MIRA INFORM REPORT

Report Date :

15.07.2014

IDENTIFICATION DETAILS

Name :	MEHRA METAL COMPONENTS PRIVATE LIMITED
Registered Office :	A – 84, DDA Flats, Okhla Phase – II, New Delhi – 110020, Delhi
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	26.03.1998
Com. Reg. No.:	55- 092964
Capital Investment / Paid-up Capital :	Rs. 25.191 Millions
CIN No.: [Company Identification No.]	U27107DL1998PTC092964
TAN No.: [Tax Deduction & Collection Account No.]	DELM10646G
PAN No.: [Permanent Account No.]	AAACM8494M
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing and Trading of Ferrous/Non Ferrous sheet metal components.
No. of Employees :	500 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 5000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. Financial position of the company is above average. Trade relations are reported to be fair. Business is active. Payments 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 – March 31, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
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

N E W S

The economy grew 4.7 %in 2013/14, marking a second straight year of sub-5 % growth – the worst slowdown in more than a quarter of a century. The data was below an official estimate of 4.9 % annual growth and compared with 4.5 % in the last fiscal year. However, the current account deficit narrowed sharply to $ 32.4 billion at 1.7 % of gross domestic product, in 2013/14 from a record high of $ 98.8 billion or 4.7 %, the year before.A sharp fall in gold imports due to restrictions on overseas purchases and muted import of capital goods helped shrink the current account deficit.

Online retailer Flipkart has acquired fashion portal Myntra as it prepares to battle with the rapidly expanding India arm of the global e-commerce giant Amazon. The company raised $ 210 million from Russian Investment firm DST Global which has also invested in companies like Facebook, Twitter and Alibaba Group.

General Motors will start exporting vehicles from its Talegaon plant near Pune in the second half of 2014. GM was one of the few global carmakers that was using its India plant only for the domestic market.

Google has overtaken Apple as the world’s top brand in terms of value, according to global market research agency Millward Brown. Google’s brand value shot up 40 % in a year to $ 158.84 billion. The top 10 of the 100 slots were dominated by US companies.

Infosys lost another heavy weight when B G Srinivas, a board member put in his papers. He is the third CEO-hopeful to quit after Chairman N R Narayana Murthy’s return to the company – Ashok Vemuri and V Balakrishnan being the other two.While Vemuri went on to lead IGate, Balakrishnan joined politics.

Naresh Goyal – promoted Jet Airways posted biggest quarterly loss – Rs 2153.37 crore – in the three months ended March 31, mainly because it has been offering discounts to passengers to fill planes.

William S Pinckney – Chairman and CEO of Amway India was arrested by the Andhra Pradesh Police in connection with a complaint against the direct selling firm. This is the second time that he has been taken into custody. A year, ago the Kerala Police had arrested Pinckney and two company directors on charges of financial irregularities.

China has told its state-owned enterprises to sever links with American consulting firms after the United States charged five Chinese military officers with hacking US companies. China’s action which targets consultancies like McKinsey & Co. and the Boston Consulting Group, sterns from fears that the first are providing trade secrets to the US governments.

India has emerged as a country with some of the highest unregistered businesses in the world. Indonesia has the maximum number of shadow businesses, says a study of 68 countries by Imperial College Business School in London.

Pfizer has abandoned its attempt to buy AstraZeneca for nearly $ 118 billion after the latter refused an offer of 55 pounds a share.

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. Rahul Mehra
Designation :	Director
Contact No.:	91- 9999091818
Date :	10.07.2014

LOCATIONS

Registered Office :	A – 84, DDA Flats, Okhla Phase – II, New Delhi, Delhi – 110020, India
Tel. No.:	Not Available
Mobile No.:	91- 9999091818 (Mr. Rahul Mehra)
Fax No.:	Not Available
E-Mail :	mmcpl@rediffmail.com info@mmcpl.com
Website :	www.mmcpl.com
Factory 1 :	Plot No. 108, Sector – 59, H S I D C , Ballabgarh, Faridabad – 121 004, Haryana, India
Tel. No.:	91-129-2307473 / 2307471 / 2307062
Fax No.:	91-129-2307062
Factory 2 :	F -632, SGM Nagar NIT, Faridabad – 121004, Haryana, India

DIRECTORS

As on: 30.09.2013

Name :

Mr. Gulshan Mehra

Designation :

Director

Address :

H No. 152, Sector – 21B, Faridabad Haryana, India

Date of Birth/Age :

03.10.1954

Qualification :

Diploma in ITI

Experience :

30 years

Date of Appointment :

26.03.1998

DIN No.:

00076283

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	U70101HR1997PTC036046	MJR COMPONENTS PRIVATE LIMITED	Director	15/09/1997	15/09/1997	-	Active	NO
2	U27107DL1998PTC092964	MEHRA METAL COMPONENTS PRIVATE LIMITED	Director	26/03/1998	26/03/1998	-	Active	NO
3	U74899DL1996PTC079447	RANIL ELECTRICALS PRIVATE LIMITED	Director	18/03/1999	18/03/1999	-	Amalgamated	NO
4	U27209HR2012PTC045686	GRM Metals Private Limited	Director	20/04/2012	20/04/2012	-	Active	NO

Name :

Ms. Meena Mehra

Designation :

Director

Address :

H No. 152, Sector – 21B, Faridabad Haryana, India

Date of Birth/Age :

20.06.1962

Date of Appointment :

26.03.1998

DIN No.:

00059198

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	U70101HR1997PTC036046	MJR COMPONENTS PRIVATE LIMITED	Director	15/09/1997	15/09/1997	-	Active	NO
2	U27107DL1998PTC092964	MEHRA METAL COMPONENTS PRIVATE LIMITED	Director	26/03/1998	26/03/1998	-	Active	NO
3	U74899DL1996PTC079447	RANIL ELECTRICALS PRIVATE LIMITED	Director	18/03/1999	18/03/1999	-	Amalgamated	NO
4	U27209HR2012PTC045686	GRM Metals Private Limited	Director	20/04/2012	20/04/2012	-	Active	NO

Name :

Mr. Rahul Mehra

Designation :

Director

Address :

H No. 152, Sector – 21B, Faridabad Haryana, India

Date of Birth/Age :

12.10.1986

Date of Appointment :

01.04.2007

DIN No.:

01469074

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	U27107DL1998PTC092964	MEHRA METAL COMPONENTS PRIVATE LIMITED	Director	01/04/2007	01/04/2007	-	Active	NO
2	U70101HR1997PTC036046	MJR COMPONENTS PRIVATE LIMITED	Director	15/06/2007	15/06/2007	-	Active	NO
3	U27209HR2012PTC045686	GRM Metals Private Limited	Director	20/04/2012	20/04/2012	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.09.2013

Names of Shareholders	No. of Shares	% Of Holding
Gulshan Mehra	581132	23.07
Meena Mehra	146520	5.82
Rahul Mehra	1779088	70.62
Anup Mittal	100	0.00
Nidhi Garg	100	0.00
Neeru Garg	100	0.00
Lilawati	4020	0.16
Urmil Saini	4020	0.16
Vandana Saini	4020	0.16
Total	2519100	100.00

Equity Share Break up (Percentage of Total Equity)

As on: 30.09.2013

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturing and Trading of Ferrous/Non Ferrous sheet metal components.
Imports :
Products :	Machinery
Countries :	· China · Taiwan
Terms :
Selling :	LC and Credit (30 Days)
Purchasing :	LC and Credit (30 Days)

GENERAL INFORMATION

Customers :

· Denso India Limited

· Lucas TVS Limited

· Minda HUF Limited

· Schefenacker Motheson Limited

· Mico Bosch India

No. of Employees :

500 (Approximately)

Financial Institution :

· Intec Capital Limited, 701, Manjusha, 57 Nehru Place, New Delhi – 110019, Delhi, India

· Reliance Capital

Bankers :

· Canara Bank, SME Branch, Bata Hardware Road, N. I. T. Faridabad – 121001, Haryana, India

· Axis Bank Limited, Plot No 40, Sco Sector 7, Huda Main Market Ballabhgarh, Faridabad - 121001, Haryana, India

· HDFC Bank, India

· Axis Bank, India

· ICICI Bank, India

Facilities :

Secured Loan	As on 31.03.2013	As on 31.03.2012
	(Rs. In Millions)
LONG TERM BORROWINGS:
Canara Bank (Term loan from Canara Bank secured by Hypothecation of Plant and Machinery and Personal Guarantees of Directors)	0.000	6.336
Canara Bank / ICICI Bank / HDFC Bank / Axis Bank (Secured by hypothecation of vehicles)	0.000	2.528
SIDBI / Reliance Capital (Machinery from SIDBI and RELIANCE CAPITAL secured by hypothecation of machinery)	0.000	17.107
SHORT TERM BORROWINGS:
Canara Bank (Working capital limits from Canara Bank secured by hypothecation of stocks, debtors and personal guarantees of Directors)	0.000	42.528
Total	0.000	68.499

Banking Relations :	--
Auditors :
Name :	Ashwani and Associates Chartered Accountant
Address :	103, Pratap Bhawan, Bahadur Shah Zafar Marg, New Delhi-110002, Delhi, India
Tel. No.:	91-11-23353639 / 23324672
Fax No.:	91-11-23738558
E-Mail :	info@ashwaniassociates.in
PAN No.:	AAFFA9616H
Associates/Subsidiaries :	MJR Components Private Limited
Sister Concern :	GRM Metals Private Limited, Faridabad, Haryana, India
LOB :	Manufacturer of sheet metal components.

CAPITAL STRUCTURE

As on: 30.09.2013

Authorized Capital:

No. of Shares	Type	Value	Amount
3000000	Equity Shares	Rs.10/- each	Rs. 30.000 Millions

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
2519100	Equity Shares	Rs.10/- each	Rs. 25.191 Millions

As on: 30.03.2013

Authorized Capital:

No. of Shares	Type	Value	Amount
250000	Equity Shares	Rs.10/- each	Rs. 2.500 Millions

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
15000	Equity Shares	Rs.10/- each	Rs. 0.150 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	0.150	22.691	22.691
(b) Reserves & Surplus	1.144	44.181	33.432
(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)	1.294	66.872	56.123
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	34.464	31.385
(b) Deferred tax liabilities (Net)	0.067	3.946	2.968
(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)	0.067	38.410	34.353
(4) Current Liabilities
(a) Short term borrowings	0.000	42.528	68.950
(b) Trade payables	5.486	148.372	125.209
(c) Other current liabilities	3.405	11.608	11.163
(d) Short-term provisions	0.000	0.000	0.000
Total Current Liabilities (4)	8.891	202.508	205.322
TOTAL	10.252	307.790	295.798
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2.683	92.128	87.701
(ii) Intangible Assets	0.000	0.042	0.070
(iii) Capital work-in-progress	0.000	0.000	8.011
(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	0.000	0.000	0.000
(e) Other Non-current assets	0.047	0.149	1.557
Total Non-Current Assets	2.730	92.319	97.339
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.104	64.470	68.357
(c) Trade receivables	6.862	124.139	108.155
(d) Cash and cash equivalents	0.154	3.949	5.802
(e) Short-term loans and advances	0.402	22.622	15.921
(f) Other current assets		0.291	0.224
Total Current Assets	7.522	215.471	198.459
TOTAL	10.252	307.790	295.798

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income
		Other Income	792.195	701.163	639.903
		TOTAL	792.195	701.163	639.903
Less	EXPENSES
		Office Expenses
		Administrative Expenses	773.714	686.487	624.929
		Advertising Expenses
		TOTAL	773.714	686.487	624.929
	PROFIT BEFORE TAX		18.481	14.676	14.974

Particulars	31.03.2014	31.03.2013
Sales Turnover (Approximately)	820.000	790.000

The above information has been parted by Mr. Rahul Mehra (Director).

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Return on Total Assets (PBT/Total Assets}	(%)	180.27	4.77	5.20
Return on Investment (ROI) (PBT/Networth)		14.28	0.22	0.27
Debt Equity Ratio (Total Debt/Networth)		0.00	1.15	1.79
Current Ratio (Current Asset/Current Liability)		0.85	1.06	0.97

FINANCIAL ANALYSIS

[All figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	22.691	22.691	0.150
Reserves & Surplus	33.432	44.181	1.144
Net worth	56.123	66.872	1.294
long-term borrowings	31.385	34.464	0.000
Short term borrowings	68.950	42.528	0.000
Total borrowings	100.335	76.992	0.000
Debt/Equity ratio	1.788	1.151	0.000

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Income	639.903	701.163	792.195
		9.573	12.983

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	639.903	701.163	792.195
Profit	14.974	14.676	18.481
	2.34%	2.09%	2.33%

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	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

Unsecured Loan

Particulars	As on 31.03.2013	As on 31.03.2012
	(Rs. In Millions)
LONG TERM BORROWINGS:
Loan from Directors	0.000	4.503
Loan from Shareholders	0.000	0.500
From Bodies Corporate	0.000	3.490
Total	0.000	8.493

INDEX OF CHARGES:

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10494240	23/05/2014	2,305,800.00	INTEC CAPITAL LIMITED	701,MANJUSHA, 57 NEHRU PLACE, NEW DELHI - 110019, DELHI, INDIA	C04163333
2	10483938	19/03/2014	3,183,216.00	INTEC CAPITAL LIMITED	701,MANJUSHA, 57 NEHRU PLACE, NEW DELHI - 110019, DELHI, INDIA	C00100230
3	10445807	27/08/2013	7,800,000.00	INTEC CAPITAL LIMITED	701,MANJUSHA, 57 NEHRU PLACE, NEW DELHI - 110019, DELHI, INDIA	B83448597
4	10441767	22/07/2013	2,196,000.00	INTEC CAPITAL LIMITED	701,MANJUSHA, 57 NEHRU PLACE, NEW DELHI - 110019, DELHI, INDIA	B81555690
5	10413076	19/03/2013	11,919,600.00	INTEC CAPITAL LIMITED	701,MANJUSHA, 57 NEHRU PLACE, NEW DELHI - 110019, DELHI, INDIA	B71213714
6	10391986	17/12/2012	7,805,892.00	INTEC CAPITAL LIMITED	701,MANJUSHA, 57 NEHRU PLACE, NEW DELHI - 110019, DELHI, INDIA	B64140858
7	10373346	28/08/2012	11,000,000.00	SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA	NH 5-R/2, NEELAM BADSHAH KHAN ROAD, NIT, FARIDABAD - 121001, HARYANA, INDIA	B56723026
8	10362839	23/10/2013 *	52,600,000.00	AXIS BANK LTD.	PLOT NO. 40, SCO, SECTOR 7,, HUDA MAIN MARKET, BA  LLABHGARH,, FARIDABAD - 121006, HARYANA, INDIA	B90890807
9	10355527	14/05/2012	5,000,000.00	SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA	NH 5-R/2, NEELAM BADSHAH KHAN ROAD, NIT, FARIDABAD - 121001, HARYANA, INDIA	B39569942
10	10344490	30/03/2012	5,500,000.00	SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA	NH 5-R/2, NEELAM BADSHAH KHAN ROAD, NIT, FARIDABAD - 121001, HARYANA, INDIA	B35875707

FIXED ASSETS:

· Air Conditioner

· Building

· Car

· Computer

· Electricals and Appliances

· Furniture and Fixtures

· Land

· Office Equipments

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 judgment 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.60.00
UK Pound	1	Rs.102.72
Euro	1	Rs.81.60

INFORMATION DETAILS

Information Gathered by :	PLK
Analysis Done by :	SUM
Report Prepared by :	JAY

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		46

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

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