MIRA INFORM REPORT

Report Date :

08.01.2014

IDENTIFICATION DETAILS

Name :	RAJASTHAN MECHANICAL WORKS LIMITED
Registered Office :	A-188 (B), Road No.6-D, V.K.I Area, Jaipur – 302013, Rajasthan
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	20.07.1995
Com. Reg. No.:	17-010428
Capital Investment / Paid-up Capital :	Rs. 4.519 Millions
CIN No.: [Company Identification No.]	U34300RJ1995PLC010428
TAN No.: [Tax Deduction & Collection Account No.]	JPRR02365G
PAN No.: [Permanent Account No.]	AABCR0666H
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Exporter of Agricultural Implements in Various Size and Designs.
No. of Employees :	50 (Approximately)

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

Maximum Credit Limit :	USD 233000
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. However, trade relations are fair. Business is active. Payment tersm 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 – September 30, 2013

Country Name	Previous Rating (30.06.2013)	Current Rating (30.09.2013)
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

India’s current account deficit narrowed in the quarter ended September as government measures to curb imports, especially gold, kicked in.  The current account deficit, the excess of a country’s imports of goods and services over exports, narrowed to $ 5.2 billion from $ 21 billion in the year ago period, according to provisional Reserve Bank of India data. Finance Minister P. Chidambaram said the CAD for the year will be less than $ 60 billion or 3 per cent of GDP and the latest data suggests the government may achieve the target.

India was ranked 94^th among the world’s most corrupt nations list. Denmark and New Zealand topped as the cleanest while Somalia emerged as the most corrupt.

India’s services sector activity witnessed a moderate improvement in November over the previous month, even while indicating the fifth successive monthly contraction, according the HSBC survey.

$53 million estimated losses suffered by India due to phishing attacks during the third quarter, according to a study by RSA. India ranks fourth in the list of nations hit by phishing attacks. The US remained at the top of the charts. Phishing is the process of acquiring information such as user names, passwords and credit card details by sending e-mails disguised as official mails.

Rs.4080 million worth of mobile-phone-based transactions by July 2013 compared to Rs.260 million in September, 2012, according to Deloitte report. The number of transactions has shot up from 94000 to 701000.

India aims to earn Rs.400000 million from the bandwidth auction set for January. The merger and acquisition guidelines, cleared by a group of ministers, will be out before the auction begins so that players can make informed decisions on the auctions.

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. Dinesh Kumar Gupta
Designation :	Director
Contact No.:	91-9829015492
Date :	27.12.2013

LOCATIONS

Registered Office /Factory :	A-188 (B), Road No.6-D, V.K.I Area, Jaipur – 302013, Rajasthan, India
Tel. No.:	91-141-2331549/ 2332239 /5107430/ 4024423/ 232222/ 4035342/ 2332631
Mob. No.:	91-9829015492 (Mr. Dinesh Kumar Gupta)
Fax No.:	91-91-141-2332631
E-Mail :	brahmpuri@hotmail.com brahmpuri@gmail.com gra@computaxonline.com
Website :	www.brahmpuri.com
Area :	3000 sq.ft
Location :	Owned

DIRECTORS

As on 30.09.2013

Name :

Mr. Dinesh Kumar Gupta

Designation :

Whole-time Director

Address :

301, Royal Plaza, Central Spine, Vidhyadhar Nagar, Jaipur -302023, Rajasthan, India

Qualification :

Graduate

Date of Appointment :

24.11.2009

DIN No.:

00327306

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	U27107RJ1994PLC008613	BRAHAMPURI STEELS LIMITED	Director	29/07/1994	29/07/1994	Active	NO
2	U34300RJ1995PLC010428	RAJASTHAN MECHANICAL WORKS LIMITED	Whole-time director	24/11/2009	20/07/1995	Active	NO

Name :

Mr. Hemant Gupta

Designation :

Whole-time Director

Address :

N-11, 1-2, LIC Flats, Sector-6, Vidhyadhar Nagar, Jaipur – 302006, Rajasthan, India

Qualification :

Graduate

Date of Appointment :

24.11.2009

DIN No.:

01885735

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	U51311RJ1980PTC002136	GOMTI STAMPINGS PRIVATE LIMITED	Director	01/01/1993	01/01/1993	Active	NO
2	U27107RJ1994PLC008613	BRAHAMPURI STEELS LIMITED	Director	29/07/1994	29/07/1994	Active	NO
3	U34300RJ1995PLC010428	RAJASTHAN MECHANICAL WORKS LIMITED	Whole-time director	24/11/2009	20/07/1995	Active	NO

Name :

Mr. Mahendra Kumar Gupta

Designation :

Whole-time Director

Address :

6/380, Vidhyadhar Nagar, Jaipur – 302023, Rajasthan, India

Qualification :

Graduate

Date of Appointment :

24.11.2009

DIN No.:

01570197

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	U51311RJ1980PTC002136	GOMTI STAMPINGS PRIVATE LIMITED	Director	17/12/1980	17/12/1980	Active	NO
2	U27107RJ1994PLC008613	BRAHAMPURI STEELS LIMITED	Director	29/07/1994	29/07/1994	Active	NO
3	U34300RJ1995PLC010428	RAJASTHAN MECHANICAL WORKS LIMITED	Whole-time director	24/11/2009	20/07/1995	Active	NO

Name :

Mr. Surendra Kumar Gupta

Designation :

Whole-time Director

Address :

6/380, Vidhyadhar Nagar, Jaipur – 302023, Rajasthan, India

Qualification :

Graduate

Date of Appointment :

24.11.2009

DIN No.:

00327330

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	U27107RJ1994PLC008613	BRAHAMPURI STEELS LIMITED	Director	29/07/1994	29/07/1994	Active	NO
2	U34300RJ1995PLC010428	RAJASTHAN MECHANICAL WORKS LIMITED	Whole-time director	24/11/2009	20/07/1995	Active	NO
3	U51311RJ1980PTC002136	GOMTI STAMPINGS PRIVATE LIMITED	Director	10/09/2011	19/01/2011	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

Names of Shareholders	No. of Shares
Mahendra Kumar Gupta	28000
Surendra Kumar Gupta	80000
Dinesh Kumar Gupta	96100
Hemant Gupta	17500
Shashi Gupta	121200
Manju Gupta	21290
Gomti Devi	93420
Brahampuri Steels Limited, India	100
Kalpana Gupta	230
Jagan Nath Gupta	100
Gomti Stampings (Private) Limited, India	100
Seema Gupta	950
Mahendra Kumar Gupta (HUF)	100
Surendra Kumar Gupta (HUF)	100
Parul Alloys (Private) Limited, India	20000
Santosh Gupta	2800
Total	481990

As on 30.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	4.21
Directors or relatives of Directors	95.79
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Agricultural Implements in Various Size and Designs.

Products :

Item Code No. (ITC Code)	Product Description
1002.06	Agriculture Implements

· Spring Loaded Tiller

Heavy Duty Spring Loaded Tiller

Leveller

Seeding Attachment (Seed cum Fertilizer)

Mounted Type Offset Disc Harrow

Mounted Disc Harrow

9 Tin Rigid Tiller

Disc Plough

Automatic Disc Plough

Reversible 2 Furrow Disc Plough

Mould Board plough

Animal Driven Implements

Trailer and Agriculture Implements Parts

Exports :

Products :

Finished Goods

Countries :

· Europe

African Countries

Nepal

Terms :

Selling :

L/C and Credit

Purchasing :

L/C and Credit

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Actual Production
Agriculture Implements and parts	Nos.	4229

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

50 (Approximately)

Bankers :

· State Bank of Bikaner and Jaipur, Jhotwara Industrial Area, Jaipur – 302012, Rajasthan, India

Tel. No.: 91-141-2340363

HDFC Bank Limited

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG TERM BORROWINGS
Term Loan From Bank
HDFC Car Loan RJ-14-CK-8067	0.000	0.219
SHORT TERM BORROWINGS
From Banks
SBBJ SLC A/c	0.000	3.039
SBBJ Cash Credit A/c (Regular and Adhoc) (Secured by all fixed assets and current assets of the company and personal guarantee of directors)	34.133	22.539
From Other Parties
NSIC Limited (Secured by Bank guarantee and personal gurantee of directors)	8.181	1.974
Total	42.314	27.771

NOTE

LONG TERM BORROWINGS

Term of Repayment of Loan

HDFC Bank RJ14-CH-2492 :- Vehicle loan was taken during 2009-10 year and carries interest @ 9.27% p.a.The loan is repayable in 36 installment of Rs. 0.032 Million each along with interest, from the date of loan.The loan is secured by hypothecation of vehicle of the company

HDFC Bank RJ14-CK-8067 :- Vehicle loan was taken during 2010-11 year and carries interest @ 9.27% p.a.The loan is repayable in 36 installment of Rs. 0.032 Million each along with interest. from the date of Ioan. The loan is secured by hypothecation of vehicle of the company

Reliance Capital Limited:- Unsecured loan was taken during 2010-11 year and carries interest @ 13.50% p.a.The loan is repayable in 182 installment of Rs. 0.053 Million for first 10 month and remaining Rs. 0.058 Million each along with interest. from the date of loan

HDFC Bank:- Unsecured Loan was taken during 2011-12 year and carries interest @ 13.00% p.a. The loan is repayable in 12 installment of Rs. 0.223 Million each along with interest, from the date of loan

Banking Relations :	--
Auditors :
Name :	Gupta Rajiv and Associates Chartered Accountants
Address :	5, “Neelkanth” Nathmal ji Ka Katla, Agra Road, Jaipur – 302003, Rajasthan, India
Tel. No.:	91-141-2609277 (5 Lines)
Fax No.:	91-141-2604883
E-Mail :	gra@computaxonline.com
Income-tax PAN of auditor or auditor's firm :	AABFG1505D
Memberships :	· Laghu Udyog Bharti VKI Association Engineering Export Promotion Council (EEPC)
Related Parties:	· Brahampuri Steel Limited Gomti Industries Gomti Stamping Private Limited

CAPITAL STRUCTURE

As on 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
500,000	Equity Shares	Rs.10/- each	Rs. 5.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
481,990	Equity Shares	Rs.10/- each	Rs. 4.820 Millions

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
500,000	Equity Shares	Rs.10/- each	Rs. 5.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
451,890	Equity Shares	Rs.10/- each	Rs. 4.519 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	4.519	4.479	4.479
(b) Reserves & Surplus	53.750	4.742	3.968
(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)	58.269	9.221	8.447
(3) Non-Current Liabilities
(a) long-term borrowings	4.154	4.505	5.420
(b) Deferred tax liabilities (Net)	0.334	0.285	0.164
(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)	4.488	4.790	5.584
(4) Current Liabilities
(a) Short term borrowings	58.259	44.623	32.464
(b) Trade payables	1.861	2.244	2.042
(c) Other current liabilities	1.362	4.554	1.621
(d) Short-term provisions	0.339	0.210	1.315
Total Current Liabilities (4)	61.821	51.631	37.442
TOTAL	124.578	65.642	51.473
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	67.142	19.924	12.188
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.256	0.256	0.084
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.236	0.168	0.068
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	67.634	20.348	12.340
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	39.114	34.508	27.480
(c) Trade receivables	9.681	5.469	6.048
(d) Cash and cash equivalents	4.212	1.547	1.442
(e) Short-term loans and advances	3.393	3.277	3.757
(f) Other current assets	0.544	0.493	0.406
Total Current Assets	56.944	45.294	39.133
TOTAL	124.578	65.642	51.473

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	104.215	85.586	79.643
		Other Income	0.276	0.292	1.779
		TOTAL (A)	104.491	85.878	81.422
Less	EXPENSES
		Cost of Material Consumed	79.453	74.872	68.900
		Changes in Inventories of Finished Goods Work-in-Progress and Stock-in-Trade	1.476	(8.377)	(7.150)
		Manufacturing Expenses	4.036	2.614	2.572
		Employee Benefit Expenses	5.304	5.485	6.065
		Administration Expenses	2.234	2.090	2.092
		Selling Expenses	1.851	1.466	2.639
		Loss on Sale of Vehicles	0.000	0.000	0.281
		TOTAL (B)	94.354	78.150	75.399
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		10.137	7.728	6.023
Less	FINANCIAL EXPENSES (D)		8.019	5.785	2.972
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		2.118	1.943	3.051
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.855	0.837	0.671
	PROFIT BEFORE TAX (E-F) (G)		1.263	1.106	2.380
Less	TAX (I)		0.389	0.332	0.872
	PROFIT AFTER TAX (G-I) (J)		0.874	0.774	1.508
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	0.618	0.742	3.613
	TOTAL EARNINGS		0.618	0.742	3.613
	Earnings Per Share (Rs.)		1.95	1.73	3.37

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	0.84	0.90	1.85
Net Profit Margin (PBT/Sales)	(%)	1.21	1.29	2.99
Return on Total Assets (PBT/Total Assets}	(%)	1.02	1.69	4.63
Return on Investment (ROI) (PBT/Networth)		0.02	0.12	0.28
Debt Equity Ratio (Total Debt/Networth)		1.07	5.33	4.48
Current Ratio (Current Asset/Current Liability)		0.92	0.88	1.05

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	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	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

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	80011240	18/03/2013 *	49,500,000.00	STATE BANK OF BIKANER AND JAIPUR	JHOTWARA INDUSTRIAL AREA, JAIPUR - 302012, RAJASTHAN, INDIA	B72871882
2	90070868	20/03/2002	400,000.00	SBBJ	JHOTWARA, JAIPUR, RAJASTHAN, INDIA	-
3	90068410	08/09/1999	500,000.00	SBBJ	JHOTWARA, JAIPUR, RAJASTHAN, INDIA	-
4	90068049	11/11/1995 *	1,050,000.00	STATE BANK OF BIKANER AND JAIPUR	JHOTWARA, JAIPUR, RAJASTHAN, INDIA	-
5	90068028	05/05/2007 *	9,050,000.00	STATE BANK OF BIKANER AND JAIPUR	INDUSTRIAL AREA, JHOTWARA, JAIPUR - 302012, RAJASTHAN, INDIA	A16651069

* Date of charge modification

UNSECURED LOANS

PARTICULAR	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG TERM BORROWINGS
Reliance Capital Limited	4.154	4.285
SHORT TERM BORROWINGS
Loans and Advances From Other Parties	15.945	17.072
Total	20.099	21.357

OPERATIONS

During the year the company did well. The directors expect that the company will achieve new heights in the ensuring year.

FIXED ASSETS

· Land

Building

Plant and Equipment

Furniture and Fixtures

Vehicles

Office Equipment

Electric Fittings

Dies and Jigs

Tools

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.62.38
UK Pound	1	Rs.102.25
Euro	1	Rs.84.97

INFORMATION DETAILS

Information Gathered by :	PLK
Report Prepared by :	MRI

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
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	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		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	--

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.