MIRA INFORM REPORT

Report No. :	328235
Report Date :	25.06.2015

IDENTIFICATION DETAILS

Name :	YAMUNA MACHINE WORKS LIMITED (w.e.f. 03.04.2012)
Formerly Known As :	YAMUNA MACHINE WORKS PRIVATE LIMITED
Registered Office :	D/17, Kanakia’s Akurli Industrial Estate, Akurli Road, Kandivali (East), Maharashtra
Tel. No.:	91-22-28879920
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	21.05.1991
Com. Reg. No.:	11-061805
Capital Investment / Paid-up Capital :	Rs. 10.177 Million
CIN No.: [Company Identification No.]	U29110MH1991PLC061805
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAACY0236H
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturing, Exporting, Importing of Textile Machines.
No. of Employees :	60 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (41)

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

Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an old and established company incorporated during the year 1991 having a satisfactory track record. Borrowings of the company has increased during FY 2014 However, net worth of the company is satisfactory. General financial position of the company is normal and acceptable for business dealings. Trade relations are reported as fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered normal for business dealings at usual trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – 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 :	Mr. Mahesh Bhai Patel
Designation :	Accounts Department
Contact No.:	91-22-8879920/9925031171
Date :	22.06.2015

LOCATIONS

Registered Office :	D/17, Kanakia’s Akurli Industrial Estate, Akurli Road, Kandivali (East), Maharashtra, India
Tel. No.:	91-22-28879920
Mobile No.:	91-9925031171 (Mr. Mahesh Bhai Patel)
Fax No.:	91-22-28875957
E-Mail :	account@yamunamachine.com yamunamumbai@sify.com
Location :	Owned
Factory :	Plot No. 1302/1, GIDC Phase III, Vapi- 396195, Valsad, Gujarat, India
Tel. No.:	91-260-2401476
Mobile No.:	91-9824146144
Fax No.:	91-260-2420488
Regional Office :	DELHI: 276, Mayur, Phase II, New Delhi – 110091, India SURAT: 204, Rajhans, Ring Road, Surat, India

DIRECTORS

As on 30.09.2014

Name :

Mr. Mukesh Kumar Khodabhai Mangukia

Designation :

Whole Time Direct

Address :

A1, Viraj Cooperative Housing Society, Chharwada Road, GIDC, Valsad, Vapi – 396195, Gujarat, india

Date of Birth/Age :

11.07.1969

Date of Appointment :

01.10.2012

DIN No.:

02435362

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	U17119GJ1995PLC056160	PRASHANT INDUSTRIES LIMITED (O/N. PRASHANT PETROFIL IND.)	Whole-time director	24/02/1995	24/02/1995	-	Active	NO
2	U29110MH1991PLC061805	YAMUNA MACHINE WORKS LIMITED	Whole-time director	01/10/2012	24/05/1999	-	Active	NO

Name :

Mr. Prashant Madhubhai Mangukia

Designation :

Whole Time Direct

Address :

Plot No. 21, Behind Old GIDC office, Tal Pardi, Valsad, Vapi – 396195, Gujarat, India

Date of Birth/Age :

15.11.1979

Date of Appointment :

01.10.2012

DIN No.:

01736007

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	U29110MH1991PLC061805	YAMUNA MACHINE WORKS LIMITED	Whole-time director	01/10/2012	15/03/2001	-	Active	NO
2	U36999DN1996PTC000106	AKSHAR RESINS PRIVATE LIMITED	Director	30/03/2004	30/03/2004	-	Strike off	NO
3	U17119GJ1995PLC056160	PRASHANT INDUSTRIES LIMITED (O/N. PRASHANT PETROFIL IND.)	Director	30/09/2013	29/07/2013	-	Active	NO

Name :

Mr. Madhubhai Bhavanbhai Mangukia

Designation :

Mansging Director

Address :

Plot No. 21, Behind Old GIDC office, Tal Pardi, Valsad, Vapi – 396195, Gujarat, India

Date of Birth/Age :

03.04.1951

Date of Appointment :

01.10.2012

DIN No.:

01720288

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	U29110MH1991PLC061805	YAMUNA MACHINE WORKS LIMITED	Managing director	01/10/2012	13/03/2009	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Mahesh Bhai Patel
Designation :	Accounts Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders	No. of Shares
Patel Vasudev Kiran	12000
Mangukia Bhavanbhai Madhubhai	275801
Thumar Rambhai Bhavchandbhai	82800
Patel Vasudev Jatinbhai	5500
Patel Kiran Mintu	2500
Patel Jatin Kalpita	2500
Mangukia Madhubhai Vidyaben	122958
Thumar Bavchandbhai Meenaben	20000
Mangukia Khodabhai Mukeshkumar	87121
Mangukia Bhavanbhai Jitendra	5000
Mangukia Mayabhai Bhavanbhai	5000
Mangukia Khodabhai Bharatkumar	6300
Mangukia Madhubhai Alpaben	32800
Mangukia Mukeshbhai Kiranben	28494
Shah Kiritbhai Chandrakant	1000
Shah Kiritbhai Kanubhai	1000
Patel Hargovind Narendra	1000
Patel M Mohanbhai	1000
Mangukia Madhubahi Prashant	102116
Patel Mangaldas Mohanbhai	28000
Mangukia Bhavanbhai Khodabhai	2075
Mangukia Bhavanbhai Nanubhai	2075
Mangukia Nanubhai Pradip	1000
Mangukia Khodabhai Shailesh	1700
Mangukia Girdharbhai Arvind	1875
Mangukia Girdharbhai Gunvant	1500
Mangukia Ambabhai Mavjibhai	1100
Bhanderi Chhagan Deevchand	1525
Prashant Industries Limited	25000
Mangukia Prashant Pooja	30988
Mangukia Bhavanbhai Madhubhai(HUF)	50000
Mangukia Khodabhai Mukeshbhai(HUF)	25000
Mangukia Madhubhai Prashant(HUF)	25000
Total No. of Equity Share	991728

Names of Shareholders	No. of Shares
Vyas Indravadan Himanshu	3200
Mistry Narmudrai Manishbhai	2900
Moniraj Steel Private Limited	2440
Pareek Vinodkumar Jt. Bhagavatidevi	1100
Patel Arvindbhai Jayagauri	2430
Panchal Somnathbhai Kaniyalal	360
Patel Mohanbhai Pushpa	1000
ShethPravinbhai Hirachand Ketul Jt Milanbhai	600
Patel Mangaldas Mohanbhai	5022
Trivedi Piyuschandra Maheshwari	5000
Suzuki Synthetics (Private) Limited	2000
Total No. of Preference Share	26052

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2014

Category	Percentage
Bodies corporate	2.52
Directors or relatives of Directors	81.47
Other top fifty shareholders	16.01
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturing, Exporting, Importing of Textile Machines.
Products :	Hot Air Stenter Hydraulic Jigger Singeing Machine Drying Range Dye Pedder Relax Dryer Drum Dryer Coasting Head Polymeriser/ Curing Shrinking Range Washing range Dipping Line Denim Finishing Range Rope Scouring
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :
Products :	Finished Goods
Countries :	USA
Imports :
Products :	Raw Material
Countries :	Belgium
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

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 :

60 (Approximately)

Bankers :

• Punjab National Bank – Nayaran Chambers Bank, G.I.D.C, Vapi – 396195, Gujarat, India

Bank Name	Bank of India
Branch	Vapi (Mumbai)
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 :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Term Loans
From Bank: Bank of India, Vapi [Term Loan secured against]
Office Building and Furniture Vapi	2.325	6.724
Against Plant & Mlc	24.118	0.000
CAR LOAN	2.234	0.000
Short-term borrowings
Loans repayable on demand:
From banks
Cash Credit	61.022	61.494
Export Packing Credit	21.600	5.000
BMW CAR LOAN (2014-15) Repayment	1.067	0.000
From banks : Bank of India],	2.000	0.000
Term Loan secured against Office Building and Furniture Vapi	8.436	0.000
Total	122.802	73.218

Auditors :
Name :	V R Desai and Associates Chartered Accountants
Address :	303, Amar Chambers, Station Road, Valsad – 396001, Gujarat, India
Mobile No.:	91-9327354988
PAN N Income-tax PAN of auditor or auditor's firm :	AARPD1319G
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	Not Divulged

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
1950000	Equity Shares	Rs.10/- each	Rs. 19.500 Million
50000	Preference Share	Rs.10/- each	Rs. 0.500 Million
	Total		Rs. 20.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
991728	Equity Shares	Rs.10/- each	Rs. 9.917Million
26052	Preference Share	Rs.10/- each	Rs. 0.260 Million
	Total		Rs.10.177 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	10.177	9.622	9.122
(b) Reserves & Surplus	46.322	37.556	31.848
(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)	56.499	47.178	40.970
(3) Non-Current Liabilities
(a) long-term borrowings	60.208	36.283	42.483
(b) Deferred tax liabilities (Net)	0.758	0.620	0.000
(c) Other long term liabilities	33.250	50.166	37.105
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	94.216	87.069	79.588
(4) Current Liabilities
(a) Short term borrowings	94.126	66.494	62.675
(b) Trade payables	69.183	50.220	56.913
(c) Other current liabilities	6.279	19.623	13.732
(d) Short-term provisions	1.345	0.677	0.173
Total Current Liabilities (4)	170.933	137.014	133.493
TOTAL	321.648	271.261	254.051
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	93.057	76.517	43.061
(ii) Intangible Assets	0.422	0.703	0.019
(iii) Capital work-in-progress	0.000	10.037	31.004
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.001	0.001	0.001
(c) Deferred tax assets (net)	0.000	0.000	0.873
(d) Long-term Loan and Advances	2.924	4.366	3.932
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	96.404	91.624	78.890
(2) Current assets
(a) Current investments	1.384	1.362	1.249
(b) Inventories	72.702	83.361	79.007
(c) Trade receivables	97.151	76.793	78.230
(d) Cash and cash equivalents	17.755	7.337	7.629
(e) Short-term loans and advances	35.773	10.641	8.989
(f) Other current assets	0.479	0.143	0.057
Total Current Assets	225.244	179.637	175.161
TOTAL	321.648	271.261	254.051

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	757.837	384.782	364.128
		Other Income	4.915	1.158	1.949
		TOTAL	762.752	385.940	366.077
Less	EXPENSES
		Cost of Materials Consumed	627.095	317.122	299.137
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	18.776	(5.058)	14.149
		Employees benefits expense	11.194	9.740	5.941
		Other expenses	66.141	40.367	28.804
		TOTAL (B)	723.206	362.171	348.031
Less	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		39.546	23.769	18.046
Less	FINANCIAL EXPENSES		18.244	12.609	12.109
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		21.302	11.160	5.937
Less/ Add	DEPRECIATION/ AMORTISATION		11.394	4.649	3.587
	PROFIT/(LOSS) BEFORE TAX		9.908	6.511	2.350
Less	TAX		3.087	2.804	0.916
	PROFIT/(LOSS) AFTER TAX		6.821	3.707	1.434
	TOTAL EARNINGS		220.743	18.667	3.328
	TOTAL IMPORTS		96.614	16.194	28.197
	EXPENDITURE IN FOREIGN CURRENCY
	Material		96.614	16.194	13.345
	Travelling		0.965	0.441	0.204
	Capital Goods		0.000	0.000	0.000
	Exhibition Expense		0.544	0.586	1.029
	Sales Promotion		11.914	0.000	0.000
	Commission		2.135	0.000	0.000
	Professional Fee		0.752	0.000	0.000
	TOTAL EXPENDITURE		112.924	17.221	14.578
	Earnings Per Share (Rs.)		6.88	3.96	1.62

Particulars		31.03.2015
Sales Turnover		550.000
	Due to Market Fluctuation

The above information has been parted by Mr. Mahesh Bhai Patel (Account Department)

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
Net Profit Margin (PAT / Sales)	(%)	0.90	0.96	0.39
Operating Profit Margin (PBIDT/Sales)	(%)	5.22	6.18	4.96
Return on Total Assets (PBT/Total Assets}	(%)	3.08	2.49	1.06
Return on Investment (ROI) (PBT/Networth)		0.18	0.14	0.06
Debt Equity Ratio (Total Debt /Networth)		2.73	2.18	2.57
Current Ratio (Current Asset/Current Liability)		1.32	1.31	1.31

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	9.122	9.622	10.177
Reserves & Surplus	31.848	37.556	46.322
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	40.970	47.178	56.499
long-term borrowings	42.483	36.283	60.208
Short term borrowings	62.675	66.494	94.126
Total borrowings	105.158	102.777	154.334
Debt/Equity ratio	2.567	2.178	2.732

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)
Sales	364.128	384.782	757.837
		5.672	96.952

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	364.128	384.782	757.837
Profit	1.434	3.707	6.821
	0.39%	0.96%	0.90%

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	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%	Yes
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	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

OPERATIONS:

The Company has achieved turnover of Rs.757.000 million, during the period under review, as compared to Rs.384.000 million of previous year, the turnover has increased by 97% and there is growth of 84% in profit after tax. The Company posted another year of strong performance across all financial parameters, leveraging its corporate strategy of creating multiple drivers of growth. This performance is even more encouraging when viewed against the backdrop of the extremely challenging business context

UNSECURED LOAN

Unsecured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Deposits:
Deposits from Directors	0.011	0.059
Deposits from Others [Note: Some of Machinery manufacturing process is more than 1 year and their advances received from debtors is treated as Trade Deposit]	31.520	29.500
Total	31.531	29.559

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10107000	21/03/2013 *	125,167,000.00	BANK OF INDIA	Vapi Ind. Estate Branch, Plot No. Cm/16, Silvassa  Road, Gidc, Vapi, Gujarat - 396195, India	B73047839
2	10106999	02/07/2014 *	146,000,000.00	BANK OF INDIA	Vapi Ind. Estate Branch, Plot No. Cm/16, Silvassa  Road, Gidc, Vapi, Gujarat - 396195, India	C51048940

FIXED ASSETS

• Land
• Factory Shed
• Office Premises
• Plant and Machinery
• Computer
• Vehicles
• Furniture and Fixture
• Office Equipment

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.63.66
UK Pound	1	Rs.100.50
Euro	1	Rs.71.31

INFORMATION DETAILS

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

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	4
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		41

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.