MIRA INFORM REPORT

Report No. :	355854.2
Report Date :	21.12.2015

IDENTIFICATION DETAILS

Name :	EUROPAN METALS PRIVATE LIMITED
Registered Office :	3/18 A C Market, Tardeo Road, Mumbai – 400034, Maharashtra
Tel No. No.:	91-265-2314436
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	12.12.2006
Com. Reg. No.:	04-049564
Capital Investment / Paid-up Capital :	Rs.0.100 Million
CIN No.: [Company Identification No.]	U27109MH2006PTC269630
IEC No.:	Not Available (As claimed by company management that company does not export and import)
TAN No.: [Tax Deduction & Collection Account No.]	BRDE00411F
PAN No.: [Permanent Account No.]	AABCE9159L
Legal Form :	Private Limited Liability Company
Line of Business :	Trading of Aluminium Products, Steel Products. (Confirmed by management)
No. of Employees :	10 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (26)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject was incorporated in the year 2006, but it is trader of aluminium and steel products. It has moderate track. As per our database, we found that the company has started its commercial activities from April 2014 which was confirmed by the management. The company has reported acceptable revenue base from its first year of operations but has reported very thin profit margin of 0.10%. Further, it has average balance sheet profile of the company. Trade relations are reported as fair. Business is active. Payment terms are reported to be slow but correct. In view of limited track record of operations, the company can be considered for business dealings with some caution.

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	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 31-03-2015.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Mr. Jayesh H. Shah
Designation :	Director
Contact No.:	91-9820135441
Date :	18.12.2015

LOCATIONS

Registered Office :	3/18 A C Market, Tardeo Road, Mumbai – 400034, Maharashtra, India
Tel. No.:	91-265-2314436
Mobile No.:	91-9820135441 (Mr. Jayesh )
Fax No.:	Not Available
E-Mail :	acc.phd@pankaj.co.in hitesh@pankaj.com hitesh@pankajmetal.co.in jayesh@europanltd.com info@pankaj.co.in
Website :	http://www.pankaj.co.in
Area :	3000 sq. ft.
Location :	Owned
Locality :	Commercial
Branch Address:	301-302, AADI Near P.F Office, Akota Stadium Road, Vadodara – 390020, Gujarat
Warehouse :	Central Stock Yard, Bhiwandi, Wada Road, Mumbai – 421303, Maharashtra, India
Area :	5000 sq. ft.
Location :	Rented
Locality :	Commercial

DIRECTORS

As on : 31.03.2015

Name :

Mr. Jayesh Harakchand Shah

Designation :

Director

Address :

61, Gokul 99, Walkeshwar Road, Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

29.12.1965

Date of Appointment :

12.12.2006

DIN No.:

00003614

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	U27100GJ1997PLC031852	PEL INDUSTRIES LIMITED	Managing director	05/04/2012	06/03/1997	-	Active	NO
2	U27105GJ2006PTC049506	PANKAJ METAL CENTRE PVT. LTD.	Director	01/12/2006	01/12/2006	-	Active	NO
3	U27104GJ2006PTC049537	ALUCAST ENGINEERING PRIVATE LIMITED	Director	07/12/2006	07/12/2006	-	Active	NO
4	U27109GJ2006PTC049564	EUROPAN METALS PVT. LTD.	Director	12/12/2006	12/12/2006	-	Active	NO
5	U27101GJ2006PTC049594	ACE METALS PVT. LTD.	Director	18/12/2006	18/12/2006	-	Active	NO

Name :

Mr. Hitesh Harakchand Shah

Designation :

Director

Address :

504, Heera Panna Appartment, B/H, Alkapuri Arcade, R.C. Dutt Road, Alkapuri, Baroda – 390007, Gujarat, India

Date of Birth/Age :

27.07.1968

Date of Appointment :

12.12.2006

DIN No.:

00003547

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	U27100GJ1997PLC031852	PEL INDUSTRIES LIMITED	Director	06/01/2004	06/01/2004	15/11/2013	Active	NO
2	U51900MH1994PTC076782	UPBEAT TRADING PVT LTD	Director	05/04/2006	05/04/2006	-	Active	NO
3	U27105GJ2006PTC049506	PANKAJ METAL CENTRE PVT. LTD.	Director	01/12/2006	01/12/2006	-	Active	NO
4	U27104GJ2006PTC049537	ALUCAST ENGINEERING PRIVATE LIMITED	Director	07/12/2006	07/12/2006	-	Active	NO
5	U27109GJ2006PTC049564	EUROPAN METALS PVT. LTD.	Director	12/12/2006	12/12/2006	-	Active	NO
6	U27101GJ2006PTC049594	ACE METALS PVT. LTD.	Director	18/12/2006	18/12/2006	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on : 29.09.2014

Names of Shareholders	No. of Shares	%age holding
Hitesh Harakchand Shah	5000	50.00
Jayesh Harakchand Shah	5000	50.00
Total	10000	100.00

Equity Share Break up (Percentage of Total Equity)

As on : 29.09.2014

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Trading of Aluminium Products, Steel Products. (Confirmed by management)
Products :	Steel Aluminium Steel Products
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	Cash, L/C and Credit (30 / 60 / 90 Days)
Purchasing :	Cash, L/C and Credit (30 / 60 / 90 Days)

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :

Elicast Engineering Limited

Name of the Person :

Mr. H.N. Shah (Director)

Contact No.:

91-22-23522462

Since How Long Known :

Rs. 80.000 Million

Maximum Limit Dealt :

Rs. 250.000 Million (P.M)

Experience :

Product Quality	Delivery Behaviour	Overall
Good	Good	Good

Remark:

They are satisfied with payment behaviour. No Complaints.

Customers :

Retailers and OEM’s

Reference :

Pratibha Industries Limited

Name of the Person :

Mr. Vikas (Banking Manager Finance)

Contact No.:

91-9619499735

Since How Long Known :

3 Years

Maximum Limit Dealt :

Not Divulged

Experience :

Product Quality	Delivery Behaviour	Overall
Good	Good	Good

Remark:

No Complaints. They are satisfied with product quality and delivery behaviour.

No. of Employees :

10 (Approximately)

Bankers :

Bank Name	Axis Bank Limited
Branch	R.C. Dutt Road, North Base Ment, Vardhman Complex, Opposite Geb Race Course, Vadodara – 390020, Gujarat, India
Person Name (With Designation)	Not Divulged
Contact Number	91-265-2311313 (Continuously Ringing)
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
Bank Name	HDFC bank
Branch	Tardeo Branch
Person Name (With Designation)	Mr. Shrivastav (Branch Manager)
Contact Number	91-22-23514899 / 22- 20412042
Remarks (If any)	The number is continuously busy.

Auditors :

Name :

Vinesh Mehta and Company

Chartered Accountants

Address :

202, Amit Complex, Opp. Panchratna Apartment, Subhanpura, Vadodara – 390023, Gujarat, India

Tel No.:

91-265-6581987

Email Id :

Vineshmehta_co@yahoo.com

PAN N Income-tax PAN of auditor or auditor's firm :

ADUPN3254H

Name :

R.J. Kothari and Associates

Chartered Accountants

Address :

Mumbai, Maharashtra, India

Memberships :

Not Available

Collaborators :

Not Available

Other related parties:

• P.E.L. Industries Limited
• Pankaj Metals Centre P. Limited

Sister Concern :

Company Name 1:	Volition Trading Private Limited
Address:	532, Arun Chmabers, Next to A.C. Market, Tardeo Main Road, Mumbai – 400034, Maharashtra, India
Company Name 2:	Pankaj Metals
Company Name 3:	ACE Metals Private Limited

CAPITAL STRUCTURE

As on : 31.03.2015

Authorised Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.10/- each	Rs.0.100 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.10/- each	Rs.0.100 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2015	31.03.2014	31.03.2013
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	0.100	0.100	0.100
(b) Reserves & Surplus	1.425	(0.054)	(0.047)
(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)	1.525	0.046	0.053
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(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)	0.000	0.000	0.000
(4) Current Liabilities
(a) Short term borrowings	135.351	0.011	0.001
(b) Trade payables	0.000	0.000	0.000
(c) Other current liabilities	0.000	0.000	0.009
(d) Short-term provisions	0.194	0.000	0.000
Total Current Liabilities (4)	135.545	0.011	0.010
TOTAL	137.070	0.057	0.063
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	0.000	0.000	0.000
(ii) Intangible Assets	0.000	0.000	0.000
(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	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	0.000	0.000	0.000
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	136.814	0.000	0.000
(d) Cash and cash equivalents	0.096	0.000	0.000
(e) Short-term loans and advances	0.000	0.000	0.061
(f) Other current assets	0.160	0.057	0.002
Total Current Assets	137.070	0.057	0.063
TOTAL	137.070	0.057	0.063

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2015	31.03.2014	31.03.2013
	SALES
	Income	1432.235	0.000	0.000
	Other Income	0.000	0.000	0.000
	TOTAL (A)	1432.235	0.000	0.000
Less	EXPENSES
	Cost of Materials Consumed	1426.024	0.000	0.000
	Employees benefits expense	1.828	0.000	0.000
	Other expenses	0.260	0.007	0.006
	TOTAL (B)	1428.112	0.007	0.006
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	4.123	(0.007)	(0.006)
Less	FINANCIAL EXPENSES (D)	1.983	0.000	0.000
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	2.140	(0.007)	(0.006)
Less/ Add	DEPRECIATION/ AMORTISATION (F)	0.000	0.000	0.002
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	2.140	(0.007)	(0.008)
Less	TAX (H)	0.661	0.000	0.000
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	1.479	(0.007)	(0.008)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD (K)	(0.054)	(0.047)	(0.039)
	Balance Carried to the B/S (J+K+L-M)	1.425	(0.054)	(0.047)
	Earnings / (Loss) Per Share (Rs.)	147.86	(0.69)	(0.81)

Expected Sales (2015-2016) : Rs.2000.000 Million

The above information has been parted by Mr. Jayesh (Director)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA
Net cash flow from operating activity	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	0.10	NA	NA
Operating Profit Margin (PBIDT/Sales)	(%)	0.29	NA	NA
Return on Total Assets (PBT/Total Assets}	(%)	1.56	(12.28)	(12.70)
Return on Investment (ROI) (PBT/Networth)		1.40	(0.15)	(0.15)
Debt Equity Ratio (Total Debt /Networth)		88.75	0.24	0.02
Current Ratio (Current Asset/Current Liability)		1.01	5.18	6.30

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	0.100	0.100	0.100
Reserves & Surplus	(0.047)	(0.054)	1.425
Net worth	0.053	0.046	1.525
long-term borrowings	0.000	0.000	0.000
Short term borrowings	0.001	0.011	135.351
Total borrowings	0.001	0.011	135.351
Debt/Equity ratio	0.019	0.239	88.755

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	Yes
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	No
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	Yes
17	Details of sister concerns	Yes
18	Major suppliers	Yes
19	Major customers	Yes
20	Banking Details	Yes
21	Banking facility details	No
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	Yes
26	Turnover of firm for last one years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	Yes
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	No
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

STATEMENT OF INCOME (ASSESSMENT YEARS 2015-2016)

	Rs. in Million	Rs. in Million
Profit and Gains of Business or Profession
Business 1
Net Profit Before Tax as per Profit and Loss A/c	2.140
Total Income from Business and Profession	2.140
“Income chargeable under the head “Business and profession		2.140
Total		2.140
Less – Brought forward losses set off		0.050
Total Income		2.089
Total Income rounded off u/s 288A		2.089
Tax on total income		0.627
Add: Education cess		0.019
Tax with cess		0.646
Minimum alternative Tax	0.408
Net Tax		0.646
Advance Tax	0.500
Total prepaid taxes		0.500
Balance Tax		0.146
Interest u/s 234B	0.009
Interest u/s 234C	0.033	0.041
Balance Tax Payable		0.190

FOR THE PERIOD FROM 01.04.2014 TO 31.03.2015

	SALES DETAILS			PURCHASE DETAILS
Month	NET	VAT	TOTAL	NET	VAT	TOTAL
APRIL	--	--	--	--	--	--
MAY	--	--	--	--	--	--
JUNE	--	--	--	--	--	--
JULY	--	--	--	--	--	--
AUGUST	36,161,050	1,808,053	37,969,103	49,104,390	2,455,220	51,559,610
SEPTEMBER	185,256,308	9,262,816	194,519,124	171,533,188	8,576,660	180,109,848
OCTOBER	217,261,085	10,863,054	228,124,139	216,818,518	10,840,925	227,659,443
NOVEMBER	136,500,783	6,825,039	143,325,822	143,325,822	6,809,665	143,002,966
DECEMBER	281,797,734	14,089,887	295,887,621	295,887,621	14,058,786	295,234,491
JANUARY	212,807,666	10,640,383	223,448,049	223,448,049	10,644,025	222,831,556
FEBRAURY	359,844,625	30,159,959	390,004,584	390,004,584	30,086,921	389,065,389
MARCH	--	--	--	--	--	--
TOTAL	1,429,629,251	83,649,191	1,513,278,442	1,426,024,584	83,439,203	1.509,463,294

	SALES DETAILS			PURCHASE DETAILS
Month	NET	VAT	TOTAL	NET	VAT	TOTAL
APRIL	204,222,785	10,211,139	214,433,924	203,880,722	10,194,036	214,074,758
MAY	238,921,496	11,946,075	250,867,571	238,436,792	11,921,840	250,358,632
JUNE	182,580,625	9,129,031	191,709,656	34,576,825	1,728,841	36,305,666
TOTAL	625,724,906	31,286,245	657,011,151	476,894,339	23,844,717	500,739,056

BANKING DETAIL (INFLOW) FOR THE PERIOD FROM 01.04.2014 TO 31.03.2015

MONTH	Bank of India	HDFC BANK	YES	TOTAL
APRIL	--	--	--	--
MAY	--	--	--	--
JUNE	--	--	--	--
JULY	--	--	50,000	50,000
AUGUST	--	--	30,000	30,000
SEPTEMBER	--	--	232,353,880	232,353,880
OCTOBER	--	--	127,293,470	127,293,470
NOVEMBER	--	--	185,015,165	185,015,165
DECEMBER	--	--	263,472,563	263,472,563
JANUARY	--	--	--	--
FEBRAURY	5,000	--	253,675,757	253,675,757
MARCH	224,643,624	--	1,100,000	225,680,757
TOTAL	224,648,624	--	1,062,990,835	1,287,639,459

BANKING DETAIL (INFLOW) FOR THE PERIOD FROM 01.04.2014 TO 05.06.2015

MONTH	Bank of India	HDFC BANK	YES	TOTAL
APRIL	363,728,531	40,000	--	363,768,531
MAY	154,066,256	50,000	--	154,116,256
JUNE	98,464,089	--	--	98,464,089
TOTAL	616,258,876	90,000	--	616,348,876

SHAREHOLDING PATTERN

		2014-2015			2015-2016
	SHAREHOLDER	NO. OF SHARES	Shares Amount	SHARE HELD (%)	NO. OF SHARES	Shares Amount	SHARE HELD (%)
2	Mr. Jayesh H. Shah	5,000	50,000	50.00	5,000	50,000	50.00
4	Mr. Hitesh H. Shah	5,000	50,000	50.00	5,000	50,000	50.00
	Total	10,000	100,000		10,000	100,000

FINANCIAL RESULTS :

Since the company has not commenced any commercial activity during the year, there is no revenue generated for the year. Hence there is no profit or loss for the year

UNSECURED LOAN

Unsecured Loan	31.03.2015 (Rs. in Million)	31.03.2014 (Rs. in Million)
Short-term borrowings
Loans and Advances from related parties from Director	NA	0.001
Total	NA	0.001

INDEX OF CHARGES : NO CHARGES EXIST FOR THE COMPANY

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.66.42
UK Pound	1	Rs.99.17
Euro	1	Rs.72.13

INFORMATION DETAILS

Information Gathered by :	PRP
Analysis Done by :	HNA
Report Prepared by :	SUJ

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILITY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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		26

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.