MIRA INFORM REPORT

Report No. :	345551.2
Report Date :	23.11.2015

IDENTIFICATION DETAILS

Name :	MTC BUSINESS PRIVATE LIMITED
Registered Office :	401, 4^th Floor, Navkar Commercial Complex, Sir M.V Road, Andheri (East), Mumbai – 400069, Maharashtra
Mobile No.:	91-9167774111 (Mr. Naman Jain)
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	21.12.2000
Com. Reg. No.:	11-130172
Paid-up Capital :	Rs. 95.040 Million
CIN No.: [Company Identification No.]	U51420MH2000PTC130172
IEC No.:	0301062242
TAN No.: [Tax Deduction & Collection Account No.]	MUMM14831F
PAN No.: [Permanent Account No.]	AACCM4795M
Legal Form :	Private Limited Liability Company
Line of Business :	Trader and Importer of Metal Scrap.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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 :	MTC Business Private Limited (MTCBPL), incorporated in year 2000 by .Mr. Maganlal Mehta, is the flagship company of the MTC Group and is engaged in trading of ferrous & non-ferrous metal and scrap. The ratings reflect company's established market position in the metals trading business, marked by healthy customer and supplier relationships, and comfortable financial risk profile of the company marked by healthy cash accruals, moderate gearing and moderate coverage indicators. The ratings, however, are constrained by the intense competition in the trading business, cyclicality inherent in metal industry and susceptibility of revenues and margins to volatility in steel prices and foreign exchange fluctuations risk. Trade relations are fair. Business is active. Payment terms are reported as usually correct. In view of experience of the promoters, the company 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	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 facilities BBB+
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	January 08, 2015

Rating Agency Name	CRISIL
Rating	Short term rating facilities A2
Rating Explanation	Strong degree of safety and low credit risk
Date	January 08, 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 31-03-2015.

INFORMATION DECLINED BY

Name :	Mr. Naman Jain
Designation :	Senior Finance Manager
Contact No.:	91-9167774111
Date :	15.10.2015

Name :	Mr. Deepchand (Partial Details)
Designation :	Accounts Executive
Contact No.:	91-22-67872900
Date :	23.11.2015

LOCATIONS

Registered Office :	401, 4^th Floor, Navkar Commercial Complex, Sir M.V Road, Andheri (East), Mumbai – 400069, Maharashtra, India
Tel. No.:	91-22-67872900
Mobile No.:	91-9167774111 (Mr. Naman Jain)
Fax No.:	91-22-67410875/ 67250964
E-Mail :	accounts@mtcgroup.in info@mtcgroup.in mtcimports@gamil.com
Website :	www.mtcgroup.in
Factory (Steel Plant) :	No. 147, 147/1, Madarpakkam Road, Periys Obulapuram Village, Gummidipundi, Thiruvallur, Chennai – 601201, Tamilnadu, India
Warehouse:	Plot No.44 to 47, Jawahar Co-Operative Industrial Estate, Village Kamothe, Kalamboli, District, Raigad, Maharashtra, India
Tel No.:	91-22-27420912/27423755
Fax No.:	91-22-27423855
Email :	yard@mtcgroup.in
Branch Office 1 :	Plot No. 15, Opposite Baba Sitaram Weighbridge, Azak Industrial Area, Taluka Dehgam, District Gandhinagar, Gujarat, India
Branch Office 2 :	VI A, Calve Chateau Nilgiris Super Market Building, 808 Poonamallee High Road, Kilpauk, Chennai - 600010, Tamilnadu, India
Branch Offices :	Also Located at · Uttaranchal · Himachal Pradesh

DIRECTORS

As on 31.03.2015

Name :

Mr. Narendra Maganlal Mehta

Designation :

Director

Address :

602-A, Jayshankar Krupa CHS, Old Nagardas, Road, Andheri (East), Mumbai - 400069, Maharashtra, India

Date of Birth/Age :

10.12.1965

Qualification :

B. Com

Date of Appointment :

21.12.2000

PAN No.:

AABPM6765B

DIN No.:

00179992

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	U27320KA1992PTC013273	MEHTA INDUSTRIAL SUPPLIERS PRIVATE LIMITED	Director	22/06/1992	22/06/1992	-	Under Process of Striking off	NO
2	U51420MH2000PTC130172	MTC BUSINESS PRIVATE LIMITED	Director	21/12/2000	21/12/2000	-	Active	NO
3	U51502MH2004PTC146683	MADHUBAN MOTORS PRIVATE LIMITED	Managing director	01/06/2004	01/06/2004	-	Active	NO
4	U27320KA2004PTC034057	M S METALS AND STEELS PRIVATE LIMITED	Director	06/03/2006	06/03/2006	-	Active	NO
5	U50300MH2008PTC183718	M.S.MOTORS PRIVATE LIMITED	Director	14/01/2012	14/01/2012	-	Active	NO
6	U51909MH2014PTC257719	M M CERAMICS & FERRO ALLOYS PRIVATE LIMITED	Director	01/09/2014	01/09/2014	-	Active	NO
7	U74999MH2007NPL168975	JAIN INTERNATIONAL TRADE ORGANISATION	Director	08/11/2014	08/11/2014	-	Active	NO

Name :

Mr. Sanjay Maganlal Mehta

Designation :

Director

Address :

A/602, A Wing, Jay Shankar Krupa Housing Society Limited, Old Nagardas Road, Andheri (East), Mumbai – 400069, Maharashtra, India

Date of Birth/Age :

14.05.1968

Qualification :

B. Com

Date of Appointment :

02.04.2001

PAN No.:

AACPM6147L

DIN No.:

00541528

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	U51420MH2000PTC130172	MTC BUSINESS PRIVATE LIMITED	Director	02/04/2001	02/04/2001	-	Active	NO
2	U51502MH2004PTC146683	MADHUBAN MOTORS PRIVATE LIMITED	Director	01/06/2004	01/06/2004	-	Active	NO
3	U27320KA2004PTC034057	M S METALS AND STEELS PRIVATE LIMITED	Director	01/06/2004	01/06/2004	-	Active	NO
4	U27320KA1992PTC013273	MEHTA INDUSTRIAL SUPPLIERS PRIVATE LIMITED	Director	21/04/2006	21/04/2006	-	Under Process of Striking off	NO
5	U37100MH2011NPL223543	METAL RECYCLING ASSOCIATION OF INDIA	Director	01/11/2011	01/11/2011	-	Active	NO

Name :

Mr. Lalit Baliya

Designation :

Director

Address :

C-302, Gajalaxmi Apartment, Kolsawala Compound, Old Nagardas Road, Andheri (East), Mumbai – 400069, Maharashtra, India

Date of Birth/Age :

26.10.1967

Qualification :

B.Com

Date of Appointment :

03.03.2007

PAN No.:

AABPB1937A

DIN No.:

00282727

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	U51420MH2000PTC130172	MTC BUSINESS PRIVATE LIMITED	Director	03/03/2007	03/03/2007	-	Active	NO
2	U99999PN1997PTC109372	MADHUBAN TRADE-STEELS PRIVATE LIMITED	Director	24/09/2008	01/08/2007	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Naman Jain
Designation :	Senior Finance Manager
Name :	Pradhumna Didwania
Designation :	Secretary
Address :	404/1-A, Tirupati Darshan, Balaji Nagar,, Bhayandar West, Thane - 401101, Maharashtra, India
Date of Appointment :	19.05.2015
PAN No.:	AABPD5280E

MAJOR SHAREHOLDERS

As on 16.09.2013

Names of Shareholders	No. of Shares	%age holding
Maganlal Mehta	3202000	33.69
Narendra Mehta	802000	8.44
Sanjay Mehta	800000	8.42
Manoj Mehta	4700000	49.45
TOTAL	9504000	100.00

Equity Share Break up (Percentage of Total Equity)

As on 16.09.2013

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

BUSINESS DETAILS

Line of Business :	Trader and Importer of Metal Scrap.
Products :	Metal Scrap
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :	Not Available
Imports :	Not Divulged
Terms :	Not Divulged

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

Information declined by the management

Bankers :

Banker Name	Union Bank of India
Branch Address	Andheri (East) Branch, Mayani Manor, Sir M. V Road, Andheri (East), Mumbai – 400069, Maharashtra, India
Person Name (With Designation)	Ms. Rashmi Ironi
Contact Number	91-22-26831518
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

· ICICI Bank Limited, Land Mark Race Cource Circle, Alkapuri, Baroda - 390015, Gujarat, India

· The Cosmos Co-Operative Bank Limited, Vile Parle Branch; 45; Sarawati Niwas, Hanuman Road; Vile Parle (East), Mumbai - 400057, Maharashtra, India

· ICICI Bank Limited, Nariman Point, Mumbai, Maharashtra, India

Facilities :

Secured Loan	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG-TERM BORROWINGS
Term loans from banks	4.404	1.293
SHORT-TERM BORROWINGS
Loans repayable on demand from banks	3310.623	2694.324
Total	3315.027	2695.617

Auditors :
Name :	A.T. Jain and Company Chartered Accountants
Address :	212, Rewa Chambers, 31 New Marine Lines, Mumbai – 400020, Maharashtra, India
Tel. No.:	91-22-22035151/ 22035252
Fax No.:	91-22-22083820
E-Mail :	atjain@vsnl.com
PAN N Income-tax PAN of auditor or auditor's firm :	AABFA2587P
Memberships :	Not Available
Collaborators :	Not Available
Associates :	Madhuban Trade-Steels Private Limited U99999PN1997PTC109372 M S Metals and Steels Private Limited U27320KA2004PTC034057 M M Ceramics and Ferro Alloys Madhuban Motors Private Limited U51502MH2004PTC146683 Mehta Trading Corporation M.S. Motors private limited U50300MH2008PTC183718
Subsidiary Company :	MGK International INC Multi Trade Links UK Limited Multi Metal Link FZC

CAPITAL STRUCTURE

AS ON: 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- each	Rs.100.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
9504000	Equity Shares	Rs.10/- each	Rs.95.040 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	95.040	95.040	95.040
(b) Reserves & Surplus	998.676	852.778	748.193
(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)	1093.716	947.818	843.233
(3) Non-Current Liabilities
(a) long-term borrowings	110.168	227.755	255.508
(b) Deferred tax liabilities (Net)	9.617	5.161	1.043
(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)	119.785	232.916	256.551
(4) Current Liabilities
(a) Short term borrowings	3349.418	2796.691	2541.573
(b) Trade payables	333.523	249.281	311.349
(c) Other current liabilities	173.562	95.730	86.108
(d) Short-term provisions	11.145	3.382	1.542
Total Current Liabilities (4)	3867.648	3145.084	2940.572
TOTAL	5081.149	4325.818	4040.356
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	303.648	242.274	58.569
(ii) Intangible Assets	0.454	0.456	0.200
(iii) Capital work-in-progress	0.000	0.000	160.508
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	89.888	48.710	48.709
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	79.179	62.405	57.836
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	473.169	353.845	325.822
(2) Current assets
(a) Current investments	7.326	7.326	21.180
(b) Inventories	722.375	892.814	1347.089
(c) Trade receivables	3074.639	2108.792	1321.811
(d) Cash and cash equivalents	498.701	576.353	522.991
(e) Short-term loans and advances	265.524	340.365	463.677
(f) Other current assets	39.415	46.323	37.786
Total Current Assets	4607.980	3971.973	3714.534
TOTAL	5081.149	4325.818	4040.356

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
SALES
	Total Revenue	15763.226	12010.683	11174.495
	Other Income	NA	NA	NA
	TOTAL	NA	NA	NA
EXPENSES
	TOTAL	NA	NA	NA
PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		240.272	151.039	153.839
DEPRECIATION/ AMORTISATION		14.329	11.252	5.616
PROFIT BEFORE TAX		218.903	139.787	148.223
TAX		73.005	35.203	29.333
PROFIT AFTER TAX		145.898	104.584	118.890
EARNINGS IN FOREIGN CURRENCY
	Dividend Income	15.279	13.813	12.958
	F.O.B. value of export	13.190	0.000	0.000
TOTAL EARNINGS		28.469	13.813	12.958
Earnings Per Share (Rs.)		15.35	11.00	NA

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	15.120	0.622	1.140
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operations	(216.101)	(84.894)	(795.558)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	0.93	0.87	1.06
Return on Total Assets (PBT/Total Assets}	(%)	4.39	3.27	3.87
Return on Investment (ROI) (PBT/Networth)		0.20	0.15	0.18
Debt Equity Ratio (Total Debt/Networth)		3.18	3.19	3.32
Current Ratio (Current Asset/Current Liability)		1.19	1.26	1.26

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	95.040	95.040	95.040
Reserves & Surplus	748.193	852.778	998.676
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	843.233	947.818	1093.716
long-term borrowings	255.508	227.755	110.168
Short term borrowings	2541.573	2796.691	3349.418
Current maturities of long-term debts	1.140	0.622	15.120
Total borrowings	2798.221	3025.068	3474.706
Debt/Equity ratio	3.318	3.192	3.177

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 Revenue	11,174.495	12,010.683	15,763.226
		7.483	31.243

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 Revenue	11,174.495	12,010.683	15,763.226
Profit	118.890	104.584	145.898
	1.06%	0.87%	0.93%

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	No
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
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	Yes
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

NOTE: Registered office of the company has been shifted from 301-302, Vertex Vikas, A Wing, Opposite Railway Station, Andheri (East), Mumbai – 400069, Maharashtra, India to the present address w.e.f 04.03.2013.

UNSECURED LOAN

Particular	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG-TERM BORROWINGS
Differed payment liability	4.865	0.000
Intercorporate deposits	30.000	70.000
Loans and advances from directors	70.899	156.462
SHORT-TERM BORROWINGS
Intercorporate deposits	0.000	67.000
Loans and advances from related parties	38.795	35.367
Total	144.559	328.829

PERFORMANCE REVIEW

During the year the company has achieved total revenue of Rs. 15763.226 Million as compared to Rs. 12010.683 Million in the previous year thereby posting an increase by 31.2%. The company has earned net profit of Rs. 145.898 Million during the year as against profit of Rs. 104.584 Million. The profit of the company was slightly affected due to increase in purchase costs and depreciation amount. However, with vast experience in the industry and their constant efforts, the Directors are confident of achieving higher growth in the coming years.

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10459058	25/03/2014 *	1,000,000,000.00	UNION BANK OF INDIA	UNION BANK OF INDIA, SIR M.V. ROAD, ANDHERI (EAST ),, MUMBAI, MAHARASHTRA - 400069, INDIA	C02642890
2	80018324	25/03/2014 *	4,710,000,000.00	UNION BANK OF INDIA	UNION BANK OF INDIA, SIR M.V. ROAD, ANDHERI (EAST ),, MUMBAI, MAHARASHTRA - 400069, INDIA	C02642759
3	90145614	27/11/2014 *	544,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJ ARAT - 390015, INDIA	C35790047
4	90144130	25/03/2014 *	565,000,000.00	UNION BANK OF INDIA	UNION BANK OF INDIA, SIR M.V. ROAD, ANDHERI (EAST ),, MUMBAI, MAHARASHTRA - 400069, INDIA	C02641496

* Date of charge modification

FIXED ASSETS

Tangible Assets

· Land

· Buildings

· Other Building

· Plant and Equipment

· Other plant and Equipment

· Furniture and Fixtures

· Vehicles

· Motor Vehicles

· Office Equipment

· Computer Equipments

· Other Equipments

Intangible Assets

· Computer Software

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. 64.82
UK Pound	1	Rs. 100.41
Euro	1	Rs. 74.50

INFORMATION DETAILS

Information Gathered by :	PPT/DIP
Analysis Done by :	KAS
Report Prepared by :	JYO

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	4
--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		46

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.