MIRA INFORM REPORT

Report No. :	317363
Report Date :	15.04.2015

IDENTIFICATION DETAILS

Name :	OCEAN STEELS PRIVATE LIMITED
Registered Office :	Plot No.68-70, New Ahmedabad Industrial Estate, N.H. No.8A, Village Moraiya, Taluka Sanand, Ahmedabad – 382 220, Gujarat
Tel. No.:	91-2717-321030
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	02.06.2005
Com. Reg. No.:	04-046176
Capital Investment / Paid-up Capital :	Rs.6.000 million
CIN No.: [Company Identification No.]	U27100GJ2005PTC046176
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	AHMO00567A
PAN No.: [Permanent Account No.]	AAACO8021G
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Tracker of Stainless Steel Products.
No. of Employees :	90 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 89000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. The management has witnessed a decent increase in its turnover during year under review. Further, the rating also takes into consideration fair liquidity and profit margin of the company. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct. The company can be considered for business dealings 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

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 (GENERAL DETAILS)

Name :	Ms. Hina
Designation :	Accounts Officer
Contact No.:	91-79-40007600
Date :	14.04.2015

LOCATIONS

Registered Office/ Administration Office/ Factory :	Plot No.68-70, New Ahmedabad Industrial Estate, N.H. No.8A, Village Moraiya, Taluka Sanand, Ahmedabad – 382 220, Gujarat, India
Tel. No.:	91-2717-321030/ 325020
Fax No.:	91-2717-250788
E-Mail :	hina@gopalgroup.com ocean@gopalgroup.com
Area :	10000 sq. ft.
Location :	Owned
Head Office :	2^nd Floor, Rajvi Arcade, Opposite Gurukul Temple, Memnagar, Ahmedabad – 380 052, Gujarat, India
Tel. No.:	91-79-40007600
Location :	Owned

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Surender Pal Gupta

Designation :

Director

Address :

H-34, Ashok Vihar, Phase II, Delhi – 110 052, India

Date of Birth/Age :

22.02.1942

Date of Appointment :

02.06.2006

DIN No.:

00381499

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	U74899DL1988PTC032409	COMET BUILDERS PRIVATE LIMITED	Director	11/07/1988	11/07/1988	-	Active	NO
2	U27109DL1990PLC040795	CASTWELL ALLOYS LIMITED	Director	12/07/1990	12/07/1990	29/11/2008	Active	NO
3	U27105TN1989PTC018469	VINAYAKA ALLOYS PRIVATE LIMITED	Director	31/01/1991	31/01/1991	-	Active	NO
4	U74899DL1993PLC054676	KRAZE EXPORTS LIMITED	Director	29/09/2008	30/07/1993	-	Active	NO
5	U52110DL1979PTC009979	PARVATI PRIVATE LIMITED	Director	01/08/1994	01/08/1994	-	Active	NO
6	U74899DL1995PLC066535	GOPAL UDYOG LIMITED	Director	20/03/1995	20/03/1995	-	Active	NO
7	U45201DL2000PTC103888	KRISHNA PROJECTS PRIVATE LIMITED	Director	22/02/2000	22/02/2000	-	Active	NO
8	U25200MH1997PTC109083	STEELAGE EXIM PRIVATE LIMITED	Director	26/05/2005	26/05/2005	05/10/2010	Active	NO
9	U27100GJ2005PTC046176	OCEAN STEELS PRIVATE LIMITED	Director	02/06/2006	02/06/2006	-	Active	NO
10	U45200GJ2005PTC066140	BRIGHTSTAR PROJECTS PRIVATE LIMITED	Director	26/05/2007	26/05/2007	14/09/2009	Active	NO

Name :

Mr. Gopal Swarup Gupta

Designation :

Director

Address :

H-34, Ashok Vihar, Phase II, Delhi – 110 052, India

Date of Birth/Age :

26.03.1965

Date of Appointment :

02.06.2005

DIN No.:

00381600

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	U74899DL1988PTC032409	COMET BUILDERS PRIVATE LIMITED	Director	11/07/1988	11/07/1988	-	Active	NO
2	U27109DL1990PLC040795	CASTWELL ALLOYS LIMITED	Director	12/07/1990	12/07/1990	10/11/2008	Active	NO
3	U67120GJ1979PTC079099	ALLIED HOLDINGS PRIVATE LIMITED	Director	12/02/1993	12/02/1993	-	Active	NO
4	U74899DL1993PLC054676	KRAZE EXPORTS LIMITED	Director	30/07/1993	30/07/1993	-	Active	NO
5	U74899DL1995PLC066535	GOPAL UDYOG LIMITED	Director	20/03/1995	20/03/1995	-	Active	NO
6	U45201DL1998PTC091501	G G PROJECTS PRIVATE LIMITED	Director	05/01/1998	05/01/1998	-	Active	NO
7	U45201DL2000PTC103888	KRISHNA PROJECTS PRIVATE LIMITED	Director	22/02/2000	22/02/2000	-	Active	NO
8	U27100GJ1999PLC036413	LAXCON STEELS LIMITED	Managing director	05/04/2012	20/03/2002	-	Active	NO
9	U27100GJ2005PTC046176	OCEAN STEELS PRIVATE LIMITED	Director	02/06/2005	02/06/2005	-	Active	NO
10	U45201GJ2007PTC049892	KRAZE BUILDERS PRIVATE LIMITED	Director	31/01/2007	31/01/2007	-	Active	NO
11	U45202GJ2007PTC049912	MAJESTIC INDUSTRIAL PARK PRIVATE LIMITED	Director	01/02/2007	01/02/2007	-	Active	NO

Name :

Mr. Pratik Kumar Lila

Designation :

Director

Address :

B-2, Shastri Nagar, Opposite Punjab National Bank, Jodhpur – 342 001, Rajasthan, India

Date of Birth/Age :

05.09.1985

Date of Appointment :

22.09.2011

DIN No.:

02263171

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	U45200GJ2005PTC066140	BRIGHTSTAR PROJECTS PRIVATE LIMITED	Director	12/09/2008	05/07/2008	20/08/2010	Active	NO
2	U27100GJ2005PTC046176	OCEAN STEELS PRIVATE LIMITED	Director	22/09/2011	08/10/2010	-	Active	NO

Name :

Mr. Vinod Kumar Jain

Designation :

Director

Address :

B-12, Yash Tower, Satellite, Ahmedabad – 380 015, Gujarat, India

Date of Birth/Age :

04.12.1969

Date of Appointment :

27.09.2008

DIN No.:

02267712

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	U27100GJ2005PTC046176	OCEAN STEELS PRIVATE LIMITED	Director	27/09/2008	05/07/2008	-	Active	NO

KEY EXECUTIVES

Name :	Ms. Hina
Designation :	Accounts Officer

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Shareholders	No. of Shares	Percentage of holding
Surender Pal Gupta	5000	0.83
Gopal Swarup Gupta	255000	42.50
Sita Gupta	90000	15.00
Vinod Gupta (HUF)	50000	8.33
Pooja Gupta	200000	33.34
Total	600000	100.00

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2014

Category	Percentage of holding
Directors or relatives of directors	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Tracker of Stainless Steel Products.
Products :	Electrical Items Ferro Alloys Machinery and Mechanical Appliances Machinery Items
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Available
Imports :
Products :	Raw Material
Countries :	South Africa Thailand
Terms :
Selling :	Cash
Purchasing :	Cash

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Lohathai Stainless Co., Limited, South Africa
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 :	Al Rayan General Trading LLC , Dubai
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 :

90 (Approximately)

Bankers :

Banker Name	IndusInd Bank Limited
Branch Address	World Business House, M.G. Road, Near Parimal Garden, Ellis Bridge, Ahmedabad – 380 015, Gujarat, 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 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

· IndusInd Bank Limited, 2401, Gen Thimmayya Road, Contonment, Pune – 411 001, Maharashtra, India

· Oriental Bank of Commerce, Neel Kamal Building, Opposite Sales India, Ashram Road, Ahmedabad – 380 009, Gujarat, India

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
SHORT TERM BORROWINGS
Loans repayable on demand From Banks:
Working capital loans from Bank
Cash Credit	31.978	7.686
Buyer’s Credit in Foreign Currency	8.862	14.679
Total	40.840	22.365

Banking Relations :	--
Auditors :
Name :	Sunil Poddar and Company Chartered Accountants
Address :	301-305, Vraj Bhumi Complex, Near Prarthana Flat, B/H Shilp Building, Off C.G .Road, Navrangpura, Ahmedabad – 380 009, Gujarat, India
Tel. No. :	91-79-26402893/ 26431097
Fax No. :	91-79-26462614
E-Mail :	info@sunilpoddarca.com
PAN No.:	ABEFS3044F
Memberships :	Not Available
Collaborators :	Not Available
Associates (As on 31.03.2013) :	Laxcon Steels Limited Pratik Lila HUF

CAPITAL STRUCTURE

AS ON 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
600000	Equity Shares	Rs.10/- each	Rs.6.000 million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
600000	Equity Shares	Rs.10/- each	Rs.6.000 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	6.000	6.000	6.000
(b) Reserves & Surplus	25.128	20.051	15.191
(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)	31.128	26.051	21.191
(3) Non-Current Liabilities
(a) Long-term borrowings	43.950	21.911	23.400
(b) Deferred tax liabilities (Net)	6.034	5.861	4.957
(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)	49.984	27.772	28.357
(4) Current Liabilities
(a) Short term borrowings	45.171	49.365	18.209
(b) Trade payables	4.420	13.960	4.368
(c) Other current liabilities	4.762	0.866	0.563
(d) Short-term provisions	2.629	1.622	0.949
Total Current Liabilities (4)	56.982	65.813	24.089
TOTAL	138.094	119.636	73.637
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	48.588	45.902	46.086
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.352	0.000	0.002
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.020	0.020	0.020
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	4.066	3.735	5.544
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	53.026	49.657	51.652
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	17.031	2.891	1.907
(c) Trade receivables	31.583	58.865	15.732
(d) Cash and cash equivalents	1.692	4.374	2.528
(e) Short-term loans and advances	33.942	3.707	1.732
(f) Other current assets	0.820	0.142	0.086
Total Current Assets	85.068	69.979	21.985
TOTAL	138.094	119.636	73.637

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Revenue from Operations (Net)	159.734	119.924	69.314
		Other Income		0.221	1.617
		TOTAL	159.734	120.145	70.931
Less	EXPENSES
		Purchases of Stock-in-Trade	148.776	80.582	43.474
		Changes in inventories of Stock-in-Trade		(1.122)	0.000
		Employees benefits expense		4.227	3.537
		Other expenses		21.986	14.880
		TOTAL	148.776 (including financial expenses)	105.673	61.891
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION			14.472	9.040
Less	FINANCIAL EXPENSES			4.072	3.277
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		10.958	10.400	5.763
Less/ Add	DEPRECIATION/ AMORTISATION		3.611	3.409	2.098
	PROFIT/ (LOSS) BEFORE TAX		7.347	6.991	3.665
Less	TAX		2.271	2.131	1.179
	PROFIT/ (LOSS) AFTER TAX		5.076	4.860	2.486
	EARNINGS IN FOREIGN CURRENCY		60.372	71.862	0.000
	Earnings / (Loss) Per Share (Rs.)		8.46	8.10	4.14

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	NA	4.05	3.59
Operating Profit Margin (PBDIT/ Sales)	(%)	NA	12.07	13.04
Return on Total Assets (PBT/Total Assets}	(%)	5.33	5.84	4.98
Return on Investment (ROI) (PBT/Networth)		0.24	0.27	0.17
Debt Equity Ratio (Total Debt/Networth)		2.86	2.74	1.96
Current Ratio (Current Asset/Current Liability)		1.49	1.06	0.91

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(INR in Million)	(INR in Million)	(INR in Million)
Share Capital	6.000	6.000	6.000
Reserves & Surplus	15.191	20.051	25.128
Net worth	21.191	26.051	31.128
Long Term borrowings	23.400	21.911	43.950
Short Term borrowings	18.209	49.365	45.171
Total borrowings	41.609	71.276	89.121
Debt/Equity ratio	1.964	2.736	2.863

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(INR in Million)	(INR in Million)	(INR in Million)
Total Income	70.931	120.145	159.734
		69.383	32.951

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(INR in Million)	(INR in Million)	(INR in Million)
Total Income	70.931	120.145	159.734
Profit	2.486	4.860	5.076
	3.50%	4.05%	3.18%

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%	-----
14]	Estimation for coming financial year	No
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	No

NOTE:

The Registered Office of the company has been shifted from A/101, Sahajanad Apartment, Near Maharaja Agrasen School, Gurukul Road, Memnagar, Ahmedabad – 380 052, Gujarat, India to the present address w.e.f. 22.05.2006.

UNSECURED LOANS

PARTICULARS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG TERM BORROWINGS
From Related Parties	43.950	21.911
SHORT TERM BORROWINGS
From related parties	4.331	27.000
Total	48.281	48.911

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10486800	13/01/2015 *	70,000,000.00	INDUSIND BANK LIMITED	2401, GEN THIMMAYYA ROAD, CONTONMENT, PUNE, MAHARASHTRA - 411001, INDIA	C42044537
2	10475954	13/01/2015 *	70,000,000.00	INDUSIND BANK LIMITED	2401, GEN THIMMAYYA ROAD, CONTONMENT, PUNE, MAHARASHTRA - 411001, INDIA	C41028739

* Date of charge modification

FIXED ASSETS

· Land

· Factory Shed

· Plant and Machinery

· Electrical Fittings

· Computer

· Vehicles

· Furniture and Fixtures

· Office 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.62.39
UK Pound	1	Rs.91.06
Euro	1	Rs.66.16

INFORMATION DETAILS

Information Gathered by :	GYA
Analysis Done by :	SUM
Report Prepared by :	SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
-- PROFITABILITY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		45

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.