MIRA INFORM REPORT

Report Date :

07.05.2014

IDENTIFICATION DETAILS

Name :	YOGASHRI HEAVY ENGINEERING PRIVATE LIMITED
Registered Office :	B-17, 1^st Main Road, Hiruvangada Nagar, Ambattur, Chennai-600053, Tamilnadu
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	15.06.1994
Com. Reg. No.:	18-027799
Capital Investment / Paid-up Capital :	Rs.20.974 Millions
CIN No.: [Company Identification No.]	U28920TN1994PTC027799
IEC No.:	0495024830
Central Sales Tax :	448189 [Dated 27.06.1994]
Tin No.:	33093320546 [Dated 01.01.2007]
State Sales Tax :	3320546 [Area Code No. 173]
ECC. No.:	AAACY0929MXM002
PAN No.: [Permanent Account No.]	AAACY0929M
Service Tax No.:	AAACY0929MST001
Income Tax No. :	AAACY0929M
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in the business of Manufacturing of Fabrication Heavy Vessels and Structural Works.
No. of Employees :	64 [In Office 10 and In Factory 54] Approximately

RATING & COMMENTS

MIRA’s Rating :

B (36)

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

Maximum Credit Limit :	USD 136800
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. The reserves of the company appear to be low. 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 – 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	CRISIL
Rating	BB – [Long Term]
Rating Explanation	Moderate risk of default.
Date	19.04.2012

Rating Agency Name	CRISIL
Rating	A4+ [Short Term]
Rating Explanation	Minimal degree of safety and vry high credit risk.
Date	19.04.2012

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. K.R. Anandraj
Designation :	Director
Contact No.:	91-9443746645
Date :	28.04.2014

LOCATIONS

Registered / Corporate Office :	B-17, 1^st Main Road, Hiruvangada Nagar, Ambattur, Chennai-600053, Tamilnadu, India
Tel. No.:	Not Available
Mobile No.:	91-9443746645 [Mr. K.R. Anandraj]
Fax No.:	Not Available
E-Mail :	yogashri@sify.com
Website :	http://www.yogashri.net http://www.yogashri.com
Area :	252008 sq. ft.
Location :	Leased
Factory :	No. 90 and 91, SIPCOT Industrial Complex, Hosur-635126, Tamilnadu, India
Tel. No.:	91-4344-276202/275141
Fax No.:	91-4344-277208
Area :	252008 sq. ft.
Location :	Leased

DIRECTORS

AS ON 30.09.2012

Name :

Mr. Karttatipalayam Rangaswamy Ramaswamy

Designation :

Chairman

Address :

15/B-17, First Main Road, Thiruvenkada Nagar, Chennai-600053, Tamilnadu, India

Date of Birth/Age :

65 Years

Qualification :

DME

Experience :

47 Years

Date of Appointment :

15.06.1994

Din No.:

00369956

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	U27200TN1985PTC012401	ADI SAKTHI FABRICATORS P LIMITED	Managing director	23/11/1985	23/11/1985	Active	NO
2	U29309TN1989PTC016852	K R R ENGINEERING PRIVATE LIMITED	Managing director	09/02/1989	09/02/1989	Active	NO
3	U28920TN1994PTC027799	YOGASHRI HEAVY ENGINEERING PRIVATE LIMITED	Director	15/06/1994	15/06/1994	Active	NO

Name :

Mr. Ramaswamy Pushparaj

Designation :

Managing Director

Address :

Plot No. 149, SIPCOT Housing Colony, Opposite Lal, Hosur-635126, Tamilnadu, India

Date of Birth/Age :

51 Years

Qualification :

DME

Experience :

32 Years

Date of Appointment :

30.09.1996

Din No.:

02382508

Name :

Mrs. Pushparaj Jayanthi

Designation :

Director

Address :

Plot No. 149, SIPCOT Housing Colony, Opposite Lal, Hosur-635126, Tamilnadu, India

Date of Birth/Age :

39 Years

Qualification :

DCA

Experience :

15 Years

Date of Appointment :

15.06.1994

Din No.:

02383279

Name :

Mr. K.R. Anandraj

Designation :

Whole Time Director

Address :

Plot No. 1, SIPCOT Housing Colony, Opposite Lal, Hosur-635126, Tamilnadu, India

Date of Birth/Age :

49 Years

Qualification :

B. Com

Experience :

28 Years

Date of Appointment :

30.09.1996

Din No.:

00530668

Name :

Mrs. A. Sasikalamani

Designation :

Whole Time Director

Address :

Plot No. 1, SIPCOT Housing Colony, Opposite Lal, Hosur-635126, Tamilnadu, India

Date of Birth/Age :

45 Years

Qualification :

B.A.

Experience :

24 Years

Date of Appointment :

30.09.1996

Din No.:

00530678

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2012

Names of Shareholders	No. of Shares	% Age
Karttatipalayam Rangaswamy Ramaswamy	524337	25.00
K.R. Anandraj	524337	25.00
A. Sasikalamani	262169	12.50
Ramaswamy Pushparaj	524337	25.00
Pushparaj Jayanthi	262170	12.50
TOTAL	2097350	100.00

AS ON 30.09.2012

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

BUSINESS DETAILS

Line of Business :	Subject is engaged in the business of Manufacturing of Fabrication Heavy Vessels and Structural Works.
Exports :
Products :	Finished Goods
Countries :	Europe Austria South America
Imports :
Products :	Plates
Countries :	Ukraine Korea
Terms :
Selling :	Credit [60 Days] / Others
Purchasing :	L/C / Cash and Credit / Others

PRODUCTION STATUS [AS ON 31.03.2013]

Installed capacity

1000 Ton to 1500 Ton/Year

GENERAL INFORMATION

Suppliers :

Bombay Shah Brothers Limited

Customers :

End Users

• Eid Parry (India) Limited
• Tanfac Industries Limited
• Nepc Micon Limited
• Manali Petrochemical Limited
• Titanium Equipment And Anode Manufacturing Company Limited
• Penta Four Products Limited
• Ion Exchange (India) Limited
• Carborundum Universal Limited
• Southern Structurals Limited
• S And S Industries And Enterprises
• Beardsell Satec Limited
• John Fowler India Limited
• Larsen and Toubro Limited
• Krupp Industries (India) Limited
• Bharat Heavy Electricals Limited
• Webb India Limited

No. of Employees :

64 [In Office 10 and In Factory 54] Approximately

Bankers :

State Bank of Mysore, MM Reddy Complex, Hosur-635109, Tamilnadu, India

Facilities :

Secured Loan	As on 31.03.2013 [Rs. in Millions]	As on 31.03.2012 [Rs. in Millions]
Long Term Borrowings
From Banks - Term Loan - I - SBM Indian Rupee Term Loans From Banks	0.000	1.800
From Banks - Term Loan - II -SBM Indian Rupee Term Loans From Banks	1.182	3.184
From Banks - SIDBI - I - Term Loan Indian Rupee Term Loans From Banks	0.000	0.645
From Banks - SIDBI - III - Term Loan Indian Rupee Term Loans From Banks	0.719	1.140
From Banks - Vehicle Loan - SBM Indian Rupee Term Loans From Banks	0.000	0.191
Short Term Borrowings
Form Banks	43.455	49.267
TOTAL	45.356	56.227

Banking Relations :	--
Auditors :
Name :	M. Krishna Rao and Company Chartered Accountants
Address :	No. A41/12, TNHB, Bagalur Road, Hosur-635109, Tamilnadu, India
Tel. No.:	91-4344-244536/244753
Mobile No.:	91-9362310022
E-Mail :	mkrao.co@gmail.com
PAN No:	ADKPK9483E

CAPITAL STRUCTURE

AS ON 31.03.2013

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
2097350	Equity Shares	Rs.10/- each	Rs.20.974 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	20.974	20.974	20.974
(b) Reserves & Surplus	13.227	11.423	9.596
(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)	34.201	32.397	30.570
(3) Non-Current Liabilities
(a) long-term borrowings	1.901	6.960	6.082
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	1.901	6.960	6.082
(4) Current Liabilities
(a) Short term borrowings	60.292	66.666	31.474
(b) Trade payables	26.865	21.530	24.637
(c) Other current liabilities	18.058	20.948	10.559
(d) Short-term provisions	0.435	0.435	0.395
Total Current Liabilities (4)	105.650	109.579	67.065
TOTAL	141.752	148.936	103.717
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	49.631	51.861	39.945
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(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	0.290	0.157	0.150
(e) Other Non-current assets	0.005	0.006	0.007
Total Non-Current Assets	49.926	52.024	40.102
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	48.086	54.925	49.200
(c) Trade receivables	36.585	36.292	7.393
(d) Cash and cash equivalents	0.385	0.068	0.092
(e) Short-term loans and advances	6.770	5.627	6.930
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	91.826	96.912	63.615
TOTAL	141.752	148.936	103.717

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	127.272	126.635	81.566
		Other Income	0.563	0.291	0.000
		TOTAL (A)	127.835	126.926	81.566
Less	EXPENSES
		Cost of Material Consumed	78.306	85.261	77.376
		Employee Benefits Expenses	4.377	4.463	2.871
		Other Expenses	31.225	28.529	14.948
		Changes in Inventories of Finished Goods and Traded Goods	0.310	(5.800)	(23.225)
		TOTAL (B)	114.218	112.453	71.970
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		13.617	14.473	9.596
Less	FINANCIAL EXPENSES (D)		7.840	8.679	4.540
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		5.777	5.794	5.056
Less/ Add	DEPRECIATION/ AMORTISATION (F)		3.537	3.533	3.001
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		2.240	2.261	2.055
Less	TAX (H)		0.435	0.435	0.395
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		1.805	1.826	1.660
	EARNINGS IN FOREIGN CURRENCY		0.000	0.000	0.000
	IMPORTS		0.000	0.000	0.000
	Earnings / (Loss) Per Share (Rs.)		0.86	0.87	0.79

Particulars	31.03.2014
Sales Turnover [Approximately]	140.000

Expected Sales (2014-15 ) : Rs.200.000 Millions.

The above information has been parted by Mr. K.R. Anandraj.

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	1.41	1.44	2.04
Net Profit Margin (PBT/Sales)	(%)	1.76	1.79	2.52
Return on Total Assets (PBT/Total Assets}	(%)	1.58	1.52	1.98
Return on Investment (ROI) (PBT/Networth)		0.07	0.07	0.07
Debt Equity Ratio (Total Debt/Networth)		1.82	2.27	1.23
Current Ratio (Current Asset/Current Liability)		0.87	0.88	0.95

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	20.974	20.974	20.974
Reserves & Surplus	9.596	11.423	13.227
Net worth	30.570	32.397	34.201
long-term borrowings	6.082	6.960	1.901
Short term borrowings	31.474	66.666	60.292
Total borrowings	37.556	73.626	62.193
Debt/Equity ratio	1.229	2.273	1.818

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	81.566	126.635	127.272
		55.255	0.503

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	81.566	126.635	127.272
Profit	1.660	1.826	1.805
	2.04%	1.44%	1.42%

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	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	Yes
18]	Major customers	Yes
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	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]	PAN of Proprietor/Partner/Director, if available	No
32]	Date of Birth 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	10274795	24/03/2011	2,000,000.00	SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA	643/1D, RKG MANOR, FIRST FLOOR, NH-7, BANGALORE ROAD, HOSUR - 635109, TAMILNADU, INDIA	B08945412
2	10267203	21/10/2009	520,000.00	SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA	643/1D, RKG MANOR, FIRST FLOOR, NH-7, BANGALORE ROAD, HOSUR - 635109, TAMILNADU, INDIA	A90677980
3	10200013	28/08/2008	3,225,000.00	SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA	643/1D, RKG MANOR, FIRST FLOOR, NH-7, BANGALORE ROAD, HOSUR - 635109, TAMILNADU, INDIA	A49129646
4	10016442	14/07/2006	15,000,000.00	STATE BANK OF MYSORE	MM REDDY COMPLEX, OLD BANGALORE ROAD, HOSUR, HOSUR TAMILNADU - 635109, INDIA	A02879401
5	90295078	18/07/2012 *	64,900,000.00	STATE BANK OF MYSORE	MM REDDY COMPLEX, OLD BANGALORE ROAD, HOSUR, HOSUR TAMILNADU - 635109, INDIA	B44774685
* Date of charge modification

Unsecured Loan	As on 31.03.2013 [Rs. in Millions]	As on 31.03.2012 [Rs. in Millions]
Short Term Borrowings
From Others
Loans From Related Parties Cash Credit From Bank Carry Interest @ 14.40% p.a. and it is secured by way of hypothecation of land, building, plant and machinery and receivables	16.837	17.399
TOTAL	16.837	17.399

PROFILE:

Subject is situated in 5.78 acres in the heart of SIPCOT Industrial Complex, Hosur-635126. This Company was registered in the year 1984 in the name of Fabline Industries and it has been taken over by them in the year 1994 and named as 'YOGASHRI HEAVY ENGINEERING PRIVATE LIMITED'.

COMPANY OVERVIEW:

Subject was incorporated on 15^th June 1994 as a private limited company with its registered office at Hosur. The company is a 9001:2008 ISO certified and is engaged in the business of manufacturing fabrication heavy vessels and structural works.

FIXED ASSETS:

• Land
• Building
• Plant and Machinery
• Electrical Installation
• Computer Software
• Tools and Installments
• Furniture and Fixtures
• Office Equipments
• Vehicles

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.60.20
UK Pound	1	Rs.101.67
Euro	1	Rs.83.55

INFORMATION DETAILS

Information Gathered by :	HTL
Analysis Done by :	SUM
Report Prepared by :	TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--CREDIT LINES	1~10	5
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		36

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.