MIRA INFORM REPORT

Report No. :	315695
Report Date :	03.04.2015

IDENTIFICATION DETAILS

Name :	MAHALAXMI CONTINENTAL LIMITED
Registered Office :	Gali No 8, N H 37, Beltola, Guwahati - 781029, Assam
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	20.02.2002
Com. Reg. No.:	02-006759
Capital Investment / Paid-up Capital :	Rs. 13.973 Million
CIN No.: [Company Identification No.]	U51909AS2002PLC006759
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Trader, Exporter and Importer of Coal and Bamboo.
No. of Employees :	70 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (34)

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

Maximum Credit Limit :	USD 230000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The rating is constrained on account of company’s moderate financial risk profile and thin profitability margins of the company However, trade relations are fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealing 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 – 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	CRISIL
Rating	Long term rating B+
Rating Explanation	Risk-prone-credit-quality and carries very high credit risk.
Date	30.12.2014

Rating Agency Name	CRISIL
Rating	Short term rating A4
Rating Explanation	Minimal degree of safety and very high credit risk
Date	30.12.2014

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. Sheel Goel
Designation :	Accounts Manager
Contact No.:	91-9435194281
Date :	02.04.2015

LOCATIONS

Registered Office :	Gali No. 8, N H 37, Beltola, Guwahati - 781029, Assam, India
Tel. No.:	91-361-2306562
Mobile No.:	91-9435194281 (Mr. Sheel Goel)
Fax No.:	Not Available
E-Mail :	singhiconsult@gmail.com mclcoal@yahoo.co.in
Godown :	3^rd Floor, Unique Plaza, Near Tripura Road, NH-37, Beltola, Guwahati – 781029, Assam, India
Branch 2 :	Located At : Punjab Uttar Pradesh Uttaranchal Gujarat Meghalaya Nagaland

DIRECTORS

As on 29.09.2014

Name :

Naveen Kumar Gupta

Designation :

Director

Address :

S/O Laxmi Chand Gupta, Gali No. 13, Guwahati - 781028, Assam, India

Date of Birth/Age :

20.06.1970

Date of Appointment :

20.02.2002

DIN No. :

00941858

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	U51909AS1998PTC005558	MAHALAXMI ASSOCIATES PRIVATE LIMITED	Director	12/10/1998	12/10/1998	-	Active	NO
2	U51909AS2000PTC006033	MAHALAXMI INDIA PRIVATE LIMITED	Director	18/02/2000	18/02/2000	-	Active	NO
3	U51909AS2002PLC006759	MAHALAXMI CONTINENTAL LIMITED	Director	20/02/2002	20/02/2002	-	Active	NO
4	U70101AS2005PTC007705	ASHIRWAD CONTRACTORS PRIVATE LIMITED	Director	25/04/2005	25/04/2005	-	Active	NO
5	U70101AS2007PTC008536	MANGALAM SAMPADA PRIVATE LIMITED	Director	14/12/2007	14/12/2007	-	Active	NO
6	U55101ML2008PTC008338	MARBLE ARCH HOTEL PRIVATE LIMITED	Director	14/10/2008	14/10/2008	-	Active	NO
7	U23101AS2004PTC007464	PRIDE COKE PRIVATE LIMITED	Director	18/01/2010	18/01/2010	04/10/2013	Active	NO
8	U51909AS2005PTC007678	BYRNIHAT COAL PRIVATE LIMITED	Director	18/01/2010	18/01/2010	11/08/2014	Active	NO
9	U23109AS2004PTC007451	JAI KAMAKHYA COKE PRIVATE LIMITED	Director	01/04/2010	01/04/2010	-	Active	NO
10	U70101AS2010PTC010047	MAHALAXMI INFRAWORLD PRIVATE LIMITED	Director	21/06/2010	21/06/2010	-	Active	NO
11	U72200AS2010PTC010049	MAHALAXMI INFOTECH PRIVATE LIMITED	Director	21/06/2010	21/06/2010	-	Active	NO
12	U70100AS2010PTC010050	UNIVERSAL INFRAWORLD PRIVATE LIMITED	Director	21/06/2010	21/06/2010	-	Active	NO
13	U70100AS2011PTC010546	HILLVIEW REAL ESTATES PRIVATE LIMITED	Director	30/05/2011	30/05/2011	-	Active	NO
14	U70101AS2012PTC010914	UNIWORLD INFRASTRUCTURE PRIVATE LIMITED	Director	09/02/2012	09/02/2012	-	Under Process of Striking off	NO
15	U10300ML2013PTC008548	G. KHARSATI LIME INDUSTRY PRIVATE LIMITED	Director	18/06/2013	18/06/2013	-	Active	NO

Name :

Avdesh Kumar

Designation :

Director

Address :

681/22, Braham Puri, Meerut – 250002, Uttar Pradesh, India

Date of Birth/Age :

25.03.1978

Date of Appointment :

20.02.2002

DIN No. :

00942372

Name :

Sapna Singhal

Designation :

Director

Address :

681/22, Braham Puri, Meerut – 250002, Uttar Pradesh, India

Date of Birth/Age :

28.04.1979

Date of Appointment :

30.11.2013

DIN No. :

00941903

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	U70101AS2005PTC007706	MANGALAM PLAZA PRIVATE LIMITED	Director	25/04/2005	25/04/2005	-	Active	NO
2	U72200AS2010PTC010049	MAHALAXMI INFOTECH PRIVATE LIMITED	Director	21/06/2010	21/06/2010	-	Active	NO
3	U23109AS2004PTC007451	JAI KAMAKHYA COKE PRIVATE LIMITED	Director	15/12/2010	15/12/2010	-	Active	NO
4	U92199WB2005PTC102010	ANTARIX MULTIMEDIA PRIVATE LIMITED	Director	20/01/2012	20/01/2012	-	Active	NO
5	U70102AS2012PTC010922	UNIWORLD SERVICES PRIVATE LIMITED	Director	13/02/2012	13/02/2012	-	Under Process of Striking off	NO
6	U51909AS2002PLC006759	MAHALAXMI CONTINENTAL LIMITED	Director	30/11/2013	30/11/2013	-	Active	NO
7	U23101AS2004PTC007464	PRIDE COKE PRIVATE LIMITED	Director	25/10/2014	25/10/2014	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Sheel Goel
Designation :	Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2014

Names of Shareholders	No. of Shares
Laxmi Chand Singhal	80,700
Naveen Kumar Gupta	376800
Vipin Singhal	22,000
Avadesh Kumar	34390
Bala Devi Singhal	37,200
Sapna Singhal	34,200
Dinesh Shah	25,000
Geeta Gupta	21,100
Jawahar Ray	26,750
Laxmi Chand Singhal(HUF)	33,000
Naveen Kumar Gupta(HUF)	22100
Bhagirath Dhaka	9,500
Shiv Shankar Kumar	9,250
Laxmi Chand Singhal & Sons(HUF)	8,600
Urvasi Singhal	2000
Manisha Singhal	130,000
Jayanta Das	2,500
Pramod Kumar Sharma	1,000
Manoj Kumar Das	2,000
Nayan Mani Borah	2,250
Vipin Singhal(HUF)	2,000
Antarix Multimedia Private Limited, India	210,000
Brynihat Coal Private Limited, India	305,000
Total	1,397,340

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	36.86
Directors or relatives of Directors	52.84
Other top fifty shareholders	10.30
Total	100.00

BUSINESS DETAILS

Line of Business :	Trader, Exporter and Importer of Coal and Bamboo.
Products :	Coal and Bamboo
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :
Products :	Finished good
Countries :	Bhutan Nepal
Imports :
Products :	Raw material
Countries :	USA
Terms :
Selling :	L/C, Cheque, Cash and Credit
Purchasing :	L/C, Cheque, Cash and Credit

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	North Eastern Field Coal India Limited, Assam
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

Reference :	Bansal Fuel Marketing Private Limited, Haryana
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

No. of Employees :

70 (Approximately)

Bankers :

Banker Name :	Allahabad Bank
Branch Address :	Jawahar Nagar Branch, Beltola, Guwahati - 781028, Assam, India
Facilities :	Not Divulged
Person Name :	Not Divulged
Contact No.:	Not Divulged
Report :	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
Long Term Borrowing
Other Loans and advance	0.000	50.000
Short Term Borrowing
Cash Credit Limit: From Allahabad bank (Secured against First Hypothecation Charge over the Entire Stocks, Book Debts, Receivable and Other Current Assets and Mortgage of Land belonging to the Company)	46.292	34.983
From Allahabad bank (Secured against First Hypothecation Charge over the Entire Stocks, Book Debts, Receivable and Other Current Assets and Mortgage of Land belonging to the Company)	3.000	0.000
Total	49.292	84.983

Auditors :
Name :	Khaitan Agarwal and Company Chartered Accountants
Address :	Sanmati Plaza, 2^nd Floor, Opposite IDBI, G S Road, Guwahati – 781005, Assam, India
Tel. No.:	91-361-2458663
Fax No.:	91-361-2458997
E-Mail :	tibrewalajay@yahoo.co.in khaitansandeep@gmail.com
PAN No.:	AAJFK8468P
Memberships :	Not Available
Collaborators :	Not Available
Enterprises owned or significantly Influenced by key management and /or their relatives :	Mahalaxmi Associates Private Limited Mahalaxmi Mining Private Limited Mahalaxmi lnfraworld Private Limited Mahalaxmi India Private Limited Mahalaxmi Infotech Private Limited Universal lnfraworld Private Limited Ashirwad Contractors Private Limited Magalam Plaza Private Limited Magalam Sampada Private Limited Jai Kamakhya Coke Private Limited Maa Kamakhya Coke Industries

CAPITAL STRUCTURE

As on 29.09.2014

Authorised Capital :

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

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1397340	Equity Shares	Rs.10/- each	Rs.13.973 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	13.973	13.973	13.973
(b) Reserves & Surplus	67.483	65.940	64.733
(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)	81.456	79.913	78.706
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	50.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(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	50.000	0.000
(4) Current Liabilities
(a) Short term borrowings	54.577	34.983	57.527
(b) Trade payables	203.029	227.564	219.893
(c) Other current liabilities	90.061	42.164	49.260
(d) Short-term provisions	0.759	0.548	0.604
Total Current Liabilities (4)	348.426	305.259	327.284
TOTAL	429.882	435.172	405.990
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	3.623	3.869	4.157
(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	0.000	0.000	0.000
(e) Other Non-current assets	1.872	1.812	0.588
Total Non-Current Assets	5.495	5.681	4.745
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	33.424	54.908	42.061
(c) Trade receivables	222.692	205.123	202.227
(d) Cash and cash equivalents	46.725	34.142	11.455
(e) Short-term loans and advances	94.870	101.669	122.209
(f) Other current assets	26.676	33.649	23.293
Total Current Assets	424.387	429.491	401.245
TOTAL	429.882	435.172	405.990

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	712.511	618.884	961.452
	Other Income	1.098	0.733	0.721
	TOTAL (A)	713.609	619.617	962.173
Less	EXPENSES
	Cost of Materials Consumed	642.242	563.785	714.421
	Purchases of Stock-in-Trade	0.000	0.000	0.000
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	21.352	(12.715)	54.179
	Employees benefits expense	2.920	2.253	2.843
	Other expenses	36.933	58.713	182.945
	TOTAL (B)	703.447	612.036	954.388
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	10.162	7.581	7.785
Less	FINANCIAL EXPENSES (D)	7.557	5.470	5.329
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	2.605	2.111	2.456
Less/ Add	DEPRECIATION/ AMORTISATION (F)	0.304	0.357	0.503
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	2.301	1.754	1.953
Less	TAX (I)	0.759	0.548	0.604
	PROFIT/ (LOSS) AFTER TAX (G-I) (J)	1.542	1.206	1.349
	Earnings / (Loss) Per Share (Rs.)	1.10	0.86	1.17

Expected Sales (2014-15) : Rs.1100.000 million

The above information has been parted by Mr. Sheel Goel (Accounts Manager)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	0.22	0.19	0.14
Operating Profit Margin (PBDIT/Sales)	(%)	1.43	1.22	0.81
Return on Total Assets (PBT/Total Assets}	(%)	0.54	0.40	0.48
Return on Investment (ROI) (PBT/Networth)		0.03	0.02	0.02
Debt Equity Ratio (Total Debt /Networth)		0.67	1.06	0.73
Current Ratio (Current Asset/Current Liability)		1.22	1.41	1.23

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	13.973	13.973	13.973
Reserves & Surplus	64.733	65.940	67.483
Net worth	78.706	79.913	81.456
long-term borrowings	0.000	50.000	0.000
Short term borrowings	57.527	34.983	54.577
Total borrowings	57.527	84.983	54.577
Debt/Equity ratio	0.731	1.063	0.670

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	961.452	618.884	712.511
		(35.630)	15.128

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	961.452	618.884	712.511
Profit	1.349	1.206	1.542
	0.14%	0.19%	0.22%

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

(Rs. In Million)

UNSECURED LOAN	As on 31.03.2014	As on 31.03.2013
Long Term Borrowing
Loans and advance from related parties	5.285	0.000
Total	5.285	0.000

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	90266764	16/09/2013 *	58,500,000.00	ALLAHABAD BANK	JAWAHAR NAGAR BRANCH, BELTOLA, GUWAHATI, Assam -  781028, INDIA	B89064067
2	90265979	14/01/2004	5,000,000.00	ALLAHABAD BANK	JAWAHAR NAGAR, GUWAHATI, Assam - 781028, INDIA	-

* Date of charge modification

FIXED ASSETS

• Land
• Building
• Computer
• Vehicles
• Office equipment
• Furniture and Fixtures

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

INFORMATION DETAILS

Information Gathered by :	DPA
Analysis Done by :	KAR
Report Prepared by :	JYTK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		34

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.