MIRA INFORM REPORT

Report No. :	324102
Report Date :	01.05.2015

IDENTIFICATION DETAILS

Name :	KALIKA STEEL ALLOYS PRIVATE LIMITED
Registered Office :	Office No. 412, Shreekant Chambers Premises, Co-Operative Society Limited, Sion Trombay Road, Chamber, Mumbai – 400071, Maharashtra
Mobile No.:	91-9049993634 (Mr. Herve)
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	25.10.2002
Com. Reg. No.:	11-137689
Capital Investment / Paid-up Capital :	Rs. 244.000 Million
CIN No.: [Company Identification No.]	U27000MH2002PTC137689
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	NSKK01617A
PAN No.: [Permanent Account No.]	AACCK1502A
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Ingots and Billets
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Maximum Credit Limit :	USD 1500000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is established company incorporated in the year 2002 and haying satisfactory track record. Rating take comfort on company above average performance, marked by its moderate net worth position and comfortable debt protection metrics. Further rating take into consideration extensive experience of the promoters in the steel industry backed by its decent operations. The trade relation are fair, business is active and payments are reported to be usually correct. In view of sound operational base, the company can be considered for the business dealing with 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	CRISIL
Rating	Long Term rating: BBB-
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	September 2014

Rating Agency Name	CRISIL
Rating	Short Term rating: A3
Rating Explanation	Minimal degree of safety and high credit risk.
Date	September 2014

RBI DEFAILTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAILTERS’ 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 DECLINED BY

Name :	Mr. Herve
Designation :	Manager
Contact No.:	91-9049993634
Date :	25.05.2015

LOCATIONS

Registered Office :	Office No. 412, Shreekant Chambers Premises, Co-Operative Society Limited, Sion Trombay Road, Chamber, Mumbai – 400071, Maharashtra, India
Tel. No.:	Not Available
Mobile No.:	91-9049993634 (Mr. Herve)
Fax No.:	Not Available
E-Mail :	kalikasteels@rediffmail.com nehapagarwal@gmail.com
Website :	www.kalikasteels.com

DIRECTORS

AS ON 10.07.2014

Name :

Mr. Ghanshyamdas Chunnilalji Goyal

Designation :

Director

Address :

1294/ 1 , Anand Nagar, College Road, Jalna, Maharashtra, India

Date of Birth/Age :

19.12.1958

Date of Appointment :

10.01.2005

DIN No.:

00115743

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	U70100MH1999PTC122374	SHRI YOGEEJI ESTATES DEVELOPERS PRIVATE LIMITED	Director	26-10-99	26-10-99	02-06-09	Active	NO
2	U27100MH2004PTC145665	KALIKA MAA ISPAT PRIVATE LIMITED	Director	11-06-04	11-06-04	-	Active	NO
3	U27300MH1999PTC122863	GIRIRAJ RE-ROLLS PRIVATE LIMITED	Director	04-10-04	04-10-04	-	Active	NO
4	U27000MH2002PTC137689	KALIKA STEEL ALLOYS PRIVATE LIMITED	Director	10-01-05	10-01-05	-	Active	NO
5	U17120MH2005PLC156866	LAXMI COTSPIN LIMITED	Director	08-05-06	08-05-06	02-06-09	Active	NO
6	U74990MH2010PTC199311	KALIKA SPONGE AND POWER PRIVATE LIMITED	Director	23-01-10	23-01-10	-	Active	NO

Name :

Mr. Arunkumar Shrikishan Agarwal

Designation :

Director

Address :

Sagar Cloth Store, Subhas Road, Jalna, Maharashtra, India

Date of Birth/Age :

29.12.1962

Date of Appointment :

25.10.2002

DIN No.:

00269211

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	U24122MH1999PTC119774	JAI AMBAY FERTILISERS PRIVATE LIMITED	Director	07-05-99	07-05-99	12-09-12	Active	NO
2	U27000MH2002PTC137689	KALIKA STEEL ALLOYS PRIVATE LIMITED	Director	25-10-02	25-10-02	-	Active	NO
3	U27100MH2004PTC145665	KALIKA MAA ISPAT PRIVATE LIMITED	Director	22-08-04	22-08-04	-	Active	NO
4	U51310MH2008PTC187554	SAGAR PARIDHAAN PRIVATE LIMITED	Director	15-10-08	15-10-08	-	Active	NO
5	U27100MH2008PTC187495	Kasturi Steel Alloys Private limited	Director	25-03-09	25-03-09	28-02-10	Active	NO
6	U74990MH2010PTC199311	KALIKA SPONGE AND POWER PRIVATE LIMITED	Director	23-01-10	23-01-10	-	Active	NO
7	U29253MH2010PTC207636	SUNERGY PRODUCTS INDIA PRIVATE LIMITED	Director	14-09-10	14-09-10	-	Active	NO
8	U91990MH2001NPL133451	MAHARAJA AGRESEN FOUNDATION	Director	30-09-10	30-09-10	-	Active	NO
9	U21000MH1976PTC019318	SWIFT PAPER MILLS COMPANY PRIVATE LIMITED	Director	19-07-13	11-02-13	-	Active	NO

Name :

Mr. Pankajkumar Vivekanandkumar Singh

Designation :

Director

Address :

Geetanjali Colony, Aurangabad Road, Shastri Mohalla, Jalna, Maharashtra, India

Date of Birth/Age :

07.10.1968

Date of Appointment :

01.12.2010

DIN No.:

03314406

Name :

Mr. Anilkumar Nandkishore Goyal

Designation :

Director

Address :

Goyal Niwas, Dr.R.P.Road, Jalna, 431203, Maharashtra, India

Date of Appointment :

14.01.2015

DIN No.:

00112286

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	U27100MH2004PTC144222	KALIKA STEEL JALNA PRIVATE LIMITED	Director	27-01-04	27-01-04	13-01-15	Active	NO
2	U27100MH2004PTC145665	KALIKA MAA ISPAT PRIVATE LIMITED	Director	22-08-04	22-08-04	-	Active	NO
3	U27200MH1994PTC080142	BHOMI RE-ROLLS PRIVATE LIMITED	Director	31-01-08	31-01-08	-	Active	NO
4	U74990MH2010PTC199311	KALIKA SPONGE AND POWER PRIVATE LIMITED	Director	23-01-10	23-01-10	-	Active	NO
5	U25203MH2007NPL171991	THERMEX REBAR MANUFACTURERS' ASSOCIATION	Additional director	18-12-10	18-12-10	-	Active	NO
6	U21000MH1976PTC019318	SWIFT PAPER MILLS COMPANY PRIVATE LIMITED	Director	19-07-13	11-02-13	-	Active	NO
7	U27000MH2002PTC137689	KALIKA STEEL ALLOYS PRIVATE LIMITED	Director	14-01-15	14-01-15	-	Active	NO

Name :

Mr. Manoj Jaibhagwan Jindal

Designation :

Director

Address :

R/ O Sambhaji Nagr, Near Hawaldar Hospital, Jalna, 431203, Maharashtra, India

Date of Appointment :

14.01.2015

DIN No.:

02891013

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	U24210MH1994PTC081810	JINDAL SEEDS COMPANY PRIVATE LIMITED	Director	30-08-10	01-04-10	-	Active	NO
2	U27100MH2004PTC144222	KALIKA STEEL JALNA PRIVATE LIMITED	Director	26-08-13	30-08-12	13-01-15	Active	NO
3	U27000MH2002PTC137689	KALIKA STEEL ALLOYS PRIVATE LIMITED	Director	14-01-15	14-01-15	-	Active	NO
4	AAC-0892	JINDAL PROP BUILDERS AND DEVELOPERS LLP	Designated Partner	14-02-14	14-02-14	-	Active	NO
5	AAC-4833	KALIKA DEVELOPERS LLP	Designated Partner	21-07-14	21-07-14	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Herve
Designation :	Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 10.07.2014

Names of Shareholders	No. of Shares
Ghanshyamdas Goyal	3375000
Arun Agarwal	765000
Shankuntaladevi Goyal	540000
Kalpanadevi Goyal	720000
Anitadevi Sunil Goyal	720000
Sunil N Goyal (HUF)	1080000
Shobhadevi Jindal	1890000
Leeladevi Agarwal	1530000
Neetadevi Agarwal	1080000
Sunit Nandkishore Goyal	315000
Vasundradevi Jindal	1485000
Jindal Seeds Company Private Limited - India	2700000
Giriraj Re-Roll Private Limited- India	2700000
Sagar Paridhan Private Limited- India	2700000
Bhomi Re – Rolls Private Limited- India	2700000
Tirupati Mercantiles Private Limited- India	1578787
Champion Merchandise Private Limited, India	1478787
Utkarsh Tradelink Private Limited, India	1478789
Total	28836363

Equity Share Break up (Percentage of Total Equity)

AS ON 10.07.2014

Category	Percentage
Bodies corporate	47.00
Directors or relatives of Directors	53.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Ingots and Billets

Products :

Product	ITC Code
M.S.Billets	72071920

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

PRODUCTION STATUS: NOT AVAILABLE

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 :

Information declined by the management

Bankers :

The Cosmos Co-Operative Bank Limited, Aurangabad Branch, Aurangabad,

Maharashtra, India

Banker Name	State Bank of Hyderabad
Branch Address	Jalna Main Branch, Near Shivaji Statue, Opposite Main Post Office, Jalna – 431203, Maharashtra, 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 Million)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Rupee term loans from banks	0.645	61.789
SHORT TERM BORROWING
Working capital loans from banks	116.560	142.237
Total	117.205	204.026

Auditors :
Name :	Krishna Rao and Company Chartered Accountant
Address :	Bezonji Road, Jalna – 431203, Maharashtra, India
PAN N Income-tax PAN of auditor or auditor's firm :	AEKPC3449K
Memberships :	--
Collaborators :	--
Associates:	Kalika Steel Jalna Private Limited, India [U27100MH2004PTC144222] Giriraj Re-Rolls Private Limited, India [U27300MH1999PTC122863] Kalika Maa Ispat Private Limited, India [U27100MH2004PTC145665]
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives:	Gopal Steel Giriraj and Company Sagar Firm

CAPITAL STRUCTURE

AFTER 10.07.2014

Authorised Capital : Rs. 350.000 Million

Issued, Subscribed & Paid-up Capital : Rs. 341.600 Million

AS ON 10.07.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
35000000	Equity Shares	Rs.10/- each	Rs. 350.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
28836363	Equity Shares	Rs.10/- each	Rs. 288.364 Million

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
25000000	Equity Shares	Rs.10/- each	Rs. 250.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
24400000	Equity Shares	Rs.10/- each	Rs. 244.000 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	244.000	13.500	13.500
(b) Reserves & Surplus	291.871	320.927	238.030
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	24.800	0.000
Total Shareholders’ Funds (1) + (2)	535.871	359.227	251.530
(3) Non-Current Liabilities
(a) long-term borrowings	0.645	61.789	81.308
(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)	0.645	61.789	81.308
(4) Current Liabilities
(a) Short term borrowings	222.217	162.983	177.946
(b) Trade payables	401.459	374.719	326.527
(c) Other current liabilities	0.000	4.748	3.683
(d) Short-term provisions	82.902	66.515	43.897
Total Current Liabilities (4)	706.578	608.965	552.053
TOTAL	1243.094	1029.981	884.891
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	412.337	249.681	206.182
(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	0.138	0.138	0.138
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	1.021	1.021	1.021
Total Non-Current Assets	413.496	250.840	207.341
(2) Current assets
(a) Current investments	185.780	39.248	78.188
(b) Inventories	215.248	216.217	181.012
(c) Trade receivables	260.214	266.028	234.192
(d) Cash and cash equivalents	153.284	240.835	170.330
(e) Short-term loans and advances	0.000	0.000	0.000
(f) Other current assets	15.072	16.813	13.828
Total Current Assets	829.598	779.141	677.550
TOTAL	1243.094	1029.981	884.891

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	NA	4118.386	3926.649
	Other Income	NA
	TOTAL	NA	4118.386	3926.649
Less	EXPENSES	NA	4032.121	3848.797
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		86.265	77.852
Less/ Add	DEPRECIATION/ AMORTISATION	NA	45.650	36.278
	PROFIT/ (LOSS) BEFORE TAX		40.615	41.574
Less	TAX		13.398	14.005
	PROFIT/ (LOSS) AFTER TAX	26.662	27.217	27.569
	Earnings / (Loss) Per Share (Rs.)	1.09	20.14	20.42

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	NA	3.94	4.70
Return on Investment (ROI) (PBT/Networth)		NA	0.11	0.17
Debt Equity Ratio (Total Debt /Networth)		0.42	0.63	1.03
Current Ratio (Current Asset/Current Liability)		1.17	1.28	1.23

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	13.500	13.500	244.000
Reserves & Surplus	238.030	320.927	291.871
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	24.800	0.000
Net worth	251.530	359.227	535.871
long-term borrowings	81.308	61.789	0.645
Short term borrowings	177.946	162.983	222.217
Total borrowings	259.254	224.772	222.862
Debt/Equity ratio	1.031	0.626	0.416

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)	No
16	No. of employees	No
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
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 two years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	Yes
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

UNSECURED LOAN

PARTICULARS	As on 31.03.2014	As on 31.03.2013
SHORT TERM BORROWING
Loans and advances from related parties	105.657	20.746
Total	105.657	20.746

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10500862	12/05/2014	1,000,000,000.00	BANK OF INDIA	PUNE LARGE CORPORATE BRANCH, 1290, SUSHILP,, OFF. J.M. ROAD, SHIVAJINAGAR, PUNE, MAHARASHTRA - 4110 05, INDIA	C05506712
2	10134850	25/05/2012 *	1,130,000,000.00	STATE BANK OF HYDERABAD	JALNA MAIN BRANCH, NEAR SHIVAJI STATUE, OPP MAIN POST OFFICE, JALNA, MAHARASHTRA - 431203, INDIA	B41342197

* Date of charge modification

FIXED ASSETS

Tangible assets

• Land
• Buildings
• Plant and equipment
• Furniture and fixtures
• Vehicles
• Office equipment
• Computer equipments
• Other equipments

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.63.76
UK Pound	1	Rs.97.80
Euro	1	Rs.69.91

INFORMATION DETAILS

Information Gathered by :	REK
Analysis Done by :	KAS
Report Prepared by :	KVT

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	5
--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		48

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.