MIRA INFORM REPORT

Report Date :

01.12.2014

IDENTIFICATION DETAILS

Name :	PBJ INDUSTRIAL ELECTRONICS PRIVATE LIMITED
Registered Office :	72 BCG Government Industrial Estate, Charkop, Kandivali (West), Mumbai – 400067, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	23.10.1972
Com. Reg. No.:	11-016080
Capital Investment / Paid-up Capital :	Rs. 1.386 Millions
CIN No.: [Company Identification No.]	U32108MH1972PTC016080
IEC No.:	Not Divulged
TAN No.: [Tax Deduction & Collection Account No.]	Not Divulged
PAN No.: [Permanent Account No.]	Not Divulged
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Metal Finishing & Coating Services, Plasma Treatment, Extrusion, Ozonash & BoPET Band Pinning etc.
No. of Employees :	Information declined by the 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

Maximum Credit Limit :	USD 56000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a small company in its field having moderate track. Its scale of activities are limited. Management has reported a loss from its operations during FY14. However, trade relations seem to be fair. Business is active. Payment terms are reported as slow but correct. In view of long standing presence, the company can be considered for business dealings with 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

Verdict Implications : Apex court order may alter coal import dynamics. Traders go slow on talks over coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.

Recent arrest of the Chennai head of the Registrar of Companies, the ministry of corporate affairs arm that ensures that companies file all the information required by the Companies Act is the latest manifestation of a messy fight between a father and his adopted son for the control of Rs 40000 mn business empire. The Central Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10 lakhs as bribe from M A M Ramaswamy, a CBI official said.

Central Bureau of Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.

Infosys maintains revenue guidance. COO Rao says attrition still an area of concern and it would take a few more quarters to bring down levels to 13-15 %.

DHL  to invest Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its e-commerce business model for the Asia-Pacific region.

Blackstone may buy stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.

Kingfisher Airlines Ltd grounded in October 2012 under the weight of heavy debt and accumulated losses, recently approached the Delhi high court for relief in two separate cases. The airline challenged a notice by Punjab & National Bank alleging that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to comply with the requirements under the listing agreements with the Stock Exchanges.

OnMobile likely to sack another 300 employees. The lay-offs follow a spate of senior-level exits over the past two years, starting with of its founder. The overall lay-offs could number around 600 and are driven by the need to cut costs, says a former employee.

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 DECLINED

Management Non – Cooperative (91-22-42418282)

LOCATIONS

Registered Office :	72 BCG Government Industrial Estate, Charkop, Kandivali (West), Mumbai – 400067, Maharashtra, India
Tel. No.:	91-22-8682283
Mobile No.:
Fax No.:	91-22-8683460
E-Mail :	vishwas@vardeindia.com
Website :	www.ieepbj.com

DIRECTORS

As on 30.09.2014

Name :

Mr. Anant G Deshpande

Designation :

Whole time Director

Address :

1201, Green Ridge Tower 2, 120 Ft Link Road, borivali (E), Mumbai – 400092, Maharashtra, India

Date of Birth/Age :

15.11.1947

Date of Appointment :

27.12.2001

DIN No.:

00081228

Name :

Mr. Vishwas V Varde

Designation :

Whole time Director

Address :

B- 8, Asmita, Linking Road Etn. Santacruz (W), Mumbai – 400054, Maharashtra, India

Date of Birth/Age :

23.02.1951

Date of Appointment :

29.12.2001

DIN No.:

00020823

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	U99999MH1982PTC165632	C P PLASTICS PVT LTD	Director	28/08/1993	28/08/1993	25/04/2008	Amalgamated	NO
2	U25202MH1987PTC044958	Trimpacks Services Private Limited	Director	17/06/1999	17/06/1999	-	Active	NO
3	U18100MH1995PTC093360	CRAV APPARELS PRIVATE LIMITED	Director	15/12/2000	15/12/2000	30/04/2008	Active	NO
4	U32108MH1972PTC016080	PBJ INDUSTRIAL ELECTRONICS PRIVATE LIMITED	Whole-time director	29/12/2001	29/12/2001	-	Active	NO
5	U24100MH1975PTC018068	LIBERTY CHEMICALS PRIVATE LIMITED	Director	23/09/2011	01/10/2006	-	Active	NO
6	U51909MH2008PTC182118	Lora Tradex Private Limited	Director	12/05/2008	12/05/2008	-	Active	NO
7	U72200KA2001PTC029525	XALTED INFORMATION SYSTEMS PRIVATE LIMITED	Director	27/01/2014	27/01/2014	-	Active	NO

Name :

Mr. Rohit A Deshpande

Designation :

Whole time Director

Address :

1201, Green Ridge Tower 2, 120 Ft Link Road, borivali (E), Mumbai – 400092, Maharashtra, India

Date of Birth/Age :

23.06.1980

Date of Appointment :

06.12.2005

DIN No.:

00081262

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	U32108MH1972PTC016080	PBJ INDUSTRIAL ELECTRONICS PRIVATE LIMITED	Whole-time director	06/12/2005	06/12/2005	-	Active	NO
2	U51909MH2008PTC182118	Lora Tradex Private Limited	Director	23/09/2009	17/01/2009	-	Active	NO

Name :

Mrs. Trupti Keyur Shah

Designation :

Whole time Director

Address :

B- 8, Asmita, Linking Road Etn. Santacruz (W), Mumbai – 400054, Maharashtra, India

Date of Birth/Age :

19.02.1979

Date of Appointment :

06.12.2005

DIN No.:

00080816

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	U32108MH1972PTC016080	PBJ INDUSTRIAL ELECTRONICS PRIVATE LIMITED	Whole-time director	06/12/2005	06/12/2005	-	Active	NO
2	U51909MH2008PTC182118	Lora Tradex Private Limited	Director	23/09/2009	17/01/2009	-	Active	NO
3	U25202MH1987PTC044958	Trimpacks Services Private Limited	Director	28/09/2012	15/12/2011	-	Active	NO

KEY EXECUTIVES

Name :	Jay D’souza and Company
Designation :	Company Secretaries
Address :	6/24, Excel Coatings, Sankalp Niketan, Carpenter Streeet, Dockyard Road, Mumbai - 400010
Mobile No. :	91-9819334743
Qualification :	M.Com, LLB, FCS, ASMA, ACIS
Email :	dsouza.jay@gmail.com

MAJOR SHAREHOLDERS

As on 30.09.2014

Names of Shareholders	No. of Shares
Mr. Vishwas V Varde Jointly with Mrs. Sushma V Varde	6790
Mr. Anant G Deshpande Jointly with Mrs. Nayana A Deshpande	6790
Mr. Rohit Anant Deshpande	140
Mrs. Trupti Keyur Shah	140
Total	13860

As on 30.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Metal Finishing & Coating Services, Plasma Treatment, Extrusion, Ozonash & BoPET Band Pinning etc.
Products :	Not Divulged
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	Not Divulged

GENERAL INFORMATION

Suppliers :

Not Divulged

Customers :

Not Divulged

No. of Employees :

Information declined by the management

Bankers :

• The Saraswat Cooperative Bank Limited, SME Vile Parle Branch, Bholanath Co-op Hsg Soc., Subhash Road, Vile Parle East, Mumbai – 400057, Maharashtra, India

Facilities :

(Rs. In Millions)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
From ICICI Bank Limited (Against hypothecation on Motor Car)	0.000	0.179
SHORT TERM BORROWING
Cash credit with Saraswat Co-operative Bank Limited (Against hypothecation of stock and receivables)	2.109	2.321
Cash Credit with the Saraswat Co-operative Bank Limited (Against hypothecation of Fixed Deposits)	7.121	5.947
Total	9.230	8.447

Auditors :
Name :	Vinay D Mulye Chartered Accountant
Address :	3/A, Shreepooja, Opposite Ravindra Natya Mandir, Off Sayani road, Prabhadevi, Mumbai – 400025, Maharashtra, India
Tel. No.:	91-22-24212291/32482291
Mobile No.:	91-9820140710
PAN No.:	AADPM0018M
Memberships :	Not Divulged
Collaborators :	Not Divulged
Related Parties :	Electric Corporation of India Lora Tradex Private Limited

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
25000	Equity Shares	Rs.100/- each	Rs. 2.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
13860	Equity Shares	Rs.100/- each	Rs. 1.386 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	1.386	1.386	1.386
(b) Reserves & Surplus	18.379	20.372	19.848
(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)	19.765	21.758	21.234
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.180	0.896
(b) Deferred tax liabilities (Net)	0.000	0.000	0.030
(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	0.180	0.926
(4) Current Liabilities
(a) Short term borrowings	19.622	19.195	18.723
(b) Trade payables	10.241	11.027	15.488
(c) Other current liabilities	5.487	5.654	6.740
(d) Short-term provisions	0.000	0.850	0.376
Total Current Liabilities (4)	35.350	36.726	41.327
TOTAL	55.115	58.664	63.487
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets
(ii) Intangible Assets	7.273	7.839	9.541
(iii) Capital work-in-progress	0.628	0.156	0.232
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.060	0.060	0.060
(c) Deferred tax assets (net)	0.382	0.214	0.000
(d) Long-term Loan and Advances	1.631	1.268	1.017
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	9.974	9.537	10.850
(2) Current assets
(a) Current investments	0.000	0.000	16.853
(b) Inventories	7.326	11.616	13.543
(c) Trade receivables	8.799	14.061	17.255
(d) Cash and cash equivalents	21.912	17.683	2.762
(e) Short-term loans and advances	4.020	3.097	2.224
(f) Other current assets	3.084	2.670	0.000
Total Current Assets	45.141	49.127	52.637
TOTAL	55.115	58.664	63.487

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	70.700	82.400	87.600
	Other Income	NA	NA	NA
	TOTAL	NA	NA	NA
Less	EXPENSES	72.803	81.260	86.887
	PROFIT/ (LOSS) BEFORE TAX	(2.103)	1.140	0.713
Less	TAX	(0.168)	0.605	0.277
	PROFIT/ (LOSS) AFTER TAX	(1.935)	0.535	0.436
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	17.916	17.221	16.607
Less	APPROPRIATIONS
	Transfer to General Reserve	0.000	(0.150)	(0.150)
	Short Provision of Income Tax in Earlier Years	(0.057)	(0.010)	(0.028)
	Total	(0.057)	(0.160)	(0.178)
	Balance Carried to the B/S (J+K+L-M)	16.038	17.916	17.221
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	27.024	14.859	14.103
	TOTAL EARNINGS	27.024	14.859	14.103
	IMPORTS
	Raw Materials	4.079	3.671	5.037
	TOTAL IMPORTS	4.079	3.671	5.037
	Earnings / (Loss) Per Share (Rs.)	(143.77)	27.06	18.61

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	(2.74)	0.65	0.50
Return on Total Assets (PBT/Total Assets}	(%)	(3.89)	1.96	1.13
Return on Investment (ROI) (PBT/Networth)		(0.11)	0.05	0.03
Debt Equity Ratio (Total Debt /Networth)		0.99	0.89	0.92
Current Ratio (Current Asset/Current Liability)		1.28	1.34	1.27

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	1.386	1.386	1.386
Reserves & Surplus	19.848	20.372	18.379
Net worth	21.234	21.758	19.765
long-term borrowings	0.896	0.180	0.000
Short term borrowings	18.723	19.195	19.622
Total borrowings	19.619	19.375	19.622
Debt/Equity ratio	0.924	0.890	0.993

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	87.600	82.400	70.700
		(5.936)	(14.199)

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	87.600	82.400	70.700
Profit	0.436	0.535	(1.935)
	0.50%	0.65%	(2.74%0

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	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	No
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

UNSECURED LOAN

(In Millions)

Particulars	As on 31.03.2014	As on 31.03.2013
SHORT TERM BORROWING
From Directors and Members	10.392	10.926
Total	10.392	10.926

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10232862	12/07/2010	1,500,000.00	THE SARASWAT CO-OPERATIVE BANK LTD	SME Branch, Bholanath Co-Operative Hsg. Soc., Sub hash Road, Vile Parle (East), Mumbai, Maharashtra - 400057, INDIA	A91099606
2	90187108	25/11/2004	1,000,000.00	THE SARASWAT CO.OPERATIVE BANK LTD.	KANDIVLI BRANCH; DHAVALGIRI; PLOT NO. CTS, 383-A; KANDIVLI (WEST), MUMBAI, Maharashtra - 400067, IN DIA	-
3	90187935	24/03/2011 *	2,000,000.00	The Saraswat Cooperative Bank Ltd	SME Vile Parle Branch, Bholanath Co-op Hsg Soc, S ubhash Road, Vile Parle East, Mumbai, Maharashtra - 400057, INDIA	B10520021
4	90186972	30/12/2002	2,500,000.00	THE SARASWAT CO.OPERATIVE BANK LTD.	KANDIVALI (W) BRANCH, BOMBAY, Maharashtra - 400067 , INDIA	-
5	90186597	22/07/1998	400,000.00	THE SARASWAT CO.OPERATIVE BANK LTD.	CENTRAL ADMINISTRATIVE OFFICE; DR. D.B. ROAD, APS ARA CINEMA BUILDING, BOMBAY, Maharashtra - 400007, INDIA	-
6	90183995	18/08/1994	10,000,000.00	THE SARASWAT CO.OPERATIVE BANK LTD.	CENTRAL ADMINISTRATIVE OFFICE; APSARA CINEMA BLDG. , DR. D.B. MARG; GRANT ROAD, BOMBAY, Maharashtra - 400007, INDIA	-
7	90184689	08/05/1982	175,000.00	THE SARASWAT CO.OPERATIVE BANK LTD.	CENTRAL ADMINISTRATIVE OFFICE, DADASAHEB BHADKAMK AR MARG, BOMBAY, Maharashtra - 400007, INDIA	-
8	90184507	24/01/1996 *	900,000.00	THE SARASWAT CO.OPERATIVE BANK LTD.	CENTRAL ADMINISTRATIVE OFFICE; DR. D.B. ROAD, APS ARA CINEMA BUILDING, BOMBAY, Maharashtra - 400007, INDIA	-
9	90184447	25/07/1978	100,000.00	THE SARASWAT CO.OPERATIVE BANK LTD.	CENTRAL ADMINISTRATIVE OFFICE; DR. D.B. ROAD, APS ARA CINEMA BUILDING, BOMBAY, Maharashtra - 400007, INDIA	-
10	90184291	22/05/1973	30,000.00	THE SARASWAT CO.OPERATIVE BANK LTD.	SARASWAT BANK BUILDING, NIKADWARI LANE; GIRGAUM, BOMBAY, Maharashtra - 400004, INDIA	-

* Date of charge modificatio

FIXED ASSETS

• Land
• Building
• Plant and Machinery
• Furniture
• Vehicles
• Office Equipment
• 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 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.
UK Pound	1	Rs.
Euro	1	Rs.

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	SUB
Report Prepared by :	ART

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	3
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	3
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		29

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.