MIRA INFORM REPORT

Report No. :	348714
Report Date :	13.11.2015

IDENTIFICATION DETAILS

Name :	VICO FORGE PRIVATE LIMITED
Registered Office :	Plot No 749, 40, Shed Area, GIDC Vapi, District Valsad – 396195, Gujarat
Tel. No.:	91-260-2430378 / 2421913 / 2400112
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	01.04.1986
Com. Reg. No.:	04-008588
Capital Investment / Paid-up Capital :	Rs. 4.520 Million
CIN No.: [Company Identification No.]	U28910GJ1986PTC008588
IEC No.:	5299003692
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAACV9427B
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Closed Die Steel Forging.
No. of Employees :	80 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject was incorporated in the year 1986 and it’s a manufacture of closed die steel forging. For the financial years ended 2014, company has reported 20.83% sales turnover growth as compared to previous sales turnover and it has maintained above average profitability margins at 1.08% during the year under a review. Rating takes into consideration company’s satisfactory financial risk profile supported by its sound net worth base along with fair liquidity position and above average debt coverage indicators. Trade relations are reported as fair. Payments terns are reported to be usually correct. The company can be considered for business dealings at usual trade terms and condition.

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	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 B- (suspended)
Rating Explanation	Risk-prone-credit-quality and carries very high credit risk.
Date	12.12.2014

Rating Agency Name	CRISIL
Rating	Bank Guarantee A4 (suspended)
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	12.12.2014

Reason for suspension : absence of adequate information

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 31-03-2015.

INFORMATION PARTED BY

Name :	Mr. Dhirendra
Designation :	Finance Manager
Contact No.:	91-9687636986
Date :	06.11.2015

LOCATIONS

Registered Office/ Factory :	Plot No 749, 40, Shed Area, GIDC Vapi, District Valsad – 396195, Gujarat, India
Tel. No.:	91-260-2430378 / 2421913 / 2400112
Mobile No.:	91-9687636985 (Mr. Kamlesh Panchal) 91-9687636986 (Mr. Dhirendra)
Fax No.:	91-260-2432591
E-Mail :	dhiren@vicoforge.com vicoforge@dataone.in kamlesh@vicoforge.com
Website :	http://vicoforgepvtltd.com
Location :	Owned
Locality :	Industrial

DIRECTORS

As on 30.09.2014

Name :

Mr. Amrutlal Dalchharam Panchal

Designation :

Director

Address :

Gokuldham, Mahalaxminagar Daman Road, Chala, Vapi - 396191, Gujarat, India

Date of Birth/Age :

12.12.1949

Date of Appointment :

06.10.1986

DIN No.:

00133824

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	U28910GJ1986PTC008588	VICO FORGE PRIVATE LIMITED	Director	06/10/1986	06/10/1986	-	Active	NO
2	U27107GJ2007PTC049954	RIKO FORGE PRIVATE LIMITED	Director	08/02/2007	08/02/2007	30/09/2015	Active	NO

Name :

Mr. Babulal Shivram Panchal

Designation :

Director

Address :

Gokuldham, Mahalaxminagar Daman Road, Chala, Vapi - 396191, Gujarat, India

Date of Birth/Age :

01.06.1954

Date of Appointment :

06.10.1986

DIN No.:

01290875

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	U28910GJ1986PTC008588	VICO FORGE PRIVATE LIMITED	Director	06/10/1986	06/10/1986	-	Active	NO
2	U27107GJ2007PTC049954	RIKO FORGE PRIVATE LIMITED	Director	08/02/2007	08/02/2007	30/09/2015	Active	NO

KEY EXECUTIVES

Name :	Mr. Dhirendra
Designation :	Finance Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders	No. of Shares
Amrutlal D. Panchal	21473
Babulal S. Panchal	21473
Riko Forge Private Limited, India	2250
Ugrabhai Patel	1
Maniben U Patel	1
Total	45198

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2014

Category	Percentage
Bodies corporate	4.98
Directors or relatives of Directors	95.02
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Closed Die Steel Forging.
Products :	Die Steel Forging
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	L/C, Credit
Purchasing :	L/C, Credit

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :

Usha Martin

Name of the Person :

Mr. Yogesh Mahajan (Vice President Marketing)

Contact No.:

91-9323261189

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Payment Behaviour	Market Goodwill	Overall
Not Divulged	Not Divulged	Not Divulged

Remark:

Non-cooperative

Customers :

Reference :

Fortune Engineering

Name of the Person :

Mr. Dilip Dev (General Manager)

Contact No.:

91-9011020302

Since How Long Known :

15 years

Maximum Limit Dealt :

Not Divulged

Experience :

Product Quality	Delivery Behaviour	Overall
Good	Good	Good

Remark:

As claimed by Mr. Dilip Dev (General Manager) that he is satisfied with the subject company.

No. of Employees :

80 (Approximately)

Bankers :

Bank Name	HDFC Bank Limited
Branch	The Emperor Tower, Chala Daman Road, Highland Park Society, Vapi-396191, Gujarat, India
Person Name (With Designation)	Not Available
Contact Number	91-260-2462573 (Ringing)
Name of Account Holder	1702300000086 (confirmed by Mr. Dhirendra [Finance manager])
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

Union Bank of India, Princess Street Branch, Devkaran Mansion, Shamaldas Gandhi Marg,, Mumbai - 400002, Maharashtra, India

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Term loans from banks
Sharnrao Vltthal Co Op. Bank Limited	5.729	9.045
Sharnrao Vltthal Co Op. Bank Limited	8.432	11.331
Sharnrao Vltthal Co Op. Bank Limited	7.780	10.588
HDFC Bank Limited	0.000	0.002
HDFC Bank Limited	0.094	0.268
Reliance Capital Limited	1.893	2.467
Less: Short term maturity of long term debt	(10.176)	(13.077)
Short-term borrowings
Loans repayable on demand from banks
Sharnrao Vltthal Co Op. Bank Limited	37.034	48.950
Union Bank of India	46.023	9.761
Total	96.809	79.335

Financial institution :

Reliance Capital Limited, "H" Block 1st Floor, Dhirubhai Ambani Knowledge City, Koparkhairne, Navi Mumbai - 400710, Maharashtra, India

Auditors :
Name :	Kakaria and Associates Chartered Accountants
Address :	Royal Fortune Complex, Daman Road, Chala, Vapi – 396191, Gujarat, India
PAN N Income-tax PAN of auditor or auditor's firm :	AAHFK2571P
Memberships :	--
Collaborators :	--
Directors holding 100% voting power and significant influence :	Riko Forge Private Limited
Others related Parties :	Son and Son Fabricators Divya Engineering Works Kuldevi Engineering Works

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
95,000	Equity Shares	Rs.10/- each	Rs. 9.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
45,198	Equity Shares	Rs.10/- each	Rs. 4.520 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	4.520	4.520	4.520
(b) Reserves & Surplus	57.067	63.721	63.336
(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)	61.587	68.241	67.856
(3) Non-Current Liabilities
(a) long-term borrowings	15.572	23.144	38.898
(b) Deferred tax liabilities (Net)	5.252	5.420	5.161
(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)	20.824	28.564	44.059
(4) Current Liabilities
(a) Short term borrowings	89.557	62.446	69.902
(b) Trade payables	73.686	66.965	53.924
(c) Other current liabilities	17.829	23.629	18.920
(d) Short-term provisions	12.392	0.750	6.035
Total Current Liabilities (4)	193.464	153.790	148.781
TOTAL	275.875	250.595	260.696
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	67.828	72.506	70.630
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.374	0.375	1.486
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	1.002	1.002	1.002
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	4.890	4.890	4.890
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	74.094	78.773	78.008
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	56.308	45.961	43.599
(c) Trade receivables	106.446	83.886	94.809
(d) Cash and cash equivalents	23.024	33.708	28.447
(e) Short-term loans and advances	14.015	7.094	12.117
(f) Other current assets	1.988	1.173	3.716
Total Current Assets	201.781	171.822	182.688
TOTAL	275.875	250.595	260.696

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	377.575	31.275	317.476
		Other Income	2.843	284.114	2.943
		TOTAL	380.418	315.389	320.419
Less	EXPENSES
		TOTAL	367.936	307.644	297.960
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		12.482	7.745	22.459
Less/ Add	DEPRECIATION/ AMORTISATION		7.355	6.951	6.510
	PROFIT/ (LOSS) BEFORE TAX		5.127	0.794	15.949
Less	TAX		1.042	0.360	7.740
	PROFIT/ (LOSS) AFTER TAX		4.085	0.434	8.209
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		39.266	38.832	32.444
Less	APPROPRIATIONS
		Transfer to General Reserve	0.000	0.000	0.775
		Proposed Dividend	9.047	0.000	0.903
		Tax on Proposed Dividend	1.644	0.000	0.143
	BALANCE CARRIED TO THE B/S		32.660	39.266	38.832
	IMPORTS
		Capital Goods	0.000	2.815	0.000
	TOTAL IMPORTS		0.000	2.815	0.000
	Earnings / (Loss) Per Share (Rs.)		90.38	9.60	NA

Particulars	31.03.2015
Sales Turnover (Approximately)	340.000
	(Due to market fluctuation)

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

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	14.689	18.759	12.488
Cash generated from operations	(15.500)	40.549	NA
Net cash from operation	(16.261)	36.186	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	1.08	1.39	2.59
Operating Profit Margin (PBIDT/Sales)	(%)	3.31	24.76	7.07
Return on Total Assets (PBT/Total Assets}	(%)	1.87	0.32	6.18
Return on Investment (ROI) (PBT/Networth)		0.08	0.01	0.24
Debt Equity Ratio (Total Debt /Networth)		1.95	1.53	1.79
Current Ratio (Current Asset/Current Liability)		1.04	1.12	1.23

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	4.520	4.520	4.520
Reserves & Surplus	63.336	63.721	57.067
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	67.856	68.241	61.587
long-term borrowings	38.898	23.144	15.572
Short term borrowings	69.902	62.446	89.557
Current Maturities of Long-Term Debts	12.488	18.759	14.689
Total borrowings	121.288	104.349	119.818
Debt/Equity ratio	1.787	1.529	1.946

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	317.476	31.275	377.575
		(90.149)	1,107.274

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	317.476	31.275	377.575
Profit	8.209	0.434	4.085
	2.59%	1.39%	1.08%

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	No
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	Yes
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%	Yes
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	Yes
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

UNSECURED LOAN

Particular	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Term loans from banks
HDFC Bank Limited	0.000	0.463
Kotak Mahindra Bank Limited	0.333	1.584
Kotak Mahindra Bank Limited	3.803	0.000
Less: Short term maturity of long term debt	(2.452)	(1.709)
Term loans from other parties
Bajaj Fine Serve	0.000	0.260
Bajaj Fine Serve - II	0.994	2.045
Reliance Finevest Limited - I	0.000	0.373
Tata Capital Limited	0.220	0.977
Kotak Mahindra Premie Limited	0.161	0.626
Religare Finevest Limited - II	0.821	1.874
Less: Short term maturity of long term debt	(2.060)	(3.973)
Short-term borrowings
Loans and advance from related parties	2.500	2.668
Other loans and advances
Chetan I. Patel	1.000	1.067
Maniben U Patel	3.000	0.000
Total	8.320	6.255

CORPORATE INFORMATION

The Company is engaged in the business of manufacture of closed die steel forging and is carrying on its business from the principle place of business at Vapi.

OPERATIONS:

The company has achieved total production of 1958758 Nos of forging units and 4194.680 Mts of Alloys steel as compared to 1494206 Nos of forging units and consumption of 3691.738 Mts of Alloys steel previous year. Company’s sales turnover has been decreased to Rs. 377.575 Millions from Rs. 31.275 Millions. This year the company has made net profit of Rs.4.085 Million after considering provision for income tax of Rs.1.209 Million deferred income tax liability of Rs.0.167 Million as compared to net profit Rs.0.361 Million after considering provision for income tax of Rs.0.102 Million deferred income tax liability of Rs.0.259 Million.

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10484733	24/09/2012	2,724,000.00	RELIANCE CAPITAL LTD	"H" BLOCK 1ST FLOOR, Dhirubhai Ambani Knowledge City, Koparkhairne, Navi Mumbai, Maharashtra - 400710, INDIA	B79626560
2	10331289	06/02/2013 *	55,000,000.00	UNION BANK OF INDIA	PRINCESS STREET BRANCH,, DEVKARAN MANSION, SHAMAL  DAS GANDHI MARG,, MUMBAI, Maharashtra - 400002, INDIA	B69040863
3	10329577	18/07/2013 *	10,000,000.00	UNION BANK OF INDIA	PRINCESS STREET BRANCH,, DEVKARAN MANSION, SHAMAL  DAS GANDHI MARG,, MUMBAI, Maharashtra - 400002, INDIA	B81586687
4	10329584	18/07/2013 *	50,000,000.00	UNION BANK OF INDIA	PRINCESS STREET BRANCH,, DEVKARAN MANSION, SHAMAL  DAS GANDHI MARG,, MUMBAI, Maharashtra - 400002, INDIA	B81587180
5	10329582	18/07/2013 *	40,000,000.00	UNION BANK OF INDIA	PRINCESS STREET BRANCH,, DEVKARAN MANSION, SHAMAL  DAS GANDHI MARG,, MUMBAI, Maharashtra - 400002, INDIA	B81809501
6	10268803	05/01/2012 *	129,250,000.00	The Shamrao Vithal Co-operative Bank Limited	Bal Vatsalaya Building,, Kasturba Cross Road No 1, Borivali (E), Mumbai, Maharashtra - 400066, INDIA	B30620603
7	10260807	15/01/2011	99,250,000.00	SHAMRAO VITHAL CO-OPERATIVE BANK LIMITED	SVC TOWER, NEHRU ROAD,VAKOLA, SANTACRUZ (EAST), MUMBAI, Maharashtra - 400055, INDIA	B03570082

* Date of charge modification

CONTINGENT LIABILITIES:

(Rs. in million)

PARTICULARS	31.03.2014	31.03.2013
Guarantees
Irrecoverable and unconditional bank guarantee given by shamrao vithal bank co-operative Bank Limited, Boriwali Branch, Mumbai to GSPC Gas Company Limited	2.524	2.377
Corporate guarantee given by to Shriram city Union Finance Limited on behalf of M/s Riko Forge Private Limited in which the directors have 100% share holding	19.770	21.521

FIXED ASSETS

· Land

· Building

· Plant and Machinery

· Computer

· Vehicles

· Furniture and Fixture

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.65.79
UK Pound	1	Rs.99.94
Euro	1	Rs.71.55

INFORMATION DETAILS

Information Gathered by :	KAM
Analysis Done by :	KAR
Report Prepared by :	JYTK

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	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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		45

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.