MIRA INFORM REPORT

Report No. :	304437
Report Date :	24.01.2015

IDENTIFICATION DETAILS

Name :	RMC SWITCH GEARS LIMITED (w.e.f.13.03.2009)
Formerly Known As :	RFH MENTAL CASTINGS LIMITED (w.e.f.29.12.2008) RFF METAL CASTINGS PRIVATE LIMITED
Registered Office :	Khasara No. 163 and 164, At 7 KM, From Chaksu, Khotkawda Road, Village Badodiya, Tehsil Chaksu, Tonk Road, Jaipur – 303901, Rajasthan
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	23.08.1994
Com. Reg. No.:	17-008698
Capital Investment / Paid-up Capital :	Rs. 10.811 Millions
CIN No.: [Company Identification No.]	U27310RJ1994PLC008698
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	JPRR02366A
PAN No.: [Permanent Account No.]	AAACR6750K
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Supplier of boards, hrc fuses isolators, load disconnectors, miniature circuits moulded case circuit breakers, hrc fuses, rewirable fuses.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Profit margin of the company is low. However, net worth of the company is satisfactory. General financial position of the company is normal and acceptable for business dealings. Trade relations are reported as fair. Business is active. Payments terms are reported to be slow but correct. The company can be considered normal for 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

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/ Factory/ Purchase :	Khasara No. 163 and 164, At 7 KM, From Chaksu, Khotkawda Road, Village Badodiya, Tehsil Chaksu, Tonk Road, Jaipur – 303901, Rajasthan, India
Tel. No.:	91-141-2754079
Fax No.:	91-141-2751377
E-Mail :	admin@rmcindia.in
Website :	www.rmcindia.in
Sales and Accounts Office :	B-11, (b and c), Malviya Industrial Area, 2^nd B Road, Jaipur – 302017, Rajasthan, India
Other Area Representations :	Delhi Mumbai Hyderabad
Overseas Associates :	Hongkong

DIRECTORS

AS ON 30.09.2014

Name :

Chandra Prakash Agarwal

Designation :

Director

Address :

A-20, MGD Market Tripolia Bazar , Jaipur - 302002, Rajasthan, India

Date of Birth/Age :

10.01.1948

Date of Appointment :

30.03.2009

DIN No.:

01007385

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	U27203RJ1986PTC003578	RAJASTHAN ALUMINIUM HOUSE PRIVATE LIMITED	Director	21/03/1986	21/03/1986	-	Active	NO
2	U27310GJ1985PTC007951	SHANTI METALS PVT LTD	Director	09/08/1989	09/08/1989	30/12/2013	Active	NO
3	U27106GJ1995PTC026068	BALEX PRIVATE LIMITED	Director	01/04/2011	03/06/1995	-	Active	NO
4	U28939RJ1999PTC015768	RAJASTHAN HARDWARE PRIVATE LIMITED	Director	30/09/2000	30/09/2000	-	Active	NO
5	U27203RJ2007PTC024877	APEX ALUMINIUM EXTRUSION PRIVATE LIMITED	Director	21/08/2007	21/08/2007	-	Active	NO
6	U27310RJ1994PLC008698	RMC SWITCH GEARS LIMITED	Director	30/03/2009	30/03/2009	-	Active	NO

Name :

Vittahl Das Agarwal

Designation :

Director

Address :

5, Sedhani Kabag, Moti Dungri Road, Jaipur – 302004, Rajasthan, India

Date of Birth/Age :

03.04.1930

Date of Appointment :

23.08.1994

DIN No.:

01167878

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	U27310RJ1994PLC008698	RMC SWITCH GEARS LIMITED	Director	23/08/1994	23/08/1994	-	Active	NO
2	U28939RJ1999PTC015768	RAJASTHAN HARDWARE PRIVATE LIMITED	Director	30/09/2000	30/09/2000	20/01/2012	Active	NO

Name :

Purshottam Kumar Gupta

Designation :

Director

Address :

B – 103B, Manu Marg Tilak Nagar, Jaipur – 302004, Rajasthan, India

Date of Birth/Age :

13.03.1950

Date of Appointment :

30.03.2009

DIN No.:

00441682

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	U27107RJ1995PTC010173	ABHISHEK FORGINGS PVT LTD	Director	07/06/1995	07/06/1995	-	Active	NO
2	U45201RJ2006PTC023453	SAMRIDHI BUILD ESTATE PRIVATE LIMITED	Director	13/12/2006	13/12/2006	01/10/2008	Active	NO
3	U27310RJ1994PLC008698	RMC SWITCH GEARS LIMITED	Director	30/03/2009	30/03/2009	-	Active	NO

Name :

Ankit Agarwal

Designation :

Whole Time Director

Address :

B-103B, Manu Marg Tilak Nagar, Jaipur – 302004, Rajasthan, India

Date of Birth/Age :

09.03.1982

Date of Appointment :

29.09.2012

DIN No.:

00793035

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	U51433RJ1995PTC010262	RAJASTHAN FITTING HOUSE PRIVATE LIMITED	Director	30/04/2001	30/04/2001	-	Active	NO
2	U27310RJ1994PLC008698	RMC SWITCH GEARS LIMITED	Whole-time director	29/09/2012	20/11/2008	-	Active	NO
3	U31506RJ2009PTC028908	EUROFLUX LITE ( INDIA ) PRIVATE LIMITED	Director	18/05/2009	18/05/2009	-	Active	NO

Name :

Santosh Agarwal

Designation :

Director

Address :

B-103B, Manu Marg Tilak Nagar, Jaipur – 302004, Rajasthan, India

Date of Birth/Age :

28.08.1959

Date of Appointment :

29.09.2012

DIN No.:

00793092

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	U51433RJ1995PTC010262	RAJASTHAN FITTING HOUSE PRIVATE LIMITED	Director	23/06/1995	23/06/1995	-	Active	NO
2	U27310RJ1994PLC008698	RMC SWITCH GEARS LIMITED	Director	29/09/2012	31/03/2012	-	Active	NO

Name :

Ashok Kumar Agarwal

Designation :

Managing Director

Address :

B-103B, Manu Marg, Tilak Nagar, Jaipur – 302004, Rajasthan, India

Date of Birth/Age :

28.06.1956

Date of Appointment :

29.09.2012

DIN No.:

00793152

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	U27310RJ1994PLC008698	RMC SWITCH GEARS LIMITED	Managing director	29/09/2012	23/08/1994	-	Active	NO
2	U28939RJ1999PTC015768	RAJASTHAN HARDWARE PRIVATE LIMITED	Director	30/09/2000	30/09/2000	20/01/2012	Active	NO
3	U51101RJ1994PTC008010	PRIME ASIA LOGISTIC PRIVATE LIMITED	Director	05/02/2001	05/02/2001	29/08/2008	Active	NO
4	U27106GJ1995PTC026068	BALEX PRIVATE LIMITED	Director	24/08/2001	24/08/2001	-	Active	NO
5	U28999RJ2009PTC029929	ACME METAWIRES PRIVATE LIMITED	Additional director	15/03/2010	15/03/2010	21/07/2013	Active	NO
6	U55101RJ2009PTC029435	Kalpa Taru Heritage Hotels Private Limited	Director	18/11/2010	23/09/2010	10/10/2012	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

SHAREHOLDING DETAILS FILE ATTACHED

AS ON 30.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	13.04
Directors or relatives of Directors	82.23
Other top fifty shareholders	4.73
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Supplier of boards, hrc fuses isolators, load disconnectors, miniature circuits moulded case circuit breakers, hrc fuses, rewirable fuses.
Products :	Boards Hrc fuses isolators Load disconnectors Miniature circuits Rewirable fuses
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
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 :

Not Available

Bankers :

The Federal Bank Limited, Federal Towersp B No. 103, Alwaye, Eranakulam – 683101, Kerala, India

Facilities :

SECURED LOANS	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
LONG TERM BORROWINGS
Term loan from banks	30.382	38.195
Other secured loan for vehicles	0.521	0.550
Loan against fixed deposits of bank	15.673	14.512
SHORT TERM BORROWINGS
Cash credit from The Federal Bank Limited	73.459	75.323
Buyers credit from the bank	1.125	2.048
Total	121.160	130.628

Auditors :
Name :	Saraswat and Company Chartered Accountant
Address :	B 4 and 5 Jaipur Tower, M I Road, Jaipur, Rajasthan, India
PAN No.:	AANFS8091A
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

AS ON 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
2,000,000	Equity Shares	Rs. 10/- each	Rs. 20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1,081,050	Equity Shares	Rs. 10/- each	Rs. 10.811 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	10.811	6.490	6.490
(b) Reserves & Surplus	85.195	49.633	48.614
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	25.145	13.510
Total Shareholders’ Funds (1) + (2)	96.006	81.268	68.614
(3) Non-Current Liabilities
(a) long-term borrowings	148.002	165.211	177.454
(b) Deferred tax liabilities (Net)	0.000	0.000	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)	148.002	165.211	177.454
(4) Current Liabilities
(a) Short term borrowings	95.583	95.471	111.644
(b) Trade payables	64.153	108.658	104.333
(c) Other current liabilities	25.195	19.680	24.940
(d) Short-term provisions	0.000	0.000	0.000
Total Current Liabilities (4)	184.931	223.809	240.917
TOTAL	428.939	470.288	486.985
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	190.385	141.830	146.182
(ii) Intangible Assets	0.313	0.429	0.566
(iii) Capital work-in-progress	22.600	68.615	60.316
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.336	0.553	0.553
(e) Other Non-current assets	1.124	0.799	12.024
Total Non-Current Assets	214.758	212.226	219.641
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	41.453	74.219	87.910
(c) Trade receivables	107.851	121.755	141.461
(d) Cash and cash equivalents	37.075	51.027	7.174
(e) Short-term loans and advances	21.687	6.359	6.334
(f) Other current assets	6.115	4.702	24.465
Total Current Assets	214.181	258.062	267.344
TOTAL	428.939	470.288	486.985

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	404.374	378.668	315.575
		Other Income	4.804	4.358	3.456
		TOTAL (A)	409.178	383.026	319.031
Less	EXPENSES
		Cost of Materials Consumed	151.223	137.209	135.520
		Purchases of Stock-in-Trade	9.517	31.021	10.247
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	38.836	(3.437)	(40.323)
		Employees benefits expense	21.767	19.973	7.736
		Other expenses	133.042	152.763	170.468
		TOTAL (B)	354.385	337.529	283.648
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		54.793	45.497	35.383
Less	FINANCIAL EXPENSES (D)		41.124	34.690	26.619
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		13.669	10.807	8.764
Less/ Add	DEPRECIATION/ AMORTISATION (F)		10.515	9.788	8.004
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		3.154	1.019	0.760
Less	TAX (H)		0.000	0.000	0.005
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		3.154	1.019	0.755
	Earnings / (Loss) Per Share (Rs.)		2.92	0.94	0.70

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin PAT / Sales	(%)	0.78	0.27	0.24
Operating Profit Margin (PBDIT/Sales)	(%)	13.55	55.98	11.21
Return on Total Assets (PBT/Total Assets}	(%)	0.78	0.25	0.18
Return on Investment (ROI) (PBT/Networth)		0.03	0.01	0.01
Debt Equity Ratio (Total Debt/Networth)		2.54	3.21	4.21
Current Ratio (Current Asset/Current Liability)		1.16	1.15	1.11

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	6.490	6.490	10.811
Reserves & Surplus	48.614	49.633	85.195
Share Application money pending allotment	13.510	25.145	0.000
Net worth	68.614	81.268	96.006
long-term borrowings	177.454	165.211	148.002
Short term borrowings	111.644	95.471	95.583
Total borrowings	289.098	260.682	243.585
Debt/Equity ratio	4.213	3.208	2.537

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	315.575	378.668	404.374
		19.993	6.789

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	315.575	378.668	404.374
Profit	0.755	1.019	3.154
	0.24%	0.27%	0.78%

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	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	No

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10505170	27/06/2014	30,000,000.00	SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA (SIDBI)	FIRST FLOOR, JEEVAN NIDHI BLD II, AMBEDKAR CIRCIL  E, BHAWANI SINGH ROAD, JAIPUR, Rajasthan - 302005,  INDIA	C08500712
2	10239744	30/08/2010	45,000,000.00	THE FEDERAL BANK LIMITED	M I ROAD, JAIPUR, Rajasthan - 302001, INDIA	A95007571
3	90070171	14/08/2014 *	410,000,000.00	THE FEDERAL BANK LTD	FEDERAL TOWERSP B NO 103, ALWAYE, ERANAKULAM, Kerala - 683101, INDIA	C22012165
4	90068237	16/02/2004 *	2,500,000.00	THE FEDERAL BANK LTD.	M. I. ROAD, JAIPUR, Rajasthan, INDIA	-

* Date of charge modification

UNSECURED LOANS

PARTICULAR	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
LONG TERM BORROWINGS
From directors and shareholders	64.812	89.171
Inter-corporate Deposits	23.135	9.304
Deferred payment of sales tax	13.479	13.479
SHORT TERM BORROWINGS
From shareholders	20.999	18.100
Total	122.425	130.054

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. 61.50
UK Pound	1	Rs. 92.16
Euro	1	Rs. 69.62

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	JYO

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--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		42

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.