MIRA INFORM REPORT

Report Date :

30.08.2014

IDENTIFICATION DETAILS

Name :	RAJESHWARI METPRO PRIVATE LIMITED
Registered Office :	# 79, Industrial Suburb, Yeshwanthpur, Bangalore – 560022, Karnataka
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	03.03.2009
Com. Reg. No.:	08-049272
Capital Investment / Paid-up Capital :	Rs.5.600 Millions
CIN No.: [Company Identification No.]	U27200KA2009PTC049272
Legal Form :	Private Limited Liability Company
Line of Business :	The company is engaged in the business of trading non-ferrous metals.
No. of Employees :	Information denied by management

RATING & COMMENTS

MIRA’s Rating :

B (29)

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 record. The rating takes into consideration competitive and fragmented commodity trading business and the susceptibility of its profitability to volatility in commodity prices. However, trade relations are reported as fair. Business is active. Payment terms are slow but correct. The company can be considered for business dealings 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	CRISIL
Rating	Long Term Rating = B+
Rating Explanation	Have high risk of default
Date	08.07.2013

Rating Agency Name	CRISIL
Rating	Short Term Rating = A4
Rating Explanation	Have minimal degree of safety and carry very high credit risk
Date	08.07.2013

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 (Tel No.: 91-80-233701936 / 23370554)

LOCATIONS

Registered Office :	# 79, Industrial Suburb, Yeshwanthpur, Bangalore – 560022, Karnataka, India
Tel. No.:	91-80-23347106
Fax No.:	Not Available
E-Mail :	accounts@rajmet.net

DIRECTORS

As on 30.09.2013

Name :

Mr. Jayaram Muthukali

Designation :

Managing Director

Address :

# 234, Vedasundar, 5th Cross, 2nd Block, RMV 2nd Stage, Bangalore - 560094, India

Date of Birth/Age :

05.01.1960

Date of Appointment :

03.03.2009

DIN No.:

01203830

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	U27320KA1989PTC010519	RAJESHWARI METALLURGICALS Private Limited	Director	20/11/1989	20/11/1989	-	Active	NO
2	U67120KA1990PTC011102	K.S.M.SONS HOLDING PRIVATE LIMITED	Director	01/08/1990	01/08/1990	-	Active	NO
3	U45201KA1981PTC004561	AASHIANA APARTMENTS PRIVATE LIMITED	Director	29/09/2004	29/01/1992	-	Active	NO
4	U24119KA1987PTC008150	BLUE CRYSTAL CHEMICALS Private Limited	Director	23/12/1993	23/12/1993	-	Active	NO
5	U27320KA1998PTC023370	SHABARI METALS PRIVATE LIMITED	Director	11/02/1998	11/02/1998	-	Active	NO
6	U37100TN2002PLC048922	HYDROMET (INDIA) LIMITED	Director	14/05/2002	14/05/2002	-	Active	NO
7	U27201KA2004PTC035213	METREX ALLOYS (INDIA) PRIVATE LIMITED	Managing director	10/12/2004	10/12/2004	-	Active	NO
8	U74999TN2004PTC054965	T.S.P METMIN PRIVATE LIMITED	Director	20/12/2004	20/12/2004	02/01/2012	Active	NO
9	U24119KA1981PTC004098	CHEMITALS PRIVATE LIMITED	Whole-time director	15/03/2010	24/01/2005	-	Active	NO
10	U27200KA2009PTC049272	RAJESHWARI METPRO PRIVATE LIMITED	Managing director	03/03/2009	03/03/2009	-	Active	NO

Name :

Mrs. Kalpana Jayaram

Designation :

Director

Address :

# 234, Vedasundar, 5th Cross, 2nd Block, RMV 2nd Stage, Bangalore - 560094, India

Date of Birth/Age :

31.07.1960

Date of Appointment :

23.01.2013

DIN No.:

01204112

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	U67120KA1990PTC011102	K.S.M.SONS HOLDING PRIVATE LIMITED	Director	01/08/1990	01/08/1990	-	Active	NO
2	U45201KA1981PTC004561	AASHIANA APARTMENTS PRIVATE LIMITED	Director	29/09/2004	15/05/1996	-	Active	NO
3	U70102KA1995PTC019297	PRUDENTIAL REALTORS PRIVATE LIMITED	Director	01/04/1999	01/04/1999	-	Active	NO
4	U27200KA2009PTC049272	RAJESHWARI METPRO PRIVATE LIMITED	Director	23/01/2013	23/01/2013	-	Active	NO
5	U27201KA2004PTC035213	METREX ALLOYS (INDIA) PRIVATE LIMITED	Director	23/01/2013	23/01/2013	-	Active	NO

Name :

Mr. Siddharth Jayaram Muthukali

Designation :

Director

Address :

# 234, Vedasundar, 5th Cross, 2nd Block, RMV 2nd Stage, Bangalore - 560094, India

Date of Birth/Age :

23.02.1990

Date of Appointment :

23.02.2012

DIN No.:

03637492

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	U27201KA2004PTC035213	METREX ALLOYS (INDIA) PRIVATE LIMITED	Director	23/02/2012	23/02/2012	-	Active	NO
2	U27200KA2009PTC049272	RAJESHWARI METPRO PRIVATE LIMITED	Director	23/02/2012	23/02/2012	-	Active	NO
3	U24119KA1981PTC004098	CHEMITALS PRIVATE LIMITED	Whole-time director	10/10/2012	10/10/2012	-	Active	NO

MAJOR SHAREHOLDERS

As on 30.09.2013

Names of Shareholders	No. of Shares	% of Holding
M Jayaram	36400	65.00
V Yuvaraj	100	0.18
Blue Crystal Chemicals Private Limited, India	19500	34.82
Total	56000	100.00

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2013

Category	Percentage
Bodies corporate	34.82
Directors or relatives of Directors	65.18
Total	100.00

BUSINESS DETAILS

Line of Business :

The company is engaged in the business of trading non-ferrous metals.

GENERAL INFORMATION

Suppliers :

· Jayaram Metal House

· Rajeshwari Metallurgicals Private Limited

· Premier Steel Agencies

· Gulecha Agencies

· Sriji Enterprises

· Cupral International Pty Limited

· Salsa Exports Pte Limited

· Chuan Eng Leong Trading (Pte) Limited

· Epiphaniou Recycling Sal

· Navkar Cable Corporation (India)

Customers :

· Bhavin Enterprises

· Metrex Alloys India Private Limited

· Chemitals Private Limited - Mysore Unit

· HN Traders

· Metcorp

· Navkar Metals

· Yuvaraj Corporation

· Shree Chhetterpal Trading Company

· Shri Lord Venkateshwer

· Kanhaiyalal & Sons

· Kavcon Engineers Private Limited

· Nadhim Traders

· Oswal Alloys Private Limited

· Sree Sakthi Eswari Metal

· S R Metal Store

· Swastik Plastics

· Venad Steel Agencies

· Radhe Agro

No. of Employees :

Information denied by management

Bankers :

State Bank of India, SME Branch, No. 179, S C Road, Kumara Park, Seshadripuram, Bangalore - 560020, Karnataka, India

Facilities :

SECURED LOANS	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Short Term Borrowings
Working capital Loans from Banks Cash Credit from SBI (Primarily secured by hypothecation of all stocks, book debts and other current assets and collaterally secured by EM of property belonging to Mrs. Kalpana Jayaram)	22.240	30.263
Other Loans and Advances from Banks Foreign Currency Loan - Buyer's Credit from ICICl (Secured by Fixed Deposit with IClCl Bank)	0.000	4.984
Total	22.240	35.247

Banking Relations :	--
Auditors :
Name :	Manian and Rao Chartered Accountants
Address :	361, 1st floor, 7th Cross, 1st Block, Jayanagar, Bangalore – 560011, Karnataka, India
Tel. No.:	91-80-26569500 / 26569501
Fax No.:	91-80-26569501
PAN No.:	AAHFM0757B
Associate Company :	· Rajeshwari Metallurgicals Private Limited · Metrex Alloys India Private Limited · Shabari Metals Private Limited · Blue Crystal Chemicals Private Limited · Chemitals Private Limited
Partnership Firm in which director is partner :	· Rajeshwari Copper Products
Proprietor is a relative of Director :	· Jayaram Metal House

CAPITAL STRUCTURE

As on 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.10/- each	Rs.10.00 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
56000	Equity Shares	Rs.10/- each	Rs.5.600 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	5.600	5.600	0.150
(b) Reserves & Surplus	10.973	7.352	4.360
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	5.450
Total Shareholders’ Funds (1) + (2)	16.573	12.952	9.960
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.361	0.694
(b) Deferred tax liabilities (Net)	0.000	0.000	0.028
(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)	0.000	0.361	0.722
(4) Current Liabilities
(a) Short term borrowings	28.949	36.172	42.600
(b) Trade payables	30.424	63.628	33.044
(c) Other current liabilities	6.144	4.526	1.909
(d) Short-term provisions	0.077	0.000	0.765
Total Current Liabilities (4)	65.594	104.326	78.318
TOTAL	82.167	117.639	89.000
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1.039	1.350	1.561
(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	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.055	0.021	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.028	0.055	0.083
Total Non-Current Assets	1.122	1.426	1.644
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	43.209	48.632	23.753
(c) Trade receivables	10.698	41.638	50.058
(d) Cash and cash equivalents	7.755	10.631	3.120
(e) Short-term loans and advances	17.912	14.258	9.399
(f) Other current assets	1.471	1.054	1.026
Total Current Assets	81.045	116.213	87.356
TOTAL	82.167	117.639	89.000

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.03.2013	31.03.2012	31.03.2011
	SALES
		Income		270.377	216.747	274.345
		Other Income		3.893	2.591	0.805
		TOTAL (A)		274.270	219.338	275.150
Less	EXPENSES
		TOTAL (B)		264.083	208.505	287.927
	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			10.187	10.833	10.948
Less	FINANCIAL EXPENSES (D)			4.473	5.866	4.571
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			5.714	4.967	6.377
Less	DEPRECIATION/ AMORTISATION (F)			0.344	0.457	0.039
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)			5.370	4.510	6.338
Less	TAX (H)			1.746	1.398	1.957
	PROFIT/(LOSS) AFTER TAX (G-H) (I)			3.624	3.112	4.381
Less	PRIOR PERIOD TAXES			0.000	0.120	0.00
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD			7.352	4.360	(0.021)
	BALANCE CARRIED TO THE B/S			10.976	7.352	4.360
	IMPORTS
			Trading Goods	47.623	159.503	188.679
	TOTAL IMPORTS			47.623	159.503	188.679
	Earnings Per Share (Rs.)			65.00	952.00	2921.00

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	1.32	1.42	1.59
Net Profit Margin (PBT/Sales)	(%)	1.99	2.08	2.31
Return on Total Assets (PBT/Total Assets}	(%)	6.54	3.83	7.12
Return on Investment (ROI) (PBT/Networth)		0.32	0.35	0.64
Debt Equity Ratio (Total Debt /Networth)		1.75	2.82	4.35
Current Ratio (Current Asset/Current Liability)		1.24	1.11	1.12

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	0.150	5.600	5.600
Reserves & Surplus	4.360	7.352	10.973
Share Application money pending allotment	5.450	0.000	0.000
Net worth	9.960	12.952	16.573
long-term borrowings	0.694	0.361	0.000
Short term borrowings	42.600	36.172	28.949
Total borrowings	43.294	36.533	28.949
Debt/Equity ratio	4.347	2.821	1.747

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	274.345	216.747	270.377
		(20.995)	24.743

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	274.345	216.747	270.377
Profit	4.381	3.112	3.624
	1.60%	1.44%	1.34%

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	No
10]	Designation of contact person	No
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	Yes
18]	Major customers	Yes
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

UNSECURED LOANS:

Particulars	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Long Term Borrowings
- KMPL - Car Loan - lnnova **	0.000	0.361
Short Term Borrowings
Loans from Related Parties
SiddhanthJayaram Muthukali	0.000	0.347
Jayaram. M	1.540	0.406
Shabari Metals Private Limited	0.000	0.172
Blue Crystal Chemicals Private Limited	0.538	0.000
Metrex Alloys (India) Private Limited	4.142	0.000
Chemitals Private Limited	0.489	0.000
Total	6.709	1.286

Notes

Particulars	Principal Amount	Interest Amount
Financial year - 2011-12	0.330	0.092
Financial year - 2012-13	0.333	0.056
Financial year - 2013-14	0.338	0.019

COMPANY OVERVIEW

Subject was incorporated on 3rd March, 2009 as a company with limited liability under the Companies Act, 1956. The company is engaged in the business of trading non-ferrous metals.

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10266492	11/08/2012 *	50,400,000.00	STATE BANK OF INDIA	Sme Branch, Kumarapark, No.179, S C Road, Bangalore, Karnataka - 560020, India	B56052806

*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 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.60.47
UK Pound	1	Rs.100.15
Euro	1	Rs.79.65

INFORMATION DETAILS

Information Gathered by :	PRT
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	3
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		27

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.