MIRA INFORM REPORT

Report No. :	320661
Report Date :	02.05.2015

IDENTIFICATION DETAILS

Name :	MTC BUSINESS PRIVATE LIMITED
Registered Office :	401, 4^th Floor, Navkar Commercial Complex, Sir M.V Road, Andheri (East), Mumbai – 400069, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	21.12.2000
Com. Reg. No.:	11-130172
Paid-up Capital :	Rs. 95.040 Million
CIN No.: [Company Identification No.]	U51420MH2000PTC130172
IEC No.:	0301062242
TAN No.: [Tax Deduction & Collection Account No.]	MUMM14831F
PAN No.: [Permanent Account No.]	AACCM4795M
Legal Form :	Private Limited Liability Company
Line of Business :	Trader and Importer of Metal Scrap.
No. of Employees :	50 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is a flagship company of the “MTC Group”. It is an established company having satisfactory track record. The company possesses an acceptable financial profile marked by reduced profitability, moderate capital structure along with working capital intensive operations. However, management has witnessed a decent revenue profile, growth in its revenue whereas has reported a low profit margin during FY14. Trade relations are fair. Business is active. Payment terms are reported as usually correct. In view of experience of the promoters, the 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.

ECGC Country Risk Classification List – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
India	A1	A1

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

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long term rating facilities BBB+
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	January 08, 2015

Rating Agency Name	CRISIL
Rating	Short term rating facilities A2
Rating Explanation	Strong degree of safety and low credit risk
Date	January 08, 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 31-03-2014.

INFORMATION PARTED BY

Name :	Mr. Naman Jain
Designation :	Senior Finance Manager
Contact No.:	91-9167774111
Date :	30.04.2015

LOCATIONS

Registered Office :	401, 4^th Floor, Navkar Commercial Complex, Sir M.V Road, Andheri (East), Mumbai – 400069, Maharashtra, India
Tel. No.:	91-22-67872900
Mobile No.:	91-9167774111 (Mr. Naman Jain)
Fax No.:	91-22-67410875/ 67250964
E-Mail :	accounts@mtcgroup.in info@mtcgroup.in mtcimports@gamil.com
Website :	www.mtcgroup.in
Warehouse:	Plot No.44 to 47, Jawahar Co-Operative Industrial Estate, Village Kamothe, Kalamboli, District, Raigad, Maharashtra, India
Tel No.:	91-22-27420912/27423755
Fax No.:	91-22-27423855
Email :	yard@mtcgroup.in
Branch Office 1 :	Plot No. 15, Opposite Baba Sitaram Weighbridge, Azak Industrial Area, Taluka Dehgam, District Gandhinagar, Gujarat, India
Branch Office 2 :	VI A, Calve Chateau Nilgiris Super Market Building, 808 Poonamallee High Road, Kilpauk, Chennai - 600010, Tamilnadu, India
Branch Offices :	Also Located at · Uttaranchal · Himachal Pradesh

DIRECTORS

As on 16.09.2013

Name :

Mr. Narendra Mehta

Designation :

Director

Address :

601-602, A Wing, Jay Shankar Krupa Housing Society Limited, Old Nagardas Road, Andheri (East), Mumbai – 400069, Maharashtra, India

Date of Birth/Age :

10.12.1965

Qualification :

B. Com

Date of Appointment :

21.12.2000

PAN No.:

AABPM6765B

DIN No.:

00179992

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	U27320KA1992PTC013273	MEHTA INDUSTRIAL SUPPLIERS PRIVATE LIMITED	Director	22/06/1992	22/06/1992	-	Under Process of Striking off	NO
2	U51420MH2000PTC130172	MTC BUSINESS PRIVATE LIMITED	Director	21/12/2000	21/12/2000	-	Active	NO
3	U51502MH2004PTC146683	MADHUBAN MOTORS PRIVATE LIMITED	Managing director	01/06/2004	01/06/2004	-	Active	NO
4	U27320KA2004PTC034057	M S METALS AND STEELS PRIVATE LIMITED	Director	06/03/2006	06/03/2006	-	Active	NO
5	U50300MH2008PTC183718	M.S.MOTORS PRIVATE LIMITED	Director	14/01/2012	14/01/2012	-	Active	NO
6	U51909MH2014PTC257719	M M CERAMICS & FERRO ALLOYS PRIVATE LIMITED	Director	01/09/2014	01/09/2014	-	Active	NO
7	U74999MH2007NPL168975	JAIN INTERNATIONAL TRADE ORGANISATION	Director	08/11/2014	08/11/2014	-	Active	NO

Name :

Mr. Sanjay Mehta

Designation :

Director

Address :

A/602, A Wing, Jay Shankar Krupa Housing Society Limited, Old Nagardas Road, Andheri (East), Mumbai – 400069, Maharashtra, India

Date of Birth/Age :

14.05.1968

Qualification :

B. Com

Date of Appointment :

02.04.2001

PAN No.:

AACPM6147L

DIN No.:

00541528

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	U51420MH2000PTC130172	MTC BUSINESS PRIVATE LIMITED	Director	02/04/2001	02/04/2001	-	Active	NO
2	U51502MH2004PTC146683	MADHUBAN MOTORS PRIVATE LIMITED	Director	01/06/2004	01/06/2004	-	Active	NO
3	U27320KA2004PTC034057	M S METALS AND STEELS PRIVATE LIMITED	Director	01/06/2004	01/06/2004	-	Active	NO
4	U27320KA1992PTC013273	MEHTA INDUSTRIAL SUPPLIERS PRIVATE LIMITED	Director	21/04/2006	21/04/2006	-	Under Process of Striking off	NO
5	U37100MH2011NPL223543	METAL RECYCLING ASSOCIATION OF INDIA	Director	01/11/2011	01/11/2011	-	Active	NO

Name :

Mr. Lalit Baliya

Designation :

Director

Address :

C-302, Gajalaxmi Apartment, Kolsawala Compound, Old Nagardas Road, Andheri (East), Mumbai – 400069, Maharashtra, India

Date of Birth/Age :

26.10.1967

Qualification :

B.Com

Date of Appointment :

03.03.2007

PAN No.:

AABPB1937A

DIN No.:

00282727

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	U51420MH2000PTC130172	MTC BUSINESS PRIVATE LIMITED	Director	03/03/2007	03/03/2007	-	Active	NO
2	U99999PN1997PTC109372	MADHUBAN TRADE-STEELS PRIVATE LIMITED	Director	24/09/2008	01/08/2007	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Naman Jain
Designation :	Senior Finance Manager
Name :	Mr. Ankit Parekh
Designation :	Secretary
Address :	C-403, New Nikita Apartment, Opposite Shimpoli Tel. Exchange, Shimpoli, Borivali (West), Mumbai – 400092, Maharashtra, India
Date of Birth/Age :	17.04.1988
Date of Appointment :	27.03.2013
PAN No.:	AOSPP3162Q

MAJOR SHAREHOLDERS

As on 16.09.2013

Names of Shareholders	No. of Shares
Maganlal Mehta	3202000
Narendra Mehta	802000
Sanjay Mehta	800000
Manoj Mehta	4700000
TOTAL	9504000

Equity Share Break up (Percentage of Total Equity)

As on 16.09.2013

Category	Percentage of Holding
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Trader and Importer of Metal Scrap.
Products :	Metal Scrap
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :	Not Available
Imports :	Not Divulged
Terms :
Selling :	Cash, Cheque and Credit (30 and 60 Days)
Purchasing :	Cash, Cheque and Credit (30 and 60 Days)

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

50 (Approximately)

Bankers :

Banker Name	Union Bank of India
Branch Address	Andheri (East) Branch, Mayani Manor, Sir M. V Road, Andheri (East), Mumbai – 400069, Maharashtra, India
Person Name (With Designation)	Ms. Rashmi Ironi
Contact Number	91-22-26831518
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

· ICICI Bank Limited, Land Mark Race Cource Circle, Alkapuri, Baroda - 390015, Gujarat, India

· The Cosmos Co-Operative Bank Limited, Vile Parle Branch; 45; Sarawati Niwas, Hanuman Road; Vile Parle (East), Mumbai - 400057, Maharashtra, India

· ICICI Bank Limited, Nariman Point, Mumbai, Maharashtra, India

Facilities :

· Letter Credit: Rs. 4710.000 Million (From Union Bank of India)

· Cash Credit: Rs. 565.000 Million (From Union Bank of India)

Secured Loan	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG-TERM BORROWINGS
Term loans from banks	4.404	1.293
SHORT-TERM BORROWINGS
Loans repayable on demand from banks	3310.623	2694.324
Total	3315.027	2695.617

Auditors :
Name :	A.T. Jain and Company Chartered Accountants
Address :	212, Rewa Chambers, 31 New Marine Lines, Mumbai – 400020, Maharashtra, India
Tel. No.:	91-22-22035151/ 22035252
Fax No.:	91-22-22083820
E-Mail :	atjain@vsnl.com
PAN N Income-tax PAN of auditor or auditor's firm :	AABFA2587P
Memberships :	Not Divulged
Collaborators :	Not Divulged
Associates :	Madhuban Trade-Steels Private Limited U99999PN1997PTC109372 M S Metals and Steels Private Limited U27320KA2004PTC034057 M M Ceramics and Ferro Alloys Madhuban Motors Private Limited U51502MH2004PTC146683 Mehta Trading Corporation M.S. Motors private limited U50300MH2008PTC183718
Subsidiary Company :	MGK International INC Multi Trade Links UK Limited Multi Metal Link FZC

CAPITAL STRUCTURE

AS ON: 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- each	Rs.100.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
9504000	Equity Shares	Rs.10/- each	Rs.95.040 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	95.040	95.040	95.040
(b) Reserves & Surplus	998.676	852.778	748.193
(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)	1093.716	947.818	843.233
(3) Non-Current Liabilities
(a) long-term borrowings	110.168	227.755	255.508
(b) Deferred tax liabilities (Net)	9.617	5.161	1.043
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	119.785	232.916	256.551
(4) Current Liabilities
(a) Short term borrowings	3349.418	2796.691	2541.573
(b) Trade payables	333.523	249.281	311.349
(c) Other current liabilities	173.562	95.730	86.108
(d) Short-term provisions	11.145	3.382	1.542
Total Current Liabilities (4)	3867.648	3145.084	2940.572
TOTAL	5081.149	4325.818	4040.356
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	303.648	242.274	58.569
(ii) Intangible Assets	0.454	0.456	0.200
(iii) Capital work-in-progress	0.000	0.000	160.508
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	89.888	48.710	48.709
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	79.179	62.405	57.836
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	473.169	353.845	325.822
(2) Current assets
(a) Current investments	7.326	7.326	21.180
(b) Inventories	722.375	892.814	1347.089
(c) Trade receivables	3074.639	2108.792	1321.811
(d) Cash and cash equivalents	498.701	576.353	522.991
(e) Short-term loans and advances	265.524	340.365	463.677
(f) Other current assets	39.415	46.323	37.786
Total Current Assets	4607.980	3971.973	3714.534
TOTAL	5081.149	4325.818	4040.356

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
SALES
	Total Revenue	15763.226	12010.683	11174.495
	Other Income	NA	NA	NA
	TOTAL	NA	NA	NA
EXPENSES
	TOTAL	NA	NA	NA
PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		240.272	151.039	153.839
DEPRECIATION/ AMORTISATION		14.329	11.252	5.616
PROFIT BEFORE TAX		218.903	139.787	148.223
TAX		73.005	35.203	29.333
PROFIT AFTER TAX		145.898	104.584	118.890
EARNINGS IN FOREIGN CURRENCY
	Dividend Income	15.279	13.813	12.958
	F.O.B. value of export	13.190	0.000	0.000
TOTAL EARNINGS		28.469	13.813	12.958
Earnings Per Share (Rs.)		15.35	11.00	NA

Expected Sales (2014-2015) : Rs. 15000.000 Million

The above information has been parted by Mr. Naman Jain

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	0.93	0.87	1.06
Return on Total Assets (PBT/Total Assets}	(%)	4.39	3.27	3.87
Return on Investment (ROI) (PBT/Networth)		0.20	0.15	0.18
Debt Equity Ratio (Total Debt/Networth)		3.16	3.19	3.32
Current Ratio (Current Asset/Current Liability)		1.19	1.26	1.26

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	95.040	95.040	95.040
Reserves & Surplus	748.193	852.778	998.676
Net worth	843.233	947.818	1,093.716
long-term borrowings	255.508	227.755	110.168
Short term borrowings	2,541.573	2,796.691	3,349.418
Total borrowings	2,797.081	3,024.446	3,459.586
Debt/Equity ratio	3.317	3.191	3.163

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)
Total Revenue	11,174.495	12,010.683	15,763.226
		7.483	31.243

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Total Revenue	11,174.495	12,010.683	15,763.226
Profit/(Loss) After Tax	118.890	104.584	145.898
	1.06%	0.87%	0.93%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last four years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	Yes
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

NOTE: Registered office of the company has been shifted from 301-302, Vertex Vikas, A Wing, Opposite Railway Station, Andheri (East), Mumbai – 400069, Maharashtra, India to the present address w.e.f 04.03.2013.

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10505176	23/05/2014	150,000,000.00	UNION BANK OF INDIA	ANDHERI(EAST) BRANCH, MAYANI MANOR, SIR M.V. ROAD, ANDHERI (EAST), MUMBAI, MAHARASHTRA - 400069,  INDIA	C08521734
2	10459058	25/03/2014 *	1,000,000,000.00	UNION BANK OF INDIA	UNION BANK OF INDIA, SIR M.V. ROAD, ANDHERI (EAST), MUMBAI, MAHARASHTRA - 400069, INDIA	C02642890
3	80018324	25/03/2014 *	4,710,000,000.00	UNION BANK OF INDIA	UNION BANK OF INDIA, SIR M.V. ROAD, ANDHERI (EAST), MUMBAI, MAHARASHTRA - 400069, INDIA	C02642759
4	90145614	27/11/2014 *	544,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA	C35790047
5	90144130	25/03/2014 *	565,000,000.00	UNION BANK OF INDIA	UNION BANK OF INDIA, SIR M.V. ROAD, ANDHERI (EAST), MUMBAI, MAHARASHTRA - 400069, INDIA	C02641496

* Date of charge modification

UNSECURED LOAN

Particular	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG-TERM BORROWINGS
Differed payment liability	4.865	0.000
Intercorporate deposits	30.000	70.000
Loans and advances from directors	70.899	156.462
SHORT-TERM BORROWINGS
Intercorporate deposits	0.000	67.000
Loans and advances from related parties	38.795	35.367
Total	144.559	328.829

PERFORMANCE REVIEW

During the year the company has achieved total revenue of Rs. 15763.226 Million as compared to Rs. 12010.683 Million in the previous year thereby posting an increase by 31.2%. The company has earned net profit of Rs. 145.898 Million during the year as against profit of Rs. 104.584 Million. The profit of the company was slightly affected due to increase in purchase costs and depreciation amount. However, with vast experience in the industry and their constant efforts, the Directors are confident of achieving higher growth in the coming years.

FIXED ASSETS

Tangible Assets

· Land

· Buildings

· Other Building

· Plant and Equipment

· Other plant and Equipment

· Furniture and Fixtures

· Vehicles

· Motor Vehicles

· Office Equipment

· Computer Equipments

· Other Equipments

Intangible Assets

· Computer Software

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. 63.58
UK Pound	1	Rs. 97.99
Euro	1	Rs. 70.53

INFORMATION DETAILS

Information Gathered by :	GYA
Analysis Done by :	SUB
Report Prepared by :	TRU

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	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	4
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		46

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.