MIRA INFORM REPORT

Report Date :

21.09.2013

IDENTIFICATION DETAILS

Name :	ANDHI MARBLE PRIVATE LIMITED
Registered Office :	Ram Bhawan, Ramgarh Mode, Ajmer Road, Jaipur – 302 030, Rajasthan
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	14.11.1986
Com. Reg. No.:	17-003796
Capital Investment / Paid-up Capital :	Rs.4.231 millions
CIN No.: [Company Identification No.]	U14101RJ1986PTC003796
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Exporter and Supplier of Marble, Tiles, Block, Slab etc.
No. of Employees :	15 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ca (12)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. There appear huge accumulated losses recorded by the company. The external borrowing seems to be huge. However, business is active. Payments are reported to be slow. The company can be considered for business dealings on a safe and secured trade terms and condition.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
India	A1	A1

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

INDIAN ECONOMIC OVERVIEW

We are living in a world where volatility and uncertainty have become the New Normal. We saw a change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once powerful countries in Europe are now fighting for bankruptcy. We have taken growth in the developing part of the world for granted but economic growth in China and India has begun to slow. Companies that were synonymous with their product categories just a few years ago are now no longer in existence. Kodak, the inventor of the digital camera had to wind up its operations, HMV, the British entertainment retailing company and Borders, once the second largest bookstore have shut down due to their inability to evolve their business models with the changing time. Readers’ Digest, Thomson Register are no more !

There is another megatrend happening. The World order is changing as economic power shifts from West to East. According to McKinsey study, it took Britain more than 100 years to double its economic output per person during its industrial revolution and the US later took more than 50 years to do the same. More than a century later, China and India have doubled their GDP per capital in 12 and 18 years respectively. By 2020, emerging Asia will become the world’s largest consuming block, overtaking North America.

The years after the outbreak of the global financial crisis, the world economy continues to remain fragile. The Indian economy demonstrated remarkable resilience in the initial years of the contagion but finally lost ground last year. GDP growth slowed down. Currency has been weakening. There is a marked deceleration in agriculture, industry and services. Dampening sentiment led to a cut-back in investment as well as private consumption expenditure.  Inflation remained at high levels fuelled by the pressure from the food and fuel sectors. The large fiscal and current account deficit s continued to cause grave concern. It is imperative that India regains its growth trajectory of 8-9 % sooner than later. This is crucially important given the need to create gainful livelihood opportunities for the millions living in poverty as also the large contingent of young people joining the job market every year.

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 (GENERAL DETAILS)

Name :	Mr. Jeevan Maheshwari
Designation :	Manager
Contact No.:	91-141-2330817
Date :	02.09.2013

LOCATIONS

Registered Office/ Factory :	Ram Bhawan, Ramgarh Mode, Ajmer Road, Jaipur – 302 030, Rajasthan, India
Tel. No.:	91-141-2330817/ 2330525/ 2331552/ 631926/ 2631927/ 2631928
Mobile No.:	91-9001796140 (Mr. Jeevan)
Fax No.:	91-141-2631926/ 27/ 28/ 2331777/ 2631927
E-Mail :	andhimarble@gmail.com dhoot_asso@yahoo.co.in
Location :	Owned

DIRECTORS

AS ON 28.09.2012

Name :

Mr. Surendra Agarwal

Designation :

Whole-Time Director

Address :

Ram Bhawan, Ramgarh Mode, Ajmer Road, Jaipur – 302 030, Rajasthan, India

Date of Birth/Age :

16.08.1981

Date of Appointment :

01.04.2009

DIN No.:

00108935

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	U14101RJ1992PTC006493	ARPIT MARBLE PRIVATE LIMITED	Director	25/09/1999	25/09/1999	30/03/2010	Active	NO
2	U14101RJ1990PTC005304	JHIRI MARBLE PRIVATE LIMITED	Director	28/09/2001	28/09/2001	-	Active	NO
3	U45201RJ2003PTC018092	RUPAM BUILDCON PRIVATE LIMITED	Director	13/02/2003	13/02/2003	-	Active	NO
4	U20211UP1996PLC020150	GENUS PAPER PRODUCTS LIMITED	Director	13/03/2006	30/12/2005	-	Active	NO
5	U14101RJ1986PTC003796	ANDHI MARBLE PRIVATE LIMITED	Whole-time director	01/04/2009	01/04/2009	-	Active	NO
6	U51395DL2007PLC162295	VIRTUOUS URJA LIMITED	Director	18/06/2012	18/06/2012	-	Active	NO

Name :

Mr. Raghuveer Sharan Agarwal

Designation :

Director

Address :

Ram Bhawan, Ramgarh Mode, Ajmer Road, Jaipur – 302 030, Rajasthan, India

Date of Birth/Age :

02.10.1950

Date of Appointment :

30.09.1996

DIN No.:

00127336

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	U14101RJ1986PTC003796	ANDHI MARBLE PRIVATE LIMITED	Director	30/09/1996	30/09/1996	-	Active	NO
2	U14101RJ1992PTC006493	ARPIT MARBLE PRIVATE LIMITED	Director	26/09/1998	26/09/1998	30/03/2010	Active	NO
3	U14101RJ1990PTC005304	JHIRI MARBLE PRIVATE LIMITED	Director	28/09/2001	28/09/2001	-	Active	NO
4	U45201RJ2003PTC018092	RUPAM BUILDCON PRIVATE LIMITED	Director	13/02/2003	13/02/2003	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Jeevan Maheshwari
Designation :	Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 28.09.2012

Names of Shareholders	No. of Shares
Raghuveer Sharan Agarwal	35770
Ram Sharan Das Agarwal	360
Janki Sharan Agarwal	250
Asha Devi	500
Surjit Singh Naruka	320
Surendra Agarwal	5000
Manoj Kumar Agarwal	10
Kamal Kumar Agarwal	10
Durga Dutt	10
Bashi Dhar Agarwal	10
Gopal Das Biyani	10
Dinesh Kumar	10
Radhey Shyam Gupta	10
Parmanand Bulchandani	10
Girish Goyal	10
Harsh Agarwal	10
Kishan Fatahpura	10
Total	42310

AS ON 28.09.2012

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Exporter and Supplier of Marble, Tiles, Block, Slab etc.

Products :

Item Code No. (ITC Code)	680221
Product Description	Marble

Exports :

Products :

Marble, Tiles, Block, Slab etc.

Countries :

• Bangladesh
• Nepal

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

PRODUCTION STATUS [AS ON 31.03.2011]

Particulars	2010-11
Capacity and Production
Licensed Capacity	N.A.
Installed Capacity	N.A.
Actual Production
Marble Blocks and Laffars	156090 MT
Marble Slabs and Tiles	11363 SQM

GENERAL INFORMATION

Customers :

Wholesalers

No. of Employees :

15 (Approximately)

Bankers :

• ICICI Bank Limited, Landmark Race Cource Circle, Alkapuri, Vadodara – 390 015, Gujarat, India
• Adarsh Co-operative Bank Limited, Jaipur, Rajasthan, India

Facilities :

Secured Loan	As on 31.03.2012 (Rs. in Millions)	As on 31.03.2011 (Rs. in Millions)
LONG TERM BORROWINGS
Term Loan
Bajaj Finance Limited	1.792	0.000
Bajaj Finance Limited	4.931	0.000
Bajaj Finance Limited	9.806	0.000
ICICI Bank Limited (Skoda)	1.305	0.000
ICICI Bank Limited (Scorpio)	0.548	0.000
ICICI Bank Limited (Scorpio)	0.338	0.000
ICICI Bank Limited (Innova)	0.486	0.658
ICICI Bank Limited (Innova)	0.665	0.868
ICICI Bank Limited (BEML Loader)	14.531	0.000
L&T Finance Limited (CK-300)	7.065	0.000
L&T Finance Limited (Block Handler)	6.490	14.124
SHORT TERM BORROWINGS
Cash Credit Limit
Adarsh Co-operative Bank Limited, Jaipur (Previous Year – Nil) Secured against Hypothecation of all the present and future current assets including stock and book debts of the Company and Secured against Equitable Mortgage of Land and Building of Arpit Marble Private Limited Situated at C-146-147 and E-150 VKI Area, Jaipur	29.021	0.000
Total	76.978	15.650

Banking Relations :	--
Financial Institution :	Bajaj Finance Limited, Akurdi, Pune – 411 035, Maharashtra, India L&T Finance Limited
Auditors :
Name :	Dhoot and Associates Chartered Accountants
Address :	F-3, Ramesh Marg, C-Scheme, Jaipur – 302 001, Rajasthan, India
PAN No.:	AACFD2364C

CAPITAL STRUCTURE

AS ON 28.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.100/- each	Rs.10.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
42310	Equity Shares	Rs.100/- each	Rs.4.231 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	4.231	4.231
(b) Reserves & Surplus	(32.694)	(36.375)
(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)	(28.463)	(32.144)
(3) Non-Current Liabilities
(a) Long-term borrowings	85.579	62.943
(b) Deferred tax liabilities (Net)	4.174	5.009
(c) Other long term liabilities	3.510	3.432
(d) Long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	93.263	71.384
(4) Current Liabilities
(a) Short term borrowings	46.016	17.365
(b) Trade payables	12.536	7.981
(c) Other current liabilities	97.452	70.066
(d) Short-term provisions	7.073	6.356
Total Current Liabilities (4)	163.077	101.768
TOTAL	227.877	141.008
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	145.773	84.806
(ii) Intangible Assets	1.000	1.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.823	0.074
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	0.792	0.792
(e) Other Non-current assets	0.080	0.283
Total Non-Current Assets	148.468	86.955
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	54.077	31.592
(c) Trade receivables	7.987	8.817
(d) Cash and cash equivalents	4.802	3.616
(e) Short-term loans and advances	12.186	9.709
(f) Other current assets	0.357	0.319
Total Current Assets	79.409	54.053
TOTAL	227.877	141.008

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		4.231
2] Share Application Money		0.000
3] Reserves & Surplus		2.753
4] (Accumulated Losses)		(43.065)
NETWORTH		(36.081)
LOAN FUNDS
1] Secured Loans		7.249
2] Unsecured Loans		22.634
TOTAL BORROWING		29.883
DEFERRED TAX LIABILITIES		6.184
TOTAL		(0.014)
APPLICATION OF FUNDS
Goodwill		1.000
FIXED ASSETS [Net Block]		62.845
Capital work-in-progress		0.000
INVESTMENT		0.025
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	11.892
	Sundry Debtors	5.861
	Cash & Bank Balances	1.027
	Other Current Assets	0.000
	Loans & Advances	8.472
Total Current Assets		27.252
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	5.597
	Other Current Liabilities	85.539
	Provisions	0.000
Total Current Liabilities		91.136
Net Current Assets		(63.884)
MISCELLANEOUS EXPENSES		0.000
TOTAL		(0.014)

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	106.969	88.202	7.383
		Other Income	2.145	1.395	0.085
		TOTAL	109.114	89.597	7.468
Less	EXPENSES
		Office Expenses	86.553	76.853	19.089
		Administrative Expenses
		Advertising Expenses
		TOTAL	86.553	76.853	19.089
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		22.561	12.744	(11.621)
Less/ Add	DEPRECIATION/ AMORTISATION		19.716	9.982	0.405
	PROFIT / (LOSS) BEFORE TAX		2.845	2.762	(12.026)
Less	TAX		0.000	0.000	(0.001)
	PROFIT / (LOSS) AFTER TAX		2.845	2.762	(12.024)
	Earnings / (Loss) Per Share (Rs.)		67.25	65.29	NA

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	2.61	3.08	(161.01)
Net Profit Margin (PBT/Sales)	(%)	2.66	3.13	(162.89)
Return on Total Assets (PBT/Total Assets}	(%)	1.25	1.96	(13.20)
Return on Investment (ROI) (PBT/Networth)		(0.10)	(0.09)	0.33
Debt Equity Ratio (Total Debt/Networth)		(4.62)	(2.50)	(0.83)
Current Ratio (Current Asset/Current Liability)		0.49	0.53	0.30

LOCAL AGENCY FURTHER INFORMATION

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	No
17) Major suppliers	No
18) Major customers	No
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	No

Unsecured Loan	As on 31.03.2012 (Rs. in Millions)	As on 31.03.2011 (Rs. in Millions)
LONG TERM BORROWINGS
From Directors	37.622	47.293
SHORT TERM BORROWINGS
Loan repayable on Demand
From Directors	14.601	14.971
From Director’s Relatives	1.315	1.315
From Members	1.079	1.079
Total	54.617	64.658

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10444016	26/07/2013	12,561,000.00	BAJAJ FINANCE LIMITED	AKURDI PUNE-, PUNE, MAHARASHTRA - 411035, INDIA	B82535626
2	10390970	29/11/2012	19,900,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA	B63738025
3	10389452	09/11/2012	12,800,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA	B63137160
4	10387188	29/10/2012	15,040,000.00	BAJAJ FINANCE LIMITED	AKURDI PUNE-, PUNE, MAHARASHTRA - 411035, INDIA	B62263736
5	10382999	28/09/2012	14,600,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA	B60697968
6	10376116	24/07/2012	7,500,000.00	THE ADARSH CO-OPERATIVE BANK LIMITED	DHAMANI MARKET, CHOURA RASTA, JAIPUR, RAJASTHAN - 302001, INDIA	B57958704
7	10352903	27/03/2012	3,125,000.00	BAJAJ FINANCE LIMITED	AKURDI PUNE-, PUNE, MAHARASHTRA - 411035, INDIA	B38657326
8	10333165	05/01/2012	11,000,000.00	BAJAJ FINANCE LIMITED	AKURDI PUNE-, PUNE, MAHARASHTRA - 411035, INDIA	B31078637
9	10409971	14/12/2011	18,200,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA	B60697471
10	10307566	24/08/2011	30,000,000.00	ADARSH CO-OPERATIVE BANK LIMITED	CHOURA RASTA, JAIPUR, RAJASTHAN - 302003, INDIA	B21129325
11	90113576	15/06/2004	2,700,000.00	L& T FINANCE LIMITED	32 SHIVAJI MARG, P.O BOX 6223, NEW DELHI, DELHI, INDIA	-
12	90067497	20/12/2004 *	4,500,000.00	L& T FINANCE LIMITED	32 ;SHIVAJI MARG, PO BOX 6223, NEW DELHI, DELHI - 110015, INDIA	-
13	90067380	20/12/2004 *	9,400,000.00	L&T FINANCE LIMITED	32 ;SHIVAJI MARG, PO BOX 6223, NEW DELHI, DELHI - 110015, INDIA	-
14	80063632	22/01/2000	600,000.00	CENTURION BANK LIMITED	F-108, 1ST FLOOR, SANGAM TOWER , CHURCH ROAD , JA IPUR, RAJASTHAN - 302001, INDIA	-
15	90066995	22/01/2000	600,000.00	CENTURION BANK LIMITED	F-108 1ST FLOOR SANGAM TOWER, CHURCH ROAD, JAIPUR , RAJASTHAN - 302001, INDIA	-
16	90070477	22/01/2000	600,000.00	CENTURION BANK LIMITED	F-108 IST FLOORSANGAMTOWER, CHURCH ROAD, JAIPUR, RAJASTHAN - 302001, INDIA	-

* Date of charge modification

FIXED ASSETS:

Tangible Assets

· Land

· Building

· Plant and Machinery

· Computer

· Office Equipment

· Furniture and Fixture

· Vehicles

Intangible Assets

· Goodwill

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.62.24
UK Pound	1	Rs.99.90
Euro	1	Rs.84.23

INFORMATION DETAILS

Information Gathered by :	NYA
Report Prepared by :	SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	1
--PROFITABILIRY	1~10	1
--LIQUIDITY	1~10	1
--LEVERAGE	1~10	1
--RESERVES	1~10	1
--CREDIT LINES	1~10	1
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		12

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.