MIRA INFORM REPORT

Report Date :

23.04.2014

IDENTIFICATION DETAILS

Name :	ADVANCED MICRO DEVICES PRIVATE LIMITED
Registered Office :	879 Arya Nagar, Ambala Cantonment - 133001, Haryana
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	06.06.1978
Com. Reg. No.:	05-009051
Capital Investment / Paid-up Capital :	Rs.0.444 Million
CIN No.: [Company Identification No.]	U74909HR1978PTC009051
Legal Form :	Private Limited Liability Company
Line of Business :	Exporter of all kinds of Microfiltration Products for Laboratories.
No. of Employees :	200 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (65)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 9650000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having fine track. Financial of the company seems to be sound. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered normal for 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. Praveen
Designation :	Accountant
Contact No.:	91-171-2699290
Date :	21.04.2014

LOCATIONS

Registered Office :	879 Arya Nagar, Ambala Cantonment - 133001, Haryana, India
Tel. No.:	91-171-2699290
Fax No.:	91-171-2699221 / 008
E-Mail :	jpjnco@hotmail.com mdi@vsnl.com accounts@mdimembrane.com
Website :
Head Office / Corporate Office :	20-21 Industrial Area, Ambala Cantonment - 133006, Haryana, India
Tel. No.:	91-171-2699290/2699471/2699274
Fax No.:	91-171-2699221/2699008
E-Mail :	mdi@vsnl.com
Branch Office:	Located At: Ahmedabad Bangalore Mumbai Hyderabad

DIRECTORS

As on 30.09.2013

Name :

Mr. Sharat Chander Gupta

Designation :

Director

Address :

879, Arya Nagar, Ambala Cantt, Ambala – 133001, Haryana, India

Date of Birth/Age :

24.12.1959

Date of Appointment :

06.06.1978

DIN No.:

00258690

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	U74909HR1978PTC009051	ADVANCED MICRO DEVICES PRIVATE LIMITED	Director	06/06/1978	06/06/1978	-	Active	NO
2	U29219CH2000PTC023736	PRECISION MEMBRANES PRIVATE LIMITED	Director	29/05/2000	29/05/2000	-	Active	NO
3	U52100HR2013PTC049062	Orbit Green-Tec Private Limited	Director	07/05/2013	07/05/2013	-	Active	NO

Name :

Mr. Jai Dev

Designation :

Whole Time Director

Address :

879, Arya Nagar, Ambala Cantt, Ambala – 133001, Haryana, India

Date of Birth/Age :

01.04.1926

Date of Appointment :

06.06.1978

DIN No.:

00484395

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	U74999HR1960PTC002321	LAKSHMI UDYOG MANDIR PRIVATE LIMITED	Whole-time director	30/05/1960	30/05/1960	-	Active	NO
2	U74909HR1978PTC009051	ADVANCED MICRO DEVICES PRIVATE LIMITED	Whole-time director	06/06/1978	06/06/1978	-	Active	NO

Name :

Mr. Rajni Kant

Designation :

Director

Address :

879, Arya Nagar, Ambala Cantt, Ambala – 133001, Haryana, India

Date of Birth/Age :

20.05.1951

Date of Appointment :

01.10.2005

DIN No.:

00484605

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	U74909HR1978PTC009051	ADVANCED MICRO DEVICES PRIVATE LIMITED	Director	06/06/1978	06/06/1978	-	Active	NO
2	U24231HR1996PTC033030	ADVVNCED SENSOR SYSTEMS PRIVATE LIMITED	Director	20/03/1996	20/03/1996	-	Active	NO
3	U29219CH2000PTC023736	PRECISION MEMBRANES PRIVATE LIMITED	Director	29/05/2001	29/05/2001	-	Active	NO
4	U52100HR2013PTC049062	Orbit Green-Tec Private Limited	Director	07/05/2013	07/05/2013	-	Active	NO

Name :

Mr. Nalini Kant Gupta

Designation :

Managing Director

Address :

879, Arya Nagar, Ambala Cantt, Ambala – 133001, Haryana, India

Date of Birth/Age :

21.12.1949

Date of Appointment :

01.05.1998

DIN No.:

00484630

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	U31909UP1963PTC002960	GARG ASSOCIATES PRIVATE LIMITED	Director	26/02/1991	26/02/1991	-	Active	NO
2	U24231HR1996PTC033030	ADVVNCED SENSOR SYSTEMS PRIVATE LIMITED	Managing director	20/03/1996	20/03/1996	-	Active	NO
3	U74909HR1978PTC009051	ADVANCED MICRO DEVICES PRIVATE LIMITED	Managing director	01/05/1998	01/05/1998	-	Active	NO
4	U29219CH2000PTC023736	PRECISION MEMBRANES PRIVATE LIMITED	Managing director	29/05/2000	29/05/2000	-	Active	NO
5	U74999HR1960PTC002321	LAKSHMI UDYOG MANDIR PRIVATE LIMITED	Director	29/09/2012	01/04/2012	-	Active	NO

Name :

Ms. Sukhda Devi

Designation :

Director

Address :

879, Arya Nagar, Ambala Cantt, Ambala – 133001, Haryana, India

Date of Birth/Age :

10.04.1938

Date of Appointment :

06.06.1978

DIN No.:

00484672

Name :

Mr. Somdev Gupta

Designation :

Director

Address :

39, Goubert Padasalal Street, Vazhalkulam, Pondicherry – 605001, Pondicherry, India

Date of Birth/Age :

06.12.1941

Date of Appointment :

06.06.1978

DIN No.:

00990217

Name :

Ms. Sarla Devi

Designation :

Director

Address :

879, Arya Nagar, Ambala Cantt, Ambala – 133001, Haryana, India

Date of Birth/Age :

18.12.1947

Date of Appointment :

06.06.1978

DIN No.:

00990301

Name :

Mr. Ashawant Gupta

Designation :

Director

Address :

879, Arya Nagar, Ambala Cantt, Ambala – 133001, Haryana, India

Date of Birth/Age :

04.01.1967

Date of Appointment :

01.04.1997

DIN No. :

01260329

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	U24231HR1996PTC033030	ADVVNCED SENSOR SYSTEMS PRIVATE LIMITED	Director	20/03/1996	20/03/1996	-	Active	NO
2	U74909HR1978PTC009051	ADVANCED MICRO DEVICES PRIVATE LIMITED	Director	01/04/1997	01/04/1997	-	Active	NO
3	U29219CH2000PTC023736	PRECISION MEMBRANES PRIVATE LIMITED	Director	29/05/2000	29/05/2000	-	Active	NO
4	U74999HR1960PTC002321	LAKSHMI UDYOG MANDIR PRIVATE LIMITED	Director	29/09/2012	01/04/2012	-	Active	NO
5	U52100HR2013PTC049062	Orbit Green-Tec Private Limited	Director	07/05/2013	07/05/2013	-	Active	NO
1	U24231HR1996PTC033030	ADVVNCED SENSOR SYSTEMS PRIVATE LIMITED	Director	20/03/1996	20/03/1996	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Praveen
Designation :	Accountant

MAJOR SHAREHOLDERS

As on 30.09.2013

Names of Shareholders	No. of Shares	% of Holding
Dev jai	750	16.89
Chandra Sharat	270	6.08
Dev Som	270	6.08
Devi Sarla	300	6.76
Devi Sukhda	600	13.51
Kant Nalini	1890	42.57
Ashawant	350	7.88
Kant Ranji	10	0.23
Total	4440	100.00

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2013

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Exporter of all kinds of Microfiltration Products for Laboratories.
Exports :
Products :	Membrane Filters
Countries :	European Countries Korea
Terms :
Selling :	L/C, Cash and Credit (30 Days)
Purchasing :	L/C, Cash and Credit (30 Days)

GENERAL INFORMATION

Customers :

Wholesalers, Retailers and End Users

No. of Employees :

200 (Approximately)

Bankers :

State Bank of India, Sadar Bazar, Ambala Cantt, Haryana, India

Facilities :

SECURED LOANS	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Short Term Borrowings
HDFC OD A/c No. 32289715514	14.507	0.000
SBI OD A/c No. 32289715514	75.361	0.000
SBI C/A	45.496	0.000
Total	135.364	0.000

Notes:

1. HDFC Od facility Is against the pledge of FDR of the company with HDFC

2. SBI OD facility is against the pledge of FDR of the company with SBI

Banking Relations :	--
Auditors :
Name :	Gandhi Minocha and Company Chartered Accountant
Address :	1-A, Tribune Colony, Ambala Cantt – 133001, Haryana, India
Tel. No.:	91-171-2652642/2652643/2652747
E-Mail :	gandhica@yahoo.com
PAN No.:	AGYPS9266N
Subsidiaries :	Lakshmi Udyog Mandir Private Limited CIN: U74999HR1960PTC002321

CAPITAL STRUCTURE

As on 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
5000	Equity Shares	Rs.100/- each	Rs.0.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4440	Equity Shares	Rs.100/- each	Rs.0.444 Million

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	0.444	0.444	0.444
(b) Reserves & Surplus	2,412.266	2,001.005	1,648.645
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	2,412.710	2,001.449	1,649.089
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	6.656	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.329
(d) long-term provisions	0.772	6.023	12.195
Total Non-current Liabilities (3)	7.428	6.023	12.524
(4) Current Liabilities
(a) Short term borrowings	135.364	0.000	0.000
(b) Trade payables	(4.786)	(20.244)	62.844
(c) Other current liabilities	27.074	44.478	65.677
(d) Short-term provisions	0.000	0.000	0.000
Total Current Liabilities (4)	157.652	24.234	128.521
TOTAL	2,577.790	2,031.706	1,790.134
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	190.139	151.256	170.906
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	33.494	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	264.831	233.963	139.158
(c) Deferred tax assets (net)	0.000	6.022	2.560
(d) Long-term Loan and Advances	93.623	69.352	124.252
(e) Other Non-current assets	8.220	8.220	7.649
Total Non-Current Assets	556.813	502.307	444.525
(2) Current assets
(a) Current investments	0.000	15.000	15.000
(b) Inventories	23.039	20.479	19.419
(c) Trade receivables	187.213	185.060	238.451
(d) Cash and cash equivalents	1,562.504	1,169.388	925.246
(e) Short-term loans and advances	1.819	1.148	1.202
(f) Other current assets	246.402	138.324	146.291
Total Current Assets	2,020.977	1,529.399	1,345.609
TOTAL	2,577.790	2,031.706	1,790.134

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.03.2013	31.03.2012	31.03.2011
	SALES
		Income		739.841	713.891	626.969
		Other Income		220.061	137.058	89.581
		TOTAL		959.902	850.949	716.550
Less	EXPENSES			335.848	252.085	187.870
				(including depreciation expenses)	(including depreciation expenses)
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION					528.680
Less	DEPRECIATION/ AMORTISATION					6.202
	PROFIT/(LOSS) BEFORE TAX			624.054	598.864	544.278
Less	TAX			212.793	190.620	167.204
	PROFIT/(LOSS) AFTER TAX			411.261	408.244	355.274
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD			2000.954	1592.710	1237.436
	BALANCE CARRIED TO THE B/S			2412.215	2000.954	1592.710
	EARNINGS IN FOREIGN CURRENCY
			F.O.B Value In Exports	393.335	397.966	331.766
			Royalty, Know How, Professional And Consultation Fees	4.968	3.883	4.569
	TOTAL EARNINGS			398.303	401.849	336.335
	Earnings Per Share (Rs.)			92626.35	91946.85	70451.24

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	42.84	47.98	49.58
Net Profit Margin (PBT/Sales)	(%)	84.35	83.89	86.81
Return on Total Assets (PBT/Total Assets}	(%)	26.98	34.06	33.02
Return on Investment (ROI) (PBT/Networth)		0.26	0.30	0.33
Debt Equity Ratio (Total Debt /Networth)		0.06	0.00	0.00
Current Ratio (Current Asset/Current Liability)		12.82	63.11	10.47

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	0.444	0.444	0.444
Reserves & Surplus	1648.645	2001.005	2412.266
Net worth	1649.089	2001.449	2412.710
long-term borrowings	0.000	0.000	0.000
Short term borrowings	0.000	0.000	135.364
Total borrowings	0.000	0.000	135.364
Debt/Equity ratio	0.000	0.000	0.056

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	626.969	713.891	739.841
		13.864	3.635

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	626.969	713.891	739.841
Profit	355.274	408.244	411.261
	56.67%	57.19%	55.59%

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 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	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

OPERATIONS:

During the year sales and profits of the Company made progress. Going by the results available, the Management is optimistic that the Company is likely to do well during the current year despite tough competition from its rivals.

NO CHARGES EXIST FOR THE COMPANY

FIXED ASSETS:

· Land

· Building

· New building

· Bangalore Office/Flat

· Plant and machinery

· Air compressor

· Generator

· Fax

· Furniture

· Scooter

· Computer

· Computer

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 records 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.60.71
UK Pound	1	Rs.102.04
Euro	1	Rs.83.77

INFORMATION DETAILS

Information Gathered by :	JML
Analysis Done by :	RAS
Report Prepared by :	VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	7
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	8
--RESERVES	1~10	8
--CREDIT LINES	1~10	7
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		65

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.