MIRA INFORM REPORT

Report No. :	310367
Report Date :	28.02.2015

IDENTIFICATION DETAILS

Name :	NANDAN STEELS AND POWER LIMITED
Registered Office :	199-C, Ground Floor, Main Road, Samta Colony, Raipur – 492 001, Chhattisgarh
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	10.02.2004
Com. Reg. No.:	10-016394
Capital Investment / Paid-up Capital :	Rs.259.380 million
CIN No.: [Company Identification No.]	U27109CT2004PLC016394
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	JBPN00410E
PAN No.: [Permanent Account No.]	AABCN9013A
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Importer of CNC Machinery and Iron and Steel.
No. of Employees :	700 (Approximately)

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 1967000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. General financial position of the company is good. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. The company can be considered normal 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 carry moderate credit risk.
Date	31.01.2015

Rating Agency Name	CRISIL
Rating	Short term rating: A3+
Rating Explanation	Moderate degree of safety and carry higher credit risk.
Date	31.01.2015

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 PARTED BY

Name :	Mr. Sanjay Agarwal
Designation :	Finance Manager
Contact No.:	91-9329323179

LOCATIONS

Registered Office :	199-C, Ground Floor, Main Road, Samta Colony, Raipur – 492 001, Chhattisgarh, India
Tel. No.:	91-771-4078000-10 (11 Lines)
Mobile No.:	91-9303263200 (Mr. Vikas Agrawal) 91-9630085890 (Mr. Sandeep Sharma) 91-9329323179 (Mr. Sanjay Agarwal)
Fax No.:	91-771-4078040/ 41
E-Mail :	manish@nandansteels.com info@nandansteels.com
Website :	http://www.nandansteels.com
Location:	Owned
Locality:	Commercial
Factory :	Siltara Industrial Area, Village Sondra, Block Dharsiwa, Raipur – 493 221, Chhattisgarh, India
Tel. No.:	91-771-4078045-49 (5 Lines)
Fax No.:	91-771-4078050/ 51

DIRECTORS

AS ON 30.09.2013

Name :

Mr. Manish Kumar Agarwal

Designation :

Director

Address :

402, Ekta Enclave, Civil Line, Raipur – 492 001, Chhattisgarh, India

Date of Birth/Age :

05.04.1979

Qualification :

Chartered Accountant

Date of Appointment :

12.09.2005

PAN No.:

ABUPA4520A

DIN No.:

00290615

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	U27109CT2004PLC016394	NANDAN STEELS AND POWER LIMITED	Director	12/09/2005	12/09/2005	-	Active	NO
2	U24100CT2010PTC021758	P. B. TRADELINK PRIVATE LIMITED	Director	22/04/2010	22/04/2010	-	Active	NO
3	U51109WB2008PTC125978	DEBDARU VINIMAY PRIVATE LIMITED	Director	17/05/2010	17/05/2010	-	Active	NO

Name :

Mr. Binod Kumar Agrawal

Designation :

Director

Address :

6/11, Deoralia Bhawan, Nehru Nagar (E) Bhilai, Durg – 490 023, Chhattisgarh, India

Date of Birth/Age :

21.05.1970

Qualification :

B. Com

Date of Appointment :

10.02.2004

PAN No.:

AEVPA1674B

DIN No.:

00771086

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	U27104CT2000PLC014148	HI-TECH POWER AND STEEL LIMITED	Managing director	01/04/2010	02/04/2003	-	Active	NO
2	U27109CT2004PLC016394	NANDAN STEELS AND POWER LIMITED	Director	10/02/2004	10/02/2004	-	Active	NO
3	U51101CT2009PTC021309	MUNSHIRAM TRADING COMPANY PRIVATE LIMITED	Director	29/07/2009	29/07/2009	-	Active	NO
4	U63011CT2004PTC016906	RAIPUR HANDLING AND INFRASTRUCTURE PRIVATE LIMITED	Additional director	24/12/2011	24/12/2011	-	Active	NO

Name :

Mr. Manoj Kumar Agrawal

Designation :

Director

Address :

6/11, Deoralia Bhawan, Nehru Nagar (East) Bhilai, Durg – 490 023, Chhattisgarh, India

Date of Birth/Age :

26.03.1968

Qualification :

B. Com

Date of Appointment :

10.02.2004

PAN No.:

ABSPA2980N

DIN No.:

01590987

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	U27109CT2004PLC016394	NANDAN STEELS AND POWER LIMITED	Director	10/02/2004	10/02/2004	-	Active	NO
2	U27104CT2000PLC014148	HI-TECH POWER AND STEEL LIMITED	Director	30/09/2008	16/11/2007	-	Active	NO
3	U51101CT2009PTC021309	MUNSHIRAM TRADING COMPANY PRIVATE LIMITED	Director	29/07/2009	29/07/2009	-	Active	NO
4	U45400WB2012PTC183628	D.C.INFRATECH PRIVATE LIMITED	Director	10/07/2012	10/07/2012	-	Active	NO

Name :

Mr. Sanjay Kumar Kariwalla

Designation :

Director

Address :

5,Park Street ,Choubey Colony, Raipur – 492 001, Chhattisgarh, India

Date of Birth/Age :

04.09.1968

Qualification :

B. Com

Date of Appointment :

10.02.2004

PAN No.:

ADSPK0632M

DIN No.:

00290874

Name :

Mr. Vikash Kumar Agrawal

Designation :

Director

Address :

402, Ekta Enclave, Civil Line, Raipur – 492 001, Chhattisgarh, India

Date of Birth/Age :

13.06.1975

Qualification :

B. Com

Voter ID :

BR/47/284/522414

Date of Appointment :

15.01.2007

PAN No.:

ABSPA2180J

DIN No.:

01208960

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	U27109CT2004PLC016394	NANDAN STEELS AND POWER LIMITED	Director	15/01/2007	15/01/2007	-	Active	NO
2	U24100CT2010PTC021758	P. B. TRADELINK PRIVATE LIMITED	Director	22/04/2010	22/04/2010	-	Active	NO
3	U51909WB2011PLC168673	D K S TRADECOM LIMITED	Director	19/10/2011	19/10/2011	-	Active	NO

Name :

Mr. Ashok Kumar Agarwalla

Designation :

Managing director

Address :

5, Park Street ,Choubey Colony, Raipur – 492 001, Chhattisgarh, India

Date of Birth/Age :

13.12.1962

Qualification :

B. Com

Date of Appointment :

25.10.2007

PAN No.:

ACAPA3004C

DIN No.:

00739999

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	U27104CT2000PLC014148	HI-TECH POWER AND STEEL LIMITED	Director	02/04/2003	02/04/2003	-	Active	NO
2	U27109CT2004PLC016394	NANDAN STEELS AND POWER LIMITED	Managing director	25/10/2007	10/02/2004	-	Active	NO
3	U51909WB2011PLC168673	D K S TRADECOM LIMITED	Director	19/10/2011	19/10/2011	-	Active	NO

KEY EXECUTIVE

Name :	Mr. Sanjay Agarwal
Designation :	Finance Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2013

SHAREHOLDING DETAIL FILE ATTACHED

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2013

Category	Percentage of holding
Bodies corporate	74.39
Directors or relatives of Directors	25.61
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Importer of CNC Machinery and Iron and Steel.

Products :

Item Code No.	Product Description
73089010	Conversion
73089010	Iron and Steel

Brand Names :

Not Divulged

Agencies Held :

Not Divulged

Exports :

Not Available

Imports :

Products :

CNC Machinery

Countries :

China

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

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 :

End Users

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 :

700 (Approximately)

Bankers :

Bank Name	IDBI Bank Limited
Branch	Commercial Branch, Raipur, Chhattisgarh, 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)	Cash and Credit : Rs.100.000 million L C Rs.50.000 million
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Bank Name	State Bank of India
Branch	Commercial Branch, 2^nd Floor, Pujari Complex, Pachpedi Maka, Raipur – 490 026, Chhattisgarh, 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)	Cash and Credit : Rs.470.000 million L C Rs.200.000 million
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Banking Relations :	--
Auditors :
Name :	K.M. Jain and Company Chartered Accountants
Address :	9 Himalaya Complex Supela Bhilai – 490 023, Chhattisgarh, India
Income-tax PAN of auditor or auditor's firm :	AAEFK4184F
Associates (As on 31.03.2013) :	Hi-Tech Power and Steel Limited, India (CIN No.: U27104CT2000PLC014148)

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital : NOT AVAILABLE

Issued, Subscribed & Paid-up Capital : Rs.290.380 million

AS ON 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
23500000	Equity Shares	Rs.10/- each	Rs.235.000 million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
22098000	Equity Shares	Rs.10/- each	Rs.220.980 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	259.380	220.980	220.980
(b) Reserves & Surplus	429.081	350.225	331.364
(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)	688.461	571.205	552.344
(3) Non-Current Liabilities
(a) Long-term borrowings	21.236	76.371	49.850
(b) Deferred tax liabilities (Net)	54.203	46.353	38.314
(c) Other long term liabilities	0.000	0.000	0.000
(d) Long-term provisions	5.168	3.991	3.078
Total Non-current Liabilities (3)	80.607	126.715	91.242
(4) Current Liabilities
(a) Short term borrowings	468.467	375.855	301.264
(b) Trade payables	47.695	55.763	71.136
(c) Other current liabilities	69.481	124.648	89.104
(d) Short-term provisions	34.484	48.374	0.000
Total Current Liabilities (4)	620.127	604.640	461.504
TOTAL	1389.195	1302.560	1105.090
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	502.204	484.116	369.684
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	43.833	52.460	112.957
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	3.500	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	73.909	54.107	48.508
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	623.446	590.683	531.149
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	427.475	473.172	352.360
(c) Trade receivables	188.180	152.528	165.786
(d) Cash and cash equivalents	79.452	31.615	10.300
(e) Short-term loans and advances	64.333	48.996	43.712
(f) Other current assets	6.309	5.566	1.783
Total Current Assets	765.749	711.877	573.941
TOTAL	1389.195	1302.560	1105.090

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Revenue from operations	2635.607	2513.650	2183.329
	Other Income	6.363	5.606	4.295
	TOTAL	2641.970	2519.256	2187.624
Less	EXPENSES
	Cost of Materials Consumed	1947.248	1971.420	1786.714
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	4.711	(62.739)	(98.736)
	Employees benefits expense	37.578	26.631	57.550
	Other expenses	495.028	464.169	333.818
	TOTAL	2484.565	2399.481	2079.346
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	157.405	119.775	108.278
Less	FINANCIAL EXPENSES	80.752	60.019	53.517
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	76.653	59.756	54.761
Less/ Add	DEPRECIATION/ AMORTISATION	44.745	31.224	32.550
	PROFIT/ (LOSS) BEFORE TAX	31.908	28.532	22.211
Less	TAX	10.652	9.672	6.046
	PROFIT/ (LOSS) AFTER TAX	21.256	18.860	16.165
	Earnings / (Loss) Per Share (Rs.)	NA	0.85	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	1.21	1.14	1.02
Operating Profit Margin (PBDIT/ Sales)	(%)	5.97	4.76	4.96
Return on Total Assets (PBT/Total Assets}	(%)	2.38	2.28	2.24
Return on Investment (ROI) (PBT/Networth)		0.05	0.05	0.04
Debt Equity Ratio (Total Debt /Networth)		0.71	0.79	0.64
Current Ratio (Current Asset/Current Liability)		1.23	1.18	1.24

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	220.980	220.980	259.380
Reserves & Surplus	331.364	350.225	429.081
Net worth	552.344	571.205	688.461
Long-term borrowings	49.850	76.371	21.236
Short term borrowings	301.264	375.855	468.467
Total borrowings	351.114	452.226	489.703
Debt/Equity ratio	0.636	0.792	0.711

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)
Revenue from operations	2183.329	2513.650	2635.607
		15.129	4.852

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Revenue from operations	2183.329	2513.650	2635.607
Profit	16.165	18.860	21.256
	0.74%	0.75%	0.81%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	Yes
34]	External Agency Rating, if available	Yes

INDEX OF CHARGES:

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10471036	17/12/2013	1,080,000,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, 2ND FLOOR, PUJARI COMPLEX, PACHPEDI NAKA, RAIPUR, CHHATTISGARH - 492001, INDIA	B93831774
2	10078439	30/10/2007	788,000.00	HDFC BANK LIMITED	HDFC BANK HOUSE, SENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI, MAHARASHTRA - 400013, INDIA	A27829886
3	90209757	24/10/2013 *	1,039,200,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, 2ND FLOOR, PUJARI COMPLEX, PACHPEDI NAKA, RAIPUR, CHHATTISGARH - 492001, INDIA	B89766760

* Date of charge modification

FIXED ASSETS

· Land

· Buildings

· Plant and Equipment

· Furniture and Fixtures

· Vehicles

· Office Equipment

· Motor Vehicles

· Computer Equipments

· Other Equipments

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.61.79
UK Pound	1	Rs.95.42
Euro	1	Rs.69.29

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	DIV
Report Prepared by :	SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
-- PROFITABILITY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--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		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	--

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