MIRA INFORM REPORT

Report Date :

08.09.2014

IDENTIFICATION DETAILS

Name :	ARYA STEELS ROLLING (INDIA) LIMITED
Registered Office :	Shop No. 87/2 (3), Grande Vanelim, Colva, Margoa – 403708, Goa
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	05.01.2006
Com. Reg. No.:	24-004326
Capital Investment / Paid-up Capital :	Rs. 124.175 Millions
CIN No.: [Company Identification No.]	U28910GA2006PLC004326
TAN No.: [Tax Deduction & Collection Account No.]	BLRA08319D
PAN No.: [Permanent Account No.]	AAFCA5208A
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of TMT Bars.
No. of Employees :	100 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (30)

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 reflects moderate financial risk profile marked by low profit margin and low reserve level of the company. 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

As per the latest IMF study, the total weigh of emerging markets in the GDP of the world on a purchasing power parity basis has seen a sizeable shift. It highlights how as against 51 % in 2005, the emerging economies now account for close to 56 % of the global purchasing power GDP as per the latest survey. And with the emerging economies growing at a faster rate than their developed counterparts, there are every possibility that the their share goes up further in the coming years.  China may surpass the US over the next few years.

Politics and economics are very intricately connected. They tend to influence each other in ways that could be very complex and far-reaching. The prospects of the India’s economy have been seriously compromised due to political corruption. High inflation, poor standard of living are to a great extent a result of rampant corruption in the country. China on the other hand, seems to be facing diametrically opposite challenge. American hedge fund manager Jim Chanos has been keenly following the political and economic development in the dragon economy and has figured out something that is quite worrying. He is of the view that the Chinese economy could be heading toward trouble on account of new Chinese President Xi Jingping’s very aggressive anti-corruption drive. Chanos believes that many things such as apartment sales, luxury products, etc. were largely bought with dirty money. And it is now beginning to impact consumption. This may indeed be bad news for an economy that is struggling to transition from an investment-driven export-oriented economy to a domestic consumption-driven economy.

A study published by Firstpost has revealed that asset classes like real estate and equities were the biggest beneficiaries of the liberalization policies.  A firm called Ciane Analytics studied returns from assets including equities, gold, fixed deposits, G-Secs and real estate since 1991. Real estate outperformed every other asset classes during the 23-year period with an annualized return of 20 % ! Equities came in second with annualized return of 15.5 % ! However, while these returns may seem mouthwatering, the fact is that the return from equities adjusted for inflation came down to just 7.1 %.

Some brief news are as under

. R-Power to buy Jaypee’s hydro assets

. Investors await justice in NSEL case

. India seeks MFN status from Pakistan ahead of meeting

. Ukrain’s clashes with rebels hinder MH17 crash investigation

. India exploring merger of state-owned hydro PSUs

..Higher costs weigh down profit growth to slowest in 9 quarters

..Wal-Mart to expand wholesale business in India

. GMR group moves to strengthen balance sheet

. Central Bank to sell 4 % stake to Life Insurance Corporation

. Tata Chemicals plans to raise up to Rs 10000 mn.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long term rating = BB
Rating Explanation	Moderate risk of default
Date	April 01, 2014

Rating Agency Name	CRISIL
Rating	Short term rating = A4+
Rating Explanation	Minimal degree of safety it carry very high credit risk.
Date	April 01, 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 [GENERAL DETAILS]

Name :	Mr. Alok Bansal
Designation :	Director
Contact No.:	91-9225808664
Date :	06.09.2014

LOCATIONS

Registered Office :	Shop No. 87/2 (3), Grande Vanelim, Colva, Margoa – 403708, Goa, India
Tel. No.:	Not Available
Mobile No.:	91-9225808664 [Mr. Alok Bansal]
Fax No.:	Not Available
E-Mail :	aryasteel07@yahoo.com pjoshi30@rediffmail.com
Factory :	Plot No B-6, Five Star MIDC, Kagal Hatkan, Angall Industrial Area, Tal Karveer, Kolhapur, Maharashtra, India
Tel. No.:	91-231-6617074/ 6454222

DIRECTORS

AS ON 30.09.2013

Name :

Mr. Alok Bansal

Designation :

Director

Address :

421, Krishna Rice Mill, Sarai Mishra, G. T. Road, Etah - 207001, Uttar Pradesh, India

Date of Birth/Age :

01.01.1973

Qualification :

B. Com

Date of Appointment :

29.09.2008

PAN No.:

ACCPB4740Q

DIN No.:

01984696

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	U13100GA2006PTC004824	SHREE GANPATI ISPAT PRIVATE LIMITED	Director	07/09/2006	07/09/2006	24/01/2008	Active	NO
2	U27106PN2005PTC021019	NILANJAN IRON PRIVATE LIMITED	Director	07/12/2007	07/12/2007	20/01/2013	Active	NO
3	U28910GA2006PLC004326	ARYA STEELS ROLLING (INDIA) LIMITED	Director	29/09/2008	14/01/2008	-	Active	NO

Name :

Mr. Ankur Vijender Singla

Designation :

Director

Address :

Singla Bhawan, A-3131, Gogol Margao, Salcete - 403601, Goa, India

Date of Birth/Age :

18.06.1989

Qualification :

B. Com

Date of Appointment :

01.04.2008

PAN No.:

BNOPS1365N

DIN No.:

02699167

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	U28910GA2006PLC004326	ARYA STEELS ROLLING (INDIA) LIMITED	Director	01/04/2008	01/04/2008	-	Active	NO
2	U70101GA2009PTC006232	SHIVAM VILLA PRIVATE LIMITED	Director	27/11/2009	27/11/2009	-	Active	NO
3	U74210DL2008PTC180992	WOODSCAPE DESIGN AND TECHNOLOGY PRIVATE LIMITED	Director	05/02/2010	05/02/2010	01/05/2012	Active	NO
4	U13209GA2011PTC006661	OASIS MINERALS PRIVATE LIMITED	Additional director	25/05/2013	25/05/2013	01/06/2014	Active	NO
5	U27100GA2012PTC007079	SHIV RAMA KRISHNA STEEL PRIVATE LIMITED	Additional director	26/09/2013	26/09/2013	-	Active	NO

Name :

Mr. Sumit Rajendra Singla

Designation :

Additional director

Address :

H No. A 3131, Opposite Golden Chariot Restaurant, Gogol, Margao – 403601, Goa, India

Date of Birth/Age :

16.01.1986

Date of Appointment :

01.07.2013

PAN No.:

AZVPS8659P

DIN No.:

01363005

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	U27108GA1994PTC001610	SHRI BALAJI ROLLINGS PRIVATE LIMITED	Director	14/12/2004	14/12/2004	-	Active	NO
2	U45200UP2006PTC032546	PEE AAR COLONISERS PRIVATE LIMITED	Director	30/10/2007	30/10/2007	-	Active	NO
3	U45200DL2008PTC174682	SAI TARIKA DEVELOPERS PRIVATE LIMITED	Director	28/02/2008	28/02/2008	-	Active	NO
4	U70101GA2009PTC006232	SHIVAM VILLA PRIVATE LIMITED	Director	27/11/2009	27/11/2009	-	Active	NO
5	U13203DL2010PTC207360	P S MINERALS PRIVATE LIMITED	Director	20/08/2010	20/08/2010	-	Strike off	NO
6	U45300GA2012PTC007115	SINGLA DEVELOPERS AND REALTORS PRIVATE LIMITED	Whole-time director	04/12/2012	04/12/2012	-	Active	NO
7	U70109GA2012PTC007123	SHIV RAM KRISHNA DEVELOPERS PRIVATE LIMITED	Director	12/12/2012	12/12/2012	01/06/2014	Active	NO
8	U13209GA2011PTC006661	OASIS MINERALS PRIVATE LIMITED	Additional director	16/06/2013	16/06/2013	01/06/2014	Active	NO
9	U28910GA2006PLC004326	ARYA STEELS ROLLING (INDIA) LIMITED	Additional director	01/07/2013	01/07/2013	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2013

Names of Shareholders	No. of Shares
Sumit Rajendraprasad Singla	78750
Alok Narsingbhan Bansal	44100
Rajeev Narsingbhan Bansal	19000
Sanjeev Narsingbhan Bansal	19000
Joginder Shaymlal Singla	59900
Vijender Shyamlal Singla	12520
Ankur Vijender Singla	365500
Kamlesh Vijender Singla	15000
Ramesh Singala	35000
Amit Singla	50000
Sadhana Bansal	40000
Urmila Devi	40000
Ankush Singla	80000
Gunjan Bansal	40000
Alok Bansal (HUF)	40000
Rubi Bansal	40000
Seema Bansal	30000
Devender Singla	32000
Kailash Singla	200980
Total	1241750

AS ON 30.09.2013

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of TMT Bars.

Products/ Services :

ITC Code No.	Product Descriptions
72149190	MSCTD, Round Bars and Flat Bars

Terms :

Selling :

Cash, Cheque and Credit

Purchasing :

Cash, Cheque and Credit

PRODUCTION STATUS (AS ON 31.03.2013)

PARTICULARS	UNIT	CAPACITY
Licensed capacity	MTs	90000
Installed capacity	MTs	90000
Production	MT	43,767.99

GENERAL INFORMATION

Customers :

Retailers and End Users

No. of Employees :

100 (Approximately)

Bankers :

v State Bank of India

Commercial Branch, Patto, Panaji - 403001, Goa, India

v Punjab National Bank

Calisto Mansion, Panaji - 403001, Goa, India

v Axis Bank Limited

v HDFC Bank Limited

v IDBI Bank Limited

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG-TERM BORROWINGS
Other loans and advances	4.001	3.621
Rupee term loans from banks	0.000	12.678
SHORT TERM BORROWINGS
Term loans from banks	140.732	93.097
Total	144.733	109.396

Banking Relations :	--
Auditors :
Name :	Shrinivas Nayak and Company Chartered Accountants
Address :	20/B, Mathias Plaza, 18^th June Road, Panaji - 403001, Goa, India
Income-tax PAN of auditor or auditor's firm :	ABNPN1439Q
Related Parties :	v Nilanjan Iron Private Limited [U27106PN2005PTC021019] v Shivam Ispat Private Limited [U27108GA1997PTC002354] v Shree Balaji Rolling Private Limited [U27108GA1994PTC001610]

CAPITAL STRUCTURE

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
1,250,000	Equity Shares	Rs. 100/- each	Rs. 125.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1,241,750	Equity Shares	Rs. 100/- each	Rs. 124.175 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	124.175	124.175	124.175
(b) Reserves & Surplus	46.061	33.109	3.430
(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)	170.236	157.284	127.605
(3) Non-Current Liabilities
(a) long-term borrowings	4.001	16.299	28.194
(b) Deferred tax liabilities (Net)	10.096	9.168	1.056
(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)	14.097	25.467	29.250
(4) Current Liabilities
(a) Short term borrowings	140.732	93.097	89.762
(b) Trade payables	141.140	110.921	39.930
(c) Other current liabilities	9.102	6.723	2.613
(d) Short-term provisions	6.040	11.343	0.579
Total Current Liabilities (4)	297.014	222.084	132.884
TOTAL	481.347	404.835	289.739
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	101.079	105.663	106.669
(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	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	4.842	3.425	3.539
(e) Other Non-current assets	2.224	8.035	0.094
Total Non-Current Assets	108.145	117.123	110.302
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	136.749	104.768	48.533
(c) Trade receivables	176.206	135.569	102.361
(d) Cash and cash equivalents	24.013	13.643	12.325
(e) Short-term loans and advances	36.234	33.732	13.191
(f) Other current assets	0.000	0.000	3.027
Total Current Assets	373.202	287.712	179.437
TOTAL	481.347	404.835	289.739

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Revenue from Operations	1631.596	1251.267	936.514
		Other Income	1.979	0.668	7.397
		TOTAL (A)	1633.575	1251.935	943.911
Less	EXPENSES
		Cost of Materials Consumed	1537.174	1209.017	834.579
		Purchases of Stock-in-Trade	0.000	1.160	5.902
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	17.665	-39.054	24.484
		Employees benefits expense	6.213	6.119	6.677
		Other expenses	17.973	12.065	45.499
		Exceptional Items	1.977	0.000	0.000
		Extraordinary Items	0.000	0.519	0.000
		TOTAL (B)	1581.002	1189.826	917.141
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		52.573	62.109	26.770
Less	FINANCIAL EXPENSES (D)		20.459	17.539	16.979
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		32.114	44.570	9.791
Less/ Add	DEPRECIATION/ AMORTISATION (F)		6.754	6.239	6.061
	PROFIT BEFORE TAX (E-F) (G)		25.360	38.331	3.730
Less	TAX (H)		12.408	8.652	(0.710)
	PROFIT AFTER TAX (G-H) (I)		12.952	29.679	4.440
	Earnings Per Share (Rs.)		10.43	23.90	3.58

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	0.79	2.37	0.47
Net Profit Margin (PBT/Sales)	(%)	1.55	3.06	0.40
Return on Total Assets (PBT/Total Assets}	(%)	5.27	9.47	1.29
Return on Investment (ROI) (PBT/Networth)		0.15	0.24	0.03
Debt Equity Ratio (Total Debt/Networth)		0.85	0.70	0.92
Current Ratio (Current Asset/Current Liability)		1.26	1.30	1.35

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	124.175	124.175	124.175
Reserves & Surplus	3.430	33.109	46.061
Net worth	127.605	157.284	170.236
long-term borrowings	28.194	16.299	4.001
Short term borrowings	89.762	93.097	140.732
Total borrowings	117.956	109.396	144.733
Debt/Equity ratio	0.924	0.696	0.850

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	936.514	1251.267	1631.596
		33.609	30.396

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	936.514	1251.267	1631.596
Profit	4.440	29.679	12.952
	0.47%	2.37%	0.79%

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	Yes
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

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10375979	06/09/2012	1,396,000.00	PUNJAB NATIONAL BANK	CALISTO MANSION, PANAJI, GOA - 403001, INDIA	B57907198
2	10338362	03/02/2012	1,112,000.00	PUNJAB NATIONAL BANK	CALISTO MANSION, PANAJI, GOA - 403001, INDIA	B33329061
3	10159933	11/11/2013 *	240,000,000.00	PUNJAB NATIONAL BANK	CALISTO MANSION, PANAJI, GOA - 403001, INDIA	B91351395
4	10159932	20/04/2009	54,000,000.00	PUNJAB NATIONAL BANK	CALISTO MANASION, PANAJI, GOA - 403001, INDIA	A62577739

* Date of charge modification

FIXED ASSETS:

v Land

v Buildings

v Factory building

v Plant and equipment

v Other plant and equipment

v Furniture and fixtures

v Vehicles

v Motor vehicles

v Office equipment

v Computer equipments

v Other equipments

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. 60.44
UK Pound	1	Rs. 98.64
Euro	1	Rs. 78.20

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	DIV
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	5
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	4
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		30

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.