MIRA INFORM REPORT

Report Date :

18.11.2014

IDENTIFICATION DETAILS

Name :	JAILAXMI CASTING AND ALLOYS PRIVATE LIMITED
Registered Office :	Gut No.75, Farola Village, Aurangabad Paithan Road, Taluka Paithan, District Aurangabad – 431005, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	18.08.2004
Com. Reg. No.:	11-148067
Capital Investment / Paid-up Capital :	Rs.150.000 Millions
CIN No.: [Company Identification No.]	U27100MH2004PTC148067
TIN No.:	Not Available
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	NSKJ01535C
PAN No.: [Permanent Account No.]	AABCJ4567F
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing of M. S. Billets and Rolled Products.
No. of Employees :	Information denied by management

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

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The rating is constrained on account of below average operational performance and loss that company has incurred from its operational activities during financial year 2014. However, trade relations are reported as fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered for business dealings with some caution.

NOTES:

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

ECGC Country Risk Classification List – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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

N E W S

Verdict Implications: Apex court order may alter coal import dynamics. Traders go slowly on talks over coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.

Recent arrest of the Chennai head of the Registrar of Companies, the ministry of corporate affairs arm that ensures that companies file all the information required by the Companies Act is the latest manifestation of a messy fight between a father and his adopted son for the control of Rs 40000 mn Business Empire. The Central Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10 lakhs as bribe from M a M Ramaswamy, a CBI official said.

Central Bureau of Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.

Infosys maintains revenue guidance. COO Rao says attrition still an area of concern and it would take a few more quarters to bring down levels to 13-15 %.

DHL to invest Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its e-commerce business model for the Asia-Pacific region.

Blackstone may buy stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.

Kingfisher Airlines Ltd grounded in October 2012 under the weight of heavy debt and accumulated losses, recently approached the Delhi high court for relief in two separate cases. The airline challenged a notice by Punjab & National Bank alleging that it had wilfully defaulted on Rs 7700 mn of loans and sought more time to comply with the requirements under the listing agreements with the Stock Exchanges.

OnMobile likely to sack another 300 employees. The lay-offs follow a spate of senior-level exits over the past two years, starting with of its founder. The overall lay-offs could number around 600 and are driven by the need to cut costs, says a former employee.

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long Term Rating = BB
Rating Explanation	Inadequate credit quality and high credit risk
Date	15.04.2014

Rating Agency Name	CARE
Rating	Short Term Rating = A4
Rating Explanation	Minimal degree of safety and very high credit risk
Date	15.04.2014

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 31-03-2014.

INFORMATION DENIED BY

Name :	Mr. Krishna
Designation :	Not Divulged
Contact No.:	91-2431-251236
Date :	17.11.2014

LOCATIONS

Registered Office/ Factory :	Gut No.75, Farola Village, Aurangabad Paithan Road, Taluka Paithan, District Aurangabad – 431005, Maharashtra, India
Tel. No.:	91-2431-251236 / 37 / 251212
Fax No.:	91-2431-251212 / 251236
E-Mail :	bhandareassociates@gmail.com jailaxmicasting@yahoo.com sales@jailaxmicasting.com
Website :	http://www.jailaxmicasting.com
Export Sales Office :	Office No.5, 1st Floor, Patel Shopping Center, Sainath Road, Malad (West), Mumbai – 400064, Maharashtra, India.
Tel. No.:	91-22-28813066/ 28813086
Fax No.:	91-22-28813086
E-Mail :	jcapl.exports@gmail.com exports@jailaxmicasting.com

DIRECTORS

As on 07.08.2014

Name :

Mr. Manish Omprakash Agrawal

Designation :

Director

Address :

Flat No D – 45, Pride Park, Vedant Nagar, Station Road, Aurangabad, Maharashtra, India

Date of Birth/Age :

25.02.1975

Date of Appointment :

18.08.2004

PAN No.:

AAYPA2294G

DIN No.:

00574440

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	U21017MH1996PTC102685	AURANGABAD BUSINESS FORMS PRIVATE LIMITED	Director	19/09/1996	19/09/1996	06/12/2013	Active	NO
2	U27100MH2004PTC148067	JAILAXMI CASTING AND ALLOYS PRIVATE LIMITED	Director	18/08/2004	18/08/2004	-	Active	NO
3	U92114MH1996PTC100696	KINESCOPE (INDIA) PRIVATE LIMITED	Director	30/01/2010	14/01/2010	-	Active	NO
4	U45202MH2010PTC204240	PRIDE VENTURES (INDIA) PRIVATE LIMITED	Director	15/06/2010	15/06/2010	-	Active	NO
5	U40101MH2010PTC205619	GANRAJ STEELS AND POWER PRIVATE LIMITED	Director	19/07/2010	19/07/2010	-	Active	NO

Name :

Mr. Navin Hanumanprasad Bagadiya

Designation :

Director

Address :

H. No. 4, Nilkanth Vihar, Golegaonkar Colony, Station Road, Aurangabad, Maharashtra, India

Date of Birth/Age :

26.07.1974

Date of Appointment :

20.11.2004

PAN No.:

ABNPB2077L

DIN No.:

00574513

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	U21017MH1996PTC102685	AURANGABAD BUSINESS FORMS PRIVATE LIMITED	Director	19/09/1996	19/09/1996	06/12/2013	Active	NO
2	U27100MH2004PTC148067	JAILAXMI CASTING AND ALLOYS PRIVATE LIMITED	Director	20/11/2004	20/11/2004	-	Active	NO
3	U27203MH2004PTC146410	AURANGABAD ALLOYS PRIVATE LIMITED	Additional director	25/02/2008	25/02/2008	16/03/2010	Active	NO
4	U92114MH1996PTC100696	KINESCOPE (INDIA) PRIVATE LIMITED	Director	20/08/2009	05/06/2009	-	Active	NO
5	U45202MH2010PTC204240	PRIDE VENTURES (INDIA) PRIVATE LIMITED	Director	15/06/2010	15/06/2010	-	Active	NO
6	U40101MH2010PTC205619	GANRAJ STEELS AND POWER PRIVATE LIMITED	Director	19/07/2010	19/07/2010	-	Active	NO
7	AAA-1097	AJANTA DISHA PRIDE VENTURES LIMITED LIABILITY PARTNERSHIP	Designated Partner	08/12/2010	08/12/2010	-	Active	NO
8	AAA-4052	AJANTA DISHA PRIDE CONSTRUCTIONS LIMITED LIABILITY PARTNERSHIP	Designated Partner	10/03/2011	10/03/2011	-	Active	NO
9	AAA-5596	PRIDE CONSTRO - VENTURES LIMITED LIABILITY PARTNERSHIP	Designated Partner	15/07/2011	15/07/2011	-	Active	NO
10	AAA-8565	SIMAR PRIDE VENTURES LIMITED LIABILITY PARTNERSHIP	Body corporate as Designated Partner	28/03/2012	28/03/2012	-	Active	NO
11	AAA-8709	ZAMBAD DISHA PRIDE INFRASTRUCTURES LIMITED LIABILITY PARTNERSHIP	Body corporate as Designated Partner	09/04/2012	09/04/2012	-	Active	NO
12	AAB-0109	CITY BHARATI TECHNO - HERITAGE LIMITED LIABILITY PARTNERSHIP	Designated Partner	12/07/2012	12/07/2012	-	Active	NO
13	AAB-7482	A. A. B. DEVELOPERS LLP	Body corporate as Designated Partner	05/09/2013	05/09/2013	29/10/2013	Active	NO
14	AAB-7897	SSK PRIDE NESTS LLP	Body corporate as Designated Partner	30/09/2013	30/09/2013	-	Active	NO

Name :

Mrs. Shardadevi Radhesham Agrawal

Designation :

Director

Address :

Bharat Nagar, Near Shivaji Statue, Jalna, Maharashtra, India

Date of Birth/Age :

27.01.1955

Date of Appointment :

18.11.2010

PAN No.:

AAPPA5578E

DIN No.:

01155774

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	U27100MH2002PTC135063	DEVGIRI HOLIDAY RESORTS PRIVATE LIMITED	Director	05/03/2002	05/03/2002	-	Strike off	NO
2	U27100MH2004PTC148067	JAILAXMI CASTING AND ALLOYS PRIVATE LIMITED	Director	18/11/2010	18/11/2010	-	Active	NO

Name :

Mr. Srinivas Jayaram Palasuledesai

Designation :

Director

Address :

RH – 2, Anand Vihar, Opposite Dhoot Bungalow, Paithan Gate, Aurangabad, Maharashtra, India

Date of Birth/Age :

07.02.1968

Date of Appointment :

19.08.2008

DIN No.:

02279223

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	U27100MH2004PTC148067	JAILAXMI CASTING AND ALLOYS PRIVATE LIMITED	Director	19/08/2008	05/08/2008	-	Active	NO

Name :

Mr. Pankaj Radheshyam Agrawal

Designation :

Director

Address :

Block No. A – 6, CTSNO – 18349/3, Pride Plaza, Station Road, Aurangabad, Maharashtra, India

Date of Birth/Age :

30.08.1981

Date of Appointment :

29.09.2009

PAN No.:

AGCPA4888J

DIN No.:

02411583

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	U27100MH2004PTC148067	JAILAXMI CASTING AND ALLOYS PRIVATE LIMITED	Director	29/09/2009	16/06/2009	-	Active	NO
2	U27200MH1988PTC046773	RHISHI STEELS AND ALLOYS PRIVATE LIMITED	Director	30/09/2010	25/02/2010	-	Active	NO
3	U40101MH2010PTC205619	GANRAJ STEELS AND POWER PRIVATE LIMITED	Director	19/07/2010	19/07/2010	-	Active	NO

MAJOR SHAREHOLDERS

As on 07.08.2014

Names of Shareholders	No. of Shares
R.R. Agrawal	146330
Rhishi Steel Private Limited	417980
Pankaj R. Agrawal	72030
Shardadevi R. Agrawal	71830
Neetu A. Agrawal	10580
Shraddha P Agrawal	31250
Manish O. Agrawal	168750
Navin H Bagadiya	141286
Vipin B. Bagadiya	168750
Nitin V. Bagadiya	168750
Vandan A N. Bagadiya	20000
H.M.Bagadiya – H.U.F.	7464
Pride Ventures (India) Private Limited	75000
Total	1500000

Equity Share Break up (Percentage of Total Equity)

As on 07.08.2014

Category	Percentage
Directors or relatives of Directors	67.00
Other top fifty shareholders	33.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturing of M. S. Billets and Rolled Products.
Products :	--
Brand Names :	--
Agencies Held :	--
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	Not Divulged
Purchasing :	Not Divulged

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Not Divulged

Customers :

Not Divulged

No. of Employees :

Information denied by management

Bankers :

· The Cosmos Co - Operative Bank Limited, Plot No 13001/01, Rokdiya Hanuman Colony, Jalna Road, Aurangabad - 431001, Maharashtra, India

· Union Bank of India, Aurangabad Main Branch, Paithan Gate, Aurangabad - 431001, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2014 Rs. In Millions	31.03.2013 Rs. In Millions
LONG TERM BORROWINGS
Loans repayable on demand from banks	408.806	407.164
Loans taken for vehicles	4.663	4.364
Rupee term loans from banks	512.410	542.526
SHORT TERM BORROWINGS
Rupee term loans from banks	180.144	189.447
Total	1106.023	1143.501

Banking Relations :	--
Auditors :
Name :	Kailash and Associates Chartered Accountants
Address :	7, Agrawal House, Bansilalnagar Station Road, Aurangabad, Maharashtra, India
PAN No.:	AAUPA4535G
Memberships :	--
Collaborators :	--
Associate :	Aurangabad Alloys Private Limited CIN No.: U27203MH2004PTC146410

CAPITAL STRUCTURE

As on 07.08.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
1500000	Equity Shares	Rs.100/- each	Rs.150.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1500000	Equity Shares	Rs.100/- each	Rs.150.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	150.000	150.000	150.000
(b) Reserves & Surplus	296.726	361.312	299.086
(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)	446.726	511.312	449.086
(3) Non-Current Liabilities
(a) long-term borrowings	1,053.253	1,035.573	818.947
(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)	1,053.253	1,035.573	818.947
(4) Current Liabilities
(a) Short term borrowings	180.144	189.447	130.429
(b) Trade payables	340.849	209.382	257.367
(c) Other current liabilities	109.826	139.185	190.279
(d) Short-term provisions	3.364	10.873	12.847
Total Current Liabilities (4)	634.183	548.887	590.922
TOTAL	2,134.162	2,095.772	1,858.955
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	758.701	752.369	500.639
(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	0.630	0.230	0.130
(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	759.331	752.599	500.769
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	746.544	652.982	481.690
(c) Trade receivables	437.436	566.187	748.351
(d) Cash and cash equivalents	44.728	52.652	68.344
(e) Short-term loans and advances	38.084	7.520	8.172
(f) Other current assets	108.039	63.832	51.629
Total Current Assets	1,374.831	1,343.173	1,358.186
TOTAL	2,134.162	2,095.772	1,858.955

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.03.2014	31.03.2013	31.03.2012
	SALES
		Income
		Other Income
		TOTAL		NA	2720.200	3092.700
	EXPENSES			NA	NA	NA
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION			(1.988)	125.406	179.650
Less	DEPRECIATION/ AMORTISATION			64.230	50.351	40.400
	PROFIT/(LOSS) BEFORE TAX			(62.242)	75.055	139.250
Less	TAX			6.062	15.000	30.000
	PROFIT/(LOSS) AFTER TAX			(68.304)	60.055	109.250
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD			61.414	1.086	1.836
	BALANCE CARRIED TO THE B/S			(6.890)	61.141	111.086
	EARNINGS IN FOREIGN CURRENCY
			Export Earnings	NA	0.000	96.450
	TOTAL EARNINGS			NA	0.000	96.450
	Earnings / (Loss) Per Share (Rs.)			(45.54)	40.04	72.83

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	(2.92)	3.58	7.49
Return on Investment (ROI) (PBT/Networth)		(0.14)	0.15	0.31
Debt Equity Ratio (Total Debt /Networth)		2.76	2.40	2.11
Current Ratio (Current Asset/Current Liability)		2.17	2.45	2.30

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Share Capital	150.000	150.000	150.000
Reserves & Surplus	299.086	361.312	296.726
Share Application money pending allotment	0.000	0.000	0.000
Net worth	449.086	511.312	446.726
Long Term borrowings	818.947	1035.573	1053.253
Short Term borrowings	130.429	189.447	180.144
Total borrowings	949.376	1225.020	1233.397
Debt/Equity ratio	2.114	2.396	2.761

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	No
10]	Designation of contact person	No
11]	Turnover of firm for last two years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	-----------
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	----------
22]	Litigations that the firm / promoter involved in	----------
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	----------
26]	Buyer visit details	----------
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

UNSECURED LOANS:

Particulars	31.03.2014 Rs. In Millions	31.03.2013 Rs. In Millions
LONG TERM BORROWINGS
Rupee term loans from others	110.501	81.519
Deposits from directors	0.800	0.000
Intercorporate deposits	16.073	0.000
Total	127.374	81.519

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10315585	11/10/2011 *	50,000,000.00	The Cosmos Co-Operative Bank Limited	Plot No. 13001/01 Rokdiya Hanuman Colony, Jalna Road, Aurangabad, Maharashtra - 431001, India	B25841404
2	10231536	06/01/2014 *	1,490,000,000.00	The Cosmos Co-Operative Bank Limited	Plot No. 13001/01 Rokdiya Hanuman Colony, Jalna Road, Aurangabad, Maharashtra - 431001, India	B94442639

*Date of modification Charges

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Computer

· Vehicles

· Furniture and Fixture

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No 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.61.68
UK Pound	1	Rs.96.93
Euro	1	Rs.77.36

INFORMATION DETAILS

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

SCORE & RATING EXPLANATIONS

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

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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.