MIRA INFORM REPORT

Report Date :

07.04.2014

IDENTIFICATION DETAILS

Name :	UMBERTO CERAMICS INTERNATIONAL PRIVATE LIMITED
Registered Office :	703, Himachal, Juhu Lane, Andheri (West), Mumbai - 400058, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	31.01.2011
Com. Reg. No.:	11-212844
Capital Investment / Paid-up Capital :	Rs. 37.552 Millions
CIN No.: [Company Identification No.]	U26933MH2011PTC212844
TAN No.: [Tax Deduction & Collection Account No.]	MUMU06310D
PAN No.: [Permanent Account No.]	AABCU2672E
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of all kind of porcelain Tableware.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

B (26)

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

Maximum Credit Limit :	USD 540000
Status :	Yet to commence its commercial activity
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Even though company was incorporated during 31.01.2011, the company is yet to commence its commercial activities. Company has incurred loss due to pre-operative expense. Payment terms are slow but correct. The company can be considered for business dealing with 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 – December 1, 2013

Country Name	Previous Rating (30.09.2013)	Current Rating (01.12.2013)
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

India’s current account deficit for the fiscal third quarter ended September 2013 narrowed to $4.2 billion or 0.9 % of the gross domestic product from $31.9 billion or 6.5 % of GDP a year earlier, thanks to a pick-up in exports and moderation in gold imports. Manufacturing activity and new orders in India showed their strongest growth in a year in February. The news comes as a relief after data showed Asia’s third largest economy grew by a slower-than-expected 4.7 % annually in the three months through December. The HSBC Manufacturing Purchasing Managers’ Index which gauges the business activity of India’s factories but not its’ utilities, rose to 52.5 in February, its highest in a year from 51.4 in January. Overall new orders for factory goods which rose to a one-year high of 54.9 contributed to the surge. China has emerged as India’s biggest trading partner in the current financial year replacing the United Arab Emirates and pushing it to the third spot. India-China trade has reached $49.5 billion with a 8.7 % share in India’s total trade. The US comes second at $46 billion with 8.1 % share during the first nine months of the current financial year.

The Reserve Bank of India has granted an additional nine months to the public to exchange currency notes printed before 2005 including Rs 500 and Rs 1,000 denominations, pushing the deadline to January 1, 2015. A day before dates for the Lok Sabha polls were announced, the government decided to hike interest rates on fixed deposit schemes offered by post offices up to 0.2 per cent. The new rates will be effective April, 1. The Supreme Court will resume hearing on March, 11 Nokia’s appeal against a ruling over transferring ownership of its local mobile phones plant which is the subject of a tax dispute to Microsoft Corp.

In the last days of the current Government, another scam has surfaced. The defence ministry has ordered a probe into Hindustan Aeronautics Limited’s contracts from Britain’s Rolls-Royce Holdings worth at least $ 1.2 billion. The Central Bureau of Investigation will look into allegations that over $80 million was paid in kickbacks in a deal signed in 2011. India has asked Boeing Co. to find a solution for problems with state-owned Air India’s 787 Dreamliners. The aircraft has experienced a series of malfunctions since its debut in 2011.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long term rating: “BB-”
Rating Explanation	Have adequate risk of default.
Date	31.12.2013

Rating Agency Name	CRISIL
Rating	Short term rating: “A4+”
Rating Explanation	Have minimal degree of safety and carry very high credit risk.
Date	31.12.2013

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

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

INFORMATION DECLINED BY

Name :	Mr. Bhavesh
Designation :	Senior Accounts Manager
Contact No.:	91-2770-233451
Date :	05.04.2014

LOCATIONS

Registered Office :	703, Himachal, Juhu Lane, Andheri (West), Mumbai - 400058, Maharashtra, India
Tel. No.:	91-22-26206661
Fax No.:	Not Available
E-Mail :	info@umbertoceram.com bhavesh@umbertoceramics.com

DIRECTORS

As on 30.09.2013

Name :

Mr. Kapoorchand Himmatmal Malesha

Designation :

Director

Address :

703, Himachal, Juhu Lane, Andheri (West), Mumbai - 400058, Maharashtra, India

Date of Birth/Age :

15.07.1936

Date of Appointment :

31.01.2011

DIN No.:

00393639

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	U26900MH2000PTC128025	KAPSONS CERAMICS (INDIA) PRIVATE LIMITED	Whole-time director	30/09/2003	30/09/2003	-	Active	NO
2	U26933MH2011PTC212844	UMBERTO CERAMICS INTERNATIONAL PRIVATE LIMITED	Director	31/01/2011	31/01/2011	-	Active	NO
3	U51909MH2011PTC217881	U Fix India Private Limited	Director	25/05/2011	25/05/2011	-	Active	NO
4	U51103MH2011PTC218345	Umberto Porcelain Private Limited	Director	06/06/2011	06/06/2011	-	Active	NO
5	U26914GJ2012PTC068945	SUNGRACIA TILES PRIVATE LIMITED	Director	07/02/2012	07/02/2012	07/02/2012	Active	NO

Name :

Mr. Jainendra Kapoorchand Malesha

Designation :

Director

Address :

704, Himachal, Juhu Lane, Andheri (West), Mumbai - 400058, Maharashtra, India

Date of Birth/Age :

18.04.1960

Date of Appointment :

31.01.2011

DIN No.:

00393678

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	U26900MH2000PTC128025	KAPSONS CERAMICS (INDIA) PRIVATE LIMITED	Whole-time director	30/09/2003	30/09/2003	-	Active	NO
2	U26933MH2011PTC212844	UMBERTO CERAMICS INTERNATIONAL PRIVATE LIMITED	Director	31/01/2011	31/01/2011	-	Active	NO
3	U51909MH2011PTC217881	U FIX INDIA PRIVATE LIMITED	Director	25/05/2011	25/05/2011	-	Active	NO
4	U51103MH2011PTC218345	UMBERTO PORCELAIN PRIVATE LIMITED	Director	06/06/2011	06/06/2011	-	Active	NO
5	U26914GJ2012PTC068945	SUNGRACIA TILES PRIVATE LIMITED	Director	07/02/2012	07/02/2012	-	Active	NO

Name :

Massaad Abdulla Khater

Designation :

Director

Address :

Villa No. 2, Street No. 31b, Community 154, Khuzam, Ras Al Khaimah, United Arab Emirates

Date of Birth/Age :

17.06.1953

Date of Appointment :

30.09.2013

DIN No.:

01497970

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	U51432MH2003PTC142458	RAS AL KHAIMAH CERAMICS (INDIA) PRIVATE LIMITED	Nominee director	06/10/2003	06/10/2003	-	Amalgamated	NO
2	U26919AP2004PTC042401	R.A.K.CERAMICS INDIA PRIVATE LIMITED	Director	09/01/2004	09/01/2004	27/08/2012	Active	NO
3	U10200AP2005PTC046041	CERAMIN INDIA PRIVATE LIMITED	Director	25/10/2006	25/10/2006	09/01/2013	Active	NO
4	U70100TN2007PLC062429	RAKINDO KOVAI TOWNSHIP LIMITED	Director	31/07/2008	01/04/2007	29/03/2013	Active	NO
5	U74999AP2007PLC053278	ANRAK ALUMINIUM LIMITED	Director	28/07/2008	04/04/2007	16/08/2013	Active	NO
6	U70101TN2007PTC070817	RAKINDO DEVELOPERS PRIVATE LIMITED	Director	07/04/2009	03/12/2007	29/03/2013	Active	NO
7	U74999AP2008PTC058448	VANPIC PORTS PRIVATE LIMITED	Director	17/07/2009	25/06/2008	-	Active	NO
8	U45209AP2008PTC058696	GENEXX INFRATECH PRIVATE LIMITED	Director	17/07/2009	25/06/2008	-	Active	NO
9	U74999AP2008PTC057225	VANPIC PROJECTS PRIVATE LIMITED	Director	17/07/2009	25/06/2008	-	Active	NO
10	U63010AP2008PTC059738	VANPIC SHIPYARD PRIVATE LIMITED	Director	17/07/2009	25/06/2008	-	Active	NO
11	U62200AP2008PTC059737	PRAKASAM AIRPORT PRIVATE LIMITED	Director	17/07/2009	24/11/2008	-	Active	NO
12	U70102AP2008PTC061850	HYDERABAD ECONOMIC CITY DEVELOPERS PRIVATE LIMITED	Director	30/09/2009	30/03/2009	-	Active	NO
13	U51909MH2009PTC193734	KLUDIRAK INDIA PRIVATE LIMITED	Director	23/09/2010	24/04/2010	01/09/2012	Active	NO
14	U45400TN2010FTC077846	ELECTRO RAK (INDIA) PRIVATE LIMITED	Director	27/10/2010	27/10/2010	-	Active	NO
15	U45200TN2010PTC078017	RAK HEAVY ENGINEERING CONSTRUCTIONS PRIVATE LIMITED	Director	10/11/2010	10/11/2010	24/02/2011	Active	NO
16	U26933MH2011PTC212844	UMBERTO CERAMICS INTERNATIONAL PRIVATE LIMITED	Director	30/09/2013	06/12/2012	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Bhavesh
Designation :	Senior Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

Names of Equity Shareholders	No. of Shares
Kapoorchand H. Malesha	1090675
Jainendra K. Malesha	403822
S. Bhaskar Reddy (ABC Contractor)	201911
Appukuttan Jayakumar	201911
Nakshatra Glow Holding Private Limited, India	201555
Star India Holding Pte. Limited, India	1857580
Shivlal Patel	80764
Total	4038218

Names of Preference Shareholders	No. of Shares
Jainendra K. Malesha	1000000
Kapoorchand H. Malesha	2200000
Shivlal Patel	200000
Star India Holding Pte. Limited	6458360
Total	9858360

As on 30.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	46.00
Bodies corporate	5.00
Directors or relatives of Directors	37.00
Other top fifty shareholders	12.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of all kind of porcelain Tableware.
Exports :	Not Divulged
Imports :	Not Divulged

GENERAL INFORMATION

Supplier:	Not Divulged
Customer:	Not Divulged
No. of Employees :	Not Divulged
Bankers :	State Bank of India, Medium Enterprise Cell, Navarangpura Branch, Near Navarangpura Telephone Exchange, C.D. Road, Ahmedabad - 380009, Gujarat, India

Banking Relations :	--
Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	12, Dr. Annie Besant Road, Opp Shivsagar Estate, Worli, Mumbai – 400018, Maharashtra, India
Tel. No. :	91-79-27582542/ 27582543/ 66073100
Fax No. :	91-79-27582551
Income-tax PAN of auditor or auditor's firm :	AADFD2337G

CAPITAL STRUCTURE

As on 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
5,000,000	Equity Shares	Rs.10/- each	Rs. 50.000 Millions
10,000,000	Preference Shares	Rs.10/- each	Rs. 100.000 Millions
	Total		Rs. 150.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4,038,218	Equity Shares	Rs.10/- each	Rs. 40.382 Millions
9,858,360	Preference Shares	Rs.10/- each	Rs. 98.584 Millions
	Total		Rs. 138.966 Millions

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
5,000,000	Equity Shares	Rs.10/- each	Rs. 50.000 Millions
10,000,000	Preference Shares	Rs.10/- each	Rs. 100.000 Millions
	Total		Rs. 150.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3,755,187	Equity Shares	Rs.10/- each	Rs. 37.552 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	37.552	6.550	0.100
(b) Reserves & Surplus	91.269	15.465	-0.448
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	6.400	0.000	0.000
Total Shareholders’ Funds (1) + (2)	135.221	22.015	-0.348
(3) Non-Current Liabilities
(a) long-term borrowings	29.843	19.800	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	29.843	19.800	0.000
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	6.700
(b) Trade payables	0.000	0.000	0.000
(c) Other current liabilities	7.108	0.745	0.041
(d) Short-term provisions	0.000	0.000	0.000
Total Current Liabilities (4)	7.108	0.745	6.741
TOTAL	172.172	42.560	6.393
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	26.729	1.189	0.000
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	105.024	2.459	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	0.110	0.147
(d) Long-term Loan and Advances	38.621	37.092	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	170.374	40.850	0.147
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	0.000	0.000	0.000
(d) Cash and cash equivalents	1.084	1.699	6.246
(e) Short-term loans and advances	0.614	0.011	0.000
(f) Other current assets	0.100	0.000	0.000
Total Current Assets	1.798	1.710	6.246
TOTAL	172.172	42.560	6.393

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	0.000	0.000	0.000
		Other Income	0.000	0.000	0.000
		TOTAL	0.000	0.000	0.000
Less	EXPENSES
		TOTAL	0.596	0.000	0.595
	PROFIT / (LOSS) BEFORE TAX		(0.596)	0.000	(0.595)
Less	TAX		0.110	0.037	(0.147)
	PROFIT / (LOSS) AFTER TAX		(0.706)	(0.037)	(0.448)
	Earnings / (Loss) Per Share (Rs.)		(0.59)	(0.06)	(44.82)

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	0.00	0.00	0.00
Net Profit Margin (PBT/Sales)	(%)	0.00	0.00	0.00
Return on Total Assets (PBT/Total Assets}	(%)	(0.89)	0.00	(9.53)
Return on Investment (ROI) (PBT/Networth)		0.00	0.00	1.71
Debt Equity Ratio (Total Debt/Networth)		0.22	0.90	-19.25
Current Ratio (Current Asset/Current Liability)		0.25	2.30	0.93

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	0.100	6.550	37.552
Reserves & Surplus	(0.448)	15.465	91.269
Share Application money pending allotment	0.000	0.000	6.400
Net worth	(0.348)	22.015	135.221
long-term borrowings	0.000	19.800	29.843
Short term borrowings	6.700	0.000	0.000
Total borrowings	6.700	19.800	29.843
Debt/Equity ratio	(19.253)	0.899	0.221

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	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	Yes

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10428158	30/10/2013 *	895,000,000.00	STATE BANK OF INDIA	MEDIUM ENTERPRISE CELL, NAVARANGPURA BRANCH, NEAR NAVARANGPURA TELEPHONE EXCHANGE, C.D. ROAD, AHMEDABAD - 380009, GUJARAT, INDIA	B92496744

*Date of Charge modification

UNSECURED LOANS

PARTICULAR	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG TERM BORROWINGS
Loans from Related Parties	18.068	0.000
Loans from Share holders	11.775	19.800
Total	29.843	19.800
Note: Above stated loans are repayable after repayment of proposed term loan from the Bankers. Loans carry interest at the rate of LIBOR (Monthly) + 2% p.a.

CORPORATE INFORMATION

The Company has been set up to manufacture all kind of porcelain Tableware. Porcelain Tableware will be manufactured in a variety of shapes, sizes and patterns. Manufacturing facility is being set up in Gujarat, India. The Company is planning to market the product within India and outside India.

OPERATIONAL ACTIVITIES

The Company is in initial stage of setting up a pilot project of Tableware at Prantij Sabarkantha, Gujarat. Hence, it has not carried out any business activities during the financial year.

FIXED ASSETS

· Land

· Buildings

· Computers

· Furniture and Fixtures

· Vehicle

· Office Equipment

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.60.32
UK Pound	1	Rs.100.04
Euro	1	Rs.82.65

INFORMATION DETAILS

Information Gathered by :	HNA
Analysis Done by :	RAS
Report Prepared by :	MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--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		26

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.