MIRA INFORM REPORT

Report No. :	318240
Report Date :	22.04.2015

IDENTIFICATION DETAILS

Name :	APCO INFRATECH PRIVATE LIMITED
Registered Office :	B-9, Vibhuti Khand Gomati Nagar Lucknow – 226010, Uttar Pradesh
Tel No :	91-522-4036111-120
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	23.01.1992
Com. Reg. No.:	20-013969
Capital Investment / Paid-up Capital :	Rs. 326.500 Million
CIN No.: [Company Identification No.]	U51432UP1992PTC013969
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	LKNA05238C
PAN No.: [Permanent Account No.]	AADCA5639H
Legal Form :	Private Limited Liability Company
Line of Business :	Construction activity.
No. of Employees :	1500 (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

Status :	Satisfactory
Payment Behaviour :	Slow but Correct
Litigation :	Exist
Comments :	Subject is an established company having satisfactory track. The company possesses an acceptable financial profile marked by adequate networth base as well as average capital structure and debt protection metrics. Moreover, likely modest cash funds which are stuck in inventory coupled with lending more than required financial support for its related parties and associates may fuel the liquidity issues. Management has witnessed a sufficient revenue as well as net profitability from its operation during FY 14, which are mainly concentrated on government projects along with some contracted and sub contracted projects from private entities. Trade relations are fair. Business is active. Payment terms are slow but correct. In view of demonstrated track, 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

Rating Agency Name	CRISIL
Rating	Long term Rating BB+ (Suspended)
Rating Explanation	High risk of default regarding timely servicing of financial obligations
Date	30.01.2014

Rating Agency Name	CRISIL
Rating	Short Term Rating A4+ (Suspended)
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	30.01.2014

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2014.

INFORMATION PARTED BY (GENERAL DETAIL)

Name :	Mrs. R. Basu
Designation :	Senior manager HR
Contact No.:	91-124-4417300
Date :	21.04.2015

LOCATIONS

Registered Office :	B-9, Vibhuti Khand Gomati Nagar Lucknow – 226010, Uttar Pradesh, India
Tel. No.:	91-522-4036111/120
Mobile No.:	91-124-4417300 (Mrs. R. Basu)
Fax No.:	91-522-4036100
E-Mail :	rbasu@apcoinfra.com kusumgupta@apcoinfra.com admin@apcoinfra.com
Website :	http://www.apcoinfra.com
Corporate Office :	Universal Trade Tower, 4^th Floor, Sector – 49, Sohna Road, Gurgaon – 122101, India
Tel. No.:	91-124-4417300
Fax No.:	91-522-4036100/522-2720479
E-Mail :	admin@apcoinfra.com

DIRECTORS

As on : 25.09.2014

Name :

Mr. Anil Kumar Singh

Designation :

Managing Director

Address :

5/117, Vinay Khand Gomti Nagar, Lucknow – 226010, Uttar Pradesh, India

Date of Birth/Age :

01.03.1966

Date of Appointment :

01.08.2013

DIN No.:

00534326

PAN No.:

BOUPS0966Q

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	U51432UP1992PTC013969	APCO INFRATECH Private Limited	Managing director	01/08/2013	23/01/1992	-	Active	NO
2	U45400UP2011PTC047755	ACP TOLLWAYS PRIVATE LIMITED	Managing director	05/12/2011	05/12/2011	-	Active	NO
3	U70102UP2013PTC054523	LIVING STONE REALITY PRIVATE LIMITED	Director	07/01/2013	07/01/2013	10/09/2013	Active	NO
4	U70102UP2013PTC056419	EMPERIA REALITY PRIVATE LIMITED	Director	23/04/2013	23/04/2013	-	Active	NO
5	U70102UP2013PTC054683	WOODSIDE INFRASTRUCTURE PRIVATE LIMITED	Director	15/11/2013	15/11/2013	-	Active	NO

Name :

Mr. Vinod Kumar Singh

Designation :

Managing Director

Address :

5/117, Vinay Khand Gomti Nagar, Lucknow – 226010, Uttar Pradesh, India

Date of Birth/Age :

01.07.1968

Date of Appointment :

01.07.2013

DIN No.:

00536122

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	U51432UP1992PTC013969	APCO INFRATECH Private Limited	Managing director	01/07/2013	04/12/1992	-	Active	NO
2	U45400UR2009PTC032751	A.S. LAND & BUILDING DEVELOPERS PRIVATE LIMITED	Director	07/01/2009	07/01/2009	-	Active	NO

Name :

Mr. Rajesh Pratap Singh

Designation :

Director

Address :

232, Raipur, Amethi, Sultanpur – 222050, Uttar Pradesh, India

Date of Birth/Age :

03.07.1959

Date of Appointment :

01.10.1996

DIN No.:

00537865

KEY EXECUTIVES

Name :	Mrs. R. Basu
Designation :	Senior manager HR
Name :	Ms. Kusum Gupta
Designation :	Company Secretary
Address :	5/284, B Vipul Khand, Gomti Nagar, Lucknow – 226010, Uttar Pradesh, India
Date of Birth :	12.07.1976
Date of Appointment :	02.07.2012

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on : 25.09.2014

Names of Shareholders	No. of Shares
Anil Kumar Singh	809645
Suman Singh	324645
Vinod Kumar Singh	284340
Radha Singh	244190
Vinay Kumar Singh	79000
Vimal Kumar Singh	172180
R. P. Singh	10000
D.B. Singh	18000
R.A Singh	18000
Amit Singh	160000
Arpit K. Singh	105000
Akansha Singh	50000
Aankita Singh	35000
Kamala Singh	170000
Sweta Singh	48000
Raj K. Singh	9000
Sandhya Singh	9000
Ashish K. Singh	9000
Big Brokers House Stock Limited	125000
Cityon Systems India Limited	585000
Total	3265000

As on : 25.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	21.75
Directors or relatives of Directors	78.25
Total	100.00

BUSINESS DETAILS

Line of Business :

Construction activity.

Products :

Product Description	Item Code No. (ITC Code)
Construction Work	4418

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Selling :

Cash, L/C and Credit

Purchasing :

Cash, L/C and Credit

GENERAL INFORMATION

Suppliers :

Reference :	Caterpillar - Mumbai
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 :

Wholesalers, OEMs and Others

Reference :	National Highway Athority of India
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 :

1500 (Approximately)

Bankers :

Banker Name	Oriental Bank of Commerce
Branch Address	Gomati Nagar - Lucknow
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
Banker Name	Punjab National Bank
Branch Address	Gomati Nagar - Lucknow

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Term loan from Bank	294.091	300.912
Term loan from Others	150.087	280.546
SHORT TERM BORROWING
Term loan from Bank	98.030	100.304
Term loan from others	50.029	93.517
Loan repayable on Demand	541.330	672.051
Total	1133.567	1447.329

Auditors :
Name :	PNG and Company Chartered Accountants
Address :	64, Cantonment, Faizabad – 224001, India
PAN No.:	AACFT3296M
Enterprises which are owned or have significant influence of or are partners with Key Management personnel and their relatives :	Ashirwad Infra Promoters Private Limited (CIN No.: U45400UP2010PTC041059) Woodside Infrastructure Private Limited (CIN No.:U70102UP2013PTC054683) Living Stone Reality Private Limited (CIN No.: U70102UP2013PTC054523) Emperia Reality Private Limited (CIN No.: U70102UP2013PTC056419) Ashirwad Service Station (PAN No.: AAIFA3958K)
Memberships :	Not Available
Collaborators :	Not Available
Associates :	ACP Tollways Private Limited (CIN No.: U454000UP2011PTC047755)

CAPITAL STRUCTURE

As on : 25.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
5700000	Equity Shares	Rs.100/- each	Rs.570.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3265000	Equity Shares	Rs.10/- each	Rs.326.500 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	326.500	326.500	241.000
(b) Reserves & Surplus	1351.549	924.048	577.126
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	79.000
Total Shareholders’ Funds (1) + (2)	1678.049	1250.548	897.126
(3) Non-Current Liabilities
(a) long-term borrowings	444.178	581.458	305.804
(b) Deferred tax liabilities (Net)	0.184	0.000	0.000
(c) Other long term liabilities	1428.921	1746.951	572.301
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	1873.283	2328.409	878.105
(4) Current Liabilities
(a) Short term borrowings	689.389	865.871	564.124
(b) Trade payables	1603.874	1735.834	269.948
(c) Other current liabilities	1949.443	1289.193	601.604
(d) Short-term provisions	229.096	173.176	119.266
Total Current Liabilities (4)	4471.802	4064.074	1554.942
TOTAL	8023.134	7643.031	3330.173
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	938.816	907.837	635.569
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	39.061	0.000	16.460
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	929.145	309.135	180.235
(c) Deferred tax assets (net)	0.000	1.777	0.546
(d) Long-term Loan and Advances	567.871	959.199	22.717
(e) Other Non-current assets	0.000	0.006	360.771
Total Non-Current Assets	2474.893	2177.954	1216.298
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	1349.067	996.976	1205.981
(c) Trade receivables	1201.769	2331.909	0.000
(d) Cash and cash equivalents	473.254	421.632	438.814
(e) Short-term loans and advances	2232.155	1463.220	424.454
(f) Other current assets	291.996	251.340	44.626
Total Current Assets	5548.241	5465.077	2113.875
TOTAL	8023.134	7643.031	3330.173

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Revenue from operations	7814.671	6144.684	4461.021
	Other Income	44.004	40.807	25.724
	TOTAL (A)	7858.675	6185.491	4486.745
Less	EXPENSES
	Cost of Materials Consumed	5302.893	3710.624	3163.804
	Prior period item before tax	0.330	4.637	0.000
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(20.293)	476.106	(574.396)
	Employees benefits expense	450.263	340.236	217.197
	Other expenses	1064.639	767.221	1037.509
	TOTAL (B)	6797.832	5298.824	3844.114
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	1060.843	886.667	642.631
Less	FINANCIAL EXPENSES (D)	221.378	205.144	160.752
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	839.465	681.523	481.879
Less/ Add	DEPRECIATION/ AMORTISATION (F)	162.023	163.348	108.486
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	677.442	518.175	373.393
Less	TAX (I)	249.940	171.253	122.096
	PROFIT/ (LOSS) AFTER TAX (G-I) (J)	427.502	346.922	251.297
	Earnings / (Loss) Per Share (Rs.)	130.93	106.25	76.97

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	5.47	5.65	5.63
Operating Profit Margin (PBITD/Sales)	(%)	13.58	14.43	14.41
Return on Total Assets (PBT/Total Assets}	(%)	9.60	7.07	11.92
Return on Investment (ROI) (PBT/Networth)		0.40	0.41	0.42
Debt Equity Ratio (Total Debt /Networth)		0.68	1.16	0.97
Current Ratio (Current Asset/Current Liability)		1.24	1.34	1.36

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	241.000	326.500	326.500
Reserves & Surplus	577.126	924.048	1351.549
Share applicatiopn money pending allotment	0.000	0.000	79.000
Net worth	818.126	1250.548	1678.049
long-term borrowings	305.804	581.458	444.178
Short term borrowings	564.124	865.871	689.389
Total borrowings	869.928	1447.329	1133.567
Debt/Equity ratio	1.063	1.157	0.676

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Millions)	(Rs. In Million)
Total Income	4486.745	6185.491	7858.675
		37.861	27.050

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Total Income	4486.745	6185.491	7858.675
Profit	251.297	346.922	427.502
	5.60%	5.61%	5.44%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	----------
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	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	Yes
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

COURT CASES INFORMATION SYSTEM (WRITE NO.. CONS/199/2012)

Department Revenue
Writ No. : CONS/199/2012	Filed On : 23/03/2012	Last Listed On : 27/03/2012		Status : Pending
Party Details :
Petitioner Name :	M/s RATHI STEEL AND POWER LIMITED. 24/1, - A MOHAN COOPERATIVE INDL
Respondent Name :	M/s APCO INFRATECH LIMITED REGD. OFFICE AT B-9 VIBHUTI KHAND
Counsel Name :	C.K/SETH
Listing Detail :
	Court No. 22		Serial No. 2	Listing Date : 27.03.2012

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10554933	01/03/2015	35,955,709.00	De Lage Landen Financial Services India Private Li  mited	20/F, Tower A, Peninsula Business Park, Senapati  Bapat Marg, Lower Parel, Mumbai, Maharashtra - 400  013, INDIA	C46592358
2	10556131	29/01/2015	1,000,000,000.00	UNION BANK OF INDIA	CLARK AWADH BRANCH, 7-RANI LAXMIBAI MARG, PANDEY  BAHWAN,, LUCKNOW, Uttar Pradesh - 226001, INDIA	C47299219
3	10552154	24/01/2015	9,215,000.00	SREI EQUIPMENT FINANCE LIMITED	'VISHWAKARMA', 86C, TOPSIA ROAD,, KOLKATA, West Be  ngal - 700046, INDIA	C45122058
4	10552157	03/01/2015	546,250.00	SREI EQUIPMENT FINANCE LIMITED	'VISHWAKARMA', 86C, TOPSIA ROAD,, KOLKATA, West Be  ngal - 700046, INDIA	C45122769
5	10544989	01/01/2015	2,131,800.00	SREI EQUIPMENT FINANCE LIMITED	'VISHWAKARMA', 86C, TOPSIA ROAD,, KOLKATA, West Be  ngal - 700046, INDIA	C41403197
6	10543469	01/01/2015	28,429,137.00	SREI EQUIPMENT FINANCE LIMITED	'VISHWAKARMA', 86C, TOPSIA ROAD,, KOLKATA, West Be  ngal - 700046, INDIA	C40669186
7	10543174	31/12/2014	2,137,600.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W  , MUMBAI, Maharashtra - 400013, INDIA	C40519209
8	10543172	31/12/2014	4,831,149.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W  , MUMBAI, Maharashtra - 400013, INDIA	C40517237
9	10546637	06/12/2014	4,129,000.00	BANK OF BARODA	SPEED MOTORS BUILDING,, 3, SHAHNAJAF ROAD,, LUCKN  OW, Uttar Pradesh - 226001, INDIA	C42246058
10	10525871	01/10/2014	2,768,000.00	SREI EQUIPMENT FINANCE LIMITED	'VISHWAKARMA', 86C, TOPSIA ROAD,, KOLKATA, West Be  ngal - 700046, INDIA	C29647450

* Date of charge modification

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 records 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.62.81
UK Pound	1	Rs.93.85
Euro	1	Rs.67.58

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	SUB
Report Prepared by :	SUJ

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	6
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--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	--

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.