Report Date :

12.08.2014

IDENTIFICATION DETAILS

Name :	GEMINI INSTRATECH LIMITED (w.e.f. 14.03.2012)
Formerly Known As :	GEMINI INSTRATECH P. LIMITED
Registered Office :	B-83, MIDC Area, Ambad, Nashik – 422010, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	27.11.1991
Com. Reg. No.:	11-167813
Capital Investment / Paid-up Capital :	Rs.50.000 Millions
CIN No.: [Company Identification No.]	U40105MH1991PLC167813
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	The company is engaged in manufacturing and selling of current transformers.
No. of Employees :	Information denied by management

RATING & COMMENTS

MIRA’s Rating :

B (28)

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

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a moderate track. The company has incurred a loss from its operations during 2013. However, trade relations are fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered for business dealings with some cautions.

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.

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 BY

Name :	Mr. Navneet Agarwal
Designation :	Director
Contact No.:	91-7276086808
Date :	11.08.2014

LOCATIONS

Registered Office/ Factory :	B-83, MIDC Area, Ambad, Nashik – 422010, Maharashtra, India
Tel. No.:	91-253-2306881 / 82
Fax No.:	91-253-2383717
E-Mail :	gemini_nsk@sancharnet.in
Website :	http://www.geminictvt.com
Factory 2/ Correspondence Address :	H-43, MIDC Area, Ambad, Nashik – 422010, Maharashtra, India

DIRECTORS

As on 07.09.2013

Name :

Mr. Mahendrakumar Khyalilal Jain

Designation :

Managing Director

Address :

501, Building No. 3 (C), Garden Enclave, Pokhran Road No.2, Near Vasant Vihar, Thane - 400602, Maharashtra, India

Date of Birth/Age :

22.11.1970

Date of Appointment :

28.08.2010

DIN No.:

00416102

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	U31200MH1989PLC052364	ADITYA VIDYUT APPLIANCES LTD	Director	03/12/1999	03/12/1999	30/04/2012	Active	NO
2	U51505MH2003PTC143265	ADITYA FABRICATION PRIVATE LIMITED	Director	24/11/2003	24/11/2003	26/06/2013	Active	NO
3	U31200MH1989PLC050809	RATIONAL ENGINEERS LIMITED	Managing director	01/12/2011	25/08/2006	-	Active	NO
4	U65910MH2008PTC185509	KAJOL LEASING AND FINANCE PRIVATE LIMITED	Director	06/08/2008	06/08/2008	-	Active	NO
5	U31908MH2009PTC192539	ADITYA V.A. TECHNOLOGIES PRIVATE LIMITED	Director	21/05/2009	21/05/2009	15/02/2013	Active	NO
6	U40105MH1991PLC167813	GEMINI INSTRATECH LIMITED	Managing director	28/08/2010	22/03/2010	-	Active	NO
7	U45400MH2011PTC220819	ARNAV CONSTRUCTION PRIVATE LIMITED	Director	10/08/2011	10/08/2011	-	Active	NO
8	U15421PN2011PTC139586	SHRI SDM SUGAR PRIVATE LIMITED	Director	29/09/2012	07/02/2012	-	Active	NO

Name :

Mr. Satish Vishwanath Gadiyar

Designation :

Director

Address :

B-83, MIDC, Ambad, Nashik - 422006, Maharashtra, India

Date of Birth/Age :

08.06.1959

Date of Appointment :

01.05.1997

DIN No.:

00248066

Name :

Mr. Navneet Radheshyam Agrawal

Designation :

Director

Address :

Kamala Park Road, Off. Dixit Road, Vile Parle (East), Mumbai - 400057, Maharashtra, India

Date of Birth/Age :

12.06.1960

Date of Appointment :

27.11.1991

DIN No.:

00543110

Name :

Mrs. Chanda Mahendrakumar Jain

Designation :

Director

Address :

501/502, 3 (C), Garden Enclave, Pokhran Road No.2, Near Vasant Vihar, Thane - 400602, Maharashtra, India

Date of Birth/Age :

25.06.1973

Date of Appointment :

08.06.2012

DIN No.:

01886466

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	U31200MH1989PLC050809	RATIONAL ENGINEERS LIMITED	Whole-time director	01/12/2011	26/11/2007	-	Active	NO
2	U65910MH2008PTC185509	KAJOL LEASING AND FINANCE PRIVATE LIMITED	Director	06/08/2008	06/08/2008	-	Active	NO
3	U45400MH2011PTC220819	ARNAV CONSTRUCTION PRIVATE LIMITED	Director	10/08/2011	10/08/2011	-	Active	NO
4	U40105MH1991PLC167813	GEMINI INSTRATECH LIMITED	Director	08/06/2012	08/06/2012	-	Active	NO

Name :

Mr. Anish Dipak Jhaveri

Designation :

Director

Address :

Whole Time director

Date of Birth/Age :

Date of Appointment :

05.03.2013

DIN No.:

01929574

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	U31200MH1989PLC050809	RATIONAL ENGINEERS LIMITED	Whole-time director	01/12/2011	26/11/2007	-	Active	NO
2	U40105MH1991PLC167813	GEMINI INSTRATECH LIMITED	Whole-time director	05/03/2013	05/03/2013	-	Active	NO

Name :

Mr. Vilas Kedu Birari

Designation :

Whole Time director

Address :

Plot No.10, Shubham Park, New Pandit Colony, Nasik – 422002, Maharashtra, India

Date of Birth/Age :

17.06.1968

Date of Appointment :

05.03.2013

DIN No.:

02078546

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	U45200MH2003PTC141867	HARSH INFRASTRUCTURE PRIVATE LIMITED	Director	25/08/2003	25/08/2003	-	Active	NO
2	U45200MH2009PTC190807	HARSH CONSTRUCTIONS PRIVATE LIMITED	Director	09/03/2009	09/03/2009	-	Active	NO
3	U40105MH1991PLC167813	GEMINI INSTRATECH LIMITED	Whole-time director	05/03/2013	05/03/2013	-	Active	NO

Name :

Mr. Pandit Sitaram Birari

Designation :

Whole Time director

Address :

7/C, Thakkars Treasures, New Pandit Colony, Nashik – 422005, Maharashtra, India

Date of Birth/Age :

02.06.1963

Date of Appointment :

05.03.2013

DIN No.:

02078806

Name :

Mr. Bhaskar Veerappa Sallian

Designation :

Whole Time director

Address :

A 106, Pradeep Building, Moonvilla Co- Operative Housing Society, Worli, Mumbai – 400018, Maharashtra, India

Date of Birth/Age :

09.06.1944

Date of Appointment :

05.03.2013

DIN No.:

05244384

MAJOR SHAREHOLDERS

As on 07.09.2013

Names of Shareholders	No. of Shares
Navneet R Agarwal	459500
Satish Vishwnath Gadiyar	450000
Mahendra Khayli Lal Jain	200000
Kajol Leasing and Finance Private Limited, India	2275499
Chanda M Jain	250000
Asha Gadiyar	10000
Mahendra K Jain (HUF)	100
Rational Engineers Limited, India	94900
Vikas Kedu Birari	630000
Mangala Pandit Birari	630000
Total	4999999

Equity Share Break up (Percentage of Total Equity)

As on 07.09.2013

Category	Percentage
Bodies corporate	47.40
Directors or relatives of Directors	52.60
Total	100.00

BUSINESS DETAILS

Line of Business :

The company is engaged in manufacturing and selling of current transformers.

GENERAL INFORMATION

No. of Employees :	Information denied by management
Bankers :	The Shamrao Vithal Co-Operative Bank Limited, Parshwanath Chs, Near Symbiosis College, N H Shrawan Sector, Ambad, CIDCO, Nashik - 422009, Maharashtra, India

Banking Relations :	--
Auditors :
Name :	BNC and Associates Chartered Accountants
Address :	15, Munshi Estate, Ground Floor, M G Road, Mulund (West), Mumbai – 400080, Maharashtra, India
Tel. No.:	91-22-25922732 / 25677314
Fax No.:	91-22-25677314
Website :	www.bnca.in
PAN No.:	AAGFB0329M

CAPITAL STRUCTURE

As on 07.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs.50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4999999	Equity Shares	Rs.10/- each	Rs.50.000 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	50.000	30.645	30.645
(b) Reserves & Surplus	115.772	58.831	53.073
(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)	165.772	89.476	83.718
(3) Non-Current Liabilities
(a) long-term borrowings	61.833	122.603	130.720
(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)	61.833	122.603	130.720
(4) Current Liabilities
(a) Short term borrowings	94.179	70.926	69.448
(b) Trade payables	33.963	69.532	57.291
(c) Other current liabilities	0.772	0.523	0.257
(d) Short-term provisions	2.916	3.291	4.043
Total Current Liabilities (4)	131.830	144.272	131.039
TOTAL	359.435	356.351	345.477
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	197.074	201.521	204.820
(ii) Intangible Assets	0.117	0.529	0.807
(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	0.500	0.500	0.500
(c) Deferred tax assets (net)	10.888	12.376	12.910
(d) Long-term Loan and Advances	10.997	8.115	6.893
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	219.576	223.041	225.930
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	47.696	41.038	43.846
(c) Trade receivables	65.137	63.442	56.479
(d) Cash and cash equivalents	1.275	2.214	2.537
(e) Short-term loans and advances	25.702	26.518	16.538
(f) Other current assets	0.049	0.098	0.147
Total Current Assets	139.859	133.310	119.547
TOTAL	359.435	356.351	345.477

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	203.963	246.067	202.599
		Other Income	0.893	0.319	0.286
		TOTAL (A)	204.856	246.386	202.885
Less	EXPENSES
		Cost of Materials Consumed	149.845	180.012	151.254
		Purchase of Stock-in-trade	(6.085)	(0.931)	(5.364)
		Changes in Inventories of finished goods, work-in-progress and stock-in-trade	19.996	21.718	13.267
		Employee Benefits Expenses	4.551	5.465	3.899
		Other Expenses	5.450	3.343	3.545
		TOTAL (B)	173.757	209.607	166.601
	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		31.099	36.779	36.284
Less	FINANCIAL EXPENSES (D)		22.495	22.796	24.76
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		8.604	13.983	11.524
Less	DEPRECIATION/ AMORTISATION (F)		8.186	7.825	7.213
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)		0.418	6.158	4.311
Less	TAX (H)		1.488	0.534	2.493
	PROFIT/(LOSS) AFTER TAX (G-H) (I)		(1.070)	5.624	1.818
	Earnings Per Share (Rs.)		(0.21)	1.84	0.59

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	(0.52)	2.28	0.90
Net Profit Margin (PBT/Sales)	(%)	0.20	2.50	2.13
Return on Total Assets (PBT/Total Assets}	(%)	0.12	1.79	1.30
Return on Investment (ROI) (PBT/Networth)		0.00	0.07	0.05
Debt Equity Ratio (Total Debt /Networth)		0.94	2.16	2.39
Current Ratio (Current Asset/Current Liability)		1.06	0.92	0.91

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	30.645	30.645	50.000
Reserves & Surplus	53.073	58.831	115.772
Net worth	83.718	89.476	165.772
long-term borrowings	130.720	122.603	61.833
Short term borrowings	69.448	70.926	94.179
Total borrowings	200.168	193.529	156.012
Debt/Equity ratio	2.391	2.163	0.941

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	202.599	246.067	203.963
		21.455	(17.111)

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	202.599	246.067	203.963
Profit	1.818	5.624	(1.070)
	0.90%	2.29%	(0.52%)

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	No

CORPORATE INFORMATION:

Subject is a public company and incorporated under provision of the Companies Act 1956. The company is engaged in manufacturing and selling of current transformers. The company caters to both domestic and international markets.

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10288433	05/05/2011	20,000,000.00	The Shamrao Vithal Co-Operative Bank Limited	Parshwanath Co-Op. Hsg. Society, Near Symbiosis Co, N.H. Shrawan Sector, Ambad Cidco, Ambad, Nashik, Maharashtra - 422010, India	B13545140
2	10132529	20/11/2008	7,000,000.00	The Shamrao Vithal Co-Operative Bank Limited	Parshwanath Co-Op. Hsg. Society, Near Symbiosis Co, N.H. Shrawan Sector, Ambad Cidco, Ambad, Nashik, Maharashtra - 422010, India	A52113594
3	10103642	20/02/2008	8,400,000.00	The Shamrao Vithal Co-Operative Bank Limited	Parshwanath Co-Op. Hsg. Society, Near Symbiosis Co, N.H. Shrawan Sector, Ambad Cidco, Ambad, Nashik, Maharashtra - 422010, India	A38463410
4	10010976	05/07/2006	12,000,000.00	The Shamrao Vithal Co-Operative Bank Limited	Parshwanath Co-Op. Hsg. Society, Near Symbiosis Co, N.H. Shrawan Sector, Ambad Cidco, Ambad, Nashik, Maharashtra - 422010, India	A02723401
5	10010975	05/07/2006	30,000,000.00	The Shamrao Vithal Co-Operative Bank Limited	Parshwanath Co-Op. Hsg. Society, Near Symbiosis Co, N.H. Shrawan Sector, Ambad Cidco, Ambad, Nashik, Maharashtra - 422010, India	A02722445
6	80003506	19/05/2010 *	184,623,000.00	The Shamrao Vithal Co-Operative Bank Limited	Parshwanath Co-Op. Hsg. Society, Near Symbiosis Co, N.H. Shrawan Sector, Ambad Cidco, Ambad, Nashik, Maharashtra - 422010, India	A86249174

*Date of modification Charges

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Computer

· Vehicles

· Furniture and Fixture

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.61.12
UK Pound	1	Rs.102.54
Euro	1	Rs.81.91

INFORMATION DETAILS

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

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION		0
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--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		28

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.