MIRA INFORM REPORT

Report Date :

08.02.2014

IDENTIFICATION DETAILS

Name :	PARVEEN INDUSTRIES PRIVATE LIMITED
Registered Office :	32, Phase II, Badli Industrial Estate, Delhi-110042
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	01.09.1960
Com. Reg. No.:	55-003290
Capital Investment / Paid-up Capital :	Rs. 5.000 Millions
CIN No.: [Company Identification No.]	U74999DL1960PTC003290
TAN No.:	DELP00667C / DELP09122B / DELP08355E
PAN No.: [Permanent Account No.]	AAACP4029K
Legal Form :	Private Limited Liability Company
Line of Business :	The company engaged in Manufacturing and Supply of Oil Field Equipment for Oil and Gas Industry.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (54)

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

Maximum Credit Limit :	USD 8000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Exist
Comments :	Subject is a well-established company having fine track record. Financial position of the company appears to be sound. Directors are reported to be experienced and respectable businessman. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitment. The company can be considered good for normal business dealings at usual trade terms and condition.

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 – December 1, 2013

Country Name	Previous Rating (30.09.2013)	Current Rating (01.12.2013)
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

The services sector, the largest contributor to India’s GDP, contracted for the sixth consecutive month in December, as orders dipped. However, hiring has risen.  Direct tax collections rose 12.3 % during the April – December period of the current financial year.  The government has decided to retain 100 per cent foreign direct investment in both greenfield (new) and brown field (existing) pharmaceutical companies, despite concerns over genetic drugs going out of production, if multi-national companies take over domestic ones. In M&A deals, a non compete clause would not be allowed, except in special circumstances. The Department of Industrial Policy and Promotion plans to release the next edition of its consolidated foreign direct investment policy document on March 31, incorporating changes made in the past year. DIPP compiles all policies related to India’s FDI regime into a single document to make it easy for investors to understand. 185 million estimated number of mobile internet users in India by June 2014, according to a report by the Internet & Mobile Association of India and IMRB International.  India had 110 million mobile internet users with 25 million in rural areas. $3.77 tn estimated global IT spending in 2014, according to research firm Gartner Inc. The growth forecast for this year is cut to 3.1 %from the earlier estimate of 3.5 %. The spending growth forecast for telecom services – a segment that accounts for more than 40 % at total IT spending – from 1.9 per cent to 1.2 per cent is the main reason for this overall IT cut. A Reserve Bank of India committee has recommended setting up a special category of lenders who would cater to small businesses and households, to expand the number of customers with access to banking services. These banks would focus onproviding payment services and deposit products.  Indian banks want the free use of automated teller machines to be capped at five transactions in a month including that of the bank in which the account is active. This follows state government order to banks to install security guards at ATM booths after a woman banker was assaulted in Bangalore. The government is likely to present a vote on Account in mid-February. The annual Economic Survey will be tabled later in Parliament along with the full Budget. A full Budget for 2014/15 is likely to be present in July by the new government formed after the General Election. The government will soon launch an internet spy system, called Netra, to detect malafide messages. Security agency will deploy the system to capture dubious voice traffic on applications such as Skype and Google Talk, as well as tweeters.

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 31-03-2012.

INFORMATION PARTED BY

Name :	Mr. Parveen Gupta
Designation :	Director
Contact No.:	91-22-27690897
Date :	28.01.2014

LOCATIONS

Registered Office/ Factory 1 :	Plot No.32, Phase -II, Badli Industrial Estate, New Delhi – 110042, India
Tel. No.:	91-11-27855468/ 20063882/ 27850008/ 27855468/ 27854612/ 25781927 / 42810000
Mobile :	91-9911900240 (Mr Praveen) / 8744020210 (Mr. Neel Garg)
Fax No.:	91-11-27857612/ 3626 / 42810022
E-Mail :	parveen@nde.vsnl.net.in icmas@rediffmail.com
Website :	http://www.parveenoilfield.com
Factory 2:	R-55, MIDC, TTC Industrial Area, Thana Belapur Road, Navi Mumbai - 400 701, Maharashtra, India.
Tel. No.:	91-22-27690897/27694725/27640609/55905732
Fax No.:	91-22-55905731
E-Mail :	parveen@bom3.vsnl.net.in
Forging Plant :	Plot No:- 459, EPIP, Kundli Industrial Estate, Kundli, Sonepat, Haryana, India
Tel. No.:	91-130-2372017/2372018/2371154
Fax No.:	91-130-2371154
E-Mail :	parveen@nde.vsnl.net.in

DIRECTORS

As on 29.09.2013

Name :

Mr. Parveen Kumar Gupta

Designation :

Director

Address :

2-E, Kamla Nagar, Delhi – 110007, India

Date of Birth/Age :

12.09.1950

Qualification :

B.Tech (Mechnical Engineer)

Experience :

39 Years

Date of Appointment :

01.08.1999

DIN No.:

00264588

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	Company/ LLP Status	Defaulting status
1	U74899DL1981PTC012223	PARVEEN INTERNATIONAL PRIVATE LIMITED	Director	24/09/1981	24/09/1981	Active	NO
2	U74999DL1960PTC003290	PARVEEN INDUSTRIES PVT LTD	Director	01/08/1999	01/08/1999	Active	NO
3	U01403MH2007PTC167124	PARVEEN AGROTECH PRIVATE LIMITED	Director	18/01/2007	18/01/2007	Active	NO

Name :

Mr. Prakash Kumar Mittal

Designation :

Director

Address :

65-A, Cozi Home, Pali Hill, Bandra (West), Mumbai, Maharashtra, India

Date of Birth/Age :

12.09.1951

Qualification :

B.Tech (Textile)

Experience :

33 Years

Date of Appointment :

23.06.1989

DIN No.:

00379001

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	Company/ LLP Status	Defaulting status
1	U74999DL1960PTC003290	PARVEEN INDUSTRIES PVT LTD	Director	23/06/1989	23/06/1989	Active	NO
2	U74899DL1981PTC012223	PARVEEN INTERNATIONAL PRIVATE LIMITED	Director	04/04/2006	04/04/2006	Active	NO
3	U01403MH2007PTC167124	PARVEEN AGROTECH PRIVATE LIMITED	Director	18/01/2007	18/01/2007	Active	NO

Name :

Mr. Sanjiv Kumar

Designation :

Director

Address :

2-E, Kamla Nagar, Delhi – 110007, India

Date of Birth/Age :

13.10.1960

Qualification :

B.A

Experience :

31 Years

Date of Appointment :

07.12.1987

DIN No.:

00379012

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	Company/ LLP Status	Defaulting status
1	U74999DL1960PTC003290	PARVEEN INDUSTRIES PVT LTD	Director	07/12/1987	07/12/1987	Active	NO
2	U01403MH2007PTC167124	PARVEEN AGROTECH PRIVATE LIMITED	Director	18/01/2007	18/01/2007	Active	NO

Name :

Mr. Prabhat Kumar Gupta

Designation :

Director

Address :

2-A, Prem Shanti Kunj, 2-Club Road Civil Line, Delhi-110054, India

Date of Birth/Age :

16.11.1957

Qualification :

B.Sc

Experience :

32 Years

Date of Appointment :

14.11.1995

DIN No.:

00389360

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	Company/ LLP Status	Defaulting status
1	U74999DL1960PTC003290	PARVEEN INDUSTRIES PVT LTD	Director	14/11/1995	14/11/1995	Active	NO
2	U74899DL1981PTC012223	PARVEEN INTERNATIONAL PRIVATE LIMITED	Director	20/06/2006	20/06/2006	Active	NO

Name :

Mr. Mayann Gupta

Designation :

Director

Address :

2-E, Kamla Nagar, Delhi – 110007, India

Date of Birth/Age :

10.01.1985

Qualification :

MS (Manufacturing and automation)

Experience :

1 Years

Date of Appointment :

01.10.2011

DIN No.:

06453095

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2013

Names of Shareholders	No. of Shares
Parveen Kumar Gupta	79988
Prakash Kumar Mittal	79888
Prabhat Kumar Gupta	87988
Sanjiv Kumar	88076
Rajni Gupta	36960
Veena Mittal	36940
Poonam Gupta	36920
Sunita Gupta	36920
Mayank Gupta	8000
Anshu Mittal	8000
Pradip Kumar	100
Neel Garg	80
Promila Garg	10
Manish Aggarwal	10
Anshu Kumar Aggarwal	10
Padma Aggarwal	10
Anjani Aggarwal	100
TOTAL	500000

As on 29.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Directors or relatives of Directors	99.98
Other top fifty shareholders	0.02
Total	100.00

BUSINESS DETAILS

Line of Business :

The company engaged in Manufacturing and Supply of Oil Field Equipment for Oil and Gas Industry.

Products :

· Side Pocket Mandrel

· Plug Valve

· Hammer Union

· DNV Baskets

· Gas Lift Valves

· Coll Tubing BOP

Item Code No. (ITC Code)	Product Description
73079990	Pipe Fitting
84818030	Industrial Value

Exports :

Products :

· Side Pocket Mandrel

· Plug Valve

· Hammer Union

· DNV Baskets

· Gas Lift Valves

· Coll Tubing BOP

Countries :

· USA

· Canada

· Kuwait

· Venezula

· Brazil

· Iran

· Indonesia

· Malaysia

· Singapore

· Middle

· East

· Europe

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Citibank N.A, Jeevan Baharti Building, 4th Floor, 124 Connaught Circus, Connaught Place, New Delhi – 110001, India

· Canara Bank, Delhi, India

· Citi Bank, New Delhi

· Indian Bank, Mumbai, Maharashtra, India

· ICICI Limited

· The Toronto Dominion Bank

Facilities :

Secured Loan	Rs. In Millions 31.03.2013	Rs. In Millions 31.03.2012
Long Term Borrowing
Term Loan from Bank	1.600	0.362
Short Term Borrowing
Loans and advances from Others	235.551	225.032
TOTAL	237.151	225.394

Car loan is secured against hypothecation of Car repayable in equal installment of 35 months bearing no interest rate and repayable by March., 2016.

Cash Credit, Bill Purchase and Packing credit facilities are secured by hypothecation of inventories and Book Debts of the company.

Banking Relations :	----
Auditors :
Name :	Surender K. Aggarwal and Company Chartered Accountant
Address :	I-2/16, Ansari Road, Darya Ganj, New Delhi – 110002, India
Tel. No.:	91-22-23243913/23245744
PAN No.:	AABFS9615A
Associates:	· Pil De Venezuela,C.A. · American completion Tools Inc, USA

CAPITAL STRUCTURE

As on 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.10/- each	Rs. 5.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.10/- each	Rs. 5.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	5.000	5.000	5.000
(b) Reserves & Surplus	2014.561	1645.444	1381.229
(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)	2019.561	1650.444	1386.229
(3) Non-Current Liabilities
(a) long-term borrowings	1.600	0.362	26.904
(b) Deferred tax liabilities (Net)	26.301	24.068	29.729
(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)	27.901	24.430	56.634
(4) Current Liabilities
(a) Short term borrowings	239.676	242.113	139.722
(b) Trade payables	222.769	148.331	103.167
(c) Other current liabilities	62.131	73.876	88.514
(d) Short-term provisions	40.218	23.075	72.568
Total Current Liabilities (4)	564.794	487.395	403.971
TOTAL	2612.256	2162.269	1846.834
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	674.734	586.346	479.347
(ii) Intangible Assets	0.605	0.000	0.000
(iii) Capital work-in-progress	0.445	0.000	68.501
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	95.602	36.982	28.207
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	65.574	79.579	64.897
(e) Other Non-current assets	8.026	6.407	5.981
Total Non-Current Assets	844.986	709.314	646.933
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	668.718	449.100	528.350
(c) Trade receivables	743.829	696.422	332.545
(d) Cash and cash equivalents	23.151	25.454	29.600
(e) Short-term loans and advances	326.188	277.720	305.744
(f) Other current assets	5.384	4.259	3.662
Total Current Assets	1767.270	1452.955	1199.901
TOTAL	2612.256	2162.269	1846.834

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income
		Other Income
		TOTAL	NA	NA	NA
Less	EXPENSES		NA	NA	NA
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		NA	438.830	290.916
Less/ Add	DEPRECIATION/ AMORTISATION		NA	71.366	65.152
	PROFIT BEFORE TAX		NA	367.464	225.764
Less	TAX		NA	115.193	66.589
	PROFIT AFTER TAX		NA	252.271	159.174
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings			973.240
	TOTAL EARNINGS		NA	NA	973.240
	Earnings Per Share (Rs.)		NA	NA	318.35

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Return on Total Assets (PBT/Total Assets}	(%)	0.00	17.29	12.89
Return on Investment (ROI) (PBT/Networth)		0.00	0.22	0.16
Debt Equity Ratio (Total Liability/Networth)		0.11	0.14	0.12
Current Ratio (Current Asset/Current Liability)		3.13	2.98	2.97

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 two 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	No
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	Yes
21]	Market information	----
22]	Litigations that the firm / promoter involved in	Yes
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	No

LITIGATION DETAILS:

IN THE HIGH COURT OF DELHI AT NEW DELHI

ITA	1665/2006
Appellant	THE COMMISSIONER OF INCOME TAX	RESPONDENTS	PARVEN INDUSTRIES PRIVATE LIMITED
Advocate.	Ms. Rashmi Chopra	Advocate.	Salil Aggarwal,
CORAM:	HON'BLE MR. JUSTICE MADAN B. LOKUR    HON'BLE MR. JUSTICE V.B. GUPTA
O R D E R	21.01.2008
Admit. After hearing learned counsel for the parties, the following substantial question of the law arises for consideration:- Whether The Income Tax Appellate Tribunal eared in allowing deprecation @100% to the Assessee on the ground that it was a mineral oil concern within the meaning of Entry-III(3)(ix)(a) of the Table of Rates at which Depreciation is Admissible as per Old Appendix of the Income Tax Rules, 1962. Filling of Paper book is dispensed with. Madan B.Lokur, J January 21, 2008   Bisht

UNSECURED LOAN:

Particular	Rs. In Millions 31.03.2013	Rs. In Millions 31.03.2012
Short Term Borrowing
Loans and advances from Others	4.125	17.081
TOTAL	4.125	17.081

PERFORMANCE:

The performance of the company during the year was satisfactory. The company continues to be engaged in manufacturing and supply of oil field equipment for oil & gas industry. Most of the sales of the company are custom built to oil companies worldwide. Turnover for the year under report showed a growth of 22% over the previous year. The company is already exporting its products to USA, Canada, Kuwait, Venezula, Brazil, Iran, Indonesia, Malaysia, Singapore, Middle East and Europe and now trying to export its products to CIS Countries also. Exports represent 90% of the company’s turnover for the year under report. In appreciation of outstanding export performance, the Company is maintaining the export house status granted by Govt. of India. The company has ISO 9001; 2008, ISO -1401; 2004, OHSAS18001; 2007 and also API Certification. These Qualifications have helped the company in selling Indian Oilfield Equipments worldwide.

INDEX OF CHARGE:

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10328970	05/01/2012	20,000,000.00	Citibank N.A	Jeevan Bharti Building, 4th Floor, 124 Connaught Circus, Connaught Place, New Delhi, Delhi - 110001 , INDIA	B29515699
2	10064836	10/08/2007	116,500,000.00	Citibank NA	Jeevan Vihar, 3 Sansad Marg, New Delhi, Delhi - 1 10001, INDIA	A21179098
3	10064589	11/07/2007	116,500,000.00	Citibank NA	Jeevan Vihar, 3 Sansad Marg, New Delhi, Delhi - 1 10001, INDIA	A21179338
4	10014401	09/07/2013 *	304,300,000.00	Citibank N.A	Jeevan Bharti Building, 4th Floor, 124 Connaught Circus, Connaught Place, New Delhi, Delhi - 110001 , INDIA	B80630478
5	10014403	09/07/2013 *	304,300,000.00	Citibank N.A	Jeevan Bharti Building, 4th Floor, 124 Connaught Circus, Connaught Place, New Delhi, Delhi - 110001 , INDIA	B80629868
6	10015414	09/07/2013 *	304,300,000.00	Citibank N.A	Jeevan Bharti Building, 4th Floor, 124 Connaught Circus, Connaught Place, New Delhi, Delhi - 110001 , INDIA	B80633068
7	80010523	18/06/2013 *	300,000,000.00	INDIAN BANK	VILE PARLE BRANCH,325,GEETHANJALI BLD, 1ST FLOOR, NEHRU ROAD,VILE PARLE-EAST, MUMBAI, Maharashtra - 400057, INDIA	B78414208
8	90056502	14/07/2007 *	45,000,000.00	Canara Bank	3-F, Kamla Nagar, Delhi, Delhi - 110007, INDIA	A19880798
9	90056294	14/07/2007 *	30,000,000.00	Canara Bank	3-F, Kamla Nagar, Delhi, Delhi - 110007, INDIA	A19881812
10	90045502	14/07/2007 *	10,000,000.00	Canara Bank	Kamla Nagar, Delhi, Delhi - 110007, INDIA	A19878875
11	80035068	14/07/2007 *	130,000,000.00	Canara Bank	3-F, Kamla Nagar, Delhi, Delhi - 110007, INDIA	A19881242

FIXED ASSETS

· Air Conditioners

· Air Cooler

· Vehicles

· Computers

· Land

· Fax Machines

· Typewriter

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.62.68
UK Pound	1	Rs.101.98
Euro	1	Rs.84.78

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	ART

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--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	YES
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		54

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.