MIRA INFORM REPORT

Report Date :

11.02.2014

IDENTIFICATION DETAILS

Name :	SMT MACHINES INDIA LIMITED

Registered Office :	Motia Khanmandi Gobindgarh, District Fatehgarh Sahib - 147301, Punjab

Country :	India

Financials (as on) :	31.03.2013

Date of Incorporation :	02.06.1992

Com. Reg. No.:	16-012340

Capital Investment / Paid-up Capital :	Rs.10.315 Millions

CIN No.: [Company Identification No.]	U29219PB1992PLC012340

Legal Form :	A Closely Held Public Limited Liability Company

Line of Business :	Manufacturer of Hot Rolling Mill Machinery.

No. of Employees :	230 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (32)

26-40

Capability to overcome financial difficulties seems comparatively below average.

Small

Maximum Credit Limit :	USD 610000

Status :	Moderate

Payment Behaviour :	Slow But Correct

Litigation :	Clear

Comments :	Subject is an established company having moderate track record. Profitability of the company appears to be low. However, trade relations are fair. Business is active. Payment terms are slow but correct. The company can be considered for business dealing with some caution.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – December 1, 2013

Country Name

Previous Rating

(30.09.2013)

Current Rating

(01.12.2013)

India

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.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	LONG TERM RATING : B
Rating Explanation	Risk prone credit quality and very high credit risk.
Date	March 13, 2013

Rating Agency Name	CRISIL
Rating	SHORT TERM RATING : A4
Rating Explanation	Minimal degree of safety and very high credit risk
Date	March 13, 2013

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Mr. Raman Mittal
Designation :	Director
Contact No.:	91-9357755555
Date :	30.01.2014

LOCATIONS

Registered Office :	Motia Khanmandi Gobindgarh, District Fatehgarh Sahib - 147301, Punjab, India
Tel. No.:	91-1765-256337 / 257742
Mobile No.:	91-9357755555 (Mr. Raman Mittal)
Fax No.:	91-1765-255199
E-Mail :	vickyvishal@rediffmail.com info@smtmachinesindia.org
Website :	www.smtmachinesindia.org
Area :	500 Sq. Ft.
Location :	Owned

Factory :	Post Box No.71, G. T. Road, Near Industrial Focal Point, Mandi Gobindgarh – 147301, Punjab, India
Tel. No.:	91-1765-256337/257742
Fax No.:	91-1765-255199
Area :	90000 Sq. Ft.
Location :	Owned

DIRECTORS

As on 20.09.2013

Name :	Mr. Surinder Kumar Mittal
Designation :	Managing director
Address :	Ward No. 5, Shastri Nagar, Saint Farid Public School Road, Mandi Gobindgarh, Fatehgarh Sahib – 147301, Punjab, India
Date of Birth/Age :	19.10.1956
Date of Appointment :	01.01.2013
DIN No.:	01846096

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	U29199PB1994PTC015036	SMT MACHINES PVT LTD	Director	31/05/2005	31/05/2005	-	Active	NO
2	U29219PB1992PLC012340	SMT MACHINES INDIA LIMITED	Managing director	01/01/2013	27/06/2006	-	Active	NO
3	U45209PB2010PTC033888	SMT INFRASTRUCTURE PRIVATE LIMITED	Director	06/05/2010	06/05/2010	-	Active	NO
4	U27105PB2003PTC025897	HARI ISPAT PRIVATE LIMITED	Additional director	16/08/2011	16/08/2011	-	Active	NO
5	U27104HP2002PTC025436	AAR AAR CASTINGS Private Limited	Director	29/09/2011	21/09/2011	-	Active	NO

Name :	Mr. Raman Mittal
Designation :	Whole-time director
Address :	Ward No. 5, Shastri Nagar, Saint Farid Public School Road, Mandi Gobindgarh, Fatehgarh Sahib – 147301, Punjab, India
Date of Birth/Age :	16.10.1987
Date of Appointment :	27.06.2006
DIN No.:	00639724

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	U29219PB1992PLC012340	SMT MACHINES INDIA LIMITED	Whole-time director	27/06/2006	27/06/2006	-	Active	NO
2	U45209PB2010PTC033888	SMT INFRASTRUCTURE PRIVATE LIMITED	Director	06/05/2010	06/05/2010	-	Active	NO
3	U27105PB2003PTC025897	HARI ISPAT PRIVATE LIMITED	Additional director	02/09/2011	02/09/2011	-	Active	NO
4	U27104HP2002PTC025436	AAR AAR CASTINGS Private Limited	Director	29/09/2012	01/12/2011	-	Active	NO

Name :	Ms. Laxmi Mittal
Designation :	Director
Address :	Ward No. 5, Shastri Nagar, Saint Farid Public School Road, Mandi Gobindgarh, Fatehgarh Sahib – 147301, Punjab, India
Date of Birth/Age :	24.03.1962
Date of Appointment :	28.11.1994
DIN No.:	01845975

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	U29219PB1992PLC012340	SMT MACHINES INDIA LIMITED	Director	28/11/1994	28/11/1994	-	Active	NO
2	U27105PB2003PTC025897	HARI ISPAT PRIVATE LIMITED	Additional director	16/08/2011	16/08/2011	-	Active	NO

MAJOR SHAREHOLDERS

As on 20.09.2013

Names of Shareholders		No. of Shares

Jai Prakash Goyal		1000
Surinder Kumar Mittal (HUF)		4000
Anita Goyal		1000
Luxmi Mittal		547075
Aman Mittal (Minor)		9225
Raman Mittal		1600
Eshani Mittal		2900
SMT Machines Private Limited, India		464750

Total		1031550

Equity Share Break up (Percentage of Total Equity)

As on 20.09.2013

Category		Percentage
Bodies corporate		45.05
Directors or relatives of directors		54.95
Total		100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Hot Rolling Mill Machinery.

Products :

PRODUCT DESCRIPTION	ITEM CODE NO.
Complete Rolling Mill Plant	8455 10
Rolling Mill Parts	8455 10
Gear Box, Fly Wheel etc.	8488 00

Exports :

Products :

Finished Goods

Countries :

· Uganda

· Mauritius

· Kenya

· Tanzania

· Sri Lanka

· Zimbabwe

· South Africa

Imports :

Products :

Machines

Countries :

Germany

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

GENERAL INFORMATION

Suppliers :

· Aar Kay Industries

· K. Machines Tools

· Ashok Steel Industries

· A V S Impex

· Eagle Scale Manufacturing Works

· Fateh Chand Jindal and Sons

· Four Square Media Private Limited

· Goyal Agencies

· Jain Steel Industries

· Punjab Forging Industries

Customers :

End users

· Gupta Allied Agencies

· Ashutosh Metal Limited

· Cardan Shafts India

· Fortune Metal Limited

· Boyton Industries Limited

· Garuda Steels

· Hariom Enterprises

· J. H. Manufacturing Company

· Kalinga Metalics and Power Private Limited

· Mizoram Ispat Industries

No. of Employees :

230 (Approximately)

Bankers :

· Axis Bank Limited, Sme Centre,5-A 2nd Floor, Surya Tower 108,The Mall, Ludhiana - 141001, Punjab, India

· Bank of Baroda, Sector-17 B, Chandigar - 160017, Chandigarh, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2013	As on 31.03.2012

State Bank Of Patiala (Loan Against Car)	0.490	0.000
Axis Bank Limited (Loan Against property)	48.175	35.622
HDFC Bank Limited (Loan Against Car)	2.557	3.521
ICICI Bank Limited (Loans Against Car)	0.000	0.388
Bank of Baroda (Term Loan) Secured by way of first change on land, building and other Fixed Assets of the company.	6.014	9.100
Short Term Borrowing
Loan From Bank (Bank of Baroda)
Packing Credit Limit	3.738	0.000
Cash Credit Limit	128.023	116.193
Foreign Bill Purchase Limit	0.000	7.664
Letter of Credit Limit	7.500	0.000
Total	196.497	172.488


Banking Relations :	--

Financial Institution :	· HDB Financial Services Limited, Radhika, 2nd Floor, Law Garden Road, Navrangpura,, Ahmedabad - 380009, Gujarat, India · Capri Global Capital Limited, 1-B,Court Chambers, 35, Sir Vithaldas Thackerseym, New Marine Lines, Mumbai - 400020, Maharashtra, India · Bajaj Finance Limited, Akurdi Pune-, Pune - 411035, Maharashtra, India · Reliance Capital Limited, "H" Block 1st Floor, Dhirubhai Ambani Knowledge City, Koparkhairne, Navi Mumbai - 400710, Maharashtra, India

Auditors :
Name :	Datta Singhla and Company Chartered Accountants
Address :	Battan Lal Road, Battan Lal Mill Complex, Chandigarh – 147301, India
PAN No.:	AAAFD8577H

Name :	Jayesh Dadia and Associates Chartered Accountants
Address :	422, Arun Chamber, Tardeo, Mumbai – 400034, Maharashtra, India
Tel. No.:	91-22-66802417 / 66601056
Fax. No.:	91-22-66602418
E-Mail :	info@jdaca.com
Website :	www.jdaca.com

Sister Concern :	Cardan Shaft India

CAPITAL STRUCTURE

As on 20.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount

15000000	Equity Shares	Rs.10/- each	Rs.150.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

1031550	Equity Shares	Rs.10/- each	Rs.10.315 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	10.315	10.315	10.315
(b) Reserves & Surplus	143.153	140.904	138.193
(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)	153.468	151.219	148.508

(3) Non-Current Liabilities
(a) long-term borrowings	57.236	48.631	57.384
(b) Deferred tax liabilities (Net)	1.641	1.798	1.749
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.164	0.045	0.017
Total Non-current Liabilities (3)	59.041	50.474	59.150

(4) Current Liabilities
(a) Short term borrowings	307.446	260.108	70.811
(b) Trade payables	85.320	18.926	33.818
(c) Other current liabilities	140.913	127.769	125.328
(d) Short-term provisions	4.850	4.000	4.300
Total Current Liabilities (4)	538.529	410.803	234.257

TOTAL	751.038	612.496	441.915

I. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	168.817	171.266	157.031
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.878	3.071	14.580
(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	0.926	0.239	0.231
(e) Other Non-current assets	0.138	0.276	0.414
Total Non-Current Assets	170.759	174.852	172.256

(2) Current assets
(a) Current investments	51.443	45.932	0.000
(b) Inventories	161.414	109.576	50.068
(c) Trade receivables	159.698	112.535	98.684
(d) Cash and cash equivalents	38.009	57.705	80.600
(e) Short-term loans and advances	169.715	111.896	40.307
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	580.279	437.644	269.659

TOTAL	751.038	612.496	441.915

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	488.182	471.548	420.710
		Other Income	14.989	37.186	9.105
		TOTAL (A)	503.171	508.734	429.815

Less	EXPENSES
		Material Consumed	481.800	387.843	356.080
		Changes in Inventories of finished goods, work in progress and stock in trade	22.671	6.173	7.059
		Employee Benefit Expenses	11.110	11.801	12.506
		Other Expenses	22.408	45.269	15.758
		TOTAL (B)	442.149	451.086	391.403

	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		61.022	57.648	38.412

Less	FINANCIAL EXPENSES (D)		42.888	39.610	17.559

	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		18.134	18.038	20.853

Less/ Add	DEPRECIATION/ AMORTISATION (F)		8.742	9.742	9.862

	PROFIT BEFORE TAX (E-F) (G)		9.392	8.296	11.491

Less	TAX (H)		7.144	5.585	5.025

	PROFIT AFTER TAX (G-H) (I)		2.248	2.711	6.466

	Earnings Per Share (Rs.)		2.18	2.63	6.27

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	0.44	0.53	1.50

Net Profit Margin (PBT/Sales)	(%)	1.92	1.75	2.73

Return on Total Assets (PBT/Total Assets}	(%)	1.25	1.36	2.69

Return on Investment (ROI) (PBT/Networth)		0.06	0.05	0.08

Debt Equity Ratio (Total Liability/Networth)		2.38	2.04	0.86

Current Ratio (Current Asset/Current Liability)		1.08	1.07	1.15

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	Yes
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	Yes
18]	Major customers	Yes
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

UNSECURED LOANS

Particulars	As on 31.03.2013 (Rs. In Millions)	As on 31.03.2012 (Rs. In Millions)
Short Term Borrowing
Loans and advance from related parties
From Director	0.000	0.000
From Shareholders	0.000	1.307
From Corporate Bodies	101.572	68.995
From Others	66.613	65.949
Total	168.185	136.251

VIEW INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10455297	31/08/2013	19,000,000.00	CAPRI GLOBAL CAPITAL LIMITED	1-B,COURT CHAMBERS, 35, SIR VITHALDAS THACKERSEY M, NEW MARINE LINES, MUMBAI, MAHARASHTRA - 400020, INDIA	B87631834
2	10397156	30/11/2012	45,000,000.00	HDB FINANCIAL SERVICES LIMITED	RADHIKA, 2ND FLOOR, LAW GARDEN ROAD, NAVRANGPURA, AHMEDABAD, GUJARAT - 380009, INDIA	B65950552
3	10312375	21/09/2011	360,000,000.00	BANK OF BARODA	SECTOR-17 B, CHANDIGAR, CHANDIGARH - 160017, INDIA	B23310097
4	10300551	31/07/2011	23,500,000.00	CHOLAMANDALAM INVESTMENT AND FINANCE COMPANY LIMIT ED	DARE HOUSE, NO. 2 N S C BOSE ROAD, PARRYS, CHENNAI, TAMILNADU - 600001, INDIA	B18183871
5	10299268	21/07/2011	27,500,000.00	INDIA INFOLINE INVESTMENT SERVICES LIMITED	IIFL HOUSE, SUN INFOTECH PARK, ROAD NO. 16V, PLOT NO.B-23, THANE INDUSTRIAL AREA, WAGLE ESTATE, THANE, MAHARASHTRA - 400604, INDIA	B17700550
6	10227498	28/01/2013 *	58,000,000.00	AXIS BANK LIMITED	SME CENTRE,5-A 2ND FLOOR, SURYA TOWER 108,THE MALL, LUDHIANA, PUNJAB - 141001, INDIA	B69073385

* Date of charge modification

FIXED ASSETS:

· Land

· Building and Shed

· Furniture and Fixtures

· Office Equipments

· Lab Equipments

· Fax and EAPBX

· Kitchen Equipments

· Vehicles

· Machines

· Scooter

· Fire Fitting Equipments

· Plant and Machinery

· Air Conditioner

· Generator Set

· Computers

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.62.19
UK Pound	1	Rs.102.14
Euro	1	Rs.84.74

INFORMATION DETAILS

Information Gathered by :	HET

Report Prepared by :	NTH

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	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--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	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		32

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.

MIRA INFORM REPORT

0.44

1.92

1.25

0.06

2.38

1.08

Unit