MIRA INFORM REPORT

Report No. :	339638
Report Date :	09.09.2015

IDENTIFICATION DETAILS

Name :	KIRBY BUILDING SYSTEMS INDIA PRIVATE LIMITED (w.e.f. 18.03.2015)
Formerly Known As :	KIRBY BUILDING SYSTEMS INDIA LIMITED
Registered Office :	Plot No. 8-15, Phase III, IDA Phashamyalaram, District Medak – 502307, Telangana
Tel. No.:	91-8455-224401/ 02/ 03/ 04
Country :	India
Financials (as on) :	31.12.2014
Date of Incorporation :	20.07.1998
Com. Reg. No.:	36-029787
Capital Investment / Paid-up Capital :	Rs.517.079 Million
CIN No.: [Company Identification No.]	U28100AP1998PLC029787
IEC No.:	0999000268
TAN No.: [Tax Deduction & Collection Account No.]	HYDK00681C
PAN No.: [Permanent Account No.]	AABCK0239M
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in the business of manufacture and construction of Pre-Engineered Building Systems.
No. of Employees :	1000 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (54)

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

Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company incorporated in the year 1998 having a good track record. Available financial indicates company sound financial risk profile marked by healthy net worth position with negligible debt and good profitability of the company Trade relations are reported as fair. Business is active. Payments terms are reported to be regular and as per commitment. In view of long track record and sound financial base, the company can be considered normal for business dealings at usual trade terms and conditions. Note: Mr. Srinivas Rao (Deputy General Manager Treasury Department) confirmed that there is a typo error with Balance Sheet statement correct closing year of the company is 31^st December 2014 and not 31^st March 2014

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	CARE
Rating	Long term bank facilities A
Rating Explanation	Adequate degree of safety and carry low credit risk.
Date	10.07.2015

Rating Agency Name	CARE
Rating	Short term bank facilities A1
Rating Explanation	Very strong degree of safety and carry lowest credit risk.
Date	10.07.2015

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 31-03-2013.

INFORMATION PARTED BY

Name :	Mr. Srinivas Rao
Designation :	Deputy General Manager Treasury Department
Contact No.:	91-8455-224401
Date :	07.09.2015

LOCATIONS

Registered / Regional / Head Office / Factory 1 :	Plot No. 8-15, Phase III, IDA Phashamyalaram, District Medak – 502307, Telangana, India
Tel. No.:	91-8455-224401/ 02/ 03/ 04
Fax No.:	91-8455-224419
E-Mail :	kirby@kirby-india.com najayababu@kirby-india.com
Website :	http://www.kirbyinternational.com
Factory 2 :	Plot 2, Sector 11, Integrated Industrial Estate, Haridwar - 249403, Uttarakhand, India
Tel. No.:	91-1334-235317/ 18/ 19
Fax No.:	91-1334-235314
Sales Offices :	Located at: Ahmedabad Baroda Indore Mumbai Pune Bellary Coimbatore Chennai Madurai Cochin Bangalore Hyderabad Kakinada Vizag Bhubaneshwar Kolkata Jamshedpur Bhopal Jaipur Noida Delhi Haridwar Chandigarh Pantnagar

DIRECTORS

As on 31.03.2015

Name :

Mr. Dodle Raju

Designation :

Managing director

Address :

Flat No. 201, C Block, Landmark Residency, Madinaguda Miyapur, Hyderabad – 500049, Telangana, India

Date of Birth/Age :

10.08.1957

Qualification :

B.E., MBA

Experience :

32 Years

Date of Appointment :

01.03.2014

DIN No.:

02579249

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	U51432DL2004PTC124408	KIRBY CONSTRUCTION COMPANY PRIVATE LIMITED	Director	16/03/2009	16/03/2009	-	Strike off	NO
2	U28100TG1998PLC029787	KIRBY BUILDING SYSTEMS INDIA LIMITED	Managing director	01/03/2014	31/03/2010	-	Active	NO

Name :

K.G. Philipose

Designation :

Whole-time director

Address :

703, C Block, Bhvya Anandam Apartment, Nizampet Road, Kukatpally, Hyderabad – 500085, Telangana, India

Date of Birth/Age :

25.05.1967

Qualification :

B.E. Mechanical

Experience :

23 Years

Date of Appointment :

01.03.2014

DIN No.:

06548278

Name :

Dhari Ali Abdul Rahman Al Bader

Designation :

Director

Address :

Building No.5, Plot NO. 5, Attabri Street, Ashameyya, Kuwait

Date of Birth/Age :

06.10.1974

Date of Appointment :

03.12.2013

DIN No.:

06744947

Name :

Sonal Chandra Gupta

Designation :

Director

Address :

C 103/104,Raheja Sherwood Tower C B/H Hub, Multiplex, Nirlon Compound, Goregaon E, Mumbai-400063, Maharashtra, India

Date of Appointment :

30.04.2015

DIN No.:

01855999

KEY EXECUTIVES

Name :	Nandamuri Ajaya Babu
Designation :	Secretary
Address :	108, Block B, Mahalakshmi Estate, Nizampet Road, Kukatpally, Hyderabad – 500085, Telangana, India
Date of Birth/Age :	16.06.1962
Date of Appointment :	01.05.2006
PAN No.:	AAMPN7001N

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 23.06.2014

Names of Equity Shareholders	No. of Shares	% of Holding
Alghanim Industries (Mauritius) Limited, Mauritius		39999940
Alghanim Yousuf Kutayba		10
Alghanim Bassam		10
Alghanim K Omar		10
Alghanim K Waleed		10
Alghanim M K Samar		10
Alghanim Industries WLL, Kuwait		10
Total		40000000

Names of Preference Shareholder	No. of Shares
Alghanim Industries (Mauritius) Limited, Mauritius	1170790
Total	1170790

Equity Share Break up (Percentage of Total Equity)

As on 23.06.2014

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in the business of manufacture and construction of Pre-Engineered Building Systems.

Products :

Item Code No.	Product Description
94060099	Pre Engineered Steel Building

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Products :

Finished goods

Countries :

• Sri Lanka
• Southeast Asia

Imports :

Products :

Raw Material

Countries :

· Japan

· Korea

· China

Terms :

Selling :

Cash / L/C / Credit

Purchasing :

Cash / L/C / Credit

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	JSW Steel 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

Customers :

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

No. of Employees :

1000 (Approximately)

Bankers :

Bank Name	The Hongkong and Shanghai Banking Corporation Limited
Branch	6-3-1107 and 1108, Raj Bhavan Road, Somajiguda, Hyderabad - 500082, Telangana, 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

• Standard Chartered Bank, TSR Towers, 6-3-1090, Raj Bhavan Road, Somajiguda,, Hyderabad - 500082, Telangana, India
• Punjab National Bank, Patancheru Branch, Medak District - 502319, Telangana, India
• State Bank of Hyderabad, Icrisat Branch (20106), Patancheru, Patancheru - 502319, Andhra Pradesh, India
• State Bank of India, Commercial Branch, Bank Street, Koti, Hyderabad - 500095, Telangana, India
• Axis Bank Limited, Trishul 3rd Floor Opposite Samartheshwar Temple, Law Garden Ellisbridge, Ahmedabad - 380006, Gujarat, India

Facilities :

Secured Loan	31.12.2014 (Rs. in Million)	31.12.2013 (Rs. in Million)
Short-term borrowings
Working capital loans from banks	0.935	0.000
Total	0.935	0.000

Financial Institution :	3i Infotech Trusteeship Services Limited, 3rd to 6th floor, International Infotech Park, Tower No.5, Vashi Railway Station Complex, Vashi, Navi Mumbai - 400703, Maharashtra, India
Auditors :
Name :	SR Batliboi and Associates LLP Chartered Accountants
Address :	22, Camac Street, Block C, 3rd Floor, Kolkata - 700016, West Bengal, India
PAN N Income-tax PAN of auditor or auditor's firm :	ACHFS9118A
Memberships :	--
Collaborators :	--
Fellow Subsidiary company :	· Rock Wool (India) Private Limited · Kirby Building Systems India (Uttaranchal) Private Limited · Kirby South East Asia
Others :	· Yusuf A Alghanim And Sons WLL · Kirby Building Systems- Kuwait SAK, · Kirby Building Systems (UAE) LLC, United Arab Emirates

CAPITAL STRUCTURE

As on 23.06.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
88000000	Equity Shares	Rs.10/- each	Rs.880.000 Million
1200000	Preference Shares	Rs.100/- each	Rs.120.000 Million
	Total		Rs.1000.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
40000000	Equity Shares	Rs.10/- each	Rs.400.000 Million
1170790	Preference Shares	Rs.100/- each	Rs.117.079 Million
41170790	Total		Rs.517.079 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.12.2014	31.12.2013	31.12.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	517.079	517.079	517.079
(b) Reserves & Surplus	1751.070	1428.046	1339.470
(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)	2268.149	1945.125	1856.549
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	469.348	464.061	479.981
(d) long-term provisions	32.874	27.759	42.175
Total Non-current Liabilities (3)	502.222	491.820	522.156
(4) Current Liabilities
(a) Short term borrowings	0.935	0.000	435.431
(b) Trade payables	955.963	911.179	757.770
(c) Other current liabilities	674.702	585.536	481.850
(d) Short-term provisions	83.086	85.020	179.536
Total Current Liabilities (4)	1714.686	1581.735	1854.587
TOTAL	4485.057	4018.680	4233.292
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	787.26	704.701	754.428
(ii) Intangible Assets	1.143	1.613	8.171
(iii) Capital work-in-progress	1.790	0.486	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.011	0.011	0.011
(c) Deferred tax assets (net)	120.586	137.429	181.552
(d) Long-term Loan and Advances	624.165	752.485	727.582
(e) Other Non-current assets	363.002	349.327	420.624
Total Non-Current Assets	1897.957	1946.052	2092.368
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	757.464	827.884	823.485
(c) Trade receivables	881.329	732.886	622.550
(d) Cash and cash equivalents	368.527	20.802	6.657
(e) Short-term loans and advances	175.518	155.766	113.780
(f) Other current assets	404.262	335.290	574.452
Total Current Assets	2587.100	2072.628	2140.924
TOTAL	4485.057	4018.680	4233.292

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.12.2014	31.12.2013	31.12.2012
	SALES
		Income	4895.900	3735.009	4757.977
		Other Income	NA	56.726	34.485
		TOTAL (A)	NA	3791.735	4792.462
Less	EXPENSES
		Cost of Materials Consumed		2344.737	2810.946
		Purchases of Stock-in-Trade		0.000	0.000
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade		(36.948)	16.905
		Employees benefits expense		533.535	478.153
		Other expenses		694.327	949.600
		TOTAL (B)	NA	3535.651	4255.604
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		400.000	256.084	536.858
Less	FINANCIAL EXPENSES (D)		56.400	53.631	79.865
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		343.600	202.453	456.993
Less/ Add	DEPRECIATION/ AMORTISATION (F)		52.700	66.507	80.596
	PROFIT BEFORE TAX (E-F) (G)		290.900	135.946	376.397
Less	TAX (H)		97.400	44.123	111.224
	PROFIT AFTER TAX (G-H) (I)		193.500	91.823	265.173
	Earnings Per Share (Rs.)		4.70	2.12	6.45

Excepted Sales (2014-2015) Rs.5000.000 Million

The above information has been parted by Mr. Srinivas Rao (DGM Treasury Department)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.12.2014	31.12.2013	31.12.2012
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operation	384.127	565.706	(418.636)

KEY RATIOS

PARTICULARS		31.12.2014	31.12.2013	31.12.2012
Net Profit Margin (PAT / Sales)	(%)	3.95	2.46	5.57
Operating Profit Margin (PBIDT/Sales)	(%)	8.17	6.86	11.28
Return on Total Assets (PBT/Total Assets}	(%)	6.67	3.50	9.29
Return on Investment (ROI) (PBT/Networth)		0.13	0.07	0.20
Debt Equity Ratio (Total Debt /Networth)		0.00	0.00	0.23
Current Ratio (Current Asset/Current Liability)		1.51	1.31	1.15

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.12.2012	31.12.2013	31.12.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	517.079	517.079	517.079
Reserves & Surplus	1339.470	1428.046	1751.070
Net worth	1856.549	1945.125	2268.149
long-term borrowings	0.000	0.000	0.000
Short term borrowings	435.431	0.000	0.935
Total borrowings	435.431	0.000	0.935
Debt/Equity ratio	0.235	0.000	0.000

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.12.2012	31.12.2013	31.12.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	4757.977	3735.009	4895.900
		(21.500)	31.081

NET PROFIT MARGIN

Net Profit Margin	31.12.2012	31.12.2013	31.12.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	4757.977	3735.009	4895.900
Profit	265.173	91.823	193.500
	5.57%	2.46%	3.95%

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	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	--
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

PERFORMANCE:

The Company has achieved a gross turnover of Rs.4895.900 Million during the year ending 31.12.2014 as against the gross turnover of Rs.3791.700 Million during the previous year ending 31.12.2013. As against the profit of Rs.91.800 Million during the previous year (YE 31.12.2013), the Company earned a profit of Rs.193.500 Million during the current year (YE 31.12.2014). Turnover and profitability for the year 2014 improved due to improved margins and cost optimization measures taken up.

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10415012	24/01/2015 *	300,000,000.00	THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED	NO 7, M.G. ROAD, BANGALORE, Karnataka - 560001, INDIA	C44263374
2	10110039	05/02/2015 *	240,000,000.00	State Bank of India	Commercial Branch, Mid Corporate Group, Bank Street, Koti, Hyderabad, Telangana - 500095, INDIA	C44285187
3	10111925	05/08/2013 *	1,530,000,000.00	3i Infotech Trusteeship Services Limited	3rd to 6th floor, International Infotech Park,, Tower No.5, Vashi Railway Station Complex, Vashi, Navi Mumbai, Maharashtra - 400703, INDIA	B81730277
4	10115735	24/09/2014 *	1,310,000,000.00	Axis Bank Limited	Corporate Banking Branch, No.6-3-879/B, Greenland  , Begumpet, Hyderabad, Telangana - 500016, INDIA	C29798113
5	90138423	15/09/2004 *	50,000,000.00	UTI BANK LIMITED	6-3-879/B, GREENLANDS ROAD; BEGUMPET, HYDERABAD,  Andhra Pradesh, INDIA	-
6	90139287	07/02/2001 *	30,000,000.00	ICICI LIMITED	ICICI TOWERS, BANDRA KURLA COMPLEX, MUMBAI, Maharashtra - 400051, INDIA	-
7	90138168	24/09/2001 *	300,000,000.00	ICICI LIMITED	ICICI TOWERS, BANDRA KURLA COMPLEX, MUMBAI, Maharashtra - 400051, INDIA	-

* Date of charge modification

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.66.60
UK Pound	1	Rs.102.30
Euro	1	Rs.74.60

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	DIV
Report Prepared by :	JYTK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	7
--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	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		54

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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