MIRA INFORM REPORT

Report Date :

01.09.2014

IDENTIFICATION DETAILS

Name :	R. P. MULTIMETALS PRIVATE LIMITED
Registered Office :	G T Road, Mandi Gobindgarh, Fatehgarh Sahib - 147301, Punjab
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	15.12.1997
Com. Reg. No.:	53-020837
Capital Investment / Paid-up Capital :	Rs. 26.922 Millions
CIN No.: [Company Identification No.]	U27109PB1997PTC020837
Legal Form :	Private Limited Liability Company
Line of Business :	· Importers of ferrous and non-ferrous scrap (mainly Nickel and Molli) in containers and in break bulk as well. · Manufacturer of Steel Ingots, Forging Ingots and any Type of Steel Castings, Adamite Rolls and SG Iron Rolls as Per Customers Requirement.
No. of Employees :	500 (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 an established company having a moderate track record. Profitability of the company seems to be low during 2013. 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	ICRA
Rating	Fund based limits = B+
Rating Explanation	Have high risk of default
Date	March, 2013

Rating Agency Name	ICRA
Rating	Non fund based limits = A4
Rating Explanation	Have minimal degree of safety and carry very high credit risk
Date	March, 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 PARTED BY

Name :	Mr. Ashish
Designation :	Director
Contact No.:	91-9876000919
Date :	25.08.2014

LOCATIONS

Registered Office :	G T Road, Mandi Gobindgarh, Fatehgarh Sahib - 147301, Punjab, India
Tel. No.:	Not Available
Mobile No.:	91-9876000919 (Mr. Ashish)
Fax No.:	Not Available
E-Mail :	rpmultimetals@gmail.com
Head Office / Factory :	Amloh Road, Billage Salani, Mandi Gobindgarh – 147301, Punjab, India
Tel. No.:	91-1765 – 241448 / 242448 / 505019 / 255122 / 255389 / 258923 / 259117
Fax No.:	91-1765-255422
E-Mail :	rpmultimetals@gmail.com
Website :	http://www.naraingroup.com
Location :	Owned

DIRECTORS

As on: 30.09.2013

Name :

Mr. Narain Singla

Designation :

Whole Time Director

Address :

Ward No. 17, Behind Girder Market, Mandi Gobindgarh – 147301, Punjab, India

Date of Birth :

17.03.1957

Date of Appointment :

15.12.1997

DIN No. :

01031765

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	U27104PB1993PTC012925	R P FOUNDRY PRIVATE LIMITED	Director	11/01/1993	11/01/1993	15/07/2008	Active	NO
2	U27109PB1997PTC020837	R. P. MULTIMETALS PRIVATE LIMITED	Whole-time director	15/12/1997	15/12/1997	-	Active	NO
3	U45201CH1983PTC005348	PRAGATI NIRMAN PRIVATE LIMITED	Director	22/02/2006	22/02/2006	-	Active	NO
4	U51420PB2006PTC030200	R.P. IMPORT & EXPORT PRIVATE LIMITED	Director	05/05/2006	05/05/2006	-	Active	NO
5	U27100PB2008PTC031614	MATCO STEELS PRIVATE LIMITED	Additional director	01/03/2008	01/03/2008	31/03/2009	Active	YES
6	U27100PB2011PTC035410	NARAIN AND COMPANY PRIVATE LIMITED	Director	26/08/2011	26/08/2011	-	Active	NO

Name :

Mr. Gopal Singla

Designation :

Director

Address :

M/S Gopal and Company, Girder Market, G. T Road, Mandi Gobindgarh – 147301, Punjab, India

Date of Birth :

04.08.1967

Date of Appointment :

15.12.1997

DIN No. :

01031787

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	U27109PB1997PTC020837	R. P. MULTIMETALS PRIVATE LIMITED	Director	15/12/1997	15/12/1997	-	Active	NO
2	U27310PB2002PTC024867	GOPAL CASTINGS PRIVATE LIMITED	Whole-time director	03/01/2002	03/01/2002	-	Active	NO
3	U92413PB1993NPL013748	GOBINDGARH CLUB LTD	Director	02/06/2007	02/06/2007	-	Active	NO
4	U70109DL2006PTC153622	WEMBLEY REALTORS PRIVATE LIMITED	Additional director	01/02/2011	01/02/2011	-	Active	NO
5	U51420PB2006PTC030200	R.P. IMPORT & EXPORT PRIVATE LIMITED	Director	29/09/2012	10/12/2011	-	Active	NO

Name :

Mr. Ashish Singla

Designation :

Director

Address :

Ward No. 10, H. No. 184, Old Central Bank Street, Mandi Gobindgarh – 147301, Punjab, India

Date of Birth :

10.08.1981

Date of Appointment :

01.02.2006

DIN No. :

01180048

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	U27310PB2002PTC024867	GOPAL CASTINGS PRIVATE LIMITED	Director	10/08/2005	10/08/2005	-	Active	NO
2	U27109PB1997PTC020837	R. P. MULTIMETALS PRIVATE LIMITED	Director	01/02/2006	01/02/2006	-	Active	NO
3	U70109DL2006PTC153622	WEMBLEY REALTORS PRIVATE LIMITED	Additional director	01/02/2011	01/02/2011	-	Active	NO
4	U27100PB2011PTC035410	NARAIN AND COMPANY PRIVATE LIMITED	Director	26/08/2011	26/08/2011	-	Active	NO

Name :

Mr. Yograj Singla

Designation :

Director

Address :

Ward No. 11, Old Central Bank Street, Mandi Gobindgarh – 147301, Punjab, India

Date of Birth :

14.05.1972

Date of Appointment :

28.04.1999

DIN No. :

01180088

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	U27109PB1997PTC020837	R. P. MULTIMETALS PRIVATE LIMITED	Director	28/04/1999	28/04/1999	-	Active	NO
2	U70109DL2006PTC153622	WEMBLEY REALTORS PRIVATE LIMITED	Additional director	01/06/2011	01/06/2011	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Tushar Bindu Sharma
Designation :	Company Secretary
Address :	129, Milk Colony, Dhanas - 160014, Chandigarh, India
Date of Appointment :	15.06.2007
PAN No.:	AQKPS4299M

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.09.2013

Names of Shareholders	No. of Shares
Narain Singla Son of Parkash Single	653850
Rameshwar Singla Son of Om Parkash	12600
Gopal Singla Son of Om Parkash Singla	13600
Yograj Singla Son of Firangi Lal	100
Om Prakash Singla Son of Kapoor Chand	60000
Jalinder Kumar Son of Devinder Kumar	22500
Pawan Kumar Son of Salig Ram	32200
Vikas Puri Son of Rattan Lal Puri	27000
R P Foundry Private Limited	196400
Manish Singla	145500
Ashish Singla	104000
Gopal Castings Private Limited	1344520
Amanpreet Sandu Son of Gurbax Singh	80000
Total	2692270

Equity Share Break up (Percentage of Total Equity)

As on: 30.09.2013

Category	Percentage
Bodies corporate	57.23
Directors or relatives of directors	42.77
Total	100.00

BUSINESS DETAILS

Line of Business :	· Importers of ferrous and non-ferrous scrap (mainly Nickel and Molli) in containers and in break bulk as well. · Manufacturer of Steel Ingots, Forging Ingots and any Type of Steel Castings, Adamite Rolls and SG Iron Rolls as Per Customers Requirement.
Products :	· Forgings · Steel alloys · Rolls · Heavy forgings · Gears · shafts · Cranks · Blocks · Rounds · Ingots · Foundry · Moulds Manufacturing Facilities – Melting Shop · Medium frequency induction furnace · Continous casting Machine · Ladle Pouring · Argon Purging · Heat Treatment Furnace · Immersion Pyrometer · Ladle Pre-Heater · Holding Furnace · Air Compressor 110CFM (2 Nos)
Imports :
Products :	· Forgings · Steel alloys · Rolls · Heavy forgings · Gears · shafts · Cranks · Blocks · Rounds · Ingots · Foundry · Moulds Manufacturing Facilities – Melting Shop · Medium frequency induction furnace · Continous casting Machine · Ladle Pouring · Argon Purging · Heat Treatment Furnace · Immersion Pyrometer · Ladle Pre-Heater · Holding Furnace · Air Compressor 110CFM (2 Nos)
Countries :	· South Africa · Dubai
Terms :
Selling :	Cash and Credit (30 /60 Days)
Purchasing :	Cash and Credit (30 /60 Days)

GENERAL INFORMATION

Customers :

Wholesalers, Retailers and End users

No. of Employees :

500 (Approximately)

Bankers :

Oriental Bank of Commerce, Mandi Fatehgarh Sahib, Gobindgarh – 147301, Punjab, India

Facilities :

Secured Loan	As on 31.03.2013	As on 31.03.2012
	(Rs. In Millions)
SHORT TERM BORROWINGS:
Working capital loans from banks	503.713	490.977
Total	503.713	490.977

Banking Relations :	--
Auditors :
Name :	O.P. Tulsyan and Company Chartered Accountants
Address :	Shop No. 42, B. D. Complex, Mandi Gobindgarh – 147301, Punjab, India
PAN No.:	AAAFO0729O
Sister Concern :	R P Foundry Private Limited CIN No.: U27104PB1993PTC012925 Gopal Castings Private Limited CIN No.:U27310PB2002PTC024867

CAPITAL STRUCTURE

As on: 31.03.2013

Authorized Capital:

No. of Shares	Type	Value	Amount
3500000	Equity Shares	Rs.10/- each	Rs. 35.000 Millions

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
2692270	Equity Shares	Rs.10/- each	Rs. 26.922 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	26.922	26.922	26.922
(b) Reserves & Surplus	140.110	136.218	128.209
(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)	167.032	163.140	155.131
(3) Non-Current Liabilities
(a) long-term borrowings	104.360	200.348	32.500
(b) Deferred tax liabilities (Net)	0.950	0.824	1.140
(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)	105.310	201.172	33.640
(4) Current Liabilities
(a) Short term borrowings	503.713	490.977	398.802
(b) Trade payables	20.479	36.417	15.969
(c) Other current liabilities	38.242	30.060	14.605
(d) Short-term provisions	4.205	2.630	23.980
Total Current Liabilities (4)	566.639	560.084	453.356
TOTAL	838.981	924.396	642.127
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	82.730	60.524	62.836
(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)	0.000	0.000	0.000
(d) Long-term Loan and Advances	22.121	22.053	5.926
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	104.851	82.577	68.762
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	230.951	383.705	188.008
(c) Trade receivables	232.831	99.931	77.125
(d) Cash and cash equivalents	74.213	131.159	188.484
(e) Short-term loans and advances	195.360	226.446	119.189
(f) Other current assets	0.775	0.578	0.559
Total Current Assets	734.130	841.819	573.365
TOTAL	838.981	924.396	642.127

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income
		Other Income
		TOTAL	2466.882	2062.638	1383.835
Less	EXPENSES
		TOTAL	2390.801	2013.325	1334.522
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		76.081	49.313	49.313
Less	FINANCIAL EXPENSES		62.747	30.586	30.586
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		13.334	18.727	18.727
Less/ Add	DEPRECIATION/ AMORTISATION		7.740	7.860	7.860
	PROFIT BEFORE TAX		5.594	10.867	10.867
	Earnings Per Share (Rs.)		NA	NA	NA

Particulars	31.03.2014
Sales Turnover (Approximately)	2660.000 (Approximately)

Expectation sales (2014-15): Rs. 3000.000 Millions

The above information has been parted by Mr. Ashish.

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Return on Total Assets (PBT/Total Assets}	(%)	0.67	1.18	1.69
Return on Investment (ROI) (PBT/Networth)		0.03	0.07	0.07
Debt Equity Ratio (Total Debt/Networth)		3.64	4.24	2.78
Current Ratio (Current Asset/Current Liability)		1.30	1.50	1.26

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	26.922	26.922	26.922
Reserves & Surplus	128.209	136.218	140.110
Net worth	155.131	163.140	167.032
long-term borrowings	32.500	200.348	104.360
Short term borrowings	398.802	490.977	503.713
Total borrowings	431.302	691.325	608.073
Debt/Equity ratio	2.780	4.238	3.640

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)
Total Income	1383.835	2062.638	2466.882
		49.052	19.598

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	1383.835	2062.638	2466.882
Profit	10.867	10.867	5.594
	0.79%	0.53%	0.23%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	Yes
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

UNSECURED LOAN

Particulars	As on 31.03.2013	As on 31.03.2012
	(Rs. In Millions)
LONG TERM BORROWINGS:
Other loans and advances	104.360	200.348
Total	104.360	200.348

INDEX OF CHARGES:

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10338386	05/04/2013 *	650,000,000.00	ORIENTAL BANK OF COMMERCE	MANDI GOBINDGARH, FATEHGARH SAHIB - 147301, PUNJAB, INDIA	B72901077

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 judgment 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.100.35
Euro	1	Rs.79.86

INFORMATION DETAILS

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

SCORE & RATING EXPLANATIONS

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