MIRA INFORM REPORT

Report No. :	320519
Report Date :	04.05.2015

IDENTIFICATION DETAILS

Name :	RAJURI STEELS PRIVATE LIMITED
Registered Office :	F-12, Phase-II, Additional M.I.D.C, Jalna - 431203, Maharashtra
Tel. No.:	91-2482-221004
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	22.03.1990
Com. Reg. No.:	11-055933
Capital Investment / Paid-up Capital :	Rs. 30.672 Million
CIN No.: [Company Identification No.]	U27200MH1990PTC055933
IEC No.:	3103012829
TAN No.: [Tax Deduction & Collection Account No.]	NSKR01864C
PAN No.: [Permanent Account No.]	AABCR5546A
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Iron and Steel Product.
No. of Employees :	100 (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 :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Profitability of the company seems to be low during 2014. However, general financial position of the company seems to be decent. Trade relations are reported to be 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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
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

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 31-03-2014.

INFORMATION PARTED BY

Name :	Mr. Sudesh
Designation :	Accounts Department
Contact No.:	91-9325555785
Date :	30.04.2015

LOCATIONS

Registered/ Head Office/ Factory :	F-12, Phase-II, Additional M.I.D.C, Jalna - 431203, Maharashtra, India
Tel. No.:	91-2482-221004/ 220577/ 220838
Mobile No.:	91-9325555785 (Mr. Sudesh)
Fax No.:	91-2482-221132
E-Mail :	sales@rajuristeels.com purchase@rajuristeels.com accounts@rajuristeels.com advertising@rajuristeels.com rajuri.acc@gmail.com
Website :	http://www.rajuristeel.com
Location :	Owned
Marketing Office :	B-11 Konark Vihar, Sambhaji Nagar, Dhankawdi, Pune - 411043, Maharashtra, India
Tel. No.:	91-20-24360785
Fax No.:	91-20-30491239
E-Mail :	marketing@rajuristeels.com puneoffice@rajuristeels.com

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Dinesh Kantilal Rathi

Designation :

Director

Address :

Kapda Bazar, Jalna - 431203, Maharashtra, India

Date of Birth/Age :

07.05.1975

Qualification :

B. E.

Date of Appointment :

12.04.2005

PAN No.:

AFVPR8424F

DIN No.:

00372572

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	U27200MH1990PTC055933	RAJURI STEELS PRIVATE LIMITED	Director	12-04-2005	12-04-2005	-	Active	NO
2	U74990MH2009PTC193649	USHMESH AND AKHILESH ENTERPRISES PRIVATE LIMITED	Director	30-06-2009	30-06-2009	-	Active	NO
3	U28999MH2010PTC204100	RAJURI STEELS AND ALLOYS PRIVATE LIMITED	Director	12-06-2010	12-06-2010	01-07-2014	Active	NO
4	U13203MH2008PTC187601	RAJYOG EXTRUSION PRIVATE LIMITED	Additional director	03-04-2012	03-04-2012	20-01-2013	Active	NO
5	U24233MH2013PTC248968	RAJURI CEMENT PRIVATE LIMITED	Director	08-10-2013	08-10-2013	-	Active	NO
6	U15500MH2013PTC250527	RAJURI FOODS PRIVATE LIMITED	Director	28-11-2013	28-11-2013	-	Active	NO

Name :

Mr. Shivkumar Nandlal Lohiya

Designation :

Director appointed in casual vacancy

Address :

246, Dwarka, Priydarshni Colony, Sambhaji Nagar, Jalna - 431203, Maharashtra, India

Date of Birth/Age :

24.08.1973

Date of Appointment :

09.09.2011

PAN No.:

AAHPL2903L

DIN No.:

01785941

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	U27300MH2004PTC147506	SAPTASHRUNGI ALLOY PRIVATE LIMITED	Director	04-01-2008	04-01-2008	13-09-2011	Active	NO
2	U29253MH2010PTC210134	AYUSHMAN ENGINEERING PRIVATE LIMITED	Director	16-11-2010	16-11-2010	-	Active	NO
3	U29253MH2011PTC213113	DWARKESHWAR ISPAT PRIVATE LIMITED	Director	06-02-2011	06-02-2011	-	Strike off	NO
4	U29253MH2011PTC213164	SHAGUN ENGINEERING PRIVATE LIMITED	Director	08-02-2011	08-02-2011	-	Active	NO
5	U29253MH2011PTC213506	KEDARESHWAR FABRICATION PRIVATE LIMITED	Director	14-02-2011	14-02-2011	-	Strike off	NO
6	U29253MH2011PTC213509	EKLAVYA FABRICATION PRIVATE LIMITED	Director	14-02-2011	14-02-2011	-	Strike off	NO
7	U27200MH1990PTC055933	RAJURI STEELS PRIVATE LIMITED	Director appointed in casual vacancy	09-09-2011	09-09-2011	-	Active	NO
8	U24233MH2013PTC248968	RAJURI CEMENT PRIVATE LIMITED	Director	08-10-2013	08-10-2013	-	Active	NO
9	U15500MH2013PTC250527	RAJURI FOODS PRIVATE LIMITED	Director	28-11-2013	28-11-2013	-	Active	NO
10	U24233MH2013PTC251057	RAJURI PAINTS PRIVATE LIMITED	Director	16-12-2013	16-12-2013	-	Active	NO
11	U51109WB1996PTC078624	SAPTRISHI SUPPLIERS PRIVATE LIMITED	Additional director	27-02-2015	27-02-2015	-	Under Process of Striking off	NO
12	AAC-3433	PRAKRITIK PROJECTS LLP	Designated Partner	04-06-2014	04-06-2014	-	Active	NO
13	AAC-3884	PRAKRITIK REALTORS LLP	Designated Partner	20-06-2014	20-06-2014	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Sudesh
Designation :	Accounts Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Equity Shareholders	No. of Shares
Ashish Bhala	73240
Prabhabhai Soni	16000
Dwarkaprasad Soni	46000
Urmila Soni	120400
Dinesh Rathi	80000
Madhvi Rathi	30000
Kailash Loya	12000
Savita Loya	80000
Purushottam Toshniwal	42800
Aasha Mundada	6400
Jyoti Mundada	5200
Lata Mundada	6400
Surekha Mundada	6400
Ramesh Mundada	32000
Santosh Mundada	3960
Santosh Mundada HUF	12800
Sanjay Rathi	65000
Prafullata Sanjay Rathi	35000
Jagdish Rathi	50000
Kiran Rathi	45000
Shivkumar Nandlal Loya	61000
Shivratan Shrigopal Mundada	146000
Sunil Pusaram Bharade	39600
Vijay Bharade	52000
Total	1067200

Names of Preference Shareholder	No. of Shares
Parijat Tie Up Private Limited, India	200000
Total	200000

AS ON 30.09.2014

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Iron and Steel Product.

Products/ Services :

ITC Code No.	Product Descriptions
72149990	TMT Bars

Brand Names :

--

Agencies Held :

--

Exports :

Products :

--

Countries :

--

Imports :

Products :

--

Countries :

--

Terms :

Selling :

Cheque and Credit

Purchasing :

Cheque and Credit

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference:	Not Divulged
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

Customers :

Retailers

Reference:	Not Divulged
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

No. of Employees :

100 (Approximately)

Bankers :

Bank Name:	Not Divulged
Branch:	Not Divulged
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 A/c Opening):	Not Divulged
Average Balance Maintained (Optional):	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan):	Not Divulged
Account Operation:	Not Divulged
Remarks:	Not Divulged

· Bank of India

Jalna Branch, New Mondha Road, Jalna - 431203, Maharashtra, India

· Bank of India Mid Corp Branch

AT 1162/6, Shivajinagar University Road, Pune, Pune – 411005, Maharashtra, India

· HDFC Bank Limited

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG-TERM BORROWINGS
Rupee term loans from banks	48.864	51.590
Other loans and advances	1.729	0.000
SHORT TERM BORROWINGS
Term loans from banks	0.000	173.605
Total	50.593	225.195

Banking Relations :	--
Auditors :
Name :	G.S.A and Company Chartered Accountants
Address :	Ground Floor, Jindal Super Market, M.G. Road, Jalna – 431203, Maharashtra, India
Tel. No.:	91-2482- 231861/ 233989
Income-tax PAN of auditor or auditor's firm :	AAPPA5567P
Associates :	· Rajuri Steels and Alloys Private Limited · Kuberlaxmi Steel And Alloys Private Limited [U27200MH2010PTC207037]

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
1,100,000	Equity Shares	Rs. 10/- each	Rs. 11.000 Million
250,000	Preference Shares	Rs. 100/- each	Rs. 25.000 Million
	Total		Rs. 36.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1,067,200	Equity Shares	Rs. 10/- each	Rs. 10.672 Million
200,000	Preference Shares	Rs. 100/- each	Rs. 20.000 Million
	Total		Rs. 30.672 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	30.672	30.672	30.672
(b) Reserves & Surplus	200.826	184.135	154.906
(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)	231.498	214.807	185.578
(3) Non-Current Liabilities
(a) Long-term borrowings	268.659	125.967	99.669
(b) Deferred tax liabilities (Net)	26.791	19.748	16.461
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	2.368	2.059	1.519
Total Non-current Liabilities (3)	297.818	147.774	117.649
(4) Current Liabilities
(a) Short term borrowings	198.690	235.490	134.113
(b) Trade payables	96.030	179.177	235.016
(c) Other current liabilities	42.114	47.746	33.277
(d) Short-term provisions	24.941	24.600	41.002
Total Current Liabilities (4)	361.775	487.013	443.408
TOTAL	891.091	849.594	746.635
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	270.687	245.145	150.766
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	73.676	41.358	11.899
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	20.293	14.876	12.876
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	3.328	16.753	6.386
(e) Other Non-current assets	0.773	0.071	0.106
Total Non-Current Assets	368.757	318.203	182.033
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	169.359	121.322	159.114
(c) Trade receivables	291.113	368.019	334.493
(d) Cash and cash equivalents	23.260	11.633	9.973
(e) Short-term loans and advances	37.891	30.018	60.574
(f) Other current assets	0.711	0.399	0.448
Total Current Assets	522.334	531.391	564.602
TOTAL	891.091	849.594	746.635

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		TOTAL (A)	2676.111	3087.253	3381.385
Less	EXPENSES
		TOTAL (B)	2641.427	3042.229	3312.234
	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		[Including Financial and Depreciation Expenses]	[Including Financial and Depreciation Expenses]	69.151
Less	FINANCIAL EXPENSES (D)				24.557
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)				44.594
Less/ Add	DEPRECIATION/ AMORTISATION (F)				6.130
	PROFIT BEFORE TAX (E-F) (G)		34.684	45.024	38.464
Less	TAX (H)		14.351	12.152	13.514
	PROFIT AFTER TAX (G-H) (I)		20.333	32.872	24.950
	Earnings Per Share (Rs.)		16.05	25.94	22.45

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	4.35	5.68	5.33
Return on Investment (ROI) (PBT/Networth)		0.15	0.21	0.21
Debt Equity Ratio (Total Debt/Networth)		2.02	1.68	1.26
Current Ratio (Current Asset/Current Liability)		1.44	1.09	1.27

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particulars	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	30.672	30.672	30.672
Reserves & Surplus	154.906	184.135	200.826
Net worth	185.578	214.807	231.498
Long-term borrowings	99.669	125.967	268.659
Short term borrowings	134.113	235.490	198.690
Total borrowings	233.782	361.457	467.349
Debt/Equity ratio	1.260	1.683	2.019

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 Income	3381.385	3087.253	2676.111
		-8.699	-13.317

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 Income	3381.385	3087.253	2676.111
Profit	24.950	32.872	20.333
	0.74%	1.06%	0.76%

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 three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	No
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	No

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10501543	13/05/2014	69,200,000.00	BANK OF INDIA MID CORP BRANCH	AT 1162/6, SHIVAJINAGAR UNIVERSITY ROAD, PUNE, PUNE, MAHARASHTRA - 411005, INDIA	C05930458
2	10340636	17/02/2012	5,000,000.00	THE COSMOS CO-OPERATIVE BANK LIMITED	NASCENT TOWER, PLOT NO.15,, BHOKARDAN NAKA ROAD, JALANA, MAHARASHTRA - 431203, INDIA	B34352542
3	10331019	16/01/2012	390,000,000.00	STATE BANK OF INDIA	INDUSTRIAL FINANCE BRANCH,, JAGGI'S BUILDING, KRANTI CHOWK, AURANGABAD, MAHARASHTRA - 431005, INDIA	B30324016
4	10106514	29/08/2013 *	316,000,000.00	THE COSMOS CO-OPERATIVE BANK LIMITED	NASCENT TOWER, PLOT NO. 15,, BHOKARDAN NAKA ROAD, JALNA, MAHARASHTRA - 431203, INDIA	B85334878
5	10106518	27/04/2011 *	197,500,000.00	THE COSMOS CO-OPERATIVE BANK LIMITED	NASCENT TOWER, PLOT NO. 15,, BHOKARDAN NAKA ROAD, JALNA, MAHARASHTRA - 431203, INDIA	B12994752
6	80060464	17/10/2002	7,500,000.00	THE JINTOR CO-OPERATIVE BANK LIMITED	JINTOR BRANCH, , JALNA, MAHARASHTRA - 431203, INDIA	-

* Date of charge modification

UNSECURED LOANS

PARTICULARS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG-TERM BORROWINGS
Intercorporate borrowings	209.450	0.000
Deposits	8.616	74.377
SHORT TERM BORROWINGS
Term loans from others	198.690	61.885
Total	416.756	136.262

CHANGE OF ADDRESS:

The Registered Office of the company has been shifted from Room No 203, 2nd Floor, Gokul Premise Co- Society Limited, 80-A, Baroda Street, Lokhand Bazar, Mumbai - 400009, Maharashtra, India to the present address w.e.f.09.03.2011

GENERAL INFORMATION:

Subject is a private limited (RSPL) company incorporated in 1994 under provisions of the Companies Act, 1956 with intends to Manufacture Iron & Steel Product. The Company has a manufacturing plant at Jalna, Maharashtra and is primarily engaged in the business of manufacturing and sales of TMT bars. RSPL manufacture TMT Bars through Quenching and Tempering (TMT) technology and THERMEX Cooling, HSE, Germany technology with capacity of 120,000 MPA.

PERFORMANCE:

During the current year the Net Sales Turnover has decreased to Rs. 2676.111 Million from Rs. 3087.253 Million in the previous year. As a result net profit after Tax has also be reduce to Rs. 20.333 Million as compare to previous year of Rs. 32.872 Million this mainly because of low demand for product in the market conditions and Infrastructure development in the state. The Board excepts that during the year 2014-15 company shall have better turnover and profitability.

FIXED ASSETS:

· Land

· Buildings

· Plant and equipment

· Factory equipments

· Other plant and equipment

· Furniture and fixtures

· Vehicles

· Motor vehicles

· Office equipment

· Computer equipments

· Other equipments

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 :	KMN
Analysis Done by :	RAS
Report Prepared by :	BVA

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	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		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.