MIRA INFORM REPORT

Report Date :

07.06.2014

IDENTIFICATION DETAILS

Name :	ALLIED TUBES PRIVATE LIMITED
Registered Office :	1/5006, Jaisav Palace, Sirkiwalan, Hauz Qazi, Delhi - 110006
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	16.10.1985
Com. Reg. No.:	55-022242
Capital Investment / Paid-up Capital :	Rs.4.000 Millions
CIN No.: [Company Identification No.]	U25111DL1985PTC022242
TAN No.: [Tax Deduction & Collection Account No.]	DELA02231F
PAN No.: [Permanent Account No.]	AAACA1271C
Legal Form :	Private Limited Liability Company
Line of Business :	Trader of Steel Tubes
No. of Employees :	10 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

Maximum Credit Limit :	USD 1586000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. The management has failed to file its financial record with government for the year 2013. As per available financial record 2012, general financial position of the company seems to be sound. Profitability of the company is fair. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. The company can be considered for business dealings at usual trade terms and condition.

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

US investment bank Goldman Sachs has upgraded its outlook on Indian markets as it expects positive impact of the election cycle.

India’s economy may grow 4.7 % in the current financial year, lower than the official estimate of 4.9 %, Fitch Rating said. The global rating agency expects the economy to pick up in the next two financial years.

Global ratings agency Standard & Poor said increasing focus by India Inc on lowering debt is likely to improve their credit profiles.

Singapore (1.1 million Indian tourists in 2012), Thailand (one million), the United Arab Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred holidays hotspots for Indians. The total figure is expected to increase to 1.93 million by 2017, according to the latest Eurmonitor international report.

There is a $29.34 bn outward foreign direct investment by domestic companies between April and January of 2013/14 which has seen some signs of recovery according to a Care Ratings report.

There are 264 number of new companies being set up every day on average during 2014. Most of them are registered in Mumbai. India had 1.38 million registered companies at the end of January, 2014.

Twitter like messaging service Weibo Corporation has filed to raise $ 500 million via a US initial public offering. Alibaba, which owns a stake in Weibo is expected to raise about $ 15 billion New York this year in the highest profile Internet IPO since Facebook’s in 2012.

Bharti Airtel has raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at a coupon rate of three per cent and maturing in 2020. This is the largest ever bond offering by an Indian company in Swiss Francs. Bharat Petroleum Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98 % coupon rate in February.

Indian Oil Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex at its almost complete Paradip refinery in Odhisha in three to four years. The company board is set to consider the setting up of a 700000 tonne per annum polypropylene plant at an estimated cost at Rs.3150 crore.

Global chief information officers at gathering in Bangalore in April to meet Indian startups at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in the making.

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. Malik
Designation :	Account Department
Contact No.:	91-11-23214711
Date :	06.06.2014

LOCATIONS

Registered / Head Office :	1/5006, Jaisav Palace, Sirkiwalan, Hauz Qazi, Delhi – 110006, India
Tel. No. :	91-11-23214711 / 23214948
Fax No. :	91-11-23215677
E-Mail :	alliedtubes@hotmail.com info@alliedtubes.com
Website :	www.alliedtubes.com
Branches :	A 56/57, DLF Phase, - 1, Near DT Mega Mall, Gurgaon – 122002, Haryana, India
Tel. No. :	91-124-4050137 / 2560088

DIRECTORS

As on 29.09.2012

Name :

Mr. Dhruv Taneja

Designation :

Director

Address :

A 56/7, DLF City, Phase - 1, Near Mega Mall, Gurgaon – 122002, Haryana, India

Date of Birth/Age :

23.12.1985

Date of Appointment :

01.01.2004

DIN No. :

00131518

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	U74899DL1991PTC044762	D R ESTATES PRIVATE LIMITED	Director	01/01/2004	01/01/2004	-	Active	NO
2	U25111DL1985PTC022242	ALLIED TUBES PRIVATE LIMITED	Director	01/01/2004	01/01/2004	-	Active	NO
3	U51909HR2013PTC050728	ZENICA TUBES PRIVATE LIMITED	Director	21/10/2013	21/10/2013	07/03/2014	Active	NO
4	U51420HR2013PTC050940	SPRINT TRADERS PRIVATE LIMITED	Director	01/03/2014	01/03/2014	-	Active	NO

Name :

Ms. Anju Taneja

Designation :

Director

Address :

A 56/7, DLF City, Phase - 1, Near Mega Mall, Gurgaon – 122002, Haryana, India

Date of Birth/Age :

09.07.1966

Date of Appointment :

16.01.1985

DIN No. :

00131632

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	U25111DL1985PTC022242	ALLIED TUBES PRIVATE LIMITED	Director	16/10/1985	16/10/1985	-	Active	NO
2	U74899DL1991PTC044762	D R ESTATES PRIVATE LIMITED	Director	26/06/1991	26/06/1991	-	Active	NO
3	U51420HR2013PTC050940	SPRINT TRADERS PRIVATE LIMITED	Director	20/11/2013	20/11/2013	04/03/2014	Active	NO
4	U51909HR2013PTC050728	ZENICA TUBES PRIVATE LIMITED	Director	05/03/2014	05/03/2014	-	Active	NO

Name :

Mr. Rajan Taneja

Designation :

Director

Address :

A 56/7, DLF City, Phase - 1, Near Mega Mall, Gurgaon – 122002, Haryana, India

Date of Appointment :

16.10.1985

DIN No. :

00131796

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	U25111DL1985PTC022242	ALLIED TUBES PRIVATE LIMITED	Director	16/10/1985	16/10/1985	-	Active	NO
2	U74899DL1991PTC044762	D R ESTATES PRIVATE LIMITED	Director	26/06/1991	26/06/1991	-	Active	NO
3	U51420HR2013PTC050940	SPRINT TRADERS PRIVATE LIMITED	Director	20/11/2013	20/11/2013	-	Active	NO

Name :

Mr. Rishab Taneja

Designation :

Director

Address :

A 56/7, DLF City, Phase - 1, Near Mega Mall, Gurgaon – 122002, Haryana, India

Date of Birth/Age :

22.10.1987

Date of Appointment :

01.01.2007

DIN No. :

01201402

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	U25111DL1985PTC022242	ALLIED TUBES PRIVATE LIMITED	Director	01/01/2007	01/01/2007	-	Active	NO
2	U74899DL1991PTC044762	D R ESTATES PRIVATE LIMITED	Director	29/09/2012	04/11/2011	-	Active	NO
3	U51909HR2013PTC050728	ZENICA TUBES PRIVATE LIMITED	Director	21/10/2013	21/10/2013	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Malik
Designation :	Account Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2012

Names of Shareholders	No. of Shares	%age
Rajan Taneja	12700	31.75
Anju Taneja	10280	25.70
Dhruv Taneja	9020	22.55
Rishab Taneja	8000	20.00
Total	40000	100.00

As on 29.09.2012

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Trader of Steel Tubes
Terms :
Selling :	Cash (Depends)
Purchasing :	Cash

GENERAL INFORMATION

Suppliers :

¨ Jindal Steel Limited

¨ Bhushan Steel Limited

Customers :

Blue Star

No. of Employees :

10 (Approximately)

Bankers :

Ø The Federal Bank Limited, 64, Katra Baryan, Chandni Chowk, New Delhi – 110006, India

Ø Corporation Bank, M-41, Connaught Circus, New Delhi – 110001, India

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG TERM BORROWINGS
* Term loan from bank	2.183	0.625
SHORT TERM BORROWINGS
*Loan repayable on demand from bank	0.618	1.887
Total	2.801	2.512

NOTE:

LONG TERM BORROWINGS

Term loan from bank

*Includes loan taken from axis bank amounting to Rs. 2.053 Millions (Rs. Nil) (Secured against car) repayable in 36 EM with last EM due on 15^th November 2014. And it includes also loan from HDFC Bank amounting to Rs. 0.131 Million (Secured against car) repayable in 36 EMI with last EMI due on 7^th June, 2013

SHORT TERM BORROWINGS

*Represent cash credit limit facility from federal bank against hypothecation of debts and EM of Properties of director

Banking Relations :	--
Auditors :
Name :	Prem Gupta and Company Chartered Accountants
Address :	4, Shivaji Marg, Najafgarh Road, New Delhi – 110015, India
Tel No.:	91-11-25281879, 25257962
Fax No.:	91-11-25109530
PAN No. :	AAJPU0605L

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
40000	Equity Shares	Rs.100/- each	Rs.4.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
40000	Equity Shares	Rs.100/- each	Rs.4.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	4.000	2.000
(b) Reserves & Surplus	11.862	11.094
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	15.862	13.094
(3) Non-Current Liabilities
(a) long-term borrowings	4.359	1.766
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	4.359	1.766
(4) Current Liabilities
(a) Short term borrowings	0.618	1.887
(b) Trade payables	98.516	96.374
(c) Other current liabilities	6.158	5.139
(d) Short-term provisions	1.965	5.896
Total Current Liabilities (4)	107.257	109.296
TOTAL	127.478	124.156
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	6.294	3.202
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.285	0.221
(d) Long-term Loan and Advances	0.000	0.000
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	6.579	3.423
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	24.357	21.007
(c) Trade receivables	86.255	84.288
(d) Cash and cash equivalents	2.567	1.915
(e) Short-term loans and advances	7.720	13.523
(f) Other current assets	0.000	0.000
Total Current Assets	120.899	120.733
TOTAL	127.478	124.156

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		2.000
2] Share Application Money		0.000
3] Reserves & Surplus		8.428
4] (Accumulated Losses)		0.000
NETWORTH		10.428
LOAN FUNDS
1] Secured Loans		0.879
2] Unsecured Loans		1.259
TOTAL BORROWING		2.138
DEFERRED TAX LIABILITIES		0.000
TOTAL		12.566
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		2.233
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERRED TAX ASSETS		0.185
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	21.147
	Sundry Debtors	71.598
	Cash & Bank Balances	8.165
	Other Current Assets	0.097
	Loans & Advances	9.414
Total Current Assets		110.421
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	90.725
	Other Current Liabilities	5.191
	Provisions	4.357
Total Current Liabilities		100.273
Net Current Assets		10.148
MISCELLANEOUS EXPENSES		0.000
TOTAL		12.566

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	236.576	418.394	333.318
		Other Income	NA	12.656	11.967
		TOTAL	NA	431.050	345.285
Less	EXPENSES
		Cost of Goods Sold		208.889	158.505
		Cost of Consignment Goods Sold		206.367	172.174
		Salaries and Employee Benefits		2.776	2.165
		Selling and Distribution Expenses		3.159	3.385
		General and Administrative Expenses		4.195	4.057
		Other expenses		0.307	0.213
		TOTAL		425.693	340.499
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		NA	5.357	4.786
Less	FINANCIAL EXPENSES			0.283	0.458
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION			5.074	4.328
Less/ Add	DEPRECIATION/ AMORTISATION			0.907	0.707
	PROFIT/ (LOSS) BEFORE TAX		4.758	4.167	3.621
Less	TAX		1.525	1.263	1.024
	PROFIT/ (LOSS) AFTER TAX		3.233	2.904	2.597
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		9.084	6.818	4.849
Less	APPROPRIATIONS
		Transfer to General Reserve	NA	0.400	0.395
		Dividend	NA	0.200	0.200
		Tax on Dividend	NA	0.038	0.033
	BALANCE CARRIED TO THE B/S		NA	9.084	6.818
	Earnings / (Loss) Per Share (Rs.)		80.82	72.60	64.92

Particulars	31.03.2014	31.03.2013
Sales Turnover (Approximately)	450.000	400.000

Expected Sales (2014-2015): Rs.480.000 Millions

The above information has been parted by Mr. Malik

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	1.23	0.67	0.75
Net Profit Margin (PBT/Sales)	(%)	1.00	0.99	1.09
Return on Total Assets (PBT/Total Assets}	(%)	3.28	3.36	3.21
Return on Investment (ROI) (PBT/Networth)		0.26	0.32	0.35
Debt Equity Ratio (Total Debt/Networth)		0.31	0.28	0.21
Current Ratio (Current Asset/Current Liability)		1.13	1.10	1.10

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012
	(Rs. In Millions)	(Rs. In Millions)
Share Capital	2.000	4.000
Reserves & Surplus	11.094	11.862
Net worth	13.094	15.862
long-term borrowings	1.766	4.359
Short term borrowings	1.887	0.618
Total borrowings	3.653	4.977
Debt/Equity ratio	0.279	0.314

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2010	31.03.2011	31.03.2012
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	333.318	418.394	236.576
		25.524	(43.456)

NET PROFIT MARGIN

Net Profit Margin	31.03.2010	31.03.2011	31.03.2012
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	333.318	418.394	236.576
Profit	2.597	2.904	3.233
	0.78%	0.69%	1.37%

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 five years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	-----
14]	Estimation for coming financial year	Yes
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)	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	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 LOANS

PARTICULAR	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG TERM BORROWINGS
From other parties	2.176	1.141
Total	2.176	1.141
NOTE: LONG TERM BORROWINGS Term loan from others *Represents Long term unsecured loans from directors

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	90331111	29/01/2008 *	2,000,000.00	FEDERAL BANK LTD	64,KATRA BARYAN, CHANDINI CHOWK, DELHI - 110006, INDIA	A32399404
2	80041792	12/06/2013 *	10,000,000.00	The Federal Bank Limited	64, Katra Baryan, Chandni Chowk, New Delhi - 110006, INDIA	B79179974
3	80041790	15/07/2002 *	500,000.00	FEDERAL BANK LTD	64, KATRA BARYAN, DELHI, Delhi - 110006, INDIA	-
4	80041791	15/07/2002 *	1,500,000.00	FEDERAL BANK LTD.	64, KATRA BARYAN, DELHI, Delhi - 110006, INDIA	-

* Date of charge modification

FIXED ASSETS

œ Furniture

œ Office equipment

œ Motor car

œ Computer

œ Air conditioner

œ Generator

œ Scooter

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.59.20
UK Pound	1	Rs.99.52
Euro	1	Rs.80.83

INFORMATION DETAILS

Information Gathered by :	PDT
Analysis Done by :	KAR
Report Prepared by :	ANK

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	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	4
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--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		43

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.