MIRA INFORM REPORT

Report No. :	303869
Report Date :	16.01.2015

IDENTIFICATION DETAILS

Name :	THE ODISHA MINING CORPORATION LIMITED (w.e.f.25.01.2012)
Formerly Known As :	THE ORISSA MINING CORPORATION LIMITED
Registered Office :	Post Box No.-34, Khurda, Bhubaneswar – 751001, Orissa
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	16.05.1956
Com. Reg. No.:	15-000313
Capital Investment / Paid-up Capital :	Rs. 314.548 Millions
CIN No.: [Company Identification No.]	U13100OR1956SGC000313
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN:	AACC03324L
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Producer and seller of chrome, iron, and manganese ores.
No. of Employees :	3197(Approximately)

RATING & COMMENTS

MIRA’s Rating :

Aa (72)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 170000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well – established company having fine track record. The rating reflects company’s strong financial risk profile marked by adequate liquidity position and decent profitability levels of the company. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitment. The company can be considered good for normal business dealings at usual 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

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 31-03-2014.

INFORMATION DENIED

MANAGEMENT NON CO-OPERATIVE (91-674-2377401)

LOCATIONS

Registered Office/Head Office :	Post Box No.-34, Khurda, Bhubaneswar – 751001, Orissa, India
Tel. No.:	91-674-2377400/2377401/2393431
Fax No.:	91-674-2396889/2391629/2396882/2392662/2390972/2390431
E-Mail :	info@orissamining.com
Website :	http://www.omcltd.in

DIRECTORS

As on 23.09.2013

Name :	Mr. Rajesh Verma
Designation :	Director
Address :	RTRS No. Type – B- 3/6, Unit – 1 X(F), Bhub aneshwar, Khurda – 751022, Orissa, India
Date of Birth/Age :	01.09.1964
Date of Appointment :	25.09.2012
DIN No.:	01725746
Name :	Mr. Priyanath Dadhi
Designation :	Director
Address :	RTRS No. B-7, Nayapalli, Bhubaneshwar, Khurda – 751015, Orissa, India
Date of Birth/Age :	17.11.1953
Date of Appointment :	08.08.2012
DIN No.:	00637940
Name :	Mr. Deepak Mohanty
Designation :	Director
Address :	RTRS No. -5 RF – 11 MG Marg, Unit – 111, Bhubanewshwar, Khurda – 751001, Orissa, India
Date of Birth/Age :	15.03.1958
Date of Appointment :	08.08.2012
DIN No.:	02900037
Name :	Mr. Bijay Kumar Rathi
Designation :	Director
Address :	Plot Ni. C- 66, Shakti Nagar Link Road, Cuttak - 753012, Orissa, India
Date of Birth/Age :	30.03.1956
Date of Appointment :	08.08.2012
PAN No.:	03603714
Name :	Mr. Chitaranjan Das
Designation :	Director
Address :	Plot No – C – 91 Pallaspalli, BDA Duplex House, Bhubaneshwar, Khurda – 751020, Orissa, India
Date of Birth/Age :	14.11.1938
Date of Appointment :	19.03.2002
DIN No.:	00498996
Name :	Mr. Dhirendra Kumar Roy
Designation :	Director
Address :	Plot No –N – 2/63, IRC Nayapalli, Bhubaneshwar, Khurd – 751015, Orissa, India
Date of Birth/Age :	15.03.1940
Date of Appointment :	23.06.2004
DIN No.:	00420243
Name :	Mrs. Satyananda Acharya
Designation :	Director
Address :	Plot No. 155, VIP Colony, Nayapalli, Bhubaneshwar, Khurd – 751015, Orissa, India
Date of Birth/Age :	09.10.1934
Date of Appointment :	23.06.2004
DIN No.:	00146386
Name :	Mr. Surendra Nath Dadhi
Designation :	Director
Address :	Plot No. A-8, Pallaspalli, Bhubaneshwar, Khurd – 751020, Orissa, India
Date of Birth/Age :	03.07.1940
Date of Appointment :	11.06.2002
DIN No.:	00062248
Name :	Mr. Ghana Shyam Khuntia
Designation :	Director
Address :	Plot No-21B, Jayadurga Nagar, Bhubaneshwar, Khurd – 751006, Orissa, India
Date of Birth/Age :	02.07.1939
Date of Appointment :	30.05.2008
DIN No.:	02241132

KEY EXECUTIVES

Name :	Mr. Mohapatra Ranjan Sudhansu
Designation :	Secretary
Address :	Chidananda Bhawan, Madhusudan Nagar Tulsipur, Cuttak – 753008, Orissa, India
Date of Birth/Age :	26.01.1963
Date of Appointment :	30.03.2013
PAN:	AAYPM6223D

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 23.09.2013

Names of Shareholders	No. of Shares
Hon’ble Sovernor of Odisha	3145390
Verma Rajesh	15
Mohapatra Kishore Jugal	15
Mishra Saswati	30
Panda Kumar Pramod	15
Sahod C K.	15
Total	3145480

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Government[central and state]	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Producer and seller of chrome, iron, and manganese ores.

Products :

Category	ITC Code
Iron Ore	720150
Chromite Ore	720249
Manganese Ore	720219

Brand Names :

Not Divulged

Agencies Held :

Not Divulged

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Selling :

Not Divulged

Purchasing :

Not Divulged

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

3197(Approximately)

Bankers :

Bank Name	Andhra Bank
Branch	OMC Campus Branch, Bhubaneswar, Orissa, 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
Short Term Borrowing
Rupees Term Loan from Banks	3705.647	3051.636
Total	3705.647	3051.636

Auditors :
Name :	SRB & Associates Chartered Accountant
Address :	5Th Floor, Idco Tower Janpath, Orissa, India
PAN No.:	AAXFS6281Q
Cost Auditors
Name:	S. S. Sonthalia & Company
Memberships :	Not Available
Collaborators :	Not Available
Joint Venture Company:	East Coast Bauxite Mining Company Private Limited Kalinga Coal Mining Private Limited South West Orissa Bauxite Mining Private Limited
Subsidiaries :	OMC Limited Vedanta Alumina Limited

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital:

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.100/- each	Rs. 1000.000 Millions

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
3,145,480	Equity Shares	Rs.100/- each	Rs. 314.548 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	314.548	314.548	314.548
(b) Reserves & Surplus	58641.745	51498.214	51492.728
(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)	58956.293	51812.762	51807.276
(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	242.217	242.217	222.517
(d) long-term provisions	410.859	432.837	421.766
Total Non-current Liabilities (3)	653.076	675.054	644.283
(4) Current Liabilities
(a) Short term borrowings	3705.647	3051.636	0.000
(b) Trade payables	2455.485	6909.456	5087.167
(c) Other current liabilities	3147.676	3287.840	418.464
(d) Short-term provisions	65.529	91.744	31.462
Total Current Liabilities (4)	9374.337	13340.676	5537.093
TOTAL	68983.706	65828.492	57988.652
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	703.089	715.557	736.126
(ii) Intangible Assets	0.000	0.000	0.004
(iii) Capital work-in-progress	365.960	302.941	216.234
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	3743.589	1433.989	1403.990
(c) Deferred tax assets (net)	36.294	55.708	49.695
(d) Long-term Loan and Advances	4667.437	5118.917	89.602
(e) Other Non-current assets	1299.955	245.469	9.943
Total Non-Current Assets	10816.324	7872.581	2505.594
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	2786.456	3331.626	3152.498
(c) Trade receivables	97.317	76.626	142.213
(d) Cash and cash equivalents	40927.412	41224.374	45302.508
(e) Short-term loans and advances	11592.741	10554.090	4332.853
(f) Other current assets	2763.456	2769.195	2552.986
Total Current Assets	58167.382	57955.911	55483.058
TOTAL	68983.706	65828.492	57988.652

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Revenue from Operations	18538.817	16581.457	21418.141
		Other Income	5809.992	5406.105	4620.003
		TOTAL (A)	24348.809	21987.562	26038.144
Less	EXPENSES
		Cost of Materials Consumed	147.178	62.572	59.001
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	561.250	(178.379)	(182.162)
		Employees benefits expense	1587.124	1455.466	1335.429
		Other expenses	7290.410	6559.790	5867.979
		TOTAL (B)	9585.962	7899.449	7080.247
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		14762.847	14088.113	18957.897
Less	FINANCIAL EXPENSES (D)		157.842	132.112	41.039
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		14605.005	13956.001	18916.858
Less/ Add	DEPRECIATION/ AMORTISATION (F)		105.471	121.416	110.994
	PROFIT BEFORE TAX (E-F) (G)		14499.534	13834.585	18805.864
Less	TAX (H)		5821.381	4873.580	6112.011
	PROFIT AFTER TAX (G-H) (I)		8678.153	8961.005	12693.853
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		32912.873	40596.472	34064.960
Less	APPROPRIATIONS
		Transfer to General Reserve	1311.699	7688.301	2850.000
		Dividend	1311.699	7688.301	2850.000
		Tax on Dividend	222.923	1268.002	462.341
	BALANCE CARRIED TO THE B/S		38744.705	32912.873	40596.472
	Earnings Per Share (Rs.)		2759.31	2852.56	4035.59

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	46.81	54.04	59.27
Operating Profit Margin (PBIDT/Sales)	(%)	79.63	84.96	88.51
Return on Total Assets (PBT/Total Assets}	(%)	22.36	21.60	33.39
Return on Investment (ROI) (PBT/Networth)		0.25	0.27	0.36
Debt Equity Ratio (Total Debt /Networth)		0.06	0.06	0.00
Current Ratio (Current Asset/Current Liability)		6.20	4.34	10.02

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	314.548	314.548	314.548
Reserves & Surplus	51492.728	51498.214	58641.745
Net worth	51807.276	51812.762	58956.293
long-term borrowings	0.000	0.000	0.000
Short term borrowings	0.000	3051.636	3705.647
Total borrowings	0.000	3051.636	3705.647
Debt/Equity ratio	0.000	0.059	0.063

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)
Revenue from Operations	21418.141	16581.457	18538.817
		(22.582)	11.805

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Revenue from Operations	21418.141	16581.457	18538.817
Profit	12693.853	8961.005	8678.153
	59.27%	54.04%	46.81%

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	No
9]	Name of person contacted	No
10]	Designation of contact person	No
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	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

PROFITABILITY AND RESERVE & SURPLUS HIGHLIGHTS:

The Company earned Profit Before Tax (PBT) of Rs. 14499.534 Millions (previous year Rs.13834.585 Millions) which is more by 4.81% and Profit After Tax (PAT) of Rs. 8678.153 Millions (previous year Rs.8961.005 Millions) which is less by 3.16% compared to its previous financial years performance. The Carry Forward Profit stood at Rs.38744.705 Millions at the end of financial year 2013-14 as against Rs. 32912.873 Millions at the end of the previous financial year 2012-13. The Reserve & Surplus position of the Company as on 31.03.2014 was Rs.58641.745 Millions (previous year Rs.51498.214 Millions)

PRODUCTION HIGHLIGHTS:

The quantity of production of Iron Ore was 2438504 MT in FY 2013-14 and 2469926 MT in FY 2012-13 was decreased by 1.27% over Previous Financial Year. The quantity of production of Chrome ore 637039 MT in FY 2013-14 & 680490 MT in FY 2012-13 was decreased by 6.397% over Previous Financial Year. The quantity of production of Iron ore & Chrome ore have decreased by 2.38% over previous financial year (production quantity of Ore in FY 2013-14 was 3075543 MT & in FY 2012-13 was 3150416 MT). The quantity of production of Manganese ore, Lime stone & Gem stone has been nil (previous financial year Nil) during the current period.

SALES HIGHLIGHTS:

There has been increase in sales during the financial year 2013-14 in terms of value over previous financial year by 11.80% ( in FY 2013-14 Rs.18538.817 Millions & in FY 2012-13 Rs.16581.457 Millions) . The sale turnover of Chrome ore (in FY 2013-14 Rs.8464.544 Millions & in FY 2012-13 Rs.5460.478 Millions) has increased by 55.01% over comparing to previous financial year. Whereas the Sales turnover of Iron ore (in FY 2013-14 Rs.10074.273 Millions & in FY 2012-13 Rs.11120.979 Millions) has decreased by 9.41% over previous financial year. The quantity of sale of Chrome ore (in FY 2013-14 was 709261 MT & in FY 2012-13 was 476414 MT) increased by 48.87% over Previous Financial Year. The quantity of sale of Iron Ore (in FY 2013-14 was 3191483 MT & in FY 2012-13 was 2710304 MT) increased by 17.75% overPrevious financial Year. The quantity of sale of Iron ore & Chrome ore together have increased by 22.41% over previous financial year (Sales quantity of Ore in FY 2013-14 was 3900744 MT & in FY 2012-13 was 3186718 MT). The quantity of sale of Manganese ore lime stone & Gem stone has been nil (previous financial year Nil) during the current period.

OTHER INCOME HIGHLIGHTS

Other Income of Rs.5809.991 Million (previous year Rs.5406.105 Millions) mainly consists of the following:

• Interest on fixed deposit of Rs. 4063.672 Millions (previous year of Rs. 4814.852 Millions).
• Interest Received from Income Tax Rs.120.072 Million (previous year Rs.242.841 Millions).
• Interest received from GRIDCO Rs.495.444 Million (previous year Rs.161.336 Millions).
• Write back of excess liability Rs.911.016 Million (previous year nil).

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	90081396	22/03/2002 *	136,836,601.00	Andhra Bank	Bhobaneswar, Bhobaneswar, Orissa, India	-
2	90081974	19/07/2002	70,000,000.00	Union Bank of India	Chandrasekharur, Bhobaneswar, Orissa, India	-
3	90081073	05/05/2001	136,836,601.00	Andhra Bank Limited	Bhubaneswar, Bhubaneswar, Orissa, India	-
4	90080589	04/08/1969	6,000,000.00	Andhra Bank Limited	Cuttack, Cuttack, Orissa, India	-
5	90080588	21/06/1969	1,000,000.00	Andhra Bank Limited	Chowdhury Bazar, Cuttack, Orissa, India	-
6	90080587	03/06/1969	1,000,000.00	Andhra Bank Limited	Cuttack, Cuttack, Orissa, India	-
7	90080586	18/04/1969	2,000,000.00	Andhra Bank Limited	Cuttack, Cuttack, Orissa, India	-
8	90080584	14/02/1969	1,350,000.00	Andhra Bank Limited	Cuttack, Cuttack, Orissa, India	-
9	90081503	04/02/1969	500,000.00	Andhra Bank Limited	Cuttack, Cuttack, Orissa, India	-
10	90080583	17/01/1969	1,000,000.00	Andhra Bank Limited	Cuttack, Cuttack, Orissa, India	-

* Date of charge modification

FIXED ASSETS

• Land
• Buildings
• Plant and Equipment
• Furniture and Fixtures
• Vehicles
• Office Equipment

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.76
UK Pound	1	Rs.94.01
Euro	1	Rs.72.63

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	KRN
Report Prepared by :	MTN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	8
PAID-UP CAPITAL	1~10	8
OPERATING SCALE	1~10	8
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILIRY	1~10	8
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	8
--RESERVES	1~10	8
--CREDIT LINES	1~10	8
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--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		72

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.