MIRA INFORM REPORT

Report No. :	321177
Report Date :	21.05.2015

IDENTIFICATION DETAILS

Name :	TOUGH CASTING PRIVATE LIMITED

Formerly Known As :	SOUND CAST PRIVATE LIMITED

Registered Office :	E-68, M.I.D.C., Shiroli, Kolhapur - 416122, Maharashtra
Tel. No.:	91-231-2468019/2469313/2469316

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	16.03.1988

Com. Reg. No.:	11-046562

Capital Investment / Paid-up Capital :	Rs 5.000 Million

CIN No.: [Company Identification No.]	U27310PN1988PTC046562

IEC No.:	Not Available

TAN No.: [Tax Deduction & Collection Account No.]	KLPT01890A

PAN No.: [Permanent Account No.]	AAACT6626L

Legal Form :	Private Limited Liability Company

Line of Business :	Supplier, Manufacturer, Exporter and Supplier of castings, Grates, Chain links, Combustion Equipment, Ferrous casting, Boiler fuel feeding system, Boiler combustion system, S. G. Iron Grades etc.

No. of Employees :	120 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

Maximum Credit Limit :	USD 12000

Status :	Satisfactory

Payment Behaviour :	Slow but correct

Litigation :	Clear

Comments :	Subject is an established company having satisfactory track. The company has witnessed decent increase in its turnover and reported fair profitability as against loss made during previous financial year 2013. Trade relations reported to be fair. Business is active. Payments are reported to be slow but correct. 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 – March 31, 2015

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

India

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. Shashikant
Designation :	Manager
Contact No.:	91-9673539090
Date :	06.05.2015

LOCATIONS

Registered Office/Factory :	E-68, M.I.D.C., Shiroli, Kolhapur - 416122, Maharashtra, India
Tel. No.:	91-231-2468019/2469313/2469316
Mobile No.:	91-9673539090 (Mr. Shashikant)
Fax No.:	91-231-2469722/2656727
E-Mail :	Jitu-160372@yahoo.com sales@toughcasting.com
Website :	http://www.toughcasting.com http://www.toughcasting.co.in
Area :	1380 Sq. Ft.
Location :	Owned

DIRECTORS

AS ON 30.09.2014

Name :

Ms. Sushma Balasaheb Kadolkar

Designation :

Managing Director

Address :

249/A/L/75, G-2, Arihant Plaza, Nagala Park, Kolhapur-416003, Maharashtra, India

Date of Birth/Age :

01.06.1952

Date of Appointment :

24.11.1994

DIN No.:

00279342

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U27310PN1988PTC046562	TOUGH CASTING PRIVATE LIMITED	Managing director	24-11-1994	24-11-1994	Active	NO
2	U28900KA2007PTC041917	SOUND CAST ALLOYS PRIVATE LIMITED	Managing director	28-02-2007	28-02-2007	Active	NO

Name :

Mr. Vinayak Yallojirao Kadolkar

Designation :

Director

Address :

411, Vijaynagar, Hindalaga, Belgaum, Karnataka, India

Date of Birth/Age :

22.07.1956

Date of Appointment :

24.11.1994

DIN No.:

00279295

Other Directorship :

S.No.

CIN/LLPIN

Name of the Company/ LLP

Current designation of the Director/ Designated Partner

Date of appointment at current designation

Original date of appointment

Company/ LLP Status

Defaulting status

U27310PN1988PTC046562

TOUGH CASTING PRIVATE LIMITED

Director

24-11-1994

24-11-1994

Active

U28900KA2007PTC041917

SOUND CAST ALLOYS PRIVATE LIMITED

Director

28-02-2007

Active

Name :

Ms. Kalpana Subhash Kadolkar

Designation :

Director

Address :

411, Vijaynagar, Hindalaga, Belgaum, Karnataka, India

Date of Birth/Age :

19.03.1962

Date of Appointment :

24.11.1994

DIN No.:

00279191

Name :

Mr. Balasaheb Yallojirao Kadolkar

Designation :

Director

Address :

249/A/L/75, G-2, Arihant Plaza, Nagala Park, Kolhapur-416003, Maharashtra, India

Date of Birth/Age :

21.07.1948

Date of Appointment :

24.11.1994

DIN No.:

00257399

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U27310PN1988PTC046562	TOUGH CASTING PRIVATE LIMITED	Director	24-11-1994	24-11-1994	Active	NO
2	U28900KA2007PTC041917	SOUND CAST ALLOYS PRIVATE LIMITED	Director	28-02-2007	28-02-2007	Active	NO

Name :

Mr. Amol Balasaheb Kadolkar

Designation :

Director

Address :

249/A/L/75, G-2, Arihant Plaza, Nagala Park, Kolhapur-416003, Maharashtra, India

Date of Birth/Age :

27.08.1975

Date of Appointment :

25.08.2005

DIN No.:

00257386

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U27310PN1988PTC046562	TOUGH CASTING PRIVATE LIMITED	Director	25-08-2005	25-08-2005	Active	NO
2	U28900KA2007PTC041917	SOUND CAST ALLOYS PRIVATE LIMITED	Director	28-02-2007	28-02-2007	Active	NO
3	U31900PN2007PTC130039	STOICHIO COMBUSTION TECHNOLOGY PRIVATE LIMITED	Whole-time director	25-04-2007	25-04-2007	Strike off	NO

KEY EXECUTIVES

Name :	Mr. Shashikant
Designation :	Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Shareholders		No. of Shares
Sushma Balasaheb Kadolkar		13632
Vinayak Yallojirao Kadolkar		8913
Kalpana Subhash Kadolkar		4803
Balasaheb Yallojirao Kadolkar		11202
Vaijayanti Vivek Diwakar		200
Nilkant Ganesh Gadgil		100
Shrishail Chanavirappa Uppin		100
Prakash Govindrao Badkundri		100
Subhash Yallojirao Kadolkar		6285
Shobha Vinayak Kadolkar		2950
Shrish Ramchandra Mane		100
Yallojirao Ishwar Kadolkar		615
Amol Balasaheb Kadolkar		1000
Total		50000

AS ON 30.09.2014

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	98.00
Other top fifty shareholders	2.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Supplier, Manufacturer, Exporter and Supplier of castings, Grates, Chain links, Combustion Equipment, Ferrous casting, Boiler fuel feeding system, Boiler combustion system, S. G. Iron Grades etc.

Products/ Services :	· Boiler Mixing Nozzle · Cast Iron Couplings · Cast Iron Sprockets · Chain Link · Grate Coolers

Brand Names :	Not Available

Agencies Held :	Not Available

Exports :
Products :	Not Divulged
Countries :	Not Divulged

Imports :
Products :	Not Divulged
Countries :	Not Divulged

Terms :
Selling :	Cash, Advance Payment and Credit

Purchasing :	Cash, Advance Payment and Credit

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 :

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 :

120 (Approximately)

Bankers :

Bank Name:	The Samrao Vithal Co-Operative Bank Limited
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

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG-TERM BORROWINGS
The Shamrao Vithal Co-operative Bank Limited Term Loan – 20174	0.114	0.372
The Shamrao Vithal Co-operative Bank Limited Term Loan – 20140	0.000	0.405
The Shamrao Vithal Co-operative Bank Limited Term Loan – 20208	0.790	1.404
The Shamrao Vithal Co-operative Bank Limited Term Loan – 20301	10.833	12.637
Axis Bank Car Loan AURO13400554114	0.433	0.684
Axis Bank Car Loan AUR013400567053	0.495	0.824

SHORT TERM BORROWINGS
The Shamrao Vithal Co-operative Bank Limited Cash Credit (Secured by hypothecation of Stock and Bills Receivable)	9.873	9.566
NSIC RMA Scheme	19.649	19.384
Loan Against Fixed Deposits	0.902	1.979
Total	43.089	47.255

Auditors :
Name :	V. D. Bhavsar and Associates Chartered Accountants
Address :	1429, C Wad, Lakmipuri, Kolhapur-416002, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	ADOPB7931L

Memberships :	Not Available

Collaborators :	Not Available

Associates/Subsidiaries :	Sound Cast Alloys Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

50000	Equity Shares	Rs. 100/- each	Rs. 5.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

50000	Equity Shares	Rs. 100/- each	Rs. 5.000 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	5.000	5.000	5.000
(b) Reserves & Surplus	37.743	32.292	34.258
(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)	42.743	37.292	39.258

(3) Non-Current Liabilities
(a) Long-term borrowings	12.665	17.326	5.186
(b) Deferred tax liabilities (Net)	0.269	0.270	0.270
(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)	12.934	17.596	5.456

(4) Current Liabilities
(a) Short term borrowings	30.424	30.929	29.573
(b) Trade payables	79.272	45.071	65.182
(c) Other current liabilities	1.684	2.092	3.337
(d) Short-term provisions	9.414	6.982	8.028
Total Current Liabilities (4)	120.794	85.074	106.120

TOTAL	176.471	139.962	150.834

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	29.753	31.577	25.877
(ii) Intangible Assets	1.032	1.032	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	0.525	0.525	0.525
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.917	0.903	0.851
Total Non-Current Assets	32.227	34.037	27.253

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	29.836	33.269	20.936
(c) Trade receivables	79.901	34.889	75.740
(d) Cash and cash equivalents	6.421	9.342	7.253
(e) Short-term loans and advances	5.537	7.225	1.757
(f) Other current assets	22.549	21.200	17.895
Total Current Assets	144.244	105.925	123.581

TOTAL	176.471	139.962	150.834

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income
		Other Income
		TOTAL (A)	169.383	98.733	200.741

Less	EXPENSES
		TOTAL (B)	149.494	91.135	175.513

	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		19.889	7.598	25.228

Less	FINANCIAL EXPENSES (D)		8.976	6.502	8.699

	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		10.913	1.096	16.529

Less/ Add	DEPRECIATION/ AMORTISATION (F)		4.855	4.562	4.049

	PROFIT/(LOSS) BEFORE TAX (E-F) (G)		6.058	(3.466)	12.480

Less	TAX (H)		1.200	0.000	NA

	PROFIT/(LOSS) AFTER TAX (G-H) (I)		4.858	(3.466)	NA

	Earnings Per Share (Rs.)		0.10	NA	NA

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars

31.03.2014

31.03.2013

31.03.2012

Current Maturities of Long term debt

Cash generated from operations

PARTICULARS

31.03.2013

31.03.2014

31.03.2015

Sales Turnover (Approximately)

18.000

20.000

Expected Sales (2014-2015): Rs. 20.000 Million

The above information has been parted by Mr. Shashikant (Manager)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	3.44	(2.49)	8.30

Return on Investment (ROI) (PBT/Networth)		0.14	(0.09)	0.32

Debt Equity Ratio (Total Debt/Networth)		1.01	1.29	0.89

Current Ratio (Current Asset/Current Liability)		1.19	1.25	1.16

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	5.000	5.000	5.000
Reserves & Surplus	34.258	32.292	37.743
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	39.258	37.292	42.743

long-term borrowings	5.186	17.326	12.665
Short term borrowings	29.573	30.929	30.424

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	200.741	98.733	169.383
		(50.816)	71.557

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	200.741	98.733	169.383
Profit	12.480	(3.466)	4.858
	6.22%	(3.51)%	2.87%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	Yes
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	Yes
16	No. of employees	No
17	Details of sister concerns	Yes
18	Major suppliers	Yes
19	Major customers	No
20	Banking Details	No
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last two years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	Yes
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	No
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10413425	20/11/2013 *	12,500,000.00	THE SHAMRAO VITHAL CO-OPERATIVE BANK LIMITED	681 A, MAHAVEER BHAVAN,, SHAHUPURI 2ND LANE, KOH APUR-416001, Maharashtra, INDIA	B91913897
2	10303809	13/12/2011 *	6,000,000.00	THE SHAMRAO VITHAL CO- OPERATIVE BANK LIMITED.	1 & 2, ANAND TOWERS, 1115, SHAHUPURI,, RAJARAMPUR I ROAD,, KOLHAPUR-416001, MAHARASHTRA, INDIA	B28433589
3	10250426	04/08/2011 *	2,700,000.00	The SHAMRAO VITHAL CO- OPERATIVE BANK LIMITED	ANAND TOWERS, RAJARAMPURI ROAD, SYKES EXTENSION,, EAST WARD, SHAHUPURI,, KOLHAPUR-416001, MAHARASHTRA , INDIA	B18950857
4	10121168	12/12/2014 *	49,000,000.00	THE SHAMRAO VITHAL CO-OPERATIVE BANK LIMITED	C.S.NO.681A,E-WARD,MAHAVEER BHAVAN,, 2ND LANE SHA HUPURI,, KOLHAPUR-416001, Maharashtra, INDIA	C39988670
5	90094002	20/03/2004	2,000,000.00	SHREE WARANA SAHAKARI BANK LTD	SHIROLI BRANCH, M.I.D.C. KOLHAPUR, KOLHAPUR, MAHARashtra, INDIA	-
6	90087787	15/04/1999 *	1,300,000.00	STATE BANK OF INDIA	SHIROLI BRANCH, M.I.D.C. KOLHAPUR, KOLHAPUR, MAHARashtra, INDIA	-

* Date of charge modification

UNSECURED LOANS

PARTICULARS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG-TERM BORROWINGS
Term Loan – Sound Cast Alloys Private Limited	0.000	1.000
Total	0.000	1.000

REVIEW OF OPERATION

During the year under review, company has achieved a turnover of Rs. 0.169 Million as against previous year’s turnover of Rs. 0.099 Million. During the period under review your company has earned net profit of Rs. 0.005 Million as against previous year’s profit of Rs. (0.003) Million showing increasing trend.

FIXED ASSETS:

Office Equipments
Plant and Machinery
Bicycle
Furniture and Fixtures
Leasehold Land
Computer Systems

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 records 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. 63.87
UK Pound	1	Rs. 98.89
Euro	1	Rs. 70.73

INFORMATION DETAILS

Information Gathered by :	SUP

Analysis Done by :	SUM

Report Prepared by :	IND

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
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	4
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--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		42

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.

MIRA INFORM REPORT

Unit