MIRA INFORM REPORT

Report No. :	318373
Report Date :	27.04.2015

IDENTIFICATION DETAILS

Name :	GEMINI INSTRATECH LIMITED (w.e.f. 14.03.2012)
Formerly Known As :	GEMINI INSTRATECH P. LIMITED
Registered Office :	101/102, 1^st Floor, Dhanlaxmi Residency, Tip Top Plaza, LBS Marg, Then (West), Mumbai – 400604, Maharashtra
Tel no. :	91-253-2306881
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	27.11.1991
Com. Reg. No.:	11-167813
Capital Investment / Paid-up Capital :	Rs.50.000 Million
CIN No.: [Company Identification No.]	U40105MH1991PLC167813
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 :	The company is engaged in manufacturing and selling of current transformers.
No. of Employees :	Not Divulged

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 480000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track. Profitability of the company seems to be low during 2014. However, general financial position of the company seems to be decent. However, trade relations are fair. Business is active. Payment terms are reported to be slow but 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

Rating Agency Name	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	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 DENIED BY

Name :	Mr. Navneet Agarwal
Designation :	Director
Contact No.:	91-7276086808
Date :	23.04.2015

LOCATIONS

Registered Office :	101/102, 1^st Floor, Dhanlaxmi Residency, Tip Top Plaza, LBS Marg, Then (West), Mumbai – 400604, Maharashtra, India
Tel. No.:	Not Available
Mobile No.:	91-7276086808 (Mr. Navneet Agarwal)
Fax No.:	Not Available
E-Mail :	gemini_nsk@sancharnet.in
Website :	www.geminictvt.com
Factory :	B – 83, MIDC Area, Ambad, Nashik – 422010, Maharashtra, India
Tel No. :	91-253-2306881/82
Fax No. :	91-253-2383717

DIRECTORS

As on 27.09.2014

Name :

Mr. Mahendrakumar Khyalilal Jain

Designation :

Managing Director

Address :

501, Building No. 3 (C), Garden Enclave, Pokhran Road No.2, Near Vasant Vihar, Thane - 400602, Maharashtra, India

Date of Birth/Age :

22.11.1970

Date of Appointment :

28.08.2010

DIN No.:

00416102

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	U31200MH1989PLC052364	ADITYA VIDYUT APPLIANCES LTD	Director	03/12/1999	03/12/1999	30/04/2012	Active	NO
2	U51505MH2003PTC143265	ADITYA FABRICATION PRIVATE LIMITED	Director	24/11/2003	24/11/2003	26/06/2013	Active	NO
3	U31200MH1989PLC050809	RATIONAL ENGINEERS LIMITED	Managing director	01/12/2011	25/08/2006	-	Active	NO
4	U65910MH2008PTC185509	KAJOL LEASING AND FINANCE PRIVATE LIMITED	Director	06/08/2008	06/08/2008	-	Active	NO
5	U31908MH2009PTC192539	ADITYA V.A. TECHNOLOGIES PRIVATE LIMITED	Director	21/05/2009	21/05/2009	15/02/2013	Active	NO
6	U40105MH1991PLC167813	GEMINI INSTRATECH LIMITED	Managing director	28/08/2010	22/03/2010	-	Active	NO
7	U45400MH2011PTC220819	ARNAV CONSTRUCTION PRIVATE LIMITED	Director	10/08/2011	10/08/2011	-	Active	NO
8	U15421PN2011PTC139586	SHRI SDM SUGAR PRIVATE LIMITED	Director	29/09/2012	07/02/2012	-	Active	NO

Name :

Mr. Navneet Radheshyam Agrawal

Designation :

Director

Address :

Kamala Park Road, Off. Dixit Road, Vile Parle (East), Mumbai - 400057, Maharashtra, India

Date of Birth/Age :

12.06.1960

Date of Appointment :

27.11.1991

DIN No.:

00543110

Name :

Mrs. Chanda Mahendrakumar Jain

Designation :

Director

Address :

501/502, 3 (C), Garden Enclave, Pokhran Road No.2, Near Vasant Vihar, Thane - 400602, Maharashtra, India

Date of Birth/Age :

25.06.1973

Date of Appointment :

08.06.2012

DIN No.:

01886466

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	U31200MH1989PLC050809	RATIONAL ENGINEERS LIMITED	Whole-time director	01/12/2011	26/11/2007	-	Active	NO
2	U65910MH2008PTC185509	KAJOL LEASING AND FINANCE PRIVATE LIMITED	Director	06/08/2008	06/08/2008	-	Active	NO
3	U45400MH2011PTC220819	ARNAV CONSTRUCTION PRIVATE LIMITED	Director	10/08/2011	10/08/2011	-	Active	NO
4	U40105MH1991PLC167813	GEMINI INSTRATECH LIMITED	Director	08/06/2012	08/06/2012	-	Active	NO

Name :

Mr. Vilas Kedu Birari

Designation :

Whole Time director

Address :

Plot No.10, Shubham Park, New Pandit Colony, Nasik – 422002, Maharashtra, India

Date of Birth/Age :

17.06.1968

Date of Appointment :

05.03.2013

DIN No.:

02078546

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	U45200MH2003PTC141867	HARSH INFRASTRUCTURE PRIVATE LIMITED	Director	25/08/2003	25/08/2003	-	Active	NO
2	U45200MH2009PTC190807	HARSH CONSTRUCTIONS PRIVATE LIMITED	Director	09/03/2009	09/03/2009	-	Active	NO
3	U40105MH1991PLC167813	GEMINI INSTRATECH LIMITED	Whole-time director	05/03/2013	05/03/2013	-	Active	NO

Name :

Mr. Pandit Sitaram Birari

Designation :

Whole Time director

Address :

7/C, Thakkars Treasures, New Pandit Colony, Nashik – 422005, Maharashtra, India

Date of Birth/Age :

02.06.1963

Date of Appointment :

05.03.2013

DIN No.:

02078806

Name :

Mr. Ketan Nemichand Pagaria

Designation :

Director

Address :

B – 4/402, Vikas Cokplex, Old Mumbai Agra Road, Castle Mill Compound, thane – 400601, Maharashtra, India

Date of Appointment :

19.08.2014

DIN No.:

06964486

Name :

Sarika Ketan Pagaria

Designation :

Director

Address :

B – 4/402, Vikas Cokplex, Old Mumbai Agra Road, Castle Mill Compound, thane – 400601, Maharashtra, India

Date of Appointment :

19.08.2014

DIN No.:

06965277

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 27.09.2014

Names of Shareholders	No. of Shares
Kajol Leasing and Finance Private Limited, India	2610399
Vilas Birari	630000
Mangla Birai	630000
Navneet R. Agarwal	459500
Satish V. Gadiyal	450000
MAhendra K Jain	200000
Asha Gadiyar	10000
Chanda M Jain	10000
Mahendra K Jain	100
Total	4999999

As on 27.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	The company is engaged in manufacturing and selling of current transformers.
Products :	Voltage Transformers Chokes Pole Shoe Wind Mill
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	Not Divulged

PRODUCTION STATUS = NOT AVAILABLE

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 :

• The Shamrao Vithal Co-Operative Bank Limited, Parshwanath Chs, Near Symbiosis College, N H Shrawan Sector, Ambad, CIDCO, Nashik - 422009, Maharashtra, India

Facilities :

(Rs. In Millions)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Term Loan
The Shamrao Vithal Co-operative Bank Limited	28.550	28.743
SHORT TERM BORROWING
Cash Credit	56.297	61.084
Bill Discounting	88.200	33.002
	144.497	94.086
Total	173.047	122.829

Auditors :
Name :	B. R. Jajoo and Company Chartered Accountants
Address :	211, Jai Commercial Complex, Opp. Cadbury, Khopat, Thane – 400601, Maharashtra, India
Tel. No.:	91-22-25366570
Mobile No.:	91-9821033572
E-Mail :	kankaiinvt@gmail.com
PAN No.:	AAAPJ7110Q
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

As on 27.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
5,000,000	Equity Shares	Rs.10/- each	Rs. 50.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4,999,999	Equity Shares	Rs.10/- each	Rs. 50.000 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	50.000	50.000	30.645
(b) Reserves & Surplus	116.654	115.772	58.831
(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)	166.654	165.772	89.476
(3) Non-Current Liabilities
(a) long-term borrowings	60.436	61.833	122.603
(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)	60.436	61.833	122.603
(4) Current Liabilities
(a) Short term borrowings	144.496	94.179	70.926
(b) Trade payables	101.760	33.963	69.532
(c) Other current liabilities	0.000	0.772	0.523
(d) Short-term provisions	6.265	2.916	3.291
Total Current Liabilities (4)	252.521	131.830	144.272
TOTAL	479.611	359.435	356.351
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	193.118	197.074	201.521
(ii) Intangible Assets	0.725	0.117	0.529
(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	0.500	0.500	0.500
(c) Deferred tax assets (net)	10.334	10.888	12.376
(d) Long-term Loan and Advances	10.209	10.997	8.115
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	214.886	219.576	223.041
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	72.385	47.696	41.038
(c) Trade receivables	145.879	65.137	63.442
(d) Cash and cash equivalents	2.710	1.275	2.214
(e) Short-term loans and advances	43.751	25.702	26.518
(f) Other current assets	0.000	0.049	0.098
Total Current Assets	264.725	139.859	133.310
TOTAL	479.611	359.435	356.351

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	297.923	203.963	246.067
	Other Income	9.976	0.893	0.319
	TOTAL (A)	307.899	204.856	246.386
Less	EXPENSES
	Cost of Materials Consumed	221.458	126.517	180.012
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(13.935)	(6.085)	(0.931)
	Employees benefits expense	22.090	19.995	21.718
	Manufacturing Expenses	38.302	23.327
	Administration Expenses	6.142	4.552	5.465
	Selling and Distribution Expenses	4.879	5.449	3.343
	TOTAL (B)	278.936	173.755	209.607
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	28.963	31.101	36.779
Less	FINANCIAL EXPENSES (D)	19.628	22.495	22.796
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	9.335	8.606	13.983
Less/ Add	DEPRECIATION/ AMORTISATION (F)	6.903	8.187	7.825
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	2.432	0.419	6.158
Less	TAX (I)	0.554	1.488	0.534
	PROFIT/ (LOSS) AFTER TAX (G-I) (J)	1.878	(1.069)	5.624
	Earnings / (Loss) Per Share (Rs.)	0.38	(0.21)	1.84

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	0.63	(0.52)	2.29
Operating Profit Margin (PBDIT / Sales)	(%)	9.72	15.25	14.95
Return on Total Assets (PBT/Total Assets}	(%)	0.52	0.12	1.79
Return on Investment (ROI) (PBT/Networth)		0.01	0.00	0.07
Debt Equity Ratio (Total Debt /Networth)		1.23	0.94	2.16
Current Ratio (Current Asset/Current Liability)		1.05	1.06	0.92

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	30.645	50.000	50.000
Reserves & Surplus	58.831	115.772	116.654
Net worth	89.476	165.772	166.654
long-term borrowings	122.603	61.833	60.436
Short term borrowings	70.926	94.179	144.496
Total borrowings	193.529	156.012	204.932
Debt/Equity ratio	2.163	0.941	1.230

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	246.067	203.963	297.923
		(17.111)	46.067

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	246.067	203.963	297.923
Profit	5.624	(1.069)	1.878
	2.29%	(0.52%)	0.63%

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	----------
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:

Registered office of the company has been shifted from Plot no. 11, Amey Tagore Nagaropp Ambedkar Nagar, Pune Road, Nashik, Maharashtra, India to the present address w.e.f.01.02.2007

OPERATION

The company is fully concentrating on the revenues and operations. With further stress on after sales service and quality of its products it producers, directors are sure of creating good market in the coming year

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
WMDC Sales tax Loan	0.538	1.156
Loans and advances from Related Parties	30.200	30.200
Loans from Directors	1.147	1.734
	31.886	33.09
SHORT TERM BORROWING
Loans repayable on demand from banks	0.00	0.093
Total	31.885	33.183

INDEX OF CHARGES

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10288433	05/05/2011	20,000,000.00	The Shamrao Vithal Co-Operative Bank Limited	Parshwanath Co-Op. Hsg. Society, Near Symbiosis Co, N.H. Shrawan Sector, Ambad Cidco, Ambad, Nashik, Maharashtra - 422010, India	B13545140
2	10132529	20/11/2008	7,000,000.00	The Shamrao Vithal Co-Operative Bank Limited	Parshwanath Co-Op. Hsg. Society, Near Symbiosis Co, N.H. Shrawan Sector, Ambad Cidco, Ambad, Nashik, Maharashtra - 422010, India	A52113594
3	10103642	20/02/2008	8,400,000.00	The Shamrao Vithal Co-Operative Bank Limited	Parshwanath Co-Op. Hsg. Society, Near Symbiosis Co, N.H. Shrawan Sector, Ambad Cidco, Ambad, Nashik, Maharashtra - 422010, India	A38463410
4	10010976	05/07/2006	12,000,000.00	The Shamrao Vithal Co-Operative Bank Limited	Parshwanath Co-Op. Hsg. Society, Near Symbiosis Co, N.H. Shrawan Sector, Ambad Cidco, Ambad, Nashik, Maharashtra - 422010, India	A02723401
5	10010975	05/07/2006	30,000,000.00	The Shamrao Vithal Co-Operative Bank Limited	Parshwanath Co-Op. Hsg. Society, Near Symbiosis Co, N.H. Shrawan Sector, Ambad Cidco, Ambad, Nashik, Maharashtra - 422010, India	A02722445
6	80003506	19/05/2010 *	184,623,000.00	The Shamrao Vithal Co-Operative Bank Limited	Parshwanath Co-Op. Hsg. Society, Near Symbiosis Co, N.H. Shrawan Sector, Ambad Cidco, Ambad, Nashik, Maharashtra - 422010, India	A86249174

* Date of charge modification

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

INFORMATION DETAILS

Information Gathered by :	RKH
Analysis Done by :	RSM
Report Prepared by :	ART

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	4
--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	NO
--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		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.