MIRA INFORM REPORT

Report Date :

17.07.2014

IDENTIFICATION DETAILS

Name :	WIOSKA MOLDINGS PRIVATE LIMITED

Registered Office :	R-52, 3^rd Floor, Vikas Marg, Shakarpur, Delhi – 110092

Country :	India

Financials (as on) :	31.03.2013

Date of Incorporation :	31.03.1997

Com. Reg. No.:	55-086272

Capital Investment / Paid-up Capital :	Rs. 7.100 Millions

CIN No.: [Company Identification No.]	U28939DL1997PTC086272

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacturer of Plastic Injection Moulded Components.

No. of Employees :	Not Available

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 55000

Status :	Moderate

Payment Behaviour :	Slow but correct

Litigation :	Clear

Comments :	Subject is an established company having moderate track record. The rating is constrained on account of company’s moderate financial risk profile marked by low reserves and stretched liquidity position of the company. However, trade relations are fair. Business is active. Payment terms are slow but correct. The company can be considered for business dealings 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 – March 31, 2014

Country Name

Previous Rating

(31.12.2013)

Current Rating

(31.03.2014)

India

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 wih 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 31-03-2014.

INFORMATION PARTED BY

Name :	Mr. Ashish Kumar Jindal
Designation :	Director
Contact No.:	919818065676
Date :	14.07.2014

LOCATIONS

Registered Office :	R-52, 3^rd Floor, Vikas Marg, Shakarpur, Delhi – 110092, India
Tel. No. :	91-11-22012352
E-Mail :	roc@mbgupta.com mbg_fca@hotmail.com mbg.mca@hotmail.com

Factory :	Industrial Plot No. 76, Block No. A, Sector No-80, Phase-II Noida-201301, Uttar Pradesh, India

Branch Office :	B-66, Sector-5, Noida-201301, Uttar Pradesh, India

DIRECTORS

As on 28.09.2013

Name :

Mr. Pankaj Kumar Jindal

Designation :

Director

Address :

K-25, Sector – 11, Noida, Uttar Pradesh, India

Date of Appointment :

23.11.1999

DIN :

00047180

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	U28939DL1997PTC086272	WIOSKA MOLDINGS PRIVATE LIMITED	Director	23-11-99	23-11-99	-	Active	NO
2	U45202DL1989PTC035707	BLUE MOON DEVELOPERS PRIVATE LIMITED	Director	17-04-08	17-04-08	-	Active	NO
3	U74899DL1994PTC062088	PRATAP METALS PRIVATE LIMITED	Director	02-06-08	02-06-08	11-09-13	Active	NO
4	U72300DL2008PTC180075	WIOSKA INFOSERVICE PRIVATE LIMITED	Director	25-06-08	25-06-08	-	Under Process of Striking off	NO

Name :

Mrs. Savita Jindal

Designation :

Director

Address :

K-25, Sector – 11, Noida, Uttar Pradesh, India

Date of Birth/Age :

17.01.1990

Date of Appointment :

19.02.2003

DIN :

00047206

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	U74899DL1994PTC062088	PRATAP METALS PRIVATE LIMITED	Director	12-03-01	12-03-01	11-09-13	Active	NO
2	U28939DL1997PTC086272	WIOSKA MOLDINGS PRIVATE LIMITED	Director	19-02-03	19-02-03	-	Active	NO
3	U72300DL2008PTC180075	WIOSKA INFOSERVICE PRIVATE LIMITED	Director	25-06-08	25-06-08	-	Under Process of Striking off	NO

Name :

Mr. Ashish Kumar Jindal

Designation :

Director

Address :

C-95, Sector-33, Noida-201301, Uttar Pradesh, India

Date of Appointment :

21.06.2013

DIN :

06515633

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 28.09.2013

Names of Shareholders	No. of Shares
Pankaj Kumar Jindal	617300
Satish Kumar Verma	100
Savita Jindal	37500
Pankaj Kumar Jindal (HUF)	100
Ashish Kumar Jindal	55000
Total	710000

Equity Share Break up (Percentage of Total Equity)

As on 28.09.2013

Category	Percentage
Directors or relatives of Directors	99.99
Other top fifty shareholders	0.01
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Plastic Injection Moulded Components.

Products :

· Plastic Moulding Parts

· Telephone Pus Button Parts

· Double Injection Moulded Redial Switches

· Led Holders

GENERAL INFORMATION

Bankers :

Small Industries Development Bank of India, C-60, Sector-2, Noida – 201301, Uttar Pradesh, India
Bank of Baroda, SEM Branch, p-5, Ocean Plaza, Sector 18, Noida-201301, Uttar Pradesh, India

Facilities :

SECURED LOAN

(Rs. In Millions)

Particular	As on 31.03.2013	As on 31.03.2012
LONG TERM BORROWINGS
Term Loans From Banks
Bank of Baroda It is A Term Loan Against HYP of Car Repayable in 60 Monthly Inst. W.E.F. 31.10.2008. Rate of Interest is 13.25% P.A.	0.000	0.080
Axis Bank Car Loan It is A Term Loan Against HYP of Car Repayable in 36 Monthly Inst. W.E.F. 04.06.2012. Rate of Interest is 10.50% P. A.	0.463	0.000
Term loan SIDBI A/c It is A Term Loan Against Equitable Mortgage of Factory Land and Building Situated at A-76, Sector-80, Noida and HYP. of Plant and Machinery Repayable in 50 Monthly Inst. W.E.F. 12.10.2012. Rate of Interest is 11.50% P. A.	1.927	3.072
Term loan SIDBI New A/c It is A Term Loan Against Working Capital Repayable in 50 Monthly Inst. W.E.F. 10.06.2012. Rate of Interest is 13.25% P. A.	0.000	0.720
Term loan SIDBI It is A Term Loan T. M. of Factory Land Building Situated at H-132, Sector-63, Noida and and HYP. of Plant and Machinery Repayable in 65 Monthly Inst. W.E.F. 10.10.2012. It is Collectedly Secured by E. M. of Residential Situated at K 25, Sector-12, Noida. Rate of Interest is 13.25% P. A.	16.436	19.310

From NBFC
India Bull Housing Finance Limited It is A Term Loan Against E. M. of House property at C-94, Sector-33, Noida. Repayable in 180 Monthly Inst. W.E.F. 01.08.2011. Rate of Interest is 15.75% P.A.	3.382	3.451
India Bull Housing Finance Limited It is A Term Loan, Repayable in 215 Monthly Inst. Of Rs. 215154 W.E.F. 01.01.2011. Rate of Interest is 13.00% P.A.	11.122	12.058
SHORT TERM BORROWINGS
Bank of Baroda O/D A/c It is Overdraft Facility Against Hypothecation of Stock and Book Debits, interest Rate 14.75%, It is Collectedly Secured By Corporate Guaranty of Pratap Metals Private Limited	5.748	0.389
Total	39.078	39.080

Banking Relations :

Auditors :

Name :

M. B. Gupta and Company

Chartered Accountant

Head Office :

R-52, 3rd Floor, Vikas Marg, Shakarpur, Delhi – 110092, India

Tel. No.:

91-11-22012352

Branch Office :

C-9, Sector 19, Noida – 201301, Uttar Pradesh, India

Tel. No.:

91-120-4549057 58 / 59

Fax No. :

91-120-4323062

PAN No.:

AAGFM7201B

CAPITAL STRUCTURE

As on 28.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount

750000	Equity Shares	Rs.10/- each	Rs. 7.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

710000	Equity Shares	Rs.10/- each	Rs.7.100 Million

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	7.100	7.100	1.600
(b) Reserves & Surplus	6.850	5.341	3.146
(c) Money received against share warrants	0.000	0.000	0.000

(2) Share Application money pending allotment	0.000	0.000	0.928
Total Shareholders’ Funds (1) + (2)	13.950	12.441	5.674

(3) Non-Current Liabilities
(a) long-term borrowings	35.724	43.324	11.313
(b) Deferred tax liabilities (Net)	0.000	0.000	0.097
(c) Other long term liabilities	0.203	0.203	0.162
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	35.927	43.527	11.572

(4) Current Liabilities
(a) Short term borrowings	5.748	0.389	1.946
(b) Trade payables	11.180	4.172	6.406
(c) Other current liabilities	8.126	12.081	4.942
(d) Short-term provisions	0.743	1.020	0.735
Total Current Liabilities (4)	25.797	17.662	14.029

TOTAL	75.674	73.630	31.275

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	43.585	41.106	11.377
(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	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.489	0.400	0.076
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	44.074	41.506	11.453

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	5.067	0.928	2.342
(c) Trade receivables	10.489	13.308	9.950
(d) Cash and cash equivalents	9.348	7.605	1.159
(e) Short-term loans and advances	6.628	10.215	6.290
(f) Other current assets	0.068	0.068	0.081
Total Current Assets	31.600	32.124	19.822

TOTAL	75.674	73.630	31.275

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income		73.420	55.517
		Other Income		0.336	0.421
		TOTAL (A)	81.111	73.756	55.938

Less	EXPENSES
		Cost of Materials Consumed		42.245	31.741
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade		0.764	0.446
		Employees benefits expense		4.615	4.973
		Other expenses		17.993	13.516
		TOTAL (B)	69.829	65.617	50.676

Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		11.282	8.139	5.262

Less	FINANCIAL EXPENSES (D)		7.217	3.949	1.854

	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		4.065	4.190	3.408

Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.902	1.473	1.481

	PROFIT BEFORE TAX (E-F) (G)		2.163	2.717	1.927

Less	TAX (H)		0.654	0.522	0.841

	PROFIT AFTER TAX (G-H) (I)		1.509	2.195	1.086

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	1.86	2.98	1.94

Net Profit Margin (PBT/Sales)	(%)	2.67	3.70	3.47

Return on Total Assets (PBT/Total Assets}	(%)	2.88	3.71	6.18

Return on Investment (ROI) (PBT/Networth)		0.16	0.22	0.34

Debt Equity Ratio (Total Debt /Networth)		2.97	3.51	2.34

Current Ratio (Current Asset/Current Liability)		1.22	1.82	1.41

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	1.600	7.100	7.100
Reserves & Surplus	3.146	5.341	6.850
Share Application money pending allotment	0.928	0.000	0.000
Net worth	5.674	12.441	13.950

long-term borrowings	11.313	43.324	35.724
Short term borrowings	1.946	0.389	5.748
Total borrowings	13.259	43.713	41.472
Debt/Equity ratio	2.337	3.514	2.973

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 Sales	55.938	73.756	81.111
		31.853	9.972

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Sales	55.938	73.756	81.111
Profit	1.086	2.195	1.509
	1.94%	2.98%	1.86%

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	No
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	No
20]	Export / Import details (if applicable)	No
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	No
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

(Rs. In Millions)

Particular	As on 31.03.2013	As on 31.03.2012
LONG TERM BORROWINGS
From Director / Shareholder and Their Relatives
Pankaj Kumar Jindal	1.552	3.921
Pankaj Kumar Jindal (HUF)	0.026	0.026
Satish Kumar Verma	0.077	0.077
Savita Jindal	0.439	0.309
From Others
Body Corporate Advantage Engineering and Development Private Limited	0.300	0.300
Total	2.394	4.633

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10454047	17/10/2013	4,850,000.00	SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA ( SIDBI )	PLOT NO. 1, BLOCK H-1A, SECTOR-63, NOIDA-201301, UTTAR PRADESH, INDIA	B87099545
2	10311751	31/10/2011 *	31,800,000.00	SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA	C-60, SECTOR-2, NOIDA- 201301, UTTAR PRADESH, INDIA	B24014169
3	10273497	24/03/2011	4,800,000.00	SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA	C-60, SECTOR-2, NOIDA- 201301, UTTAR PRADESH, INDIA	B08658395
4	10210122	18/03/2010	2,400,000.00	SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA	C-60, SECTOR-2, NOIDA- 201301, UTTAR PRADESH, INDIA	A82157470
5	10190861	11/12/2009	4,800,000.00	SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA	C-60, SECTOR-2, NOIDA- 201301, UTTAR PRADESH ,INDIA	A75319913
6	10002285	11/12/2007 *	9,800,000.00	SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA	C-60, SECTOR-2, NOIDA- 201301, UTTAR PRADESH, INDIA	A28361079
7	90036660	30/07/2013 *	10,000,000.00	BANK OF BARODA	SME BRANCH, P-5, OCEAN PLAZA, SECTOR 18, NOIDA- 201301, UTTAR, INDIA	B83509802
8	90034443	29/12/1997	540,000.00	BANK OF INDIA	SHAHDARA BRANCH, DELHI- 110032, DELHI, INDIA	-

* Date of charge modification

FIXED ASSETS:

Leasehold Land
Building
Electrical Installations
Car
Scooters
Computers
Cycle
Generator
Plastic bin
Air conditioner
Machinery
EDM Machine
Romex machine
Electrical Equipment
Telephone Instrument
Fire Safety Instrument
CVT Camera
Television
Weighing Machine
Water Pump
Furniture and Fixture
Transformer

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 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. 60.21
UK Pound	1	Rs. 102.79
Euro	1	Rs. 81.95

INFORMATION DETAILS

Information Gathered by :	KRN

Analysis Done by :	PDN

Report Prepared by :	ASH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION		4
--BUSINESS SCALE	1~10	3
--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	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		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.