MIRA INFORM REPORT

Report Date :

10.09.2013

IDENTIFICATION DETAILS

Name :	ASSOCIATED MACHINERY CORPORATION LIMITED (w.e.f. 12.01.1996)
Formerly Known As :	ASSOCIATED MACHINERY CORPORATION PRIVATE LIMITED
Registered Office :	F-64, Site No. 1, Industrial Area, Buland Shahar Road, Ghaziabad – 201 001, Uttar Pradesh
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	03.02.1986
Com. Reg. No.:	20-007661
Capital Investment / Paid-up Capital :	Rs. 19.703 Millions
CIN No.: [Company Identification No.]	U65921UP1986PLC007661
TAN No.: [Tax Deduction & Collection Account No.]	MRTA01391F
PAN No.: [Permanent Account No.]	AACCA7476M
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Wire Drawing and Wire Working Machine for Ferrous – Non Ferrous Metals.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

B (33)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 120000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. There appears drastic dip in its sales turnover and incurred some loss. The liquidity position seems to be weak. Trade relations are reported to be fair. Business is active. Payments are reported to be slow but correct. 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	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.

INFORMATION DECLINED

Management Non-cooperative (91-22-28413918)

LOCATIONS

Registered Office/ Factory :	F-64, Site No. 1, Industrial Area, Buland Shahar Road, Ghaziabad – 201 001, Uttar Pradesh, India
Tel. No.:	91-120-2700788 / 2700511
Fax No.:	91-120-2700773 / 2700511
E-Mail :	wiremachine@amcoindia.com wiremachine_amcoindia@yahoo.com amco@del3.vsnl.net.in pramodmanojca@yahoo.co.in sahnibansalca@gmail.com
Website :	http://www.amcoindia.com
Area :	3000 sq. ft.
Location :	Owned
Branch Office :	207, Neelkanth Commercial Centre, 122-123, Sahar Road, Andheri (East), Mumbai – 400 099, Maharashtra, India
Tel. No.:	91-22-28344799 / 56922455
Fax No.:	91-22-28344676
Sales Office :	103, Maharaja Retreat Co-Operative Housing Society Limited, S. No. 261, CTS No. 620, Kanya Pada, Film City Road, Goregaon (East), Mumbai - 400099, Maharashtra, India

DIRECTORS

As on 29.09.2012

Name :

Mr. Pawan Tyagi

Designation :

Director

Address :

B – 23, Ashok Nagar, Ghaziabad – 201 001, Uttar Pradesh, India

Date of Birth/Age :

10.09.1965

Qualification :

B.Com, MBA

Date of Appointment :

05.02.1986

DIN No.:

00444760

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	U65921UP1986PLC007661	ASSOCIATED MACHINERY CORPORATION LIMITED	Director	05-02-86	05-02-86	-	Active	NO
2	U31300UP1986PTC008139	CITIZEN WIRES PRIVATE LIMITED	Director	26-05-88	26-05-88	-	Active	NO
3	U27209UP1986PTC007660	BROADWAY MACHINES PRIVATE LIMITED	Director	25-11-88	25-11-88	-	Active	NO
4	U21091UP1995PTC018356	PRATIK PAPERS PRIVATE LIMITED	Director	08-07-95	08-07-95	-	Active	NO
5	U29268DL2007PTC163176	PROGRESSIVE FASTENERS PRIVATE LIMITED	Director	08-06-07	08-06-07	-	Active	NO
6	U24232UP1995PTC018793	BHAGWATI PHARMACEUTICAL PRIVATE LIMITED	Additional director	17-07-08	17-07-08	01-07-11	Active	NO
7	U70101DL2012PTC246657	COMFORT REALTECH PRIVATE LIMITED	Director	24-12-12	24-12-12	-	Active	NO

Name :

Mr. Raj Prakash Tyagi

Designation :

Director

Address :

B – 23, Ashok Nagar, Ghaziabad – 201 001, Uttar Pradesh, India

Date of Birth/Age :

27.01.1940

Qualification :

Electronic Engineering

Date of Appointment :

03.02.1986

DIN No.:

00444844

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	U31300AP1986PTC006082	C. S. WIRES PRIVATE LIMITED	Director	03-01-86	03-01-86	18-08-08	Active	NO
2	U65921UP1986PLC007661	ASSOCIATED MACHINERY CORPORATION LIMITED	Director	03-02-86	03-02-86	-	Active	NO

Name :

Ms. Manju Tyagi

Designation :

Director

Address :

B – 23, Ashok Nagar, Ghaziabad – 201 001, Uttar Pradesh, India

Date of Birth/Age :

08.02.1967

Qualification :

MA

Date of Appointment :

20.07.2009

DIN No.:

01323634

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	U31300UP1986PTC008139	CITIZEN WIRES PRIVATE LIMITED	Director	26-05-88	26-05-88	-	Active	NO
2	U27209UP1986PTC007660	BROADWAY MACHINES PRIVATE LIMITED	Director	15-02-07	15-02-07	-	Active	NO
3	U29268DL2007PTC163176	PROGRESSIVE FASTENERS PRIVATE LIMITED	Director	09-05-07	09-05-07	25-02-08	Active	NO
4	U74899DL1986PTC025386	KUBER LAND AND AGRO INDUSTRIES PRIVATE LIMITED	Additional director	05-08-08	05-08-08	11-07-11	Active	NO
5	U24232UP1995PTC018793	BHAGWATI PHARMACEUTICAL PRIVATE LIMITED	Director	26-10-08	26-10-08	11-07-11	Active	NO
6	U65921UP1986PLC007661	ASSOCIATED MACHINERY CORPORATION LIMITED	Director	20-07-09	20-07-09	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2012

Names of Shareholders	No. of Shares
Raj Prakash Tyagi	21050
Pawan Tyagi	129200
Brahm Dev Tyagi	980
Mool Chand Tyagi	880
Yogendra Singh	910
Mahesh Goel	900
Ashok Sharma	600
Satish Gupta	380
R.P. Tyagi HUF	5780
Manju Tyagi	2350
Praveen Kumar Jain	2000
Kamal Sharma	1500
S.P. Chaturvedi	1500
Mrigakshi Tyagi	2000
Prakshi Tyagi	1000
Broadway Machiness Private Limed, India	25000
N.K. Sging Rawat	1000
Total	197030

As on 29.09.2012

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Wire Drawing and Wire Working Machine for Ferrous – Non Ferrous Metals.
Products :	Wire Drawing Machine Machine Wire Galvanised Wire Gravity Block Coiler Machine Wire Flattening Mill Rod Breakdown Machine Wire Spooling Machine Mechanical Descaler

PRODUCTION STATUS (As on 31.03.2011)

Particulars	Actual Production
Wire Drawing Machine	406
Other Machines and Machinery Parts	888

GENERAL INFORMATION

No. of Employees :

Information declined by the management

Bankers :

• Bank of India, Navyug Market Branch, Ghaziabad – 201 001, Uttar Pradesh, India
• ICICI Limited
• Bank of India, Mumbai
• HDFC Bank

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
Long Term Borrowings
Term Loan from HDFC Bank Secured Against Hypothecation of Car)	0.334	1.283
Term Loan from Bank of India (Secured Against Hypothecation of Plant and Machinery and other fixed assets and EQM of (i) Factory Land and Building and (ii) Flat no.103, M. Retreat Coop. Society, Goregoan, Mumbai)	0.000	1.145
Short Term Borrowings
Cash Credit ( Stocks) Limit from Bank of India (Secured against. Hypothecation of Stocks, Book Debts, Plant and Machinery of the Company and EQM of factory Land and Building and Residental House No.-103, M.R. Co-operative Society, Goregoan, Mumbai )	53.707	57.663
Cash Credit(Book Debt) limit from Bank of India (Secured against. Hypothecation of Book Debts, Plant and Machinery of the Company and EQM of factory Land and Building and Residental House No.-103, M.R. Co- operative Society, Gore Goan, Mumbai)	10.000	5.000
Total	64.041	65.091

Banking Relations :	---
Auditors :
Name :	Sahni Bansal and Associates Chartered Accountants
Address :	II Floor, Roopal Palace, 37, Navyug Market, Ghaziabad – 201 001, Uttar Pradesh, India
Tel. No.:	91-120-2791400
PAN No.:	ACEFS4043F

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
200000	Equity Shares	Rs.100/- each	Rs.20.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
197030	Equity Shares	Rs.100/- each	Rs.19.703 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	19.703	19.703
(b) Reserves & Surplus	12.756	12.762
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	32.459	32.465
(3) Non-Current Liabilities
(a) long-term borrowings	1.363	2.526
(b) Deferred tax liabilities (Net)	1.900	1.977
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	3.263	4.503
(4) Current Liabilities
(a) Short term borrowings	63.707	62.663
(b) Trade payables	126.939	92.712
(c) Other current liabilities	63.751	48.295
(d) Short-term provisions	1.764	1.041
Total Current Liabilities (4)	256.161	204.711
TOTAL	291.883	241.679
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	17.865	19.304
(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	2.035	2.035
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	6.707	0.268
(e) Other Non-current assets	37.587	0.035
Total Non-Current Assets	64.194	21.642
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	130.413	106.365
(c) Trade receivables	36.627	68.869
(d) Cash and cash equivalents	6.451	4.126
(e) Short-term loans and advances	53.202	39.488
(f) Other current assets	0.996	1.189
Total Current Assets	227.689	220.037
TOTAL	291.883	241.679

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		10.773
2] Share Application Money		0.000
3] Reserves & Surplus		12.280
4] (Accumulated Losses)		0.000
NETWORTH		23.053
LOAN FUNDS
1] Secured Loans		57.463
2] Unsecured Loans		0.098
TOTAL BORROWING		57.561
DEFERRED TAX LIABILITIES		1.949
TOTAL		82.563
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		21.233
Capital work-in-progress		0.000
INVESTMENT		2.035
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	109.112
	Sundry Debtors	66.087
	Cash & Bank Balances	3.252
	Other Current Assets	0.064
	Loans, Advances and Deposits	2.779
Total Current Assets		181.294
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	57.565
	Other Current Liabilities	63.560
	Provisions	0.894
Total Current Liabilities		122.019
Net Current Assets		59.275
MISCELLANEOUS EXPENSES		0.020
TOTAL		82.563

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	167.306	231.896	197.053
		Other Income	1.381	0.007	1.901
		TOTAL (A)	168.687	231.903	198.954
Less	EXPENSES
		Cost of materials consumed	166.598	202.376
		Changes in inventories of finished goods work-in-progress and Stock-in- Trade	(22.903)	2.258	188.935
		Employee benefits expense	5.687	5.110
		Other expenses	6.602	10.895
		TOTAL (B)	155.984	220.639	188.935
Less	PROFIT /(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) I		12.703	11.264	10.019
Less	FINANCIAL EXPENSES (D)		10.428	8.460	6.744
	PROFIT /(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		2.275	2.804	3.275
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.962	1.949	1.986
	PROFIT /(LOSS) BEFORE TAX (E-F) (G)		0.313	0.855	1.289
Less	TAX (H)		0.320	0.372	0.417
	PROFIT /(LOSS) AFTER TAX (G-H) (I)		(0.007)	0.483	0.872
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		6.928	6.445	5.573
	BALANCE CARRIED TO THE B/S		6.921	6.928	6.445
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	11.746	15.866	8.903
	TOTAL EARNINGS		11.746	15.866	8.903
	TOTAL IMPORTS		0.880	0.000	10.407
	Earnings / (Loss) Per Share (Rs.)		(0.04)	2.45	NA

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	0.00	(0.21)	0.44
Net Profit Margin (PBT/Sales)	(%)	(0.19)	0.37	0.65
Return on Total Assets (PBT/Total Assets}	(%)	0.11	0.36	0.64
Return on Investment (ROI) (PBT/Networth)		0.01	0.03	0.06
Debt Equity Ratio (Total Debt /Networth)		2.00	2.01	2.50
Current Ratio (Current Asset/Current Liability)		0.89	1.07	1.49

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

UNSECURED LOAN

Rs. In Millions

Particular	As on 31.03.2012	As on 31.03.2011
Long Term Borrowings
From Related parties	0.932	0.000
From others	0.097	0.098
Total	1.029	0.098

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	90281053	16/12/2010 *	51,770,000.00	BANK OF INDIA	NAVYUG MARKET BRANCH, GHAZIABAD, UTTAR PRADESH - 201001, INDIA	B03588720
2	90272667	19/03/2003	5,700,000.00	BANK OF INDIA	43 NAVYUG MARKET, GHAZIABAD, UTTAR PRADESH, INDIA	-
3	90273212	12/04/2002	200,000.00	BANK OF INDIA	43 NAVYUG MARKET, GHAZIABAD, UTTAR PRADESH, INDIA	-
4	90267840	13/12/1995	8,800,000.00	BANK OF INDIA	43 NAVYUG MARKET, GHAZIABAD, UTTAR PRADESH, INDIA	-
5	90271793	29/11/2004 *	1,500,000.00	BANK OF INDIA	43 NAVYUG MARKET, GHAZIABAD, UTTAR PRADESH, INDIA	-
6	90267837	19/03/2003 *	1,500,000.00	BANK OF INDIA	43 NAVYUG MARKET, GHAZIABAD, UTTAR PRADESH, INDIA	-
7	90271765	29/11/2004 *	1,500,000.00	BANK OF INDIA	43 NAVYUG MARKET, GHAZIABAD, UTTAR PRADESH, INDIA	-

* Date of charge modification

FIXED ASSETS

· Land

· Building

· Plant and Machinery

· Furniture and Fixtures

· Motor Vehicles

· Office Equipments

· Computer

· Two Wheeler

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.65.96
UK Pound	1	Rs.102.91
Euro	1	Rs.86.58

INFORMATION DETAILS

Information Gathered by :	NYN
Report Prepared by :	NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--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		33

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

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.