MIRA INFORM REPORT

Report No. :	324114
Report Date :	04.06.2015

IDENTIFICATION DETAILS

Name :	TWENTY FIRST CENTURY WIRE RODS LIMITED
Registered Office :	E- 220, Greater Kailash – I, New Delhi – 110048
Tel. No.:	Not Available
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	08.10.1996
Com. Reg. No.:	55-082467
Capital Investment / Paid-up Capital :	Rs. 80.000 Million
CIN No.: [Company Identification No.]	U27100DL1996PLC082467
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 Sponge Iron, Mild Steel (MS) Ingots and Billets
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Ca (16)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. Management of the company not filed its latest financial for the year 2013 and 2014 with the government department. As per ROC the date of balance sheet (i.e. financial filed) is shown as 31.03.2012 but the document related to the financial for the year 2012 are not available from any sources As per the available financial of March 2011, there seems a drastic dip in the profits of the company Our executive were unable to contact the company. As per “Registrar of Companies” the status of the company is shown as active. Payment terms are unknown. The company can be considered for business dealings on a secured trade terms and condition. Note : Due to unavailability of alternate contact number site visit was conducted at the corporate office of the subject company. However our executive do not found any such company with the name “Twenty First Century Wire Rods Limited”

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	CARE
Rating	Long Term Bank Facilities = BBB (Suspended)
Rating Explanation	Moderate degree of safety and carry moderate credit risk.
Date	April 2014

Rating Agency Name	CARE
Rating	Short Term Bank Facilities = A3 (Suspended)
Rating Explanation	Moderate degree of safety and carry higher credit risk.
Date	April 2014

Reason for suspended : Company not furnished information required.

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 DENIED

Unable to contact.

LOCATIONS

Registered Office :	E- 220, Greater Kailash – I, New Delhi – 110048, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	info@twentyfirstcentury.co mumbai@twentyfirstcentury.co
Website :	www.twentyfirstcentury.co
Corporate Office :	No 501, Garden View, Gulmohar Park, Gulmohar Road, JVPD Juhu, Mumbai – 400049, Maharashtra, India
Tel. No.:	91-22-65062076/78 (Not Working)
Fax No.:	91-22-26283871

DIRECTORS

As on 29.09.2011

Name :

Mr. Darshan Bharat Churiwala

Designation :

Director

Address :

Flat No. 2, Manmndir Apartment, Indra Narayane Lane, Santracruz (West), Mumbai – 400049, Maharashtra, India

Date of Birth/Age :

09.12.1978

Date of Appointment :

06.11.2000

DIN No.:

00319952

PAN No.:

ADDPC2391L

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	U27100DL1996PLC082467	TWENTY FIRST CENTURY WIRE RODS LIMITED	Director	06/11/2000	06/11/2000	-	Active	NO
2	U45200MH1999PLC122749	TWENTY FIRST CENTURY IRON & STEELS LIMITED	Director	06/11/2000	06/11/2000	20/11/2013	Active	NO
3	U99999MH1973PLC016744	NIKHIL ALLOY STEELS LIMITED	Director	03/01/2002	03/01/2002	-	Active	NO
4	U13209KA2007PTC044704	Janthakal Mining Company Private Limited	Director	18/12/2007	18/12/2007	-	Active	NO
5	U99999DL1997PTC084227	SUNRISE PRECISIONS Private Limited	Additional director	14/01/2008	14/01/2008	12/05/2008	Active	NO
6	U52100GJ2008PTC055050	NIJINOY TRADING PRIVATE LIMITED	Additional director	20/01/2009	20/01/2009	23/05/2009	Active	NO
7	U45201MH2011PTC214055	ASHAPURI JAIN LAND DEVELOPERS PRIVATE LIMITED	Director	22/09/2012	10/08/2012	-	Active	NO

Name :

Mr. Gaurav Vinod Kumar Goel

Designation :

Director

Address :

301/ 302, Vikas Villa Janki Kutir, Juhu, Ville Parle (West), Mumbai – 400049, Maharashtra, India

Date of Birth/Age :

13.12.1981

Date of Appointment :

20.06.2009

DIN No.:

00372790

PAN No.:

AEQPG3195L

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	U27100DL1996PLC082467	TWENTY FIRST CENTURY WIRE RODS LIMITED	Director	01/02/2000	01/02/2000	-	Active	NO
2	U45200MH1999PLC122749	TWENTY FIRST CENTURY IRON & STEELS LIMITED	Director	01/02/2000	01/02/2000	22/09/2014	Active	NO
3	U92400MH2010PTC200628	MASCOT LIFE STYLE PRIVATE LIMITED	Director	08/03/2010	08/03/2010	-	Active	NO

Name :

Mr. Vinod Goel

Designation :

Director

Address :

301/ 302, Vikas Villa Janki Kutir, Juhu, Ville Parle (West), Mumbai – 400049, Maharashtra, India

Date of Birth/Age :

31.03.1958

Date of Appointment :

20.06.2009

DIN No.:

00372973

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	U99999MH1973PLC016744	NIKHIL ALLOY STEELS LIMITED	Managing director	08/08/1978	08/08/1978	17/01/2013	Active	NO
2	U13209KA2007PTC044704	Janthakal Mining Company Private Limited	Director	18/12/2007	18/12/2007	05/11/2011	Active	NO
3	U52100GJ2008PTC055050	NIJINOY TRADING PRIVATE LIMITED	Additional director	20/01/2009	20/01/2009	23/05/2009	Active	NO
4	U27100DL1996PLC082467	TWENTY FIRST CENTURY WIRE RODS LIMITED	Director	20/06/2009	20/06/2009	-	Active	NO
5	U45200MH1999PLC122749	TWENTY FIRST CENTURY IRON & STEELS LIMITED	Director	20/06/2009	20/06/2009	08/10/2013	Active	NO
6	U45201MH2011PTC214055	ASHAPURI JAIN LAND DEVELOPERS PRIVATE LIMITED	Additional director	06/09/2011	06/09/2011	24/09/2011	Active	NO

Name :

Mr. Nikhil Vinod Goel

Designation :

Director

Address :

301/ 302, Vikas Villa Janki Kutir, Juhu, Ville Parle (West), Mumbai – 400049, Maharashtra, India

Date of Birth/Age :

26.03.1985

Date of Appointment :

16.04.2003

DIN No.:

02091583

PAN No.:

AHOPG2702L

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	U27100DL1996PLC082467	TWENTY FIRST CENTURY WIRE RODS LIMITED	Director	16/04/2003	16/04/2003	-	Active	NO
2	U99999MH1973PLC016744	NIKHIL ALLOY STEELS LIMITED	Director	28/07/2005	28/07/2005	-	Active	NO
3	U45200MH1999PLC122749	TWENTY FIRST CENTURY IRON & STEELS LIMITED	Director	05/05/2008	05/05/2008	22/09/2014	Active	NO
4	U92400MH2010PTC200628	MASCOT LIFE STYLE PRIVATE LIMITED	Director	08/03/2010	08/03/2010	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2011

Names of Shareholders	No. of Shares
Nikhil Goel	1834800
Bharat Churiwala	7500
Mohita Churiwala	12500
Sujata Goel	1529800
Namrata Churiwala	5000
Pooja Churiwala	5000
Pramod Churiwala	7500
Rajiv Choudhary	12500
Gaurav Goel	2204005
Darshan Churiwala	200000
Vinod Goel	2181395
Total	8000000

Equity Share Break up (Percentage of Total Equity)

As on 29.09.2011

Category	Percentage
Directors or relatives of Directors	80.00
Other	20.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer Sponge Iron, Mild Steel (MS) Ingots and Billets

Products :

Product	ITC Code
Wire Rode	7229

• Iron Ore
• Sponge Iron
• Billets
• Structural Steel
• Stainless Steel (Alloy Steel)

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Available

Imports :

Not Available

Terms :

Not Available

PRODUCTION STATUS: 31.03.2010

Particulars	Unit	Actual Production
M.S. Ingots	MT	9815484
D.R.I.	MT	7502140
Runner and Riser	MT	289330
M.S. Billets	MT	17127505
M.S. End Cutting	MT	350000
M.S. Joists	MT	11129005

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

Information declined by the management

Bankers :

• HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel, Mumbai, Maharashtra, India
• Reliance Capital Limited, H Block 1^st Floor, Dhirubhai Ambani Knowledge City, Koperkhairne, Navi Mumbai – 400710, Maharashtra, India

Bank Name	IDBI Bank Limited
Branch	IDBI Towerwtc Complex, Cuffe Parade, Mumbai - 00005, Maharashtra, India
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

Facilities :

Secured Loan	31.03.2011 (Rs. in Million)	31.03.2010 (Rs. in Million)
Working capital loans secured	373.213	355.643
Total	373.213	355.643

Auditors :
Name :	S. V. Dedhia and Associates Chartered Accountants
Address :	201, Hans Apartment, Opposite Dagdi Municipal School, Nton Francies Road, Charai, Thane (West) – 400601, Maharashtra, India
PAN N Income-tax PAN of auditor or auditor's firm :	AIXPG5832D
Memberships :	Not Available
Collaborators :	Not Available
Subsidiaries : (31.03.2010)	Twenty First Century Iron and Steels Limited, India (U45200MH1999PLC122749)
Related Parties : (31.03.2010)	Mascot Life Style Private Limited

CAPITAL STRUCTURE

As on 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
15000000	Equity Shares	Rs.10/- each	Rs. 150.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
8000000	Equity Shares	Rs.10/- each	Rs. 80.000 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		80.000	80.000	80.000
2] Share Application Money		520.000	0.000	0.000
3] Reserves & Surplus		375.569	372.884	342.209
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		975.569	452.884	422.209
LOAN FUNDS
1] Secured Loans		373.213	355.643	223.886
2] Unsecured Loans		0.000	138.560	11.884
TOTAL BORROWING		373.213	494.203	235.770
DEFERRED TAX LIABILITIES		14.161	16.658	21.876
TOTAL		1362.943	963.745	679.855
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		320.747	355.402	343.598
Capital work-in-progress		0.000	0.000	44.789
INVESTMENT		434.450	135.050	65.050
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	568.127	322.731	146.198
	Sundry Debtors	214.501	483.506	238.698
	Cash & Bank Balances	80.867	18.314	29.861
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	95.817	591.005	776.295
Total Current Assets		959.312	1415.556	1191.052
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	107.464	722.220	902.875
	Other Current Liabilities	180.270	149.903	0.000
	Provisions	63.832	70.411	62.030
Total Current Liabilities		351.556	942.534	964.905
Net Current Assets		607.746	473.022	226.147
MISCELLANEOUS EXPENSES		0.000	0.271	0.271
TOTAL		1362.943	963.745	679.855

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	2,499.969	1,655.817	2017.746
		Sale of trading Goods	0.000	365.90	0.000
		Other Income	2.276	1.673	4.700
		TOTAL	2502.245	2023.387	2022.446
Less	EXPENSES
		Purchase of Trading	2,007.39	1419.325
		Purchase	321.286	377.788
		Decrease in Stock	25.264	22.966
		Material Cost	33.723	61.964
		TOTAL	2387.658	1882.043	1891.889 (Including Financial Expenses )
Less	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		114.587	141.344
Less	FINANCIAL EXPENSES		65.335	48.427
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		49.252	92.917	130.557
Less/ Add	DEPRECIATION/ AMORTISATION		48.979	53.936	42.609
	PROFIT/(LOSS) BEFORE TAX		0.273	38.981	87.948
Less	TAX		0.000	8.556	38.284
	PROFIT/(LOSS) AFTER TAX		0.273	30.425	49.664
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		262.883	232.208	185.343
Less	APPROPRIATIONS
		Previous Adjustment		0.540	(0.001)
		Prior Period Expenses		1.851	2.305
		Total	NA	2.391	2.304
Add:		Short Payment of Income Tax		2.641	(0.496)
	BALANCE CARRIED TO THE B/S		0.273	262.883	232.207
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports		NA	488.747	882.978
	C. I. F. VALUE OF IMPORTS
	Raw Materials and trading items		NA	102.121	163.334
	Earnings / (Loss) Per Share (Rs.)		0.34	3.8	6.21

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2011	31.03.2010	31.03.2009
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	40.328	(132.274)	Na

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
Net Profit Margin (PAT / Sales)	(%)	0.01	1.84	2.46
Operating Profit Margin (PBIDT/Sales)	(%)	4.58	5.61	6.47
Return on Total Assets (PBT/Total Assets}	(%)	0.02	2.20	5.73
Return on Investment (ROI) (PBT/Networth)		0.00	0.09	0.21
Debt Equity Ratio (Total Debt /Networth)		0.38	1.09	0.56
Current Ratio (Current Asset/Current Liability)		2.73	1.50	1.23

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2009	31.03.2010	31.03.2011
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Share Capital	80.000	80.000	80.000
Reserves & Surplus	342.209	372.884	375.569
Share Application money pending allotment	0.000	0.000	520.000
Net worth	422.209	452.884	975.569
long-term borrowings	223.886	355.643	373.213
Short term borrowings	11.884	138.560	0.000
Total borrowings	235.770	494.203	373.213
Debt/Equity ratio	0.558	1.091	0.383

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2009	31.03.2010	31.03.2011
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	2017.746	1655.817	2499.969
		(17.937)	50.981

NET PROFIT MARGIN

Net Profit Margin	31.03.2009	31.03.2010	31.03.2011
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	2017.746	1655.817	2499.969
Profit	49.664	30.425	0.273
	2.46%	1.84%	0.01%

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	No
8	Designation of contact person	No
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	Yes
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	Yes
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	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

Unsecured Loan	31.03.2011 (Rs. in Million)	31.03.2010 (Rs. in Million)
Loans directors	0.000	135.981
	0.000	2.579
Total	0.000	138.560

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10379530	01/02/2013	550000000	ING VYSYA BANK LIMITED	22,GROUND FLOOR,, ING VYSYA HOUSE,M.G.ROAD, BANG  ALORE, Karnataka - 560001, INDIA	B69265692
2	10123501	14/10/2014	2000000000	IDBI Bank Limited	IDBI TOWER WTC COMPLEX, CUFFE PARADE, MUMBAI, Maharashtra - 400005, INDIA	C32890840

FIXED ASSETS

• Land
• Building
• Plant and Machinery
• Computer
• Vehicles
• Furniture and Fixture

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.64.17
UK Pound	1	Rs.98.30
Euro	1	Rs.72.25

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	DIV
Report Prepared by :	PJA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILITY	1~10	2
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	2
--RESERVES	1~10	2
--CREDIT LINES	1~10	-
--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		16

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	--

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.