MIRA INFORM REPORT

Report Date :

09.12.2014

IDENTIFICATION DETAILS

Name :	ASK AUTOMOTIVE PRIAVTE LIMITED
Registered Office :	Flat No. 104,929/1,Naiwala ,Faiz Road, Karol Bagh-110005, New Delhi
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	18.01.1988
Com. Reg. No.:	55-030342
Capital Investment / Paid-up Capital :	Rs. 4.235 Millions
CIN No.: [Company Identification No.]	U34300DL1988PTC030342
IEC No.:	Not Divulged
TAN No.: [Tax Deduction & Collection Account No.]	Not Divulged
PAN No.: [Permanent Account No.]	AAACA7205Q
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Automotive Components.
No. of Employees :	3000 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (52)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 4100000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having fine track record. As per Registrar of company the date of Balance sheet i.e. Financials filed is shown as 31^st March, 2014 but the documents related to the financials for the year 2013 and 2014 are not available from any sources. As per available financial of 2012, Financial position of the company seems to be strong and healthy. Trade relations are fair. Business is active. Payment terms are reported to be regular and as per commitments. The company can be considered good for normal business dealings at usual trade terms and conditions. Note : The partial information are taken from indirect source i.e., CRISIL.

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 – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long Term Rating = A+
Rating Explanation	Have adequate degree of safety and carry low credit risk
Date	21.05.2014

Rating Agency Name	CRISIL
Rating	Short Term Rating = A1
Rating Explanation	Have verry strong degree of safety and carry lowest credit risk
Date	21.05.2014

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 (GENERAL DETAILS)

Name :	Mr. Sachin
Designation :	Accountant
Contact No.:	91-124-4659300
Date :	05.12.2014

LOCATIONS

Registered Office :	Flat No. 104,929/1,Naiwala ,Faiz Road, Karol Bagh-110005, New Delhi
Tel. No.:	91-124-4659300 / 4659301
Fax No.:	Not Available
E-Mail :	info@askbrake.com
Website :	http://www.askbrake.com
Factory 1:	Plot No. 28, Sector-4, INT Meherar, Gurgaon-122050, Haryana, India
Factory 2 :	Plot No. 30-31, Fathepur-Nawada, Manesar, Gurgaon-122050, Haryana, India
Factory 3	Located at Haridwar and Karnataka

DIRECTORS

As on 30.09.2014

Name :

Mr. Kuldip Singh Rathee

Designation :

Managing director

Address :

Farm No. 82, Road No.-4, Silver Oak Marg, Ghitorni, New Delhi- 110030, Delhi South, Delhi, India

Date of Birth/Age :

28.08.1954

Date of Appointment :

18.01.1988

DIN No.:

00041032

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	U34300DL1988PTC030342	ASK AUTOMOTIVE PRIVATE LIMITED	Managing director	18-01-88	18-01-88	-	Active	NO
2	U34300DL1999PTC101387	A.P. AUTOMOTIVES PRIVATE LIMITED	Director	01-09-99	01-09-99	01-01-09	Active	NO
3	U74999DL1981PTC012286	GRAPHIC RESEARCH CONSULTANTS INDIA PRIVATE LIMITED	Director	29-11-03	29-11-03	14-08-10	Active	NO
4	U80902DL2005PTC135671	METIS LEARNING SOLUTIONS PRIVATE LIMITED	Director	02-05-05	02-05-05	03-04-12	Active	NO
5	U45201DL2006PTC146847	KSR LANDHOLDING PROJECTS PRIVATE LIMITED	Director	27-02-06	27-02-06	-	Active	NO
6	U52110DL2007PTC165687	HMK SAI TRADING PRIVATE LIMITED	Director	10-07-07	10-07-07	22-09-11	Active	NO
7	U45201DL2006PTC145002	L.Y. DEVELOPERS PRIVATE LIMITED	Director	30-09-08	24-03-08	-	Active	NO
8	U70100DL2008PTC175988	KSR REALITY PRIVATE LIMITED	Director	27-03-08	27-03-08	-	Active	NO
9	U55101DL2008PTC175998	KVP HOTELS & RESORTS PRIVATE LIMITED	Director	27-03-08	27-03-08	-	Active	NO
10	U45200DL2008PTC177581	AADHUNIK REALTY PRIVATE LIMITED	Director	02-05-08	02-05-08	-	Active	NO
11	U65999DL2011PTC225339	VIJAYLAXMI FINCAP PRIVATE LIMITED	Director	21-09-11	21-09-11	-	Active	NO
12	U74999DL2012PTC236529	VIJAYLAXMI FARMS PRIVATE LIMITED	Director	25-05-12	25-05-12	-	Active	NO
13	U74900DL2012PTC238141	AADHUNIK AGROTECH PRIVATE LIMITED	Director	27-06-12	27-06-12	-	Active	NO
14	U45400DL2013PTC253148	VIJAYLAXMI INFRABUILD PRIVATE LIMITED	Director	30-05-13	30-05-13	-	Active	NO
15	U45400DL2013PTC253330	VIJAYLAXMI INFRA PROJECTS PRIVATE LIMITED	Director	31-05-13	31-05-13	-	Active	NO

Name :

Mr. Vijay Rathee

Designation :

Director

Address :

Farm No. 82, Road No.-4, Silver Oak Marg, Ghitorni, New Delhi- 110030, Delhi South, Delhi, India

Date of Birth/Age :

14.09.1953

Date of Appointment :

26.10.1995

DIN No.:

00042731

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	U34300DL1988PTC030342	ASK AUTOMOTIVE PRIVATE LIMITED	Director	26-10-95	26-10-95	-	Active	NO
2	U51909DL2002PTC117736	VINEETA TRADING PRIVATE LIMITED	Director	20-11-02	20-11-02	14-08-10	Active	NO
3	U51909DL2002PTC117738	ABHIPRA TRADING PRIVATE LIMITED	Director	01-09-05	01-09-05	14-08-10	Active	NO
4	U34200DL2006PTC146147	A.A. AUTOTECH PRIVATE LIMITED	Director	10-02-06	10-02-06	21-02-12	Active	NO
5	U52110DL2007PTC165687	HMK SAI TRADING PRIVATE LIMITED	Director	10-07-07	10-07-07	22-09-11	Active	NO
6	U72300DL2007PTC165688	QUEST DIGITAL SERVICES PRIVATE LIMITED	Director	10-07-07	10-07-07	26-03-10	Active	NO
7	U92412DL2007PTC165689	ULTIMATE GOLF PRIVATE LIMITED	Director	10-07-07	10-07-07	20-04-10	Active	NO
8	U45201DL2006PTC145002	L.Y. DEVELOPERS PRIVATE LIMITED	Director	30-09-08	24-03-08	-	Active	NO
9	U65999DL2011PTC225339	VIJAYLAXMI FINCAP PRIVATE LIMITED	Director	21-09-11	21-09-11	-	Active	NO
10	U74999DL2012PTC236529	VIJAYLAXMI FARMS PRIVATE LIMITED	Director	25-05-12	25-05-12	-	Active	NO
11	U74900DL2012PTC238141	AADHUNIK AGROTECH PRIVATE LIMITED	Director	27-06-12	27-06-12	-	Active	NO
12	U45400DL2013PTC253148	VIJAYLAXMI INFRABUILD PRIVATE LIMITED	Director	30-05-13	30-05-13	-	Active	NO
13	U45400DL2013PTC253330	VIJAYLAXMI INFRA PROJECTS PRIVATE LIMITED	Director	31-05-13	31-05-13	-	Active	NO

Name :

Mr. Anand Kumar Bhardwaj

Designation :

Director

Address :

Mastan Street, Bichla Bazar, Bhiwani-127021, Haryana, India

Date of Birth/Age :

11.11.1960

Date of Appointment :

10.07.2013

DIN No.:

06629869

KEY EXECUTIVES

Name :	Mr. Sachin
Designation :	Accountant

MAJOR SHAREHOLDERS

As on 30.09.2014

Names of Shareholders	No. of Shares
Kuldip Singh Rathee	20902
Prashant Rathee	660
Aman Rathee	5630
Vijay Rathee	15161
Total	42353

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2014

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Automotive Components.
Products :	Not Divulged
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :
Products :	Finished Goods
Countries :	U.S.
Imports :
Products :	Raw Material
Countries :	Japan
Terms :
Selling :	Cash and Cheque
Purchasing :	Cash and Cheque

GENERAL INFORMATION

Suppliers :

Not Divulged

Customers :

Wholesalers and Retailers

No. of Employees :

3000 (Approximately)

Bankers :

• Citi Bank N.A., Jeevan Vihar ; 3 ; Sansad Marg, New Delhi - 110001, Delhi, India
• Standard Chartered Bank, Credit Documentation Unit, Narain Manzil, 23 Arakhamba Road, New Delhi - 110001, Delhi, India
• The Ratnakar Bank Limited, Shahupuri,Kolhapur, Vypari Peth, Kolhapur - 16001, Maharashtra, India
• Kotak Mahindra Bank Limited, 7th Floor, Ambadeep Building, Kasturba Gandhi Marg, New Delhi - 110001, Delhi, India

Facilities :

SECURED LOAN

(Rs. In Millions)

Particulars	As on 31.03.2013	As on 31.03.2012
SHORT TERM BORROWINGS
Working capital loans from bank	113.360	174.983
Total	113.360	174.983

Banking Relations :	---
Auditors :
Name :	Satinder Saini and Company Chartered Accountant
Address :	516, Suneja, Tower-1, District Centre, Janakpuri, New Delhi-110058, Delhi, India
PAN No.:	AATPS2758Q
Memberships :	-----
Collaborators :	-----
Associates/Subsidiaries :	Not Divulged

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.100/- each	Rs. 5.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
42353	Equity Shares	Rs.100/- each	Rs. 4.235 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	4.235	4.235
(b) Reserves & Surplus	1437.123	1037.526
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	1441.358	1041.761
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000
(b) Deferred tax liabilities (Net)	42.848	37.128
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	30.223	42.302
Total Non-current Liabilities (3)	73.071	79.430
(4) Current Liabilities
(a) Short term borrowings	113.360	174.983
(b) Trade payables	303.134	231.121
(c) Other current liabilities	116.598	92.106
(d) Short-term provisions	232.692	271.252
Total Current Liabilities (4)	765.784	769.462
TOTAL	2280.213	1890.653
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	688.745	623.799
(ii) Intangible Assets	8.241	1.109
(iii) Capital work-in-progress	77.482	1.420
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	216.705	216.705
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	176.927	55.183
(e) Other Non-current assets	3.881	3.880
Total Non-Current Assets	1171.981	902.096
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	256.346	212.218
(c) Trade receivables	576.493	461.077
(d) Cash and cash equivalents	13.125	13.530
(e) Short-term loans and advances	262.208	301.726
(f) Other current assets	0.060	0.006
Total Current Assets	1108.232	988.557
TOTAL	2280.213	1890.653

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		4.235
2] Share Application Money		0.000
3] Reserves & Surplus		725.198
4] (Accumulated Losses)		0.000
NETWORTH		729.433
LOAN FUNDS
1] Secured Loans		132.740
2] Unsecured Loans		0.000
TOTAL BORROWING		132.740
DEFERRED TAX LIABILITIES		33.976
TOTAL		896.149
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		410.435
Capital work-in-progress		0.427
INVESTMENT		216.705
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	134.848
	Sundry Debtors	388.917
	Cash & Bank Balances	17.699
	Other Current Assets	25.555
	Loans & Advances	310.569
Total Current Assets		877.588
Less : CURRENT LIABILITIES & PROVISIONS
	Other Current Liabilities	288.446
	Provisions	320.560
Total Current Liabilities		609.006
Net Current Assets		268.582
MISCELLANEOUS EXPENSES		0.000
TOTAL		896.149

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	4466.423	3476.793	2306.841
		Other Income	NA	NA	NA
		TOTAL	NA	NA	NA
Less	EXPENSES
		TOTAL	NA	NA	NA
	PROFIT BEFORE TAX		524.283	423.189	288.131
Less	TAX		124.686	110.862	106.535
	PROFIT AFTER TAX		399.597	312.327	181.596
	Earnings Per Share (Rs.)		94355.84	73749.00	42879.81

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
Net Profit Margin (PAT/Sales)	(%)	8.95	8.98	7.87
Return on Total Assets (PBT/Total Assets}	(%)	26.40	25.30	22.37
Return on Investment (ROI) (PBT/Networth)		0.36	0.41	0.40
Debt Equity Ratio (Total Debt /Networth)		0.08	0.17	0.18
Current Ratio (Current Asset/Current Liability)		1.45	1.28	1.44

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012
	(Rs. In Millions)	(Rs. In Millions)
Share Capital	4.235	4.235
Reserves & Surplus	1037.526	1437.123
Net worth	1041.761	1441.358
long-term borrowings	0.000	0.000
Short term borrowings	174.983	113.360
Total borrowings	174.983	113.360
Debt/Equity ratio	0.168	0.079

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2010	31.03.2011	31.03.2012
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	2306.841	3476.793	4466.423
		50.717	28.464

NET PROFIT MARGIN

Net Profit Margin	31.03.2010	31.03.2011	31.03.2012
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	2306.841	3476.793	4466.423
Profit	181.596	312.327	399.597
	7.87%	8.98%	8.95%

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	No
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	No
15]	Capital in the business	Yes
16]	Details of sister concerns	No
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	No
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

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10508657	14/08/2014 *	400,000,000.00	KOTAK MAHINDRA BANK LIMITED	7TH FLOOR, AMBADEEP BUILDING, 14, K. G. MARG, CONNAUGHT PLACE, NEW DELHI, DELHI - 110001, INDIA	C16111601
2	10505929	04/06/2014	110,000,000.00	KOTAK MAHINDRA BANK LIMITED	7TH FLOOR, AMBADEEP BUILDING, KASTURBA GANDHI MARG, NEW DELHI, DELHI - 110001, INDIA	C09245580
3	10484529	30/06/2014 *	350,000,000.00	KOTAK MAHINDRA BANK LIMITED	7TH FLOOR, AMBADEEP BUILDING, 14, K. G. MARG, CON  NAUGHT PLACE, NEW DELHI, DELHI - 110001, INDIA	C09028820
4	10451595	13/09/2013	100,000,000.00	THE RATNAKAR BANK LIMITED	SHAHUPURI,KOLHAPUR, VYPARI PETH, KOLHAPUR, MAHAR  ASHTRA - 416001, INDIA	B85964757
5	10376793	09/10/2014 *	560,000,000.00	STANDARD CHARTERED BANK (ACTING AS AN SECURITY AGE  NT	FOR STANDARD CHARTERED BANK, LONDON), C D U, NARA  IN MANZIL, 23 BARAKHAMBA ROAD, NEW DELHI, DELHI -  110001, INDIA	C28397891
6	10336610	25/06/2014 *	302,500,000.00	KOTAK MAHINDRA BANK LIMITED	7TH FLOOR AMBADEEP BUILDING, 14, K G MARG, CONN  AUGHT PLACE, NEW DELHI, DELHI - 110001, INDIA	C09024589
7	80067506	07/09/2005	40,000,000.00	STANDARD CHARTERED BANK	SANSAD MARG, NEW DELHI, DELHI - 110001, INDIA	-
8	80051179	23/06/2014 *	170,000,000.00	STANDARD CHARTERED BANK	CREDIT RISK CONTROL, NARAIN MANZIL, 23 BARAKHAMBA  ROAD, NEW DELHI, DELHI - 110001, INDIA	C19847839
9	90062628	09/01/2008 *	162,500,000.00	CITI BANK NA	JEEVAN VIHAR, 3 SANSAD MARG, NEW DELHI, DELHI - 1  10001, INDIA	A32856288

* Date of charge modification

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. 61.93
UK Pound	1	Rs. 96.37
Euro	1	Rs. 76.10

INFORMATION DETAILS

Information Gathered by :	GAY
Analysis Done by :	RAS
Report Prepared by :	ASH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		52

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

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