MIRA INFORM REPORT

Report No. :	352340
Report Date :	04.12.2015

IDENTIFICATION DETAILS

Name :	ALP OVERSEAS PRIVATE LIMITED [w.e.f. 06.02.2008]
Formerly Known As :	ALP ELASTOMERS PRIVATE LIMITED [w.e.f. 03.11.2007] ALP OVERSEAS PRIVATE LIMITED [w.e.f. 15.06.2007] GTP OVERSEAS PRIVATE LIMITED
Registered Office :	Anbros House, 25/31, East Patel Nagar, New Delhi - 110008
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	03.07.1996
Com. Reg. No.:	55-080083
Capital Investment / Paid-up Capital :	Rs. 75.220 Million
CIN No.: [Company Identification No.]	U74900DL1996PTC080083
IEC No.:	0596036523
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAACG6366L
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing of EPDM Rubber. (Confirmed by management)
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

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

Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject was set up in the year 1996 by the “Anand group”. It is established company having satisfactory track record. The ratings reflect company’s established presence in the ethylene propylene diene monomer (EPDM)-based rubber sealing system for the automotive segment. The ratings also reflect the company's above-average financial risk profile marked by low gearing and moderate debt protection indicators. This rating strength is partially offset by the working-capital-intensive operations and moderate scale of operations 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 normal for business dealings at usual trade terms and conditions. Note:- As per registrar of companies the date of balance sheet (i.e. financial filed) is show as 31.03.2015 but the documents related to the financials are not been available from any sources.

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 – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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	March 04, 2015

Rating Agency Name	CRISIL
Rating	Short term Rating A3
Rating Explanation	Moderate degree of safety and higher credit risk
Date	March 04, 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 31-03-2015.

INFORMATION DENIED BY

Name :	Ms. Bindu
Designation :	HR Admin
Contact No.:	91-124-4731500
Date :	30.11.2015

LOCATIONS

Registered Office :	Anbros House, 25/31, East Patel Nagar, New Delhi - 110008, India
Tel. No.:	91-124-4731500
Fax No.:	Not Available
E-Mail :	renu@alpoverseas.com renuka@alpoverseas.com rajesharora@alpoverseas.com marketing@alpoverseas.com cs@anbros.com
Website :	http://www.alpoverseas.com
Factory :	Opposite Degree College, Bilaspur Road, Rudrapur, Udham Singh Nagar-263153, Uttarakhand, India
Corporate Office :	Plot No.- 32, Sector-18, Huda, Gurgaon – 122015, Haryana, India
Tel. No.:	91-124-4731500 / 4002945/ 4002942/ 47
Fax No.:	91-124-4002942/ 4731598
E-Mail :	info@alpoverseas.com
Branch Office :	Sagar Pallazio, 1st floor, Andheri Kurla Road, Sakinaka Junction, Andheri (East), Mumbai – 400072, Maharashtra, India
Tel. No.:	91-22-28596308 / 28593397
E-Mail :	satish@alpoverseas.com alpmumbai@alpoverseas.com
Branch Offices :	Also Located at: Ludhiana Kolkata Mumbai Chennai Bangalore
International Offices :	Located at: USA South Africa Thailand

DIRECTORS

AS ON 22.09.2014

Name :

Mr. Tejbir Singh Anand

Designation :

Managing director

Address :

H-5/2, Model Town, Delhi – 110009, India

Date of Birth/Age :

29.11.1978

Date of Appointment :

01.04.2012

PAN No.:

AFOPA6172Q

DIN No.:

00038356

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	U74900DL1996PTC080083	ALP OVERSEAS PRIVATE LIMITED	Managing director	01/04/2012	01/01/1999	-	Active	NO
2	U51109DL1999PTC099092	AJAX INDUSTRIAL PRODUCTS PRIVATE LIMITED	Director	31/03/1999	31/03/1999	-	Active	NO
3	U30007DL2000PTC103701	ALP CORPORATE SERVICES PRIVATE LIMITED	Director	22/05/2000	22/05/2000	-	Active	NO
4	U74999DL2007PTC161995	ISA ESTATES PRIVATE LIMITED	Director	13/04/2007	13/04/2007	-	Active	NO
5	U40101HP2007PTC030738	GTP POWER PROJECTS PRIVATE LIMITED	Director	03/05/2007	03/05/2007	-	Strike off	NO
6	U74140DL2011PTC218585	ALP POLYMER PARK PRIVATE LIMITED	Director	04/05/2011	04/05/2011	-	Active	NO
7	U74140DL2011PTC220003	ALP AEROFLEX INDIA PRIVATE LIMITED	Director	27/05/2011	27/05/2011	-	Active	NO
8	U25190DL1983PLC017070	ALP NISHIKAWA COMPANY LIMITED	Director	02/09/2011	02/09/2011	-	Active	NO
9	U25202DL2004PTC130759	ALP PLASTICS PRIVATE LIMITED	Director	25/04/2013	25/04/2013	-	Active	NO
10	U51909HR2013PTC048216	Genesis Ecotech Private Limited	Director	25/07/2014	04/06/2014	-	Active	NO

Name :

Mr. Subhash Chander Bansal

Designation :

Director

Address :

24/502, Heritage City, Gurgaon – 122002, Haryana, India

Date of Birth/Age :

02.05.1951

Date of Appointment :

22.09.2014

DIN No. :

00290929

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	L28931RJ1984PLC002890	GILLETTE INDIA LIMITED	Whole-time director	01/05/2007	27/04/2005	31/05/2011	Active	NO
2	U74900DL1996PTC080083	ALP OVERSEAS PRIVATE LIMITED	Director	22/09/2014	02/06/2014	-	Active	NO

Name :

Mr. Iqbal Singh Anand

Designation :

Director

Address :

G-8B, Pushpanjali Farm House Bijwasan, Delhi-110061, India

Date of Appointment :

25.09.2015

DIN No.:

00023075

Name :

Mr. Pawandeep Singh Anand

Designation :

Director

Address :

H-5/2, Model Town, Delhi, 110009, Delhi, India

Date of Appointment :

25.09.2015

DIN No.:

00023193

KEY EXECUTIVES

Name :	Mr. Nitin Dwivedi
Designation :	Secretary
Address :	H. No. 51, Sector-1, IMT Manesar, Gurgaon-120050, Haryana, India
Date of Appointment :	08.06.2015
PAN Mo. :	BBSPD8210K

MAJOR SHAREHOLDERS

As on 22.09.2014

Names of Shareholders	No. of Shares	Percentage of Holding
Surinder Kaur Anand	1565550	20.81
Jaswinder Kaur Anand	1555983	20.69
Tejbir Singh Anand	1129466	15.02
Pawandeep Singh Anand	1150466	15.29
Anbros Management Services Private Limited, India	500000	6.65
Iqbal Singh Anan	689266	9.16
Pritpal Singh Anand	622066	8.27
Jasmin Kaur Anand	167300	2.22
Ravleen Kaur Anand	141866	1.89
Total	7521963	100.00

As on 31.12.2014

Names of Allottees	No. of Shares
Anbros Management Services Private Limited, India	27500
Pritpal Singh Anand	18000
Surinder Kaur Anand	5300
Jaswinder Kaur Anand	5225
Total	56025

As on 22.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	6.65
Directors or relatives of Directors	93.35
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturing of EPDM Rubber. (Confirmed by management)
Products :	EPDM Rubber
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 :

Banker Name	ING Vysya Bank Limited
Branch Address	55, Ground Floor, West Avenue Road, Punjabi Bagh, New Delhi – 110026, Delhi, 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 :

SECURED LOANS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
LONG TERM BORROWINGS
Rupee term loans from banks	24.422	0.000
Long-term maturities of finance lease obligations	16.547	7.210
SHORT TERM BORROWINGS
Loans repayable on demand from others	197.532	229.859
Total	238.501	237.069

Auditors :
Name :	B.S. Sawhney and Associates Chartered Accountants
Address :	F-249, Ground Floor, New Rajender Nagar, Delhi – 110060, India
PAN No.:	AADFB4160H
Memberships :	Not Available
Collaborators :	Not Available
Subsidiary Companies :	Ajax Industrial Products Private Limited ALP USA Inc. Glengyn Private Limited ALP Aeroflex (I) Private Limited
Associates :	ALP Nishikawa Company Limited Anbros Holdings Private Limited Anbros Management Services Private Limited ALP Plastics Private Limited ALP Corporate Services Private Limited Sterling Associates

CAPITAL STRUCTURE

As on 25.09.2015

Authorised Capital :

No. of Shares	Type	Value	Amount
9750000	Equity Shares	Rs.10/- each	Rs.97.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
7577988	Equity Shares	Rs.10/- each	Rs. 75.780 Million

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
9750000	Equity Shares	Rs.10/- each	Rs.97.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
7521963	Equity Shares	Rs.10/- each	Rs. 75.220 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	75.220	64.853	64.853
(b) Reserves & Surplus	237.329	184.074	162.735
(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)	312.549	248.927	227.588
(3) Non-Current Liabilities
(a) long-term borrowings	90.437	73.415	87.755
(b) Deferred tax liabilities (Net)	5.440	1.541	6.423
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	16.826	15.410	13.377
Total Non-current Liabilities (3)	112.703	90.366	107.555
(4) Current Liabilities
(a) Short term borrowings	197.532	229.859	175.657
(b) Trade payables	120.613	137.236	163.748
(c) Other current liabilities	39.906	40.262	43.277
(d) Short-term provisions	16.617	5.252	20.815
Total Current Liabilities (4)	374.668	412.609	403.497
TOTAL	799.920	751.902	738.640
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	194.844	230.809	228.729
(ii) Intangible Assets	15.252	14.734	18.417
(iii) Capital work-in-progress	6.177	0.155	6.894
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	135.667	51.676	39.317
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	6.307	26.620	28.458
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	358.247	323.994	321.815
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	82.080	137.348	135.208
(c) Trade receivables	235.581	248.708	230.516
(d) Cash and cash equivalents	12.954	8.669	14.189
(e) Short-term loans and advances	111.058	33.183	36.912
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	441.673	427.908	416.825
TOTAL	799.920	751.902	738.640

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	849.990	891.144	856.140
	Other Income	NA	NA	NA
	TOTAL	NA	NA	NA
Less	TOTAL EXPENSES	NA	NA	NA
	PROFIT/ (LOSS) BEFORE TAX	61.359	13.935	26.233
Less	TAX	(3.998)	4.880	9.063
	PROFIT/ (LOSS) AFTER TAX	45.588	16.749	17.170
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	436.300	338.506	302.126
	TOTAL EARNINGS	436.300	338.506	302.126
	IMPORTS
	CIF Value of Purchases	113.736	200.373	NA
	TOTAL IMPORTS	113.736	200.373	NA
	Earnings / (Loss) Per Share (Rs.)	6.06	2.23	2.28

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	6.047	12.253	13.060
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operation	78.791	12.504	63.613

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	7.69	1.02	2.01
Return on Total Assets (PBT/Total Assets}	(%)	9.32	1.99	3.79
Return on Investment (ROI) (PBT/Networth)		0.20	0.06	0.12
Debt Equity Ratio (Total Debt /Networth)		0.92	1.22	1.16
Current Ratio (Current Asset/Current Liability)		1.18	1.04	1.03

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	64.853	64.853	75.220
Reserves & Surplus	162.735	184.074	237.329
Net worth	227.588	248.927	312.549
long-term borrowings	87.755	73.415	90.437
Short term borrowings	175.657	229.859	197.532
Current maturities of long-term debts	13.060	12.253	6.047
Total borrowings	276.472	315.527	294.016
Debt/Equity ratio	1.215	1.268	0.941

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	856.140	891.144	849.990
		4.089	(4.618)

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	856.140	891.144	849.990
Profit	17.170	9.055	65.357
	2.01%	1.02%	7.69%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of establishment	Yes
2]	Constitution of the entity Incorporation details	Yes
3]	Locality of the entity	Yes
4]	Premises details	No
5]	Buyer visit details	--
6]	Contact numbers	Yes
7]	Name of the person contacted	Yes
8]	Designation of contact person	Yes
9]	Promoter’s background	Yes
10]	Date of Birth of Proprietor / Partners / Directors	Yes
11]	Pan Card No. of Proprietor / Partners	Yes
12]	Voter Id Card No. of Proprietor / Partners	No
13]	Type of business	Yes
14]	Line of Business	Yes
15]	Export/import details (if applicable)	No
16]	No. of employees	No
17]	Details of sister concerns	Yes
18]	Major suppliers	No
19]	Major customers	No
20]	Banking Details	Yes
21]	Banking facility details	Yes
22]	Conduct of the banking account	--
23]	Financials, if provided	Yes
24]	Capital in the business	Yes
25]	Last accounts filed at ROC, if applicable	No
26]	Turnover of firm for last three years	Yes
27]	Reasons for variation <> 20%	--
28]	Estimation for coming financial year	No
29]	Profitability for last three years	Yes
30]	Major shareholders, if available	Yes
31]	External Agency Rating, if available	Yes
32]	Litigations that the firm/promoter involved in	--
33]	Market information	--
34]	Payments terms	No
35]	Negative Reporting by Auditors in the Annual Report	No

PERFORMANCE

The year 2013-14 was undoubtedly one of the most challenging ones for the automobile industry. Both, vehicle and auto component sales saw a decline during the fiscal year that ended in March, 2014. The Auto Industry grew overall by 4.00 % with Passenger Vehicles segment recording a negative growth of -4.90%, Commercial Vehicles segment degrew by -16%. The Company has recorded total sales at Rs. 849.990 Million (Previous Year Rs. 891.144 Million) and the profit after tax was Rs. 45.588 Million (Previous Year Rs. 16.749 Million).

SUBSIDIARIES / ASSOCIATE COMPANIES

The Company during the year has also invested Rs. 63.000 Million in its Subsidiary Company, M/s ALP Aeroflex India Private Limited, and maintaining its stake at 60% ownership in the Company.

In addition, the Company has also invested Rs. 4.638 Million in its wholly owned subsidiary Company, ALP USA INC, incorporated under the Lands of America.

Further, The Company has formed a Joint Venture namely APS Company Limited with ALP Aeroflex Company Limited in Thailand with the investment of USD 40000 holding the stake of 40% in the Company

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10490815	31/03/2014	7,706,895.00	ING VYSYA BANK LIMITED	871, East Park Road,Karol Bagh, New Delhi, Delhi  - 110005, INDIA	C03947389
2	10454402	30/09/2013	5,140,681.00	ING VYSYA Bank Limited	CONSUMER FINANCE DIVISION,871,, EAST PARK ROAD,KA  ROL BAGH,DELHI., DELHI, Delhi - 110005, INDIA	B87264909
3	10383906	30/10/2014 *	421,530,000.00	KOTAK MAHINDRA BANK LIMITED	16/11 R D Chambers,, Karol Bagh, New Delhi, Delhi  - 110005, INDIA	C57056186

* Date of charge modification

UNSECURED LOANS

PARTICULAR	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
LONG TERM BORROWINGS
Deposits from others	11.342	11.623
Loans and advances from Others	38.126	54.582
Total	49.468	66.205

FIXED ASSETS

• Land
• Buildings
• Plant and equipment
• Furniture and fixtures
• Vehicles
• Office equipment

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. 66.51
UK Pound	1	Rs. 100.43
Euro	1	Rs. 70.44

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	KAS
Report Prepared by :	JYTK

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	6
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	6
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		49

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

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