MIRA INFORM REPORT

Report Date :

24.05.2014

IDENTIFICATION DETAILS

Name :	SIMEC Indus Resources PRIVATE LIMITED (w.e.f. 18.09.2013)
Formerly Known As :	Indus Resources PRIVATE LIMITED
Registered Office :	Flat No. 257, DDA Commercial Complex - I, Cycle Market, Jhandewalan Extension, New Delhi – 110055
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	18.02.2000
Com. Reg. No.:	55-103828
Capital Investment / Paid-up Capital :	Rs.66.004 Millions
CIN No.: [Company Identification No.]	U74899DL2000PTC103828
PAN No.: [Permanent Account No.]	AAACI8677E
Legal Form :	Private Limited Liability Company
Line of Business :	Trader, Exporter and Importer of Metal and Mineral.
No. of Employees :	18 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 5630000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. The rating takes into consideration company’s improved operational performance during 2013 and sound liquidity position of the company. Trade relations are fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered for business dealings at usual trade terms and condition.

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.2453.2 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	CARE
Rating	Long Term Bank Facilities = BB Withdrawn
Rating Explanation	Moderate degree of safety and high credit risk
Date	20.03.2014

Rating Agency Name	CARE
Rating	Short Term Bank Facilities = A4 Withdrawn
Rating Explanation	Minimal degree of safety and high credit risk
Date	20.03.2014

Reason: Withdrawn proposed bank facilities not availed by 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. Willam Dias
Designation :	Finance Manager
Contact No.:	91-22-22041013
Date :	19.03.2014

LOCATIONS

Registered Office :	Flat No.257, DDA Commercial Complex-I, Cycle Market, Jhandewalan Extension, New Delhi – 110055, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	rocdak@gmail.com chandrahas.salian@indusresources.biz
Corporate Office :	605, Raheja Chambers, 6^th Floor, Nariman Point, Mumbai – 400021, Maharashtra, India
Tel No.:	91-22-22041013
Location :	Rented
Branch Office 1 :	B-15, Apna Nagar, Gandhidham Kachchh – 370201, Gujarat, India
Branch Office 2 :	Also Located at Orissa, India

DIRECTORS

As on 09.08.2013

Name :

Mr. Parduman Radhakishan Gupta

Designation :

Director

Address :

578, Model Town, Ludhiana – 141 003, Punjab, India

Date of Birth/Age :

04.05.1943

Date of Appointment :

29.11.2005

DIN No.:

00304187

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	U35923PB1996PTC018357	RADHAKISHAN ENTERPRISES PRIVATE LIMITED	Director	17/06/1996	17/06/1996	01/03/2013	Active	NO
2	U35920PB2004PTC027189	VENUS BIKES PRIVATE LIMITED	Director	10/05/2005	10/05/2005	-	Active	NO
3	U74899DL2000PTC103828	SIMEC INDUS RESOURCES PRIVATE LIMITED	Director	29/11/2005	29/11/2005	-	Active	NO
4	U51420MH2010PTC210110	SAR METALLICS PRIVATE LIMITED	Director	16/11/2010	16/11/2010	-	Active	NO
5	U51101MH2010PTC210109	GT RESOURCES PRIVATE LIMITED	Director	16/11/2010	16/11/2010	-	Active	NO
6	U51101MH2010PTC210108	SAR POWER AND STEEL PRIVATE LIMITED	Director	16/11/2010	16/11/2010	-	Active	NO
7	U51101MH2010PTC210106	PKG STEEL PRIVATE LIMITED	Director	16/11/2010	16/11/2010	-	Active	NO

Name :

Mr. Deepak Kumar Chawla

Designation :

Director

Address :

B-2/8, Tata Steel Officer Enclave, Sector Beeta-1, Greater Noida, G B Nagar – 201 306, Uttar Pradesh, India

Date of Birth/Age :

01.07.1973

Date of Appointment :

20.09.2007

DIN No.:

02033332

Name :

Mr. Ravi Kumar Trehan

Designation :

Additional Director

Address :

Tower No. 3, Flat No. 601 – E and W Sub Meter Burj Dubai Development, Dubai - 346051

Date of Birth/Age :

11.01.1959

Date of Appointment :

18.05.2010

DIN No.:

01045610

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	U11200MH1985PTC035823	RAMLAKS EXPORTS PRIVATE LIMITED	Director	02/04/2001	02/04/2001	-	Active	NO
2	U25200MH1966PTC013478	J TCHANRAI INDUSTRIES PRIVATE LIMITED	Director	02/04/2001	02/04/2001	-	Active	NO
3	U24230MH1981PTC024133	WHITECRAFT PHARMACEUTICALS PVT LTD	Director	10/02/2004	10/02/2004	-	Active	NO
4	U91110GJ1995PTC027776	CHANTEX INDUSTRIES PRIVATE LIMITED	Whole-time director	23/03/2004	23/03/2004	-	Active	NO
5	U70101DL2004PTC211066	DART PROPERTIES PRIVATE LIMITED	Director	24/08/2004	24/08/2004	08/05/2010	Active	NO
6	U45200MH2006PTC160926	ART EXIM PRIVATE LIMITED	Director	03/04/2006	03/04/2006	-	Active	NO
7	U72300MH2007PTC166774	SECURED DATA SOLUTIONS PRIVATE LIMITED	Director	05/01/2007	05/01/2007	-	Active	NO
8	U51101MH2007PTC167064	GLOBUS INTERNATIONAL PRIVATE LIMITED	Director	17/01/2007	17/01/2007	-	Active	NO
9	L29249GJ1986PLC009126	ELECTROTHERM (INDIA) LIMITED	Director	20/06/2008	30/07/2007	26/09/2012	Active	NO
10	U74899DL2000PTC103828	SIMEC INDUS RESOURCES PRIVATE LIMITED	Director	30/09/2010	18/05/2010	-	Active	NO
11	U35301MH2010PTC211391	Liberty Aviation's Private Limited	Director	27/12/2010	27/12/2010	-	Active	NO
12	U45200MH2012PTC227182	ANC CONTRACTING AND ENGINEERS PRIVATE LIMITED	Director	20/02/2012	20/02/2012	-	Active	NO
13	U51101MH2010PTC210109	GT RESOURCES PRIVATE LIMITED	Director	13/08/2013	04/05/2013	06/11/2013	Active	NO
14	U51101MH2010PTC210108	SAR POWER AND STEEL PRIVATE LIMITED	Director	13/08/2013	04/05/2013	-	Active	NO
15	U51420MH2010PTC210110	SAR METALLICS PRIVATE LIMITED	Director	13/08/2013	04/05/2013	-	Active	NO
16	U51101MH2010PTC210106	PKG STEEL PRIVATE LIMITED	Director	13/08/2013	14/06/2013	-	Active	NO

Name :

Mr. Mahesh Bhhagwandas Kanodia

Designation :

Additional Director

Address :

B1-102, Minal Co-operative Housing Society Limited, Off S V Road, Powai, Next To Killick Nixon Factory, Mumbai – 400072, Maharashtra, India

Date of Birth/Age :

18.08.1947

Date of Appointment :

02.11.2013

DIN No.:

06732406

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	U51101MH2010PTC210109	GT RESOURCES PRIVATE LIMITED	Additional director	02/11/2013	02/11/2013	-	Active	NO
2	U74899DL2000PTC103828	SIMEC INDUS RESOURCES PRIVATE LIMITED	Additional director	02/11/2013	02/11/2013	-	Active	NO
3	U51101MH2010PTC210106	PKG STEEL PRIVATE LIMITED	Additional director	02/11/2013	02/11/2013	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Willam Dias
Designation :	Finance Manager
Name :	Ms. Mayuri
Designation :	Admin
Name :	Mr. Chandrahas
Designation :	Admin

MAJOR SHAREHOLDERS

As on 09.08.2013

Names of Shareholders	No. of Shares
Sanjeev Parduman Kumar Gupta	1039672
Parduman Kumar Radhakrishan Gupta	9990
Deepak Kumar Ram Chawla	10
PIMS Investment Pte Limited, Singapore	5550744
Total	6600416

Equity Share Break up (Percentage of Total Equity)

As on 09.08.2013

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	84.00
Directors or relatives of Directors	16.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Trader, Exporter and Importer of Metal and Mineral.
Exports :
Products :	Finished Goods
Countries :	· Singapore · Dubai · UK
Imports :
Products :	Raw Materials
Countries :	· Europe · Dubai
Terms :
Selling :	L/C, Cash and Credit
Purchasing :	L/C, Cash and Credit

GENERAL INFORMATION

Suppliers :

Uttam Galva

Customers :

Artec Commodities UK Limited

No. of Employees :

18 (Approximately)

Bankers :

· Punjab National Bank, Forshor Road Branch, Nariman Point, Mumbai – 400021, Maharashtra, India

· ING Vysya Bank Limited, 382/384, Narasinatha Street, Katha Bazar, Mandvi (West), Mumbai - 400009, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Long Term Borrowings
Term Loans from Banks	3.730	0.000
Total	3.730	0.000

Banking Relations :	--
Auditors :
Name :	Shah Gupta and Company Chartered Accountants
Address :	38, Bombay Mutual Building, 2nd Floor, Dr. D. N. Road, Fort, Mumbai, Maharashtra, India
Tel. No.:	91-22-22623000
Fax No.:	91-22-22622000
E-Mail :	contact@shahgupia.com
Website :	www.shahgupta.com
PAN No.:	AAAFS7702F
Holding Company :	PIMS Investment Pte Limited, Singapore

CAPITAL STRUCTURE

After 09.08.2013

Authorised Capital : Rs.500.000 Millions

Issued, Subscribed & Paid-up Capital : Rs.370.485 Millions

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
50000000	Equity Shares	Rs.10/- each	Rs.500.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
6600416	Equity Shares	Rs.10/- each	Rs.66.004 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	66.004	10.497	10.497
(b) Reserves & Surplus	277.967	2.840	0.940
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	1064.203	127.248	0.000
Total Shareholders’ Funds (1) + (2)	1408.174	140.585	11.437
(3) Non-Current Liabilities
(a) long-term borrowings	3.730	0.000	0.000
(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)	3.730	0.000	0.000
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	1.921
(b) Trade payables	3300.939	863.843	45.895
(c) Other current liabilities	12.284	1.579	2.621
(d) Short-term provisions	11.734	1.163	0.109
Total Current Liabilities (4)	3324.957	866.585	50.546
TOTAL	4736.861	1007.170	61.983
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	59.303	5.088	5.765
(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	0.003	0.000	0.000
(c) Deferred tax assets (net)	1.810	0.073	0.000
(d) Long-term Loan and Advances	21.807	1.020	0.624
(e) Other Non-current assets	0.500	1.943	0.411
Total Non-Current Assets	83.423	8.124	6.800
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	647.963	153.787	0.555
(c) Trade receivables	3053.521	770.559	41.145
(d) Cash and cash equivalents	19.139	68.878	11.228
(e) Short-term loans and advances	932.815	5.822	2.255
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	4653.438	999.046	55.183
TOTAL	4736.861	1007.170	61.983

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	TURNOVER		8708.532	1929.721	73.829
	EXPENSES		NA	NA	NA
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		40.201	4.205	1.134
Less	DEPRECIATION/ AMORTISATION		2.270	1.213	0.927
	PROFIT/(LOSS) BEFORE TAX		37.931	2.992	0.207
Less	TAX		12.588	1.092	0.110
	PROFIT/(LOSS) AFTER TAX		25.343	1.900	0.101
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		2.840	0.940	0.839
	BALANCE CARRIED TO THE B/S		28.183	2.840	0.940
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	3731.288	59.408	73.829
	TOTAL EARNINGS		3731.288	59.408	73.829
	Earnings Per Share (Rs.)		3.84	1.81	0.10

Expected Sales: Rs.10000.000 Millions

Above information has been parted by Mr. Willam Dias, Finance Manager

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Return on Total Assets (PBT/Total Assets}	(%)	0.80	0.30	0.33
Return on Investment (ROI) (PBT/Networth)		0.03	0.02	0.02
Debt Equity Ratio (Total Debt /Networth)		0.00	0.00	0.17
Current Ratio (Current Asset/Current Liability)		1.40	1.15	1.09

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	10.497	10.497	66.004
Reserves & Surplus	0.940	2.840	277.967
Net worth	11.437	140.585	1408.174
long-term borrowings	0.000	0.000	3.730
Short term borrowings	1.921	0.000	0.000
Total borrowings	1.921	0.000	3.730
Debt/Equity ratio	0.168	0.000	0.003

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
Turnover	73.829	1,929.721	8,708.532
		2,513.771	351.285

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Turnover	73.829	1,929.721	8,708.532
Profit	0.101	1.900	25.343
	0.14%	0.10%	0.29%

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	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
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]	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

Notes:

· As claimed by Mr. Sujeet Jadhav, Assistant Finance Manager that Mr. Sanjeev Parduman Kumar Gupta is a shareholder of Uttam Galva Metallics and Uttam Galva Metallics is a supplier of Subject Company.

· The registered office address of the company has been shifted from E-55, NDSE-I, New Delhi – 110 049 to present address w.e.f. 06.05.2008.

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10413958	04/03/2013	150,000,000.00	Punjab National Bank	Forshor Road Branch, Nariman Point, Mumbai, Maharashtra - 400021, India	B71498018

TRADE REFERENCE

· Uttam Galva, Mumbai

· Artec Commodities UK Limited

FIXED ASSETS

· Buildings

· Plant and Equipment

· Furniture and Fixtures

· Vehicles

· Office Equipment

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 records 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.58.48
UK Pound	1	Rs.98.67
Euro	1	Rs.79.81

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	KAR
Report Prepared by :	VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	4
--RESERVES	1~10	5
--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	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		42

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.