MIRA INFORM REPORT

Report No. :	323395
Report Date :	23.05.2015

IDENTIFICATION DETAILS

Name :	AVIS METAL INDUSTRIES LIMITED (w. e. f. 28.03.2014)

Formerly Known As :	AVIS MACHINES PRIVATE LIMITED

Registered Office :	Plot No. 7, Shankar Trikam Compound, Ashwani kumar Road, Opp. T.B. Hospital Navagam, Surat-395008, Gujarat
Tel. No.:	91-261-2555909/2540907

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	19.02.1991

Com. Reg. No.:	04-015089

Capital Investment / Paid-up Capital :	Rs. 33.199 Million

CIN No.: [Company Identification No.]	U28113GJ1991PTC015089

TAN No.: [Tax Deduction & Collection Account No.]	SRTA00260B

PAN No.: [Permanent Account No.]	AABCA9866E

Legal Form :	A Closely Held Public Limited Liability Company

Line of Business :	Manufacturer, Distributor and Supplier of Carbide Powder, Tungsten Metal Powder, Cobalt Powder, Tungsten Carbide Powders, Tungsten Carbide Sintered Parts, TC Wear Part, Cemented Carbides.

No. of Employees :	40 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (37)

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

Maximum Credit Limit :	USD 190000

Status :	Small Business

Payment Behaviour :	Slow But Correct

Litigation :	Clear

Comments :	Mr. Pradip Patel (Manager) claimed that the subject was converted into Public limited from private limited in April 2014 which has been verified from Independent Auditors report of the same year. Subject is a small company in its field. Its scale of activities is limited. The company has recorded dip in its profit in FY14. Trade relations are fair. Business is active. Payments terms are reported to slow but correct. The company can be considered for small 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 – 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 (GENERAL DETAILS)

Name :	Mr. Pradip Patel
Designation :	Marketing Manager
Contact No.:	91-9426168756
Date :	20.05.2015

LOCATIONS

Registered Office :	Plot No. 7, Shankar Trikam Compound, Ashwani kumar Road, Opp. T.B. Hospital Navagam, Surat-395008, Gujarat
Tel. No.:	91-261-2555909/2540907
Mobile No.:	91-9426168756 (Mr. Pradip Patel)
Fax No.:	91-261-2555909
E-Mail :	marketing@avismetal.com accounts@vismachines.com
Location:	Owned

DIRECTORS

As on : 30.09.2014

Name :	Mr. Shailesh Kumar Ambabhai Mangukiya
Designation :	Director
Address :	C 503, Afil Tower, L H Road, surat-395008, Gujarat, India.
Date of Birth/Age :	29.05.1978
Date of Appointment :	12.01.1998
DIN No.:	01839547
Other Directorship:

Name :	Mr. Jivraj Premjibhai Patel
Designation :	Director
Address :	B, Vivekanand Society, opp. Fire Station, Katargam Road, Surat-395004, Gujarat, India
Date of Birth/Age :	02.08.1953
Date of Appointment :	02.12.1996
DIN No.:	01839574
Other Directorship:

Name :	Mrs. Manisha Narendrabhai Kukadia
Designation :	Director
Address :	C 503, Afil Tower, L H Road, surat-395008, Gujarat, India.
Date of Birth/Age :	18.12.1970
Date of Appointment :	21.04.2008
DIN No.:	02125475
Other Directorship:

Name :	Mrs. Saritaben Jivrajbhai Patel
Designation :	Director
Address :	7 Vivekanand Nagar Society, Katargam Road, Surat-395004, Gujarat, India
Date of Birth/Age :	01.06.1963
Date of Appointment :	21.04.2008
DIN No.:	02125556
Other Directorship:

Name :	Mr. Archis Vinod Patel
Designation :	Director
Address :	25 Shraddha Society, Sumul Diary Road, Surat-395004, Gujarat, India
Date of Birth/Age :	18.06.1984
Date of Appointment :	21.04.2008
DIN No.:	02125597
Other Directorship:

KEY EXECUTIVES

Name :	Kunjlal Amratlal Dalal
Designation :	Company secretary

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.09.2014

Names of Shareholders		No. of Shares
Vinodrai Manjibjai Patel		267825
Shamjibhai Vashrambhai Dhamelia		11000
Shailesh Ambabhai Mangukia		188150
Jivrajbhai Premjibhai Patel		217100
Narendrabhai Manjibhai Kukadia		461093
Kanubhai Arjanbhai Domadia		41000
Dhirubhai Arjanbhai Domadia		62000
Ghanshyambhai Ramjibhai Bunha		101750
Arunaben Ashokbhai Mangukia		107025
Ashokbhai A. Mangukia		185475
Kantibhai Ramjibhai Bunha		32850
Nathubhai Ramjibhai Bunha		15000
Ambabhai Kanjibhai Mangukai (HUF)		63950
Ghanshyambhai Ramjibhai Bunha (HUF)		30000
Geetaben Shaileshbhai Mangukia		112482
Manishaben Narendrabhai Kukadia		145250
Rasilaben kantibhai Bunha		25000
Hiteshbhai Dhirubhai Domadia		41000
Ishwarbhai Muljibhai Dhamelia		478500
Dalsukhbhai Premjibhai Ambalia		23500
Archis Vinodrai Patel		163100
Shardaben Ghanshyambhai Bunha		78625
Ramjibhai Mohanbhai Bunha		49870
Saritaben Jivrajbhai Patel		109400
Savjibhai Vashrambhai Patel		255000
Bhupat Manjibhai Dhamelia		55000
Hiteshbhai Dhirubhai Domadia HUF		35000
Kokilaben Nathubhai Bunha		22000
Dhruvil Jivrajbhai Patel		153500
Manubhai Purshottambhai Sutaria		50000
Shelaliben Kirtikumar Meghani		13500
Ilaben Vinodrai Patel		25000
Bindiben Archis Patel		25000

Total		3644945

As on: 26.10.2014

Names of Allottees		No. of Shares
Jivrajbhai Premjibhai Patel		8000
Narendrabhai Manjibhai Kukadia		28000
Vinodrai Manjibhai Patel		20000
Archis Vinodrai Patel		20000
Ashok Ambabhai Mangukia		20000
Druvil Jivrajbhai Patel		20000
Gitaben Shailesh Mangukia		8000
Arunaben Ashokbhai Mangukia		8000
Saritaben Jivrajbhai Patel		8000
Jivrajbhai Premjibhai Patel (HUF)		20000

Total		160000

Equity Share Break up (Percentage of Total Equity)

As on: 30.09.2014

Category	Percentage
Directors or Relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Distributor and Supplier of Carbide Powder, Tungsten Metal Powder, Cobalt Powder, Tungsten Carbide Powders, Tungsten Carbide Sintered Parts, TC Wear Part, Cemented Carbides.

Products :	Carbide Powder Tungsten Metal Powder Cobalt Powder Tungsten Carbide Powders Tungsten Carbide Sintered Parts TC Wear Part Cemented Carbides

Brand Names :	Not Divulged

Agencies Held :	Not Divulged

Exports :	Not Divulged

Imports :	Not Divulged

Terms :
Selling :	Cash and Credit (30 Days)

Purchasing :	Cash and Credit (30 Days)

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Alex and Turner wire Dies Akashganga Cons. Machine Akashganga Machines and Spa Ambica sales agency Ashu Industrial Suppliers Assomac Machines Limited Bansal Brothers Durga Precision Engineering Dynamic Gauges and Tools Eagleburgmann Indai Private Ekta Tools Industrial Engineers Co. Industrial Tools and Dies Innovative Engineers Jain Dies and Tools Product Jaipuria Engineering
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

Customers :

Reference :	Chandan Properties Private Limited D and H Secheron Electrodes Diffusion Engineers Limited Fine Colour Ganguli Ceramics Gobind Glass and Industrial Limited Gopal Glass Works Limited H and R Johnson (India) Unit Mipalloy Unit-3 Ramdev Chemical Industries Rock Drill India Roop Telsonic Ultrasonix V.R. Diamond Tools Vadilal Trading Co.
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

No. of Employees :

40 (Approximately)

Bankers :

Bank Name	Axis Bank limited
Branch	Dig Vijay Tower (Surat) Branch
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 Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Axis Bank Limited:-Term Loan -1
Guaranteed by all the directors. Terms of Repayment: 36 EMI of Rs. 0.134 Million No default in Repayment of loans and Interest	0.983	2.611
Axis Bank Limited:-Term Loan-2
Guaranteed by all the directors. Terms of Repayment: 58 EMI of Rs. 0.100 Million No default in Repayment of loans and Interest (All the above loans are secured by hypothecation of all current assets and movable fixed assets and by equitable)	12.221	0.834
Short-term borrowings
Cash Credit from axis Bank Limited
Security: Hypothecation of all current assets and movable fixed assets and by equitable mortgage of all immovable fixed assets. Guaranteed by: All the directors Terms of Repayment: Renewable Every Year No default in Repayment of Interest	34.108	30.717
Total	47.312	34.162

Auditors :
Name :	SGCO and Company Chartered Accountants
Address :	403, Shree Shyam chambers, Opp. Sub Jail, Ring road, Surat-395002, Gujarat, India
Tel. No.:	91-261-2321366
E-Mail :	info@surat.sgco.co.in vgoyal@sgco.cp.in
PAN N Income-tax PAN of auditor or auditor's firm :	ACPPG1097C

Memberships :	--

Collaborators :	--

Associates/Subsidiaries :	--

CAPITAL STRUCTURE

After: 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

4000000	Equity Shares	Rs.10/- each	Rs. 40.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

3804945	Equity Shares	Rs.10/- each	Rs. 38.049 Million

As on: 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

4000000	Equity Shares	Rs.10/- each	Rs. 40.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

3644945	Equity Shares	Rs.10/- each	Rs. 36.449 Million

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

4000000	Equity Shares	Rs.10/- each	Rs. 40.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

3319945	Equity Shares	Rs.10/- each	Rs. 33.199 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	33.199	27.454	27.454
(b) Reserves & Surplus	36.184	33.730	29.795
(c) Money received against share warrants	0.000	0.000	0.000

(2) Share Application money pending allotment	0.000	0.605	0.000
Total Shareholders’ Funds (1) + (2)	69.383	61.789	57.249

(3) Non-Current Liabilities
(a) long-term borrowings	13.205	3.445	6.287
(b) Deferred tax liabilities (Net)	6.236	4.885	3.803
(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)	19.441	8.330	10.090

(4) Current Liabilities
(a) Short term borrowings	34.108	30.717	19.282
(b) Trade payables	21.411	14.862	10.233
(c) Other current liabilities	0.000	0.000	0.000
(d) Short-term provisions	1.980	2.417	2.484
Total Current Liabilities (4)	57.499	47.996	31.999

TOTAL	146.323	118.115	99.338

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	55.722	55.427	55.590
(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	0.002	0.002	0.002
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	2.375	1.413	1.088
(e) Other Non-current assets
Total Non-Current Assets	58.099	56.842	56.680

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	53.292	42.174	24.485
(c) Trade receivables	31.389	15.536	15.584
(d) Cash and cash equivalents	1.886	1.673	0.451
(e) Short-term loans and advances	1.657	1.890	2.138
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	88.224	61.273	42.658

TOTAL	146.323	118.115	99.338

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Revenue from Operation	137.230	106.281	97.509
	Other Income	0.088	0.131	0.087
	TOTAL (A)	137.318	106.412	97.596

Less	EXPENSES
	Cost of Materials Consumed	81.051	64.523	54.461
	Purchases of Stock-in-Trade	0.000	0.000	0.000
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	5.047	(4.030)	0.500
	Employees benefits expense	9.968	9.542	8.846
	Other expenses	27.779	22.668	20.203
	TOTAL (B)	123.845	92.703	84.010

Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	13.473	13.709	13.586

Less	FINANCIAL EXPENSES (D)	5.335	4.126	3.179

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	8.138	9.583	10.407

Less/ Add	DEPRECIATION/ AMORTISATION (F)	3.029	2.894	2.572

	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	5.109	6.689	7.835

Less	TAX (H)	2.656	2.754	2.336

	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	2.453	3.935	5.499

	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports
	Freight
	Insurance
	TOTAL EARNINGS	0.550	1.140	1.865

	IMPORTS
	Raw Materials	NA	NA	NA
	Components and Stores parts
	Capital Goods
	TOTAL IMPORTS	5.361	5.068	0.112

	Earnings / (Loss) Per Share (Rs.)	0.67	1.08	1.51

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

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	1.79	3.70	5.64

Operating Profit Margin (PBIDT/Sales)	(%)	9.82	12.90	13.93

Return on Total Assets (PBT/Total Assets}	(%)	3.49	5.66	7.89

Return on Investment (ROI) (PBT/Networth)		0.07	0.11	0.14

Debt Equity Ratio (Total Debt /Networth)		0.68	0.55	0.45

Current Ratio (Current Asset/Current Liability)		1.53	1.28	1.33

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	27.454	27.454	33.199
Reserves & Surplus	29.795	33.730	36.184
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.605	0.000
Net worth	57.249	61.789	69.383

long-term borrowings	6.287	3.445	13.205
Short term borrowings	19.282	30.717	34.108
Total borrowings	25.569	34.162	47.313
Debt/Equity ratio	0.447	0.553	0.682

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	97.509	106.281	137.230
		8.996	29.120

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	97.509	106.281	137.230
Profit	5.499	3.935	2.453
	5.64%	3.70%	1.79%

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)	No
16	No. of employees	Yes
17	Details of sister concerns	No
18	Major suppliers	Yes
19	Major customers	Yes
20	Banking Details	Yes
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 three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
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/Modificatn	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10138800	24/11/2014 *	48,500,000.00	Axis Bank Limited	Dig Vijay Towers, Opp.St.Xaviers School, Ghod Dod, Road, SURAT, Gujarat - 395001, INDIA	C36796159
2	90104371	27/08/05	14,200,000.00	VARACHHA CO. OP. BANK LTD.	AFFIL TOWER, L. H. ROAD, SURAT, Gujarat, INDIA	-
3	90106859	29/01/04	2,000,000.00	VARACHHA CO. OP. BANK LTD.	AFFIL TOWER, L. H. ROAD, SURAT, Gujarat, INDIA	-

FIXED ASSETS:

Tangible :

Land
Factory Building
Plant and Machinery
Motor Car
Computer
Airconditioner
Vehicle
Office Equipments
Furniture

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. 63.57
UK Pound	1	Rs. 99.67
Euro	1	Rs. 70.93

INFORMATION DETAILS

Information Gathered by :	SUP

Analysis Done by :	KIN

Report Prepared by :	THR

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILITY	1~10	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		37

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

INDEX OF CHARGES :

Unit