MIRA INFORM REPORT

Report Date :

20.09.2013

IDENTIFICATION DETAILS

Name :	HINDUSTAN PLATINUM PRIVATE LIMITED

Registered Office :	C 122, TTC Industrial Area, Pawane, Navi Mumbai – 400703, Maharashtra

Country :	India

Financials (as on) :	31.03.2012

Date of Incorporation :	04.10.1961

Com. Reg. No.:	11-012143

Capital Investment / Paid-up Capital :	Rs.42.740 Millions

CIN No.: [Company Identification No.]	U74999MH1961PTC012143

TAN No.: [Tax Deduction & Collection Account No.]	MUMH00234D

PAN No.: [Permanent Account No.]	AAACH1111J

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacturing of industrial items made out of precious metals and generation of Power from Wind Mill

No. of Employees :	Information denied by management

RATING & COMMENTS

MIRA’s Rating :

Ba (54)

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

Maximum Credit Limit :	USD 5294000

Status :	Good

Payment Behaviour :	Regular

Litigation :	Clear

Comments :	Subject is a well established company having fine track record. Overall Financials of the company appears to be strong and healthy. Promoters and directors are reports as experience and respectable businessmen. Trade relations are fair. Business is active. Payment terms regular. 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

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	CRISIL
Rating	Long Term Rating = A
Rating Explanation	Adequate credit quality and average credit risk
Date	04.12.2012

Rating Agency Name	CRISIL
Rating	Short Term Rating = A1
Rating Explanation	Very Strong degree of safety it carry lowest credit risk.
Date	04.12.2012

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 DENIED BY

Name :	Mr. Ranjeet
Designation :	Finance Department
Contact No.:	91-22-27683006/329
Date :	19.09.2013

LOCATIONS

Registered Office/Factory :	C 122, TTC Industrial Area, Pawane, Navi Mumbai – 400703, Maharashtra, India
Tel. No.:	91-22-27683006/329
Fax No.:	91-22-27630413/27619398/99
E-Mail :	info@hp.co.in
Website :	http://www.hp.co.in

DIRECTORS

As on 26.09.2012

Name :

Mr. Shashikant Sajanlal Choksi

Designation :

Managing Director

Address :

58 – Manglika, Presidency Society, 7^th N S Road, JVPD Scheme, Vile Parle (West), Mumbai – 400049, Maharashtra, India

Date of Birth/Age :

27.11.1938

Qualification:

Under Graduate

Date of Appointment :

08.11.1971

DIN No.:

00526472

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	U74999MH1961PTC012143	HINDUSTAN PLATINUM PRIVATE LIMITED	Managing director	08/11/1971	08/11/1971	-	Active	NO
2	U67120MH1976PTC019207	CHOKSI INVESTMENT PRIVATE LIMITED	Director	06/09/1976	06/09/1976	-	Active	NO

Name :

Mr. Ashok Sajanlal Choksi

Designation :

Whole-time Director

Address :

221- A, Grand Paradi, Dadi Seth Hill, August Kranti Marg, Mumbai - 400036, Maharashtra, India

Date of Birth/Age :

24.05.1947

Qualification:

SSC

Date of Appointment :

17.07.1980

DIN No.:

00526715

Name :

Mr. Abhay Sajanlal Choksi

Designation :

Whole-time Director

Address :

222-A, Grand Paradi, Dadi Seth Hill, August Kranti Marg, Mumbai – 400036, Maharashtra, India

Date of Birth/Age :

10.12.1948

Qualification:

SSC

Date of Appointment :

17.07.1980

Din No.:

00526769

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	U74999MH1961PTC012143	HINDUSTAN PLATINUM PRIVATE LIMITED	Whole-time director	17/07/1980	17/07/1980	-	Active	NO
2	U40108MH2003PTC142293	Pink Ginger Arts Private Limited	Director	15/09/2008	15/09/2008	-	Active	NO

Name :

Mr. Vikram Sajanlal Choksi

Designation :

Whole-time Director

Address :

20 Mangal President Society, 7^th N.S. Road, JVPD Scheme, Vile Parle (West), Mumbai - 400049, Maharashtra, India

Date of Birth/Age :

24.04.1953

Qualification:

PH.D

Date of Appointment :

17.07.1980

Din No.:

00526890

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	U74999MH1961PTC012143	HINDUSTAN PLATINUM PRIVATE LIMITED	Whole-time director	17/07/1980	17/07/1980	-	Active	NO
2	U93000MH2003PTC142518	SOS MEDIA PRIVATE LIMITED	Director	06/10/2003	06/10/2003	-	Active	NO
3	U15134MH2012PTC232149	UMBRELLA CORPORATION PRIVATE LIMITED	Director	14/06/2012	14/06/2012	-	Active	NO
4	AAB-5744	HINDUSTAN PLATINUM WIND ENERGY LLP	Designated Partner	09/06/2013	09/06/2013	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Ranjeet
Designation :	Finance Department

MAJOR SHAREHOLDERS

As on 26.09.2012

Names of Shareholders		No. of Shares
Shashikant S. Choksi HUF		120060
Shashikant S. Choksi		243080
Shashikant S. Choksi Bharti S. Choksi		12030
Bharti S. Choksi Shashikant S. Choksi		294300
Bharti S. Choksi		19140
Ashish S. Choksi Bharti S. Choksi		108930
Ashish S. Choksi Shashikant S. Choksi		14120
Suruchi A Choksi Ashish S. Choksi		68560
Vishwas S. Choksi Shashikant S Choksi Bharti S. ChoksI		175250
Vishwas S. Choksi bharti s choksi		13030
Ashok S. Choksi		161240
Gautam A. Choksi		413760
Tanu G. Choksi Gautam A Choksi		280060
Gautam A. Choksi huf		213440
Abhay S. Choksi HUF		96740
Abhay S. Choksi		287360
Abhay S. Choksi madhulika a choksi		65880
Madhulika A. Choksi abhay s choksi		227100
Gaurav A. Choksi abhay S. Choksi madhulika a choksi		95710
Siddharth A. Choksi abhay S. Choksi Madhulika A Choksi		295710
Vikram S. Choksi HUF		213700
Vikram S. Choksi		174410
Vikram S. Choksi Pallavi V Choksi		39290
Pallavi V. Choksi		128680
Pallavi V. Choksi Vikram A Choksi		85020
Vardhaman V. Choksi Vikram S. Choksi Pallavi V Choksi		213700
Rushabh V Choksi		213700
Total		4274000

Equity Share Break up (Percentage of Total Equity)

As on 26.09.2012

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing of industrial items made out of precious metals and generation of Power from Wind Mill

Products :

Product Description	Item Code (ITC Code)
Chemical Catalyst and Compounds of Precious Metals	38151100
Electrical Contact Made of Silver and Silver Alloys	85381009

GENERAL INFORMATION

No. of Employees :

Information denied by management

Bankers :

The Hongkong and Shanghai Banking Corporation Limited, Plot No. 139-140b, Shiv Building, Sahar Road Junction, Opposite W.E. Highway, Vile Parle (East), Mumbai – 400057, Maharashtra, India
Standard Chartered Bank Mahatma Gandhi Road, Mumbai - 400001, Maharashtra, India
Industrial Development Bank of India, IDBI Tower, Cuff Parade, Mumbai-4000005, Maharashtra, India
Bank of Baroda, Worli Branch, Mumbai - 400018, Maharashtra, India.
HDFC Bank Limited, HDFC Bank House Senapati Bapat Marg, Lower Parel West, Mumbai - 400013, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2012 Rs. In Millions	31.03.2011 Rs. In Millions
Long Term Borrowings
Rupee term loan from bank	8.138	22.800
Rupee term loan from others	2.630	0.000
Short Term Borrowings
Loans repayable on demand from banks	212.825	512.207
Total	223.593	535.007

Long Term Borrowing:

Terms and condition of term loan:

Name of Bank	Repayment Schedule
Bank Of Baroda (Wind Power Project)	Quarterly installment of Rs. 5.700 Millions
HDFC Bank Limited (Vehicle Loan)	Monthly installments (EMI) Rs.0.171 Million
Axis Bank Limited (Vehicle Loan)	Monthly installments (EMI) Rs.0.092 Million
BMW India Financal Services Private Limited (Vehicle Loan)	Monthly installments (EMI) Rs.0.088 Million

Interest

Term loan for Wind Power Project carry interest rate at 12.25% p.a.
Vehicle loans from Banks and other financial institution carry interest rate which is negotiated and has a spread ranging between 7.40% to 10.50%

Maturity profile of Term Loan:

Period	31.03.2012 Rs. In Millions	31.03.2011 Rs. In Millions
0 - 1 years	25.831	26.346
1 - 2 years	3.380	22.800
2 - 3 years	3.696	0.000
3 - 4 years	3.692	0.000

Short Term Borrowings

i) Secured Cash Credit/Packing Credit is under Multiple Banking arrangement, with HSBC Bank acting as security trustee on behalf of lender bank for registration of charges, are Secured by a Demand Promissory Note, Hypothecation of Raw Materials, Work-in-process, Finished Goods, Book Debts and Movable Machinery, Equitable Mortgage of Fixed Assets located at Navi Mumbai Unit and Guaranteed by all the Directors of the Company.

ii) Un-secured Loans being ad-hoc Packing Credit facility under Multiple Banking arrangement is secured by a Demand Promissory Note, Post dated Cheques and Guaranteed by all the Directors of the Company.

iii) Secured and Un-secured Loans from Banks include Rs. 1743.694 Millions denominated in foreign currency. (Previous Year Rs.489.859 Millions),

Secured and Un-secured Loans from Banks include Rs. 1743.694 Millions denominated in foreign currency. (Previous Year Rs.4,89.859 Millions),


Banking Relations :	--

Auditors :
Name :	Natvarlal Vepari and Company Chartered Accountants
Address :	Oricon House, 4^th Floor, 12 K. Dubash Marg, Mumbai-400023, Maharashtra, India
Tel. No.:	91-22-66315851
Fax No.:	91-22-66315852
E-Mail :	nve@nvc.in
PAN No.:	AAAFN2322E

Subsidiaries :	Hindustan Platinum International Limited (Formerly Epsilon limited)

CAPITAL STRUCTURE

As on 26.09.2012

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

4274000	Equity Shares	Rs. 10/- each	Rs. 42.740 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	42.740	42.740
(b) Reserves & Surplus	1280.843	982.298
(c) Money received against share warrants	0.000	00000

(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	1323.583	1025.038

(3) Non-Current Liabilities
(a) long-term borrowings	10.768	22.800
(b) Deferred tax liabilities (Net)	165.112	180.971
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	5.550	9.204
Total Non-current Liabilities (3)	181.430	212.975

(4) Current Liabilities
(a) Short term borrowings	1874.278	716.482
(b) Trade payables	1164.741	617.007
(c) Other current liabilities	276.779	126.900
(d) Short-term provisions	141.777	83.577
Total Current Liabilities (4)	3457.575	1543.966

TOTAL	4962.588	2781.979

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	908.254	943.060
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.842	1.845
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	58.027	46.930
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	967.123	991.835

(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	2884.127	903.587
(c) Trade receivables	729.284	791.920
(d) Cash and cash equivalents	65.467	7.016
(e) Short-term loans and advances	249.255	72.053
(f) Other current assets	67.332	15.568
Total Current Assets	3995.465	1790.144

TOTAL	4962.588	2781.979

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		42.740
2] Share Application Money		0.000
3] Reserves & Surplus		794.903
4] (Accumulated Losses)		0.000
NETWORTH		837.643
LOAN FUNDS
1] Secured Loans		694.594
2] Unsecured Loans		306.640
TOTAL BORROWING		1001.234
DEFERRED TAX LIABILITIES		193.029

TOTAL		2031.906

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		924.038
Capital work-in-progress		4.657

INVESTMENT		42.664
DEFERRED TAX ASSETS		0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1108.132
	Sundry Debtors	513.574
	Cash & Bank Balances	37.002
	Other Current Assets	0.000
	Loans & Advances	177.856
Total Current Assets		1836.564
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	664.416
	Other Current Liabilities	94.267
	Provisions	17.334
Total Current Liabilities		776.017
Net Current Assets		1060.547

MISCELLANEOUS EXPENSES		0.000

TOTAL		2031.906

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	8030.694	6433.853	4785.869
		Other Income	19.236	14.684	7.787
		TOTAL	8049.930	6448.537	4793.656

Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		Financial Expenses
		TOTAL	7374.465	5974.221	4490.081
					(Including Depreciation)
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		675.465	508.316

Less/ Add	DEPRECIATION/ AMORTISATION		90.111	89.093

	PROFIT/(LOSS) BEFORE TAX		585.354	419.223	303.575

Less	TAX		187.462	164.769	88.249

	PROFIT/(LOSS) AFTER TAX		397.892	254.454	215.326

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		191.613	34.219	20.902

Add	SHORT PROVISIONS FOR EARLIER YEARS INCOME TAX :		0.000	0.000	(1.047)

Less	APPROPRIATIONS
		Proposed Dividend	85.480	57.699	5.129
		Corporate Dividend Tax	13.867	9.360	0.852
		Tax on Dividend	0.000	0.000	0.376
		Transfer to General Reserve	50.000	30.000	194.605
	BALANCE CARRIED TO THE B/S		440.158	191.614	34.219

	EARNINGS IN FOREIGN CURRENCY		2762.527	1936.470	1696.743

	Earnings Per Share (Rs.)		93.09	59.54	46.84

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	4.92	3.95	4.49

Net Profit Margin (PBT/Sales)	(%)	7.29	6.52	6.34

Return on Total Assets (PBT/Total Assets}	(%)	14.44	22.82	11.00

Return on Investment (ROI) (PBT/Networth)		0.44	0.41	0.36

Debt Equity Ratio (Total Debt /Networth)		0.42	0.72	1.19

Current Ratio (Current Asset/Current Liability)		1.56	1.16	2.37

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	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	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	Yes

UNSECURED LOANS:

Particulars	31.03.2012 Rs. In Millions	31.03.2011 Rs. In Millions
Short Term Borrowings
Loans repayable on demand from related parties	1530.869	0.000
Loans repayable on demand from director	130.584	204.275
Total	1661.453	204.275

INDEX OF CHARGE:

Sr .No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10188774	07/12/2009	6,000,000,000.00	The Hongkong and Shanghai Banking Corporation Limited	PLOT NO. 139-140B, SHIV BLDG, SAHAR ROAD JUNCTION, OPP. W.E. HIGHWAY, VILE PARLE (EAST), MUMBAI, Maharashtra - 400057, INDIA	A74664376

FIXED ASSETS:

Leasehold Land
Buildings
Plant and Machinery
Wind Turbine Converter
Computer
Dies
Furniture and Fixtures
Vehicles

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs. 61.75
UK Pound	1	Rs. 99.56
Euro	1	Rs. 83.55

INFORMATION DETAILS

Information Gathered by :	PDT

Report Prepared by :	VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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		54

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

1108.132

513.574

37.002

0.000

177.856

664.416

94.267

17.334

4.92

3.95

7.29

6.52

14.44

22.82

0.44

0.41

0.42

0.72

1.56

1.16

Unit