MIRA INFORM REPORT

Report Date :

26.03.2014

IDENTIFICATION DETAILS

Name :	JINDAL BUILDSYS LIMITED (w.e.f. 18.05.2011)
Formerly Known As :	SARVPRIYA INDUSTRIES LIMITED
Registered Office :	Circular Roadnabha, Nabha, Patiala – 147201, Punjab
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	14.05.1985
Com. Reg. No.:	16-006275
Capital Investment / Paid-up Capital :	Rs.22.600 Millions
CIN No.: [Company Identification No.]	U51909PB1985PLC006275
TAN No.: [Tax Deduction & Collection Account No.]	PTLS13583D
PAN No.: [Permanent Account No.]	AACCS0141B
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	The Company is engaged in the business of manufacturing of Seat Trims, Automobiles Parts and Pre Engineering Building (Structure).
No. of Employees :	90 (Approximately)

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 1240000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. External borrowing of the company seems to be increasing. However, trade relations are 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 – 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

State-run banks hired nearly 300000 personnel including more than 94000 officers in the last four years, according to the Indian Banks Association. A study by trade lobby Assocham in September 2013 indicated that banks would need 800000 people in the next six years. It estimated that state-run lenders alone would hire 50000 people in 2013/14.

The Competition Commission of India plans to issue final orders within a broad time-frame of one year in matters where it decides to carry out detailed investigations. The number of complaints received by the watchdog which keeps tabs on unfair trade practices in the marketplace.

The government has detected custom tax evasion totaling around Rs 37920 mn in 14 states until December. Maharashtra topped the list of Rs 14190 mn followed by Andhra Pradesh at Rs 8140 mn, Gujarat Rs 5240 mn, Karnataka Rs 1670 mn and Tamilnadu Rs 1610 mn.

Connaught Place in New Delhi slipped four notches to become the world’s eighth most expensive office locations. London’s West End is the world’s most expensive office market.

There are 4.072 mn number of high value spenders under the scanner of the income tax department. The income tax department has information that they have made cash deposits announcing to Rs 1 mn or more in their savings bank accounts in the current financial year. It plans to check potential evasion before the closing of the financial year on March 31.

Estimated pharmaceutical sales in the country for 2016 is $ 27 bn. It is 14.4 per cent higher than a year ago. The life sciences and health care industry is up against challenges such as quality management, says a recent Deloitte report.

The gross non-performing assets of listed banks rose 35.2 % to Rs 2.43 lakh crore during the first three months of the financial year. In absolute terms, the 40 listed banks added Rs 3386 crore to their gross NPAs in nine months with the State Bank of India leading with the State Bank of India leading with an accretion of Rs 16610 crore.

The inflow of smuggled gold doubled in 2013 following restrictions to curb the supply from official channels to contain the current account deficit. China surpassed India in the demand for gold for the first time in 2013 due to liberalization of gold trading norms by its local governments.

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 (GENERAL DETAILS)

Name :	Mr. Pramod
Designation :	Assist to Director
Contact No.:	91-8130199444
Date :	24.03.2014

LOCATIONS

Registered Office :	Circular Roadnabha, Nabha, Patiala – 147201, Punjab, India
Tel. No.:	Not Available
Mobile No.:	91-8130199444 (Mr. Pramod)
Fax No.:	Not Available
E-Mail :	sumitmittal@jindalbuildsys.com sales.chd@jindalbuildsys.com This e-mail address is being protected from spambots. You need JavaScript enabled to view it. vikasaggarwal@jindalbuildsys.com sales.ahmd@jindalbuildsys.com sales.pune@jindalbuildsys.com sales.indore@jindalbuildsys.com contact@jindalbuildsys.com
Website :	http://www.jindalbuildsys.com
Corporate Office / Head Office / Factory 1 :	39 KM Stone, Delhi-Jaipur Highway, Narsingpur, Gurgoan – 122001, Haryana, India
Tel. No.:	91-124-4422800
	91-124-4422850
Factory 2 :	Plot 197, Sector 4, Growth Centre, Bawal Industrial Area, Phase – 2, Rewari – 123501, Haryana, India
Factory 3 :	Dhela Road, Village Manpura, Tehsil Nalagarh, District Solan – 174101, Harayana, India
Regional Sales Offices :	Located At: Delhi Chandigarh Ahmadabad Pune Indore

DIRECTORS

As on 30.09.2013

Name :

Mr. Kamlesh Jindal

Designation :

Director

Address :

Circular Roadnabha, Patiala, Nabha – 147201, Punjab, India

Date of Appointment :

19.05.1985

DIN No.:

00159913

Name :

Mrs. Jyoti Jindal

Designation :

Director

Address :

Shanti Kunj, House – 1, Preet Vihar, Nabha, Patiala – 147201, Punjab, India

Date of Appointment :

23.11.2002

PAN No.:

ABBPJ1652R

DIN No.:

00159971

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	U34102DL1996PTC078545	SARVPRIYA MOTORS PRIVATE LIMITED	Director	26/04/1996	26/04/1996	-	Active	NO
2	U65921PB1996PTC018202	JINDAL FINLEASE PRIVATE LIMITED	Director	20/05/1996	20/05/1996	31/03/2010	Active	NO
3	U55101PB1999PTC022767	SARVPRIYA EXPORTS PRIVATE LIMITED	Director	12/07/1999	12/07/1999	02/07/2012	Active	NO
4	U51909PB1985PLC006275	JINDAL BUILDSYS LIMITED	Director	23/11/2002	23/11/2002	-	Active	NO
5	U29199DL2005PTC132833	JINDALJYOTI PREFAB PRIVATE LIMITED	Director	09/02/2005	09/02/2005	-	Active	NO
6	U33119DL2004PTC127822	META DOR TECHNOLOGIES PRIVATE LIMITED	Director	28/07/2009	28/07/2009	-	Active	NO
7	U70200DL2012PTC241073	JINDALJYOTI INFRA PRIVATE LIMITED	Director	27/08/2012	27/08/2012	-	Active	NO

Name :

Mr. Madan Jindal

Designation :

Director

Address :

Circular Roadnabha, Patiala, Nabha – 147201, Punjab, India

Date of Appointment :

14.05.1985

DIN No.:

00246289

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	U51909PB1985PLC006275	JINDAL BUILDSYS LIMITED	Director	14/05/1985	14/05/1985	-	Active	NO
2	U74899DL1995PLC071183	JINDAL NIRYAT LIMITED	Director	27/07/1995	27/07/1995	-	Active	NO
3	U74999DL2001PTC112992	PEARLESCENT MARITECH PRIVATE LIMITED	Director	02/11/2001	02/11/2001	-	Active	NO
4	U34300DL2006PTC146215	JINDAL SOFT ITALIA SEATING PRIVATE LIMITED	Director	08/05/2006	08/05/2006	-	Active	NO
5	U33119DL2004PTC127822	META DOR TECHNOLOGIES PRIVATE LIMITED	Additional director	20/05/2009	20/05/2009	-	Active	NO
6	U70109DL2010PTC201087	GODAVARI BUILTECH PRIVATE LIMITED	Director	01/04/2010	01/04/2010	-	Active	NO
7	U18101HR2005PTC035809	ADINATH FURNISHING PRIVATE LIMITED	Additional director	10/03/2012	10/03/2012	-	Active	NO

Name :

Mr. Vivek Jindal

Designation :

Director

Address :

226 – B, 1^st Florr, Plot No. 33, Samay Vihar, Sector – 13, Rohini, Delhi – 110085, India

Date of Appointment :

30.09.2013

PAN No.:

AALPJ7459D

DIN No.:

01074542

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	U74899DL1993PTC055919	JINDAL MECTEC PRIVATE LIMITED	Director	30/09/2003	30/09/2003	27/01/2010	Active	NO
2	U34300DL2005PTC132465	ADHUNIK AUTOMOTIVES PRIVATE LIMITED	Director	28/01/2005	28/01/2005	01/12/2009	Active	NO
3	U17214HP2005PTC028535	JINDAL PADDINGS PRIVATE LIMITED	Additional director	16/08/2013	10/06/2005	-	Active	NO
4	U45201HP2005PTC028534	JINDAL BUILTECH PRIVATE LIMITED	Director	10/06/2005	10/06/2005	26/08/2013	Active	NO
5	U34300DL2006PTC146215	JINDAL SOFT ITALIA SEATING PRIVATE LIMITED	Alternate director	28/03/2011	30/09/2006	-	Active	NO
6	L74899DL1992PLC050333	MINDA INDUSTRIES LIMITED	Director	14/04/2011	28/05/2007	13/02/2012	Active	NO
7	U28990DL2009PTC189371	JINDAL ENERCON PRIVATE LIMITED	Director	15/04/2009	15/04/2009	-	Active	NO
8	U51909PB1985PLC006275	JINDAL BUILDSYS LIMITED	Director	30/09/2013	30/09/2013	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Pramod
Designation :	Assist to Director

MAJOR SHAREHOLDERS

As on 30.09.2013

Names of Shareholders	No. of Shares	% of Holding
Madan Jindal	400000	17.70
Vivek Jindal	400000	17.70
Abhishek Jindal	400000	17.70
Kamlesh Jindal	150000	6.64
Meena Jindal	210000	9.29
Adinath Furnishing Private Limited, India	400000	17.70
Jindal Niryat, India	300000	13.27
Total	2260000	100.00

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2013

Category	Percentage
Bodies corporate	35.71
Directors or relatives of Directors	64.29
Total	100.00

BUSINESS DETAILS

Line of Business :

The Company is engaged in the business of manufacturing of Seat Trims, Automobiles Parts and Pre Engineering Building (Structure).

Products :

Product Description	ITC Code
Manufacture of fabricated structural products of metal other than of iron or steel	94060091

GENERAL INFORMATION

No. of Employees :

90 (Approximately)

Bankers :

• Allahabad Bank, Sector-4, Gurgaon - 122001, Haryana, India
• State Bank of India, Devi Dewala Chowk, Nabha – 147201, Punjab, India

Facilities :

SECURED LOANS	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Long Term Borrowings
Rupee term loans from banks	479.173	308.847
Short Term Borrowings
Loans repayable on demand from banks	299.940	211.506
Total 0	779.113	520.353

Banking Relations :	--
Financial Institutions :	Bajaj Finance Limited, Akurdi, Pune - 411035, Maharashtra, India
Auditors :
Name :	A. Goel and Associates Chartered Accountants
Address :	SCF 50, 1^st Floor, Leela Bhawan Complex, Patiala, Punjab, India
PAN No.:	AABFA6309F
Relatives of key Management Personnel and their Enterprises :	Mahadev Industries Madan Jindal HUF

CAPITAL STRUCTURE

As on 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
4990000	Equity Shares	Rs.10/- each	Rs.49.900 Millions
1000	Preference Shares	Rs.100/- each	Rs.100 Million
	Total		Rs.50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2260000	Equity Shares	Rs.10/- each	Rs.22.600 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	22.600	22.600	19.600
(b) Reserves & Surplus	286.998	237.272	195.205
(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)	309.598	259.872	214.805
(3) Non-Current Liabilities
(a) long-term borrowings	651.980	430.960	398.611
(b) Deferred tax liabilities (Net)	33.802	20.268	20.929
(c) Other long term liabilities	26.330	26.330	26.330
(d) long-term provisions	1.454	1.219	1.369
Total Non-current Liabilities (3)	713.566	478.777	447.239
(4) Current Liabilities
(a) Short term borrowings	299.940	211.506	174.909
(b) Trade payables	191.582	191.181	170.497
(c) Other current liabilities	552.745	331.614	189.566
(d) Short-term provisions	5.970	11.741	6.280
Total Current Liabilities (4)	1,050.237	746.042	541.252
TOTAL	2,073.401	1,484.691	1,203.296
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	665.570	351.581	356.659
(ii) Intangible Assets	2.088	2.663	2.420
(iii) Capital work-in-progress	169.968	281.451	133.005
(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	31.750	48.971	7.691
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	869.376	684.666	499.775
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	674.293	520.615	465.806
(c) Trade receivables	355.015	251.685	157.923
(d) Cash and cash equivalents	17.188	14.238	64.724
(e) Short-term loans and advances	157.529	13.421	15.068
(f) Other current assets	0.000	0.066	0.000
Total Current Assets	1,204.025	800.025	703.521
TOTAL	2,073.401	1,484.691	1,203.296

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	1,262.195	824.457	579.719
		Other Income	34.580	28.364	24.455
		TOTAL (A)	1,296.775	852.821	604.174
Less	EXPENSES
		Cost of Materials Consumed	738.596	415.822	325.038
		Purchase of Stock-in-trade	289.543	251.386	111.060
		Changes in Inventories of finished goods, work-in-progress and stock-in-trade	(23.492)	(16.451)	0.190
		Employee Benefits Expenses	69.403	40.922	37.762
		Other Expenses	55.390	41.931	13.075
		Prior period items	0.248	0.012	0.105
		TOTAL (B)	1,129.688	733.622	487.230
Less	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		167.087	119.199	116.944
Less	FINANCIAL EXPENSES (D)		80.323	48.056	35.062
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		86.764	71.143	81.882
Less	DEPRECIATION/ AMORTISATION (F)		17.209	13.689	40.722
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)		69.555	57.454	41.160
Less	TAX (H)		19.829	15.387	13.252
	PROFIT/(LOSS) AFTER TAX (G-H) (I)		49.726	42.067	27.908
	Earnings Per Share (Rs.)		22.00	18.61	14.24

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	3.83	4.93	4.62
Net Profit Margin (PBT/Sales)	(%)	5.51	6.97	7.10
Return on Total Assets (PBT/Total Assets}	(%)	3.65	4.77	3.85
Return on Investment (ROI) (PBT/Networth)		0.22	0.22	0.19
Debt Equity Ratio (Total Debt /Networth)		3.07	2.47	2.67
Current Ratio (Current Asset/Current Liability)		1.15	1.07	1.30

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	19.600	22.600	22.600
Reserves & Surplus	195.205	237.272	286.998
Net worth	214.805	259.872	309.598
long-term borrowings	398.611	430.960	651.980
Short term borrowings	174.909	211.506	299.940
Total borrowings	573.520	642.466	951.920
Debt/Equity ratio	2.670	2.472	3.075

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	579.719	824.457	1,262.195
		42.217	53.094

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	579.719	824.457	1,262.195
Profit	27.908	42.067	49.726
	4.81%	5.10%	3.94%

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	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	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:

Particulars	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Long Term Borrowings
Loans and advances from others	83.586	61.496
Other loans and advances	89.221	60.617
Total	172.807	122.113

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10450448	09/09/2013	8,325,374.00	Bajaj Finance Limited	Akurdi, Pune, Maharashtra - 411035, India	B85523348
2	10336865	30/07/2013 *	1,146,200,000.00	Allahabad Bank	Sector-4, Gurgaon, Haryana - 122001, India	B82631607
3	10337021	24/01/2012	62,200,000.00	Allahabad Bank	Sector-4, Railway Road, Gurgaon, Haryana - 122001, India	B32728214
4	10337011	24/01/2012	197,700,000.00	Allahabad Bank	Sector-4, Railway Road, Gurgaon, Haryana - 122001, India	B32725996
5	10264380	25/06/2011 *	470,000,000.00	Allahabad Bank	Sector-4, Railway Road, Gurgaon, Haryana - 122001, India	B18277491

*Date of modification Charges

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Computer

· Vehicles

· Furniture and Fixture

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 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] 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.60.49
UK Pound	1	Rs.99.77
Euro	1	Rs.83.67

INFORMATION DETAILS

Information Gathered by :	HNA
Report Prepared by :	VNT

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	4
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--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	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		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

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.