MIRA INFORM REPORT

Report Date :

22.11.2011

IDENTIFICATION DETAILS

Name :	RADIOHMS AGENCIES LIMITED [w.e.f. 16.03.2007]
Formerly Known As :	RADIOHMS AGENCIES PRIVATE LIMITED
Registered Office :	B – 7/2, Okhla Industrial Area, Phase II, New Delhi-110020
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	18.01.2005
Com. Reg. No.:	55-164948
Capital Investment / Paid-up Capital :	Rs.29.500 Millions
CIN No.: [Company Identification No.]	U51100DL2005PLC164948
TAN No.: [Tax Deduction & Collection Account No.]	DELR14264F
PAN No.: [Permanent Account No.]	AADCR3847A
Legal Form :	A Closely held Public Limited Liability Company
Line of Business :	Manufacturer of FMCG, Solar and Consumer Appliances Products.
No. of Employees :	1000 [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

Maximum Credit Limit :	USD 250000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an 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 – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

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

INFORMATION PARTED BY

Name :	Mr. Sandeep
Designation :	Marketing Manager
Contact No.:	91-11-40500800
Date :	21.11.2011

LOCATIONS

Registered Office/ Factory :	B – 7/2, Okhla Industrial Area, Phase II, New Delhi 110020, India
Tel. No.:	91-11-40500800 / 40500900 / 41704941
Fax No.:	91-11-41704942
E-Mail :	info@ral.co.in accounts@ral.co.in rpk@ral.co.in bl_chandak@hotmail.com
Website :	http://www.radiohms.com

DIRECTORS

As on 27.07.2011

Name :

Mr. Rajendra Prasad Khaitan

Designation :

Director

Address :

W – 58, Greater Kailash, Part II, New Delhi 110048, India

Date of Birth/Age :

20.01.1948

Date of Appointment :

13.11.2008

Din No.:

00015801

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	L74899DL1968PLC004962	SALORA INTERNATIONAL LIMITED	Managing director	29-11-77	29-11-77	01-07-07	Active	NO
2	U74899DL1971PTC005492	ESSJAY ERICSSON PRIVATE LIMITED	Director	12-11-78	12-11-78	26-05-07	Active	NO
3	U00000DL1981NPL011318	ASSOCIATED ELECTRONICS RESEARCH FOUNDATION.	Director	04-03-85	04-03-85	-	Active	NO
4	U74899DL1988PTC033969	JHAVERI PROPERTIES PRIVATE LIMITED	Director	22-11-88	22-11-88	-	Active	NO
5	U74899DL1996PLC077798	SALORA FLORITECH LIMITED	Director	03-04-96	03-04-96	05-05-08	Active	NO
6	U70101DL1989PTC164949	RADIOHMS PROPERTIES PRIVATE LIMITED	Director	30-12-99	30-12-99	-	Active	NO
7	L24302RJ1970PLC002266	BSL LTD	Director	19-12-00	19-12-00	29-04-09	Active	NO
8	L17115RJ1960PLC008216	RSWM LIMITED	Director	10-11-04	10-11-04	25-10-08	Active	NO
9	U74899DL1996PLC077330	PANASONIC AVC NETWORKS INDIA COMPANY LIMITED	Whole-time director	01-07-07	08-12-06	09-04-09	Active	NO
10	U51100DL2005PLC164948	RADIOHMS AGENCIES LIMITED	Whole-time director	13-11-08	13-01-07	-	Active	NO
11	U40102DL2007PTC158155	GLIDE INTERNATIONAL PRIVATE LIMITED	Director	25-05-07	25-05-07	-	Active	NO
12	U74899DL1973PTC006464	VIDEO ELECTRONICS PRIVATE LIMITED	Director	30-09-08	25-03-08	-	Active	NO
13	U80301DL2005PTC142842	MANYA EDUCATION PRIVATE LIMITED	Director	30-09-08	26-07-08	-	Active	NO
14	L31909TN1972PLC006196	NIPPO BATTERIES CO. LIMITED	Whole-time director	01-10-09	23-07-09	-	Active	NO

Name :

Mrs. Sarla Devi Khaitan

Designation :

Director

Address :

W – 58, Greater Kailash, Part II, New Delhi 110048, India

Date of Birth/Age :

08.04.1950

Date of Appointment :

13.01.2007

Din No.:

00027591

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U70101DL1989PTC164949	RADIOHMS PROPERTIES PRIVATE LIMITED	Director	02-03-89	02-03-89	-	Active	NO
2	U32300MH1980PLC022380	ARTHEON ELECTRONICS LIMITED	Director	28-03-90	28-03-90	-	Active	NO
3	U51100DL2005PLC164948	RADIOHMS AGENCIES LIMITED	Director	13-01-07	13-01-07	-	Active	NO
4	U40102DL2007PTC158155	GLIDE INTERNATIONAL PRIVATE LIMITED	Director	25-05-07	25-05-07	30-01-10	Active	NO

Name :

Mrs. Nidhi Khaitan

Designation :

Director

Address :

W – 58, Greater Kailash, Part II, New Delhi 110048, India

Date of Birth/Age :

02.07.1981

Date of Appointment :

15.02.2007

Din No.:

00253447

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U80301DL2005PTC142842	MANYA EDUCATION PRIVATE LIMITED	Director	24-11-06	24-11-06	Active	NO
2	U40102DL2007PTC158155	GLIDE INTERNATIONAL PRIVATE LIMITED	Director	19-01-07	19-01-07	Active	NO
3	U51100DL2005PLC164948	RADIOHMS AGENCIES LIMITED	Whole-time director	01-04-11	15-02-07	Active	NO

Name :

Mrs. Aradhna Khaitan

Designation :

Director

Address :

W – 58, Greater Kailash, Part II, New Delhi 110048, India

Date of Birth/Age :

15.05.1977

Date of Appointment :

15.02.2007

Din No.:

00253249

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U80301DL2005PTC142842	MANYA EDUCATION PRIVATE LIMITED	Managing director	13-11-08	22-11-05	Active	NO
2	U40102DL2007PTC158155	GLIDE INTERNATIONAL PRIVATE LIMITED	Director	19-01-07	19-01-07	Active	NO
3	U51100DL2005PLC164948	RADIOHMS AGENCIES LIMITED	Director	15-02-07	15-02-07	Active	NO
4	U80222DL2010PTC203459	TRIVIUM EDUCATION SERVICES PRIVATE LIMITED	Director	01-06-10	01-06-10	Active	NO

Name :

Ram Kishor Singh

Designation :

Director

Address :

B-340, Salora Vihar, C-58/12, Sector 62, Noida-201301, Uttar Pradesh, India

Date of Birth/Age :

31.03.1944

Date of Appointment :

30.09.2008

Din No.:

00764159

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U72200UP2000PLC025349	UPTEC INFORMATION TECHNOLOGIES LIMITED	Director	28-09-04	28-09-04	Active	NO
2	U80301DL2005PTC142842	MANYA EDUCATION PRIVATE LIMITED	Director	30-09-08	26-07-08	Active	NO
3	U51100DL2005PLC164948	RADIOHMS AGENCIES LIMITED	Director	30-09-08	26-07-08	Active	NO

Name :

Mr. Kartik Raina

Designation :

Director

Date of Birth/Age :

02.09.1981

Date of Appointment :

26.07.2008

Din No.:

02222282

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U51100DL2005PLC164948	RADIOHMS AGENCIES LIMITED	Director	30-09-08	26-07-08	Active	NO
2	U24132HR2011PTC042666	NANO MAGIC WORLD PRIVATE LIMITED	Additional director	05-05-11	05-05-11	Active	NO

Name :

Mr. Pankaj Bhargava

Designation :

Director

Address :

F-6/1, Sector 7, Vashi, Navi Mumbai, Maharashtra, India

Date of Birth/Age :

20.04.1966

Date of Appointment :

12.06.2009

Din No.:

02685275

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U80301DL2005PTC142842	MANYA EDUCATION PRIVATE LIMITED	Director	09-07-09	12-06-09	Active	NO
2	U51100DL2005PLC164948	RADIOHMS AGENCIES LIMITED	Director	26-07-10	12-06-09	Active	NO

KEY EXECUTIVES

Name :	Mr. Sandeep
Designation :	Marketing Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 27.07.2011

Names of Shareholders	No. of Shares
Rajendra Prasad Khaitan	767000
Rajendra Prasad Khaitan HUF	881375
Sarla Devi Khaitan	708000
Vandna Khaitan	12500
Anuradha Khaitan	12500
Aradhna Khaitan	126875
Nidhi Khaitan	126875
Rajendra Prasad Khaitan	114375
Savitri Devi Jiwarajka	500
Radiohms Properties Private Limited, India	200000
Total	2950000

As on 27.07.2011

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	6.78
Other	93.22
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of FMCG, Solar and Consumer Appliances Products.
Products :	· Solar Lights · Men Razor · Torches · Batteries · Rechargeable Products · Grooming Accessories · Women Razor · Baby Products
Brand Names :	· “Mettwa” · “Magnum 5” · “Matrix” · “Emami” · “Clinic Plus” · “Purple Turtle”
Exports :
Countries :	Far East Countries
Terms :
Selling :	L/C / Cash / Credit (30 days , 60 days)
Purchasing :	L/C / Cash / Credit (30 days , 60 days)

PRODUCTION STATUS (AS ON 31.03.2010)

Particulars	Unit	Actual Production
FMCG Products Disposable Razor	Nos. in Lacs	0.17

GENERAL INFORMATION

Customers :

Wholesalers, Retailers, End Users, OEM’s

No. of Employees :

1000 [Approximately]

Bankers :

· Canara Bank, 74, Janpath, Connaught Place, New Delhi-110001, India

· HDFC Bank, New Delhi Branch, India

Facilities :

Secured Loan	As on 31.03.2010 [Rs. in Millions]	As on 31.03.2009 [Rs. in Millions]
Term Loans [Secured against hypothecation of vehicle current year and generator and vehicle in previous year]	0.395	1.312
Working Capital Loan [Secured against FDR]	0.000	4.967
Total	0.395	6.279
Unsecured Loan
From Company	0.000	2.000
From Shareholders	0.000	13.000
Total	0.000	15.000

Banking Relations :	--
Auditors :
Name :	K. Prasad and Company Chartered Accountants
Address :	C-31, South Extension – I, New Delhi-110049, India
Pan No.:	AAAFK7990B
Enterprises over which key managerial personnel or their relatives have significant influences:	· Radiohms Agencies · R.P. Electronics · Radiohms Properties Private Limited · Glide International Private Limited · Manya Education Private Limited · Nippo Batteries Company Limited · Dwarka Das Memorial Trust

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs.50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2950000	Equity Shares	Rs.10/- each	Rs.29.500 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		29.500	9.500	9.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		34.208	13.687	4.600
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		63.708	23.187	14.100
LOAN FUNDS
1] Secured Loans		0.395	6.279	0.000
2] Unsecured Loans		0.000	15.000	15.000
TOTAL BORROWING		0.395	21.279	15.000
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		64.103	44.466	29.100
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		19.004	17.324	13.302
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.539	0.420	0.190
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	49.184	46.867	23.876
	Sundry Debtors	70.984	74.605	40.694
	Cash & Bank Balances	12.056	28.162	1.644
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	13.412	11.635	20.651
Total Current Assets		145.636	161.269	86.865
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	82.465	92.237	63.901
	Other Current Liabilities	10.840	38.281	6.034
	Provisions	7.842	4.117	1.428
Total Current Liabilities		101.147	134.635	71.363
Net Current Assets		44.489	26.634	15.502
MISCELLANEOUS EXPENSES		0.071	0.088	0.106
TOTAL		64.103	44.466	29.100

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	1559.918	1079.218	576.934
		Other Income	0.231	0.110	0.427
		TOTAL (A)	1560.149	1079.328	577.361
Less	EXPENSES
		Material Consumed and Purchase	1341.120	916.885	536.383
		Payments to and Provision for Employees	43.722	42.937	18.576
		Administrative and Other Expenses	61.319	52.569	17.664
		Selling and Distribution Expenses	63.768	59.332	15.803
		Preliminary Expenses Written Off	0.018	0.018	0.018
		Increase / Decrease in Stocks	(1.519)	(22.991)	(23.875)
		TOTAL (B)	1508.428	1048.750	564.569
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		51.721	30.578	12.792
Less	FINANCIAL EXPENSES (D)		5.752	7.050	2.032
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		45.969	23.528	10.760
Less/ Add	DEPRECIATION/ AMORTISATION (F)		5.666	5.500	3.021
	PROFIT BEFORE TAX (E-F) (G)		40.303	18.028	7.739
Less	TAX (H)		14.605	7.830	3.017
	PROFIT AFTER TAX (G-H) (I)		25.698	10.198	4.722
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		5.187	1.100	(0.122)
Less	APPROPRIATIONS
		Transfer to General Reserve	21.000	5.000	3.500
		Dividend	0.752	0.161	0.000
		Tax on Dividend	4.425	0.950	0.000
	BALANCE CARRIED TO THE B/S		4.708	5.187	1.100
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	0.635	0.000	0.000
	TOTAL EARNINGS		0.635	0.000	0.000
	IMPORTS
		Raw Materials	0.259	0.000	0.000
		Finished Goods	18.188	17.083	0.000
	TOTAL IMPORTS		18.447	17.083	0.000
	Earnings Per Share (Rs.)		20.01	11.55	4.97

Particulars	31.03.2011
Sales Turnover [Approximately]	2000.000

Expected Sales (2011-12) : Rs.2500.000 Millions.

The above information has been parted by Mr. Sandeep.

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	1.65	0.94	0.82
Net Profit Margin (PBT/Sales)	(%)	2.58	1.67	1.34
Return on Total Assets (PBT/Total Assets}	(%)	24.48	10.09	7.73
Return on Investment (ROI) (PBT/Networth)		0.63	0.77	0.55
Debt Equity Ratio (Total Liability/Networth)		1.59	6.72	6.13
Current Ratio (Current Asset/Current Liability)		1.44	1.20	1.22

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report (Yes / No)
1) Year of Establishment	Yes
2) Locality of the firm	Yes
3) Constitutions of the firm	Yes
4) Premises details	Yes
5) Type of Business	Yes
6) Line of Business	Yes
7) Promoter’s background	--
8) No. of employees	Yes
9) Name of person contacted	Yes
10) Designation of contact person	Yes
11) Turnover of firm for last three years	Yes
12) Profitability for last three years	--
13) Reasons for variation <> 20%	--
14) Estimation for coming financial year	Yes
15) Capital in the business	No
16) Details of sister concerns	--
17) Major suppliers	No
18) Major customers	No
19) Payments terms	Yes
20) Export / Import details (if applicable)	Yes
21) Market information	--
22) Litigations that the firm / promoter involved in	--
23) Banking Details	Yes
24) Banking facility details	Yes
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	No
28) Incorporation details, if applicable	--
29) Last accounts filed at ROC	--
30) Major Shareholders, if available	--

OPERATION:

ENERGY DIVISION:

During the year Battery business was stable, new range of Torches was introduced and same were well accepted by the market, this has resulted to growth of more than 60% in this segment. “Nippo” has launched new generation of products under EPBR (Emergency Power Backup Range) such as Lantern, Rechargeable Table Fan, Sensor Light, Dual Light etc. this segment is likely to be growth engine for future. Many more products and expansion of range in the energy space has been conceived for future growth. The company has also decided to enter with its own brand “Mettwa” in renewable energy and home appliances categories. Company is in advance stage of negotiation for sourcing such products. This division is anticipated to be a major growth driver for the company.

PERSONAL CARE PRODUCTS:

During the year company launched next generation shaving systems. One system is with 5 Blades and Trimmer, internationally this product is technologically most up dated. The sub brand is “Magnum 5”. Second system is 3 Blade, technically this is also with up dated technology. The sub Brand is “Matrix” both the shaving systems got encouraging response.

In disposable razor category company launched 3 Blade disposable Razor specially designed by ASR for emerging market. Response to this too was good. The company has made substantial in road in private label market and serving well to multi layer marketing companies like “Amay” and “RCM”, in this category well established brand “Modi Care” was added during the year.

Brand like “Emami” and “Clinic Plus” had taken and used “Glide” products for cross promotion. Government is talking of opening up of 100% FDI for modern trade, If that happens Glide will get a huge growth as it has a very strong presence there.

Directors are confident of continued god performance in this category. During the financial year company started packaging unit at Rishikesh in state of Uttara Khand.

BABY CARE PRODUCTS:

The local products introduced during January of 2010 under Brand “Purple Turtle” had good acceptance from the market. New BPA free Natural range of “Nuby” products launched during end of last financial year is doing well in high segment. The “Nuby” range has been further expanded. Company could successfully localize few more products in this category. The company is planning to launch baby toiletries range during second half of current financial year.

BANKERS CHARGES REPORT AS PER REGISTRY

This form is for	Creation of charge
Corporate identity number of the company	U51100DL2005PLC164948
Name of the company	RADIOHMS AGENCIES LIMITED
Address of the registered office or of the principal place of business in India of the company	B – 7/2, Okhla Industrial Area, Phase II, New Delhi 110020, India
Type of charge	Movable Property (not being pledge)
Particular of charge holder	Canara Bank, 74, Janpath, Connaught Place, New Delhi-110001, India
Email	Iks_123sharma@hotmail.com
Nature of description of the instrument creating or modifying the charge	Deed of hypothecation re- machinery
Date of instrument Creating the charge	24.04.2008
Amount secured by the charge	Rs.1.050 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Interest @3.5% above ongoing Bench mark PLR with a minimum of 16.25% p.a. Terms of Repayment Entire loan to be re-paid in 24 monthly installments each of Rs.0.043 Milion. First installment shall commence from 24.5.2008 Margin 25 % Extent and Operation of the charge 100% Others Hypothecation of D.G. set purchased with the loan amount
Short particulars of the property charged	D G SET installed at B-7/2 Okhla Industrial Area Phase II New Delhi-110020

FIXED ASSETS:

· Air conditioner

· Generator

· Electrical Installation

· Office Equipment

· Furniture and Fixture

· Vehicles

· Computer

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.51.72
UK Pound	1	Rs.81.42
Euro	1	Rs.69.89

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
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 unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
-	NB	New Business	-

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