MIRA INFORM REPORT

Report Date :

28.11.2011

IDENTIFICATION DETAILS

Name :	HICKS THERMAMETERS INDIA LIMITED
Registered Office :	A-12-13, Industrial Estate, Aligarh-202001, Uttar Pradesh
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	02.06.1961
Com. Reg. No.:	20-2846
Capital Investment / Paid-up Capital :	Rs.2.755 Millions
CIN No.: [Company Identification No.]	L33112UP1961PLC002846
TAN No.: [Tax Deduction & Collection Account No.]	AGRH10215C
PAN No.: [Permanent Account No.]	AAACH9203R
Legal Form :	A Public Limited Liability Company. The company’s shares are listed on the Stock Exchanges.
Line of Business :	Manufacturer of Thermometers and Surgical Products.
No. of Employees :	150 [Approximately]

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 61000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track records. 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. Kamal
Designation :	Personal Assistant
Contact No.:	91-9837636288
Date :	25.11.2011

LOCATIONS

Registered Office / Factory:	A-12-13, Industrial Estate, Aligarh-202001, Uttar Pradesh, India
Tel. No.:	91-571-420455 / 409163
Mobile No.:	91-9837636288 [Mr. Kamal]
Fax No.:	91-571-403238
E-Mail :	manishaligarh@yahoo.co.in hicks@zidaonline.com hicksindia@sancharnet.in hpgupta@nde.vsnl.net.in hicks@ridaonline.com
Website :	http://www.hicksindia.com
Area:	7000 sq. ft.
Location:	Owned
Corporate Office :	C-26, Industrial Estate, Aligarh-202001, Uttar Pradesh, India
Tel. No.:	91-571-3202874/2409163
Fax No.:	91-571-2403238
Mobile No.:	91-9837065650/ 9837890000
E-Mail :	hpgupta@hicksindia.com sgupta@hicksindia.com Sales@hicksindial.Com hicksindia@sancharnet.com
Area:	1500 sq. ft.
Location :	Owned
Branches :	Located At: Kolkata New Delhi Patna

DIRECTORS

AS ON 30.09.2011

Name :

Dr. Vijay Gupta

Designation :

Executive Chairman

Address :

Vijay Nikunj, Tikaram Mandir Marg, Aligarh-202001, Uttar Pradesh, India

Date of Birth/Age :

02.01.1928

Date of Appointment :

01.05.2008

Din No.:

00174314

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	U34102UP1991PLC012882	ASHOK AUTO SALES LIMITED	Director	13-03-91	13-03-91	Active	NO
2	U45202UP1994PLC016138	ASHOK AUTO FINANCE AND LEASING LIMITED	Director	22-02-94	22-02-94	Active	NO
3	L33112UP1961PLC002846	HICKS THERMAMETERS INDIA LIMITED	Whole-time director	01-05-11	01-05-05	Active	NO

Name :

Mr. Hari Prakash Gupta

Designation :

Managing Director

Address :

Vijay Nikunj, Tikaram Mandir Marg, Aligarh-202001, Uttar Pradesh, India

Date of Birth/Age :

02.09.1946

Date of Appointment :

01.05.2008

Din No.:

00173929

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	U45202UP1994PLC016138	ASHOK AUTO FINANCE AND LEASING LIMITED	Director	22-02-94	22-02-94	Active	NO
2	U65929UP1994PTC016253	SHRI VEDA HOLDINGS PRIVATE LIMITED	Managing director	23-03-94	23-03-94	Active	NO
3	L33112UP1961PLC002846	HICKS THERMAMETERS INDIA LIMITED	Managing director	01-01-11	01-05-05	Active	NO
4	U24244DL2006PTC145145	YATHARTHA ENTERPRISES PRIVATE LIMITED	Managing director	19-01-06	19-01-06	Active	NO
5	U85120UP2007PTC033457	HICKS HEALTH CARE PRIVATE LIMITED	Managing director	12-06-07	12-06-07	Active	NO

Name :

Mr. Siddharth Gupta

Designation :

Joint Managing Director

Address :

Vijay Nikunj, Tikaram Mandir Marg, Aligarh-202001, Uttar Pradesh, India

Date of Birth/Age :

09.01.1973

Date of Appointment :

01.05.2008

Din No.:

00174038

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	U65929UP1994PTC016253	SHRI VEDA HOLDINGS PRIVATE LIMITED	Director	23-03-94	23-03-94	Active	NO
2	L33112UP1961PLC002846	HICKS THERMAMETERS INDIA LIMITED	Managing director	01-01-11	01-05-05	Active	NO
3	U24244DL2006PTC145145	YATHARTHA ENTERPRISES PRIVATE LIMITED	Director	19-01-06	19-01-06	Active	NO
4	U85120UP2007PTC033457	HICKS HEALTH CARE PRIVATE LIMITED	Director	12-06-07	12-06-07	Active	NO

Name :

Dr. Ranjana Bansal

Designation :

Director

Address :

202, General Cariappa Road, Agra, Uttar Pradesh, India

Date of Birth/Age :

22.09.1955

Date of Appointment :

22.10.1994

Din No.:

01243291

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	U65923DL1956PTC002698	PREM FINANCE COMPANY PRIVATE LIMITED	Director	03-08-88	03-08-88	Active	NO
2	L33112UP1961PLC002846	HICKS THERMAMETERS INDIA LIMITED	Director	22-10-94	22-10-94	Active	NO
3	U67120DL1996PTC075536	ASB INVESTMENTS PRIVATE LIMITED	Director	18-01-96	18-01-96	Active	NO
4	U50200DL1996PTC075530	ASB AUTO ENGINEERING PRIVATE LIMITED	Director	18-01-96	18-01-96	Active	NO
5	U45202UP1994PLC016138	ASHOK AUTO FINANCE AND LEASING LIMITED	Director	18-01-96	18-01-96	Active	NO
6	U85110UP1994PLC016361	ASB PROJECTS LIMITED	Director	22-01-04	22-01-04	Active	NO
7	U34102UP1991PLC012882	ASHOK AUTO SALES LIMITED	Managing director	01-01-08	01-01-05	Active	NO
8	U45200UP2007PTC032920	ASHOK NAV NIRMAN PRIVATE LIMITED	Director	26-02-07	26-02-07	Active	NO
9	U45200UP2007PTC032922	ASHOK REAL BUILD PRIVATE LIMITED	Director	26-02-07	26-02-07	Active	NO
10	U45400UP2007PTC033424	ASHOKA ASHIANA PRIVATE LIMITED	Director	05-06-07	05-06-07	Active	NO
11	U93000UP2008PTC036154	SUKRATI LIFESTYLE PRIVATE LIMITED	Director	14-10-08	14-10-08	Active	NO

Name :

Mr. Sher Singh

Designation :

Director

Address :

Patpar Ganj, New Delhi, India

Date of Birth/Age :

15.10.1939

Date of Appointment :

27.05.1995

Din No.:

00939677

Name :

Mr. Bharat Bhushan Deva

Designation :

Director

Address :

Baijnath Dham, Varanasi, Uttar Pradesh, India

Date of Birth/Age :

15.12.1953

Date of Appointment :

28.07.1998

Din No.:

01229390

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	L33112UP1961PLC002846	HICKS THERMAMETERS INDIA LIMITED	Director	28-07-98	28-07-98	Active	NO
2	U70102UP2011PTC044309	XENON INFRAVENTURES AND FINANCIAL SERVICES PRIVATE LIMITED	Director	11-04-11	11-04-11	Active	NO

Name :

Mrs. Kusum Gupta

Designation :

Director

Address :

Vijay Nikunj, Tikaram Mandir Marg, Aligarh-202001, Uttar Pradesh, India

Date of Birth/Age :

26.03.1947

Date of Appointment :

30.01.2006

Din No.:

00174200

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	U65929UP1994PTC016253	SHRI VEDA HOLDINGS PRIVATE LIMITED	Director	23-03-94	23-03-94	Active	NO
2	L33112UP1961PLC002846	HICKS THERMAMETERS INDIA LIMITED	Director	30-09-06	30-09-06	Active	NO
3	U85120UP2007PTC033457	HICKS HEALTH CARE PRIVATE LIMITED	Director	12-06-07	12-06-07	Active	NO

KEY EXECUTIVES

Name :	Mr. Kamal
Designation :	Personal Assistant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

Not Available

AS ON 30.09.2011

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	9.09
Bodies corporate	5.73
Directors or relatives of directors	59.34
Other top fifty shareholders	7.36
Others	18.48
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Thermometers and Surgical Products.

Products :

Product Description	Item Code
Thermometers	9025

Imports :

Products :

Raw Material

Countries :

· China

· Mexico

Terms :

Selling :

Cash and Credit (30 and 60 days)

Purchasing :

Cash and Credit (30 and 60 days)

PRODUCTION STATUS (AS ON 31.03.2010)

Particulars	Unit	Installed Capacity	Actual Production
Thermometer	PCS.	2500000	1381398

GENERAL INFORMATION

Customers :

Distributors

No. of Employees :

150 [Approximately]

Bankers :

· Indian Overseas Bank, 13/6, Near Navelty Talkies, G.T. Road, Aligarh-202001, Uttar Pradesh, India

· HDFC Bank, Ram Ghat Road

Facilities :

Secured Loan	As on 31.03.2010 [Rs. in Millions]	As on 31.03.2009 [Rs. in Millions]
Working Capital Facilities From Banks [Secured by hypothecation of stocks of Raw Material, Work in Process and Finished Goods, Book debts, Bill receivable and Also collaterally secured by way of equitable mortgage (by Deposits of Title Deeds) of Factory, Land and Building situated at Aligarh of hypothecation of Plant and Machinery and other assets and also further secured by personal guarantee of two directors]	13.659	13.186
Total	13.659	13.186
Unsecured Loan
From Directors [Including interest accrued and due Rs.0.064 million previous year Rs.0.072 million]	5.637	4.018
Total	5.637	4.018

Banking Relations :	--
Auditors :
Name :	Manish Ritu Agarwal and Associates Chartered Accountants
Address :	Railway Road, Aligarh-202001, Uttar Pradesh, India
Tel. No.:	91-571-2402233
Pan No.:	AAYPA0831H

CAPITAL STRUCTURE

AS ON 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
400000	Equity Shares	Rs.10/- each	Rs.4.000 Millions
100000	Preferences Shares	Rs.10/- each	Rs.1.000 Millions
	Total		Rs.5.000 Millions

Issued & Subscribed Capital :

No. of Shares	Type	Value	Amount
229540	Equity Shares	Rs.10/- each	Rs.2.295 Millions
100000	Preferences Shares	Rs.10/- each	Rs.1.000 Millions
	Total		Rs.3.295 Millions

Paid-up Capital :

No. of Shares	Type	Value	Amount
225500	Equity Shares	Rs.10/- each	Rs.2.255 Millions
100000	Preferences Shares	Rs.10/- each	Rs.1.000 Millions
	Total		Rs.3.255 Millions

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
400000	Equity Shares	Rs.10/- each	Rs.4.000 Millions
100000	Preferences Shares	Rs.10/- each	Rs.1.000 Millions
	Total		Rs.5.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
225500	Equity Shares	Rs.10/- each	Rs.2.255 Millions
50000	Preferences Shares	Rs.10/- each	Rs.0.500 Million
	Total		Rs.2.755 Millions

Note: Above subscribed and paid up share capital includes 37500 equity shares which have been allotted as fully paid up pursuant to contracts without payments being received in cash.

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		2.755	2.255	2.255
2] Share Application Money		0.500	0.000	0.000
3] Reserves & Surplus		12.224	11.002	7.676
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		15.479	13.257	9.931
LOAN FUNDS
1] Secured Loans		13.659	13.186	11.943
2] Unsecured Loans		5.637	4.018	4.210
TOTAL BORROWING		19.296	17.204	16.153
DEFERRED TAX LIABILITIES		0.655	0.668	0.657
TOTAL		35.425	31.129	26.741
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		5.777	5.965	6.388
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.010	0.010	0.010
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	29.595	18.103	15.089
	Sundry Debtors	7.509	14.717	8.945
	Cash & Bank Balances	8.353	6.648	6.587
	Other Current Assets	0.968	0.436	0.351
	Loans & Advances	0.913	0.967	0.656
Total Current Assets		47.338	40.871	31.628
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	11.571	10.556	7.174
	Other Current Liabilities	6.129	5.161	4.111
	Provisions	0.000	0.000	0.000
Total Current Liabilities		17.700	15.717	11.285
Net Current Assets		29.638	25.154	20.343
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		35.425	31.129	26.741

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	163.078	148.913	123.557
		Other Income	1.134	0.452	0.448
		TOTAL (A)	164.212	149.365	124.005
Less	EXPENSES
		Raw Material Consumed	3.081	4.064	2.881
		Purchase	101.040	79.053	58.667
		Excise Duty	0.327	0.928	1.077
		Other Expenses	67.608	59.280	50.123
		Increase / Decrease in Stocks	(12.526)	(1.770)	4.163
		TOTAL (B)	159.530	141.555	116.911
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		4.682	7.810	7.094
Less	FINANCIAL EXPENSES (D)		2.126	2.139	2.395
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		2.556	5.671	4.699
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.632	0.602	0.637
	PROFIT BEFORE TAX (E-F) (G)		1.924	5.069	4.062
Less	TAX (H)		0.657	1.743	1.594
	PROFIT AFTER TAX (G-H) (I)		1.267	3.326	2.468
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		10.499	7.173	4.705
	BALANCE CARRIED TO THE B/S		11.766	10.499	7.173
	IMPORTS
		Raw Materials	0.970	1.587	1.453
		Trading (Thermometer)	20.730	16.663	14.580
		Trading (Surgical)	21.493	16.309	8.018
		Machinery	0.041	0.000	0.903
	TOTAL IMPORTS		43.234	34.559	24.954
	Earnings Per Share (Rs.)		5.62	14.75	--

Particulars	31.03.2011
Sales Turnover [Approximately]	200.000

Expected Sales (2011-12) : Rs.400.000 Millions.

The above information has been parted by Mr. Kamal.

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	0.77	2.23	1.99
Net Profit Margin (PBT/Sales)	(%)	1.18	3.40	3.29
Return on Total Assets (PBT/Total Assets}	(%)	3.62	10.82	10.68
Return on Investment (ROI) (PBT/Networth)		0.12	0.38	0.41
Debt Equity Ratio (Total Liability/Networth)		2.39	2.48	2.76
Current Ratio (Current Asset/Current Liability)		2.67	2.60	2.80

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	Yes
13) Reasons for variation <> 20%	--
14) Estimation for coming financial year	Yes
15) Capital in the business	Yes
16) Details of sister concerns	No
17) Major suppliers	No
18) Major customers	Yes
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:

Despite the recessionary trend of the economy in the previous year and adverse market conditions, the company has been able to achieve turnover of Rs.163.078 Millions. however due to adverse government policies allowing the import of Clinical Thermometers at lower rate o import duty in comparison to higher rate of import duty on raw material coupled with increased cost of sale and productions, the company could not achieve the target level of profit and turnover.

BANKERS CHARGES REPORT AS PER REGISTRY

This form is for	Modification of charge
Charge identification number of the modified	80007778
Corporate identity number of the company	L33112UP1961PLC002846
Name of the company	HICKS THERMAMETERS INDIA LIMITED
Address of the registered office or of the principal place of business in India of the company	A-12-13, Industrial Estate, Aligarh-202001, Uttar Pradesh, India
Type of charge	Book Debts Movable Property (not being pledge) Immovable Property Others
Particular of charge holder	Indian Overseas Bank, 13/6, Near Navelty Talkies, G.T. Road, Aligarh-202001, Uttar Pradesh, India
Email	business@meesco.iobnet.co.in
Nature of description of the instrument creating or modifying the charge	Letter of Hypothecation (For Securing Machineries/ Vehicles/ Goods/ Book-Debts) dated 14.05.2009
Date of instrument Creating the charge	14.05.2009
Amount secured by the charge	Rs.30.250 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest BPLR-1.00% (presently @ 11.50% per annum with monthly rests Terms of Repayment Working Capital - Repayable on demand Existing Term Loan of Rs.0.950 Million repayable in 36 monthly installment of Rs.26390/- each and interest to be served sa and when due. Margin OCC - 25% DBP(I) - 25% LC(I/F) - 25% Term Loan - 25% Extent and Operation of the charge As per Agreement dated 14.05.2009
Short particulars of the property charged	Hypothecation of Stocks of Capillary Glass Tubing, Bulb Tubing, Mercury Transfer etc. Work in Process and Finished Goods of all types packaging material stored in the Company premises at A 12-13, Industrial Estate, Aligarh or wherever else or in transit and goods which shall thereafter be stored in the said premises or in any other premises in addition to the goods now stored or by way of substitution for and in lieu of any goods which may from time to time.
Date of latest modification prior to the present modification	19.05.2007
Particulars of the present modification	01. CC(HYPO)RS.9.500 Millions 02. CC(PLEDGE) RS.10.000 Millions 03. IDDBP/DBP(I) RS.0.800 Millions 04.LC (FOREIGN) D/P and D/A(90DAYS) RS.6.000 Millions 05.LC (INLAND) D/P and D/A(90DAYS) RS.3.000 Millions 06.TERM LOAN(MACHINERY) RS.0.950 Million TOTAL LIMIT ENHANCED UPTO RS.30.250 Millions.

FIXED ASSETS:

• Land
• Building
• Plant, Machinery and Equipments
• Electrical Installation
• Furniture and Fixture
• Generator
• Vehicle
• Office Equipments
• Road and Drainage
• Weighing Scale
• Water Supply
• Installation
• 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] 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.52.17
UK Pound	1	Rs.80.64
Euro	1	Rs.69.43

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
--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	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		46

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.