MIRA INFORM REPORT

Report No. :	315543
Report Date :	06.04.2015

IDENTIFICATION DETAILS

Name :	ARTHUR TURNKEY PROJECTS LIMITED (w.e.f. 12.01.2010)
Formerly Known As :	MSP TURNKEY PROJECTS LIMITED
Registered Office :	4h, Electronic Centre, 1/1 A, Biplabi Anukul Chandra Street, Kolkata – 700072, West Bengal
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	14.03.2008
Com. Reg. No.:	21-124166
Capital Investment / Paid-up Capital :	Rs.3.875 Million
CIN No.: [Company Identification No.]	U45204WB2008PLC124166
TIN No.:	Not Available
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 :	Manufacturer, Supplier and Service Provider of Engineering Goods.
No. of Employees :	10 (Approximately)

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

Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The company possesses a moderate financial profile marked by moderate networth base, despite infusion of funds from the promoters along with slow realization of debtors leading to working capital intensive operations. Management has witnessed a decline in tis revenue base as well as drastic dip in its net profitability during FY 2014. However, trade relations seems to be fair. Business is active. Payment terms are reported as slow. In view of moderate scale of operations, the company can be considered for business dealings with cautions.

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

NOT AVAILABLE

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. Debasish Mukharjee
Designation :	Senior Accountant
Contact No.:	91-33-22126145
Date :	04.04.2015

LOCATIONS

Registered Office :	4h, Electronic Centre, 1/1 A, Biplabi Anukul Chandra Street, Kolkata – 700072, West Bengal, India
Tel. No.:	91-33-22126145 / 30226145 / 30226144
Fax No.:	91-33-22127449
E-Mail :	debasismukherjee30@rediffmail.com
Website :	http://www.arthurturnkey.com (Under Construction)
Area :	750 Sq. Ft.
Location :	Rented
Locality :	Commercial
Factory :	E-34, Banaras Road, Howrah – 711114, West Bengal, India

DIRECTORS

As on 30.09.2014

Name :

Mr. Biplab Roychoudhury

Designation :

Director

Address :

4/32, Sahidnagar, Dhakuria, Kolkata - 700031, West Bengal, India

Date of Birth/Age :

01.04.1954

Date of Appointment :

24.08.2010

DIN No.:

00112231

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	U29199WB2005PTC101786	PELICAN EQUIPMENTS PRIVATE LIMITED	Whole-time director	18/02/2005	18/02/2005	-	Active	NO
2	U45204WB2008PLC124166	ARTHUR TURNKEY PROJECTS LIMITED	Director	24/08/2010	24/08/2010	-	Active	NO

Name :

Mr. Kishan Daruka

Designation :

Director

Address :

1/1 A, Biplabi Anukul Chandra Street, Kolkata - 700072, West Bengal, India

Date of Birth/Age :

15.08.1983

Date of Appointment :

14.03.2008

DIN No.:

00587583

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	U27310WB1997PTC085410	MSP ROLLING MILLS PRIVATE LIMITED	Director	15/09/1997	15/09/1997	-	Active	NO
2	U67120WB1993PTC059622	RAMRAJYA LEFIN PRIVATE LIMITED	Director	10/04/1998	10/04/1998	28/10/2011	Active	NO
3	U27320WB2002PTC094648	SND STEELWOOL ABRESSIVE PRIVATE LIMITED	Director	15/05/2002	15/05/2002	-	Active	NO
4	U27109WB2004PLC098397	SALASAR ISPAT LIMITED	Director	23/04/2004	23/04/2004	01/07/2008	Active	NO
5	U27310WB2004PTC100554	DARUKA RE ROLLERS PRIVATE LIMITED	Director	01/12/2004	01/12/2004	-	Active	NO
6	U51109WB1994PTC063429	MOHIT VYAPAAR PRIVATE LIMITED	Director	19/01/2007	19/01/2007	19/01/2009	Active	NO
7	U27100WB2007PTC119022	SHREE SAI SHRADDHA METALLICS PRIVATE LIMITED	Director	27/09/2007	27/09/2007	-	Active	NO
8	U14219WB2006PTC112186	PRATEEK MINES & MINERALS PRIVATE LIMITED	Director	03/10/2007	03/10/2007	04/07/2013	Active	NO
9	U45204WB2008PLC124166	ARTHUR TURNKEY PROJECTS LIMITED	Director	14/03/2008	14/03/2008	-	Active	NO
10	U51109WB2008PTC122118	ANUKUL COMMERCIAL PRIVATE LIMITED.	Director	05/08/2008	05/08/2008	07/08/2009	Active	NO
11	U27100WB2009PTC135977	SND ISPAAT PRIVATE LIMITED	Director	18/06/2009	18/06/2009	-	Active	NO
12	U25200WB2009PTC140438	JUNCTION IMPEX PRIVATE LIMITED	Director	22/12/2009	22/12/2009	-	Strike off	NO
13	U51109WB2008PTC122142	MAHAVIR VINIMAY PRIVATE LIMITED.	Director	08/02/2010	08/02/2010	08/10/2012	Active	NO
14	U26940WB2010PTC141963	SHREE SAISHRADDHA CEMENTS PRIVATE LIMITED	Director	27/03/2015	09/02/2010	-	Active	NO
15	U51109WB2008PTC122462	RAUNAK TRADE-LINK PRIVATE LIMITED	Director	24/08/2010	24/08/2010	27/02/2013	Active	NO
16	U74140WB2008PTC131524	KRISHNA FINANCIAL CONSULTANTS PRIVATE LIMITED	Director	24/08/2010	24/08/2010	27/02/2013	Active	NO
17	U51109WB2007PTC117959	PANORAMA COMMERCIAL PRIVATE LIMITED	Director	24/08/2010	24/08/2010	07/01/2014	Active	NO
18	U51909WB2007PTC118883	EVERLIKE VYAPAAR PRIVATE LIMITED	Director	24/08/2010	24/08/2010	07/01/2014	Active	NO
19	U65999WB1994PTC064432	SUYASH FINOVEST PRIVATE LIMITED	Director	02/09/2011	02/09/2011	27/02/2013	Active	NO
20	U51109WB2008PTC124680	PLEASENT VANIJYA PRIVATE LIMITED	Director	23/09/2011	23/09/2011	27/02/2013	Active	NO
21	U65921WB1996PTC134901	IBM FINANCE AND INVESTMENT PRIVATE LIMITED	Director	01/10/2011	01/10/2011	29/03/2014	Active	NO
22	U51909WB2008PTC131272	WISE COMMOSALE PRIVATE LIMITED	Director	02/01/2013	02/01/2013	27/02/2013	Active	NO
23	U51109WB2008PTC123923	SONATA VANIJYA PRIVATE LIMITED	Director	01/02/2013	01/02/2013	06/04/2013	Active	NO

Name :

Mr. Sidharth Daruka

Designation :

Director

Address :

4h-Electronic Center, 1/1 A, Biplabi Anukul Chandra Street, Kolkata - 700072, West Bengal, India

Date of Birth/Age :

10.02.1982

Date of Appointment :

24.08.2010

DIN No.:

02667174

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	U27100WB2009PTC135977	SND ISPAAT PRIVATE LIMITED	Director	18/06/2009	18/06/2009	-	Active	NO
2	U45204WB2008PLC124166	ARTHUR TURNKEY PROJECTS LIMITED	Director	24/08/2010	24/08/2010	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Debasish Mukharjee
Designation :	Senior Accountant

MAJOR SHAREHOLDERS

As on 30.09.2014

Names of Shareholders	No. of Shares	% of Holding
Kishan Daruka	43000	11.10
Sidharth Daruka	7000	1.81
Daruka Re Rollers Private Limited, India	12500	3.23
Everlike Vyapaar Private Limited, India	12500	3.23
Panoroma Commercial Private Limited, India	312500	80.65
Total	387500	100.00

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2014

Category	Percentage
Bodies corporate	87.10
Directors or relatives of Directors	12.90
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Supplier and Service Provider of Engineering Goods.
Products :	Engineering Goods
Brand Names :	--
Agencies Held :	--
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Nezone Tubes Limited, Kolkata, West Bengal, India
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Remark :	Not Divulged

Customers :

Reference :	OSM Engineering Pneumatic Conveying Private Limited
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Remark :	Not Divulged

No. of Employees :

10 (Approximately)

Bankers :

Banker Name	Not Divulged
Branch Address	Not Divulged
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 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 :

SECURED LOANS	31.03.2014 Rs. In Million	31.03.2013 Rs. In Million
LONG TERM BORROWINGS
Indian Rupee Term Loan From
L and T Finance Limited	1.673	5.422
SREI Equipment finance Private Limited	0.078	0.967
HDFC Bank Limited	0.567	0.000
SHORT TERM BORROWINGS
Indian Rupee Term Loan From
L and T Finance Limited	3.748	3.399
SREI Equipment finance Private Limited	0.889	0.801
HDFC Bank Limited	0.213	0.000
Total	7.168	10.589

Financial Institution :	SREI Equipment Finance Private Limited, 'Vishwakarma', 86c, Topsia Road, Kolkata - 700046, West Bengal, India
Auditors :
Name :	Sunil Kumar Agrawal and Associates Chartered Accountants
Address :	21, Hemanta Basu Sarani, Centre Point, 2nd Floor, Suite No.229, Kolkata – 700001, West Bengal, India
Tel. No.:	91-33-22104272 / 40070611 / 21140281
Mobile No.:
Fax No.:	91-33-22316981
E-Mail :
PAN No.:	ABSFS6171R
Memberships :	--
Collaborators :	--
Associates :	MSP Rolling Mills Private Limited Daruka Re-Rollers Private Limited SND Ispaat Private Limited

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
400000	Equity Shares	Rs.10/- each	Rs.4.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
378500	Equity Shares	Rs.10/- each	Rs.3.875 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	3.875	0.500	0.500
(b) Reserves & Surplus	27.215	3.203	1.697
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	27.000	27.000
Total Shareholders’ Funds (1) + (2)	31.090	30.703	29.197
(3) Non-Current Liabilities
(a) long-term borrowings	33.994	38.349	31.997
(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)	33.994	38.349	31.997
(4) Current Liabilities
(a) Short term borrowings	4.850	4.200	3.082
(b) Trade payables	58.328	75.294	95.536
(c) Other current liabilities	517.176	511.484	507.144
(d) Short-term provisions	11.928	11.483	10.515
Total Current Liabilities (4)	592.282	602.461	616.277
TOTAL	657.366	671.513	677.471
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	27.384	31.343	33.275
(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)	1.409	1.180	0.420
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	28.793	32.523	33.695
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	15.544	40.655	105.967
(c) Trade receivables	247.140	169.641	121.064
(d) Cash and cash equivalents	29.083	12.088	12.860
(e) Short-term loans and advances	336.806	416.606	403.885
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	628.573	638.990	643.776
TOTAL	657.366	671.513	677.471

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.03.2014	31.03.2013	31.03.2012
	SALES
		Income		351.402	649.228	574.740
		Other Income		0.152	0.081	0.118
		TOTAL (A)		351.554	649.309	574.858
Less	EXPENSES
		Cost of Materials Consumed		309.997	593.713	534.270
		Changes in Inventories of finished goods, work-in-progress and stock-in-trade		2.369	(3.268)	1.370
		Purchase of Stock-in-trade		5.115	0.000	0.000
		Employee Benefits Expenses		10.648	15.493	5.258
		Other Expenses		12.698	30.635	22.777
		TOTAL (B)		340.827	636.573	563.675
	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			10.727	12.736	11.183
Less	FINANCIAL EXPENSES (D)			4.658	4.352	3.578
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			6.069	8.384	7.605
Less	DEPRECIATION/ AMORTISATION (F)			5.436	6.695	7.078
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)			0.633	1.689	0.527
Less	TAX (H)			0.246	0.183	0.168
	PROFIT/(LOSS) AFTER TAX (G-H) (I)			0.387	1.506	0.359
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD			3.203	1.697	1.338
	BALANCE CARRIED TO THE B/S			3.590	3.203	1.697
	EARNINGS IN FOREIGN CURRENCY
			Export Earnings	15.223	1.200	NA
	TOTAL EARNINGS			15.223	1.200	NA
	Earnings / (Loss) Per Share (Rs.)			1.77	30.12	7.18

Expected Sales (2014-2015): Rs.660.000 Million (Due to completion of ongoing projects)

The above information has been parted by Mr. Debasis Mukharjee

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	0.11	0.23	0.06
Operating Profit Margin (PBDIT/Sales)	(%)	3.05	1.96	1.95
Return on Total Assets (PBT/Total Assets}	(%)	0.10	0.25	0.08
Return on Investment (ROI) (PBT/Networth)		0.02	0.06	0.02
Debt Equity Ratio (Total Debt /Networth)		1.25	1.39	1.20
Current Ratio (Current Asset/Current Liability)		1.06	1.06	1.04

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	0.500	0.500	3.875
Reserves & Surplus	1.697	3.203	27.215
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	27.000	27.000	0.000
Net worth	29.197	30.703	31.090
Long Term borrowings	31.997	38.349	33.994
Short Term borrowings	3.082	4.200	4.850
Total borrowings	35.079	42.549	38.844
Debt/Equity ratio	1.201	1.386	1.249

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	574.740	649.228	351.402
		12.960	(45.874)

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	574.740	649.228	351.402
Profit	0.359	1.506	0.387
	0.06%	0.23%	0.11%

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	Yes
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%	Yes
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)	No
21]	Market information	----------
22]	Litigations that the firm / promoter involved in	----------
23]	Banking Details	No
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	No

UNSECURED LOANS:

Particulars	31.03.2014 Rs. In Million	31.03.2013 Rs. In Million
LONG TERM BORROWINGS
Indian Rupee Term Loan From
Others	31.676	31.960
Total	31.676	31.960

OPERATIONS

During the Fiducial Year the Company has earned a profit of Rs.0.633 Million. The company is making persistent and vigorous efforts to further boost up its performance in upcoming future.

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10360500	15/05/2012	2,375,098.00	SREI Equipment Finance Private Limited	'Vishwakarma', 86c, Topsia Road, Kolkata, West Bengal - 700046, India	B41575945

*Date of modification Charges

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Computer

· Vehicles

· Furniture and Fixture

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 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 :	NYA
Analysis Done by :	SUB
Report Prepared by :	VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION		0
--BUSINESS SCALE	1~10	3
--PROFITABILITY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	4
--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
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

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.