MIRA INFORM REPORT

Report No. :	346683
Report Date :	26.10.2015

IDENTIFICATION DETAILS

Name :	AGRAWAL METAL WORKS PRIVATE LIMITED
Registered Office :	205, 2^ndFloor, “Arunachal Building”, 19, Barakhamba Road, New Delhi – 110001
Tel. No.:	91-11-23736458
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	07.06.1945
Com. Reg. No.:	55-000835
Capital Investment / Paid-up Capital :	Rs. 12.500 Million
CIN No.: [Company Identification No.]	U74899DL1945PTC000835
IEC No.:	0588074713
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AABCA4897R
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing of non-ferrous flat rolled products.
No. of Employees :	800 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company incorporated during the year 1945 having a satisfactory track record. General financial position of the company is sound and healthy. Further, the rating also takes into consideration favorable gap between trade payable and trade receivable. Trade relations are reported as fair. Business is active. Payment terms are reported to be usually correct and as per commitments. In view of long track acceptable financial base, the company can be considered normal 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 = BBB+ (Withdrawal)
Rating Explanation	Moderate degree of safety and carry moderate credit risk.
Date	22.06.2015

Rating Agency Name	CRISIL
Rating	Short Term Rating = A2 (Withdrawal)
Rating Explanation	Strong degree of safety and carry low credit risk.
Date	22.06.2015

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 PARTED BY

Name :	Mr. Animesh
Designation :	Assistant General Manager
Contact No.:	91-1493-664930

LOCATIONS

Registered Office :	205, 2^ndFloor, “Arunachal Building”, 19, Barakhamba Road, New Delhi – 110001, India
Tel. No.:	91-11-23736458
Fax No.:	Not Available
E-Mail :	finance@amwl.in accounts@agarwalmetal.com contact@amwl.in sales@amwl.in
Website :	www.agarwalmetal.com
Location :	Owned
Locality :	Commercial
Factory 1/ Mailing Address :	Jhajjar Road, Rewari – 123 401, Haryana, India
Tel. No.:	91-1274-253401/ 253404
Fax No.:	91-1274-254412/ 256413
Factory 2 :	SP 144 A and B, RIICO Industrial Area, Phase I, Bhiwadi – 301 019, Rajasthan, India
Tel. No.:	91-1493-304900
Fax No.:	91-1493-304909

DIRECTORS

As On 26.07.2014

Name :

Mr. Davinder Kumar Jain

Designation :

Managing Director

Address :

69RL, Model Town, Rewari – 123401, Haryana, India

Date of Birth/Age :

14.11.1948

Qualification :

B. E. (Elect)

Date of Appointment :

06.03.2008

DIN No.:

002506963

Name :

Mr. Subhash Chand Jain

Designation :

Director

Address :

L – 18, Model Town, Rewari – 123401, Haryana, India

Date of Birth/Age :

18.09.1956

Date of Appointment :

07.07.2006

DIN No.:

00250598

Name :

Mr. Mayur Sunil Gupta

Designation :

Director

Address :

Flat No. 2201, 22^nd Floor, B – 30, Eden Woods, Shastri Nagar, Off Lokhandwla Road, Andheri (West), Mumbai – 400 053, Maharashtra, India

Date of Birth/Age :

02.03.1978

Qualification :

CA, CPA and MBA

Date of Appointment :

15.07.2006

DIN No.:

00250780

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	U74899DL1945PTC000835	AGRAWAL METAL WORKS PRIVATE LIMITED	Director	15/07/2006	15/07/2006	-	Active	NO
2	U45201MH2012PTC229203	BLESSFAY REALTY PRIVATE LIMITED	Director	04/04/2012	04/04/2012	10/08/2012	Active	NO

Name :

Mr. Vivek Indarmani Gupta

Designation :

Director

Address :

Vrindavan, 4^th Floor, 32, Mount Marry, Off Captain Villa, Bandara (West), Mumbai – 400050, Maharashtra, India

Date of Birth/Age :

24.07.1969

Date of Appointment :

05.09.2005

DIN No.:

00027546

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	U67120MH1997PTC110941	GEPL CAPITAL PRIVATE LIMITED	Director	26/09/1997	26/09/1997	-	Active	NO
2	U67190MH1998PTC115790	GEPL COMMODITIES PRIVATE LIMITED	Director	15/07/1998	15/07/1998	-	Active	NO
3	U67120MH1999PTC123100	GEPL INSURANCE BROKING PRIVATE LIMITED	Director	15/12/1999	15/12/1999	-	Active	NO
4	U74899DL1945PTC000835	AGRAWAL METAL WORKS PRIVATE LIMITED	Director	05/09/2005	05/09/2005	-	Active	NO
5	U65190MH2007PTC174181	GEPL FINANCE PRIVATE LIMITED	Director	17/09/2007	17/09/2007	-	Active	NO
6	U40300MH2012PTC230586	GEPL POWER PRIVATE LIMITED	Director	03/05/2012	03/05/2012	-	Active	NO
7	U67190MH2014PTC253758	GEPL INVESTMENT ADVISORS PRIVATE LIMITED	Director	03/03/2014	03/03/2014	-	Active	NO

Name :

Mr. Rajiv Jain

Designation :

Director

Address :

601/17, Heritage City, Mehrauli Road, Gurgaon – 122 001, Haryana, India

Date of Birth/Age :

11.04.1960

Date of Appointment :

13.09.2011

DIN No.:

00275752

PAN No.:

AASPJ0893L

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	U31300RJ1988PTC035751	DRAWMET WIRES PRIVATE LIMITED	Managing director	28/11/2000	28/11/2000	-	Active	NO
2	U74899DL1945PTC000835	AGRAWAL METAL WORKS PRIVATE LIMITED	Director	13/09/2011	18/06/2011	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Animesh
Designation :	Assistant General Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As On 26.07.2014

SHAREHOLDING DETAILS FILE ATTACHED.

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Directors or relatives of Directors	69.20
Other top fifty shareholders	30.80
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturing of non-ferrous flat rolled products.
Products :	Electrical switch gears Automotive Radiator Gaskets, Eyelet Lamp caps Terminals and Connector’s Metal Zips Handicraft Telecommunication Metal Forming Bathroom Fittings Builder’s Hardware Flashlights Locks and Key’s Electronic Component Fasion Accessories
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :
Products :	Non-ferrous flat rolled product
Countries :	Srilanka Bangladesh
Imports :
Products :	Copper, Braff Scrap
Countries :	Middle East
Terms :
Selling :	Cash, Advance Payment and Cheque
Purchasing :	Cash, Advance Payment and Cheque

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :

Ventanta Limited

Name of the Person :

Mr. Ruchi (Marketing Manager)

Contact No.:

91-9910076335

Since How Long Known :

20 Years

Maximum Limit Dealt :

Rs.500.000 Million Approximately (Monthly)

Experience :

Payment Behaviour	Market Goodwill	Overall
Excellent	Excellent	Excellent

Remark:

We had a ward with Ms. Ruchi (Marketing Manager) they have very good track record with subject company.

Customers :

Reference :

Jaquar Sanitry ware

Name of the Person :

Mr. Rajendra Sharma (Purchase Manager)

Contact No.:

91-9772215158

Since How Long Known :

20 Years

Maximum Limit Dealt :

Rs.3.000 Million (Monthly)

Experience :

Product Quality	Delivery Behaviour	Overall
Good	Good	Good

Remark:

We had a word with Mr. Rajendra Sharma (Purchase Manager) the subject company have very good track record with their customer.

No. of Employees :

800 (Approximately)

Bankers :

• The Bank of Rajasthan Limited, 82 Janpath, New Delhi – 110001, India

• Axis Bank Limited, 2^nd Floor Statesman House, 148 Barakhamba Road, New Delhi – 110001, India

Bank Name	State Bank of Bikaner and Jaipur
Branch	Kathmandi, Rewari, Haryana – 123401, India
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
Term loan from banks	130.625	78.000
Short-term borrowings
Term loan from banks	942.979	1039.209
Total	1073.604	1117.209

Auditors :
Name :	K C Jain and Company Chartered Accountants
Address :	4812/24, Ansari Road, Darya Ganj, New Delhi – 110 002, India
PAN N Income-tax PAN of auditor or auditor's firm :	AAEFK4992K
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

As on 26.07.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
4000000	Equity Shares	Rs. 10/- each	Rs. 40.000 Million
1000000	Preference Shares	Rs. 10/- each	Rs. 10.000 Million
1000000	Unclassified Shares	Rs. 10/- each	Rs. 10.000 Million
	Total		Rs. 60.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1250000	Equity Shares	Rs. 10/- each	Rs. 12.500 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	12.500	12.500	12.500
(b) Reserves & Surplus	979.478	834.799	707.918
(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)	991.978	847.299	720.418
(3) Non-Current Liabilities
(a) long-term borrowings	130.625	78.000	6.866
(b) Deferred tax liabilities (Net)	62.958	82.138	50.187
(c) Other long term liabilities	1.417	1.584	1.428
(d) long-term provisions	2.329	2.089	1.655
Total Non-current Liabilities (3)	197.329	163.811	60.136
(4) Current Liabilities
(a) Short term borrowings	1363.636	1215.841	1056.246
(b) Trade payables	90.201	32.006	43.608
(c) Other current liabilities	109.379	86.172	34.488
(d) Short-term provisions	17.396	17.124	10.845
Total Current Liabilities (4)	1580.612	1351.143	1145.187
TOTAL	2769.919	2362.253	1925.741
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	768.112	616.688	408.304
(ii) Intangible Assets	3.036	2.924	2.347
(iii) Capital work-in-progress	105.499	57.270	4.615
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	55.038	54.679	56.440
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	931.685	731.561	471.706
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	973.622	773.520	608.953
(c) Trade receivables	701.668	726.547	716.894
(d) Cash and cash equivalents	44.352	54.795	42.202
(e) Short-term loans and advances	118.592	75.830	85.986
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	1838.234	1630.692	1454.035
TOTAL	2769.919	2362.253	1925.741

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
	Income		6828.000	6347.400	5695.100
	Other Income		NA	NA	NA
	TOTAL		NA	NA	NA
Less	TOTAL EXPENSES		NA	NA	NA
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		407.840	447.700	392.782
Less	INTEREST EXPENSES		143.006	129.767	118.343
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		264.834	317.933	274.439
Less/ Add	DEPRECIATION/ AMORTISATION		75.113	61.178	54.244
Less	EXTRAORDINARY ITEMS		17.722	0.000	0.000
	PROFIT/ (LOSS) BEFORE TAX		171.999	256.755	220.195
Less	TAX		27.320	104.451	70.421
	PROFIT/ (LOSS) AFTER TAX		144.679	152.304	149.774
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		4.799	7.918	74.171
Less	APPROPRIATIONS
		Interim Dividend	0.000	21.875	9.375
		Proposed Dividend	0.000	0.000	3.125
		Tax on Interim Dividend	0.000	3.548	1.521
		Tax on Proposed Dividend	0.000	0.000	0.506
		Transferred to General Reserve	143.500	130.000	201.500
	BALANCE CARRIED TO THE B/S		5.978	4.799	7.918
	EARNINGS IN FOREIGN CURRENCY
		F.O.B. Value of Exports	671.608	NA	673.452
	TOTAL EARNINGS		671.608	NA	673.452
	IMPORTS
		Raw Materials	1023.351	NA	8.561
		Stores & Spares	5.290	NA	7.149
		Capital Goods	69.982	NA	9.530
	TOTAL IMPORTS		1098.623	NA	25.240
	Earnings / (Loss) Per Share (Rs.)		115.74	NA	119.82

Particulars	31.03.2015
Sales Turnover (Approximetly)	6730.000

Expected Sales (2015-2016): Rs. 7500.000 Million

The above information has been parted by Mr. Animesh (Assistant General Manager)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	31.920	33.785	0.000
Cash generated from operations	N.A	N.A	N.A
Net cash flow from operating activity	N.A	N.A	N.A

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Net Profit Margin (PAT / Sales)	(%)	2.12	2.40	2.63
Operating Profit Margin (PBIDT/Sales)	(%)	5.97	7.05	6.90
Return on Total Assets (PBT/Total Assets}	(%)	6.46	11.14	11.46
Return on Investment (ROI) (PBT/Networth)		0.17	0.30	0.31
Debt Equity Ratio (Total Debt /Networth)		1.54	1.57	1.48
Current Ratio (Current Asset/Current Liability)		1.16	1.21	1.27

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	12.500	12.500	12.500
Reserves & Surplus	707.918	834.799	979.478
Net worth	720.418	847.299	991.978
long-term borrowings	6.866	78.000	130.625
Short term borrowings	1056.246	1215.841	1363.636
Total borrowings	1063.112	1293.841	1494.261
Debt/Equity ratio	1.476	1.527	1.506

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	5695.100	6347.400	6828.000
		11.454	7.572

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	5695.100	6347.400	6828.000
Profit	149.774	152.304	144.679
	2.63%	2.40%	2.12%

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)	Yes
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	No
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	Yes
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

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10489269	06/06/2014 *	100,000,000.00	AXIS BANK LIMITED.	2ND FLOOR, STATESMAN HOUSE, 148, BARAKHAMBA ROAD, DELHI - 110001, INDIA	C07193477
2	10364485	08/08/2012 *	134,600,000.00	AXIS BANK LIMITED	2ND FLOOR, STATESMAN HOUSE, 148, BARAKHAMBA ROAD, DELHI - 110001, INDIA	B45340544
3	10061904	16/12/2013 *	1,800,000,000.00	STATE BANK OF BIKANER AND JAIPUR	KATH MANDI, REWARI, HARYANA - 123401, INDIA	B93562692

* Date of charge modification

UNSECURED LOANS

PARTICULAR	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
SHORT TERM BORROWINGS
Loans repayable on demand	420.657	176.632
Total	420.657	176.632

FIXED ASSETS

• Land
• Buildings
• Residential Building
• Office Building
• Factory Building
• Plant and Equipment
• Furniture and Fixture
• Vehilcles
• Office Equipments

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.64.88
UK Pound	1	Rs.99.88
Euro	1	Rs.72.06

INFORMATION DETAILS

Information Gathered by :	MNJ
Analysis Done by :	DIV
Report Prepared by :	RKI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		48

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

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

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