MIRA INFORM REPORT

Report Date :

06.05.2014

IDENTIFICATION DETAILS

Name :	TAURUS FLEXIBLES PRIVATE LIMITED
Registered Office :	63, 2^nd Phase, Industrial Area, Adityapur, Jamshedpur – 830109, Jharkhand
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	10.04.2003
Com. Reg. No.:	03-010149
Capital Investment / Paid-up Capital :	Rs.67.000 Millions
CIN No.: [Company Identification No.]	U25200JH2003PTC010149
TAN No.: [Tax Deduction & Collection Account No.]	RCHT00101D
PAN No.: [Permanent Account No.]	AACCT5527E
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Fuel, Air, Hydraulic and Pneumatics Hose/Nylon Assemblies for Commercial Vehicles.
No. of Employees :	250 (Approximately)

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 1200000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. Rating reflects moderate financial risk profile due to drastic dip in sales and profit of the company in the year 2013. However, trade relation are fair. Business is active. Payment terms are slow but correct. The company can be considered for business dealing with some caution.

NOTES:

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

ECGC Country Risk Classification List – March 31, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INDIAN ECONOMIC OVERVIEW

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.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Long Term Rating=BB- (Suspended)
Rating Explanation	Inadequate credit quality and high credit risk.
Date	January, 2014

Rating Agency Name	ICRA
Rating	Short Term Rating=A4 (Suspended)
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	January, 2014

Reason for Suspension = Absence of requisite information from company.

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. S. Ray
Designation :	Accounts Manager
Contact No.:	91-9386802951
Date :	05.05.2014

LOCATIONS

Registered Office/ Warehouse :	C-63, 2^nd Phase, Industrial Area, Adityapur, Jamshedpur - 830109, Jharkhand, India
Tel. No.:	91-657-2200455/2407259
Fax No.:	91-657-2225485
E-Mail :	rkg@taurusflexibles.com taurus@cal3.vsnl.net.in tauruxflex@vsnl.com
Website :	http://www.taurusesdan.com
Area :	5000 Sq. ft.
Location :	Owned
Factory 1:	Plot no. C-63, 2nd Phase Industrial Area Jamshedpur, Jharkhand, India
Factory 2:	A-23 1st Phase Industrial Area, Adityapur Jamshedpur, Jharkhand, India
Factory 3:	S.No.408/6 (662 old), Hisa No. 6,CTS No. 7684, Pune- Mumbai Road, Talegaon, Pune-410506, Maharashtra, India.
Factory 4:	Plot no. 62, SA Goyla Industrial Area, Lucknow, Uttar Pradesh, India.
Factory 5:	N -22, Phase III, SIDCO Industrial Area, Hosur-635109, Karnataka, India
Branches :	44, Ramdulal Sarkar Street, Kolkata-700006, West Bengal, India
Tel. No.:	91-33-22417779/22417780
Fax No.:	91-33-22417779

DIRECTORS

AS ON 30.09.2013

Name :

Mr. Bhuvan Kshettry

Designation :

Managing director

Address :

23, Circuit House Area, Bistupur, Jamshedpur-831001, East Singhbhum, Jharkhand, India

Date of Birth/Age :

25.12.1967

Date of Appointment :

10.04.2003

DIN No.:

00918913

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	U00359JH1996PTC007348	TAURUS ESDAN HYDRAULICS PRIVATE LIMITED	Director	02/07/1996	02/07/1996	-	Amalgamated	NO
2	U25200JH2002PTC009908	TAUDAN AUTO COMPONENTS PRIVATE LIMITED	Director	29/08/2002	29/08/2002	-	Amalgamated	NO
3	U25200JH2003PTC010149	TAURUS FLEXIBLES PRIVATE LIMITED	Managing director	10/04/2003	10/04/2003	-	Active	NO
4	U27109WB2003PTC097482	SRI MARUTI NATURAL RESOURCES PRIVATE LIMITED	Director	19/12/2003	19/12/2003	31/03/2011	Active	NO
5	U25191JH1978PTC013332	SUPERFLEX ENGINEERING AND POLYMERS PVT LTD	Director	05/08/2006	05/09/2005	-	Active	NO
6	U00000JH1966PTC013331	PETHE TEXTILES PRIVATE LIMITED	Director	05/08/2006	05/09/2005	-	Active	NO
7	U29299PN2008FTC132475	NORMA GROUP PRODUCTS INDIA PRIVATE LIMITED	Director	22/07/2008	22/07/2008	15/06/2011	Active	NO
8	U25199PN2011PTC138415	CIKAUTXO INDIA PRIVATE LIMITED	Director	31/01/2011	31/01/2011	10/10/2013	Active	NO
9	U25201JH1994PTC006145	EVERYDAY PLASTICS & POLYMERS PRIVATE LIMITED	Director	08/08/2012	08/08/2012	-	Active	NO

Name :

Mr. Ravi Kshettry

Designation :

Director

Address :

44 Ramdulal Sarkar Street, Kolkata – 700026, West Bengal, India

Date of Birth/Age :

29.11.1940

Date of Appointment :

10.04.2003

DIN No.:

00470481

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	U25200JH2003PTC010149	TAURUS FLEXIBLES PRIVATE LIMITED	Director	10/04/2003	10/04/2003	Active	NO
2	U51109WB1995PTC075116	STARLITE VANIJYA PVT LIMITED	Director	01/09/2005	01/09/2005	Active	NO
3	U25191JH1978PTC013332	SUPERFLEX ENGINEERING AND POLYMERS PRIVATE LIMITED	Director	05/08/2006	05/09/2005	Active	NO
4	U00000JH1966PTC013331	PETHE TEXTILES PRIVATE LIMITED	Director	05/08/2006	05/09/2005	Active	NO
5	U51909WB1994PTC062114	BELIEVE COMMODITIES PRIVATE LIMITED	Director	01/06/2012	01/06/2012	Active	NO

Name :

Ms. Indira Kshettry

Designation :

Director

Address :

23, Circuit House Area, Bistupur, Jamshedpur-831001, East Singhbhum, Jharkhand, India

Date of Birth/Age :

29.03.1948

Date of Appointment :

10.04.2003

DIN No.:

00474251

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	U51909WB1994PTC062114	BELIEVE COMMODITIES PVT LTD	Director	15/11/2001	15/11/2001	Active	NO
2	U25200JH2003PTC010149	TAURUS FLEXIBLES PRIVATE LIMITED	Director	10/04/2003	10/04/2003	Active	NO
3	U25201JH1994PTC006145	EVERYDAY PLASTICS & POLYMERS PRIVATE LIMITED	Director	29/04/2004	29/04/2004	Active	NO
4	U25191JH1978PTC013332	SUPERFLEX ENGINEERING AND POLYMERS PVT LTD	Director	05/08/2006	05/09/2005	Active	NO
5	U00000JH1966PTC013331	PETHE TEXTILES PRIVATE LIMITED	Director	05/08/2006	05/09/2005	Active	NO
6	U85320JH2006NPL012259	FOUNDATION FOR HUMAN DEVELOPMENT	Director	28/03/2006	28/03/2006	Active	NO
7	U51109WB1995PTC075116	STARLITE VANIJYA PVT LTD	Director	01/06/2012	01/06/2012	Active	NO

Name :

Mr. Sashi Kshettry

Designation :

Director

Address :

5, Circuit House Area, Bistupur, Jamshedpur-831001, East Singhbhum, Jharkhand, India

Date of Birth/Age :

14.03.1942

Date of Appointment :

10.04.2003

DIN No.:

00944298

Name :

Ms. Madhu Kshettry

Designation :

Director

Address :

14 Circuit House Area, Bistupur, Jamshedpur - 831001, East Singhbhum, Jharkhand, India

Date of Birth/Age :

05.12.1957

Date of Appointment :

10.04.2003

DIN No.:

00948580

KEY EXECUTIVES

Name :	Mr. S. Ray
Designation :	Accounts Manager

MAJOR SHAREHOLDERS

AS ON 30.09.2013

Names of Shareholders	No. of Shares	% of Holding
Bhuvan Kshettry	686700	10.25
Indira Kshettry	993300	14.83
Sashi Kshettry	840000	12.54
Madhu Kshettry	515550	7.69
Ravi Kshettry	840000	12.54
Gautam Kshettry	324450	4.84
Believe Commodities Private Limited, India	1700000	25.37
Starlite Vanijya Private Limited, India	800000	11.94
Total	6700000	100.00

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2013

Category	Percentage
Bodies corporate	37.00
Directors or relatives of Directors	63.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Fuel, Air, Hydraulic and Pneumatics Hose/Nylon Assemblies for Commercial Vehicles.

Products :

ITC Code	Product Descriptions
40169990	Rubber Hose and Hose Assemblies

Exports :

Products :

Finished Goods

Countries :

South Africa

Middle East

Germany

Imports :

Products :

Raw Material

Countries :

Sweden

China

Korea

Terms :

Selling :

L/C, Cheque and Credit

Purchasing :

L/C, Cheque and Credit

GENERAL INFORMATION

Customers :

Wholesalers, Retailers, End Users

No. of Employees :

250 (Approximately)

Bankers :

· State Bank of India, Commercial Branch, Pratap Tower, Bistupur, Jamshedpur – 831001, Jharkhand, India

· Union Bank of India, MSME Branch, Main Road, Bistupur, Jamshedpur, Jharkhand – 831001, India

· IndusInd Bank

· ABN Amro Bank

Facilities :

SECURED LOANS	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Long Term Borrowings
Rupee Term Loans from Banks	29.100	0.000
Other Loans and Advances	48.647	15.764
Short Term Borrowings
Working Capital Loans from Banks	375.500	287.384
Loans Repayable on demand from Banks	0.000	90.909
Total	453.247	394.057

Banking Relations :	--
Auditors :
Name :	P S Banerjee and Associates Chartered Accountants
Address :	146, Sonari West Layout, Road No. D, Jamshedpur – 831011, Jharkhand, India
Tel. No.:	91-6572-303011
PAN No.:	ABOPB7580M
Associates :	Indo Australian Hose Manufacturing Private Limited
Subsidiaries :	· Superflex Engineering and Polymers Private Limited (U25191JH1978PTC013332) · Pethe Textiles Private Limited (U00000JH1966PTC013331)

CAPITAL STRUCTURE

AS ON 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
7000000	Equity Shares	Rs.10/- each	Rs.70.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
6700000	Equity Shares	Rs.10/- each	Rs.67.000 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	67.000	67.000	64.000
(b) Reserves & Surplus	245.951	227.741	104.977
(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)	312.951	294.741	168.977
(3) Non-Current Liabilities
(a) long-term borrowings	77.747	15.764	19.674
(b) Deferred tax liabilities (Net)	25.305	21.570	65.569
(c) Other long term liabilities	140.506	95.724	100.828
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	243.558	133.058	186.071
(4) Current Liabilities
(a) Short term borrowings	375.500	378.393	277.017
(b) Trade payables	226.844	213.352	151.530
(c) Other current liabilities	0.000	0.000	0.000
(d) Short-term provisions	16.579	33.979	28.431
Total Current Liabilities (4)	618.923	625.724	456.978
TOTAL	1,175.432	1,053.523	812.026
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	218.381	202.574	188.631
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	1.036	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	149.479	149.479	70.868
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	368.896	352.053	259.499
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	474.932	457.291	265.333
(c) Trade receivables	202.410	127.872	225.071
(d) Cash and cash equivalents	10.789	11.313	1.839
(e) Short-term loans and advances	95.587	79.790	48.147
(f) Other current assets	22.818	25.204	12.137
Total Current Assets	806.536	701.470	552.527
TOTAL	1,175.432	1,053.523	812.026

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income
		Other Income
		TOTAL	2223.000	1630.500	1867.800
Less	EXPENSES
		TOTAL	NA	NA	NA
	PROFIT/(LOSS) BEFORE TAX		NA	NA	NA
Less	TAX		NA	NA	NA
	PROFIT/(LOSS) AFTER TAX		27.533	108.080	74.975
	Earnings Per Share (Rs.)		3.28	9.96	5.08

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	1.24	6.63	4.01
Debt Equity Ratio (Total Debt /Networth)		1.45	1.34	1.76
Current Ratio (Current Asset/Current Liability)		1.30	1.12	1.21

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	64.000	67.000	67.000
Reserves & Surplus	104.977	227.741	245.951
Net worth	168.977	294.741	312.951
long-term borrowings	19.674	15.764	77.747
Short term borrowings	277.017	378.393	375.500
Total borrowings	296.691	394.157	453.247
Debt/Equity ratio	1.756	1.337	1.448

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
Total Income	1,867.800	1,630.500	2,223.000
		(12.705)	36.339

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Total Income	1,867.800	1,630.500	2,223.000
Profit	74.975	108.080	27.533
	4.01%	6.63%	1.24%

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	Yes
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	Yes
20]	Export / Import details (if applicable)	Yes
21]	Market information	----------
22]	Litigations that the firm / promoter involved in	----------
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	----------
26]	Buyer visit details	----------
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10055871	27/05/2011 *	424,300,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, PRATAP TOWER, BISTUPUR, JAMSHEDPUR, JHARKHAND - 831001, INDIA	B14950919
2	90264054	18/01/2014 *	670,000,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, PRATAP TOWER, J ROAD, BISTUPUR, JAMSHEDPUR, JHARKHAND - 831001, INDIA	B96288923
3	90264386	28/02/2005	800,000.00	CITICORP FINANCE (INDIA) LTD.	7TH FLOOR; METROPLAZA, PATNA, BIHAR, INDIA	-

* Date of charge modification

FIXED ASSETS:

· Lease Hold Land

· Land

· Air Conditioner

· Factory Shed

· Computers

· Electrical Equipments

· Electrical Installation

· Furniture and Fixture

· Generator

· Lab Equipments

· Plant and Machinery

· Motor Car

· Office Equipments

· Tools and Implement

· Water Boring

· Water Tank

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.60.23
UK Pound	1	Rs.101.68
Euro	1	Rs.83.46

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	SUM
Report Prepared by :	NKT

SCORE & RATING EXPLANATIONS

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

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.