhagwati Enterprises-Jalandhar
Bhagwati Sales Corporation-Gahiziabad
Chandrasing Madliavsing-Bhavnagar
Chopra Marble Industry (Hamirpjr)
Chopra Trading Company-Hamirpur

No. of Employees :

500 (Approximately)

Bankers :

State Bank of India, Para Bazar Branch, Nr. G.P.O, Morbi - 363641, Gujarat, India

Facilities :

Secured Loan	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
Long-term Borrowings
State Bank of India -Morbi Branch Term Loan-I A/c. No.66019318933 Against Hypo, of Plant and machinery and E. M. of Factory Land S. Building of the Company.	0.000	3.863
State Bank of India-Morbi Branch Term Loan-ll A/c No.32283228301 Against Hypo, of Plant and machinery and E M. of Factory Land and Building of the Company.	6.560	0.000
State Bank of India-Morbi Branch Term Loan-Ill A/c.No.32699740033 Against Hypo, of Plant S machinery and E. M. of Factory Land and Building of the Company.	12.908	0.000
HDFC Bank Limited. Auto Loan A/c Against Hypothecation of Car	0.000	0.112
Short-term borrowings
From Banks
State Bank of India /C A/c- Parabazar Branch Against Hypothecation of Stock and Book Debts	4.910	68.065
State Bank of India C/C A/c- Lalpar Brach (Part Limit) Against Hypothecation of Stock and Book Debts Part Limit With Parabazar Branch	72.583	0.000
Total	96.961	72.040
NOTE: The term loans are repayable in installments as per the terms of the respective agreements generally over a period of Five to ten years after a moratorium period of one to four years. There has been no default in repayment of any of the loans or interest thereon as at the end of the year. Installment of Term Loan A/c No.32283228301 Due in Within 12 months have not been separated in current Liability as the LC(Part Limit) has not been converted to in to Term Loan As per Sanction Terms and Condition.,


Banking Relations :

Auditors :
Name :	Pratik Rajdev and Associates Chartered Accountants
Address :	201, 'JE Bhagwan' Complex, Ram Chowk, Savsar Plot Main Road, Morbi – 363641, Gujarat, India
Mobile No.:	91-8866270004
PAN N Income-tax PAN of auditor or auditor’s firm :	AZEPR9432N

Sister Concern :	Metro World Metro Ceramics

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount

5750000	Equity Shares	Rs.10/- each	Rs. 57.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

4905000	Equity Shares	Rs.10/- each	Rs. 49.050 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	49.050	41.550	35.900
(b) Reserves & Surplus	34.646	40.623	31.876
(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)	83.696	82.173	67.776

(3) Non-Current Liabilities
(a) long-term borrowings	40.163	12.333	11.321
(b) Deferred tax liabilities (Net)	1.342	1.272	1.372
(c) Other long term liabilities	28.967	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	70.472	13.605	12.693

(4) Current Liabilities
(a) Short term borrowings	77.493	68.065	48.049
(b) Trade payables	75.288	69.527	64.484
(c) Other current liabilities	29.654	18.040	14.948
(d) Short-term provisions	0.000	1.700	2.350
Total Current Liabilities (4)	182.435	157.332	129.831

TOTAL	336.603	253.110	210.300

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	112.554	72.218	83.650
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	37.167	9.995	0.000
(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	14.964	11.711	7.988
(e) Other Non-current assets	0.000	0.000	0.014
Total Non-Current Assets	164.685	93.924	91.652

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	89.007	61.688	42.716
(c) Trade receivables	65.856	88.863	57.143
(d) Cash and cash equivalents	1.785	3.626	1.293
(e) Short-term loans and advances	15.270	2.759	15.935
(f) Other current assets	0.000	2.250	1.561
Total Current Assets	171.918	159.186	118.648

TOTAL	336.603	253.110	210.300

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	183.510	339.977	351.409
		Other Income	11.806	0.552	1.572
		TOTAL	195.316	340.529	352.981

Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	188.331	324.150	335.585

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		6.985	16.379	17.396

Less/ Add	DEPRECIATION/ AMORTISATION		12.893	11.432	11.456

	PROFIT / (LOSS) BEFORE TAX		(5.908)	4.947	5.940

Less	TAX		0.069	1.600	2.559

	PROFIT / (LOSS) AFTER TAX		(5.977)	3.347	3.381

	Earnings / (Loss) Per Share (Rs.)		(1.22)	NA	NA

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	(3.60)	0.98	0.96

Net Profit Margin (PBT/Sales)	(%)	(3.22)	1.46	1.69

Return on Total Assets (PBT/Total Assets}	(%)	(1.97)	2.03	2.82

Return on Investment (ROI) (PBT/Networth)		(0.07)	0.06	0.09

Debt Equity Ratio (Total Debt /Networth)		1.41	0.98	0.88

Current Ratio (Current Asset/Current Liability)		0.94	1.01	0.91

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	Yes
18]	Major customers	Yes
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	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	Yes

COMPANY PERFORMANCE:

The company has reported income from operation during the year of Rs. 183.510 Millions as compared to the previous year’s income from operation of Rs.339.977 Millions and the company has incurred net loss of Rs. 5.977 Millions as compared to the previous year’s profit of Rs. 3.347 Millions. In a view of loss, the director do not recommend any dividend.

UNSECURED LOAN

PARTICULARS	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
Long-term Borrowings
From Director
Chandrashekharbhai Ratilal Adroja	0.370	0.420
Dilipbhai Ratilal Adroja	0.025	0.575
Ritaben Dilipbhai Adroja	0.000	2.000
From Share Headers S Relatives
Jayaben Maganlal	0.300	0.300
Chandrakanibhdi Karshanbhai Detroja	1.000	0.000
From Others
Lexus Ceramic Private Limited	0.500	0.500
Melro Ceramic	13.350	0.000
Adinath Impex (Dealer's Deposit)	0.000	1.563
Kag India Private Limited.	0.000	3.000
Krishna Magnet and Vibro	0.150	0.000
S. B. Enterprise	3.325	0.000
Shree Ambaji Enterprise	1.675	0.000

Total	20.695	8.358

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10102748	12/11/2012 *	186,200,000.00	STATE BANK OF INDIA	PARA BAZAR BRANCH, NR. G.P.O, MORBI, GUJARAT - 36 3641, INDIA	B62740907

Note: * Date of charge modification

FIXED ASSETS

Factory Land
Factory Land (New
Machinery
Import Machinery
Plant and Machinery
Spray Dryer
D G Set
Electric Fittings
Motor Car Innova
Computer
Office Equipment
Office Furniture
Motor Car Cruze

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.61.78
UK Pound	1	Rs.99.66
Euro	1	Rs.84.49

INFORMATION DETAILS

Information Gathered by :	PDT

Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	2
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		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	--

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.

MIRA INFORM REPORT

(3.60)

(3.22)

(1.97)

(0.07)

1.41

0.94

INDEX OF CHARGES

Unit