MIRA INFORM REPORT

Report Date :

23.07.2014

IDENTIFICATION DETAILS

Name :	SEE LINKAGES PRIVATE LIMITED (w.e.f. 03.01.2013)
Formerly Known As :	SAMEER LINKAGES (EXPORTS) PRIVATE LIMITED
Registered Office :	A 2/623, GIDC Estate, Makarpura, Baroda – 390010, Gujarat
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	12.10.2000
Com. Reg. No.:	04-038784
Capital Investment / Paid-up Capital :	Rs.10.583 Millions
CIN No.: [Company Identification No.]	U29199GJ2000PTC038784
TAN No.: [Tax Deduction & Collection Account No.]	BRDS01129C
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Engineering machined components
No. of Employees :	250 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

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

Maximum Credit Limit :	USD 990000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Financial position of the company is good. Reserves of the company’s are decent. Trade relations are reported as fair. Business is active. Payments terms are reported to be usually correct. The company can be considered normal 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 31-03-2014.

INFORMATION PARTED BY

Name :	Mr. Samir Shah
Designation :	Accounts Head
Contact No.:	91-9904406504
Date :	18.07.2014

LOCATIONS

Registered Office / Factory :	A 2/623, GIDC Estate, Makarpura, Baroda – 390010, Gujarat, India
Tel. No.:	91-265-2638945
Mobile No.:	91-9904406504 (Mr. Samir Shah)
Fax No.:	91-265-2638941
E-Mail :	info@seemail.in
Website :	http://www.seelinkages.in
Location :	Owned
Factory 2 :	612, GIDC Industrial Estate, Makarpura, Vadodara – 390010, Gujarat, India
Tel No. :	91-265-2638941 / 42 / 43 / 44
Fax No. :	91-265-2638940

DIRECTORS

As on: 06.06.2014

Name :

Mr. Sameer Subhash Khera

Designation :

Managing Director

Address :

903/B, Bhadralok, old Padra Road, Near tube company, Vadodara – 390015, Gujarat, India

Date of Birth/Age :

05.04.1966

Date of Appointment :

12.10.2000

DIN No.:

00009317

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	U29199GJ2000PTC038784	SEE LINKAGES PRIVATE LIMITED	Managing director	12/10/2000	12/10/2000	-	Active	NO
2	U31909GJ2002PTC041658	ECLIPSE GLOBAL PRIVATE LIMITED	Director	01/09/2010	09/12/2002	-	Active	NO
3	AAA-5073	SEE BUILDCON LLP	Designated Partner	06/06/2011	06/06/2011	-	Active	NO

Name :

Mr. Bhavik Subhash Khera

Designation :

Managing Director

Address :

803, Radhe Tower A, Pashabhai Patel Park, Race Course, Vadodara – 390021, Gujarat, India

Date of Birth/Age :

22.11.1968

Date of Appointment :

01.07.2013

DIN No.:

00009347

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	U31909GJ1995PTC028169	SAMEER LINKAGES PVT LTD	Managing director	20/11/1995	20/11/1995	-	Amalgamated	NO
2	U31909GJ2002PTC041658	ECLIPSE GLOBAL PRIVATE LIMITED	Director	01/09/2010	09/12/2002	-	Active	NO
3	U29199GJ2000PTC038784	SEE LINKAGES PRIVATE LIMITED	Managing director	01/07/2013	01/01/2013	-	Active	NO
4	AAA-5073	SEE BUILDCON LLP	Designated Partner	06/06/2011	06/06/2011	-	Active	NO

Name :

Mrs. Mamta Bhavik Khera

Designation :

Whole – Time Director

Address :

803, Radhe Tower A, Pashabhai Patel Park, Race Course, Vadodara – 390021, Gujarat, India

Date of Birth/Age :

27.11.1972

Date of Appointment :

10.12.2000

DIN No.:

00009377

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	U29199GJ2000PTC038784	SEE LINKAGES PRIVATE LIMITED	Whole-time director	10/12/2000	10/12/2000	-	Active	NO
2	U31909GJ2002PTC041658	ECLIPSE GLOBAL PRIVATE LIMITED	Whole-time director	09/05/2006	09/05/2006	01/09/2010	Active	NO

Name :

Mrs. Tanu Sameer Khera

Designation :

Whole – Time Director

Address :

903/B, Bhadralok, old Padra Road, Near tube company, Vadodara – 390015, Gujarat, India

Date of Birth/Age :

22.04.1971

Date of Appointment :

01.07.2013

DIN No.:

01235392

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	U31909GJ1995PTC028169	SAMEER LINKAGES PVT LTD	Whole-time director	10/12/2000	10/12/2000	-	Amalgamated	NO
2	U31909GJ2002PTC041658	ECLIPSE GLOBAL PRIVATE LIMITED	Whole-time director	09/05/2006	09/05/2006	01/09/2010	Active	NO
3	U29199GJ2000PTC038784	SEE LINKAGES PRIVATE LIMITED	Whole-time director	01/07/2013	01/01/2013	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Samir Shah
Designation :	Accounts Head

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 06.06.2014

Names of Shareholders	No. of Shares	% of Holding
Sameer Khera	396000	37.42
Mamta Khera	396000	37.42
Bhavik Khera	133166	12.58
Tanu Khera	133166	12.58
Total	1058332	100.00

Equity Share Break up (Percentage of Total Equity)

As on: 06.06.2014

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Engineering machined components
Products :	· Cylindrical Connectors · Rod Ends · Ball Joints · Clevis · Gas Couplings · Quick Release Couplings
Exports :
Products :	Engineering Machined components
Countries :	· Austria · Germany
Imports :
Products :	Raw Materials
Countries :	USA
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

PRODUCTION STATUS : As On 31.03.2014

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
				Current Year	Previous Year
Engineering Machined Components	Nos.	NA	Not determined as the no. of units Manufactured depends upon the size of each unit	929037	1057182

GENERAL INFORMATION

Suppliers :

Rollesc India Private Limited, Mumbai, India

Customers :

ABB Limited, India

No. of Employees :

250 (Approximately)

Bankers :

State Bank of India, Makarpura Branch, India

Facilities :

Secured Loan	As on 31.03.2014	As on 31.03.2013
	(Rs. In Millions)
LONG TERM BORROWINGS:
TERM LOAN
From Bank	0.659	1.257
From Others	0.931	0.000
SHORT TERM BORROWINGS:
Loan repayable on Demand from Banks
Export packing credit	23.093	24.785
Cash credit	8.706	13.809
Total	33.389	39.851

Banking Relations :	--
Auditors :
Name :	K. C. Mehta and Company Chartered Accountants
Address :	2^nd Floor, Meghdhanush, Race Course, Vadodara – 390007, Gujarat, India
Tel. No.:	91-265-2341626 / 3086400
E-Mail :	office@kcmehta.com
PAN No.:	AABFK1558J
Associates/Subsidiaries :	· Eclipse Global Private Limited · Sameer Linkages Private Limited · See Foundation · See Buildcon LLP

CAPITAL STRUCTURE

As on: 31.03.2014

Authorized Capital:

No. of Shares	Type	Value	Amount
1200000	Equity Shares	Rs.10/- each	Rs. 12.000 Millions

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
1058332	Equity Shares	Rs.10/- each	Rs. 10.583 Millions

FINANCIAL DATA

[All figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	10.583	10.583	7.920
(b) Reserves & Surplus	235.939	194.929	141.961
(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)	246.522	205.512	149.881
(3) Non-Current Liabilities
(a) long-term borrowings	1.590	1.257	2.609
(b) Deferred tax liabilities (Net)	0.799	2.458	0.000
(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)	2.389	3.715	2.609
(4) Current Liabilities
(a) Short term borrowings	31.799	38.594	20.033
(b) Trade payables	50.381	49.588	33.624
(c) Other current liabilities	16.612	17.036	6.439
(d) Short-term provisions	2.793	11.290	7.391
Total Current Liabilities (4)	101.585	116.508	67.487
TOTAL	350.496	325.735	219.977
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	83.318	74.264	48.848
(ii) Intangible Assets	1.413	1.587	0.359
(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	0.002	0.002	0.000
(c) Deferred tax assets (net)	0.000	0.000	1.357
(d) Long-term Loan and Advances	0.904	0.746	3.319
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	85.637	76.599	53.883
(2) Current assets
(a) Current investments	37.599	42.449	4.350
(b) Inventories	74.807	70.282	49.736
(c) Trade receivables	90.971	99.771	86.250
(d) Cash and cash equivalents	34.126	13.873	2.191
(e) Short-term loans and advances	27.356	22.738	23.567
(f) Other current assets	0.000	0.023	0.000
Total Current Assets	264.859	249.136	166.094
TOTAL	350.496	325.735	219.977

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	423.352	409.612	252.208
		Other Income		3.586	5.606
		TOTAL	423.352	413.198	257.814
Less	EXPENSES
		Cost of Materials Consumed		177.507	134.910
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade		(6.474)	(3.930)
		Employees benefits expense		46.473	21.673
		Other expenses		31.730	19.464
		Other Direct Expenses		70.668	37.380
		Research and Development Expenses		5.923
		TOTAL	341.937 (Depreciation and Financial Expenses Included)	325.827	209.497
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION			87.371	48.317
Less	FINANCIAL EXPENSES			5.512	5.477
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION			81.859	42.840
Less/ Add	DEPRECIATION/ AMORTISATION			13.938	11.212
Less	PRIOR PERIOD ITEMS			(0.018)	(0.342)
	PROFIT BEFORE TAX		81.415	67.939	31.970
Less	TAX		15.640	22.449	10.386
	PROFIT AFTER TAX		65.775	45.491	21.584
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		161.015	120.064	0.114
Add	ADDITIONS DURING THE YEAR		65.775	74.434	0.000
	Amount Available For Appropriation		226.790	194.498	0.136
Less	APPROPRIATIONS
		Transfer to General Reserve	6.578	4.549	0.002
		Interim Dividend	21.167	18.503	0.008
		Tax on Dividend	3.597	4.081	0.002
		Proposed Dividend	0.000	6.350	0.004
	BALANCE CARRIED TO THE B/S		195.448	161.015	0.120
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	284.770	276.173	227.464
	TOTAL EARNINGS		284.770	276.173	227.464
	Earnings Per Share (Rs.)		62.15	42.98	27.25

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
PAT / Total Income	(%)	15.54	11.01	8.37
Net Profit Margin (PBT/Sales)	(%)	19.23	16.44	12.68
Return on Total Assets (PBT/Total Assets}	(%)	23.23	20.86	14.62
Return on Investment (ROI) (PBT/Networth)		0.33	0.33	0.21
Debt Equity Ratio (Total Debt/Networth)		0.14	0.19	0.15
Current Ratio (Current Asset/Current Liability)		2.61	2.14	2.46

FINANCIAL ANALYSIS

[All figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	7.920	10.583	10.583
Reserves & Surplus	141.961	194.929	235.939
Net worth	149.881	205.512	246.522
long-term borrowings	2.609	1.257	1.590
Short term borrowings	20.033	38.594	31.799
Total borrowings	22.642	39.851	33.389
Debt/Equity ratio	0.151	0.194	0.135

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	257.814	413.198	423.352
		60.270	2.457

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	257.814	413.198	423.352
Profit	21.584	45.491	65.775
	8.37%	11.01%	15.54%

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	No
17]	Major suppliers	Yes
18]	Major customers	Yes
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

INDEX OF CHARGES:

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	80045451	28/03/2014	66,000,000.00	Others	OTHERS, INDUSTRIAL ESTATE BRANCH, VADODARA - 390010, GUJARAT, INDIA	C03755675
2	90107869	29/03/2001	6,800,000.00	STATE BANK OF INDIA	MAKARPURA INDUSTRIAL ESTATE, VCCI BUILDING; MAKARPURA, VADODARA - 390010, GUJARAT, INDIA	-
3	80027978	03/03/2014	66,000,000.00	State Bank of India	VCCI COMPLEX,GIDC MAKARPURA, INDUSTRIAL ESTATE, VADODARA - 390010, GUJARAT, INDIA	C03745171
4	90109779	21/09/2004	1,350,000.00	STATE BANK OF INDIA	MAKARPURA INDUSTRIAL ESTATE, VCCI BUILDING; MAKARPURA, VADODARA - 390010, GUJARAT, INDIA	-
5	90109410	24/03/2009	17,880,000.00	STATE BANK OF INDIA	MAKARPURA INDUSTRIAL ESTATE, VCCI BUILDING, MAKARPURA,, VADODARA - 390010, GUJARAT, INDIA	A59953141

FIXED ASSETS:

· Leasehold Land

· Furniture and Fixtures

· Computer

· Office Equipments

· Vehicles

· Tools and 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.60.23
UK Pound	1	Rs.102.86
Euro	1	Rs.81.44

INFORMATION DETAILS

Information Gathered by :	HNA
Analysis Done by :	DIV
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	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	7
--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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		49

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.