MIRA INFORM REPORT

Report Date :

07.08.2014

IDENTIFICATION DETAILS

Name :	MITTAL TECHNOPACK PRIVATE LIMITED
Registered Office :	14, Bentinck Street, 2^nd Floor, Room No. 9, Kolkata – 700001, West Bengal
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	09.08.2002
Com. Reg. No.:	21-094990
Capital Investment / Paid-up Capital :	Rs. 25.627 Millions
CIN No.: [Company Identification No.]	U25209WB2002PTC094990
IEC No.:	0203019148
TAN No.: [Tax Deduction & Collection Account No.]	CALM04123A
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Exporter and Importer of Jumbo Bags.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

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

Maximum Credit Limit :	USD 470000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. General financial position of the company is normal and acceptable for business dealings. Trade relations are reported as fair. Business is active. Payment terms are reported to be slow but correct. 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 – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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

N E W S

As per the latest IMF study, the total weigh of emerging markets in the GDP of the world on a purchasing power parity basis has seen a sizeable shift. It highlights how as against 51 % in 2005, the emerging economies now account for close to 56 % of the global purchasing power GDP as per the latest survey. And with the emerging economies growing at a faster rate than their developed counterparts, there are every possibility that the their share goes up further in the coming years.  China may surpass the US over the next few years.

Politics and economics are very intricately connected. They tend to influence each other in ways that could be very complex and far-reaching. The prospects of the India’s economy have been seriously compromised due to political corruption. High inflation, poor standard of living are to a great extent a result of rampant corruption in the country. China on the other hand, seems to be facing diametrically opposite challenge. American hedge fund manager Jim Chanos has been keenly following the political and economic development in the dragon economy and has figured out something that is quite worrying. He is of the view that the Chinese economy could be heading toward trouble on account of new Chinese President Xi Jingping’s very aggressive anti-corruption drive. Chanos believes tat many things such as apartment sales, luxury products, etc. were largely bought with dirty money. And it is now beginning to impact consumption. This may indeed be bad news for an economy that is struggling to transition from an investment-driven export-oriented economy to a domestic consumption-driven economy.

A study published by Firstpost has revealed that asset classes like real estate and equities were the biggest beneficiaries of the liberalization policies.  A firm called Ciane Analytics studied returns from assets including equities, gold, fixed deposits, G-Secs and real estate since 1991. Real estate outperformed every other asset classes during the 23-year period with an annualized return of 20 % ! Equities came in second with annualized return of 15.5 % ! However, while these returns may seem mouthwatering, the fact is that the return from equities adjusted for inflation came down to just 7.1 %.

Some brief news are as under

. R-Power to buy Jaypee’s hydro assets

. Investors await justice in NSEL case

. India seeks MFN status from Pakistan ahead of meeting

. Ukrain’s clashes with rebels hinder MH17 crash investigation

. India exploring merger of state-owned hydro PSUs

..Higher costs weigh down profit growth to slowest in 9 quarters

..Wal-Mart to expand wholesale business in India

. GMR group moves to strengthen balance sheet

. Central Bank to sell 4 % stake to Life Insurance Corporation

. Tata Chemicals plans to raise up to Rs 10000 mn.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long – term rating BB+
Rating Explanation	Moderate risk of default.
Date	February 3, 2014

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 31-03-2014.

INFORMATION DENIED

Management non co-operative (91-33-22100419) Account Department

LOCATIONS

Registered Office :	14, Bentinck Street, 2^nd Floor, Gujarat Mansion, Room No. 9, Kolkata – 700 001, West Bengal, India
Tel. No.:	91-33-22570995 / 23252995 / 22100419 / 22439307 / 22100419
Fax No.:	91-33-22100419
E-Mail :	info@mittaltechnopack.com mtplho@mittaltechnopack.com manoj@mittaltechnopacks.com
Website :	www.mittaltechnopack.com
Factory :	Jalan Industrial Complex, Gate No. 3, Lane no. 5, Sankharidaha, Domjur, Howra-711411, West Bengal, India
Tel. No.:	91-33-32527388 / 32525005
Fax No.:	91-33-26418107
E-Mail :	mtplfac@mittaltechnopack.com
Sales Office :	M-34, Veena Nagar, Indore-452012, Madhya Pradesh, India
Tel. No.:	91-731-2570995 / 3252995 / 4266944
Fax No.:	91-731-4009179
E-Mail :	devendra@mittaltechnopack.com mtplindore@mittaltechnopack.com

DIRECTORS

AS ON 30.09.2013

Name :

Mr. Ram Prasad Agarwal

Designation :

Whole-time Director

Address :

Grewal Colony, Bekar Bandh, Dhanbad-826001, Jharkhand, India

Date of Birth/Age :

30.06.1946

Qualification :

B.Com

Date of Appointment :

09.08.2002

DIN No. :

00602959

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	U25202WB1985PTC039809	MITTAL POLYPACKS PRIVATE LIMITED	Director	04/12/1985	04/12/1985	-	Active	NO
2	U25209WB2002PTC094990	MITTAL TECHNOPACK PRIVATE LIMITED	Whole-time director	09/08/2002	09/08/2002	-	Active	NO

Name :

Mr. Manoj Kumar Agarwal

Designation :

Managing Director

Address :

Gujarat Mansion, 14, Bentinck Street, 2^nd Floor, Kolkata – 700001, West Bengal, India

Date of Birth/Age :

03.10.1973

Qualification :

B.Com

Date of Appointment :

10.03.2004

DIN No. :

00569775

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	U25200WB1985PTC039810	F.C.POLYPACKS PRIVATE LIMITED	Director	30/09/1991	30/09/1991	-	Amalgamated	NO
2	U25209WB2002PTC094990	MITTAL TECHNOPACK PRIVATE LIMITED	Managing director	10/03/2004	10/03/2004	-	Active	NO
3	U25202WB1985PTC039809	MITTAL POLYPACKS PRIVATE LIMITED	Director	01/08/2005	01/08/2005	-	Active	NO
4	U51109WB1996PTC081235	J.K.SONS ENGINEERS PRIVATE LIMITED	Director	02/06/2008	02/06/2008	25/08/2009	Active	NO
5	L27104WB1986PLC040831	BURNPUR CEMENT LIMITED	Whole-time director	01/06/2012	30/07/2010	-	Active	NO
6	U52392WB1994PTC062775	DALHOUSI DATAMATICS PRIVATE LIMITED	Additional director	30/12/2010	30/12/2010	-	Active	NO
7	U51109WB1994PTC066168	BHAROSA DISTRIBUTORS PRIVATE LIMITED	Director	06/01/2012	06/01/2012	-	Active	NO
8	U51909WB2010PTC151822	AKSHAY VINTRADE PRIVATE LIMITED	Director	22/10/2013	22/10/2013	-	Active	NO

Name :

Mr. Pramod Sahu

Designation :

Director

Address :

465, Subhash Nagar, Bye Lane, P. O. Rabindra Nagar, Kolkata – 700065, West Bengal, India

Date of Birth/Age :

02.01.1957

Qualification :

B.Com

Date of Appointment :

15.12.2003

DIN No. :

01149638

Name :

Mrs. Shakuntala Devi

Designation :

Director

Address :

Grewal Colony, Bekar Bandh, Dhanbad-826001, Jharkhand, India

Date of Birth/Age :

13.07.1951

Qualification :

B.Com

Date of Appointment :

31.07.2008

DIN No. :

01087585

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

Names of Shareholders	No. of Shares
Manoj Kumar Agarwal	241100
Ram Prasad Agarwal	370100
Bharosa Distributors Private Limited, India	1009500
Akhil Kumar Shah	60000
Nikhil Kumar Shah	40000
Mittal Polypacks Private Limited, India	380000
Daya Shankar Singh	1000
Gaja Nand Agarwal	5500
Punch Deo Singh	5500
Rash Behari Dubey	1000
Shambhu Nath Agarwal	83500
Satendra Prasad Singh	5500
Sushil Kumar Agarwal	20000
Uttam Kumar Dubey	5500
Binay Prajapati	79500
Ram Prasad Agarwal (HUF)	140000
Naresh Singh	40000
Dalhousi Daramatics Private Limited, India	75000
Total	2562700

As on 30.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	57.15
Directors or relatives of Directors	29.31
Other top fifty shareholders	13.54
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Exporter and Importer of Jumbo Bags.

Products :

ITC Code No.	Product Description
39232100	HDPE / PP Woven sacks / FIBC Jumbo Bags

• Big Bags and Jumbo Bags
• Fabrics
• Bag / Sacks

PRODUCTION STATUS (As on 31.03.2011)

Installed Capacity	6000 MT per annum for the Manufacturer of PP/HDPE/Fabric/Woven Sacks/Jumbo bags
Actual Production	Fabric : 3387.839 MT (3271.164 MT used for further production) Bags : 4297.841 MT

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

• ICICI Bank Limited , Landmarkrace Cource Circle, Alkapuri, Baroda – 390015, Gujarat, India
• UCO Bank, Kolkata Main Branch, 10, BTM Sarani, (Brabourne Road), Kolkata – 700 001, West Bengal, India
• State Bank of India, Commercial Branch, Kolkata 24; Park Street, Kolkata – 700016, West Bengal, India
• State Bank of India, SME Branch, Dhanbad, Jharkhand, India

Facilities :

SECURED LOANS	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
LONG TERM BORROWINGS
Rupee Loans from Banks	20.292	27.852
Home Loan from Banks	32.985	7.311
Car Loan from Banks	0.000	1.013
Car Loan from other (Tata Capital Limited)	0.000	0.690
SHORT TERM BORROWINGS
Working Capital Borrowing	212.106	158.937
Total	265.383	195.803

Banking Relations :	--
Auditors :
Name :	J. Loyalka and Company Chartered Accountants
Address :	16, Mangoe Lane, Kolkata – 700001, West Bengal, India
Tel No.:	91-33-22484796 / 22301380 / 30284333
Fax No.:	91-33-30285333
E-mail:	loyalkacompany@gmail.com
PAN No.:	AABFJ8067H
Entity having substantial interest in voting power of Company	Bharosa Distributors Private Limited
Associates	Mittal Polypacks Private Limited

CAPITAL STRUCTURE

As on 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
3000000	Equity Shares	Rs.10/- each	Rs.30.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2562700	Equity Shares	Rs.10/- each	Rs. 25.627 Millions

After 30.09.2013

Authorised Capital : 40.000 Millions

Issued, Subscribed & Paid-up Capital : 27.627 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	25.627	25.627	25.292
(b) Reserves & Surplus	93.457	77.137	68.197
(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)	119.084	102.764	93.489
Deferred Government Grant	1.745	2.890	4.319
(3) Non-Current Liabilities
(a) long-term borrowings	79.473	45.143	42.542
(b) Deferred tax liabilities (Net)	3.886	6.552	2.318
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	1.044	1.222	0.946
Total Non-current Liabilities (3)	84.403	52.917	45.806
(4) Current Liabilities
(a) Short term borrowings	212.106	158.937	142.245
(b) Trade payables	46.437	59.551	22.978
(c) Other current liabilities	4.677	2.708	4.447
(d) Short-term provisions	3.753	1.779	0.000
Total Current Liabilities (4)	266.973	222.975	169.670
TOTAL	472.205	381.546	313.284
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	84.679	96.454	109.038
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	56.840	19.923	4.766
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.162	0.162	0.162
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	141.681	116.539	113.966
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	129.223	123.910	90.892
(c) Trade receivables	93.684	86.764	65.157
(d) Cash and cash equivalents	16.409	11.288	12.068
(e) Short-term loans and advances	89.847	42.685	30.631
(f) Other current assets	1.361	0.360	0.570
Total Current Assets	330.524	265.007	199.318
TOTAL	472.205	381.546	313.284

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2013	31.03.2012	31.03.2011
	SALES
	TOTAL	NA	NA	NA
Less	EXPENSES
	TOTAL	NA	NA	NA
	PROFIT/ (LOSS) BEFORE TAX	23.400	19.472	13.969
Add	MAT Credit	0.000	0.000	3.513
Less	TAX	7.080	12.877	2.750
	PROFIT/ (LOSS) AFTER TAX	16.320	6.595	14.732
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	49.629	43.034	28.302
	Balance Carried to the B/S	65.949	49.629	43.034
	EARNINGS IN FOREIGN CURRENCY
	TOTAL EARNINGS	444.364	454.320	332.175
	IMPORTS
	Raw Materials	228.138
	Components and Stores parts	0.000
	Plant and Machinery	0.155
	TOTAL IMPORTS	228.293	NA	NA
	Earnings / (Loss) Per Share (Rs.)	6.37	2.57	5.92

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Return on Total Assets (PBT/Total Assets}	(%)	5.63	5.38	4.53
Return on Investment (ROI) (PBT/Networth)		0.20	0.19	0.15
Debt Equity Ratio (Total Debt /Networth)		2.45	1.99	1.98
Current Ratio (Current Asset/Current Liability)		1.24	1.19	1.17

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	25.292	25.627	25.627
Reserves & Surplus	68.197	77.137	93.457
Net worth	93.489	102.764	119.084
long-term borrowings	42.542	45.143	79.473
Short term borrowings	142.245	158.937	212.106
Total borrowings	184.787	204.080	291.579
Debt/Equity ratio	1.977	1.986	2.449

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	----------------------
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	----------------------
22]	Litigations that the firm / promoter involved in	----------------------
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	----------------------
26]	Buyer visit details	----------------------
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

VIEW INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10413109	20/03/2013	23,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, Gujarat - 390015, INDIA	B71226013
2	10416039	20/03/2013	37,500,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, Gujarat - 390015, INDIA	B71898621
3	10310897	29/09/2011	32,500,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, Gujarat - 390015, INDIA	B22826499
4	10273386	15/04/2014 *	341,800,000.00	STATE BANK OF INDIA SME BRANCH	STATE BANK OF INDIA SME BRANCH, KATRAS ROAD, BANK  MORE, DHANBAD, Jharkhand - 826001, INDIA	C02841229

* Date of charge modification

UNSECURED LOANS

PARTICULAR	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
LONG TERM BORROWINGS
Other Loans and Advances	26.196	8.277
Total	26.196	8.277

CONTINGENT LIABILITIES:

A) Outstanding Bank Guarantee to WBSEDCL and Mersk Line India Private Limited as on Balance sheet date amounting to Rs.15.833 Millions (Previous year Rs. 16.333 Millions)

B) Corporate Guarantee Given to State Bank of India, SME Branch, Dhanbad amounting to Rs. 184.949 Millions (Previous year Rs. 184.949 Millions)on behalf of Mittal Polypack Private Limited.

C) Bill discounted from Banks drawn on Foreign Buyers against Letter of Credit amounting to Rs. 35.792 Millions (previous Year Rs. 11.606 Millions)

E) Disputed Liability on account of Excise Duty amounting to Rs. 0.451 Millions (Previous year- 0.451 Millions) against which Appeal is Pending and Penalty of Rs. 0.050 Million (Previous year- Rs. 0.050 Million) against which appeal is pending.

F) Disputed Liability on account of Service Tax amounting to Rs. 0.126 Million (Previous year-0.126 Million) against which Appeal is Pending

FIXED ASSETS:

• Land & Boundrywall
• Factory Building
• Plant and Machinery
• Electrical Installation
• Motor Car
• Motor Cycle
• Cycle
• Furniture and Fixture
• D.G. Set
• Computer and Peripherals
• Office Equipments

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 exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

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

Charges or investigation registered against subject: None

7] Criminal Records

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

8] Affiliation with Government :

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

9] Compensation Package :

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

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

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

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

CONTRAVENTION

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs. 61.33
UK Pound	1	Rs. 103.43
Euro	1	Rs. 81.96

INFORMATION DETAILS

Information Gathered by :	SVA
Analysis Done by :	DIV
Report Prepared by :	TRU

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--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		42

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.