MIRA INFORM REPORT

Report Date :

27.12.2014

IDENTIFICATION DETAILS

Name :	AKSHIT ENTERPRISES PRIVATE LIMITED

Registered Office :	AN-2, Shalimar Bagh, Delhi – 110 088

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	07.12.2005

Com. Reg. No.:	55-143432

Capital Investment / Paid-up Capital :	Rs.8.011 millions

CIN No.: [Company Identification No.]	U51909DL2005PTC143432

IEC No.:	Not Available

TAN No.: [Tax Deduction & Collection Account No.]	Not Available

PAN No.: [Permanent Account No.]	Not Available

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacturing of Foundry Alloys and Ferro Alloys.

No. of Employees :	Information declined by the Management

RATING & COMMENTS

MIRA’s Rating :

B (30)

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 moderate track record. Profitability of the company seems to be low during 2014. However, trade relations are reported as fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered for business dealings with some cautions.

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

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	CARE
Rating	SE 3B
Rating Explanation	Having moderate financial strength and moderate performance capability.

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 BY

Name :	Mr. Jain
Designation :	Exporter Manager
Contact No.:	91-11-27475207

LOCATIONS

Registered Office :	AN-2, Shalimar Bagh, Delhi – 110 088, India
Tel. No. :	91-11-27475207/ 47243946
Fax No. :	91-11-27472680
E-Mail :	info@aeplind.com akshit@rediffmail.com office@aeplind.com accounts@aeplind.com
Website :	http://www.aeplind.com

Factory :	Rathdhana Road, Liwaspur, P.O. Bahal Garh, District Sonepat, Haryana, India
Tel. No. :	91-130-4001005/ 4001006

Branch Office :	Located at: · Kolhapur · Ahmedabad

DIRECTORS

AS ON 27.09.2014

Name :

Mr. Raj Kumar Goel

Designation :

Director

Address :

BN-12, West Shalimar Bagh, Delhi – 110 088, India

Date of Birth/Age :

03.04.1966

Date of Appointment :

07.12.2005

DIN No. :

00006610

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	U74899DL1995PTC064198	MPG INTERNATIONAL PRIVATE LIMITED	Director	10-01-1995	10-01-1995	-	Active	NO
2	U27101HR1999PTC034359	RMI ENTERPRISES PRIVATE LIMITED	Director	26-10-1999	26-10-1999	18-06-2007	Active	NO
3	U27109DL2002PTC115885	D S ALLOYD PRIVATE LIMITED	Director	20-06-2002	20-06-2002	-	Active	NO
4	U51909DL2005PTC143432	AKSHIT ENTERPRISES PRIVATE LIMITED	Director	07-12-2005	07-12-2005	-	Active	NO
5	U27107DL2007PTC157904	UJALA STAINLESS PRIVATE LIMITED	Director	16-01-2007	16-01-2007	-	Active	NO
6	U27107DL2001PTC110726	DURGA FERROUS PRIVATE LIMITED	Director	27-09-2014	08-10-2013	-	Active	NO

Name :

Mr. Hanuman Prasad Mittal

Designation :

Director

Address :

723, Neelkanth Apartments, Sector-13, Rohini, Delhi – 110 085, India

Date of Birth/Age :

28.02.1961

Date of Appointment :

29.04.2006

DIN No. :

00006619

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	U74899DL1995PTC064198	MPG INTERNATIONAL PRIVATE LIMITED	Director	10-01-1995	10-01-1995	18-06-2007	Active	NO
2	U27101HR1999PTC034359	RMI ENTERPRISES PRIVATE LIMITED	Director	26-10-1999	26-10-1999	-	Active	NO
3	U27109DL2002PTC115885	D S ALLOYD PRIVATE LIMITED	Director	30-09-2010	20-06-2002	-	Active	NO
4	U51909DL2005PTC143432	AKSHIT ENTERPRISES PRIVATE LIMITED	Director	29-04-2006	29-04-2006	-	Active	NO
5	U27107DL2007PTC157904	UJALA STAINLESS PRIVATE LIMITED	Director	16-01-2007	16-01-2007	-	Active	NO
6	U29219MH2006PTC164042	RMI METAL ANDALLOYS PRIVATE LIMITED	Director	15-06-2007	15-06-2007	-	Active	NO

Name :

Mrs. Ujala Jindal

Designation :

Additional Director

Address :

185, Maharana Partap Enclave, Pitampura, Delhi – 110 034, India

Date of Birth/Age :

30.01.1970

Date of Appointment :

01.05.2014

DIN No. :

00313621

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	U27105DL1999PLC100513	JINDAL NICKEL AND ALLOYS LIMITED	Director	30-03-2005	30-03-2005	20-04-2011	Active	NO
2	U51909DL2005PTC143432	AKSHIT ENTERPRISES PRIVATE LIMITED	Director	27-09-2014	01-05-2014	-	Active	NO

Name :

Mr. Purshotam Das Garg

Designation :

Director

Address :

B-274, Sarswati Vihar, Pitampura, Delhi – 110 034, India

Date of Birth/Age :

15.031963

Date of Appointment :

01.12.2006

DIN No. :

01565954

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	U15141RJ1986PTC003687	RADHARAMAN STAINLESS STEEL PRIVATE LIMITED	Director	21-04-2000	21-04-2000	-	Active	NO
2	U27107DL2001PTC110726	DURGA FERROUS PRIVATE LIMITED	Director	08-05-2001	08-05-2001	28-10-2013	Active	NO
3	U67120DL2002PTC117264	RADHARAMAN INVESTMENT PRIVATE LIMITED	Director	05-07-2003	05-07-2003	-	Active	NO
4	U51909DL2005PTC143432	AKSHIT ENTERPRISES PRIVATE LIMITED	Director	29-09-2007	01-12-2006	-	Active	NO
5	U27107DL2007PTC157904	UJALA STAINLESS PRIVATE LIMITED	Director	16-01-2007	16-01-2007	-	Active	NO
6	U51909DL2007PTC164866	CHAITANYA TRADERS PRIVATE LIMITED	Director	18-06-2007	18-06-2007	10-01-2008	Active	NO
7	U27100DL2011PTC212094	RADHARAMAN STRIPS PRIVATE LIMITED	Director	03-01-2011	03-01-2011	01-04-2013	Active	NO
8	U51909DL2011PTC218447	RADHARAMAN INTERNATIONAL PRIVATE LIMITED	Director	03-05-2011	03-05-2011	19-12-2011	Active	NO

KEY EXECUTIVES

Name :	Mr. Jain
Designation :	Exporter Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 27.09.2014

Names of Shareholders		No. of Shares
Mahabir Prasad Goel		5000
Raj Kumar Goel		5000
MPG International Private Limited, India		93000
Jindal Capfin Private Limited, India		195000
RMI Enterprises Private Limited, India		140500
Radharaman Investment Private Limited, India		93000
Ujala Stainless Private Limited, India		100
RMI Metal and Alloys Private Limited, India		35000
Ashwani Jindal		110000
Ashwani Jindal (HUF)		85500
Ujala Jindla		39000
Total		801100

AS ON 27.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	69.48
Directors or relatives of Directors	30.52
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturing of Foundry Alloys and Ferro Alloys.

Products :	· Foundry alloys · Ferro Aluminum · Ferro Alloys · SS Ingots and Forging Rounds · Foundry Chemicals · Miselenous

Brand Names :	Not Available

Agencies Held :	Not Available

Exports :	Not Divulged

Imports :	Not Divulged

Terms :	Not Divulged

PRODUCTION STATUS (AS ON 31.03.2014)

Licensed Capacity: N.A.

Installed Capacity: N.A.

Particulars	Purchases/ Production Qty. (In Kg.)
Ferro Silicon Magnesium	3573377
S.S. Ingots	Nil
Ferro Aluminium	2400
Nickel Magnesium	88396
Ferro Titanium	28500
Innoculants Banoc	405150
Innoculants (Ino-70)	325290
At Kolhapur
Ferro Silicon Magnesium	823300
Innoculants Banoc	123520
Innoculants (Ino-70)	141000
At Ahmedabad
Ferro Silicon Magnesium	228000
Innoculants Banoc	86080
Innoculants (Ino-70)	1000
Nickel Magnesium	3500
Ferro Titanium	500

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

Reference :	A.B. Tools Private Limited
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

· Avtar Steel Limited

· Arvind Trade Links Private Limited

· Basant Metal Works

· Deem Roll Tech Limited

· Ferro Link

· Jindal Stainless Limited

· JMP Industries

· Ramit Novelcast Private Limited

· Ganesh Loco Components Private Limited

· Yadav Alloys Private Limited

No. of Employees :

Information declined by the Management

Bankers :

Banker Name	State Bank of India
Branch Address	Wazirpur, Industrial Estate, New Delhi – 110 052, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
LONG TERM BORROWINGS
From Banks
State Bank of India T/L	9.573	12.599
Kotak Mahindra Prime Limited (Corolla Car)	0.000	0.112
Tata Capital Limited (Asta Car)	0.000	0.048
Axis Bank Limited (BMW Car Loan)	1.247	1.607
Kotak Mahindra Prime Limited (Innova Car)	0.488	0.770
State Bank of India (Car Loan I-20)	0.058	0.275
HDFC Bank Limited (Fork Lift)	0.633	0.000
SHORT TERM BORROWINGS
Cash Credit Limit From State Bank of India (Secured by way of hypothecation of raw material, work in progress, finished goods, book debts and pari passu charge on fixed assets)	112.340	98.005
Bills Payable-Buyer Credit From State Bank of India (Secured by way of hypothecation of Buyer Credit FDR)	120.685	99.321
From State Bank of India SLC (Secured by way of hypothecation of raw material, work in progress, finished goods, book debts and pari passu charge on fixed assets)	0.134	14.260
Total	245.158	226.997

Banking Relations :	--

Auditors :
Name :	M.K. Nagpal and Associates Chartered Accountants
Address :	14, M.C. Market, Sonepat – 131 001, Haryana, India
PAN No.:	AAIFM4379E

Memberships :	Not Available

Collaborators :	Not Available

Parties where control exists :	D.S. Alloyd (Private) Limited

CAPITAL STRUCTURE

AS ON 27.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs.10/- each	Rs.20.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
801100	Equity Shares	Rs.10/- each	Rs.8.011 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	8.011	8.011	6.861
(b) Reserves & Surplus	85.165	80.168	64.699
(c) Money received against share warrants	0.000	0.000	0.000

(2) Share Application money pending allotment	0.000	24.550	11.500
Total Shareholders’ Funds (1) + (2)	93.176	112.729	83.060

(3) Non-Current Liabilities
(a) Long-term borrowings	11.999	15.411	19.230
(b) Deferred tax liabilities (Net)	0.988	1.171	1.695
(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)	12.987	16.582	20.925

(4) Current Liabilities
(a) Short term borrowings	288.359	233.036	137.680
(b) Trade payables	131.799	92.753	100.639
(c) Other current liabilities	22.671	18.900	12.987
(d) Short-term provisions	2.615	1.825	0.669
Total Current Liabilities (4)	445.444	346.514	251.975

TOTAL	551.607	475.825	355.960

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	30.681	32.952	38.921
(ii) Intangible Assets	0.026	0.034	0.024
(iii) Capital work-in-progress	1.451	1.451	2.624
(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	1.208	0.713	0.714
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	33.366	35.150	42.283

(2) Current assets
(a) Current investments	22.000	44.529	6.810
(b) Inventories	138.617	122.488	103.100
(c) Trade receivables	306.885	226.392	173.511
(d) Cash and cash equivalents	20.367	8.332	6.503
(e) Short-term loans and advances	12.710	12.964	6.001
(f) Other current assets	17.662	25.970	17.752
Total Current Assets	518.241	440.675	313.677

TOTAL	551.607	475.825	355.960

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	929.913	687.137	438.798
		Other Income			2.173
		TOTAL	929.913	687.137	440.971

Less	EXPENSES
		Office Expenses	917.875	675.353	432.599
		Administrative Expenses
		Advertising Expenses
		TOTAL	917.875	675.353	432.599

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		12.038	11.784	8.372

Less/ Add	DEPRECIATION/ AMORTISATION		4.610	5.364	4.873

	PROFIT/ (LOSS) BEFORE TAX		7.428	6.420	3.499

Less	TAX		2.431	1.301	0.977

	PROFIT/ (LOSS) AFTER TAX		4.997	5.119	2.522

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		8.969	3.850	1.328

	BALANCE CARRIED TO THE B/S		13.966	8.969	3.850

	EARNINGS IN FOREIGN CURRENCY
		Sale of Goods	135.759	59.282	50.555
	TOTAL EARNINGS		135.759	59.282	50.555

	Earnings / (Loss) Per Share (Rs.)		6.24	6.38	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	NA	NA	0.57

Return on Total Assets (PBT/Total Assets}	(%)	1.35	1.35	0.99

Return on Investment (ROI) (PBT/Networth)		0.08	0.06	0.04

Debt Equity Ratio (Total Debt/Networth)		3.22	2.20	1.89

Current Ratio (Current Asset/Current Liability)		1.16	1.27	1.24

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(INR in Mlns.)	(INR in Mlns.)	(INR in Mlns.)
Share Capital	6.861	8.011	8.011
Reserves & Surplus	64.699	80.168	85.165
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	11.500	24.550	0.000
Net worth	83.060	112.729	93.176

Long Term borrowings	19.230	15.411	11.999
Short Term borrowings	137.680	233.036	288.359
Total borrowings	156.910	248.447	300.358
Debt/Equity ratio	1.889	2.204	3.224

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Total Income	440.971	687.137	929.913
		55.824	35.332

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Total Income	440.971	687.137	929.913
Profit	2.522	5.119	4.997
	0.57%	0.74%	0.54%

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	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	Yes
17]	Major suppliers	No
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

NOTE:

The registered address of the company has been shifted from B N – 12 West – Shalimar Bagh, New Delhi – 110 088 to the present address w.e.f. 20.07.2009.

UNSECURED LOANS

PARTICULAR	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
SHORT TERM BORROWINGS
Loans and advances from related party
From Other	55.200	21.450
Total	55.200	21.450

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10207465	14/01/2013 *	298,500,000.00	STATE BANK OF INDIA	WAZIRPUR, INDUSTRIAL ESTATE, NEW DELHI, DELHI - 110052, INDIA	B70266507

* Date of charge modification

FIXED ASSETS:

· Plant and Machinery

· Plant and Machinery (Moulds)

· Office Equipment

· Electric Fitting

· Lab Equipments

· Land (Plot)

· Computer/ Laptop

· Scooter

· Transformer

· Generator

· Car

· Furniture and Fixture

· Weigh Machine

· Bicycle

· Forklift

· Motor Cycle

· Air Conditioner

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.63.64
UK Pound	1	Rs.98.98
Euro	1	Rs.77.74

INFORMATION DETAILS

Information Gathered by :	DIP

Analysis Done by :	RAS

Report Prepared by :	SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
-- PROFITABILITY	1~10	2
--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		30

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	--

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

MIRA INFORM REPORT

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