MIRA INFORM REPORT

Report Date :

27.11.2014

IDENTIFICATION DETAILS

Name :	NUBERG ENGINEERING LIMITED (w.e.f 02.04.2008)
Formerly Known As :	NUBERG ENGINEERING PRIVATE LIMITED
Registered Office :	1223, Gali No. 83, Shanti Nagar, Trinagar, New Delhi – 110085
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	21.06.1996
Com. Reg. No.:	55-079817
Capital Investment / Paid-up Capital :	Rs.100.362 Millions
CIN No.: [Company Identification No.]	U74210DL1996PLC079817
IEC No.:	0596049480
TAN No.: [Tax Deduction & Collection Account No.]	DELN02816C
PAN No.: [Permanent Account No.]	AAACN3523A
Legal Form :	A Closely Held Public Limited Company
Line of Business :	Manufacturer and Exporter of Nitrogen Gas Generators, Various Pressure Vessels, Reactors, Absorbers, Columns, Heat Exchangers, Tanks, etc.
No. of Employees :	357 (281 In Office + 56 In In Factory + 20 In Branch) (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject was incorporated in 1996 as a private limited company and was reconstituted as a closely held public limited company in 2008. It is an established company having satisfactory track record. The company possesses a favorable financial profile supported by its established position in the engineering, procurement, construction (EPC) and gas generator segments, adequate liquidity position and favorable profitability margins of the company. Trade relations are fair. Business is active. Payment terms 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 – 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 slow 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	CRISIL
Rating	Long term rating BB+
Rating Explanation	Inadequate credit quality and high credit risk.
Date	May 27, 2014

Rating Agency Name	CRISIL
Rating	Short term rating A4+
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	May 27, 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 PARTED BY

Name :	Mr. Rajesh Bhandari
Designation :	DY. General Manager (S and M)
Contact No.:	91-9313490608
Date :	21.11.2014

LOCATIONS

Registered Office :	1223, Gali No. 83, Shanti Nagar, Trinagar, New Delhi – 110085, India
Tel. No.:	Not Available
Mobile No.:	91-9313490608 (Mr. Rajesh Bhandari)
Fax No.:	Not Available
E-Mail :	aksingh@nuberg.in bhandari@nuberg.in nuberg@nuberg.in
Website :	www.nubergindia.com
Location :	Rented
Corporate Office :	Nuberg House, A – 38, H, Sector – 64, Noida – 201301, Uttar Pradesh, India
Tel. No.:	91 - 120 – 2403101 / 2403102 / 2403103
Fax No.:	91 - 120 - 2403104
E-Mail :	nuberg@del6.vsnl.net.in nuberg@nuberg.in
Area :	9256 Sq. ft
Factory 1 :	Plot No. 679, Road No 7, GIDC Estate Jhagadia, District – Bharuch – 393110, Gujarat, India
Tel No:	91-120-2403101 / 2 / 3
Fax No:	91-120-2403104
Area :	674897 Sq. ft
Location :	Owned
Factory 2 :	D7 and 29, Phase – II, Extension, Noida – 201301, Uttar Pradesh, India
Area :	10333.4 Sq. ft
Location :	Owned
Branch Office :	Located At: v Mumbai v Hyderabad v Ahmedabad
Location :	Owned

DIRECTORS

As on 31.03.2014

Name :	Mr. Vinod Kumar Gupta
Designation :	Managing director
Address :	D-44, Sector 39, Noida - 201301, Uttar Pradesh, India
Date of Birth/Age :	24.08.1960
Qualification :	B.E (Mech)
Date of Appointment :	21.06.1996
DIN No.:	00312784
Name :	Mr. Anil Kumar Tyagi
Designation :	Managing director
Address :	B-104, Sector 39, Noida - 201301, Uttar Pradesh, India
Date of Birth/Age :	05.03.1960
Qualification :	B.E (Mech)
Date of Appointment :	21.06.1996
DIN No.:	00312763
Name :	Mrs. Shashi Tyagi
Designation :	Director
Address :	B-104, Sector 39, Noida - 201301, Uttar Pradesh, India
Date of Birth/Age :	11.03.1959
Qualification :	M.A
Date of Appointment :	01.04.2005
DIN No.:	00312665
Name :	Mrs. Sugandha Gupta
Designation :	Director
Address :	D-44, Sector 39, Noida - 201301, Uttar Pradesh, India
Date of Birth/Age :	12.10.1958
Qualification :	M.A
Date of Appointment :	01.04.2005
DIN No.:	00312701

KEY EXECUTIVES

Name :	Mr. Rajesh Bhandari
Designation :	DY. General Manager (S and M)

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 28.09.2013

Names of Shareholders	No. of Shares	%age
Anil Kumar Tyagi	5010000	49.91
Vinod Kumar Gupta	5010000	49.91
Sandeep Tyagi	2700	0.03
R.D. Gupta	2700	0.03
Rama Gupta	2700	0.03
Shashi Tyagi	2700	0.03
Sugandha Gupta	2700	0.03
Subodh Tyagi	2700	0.03
Total	10036200	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Nitrogen Gas Generators, Various Pressure Vessels, Reactors, Absorbers, Columns, Heat Exchangers, Tanks, etc.

Products :

Description of Product	ITC Code
Gas Generator	84051010

v PSA Nitrogen Gas Plants

v Compressed Air Dryers

v Ammonia Crackers

v Hydrogen Gas Plants - Ammonia Cracker based

v Hydrogen Gas Plants – Water Electrolysis Based

v Gas Purification Systems

v Ammonia Storage Systems

v PSA Oxygen Gas Plants

v VPSA Oxygen Gas Plants

v Chemical projects on LSTK basis

v Heavy fabrication Work

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Countries :

v Australia

v Bangladesh

v Egypt

v Nigeria

v Pakistan

v Syria

v South Africa

v Thailand

Imports :

Not Available

Terms :

Not Available

PRODUCTION STATUS – AS ON 31.03.2014

1. Average actual Number of Plants Manufactured Per Annum : 50
2. Production capacity : 70 – 75 Plants per Annum

GENERAL INFORMATION

Suppliers :

Not Divulged

Customers :

v SRF Limited – Gwalior

v Cargill Foods Private Limited – Gurgaon

v Cipla Limited - Kurkumbh

No. of Employees :

357 (281 In Office + 56 In In Factory + 20 In Branch) (Approximately)

Bankers :

Banker Name	Union Bank of India
Branch Address	SSI Branch, Naya Bans, Sector – 15, Noida, Uttar Pradesh, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Rs. 750.000 Millions
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
LONG TERM BORROWINGS
Term Loan From Banks
Tata Capital Limited	16.249	36.249
Gujarat Industrial Development Corporation	4.402	5.869
SHORT TERM BORROWINGS
Rupee Loans
UBI-CC A/C	50.856	53.130
UBI-FBD A/C	15.857	0.000
UBI-PCL A/C	74.038	89.430
Total	161.402	184.678

Banking Relations :	--
Auditors :
Name :	PVR and Co. Chartered Accountants
Address :	602 A, Deepshikha, Rajendra Palace, New Delhi – 110008, India
Tel. No. :	11 25750408
E-Mail :	cavinayjain@gmail.com
PAN NO. :	AAMFP2884K
Memberships :	087774
Collaborators :	--
Associates / Subsidiaries :	Ø Nuberg Exports Private Limited Address: “Nuberg House”, A-38 H, Sector-64, Noida – 201301, Uttar Pradesh, India Line of Business: Export Ø Nuberg Industries Private Limited Address: “Nuberg House”, A-38 H, Sector-64, Noida – 201301, Uttar Pradesh, India Line of business: Manufacturing Ø Indian Peroxide Limited Address: “Nuberg House”, A-38 H, Sector-64, Noida – 201301, Uttar Pradesh, India Line of business : Chemical

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
12000000	Equity Shares	Rs.10/- each	Rs.120.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10036200	Equity Shares	Rs.10/- each	Rs.100.362 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	100.362	100.362	100.362
(b) Reserves & Surplus	250.388	175.508	142.609
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	10.000
Total Shareholders’ Funds (1) + (2)	350.750	275.870	252.971
(3) Non-Current Liabilities
(a) long-term borrowings	79.753	98.044	119.668
(b) Deferred tax liabilities (Net)	9.775	8.056	6.517
(c) Other long term liabilities	11.222	6.275	1.085
(d) long-term provisions	14.486	12.630	10.019
Total Non-current Liabilities (3)	115.236	125.005	137.289
(4) Current Liabilities
(a) Short term borrowings	140.751	142.560	111.330
(b) Trade payables	291.800	299.598	325.424
(c) Other current liabilities	346.326	199.867	235.049
(d) Short-term provisions	70.994	35.927	22.300
Total Current Liabilities (4)	849.871	677.952	694.103
TOTAL	1315.857	1078.827	1084.363
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	309.167	309.936	305.791
(ii) Intangible Assets	1.288	0.704	0.000
(iii) Capital work-in-progress	1.201	0.000	4.497
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	5.000	5.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	18.823	3.832	1.972
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	335.479	319.472	312.260
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	61.739	155.441	82.070
(c) Trade receivables	525.316	390.466	414.582
(d) Cash and cash equivalents	165.787	88.977	162.603
(e) Short-term loans and advances	194.801	118.453	112.848
(f) Other current assets	32.735	6.018	0.000
Total Current Assets	980.378	759.355	772.103
TOTAL	1315.857	1078.827	1084.363

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Revenue from operations	1423.384	1249.697	888.933
		Other Income	50.470	22.513	49.065
		TOTAL	1473.854	1272.210	937.998
Less	EXPENSES
		Cost of Materials Consumed	725.928	747.444	513.368
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	26.781	(27.771)	(2.477)
		Employees benefits expense	161.780	134.780	104.039
		Other expenses	347.387	289.564	250.461
		TOTAL	1261.876	1144.017	865.391
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		211.978	128.193	72.607
Less	FINANCIAL EXPENSES		41.504	42.916	32.367
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		170.474	85.277	40.240
Less/ Add	DEPRECIATION/ AMORTISATION		10.126	9.303	8.573
	PROFIT/ (LOSS) BEFORE TAX		160.348	75.974	31.667
Less	TAX		55.783	25.585	11.703
	PROFIT/ (LOSS) AFTER TAX		104.565	50.389	19.964
	EARNINGS IN FOREIGN CURRENCY
		FOB Value Export	759.459	705.203	393.834
		Consultancy Services	22.847	22.722	0.000
	TOTAL EARNINGS		782.306	727.925	393.834
	IMPORTS
		CIF Value of Imports	152.526	279.273	46.073
	TOTAL IMPORTS		152.526	279.273	46.073
	Earnings / (Loss) Per Share (Rs.)		10.42	5.02	1.99

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	7.35	4.03	2.25
Operating Profit Margin (PBDIT/ Sales)	(%)	14.89	10.26	8.17
Return on Total Assets (PBT/Total Assets}	(%)	12.24	7.08	2.93
Return on Investment (ROI) (PBT/Networth)		0.46	0.28	0.13
Debt Equity Ratio (Total Debt/Networth)		0.63	0.87	0.91
Current Ratio (Current Asset/Current Liability)		1.15	1.12	1.11

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	100.362	100.362	100.362
Reserves & Surplus	142.609	175.508	250.388
Share Application money pending allotment	10.000	0.000	0.000
Net worth	252.971	275.870	350.750
long-term borrowings	119.668	98.044	79.753
Short term borrowings	111.330	142.560	140.751
Total borrowings	230.998	240.604	220.504
Debt/Equity ratio	0.913	0.872	0.629

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Revenue from operations	888.933	1249.697	1423.384
		40.584	13.898

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Revenue from operations	888.933	1249.697	1423.384
Profit	19.964	50.389	104.565
	2.25%	4.03%	7.35%

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	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	-----
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
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

UNSECURED LOANS

PARTICULAR	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
LONG TERM BORROWINGS
Car Loan	2.817	0.696
Others	56.285	55.230
Total	59.102	55.926

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10327258	28/07/2014 *	140,000,000.00	TATA CAPITAL FINANCIAL SERVICES LIMITED	ONE FORBES, DR V B GANDHI MARG, FORT, MUMBAI, Maharashtra - 400001, INDIA	C17407701
2	10034296	16/12/2013 *	630,000,000.00	UNION BANK OF INDIA	SSI BRANCH, SECTOR 15, NAYA BANS, NOIDA, GAUTAM BUDHA NAGAR, Uttar Pradesh - 201301, INDIA	B95216388
3	10013636	29/06/2006	350,000.00	UNION BANK OF INDIA	SSI BRANCH, NOIDA, NOIDA, Uttar Pradesh - 201301, INDIA	A02513646

* Date of charge modification

A FEW OF THE EXPORT REFREENCES

Ø Riverina Oil Mills, Australia

Ø Abul Khair Steel Industries Limited, Bangladesh

Ø Global Heavy Chemicals Limited, Bangladesh

Ø Kycr Coil Industries, Bangladesh

Ø National Agro, Egypt

Ø Gujarat Nippon, Nigeria

Ø Descon Oxychem (Private) Limited, Pakistan

Ø Sitara Chemicals Industries Limited, Pakistan

Ø Arian Engg. Syria

Ø Safal Steel Private Limited, South Africa

Ø Air Products Industry Company Limited, Thailand

Ø Indo Poly (thailand) Limited, Thailand

Ø Siam Rubber, Thailand

Ø Thai Rayon Public Company Limited, Thailand

IMPORT DETAILS

Ø Nuberg is Direct Licensee of M/s Carbo Tech AC GmbH for Import of carbon Molecular Sieve being used for Nitrogen gas Plants.

Ø Depending in requirement, time to time CMS (carbon molecular sieve) is being imported.

FIXED ASSETS

œ Land

œ Building

œ Canteen

œ Air Condition

œ Generator

œ Lift

œ Plant and Equipment

œ Furniture and Fixture

œ Computers

œ UPS and Perifers

œ Vehicles

œ Motor Car

œ Cycle

œ Car

œ Scooter

œ Office Equipment’s

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.61.86
UK Pound	1	Rs.97.23
Euro	1	Rs.77.21

INFORMATION DETAILS

Analysis Done by :	KAR
Report Prepared by :	ANK

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	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		45

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.