MIRA INFORM REPORT

Report Date :

25.03.2014

IDENTIFICATION DETAILS

Name :	SHIVANI LOCKS PRIVATE LIMITED
Registered Office :	Flat No. 4, Second Floor, Ram Pratap House-4, LSC, Kalkaji, New Delhi - 110019
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	30.03.1988
Com. Reg. No.:	55-031152
Capital Investment / Paid-up Capital :	Rs. 20.673 Millions
CIN No.: [Company Identification No.]	U74999DL1988PTC031152
PAN No.: [Permanent Account No.]	AAICS1192C
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Automotive Locks for Global Automotive Companies.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

B (30)

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

Maximum Credit Limit :	USD 2700000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The company has incurred loss from its operational activities during the financial year 2013. However, trade relations are fair. Business is active. Payment terms are slow but correct. The company can be considered for business dealings with some caution.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – 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

India’s current account deficit for the fiscal third quarter ended September 2013 narrowed to $4.2 billion or 0.9 % of the gross domestic product from $31.9 billion or 6.5 % of GDP a year earlier, thanks to a pick-up in exports and moderation in gold imports. Manufacturing activity and new orders in India showed their strongest growth in a year in February. The news comes as a relief after data showed Asia’s third largest economy grew by a slower-than-expected 4.7 % annually in the three months through December. The HSBC Manufacturing Purchasing Managers’ Index which gauges the business activity of India’s factories but not its’ utilities, rose to 52.5 in February, its highest in a year from 51.4 in January. Overall new orders for factory goods which rose to a one-year high of 54.9 contributed to the surge. China has emerged as India’s biggest trading partner in the current financial year replacing the United Arab Emirates and pushing it to the third spot. India-China trade has reached $49.5 billion with a 8.7 % share in India’s total trade. The US comes second at $46 billion with 8.1 % share during the first nine months of the current financial year.

The Reserve Bank of India has granted an additional nine months to the public to exchange currency notes printed before 2005 including Rs 500 and Rs 1,000 denominations, pushing the deadline to January 1, 2015. A day before dates for the Lok Sabha polls were announced, the government decided to hike interest rates on fixed deposit schemes offered by post offices up to 0.2 per cent. The new rates will be effective April, 1. The Supreme Court will resume hearing on March, 11 Nokia’s appeal against a ruling over transferring ownership of its local mobile phones plant which is the subject of a tax dispute to Microsoft Corp.

In the last days of the current Government, another scam has surfaced. The defence ministry has ordered a probe into Hindustan Aeronautics Limited’s contracts from Britain’s Rolls-Royce Holdings worth at least $ 1.2 billion. The Central Bureau of Investigation will look into allegations that over $80 million was paid in kickbacks in a deal signed in 2011. India has asked Boeing Co. to find a solution for problems with state-owned Air India’s 787 Dreamliners. The aircraft has experienced a series of malfunctions since its debut in 2011.

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	BB (Long Term Bank Facilities)
Rating Explanation	Moderate risk of default and high credit risk.
Date	05.03.2013

Rating Agency Name	CARE
Rating	A4+ (Short Term Bank Facilities)
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	05.03.2013

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

MANAGEMENT NON-COOPERATIVE

(CONTACT NO.: 91-129-4199475)

LOCATIONS

Registered Office :	Flat No. 4, Second Floor, Ram Pratap House-4, LSC, Kalkaji, New Delhi - 110019, India
Tel. No.:	91-11-26486686/ 26415479
Fax No.:	Not Available
E-Mail :	account1@shivanilocks.com shivani@shivanilocks.com info@shivanilocks.com
Website:	http://www.shivanilocks.com
Factory 1 :	Plot No. 58, 59 and 60, Sector-27A, Faridabad - 121003, Haryana, India
Tel. No.:	91-129-5045479/ 5044511/ 5047506
Fax No.:	91-129-2274727
E-Mail :	shivni1@shivanilocks.com
Factory 2 :	49/4, Mathura Road, Prithla, Faridabad, Haryana, India

DIRECTORS

AS ON 30.09.2013

Name :

Mr. Naresh Kathuria

Designation :

Managing director

Address :

H. No. 858, Sector -15, Faridabad – 121007, Haryana, India

Date of Birth/Age :

02.05.1961

Date of Appointment :

01.04.1996

PAN No.:

AARPK2581R

DIN No.:

00021678

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	Company/ LLP Status	Defaulting status
1	U74999DL1988PTC031152	SHIVANI LOCKS PRIVATE LIMITED	Managing director	01/04/1996	01/04/1996	Active	NO
2	U28113DL2011PTC219067	OTSUKA VENUS AUTOMOTIVE INDIA PRIVATE LIMITED	Director	12/05/2011	12/05/2011	Active	NO

Name :

Mr. Krishan Lal Kathuria

Designation :

Director

Address :

H. No. 563, Sector -14, Faridabad – 121007, Haryana, India

Date of Birth/Age :

08.04.1945

Date of Appointment :

30.03.1988

PAN No.:

AANPK0866D

DIN No.:

00021642

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	Company/ LLP Status	Defaulting status
1	U74999DL1988PTC031152	SHIVANI LOCKS PRIVATE LIMITED	Director	30/03/1988	30/03/1988	Active	NO
2	U34300DL1996PTC077781	VENUS INDUSTRIAL CORPORATION PRIVATE LIMITED	Managing director	02/04/1996	02/04/1996	Active	NO

Name :

Mr. Raj Kathuria

Designation :

Director

Address :

H. No. 530, Sector -14, Faridabad – 121007, Haryana, India

Date of Birth/Age :

24.08.1947

Date of Appointment :

30.03.1988

PAN No.:

AAQPK9780P

DIN No.:

00022375

Name :

Mr. Dwarka Nath Kathuria

Designation :

Director

Address :

H. No. 858, Sector -15, Faridabad – 121007, Haryana, India

Date of Birth/Age :

15.06.1937

Date of Appointment :

28.05.1999

PAN No.:

AANPK0864B

DIN No.:

00022382

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	U29309HR1983PTC016906	VENUS APPLIANCES PRIVATE LIMITED	Director	07/11/1983	07/11/1983	-	Strike off	NO
2	U74899DL1995PTC064390	VENUS INDUSTRIES PRIVATE LIMITED	Director	16/01/1995	16/01/1995	-	Active	NO
3	U34300DL1996PTC077781	VENUS INDUSTRIAL CORPORATION PRIVATE LIMITED	Managing director	02/04/1996	02/04/1996	-	Active	NO
4	U74999DL1988PTC031152	SHIVANI LOCKS PRIVATE LIMITED	Director	28/05/1999	28/05/1999	-	Active	NO
5	L19201HR1981PLC012903	LAKHANI INDIA LIMITED	Director	31/03/2002	31/03/2002	08/07/2006	Active	NO

KEY EXECUTIVES

Name :	Ms. Pooja Arora
Designation :	Secretary
Address :	H. No. 691, Sector-16, Faridabad - 121001, Haryana, India
Date of Birth/Age :	23.05.1984
Date of Appointment :	24.03.2012
PAN No.:	AIWPA6907C

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2013

Names of Shareholders	No. of Shares	Percentage of Holding
Krishan Lal Kathuria	158400	7.66
Raj Kathuria	286200	13.84
Dwarka Nath Kathuria	621600	30.07
Naresh Kathuria	964500	46.66
Tanish Kathuria	36600	1.77
Total	2067300	100.00

AS ON 30.09.2013

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Automotive Locks for Global Automotive Companies.

GENERAL INFORMATION

Customers :

· Daewoo Motors Limited

· Eicher Motors Limited

· Fiat India Limited

· General Motors India Limited

· Hindustan Motors Limited

· Mitsubishi Lancer Plant

· Maruti Udyog Limited

· Mahindra And Mahindra

· Reva Electric Cars Limited

· Telco

No. of Employees :

Not Divulged

Bankers :

· Indian Overseas Bank

I-C/47-48, N.I.T., Faridabad - 121001, Haryana, India

· Standard Chartered Bank

10, Parliament Street, New Delhi - 110001, India

· HDFC Bank Limited

· Citibank

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG-TERM BORROWINGS
Rupee term loans from banks	156.956	74.831
Rupee term loans from others	45.789	51.097
SHORT TERM BORROWINGS
Other loans and advances	259.706	209.037
Total	462.451	334.965

Banking Relations :	--
Auditors :
Name :	Y.K. Joneja and Company Chartered Accountants
Address :	A-7/1, Nehru Ground, Main Neelam Bata Road, Faridabad - 121001, Haryana, India
Income-tax PAN of auditor or auditor's firm :	AABFY0993K
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	· Venus Stampings Private Limited [U74899DL1985PTC021646] · Otsuka Venus Automotive India Private Limited [U28113DL2011PTC219067]

CAPITAL STRUCTURE

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
3,000,000	Equity Shares	Rs. 10/- each	Rs. 30.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2,067,300	Equity Shares	Rs. 10/- each	Rs. 20.673 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	20.673	20.673	20.673
(b) Reserves & Surplus	651.521	102.362	96.506
(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)	672.194	123.035	117.179
(3) Non-Current Liabilities
(a) long-term borrowings	227.995	151.178	320.941
(b) Deferred tax liabilities (Net)	0.000	18.991	21.190
(c) Other long term liabilities	2.688	3.485	2.560
(d) long-term provisions	27.758	24.786	20.152
Total Non-current Liabilities (3)	258.441	198.440	364.843
(4) Current Liabilities
(a) Short term borrowings	259.706	209.037	14.728
(b) Trade payables	320.893	366.572	268.693
(c) Other current liabilities	171.146	155.644	155.424
(d) Short-term provisions	7.421	6.694	4.577
Total Current Liabilities (4)	759.166	737.947	443.422
TOTAL	1689.801	1059.422	925.444
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1019.679	447.896	423.098
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	116.548	90.685	79.553
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.168	0.168	0.168
(c) Deferred tax assets (net)	1.390	0.000	0.000
(d) Long-term Loan and Advances	17.542	17.528	4.615
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	1155.327	556.277	507.434
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	219.787	205.775	175.881
(c) Trade receivables	231.781	236.913	190.632
(d) Cash and cash equivalents	34.035	22.046	17.120
(e) Short-term loans and advances	48.871	38.411	34.377
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	534.474	503.145	418.010
TOTAL	1689.801	1059.422	925.444

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	1507.299	1526.892	1315.570
		Other Income	7.493	7.529	2.201
		TOTAL (A)	1514.792	1534.421	1317.771
Less	EXPENSES
		TOTAL (B)	1463.138	1437.231	1216.156
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		51.654	97.190	101.615
Less	FINANCIAL EXPENSES (D)		52.097	51.557	42.814
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(0.443)	45.633	58.801
Less/ Add	DEPRECIATION/ AMORTISATION (F)		28.924	39.733	35.433
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		(29.367)	5.900	23.368
Less	TAX (H)		(18.132)	0.044	11.717
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		(11.235)	5.856	11.651
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	47.715	39.181	35.651
	IMPORTS
		Raw Materials	18.240	17.159	14.630
	Earnings/ (Loss) Per Share (Rs.)		(5.43)	2.83	5.64

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	(0.74)	0.38	0.88
Net Profit Margin (PBT/Sales)	(%)	(1.95)	0.39	1.78
Return on Total Assets (PBT/Total Assets}	(%)	(1.87)	0.61	2.76
Return on Investment (ROI) (PBT/Networth)		(0.04)	0.05	0.20
Debt Equity Ratio (Total Debt/Networth)		0.73	2.93	2.86
Current Ratio (Current Asset/Current Liability)		0.70	0.68	0.94

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	20.673	20.673	20.673
Reserves & Surplus	96.506	102.362	651.521
Net worth	117.179	123.035	672.194
long-term borrowings	320.941	151.178	227.995
Short term borrowings	14.728	209.037	259.706
Total borrowings	335.669	360.215	487.701
Debt/Equity ratio	2.865	2.928	0.726

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	1315.570	1526.892	1507.299
		16.063	(1.283)

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	1315.570	1526.892	1507.299
Profit/ (Loss)	11.651	5.856	(11.235)
	0.89%	0.38%	(0.75%)

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	No
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	Yes
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	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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10416392	18/02/2013	250,000,000.00	INDIAN OVERSEAS BANK	1-C/ 47-48, N.I.T., FARIDABAD - 121001, HARYANA, INDIA	B72191950
2	10403544	28/01/2013	26,703,289.00	STANDARD CHARTERED BANK	10, PARLIAMENT STREET, NEW DELHI - 110001, INDIA	B68333657
3	10346051	28/03/2012	20,000,000.00	INDIAN OVERSEAS BANK	1-C/ 47-48, N.I.T., FARIDABAD - 121001, HARYANA, INDIA	B36485365
4	10244206	22/09/2010	50,000,000.00	INDIAN OVERSEAS BANK	1-C/ 47-48, N.I.T., FARIDABAD - 121001, HARYANA, INDIA	A96403589
5	10226145	05/05/2010	281,200,000.00	INDIAN OVERSEAS BANK	1-C/ 47-48, N.I.T., FARIDABAD - 121001, HARYANA, INDIA	A88354725
6	10148214	03/02/2009	50,000,000.00	INDIAN OVERSEAS BANK	1-C/ 47-48, N.I.T., FARIDABAD - 121001, HARYANA, INDIA	A59045138
7	10067065	24/08/2007	20,000,000.00	INDIAN OVERSEAS BANK	1-C/ 47-48, N.I.T., FARIDABAD - 121001, HARYANA, INDIA	A22658959
8	90036852	18/02/2013 *	220,300,000.00	INDIAN OVERSEAS BANK	1-C/ 47-48, N.I.T., FARIDABAD - 121001, HARYANA, INDIA	B72192016
9	90035647	20/01/2000	6,550,000.00	M/S FORD INDIA LIMITED	MAHINDRA TOWERS, WORLI ROAD NO-13; WORLI, MUMBAI - 400018,  MAHARASHTRA, INDIA	-

* Date of charge modification

UNSECURED LOANS

UNSECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG-TERM BORROWINGS
Loans and advances from directors	20.150	20.150
Loans and advances from others	5.100	5.100
Total	25.250	25.250

CORPORATE INFORMATION

Shivani Locks Private Limited is a company engaged in manufacture of automotive locks for global automotive companies.

EXPANSION:

The expansion plans of the Company are linked with the overall GDP growth of fiscal policy and the Company perpetually gearing up to perform in the top gear to meet any challenges in the future and to explore the business opportunities. In view of the sufficient capacity building the Company hopes and rust to expand its production base to its optimum level.

FIXED ASSETS:

· Land

· Buildings

· Plant and equipment

· Furniture and fixtures

· Vehicles

· Office equipment

· Computer 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 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. 60.70
UK Pound	1	Rs. 100.11
Euro	1	Rs. 83.81

INFORMATION DETAILS

Information Gathered by :	HTL
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	--
--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
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		30

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

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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.