MIRA INFORM REPORT

Report No. :	302642
Report Date :	14.01.2015

IDENTIFICATION DETAILS

Name :	TRANZTAR COMMERCIAL VEHICLE APPLICATIONS LIMITED
Registered Office :	Peninsula Technopark Tower-1, 7th Floor, Off Bandra-Kurla Complex, LBS Marg, Kurla (West), Mumbai – 400070, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	11.06.2012
Com. Reg. No.:	11-232019
Capital Investment / Paid-up Capital :	Rs.10.000 Millions
CIN No.: [Company Identification No.]	U35122MH2012PLC232019
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	MUMT17588E
PAN No.: [Permanent Account No.]	AAECT2769C
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Trailers, Semi-Trailers etc.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (30)

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

Maximum Credit Limit :	USD 34000
Status :	Moderate
Payment Behaviour :	Slow But Correct
Litigation :	Clear
Comments :	Subject is a subsidiary of AMW MOTORS LTD It is an established company having moderate track record. The rating reflects company moderate financial risk profile marked by low profit margin and increased in the borrowings of the company during FY 2014. However, trade relations are reported as fair. Business is active. Payments terms are reported to be slow but correct. In view of strong holding, 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 – 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

NOT AVAILABLE

RBI DEFAULTER’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTER’ 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.

LOCATIONS

Registered/ Corporate Office :	Peninsula Technopark Tower-1, 7th Floor, Off Bandra-Kurla Complex, LBS Marg, Kurla (West), Mumbai – 400070, Maharashtra, India
Tel. No.:	91-22-3382600/67101501
Fax No.:	91-22-67101503/04
E-Mail :	ddarji@amwasia.com cs_legal@amwasia.com hitesh.khona@amwasia.com sunil.modi@amwasia.com
Website :	www.tranztar.com
Factory :	34KM Milestone, Bhuj - Bhachau Road, Village Kanaiyabe, Kachchh - 370020, Gujarat, India

DIRECTORS

As on.02.09.2014

Name :

Mr. Ramasubramanian Adhinarayanan

Designation :

Director

Address :

Flat No. 301, 3rd Floor, Ekta Exotique, Union Partk, Off. Sion Trombay Road, Chembur, Mumbai – 400071, Maharashtra, India

Date of Birth/Age :

08.06.1952

DIN No.:

03507345

Date of Appointment :

11.06.2012

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	U11201GJ2002PLC041192	ASIA MOTORWORKS LIMITED	Whole-time director	18/03/2011	18/03/2011	18/09/2012	Active	NO
2	U35923GJ2009PLC057269	AMW AUTOCOMPONENT LIMITED	Director	30/09/2011	28/03/2011	-	Active	NO
3	U27310KA2006PTC040237	Siderforgerossi India Private Limited	Director	30/08/2011	21/04/2011	20/03/2013	Active	NO
4	U35923GJ2011PLC067191	A-ONE PARTS & SERVICES LIMITED	Director	19/09/2011	19/09/2011	06/11/2014	Active	NO
5	U35204GJ2011PLC067190	AMW MOTORS LIMITED	Whole-time director	01/04/2014	19/09/2011	-	Active	NO
6	U34105MH2010PLC198698	AMW Commercial Vehicle Applications Limited	Director	28/09/2012	10/10/2011	-	Active	NO
7	U67190MH2006PLC163842	ASIA MOTORWORKS HOLDINGS LIMITED	Director	29/09/2012	07/03/2012	-	Active	NO
8	U35122MH2012PLC232019	Tranztar Commercial Vehicle Applications Limited	Director	11/06/2012	11/06/2012	-	Active	NO

Name :

Mr. Anirudh Bhuwalka

Designation :

Director

Address :

5B, Panhar, Abdul Gafar Khan Road, Worli Sea Face, Worli, Mumbai – 400018, Maharashtra, India

Date of Birth/Age :

23.01.1975

DIN No.:

00333042

Experience :

11.06.2012

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	U11201GJ2002PLC041192	ASIA MOTORWORKS LIMITED	Managing director	19/06/2008	06/10/2003	18/09/2012	Active	NO
2	U67190MH2006PLC163842	ASIA MOTORWORKS HOLDINGS LIMITED	Director	18/08/2006	18/08/2006	-	Active	NO
3	U50102MH2007PLC170233	FRONTIER STEEL COMPONENTS LIMITED	Director	23/04/2007	23/04/2007	24/10/2013	Active	NO
4	U27310KA2006PTC040237	Siderforgerossi India Private Limited	Director	29/07/2009	05/05/2008	28/03/2011	Active	NO
5	U65921MH2008PLC182234	AMW FINANCE LIMITED	Director	15/05/2008	15/05/2008	22/07/2013	Active	NO
6	U65990WB2008PLC126729	AMW CAPITAL LIMITED	Director	19/06/2008	19/06/2008	-	Strike off	NO
7	U28991KA1977PTC003128	FORGE TOOLS (MYSORE) PRIVATE LIMITED	Director	28/07/2009	30/06/2008	21/03/2013	Active	NO
8	U35923GJ2009PLC057269	AMW AUTOCOMPONENT LIMITED	Director	16/06/2009	16/06/2009	-	Active	NO
9	U34105MH2010PLC198698	AMW Commercial Vehicle Applications Limited	Director	08/01/2010	08/01/2010	24/09/2013	Active	NO
10	L15491WB1895PLC000985	ENGO TEA COMPANY LIMITED	Director	08/03/2010	08/03/2010	01/09/2010	Active	NO
11	U74900MH2010PLC201030	AMW ENGINEERING SERVICES LIMITED	Director	18/03/2010	18/03/2010	05/10/2013	Active	NO
12	U35923GJ2011PLC067191	A-ONE PARTS & SERVICES LIMITED	Director	19/09/2011	19/09/2011	15/01/2013	Active	NO
13	U35204GJ2011PLC067190	AMW MOTORS LIMITED	Managing director	01/04/2014	19/09/2011	-	Active	NO
14	U35122MH2012PLC232019	Tranztar Commercial Vehicle Applications Limited	Director	11/06/2012	11/06/2012	24/09/2013	Active	NO
15	U74999TN2008PTC067735	INIMITABLE CAPITAL FINANCE PRIVATE LIMITED	Additional director	23/06/2014	23/06/2014	-	Active	NO
16	U51909WB1999PTC090428	APSARA COMMERCIAL PRIVATE LIMITED	Director	18/07/2001	-	17/10/2008	Active	NO
17	U72100WB1999PTC090104	NETSCOPE TECHNOLOGIES PRIVATE LIMITED	Director	20/08/1999	-	17/10/2008	Strike off	NO
18	U51109WB1999PTC089813	TRILOK MERCANTILE PRIVATE LIMITED	Director	17/07/2001	-	17/10/2008	Active	NO
19	U70109WB1995PTC075908	ALANKAR NIKETAN PVT LTD	Director	30/07/2001	-	17/10/2008	Active	NO
20	U70109WB1975PTC030004	SRI SATYA SAI PROPERTIES & INVESTMENT PVT.LTD.	Director	20/02/1998	-	22/09/2008	Active	NO

Name :

Mr. Nitin Shriram Chamaria

Designation :

Director

Address :

Siddhi Apartments, Flat No 2a, 967, S G Marg, Prabhadevi, Dadar(W), Mumbai- 400028, Maharashtra, India

Date of Birth/Age :

30.08.1979

Date of Appointment :

11.06.2012

DIN No.:

03030771

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	U34105MH2010PLC198698	AMW Commercial Vehicle Applications Limited	Director	15/04/2010	15/04/2010	-	Active	NO
2	U35122MH2012PLC232019	Tranztar Commercial Vehicle Applications Limited	Director	11/06/2012	11/06/2012	-	Active	NO
3	U35923GJ2011PLC067191	A-ONE PARTS & SERVICES LIMITED	Director	26/09/2013	26/11/2012	06/11/2014	Active	NO
4	U50102MH2007PLC170233	FRONTIER STEEL COMPONENTS LIMITED	Director	18/02/2013	18/02/2013	06/11/2014	Active	NO
5	U11201GJ2002PLC041192	ASIA MOTORWORKS LIMITED	Director	12/06/2013	12/06/2013	-	Active	NO
6	U74900MH2010PLC201030	AMW ENGINEERING SERVICES LIMITED	Director	28/09/2013	28/06/2013	-	Active	NO
7	U34200MH2014PTC258628	BEINSPIRED VENTURES PRIVATE LIMITED	Director	10/10/2014	10/10/2014	-	Active	NO
8	L65990MH1984PLC033128	FRONTIER LEASING AND FINANCE LIMITED	Additional director	09/12/2014	09/12/2014	-	Active	NO

Name :

Mr. Manwant Singh Johar

Designation :

Director

Address :

77, Nri Colony, Shreeji Nagar, Madhapar Tal, Bhuj, Kutch – 370020, Gujarat, India

Date of Birth/Age :

21.07.1959

Date of Appointment :

26.11.2012

Name :

Mr. Sandeep Soni

Designation :

Director

Address :

A-57, 1st Floor, Panchsheel Enclave, Nr. Chirag Delhi Flyover, New Delhi – 110017, India

Date of Birth/Age :

01.08.1970

Date of Appointment :

05.10.2013

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 02.09.2014

Names of Shareholders	No.of Shares
Ramasubramanian Adhinarayanan Jointly With Amw Motors Limited	10
Amw Motors Limited	999940
Ranganathan Jagannath Jointly With Amw Motors Limited	10
Agarwal Mukesh Jointly With Amw Motors Limited	10
Mimani Anand Jointly With Amw Motors Limited	10
Chamaria Nitin Jointly With Amw Motors Limited	10
Iyengar Usha Jointly With Amw Motors Limited	10
Total	1000000

As on 02.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	99.99
Other top fifty shareholders	0.01
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Trailers, Semi-Trailers etc.
Products :	Trailers Semi-Trailers
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 Available
Name of the Person :	Not Available
Contact No.:	Not Available
Since How Long Known :	Not Available
Experience :	Not Available
Maximum Limit Dealt :	Not Available

Customers :

Reference :	Not Available
Name of the Person :	Not Available
Contact No.:	Not Available
Since How Long Known :	Not Available
Experience :	Not Available
Maximum Limit Dealt :	Not Available

No. of Employees :

Not Available

Bankers :

Banker Name	State Bank of India
Branch Address	Specialised Mid Corporate Branch, No. 97, Railway Parallel Road, Kumarapark, Bangalore - 560020, Karnataka, India
Person Name (With Designation)	Not Available
Contact Number	Not Available
Name of Account Holder	Not Available
Account Number	Not Available
Account Since (Date/Year of Account Opening)	Not Available
Average Balance Maintained (If Possible)	Not Available
Credit Facilities Enjoyed (If any)	Not Available
Account Operation	Not Available
Remarks (If any)	Not Available

Facilities :

(Rs. In Millions)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
Long Term Borrowing
Working Capital Loans	88.309	0.000
Total	88.309	0.000

Auditors :
Name :	A.P. Rajagopalan and Company Chartered Accountants
Address :	No. 8, 1st Floor, Neelkanth Arcade, R.C. Marg, Chembur, Mumbai – 400071, Maharashtra, India
PAN No.:	AAAFA3952B
Unlimited Holding Company :	Asia Motor Works Holdings Limited
Holding Company :	AMW Motors Limited
Fellow Subsidiaries :	A – One Parts and Services (Formerly known as AMW Components Limited) AMW Autocomponent Limited

CAPITAL STRUCTURE

As on. 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs. 10/- each	Rs. 10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs. 10/- each	Rs. 10.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	10.000	10.000
(b) Reserves & Surplus	2.143	0.160
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	12.143	10.160
(3) Non-Current Liabilities
(a) long-term borrowings	77.500	77.500
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.108	0.836
Total Non-current Liabilities (3)	77.608	78.336
(4) Current Liabilities
(a) Short term borrowings	88.309	0.000
(b) Trade payables	71.145	171.937
(c) Other current liabilities	23.169	41.719
(d) Short-term provisions	1.349	0.266
Total Current Liabilities (4)	183.972	213.922
TOTAL	273.723	302.418
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	0.000	0.000
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	43.197	7.542
(iv) Intangible assets under development	16.031	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	1.640	0.000
(d) Long-term Loan and Advances	0.000	0.000
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	60.868	7.542
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	112.496	140.318
(c) Trade receivables	73.814	25.773
(d) Cash and cash equivalents	5.682	88.542
(e) Short-term loans and advances	20.863	40.243
(f) Other current assets	0.000	0.000
Total Current Assets	212.855	294.876
TOTAL	273.723	302.418

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013
	SALES
		Income	541.125	225.495
		Other Income	2.200	0.593
		TOTAL	543.325	226.088
Less	EXPENSES
		Cost of Materials Consumed	470.478	201.020
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(10.879)	(12.495)
		Employees benefits expense	29.056	18.577
		Manufacturing and Other Expenses	36.111	15.763
		TOTAL	524.766	222.865
	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		18.559	3.223
Less	FINANCIAL EXPENSES		16.952	2.981
	PROFIT BEFORE TAX		1.607	0.242
Less	TAX		0.376	0.082
	PROFIT AFTER TAX		1.231	0.160
	IMPORTS (CIF)		51.526	0.000
	Earnings Per Share (Rs.)		1.12	0.30

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013
Net Profit Margin PAT / Sales	(%)	0.23	0.07
Operating Profit Margin (PBDIT/ Sales)	(%)	3.43	1.43
Return on Total Assets (PBT/Total Assets}	(%)	0.75	0.08
Return on Investment (ROI) (PBT/Networth)		0.13	0.02
Debt Equity Ratio (Total Debt /Networth)		13.65	7.63
Current Ratio (Current Asset/Current Liability)		1.16	1.38

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)
Share Capital	10.000	10.000
Reserves & Surplus	0.160	2.143
Net worth	10.160	12.143
long-term borrowings	77.500	77.500
Short term borrowings	0.000	88.309
Total borrowings	77.500	165.809
Debt/Equity ratio	7.628	13.655

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)
Sales	225.495	541.125
		139.972

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)
Sales	225.495	541.125
Profit	0.160	1.231
	0.07%	0.23%

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	No
10]	Designation of contact person	No
11]	Turnover of firm for last two years	Yes
12]	Profitability for last two 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	No
20]	Export / Import details (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

UNSECURED LOAN

(Rs. In Millions)

PARTICULAR	As on 31.03.2014	As on 31.03.2013
Long Term Borrowing
77500 Compulsorily Convertible Debentures of Rs. 1000 each (Issued to AMW Motors Limited, the Holding Company)	77.500	77.500
Total	77.500	77.500

FINANCIAL RESULTS AND OPERATIONAL PERFORMANCE

The company was incorporated on June 11, 2012. Financial Year 2013 – 14 was second year of operations of the company. During financial year ended March 31, 2014, the company recorede revenue (net of excise dutyO of Rs. 541.125 Millions and earned profit after tax of Rs. 1.982 Millions and the same has been carried forward to the Balance Sheet.

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10393335	15/11/2012	250,000,000.00	STATE BANK OF INDIA	SPECIALISED MID CORPORATE BRANCH, NO. 97, RAILWAY  PARALLEL ROAD, KUMARAPARK, BANGALORE, Karnataka -  560020, INDIA	B64658438

* Date of charge modification

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.62.16
UK Pound	1	Rs.94.28
Euro	1	Rs.73.73

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	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	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		30

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.