MIRA INFORM REPORT

Report Date :

18.02.2011

Note:

The given address has been verified and validated by us.

IDENTIFICATION DETAILS

Name :	ELIN ELECTRONICS LIMITED

Registered Office :	143, Cotton Street, Kolkata – 700 007, West Bengal

Country :	India

Financials (as on) :	31.03.2010

Date of Incorporation :	26.03.1982

Com. Reg. No.:	21-034725

CIN No.: [Company Identification No.]	U29304WB1982PLC034725

TAN No.: [Tax Deduction & Collection Account No.]	CALE00746E/ CALE00685G

Legal Form :	A Closely Held Public Limited Liability Company

Line of Business :	Manufacturer of Electronic Contract.

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

Maximum Credit Limit :	USD 1791000

Status :	Satisfactory

Payment Behaviour :	Usually Correct

Litigation :	Clear

Comments :	Subject is a well established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. 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 – April 1, 2010

Country Name

Previous Rating

(31.12.2009)

Current Rating

(01.04.2010)

India

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INFORMATION DECLINED BY

Name :	Mr. Chaudhary
Designation :	Accounts Department
Date :	17.02.2011

LOCATIONS

Registered Office :	143, Cotton Street, Kolkata – 700 007, West Bengal, India
E-Mail :	rkc@elinindia.com
Website :	http://www.elinindia.com

Factory 1 :	C-143, Industrial Area, Site No:1, Bulandshahar Road, Ghaziabad – 201 009, Uttar Pradesh, India
Tel. No.:	91-120-2701519-24
Fax No.:	91-120-2702087
E-Mail :	elin-gzb@elinindia.com
Area :	Land:45200 Covered : 26600

Factory 2 :	L-84, Verna Industrial Estate, Verna, Salcatte, Goa – 403 722, India
Tel. No.:	91-832-2783730/ 731/ 736/ 376
Fax No.:	91-832-2783001
E-Mail :	elinelel@sancharnet.in

Factory 3 :	Village Bhelikhol, Tehsil, Nalagarh, District: Solan, Himachal Pradesh, India
Tel. No.:	91-1795-236898
Fax No.:	91-1795-236988
E-Mail :	elin_baddi@sancharnet.in

Branch Office :	Elin House, 4771, Bharatram Road, 23, Daryaganj New Delhi – 110 002, India
Tel. No.:	91-11-43000400
Fax No.:	91-11-23289340
E-Mail :	elintdm@ndf.vsnl.net.in headoffice@elinindia.com

DIRECTORS

As on 30.08.2010

Name :	Mr. Kamal Sethia
Designation :	Whole Time Director
Address :	4771, Bharat Ram Road, 23, Darya Ganj, New Delhi – 110 002, India
Date of Birth/Age :	28.10.1957
Date of Appointment :	06.08.2007
DIN No.:	00081116

Name :	Mr. Mangi Lall Sethia
Designation :	Chairman cum Managing Director
Address :	4771, Bharat Ram Road, 23, Darya Ganj, New Delhi – 110 002, India
Date of Birth/Age :	07.12.1937
Date of Appointment :	26.03.1982
DIN No.:	00081367

Name :	Mr. Kishor Sethia
Designation :	Whole Time Director
Address :	4771, Bharat Ram Road, 23, Darya Ganj, New Delhi – 110 002, India
Date of Birth/Age :	14.06.1959
Date of Appointment :	06.08.2007
DIN No.:	00081488

Name :	Mr. Vinay Kumar Sethia
Designation :	Whole Time Director
Address :	E-21, Sector – 30, Noida – 201 301, Uttar Pradesh, India
Date of Birth/Age :	21.05.1951
Date of Appointment :	26.03.1982
DIN No.:	00082184

Name :	Mr. Budh Singh Sethia
Designation :	Whole Time Director
Address :	Sethia Sadan, B-23, Sector – 14, Noida – 201 301, Uttar Pradesh, India
Date of Birth/Age :	15.01.1950
Date of Appointment :	26.03.1982
DIN No.:	00082232

Name :	Mr. Ravi Bhikamchand Sethia
Designation :	Whole Time Director
Address :	5, Janki Shah Road, Kolkata – 700 022, West Bengal, India
Date of Birth/Age :	19.04.1965
Date of Appointment :	04.10.2004
DIN No.:	00086092

Name :	Mr. Vijay Singh Sethia
Designation :	Director
Address :	B-140-141, Sector – 30, Noida – 201 301, Uttar Pradesh, India
Date of Birth/Age :	21.01.1941
Date of Appointment :	26.04.1996
DIN No.:	00354684

Name :	Mr. Sanjeev Sethia
Designation :	Whole Time Director
Address :	B-140-141, Sector – 30, Noida – 201 301, Uttar Pradesh, India
Date of Birth/Age :	24.04.1969
Date of Appointment :	29.08.2008
DIN No.:	00354700

Name :	Mr. Sumit Sethia
Designation :	Whole Time Director
Address :	9, Sagar Housing Co-Operative Society, Donapaulo, Goa – 403 006, India
Date of Birth/Age :	01.04.1973
Date of Appointment :	06.08.2007
DIN No.:	00831799

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.08.2010

Names of Shareholders		No. of Shares
Sethia Ashok		80300
Sethia Alok		80800
Sethia Budh Singh		101700
Sethia Bhikam Chand		102700
Sethia Jhinkar		282500
Sethia Kamal		177000
Sethia Kishor		289400
Sethia Mangilal		310400
Sethia Moti Lal		175500
Sethia Pradeep		116000
Sethia Premlata		117000
Sethia Rainidevi		122000
Sethia Rakesh		170500
Sethia Ravi		193000
Sethia Suman		225000
Sethia Sajjan		90000
Sethia Sanjeev		148100
Sethia Vasudha		133400
Vijay Singh		101200
CRB Corporation Limited, India		320000
CRB Mutual Fund, India		300000
Rosebud Holding Private Limited, India		438400
Sethia Gaurav		133500
Shinwa Ind. (HK) Limited, Hong Kong		499100
Sumit Sethia		141700

As on 30.08.2010

Equity Share Breakup		Percentage of Holding
Category
Mutual funds		4.77
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]		7.94
Bodies corporate		13.49
Directors or relatives of directors		73.64
Other top fifty shareholders		0.16
Total		100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Electronic Contract.

Products :

Item Code No. (ITC Code)	852290.00
Product Description	Tape Deck Mechanism
Item Code No. (ITC Code)	850110.01
Product Description	D.C. Micro/ UV Motor
Item Code No. (ITC Code)	940590.00
Product Description	Electric Light Fittings
Item Code No. (ITC Code)	851310.10
Product Description	Led Flash Light

PRODUCTION STATUS (AS ON 31.03.2009)

Particulars	Unit	Licensed Capacity *	Installed Capacity	Actual Production
Tape Deck Mechanism	Nos.	N.A.	1 ,200,000	556,381
Micro Motors	Nos.	N.A.	3 ,000,000	1,552,114
UV Motor	Nos.	N.A.	1 ,000,000	874,645
Electric Light Fittings	Nos.	N.A.	3 ,000,000	1,903,870
DVD Parts	Nos.	N.A.	5 ,000,000	2,823,374
Dies Tools and Moulds	Nos.	N.A.	400	3 45
Submersible Pump	Nos.	N.A.	500,000	133,302
Radios	Nos.	N.A.	500,000	--
Car Cassette Player	Nos.	N.A.	15,000	--
Stereo Radio Recorder	Nos.	N.A.	60,000	--
Head Phone Stereo	Nos.	N.A.	400,000	--
Smt Pcb Assy	Nos.	N.A.	1 000,000	153,757
Led flash Light	Nos.	N.A.	2 0,000,000	12,177,414
Plastic Moulded Items for Radio/Cassette Recorder/Iron/Toaster /Mixer/Juicer and Others	Nos.	N.A.	--	6,197,486

* These products not being covered under licensing requirement of the new industrial policy, the licensed capacity has been disclosed as Not Applicable.

Installed Capacity is on single shift basis and as certified by the Management, on which the Auditors have relied.

GENERAL INFORMATION

Customers :

Philips India Limited
Sony India Private Limited
BPL
Matsushita Air Conditioning India Limited
Hitachi
Blue Star
Carrier Aircon Limited
LG Electronics India Limited
Bajaj Auto Limited
Daikin Shriram Air Conditioning Private Limited
Black and Decker
Tata Ficosa
Denso (Haryana) Private Limited
Voltas
Super Cassette Ind. (T-Series)
Trusound (Ahuja Radios)
Videocon
Thomson Consumer Electronics
Matsushita India
Feeders Lloyd Corporation Limited

No. of Employees :

About 750 (Approximately)

Bankers :

Allahabad Bank, Scindia House Branch, Janpath, New Delhi - 110 001, India
State Bank of India, Industrial Finance Branch, Jawahar Vyapar Bhawan, Tolstoy Marg, New Delhi – 110 001, India

Facilities :

Secured Loans	31.03.2010 Rs. In Millions	31.03.2009 Rs. In Millions
A. State Bank of India (Secured by way of First Hypothecation Charge over Assets procured out of the Term Loans. These loans are further secured by first charge over the entire movable and immovable Fixed Assets of the Company, other than specific Assets referred in Point No.-"C" and personal guarantee of the Directors of the Company) (Amount payable within one year Rs.40.300 millions (Previous year Rs.32.209 millions)	100.538	86.000
B. WORKING CAPITAL LOANS
State Bank of India [Secured by exclusive Hypothecation of Stock of Raw Material, Work in Progress, Finished Goods Consumable Store, Book Debts and other Current Assets of the Company, both present and future. These loans are further secured by first charge over the entire movable and immovable Fixed Assets of the Company, other than Specific Assets referred in Point No. "C" and personal guarantee of the Directors of the Company]	227.194	196.586
C. OTHER LOANS
i) From Bank	7.919	3.090
ii)From Finance Companies (Secured by hypothecation of respective vehicle and personal guarantee of a Director of the Company) [Amount repayable within one year Rs.3.980 millions (Previous year Rs.2.138 millions)]	0.538	1.132
Total	336.189	286.808


Banking Relations :	--

Auditors :
Name :	Chaturvedi and Company Chartered Accountants
Address :	Park Centre, 24, Park Street, Kolkata – 700 016, West Bengal, India

Associates :	Elin Appliances Private Limited Lifelong Elin Auto Comp. Limited

Enterprises over which key management personnel have significant influence :	Electronic Components Industries Geo Call Connect Service Solution (Private) Limited Kanchan Commercial Company Private Limited Magtronic Devices Private Limited Revlite Energy Solutions Private Limited Sethia Finance and Trading Company

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
7500000	Equity Shares	Rs.10/- each	Rs.75.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3887700	Equity Shares (Equity Shares of Rs.10/- each fully paid-up in cash)	Rs.10/- each	Rs.38.877 millions
2400000	Equity Shares (Equity Shares of Rs.10/- each allotted for consideration other than cash)	Rs.10/- each	Rs.24.000 millions
	Total		Rs.62.877 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		62.877	62.877	62.877
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		384.807	320.844	278.648
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		447.684	383.721	341.525
LOAN FUNDS
1] Secured Loans		336.189	286.808	298.635
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		336.189	286.808	298.635
DEFERRED TAX LIABILITIES		12.422	11.585	11.152

TOTAL		796.295	682.114	651.312

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		321.223	282.218	268.001
Capital work-in-progress		24.709	1.045	2.163

INVESTMENT		11.674	11.252	10.282
DEFERREX TAX ASSETS		0.000	0.000	0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	239.661	242.294	206.767
	Sundry Debtors	281.183	262.963	243.958
	Cash & Bank Balances	24.963	22.152	18.231
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	123.469	92.895	98.174
Total Current Assets		669.276	620.304	567.130
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	162.854	168.827	124.302
	Other Current Liabilities	39.318	35.093	28.162
	Provisions	28.415	28.785	43.800
Total Current Liabilities		230.587	232.705	196.264
Net Current Assets		438.689	387.599	370.866

MISCELLANEOUS EXPENSES		0.000	0.000	0.000

TOTAL		796.295	682.114	651.312

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	1850.769	1641.428	1223.179
		Other Income	11.086	3.489	8.723
		TOTAL (A)	1861.855	1644.917	1231.902

Less	EXPENSES
		Material Consumed / Sold	1253.862	1122.537	845.330
		Other Manufacturing Expenses	171.712	143.278	112.946
		Personnel Expenses	196.942	175.490	138.647
		Administration, Selling & Distribution Expenses	37.383	33.908	31.114
		Research & Development Expenses	24.352	20.841	16.614
		Increase/(Decrease) in Stock	6.499	(4.347)	(20.686)
		TOTAL (B)	1690.750	1491.707	1123.965

Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		171.105	153.210	107.937

Less	FINANCIAL EXPENSES (D)		41.369	54.901	40.482

	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		129.736	98.309	67.455

Less/ Add	DEPRECIATION/ AMORTISATION (F)		50.532	48.781	42.132

	PROFIT BEFORE TAX (E-F) (G)		79.204	49.528	25.323

Less	TAX (H)		14.636	7.398	5.768

	PROFIT AFTER TAX (G-H) (I)		64.568	42.130	19.555

	(Less) / Add : Taxation relating to earlier years		(0.605)	0.066	--

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		136.177	123.981	104.426

Less	APPROPRIATIONS
		Transfer to General Reserve	40.000	30.000	--
	BALANCE CARRIED TO THE B/S		160.140	136.177	123.981

	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Exports	5.632	0.882	2.429
	TOTAL EARNINGS		5.632	0.882	2.429

	IMPORTS
		Raw Materials	NA	234.229	207.758
		Capital Goods	NA	20.756	27.099
	TOTAL IMPORTS		NA	254.985	234.857

	Earnings Per Share (Rs.)		10.27	6.70	3.11

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	3.47	2.56	1.59

Net Profit Margin (PBT/Sales)	(%)	4.28	3.02	2.07

Return on Total Assets (PBT/Total Assets}	(%)	8.00	5.49	3.03

Return on Investment (ROI) (PBT/Networth)		0.18	0.13	0.07

Debt Equity Ratio (Total Liability/Networth)		1.27	1.35	1.45

Current Ratio (Current Asset/Current Liability)		2.90	2.67	2.89

LOCAL AGENCY FURTHER INFORMATION

OPERATIONS:

During the year, the turnover inclusive of excise duty increased by 10% to Rs.1952.594 millions as against Rs.1777.944 millions in the previous year. The net profit after tax increased by 51% to Rs.63.963 millions as against Rs.42.197 millions in the previous year.

EXPANTION:

During the year, Universal motors and Electric Light Fitting Products contributed substantially in turnover and profitability. Further capacities of these products are being increased in the current year.

Corporate identity number of the company	U29304WB1982PLC034725
Name of the company	ELIN ELECTRONICS LIMITED
Address of the registered office or of the principal place of business in India of the company	143, Cotton Street, Kolkata – 700 007, West Bengal, India E-Mail: rkc@elinindia.com
This form is for	Modification of charge
Charge identification number of the modified	90251465
Type of charge	Immovable Property Book Debts Movable Property
Particular of charge holder	State Bank of India, Industrial Finance Branch, Jawahar Vyapar Bhawan, Tolstoy Marg, New Delhi – 110 001, India E-Mail: prakash.sharma@sbi.co.in
Nature of description of the instrument creating or modifying the charge	Form C.1-A (Supplemental Agreement of loan for increase in the overall limit) Form C.2-A (Supplemental Agreement of Hypothecation of goods and assets for increase in the overall limit) Form C.5 (break up of individual limits within overall limits) Form C.10 Memorandum of Deposit for creation of further charge by way of mortgage on IP
Date of instrument Creating the charge	03/11/2010
Amount secured by the charge	Rs.595.700 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest: 4.25% above base rate i.e. 11.85% p.a. at monthly rests on cash credit ; AT 4% above base rate i.e. currently 11.60% p.a. with Reset after every two years on New Term Loans-V. Terms of Repayment: TL-V (New TL) - 17 quarterly installments of Rs.2.800 millions each and 18^th installment of Rs.2.400 millions beginning September, 2011 and ending December' 2015. Margin: Raw Material - 25% Stock in Process - 25% Finished Goods - 25% Spares and Stores - 25% Receivables (cover period-90 days) - 35% LC/BG - 10% Extent and Operation of the charge: Cash Credit: First charge by way of hypothecation on entire current assets including raw material, stock in process, finished goods, consumables, stores and spares and receivables of company and extension of charge on entire fixed assets of the company. Term Loan: First charge on entire fixed assets of the company including EM of Factory land and building at C-143, C-144, C-144/2, Site No.-1, BSR Road, Ghaziabad and extension of charge on entire current assets of company and Land and Building at L84 Verna Industrial Area, Goa.
Short particulars of the property charged	1. EQM of factory land and building at C-143, C-144, C-144/2 Site No. 1, Bullandshahar Road, Industrial Area, Ghaziabad 2.EQM of factory land and building at L-84, Verna Industrial Area, Goa hypothecation on the entire current assets including raw material, stock in process, finished goods, consumables, stores and spares and receivables of the company and entire fixed assets
Date of latest modification prior to the present modification	04/06/2010
Particulars of the present modification	Total limits increased from Rs.515.700 millions to Rs.595.700 millions with increase in cash credit limit from Rs.220.000 millions to Rs.250.000 millions and Fresh Term Loan V of Rs.50.000 millions.

Contingent Liabilities not provided for in respect of :

PARTICULARS	31.03.2010 (Rs. in millions)
a. Corporate Guarantees	149.000
b. Letter of Credit	16.287
Margin Money Rs.9.500 millions
c. Outstanding Bank Guarantee	0.400
Margin Money Rs.0.500 million
d. Bill discounting with Banks and others	--
e. Commercial Tax Demands	6.769
Deposited Rs.2.383 millions

FIXED ASSETS:

· Leasehold Land

· Building (Factory and Non Factory)

· Plant and Machinery (Including Pollution Control Equipment and R and D Machinery, Tools etc.)

· Dies, Moulds and Tools

· Electric Installations

· Furniture and Fixtures

· Office Equipments

· Vehicles

· Goodwill

· Technical Know How

WEBSITE DETAILS:

AWARDS:

1982	ELCINA award for Excellence In Exports
1991-92	1991-92 Philips (C.E.) the Best Co-maker award. Elin R and D Recognised by Department of Science and Technology, Govt. of India.
1993	Two Star Industries award from Directorate of Industries
1994	Import Substitution award from All India Radio and Electronic Association
1994	Excellence in Electronics award from Govt. of India.
1996	ISO 9001 certification by DNV (Netherlands) ELCINA award for Indigenous Development of Capital Goods
1997-98	ESC award for Excellence in Export. ELCINA award for Export Growth.
1997-98	ELCINA award for Excellence in Quality. National award for Excellence in Electronic Components from Deptt. of Electronics (Govt. of India)
1999-00	ELCINA award for Indigenisation of Capital Goods for Manufacture of Electronic Products. ELCINA award for Research and Development Work in the field of electronic components.
2001-02	2001-02 ELCINA award of Excellence for Environment Management ELCINA award for Quality
2002-03	Quality Excellence Award from Institute of Trade and Industrial Development
2003-04	Certificate of Green Partner from Sony – Japan (ROHS Compliance)
2006 -07	Best Delivery Performance Award from Denso
2007-08	MSME – National Award -2008 Ministry of Micro, Small and Medium Enterprises, Govt. of India for outstanding efforts in Entrepreneurship
2008-09	FICCI-SEDF Corporate Social Responsibility Award 2009. “Jury Commendation Award” Category: Small and Medium Enterprises (SMEs)
2008-09	Award for Best Performance in Outstanding support from Denso
2009-10	Award For Best Performance in Cost from Denso
2009-10	HR Excellence Award for The Year 2009-10
2009-10	Gold Award for Innovation In RETENTION STRATEGY.

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 records 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.45.38
UK Pound	1	Rs.73.08
Euro	1	Rs.61.60

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	6
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		49

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

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

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

RATING EXPLANATIONS

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

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.

MIRA INFORM REPORT

239.661

281.183

24.963

0.000

123.469

669.276

162.854

39.318

28.415

230.587

438.689

3.47

4.28

8.00

0.18

1.27

2.90

Unit