MIRA INFORM REPORT

Report No. :	320505
Report Date :	05.05.2015

IDENTIFICATION DETAILS

Name :	MARUTI STRIPS AND FERRO ALLOYS PRIVATE LIMITED
Registered Office :	Clover Center, Office No. D-544, 5^th Floor, 7, Moledina Road, Pune Camp, Pune – 411001, Maharashtra
Tel. No. :	91-20-40069395
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	08.04.2008
Com. Reg. No.:	11-131771
Capital Investment / Paid-up Capital :	Rs. 50.000 Million
CIN No.: [Company Identification No.]	U27101PN2008PTC131771
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	MUMM37577B
PAN No.: [Permanent Account No.]	AAFCM5488A
Legal Form :	Private Limited Liability Company
Line of Business :	Trader of Steel and Ferro Alloys.
No. of Employees :	25 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (26)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The rating is constrained on account of company’s moderate financial risk profile and low profitability margins of the company. However, trade relations are fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some caution.

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

Rating Agency Name	CRISIL
Rating	Long Term Rating C
Rating Explanation	Poor-credit-quality and limited prospects of recovery.
Date	December 24, 2014

Rating Agency Name	CRISIL
Rating	Short Term Rating A4
Rating Explanation	Minimal degree of safety and very high credit risk
Date	December 24, 2014

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. Balaji Badve
Designation :	Account Manager
Contact No.:	91-9527473046
Date :	02.05.2015

LOCATIONS

Registered Office / Branch Office :	Clover Center, Office No. D-544, 5^th Floor, 7, Moledina Road, Pune Camp, Pune – 411001, Maharashtra, India
Tel. No.:	91-20-40069395
Mobile No.:	91-9527473046 (Mr. Balaji Badve) 91-9960027273 (Mr. Jeegnesh Turakia)
Fax No.:	Not Available
E-Mail :	nvgopalcs@gmail.com hokanakgroup@gmail.com balaji.bbbb123@gmail.com
Area :	750 sq. ft.
Location :	Owned
Head Office:	307, 3^rd Floor, Maker Chamber V, Nariman Point, Mumbai – 400021, Maharashtra, India
Tel. No.:	91-22-22804180 / 22804181
Fax No.:	91-22-22804182
Email :	marutistrips@gmail.com hokanakgroup@gmail.com
Area :	1500 sq. ft.
Location :	Owned

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Yogesh S Saraswate

Designation :

Director

Address :

1652/19, Bhimpura Camp Education, Opposite School, Pune – 411001, Maharashtra, India

Date of Birth/Age :

03.07.1974

Date of Appointment :

30.09.2013

DIN No. :

01969787

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	U27106MH2007PTC171471	Oshiya Industries Private Limited	Additional director	21/03/2008	21/03/2008	10/12/2009	Active	NO
2	U27101PN2008PTC131771	MARUTI STRIPS AND FERRO ALLOYS PRIVATE LIMITED	Director	30/09/2013	08/04/2008	-	Active	NO
3	U27107MH2008PTC182136	KUBER STEELS AND MINERALS PRIVATE LIMITED	Director	13/05/2008	13/05/2008	-	Active	NO
4	U14200MH2008PTC183979	KANAK MINES AND MINERALS PRIVATE LIMITED	Director	25/06/2008	25/06/2008	-	Active	NO
5	U27107PN2009PTC133945	SHREE KANAKGIRI POWER AND STEEL PRIVATE LIMITED	Director	13/05/2009	13/05/2009	-	Strike off	NO
6	U29299PN2002PTC017241	VENTISYS EQUIPMENTS PRIVATE LIMITED	Managing director	09/02/2010	28/07/2009	01/04/2011	Active	NO
7	U27310MH2009PTC196778	OMICRON STEEL TRADES PRIVATE LIMITED	Director	26/06/2012	30/10/2009	02/10/2012	Active	NO
8	U27200MH2010PTC199056	KANAKTEJ IRON & STEEL PRIVATE LIMITED	Director	19/01/2010	19/01/2010	-	Strike off	NO
9	U51909MH2003PTC141769	VIBRANT GLOBAL TRADING PRIVATE LIMITED	Additional director	20/04/2010	20/04/2010	24/06/2010	Active	NO
10	U45209PN2011PTC139342	KANAK VASTU RACHNA PRIVATE LIMITED	Director	27/04/2011	27/04/2011	-	Active	NO
11	U74900PN2011PTC139491	WORTH ENGINEERING PRIVATE LIMITED	Director	21/12/2011	10/05/2011	-	Active	NO
12	U74900PN2011PTC140279	KAVED STEEL PRODUCTS PRIVATE LIMITED	Director	27/07/2011	27/07/2011	-	Active	NO
13	U74900PN2011PTC141681	SAHYADRI FERROMELT PRIVATE LIMITED	Director	16/12/2011	16/12/2011	-	Strike off	NO
14	U45200PN2012PTC142442	KAVED REALTY PRIVATE LIMITED	Director	02/03/2012	02/03/2012	-	Active	NO
15	U45200PN2012PTC142441	VEDDANT SPACES PRIVATE LIMITED	Director	02/03/2012	02/03/2012	-	Active	NO
16	U74999PN2012PTC143552	KANAK CORPORATION PRIVATE LIMITED	Director	29/05/2012	29/05/2012	-	Active	NO
17	U45200PN2012PTC145232	RAVEE LANDMARKS PRIVATE LIMITED	Director	26/12/2012	26/12/2012	21/01/2013	Active	NO
18	U45200PN2013PTC146308	KARISHMA LANDMARKS PRIVATE LIMITED	Director	19/02/2013	19/02/2013	-	Strike off	NO

Name :

Mr. Kshitij Shah Navinchandra

Designation :

Director

Address :

132 Chandrajagat, Shivaji Nagar, Nagpur – 440010, Maharashtra, India

Date of Birth/Age :

15.11.1975

Date of Appointment :

14.03.2014

DIN No. :

03066501

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	U74900MH2008PTC183276	JAICHANDI ENERGY & NATURAL RESOURCES DEVELOPMENT PRIVATE LIMITED	Director	25/07/2010	25/07/2010	23/03/2015	Active	NO
2	U14200MH2008PTC182227	FAIR ENERGY & MINERALS PRIVATE LIMITED	Director	25/07/2010	25/07/2010	23/03/2015	Active	NO
3	U70102MH2007PTC171579	TRASK INFRASTRUCTURE PRIVATE LIMITED	Director	08/09/2010	03/09/2010	-	Active	NO
4	U45400MH2007PTC171580	SARAH CONSTRUCTION PRIVATE LIMITED	Director	22/03/2011	22/03/2011	-	Active	NO
5	U85100MH2011PTC219984	FIRST RESPONSE AROGYA PRIVATE LIMITED	Director	20/07/2011	20/07/2011	-	Active	NO
6	U27100MH2012PTC234236	MAXIMUS MERCANTILE PRIVATE LIMITED	Director	07/08/2012	07/08/2012	-	Active	NO
7	U27310MH2009PTC196778	OMICRON STEEL TRADES PRIVATE LIMITED	Director	02/10/2012	02/10/2012	-	Active	NO
8	U52100MH2012PTC232715	CLIFFORD MULTITRADING PRIVATE LIMITED	Director	03/12/2012	03/12/2012	-	Active	NO
9	U27101PN2008PTC131771	MARUTI STRIPS AND FERRO ALLOYS PRIVATE LIMITED	Additional director	14/03/2014	01/06/2013	-	Active	NO

Name :

Mr. Uttam Kumar Mishra

Designation :

Director

Address :

Plot No.3, New Amarnagar, Nagpur – 440024, Maharashtra, India

Date of Appointment :

27.10.2014

DIN No. :

03549351

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	U51101MH2011PTC219545	UA Trading Company Private Limited	Director	07/07/2011	07/07/2011	31/07/2012	Active	NO
2	U27101PN2008PTC131771	MARUTI STRIPS AND FERRO ALLOYS PRIVATE LIMITED	Director	27/10/2014	27/10/2014	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Balaji Badve
Designation :	Account Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders	No. of Shares	Percentage of Holding
Yogesh S Saraswate	3210000	64.20
Shailesh Shashikant Saraswate	1790000	35.80
Total	5000000	100.00

As on 30.09.2014

Equity Share Break up (Percentage of Total Equity)

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

BUSINESS DETAILS

Line of Business :	Trader of Steel and Ferro Alloys.
Products :	Steel Ferro Alloys
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :
Products :	Steel and Ferro Alloys
Countries :	Dubai South Africa
Imports :
Products :	Scrap
Countries :	Dubai
Terms :
Selling :	Cash, L\C and Credit
Purchasing :	Cash, L\C and Credit

PRODUCTION STATUS: Not Available

GENERAL INFORMATION

Suppliers :

Reference :	Corner International, Pune
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 :	Surya Furniture, Pune
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 :

25 (Approximately

Bankers :

Banker Name	Allahabad Bank
Branch Address	Industrial Finance Branch, 2nd Floor, 37,Mumbai Samachar Marg, Fort, Mumbai - 400023, Maharashtra, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

SECURED LOANS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
LONG TERM BORROWINGS
Rupee term loans from banks	27.319	98.814
SHORT TERM BORROWINGS
Loans repayable on demand from bank	71.462	32.101
Total	98.781	130.915

Auditors :
Name :	Dagdulal K. Jain and Company Chartered Accountants
Address :	ST-1, F-20, 1st Floor, Flower Vally Complex, C.H.S.L. Eastern Express High-Way, Thane (West), Thane – 400601, Maharashtra, India
PAN No. :	AACPJ7738J
Memberships :	Not Available
Collaborators :	Not Available
Associates :	Omicron Steel Trades Private Limited

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
15000000	Equity Shares	Rs.10/- each	Rs. 150.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs. 50.000 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	50.000	50.000	50.000
(b) Reserves & Surplus	205.669	128.523	58.971
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	180.000	180.000	0.000
Total Shareholders’ Funds (1) + (2)	435.669	358.523	108.971
(3) Non-Current Liabilities
(a) long-term borrowings	56.319	98.814	0.000
(b) Deferred tax liabilities (Net)	0.000	0.225	0.071
(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)	56.319	99.039	0.071
(4) Current Liabilities
(a) Short term borrowings	71.462	61.843	3.317
(b) Trade payables	1027.110	894.528	258.431
(c) Other current liabilities	31.200	34.658	61.674
(d) Short-term provisions	63.995	47.656	31.604
Total Current Liabilities (4)	1193.767	1038.685	355.026
TOTAL	1685.755	1496.247	464.068
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	57.726	60.909	65.538
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.035	0.035	0.035
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	6.219	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	57.761	67.163	65.573
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	61.606	28.590	48.356
(c) Trade receivables	1269.891	1132.193	237.695
(d) Cash and cash equivalents	103.071	126.410	6.959
(e) Short-term loans and advances	174.237	127.721	105.478
(f) Other current assets	19.189	14.170	0.007
Total Current Assets	1627.994	1429.084	398.495
TOTAL	1685.755	1496.247	464.068

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	TOTAL INCOME	8548.800	7689.500	8077.000
Less	TOTAL EXPENSES	8436.996	7589.791	8022.282
	PROFIT/ (LOSS) BEFORE TAX	111.804	99.709	54.718
Less	TAX	34.659	30.156	17.131
	PROFIT/ (LOSS) AFTER TAX	77.145	69.553	37.587
	Earnings / (Loss) Per Share (Rs.)	15.43	13.91	7.52

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Total Income)	(%)	0.90	0.90	0.47
Return on Total Assets (PBT/Total Assets}	(%)	6.63	6.66	11.79
Return on Investment (ROI) (PBT/Networth)		0.26	0.28	0.50
Debt Equity Ratio (Total Debt/Networth)		0.29	0.45	0.03
Current Ratio (Current Asset/Current Liability)		1.36	1.38	1.12

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	50.000	50.000	50.000
Reserves & Surplus	58.971	128.523	205.669
Share Application money pending allotment	0.000	180.000	180.000
Net worth	108.971	358.523	435.669
long-term borrowings	0.000	98.814	56.319
Short term borrowings	3.317	61.843	71.462
Total borrowings	3.317	160.657	127.781
Debt/Equity ratio	0.030	0.448	0.293

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	8077.000	7689.500	8548.800
		(4.798)	11.175

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	8077.000	7689.500	8548.800
Profit	37.587	69.553	77.145
	0.47%	0.90%	0.90%

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	Yes
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	Yes
18]	Major customers	Yes
19]	Payments terms	Yes
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	----------------------
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
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 1652/19, Jan Mohammad Street, Camp (West), Pune – 411001, Maharashtra, India

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10396110	05/12/2012	300,000,000.00	STATE BANK OF PATIALA	BHAVANI SHANKAR ROAD BRANCH, BHAVANI SHANKAR ROAD, DADAR WEST, MUMBAI, MAHARASHTRA - 400025, INDIA	B65565319
2	10426242	15/10/2012	450,000,000.00	STATE BANK OF BIKANER AND JAIPUR	D N ROAD, MUMBAI, MAHARASHTRA - 400001, INDIA	B65928285
3	10345326	15/03/2012	30,780,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA	B36192482
4	10294306	11/05/2011	180,000,000.00	ALLAHABAD BANK	INDUSTRIAL FINANCE BRANCH,ALLAHABAD BANK BUILDING, SECOND FLOOR, 37, MUMBAI SAMACHAR MARG, FORT, MUMBAI, MAHARASHTRA - 400023, INDIA	B15861040

* Date of charge modification

UNSECURED LOANS

PARTICULAR	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
LONG TERM BORROWINGS
Rupee term loans from others	29.000	0.000
SHORT TERM BORROWINGS
Intercorporate borrowings	0.000	29.742
Total	29.000	29.742

FIXED ASSETS

• Land
• Buildings
• Residential building
• Plant and equipment
• Other plant and equipment
• Furniture and fixtures
• Vehicles
• Motor vehicles
• Office equipment
• Computer 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 :	REK
Analysis Done by :	KAR
Report Prepared by :	TRU

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILITY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	2
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL

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.