MIRA INFORM REPORT

Report Date :

13.08.2014

IDENTIFICATION DETAILS

Name :	PITTI CASTINGS PRIVATE LIMITED
Registered Office :	6-3-648/401, IV Floor, Padmaja Landmark, Somajiguda, Hyderabad – 500082, Telangana
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	07.12.2011
Com. Reg. No.:	01-077833
Capital Investment / Paid-up Capital :	Rs.74.900 Millions
CIN No.: [Company Identification No.]	U27310TG2011PTC077833
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of casting.
No. of Employees :	300 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (26)

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

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a relatively new company having moderate track record. Company has started its commercial operations from 23^rd August 2012. IT has incurred loss from its operation. However, trade relations are improving. Business is active. Payment terms are slow but correct. The company can be considered for business dealing with some caution.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – 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	FITCH
Rating	Term loan limits: B+
Rating Explanation	Risk prone credit quality and very high credit risk.
Date	17.01.2014

Rating Agency Name	FITCH
Rating	Non fund based working capital limits: A4
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	17.01.2014

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 PARTED BY

Name :	Mr. Rajesh
Designation :	Deputy Manager (Marketing)
Contact No.:	91-9989111811
Date :	12.08.2014

LOCATIONS

Registered Office :	6-3-648/401, IV Floor, Padmaja Landmark, Somajiguda, Hyderabad – 500082, Telangana, India
Tel. No.:	91-40-23312774
Mobile No.:	91-9989111811 (Mr. Rajesh)
Fax No.:	91-40-23393985
E-Mail :	Rajesh.hr@pitti.in pitti.castings@pittilam.com
Website :	www.pitti.in
Factory :	Survey No. 53, Macharam Village, Mahaboob Nagar District, Andhra Pradesh, India

DIRECTORS

As on 23.09.2013

Name :

Mr. Sharad Badrivishal Pitti

Designation :

Director

Address :

6-3-649, Moti Bhavan, Somajiguda, Hyderabad – 500082, Telangana, India

Date of Birth/Age :

11.07.1957

Date of Appointment :

07.12.2011

DIN No.:

00078716

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	L29253TG1983PLC004141	PITTI LAMINATIONS LIMITED	Managing director	01/05/2012	17/09/1983	-	Active	NO
2	U31909TG1995PTC019901	PITTI ELECTRICAL EQUIPMENT PRIVATE LIMITED	Director	03/04/1995	03/04/1995	-	Active	NO
3	U18101DL2001PLC111215	KESHAV KNITWEAR LIMITED	Director	29/08/2003	29/08/2003	27/01/2010	Active	YES
4	U28110TG2004PTC044554	VAKSH STEELS PRIVATE LIMITED	Director	04/11/2004	04/11/2004	01/07/2010	Active	NO
5	U74999TG2011PLC075627	PITTI COMPONENTS LIMITED	Director	21/07/2011	21/07/2011	-	Active	NO
6	U27310TG2011PTC077662	PITTI FOUNDRY PRIVATE LIMITED	Director	25/11/2011	25/11/2011	-	Strike off	NO
7	U27310TG2011PTC077833	PITTI CASTINGS PRIVATE LIMITED	Director	07/12/2011	07/12/2011	-	Active	NO
8	U67110TG2012PTC078431	PITTI HOLDINGS PRIVATE LIMITED	Director	05/01/2012	05/01/2012	-	Active	NO

Name :

Mr. Akshay Sharad Pitti

Designation :

Director

Address :

6-3-649, Moti Bhavan, Somajiguda, Hyderabad – 500082, Telangana, India

Date of Birth/Age :

28.10.1985

Date of Appointment :

07.12.2011

DIN No.:

00078760

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	U31909TG1995PTC019901	PITTI ELECTRICAL EQUIPMENT Private LIMITED	Director	22/12/2003	22/12/2003	-	Active	NO
2	L29253TG1983PLC004141	PITTI LAMINATIONS LIMITED	Managing director	07/07/2011	14/10/2004	-	Active	NO
3	U27310TG2007PTC053812	AKSHVA ISPAT PRIVATE LIMITED	Director	03/05/2007	03/05/2007	-	Active	NO
4	U74999TG2011PLC075627	PITTI COMPONENTS LIMITED	Director	21/07/2011	21/07/2011	-	Active	NO
5	U27310TG2011PTC077662	PITTI FOUNDRY PRIVATE LIMITED	Director	25/11/2011	25/11/2011	-	Strike off	NO
6	U27310TG2011PTC077833	PITTI CASTINGS PRIVATE LIMITED	Director	04/06/2012	07/12/2011	-	Active	NO
7	U67110TG2012PTC078431	PITTI HOLDINGS PRIVATE LIMITED	Director	05/01/2012	05/01/2012	-	Active	NO

Name :

Mr. Sandip Agarwala

Designation :

Director

Address :

6-3-1238, Flat No.202, Legend Apartment, Somajiguda, Hyderabad – 500082, Telangana, India

Date of Birth/Age :

17.08.1976

Date of Appointment :

23.05.20

DIN No.:

02418354

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	U51909WB1995PTC067397	EASTERN (INDIA) CASHEWS PVT.LTD.	Director	05/04/2000	05/04/2000	04/01/2014	Active	NO
2	U15209AS1994PTC004221	NORTH EAST CASHEWS PVT LTD	Director	01/05/2006	01/05/2006	31/12/2013	Active	NO
3	U27310TG2011PTC077833	PITTI CASTINGS PRIVATE LIMITED	Director	23/05/2012	23/05/2012	-	Active	NO

Name :

Mr. Dantu Vijay Aditya

Designation :

Additional director

Address :

2-2-3/1/2, Srinivasa Nilayam, Shivam Road, Hyderabad - 500044 , Telangana, India

Date of Birth/Age :

17.07.1955

Date of Appointment :

16.12.2011

DIN No.:

02847635

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	U31909TG1995PTC019901	PITTI ELECTRICAL EQUIPMENT Private LIMITED	Additional director	28/11/2011	28/11/2011	-	Active	NO
2	U27310TG2011PTC077833	PITTI CASTINGS PRIVATE LIMITED	Additional director	16/12/2011	16/12/2011	-	Active	NO
3	U74999TG2011PLC075627	PITTI COMPONENTS LIMITED	Additional director	03/01/2012	03/01/2012	-	Active	NO
4	U67110TG2012PTC078431	PITTI HOLDINGS PRIVATE LIMITED	Additional director	05/01/2012	05/01/2012	-	Active	NO

Name :

Mr. Nagabhushan Rao Ganti

Designation :

Director

Address :

A101 and 102, Apururpa, 45Hua, Heights, MLS Colony, Banjara Hills, Road No. 12, Hyderabad – 500034, Telangana, India

Date of Birth/Age :

14.05.1949

Date of Appointment :

11.01.2012

DIN No.:

00021592

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	L24110TG1991PLC012471	GRANULES INDIA LIMITED	Director	31/08/1994	31/08/1994	15/05/2009	Active	NO
2	L29253TG1983PLC004141	PITTI LAMINATIONS LIMITED	Director	16/10/2002	16/10/2002	-	Active	NO
3	L72200TG1987PLC048874	SQL STAR INTERNATIONAL LIMITED	Managing director	27/06/2005	27/06/2005	30/11/2009	Active	NO
4	U72200TG2010PTC067140	SPECTRACORE TECHNOLOGIES PRIVATE LIMITED	Managing director	22/02/2010	22/02/2010	-	Active	NO
5	U27310TG2011PTC077662	PITTI FOUNDRY PRIVATE LIMITED	Director	25/11/2011	25/11/2011	-	Strike off	NO
6	U27310TG2011PTC077833	PITTI CASTINGS PRIVATE LIMITED	Director	11/01/2012	07/12/2011	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Rajesh
Designation :	Deputy Manager (Marketing)

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 23.09.2013

Names of Shareholders	No. of Shares	%age holding
Sharad Badrivishal Pitti	400000	5.34
Akshay Sharad Pitti	400000	5.34
Pitti Laminations Limited	3570000	47.66
Pitti Electrical Equipment Private Limited	3120000	41.66
Total	7490000	100.00

Equity Share Break up (Percentage of Total Equity)

As on 23.09.2013

Category	Percentage
Bodies corporate	89.32
Directors or relatives of Directors	10.68
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of casting.

Products :

Item Code No.	Product Description
73251000	Cast articles of iron and steel

Imports :

Products :

Raw Material

Countries :

· China

· Japan

Terms :

Selling :

L/C and Credit

Purchasing :

L/C and Credit

GENERAL INFORMATION

No. of Employees :

300 (Approximately)

Bankers :

Bank of Baroda, 3-6-262/6, Tirumala Estates, III, Floor, Himayathnagar, Hyderabad - 500029, Andhra Pradesh, India

Facilities :

Secured Loan	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
Long-term Borrowings
Term loans from banks	439.157	0.000
Short-term borrowings
Working capital loans from banks	249.234	0.000
Total	688.391	0.000

Banking Relations :	--
Auditors :
Name :	Laxminiwas Neeth and Company Chartered Accountants
Address :	402, IV Floor, Moghul's Court Basheer Bagh, Hyderabad – 500001, Andhra Pradesh, India
PAN N Income-tax PAN of auditor or auditor's firm :	AADFL4504H
Sister Concern:	· Pitti Engineering Solution · Pitti Lamination Limited

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
8000000	Equity Shares	Rs.10/- each	Rs. 80.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
7490000	Equity Shares	Rs.10/- each	Rs. 74.900 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	74.900	0.100
(b) Reserves & Surplus	(47.089)	0.000
(c) Money received against share warrants	5.100	0.000
(2) Share Application money pending allotment	0.000	56.000
Total Shareholders’ Funds (1) + (2)	32.911	56.100
(3) Non-Current Liabilities
(a) long-term borrowings	724.557	0.500
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.685	0.000
Total Non-current Liabilities (3)	725.242	0.500
(4) Current Liabilities
(a) Short term borrowings	249.234	0.000
(b) Trade payables	62.770	0.000
(c) Other current liabilities	56.814	0.108
(d) Short-term provisions	0.576	0.000
Total Current Liabilities (4)	369.394	0.108
TOTAL	1127.547	56.708
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	608.176	0.000
(ii) Intangible Assets	0.570	0.000
(iii) Capital work-in-progress	1.800	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	21.926	0.000
(d) Long-term Loan and Advances	19.961	0.000
(e) Other Non-current assets	20.623	1.159
Total Non-Current Assets	673.056	1.159
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	221.648	0.000
(c) Trade receivables	103.656	0.000
(d) Cash and cash equivalents	62.526	0.288
(e) Short-term loans and advances	66.307	55.261
(f) Other current assets	0.354	0.000
Total Current Assets	454.491	55.549
TOTAL	1127.547	56.708

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2013
	SALES
	Income	345.900
	Other Income	1.100
	TOTAL (A)	347.000
Less	EXPENSES (B)	334.800
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	12.200
Less	FINANCIAL EXPENSES (D)	53.200
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	(41.000)
Less/ Add	DEPRECIATION/ AMORTISATION (F)	28.000
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	(69.000)
Less	TAX (I)	(21.900)
	PROFIT/ (LOSS) AFTER TAX (G-I) (J)	(47.100)
	Earnings / (Loss) Per Share (Rs.)

Particulars	31.03.2014
Sales Turnover (Approximately)	450.000

The above information has been parted by Mr. Rajesh (Deputy Manager (Marketing))

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012
PAT / Total Income	(%)	(13.57)	NA
Net Profit Margin (PBT/Sales)	(%)	(19.95)	NA
Return on Total Assets (PBT/Total Assets}	(%)	(6.25)	NA
Return on Investment (ROI) (PBT/Networth)		(2.10)	NA
Debt Equity Ratio (Total Debt /Networth)		29.59	0.01
Current Ratio (Current Asset/Current Liability)		1.23	514.34

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)
Share Capital	0.100	74.900
Reserves & Surplus	0.000	(47.089)
Net worth	0.100	27.811
long-term borrowings	0.500	724.557
Short term borrowings	0.000	249.234
Total borrowings	0.500	973.791
Debt/Equity ratio	5.000	35.015

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 two years	Yes
12]	Profitability for last one year	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	Yes

FINANCIAL RESULTS

During the year, the operations of the company were hampered due to the power crisis in the state. The company being a power intensive unit could not register good volumes and has incurred a loss of Rs.47.100 Millions resulting in erosion of capital exceeding 50% of the equity.

To mitigate the power crisis the company has entered into agreement with Manikaran Power Limited for purchase of power and expects to do better performance than it did last year.

UNSECURED LOAN

PARTICULARS	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
Long-term Borrowings
Loans and advances from related parties	285.400	0.500
Total	285.400	0.500

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10388638	22/09/2012 *	1,023,400,000.00	BANK OF BARODA	3-6-262/6, TIRUMALA ESTATES, III FLOOR, HIMAYATHNAGAR, HYDERABAD, ANDHRA PRADESH - 500029, INDIA	B62886338

* Date of charge modification

FIXED ASSETS

Tangible assets

· Land

· Buildings

· Factory building

· Plant and equipment

· Factory equipments

· Furniture and fixtures

· Office equipment

· Computer equipments

Intangible assets

· Computer software

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.61.18
UK Pound	1	Rs.102.56
Euro	1	Rs.81.78

INFORMATION DETAILS

Information Gathered by :	HTL
Analysis Done by :	SUM
Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	2
--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		26

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

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