MIRA INFORM REPORT

Report No. :	303291
Report Date :	20.01.2015

IDENTIFICATION DETAILS

Name :	ISC UDYOG LIMITED (w.e.f. 20.8.2009)
Formerly Known As :	HERUK AGRO FOODS LIMITED
Registered Office :	127/10/1 Manicktalla Main Road, Kolkata – 700054, West Bengal
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	10.06.1994
Com. Reg. No.:	21-063521
Capital Investment / Paid-up Capital :	Rs. 31.107 Millions
CIN No.: [Company Identification No.]	U01132WB1994PLC063521
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 Steel Plant Equipment.
No. of Employees :	Information declined by the management.

RATING & COMMENTS

MIRA’s Rating :

B (29)

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

Maximum Credit Limit :	USD 97000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. As per registrar of companies the date of Balance sheet (i.e. financial filed) is shown as 31.03.2014 but the documents related to financials are not available for any source. As per available financial record of 2013, the rating is constrained on account of company’s moderate financial risk profile and low reserves of the company. However, trade relations are fair. Business is active. Payments are reported to be slow but correct. 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 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.

LOCATIONS

Registered Office :	127/10/1 Manicktalla Main Road, Kolkata – 700054, West Bengal, India
Tel. No.:	91-33-23208431/8365
Fax No.:	91-33-23202088
E-Mail :	iscudyog@gmail.com
Website :	http://www.iscudyog.com
Factory / Corporate Office 1 :	ISC Compound, Janta Market, L.B.S. Marg Bhandup (W), Mumbai – 400078, Maharashtra, India
Tel. No.:	91-22-65803945
Fax No.:	91-22-25040553
E-Mail :	info@iscudyog.com

DIRECTORS

AS ON 29.09.2014

Name :

Mr. Jitendra Balbir Singh

Designation :

Additional Director

Address :

58 12 Atreya Ashram Rak Marg King Circle, Mumbai – 400019, Maharashtra, India

Date of Birth/Age :

30.01.1948

Date of Appointment :

01.01.2011

DIN No. :

00526609

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	U65993WB1992PTC056856	G D SONS CREDIT & INVESTMENT PVT LTD	Director	26/03/1994	26/10/1992	-	Active	NO
2	U27106MH1984PTC032262	MITRA STEEL AND ALLOYS PVT LTD	Director	15/07/1993	15/07/1993	-	Active	NO
3	U27300MH1985PLC037497	RAIGAD CASTINGS LTD	Director	05/11/1993	05/11/1993	-	Under liquidation	NO
4	U26941MH1985PTC035729	SHIKAGO CEMENT PRODUCTS PVT LTD	Director	26/03/1994	26/03/1994	22/07/2012	Active	NO
5	U70109WB1994PTC063520	HERUK PROPERTIES PVT LTD	Director	10/06/1994	10/06/1994	-	Active	NO
6	U15118WB1996PLC076742	HORTIND TECHNOLOGY LTD.	Director	22/01/1996	22/01/1996	-	Active	NO
7	U27104MH1986PTC041754	MITRA RE-ROLLING MILLS PVT LTD	Director	13/11/1996	13/11/1996	-	Active	NO
8	U51909WB1998PTC086616	GOLDWIN TRACON PRIVATE LIMITED	Director	01/03/2005	01/03/2005	-	Active	NO
9	U01132WB1994PLC063521	ISC UDYOG LIMITED	Additional director	01/01/2011	01/01/2011	-	Active	NO
10	U74120MH2013PTC251386	ISC VIDESH PRIVATE LIMITED	Director	26/12/2013	26/12/2013	-	Active	NO

Name :

Mr. Lokendra Jitendra Singh

Designation :

Director

Address :

58 12 Atreya Ashram Rak Marg King Circle, Mumbai – 400019, Maharashtra, India

Date of Birth/Age :

25.10.1976

Date of Appointment :

30.09.2010

DIN No. :

00563185

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	U51909WB1998PTC086615	LIMELIGHT SUPPLIERS PRIVATE LIMITED	Director	17/12/1999	17/12/1999	-	Active	NO
2	U27109WB1993PTC059457	SINBRO COMMERCIAL PVT. LTD.	Director	17/12/1999	17/12/1999	-	Active	NO
3	U01132WB1994PLC063521	ISC UDYOG LIMITED	Director	30/09/2010	01/08/2008	-	Active	NO
4	U26941MH1985PTC035729	SHIKAGO CEMENT PRODUCTS PVT LTD	Additional director	01/01/2009	01/01/2009	-	Active	NO
5	U74999MH2014PTC255013	ISC MACHINES PRIVATE LIMITED	Director	25/03/2014	25/03/2014	-	Active	NO

Name :

Mrs. Sangita Singh

Designation :

Director

Address :

58 12 Atreya Ashram Rak Marg King Circle, Mumbai – 400019, Maharashtra, India

Date of Birth/Age :

01.05.1973

Date of Appointment :

24.07.2012

DIN No. :

01153203

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	U27104MH1986PTC041754	MITRA RE-ROLLING MILLS PVT LTD	Director	30/11/1992	30/11/1992	-	Active	NO
2	U70109WB1994PTC063520	HERUK PROPERTIES PVT LTD	Director	30/11/2002	30/11/2002	-	Active	NO
3	U51909WB1998PTC086615	LIMELIGHT SUPPLIERS PRIVATE LIMITED	Additional director	27/12/2010	27/12/2010	-	Active	NO
4	U51109WB2008PTC122984	PANCHMUKHI TRACOM PRIVATE LIMITED	Director	20/08/2011	20/08/2011	-	Active	NO
5	U01132WB1994PLC063521	ISC UDYOG LIMITED	Director	24/07/2012	24/07/2012	-	Active	NO

Name :

Mrs. Shimla Devi Singh

Designation :

Director

Address :

58 12 Atreya Ashram Rak Marg King Circle, Mumbai – 400019, Maharashtra, India

Date of Birth/Age :

09.06.1949

Date of Appointment :

15.11.1994

DIN No. :

02199417

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	U27109WB1993PTC059457	SINBRO COMMERCIAL PVT. LTD.	Director	15/07/1993	15/07/1993	-	Active	NO
2	U01132WB1994PLC063521	ISC UDYOG LIMITED	Director	15/11/1994	15/11/1994	-	Active	NO
3	U15118WB1996PLC076742	HORTIND TECHNOLOGY LTD.	Director	01/04/1997	01/04/1997	-	Active	NO
4	U51909WB1998PTC086615	LIMELIGHT SUPPLIERS PRIVATE LIMITED	Director	26/06/2001	26/06/2001	-	Active	NO
5	U70109WB1994PTC063520	HERUK PROPERTIES PVT LTD	Additional director	27/12/2010	27/12/2010	-	Active	NO
6	U74999MH2014PTC255013	ISC MACHINES PRIVATE LIMITED	Director	25/03/2014	25/03/2014	-	Active	NO

Name :

Mr. Ajoy Bijoy Roy

Designation :

Additional Director

Address :

182 1^st Floor Indra Niwas Near Rajmahal Hotel Shastri Nagar, Khopoli Raigad – 410203, Maharashtra, India

Date of Birth/Age :

05.07.1957

Date of Appointment :

14.02.2011

DIN No. :

02466615

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	U26941MH1985PTC035729	SHIKAGO CEMENT PRODUCTS PVT LTD	Additional director	01/01/2009	01/01/2009	-	Active	NO
2	U51505MH2001PTC133596	ELECTROARTS (MUMBAI) PRIVATE LIMITED	Director	15/03/2010	15/03/2010	-	Active	NO
3	U01132WB1994PLC063521	ISC UDYOG LIMITED	Additional director	14/02/2011	14/02/2011	-	Active	NO
4	U51109WB2008PTC122984	PANCHMUKHI TRACOM PRIVATE LIMITED	Director	20/08/2011	20/08/2011	-	Active	NO
5	U74120MH2013PTC251386	ISC VIDESH PRIVATE LIMITED	Director	26/12/2013	26/12/2013	-	Active	NO

MAJOR SHAREHOLDERS

As on 29.09.2014

Shareholders filed attached

As on 29.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	1.90
Bodies corporate	43.82
Directors or relatives of Directors	24.82
Other top fifty shareholders	18.78
Others	10.68
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Steel Plant Equipment.
Products :	Steel Plant Equipment
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Available
Imports :	Not Available
Terms :
Selling :	Not Available
Purchasing :	Not Available

PRODUCTION STATUS: 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 :

Information declined by the management.

Bankers :

Banker Name	Not Available
Branch Address	Not Available
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

Auditors :
Name :	Jaipuriar and Company Chartered Accountants
Address :	Office No-605 Mayuresh Cosmos Sector-11 CBD Belapur Navi Mumbai – 400614, Maharashtra, India
PAN No.:	AABFJ0683R
Memberships :	Not Available
Collaborators :	Not Available
Other Related Parties :	G D Sons Credit and Inv Private Limited

CAPITAL STRUCTURE

As on 29.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
6000000	Equity Shares	Rs.10/- each	Rs.60.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5250000	Equity Shares	Rs.10/- each	Rs. 52.500 Millions

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
6000000	Equity Shares	Rs.10/- each	Rs.60.000 Millions

Issued,:

No. of Shares	Type	Value	Amount
5250000	Equity Shares	Rs.10/- each	Rs. 52.500 Millions

Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2397533	Equity Shares	Rs.10/- each	Rs. 23.975 Millions

Paid-up Capital :

No. of Shares	Type	Value	Amount
5250000	Equity Shares	Rs.10/- each	Rs. 52.500 Millions
	Less : Calls Unpaid		Rs. 21.394 Millions
	Total		Rs. 31.106 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	31.107	31.107	31.107
(b) Reserves & Surplus	3.097	0.998	0.933
(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)	34.204	32.105	32.040
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.062	0.068	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	0.062	0.068	0.000
(4) Current Liabilities
(a) Short term borrowings	0.000	1.010	0.000
(b) Trade payables	4.840	2.489	2.121
(c) Other current liabilities	0.029	0.490	0.409
(d) Short-term provisions	1.383	1.077	0.428
Total Current Liabilities (4)	6.252	5.066	2.958
TOTAL	40.518	37.239	34.998
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	18.743	18.217	16.684
(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	9.864	7.620	7.620
(c) Deferred tax assets (net)	0.000	0.000	0.022
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	28.607	25.837	24.326
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.062	0.307	0.016
(c) Trade receivables	1.309	1.481	1.550
(d) Cash and cash equivalents	1.159	0.922	0.808
(e) Short-term loans and advances	1.304	0.615	0.221
(f) Other current assets	8.077	8.077	8.077
Total Current Assets	11.911	11.402	10.672
TOTAL	40.518	37.239	34.998

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2013	31.03.2012	31.03.2011
	SALES
	Income	0.736	1.694	0.234
	Other Income	11.951	0.302	1.446
	TOTAL (A)	12.687	1.996	1.680
Less	EXPENSES
	Cost of Materials Consumed	0.442	0.926	0.058
	Purchases of Stock-in-Trade	0.000	0.000	0.000
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	0.245	(0.291)	0.030
	Employees benefits expense	3.516	0.326	0.300
	Other expenses	4.929	0.606	0.535
	TOTAL (B)	9.132	1.567	0.923
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	3.555	0.429	0.757
Less	FINANCIAL EXPENSES (D)	0.007	0.004	0.002
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	3.548	0.425	0.755
Less/ Add	DEPRECIATION/ AMORTISATION (F)	0.546	0.234	0.195
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	3.002	0.191	0.560
Less	TAX (H)	0.903	0.127	0.060
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	2.099	0.064	0.500
	Earnings / (Loss) Per Share (Rs.)	0.67	0.02	0.16

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Net Profit Margin (PAT/ Sales)	(%)	285.19	3.78	213.68
Operating Profit Margin (PBDIT/Sales)	(%)	483.02	25.32	323.50
Return on Total Assets (PBT/Total Assets}	(%)	9.79	0.64	2.05
Return on Investment (ROI) (PBT/Networth)		0.09	0.01	0.02
Debt Equity Ratio (Total Debt /Networth)		0.00	0.03	0.00
Current Ratio (Current Asset/Current Liability)		1.91	2.25	3.61

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	31.107	31.107	31.107
Reserves & Surplus	0.933	0.998	3.097
Net worth	32.040	32.105	34.204
long-term borrowings	0.000	0.000	0.000
Short term borrowings	0.000	1.010	0.000
Total borrowings	0.000	1.010	0.000
Debt/Equity ratio	0.000	0.031	0.000

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	0.234	1.694	0.736
		623.932	-56.553

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	0.234	1.694	0.736
Profit	0.500	0.064	2.099
	213.68%	3.78%	285.19%

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	No
24]	Banking facility details	No
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	No
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 LOANS

PARTICULAR	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
SHORT TERM BORROWINGS
Intercorporate Borrowing	0.000	1.010
Total	0.000	1.010

VIEW INDEX OF CHARGES No Charges Exist for

FIXED ASSETS

• Land
• Factory building
• Other building
• Plant and equipment
• Furniture and fixtures
• Computer equipments
• Other equipments
• Books periodicals

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. 61.75
UK Pound	1	Rs. 72.63
Euro	1	Rs. 94.01

INFORMATION DETAILS

Analysis Done by :	KAR
Report Prepared by :	TRU

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILITY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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		29

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.