MIRA INFORM REPORT

Report Date :

28.05.2014

IDENTIFICATION DETAILS

Name :	AGARVANSHI ALUMINIUM LIMITED
Registered Office :	1-8-32/59, Agarvanshi House, Bapubagh, Minister Road, Secunderabad – 500003, Andhra Pradesh
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	12.06.1995
Com. Reg. No.:	01-020663
Capital Investment / Paid-up Capital :	Rs. 53.577 Millions
CIN No.: [Company Identification No.]	U27203AP195PLC020663
TAN No.: [Tax Deduction & Collection Account No.]	HYDA01436B
PAN No.: [Permanent Account No.]	AABCA7440A
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Aluminium Sheets and Profiles.
No. of Employees :	Information denied by the management.

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 513100
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. There appears a dip in its profitability during 2013. However, general financial strength is good. Trade relations are reported to be fair. Business is active. Payments are reported to be usually 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.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	Long Term Rating : CRISIL has Suspended its Rating BBB
Rating Explanation	Due to lack of Information.
Date	17.10.2012

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 DECLINED BY

Name :	Mr. Kapil
Designation :	Accounts Executive
Contact No.:	91-40-27816550
Date :	23.05.2014

LOCATIONS

Registered Office :	1-8-32/59, Agarvanshi House, Bapubagh, Minister Road, Secunderabad – 500003, Andhra Pradesh, India
Tel. No.:	91-40-27816450 / 27816705 / 27892101
Fax No.:	91-40-27816497
E-Mail :	hyd1_agarvans@sancharnet.in contact@agarvanshi.com
Website :	www.agarvanshi.com
Factory :	44, Narapally, Ghatkesar Road, District Ranga Reddy – 501301, Andhra Pradesh, India
Tel. No.:	91-8415-255661
Fax No.:	91-8415-255663

DIRECTORS

AS ON 30.09.2013

Name :

Mr. Bharat Bhushan Aggarwal

Designation :

Managing Director

Address :

Plot No: 244 Road No: 18, Jubilee Hills, Hyderabad – 500034, Andhra Pradesh, India

Date of Birth/Age :

05.01.1952

Qualification :

Graduate

Date of Appointment :

01.04.2011

DIN No.:

01245117

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	U27203AP1995PLC020663	AGARVANSHI ALUMINIUM LIMITED	Managing director	01-04-11	30-09-02	-	Active	NO
2	U70102AP2005PTC046200	AGARVANSHI HOUSING PRIVATE LIMITED	Managing director	11-05-05	11-05-05	-	Active	NO
3	U28110AP2009PTC063909	INDO FEATHERLITE ALUMINIUM SPECIALITIES PRIVATE LIMITED	Additional director	01-07-09	01-07-09	31-03-10	Active	NO

Name :

Mr. Rahul Aggarwal

Designation :

Whole-Time Director

Address :

Plot No: 244 Road No: 18, Jubilee Hills, Hyderabad – 500034, Andhra Pradesh, India

Date of Birth/Age :

07.11.1974

Qualification :

Graduate

Date of Appointment :

01.10.2010

DIN No.:

01245264

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	U72200AP2000PTC034048	MICROCOSM INFOTECH PRIVATE LIMITED	Director	27-03-00	27-03-00	-	Strike off	NO
2	U27203AP1995PLC020663	AGARVANSHI ALUMINIUM LIMITED	Whole-time director	01-10-10	30-09-02	-	Active	NO
3	U70102AP2005PTC046200	AGARVANSHI HOUSING PRIVATE LIMITED	Director	11-05-05	11-05-05	-	Active	NO
4	U28110AP2009PTC063909	INDO FEATHERLITE ALUMINIUM SPECIALITIES PRIVATE LIMITED	Additional director	01-07-09	01-07-09	31-03-10	Active	NO

Name :

Mrs. Nirmala Devi

Designation :

Director

Address :

Plot No: 244 Road No: 18, Jubilee Hills, Hyderabad – 500034, Andhra Pradesh, India

Date of Birth/Age :

18.09.1953

Qualification :

Graduate

Date of Appointment :

30.09.2009

DIN No.:

02071386

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	U72200AP2000PTC034048	MICROCOSM INFOTECH PRIVATE LIMITED	Director	27-03-00	27-03-00	-	Strike off	NO
2	U27203AP1995PLC020663	AGARVANSHI ALUMINIUM LIMITED	Director	30-09-09	27-06-09	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Kapil
Designation :	Accounts Executive

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2013

Names of Shareholders	No. of Shares
Harish Kumar Agarwal	252100
Bharath Bhushan Agarwal	1689100
Ajay Kumar Agarwal	100100
Sanjay Kumar Agarwal	110100
Rahul Agarwal	1096100
Pushpa Devi Agarwal	100
Nirmala Devi Agarwal	100100
Pooja Agarwal	60000
Ratan Kedia C/o Kedia India Limited, India	550000
Kedia Soft Solutions Limited, India	900000
Zimkele Marketing Private Limited, India	500000
TOTAL	5357700

AS ON 30.09.2013

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	26.13
Directors or relatives of directors	63.60
Others	10.27
TOTAL	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Aluminium Sheets and Profiles.

GENERAL INFORMATION

No. of Employees :

Information denied by the management.

Bankers :

· HDFC Bank Limited, HDFC Bank House Senapati Bapat Marg, Lower Parel West, Mumbai - 400013, Maharashtra, India

· The Karur Vysya Bank Limited, CPC (Loans), Chirag Ali Lane, ABIDS, Hyderabad-500001, Andhra Pradesh, India

Facilities :

Secured Loan	As on 31.03.2013 [Rs. in Millions]	As on 31.03.2012 [Rs. in Millions]
Long Term Borrowings
Term Loans	57.180	54.654
Loans taken for fixed assets	0.000	0.299
Short Term Borrowings
Working capital loans from banks	89.262	82.387
Other loans and advances	0.000	18.946
TOTAL	146.442	156.286

Banking Relations :	--
Auditors :
Name :	Luharuka and Associates Chartered Accountants
Address :	5-4-187/3/4, Soham Mansion, II Floor, Above Bank of Baroda, M.G. Road, Secunderabad-500003, Andhra Pradesh, India
PAN No:	AAAFL6424D
Associates :	· Karnataka Metal Company, Secunderabad, Andhra Pradesh, India · Aluminium Sales Corporation, Secunderabad, Andhra Pradesh, India

CAPITAL STRUCTURE

AS ON 31.03.2013

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
5357700	Equity Shares	Rs.10/- each	Rs.53.577 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	53.577	53.577	53.577
(b) Reserves & Surplus	74.609	70.833	65.583
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.100	0.100	0.100
Total Shareholders’ Funds (1) + (2)	128.286	124.510	119.260
(3) Non-Current Liabilities
(a) long-term borrowings	132.676	122.981	98.666
(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)	132.676	122.981	98.666
(4) Current Liabilities
(a) Short term borrowings	89.262	101.333	43.951
(b) Trade payables	185.123	178.024	168.611
(c) Other current liabilities	54.607	49.419	37.464
(d) Short-term provisions	1.130	3.045	9.165
Total Current Liabilities (4)	330.122	331.821	259.191
TOTAL	591.084	579.312	477.117
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	187.363	215.320	109.859
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	25.018	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	2.143	7.790	2.143
(c) Deferred tax assets (net)	0.428	0.785	0.439
(d) Long-term Loan and Advances	96.425	90.615	77.817
(e) Other Non-current assets	1.710	1.710	1.710
Total Non-Current Assets	313.087	316.220	191.968
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	56.587	48.174	71.127
(c) Trade receivables	153.800	142.679	141.972
(d) Cash and cash equivalents	35.703	32.395	29.434
(e) Short-term loans and advances	31.204	32.208	34.341
(f) Other current assets	0.703	7.636	8.275
Total Current Assets	277.997	263.092	285.149
TOTAL	591.084	579.312	477.117

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2013	31.03.2012	31.03.2011
	SALES
	Income	1072.823	1012.447	949.940
	Other Income	45.047	26.703	13.748
	TOTAL (A)	1117.870	1039.150	963.688
Less	EXPENSES
	Cost of Materials Consumed	847.075	782.506	716.605
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(15.096)	14.943	6.435
	Employees benefits expense	43.684	43.725	35.861
	Other expenses	141.120	120.173	125.568
	TOTAL (B)	1016.783	961.347	884.469
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	101.087	77.803	79.219
Less	FINANCIAL EXPENSES (D)	66.179	54.157	37.337
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	34.908	23.646	41.882
Less/ Add	DEPRECIATION/ AMORTISATION (F)	30.774	16.489	17.433
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	4.134	7.157	24.449
Less	TAX (H)	0.358	2.480	8.344
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	3.776	4.677	16.105
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD (K)	NA	56.501	40.396
	BALANCE CARRIED TO THE B/S	NA	61.178	56.501
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	16.356	19.047	35.522
	TOTAL EARNINGS	16.356	19.047	35.522
	IMPORTS	11.055	45.743	NA
	Earnings / (Loss) Per Share (Rs.)	0.70	0.87	3.01

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	0.34	0.45	1.67
Net Profit Margin (PBT/Sales)	(%)	0.39	0.02	2.57
Return on Total Assets (PBT/Total Assets}	(%)	0.73	1.25	5.15
Return on Investment (ROI) (PBT/Networth)		0.03	0.05	0.21
Debt Equity Ratio (Total Debt/Networth)		1.73	1.80	1.20
Current Ratio (Current Asset/Current Liability)		0.84	0.79	1.10

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	53.577	53.577	53.577
Reserves & Surplus	65.583	70.833	74.609
Net worth	119.160	124.410	128.186
long-term borrowings	98.666	122.981	132.676
Short term borrowings	43.951	101.333	89.262
Total borrowings	142.617	224.314	221.938
Debt/Equity ratio	1.197	1.803	1.731

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	949.940	1012.447	1072.823
		6.580	5.963

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	949.940	1012.447	1072.823
Profit	16.105	4.677	3.776
	1.70%	0.46%	0.35%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	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]	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	10357081	10/10/2013 *	407,309,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI, MAHARASHTRA - 400013, INDIA	B90026501
2	10287383	28/03/2011	350,000.00	THE CARUR VYSYA BANK LIMITED	R.P.ROAD BRANCH, SECUNDERABAD - 500003, ANDHRA PRADESH, INDIA	B12900387
3	90121456	27/07/2000	32,000,000.00	THE KARUR VYSYA BANK LTD	6544; RP ROAD, SECUNDERABAD, ANDHRA PRADESH, INDIA	-
4	90121114	04/04/2012 *	440,100,000.00	THE KARUR VYSYA BANK LIMITED	CPC(LOANS), CHIRAG ALI LANE, ABIDS, HYDERABAD - 500001, ANDHRA PRADESH, INDIA	B38708020
5	90121104	25/07/1997	527,025.00	THE KARUR VYSYA BANK LIMITED	RP ROAD, SECUNDERABAD - 500003, ANDHRA PRADESH, INDIA	-
6	90121028	03/04/1997 *	50,000,000.00	IDBI BANK	5-9-89/1 AND 2; CHAPEL ROAD, HYDERABAD - 500001, ANDHRA PRADESH, INDIA	-
7	90120553	05/10/2004 *	59,000,000.00	THE KARUR VYSYA BANK LIMITED	NO. 6549; R. P. ROAD, SECUNDERABAD, ANDHRA PRADESH, INDIA	-

* Date of charge modification

Unsecured Loan	As on 31.03.2013 [Rs. in Millions]	As on 31.03.2012 [Rs. in Millions]
Long Term Borrowings
Rupee term loans from others	19.913	4.683
Deferred payment liabilities	55.583	61.964
Rupee term loan from banks	0.000	1.381
TOTAL	75.496	68.028

OPERATIONS:

During the year, the company has achieved sales turnover and other income of Rs. 11117.871 Millions as against Rs. 1012.446 Millions made during the previous year. The company earned net profit of Rs. 3.776 Millions for the current year as against that of Rs. 4.677 Millions earned in the previous year.

PERFORMANCE AND BUSINESS PROSPECTS:

The performance of the company in the current financial year was encouraging and the company expected to continue the same trend in the future also.

FIXED ASSETS:

· Office Building

· Factory Building

· Air Conditioner

· Computer

· Furniture and Fixtures

· Handling Systems

· Plant and Machinery

· Tools and Spares

· Office Equipments

· Vehicles

· Dies

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.59.05
UK Pound	1	Rs.99.61
Euro	1	Rs.80.60

INFORMATION DETAILS

Information Gathered by :	PLK
Analysis Done by :	SUB
Report Prepared by :	TPT

SCORE & RATING EXPLANATIONS

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