Country	India
Company Name	SATKUL ENTERPRISES LIMITED	Principal Name 1	Mr. Satbirsingh Mohanjitsingh Bagga
Status	Satisfactory	Principal Name 2	Mr. Kulbirsingh Mohanjitsingh Bagga
		Registration #	04-35510
Street Address	M-21, New Madhavpura Market, Shahibaug Road, Ahmedabad-380004, Gujarat, India
Established Date	26.02.1999	SIC Code	--
Telephone#	91-79-25620552 / 30914735 / 26747130	Business Style 1	Manufacturer
Fax #	91-79-25620558	Business Style 2	Trader
Homepage	http://www.satkulwelding.com	Product Name 1	Welding Items
# of employees	15 (Approximately)	Product Name 2	--
Paid up capital	Rs.2,000,000/-	Product Name 3	--
Shareholders	Directors or relatives of directors – 100%	Banking	ING Vysya Bank Limited
Public Limited Corp.	NO	Business Period	15 years
IPO	NO	International Ins.	-
Public Enterprise	NO	Rating	Ba (48)
Related Company
Relation	Country	Company Name	CEO
Related Parties	India	Falcon Cables Private Limited	--
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2013		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	38,205,000	Current Liabilities	7,573,000
Inventories	51,427,000	Long-term Liabilities	61,605,000
Fixed Assets	19,197,000	Other Liabilities	1,397,000
Deferred Assets	0,000	Total Liabilities	70,575,000
Invest& other Assets	0,000	Retained Earnings	36,254,000
		Net Worth	38,254,000
Total Assets	108,829,000	Total Liab. & Equity	108,829,000
Total Assets (Previous Year)	100,343,000
P/L Statement as of	31.03.2013		(Unit: Indian Rs.)
Sales	157,948,000	Net Profit	148,985,000
Sales(Previous yr)	148,985,000	Net Profit(Prev.yr)	2,018,000

MIRA INFORM REPORT

Report Date :

22.04.2014

IDENTIFICATION DETAILS

Name :	SATKUL ENTERPRISES LIMITED
Registered Office :	M-21, New Madhavpura Market, Shahibaug Road, Ahmedabad-380004, Gujarat
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	26.02.1999
Com. Reg. No.:	04-035510
Capital Investment / Paid-up Capital :	Rs.2.000 Millions
CIN No.: [Company Identification No.]	U27209GJ1999PLC035510
TAN No.: [Tax Deduction & Collection Account No.]	AHMS00901F
PAN No.: [Permanent Account No.]	AADCS0453K
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Importer of Welding Item.
No. of Employees :	15 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Maximum Credit Limit :	USD 153000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered for normal business dealings at usual trade terms and conditions.

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, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
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

US investment bank Goldman Sachs has upgraded its outlook on Indian markets as it expects positive impact of the election cycle.

India’s economy may grow 4.7 % in the current financial year, lower than the official estimate of 4.9 %, Fitch Rating said. The global rating agency expects the economy to pick up in the next two financial years.

Global ratings agency Standard & Poor said increasing focus by India Inc on lowering debt is likely to improve their credit profiles.

Singapore (1.1 million Indian tourists in 2012), Thailand (one million), the United Arab Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred holidays hotspots for Indians. The total figure is expected to increase to 1.93 million by 2017, according to the latest Eurmonitor international report.

There is a $29.34 bn outward foreign direct investment by domestic companies between April and January of 2013/14 which has seen some signs of recovery according to a Care Ratings report.

There are 264 number of new companies being set up every day on average during 2014. Most of them are registered in Mumbai. India had 1.38 million registered companies at the end of January, 2014.

Twitter like messaging service Weibo Corporation has filed to raise $ 500 million via a US initial public offering. Alibaba, which owns a stake in Weibo is expected to raise about $ 15 billion New York this year in the highest profile Internet IPO since Facebook’s in 2012.

Bharti Airtel has raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at a coupon rate of three per cent and maturing in 2020. This is the largest ever bond offering by an Indian company in Swiss Francs. Bharat Petroleum Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98 % coupon rate in February.

Indian Oil Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex at its almost complete Paradip refinery in Odhisha in three to four years. The company board is set to consider the setting up of a 700000 tonne per annum polypropylene plant at an estimated cost at Rs.3150 crore.

Global chief information officers at gathering in Bangalore in April to meet Indian startups at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in the making.

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

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

INFORMATION PARTED BY

Name :	Mr. Muhanjeet Bagga
Designation :	Director
Contact No.:	91-79-25620552
Date :	16.04.2014

LOCATIONS

Registered Office :	M-21, New Madhavpura Market, Shahibaug Road, Ahmedabad – 380 004, Gujarat, India
Tel. No.:	91-79-25620552 / 30914735 / 26747130
Fax No.:	91-79-25620558
E-Mail :	sales@satkulwelding.com gshethwala@yahoo.com info@satkulwelding.com
Website :	http://www.satkulwelding.com
Location :	Owned
Factory :	Plot No 708, GIDC, N H 8A, Near Bavla, Kerala – 382220, Karnataka, India
Tel. No.:	91-2714-268439
E-Mail :	falcon@satkulwelding.com

DIRECTORS

As on 30.09.2013

Name :

Mr. Kulbirsingh Mohanjitsingh Bagga

Designation :

Director

Address :

146, Azad Society, Ambawadi, Ahmedabad – 380015, Gujarat, India

Date of Birth/Age :

16.04.1983

Date of Appointment :

01.05.2001

DIN No. :

00173363

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	U27209GJ1999PLC035510	SATKUL ENTERPRISES LIMITED	Director	01/05/2001	01/05/2001	-	Active	NO
2	U25200GJ1990PTC013311	ADVANCE COATINGS PVT LTD	Director	01/05/2001	01/05/2001	-	Active	NO

Name :

Mr. Satbirsingh Mohanjitsingh Bagga

Designation :

Director

Address :

146, Azad Society, Ambawadi, Ahmedabad – 380015, Gujarat, India

Date of Birth/Age :

21.12.1981

Date of Appointment :

01.01.2006

DIN No. :

00173332

Name :

Ms. Manpreetkaur Mohanjitsingh Bagga

Designation :

Director

Address :

146, Azad Society, Ambawadi, Ahmedabad–380015, Gujarat, India

Date of Birth/Age :

11.06.1986

Date of Appointment :

01.09.2006

DIN No. :

00723368

Name :

Mr. Mohanjitsingh Suratsingh Bagga

Designation :

Director

Address :

146, Azad Society, Ambawadi, Ahmedabad–380015, Gujarat, India

Date of Birth/Age :

23.01.1956

Date of Appointment :

17.11.2009

DIN No. :

00173293

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	U51100GJ1989PTC012435	HARDEEP TRADING CO PVT LTD	Director	29/06/1989	29/06/1989	-	Active	NO
2	U27310GJ1974PTC002554	SHRESTH MULTI METAL INDUSTRIES PVT LTD	Director	26/12/1989	26/12/1989	-	Active	NO
3	U31300GJ1990PTC014571	FALCON CABLES PRIVATE LIMITED	Director	26/10/1990	26/10/1990	-	Active	NO
4	U25200GJ1990PTC013311	ADVANCE COATINGS PVT LTD	Director	01/01/1997	01/01/1997	-	Active	NO
5	U27209GJ1999PLC035510	SATKUL ENTERPRISES LIMITED	Director	17/11/2009	17/11/2009	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

Names of Shareholders	No. of Shares
Mohanjitsingh Suratsingh Bagga	117140
Amarjitkaur Mohanjitsingh Bagga	1810
Satbirsingh Mohanjitsingh Bagga	40510
Kulbirsingh Mohanjitsingh Bagga	40510
Dilipkumar Taraji Prajapati	10
Harsha G Shethwala	10
Manpreetkaur M Bagga	10
Total	200000

As on 30.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Importer of Welding Item.
Products :	· Welding Consumables · Cables of Superior Performance · Gas Cutting and Welding Equipments · Welding Rubber Hose Pipe
Imports :
Products :	Finish Goods
Countries :	· Korea · USA · Italy · China
Terms :
Selling :	Advance Payment and Cheque
Purchasing :	Advance Payment and Cheque

GENERAL INFORMATION

No. of Employees :

15 (Approximately)

Bankers :

· ING Vysya Bank Limited, P. B. No.4038, Chanakya Building, Near Dinesh Hall, Off Ashram Road, Ahmedabad – 380009, Gujarat, India

· State Bank of India, Madam Cama Road, Specialised Commercial Branch, Gandhigram, Ahmedabad – 380006, Gujarat, Maharashtra, India

· Bank of Baroda, S. Mangaldas Road, Ahmedabad – 380015, Gujarat, India

· HDFC Bank Limited

· Kotak Mahindra Bank Limited

Facilities :

CC Rs. 42.500 Millions (From ING Vysya Bank Limited)

Non Fund Facilities Rs. 10.000 Millions (From ING Vysya Bank Limited)

SECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
SHORT TERM BORROWINGS
ING Vysya Bank Cash Credit Account (Secured by equitable mortgage of shops and hypothecation of stocks and book debts, collateral security and personal guarantee of directors)	54.015	46.798
Total	54.015	46.798

Banking Relations :	--
Auditors :
Name :	S Gaurang and Associates Chartered Accountants
Address :	313, Advait, Near Sandesh Press, Vastrapur, Ahmedabad – 380 054, Gujarat, India
Tel. No.:	91-79-40030043
Mobile No.:	91-9898074280
PAN No.:	ABIPS3412P
Related Parties :	· Falcon Cables Private Limited · Shresth Multi Metal India Private Limited

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
300000	Equity Shares	Rs.10/- each	Rs.3.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
200000	Equity Shares	Rs.10/- each	Rs.2.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	2.000
(b) Reserves & Surplus	36.254
(c) Money received against share warrants	0.000
(2) Share Application money pending allotment	0.000
Total Shareholders’ Funds (1) + (2)	38.254
(3) Non-Current Liabilities
(a) long-term borrowings	7.590
(b) Deferred tax liabilities (Net)	0.055
(c) Other long term liabilities	0.000
(d) long-term provisions	0.000
Total Non-current Liabilities (3)	7.645
(4) Current Liabilities
(a) Short term borrowings	54.015
(b) Trade payables	7.573
(c) Other current liabilities	0.000
(d) Short-term provisions	1.342
Total Current Liabilities (4)	62.930
TOTAL	108.829
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	19.197
(ii) Intangible Assets	0.000
(iii) Capital work-in-progress	0.000
(iv) Intangible assets under development	0.000
(b) Non-current Investments	0.000
(c) Deferred tax assets (net)	0.000
(d) Long-term Loan and Advances	0.158
(e) Other Non-current assets	0.000
Total Non-Current Assets	19.355
(2) Current assets
(a) Current investments	0.000
(b) Inventories	51.427
(c) Trade receivables	26.596
(d) Cash and cash equivalents	3.242
(e) Short-term loans and advances	8.100
(f) Other current assets	0.109
Total Current Assets	89.474
TOTAL	108.829

SOURCES OF FUNDS		31.03.2012	31.03.2011
SHAREHOLDERS FUNDS
1] Share Capital		2.000	2.000
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		33.920	31.901
4] (Accumulated Losses)		0.000	0.000
NETWORTH		35.920	33.901
LOAN FUNDS
1] Secured Loans		46.798	34.649
2] Unsecured Loans		5.311	3.873
TOTAL BORROWING		52.109	38.522
DEFERRED TAX LIABILITIES		0.037	0.000
TOTAL		88.066	72.423
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		16.820	16.106
Capital work-in-progress		0.000	0.000
INVESTMENT		0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	35.288	34.417
	Sundry Debtors	36.506	25.750
	Cash & Bank Balances	1.985	1.845
	Other Current Assets	0.081	0.000
	Loans & Advances	9.663	10.352
Total Current Assets		83.523	72.364
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	11.073	11.540
	Other Current Liabilities	0.000	2.026
	Provisions	1.204	2.481
Total Current Liabilities		12.277	16.047
Net Current Assets		71.246	56.317
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		88.066	72.423

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	157.948	148.985	126.074
		Other Income	4.033	4.596	8.339
		TOTAL (A)	161.981	153.581	134.413
Less	EXPENSES
		Purchases Less Goods Return	129.074	104.297	84.208
		Custom Duty	21.687	20.265	18.462
		Clearing and Forwarding Expenses	2.634	1.985	1.868
		Freight, Cartage, Octroi Expenses	1.614	1.263	1.108
		Sales Tax of Preceding year	0.024	0.000	0.018
		Changes in Inventories	(16.139)	0.000	0.000
		Administrative and Selling Expense	8.126	10.842	12.860
		Fringe Benefit Tax	--	0.000	0.000
		Employees Benefit Expenses	1.645	1.524	0.000
		Increase/ Decrease in Stock	--	(0.870)	2.259
		TOTAL (B)	148.665	139.306	120.783
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		13.316	14.275	13.630
Less	FINANCIAL EXPENSES (D)		7.562	9.134	5.172
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		5.754	5.141	8.458
Less/ Add	DEPRECIATION/ AMORTISATION (F)		2.167	2.061	1.852
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		3.587	3.080	6.606
Less	TAX (H)		1.253	1.062	2.359
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		2.334	2.018	4.247
	IMPORTS VALUE		NA	95.758	74.709
	Earnings Per Share (Rs.)		11.67	10.09	21.23

Particulars	31.03.2014
Sales Turnover (Approximately)	110.000

The above information has been parted by Mr.

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	1.44	1.31	3.16
Net Profit Margin (PBT/Sales)	(%)	2.27	2.07	5.24
Return on Total Assets (PBT/Total Assets}	(%)	3.30	3.07	7.47
Return on Investment (ROI) (PBT/Networth)		0.09	0.09	0.19
Debt Equity Ratio (Total Debt/Networth)		1.61	1.45	1.14
Current Ratio (Current Asset/Current Liability)		1.42	6.80	4.51

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	126.074	148.985	157.948
		18.173	6.016

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	126.074	148.985	157.948
Profit	4.247	2.018	2.334
	3.37%	1.35%	1.48%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last four 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)	Yes
21]	Market information	-----
22]	Litigations that the firm / promoter involved in	-----
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	-----
26]	Buyer visit details	-----
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

UNSECURED LOANS

PARTICULAR	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG TERM BORROWINGS
Loans From Directors	4.736	0.740
Loan From Relatives of Director	0.511	0.410
HDFC Bank Limited Term Loan Repayable in Installment	1.505	0.267
Kotak Mahindra Bank Limited Term Loan Repayable in Installment	0.502	2.259
Tata Capital Limited Term Loan Repayable in Installment	0.336	1.635
Total	7.590	5.311

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10308290	15/01/2013 *	60,000,000.00	ING VYSYA BANK LIMITED	P.B.NO.4038, CHANAKYA BUILDING, NEAR DINESH HALL, OFF ASHRAM ROAD, AHMEDABAD, Gujarat - 380009, INDIA	B69684025

* Date of charge modification

FIXED ASSETS

· Motor Cars

· Office Equipments

· Office Building

· Packing Machines

· Trolley

· Water Purifier

· Computer

· Furniture and Fixtures

· Scooter and Bike

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.60.33
UK Pound	1	Rs.101.40
Euro	1	Rs.83.38

INFORMATION DETAILS

Information Gathered by :	SVA
Analysis Done by :	RAS
Report Prepared by :	ANK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--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		48

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	--

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.