MIRA INFORM REPORT

Report No. :	330088
Report Date :	30.06.2015

IDENTIFICATION DETAILS

Name :	K K SPUN PIPE PRIVATE LIMITED
Registered Office :	7/18A, Sarvpriya Vihar, New Delhi – 110016
Tel. No.:	91-129-6616200
Country :	India
Financials (as on) :	31.03.2015 (Provisional)
Date of Incorporation :	09.01.2006
Com. Reg. No.:	55-144590
Capital Investment / Paid-up Capital :	Rs. 120.409 Million
CIN No.: [Company Identification No.]	U29199DL2006PTC144590
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AACCK7334A
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of RCC Pipes.
No. of Employees :	250 (Approximately) In office : 50 In Factory : 200

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 2194600
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company incorporated during the year 2006 having a satisfactory track record. The company is progressing well. The rating reflects company sound financial risk profile marked by healthy net worth position and good profitability margin of the company. Trade relations are reported as fair. Business is active. Payment terms are reported to be usually correct. In view of healthy financial base, the company can be considered normal for business dealings at usual trade terms and conditions.

NOTES :

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

ECGC Country Risk Classification List – March 31, 2015

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

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

EXTERNAL AGENCY RATING

Rating Agency Name	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	Not Available

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAILTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2013.

INFORMATION PARTED BY

Name :	Mr. Arvind Singhal
Designation :	CFO
Contact No.:	91-129-6616200
Date :	30.06.2015

LOCATIONS

Registered Office :	7/18A, Ground Floor, Sarvapriya Vihar, New Delhi – 110016, India
Tel. No.:	91-11-41828557/ 26851473/ 26510684/ 26851478
Fax No.:	91-11-41828556/ 26851473
E-Mail :	rajesh.roy@kkspunpipes.co.in zoiros.consulting@gmail.com kksp@kkspupipes.com ca_pawanchadha@hotmail.com ccsgupta1997@gmail.com pkg@kkspunpipes.com
Website ;	http://www.kkspunpipes.com
Corporate Office :	10th Floor, Tower A Vatika Mindscapes, 12/3, Sarai Khwaja Mathura Road, Sector-27, Faridabad – 121003, Haryana, India
Tel. No.:	91-129-2251500
E-Mail :	info@kkspunpipes.com
Factory 1 :	Tigaon Road, Ballabgarh – 121004, Haryana, India
Factory 2 :	Plot No. SPL 3 and 4, RIICO Industrial Area, Tapukara, Alwar – 301707, Rajasthan, India
Factory 3 :	Khata No.26, Gata No.437, Village Labpur, Hameet, Tehsil Bilari, District Moradabad – 244001, Uttar Pradesh, India
Factory 4 :	Sewage Treatment Plant, Salarpur Road, Deenapur, Varanasi – 221007, Uttar Pradesh, India
Factory 5 :	A1 and A2, Growth Center, Jainpur, Industrial Area, Kanpur, Dehal, Uttar Pradesh, India

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Himanshu Kumar Gupta

Designation :

Director

Address :

7/18A, Sarpirya Vihar, New Delhi – 110016, India

Date of Birth/Age :

17.02.1981

Qualification :

B. Tech.

Date of Appointment :

09.01.2006

PAN No.:

AGXPG2533K

DIN No.:

00822757

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	Company/ LLP Status	Defaulting status
1	U29199DL2006PTC144590	K.K.SPUN PIPE PRIVATE LIMITED	Director	09-01-2006	09-01-2006	Active	NO
2	U45201DL2006PTC146667	SAI CONCRETE INFRASTRUCTURE PRIVATE LIMITED	Director	01-03-2007	01-03-2007	Active	NO
3	U74999DL2010PTC197771	JAISHREE WIRES AND FASTNERS PRIVATE LIMITED	Director	07-01-2010	07-01-2010	Active	NO
4	U63040DL2011PTC212125	PHK LOGISTICS PRIVATE LIMITED	Director	03-01-2011	03-01-2011	Active	NO

Name :

Mr. Parmod Kumar Gupta

Designation :

Director

Address :

B-4/52, Azad Apartments Hauz Khas, New Delhi – 110016, India

Date of Birth/Age :

23.09.1955

Date of Appointment :

09.01.2006

PAN No.:

ADUPG8878K

DIN No.:

00824409

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	U29199DL2006PTC144590	K.K.SPUN PIPE PRIVATE LIMITED	Director	09-01-2006	09-01-2006	-	Active	NO
2	U45201DL2006PTC146667	SAI CONCRETE INFRASTRUCTURE PRIVATE LIMITED	Director	22-02-2006	22-02-2006	-	Active	NO
3	U74999DL2010PTC197771	JAISHREE WIRES AND FASTNERS PRIVATE LIMITED	Director	07-01-2010	07-01-2010	-	Active	NO
4	L72900DL1999PLC099103	LUMAX AUTOMOTIVE SYSTEMS LIMITED	Director	30-09-2010	31-08-2010	11-07-2011	Active	NO
5	U63040DL2011PTC212125	PHK LOGISTICS PRIVATE LIMITED	Director	03-01-2011	03-01-2011	-	Active	NO

Name :

Mr. Kavish Gupta

Designation :

Director

Address :

7/18A, Sarpirya Vihar, New Delhi – 110 016, India

Date of Birth/Age :

16.12.1986

Date of Appointment :

01.01.2010

PAN No.:

AKYPG7096E

DIN No.:

02953533

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	Company/ LLP Status	Defaulting status
1	U29199DL2006PTC144590	K.K.SPUN PIPE PRIVATE LIMITED	Director	01-01-2010	01-01-2010	Active	NO
2	U63040DL2011PTC212125	PHK LOGISTICS PRIVATE LIMITED	Director	03-01-2011	03-01-2011	Active	NO

KEY EXECUTIVES

Name :	Mr. Arvind Singhal
Designation :	CFO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Shareholders	No. of Shares	Percentage of Holding
Parmod Kumar Gupta	5420402	69.47
Himanshu Kumar Gupta	1438105	18.43
Jai Shree Gupta	104201	1.34
Kavish Gupta	840035	10.77
Total	7802743	100.00

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2014

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of RCC Pipes
Products :	Pre-Cast Product · R.C.C Pipes · Box Culverts · Jacking Pipe · Conical Manholes · Sub Pillar Foundation · SFRC Drain Covers · U Shape Channel Drains · Vent Shafts · HDPE/PVC Lined RCC pipes · Perforated Pipe · Fly over wall panel Telecom Products · Telecom Poles · Telecom Shelters · Telecom Tower · Prefabricated Steel Telecom Products Plastic Product T-grip HDPE/PVC
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	Cash and Credit (30 days)
Purchasing :	Cash and Credit

GENERAL INFORMATION

Suppliers :

Not Divulged

Reference :	Acme Mehta Wires Private Limited
Name of the Person :	Mr. Tejpal (Director)
Contact No.:	91-9660561143
Since How Long Known :	5 years
Experience :	Good
Maximum Limit Dealt :	Rs. 20.000 Million (Approximately) Monthly
Remark :	They gave us positive response about subject company they are satisfied with their payment behavior and market goodwill.

Customers :

Not Divulged

Reference :	Vishwa Infrastructures
Name of the Person :	Mr. Vineet Agarwal (Associate Vice President)
Contact No.:	91-9717173598
Since How Long Known :	3 years
Experience :	Good
Maximum Limit Dealt :	Rs. 100.000 Million (Approximately) Last 3 Years
Remark :	They gave us positive response about subject company they are satisfied with their product quality and delivery behavior.

No. of Employees :

250 (Approximately)

In office : 50

In Factory : 200

Bankers :

Banker Name	State Bank of India
Branch Address	Nehru Place, New Delhi, India
Person Name (With Designation)	Mr. Yateesh Agarwal (RM)
Contact Number	91-9990803868
Name of Account Holder	K.K. Spun Pipe Private Limited
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	2013
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Credit Limit Rs. 1297.800 Million
Account Operation	Satisfactory
Remarks (If any)	They gave us positive response about subject company they are satisfied with their banking transaction.

Facilities :

(Rs. In Million)

SECURED LOANS	31.03.2015 (Rs. In Millions)	31.03.2014 (Rs. In Millions)
LONG TERM BORROWINGS
Rupee term loans from banks	0.000	217.086
Other loans and advances	33.035	134.072
From Bank	339.868	0.000
From financial Institution	31.379	0.000
SHORT TERM BORROWINGS
Loans repayable on demand from banks	426.540	208.925
Total	830.822	560.083

Auditors :
Name :	Kharabanda Associates Chartered Accountants
Address :	112, RPS, Sheikh Sarai, Phase-1, New Delhi - 110017, India
E-Mail:	sunil@kharabandaassociates.com
PAN No. :	AAGPK3615B
Memberships :	--
Collaborators :	--
Associates/Subsidiaries :	Sai Concrete Infrastructure Private Limited Address : B-4/52, Azad Apttshauz Khas, New Delhi – 110016, India Line of Business: Concrete Products Jaishree Wires and Fastners Private Limited Address: 7/18A, Saravpriya Vihar, New Delhi – 110016, India

CAPITAL STRUCTURE

AS ON 30.09.2015

Authorised Capital :

No. of Shares	Type	Value	Amount
12200000	Equity Shares	Rs.10/- each	Rs. 122.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
12040882	Equity Shares	Rs.10/- each	Rs. 120.409 Million

AS ON 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
8500000	Equity Shares	Rs.10/- each	Rs. 85.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
7802743	Equity Shares	Rs.10/- each	Rs. 78.027 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2015 (Provisional)	31.03.2014	31.03.2013
I.              EQUITY AND LIABILITIES
(1) Shareholders' Funds
(a) Share Capital	120.409	78.027	58.936
(b) Reserves & Surplus	647.727	381.711	268.795
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	12.000
Total Shareholders’ Funds (1) + (2)	768.136	459.738	339.731
(3) Non-Current Liabilities
(a) Long-term borrowings	404.283	378.594	308.860
(b) Deferred tax liabilities (Net)	22.333	31.654	22.275
(c) Other long term liabilities	288.977	312.502	181.067
(d) Long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	715.593	722.750	512.202
(4) Current Liabilities
(a) Short term borrowings	426.540	208.925	230.179
(b) Trade payables	433.905	338.953	141.780
(c) Other current liabilities	267.709	290.310	131.195
(d) Short-term provisions	27.500	17.500	1.311
Total Current Liabilities (4)	1155.654	855.688	504.465
TOTAL	2639.383	2038.176	1356.398
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1117.501	931.506	668.123
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	59.078
(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	12.574	5.537	1.786
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	1130.075	937.043	728.987
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	658.881	597.600	298.936
(c) Trade receivables	559.846	326.263	219.744
(d) Cash and cash equivalents	137.284	66.591	47.229
(e) Short-term loans and advances	153.297	110.679	61.502
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	1509.308	1101.133	627.411
TOTAL	2639.383	2038.176	1356.398

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2015 (Provisional)	31.03.2014	31.03.2013
	SALES
		Revenue from Operations (Net)	2070.318	1525.297	981.845
		Other Income	4.976	5.200	3.256
		TOTAL	2075.294	1530.497	985.101
Less	EXPENSES
		Cost of materials consumed	1319.898	1449.225	931.074
		Changes in inventories	(26.060)
		Employee benefit expense	120.446
		Other manufacturing expenses	159.747
		Other expenses	101.403
		TOTAL	1675.434	1449.225 (Including financial and depreciation)	931.074 (Including financial and depreciation)
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		399.860
Less	FINANCIAL EXPENSES		151.595
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		248.265
Less/ Add	DEPRECIATION/ AMORTISATION		121.279
	PROFIT/ (LOSS) BEFORE TAX		126.986	81.272	51.027
Less	TAX		68.639	26.879	16.585
	PROFIT/ (LOSS) AFTER TAX		58.347	54.393	34.442
	Earnings/ (Loss) Per Share (Rs.)		48.46	NA	NA

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015 (Provisional)	31.03.2014	31.03.2013
Current Maturities of Long term debt	100.000	97.722	109.524
Net cash flows from (used in) operations	NA	223.048	256.425

KEY RATIOS

PARTICULARS		31.03.2015 (Provisional)	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	2.82	3.57	3.51
Operating Profit Margin (PBIDT/Sales)	(%)	19.31	NA	NA
Return on Total Assets (PBT/Total Assets}	(%)	4.81	3.99	3.93
Return on Investment (ROI) (PBT/Networth)		0.17	0.18	0.15
Debt Equity Ratio (Total Debt /Networth)		1.08	1.49	1.91
Current Ratio (Current Asset/Current Liability)		1.31	1.29	1.24

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	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	Yes
17	Details of sister concerns	Yes
18	Major suppliers	Yes
19	Major customers	Yes
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	Yes
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	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

NOTE: Registered office of the company has been shifted from B-4/52 Azad Appttshauz Khas ND-6, Delhi, India to the present address w.e.f. 15.01.2009

UNSECURED LOANS

PARTICULARS	31.03.2015 (Rs. In Millions	31.03.2014 (Rs. In Millions)
LONG TERM BORROWINGS
Other loans and advances	0.000	27.436
Total	0.000	27.436

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10567010	29/04/2015	15,660,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W  , MUMBAI, Maharashtra - 400013, INDIA	C52406881
2	10561709	30/03/2015	100,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, Guj  arat - 390015, INDIA	C50185842
3	10558575	24/03/2015	4,345,000.00	SIEMENS FINANCIAL SERVICES PRIVATE LIMITED	130, PANDURANG BUDHKAR MARG,, WORLI, MUMBAI, Maha  rashtra - 400018, INDIA	C48682637
4	10560593	28/02/2015	15,037,725.00	HDB FINANCIAL SERVICES LIMITED	Radhika, 2nd Floor, Law Garden Road,, Navrangpura  ,, Ahmedabad, Gujarat - 380009, INDIA	C49286263
5	10548137	06/02/2015	11,966,981.00	SIEMENS FINANCIAL SERVICES PRIVATE LIMITED	130, PANDURANG BUDHKAR MARG,, WORLI, MUMBAI, Maha  rashtra - 400018, INDIA	C43038678
6	10534162	19/11/2014	1,200,000,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, 70, THE GREAT EASTERN CENTRE,  GROUND FLOOR, NEHRU PLACE, Delhi - 110019, INDIA	C35526458
7	10517309	22/08/2014	19,290,000.00	SIEMENS FINANCIAL SERVICES PRIVATE LIMITED	130, PANDURANG BUDHKAR MARG,, WORLI, MUMBAI, Maha  rashtra - 400018, INDIA	C18588293
8	10513337	17/04/2015 *	350,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, Guj  arat - 390015, INDIA	C51368397
9	10516691	31/07/2014	2,500,914.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, Guj  arat - 390015, INDIA	C18122275
10	10503637	30/05/2014	7,892,220.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, Guj  arat - 390015, INDIA	C06986939

* Date of charge modification

FIXED ASSETS

• Freehold Land
• Buildings
• Plant and Equipments
• Furniture and Fixtures
• Vehicles
• Office Equipments
• Computers

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. 63.92
UK Pound	1	Rs. 100.40
Euro	1	Rs. 70.41

INFORMATION DETAILS

Information Gathered by :
Analysis Done by :	DIV
Report Prepared by :	JYO/ SMN

SCORE & RATING EXPLANATIONS

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