MIRA INFORM REPORT

Report No. :	347174
Report Date :	30.10.2015

IDENTIFICATION DETAILS

Name :	GRIP ENGINEERS PRIVATE LIMITED
Registered Office :	A-42, Jangapura, New Delhi – 110014
Tel. No.:	91-9873139882 (Mr. Pushkar)
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	05.05.1988
Com. Reg. No.:	55-031573
Capital Investment / Paid-up Capital :	Rs. 74.517 Million
CIN No.: [Company Identification No.]	U74899DL1988PTC031573
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AABEC6012G
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Exporter and Importer of electric overhead cranes.
No. of Employees :	250 (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 Behavior :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company incorporated in the year 1988 having satisfactory track. Subject is engaged in the business as manufacturer, exporter and importer of electric overhead cranes. The company possesses an above average financial risk profile marked by healthy networth base and comfortable liquidity position of the company. The rating further takes into consideration good profit margin of the company. Trade relations are reported as fair. Business is active. Payments terms are reported as usually correct and as per commitment. In view of long track record and 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 : BB+
Rating Explanation	Moderate risk of default
Date	June 23, 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. Pushkar Kalra
Designation :	Accountant
Contact No.:	91-9873139882
Date :	28.10.2015

LOCATIONS

Registered Office :	A-42, Jangapura, New Delhi – 110014, India
Tel. No.:	Not Available
Mobile No.:	91-9873139882 (Mr. Pushkar) 91-9643101986 (Mr. Jagtar)
Fax No.:	Not Available
E-Mail :	fbd@gripengineers.com sales.hyd@gripengineers.com
Website :	http://www.gripengineers.com
Area :	12000 sq. ft.
Location :	Owned
Locality :	Industrial
Secundrabad Office and Works
Factory 1 :	Survey No. 822/834, Opposite Check Post, Kistapur – Shameerpet Road, R.R. District, Medchal – 501401, Telangana, India
Location :	Owned
Locality :	Industrial
Faridabad Office and Works
Factory 2 :	Piyala Road, Post Sikri, Ballabgarh, District Faridabad - 121102, Haryana, India
Location :	Owned
Locality :	Industrial

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Muthuraja Mani

Designation :

Director

Address :

Plot No.111, 303 Gayathri Paradise, 108, Bazar Road, Jyothi Colony, Kakaguda, Secundrabad - 500026, Telangana, India

Date of Appointment :

15.05.1988

DIN No.:

01601879

Pan no :

AAAPM2817P

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	U74899DL1988PTC031573	GRIP ENGINEERS Private limited	Director	15/05/1988	15/05/1988	-	Active	NO
2	U27109TG2005PTC047278	GRIP STRAPPING TECHNOLOGIES PRIVATE LIMITED	Director	29/08/2005	29/08/2005	-	Active	NO
3	U74999TN2008PTC069459	CHENNAI METTEX LAB PRIVATE LIMITED	Director	07/02/2011	07/02/2011	-	Active	NO
4	U29253TG2011PTC073243	TECHMECH CRANES INDIA PRIVATE LIMITED	Director	14/03/2011	14/03/2011	-	Active	NO
5	U29150TZ2009PTC015678	MEGA CRANES (INDIA) PRIVATE LIMITED	Director	25/03/2014	25/03/2014	-	Active	NO
6	U74999TG2015PTC097346	GRIPEX PACKING INDIA PRIVATE LIMITED	Director	22/01/2015	22/01/2015	-	Active	NO

Name :

Mr. Hemant Lajpal

Designation :

Director

Address :

Plot 45, Amrit Vila Bhanu Enclave, E J J Nagar Yapral RSI Club, Secundrabad - 500087, Telangana, India

Date of Birth/Age :

30.04.1958

Date of Appointment :

15.05.1988

DIN No.:

01601740

PAN No:

ABDPL9659G

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	U74899DL1988PTC031573	GRIP ENGINEERS Private limited	Director	15/05/1988	15/05/1988	-	Active	NO
2	U27109TG2005PTC047278	GRIP STRAPPING TECHNOLOGIES PRIVATE LIMITED	Director	29/08/2005	29/08/2005	-	Active	NO
3	U29253TG2011PTC073243	TECHMECH CRANES INDIA PRIVATE LIMITED	Director	14/03/2011	14/03/2011	-	Active	NO

Name :

Mr. Ranjit Arya

Designation :

Director

Address :

House No. 250, Sector - 9, Faridabad - 121006, Haryana, India

Date of Birth/Age :

28.12.1950

Date of Appointment :

16.07.1995

DIN No.:

00314809

PAN No:

AGLPA2950L

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	U74899DL1988PTC031573	GRIP ENGINEERS Private limited	Director	16/07/1995	16/07/1995	-	Active	NO
2	U27109TG2005PTC047278	GRIP STRAPPING TECHNOLOGIES PRIVATE LIMITED	Director	29/08/2005	29/08/2005	06/12/2010	Active	NO

Name :

Mr. Dwarkesh Lajpal

Designation :

Director

Address :

House No. 279, Sector-8, Faridabad - 121006, Haryana, India

Date of Birth/Age :

09.04.1956

Date of Appointment :

15.05.1988

DIN No.:

00199345

PAN No:

AAAPL0158Q

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	U74899DL1988PTC031573	GRIP ENGINEERS Private limited	Director	15/05/1988	15/05/1988	-	Active	NO
2	U27109TG2005PTC047278	GRIP STRAPPING TECHNOLOGIES PRIVATE LIMITED	Director	29/08/2005	29/08/2005	06/12/2010	Active	NO

KEY EXECUTIVES

Name :	Mr. Pushkar Kalra
Designation :	Accountant

MAJOR SHAREHOLDERS

AS ON 30.09.2014

Names of Shareholders	No. of Shares	% of holding
Hemant Lajpal	154611	20.76
M Mani	132890	17.83
Dwarakesh Lajpal	167814	22.52
Anjali Lajpal	47760	6.41
Deepti Lajpal	25728	3.45
Gowri Mani	61956	8.31
Ranjit Arya	115819	15.54
Amit Arya	22260	2.99
Punit Lajpal	8829	1.18
Subha Mani	7500	1.01
Total	745167	100.00

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, Exporter and Importer of electric overhead cranes.
Products :	Electric Overhead Cranes
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :
Products :	Electric Overhead Cranes
Countries :	Bhutan
Imports :
Products :	Raw Material
Countries :	Germany
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Aman International
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 :

End Users

Reference :	Enexo Technologies India Limited
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

• Hero Honda
• Flovel Mecamidi
• Alstom
• BHEL
• Delhi Metro Rail
• Thermax
• Blue Star

No. of Employees :

250 (Approximately)

Bankers :

Bank Name	Canara Bank
Branch	C-440, Chawla Colony, Ballabhgarh, Faridabad, Haryana, India
Person Name (With Designation)	Mr. Vinod Kumar (Manager)
Contact Number	91-129-2302584
Name of Account Holder	Grip Engineers Private Limited
Account Number	2033261060129
Account Since (Date/Year of Account Opening)	03.09.2004
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Cash/Credit Rs.70.000 Million LC Rs. 20.000 Million Bank Guarantee Rs. 160.000 Million
Account Operation	Satisfactory
Remarks (If any)	Banker gave us positive feedback, as claimed by Mr. Vinod Kumar (Manager), subject having very good track record for banking transaction

• ICICI Bank Limited, Ballabhgarh, Faridabad, Haryana, India
• Axis Bank Limited, Plot No. 40, SCO, Sector – 7, Ballabhgarh, Faridabad – 121006, Haryana, India
• Canara Bank, Bhogal, New Delhi, India

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Rupee term loans from banks	4.488	6.913
Short-term borrowings
Working capital loans from banks	93.463	61.246
Total	97.951	68.159

Financial Institutions	L&T Finance Limited, L&T House, Ballard Estate, Mumbai - 400001, Maharashtra, India A.P. State Financial Corporation, Chirag Ali Lane, Hyderabad – 500001, Telangana, India
Auditors :
Name :	C. Ramachandram and Company Chartered Accountants
Address :	3-6-237, Unit 606, Lingapur La Builde Complex, Himayat Nagar, Hyderabad – 500029, Telangana, India
Tel no:	91-40-23264144/23223787
Fax no:	91-40-23264145
PAN. No.:	AABFC4266H
Memberships :	-----
Collaborators :	-----
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives:	Techmech Cranes India Private Limited (U29253TG2011PTC073243)

CAPITAL STRUCTURE

AS ON 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
750000	Equity Shares	Rs.100/- each	Rs. 75.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
745167	Equity Shares	Rs.100/- each	Rs. 74.517 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	74.517	74.517	49.678
(b) Reserves & Surplus	34.761	18.791	37.788
(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)	109.278	93.308	87.466
(3) Non-Current Liabilities
(a) long-term borrowings	4.488	7.949	14.755
(b) Deferred tax liabilities (Net)	0.000	0.010	0.300
(c) Other long term liabilities	1.946	1.167	1.833
(d) long-term provisions	0.657	2.263	0.000
Total Non-current Liabilities (3)	7.091	11.389	16.888
(4) Current Liabilities
(a) Short term borrowings	93.463	61.246	53.786
(b) Trade payables	84.942	91.076	124.163
(c) Other current liabilities	51.005	64.741	61.652
(d) Short-term provisions	5.503	4.979	5.318
Total Current Liabilities (4)	234.913	222.042	244.919
TOTAL	351.282	326.739	349.273
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	66.098	61.397	65.812
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	5.342	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	3.950	0.050	0.050
(c) Deferred tax assets (net)	0.116	0.000	0.000
(d) Long-term Loan and Advances	0.200	8.014	8.015
(e) Other Non-current assets	2.504	2.261	5.662
Total Non-Current Assets	78.210	71.722	79.539
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	107.248	107.436	124.388
(c) Trade receivables	131.126	117.561	116.916
(d) Cash and cash equivalents	24.724	19.970	9.252
(e) Short-term loans and advances	9.606	1.784	3.334
(f) Other current assets	0.368	8.266	15.844
Total Current Assets	273.072	255.017	269.734
TOTAL	351.282	326.739	349.273

PROFIT & LOSS ACCOUNT

PARTICULARS	31.03.2014	31.03.2013	31.03.2012
SALES
Income	334.052	446.615	565.100
Other Income	37.810	18.896	NA
TOTAL	371.862	465.511	NA
	(Due to Market Fluctuation)
EXPENSES	329.797	433.957	NA
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	42.065	31.554	NA
INTEREST AND FINANCIAL EXPENSES	13.648	13.230	NA
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	28.417	18.324	NA
DEPRECIATION/ AMORTISATION	7.045	7.774	NA
PROFIT/ (LOSS) BEFORE TAX	21.370	10.548	NA
TAX	5.503	4.252	NA
PROFIT/ (LOSS) AFTER TAX	15.969	1.677	10.102
PROVISION FOR DEFERRED TAX	(0.126)	(0.289)	---
PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	18.790	37.787	27.685
APPROPRIATIONS	15.969	5.842	----
Balance Carried to the B/S	34.759	18.790	37.787
Earnings / (Loss) Per Share (Rs.)	21.43	2.25	13.55

Particulars	31.03.2015
Sales Turnover (Approximately)	340.000

Expected Sales (2015-2016): Rs. 400.000 Million

The above information has been parted by Mr. Pushkar Kalra (Accountant).

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	3.925	28.162	28.566
Cash generated from operations	NA	NA	NA
Net cash flow from (used in) operations	0.251	26.346	14.307
Net cash flows from (used in) operating activities	(5.251)	21.359	10.761

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	4.78	0.38	1.79
Operating Profit Margin (PBIDT/Sales)	(%)	12.59	7.07	NA
Return on Total Assets (PBT/Total Assets}	(%)	6.25	3.23	1.62
Return on Investment (ROI) (PBT/Networth)		0.20	0.11	0.06
Debt Equity Ratio (Total Debt /Networth)		0.93	1.04	1.11
Current Ratio (Current Asset/Current Liability)		1.16	1.15	1.10

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	49.678	74.517	74.517
Reserves & Surplus	37.788	18.791	34.761
Share Application money pending allotment	0.000	0.000	0.000
Net worth	87.466	93.308	109.278
long-term borrowings	14.755	7.949	4.488
Short term borrowings	53.786	61.246	93.463
Current maturities of long-term debts	28.566	28.162	3.925
Total borrowings	97.107	97.357	101.876
Debt/Equity ratio	1.110	1.043	0.932

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	565.100	446.615	334.052
		(20.967)	(25.204)

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	565.100	446.615	334.052
Profit	10.102	1.677	15.969
	1.79%	0.38%	4.78%

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	Yes
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	Yes
18	Major suppliers	Yes
19	Major customers	Yes
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	Yes
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	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

UNSECURED LOAN

PARTICULARS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term borrowing
Rupee term loans from banks	0.000	0.386
Other loans and advances	0.000	0.650
Total	0.000	1.036

INDEX OF CHARGES:

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10338837	15/02/2012	229,000.00	L AND T FINANCE LIMITED	L&T HOUSE, BALLARD ESTATE, MUMBAI - 400001, MAHARASHTRA,  INDIA	B33545161
2	10263526	14/12/2010	180,000.00	L AND T FINANCE LIMITED	L&T HOUSE, BALLARD ESTATE, MUMBAI - 400001, MAHARASHTRA, INDIA	B04191987
3	90039288	22/02/2005 *	1,146,000.00	CANARA BANK	MARREDPALLY BRANCH, SECUNDERABAD, Uttar Pradesh, INDIA	-
4	90037946	30/03/2015 *	270,000,000.00	CANARA BANK	MARREDPALLY, EAST MARREDPALLY, SECUNDRABAD - 500026, TELANGANA, INDIA	C56195761
5	90036189	02/11/2000	3,000,000.00	A.P. STATE FINANCIAL CORPORATION	CHIRAG ALI LANE, HYDERABAD - 500001 , TELANGANA, INDIA	-

* Date of charge modification

FIXED ASSETS

Tangible Assets

• Land
• Buildings
• Plant and Equipment
• Furniture and Fixtures
• Vehicles
• Office Equipment
• Computer Equipments
• Other 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. 65.15
UK Pound	1	Rs. 99.36
Euro	1	Rs. 71.25

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	DIV
Report Prepared by :	SANS

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	5
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--MARGINS	-5~5	----
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--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 unfavorable 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.