MIRA INFORM REPORT

Report No. :	319474
Report Date :	06.05.2015

IDENTIFICATION DETAILS

Name :	OPG INDUSTRIES LIMITED
Registered Office :	NEW No. 6, Old No.10, North Terminus Road, Tollgate, Chennai – 600081, Tamilnadu
Tel No :	91-4442911221 / 222
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	18.10.1996
Com. Reg. No.:	18-036793
Capital Investment / Paid-up Capital :	Rs. 35.706 Million
CIN No.: [Company Identification No.]	U27104TN1996PLC036793
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject is engaged in trading in iron, steel, gold bullion, coal and wheat.
No. of Employees :	Not Available

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 810000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. Profitability of the company seems to be low during 2014. However, 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 for normal 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

Rating Agency Name	ICRA
Rating	Fund Based Facilities = BBB+
Rating Explanation	Have inadequate credit quality and carry high credit risk
Date	March 2015

Rating Agency Name	ICRA
Rating	Non Fund Based Facilities = A4+
Rating Explanation	Have minimal degree of safety and carry very high credit risk
Date	March 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.

LOCATIONS

Registered Office :	NEW No. 6, Old No.10, North Terminus Road, Tollgate, Chennai – 600081, Tamilnadu, India
Tel. No.:	91-4442911221 / 222
E-Mail :	Durga.firm@yahoo.com

DIRECTORS

As on : 29.09.2014

Name :

Mr. Sudhir Singh

Designation :

Director

Address :

12, Srinivasa Appartment, Turn Bulls Road, 1^st Cross Street, Chennai – 600035, Tamilnadu, India

Date of Birth/Age :

15.06.1954

Date of Appointment :

23.09.2013

DIN No.:

00249819

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	L51494DL1984PLC019684	CHAMAK HOLDINGS LIMITED	Director	06/03/1999	06/03/1999	15/06/2011	Active	NO
2	U74999WB1997PTC084147	SION MARKETING PRIVATE LIMITED	Director	06/03/1999	06/03/1999	10/02/2015	Active	NO
3	U51109WB1992PTC057231	SWISS PARK VANIJYA PVT LTD	Additional director	26/02/2015	09/03/2009	-	Active	NO
4	U51109WB1993PTC061074	GOODFAITH VINIMAY PVT. LTD.	Director	02/07/2010	15/12/2009	-	Active	NO
5	U65993TN1995PTC029749	DHANVARSHA ENTERPRISES & INVESTMENTS PRIVATE LIMITED	Director	30/06/2010	15/12/2009	-	Active	NO
6	U65993TN1995PTC029743	SRI HARI VALLABHAA ENTERPRISES & INVESTMENTS PRIVATE LIMITED	Director	30/06/2010	15/12/2009	-	Active	NO
7	L15499TN1992PLC022192	SAPTARISHI AGRO INDUSTRIES LIMITED	Additional director	14/02/2011	14/02/2011	23/07/2014	Active	NO
8	U40102TN2011PTC080165	AVANTI ELECTRIC PRIVATE LIMITED	Director	15/04/2011	15/04/2011	-	Active	NO
9	U40300TN2011PTC080195	AVANTI HYDRO POWER PRIVATE LIMITED	Director	18/04/2011	18/04/2011	-	Active	NO
10	U40300TN2011PTC080209	SAMRIDDHI ENERGY PRIVATE LIMITED	Director	19/04/2011	19/04/2011	-	Active	NO
11	U40300TN2011PTC080241	AVANTI RENEWABLE ENERGY PRIVATE LIMITED	Director	20/04/2011	20/04/2011	-	Active	NO
12	U40300TN2011PTC080251	AVANTI SOLAR ENERGY PRIVATE LIMITED	Director	21/04/2011	21/04/2011	-	Active	NO
13	U40109TN2011PTC080312	FORTUNE WIND ENERGY PRIVATE LIMITED	Director	26/04/2011	26/04/2011	-	Active	NO
14	U40300TN2011PTC080332	BRICS ENERGY GENERATION PRIVATE LIMITED	Director	27/04/2011	27/04/2011	04/02/2015	Active	NO
15	U40106TN2011PTC080462	BRICS SOLAR POWER PRIVATE LIMITED	Director	04/05/2011	04/05/2011	01/03/2014	Active	NO
16	U40108TN2011PTC080491	BRICS RENEWABLE ENERGY PRIVATE LIMITED	Director	05/05/2011	05/05/2011	-	Active	NO
17	U40101TN2011PTC080605	BRICS HYDRO POWER PRIVATE LIMITED	Director	12/05/2011	12/05/2011	-	Active	NO
18	U40104TN2011PTC081378	BRICS POWER GENERATION PRIVATE LIMITED	Director	06/07/2011	06/07/2011	-	Active	NO
19	U40104TN2010PLC075358	GITA POWER VENTURES LIMITED	Director	29/09/2012	31/03/2012	-	Active	NO
20	U70200TN2012PTC086731	BRIZOZONE PROPERTY HOLDINGS PRIVATE LIMITED	Director	13/07/2012	13/07/2012	-	Active	NO
21	U45201TN1996PLC035525	TAMILNADU PROPERTY DEVELOPERS LTD	Additional director	13/08/2012	13/08/2012	-	Active	NO
22	U27104TN1996PLC036793	OPG INDUSTRIES LIMITED	Director	23/09/2013	09/01/2013	-	Active	NO
23	U27310TN2010PLC075626	CHENNAI FERROUS INDUSTRIES LIMITED	Additional director	01/03/2013	01/03/2013	03/06/2013	Active	NO
24	U40100TN2008PTC068233	GITA POWER & INFRASTRUCTURE PRIVATE LIMITED	Director	27/09/2013	19/04/2013	-	Active	NO
25	U45208TN2014PTC094418	OPGS INFRASTRUCTURE PRIVATE LIMITED	Director	01/01/2014	01/01/2014	-	Active	NO
26	U45206TN2014PTC094427	OPGS INDUSTRIAL INFRASTRUCTURE DEVELOPERS PRIVATE LIMITED	Director	02/01/2014	02/01/2014	-	Active	NO
27	AAB-1443	UJJAIN ENTERPRISES & HOLDINGS LLP	Body corporate as Designated Partner	01/10/2012	01/10/2012	-	Active	NO

Name :

Mr. Gopal Krishnan

Designation :

Director

Address :

Flat No FR3, Building No 37, Vinodh Vetri Appartment, Govinandan ST Aminjikarai, Chennai – 600029, Tamilnadu, India

Date of Birth/Age :

25.04.1972

Date of Appointment :

29.09.2013

DIN No.:

03602560

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	U51103TN2011PTC082038	FutureSteps Exim & Logistics Private Limited	Director	24/08/2011	24/08/2011	-	Active	NO
2	U27104TN1996PLC036793	OPG INDUSTRIES LIMITED	Director	29/09/2014	02/12/2013	-	Active	NO
3	U40106TN2011PTC080462	BRICS SOLAR POWER PRIVATE LIMITED	Additional director	01/03/2014	01/03/2014	28/02/2015	Active	NO
4	U27310TN2010PLC075626	CHENNAI FERROUS INDUSTRIES LIMITED	Additional director	21/08/2014	21/08/2014	31/03/2015	Active	NO

Name :

Mr. Dheeraj Babli Bansal

Designation :

Director

Address :

332 A, 1^st Sankarpuram Palavakkam, Chennai – 600041, Tamilnadu, India

Date of Birth/Age :

31.03.1958

Date of Appointment :

27.09.2013

DIN No.:

01543455

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	U85195TN1999PTC042412	VITA MEDICAL SCANS PRIVATE LIMITED	Director	05/05/1999	05/05/1999	-	Dormant	NO
2	U85110TN2004PTC052749	VIVA VITA DIAGNOSTIC SYSTEMS PRIVATE LIMITED	Director	15/03/2004	15/03/2004	05/08/2009	Active	NO
3	U40106TN2011PTC080462	BRICS SOLAR POWER PRIVATE LIMITED	Director	29/09/2012	30/07/2012	-	Active	NO
4	U27104TN1996PLC036793	OPG INDUSTRIES LIMITED	Director	23/09/2013	15/07/2013	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on : 29.09.2014

Names of Shareholders	No. of Shares
Shri. Arvind Gupta	250400
M/s Dhanvarsha Enterprises and Investments Private Limited	97700
M/s. Tamilnadu Enterprises and Investments Private Limited	292300
M/s. Goodfaith Vinimay Private Limited	42200
M/s. Sri Hari Vallabha Enterprise and Investments Private Limited	792000
Ms. Manisha G. Budia	9000
Ranu Devi Jalan	26000
Sangita Patel	7500
Naina Patel	17500
Suresh Kumar Gupta	6000
Assam Mercantile Company Limited	13620
OPG Power Maharashtra Private Limited	620000
Ravi Kumar Gupta	780000
Gita Energy Generation Private Limited	272727
ATI Plantation Private Limited	18750
Binawadini Printing and Allied Works Private Limited	43750
Boski Distributors Private Limited	31250
Burdwan Road Properties Private Limited	50000
Cyndrella Tie – up Private Limited	18750
Karkish Vyapaar Private Limited	31250
Majestic Suppliers Private Limited	25000
Paritoshik Tie – up Private Limited	43750
Pichu Sleepwear Private Limited	43750
Travellers Hotel Private Limited	37500
Total	3570697

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	69.30
Other top fifty shareholders	30.70
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in trading in iron, steel, gold bullion, coal and wheat.

Products :

Product Description	Item Code No. (ITC Code)
Basic iron and steel	9961924
Coal and lignite; peat	99611911
Wheat	99611112

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Available

Imports :

Not Available

Terms :

Not Available

PRODUCTION STATUS = NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

Not Available

Bankers :

Banker Name	Indian Overseas Bank
Branch Address	Auras Corporate Centre, Post Box No. 351, dr. Radhakrishnan Salai, Mylapore, Chennai – 600004, Tamilnadu, India
Person Name (With Designation)	Not Available
Contact Number	Not Available
Name of Account Holder	Not Available
Account Number	Not Available
Account Since (Date/Year of Account Opening)	Not Available
Average Balance Maintained (If Possible)	Not Available
Credit Facilities Enjoyed (If any)	Not Available
Account Operation	Not Available
Remarks (If any)	Not Available

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
SHORT TERM BORROWING
Loans repayable on demand	170.916	160.539
Total	170.916	160.539

Auditors :
Name :	Om Prakash and Bhattad Om Prakash Chartered Accountants
Address :	356 Mint Street, II Floor, Chennai – 600079, Tamilnadu, India
PAN No.:	AADPB8964D
Memberships :	Not Available
Collaborators :	Not Available
Sister Concern :	Not Available

CAPITAL STRUCTURE

As on : 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
3600000	Equity Shares	Rs.10/- each	Rs. 36.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3570697	Equity Shares	Rs.10/- each	Rs. 35.706 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	35.706	32.269	29.542
(b) Reserves & Surplus	249.505	223.013	200.737
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	24.000
Total Shareholders’ Funds (1) + (2)	285.211	255.282	254.279
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.028	0.028	0.028
(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)	0.028	0.028	0.028
(4) Current Liabilities
(a) Short term borrowings	170.916	160.539	56.729
(b) Trade payables	53.298	11.756	0.000
(c) Other current liabilities	0.095	0.384	0.012
(d) Short-term provisions	1.248	2.042	0.564
Total Current Liabilities (4)	225.557	174.721	57.305
TOTAL	510.796	430.031	311.612
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	20.895	17.026	10.294
(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	53.447	76.429	76.418
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	15.000	15.000	19.880
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	89.342	108.455	106.592
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.000	59.106	28.670
(c) Trade receivables	210.416	118.586	55.039
(d) Cash and cash equivalents	71.894	0.697	2.082
(e) Short-term loans and advances	139.144	143.187	119.229
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	421.454	321.576	205.020
TOTAL	510.796	430.031	311.612

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	1197.314	1894.508	717.228
		Other Income	2.199	2.300	2.146
		TOTAL	1199.513	1896.808	719.374
Less	EXPENSES
		Cost of Materials Consumed	1121.323	1864.997	0.000
		Purchases of Stock-in-Trade	0.000	0.000	729.054
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	59.106	(30.436)	(22.090)
		Employees benefits expense	0.480	0.495	0.116
		Other expenses	8.344	36.911	2.149
		TOTAL	1189.253	1871.967	709.229
Less	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		10.260	24.841	10.145
Less	FINANCIAL EXPENSES		6.216	18.380	8.168
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		4.044	6.461	1.977
Less/ Add	DEPRECIATION/ AMORTISATION		0.401	0.451	0.508
	PROFIT/(LOSS) BEFORE TAX		3.643	6.010	1.469
Less	TAX		1.223	2.017	0.541
	PROFIT/(LOSS) AFTER TAX		2.420	3.993	0.928
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		24.834	20.841	19.913
	BALANCE CARRIED TO THE B/S		27.254	24.834	20.841
	Earnings Per Share (Rs.)		0.68	1.12	0.26

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	0.20	0.21	0.13
Operating Profit Margin (PBDIT / Sales)	(%)	0.86	1.31	1.41
Return on Total Assets (PBT/Total Assets}	(%)	0.80	1.70	0.62
Return on Investment (ROI) (PBT/Networth)		0.01	0.02	0.01
Debt Equity Ratio (Total Debt /Networth)		0.60	0.63	0.22
Current Ratio (Current Asset/Current Liability)		1.87	1.84	3.58

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	29.542	32.269	35.706
Reserves & Surplus	200.737	223.013	249.505
Share Application money pending allotment	0.000	0.000	24.000
Net worth	230.279	255.282	285.211
long-term borrowings	0.000	0.000	0.000
Short term borrowings	56.729	160.539	170.916
Total borrowings	56.729	160.539	170.916
Debt/Equity ratio	0.246	0.629	0.599

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	717.228	1894.508	1197.314
		164.143	(36.801)

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	717.228	1894.508	1197.314
Profit	0.928	3.993	2.420
	0.13%	0.21%	0.20%

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	No
9]	Name of person contacted	No
10]	Designation of contact person	No
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	No
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
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	Yes

NOTE :

The registered address of the company has been shifted from No 133, Santhome High Roadsanthome, Chennai – 600004, Tamilnadu, India to the present address (w.e.f. 1507.2011)

OPERATIONS

The company has performed by the market for the year ended 31^st March 2014. These results are attributable because of backward integration, operational efficiency and prudent financial practices followed by the management.

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	80056061	05/02/2013 *	400,000,000.00	Indian Overseas Bank	"Auras Corporate Centre", Post Box No.351,, Dr.Radhakrishnan Salai, Mylapore, chennai, Tamil Nadu - 600004, INDIA	B69862142

* Date of charge modification

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.63.51
UK Pound	1	Rs.95.95
Euro	1	Rs.70.53

INFORMATION DETAILS

Analysis Done by :	RAS
Report Prepared by :	RNK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--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	NO
--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	--

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.