MIRA INFORM REPORT

Report No. :	328141
Report Date :	22.06.2015

IDENTIFICATION DETAILS

Name :	ALFA ICA INDIA LIMITED
Registered Office :	1-4, Uma Industrial Estate, Village Vasana – Lyawa, Taluka Sanand, District Ahmedabad – 380 006, Gujarat
Tel. No.:	91-79-23774206
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	11.12.1991
Com. Reg. No.:	04-016763
Capital Investment / Paid-up Capital :	Rs.40.400 Million
CIN No.: [Company Identification No.]	l20100gj1991plc016763
IEC No.:	0891012222
TAN No.: [Tax Deduction & Collection Account No.]	ahma03990A
PAN No.: [Permanent Account No.]	aabca2800Q
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturing of Laminate
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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 established company having satisfactory track record. It was incorporated in 1991 and is engaged in manufacturing of commercial Decorative laminated sheets which are used in furniture and fixtures. Rating takes into consideration low profit margin, modest capital structure and Working capital intensive nature of business. However rating derives strength from extensive experience of promoters in the Laminated industry. Trade relations are fair. Business is active. Payment terms are reported to be Slow but correct. Subject can be considered 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.

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long Term Rating = BBB
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	06.01.2015

Rating Agency Name	CARE
Rating	Short Term Rating = A3
Rating Explanation	Moderate degree of safety and higher credit risk.
Date	06.01.2015

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

MANAGEMENT NON CO-OPERATIVE (91-79-26754030)

LOCATIONS

Registered Office :	1-4, Uma Industrial Estate, Village Vasana – Lyawa, Taluka Sanand, District Ahmedabad – 380 006, Gujarat, India
Tel. No.:	91-79-23774206/23774134/23774135
Fax No.:	91-79-23774134
E-Mail :	info@alfaico.com
Website :	www.alfaica.com
Factory 1 :	249/ A, Uma Industrial Estate, Village Vasana - Lyawa, Taluka Sanand, District Ahmedabad – 380 006, Gujarat, India
Factory 2 :	204-205, Uma industrial Estate, Village Vasana – Lyawa, Taluka Sanand, Ahmedabad, Gujarat, India
Corporate Office :	Alfa Pallazzo, Near Shivranjani Cross Road, Satellite Road, Ahmedabad – 380 015, Gujarat, India
Tel. No.:	91-79-26754030 / 26754031
Fax No.:	91-79-26754040
E-Mail :	info@alfaica.com alfaica@icenet.net rt@alfaica.com

DIRECTORS

AS ON 31.03.2014

Name :

Mr. Shyam Sunder Tibrewal

Designation :

Chairman cum Director

Address :

1 Sanidhya Bunglow, Near Nishant Vibhag – 1, 135 Ft. Ring Road, Satellite, Ahmedabad – 380015, Gujarat, India

Date of Birth/Age :

01.07.1952

Qualification :

B.Com

Experience :

25 Years

Date of Appointment :

31.07.2008

DIN No.:

00500621

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	U17119GJ1985PTC007658	SVAR SYNTHETICS PRIVATE LIMITED	Director	01-12-2002	01-12-2002	-	Active	NO
2	U25202GJ2004PTC043769	MAYUR WOVENS PRIVATE LIMITED	Director	11-03-2004	11-03-2004	-	Active	NO
3	L20100GJ1991PLC016763	ALFA ICA (INDIA) LIMITED	Director	31-07-2008	31-07-2008	-	Active	NO

Name :

Ms. Pooja Tikmani

Designation :

Director

Date of Birth/Age :

12.01.1980

Qualification :

B.E.

Experience :

12 Years

Date of Appointment :

23.09.2014

DIN No.:

06944249

Name :

Mr. Sanjeev Sharma

Designation :

Director

Date of Birth/Age :

14/06/1958

Qualification :

B.Sc., LL.B, C.A. IIB, P.G.D.B.M

Experience :

18 Years

Date of Appointment :

23.09.2014

DIN No.:

00835187

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	U74140GJ1993PTC019279	QUANTUM BANKING RESOURCE CENTRE PRIVATE LIMITED	Whole-time director	13-04-1993	13-04-1993	-	Active	NO
2	L20100GJ1991PLC016763	ALFA ICA (INDIA) LIMITED	Director	23-09-2014	26-07-2004	-	Active	NO

Name :

Mr. Rajendra Tikmani

Address:

Managing Director

Designation :

3 Navyug Society, Ambewadi, Ahmedabad – 380015, Gujarat, India, India

Date of Birth/Age :

02.10.1948

Date of Appointment :

11.12.1991

DIN No.:

00333842

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	U45201GJ1987PTC010019	AMRUT GOYAL DEVELOPERS PRIVATE LIMITED	Managing director	25-09-1987	25-09-1987	-	Under liquidation	NO
2	L20100GJ1991PLC016763	ALFA ICA (INDIA) LIMITED	Managing director	11-12-1991	11-12-1991	-	Active	NO
3	U74999GJ1995PLC024160	CHOW CHOON ALFA LIMITED	Managing director	10-01-1995	10-01-1995	-	Under liquidation	NO
4	U74140GJ1993PTC019279	QUANTUM BANKING RESOURCE CENTRE PRIVATE LIMITED	Director	31-03-1995	31-03-1995	-	Active	NO

SHAREHOLDING PATTERN

AS ON 31.03.2015

Category of Shareholder	Total No. of Shares	Total Shareholding as a % of Total No. of Shares
		As a % of (A+B+C)
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	999576	24.74
Any Others (Specify)	604633	14.97
Directors/Promoters & their Relatives & Friends	604633	14.97
Sub Total	1604209	39.71
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	1604209	39.71
(B) Public Shareholding
(1) Institutions
Financial Institutions / Banks	2100	0.05
Sub Total	2100	0.05
(2) Non-Institutions
Bodies Corporate	409738	10.14
Individuals
Individual shareholders holding nominal share capital up to Rs.0.100 Million	1037256	25.67
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	974015	24.11
Any Others (Specify)	12682	0.31
Hindu Undivided Families	12343	0.31
Non Resident Indians	339	0.01
Sub Total	2433691	60.24
Total Public shareholding (B)	2435791	60.29
Total (A)+(B)	4040000	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	4040000	100.00

Shareholding of securities (including shares, warrants, convertible securities) of persons belonging to the category Promoter and Promoter Group

l.No.	Name of the Shareholder	Details of Shares held
		No. of Shares held	As a % of grand total (A)+(B)+(C)
1	Rajendra Tikmani	12,58,109	31.14
2	Rishi Tikmani	2,08,800	5.17
3	Vimaladevi R Tikmani	58,000	1.44
4	Pooja Tikmani	40,000	0.99
5	Savita Gupta	39,300	0.97
	Total	16,04,209	39.71

Shareholding of securities (including shares, warrants, convertible securities) of persons belonging to the category Public and holding more than 1% of the total number of shares

Sl. No.	Name of the Shareholder	No. of Shares held	Shares as % of Total No. of Shares
1	Haresh Mehta	252400	6.25
2	Vasant Rana	230000	5.69
3	Ankit Financial Services Ltd	200000	4.95
4	Indu Bhandari	200000	4.95
5	Karishma Finvest Pvt Ltd	199600	4.94
6	Parmeshwar Lal Jangid	100000	2.48
7	Saroj Jugal Maheshwari	51500	1.27
8	Gunjan Gupta	40500	1.00
	Total	1274000	31.53

Shareholding of securities (including shares, warrants, convertible securities) of persons (together with PAC) belonging to the category “Public” and holding more than 5% of the total number of shares of the company

Sl. No.	Name(s) of the shareholder(s) and the Persons Acting in Concert (PAC) with them	No. of Shares	Shares as % of Total No. of Shares
1	Haresh Mehta	252400	6.25
2	Vasant Rana	230000	5.69
	Total	482400	11.94

BUSINESS DETAILS

Line of Business :	Manufacturing of Laminate
Products :	Not Available
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 :

Banker Name	State Bank of India
Branch Address	Overseas Branch, Ahmedabad, Gujarat, 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 31.03.2015	As on 31.03.2014
SHORT TERM BORROWING
Cash Credit from Banks	NA	40.534
Packing Credit From Banks	NA	0.000
Total	NA	40.534
Notes: All secured loans are secured by hypothecation of all present and future goods, book debts and other movable assets and equitable mortgage of immovable properties & personal guarantee of promoter Directors.

Auditors :
Name :	O P Bhandari and Company Chartered Accountants
Address :	30 Omkar House, Nera Swastik Char Rasta, C. G. Road, navrungpura, Ahmedabad – 380009, Gujarat, India
PAN No.:	AAAFO6762H
Memberships :	Not Available
Collaborators :	Not Available
Associates Concern: (AS ON 31.03.2014)	Tikmani Corporation Rajendra Enterprises

CAPITAL STRUCTURE

AS ON 31.03.2015

Authorised Capital: Not Available

Issued, Subscribed & Paid-up Capital: Rs. 40.400 Million

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs.50.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4040000	Equity Shares	Rs.10/- each	Rs.40.400 Million

Reconciliation of shares:

Equity Shares	Number of Shares
Opening Share Capital	4040000
Less: Redemption of Preference Shares	-
Closing Share Capital	4040000

List of Share Holders Having 5% or More Shares:

Name of Shareholder	Number of Shares	% holding
Equity Shares
Rajendra Tikmani	218025	5.40
Rishi Tikmani	208800	5.17
Rajendra Hemraj Tikmani (HUF)	999576	24.74
Haresh Mehta	252400	6.25
Vasant Rana	230000	5.69

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2015	31.03.2014	31.03.2013
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	40.400	40.400	40.400
(b) Reserves & Surplus	65.791	70.507	63.404
(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)	106.191	110.907	103.804
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	7.666	8.895	11.110
(c) Other long term liabilities	93.333	59.448	53.833
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	100.999	68.343	64.943
(4) Current Liabilities
(a) Short term borrowings	34.624	40.534	60.514
(b) Trade payables	35.237	66.443	57.655
(c) Other current liabilities	1.934	1.748	1.748
(d) Short-term provisions	5.189	5.106	4.960
Total Current Liabilities (4)	76.984	113.831	124.877
TOTAL	284.174	293.081	293.624
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	74.221	78.670	82.511
(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	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	1.518	1.491	1.598
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	75.739	80.161	84.109
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	142.144	133.194	123.320
(c) Trade receivables	42.478	54.435	63.571
(d) Cash and cash equivalents	2.021	0.284	0.241
(e) Short-term loans and advances	21.792	25.007	22.383
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	208.435	212.920	209.515
TOTAL	284.174	293.081	293.624

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2015	31.03.2014	31.03.2013
	SALES
	Income	570.596	578.404	570.177
	Other Income	0.260	2.194	0.666
	TOTAL (A)	570.856	580.598	570.843
Less	EXPENSES
	Cost of Materials Consumed	399.800	452.343	413.456
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	9.129	(23.141)	9.161
	Employees benefits expense	6.754	6.652	6.036
	Other expenses	118.967	111.957	107.820
	TOTAL (B)	534.650	547.811	536.473
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	36.206	32.787	34.370
Less	FINANCIAL EXPENSES (D)	14.928	11.760	15.091
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	21.278	21.027	19.279
Less/ Add	DEPRECIATION/ AMORTISATION (F)	6.707	11.035	10.537
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	14.571	9.992	8.742
Less	TAX (H)	3.960	2.890	3.725
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	10.611	7.102	5.017
	Earnings / (Loss) Per Share (Rs.)	2.63	1.76	1.24

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	1.86	1.23	0.88
Operating Profit Margin (PBIDT/Sales)	(%)	6.35	5.67	6.03
Return on Total Assets (PBT/Total Assets}	(%)	5.13	3.41	2.98
Return on Investment (ROI) (PBT/Networth)		0.14	0.09	0.08
Debt Equity Ratio (Total Debt /Networth)		0.33	0.37	0.58
Current Ratio (Current Asset/Current Liability)		2.71	1.87	1.68

STOCK PRICES

Face Value	Rs.10.00 /-
Market Value	Rs.18.75 /-

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	40.400	40.400	40.400
Reserves & Surplus	63.404	70.507	65.791
Net worth	103.804	110.907	106.191
long-term borrowings	0.000	0.000	0.000
Short term borrowings	60.514	40.534	34.624
Total borrowings	60.514	40.534	34.624
Debt/Equity ratio	0.583	0.365	0.326

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	570.177	578.404	570.596
		1.443	(1.350)

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	570.177	578.404	570.596
Profit	5.017	7.102	10.611
	0.88%	1.23%	1.86%

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	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	No
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

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	90103434	29/11/2007 *	150,000,000.00	STATE BANK OF INDIA	MCLAU, 4TH FLOOR, LHO BUILDING, BHADRA, AHMEDABAD, GUJARAT - 380001, INDIA	A28120426

* Date of charge modification

FIXED ASSETS

• Land
• Building
• Guest House
• Plant and Machinery
• S. S. Plates
• Computer
• Office Equipments
• Air Conditioners
• Electric Fittings
• Motor Cars
• Furniture
• Laboratory Equipment
• Lift
• Television

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.63.82
UK Pound	1	Rs.101.26
Euro	1	Rs.72.36

INFORMATION DETAILS

Information Gathered by :	KAM
Analysis Done by :	SAN
Report Prepared by :	GTA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
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	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	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		45

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.