MIRA INFORM REPORT

Report No. :	330640
Report Date :	10.07.2015

IDENTIFICATION DETAILS

Name :	ARCHISHA STEELS PRIVATE LIMITED (w.e.f. 11.10.2013)
Formally Known as:	ARCHISHA INVESTMENTS PRIVATE LIMITED
Registered Office :	509-510, Navratan Premises Co. Op Society 69, P D Mello Road, Carnac Bunder, Mumbai - 400009, Maharashtra
Tel. No.:	91-22-66100356, 66172219
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	24.12.1981
Com. Reg. No.:	11-025930
Capital Investment / Paid-up Capital :	Rs. 99.786 Million
CIN No.: [Company Identification No.]	U27205MH1981PTC025930
IEC No.:	0314051066
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AADCA9908K
Legal Form :	Private Limited Liability Company
Line of Business :	Trader of Iron and Steel
No. of Employees :	5 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

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

Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company incorporated during the year 1981. It is the trader of iron and steel. It has a satisfactory track record. For the financial year 2014, the company has strong business operations and it has achieved a top line growth of 26.7% and profitability margin of 6.6% The company has long business track record and possesses healthy financial base, having adequate net worth position and low borrowings. Trade relations are reported as fair. Business is active. Payments terms are usually correct. In view of long operational activities and healthy financial base, 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 – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

Rating Agency Name	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	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 31-03-2013.

INFORMATION PARTED BY

Name :	Ms. Naina Parekh
Designation :	Account Manager
Contact No.:	91-22-66172219
Date :	07.07.2015

LOCATIONS

Registered Office :	509-510, Navratan Premises Co. Op Society 69, P D Mello Road, Carnac Bunder, Mumbai - 400009, Maharashtra
Tel. No.:	91-2266100356, 66172219
Fax No.:	Not Available
E-Mail :	sanjug1984@gmail.com
Location :	Rented
Locality:	Commercial

DIRECTORS

AS ON 30.09.2014

Name :

Rolph Sequeira

Designation :

Director

Address :

A 303, Dafodil Ansals Whispering Meadows,, Model Town, Near Ganpati Mandir, B R road, Mulund, Mumbai, 400080, Maharashtra, INDIA

Date of Birth/Age :

21.03.1960

Date of Appointment :

30.09.2014

DIN No.:

00367084

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	U67120MH1995PTC095602	GUNJAR INVESTMENT AND TRADING PRIVATE LIMITED	Director	01/03/1998	01/03/1996	02/02/2015	Active	NO
2	U67120MH1996PTC096366	KASTURI HOLDINGS PRIVATE LIMITED	Director	02/04/1996	02/04/1996	02/02/2015	Active	NO
3	U65910MH1996PTC095837	RAGINI CREDIT CAP PRIVATE LIMITED	Director	22/08/1996	22/08/1996	02/02/2015	Active	NO
4	U67120MH1995PTC095416	GOPESH FINANCE AND INVESTMENT PRIVATE LIMITED	Director	22/08/1996	22/08/1996	02/02/2015	Active	NO
5	U45202MH1994PTC081286	PARITOSA PROPERTIES PRIVATE LIMITED	Director	17/04/1997	17/04/1997	01/11/2012	Active	NO
6	U70101MH1994PTC081160	OPASA STEELS PRIVATE LIMITED	Director	17/04/1997	17/04/1997	18/09/2012	Active	NO
7	U70101MH1994PTC081366	HELI PROPERTIES PRIVATE LIMITED	Director	17/04/1997	17/04/1997	31/03/2014	Active	NO
8	U45202MH1994PTC081324	BAKURA PROPERTIES PRIVATE LIMITED	Director	17/04/1997	17/04/1997	31/03/2014	Active	NO
9	U29248HR1981PLC050320	METALLURGICAL ENGINEERING AND EQUIPMENTS LIMITED	Additional director	28/02/2015	26/03/2003	-	Active	NO
10	U51900MH1982PTC028710	UTTAM EXPORTS PRIVATE LIMITED	Director	22/09/2004	22/09/2004	31/03/2014	Active	NO
11	U51900HR1984PLC048132	KREDENCE MULTI TRADING LIMITED	Additional director	22/05/2015	04/04/2005	-	Active	NO
12	U65990GJ1992PTC018048	MOUNT TRADING AND INVESTMENTS PRIVATE LIMITED	Director	25/04/2005	25/04/2005	-	Active	NO
13	U51110GJ1992PTC018050	EKAGRA TRADING AND INVESTMENTS PRIVATE LIMITED	Director	25/04/2005	25/04/2005	-	Active	NO
14	U67120MH1991PTC062708	POPULAR RESOLUTE INVESTMENTS PRIVATE LIMITED	Director	25/05/2005	25/05/2005	17/02/2014	Active	NO
15	U99999MH1991PTC062709	POPULAR BUFFER INVESTMENTS PRIVATE LIMITED	Director	25/05/2005	25/05/2005	17/02/2014	Active	NO
16	U67120MH1991PTC062713	POPULAR CONSCIOUS INVESTMENTS PRIVATE LIMITED	Director	25/05/2005	25/05/2005	17/02/2014	Active	NO
17	U99999MH1991PTC062711	POPULAR CHOOSY INVESTMENTS PRIVATE LIMITED	Director	25/05/2005	25/05/2005	17/02/2014	Active	NO
18	U45201MH2006PTC165166	VAIKUNTH TOWNSHIPS PRIVATE LIMITED	Director	17/10/2006	17/10/2006	01/06/2014	Active	NO
19	U51100MH1998PTC115425	PALAK AGENCY PRIVATE LIMITED	Director	02/03/2007	02/03/2007	01/04/2008	Active	NO
20	U70100MH2007PTC170301	HB Promoters & Developers Private Limited	Director	25/04/2007	25/04/2007	31/03/2014	Active	NO
21	U27106MH2007PLC172719	FIRST WARDHA STEEL LIMITED	Additional director	14/10/2014	25/03/2009	-	Active	NO
22	U25200MH2006PTC165366	MASTERPLAST INDIA PRIVATE LIMITED	Director	30/09/2009	19/06/2009	17/12/2013	Active	NO
23	U65990MH1992PTC068801	HEM INVESTMENT PRIVATE LIMITED	Director	30/09/2010	29/01/2010	-	Active	NO
24	U45200MH1997PTC112493	VAIDEHI-AKASH HOUSING PRIVATE LIMITED	Additional director	23/11/2010	23/11/2010	24/11/2010	Under liquidation	NO
25	U27205MH1981PTC025930	ARCHISHA STEELS PRIVATE LIMITED	Director	30/09/2014	28/08/2014	-	Active	NO
26	U45400HR2007PTC049951	FIRSTINDIA INFRASTRUCTURE PRIVATE LIMITED	Additional director	20/10/2014	20/10/2014	-	Active	NO
27	U51900MH1977PTC019695	BARCLAY EXPORTS PRIVATE LIMITED	Additional director	01/11/2014	01/11/2014	-	Active	NO
28	U51420MH2008PLC184679	Blackstone Multi Trading Limited	Additional director	23/02/2015	23/02/2015	16/04/2015	Active	NO
29	U70102MH2012PTC232338	Kalvarksh Properties Private Limited	Additional director	11/06/2015	11/06/2015	-	Active	NO

Name :

Ramnath Meghraj Miglani

Designation :

Additional director

Address :

B-804, Usha Nagar, Village Road, Bhandup (West), Mumbai, 400078, Maharashtra, India

Date of Birth/Age :

29.09.1946

Date of Appointment :

30.09.2014

DIN No.:

02744299

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	U45201MH2006PTC165364	SICI TOWNSHIPS PRIVATE LIMITED	Director	30/09/2009	28/08/2009	-	Active	NO
2	U92111MH2007PTC167865	PARTH HEALTH SPA PRIVATE LIMITED	Director	30/09/2009	31/08/2009	-	Active	NO
3	U45400HR2007PTC049951	FIRSTINDIA INFRASTRUCTURE PRIVATE LIMITED	Director	30/09/2014	04/03/2014	08/10/2014	Active	NO
4	U29248HR1981PLC050320	METALLURGICAL ENGINEERING AND EQUIPMENTS LIMITED	Director	30/09/2014	04/03/2014	-	Active	NO
5	U27205MH1981PTC025930	ARCHISHA STEELS PRIVATE LIMITED	Additional director	30/09/2014	28/08/2014	-	Active	NO

KEY EXECUTIVES

Name :	Ms. Naina Parekh
Designation :	Account Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Equity Shareholders	No. of Shares
Anuj R Miglani	5500
Ankit Miglani	5000
B. B Handa	100
Rolph Sequeira	100
Ramnath Miglani	300
Total	11000

Names of Preference Shareholders	No. of Shares
Shri Global Tarede Fin Limited , India	9967650

AS ON 31.03.2015

Names of Equity Allotees	No. of Shares
Anuj R Miglani	8487
Total	8487

Names of Preference Share Allotees	No. of Shares
Mahalaxmi Solar Energy Private Limited, India	125569
Jaltarang Vanijya Private Limited, India	70379
Total	195948

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2014

Category	Percentage
Directors or relatives of Directors	95.45
Other top fifty shareholders	4.55
Total	100.00

BUSINESS DETAILS

Line of Business :	Trader of Iron and Steel
Products :	Iron and Steel
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :
Products :	Iron and Steel
Countries :	China
Terms :
Selling :	Cheque and Credit
Purchasing :	Cheque and Credit

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

• Ushdev International Limited
• Paranshakti Steels Limited
• Executive Trading Company

Customers :

• Shilpa Steel Traders
• Sikkim Ferroalloys Limited

No. of Employees :

5 (Approximately)

Bankers :

Bank Name	Punjab and Maharashtra Co-Operative Bank Limited
Branch	Sion Branch, Mumbai, Maharashtra, India
Person Name (With Designation)	Ms. Anitha (Branch Manager)
Contact Number	91-22-23483905
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

Auditors :
Name :	Sonal V. Desai Chartered Accountants
Address :	104, Tuscon Trikal Chs. Plot No. 310 , 90, FeetRoad, Ghatkopar (West), Mumbai, Maharashtra, India
PAN N Income-tax PAN of auditor or auditor's firm :	AAMPD9246M
Memberships :	Not Available
Collaborators :	Not Available
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives:	Kredence Multi Trading Limited, India CIN No.: U51900HR1984PLC048132 Golden Greens Golf And Resorts Limited, India CIN No.: U55101HR1988PLC030288 Indrajit Power Private Limited, India CIN No.: U45200MH1994PTC081267 Grow well Mercantile Limited Evergreen Trade place Private Limited Sainath Trading Company Private Limited Shree Uttam Steel and Power Limited Uttam Exports Private Limited Uttam Galva Mettalics Limited Uttam Galva Steels Limited

CAPITAL STRUCTURE

After 30.09.2014

Authorised Capital : Rs. 105.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
19487	Equity Shares	Rs.10/- each	Rs. 0.195 Million
10163598	Preference Share	Rs.10/- each	Rs. 101.636 Million
	Total		Rs.101.831 Million

AS ON 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
11000	Equity Shares	Rs.10/- each	Rs. 0.110 Million
9989000	Preference Share	Rs.10/- each	Rs. 99.890 Million
	Total		Rs.100.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
11000	Equity Shares	Rs.10/- each	Rs. 0.110 Million
9967650	Preference Share	Rs.10/- each	Rs. 99.676 Million
	Total		Rs.99.786 Million

FINANCIAL DATA

[all figures are in Rupees Million]

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	99.786	99.786	99.786
(b) Reserves & Surplus	1478.312	1455.251	1451.845
(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)	1578.098	1555.037	1551.631
(3) Non-Current Liabilities
(a) long-term borrowings	613.675	1151.235	10.975
(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)	613.675	1151.235	10.975
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	836.968	0.113	0.080
(c) Other current liabilities	4.960	0.000	0.000
(d) Short-term provisions	1.245	0.000	0.000
Total Current Liabilities (4)	843.173	0.113	0.080
TOTAL	3034.946	2706.385	1562.686
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	0.000	0.000	0.000
(ii) Intangible Assets	10.423	8.583	8.583
(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	1985.215	1500.302	1500.302
(c) Deferred tax assets (net)	0.000	0.000	50.024
(d) Long-term Loan and Advances	755.268	1185.237	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	2750.906	2694.122	1558.909
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	258.062	0.156	0.220
(d) Cash and cash equivalents	1.723	12.107	0.466
(e) Short-term loans and advances	24.255	0.000	3.091
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	284.040	12.263	3.777
TOTAL	3034.946	2706.385	1562.686

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	TOTAL INCOME
	Income
	Other Income
	TOTAL	345.321	12.748	0.245
Less	EXPENSES
	TOTAL	311.059	8.190	0.544
	PROFIT/ (LOSS) BEFORE TAX	34.262	4.558	(0.299)
Less	TAX	11.200	1.152	0.000
	PROFIT/ (LOSS) AFTER TAX	23.062	3.406	(0.299)
	Earnings / (Loss) Per Share (Rs.)	2.31	0.34	(0.03)

Particulars	31.03.2015
Sales Turnover (Approximately)	2650.000

Expected Sales (2015-2016): Rs. 2750.000 Million

The above information has been parted by Ms. Naina Parekh

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	N.A	N.A	N.A
Cash generated from operations
Net cash flow from operating activity	1023.859	(1127.343)	N.A

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	6.68	26.72	(122.04)
Operating Profit Margin (PBIDT/Sales)	(%)	9.92	35.75	(122.04)
Return on Total Assets (PBT/Total Assets}	(%)	3.26	0.38	(2.42)
Return on Investment (ROI) (PBT/Networth)		0.02	0.00	0.00
Debt Equity Ratio (Total Debt /Networth)		0.39	0.74	0.01
Current Ratio (Current Asset/Current Liability)		0.34	108.52	47.21

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	99.786	99.786	99.786
Reserves & Surplus	1451.845	1455.251	1478.312
Net worth	1551.631	1555.037	1578.098
long-term borrowings	10.975	1151.235	613.675
Total borrowings	10.975	1151.235	613.675
Debt/Equity ratio	0.007	0.740	0.389

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Total Income	0.245	12.748	345.321
		5,103.265	2,608.825

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Total Income	0.245	12.748	345.321
Profit	(0.299)	3.406	23.062
	(122.04)%	26.72%	6.68%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	Yes
16	No. of employees	Yes
17	Details of sister concerns	Yes
18	Major suppliers	Yes
19	Major customers	Yes
20	Banking Details	Yes
21	Banking facility details	No
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	Yes
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	No
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

UNSECURED LOAN

Particulars	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Other Loans and Advance from Others	613.675	1151.235
Total	613.675	1151.235

INDEX OF CHARGES:

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10528598	12/10/2014	550,000,000.00	PUNJAB AND MAHARASHTRA CO-OPERATIVE BANK LIMITED	OFFICE NO. 4 & 5, 3RD FLOOR, DREAMS MALL, LBS MARG, BHANDUP(W), MUMBAI - 400078, MAHARASHTRA, INDIA	C31935166

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

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

2] Court Declaration :

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

3] Asset Declaration :

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

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

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

Charges or investigation registered against subject: None

7] Criminal Records

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

8] Affiliation with Government :

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

9] Compensation Package :

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

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

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

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

CONTRAVENTION

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.50
UK Pound	1	Rs.97.85
Euro	1	Rs.70.49

INFORMATION DETAILS

Information Gathered by :	SUV
Analysis Done by :	TRI
Report Prepared by :	RKI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--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		49

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	--

S

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.