MIRA INFORM REPORT

Report Date :

20.10.2014

IDENTIFICATION DETAILS

Name :	PCM STRESCON OVERSEAS VERNTURES LIMITED
Registered Office :	PCM Tower, 3^rd Floor, 2^nd Mile, Sevoke Road, Silguri – 734001, West Bengal
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	06.03.2006
Com. Reg. No.:	21-108486
Capital Investment / Paid-up Capital :	Rs. 6.560 Millions
CIN No.: [Company Identification No.]	U45203WB2006PLC108486
TAN No.: [Tax Deduction & Collection Account No.]	CALP07790G
PAN No.: [Permanent Account No.]	AACEP2571Q
Legal Form :	A Closely Held Public Limited Liability Company.
Line of Business :	Manufacturer of Pre-stressed Concrete Sleepers.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

B (29)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 4700000
Status :	Moderate
Payment Behaviour :	Slow But Correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The rating reflects moderate financial risk profile marked by sharp decline in the profit of the company during 2013. The rating also takes into consideration the company tender-based nature of its operation. However, trade relations are reported as fair. Business is active. Payments 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 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	B (Long Term Rating)
Rating Explanation	High risk of default.
Date	November 29, 2013

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

Management Non Co-Operative (Tel. No.: 91-353-2777028)

LOCATIONS

Registered Office/ Corporate :	PCM Tower, 3^rd Floor, 2^nd Mile, Sevoke Road, Silguri – 734001, West Bengal, India
Tel. No.:	91-353-2777028/ 029/ 040/ 041
Fax No.:	91-353-2540734
E-Mail :	pcm@pcmgroup.co.in info@pcmstrescon.com
Website :	www.pcmstrescon.com www.pcmgroup.co.in
Kolkata Office :	4A, Pollock Centre 410, Swaika Centre, 4^th Floor, Kolkata – 700001, West Bengal, India
Overseas Office :	Located At : · Kingdom of Saudi Arabia · United Arab Emirates

DIRECTORS

As On 30.09.2013

Name :

Mr. Kamal Kumar Mittal

Designation :

Managing Director

Address :

4A, Pollock Street, Swaika Centre, 4^th Floor, Darjeeling, Kolkata – 700001, West Bengal, India

Date of Birth/Age :

28.12.1959

Date of Appointment :

06.03.2006

DIN No.:

00240334

Name :

Mr. Anand Kumar Mittal

Designation :

Director

Address :

PCM House, Sevoke Road, Silguri, Darjeeling – 734001, West Bengal, India

Date of Birth/Age :

02.10.1971

Date of Appointment :

06.03.2006

DIN No.:

00250975

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	U70101WB1987PTC042378	JAMS BUILDERS PVT LTD	Director	28/07/1987	28/07/1987	10/04/2014	Active	NO
2	U51909WB1991PTC053397	PCM CEMENT CONCRETE PVT. LTD.	Director	01/08/1995	01/08/1995	-	Active	NO
3	U45201WB1997PTC086014	SHREE SHYAM DEVELOPMENT PRIVATE LIMITED	Director	15/05/1998	15/05/1998	-	Strike off	NO
4	U52322WB1992PLC056609	UNI WEARS LTD	Director	30/09/1998	30/09/1998	19/01/2013	Active	NO
5	U45201WB1998PTC088287	PCM RESORTS & DEVELOPERS PRIVATE LIMITED	Director	19/11/1998	19/11/1998	-	Active	NO
6	U70109WB1997PTC085928	TASU ESTATE PRIVATE LIMITED	Director	05/01/1999	05/01/1999	10/04/2014	Active	NO
7	U51109WB1999PTC088608	MULTITECH MERCHANDISE PRIVATE LIMITED	Director	11/01/1999	11/01/1999	10/04/2014	Active	NO
8	U45201WB1997PTC085977	SATHI BUILDERS PRIVATE LIMITED	Director	25/02/1999	25/02/1999	-	Active	NO
9	U01409WB1999PTC090065	PCM AGRO PRODUCTS PRIVATE LIMITED	Director	13/08/1999	13/08/1999	-	Active	NO
10	U70102WB1995PTC073973	OM DEVELOPERS PVT.LTD.	Director	31/05/2000	31/05/2000	24/08/2010	Active	NO
11	U72200WB2002PTC095305	PCM NETWINGS COMMUNICATIONS PRIVATE LIMITED	Director	21/10/2002	21/10/2002	-	Strike off	NO
12	U70102WB2003PTC095750	UTTAR BANGA BUILDWORTH PRIVATE LIMITED	Director	04/02/2003	04/02/2003	-	Active	NO
13	U45309WB2003PTC096869	PCM STRESCON INTERNATIONAL PRIVATE LIMITED	Director	29/08/2003	29/08/2003	-	Active	NO
14	U40105WB2005PLC103660	PCM HYDEL POWER CORPORATION LIMITED	Director	09/06/2005	09/06/2005	20/03/2014	Active	NO
15	U45201WB2005PTC105851	NEELKAMAL NIRMAN CO. PRIVATE LIMITED	Director	07/10/2005	07/10/2005	-	Active	NO
16	U85110WB2005PTC105999	TM MEDICARE PRIVATE LIMITED	Director	25/10/2005	25/10/2005	-	Active	NO
17	U70102WB2006PTC108316	UTTAR BANGA RESIDENCY PRIVATE LIMITED	Director	27/02/2006	27/02/2006	-	Active	NO
18	U45203WB2006PLC108486	PCM STRESCON OVERSEAS VENTURES LTD	Managing director	01/04/2010	06/03/2006	-	Active	NO
19	U45203WB2006PTC111888	UTTAR BANGA REALTORS PRIVATE LIMITED	Director	22/11/2006	22/11/2006	-	Active	NO
20	U45203WB2006PTC111882	UTTAR BANGA UNAYAN PRIVATE LIMITED	Director	22/11/2006	22/11/2006	-	Active	NO
21	U80904DL2008NPL176253	HIMACHAL EDUCATION &LEARNING PARK FOUNDATION	Director	02/04/2008	02/04/2008	-	Active	NO
22	U51909WB2008PTC128322	NORTH BENGAL UFA EXPORTS PRIVATE LIMITED	Director	07/08/2008	07/08/2008	-	Active	NO
23	U01132WB2009PTC135479	SAMSING ORGANIC TEA PRIVATE LIMITED	Director	02/07/2009	02/07/2009	14/06/2012	Active	NO
24	U01132WB2009PTC135478	YANGTONG ORGANIC TEA PRIVATE LIMITED	Director	02/07/2009	02/07/2009	15/09/2012	Active	NO
25	U40105WB2009PLC138976	PCM POWER TRADING CORPORATION LIMITED	Director	22/10/2009	22/10/2009	20/03/2014	Active	NO
26	U01132WB1998PTC089959	BAMANDANGA TEA ESTATES PRIVATE LIMITED	Director	01/03/2010	01/03/2010	14/06/2012	Active	NO
27	U45400WB2012PTC172712	PCMS Infrastructure Company Private Limited	Director	23/01/2012	23/01/2012	-	Active	NO
28	U45201DL2005PTC136353	Starlit Realty & Infratech Private Limited	Director	29/09/2012	20/09/2012	-	Active	NO
29	U70109DL2014PTC267835	COMSA PCMS Infra Private Limited	Director	05/06/2014	05/06/2014	-	Active	NO

Name :

Mr. Sabyasachi Munshi

Designation :

Director

Address :

P-1, CIT Road, Scheme – VIM, 2^nd Floor, Phulbagan, Kolkata – 700054, West Bengal, India

Date of Birth/Age :

06.12.1963

Date of Appointment :

06.03.2006

DIN No.:

00001350

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	U26956WB1978PLC031650	STRESCON INDUSTRIES LTD	Managing director	23/05/1990	23/05/1990	-	Active	NO
2	U45309WB2003PTC096869	PCM STRESCON INTERNATIONAL PRIVATE LIMITED	Director	29/08/2003	29/08/2003	-	Active	NO
3	U74999WB2004PTC099213	RAILTRACK CONCRETE PRODUCTS PRIVATE LIMITED	Director	04/08/2004	04/08/2004	-	Active	NO
4	U27310WB2005PLC103148	GPT CASTINGS LIMITED	Director	16/05/2005	16/05/2005	21/08/2009	Active	NO
5	U70102WB2006PTC108316	UTTAR BANGA RESIDENCY PRIVATE LIMITED	Director	27/02/2006	27/02/2006	-	Active	NO
6	U45203WB2006PLC108486	PCM STRESCON OVERSEAS VENTURES LTD	Director	06/03/2006	06/03/2006	-	Active	NO
7	U24233WB1992PLC056410	ESSKAYJAY INTERNATIONAL LTD	Director	15/07/2008	15/07/2008	11/05/2010	Active	NO
8	U45400WB2012PTC172712	PCMS Infrastructure Company Private Limited	Director	23/01/2012	23/01/2012	-	Active	NO
9	U70109DL2014PTC267835	COMSA PCMS Infra Private Limited	Director	05/06/2014	05/06/2014	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

Names of Shareholders	No. of Shares
Kamal Kumar Mittal	17500
Niranjan Kumar Mittal	12500
Anand Kumar Mittal	14250
Nishant Mittal	2500
Sabyasachi Munshi	10000
Ruprani Munshi	10000
Shohom Munshi	5000
PCM Cement Concrete Private Limited	400000
Esskayjay International Limited	1000
Strescon Industries Limited	1000
Niranjan Kr. Mittal	9250
Munshi Holding Private Limited	500
PCM Alloys Steels Private Limited	72500
PCM Tea Processing Private Limited	25000
Heaven Mercantile Private Limited	75000
Total	656000

As on 30.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	87.65
Directors or relatives of Directors	12.35
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Pre-stressed Concrete Sleepers.

GENERAL INFORMATION

No. of Employees :	Not Divulged
Bankers :	Indian Overseas Bank, Jawaharlal Nehru Road Branch, 35/1, Jawaharlal Nehru Road, Kokata – 700071, West Bengal, India

Banking Relations :	--
Auditors :
Name :	Gujrani and Company Chartered Accountants
Address :	42A, C.R. Avenue, 3^rd Floor, Kolkata – 700012, West Bengal, India
PAN No.:	AACFG6855D

CAPITAL STRUCTURE

As On 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs. 10/- each	Rs. 10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
656000	Equity Shares	Rs. 10/- each	Rs. 6.560 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	6.560	6.560	6.543
(b) Reserves & Surplus	1175.894	1091.172	(58.476)
(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)	1182.454	1097.732	(51.933)
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	30.000
(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)	0.000	0.000	0.000
(4) Current Liabilities
(a) Short term borrowings	361.489	15.642	46.660
(b) Trade payables	176.393	36.730	0.000
(c) Other current liabilities	366.400	224.086	1413.979
(d) Short-term provisions	0.000	0.023	24.205
Total Current Liabilities (4)	904.282	276.481	1484.844
TOTAL	2086.736	1374.213	1432.911
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	9.168	10.300	315.256
(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	66.356	69.472	0.000
(c) Deferred tax assets (net)	0.000	0.000	32.068
(d) Long-term Loan and Advances	178.739	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	254.263	79.772	347.325
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	321.161	0.000	77.728
(c) Trade receivables	259.928	114.609	275.585
(d) Cash and cash equivalents	64.960	168.457	267.633
(e) Short-term loans and advances	1186.424	1011.375	464.624
(f) Other current assets	0.000	0.000	0.016
Total Current Assets	1832.473	1294.441	1085.586
TOTAL	2086.736	1374.213	1432.911

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	958.292	528.282	2313.898
		Other Income	17.727	1210.722	67.919
		TOTAL (A)	976.019	1739.004	2381.817
Less	EXPENSES
		Cost of Material Consumed	266.007	29.816	755.831
		Purchase of stock-in-trade	484.893	65.551	0.000
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(81.226)	66.787	87.711
		Employee benefit expenses	66.227	35.781	231.117
		Other Expenses	147.341	331.113	1022.806
		TOTAL (B)	883.242	529.048	2097.465
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		92.777	1209.956	284.352
Less	FINANCIAL EXPENSES (D)		22.851	2.331	20.454
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		69.926	1207.625	263.898
Less	DEPRECIATION/ AMORTISATION (F)		1.385	110.951	180.266
Less	EXTRAORDINARY ITEMS BEFORE TAX		3.116	0.000	0.000
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		65.425	1096.674	83.632
Less	TAX (H)		0.000	23.120	(8.591)
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		65.425	1073.554	92.223
	Earnings / (Loss) Per Share (Rs.)		99.73	1639.45	127.83

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	6.70	61.73	3.87
Net Profit Margin (PBT/Sales)	(%)	6.83	207.59	3.61
Return on Total Assets (PBT/Total Assets}	(%)	3.55	84.05	5.97
Return on Investment (ROI) (PBT/Networth)		0.06	1.00	-1.61
Debt Equity Ratio (Total Liability/Networth)		0.31	0.01	-0.90
Current Ratio (Current Asset/Current Liability)		2.03	4.68	0.73

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	6.542	6.560	6.560
Reserves & Surplus	(58.476)	1091.171	1175.894
Net worth	(51.934)	1097.731	1182.454
long-term borrowings	0.000	0.000	0.000
Short term borrowings	46.660	15.642	361.489
Total borrowings	46.660	15.642	361.489
Debt/Equity ratio	(0.898)	0.014	0.306

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	2313.898	528.282	958.292
		(77.169)	81.398

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	2313.898	528.282	958.292
Profit	92.223	1073.554	65.424
	3.99%	203.22%	6.83%

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 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

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10478805	24/02/2014 *	1,090,000,000.00	Indian Overseas Bank	INDIA EXCHANGE PLACE BRANCH, P-35, INDIA EXCHANGE  PLACE, KOLKATA, West Bengal - 700001, INDIA	C00645143

*Date of modification Charges

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. 61.62
UK Pound	1	Rs. 99.12
Euro	1	Rs. 78.89

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	DIV
Report Prepared by :	NKT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	5
--CREDIT LINES	1~10	3
--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		29

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.