MIRA INFORM REPORT

Report No. :	315572
Report Date :	03.04.2015

IDENTIFICATION DETAILS

Name :	MADHAV ALLOYS PRIVATE LIMITED
Registered Office :	Talwara Road, Mandi Gobindgarh, Fatehgarh Sahib – 147301, Punjab
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	20.06.2003
Com. Reg. No.:	16-026123
Capital Investment / Paid-up Capital :	Rs. 25.196 Million
CIN No.: [Company Identification No.]	U27104PB2003PTC026123
TAN No.: [Tax Deduction & Collection Account No.]	PTLM12974D
PAN No.: [Permanent Account No.]	AADCM6458N
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing of TMT Bars and Steel Structure Products.
No. of Employees :	500 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

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

Maximum Credit Limit :	USD 1920000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. The rating takes into consideration fair liquidity and net worth position of the company. General financial are satisfactory as well. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct. The company can be considered for business dealing 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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long Term Bank Facilities: BBB
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	21.02.2014

Rating Agency Name	CARE
Rating	Short Term Bank Facilities: A3+
Rating Explanation	Moderate degree of safety and higher credit risk.
Date	21.02.2014

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. Manish Jain
Designation :	Executive Director
Contact No.:	91-9501077995
Date :	01.04.2015

LOCATIONS

Registered Office / Factory 1 :	Talwara Road, Mandi Gobindgarh, Fatehgarh Sahib – 147301, Punjab, India
Tel. No.:	91-1785-241420 / 507507 / 305600
Mobile No.:	91-9501077995 (Mr. Manish Jain)
Fax No.:	91-1765-282334 / 305605
E-Mail :	madhavalloy@yahoo.co.in info@madhavgrouo.com officecsjindal@gmail.com
Website :	http://www.madhavgroup.in
Factory 2 :	SMS Division, Village Akalgarh, Amolh-Bhadson Road, District Patiala – 147203, Punjab, India
Tel. No.:	91-1765-282334
Fax No,:	91-1765-282334

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Munish Goyal

Designation :

Director

Address :

109, Civil Lines, Passi Road, Patiala - 147001Punjab, India

Date of Birth/Age :

30.12.1967

Date of Appointment :

30.09.2010

PAN No.:

ABCPK2808F

DIN No.:

00338144

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	U67120PB1996PTC018255	SHIVAM PORTFOLIO MANAGEMENT PRIVATE LIMITED	MANAGING DIRECTOR	29-05-1996	29-05-1996	01-09-2009	ACTIVE	NO
2	U27109PB2001PTC024495	MADHAV UDYOG PRIVATE LIMITED	DIRECTOR	04-07-2001	04-07-2001	19-05-2010	ACTIVE	NO
3	U51909DL2007PTC197166	DEV DUTT ENGINEERS PRIVATE LIMITED	DIRECTOR	06-03-2007	06-03-2007	-	ACTIVE	NO
4	U27106PB2004PTC027735	MADHAV STELCO PRIVATE LIMITED	DIRECTOR	19-10-2010	22-08-2007	-	ACTIVE	NO
5	U27104PB2003PTC026123	MADHAV ALLOYS PRIVATE LIMITED	DIRECTOR	30-09-2010	17-05-2010	-	ACTIVE	NO
6	U74900CH2012PTC033597	AMBIKA FINBROS PRIVATE LIMITED	WHOLE-TIME DIRECTOR	28-02-2012	28-02-2012	-	ACTIVE	NO
7	U28112DL2010PTC203342	JYOTI STAINLESS PRIVATE LIMITED	ADDITIONAL DIRECTOR	05-09-2013	05-09-2013	22-08-2014	ACTIVE	NO

Name :

Mr. Sudhir Goyal

Designation :

Director

Address :

Ward No. 14, Chanderlok Colony, Mandi Gobindgarh - 147301 Punjab, India

Date of Birth/Age :

30.08.1974

Date of Appointment :

30.09.2010

PAN No.:

ACVPG2970Q

DIN No.:

00361549

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	U27109PB2001PTC024495	MADHAV UDYOG PRIVATE LIMITED	DIRECTOR	04-07-2001	04-07-2001	19-05-2010	ACTIVE	NO
2	U45200DL2007PTC197009	GOYAL STRUCTURES PRIVATE LIMITED	DIRECTOR	18-06-2007	18-06-2007	-	ACTIVE	NO
3	U27106PB2004PTC027735	MADHAV STELCO PRIVATE LIMITED	DIRECTOR	19-10-2010	22-08-2007	-	ACTIVE	NO
4	U27104PB2003PTC026123	MADHAV ALLOYS PRIVATE LIMITED	DIRECTOR	30-09-2010	17-05-2010	-	ACTIVE	NO

Name :

Mr. Sanjeev Kumar

Designation :

Director

Address :

Ward No.5, Shashtri Nagar, Mandi Gobindgarh - 147301 Punjab, India

Date of Birth/Age :

15.09.1968

Date of Appointment :

30.09.2010

PAN No.:

ABCPK6376Q

DIN No.:

00366882

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	U27109PB2001PTC024495	MADHAV UDYOG PRIVATE LIMITED	DIRECTOR	04-07-2001	04-07-2001	19-05-2010	ACTIVE	NO
2	U45200DL2007PTC197009	GOYAL STRUCTURES PRIVATE LIMITED	DIRECTOR	18-06-2007	18-06-2007	-	ACTIVE	NO
3	U72100DL1994PLC196970	KRYPTON DATAMATICS LTD	DIRECTOR	15-05-2008	15-05-2008	22-08-2014	ACTIVE	NO
4	U27104PB2003PTC026123	MADHAV ALLOYS PRIVATE LIMITED	DIRECTOR	30-09-2010	17-05-2010	-	ACTIVE	NO

Name :

Ms. Minu Goyal

Designation :

Director

Address :

109, Civil Lines, Passi Road, Patiala, Punjab, India

Date of Birth/Age :

23.02.1970

Date of Appointment :

01.04.2012

PAN No.:

AAVPG3557H

DIN No.:

00371323

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	COMPANY/ LLP STATUS	DEFAULTING STATUS
1	U17110PB1993PTC030427	MADHAV TRADE LINK PRIVATE LIMITED	DIRECTOR	02-02-2005	02-02-2005	ACTIVE	NO
2	U27104PB2003PTC026123	MADHAV ALLOYS PRIVATE LIMITED	DIRECTOR	01-04-2012	01-04-2012	ACTIVE	NO

Name :

Mr. Manish Jain

Designation :

Executive Director

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Shareholders	No. of Shares
Dev Dutt Engineers Private Limited, India	10010
Goyal Structure (Private) Limited, India	10
Krypton Datamatics Limited, India	290000
Madhav Trade Link Private Limited, India	450010
Madhav Udyog Private Limited, India	10
Madhav Stelco Private Limited, India	26665
Dev Dutt Goyal	380100
Munish Goyal	354999
Harsh Dev Goyal	10
Manish Jain	50
Minu Goyal	10
Minu Jain	10
Munish Goyal (HUF)	10
Himanshu Gupta	10
Sudhir Goyal	270823
Kalu ram Goyal	250000
Sanjeev Kumar	219246
Kalu Ram Goyal (HUF)	10
Dev Datt Goyal HUF	10
Kanta Devi	10
Roopali Jindal	10
Sanjeev Goyal (HUF)	10
Neha Goyal	10
Sudhir Goyal (HUF)	10
Fizza Plastics Private Limited, India	267535
Madhu Goyal	10
Rahul Goyal	10
Total	2519598

AS ON 30.09.2014

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	41.40
Directors or relatives of directors	58.60
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturing of TMT Bars and Steel Structure Products.
Brand Names :	--
Agencies Held :	--
Exports :	--
Imports :
Products :	Raw Materials
Countries :	· South Africa · Dubai · UAE · Singapore
Terms :
Selling :	Cash, Advance Payment, L/C, Cheque and Credit
Purchasing :	Cash, Advance Payment, L/C, Cheque and Credit

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference:	Stant Corporation Limited, India
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

Customers :

Wholesalers, Retailers and End Users

Reference:	Shital Structure Private Limited, Ghaziabad, Uttar Pradesh, India
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

No. of Employees :

500 (Approximately)

Bankers :

Bank Name:	State Bank of India
Branch:	Mandi Gobindgarh, District Fatehgarh Sahib, Mandi Gobindgarh – 147301, Punjab, 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 A/c Opening):	Not Divulged
Average Balance Maintained (Optional):	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan):	Not Divulged
Account Operation:	Not Divulged
Remarks:	Not Divulged

· Oriental Bank of Commerce, Mandi Gobindgarh, Mandi Gobindgarh – 147301, Punjab, India

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG-TERM BORROWINGS
Rupee term loans from banks (Term loans from State Bank of India are secured by first and exclusive charge on entire Fixed Assets of the company's unit, To secure Term Loan State Bank of India has 2nd charge over Current Assets of the company)	528.525	414.834
Loans taken for vehicles (Secured by hypothecation of trucks)	0.306	4.844
SHORT TERM BORROWINGS
Working capital loans from banks (To secure Working Capital borrowings State Bank of India and Oriental Bank of Commerce have first pari-passu charge on entire present and future current assets of the company)	0.000	56.445
Loans repayable on demand from banks (secured by way of equitable mortgage of land and building)	218.285	349.042
Total	747.116	825.165

UNSECURED LOANS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG-TERM BORROWINGS
Loans and advances from others	9.295	6.561
Loans and advances from directors	247.872	232.297
Total	257.167	238.858

Banking Relations :	--
Auditors :
Name :	Gyal Mahajan and Associates Chartered Accountants
Address :	Sco-50, 1st Floor, lila Bhawan, Patiala, Punjab, India
Income-tax PAN of auditor or auditor's firm :	AAAFG7375A
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

AS ON 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
3,000,000	Equity Shares	Rs. 10/- each	Rs. 30.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2,519,598	Equity Shares	Rs. 10/- each	Rs. 25.196,Million

FINANCIAL DATA

[all figures are in Rupees Million]

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	25.196	23.554	23.087
(b) Reserves & Surplus	650.138	547.292	462.614
(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)	675.334	570.846	485.701
(3) Non-Current Liabilities
(a) Long-term borrowings	785.998	658.536	602.014
(b) Deferred tax liabilities (Net)	61.776	32.237	22.249
(c) Other long term liabilities	0.450	0.050	0.025
(d) long-term provisions	4.109	2.710	0.779
Total Non-current Liabilities (3)	852.333	693.533	625.067
(4) Current Liabilities
(a) Short term borrowings	218.286	405.487	314.593
(b) Trade payables	353.145	268.809	145.609
(c) Other current liabilities	195.912	178.515	52.847
(d) Short-term provisions	3.885	0.000	0.000
Total Current Liabilities (4)	771.228	852.811	513.049
TOTAL	2298.895	2,117.190	1,623.817
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	999.204	754.013	711.459
(ii) Intangible Assets	0.242	0.000	0.000
(iii) Capital work-in-progress	85.378	29.104	16.177
(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	51.308	52.410	65.716
(e) Other Non-current assets	1.752	0.452	0.552
Total Non-Current Assets	1137.884	835.979	793.904
(2) Current assets
(a) Current investments	80.175	0.000	0.000
(b) Inventories	504.049	895.639	525.380
(c) Trade receivables	206.295	158.833	108.216
(d) Cash and cash equivalents	111.197	98.348	49.837
(e) Short-term loans and advances	252.930	123.268	142.080
(f) Other current assets	6.365	5.123	4.400
Total Current Assets	1161.011	1,281.211	829.913
TOTAL	2298.895	2,117.190	1,623.817

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		TOTAL	NA	7277.479	3577.176
Less	EXPENSES
		TOTAL	NA	7251.936	3512.795
	PROFIT BEFORE TAX		48.051	25.543	64.381
Less	TAX		29.540	10.374	19.246
	PROFIT AFTER TAX		18.511	15.169	45.135
	Earnings Per Share (Rs.)		7.35	6.44	19.55

PARTICULARS	31.03.2014
Sales Turnover (Approximately)	1000.000

Expected Sales (2014-2015): Rs.1200.000 Million

The above information has been parted by Mr Manish Jain (Executive director)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	2.17	1.22	4.00
Return on Investment (ROI) (PBT/Networth)		0.07	0.04	0.13
Debt Equity Ratio (Total Debt/Networth)		1.49	1.86	1.89
Current Ratio (Current Asset/Current Liability)		1.51	1.50	1.62

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	23.087	23.554	25.196
Reserves & Surplus	462.614	547.292	650.138
Net worth	485.701	570.846	675.334
long-term borrowings	602.014	658.536	785.998
Short term borrowings	314.593	405.487	218.286
Total borrowings	916.607	1064.023	1004.284
Debt/Equity ratio	1.887	1.864	1.487

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	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	Yes
18]	Major customers	Yes
19]	Payments terms	Yes
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	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	10470958	30/12/2013	196,000,000.00	ORIENTAL BANK OF COMMERCE	MANDI GOBINDGARH, MANDI GOBINDGARH, PUNJAB - 14730  1, INDIA	B93805760
2	10344753	09/03/2012	1,194,500,000.00	STATE BANK OF INDIA	MANDI GOBINDGARH, DISTT. FATEHGARH SAHIB, MANDI G  OBINDGARH, PUNJAB - 147301, INDIA	B35955392
3	10299367	15/12/2011 *	1,147,000,000.00	STATE BANK OF INDIA	MANDI GOBINDGARH, DISTT. FATEHGARH SAHIB, MANDI G  OBINDGARH, PUNJAB - 147301, INDIA	B29858446
4	10068410	23/02/2012 *	587,500,000.00	ORIENTAL BANK OF COMMERCE	MANDI GOBINDGARH, MANDI GOBINDGARH, PUNJAB - 14730  1, INDIA

* Date of charge modification

UNSECURED LOANS

UNSECURED LOANS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG-TERM BORROWINGS
Loans and advances from others	9.295	6.561
Loans and advances from directors	247.872	232.297
Total	257.167	238.858

CORPORATE INFORMATION

The Company is a Private company incorporated under the provisions of the Companies Act 1956 on 20th June 2003. The Company is engaged in manufacturing of billet, Bloom’s, TMT, angle, channels, shape and section.

FIXED ASSETS:

· Land

· Building

· Office Building

· Plant and Equipment

· Furniture and Fixtures

· Vehicles

· Motor Vehicles

· Office Equipment

· Computer

· Other Equipment

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 records 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. 62.59
UK Pound	1	Rs. 92.46
Euro	1	Rs. 67.51

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	SUM
Report Prepared by :	ARC

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
--PROFITABILITY	1~10	4
--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	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		44

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.