1. Summary Information

		Country	India
Company Name	MAP STEELS (INDIA) PRIVATE LIMITED	Principal Name 1	Mr. Manoj Nemani
Status	Moderate	Principal Name 2	Mr. Prashant Nemani
		Registration #	04-056155
Street Address	402, Maurya Atria, Near Shraddha Petrol Pump, Near Kasturi Tower, Bodakdev, Ahmedabad – 380015, Gujarat, India
Established Date	16.02.2009	SIC Code	--
Telephone#	91-79-40039130	Business Style 1	Manufacturing
Fax #	Not Available	Business Style 2	Distributor
Homepage	--	Product Name 1	HR/MS Strips and Pipes
# of employees	Not Divulged	Product Name 2	Mobile Hand Sets
Paid up capital	Rs.3,382,000/-	Product Name 3	Accessories
Shareholders	Bodies Corporate - 18.48% Directors or relatives or director - 81.52%	Banking	ING Vysya Bank Limited
Public Limited Corp.	No	Business Period	5 Years
IPO	No	International Ins.	-
Public Enterprise	No	Rating	B (32)
Related Company
Relation	Country	Company Name	CEO
Associate	India	Jai Tripati Steels Private Limited	-
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2012		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	184,300,000	Current Liabilities	94,436,000
Inventories	88,064,000	Long-term Liabilities	238,436,000
Fixed Assets	125,955,000	Other Liabilities	3,643,000
Deferred Assets	0,000	Total Liabilities	336,515,000
Invest& other Assets	0,000	Retained Earnings	41,509,000
		Net Worth	61,804,000
Total Assets	398,319,000	Total Liab. & Equity	398,319,000
Total Assets (Previous Year)	218,953,000
P/L Statement as of	31.03.2012		(Unit: Indian Rs.)
Sales	2,878,362,000	Net Profit	20,688,000
Sales(Previous yr)	1,701,034,000	Net Profit(Prev.yr)	18,083,000

MIRA INFORM REPORT

Report Date :

10.03.2014

IDENTIFICATION DETAILS

Name :	MAP STEELS (INDIA) PRIVATE LIMITED
Registered Office :	402, Maurya Atria, Near Shraddha Petrol Pump, Near Kasturi Tower, Bodakdev, Ahmedabad – 380015, Gujarat
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	16.02.2009
Com. Reg. No.:	04-056155
Capital Investment / Paid-up Capital :	Rs.20.295 Millions
CIN No.: [Company Identification No.]	U27109GJ2009PTC056155
TAN No.: [Tax Deduction & Collection Account No.]	AHMM09438C
PAN No.: [Permanent Account No.]	AAFCM9154P
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing of HR/MS Strips and Pipes and Trading/ distribution of Mobile Hand Sets and Accessories.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

B (32)

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

Maximum Credit Limit :	USD 247000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. Management of the company has failed to file its latest financials of 2013 with government department. As per financials of 2012, profitability of the company is low. External borrowing seems to be huge. However, there appears growth in its sales turnover during the year 2011-2012. Trade relations are reported to be fair. Business is active. Payments 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 – December 1, 2013

Country Name	Previous Rating (30.09.2013)	Current Rating (01.12.2013)
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

The worst is over for India’s economy with gross domestic product likely to expand 5 %to 5.5 % this year and more than 6 % in 2015, according to Moody’s Analytics. Concerns over the rupee and current account deficit are under control, said the agency. Ratings firm Crisil has forecast 6 % growth for 2014/15 up from the estimated 4.8 % for 2013/14.  Total economic growth, infrastructure bottlenecks and lack of transparency and consistency in foreign direct investment policies seem to have taken a toll on India’s attractiveness as an investment destination, says an Ernst & Young survey.  Projects with FDI component fell 16.4 % across the globe in 2012 from the previous year.  The drop in India was steeper at 21 %. State run carrier Air India is doling out free tickets to its 24000 employees, even as it expects to incur a loss of Rs 39000 mn this financial year and has a debt of Rs 350000 mn. 550000 number of jobs generated across India in 2013, a fall of 0.4 % as compared to with a year earlier. The National  Capital Region has a one-fourth share in total jobs created, according to a study by industry lobby group Assochem, Banks, real estate, automobile and telecommunications sectors are showing a rise of job creation. $ 805 mn investments by venture capital firms in India during 2013, registering a drop of about 18 % over the previous year. The Information Technology and IT-Enabled  Services Industry retained its status as the favourable venture capital investors in 2013. Pakistan has temporarily banned gold imports for the second time in six months, as it tries to stem smuggling into India. India’s import duty on gold is 10 % and curbs on purchases have dried up legal imports into what used to be the world’s biggest bullion buyers. The World Gold Council puts the amount smuggled into India at upto 200 tonnes in 2013. The Reserve Bank of India has proposed that unclaimed bank deposits estimated to be about Rs 35000 mn be used for education and awareness among depositors.  According to the plan, deposits that have not been claimed for at least 10 years will be transferred to the scheme.

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 DECLINED BY

Name :	Mr. Rohit
Contact No.:	91-79-40039130
Date :	04.03.2014

LOCATIONS

Registered Office :	402, Maurya Atria, Near Shraddha Petrol Pump, Kasturi Tower, Badkadev, Ahmedbad – 380015, Gujarat, India
Tel. No.:	91-79-40039130
Fax No.:	Not Available
E-Mail :	kmshah_ca@hotmail.com mapsteels@gmail.com
Branch Office :	2, 13^th Block, 9^th Cross, Kumara Park West, Bangalore - 560020, Karnataka, India

DIRECTORS

As on 29.09.2012

Name :

Mr. Praveen Kumar Nemani

Designation :

Director

Address :

13/386, 3-A, Civil Lines, Kanpur – 208001, Uttar Pradesh , India

Date of Birth/Age :

16.06.1960

Date of Appointment :

30.09.2010

PAN No.:

AAGPN0847C

DIN No.:

01111455

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	U27104UP1992PTC013964	PANEM CASTINGS PRIVATE LIMITED	Director	20/01/1992	20/01/1992	-	Active	NO
2	U45201UP1998PTC023122	NEMANI ESTATES PRIVATE LIMITED	Director	03/02/1998	03/02/1998	-	Active	YES
3	U27109UP1990PTC012439	PANEM STEELS PRIVATE LIMITED	Director	01/01/2005	01/01/2005	-	Active	NO
4	U27100GJ2005PTC045541	JAI TRIPATI STEELS PRIVATE LIMITED	Director	22/02/2005	22/02/2005	-	Active	NO
5	U27109GJ2009PTC056155	MAP STEELS (INDIA) PRIVATE LIMITED	Director	30/09/2010	01/08/2009	-	Active	NO
6	U27100GJ2012PTC069761	RISING SUN TMT BARS PRIVATE LIMITED	Director	09/04/2012	09/04/2012	04/12/2013	Active	NO
7	U45200GJ2012PTC072613	ECO PLANET INTEGRATED TEXTILE PARK PRIVATE LIMITED	Director	07/11/2012	07/11/2012	-	Active	NO

Name :

Mr. Manoj Nemani

Designation :

Director

Address :

13/386, 3-A, Civil Lines, Kanpur, India

Date of Birth/Age :

11.10.1980

Date of Appointment :

16.02.2009

PAN No.:

AAPPN9704M

DIN No.:

01842350

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	U27104UP1992PTC013964	PANEM CASTINGS PRIVATE LIMITED	Director	01/01/2005	01/01/2005	-	Active	NO
2	U45201UP1998PTC023122	NEMANI ESTATES PRIVATE LIMITED	Director	14/05/2005	14/05/2005	-	Active	YES
3	U27109GJ2009PTC056155	MAP STEELS (INDIA) PRIVATE LIMITED	Director	16/02/2009	16/02/2009	-	Active	NO
4	U27100MH2009PTC192501	JAI TRIPATI STRIPS AND TUBES PRIVATE LIMITED	Director	20/05/2009	20/05/2009	14/02/2011	Active	NO
5	U27100GJ2005PTC045541	JAI TRIPATI STEELS PRIVATE LIMITED	Director	30/09/2011	12/02/2011	-	Active	NO
6	U27109UP1990PTC012439	PANEM STEELS PRIVATE LIMITED	Director	25/06/2012	25/06/2012	-	Active	NO

Name :

Mr. Prashant Praveen Nemani

Designation :

Director

Address :

13/386, 3-A, Civil Lines, Kanpur, India

Date of Birth/Age :

22.04.1987

Date of Appointment :

16.02.2009

PAN No.:

AFNPN5310A

DIN No.:

02431808

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	U27109GJ2009PTC056155	MAP STEELS (INDIA) PRIVATE LIMITED	Director	16/02/2009	16/02/2009	-	Active	NO
2	U27100MH2009PTC192501	JAI TRIPATI STRIPS AND TUBES PRIVATE LIMITED	Director	20/05/2009	20/05/2009	14/02/2011	Active	NO
3	U27100GJ2005PTC045541	JAI TRIPATI STEELS PRIVATE LIMITED	Director	30/09/2011	12/02/2011	-	Active	NO
4	U90000GJ2013PTC073406	JANSHALI ENVIRO PRIVATE LIMITED	Director	18/01/2013	18/01/2013	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2012

Names of Shareholders	No. of Shares	Percentage of Holding
Prashant Nemani	166500	8.20
Manoj Nemani	319500	15.74
Praveen Nemani	92250	4.55
Rakesh Kumar Dhurka	712500	35.11
Siddharth Dhurka	152250	7.50
Kusum Dhurka	150000	7.39
Laxmi Narayan	121260	5.97
Shakuntla Agarwal	22500	1.11
Yakti Agarwal	22740	1.12
Praveen Nemani HUF	195000	9.61
Kiran Nemani	75000	3.70
Total	2029500	100.00

As on 29.09.2012

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	18.48
Directors or relatives of Directors	81.52
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing of HR/MS Strips and Pipes and Trading/ distribution of Mobile Hand Sets and Accessories.

Products :

Item Code No. (ITC Code)	Product Description
85173000	Trading In Mobile Handsets (Including Demo Set) and Accessories

GENERAL INFORMATION

No. of Employees :

Not Divulged

Bankers :

· ING Vysya Bank Limited, Shop No.1 And 2,Ground Floor, Parswa Tower,Near Pakwan-II, S G Road,, Bodakdev - 380054, Gujarat, India

· ING Vysya Bank Limited, P.B.No.4038, Chanakya Building, Near Dinesh Hall, Off Ashram Road,, Ahmedabad - 380009, Gujarat, India

Facilities :

SECURED LOANS	31.03.2012 (Rs. In Millions)	31.03.2011 (Rs. In Millions)
LONG TERM BORROWING
Rupee term loans from banks (Primary Security - The term loans are secured by way of Hypothecation of Plant and Machineries and Accessories purchased out of Term loan. Collateral Security - EM over Land and Building of Hindpur Unit and Personal guarantee of all directors of the company and Against Vehicle)	50.828
Term loans from others (Against Vehicle)	0.320
SHORT TERM BORROWING
Rupee term loans from banks (Secured against Hypothecation of Stocks and Book Debts. Collateral Security - EM over Land and Building of Hindpur Unit and Personal guarantee of all directors of the company.)	139.259
Total	190.407	51.414

Banking Relations :	--
Auditors :
Name :	Shah Kantilal and Company Chartered Accountants
Address :	806, Mauryansh Elanza, Near Parekh's Hospital, Shyamal Cross Road, Satellite, Ahmedabad-380015, Gujarat, India
PAN.:	AAMFS3865K
Associate :	· Jai Tripati Steels Private Limited CIN No.: U27100GJ2005PTC045541 · S and S Enterprise

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
2500000	Equity Shares	Rs.10/- each	Rs. 25.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2029500	Equity Shares	Rs.10/- each	Rs.20.295 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		20.295	3.383	3.383
2] Share Application Money		0.000	8.600	10.000
3] Reserves & Surplus		41.509	37.732	19.649
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		61.804	49.715	33.032
LOAN FUNDS
1] Secured Loans		190.407	51.414	16.218
2] Unsecured Loans		48.029	10.245	16.117
TOTAL BORROWING		238.436	61.659	32.335
DEFERRED TAX LIABILITIES		3.521	0.000	0.028
TOTAL		303.761	111.374	65.395
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		125.955	11.722	10.812
Capital work-in-progress		0.000	39.039	0.000
INVESTMENT		0.000	0.000	0.000
DEFERRED TAX ASSETS		0.000	0.023	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	88.064	67.737	60.790
	Sundry Debtors	149.095	71.038	87.281
	Cash & Bank Balances	15.269	11.756	15.186
	Other Current Assets	0.092	0.957	2.123
	Loans & Advances	19.844	16.543	5.418
Total Current Assets		272.364	168.031	170.798
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	63.692	91.971	110.128
	Other Current Liabilities	30.744	6.108	1.071
	Provisions	0.122	9.500	5.200
Total Current Liabilities		94.558	107.579	116.399
Net Current Assets		177.806	60.452	54.399
MISCELLANEOUS EXPENSES		0.000	0.138	0.184
TOTAL		303.761	111.374	65.395

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	2878.362	1701.034	1071.093
		Other Income	NA	NA	1.946
		TOTAL (A)	NA	NA	1073.039
Less	EXPENSES
		Cost of Goods Sold	2769.849	1611.316	1035.857
		Employee Cost	NA	NA	13.822
		Selling and Distribution Expenses	NA	NA	5.802
		Preliminary Expenses	NA	NA	0.046
		TOTAL (B)	NA	NA	1055.527
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		NA	NA	17.512
Less	FINANCIAL EXPENSES (D)		12.910	0.337	2.054
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		NA	NA	15.458
Less/ Add	DEPRECIATION/ AMORTISATION (F)		3.606	0.838	0.429
	PROFIT BEFORE TAX (E-F) (G)		NA	NA	15.029
Less	TAX (H)		NA	NA	5.227
	PROFIT AFTER TAX (G-H) (I)		20.688	18.083	9.802
	Earnings Per Share (Rs.)
	Basic		19.84	53.46	28.98
	Diluted		19.84	15.09	7.32

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	NA	NA	0.91
Net Profit Margin (PBT/Sales)	(%)	NA	NA	1.40
Return on Total Assets (PBT/Total Assets}	(%)	NA	NA	8.28
Return on Investment (ROI) (PBT/Networth)		NA	NA	0.45
Debt Equity Ratio (Total Debt/Networth)		3.86	1.24	0.98
Current Ratio (Current Asset/Current Liability)		2.88	1.56	1.47

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2010	31.13.2011	31.13.2012
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	3.383	3.383	20.295
Share Application Money	10.000	8.600	0.000
Reserves & Surplus	19.649	37.732	41.509
Net worth	33.032	49.715	61.804
Secured Loans	16.218	51.414	190.407
Unsecured Loans	16.117	10.245	48.029
Total borrowings	32.335	61.659	238.436
Debt/Equity ratio	0.979	1.240	3.858

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2010	31.13.2011	31.13.2012
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	1071.093	1701.034	2878.362
		58.813	69.212

NET PROFIT MARGIN

Net Profit Margin	31.03.2010	31.13.2011	31.13.2012
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	1071.093	1701.034	2878.362
Profit	9.802	18.083	20.688
	0.92%	1.06%	0.72%

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	No
9]	Name of person contacted	Yes
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	-----
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	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	Yes
29]	Last accounts filed at ROC	No
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	Yes
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	10298283	03/12/2013 *	120,000,000.00	ING VYSYA BANK LIMITED	SHOP NO.1 AND 2,GROUND FLOOR, PARSWA TOWER, NEAR PAKWAN-II, SG ROAD, BODAKDEV - 380054, GUJARAT, INDIA	B92393628

* Date of charge modification

UNSECURED LOANS

PARTICULAR	31.03.2012 (Rs. In Millions)	31.03.2011 (Rs. In Millions)
LONG TERM BORROWING
Deposits	48.029	10.245
Total	48.029	10.245

OPERATION:

The company has achieved a sales - turnover of Rs. 2878.362 Millions as compared to Previous year Rs. 1701.034 Millions. Sales turnover has been significantly increased during the year, the Company has made net profit after tax of Rs. 20.688 Millions after providing a Depreciation of Rs. 3.606 Millions.

FINANCING OF PROJECT

During the year, the company has availed various credit facilities comprising of Fund Based Limits and Non Fund Based limits from ING Vysya Bank Limited for financing the assets of the company and to meet the liquidity requirements of the company for the smooth and efficient running of the Business of the company

FIXED ASSETS

· Land and Building

· Office Equipment

· Furniture and Fixture

· Computer

· Vehicle

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.60.99
UK Pound	1	Rs.102.07
Euro	1	Rs.84.53

INFORMATION DETAILS

Information Gathered by :	NYA
Report Prepared by :	MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		32

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.