MIRA INFORM REPORT

Report No. :	300953
Report Date :	09.01.2015

IDENTIFICATION DETAILS

Name :	GOA SPONGE AND POWER LIMITED (w.e.f. 01.11.2002)
Formerly Known As :	SUPREME INDUSTRIES (GOA) LIMITED (w.e.f 13.08.1996) HUNTSMAN SUPREME LIMITED (w.e.f 05.01.1995)
Country :	21/6, West Patel Nagar, New Delhi - 110008
Financials (as on) :	31.03.2014
Date of Incorporation :	05.01.1995
Com. Reg. No.:	55-195746
Capital Investment / Paid-up Capital :	Rs.468.671 Millions
CIN No.: [Company Identification No.]	U24304DL1995PLC195746
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 :	Manufacturer of Sponge Iron and MS Billets.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Ca (23)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 2400000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. There seems some dip in the profit of the company during FY 2014. Further, the rating takes into consideration the continuing delays by the company in debt servicing. However, Business is active. Payments are reported to be slow. The company can be considered for business dealings on a secured 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 – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
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	ICRA
Rating	Term Loan D
Rating Explanation	Lowest Credit Quality and Very Low Prospects of Recovery.
Date	November 2014

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

NOT AVAILABLE

LOCATIONS

Registered Office :	21/6, West Patel Nagar, New Delhi – 110008, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	Ca_company@rediffmail.com
Corporate Office :	542, Rafael House, Ponguirval, Curchoram, Goa, India
Tel. No.:	91-832-6470469/523
Factory :	Servey No. 58/59/60, Village Santola, Taluka Sanguem, Goa – 403706, India

DIRECTORS

As on 30.09.2014

Name :

Mr. Vinod Kumar Singhal

Designation :

Whole – time Director

Address :

Govind Nagar, Kashi Rampur, Kotdwar, Pauri Garhwal – 246149, Uttaranchal, India

Date of Birth/Age :

19.08.1961

Qualification:

Graduate

Date of Appointment :

01.05.2010

DIN No.:

00134794

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	U27101UR1985PLC007538	CHARU STEELS LIMITED	Director	01/04/2010	19/08/1994	28/05/2012	Active	NO
2	U27104UR1985PTC007552	AMARNATH STEEL ROLLING MILL PRIVATE LIMITED	Director	09/03/1995	09/03/1995	-	Active	NO
3	U15311UP1999PTC024521	HARYANA RICE MILLS PRIVATE LIMITED	Director	18/06/1999	18/06/1999	03/05/2012	Active	NO
4	U24304DL1995PLC195746	GOA SPONGE AND POWER LIMITED	Whole-time director	01/05/2010	01/10/2002	-	Active	NO
5	U27109DL2004PLC128830	SHREE SIDHBALI ISPAT LIMITED	Director	30/12/2004	30/12/2004	-	Active	NO
6	U74140DL2009PTC190727	SHREE SIDHBALI IMPEX PRIVATE LIMITED	Director	15/12/2009	28/05/2009	20/12/2011	Active	NO

Name :

Mr. Pankaj Goel

Designation :

Director

Address :

M-12, Grater Kailash – I, New Delhi – 110048, India

Date of Birth/Age :

10.03.1970

Qualification:

Graduate

Date of Appointment :

01.10.2002

DIN No.:

00224355

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	U51299DL1999PTC098109	S M SUGAR PRIVATE LIMITED	Director	01/07/2014	28/08/2000	-	Active	NO
2	U24304DL1995PLC195746	GOA SPONGE AND POWER LIMITED	Director	01/10/2002	01/10/2002	-	Active	NO
3	U27104DL1989PLC127527	AMBA SHAKTI STEELS LIMITED	Additional director	15/11/2014	12/07/2004	-	Active	NO
4	U27109DL2004PLC128830	SHREE SIDHBALI ISPAT LIMITED	Director	22/02/2005	22/02/2005	-	Active	NO
5	U72900DL2004PTC183874	EMIRATES TECHNOLOGIES PRIVATE LIMITED	Director	29/03/2006	29/03/2006	-	Active	NO
6	U28121DL2010PLC207588	AMBA CYLINDERS LIMITED	Director	26/08/2010	26/08/2010	-	Active	NO
7	U70100DL2011PLC215949	AMBA INFRASTRUCTURE LIMITED	Director	16/03/2011	16/03/2011	-	Active	NO
8	U70102DL2008PTC177097	EMIRATES INFRASTRUCTURE PRIVATE LIMITED	Director	18/07/2011	18/07/2011	-	Active	NO
9	U70100DL2013PTC247394	A D REALBUILD PRIVATE LIMITED	Director	13/07/2013	13/07/2013	-	Active	NO

Name :

Mr. Kamal Goel

Designation :

Director

Address :

M-12, Grater Kailash – I, New Delhi – 110048, India

Date of Birth/Age :

22.02.1966

Qualification:

Graduate

Date of Appointment :

01.10.2002

DIN No.:

00303363

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	U74899DL1973PTC006467	DURGA ISPAT PVT LTD	Director	30/11/1985	30/11/1985	01/11/2014	Active	NO
2	U35923DL1997PLC087812	GOA ISPAT LIMITED	Director	09/06/1997	09/06/1997	06/12/2014	Active	NO
3	U51299DL1999PTC098109	S M SUGAR PRIVATE LIMITED	Director	01/07/2014	28/08/2000	-	Active	NO
4	U24304DL1995PLC195746	GOA SPONGE AND POWER LIMITED	Director	01/10/2002	01/10/2002	-	Active	NO
5	U27104DL1989PLC127527	AMBA SHAKTI STEELS LIMITED	Director	12/07/2004	12/07/2004	15/10/2014	Active	NO
6	U27104DL2003PLC127526	AMBA SHAKTI ISPAT LIMITED	Director	01/08/2013	12/07/2004	01/11/2014	Active	NO
7	U27104OR2004PLC007916	KONARK CONCAST AND POWER LIMITED	Director	17/12/2004	17/12/2004	09/07/2008	Active	NO
8	U27109DL2004PLC128830	SHREE SIDHBALI ISPAT LIMITED	Director	12/03/2005	12/03/2005	-	Active	NO
9	U45201DL2006PTC145579	KONARK BUILDWELL PRIVATE LIMITED	Director	30/01/2006	30/01/2006	12/05/2011	Active	NO
10	U27104DL2006PLC146413	AMBA IRON AND STEEL CO. LIMITED tfr. from u.p. to delhi	Director	24/09/2010	16/02/2006	09/01/2014	Active	NO
11	U72900DL2004PTC183874	EMIRATES TECHNOLOGIES PRIVATE LIMITED	Director	19/01/2007	19/01/2007	-	Active	NO
12	U45400DL2007PTC163188	KONARK INFRAPROJECTS PRIVATE LIMITED	Director	09/05/2007	09/05/2007	10/04/2013	Active	NO
13	U51109GJ1991PLC057955	HANS ISPAT LIMITED	Director	25/12/2007	25/12/2007	30/06/2010	Active	NO
14	U27310DL2008PLC177452	AMBA SPONGE & POWER LIMITED	Director	10/01/2009	10/01/2009	-	Active	NO
15	U28121DL2010PLC207588	AMBA CYLINDERS LIMITED	Director	26/08/2010	26/08/2010	-	Active	NO
16	U70100DL2011PLC215949	AMBA INFRASTRUCTURE LIMITED	Director	16/03/2011	16/03/2011	-	Active	NO
17	U70102DL2008PTC177097	EMIRATES INFRASTRUCTURE PRIVATE LIMITED	Director	18/07/2011	18/07/2011	-	Active	NO
18	U27101DL2013PLC251766	AMBASHAKTI INDUSTRIES LIMITED	Director	08/05/2013	08/05/2013	-	Active	NO
19	U27106DL2014PLC266460	AMBASHAKTI UDYOG LIMITED	Director	18/03/2014	18/03/2014	23/04/2014	Active	NO

Name :

Mr. Joginder Kumar Singla

Designation :

Director

Address :

Row House No.3, Sanskritpurav Appartment, Rajarampuri, 13^th Lane, Kolhapur - 416008, Maharashtra, India

Date of Birth/Age :

15.08.1962

Qualification:

Graduate

Date of Appointment :

01.01.2014

DIN No.:

01815713

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	U13100GA2006PTC004824	SHREE GANPATI ISPAT PRIVATE LIMITED	Director	30/09/2008	20/03/2008	-	Active	NO
2	U28910GA2006PLC004326	ARYA STEELS ROLLING (INDIA) LIMITED	Additional director	29/10/2008	29/10/2008	05/04/2009	Active	NO
3	U24304DL1995PLC195746	GOA SPONGE AND POWER LIMITED	Director	01/01/2014	01/01/2014	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Princy Agrahri
Designation :	Secretary
Address :	J-4/18D, Upper Ground Floor, Right Side, Malviya Nagar, Khidki Extension, New Delhi – 110017, India
Date of Birth/Age :	12.09.1978
Date of Appointment :	01.08.2012
PAN No.:	AJZPA8953G

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

SHAREHOLDING DETAIL FILE ATTACHED

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	12.62
Directors or relatives of Directors	44.90
Other top fifty shareholders	42.48
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Sponge Iron and MS Billets.

Products :

Product Description	Item Code No. (ITC Code)
Billets/ Sponge Iron	7207

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Products :

Not Available

Countries :

Not Available

Imports :

Products :

Not Available

Countries :

Not Available

Terms :

Selling :

Not Available

Purchasing :

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 :

Information declined by the management

Bankers :

Banker Name	Indian Overseas Bank
Branch Address	Panaji Branch, Hotel Neptune Building, Panaji, Goa – 403001, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

(Rs. In Millions)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
Long Term Borrowing
Term Loans From Banks	161.640	138.775
Short Term Borrowing	0.000	0.000
Loans Repayable on demand From banks	462.470	505.949
Total	624.110	644.724

Auditors :
Name :	A Jain Agarwal and Company Chartered Accountants
Address :	Sadar Bazar (Upper Storey) Opposite HDFC Bank ATM Muzaffarnagar, Uttar Pradesh, India
PAN N Income-tax PAN of auditor or auditor's firm :	AAMFA6693H
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
47500000	Equity Shares	Rs.10/- each	Rs.475.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
46867185	Equity Shares	Rs.10/- each	Rs.468.671 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

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	468.671	444.782	414.973
(b) Reserves & Surplus	403.192	372.995	322.178
(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)	871.863	817.777	737.151
(3) Non-Current Liabilities
(a) long-term borrowings	264.489	164.975	262.725
(b) Deferred tax liabilities (Net)	29.389	27.596	26.612
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.943
Total Non-current Liabilities (3)	293.878	192.571	290.280
(4) Current Liabilities
(a) Short term borrowings	462.470	505.950	525.846
(b) Trade payables	762.080	471.476	465.649
(c) Other current liabilities	311.718	217.658	140.217
(d) Short-term provisions	10.217	8.401	16.021
Total Current Liabilities (4)	1546.485	1203.485	1147.733
TOTAL	2712.226	2213.833	2175.164
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	704.553	776.932	748.946
(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	0.274	0.274	0.274
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.351	0.323	28.063
(e) Other Non-current assets	43.342	34.580	0.000
Total Non-Current Assets	748.520	812.109	777.283
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	1674.533	1056.049	942.363
(c) Trade receivables	125.389	159.665	145.473
(d) Cash and cash equivalents	68.570	64.859	124.324
(e) Short-term loans and advances	71.348	81.217	149.825
(f) Other current assets	23.866	39.934	35.896
Total Current Assets	1963.706	1401.724	1397.881
TOTAL	2712.226	2213.833	2175.164

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	1950.002	1958.165	1647.415
		Other Income	8.495	8.414	7.809
		TOTAL	1958.497	1966.579	1655.224
Less	EXPENSES
		Cost of Materials Consumed	1487.565	1199.158	1294.031
		Purchases of Stock-in-Trade	89.974	207.187	31.584
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(50.298)	67.406	(120.279)
		Employees benefits expense	39.026	41.736	38.618
		Other expenses	186.731	222.192	188.664
		TOTAL	1752.998	1737.679	1432.618
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		205.499	228.900	222.606
Less	FINANCIAL EXPENSES		121.093	125.674	117.500
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		84.406	103.226	105.106
Less/ Add	DEPRECIATION/ AMORTISATION		73.612	72.651	79.609
	PROFIT BEFORE TAX		10.794	30.575	25.497
Less	TAX		0.000	3.605	0.828
	PROFIT AFTER TAX		10.794	26.970	24.669
	Earnings Per Share (Rs.)		0.25	0.65	0.59

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	0.55	1.38	1.50
Operating Profit Margin (PBDIT / Sales)	(%)	10.54	11.69	13.51
Return on Total Assets (PBT/Total Assets}	(%)	0.40	1.38	1.17
Return on Investment (ROI) (PBT/Networth)		0.01	0.04	0.03
Debt Equity Ratio (Total Debt /Networth)		0.83	0.82	1.07
Current Ratio (Current Asset/Current Liability)		1.27	1.16	1.22

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	414.973	444.782	468.671
Reserves & Surplus	322.178	372.995	403.192
Net worth	737.151	817.777	871.863
long-term borrowings	262.725	164.975	264.489
Short term borrowings	525.846	505.950	462.470
Total borrowings	788.571	670.925	726.959
Debt/Equity ratio	1.070	0.820	0.834

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	1647.415	1958.165	1950.002
		18.863	(0.417)

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	1647.415	1958.165	1950.002
Profit	24.669	26.970	10.794
	1.50%	1.38%	0.55%

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	Yes

Note: Registered office of the company has been shifted from T-2 Shabana Chambers, Panaji - 403001, Goa, India to the present address w.e.f 17.03.2009

UNSECURED LOAN

(Rs. In Millions)

Particulars	As on 31.03.2014	As on 31.03.2013
Long Term Borrowing
Loans and Advances From Related Parties	102.849	26.200
Total	102.849	26.200

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	80029279	28/03/2007 *	1,112,300,000.00	INDIAN OVERSEAS BANK	PISSURLEKAR ROAD, PANAJI, Goa - 403001, INDIA	-
2	90065645	30/05/2014 *	1,705,879,000.00	INDIAN OVERSEAS BANK	Panaji Branch, Hotel Neptune Building,, Panaji,Goa, Goa - 403001, INDIA	C09395161
3	90075792	10/09/2005 *	323,000,000.00	INDIAN OVERSEAS BANK	PANAJI BRANCH, DR. PISSURLEKAR ROAD, PANAJI, Goa - 403001, INDIA	-

* Date of charge modification

FIXED ASSETS

• Land
• Buildings
• Factory building
• Plant and equipment
• Factory equipments
• Vehicles
• Motor vehicles
• Office equipment
• Computer 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.63.29
UK Pound	1	Rs.98.39
Euro	1	Rs.76.31

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	SPR

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
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	2
--LEVERAGE	1~10	2
--RESERVES	1~10	2
--CREDIT LINES	1~10	2
--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		23

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.