MIRA INFORM REPORT

Report Date :

28.07.2014

IDENTIFICATION DETAILS

Name :	POINTER INSTRUMENTS PRIVATE LIMITED
Registered Office :	Plot No.210, Phase - 1, G.I.D.C. Industrial Estate, Taluka Kalol, District Chhatral – 382729, Gujarat
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	12.01.2007
Com. Reg. No.:	04-049765
Capital Investment / Paid-up Capital :	Rs.1.040 Millions
CIN No.: [Company Identification No.]	U29130GJ2007PTC049765
TAN No.: [Tax Deduction & Collection Account No.]	AHMP06078C
PAN No.: [Permanent Account No.]	AAECP1302K
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Pressure Temperature Gauges.
No. of Employees :	35 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (28)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 7000
Status :	Small Company
Payment Behaviour :	Slow but Correct
Litigation :	Clear
Comments :	Subject is a small company in its field. Its scale of activities are limited. Trade relations are reported to be fair. Business is active. Payments are reported to be 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	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 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 (GENERAL DETAILS)

Name :	Mr. Chandresh Patel
Designation :	Director
Contact No.:	91-9327916343
Date :	18.07.2014

LOCATIONS

Registered Office/ Factory :	Plot No.210, Phase - 1, G.I.D.C. Industrial Estate, Taluka Kalol, District Chhatral – 382 729, Gujarat, India
Tel. No.:	91-2764-234357
Mobile No.:	91-9327916343 (Mr. Chandresh)
Fax No.:	91-2764-234177
E-Mail :	pointer210@yahoo.co.in kssheth@yahoo.com gaudana@gmail.com
Location :	Owned

DIRECTORS

As on : 30.09.2013

Name :

Mr. Chandravadan Narayanbhai Patel

Designation :

Director

Address :

7, Bhagwat Bunglows, Gota, Taluka Daskroi, Ahmedabad – 380060, Gujarat, India

Date of Birth/Age :

30.10.1971

Date of Appointment :

12.01.2007

DIN No.:

01674817

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	U29130GJ2007PTC049765	POINTER INSTRUMENTS PRIVATE LIMITED	Director	12/01/2007	12/01/2007	-	Active	NO
2	U29220GJ2007PTC051723	METALTECH CNC PRIVATE LIMITED	Director	12/09/2007	12/09/2007	-	Active	NO

Name :

Mrs. Naynaben Chandravadan Patel

Designation :

Director

Address :

7, Bhagwat Bunglows, Gota, Taluka Daskroi, Ahmedabad – 380060, Gujarat, India

Date of Birth/Age :

12.08.1972

Date of Appointment :

12.01.2007

DIN No.:

03274543

Name :

Mrs. Anitaben Bharatbhai Patel

Designation :

Director

Address :

57, Ganeshdham Twin Bunglows, R.C. Technical Road, Ghatlodia, Ahmedabad – 380061, Gujarat, India

Date of Birth/Age :

22.11.1975

Date of Appointment :

12.01.2007

DIN No.:

03274507

Name :

Mr. Bharatkumar Shankarlal Patel

Designation :

Director

Address :

57, Ganeshdham Twin Bunglows, R.C. Technical Road, Ghatlodia, Ahmedabad – 380061, Gujarat, India

Date of Birth/Age :

01.06.1968

Date of Appointment :

12.01.2007

DIN No.:

01674579

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	U29130GJ2007PTC049765	POINTER INSTRUMENTS PRIVATE LIMITED	Director	12/01/2007	12/01/2007	-	Active	NO
2	U29220GJ2007PTC051723	METALTECH CNC PRIVATE LIMITED	Director	12/09/2007	12/09/2007	-	Active	NO

Name :

Mr. Ashwin Mafatlal Patel

Designation :

Director

Address :

25/B, Arvind Society, New Sama Village, Vadodara – 380019, Gujarat, India

Date of Birth/Age :

19.06.1963

Date of Appointment :

12.01.2007

DIN No.:

01738482

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	U29130GJ2007PTC049765	POINTER INSTRUMENTS PRIVATE LIMITED	Director	12/01/2007	12/01/2007	-	Active	NO
2	U29220GJ2007PTC051723	METALTECH CNC PRIVATE LIMITED	Director	12/09/2007	12/09/2007	-	Active	NO

Name :

Mr. Prakashkumar Shankerlal Patel

Designation :

Director

Address :

19, Pragati Society, Gungadi Road, Patan – 384265, Gujarat, India

Date of Birth/Age :

28.06.1974

Date of Appointment :

01.04.2007

DIN No.:

01674851

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	U29130GJ2007PTC049765	POINTER INSTRUMENTS PRIVATE LIMITED	Director	01/04/2007	01/04/2007	-	Active	NO
2	U29220GJ2007PTC051723	METALTECH CNC PRIVATE LIMITED	Director	12/09/2007	12/09/2007	-	Active	NO

Name :

Mrs. Ramilaben Ashvinkumar Patel

Designation :

Director

Address :

25/B, Arvind Society, New Sama Village, Vadodara – 380019, Gujarat, India

Date of Birth/Age :

01.06.1963

Date of Appointment :

12.01.2007

DIN No.:

03274537

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

Names of Shareholders	No. of Shares
Ashwin Mafatlal Patel	12480
Anitaben Bharatbhai Patel	12480
Bharat Shankarlal Pate	20800
Chandravadan Narayanbhai Patel	20800
Naynaben Chandravadan Patel	12480
Prakash Shankarlal Patel	12480
Ramilaben Ashvinkumar Patel	12480
Total	104000

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 :	Manufacturer and Exporter of Pressure Temperature Gauges.
Products :	v Pressure Gauge and Accessories Weather Proof Pressure Gauges Diaphragm Seated Pressure Gauges Schaffer and Low Pressure Diaphragm Pressure Gauges Precision Test Pressure Gauges Electric Contact Gauges Utility Pressure Gauges Single Diaphragm Differential Pressure Gauges v Pressure Gauge Accessories Snubber Gauge Saver Gauge Syphone Gauge Clock and Needle Valve Manifold Comparison Tester v Temperature Gauges Mercury/Gas Filled Temperature Gauges Metal Temperature Gauges v Electro Magnetic Flowmeters v Digital Pressure Gauges v Pressure Transmitters
Exports :
Products :	Pressure Temperature Gauges
Countries :	· Africa Gulf Countrie South America Tanzania Kenya
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Suppliers :

· Aakur Thermocole Packaging

Accurate Press Tools

Dev Industries

Ganesh Steel Corporation

Gayatri Electrical Works

Guddi Electrical Works

Hindustan Marketing

Hi-Tech Industries

Icon packaging

Imperial Enterprises

Jay Packers

Lucky Dial Printers

Boyal Industries

Sagar Rubber Products

Shah Brothers

Customers :

End Users

· ABB Limited

DCW Limited

L J Enterprise

Navkar Corporation

Nilesh Industrial Instruments

Nishi Textile Traders

Power Build Limited

Navkar Corporation

Umiya Instruments

Yukta Enterprise

Power Build Limited

Nishi Textile Traders

K K Trading Company

Rediant Engineers

Shree Tirupati and Associates

No. of Employees :

35 (Approximately)

Bankers :

· Bank of Baroda, Chhatral Branch, At and Post Chhatral, Chhatral – 382729, Gujarat, India

Axis Bank Limited

ICICI Bank Limited

Facilities :

Secured Loans	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
Bank of Baroda*	0.929	0.872
ICICI Bank Limited	0.000	0.077
Total	0.929	0.949

*Secured against stocks and book debts and extension of equitable mortgage of Factory and building.

Banking Relations :	--
Auditors :
Name :	Jayesh P. Panchal Chartered Accountants
Address :	201, Anushri, Near: B.O.B. Ushmanpura Branch, Ashram Road,Ushmanpura, Ahmedabad – 380013, Gujarat, India
PAN No. :	AEZPP7010P
Associates/Subsidiaries :	Metal Tax CNC Private Limited Address: Plot No.116, Phase 1, GIDC, Taluka Kalol, District Chhatral – 382729, Gujarat, India Line of Business: Manufacturing Sheet Metal Cover.

CAPITAL STRUCTURE

As on 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
110000	Equity Shares	Rs.10/- each	Rs. 1.100 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
104000	Equity Shares	Rs.10/- each	Rs. 1.040 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	1.040	0.700	0.200
(b) Reserves & Surplus	0.810	0.705	0.208
(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)	1.850	1.405	0.408
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.015	0.014	0.000
(c) Other long term liabilities	1.333	0.333	0.857
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	1.348	0.347	0.857
(4) Current Liabilities
(a) Short term borrowings	0.929	0.949	0.781
(b) Trade payables	2.770	2.812	3.248
(c) Other current liabilities	0.005	0.000	0.002
(d) Short-term provisions	0.220	0.145	0.020
Total Current Liabilities (4)	3.924	3.906	4.051
TOTAL	7.122	5.658	5.316
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	0.919	1.056	0.680
(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)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.007
Total Non-Current Assets	0.919	1.056	0.687
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	1.727	1.318	0.322
(c) Trade receivables	4.333	3.154	4.015
(d) Cash and cash equivalents	0.068	0.130	0.192
(e) Short-term loans and advances	0.075	0.000	0.100
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	6.203	4.602	4.629
TOTAL	7.122	5.658	5.316

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	13.514	13.418	12.032
		Other Income	0.000	0.000	0.000
		TOTAL (A)	13.514	13.418	12.032
Less	EXPENSES
		Purchases of stock-in-trade	9.937	10.692	8.638
		Employee Benefits Expenses	1.231	0.929	0.379
		Changes in inventories of Finished Goods, Work-in-progress, Stock-in-trade	(0.408)	(0.996)	(0.103)
		Audit Fees	0.013	0.013	0.012
		Director’s Remuneration	0.700	0.400	0.200
		ITP Fees	0.003	0.003	0.003
		Labor Expenses	---	----	0.102
		Factory Expenses	---	----	0.218
		Business Promotion Expenses	---	----	1.030
		Other expenses	1.567	1.868	2.619
		TOTAL (B)	13.043	12.909	11.748
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		0.471	0.509	0.284
Less	FINANCIAL EXPENSES (D)		0.161	0.175	0.068
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		0.310	0.334	0.216
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.155	0.139	0.104
	PROFIT BEFORE TAX (E-F) (G)		0.155	0.195	0.112
Less	TAX (H)		0.050	0.066	0.000
	PROFIT AFTER TAX (G-H) (I)		0.105	0.129	0.112
	Earnings Per Share (Rs.)		0.101	1.85	0.45

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	0.78	0.96	0.93
Net Profit Margin (PBT/Sales)	(%)	1.15	1.45	0.93
Return on Total Assets (PBT/Total Assets}	(%)	2.18	3.45	2.11
Return on Investment (ROI) (PBT/Networth)		0.08	0.14	0.27
Debt Equity Ratio (Total Debt /Networth)		0.50	0.68	1.91
Current Ratio (Current Asset/Current Liability)		1.58	1.18	1.14

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	0.200	0.700	1.040
Reserves & Surplus	0.208	0.705	0.810
Net worth	0.408	1.405	1.850
long-term borrowings	0.000	0.000	0.000
Short term borrowings	0.781	0.949	0.929
Total borrowings	0.781	0.949	0.929
Debt/Equity ratio	1.914	0.675	0.502

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)
Sales	12.032	13.418	13.514
		11.519	0.715

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	12.032	13.418	13.514
Profit	0.112	0.129	0.105
	0.93%	0.96%	0.78%

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	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	10244069	21/08/2010	3,500,000.00	BANK OF BARODA CHHATRAL BRANCH	AT AND POST CHHATRAL, CHHATRAL - 382729, GUJARAT, INDIA	A95834388

* Date of charge modification

FIXED ASSETS

· Computer

Furniture and Fixtures

Machinery

Mobile

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. 60.14
UK Pound	1	Rs.102.21
Euro	1	Rs.81.01

INFORMATION DETAILS

Information Gathered by :	RSM
Analysis Done by :	SUV
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	3
FINANCIAL CONDITION
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		28

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.