MIRA INFORM REPORT

Report No. :	318248
Report Date :	24.04.2015

IDENTIFICATION DETAILS

Name :	JINDAL INDIA LIMITED
Registered Office :	2/1 Ahmed Mamuji Street, PS Bally, Howrah – 711204, West Bengal
Tel No :	91-33-26556298 / 6399 / 26555490/0701
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	01.04.1991
Com. Reg. No.:	21-092393
Capital Investment / Paid-up Capital :	Rs. 271.726 Million
CIN No.: [Company Identification No.]	U51109WB1991PLC092393
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAACJ2054J
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturers of ERW/HFIW Black and Galvanized Steel Pipes and Tubes, Cold Rolled and Galvanized Plain and Corrugated Sheets.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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

Maximum Credit Limit :	USD 6500000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Exist
Comments :	Subject is an established company having satisfactory track record. The company has reported 11% (approx.) sales turnover growth and it has maintain nearly 1.56% profitability margin. Rating also takes into consideration established track record of business operations in galvnised sheet and pipes business supported by sound financial base and extensive industry experience of promoters in segment. Trade relations are reported as fair. Payments are reported to be usually correct. The company can be considered for business dealings at usual trade terms and condition.

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 BBB-
Rating Explanation	Moderate degree of safety and moderate credit risk
Date	23.03.2015

Rating Agency Name	CRISIL
Rating	Short term rating A3
Rating Explanation	Moderate degree of safety and higher credit risk.
Date	23.03.2015

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 DECLINED

Management non co-operative

LOCATIONS

Registered Office :	2/1 Ahmed Mamuji Street, PS Bally, Howrah – 711204, West Bengal, India
Tel. No.:	91-33-26556298 / 6399 / 26555490 / 0701
Fax No.:	91-33-26555186
E-Mail :	Jillil@cal2.vsnl.in
Corporate Office :	LMJ, Hemanta Basu Sarani, Kolkata – 700001, West Bengal, India
Tel. No.:	91-33-22481160 / 1162 / 22482266
Fax No.:	91-33-22481059
Belur Unit :	4, Dharamtalla Road, Belurmath – 711202, Howrah, West Bengal, India
Tel. No.:	91-33-26542606/2299
Fax No.:	91-33-26541770
Jangalpur Unit :	National Highway No. 6, Village – Jangalpur, P.O. Andul, P.S. Sankrail, Dist. Howrah – 711302, West Bengal, India
Tel. No.:	91-33-26696319/07172669/1800-04
Fax No.:	91-33-26690356
Ghusuri Unit :	107/2, Jay Bibi Lane, Ghusuri – 711107, Howrah, West Bengal, India
Tel. No.:	91-33-26555889/3734
Fax No.:	91-33-26553028
Branches :	6-D, Gopala Towers, 25, Rajendra Place, New Delhi – 110008, India
Tel. No.:	91-11-45552670-75
Fax No.:	91-11-45552676

DIRECTORS

As on : 30.09.2014

Name :

Mr. Bhavi Chand Jindal

Designation :

Chairman cum Managing Director

Address :

20C, Belvedre Road, Alipore, Kolkata – 700027, West Bengal, India

Date of Birth/Age :

15.07.1926

Date of Appointment :

01.08.2013

DIN No.:

00426886

PAN No.:

AAGPJ0185P

Name :

Mr. Punit Jatia

Designation :

Managing Director

Address :

25, Raja Santosh Road, Alipore, Kolkata – 700027, West Bengal, India

Date of Birth/Age :

14.01.1964

Date of Appointment :

01.03.1997

DIN No.:

00082221

PAN No.:

WB/23/148/438389

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	U51109WB1991PLC092393	JINDAL INDIA LIMITED	Whole-time director	01/03/2012	01/03/1997	-	Active	NO
2	U01132AS1977PLC001713	BAZALONI GROUP LIMITED	Director	29/10/1998	29/10/1998	17/11/2011	Active	NO
3	U45202WB1995PLC069086	SAMBHU CONSTRUCTION LIMITED	Director	06/05/2010	06/05/2010	01/11/2011	Active	NO

Name :

Mr. Ayush Jatia

Designation :

Whole Time Director

Address :

25, Raja Santosh Road, Alipore, Kolkata – 700027, West Bengal, India

Date of Birth/Age :

26.02.1986

Date of Appointment :

16.04.2013

DIN No.:

00557505

PAN No.:

AFEPJ0692N

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	U65993WB1923PTC004723	PRAISE CO PVT LTD	Director	31/12/2005	31/12/2005	-	Active	NO
2	U51109WB1991PLC092393	JINDAL INDIA LIMITED	Whole-time director	16/04/2013	16/04/2008	-	Active	NO

Name :

Mr. Utkarsh Jatia

Designation :

Whole time Director

Address :

25, Raja Santosh Road, Alipore, Kolkata – 700027, West Bengal, India

Date of Birth/Age :

05.11.1988

Date of Appointment :

01.03.2013

DIN No.:

05304921

Name :

Mr. Anubhav Poddar

Designation :

Director

Address :

26, Sharespeare Sarane, Kolkata – 700017, West Bengal, India

Date of Birth/Age :

09.12.1981

Date of Appointment :

27.09.2012

DIN No.:

03069096

PAN No.:

AILPP35624

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	U70200WB2010PTC145952	AGRI INFRASTRUCTURE PRIVATE LIMITED	Director	25/05/2010	25/05/2010	-	Active	NO
2	U70102WB2010PTC145905	AGRI PROPERTIES PRIVATE LIMITED	Director	25/05/2010	25/05/2010	-	Active	NO
3	U70109WB2011PTC162626	AGRI REALTY PRIVATE LIMITED	Director	16/05/2011	16/05/2011	-	Active	NO
4	U70109WB2011PTC162628	AGRI DEVELOPERS PRIVATE LIMITED	Director	16/05/2011	16/05/2011	-	Active	NO
5	U51109WB1991PLC092393	JINDAL INDIA LIMITED	Director	27/09/2012	10/07/2012	-	Active	NO
6	U74120AS1977PLC001698	THE JOREHAUT GROUP LIMITED	Director	30/09/2013	02/05/2013	23/03/2015	Active	NO

Name :

Mr. Mukti Rai Math

Designation :

Whole Time Director

Address :

NH – 6, Vill – Jangalpur, P.O., Argori, PS – Sankarali, Howrah – 711302, West Bengal, India

Date of Birth/Age :

20.01.1972

Date of Appointment :

27.09.2012

DIN No.:

05295755

PAN No.:

AKMPR3524Q

KEY EXECUTIVES

Name :	Mr. Satish Kumar Garg
Designation :	Company Secretary
Address :	99 C, Girish Ghosh Road, Liluah, Howrah – 711204, West Bengal, India
Date of Birth/Age :	15.02.1972
Date of Appointment :	01.04.2012
PAN No.:	ACVPG1074B

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on : 30.09.2014

Names of Shareholders	No. of Equity Shares
Shyam Sunder Jindal	500
Subhadra Jindal	2935
Consolidated Photo and Investment Limited, India	190000
Sunita Jatia	114435
Punit Jatia	56825
Bazaloni Group Limited, India	111000
Jindal Photo Investment Limited, India	200890
Ayush Jatia	20000
Utkarsh Jatia	20000
Penrose Mercantiles Limited, India	150000
Shyam Sunder Jindal (HUF)	400
Punit jatia (HUF)	23000
Soyuz Trading Company Limited, India	398388
Rishi Trading Company Limited, India	128842
Bhavesh Jindal	100000
Binod Kumar Agarwal	10
Manoj Banerjee	10
Vasdav Agarwal	10
Ramesh Sugla	10
Rakesh Goel	10

As on : 30.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	77.71
Directors or relatives of Directors	22.29
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturers of ERW/HFIW Black and Galvanized Steel Pipes and Tubes, Cold Rolled and Galvanized Plain and Corrugated Sheets.

Products :

Product Description	Item code No. (ITC Code)
Other Tubes, Pipes and Hollow Profiles	7306

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
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 :	Not Divulged
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 :

Not Divulged

Bankers :

Banker Name	Punjab national Bank
Branch Address	268/2 G.T. Road, Liluah, Howrah – 711204, West Bengal, 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

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Rupee term loan from Bank	953.969	258.854
Foreign currency term loan from Banks	489.578	0.000
SHORT TERM BORROWING
Term loan from Banks	2073.468	1700.437
Working Capital loans from banks	687.905	1745.575
Total	4204.920	3704.866

Auditors :
Name :	G. Sanyal and Company Chartered Accountants
Address :	Temple Chamber6, Old Post Office Street, Kolkata - 700046, West Bengal, India
PAN No.:	AAEFG5079K
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

As on : 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
1525000	Equity Shares	Rs.100/- each	Rs.152.500 Million
2000000	Preference shares	Rs.100/- each	Rs.200.000 Million
			Rs.352.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1517265	Equity Shares	Rs.100/- each	Rs.151.726 Million
1200000	Preference shares	Rs.100/- each	Rs.120.000 Million
			Rs.271.726 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	231.726	181.727	179.080
(b) Reserves & Surplus	2013.428	1744.788	1686.961
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	40.000	0.000	2.646
Total Shareholders’ Funds (1) + (2)	2285.154	1926.515	1868.687
(3) Non-Current Liabilities
(a) long-term borrowings	1467.548	268.854	47.549
(b) Deferred tax liabilities (Net)	33.755	0.000	0.000
(c) Other long term liabilities	5.300	4.800	4.800
(d) long-term provisions	17.239	13.976	11.921
Total Non-current Liabilities (3)	1523.842	287.630	64.270
(4) Current Liabilities
(a) Short term borrowings	2761.373	3446.012	2823.711
(b) Trade payables	1532.199	475.946	477.278
(c) Other current liabilities	850.216	405.031	353.481
(d) Short-term provisions	24.327	1.036	1.084
Total Current Liabilities (4)	5168.115	4328.025	3655.554
TOTAL	8977.111	6542.170	5588.511
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2841.581	1623.526	1243.111
(ii) Intangible Assets	0.509	0.205	0.307
(iii) Capital work-in-progress	319.870	592.440	441.247
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	8.511	8.511	8.511
(c) Deferred tax assets (net)	0.000	36.697	29.141
(d) Long-term Loan and Advances	503.038	345.948	211.459
(e) Other Non-current assets	15.965	10.222	0.000
Total Non-Current Assets	3689.474	2617.549	1933.776
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	1875.550	1521.830	1976.885
(c) Trade receivables	1890.374	1524.230	1073.093
(d) Cash and cash equivalents	476.256	265.265	219.651
(e) Short-term loans and advances	1035.498	606.996	379.332
(f) Other current assets	9.959	6.300	5.774
Total Current Assets	5287.637	3924.621	3654.735
TOTAL	8977.111	6542.170	5588.511

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Revenue from Operation	17069.612	15277.847	15534.434
	Other Income	56.403	69.183	128.636
	TOTAL (A)	17126.015	15347.030	15663.070
Less	EXPENSES
	Cost of Materials Consumed	13830.148	12537.875	12394.878
	Exceptional Items	0.000	0.000	(11.672)
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(66.500)	(60.656)	649.596
	Employees benefits expense	159.780	140.929	108.002
	Other expenses	1989.806	1924.157	1548.989
	TOTAL (B)	15913.234	14542.305	14689.793
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	1212.781	804.725	973.277
Less	FINANCIAL EXPENSES (D)	406.476	421.140	299.820
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	806.305	383.585	673.457
Less/ Add	DEPRECIATION/ AMORTISATION (F)	467.190	305.213	277.416
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	339.115	78.372	396.041
Less	TAX (I)	70.475	20.543	137.059
	PROFIT/ (LOSS) AFTER TAX (G-I) (J)	268.640	57.829	258.982
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD (K)	236.272	184.144	175.162
	Balance Carried to the B/S (J+K+L-M)	504.912	236.273	184.144
	Earnings / (Loss) Per Share (Rs.)	177.06	38.11	170.69

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	1.57	0.38	1.67
Operating Profit Margin (PBITD/Sales)	(%)	7.10	5.27	6.27
Return on Total Assets (PBT/Total Assets}	(%)	3.92	1.33	7.75
Return on Investment (ROI) (PBT/Networth)		0.15	0.04	0.21
Debt Equity Ratio (Total Debt /Networth)		1.85	1.93	1.54
Current Ratio (Current Asset/Current Liability)		1.02	0.91	1.00

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	179.080	181.727	231.726
Reserves & Surplus	1686.961	1744.788	2013.428
Share application money pending allotment	40.000	0.000	2.626
Net worth	1906.041	1926.515	2247.780
long-term borrowings	47.549	268.854	1467.548
Short term borrowings	2823.711	3446.012	2761.373
Total borrowings	2871.260	3714.866	4228.921
Debt/Equity ratio	1.506	1.928	1.881

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	15534.434	15347.030	15663.070
		(1.206)	2.059

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	15534.434	15347.030	15663.070
Profit	258.982	57.829	268.640
	1.67%	0.38%	1.72%

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	No
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	No
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
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	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

CASE STATUS INFORMATION SYSTEM

Case status : Pending

Status of

INCOME TAX APPEAL (ITA) 95 OF 2011

COMMISSIONER OF IMCOME TAX, KOL-I, KOL

Vs.

M/S. JINDAL

Res’s Adv. :

S.S. SARKAR

Res’s Adv. :

CHANDRA SHEKHAR DAS

Court No.:

4 Last Listed On : Thursday, April 9, 2015

Category :

INCOME TAX : REVENUE

CONNECTED APPLICATION (S)	CONNECTED MATTER (S)
No Connected Application.	No Connected Cases

Case Updates on : Wednesday, April 08, 2015

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Other loans and Advances	24.000	10.000
Total	24.000	10.000

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10396941	21/11/2012	6,000,000.00	TATA CAPITAL FINANCIAL SERVICES LIMITED	One Forbes,, Dr. V. B. Gandhi Marg, Fort, Mumbai,  Maharashtra - 400001, INDIA	B65870743
2	90245046	10/03/2013 *	11,240,000,000.00	Punjab National Bank	268/2 G T Road, Liluah, Howrah, West Bengal - 711  204, INDIA	B72353287

* 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 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.63.40
UK Pound	1	Rs.95.42
Euro	1	Rs.68.48

INFORMATION DETAILS

Information Gathered by :	GYT
Analysis Done by :	KAR
Report Prepared by :	SUJ

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	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		47

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.