MIRA INFORM REPORT

Report Date :

30.01.2014

IDENTIFICATION DETAILS

Name :	GOMA ENGINEERING PRIAVTE LIMITED
Registered Office :	Majiwada, Behind Universal Petrol Pump, Thane – 400 602, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	23.06.1982
Com. Reg. No.:	11-027510
Capital Investment / Paid-up Capital :	Rs. 3.500 Millions
CIN No.: [Company Identification No.]	U28920MH1982PTC027510
TAN No.: [Tax Deduction & Collection Account No.]	PNEG05217C
PAN No.: [Permanent Account No.]	AABCG1059K
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of High Pressure Pump and Systems, Dairy and Food Process Systems.
No. of Employees :	210 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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

Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Trade relation reported to be fair. Business is active. Payment terms are reported to be usually correct. The company can be considered for business dealings at usual trade terms and conditions.

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.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long term rating BBB-
Rating Explanation	Moderate credit quality and average credit risk.
Date	July 18, 2013

Rating Agency Name	CRISIL
Rating	Short term rating A3
Rating Explanation	Moderate degree of safety and higher credit risk.
Date	July 18, 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

Name :	Mr. Mayur Shah
Designation :	Account Manager
Contact No.:	91-9323392003
Date :	29.01.2014

LOCATIONS

Registered / Head Office :	Majiwada, Behind Universal Petrol Pump, Thane – 400 602, Maharashtra, India
Tel. No.:	91-22-41614161 / 41614162 / 25346436 / 25340875 / 2173800 / 41614152 / 21731801 / 02 / 21731800 / 21731802
Mobile No.:	91-9323392003 (Mr. Mayur Shah)
Fax No.:	91-22-41614162 / 21731803
E-Mail :	goma@vsnl.com info@gomaengg.com mayurs@goma.co.in
Website:	http://www.gomaengg.com
Area :	3500 Sq. ft.
Location :	Owned
Factory :	214/2, Khupari, Off. Bhiwandi Wada Road, Taluka Wada, District Thane – 421 312, Maharashtra , India
Area :	Land Area-5 Acers and Build Up-35000 Sq. ft.
Location :	Owned
Branch Office :	Located At: · Kolkata · Bangalore · Koramangala · Chennai · New Delhi

DIRECTORS

As on 31.03.2011

Name :

Mr. Keshavji Meghji Gosrani

Designation :

Managing Director

Address :

11/12, Kashima Apartments, 4^th Floor, Mani Baug, L.B. Marg, Thane – 400 602, Maharashtra, India

Date of Birth/Age :

16.09.1940

Date of Appointment :

26.06.1982

DIN No.:

00405003

Name :

Mr. Jayesh Keshavji Gosrani

Designation :

Managing Director

Address :

601/602, Sita Vihar Co-operative Society, Near Damani Estate, LBS Marg, Thane – 400 602, Maharashtra, India

Date of Birth/Age :

28.11.1965

Date of Appointment :

31.03.2010

DIN No.:

00405543

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	U28920MH1982PTC027510	GOMA ENGINEERING PRIVATE LIMITED	Managing director	31-03-10	01-04-95	Active	NO

Name :

Mr. Chetan Keshavji Gosrani

Designation :

Managing Director

Address :

11/12, Kashima Appartments, 4^th Floor, Mani Baug, L.B. Marg, Thane – 400 602, Maharashtra, India

Date of Birth/Age :

17.02.1972

Date of Appointment :

31.03.2010

DIN No.:

00405765

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	U28920MH1982PTC027510	GOMA ENGINEERING PRIVATE LIMITED	Managing director	31-03-10	01-04-00	Active	NO

Name :

Ms. Sema Jayesh Gosrani

Designation :

Director

Address :

801/802, Carlyle Raheja Gardens, LBS Marg, Thane – 400 604, Maharashtra, India

Date of Birth/Age :

17.04.1968

Date of Appointment :

14.05.2010

DIN No.:

02731092

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	U29268MH2010PTC198805	AABA FOODTECH PRIVATE LIMITED	Director	12-01-10	12-01-10	Active	NO
2	U28920MH1982PTC027510	GOMA ENGINEERING PRIVATE LIMITED	Director	14-05-10	14-05-10	Active	NO

Name :

Mr. Bijal Chetan Gosrani

Designation :

Director

Address :

901/902, Astoria Raheja Gardens, LBS Marg, Thane – 400 604, Maharashtra, India

Date of Birth/Age :

20.01.1977

Date of Appointment :

14.05.2010

DIN No.:

02724106

KEY EXECUTIVES

Name :	Mr. Mayur Shah
Designation :	Account Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.03.2011

Names of Shareholders	No. of Shares
Keshavji Meghji Gosrani	2138
Keshavji Meghji Gosrani Karta K M Gosrani	50
Manjulaben Keshavji Gosrani	1480
Jayesh Keshavji Gosrani	3920
Jayesh Keshavji Gosrani Karta J K Gosrani	428
Sema Jayesh Gosrani	1810
Chetan Keshavji Gosrani	3106
Chetan Keshavji Gosrani Karta C K Gosrani	19
Bijal Chetan Gosrani	946
Deepen Keshavji Gosrani	540
Bharti D Gosrani	1
Mohanlal Liladhar Gosrani	1333
Mohanlal Liladhar Gosrani Karta M L Gosrani	1
Nirmalaben Mohanlal Gosrani	1328
Depa R Haria	100
Bhairavi S Karaniya	100
Priya M Shah	100
Neha K Gada	100
Bhavesh M Maru	2950
Kanchanben M Maru	5286
Prashant M Maru	2673
Kunjal P Maru	1
Pravin V Maru	600
Shobhanaben P Maru	750
Saralaben M Shah	963
Neera M Shah	2
Kantilal V Maru	3773
Keshubhai R Shah	1
Mehul K Maru	1
Premlataben K Maru	500
TOTAL	35000

As on 31.03.2011

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	50.00
Directors or relatives of Directors	50.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of High Pressure Pump and Systems, Dairy and Food Process Systems.
Products :	Ø Dairy Products and Pumps Ø Yoghurt Line Ø Ice Cream Line Ø Milk Products Line Ø Fruit Pulp / Juice Processing Line Ø Fruit Beverage Line
Exports :
Products :	· High Pressure Pump · Process Systems
Countries :	· South Africa · Nigeria · Tanzania
Imports :
Products :	· Raw Material · Machinery
Countries :	· Italy · China
Terms :
Selling :	L/C, Cash and Credit
Purchasing :	L/C, Cash and Credit

PRODUCTION STATUS (AS ON: 31.03.2011)

Particulars	Unit	Actual Production
Homogenizer	In Nos.	65
Create Washer	In Nos.	11
Pumps	In Nos.	149
VIP Pumps	In Nos.	19

GENERAL INFORMATION

Customers :

Wholesalers and Retailers

No. of Employees :

210 (Approximately)

Bankers :

· Andhra Bank, Yogeshwar Dham, M G Road, Mulund (West), Mumbai – 400 080, Maharashtra, India

· State Bank of India, Eastern Express Highway, Gala No.9 and 10, Sun Magnetic, Near LIC Off, Louis Wadi Service Road, Thane – 400 604, Maharashtra, India

· Small Industries Development Bank of India, 1 and 2 Dhanalaxmy Residency, Near Hotel Tip Top Plaza, LBS Marg, Thane – 400 602, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
SHORT TERM BORROWINGS
From SIDBI (Against mortgaged of machinery)	10.677	14.827
From Banks (against hypothecation of cars)	5.119	5.769
Bank overdraft with Bank of Baroda (against fixed deposits with banks)	1.696	2.072
Bank overdraft with State Bank of India (against hypothecation of immovable property and stock)	7.403	0.000
Cash credit State Bank of India A/c No – 31766922060	58.538	53.992
Total	83.433	76.660

Banking Relations :	--
Auditors :
Name :	Ponkshe Kulkarni and Company Chartered Accountant
Address :	7 Chaudhary Building, Brahman Society, Naupada, Thane West, Thane – 400 602, Maharashtra, India
Tel No. :	91-22-25400450
PAN No.:	AAFFP5555L

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital :

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

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
35000	Equity Shares	Rs.100/- each	Rs. 3.500 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	3.500	3.500	3.500
(b) Reserves & Surplus	103.480	86.545	70.920
(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)	106.980	90.045	74.420
(3) Non-Current Liabilities
(a) long-term borrowings	10.270	11.992	13.901
(b) Deferred tax liabilities (Net)	1.794	2.569	1.839
(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)	12.064	14.561	15.740
(4) Current Liabilities
(a) Short term borrowings	119.265	103.032	88.005
(b) Trade payables	82.037	69.374	54.278
(c) Other current liabilities	19.717	36.218	32.786
(d) Short-term provisions	34.490	39.751	30.450
Total Current Liabilities (4)	255.509	248.375	205.519
TOTAL	374.553	352.981	295.679
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	73.318	75.855	51.604
(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	0.101	0.101	0.101
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	7.676	8.727	7.758
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	81.095	84.683	59.463
(2) Current assets
(a) Current investments	4.600	4.506	5.861
(b) Inventories	86.780	91.956	76.801
(c) Trade receivables	103.592	88.491	78.996
(d) Cash and cash equivalents	28.258	21.605	24.581
(e) Short-term loans and advances	70.228	61.740	49.977
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	293.458	268.298	236.216
TOTAL	374.553	352.981	295.679

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	425.520	345.910	328.742
		Other Income	6.577	4.044	6.028
		TOTAL (A)	432.097	349.954	334.770
Less	EXPENSES
		Cost of Materials Consumed	249.250	187.059	179.085
		Changes in Inventories	(7.658)	(5.864)	(1.086)
		Employee Benefits Expenses	68.078	61.931	51.129
		Other Expenses	69.186	61.819	60.854
		TOTAL (B)	378.856	304.945	289.982
Less	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		53.241	45.009	44.778
Less	FINANCIAL EXPENSES (D)		14.008	12.416	9.773
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		39.233	32.593	35.004
Less	DEPRECIATION/ AMORTISATION (F)		12.638	8.239	7.742
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)		26.595	24.354	27.262
Less	TAX (H)		9.660	8.730	8.886
	PROFIT/(LOSS) AFTER TAX (G-H) (I)		16.935	15.624	18.376
	Earnings Per Share (Rs.)		484	446	525

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	3.92	4.46	5.49
Net Profit Margin (PBT/Sales)	(%)	6.25	7.04	8.29
Return on Total Assets (PBT/Total Assets}	(%)	7.10	6.90	9.47
Return on Investment (ROI) (PBT/Networth)		0.25	0.27	0.37
Debt Equity Ratio (Total Debt/Networth)		1.21	1.28	1.37
Current Ratio (Current Asset/Current Liability)		1.15	1.08	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	No
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
21]	Market information	-----
22]	Litigations that the firm / promoter involved in	-----
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	-----
26]	Buyer visit details	-----
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	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

PARTICULAR	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG TERM BORROWINGS
Sale Tax Loan PSI 1993 CST	5.292	5.739
Sale Tax Loan PSI 1993 MST	4.978	6.253
SHORT TERM BORROWINGS
From directors and shareholders	35.832	26.372
Total	46.102	38.364

INDEX OF CHARGES

.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10313789	12/10/2011	3,800,000.00	SMALL INDUSTRIES DEVELOPMENTS BANK OF INDIA	1 & 2 DHANALAXMY RESIDECNY, NEAR HOTEL, TIP TOP P LAZA, LBS MARG, AZA, LBS MARG, THANE (W), THANE WEST, Maharashtra - 400602, INDIA	B23772627
2	10315169	14/08/2012 *	140,000,000.00	STATE BANK OF INDIA	Eastern Express Highway, Gala No 9 &10, Sun, Magnetic, Near LIC Off, Louis Wadi Service Road, Thane, Maharashtra - 400604, INDIA	B57751349
3	10274664	01/03/2011	7,500,000.00	SMALL INDUSTRIES DEVELOPMENTS BANK OF INDIA	1 & 2 DHANALAXMY RESIDECNY, NEAR HOTEL TIP TOP PLAZA, LBS MARG, THANE (W), THANE, Maharashtra - 400 602, INDIA	B08462814
4	10192595	26/11/2009	5,000,000.00	SMALL INDUSTRIES DEVELOPMENTS BANK OF INDIA	1 & 2 , DHANLAXMI RESIDENCY, NEAR HOTEL TIP TOP PLAZA, L.B.S.MARG, THANE, Maharashtra - 400602, INDIA	A75272575
5	10116658	08/07/2008	350,000.00	The Saraswat Co-op Bank Ltd	Antop Hill Branch, Kalpak Estate, Mumbai, Maharashtra - 400037, INDIA	A43285170
6	10114135	06/06/2008	3,000,000.00	SMALL INDUSTRIES DEVELOPMENTS BANK OF INDIA	1 & 2 , DHANLAXMI RESIDENCY, NEAR HOTEL TIP TOP PLAZA, L.B.S. MARG, THANE, Maharashtra - 400602, INDIA	A41854209
7	10074823	20/03/2007	10,000,000.00	SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA	102 R.M. PRIDE BUILDING, RAM MARUTI ROAD, THANE (W), THANE, Maharashtra - 400602, INDIA	A26387241
8	10074824	20/03/2007	10,000,000.00	SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA	102 R.M. PRIDE BUILDING, RAM MARUTI ROAD, THANE (W), THANE, Maharashtra - 400602, INDIA	A26385476

* Date of charge modification

FIXED ASSETS

² Air Conditioner

² Building

² Computer

² Camera

² Electrical Fittings

² Furniture and Fixtures

² Generator

² Land

² Machinery

² Motor Car

² Refrigerator

² Tea Vending Machine

² Road Construction

² Water Cooler

² Water Filter

² Xerox Machine

² Water Softener

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.62.20
UK Pound	1	Rs.103.12
Euro	1	Rs.84.96

INFORMATION DETAILS

Information Gathered by :	HNA
Report Prepared by :	ANK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		47

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.