MIRA INFORM REPORT

Report Date :

17.10.2014

IDENTIFICATION DETAILS

Name :	GHAZIABAD PRECISION PRODUCTS PRIVATE LIMITED
Registered Office :	824, Vikas Deep Building, Laxmi Nagar District Centre, Vikas Marg, New Delhi - 110092, Delhi
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	13.09.1988
Com. Reg. No.:	55-033153
Capital Investment / Paid-up Capital :	Rs.11.460 Million
CIN No.: [Company Identification No.]	U74899DL1988PTC033153
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Supplier of Push rods, Leaver assembly, Levers, Shafts, Helical spring, U bolt and Adjusting screw.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

Maximum Credit Limit :	USD 1100000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. There seems some dip in the turnover and profit during 2013 however, net worth of the company is satisfactory. General financial position of the company is normal and acceptable for business dealings. Trade relations are reported as fair. Business is active. Payment terms are reported to be usually correct. The company can be considered normal for business dealings at usual trade terms and conditions.

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	Cash Credit = (BB+) (Suspended)
Rating Explanation	Moderate risk of default
Date	16.04.2013

Reason for Suspension : The rating is suspended on account of non-cooperation by the company to carry out ratings.

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. Arun Goel
Designation :	Finance Manager
Contact No.:	91-11-29536784
Date :	14.10.2014

LOCATIONS

Registered Office :	824, Vikas Deep Building, Laxmi Nagar District Centre, Vikas Marg, New Delhi – 110092,Delhi, India
Tel. No.:	91-11-42448401/02
Fax No.:	91-11-42448403
E-Mail :	gpp@gpp-india.com
Website :	http://www.specpro.com www.gpp-india.com
Office / Factory 1 :	D-32, Bulandshahar Road, Industrial Area, Ghaziabad – 201009, Uttar Pradesh, India
Tel. No.:	91-120-4172900 to 29
Fax No.:	91-120-28666419

DIRECTORS

As on 30.09.2013

Name :

Mr. Ishwar Chand Agarwal

Designation :

Managing director

Address :

R-12/52, Raj Nagar, Ghaziabad, India

Date of Birth/Age :

18.03.1930

Date of Appointment :

13.09.1988

DIN No.:

00153985

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	U74899DL1988PTC033153	GHAZIABAD PRECISION PRODUCTS PRIVATE LIMITED	Managing director	13/09/1988	13/09/1988	-	Active	NO
2	U74899DL1991PTC046647	SPECTRA PRODUCTS PRIVATE LIMITED	Director	05/12/1991	05/12/1991	-	Active	NO
3	U28118DL2006PTC152621	KATO SPECTRA SPRINGS INDIA PRIVATE LIMITED	Director	28/08/2006	28/08/2006	-	Dissolved	NO
4	U29253DL2008PTC175583	KASUYA GPP AUTO PRODUCTS PRIVATE LIMITED	Director	19/03/2008	19/03/2008	-	Active	NO

Name :

Mr. Sanjeev Agarwal

Designation :

Director

Address :

SD-425, Shastri Nagar, Ghaziabad

Date of Birth/Age :

09.04.1962

Date of Appointment :

13.09.1988

DIN No.:

02447684

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	U74899DL1988PTC033153	GHAZIABAD PRECISION PRODUCTS PRIVATE LIMITED	Director	13/09/1988	13/09/1988	-	Active	NO
2	U74899DL1991PTC046647	SPECTRA PRODUCTS PRIVATE LIMITED	Whole-time director	13/12/2005	13/12/2005	-	Active	NO

Name :

Mr. Vijay Agarwal

Designation :

Director

Address :

R-12/52, Raj Nagar, Ghaziabad, India

Date of Birth/Age :

16.11.1943

Date of Appointment :

13.09.1988

DIN No.:

02069411

Name :

Mr. Amit Agarwal

Designation :

Director

Address :

R-12/52, Raj Nagar, Ghaziabad, Uttar Pradesh, India

Date of Birth/Age :

06.01.1972

Date of Appointment :

13.12.2005

DIN No.:

02028242

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	U74899DL1988PTC033153	GHAZIABAD PRECISION PRODUCTS PRIVATE LIMITED	Director	13/12/2005	13/12/2005	-	Active	NO
2	U74899DL1991PTC046647	SPECTRA PRODUCTS PRIVATE LIMITED	Director	13/12/2005	13/12/2005	07/02/2013	Active	NO
3	U29253DL2008PTC175583	KASUYA GPP AUTO PRODUCTS PRIVATE LIMITED	Director	19/03/2008	19/03/2008	-	Active	NO

Name :

Mr. Arvind Garg

Designation :

Director

Address :

3^rd – A-67, Nehru Nagar, Gaziabad – 201001, Uttar Pradesh, India

Date of Appointment :

30.09.2013

DIN No.:

01377587

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	U21023DL1980PLC010624	MOHAN ZUPACK LIMITED	Director appointed in casual vacancy	16/03/2007	16/03/2007	-	Active	NO
2	U74950DL2001PLC111160	NUPACK CARTONS AND CLOSURES LIMITED	Director	22/09/2007	16/03/2007	-	Active	NO
3	U29253DL2008PTC175583	KASUYA GPP AUTO PRODUCTS PRIVATE LIMITED	Director	09/05/2013	07/02/2013	-	Active	NO
4	U74899DL1988PTC033153	GHAZIABAD PRECISION PRODUCTS PRIVATE LIMITED	Whole-time director	30/09/2013	07/02/2013	-	Active	NO

Name :

Mr. Onkar Nath Tripathy

Designation :

Director

Address :

6/140, Chiranjiv Vihar, Ghaziabad – 201002, Uttar Pradesh, India

Date of Appointment :

30.09.2013

DIN No.:

06524372

MAJOR SHAREHOLDERS

As on 30.09.2013

Names of Shareholders	No. of Shares
Agarwal Chand Ishwar	220400
Maheshwari Lal Jawahar	81500
Agarwal Vijay	129500
Agarwal Sanjeev	220
Maheshwari Chetna	61900
Mahesh Sudhir	36000
Agarwal Amit	209870
Agarwal Radhika	24100
Agarwal Anupam	600
Goel Jeet	100
Goel Anjana	100
Spectra Products Private Limited	286630
P.s. Maheshwari	40100
Maheshwari Paresh	55000
Total	1146020

As on 30.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	25.00
Directors or relatives of Directors	71.50
Other top fifty shareholders	3.50
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Supplier of Push rods, Leaver assembly, Levers, Shafts, Helical spring, U bolt and adjusting screw.

GENERAL INFORMATION

No. of Employees :

Not divulged

Bankers :

• ICICI Bank Limited, Landmarkrace Cource Circle, Alkapuri, Baroda – 390015, Gujarat, India
• Small Industries Developemnt Bank of India, Ground floor, Videocon tower, E-1, Rani Jhasi Road, Jhandewalan Extension, New Delhi – 110055, Delhi, India
• State Bank of India, SME Branch, Navyug Market, Ghaziabad – 201001, Uttar Pradesh, India
• Punjab National Bank, C – 27, RDC, Rajnagar, Ghaziabad – 201002, Uttar Pradesh, India
• Canara Bank, SSi Branch, Ghaziabad – 201301, Uttar Pradesh, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2013	As on 31.03.2012
LONG TERM BORROWING
Term Loan from
Banks – Rupee denominated loan	18.455	27.677
Banks – Foreign currency loan	0.000	5.726
SHORT TERM BORROWING
Working capital loans from banks	134.415	118.462
Total	152.870	151.865

Banking Relations :	---
Financial Institution :	3i Infotech Trusteeship Services Limited, 3^rd to 6^th floor, International Infotech Park, Tower No. 5, Vashi Railway Station complex, VAshi, Navi Mumbai - 400703, Maharashtra, India
Auditors :
Name :	Rakesh and Company Chartered Accountant
Address :	A-77, Malviya Nagar, New Delhi – 110017, Delhi, India
Tel. No.:	91-26680296/26680181
E-Mail :	rakesh1@rediffmail.com rakeshco77@gmail.com
PAN No.:	AAHFR9106R

CAPITAL STRUCTURE

As on 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
1500000	Equity Shares	Rs.10/- each	Rs. 15.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1146020	Equity Shares	Rs.10/- each	Rs. 11.460 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	11.460	11.460	11.460
(b) Reserves & Surplus	261.625	204.823	133.038
(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)	273.085	216.283	144.498
(3) Non-Current Liabilities
(a) long-term borrowings	18.455	33.402	53.028
(b) Deferred tax liabilities (Net)	0.000	2.175	0.880
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	5.283	0.000	0.000
Total Non-current Liabilities (3)	23.738	35.577	53.908
(4) Current Liabilities
(a) Short term borrowings	198.514	171.792	156.233
(b) Trade payables	62.442	73.799	64.788
(c) Other current liabilities	33.864	39.515	44.155
(d) Short-term provisions	5.209	2.662	2.569
Total Current Liabilities (4)	300.029	287.768	267.745
TOTAL	596.852	539.628	466.151
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	172.069	169.931	133.247
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	53.048	2.342	16.118
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	7.500	7.500	7.500
(c) Deferred tax assets (net)	1.869	0.000	0.000
(d) Long-term Loan and Advances	17.212	12.390	4.646
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	251.698	192.163	161.511
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	75.662	73.499	70.041
(c) Trade receivables	255.660	258.934	208.034
(d) Cash and cash equivalents	1.423	2.315	9.745
(e) Short-term loans and advances	8.238	10.181	16.169
(f) Other current assets	4.171	2.536	0.651
Total Current Assets	345.154	347.465	304.640
TOTAL	596.852	539.628	466.151

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income
		Other Income
		TOTAL	726.466	773.175	614.255
Less	TOTAL EXPENSES		658.208	676.125	548.123
	PROFIT BEFORE TAX		68.258	97.050	66.132
Less	TAX		11.456	25.265	16.999
	PROFIT AFTER TAX		56.802	71.785	49.133
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	197.532	249.763	205.506
	TOTAL EARNINGS		197.532	249.763	205.506
	Earnings Per Share (Rs.)		49.56	NA	NA

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	7.82	9.28	8.00
Return on Total Assets (PBT/Total Assets}	(%)	12.77	18.32	14.94
Return on Investment (ROI) (PBT/Networth)		0.25	0.45	0.46
Debt Equity Ratio (Total Debt /Networth)		0.79	0.95	1.45
Current Ratio (Current Asset/Current Liability)		1.15	1.21	1.14

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	11.460	11.460	11.460
Reserves & Surplus	133.038	204.823	261.625
Net worth	144.498	216.283	273.085
long-term borrowings	53.028	33.402	18.455
Short term borrowings	156.233	171.792	198.514
Total borrowings	209.261	205.194	216.969
Debt/Equity ratio	1.448	0.949	0.795

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)
Total Income	614.255	773.175	726.466
		25.872	(6.041)

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Income	614.255	773.175	726.466
Profit	49.133	71.785	56.802
	8.00%	9.28%	7.82%

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	No
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	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

Note:

Registered office of the company has been shifted from 79, Anupam Apartments, Mehrauli Badarpur Road, Saket, New Delhi – 110068, Delhi, India to the present address w.e.f.01.06.2012

UNSECURED LOAN

(Rs. In Millions)

Particulars	As on 31.03.2013	As on 31.03.2012
SHORT TERM BORROWING
From Directors/Shareholders	34.084	4.607
From Spectra	30.015	48.722
Total	64.099	53.329

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10486664	28/03/2014	10,000,000.00	SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA	Ground Floor, Videocon Tower,, E-1, Rani Jhasi Ro ad,Jhandewalan Extension, New Delhi, Delhi - 11005 5, INDIA	C01085083
2	10280519	23/06/2014 *	229,000,000.00	State Bank of India	SME BRANCH, NAVYUG MARKET, GHAZIABAD, Uttar Prade sh - 201001, INDIA	C11693603
3	10262475	07/01/2011	24,800,000.00	SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA	Ground Floor, Videocon Tower,, E-1, Rani Jhasi Ro ad, New Delhi, Delhi - 110055, INDIA	B03380920
4	10237233	01/09/2010	7,500,000.00	SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA	VIDEOCON TOWER, E-1 RANI JHANSI ROAD,, JHANDEWALA N EXTENSION, NEW DELHI, NEW DELHI, Delhi - 110055, INDIA	A93503266
5	10208052	18/03/2010	5,000,000.00	SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA (SIDBI)	New Delhi Branch Office, Grd Floor, Videocon Tower , E-1 Rani Jhansi Road, Jhandewalan Extension, NE W DELHI, Delhi - 110055, INDIA	A81187056
6	10090401	07/04/2009 *	112,000,000.00	3i Infotech Trusteeship Services Limited	3rd to 6th floor, International Infotech Park,, T ower No.5, Vashi Railway Station Complex, Vashi, N avi Mumbai, Maharashtra - 400703, INDIA	A59954487
7	10096746	29/01/2008	35,000,000.00	3i Infotech Trusteeship Services Limited	3rd to 6th floor, International Infotech Park,, T ower No.5, Vashi Railway Station Complex, Vashi, N avi Mumbai, Maharashtra - 400703, INDIA	A35772417

* Date of charge modification

FIXED ASSETS

§ Land

§ Building

§ Plant and Machinery

§ Furniture and Fixtures

§ Computer

§ Office Equipments

§ Motor Car

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.61.48
UK Pound	1	Rs.98.24
Euro	1	Rs.77.66

INFORMATION DETAILS

Information Gathered by :	HNA
Analysis Done by :	DIV
Report Prepared by :	ART

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	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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		43

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.