MIRA INFORM REPORT

Report Date :

04.08.2012

IDENTIFICATION DETAILS

Name :	HI-TECH SYSTEMS AND SERVICES LIMITED
Registered Office :	White House, 5^th Floor, 119 Park Street, Kolkata – 700016, West Bengal
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	16.02.1989
Com. Reg. No.:	21-046263
Capital Investment / Paid-up Capital :	Rs.13.011 Millions
CIN No.: [Company Identification No.]	U74999WB1989PLC046263
Legal Form :	A Closely Held Public Limited Liability Company.
Line of Business :	Trader of Electrical and Mechanical Instruments and its Accessories.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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

Maximum Credit Limit :	USD 1350000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having good track. Financially company have performed well. Trade relations are reported to be fair. Business is active. Payment are reported to be regular and as per commitment. The company can be considered for normal business dealing at usual trade term 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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

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

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	BBB- (Long term Loan)
Rating Explanation	Having moderate degree of safety regarding timely servicing of financial obligation it carry moderate credit risk.
Date	April, 2011

Rating Agency Name	CRISIL
Rating	A3 (Short term rating)
Rating Explanation	Having moderate degree of safety regarding timely payment of financial obligation.
Date	April, 2011

RBI DEFAILTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAILTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

LOCATIONS

Registered Office :	White House, 5^th Floor, 119 Park Street, Kolkata – 700016, West Bengal, India
Tel. No.:	91-33-22290045/ 22290037
Fax No.:	91-33-22291264
E-Mail :	info@hitech.in subhasis@hitech.in
Website :	http://www.hitech.in

DIRECTORS

(AS ON 18.08.2011)

Name :

Mr. Dharam Chand Agrawal

Designation :

Whole-time Director

Address :

4, Shakespeare Sarani, 9^H, Embassy, Kolkata – 700071, West Bengal, India

Date of Birth/Age :

13.09.1939

Date of Appointment :

23.12.2006

DIN No.:

00037001

Other Directorships :

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	U31200WB2001PLC137884	HI-TECH RESOURCE MANAGEMENT LIMITED	Director	16/01/2001	16/01/2001	-	Active	NO
2	U45201WB2004PTC099009	RAJARHAT ESTATES PRIVATE LIMITED	Director	01/07/2004	01/07/2004	-	Active	NO
3	U70101WB2004PTC100187	DINODIA PROJECTS PRIVATE LIMITED	Director	18/10/2004	18/10/2004	-	Active	NO
4	U45209WB2005PTC101454	MEGACITY SPRING VALLEY PRIVATE LIMITED	Director	31/01/2005	31/01/2005	-	Active	NO
5	U45209WB2005PTC101456	DINODIA DEVELOPERS PRIVATE LIMITED	Director	31/01/2005	31/01/2005	-	Active	NO
6	U45203WB2006PTC111672	TIRUPATI RESIDENCY PRIVATE LIMITED	Director	01/11/2006	01/11/2006	26/07/2007	Active	NO
7	U29120WB2005PTC102950	KUSHAGRA INFRASTRUCTURE PRIVATE LIMITED	Additional director	06/11/2006	06/11/2006	25/02/2011	Active	NO
8	U74999WB1989PLC046263	HI-TECH SYSTEMS & SERVICES LIMITED	Whole-time director	16/08/2009	23/12/2006	-	Active	NO
9	U70109WB1986PTC040948	ARUNODAYA BUILDERS PRIVATE LIMITED	Director	22/09/2007	20/03/2007	-	Active	NO
10	U45200WB2005PTC162477	RAJUL DEVELOPERS PRIVATE LIMITED	Director	30/09/2008	01/07/2008	-	Active	NO

Name :

Mr. Vikash Agrawal

Designation :

Managing Director

Address :

4, Shakespeare Sarani, 9^H, Embassy, Kolkata – 700071, West Bengal, India

Date of Appointment :

23.12.2006

DIN No.:

00037141

Other Directorships :

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	U31200WB2001PLC137884	HI-TECH RESOURCE MANAGEMENT LIMITED	Director	16/01/2001	16/01/2001	-	Active	NO
2	U45202WB2004PTC099362	NEW TOWN PROJECTS PRIVATE LIMITED	Director	09/08/2004	09/08/2004	-	Active	NO
3	U70101WB2004PTC100187	DINODIA PROJECTS PRIVATE LIMITED	Director	18/10/2004	18/10/2004	-	Active	NO
4	U72200WB2004PLC100813	KILBURN SOFTWARE TECHNOLOGIES INDIA LIMITED	Director	23/12/2004	23/12/2004	-	Active	NO
5	U45209WB2005PTC101456	DINODIA DEVELOPERS PRIVATE LIMITED	Director	31/01/2005	31/01/2005	-	Active	NO
6	U33122WB2005PTC102777	KENT TECH METERS PRIVATE LIMITED	Director	20/04/2005	20/04/2005	-	Active	NO
7	U29120WB2005PTC102950	KUSHAGRA INFRASTRUCTURE PRIVATE LIMITED	Director	04/05/2005	04/05/2005	09/02/2011	Active	NO
8	U74140WB2006PTC108711	HI-TECH SYSTEMS AND TECHNOCONSULTANTS PRIVATE LIMITED	Director	24/03/2006	24/03/2006	-	Active	NO
9	U74999WB1989PLC046263	HI-TECH SYSTEMS AND SERVICES LIMITED	Managing director	16/08/2009	23/12/2006	-	Active	NO
10	U31100WB2008PTC125252	ANANDALOK PROPERTIES PRIVATE LIMITED	Director	17/03/2009	17/03/2009	23/04/2009	Active	NO

Name :

Mr. Jayanta Saha Chaudhury

Designation :

Director

Address :

186 B. B. Chatterjee Road, Sahana Apartment, Flat-102, K, Kolkata – 700042, West Bengal, India

Date of Birth/Age :

06.08.1944

Date of Appointment :

21.09.2005

DIN No.:

00037037

Other Directorships :

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	U29120WB2005PTC102950	KUSHAGRA INFRASTRUCTURE PRIVATE LIMITED	Director	04/05/2005	04/05/2005	09/02/2007	Active	NO
2	U74999WB1989PLC046263	HI-TECH SYSTEMS AND SERVICES LIMITED	Director	21/09/2005	21/09/2005	-	Active	NO

Name :

Mr. Suprkash Ghosh

Designation :

Additional Director

Address :

Flat No.6, Block-H, No.31/1 Bulbul Co-operative, Patuli Town Ship Kolkata – 700094, West Bengal, India

Date of Birth/Age :

05.11.1958

Date of Appointment :

16.04.2011

DIN No.:

00056389

Other Directorships :

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	U31909WB2004PTC098639	KANSAN TECHNOSYSTEMS PRIVATE LIMITED	Director	22/08/2005	22/08/2005	12/03/2012	Active	NO
2	U74999WB1989PLC046263	HI-TECH SYSTEMS AND SERVICES LIMITED	Additional director	16/04/2011	16/04/2011	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 18.08.2011)

Names of Shareholders	No. of Shares
Dharam Chand Agrawal	164949
Kanta Agrawal	214747
Vikash Agrawal	243575
Sangita Agrawal	285812
Vivek Dinodia	91981
Anita Gupta	12000
Dharam Chand Agrawal and Sons (HUF)	220323
Sunita Agarwal	33898
SKB Enterprises Private Limited, India	22500
Partha Guja	1300
Tarun Debnath	600
Gautam Chatterjee	200
Suranjan Dey	200
Varghese O.	100
Gautam Ganguly	200
Akash Das	500
Suprabhat Ray	600
Sankar Ghosal	500
Nani Nath	700
Subir Roy	800
Ram Chandra Mondal	400
Sandeep Nigam	300
Chandan Paul	400
Pritham K. Mitra	200
Bibhu R. Parida	200
N.S. Rao	200
Debashis Saha	200
Shashank Majmudar	100
Ranjan Sarkar	500
Ramesh Kasera	500
Vijay Agarwal	500
Jitendra K. Agarwal	1400
Satyajeet Dey	100
Prodip Chakraborty	500
Manish Joshi	100
Total	1301085

(AS ON 30.09.2011)

Equity Shares Break – up

Category	Percentage
Bodies corporate	1.73
Directors or relatives of directors	79.55
Other top fifty shareholders	18.72
Total	100.00

BUSINESS DETAILS

Line of Business :

Trader of Electrical and Mechanical Instruments and its Accessories.

Products :

Products Description	Item Code No.
Electronic and Mechanical Instruments Accessories, Tools, Spares etc.	90.00
Power Cables	73.00

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Actual Production
Electronic and Mechanical Drum Level Indicator, Gauge, ARC Valves and Flame and Emission Monitoring Systems.	515

GENERAL INFORMATION

Customers :

· ABB Limited - various Units

· ACC Limited

· Alstom Projects India Limited

· Areva T and D India Limited

· Assam Electricity Grid Corporation Limited

· APGENCO

· Balarampur Chinni

· Bangalore Electricity Supply Company Limited

· Bhakra Beas Management Board – Chandigarh

· Bharat Heavy Electricals Limited - various units

· Black and Veatch Consulting Private Limited

· Cethar Vessels

· Cable Corporation of India Limited - various units

· CESC Limited

· Cheema Boilers

· Chattisgarh State Electricity Board - various units

· Crompton Greaves Limited

· Cochin Refineries Limited

No. of Employees :

Not Available

Bankers :

· Indian Overseas Bank,

International Business Branch, 2, Wood Street, Kolkata – 700016, West Bengal, India

· Indusind Bank Limited

24, Park Street, Kolkata – 700016, Maharashtra, India

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Terms Loans
From Banks
Indian Overseas Bank (secured against Lease rentals receivables)	109.250	143.500
Kotak Mahindra Prime Limited	0.000	0.010
From Others
Indian Renewable Energy Development Agency Limited (secured against hypothecation of Plant and Machinery and receivables from wind mill at Dhule	10.622	17.706
Life Insurance corporation of India (Secured against assignment of Life Insurance Policies of Key personals of the company)	29.343	27.424
Cash Credit/ Overdraft From Banks
Indian Overseas Bank (Secured against hypothecation of Book debts)	3.960	0.000
Total	153.176	188.640

Banking Relations :	--
Auditors :
Name :	J. S. Vanzara and Associates Chartered Accountant
Address :	Oriental House, Suit -3A, 6C, Elgin Road, Kolkata - 700020, West Bengal, India
Tel No.:	91-33-22806673/ 6674
Fax No.:	91-33-22809363
Tel. No.:	AAFFJ9852N
Email :	response@jsvassociates.com

CAPITAL STRUCTURE

(AS ON 31.03.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs.10/- each	Rs.20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1301085	Equity Shares	Rs.10/- each	Rs.13.011 Millions

Note

Comprised in the subscribed Equity Capital prior to Buy Back of 433695 Equity Shares of Rs.10 each, 301019 Equity Shares were allotted as fully paid for consideration other than cash in pursuance of the Scheme of Amalgamation sanctioned by the Hon’ble High Court at Kolkata.

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		13.011	13.011	13.011
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		324.236	295.418	285.576
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		337.247	308.429	298.587
LOAN FUNDS
1] Secured Loans		153.175	188.640	244.198
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		153.175	188.640	244.198
DEFERRED TAX LIABILITIES		1.057	0.000	6.705
TOTAL		491.479	497.069	549.490
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		296.228	359.662	440.829
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		14.392	11.049	76.549
DEFERREX TAX ASSETS		0.000	1.623	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	76.026	36.227	46.051
	Sundry Debtors	105.104	117.619	118.087
	Cash & Bank Balances	14.181	31.693	32.760
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	120.009	123.022	67.065
Total Current Assets		315.320	308.561	263.963
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	7.072	34.694	63.821
	Other Current Liabilities	106.627	125.025	136.334
	Provisions	20.762	24.107	31.696
Total Current Liabilities		134.461	183.826	231.851
Net Current Assets		180.859	124.735	32.112
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		491.479	497.069	549.490

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	522.898	556.951	833.984
		Other Income	17.293	14.574	15.526
		TOTAL (A)	540.191	571.525	849.510
Less	EXPENSES
		Variation is stocks	(19.409)	1.196	33.055
		Operating Charges	355.695	388.011	589.560
		General Expenditure	70.391	53.383	49.804
		TOTAL (B)	406.677	442.590	672.419
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		133.514	128.935	177.091
Less	FINANCIAL EXPENSES (D)		18.646	22.055	29.637
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		114.868	106.880	147.454
Less/ Add	DEPRECIATION/ AMORTISATION (F)		60.065	81.594	83.736
	PROFIT BEFORE TAX (E-F) (G)		54.803	25.286	63.718
Less	TAX (H)		21.434	10.877	23.433
	PROFIT AFTER TAX (G-H) (I)		33.369	14.409	40.285
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1.112	2.270	1.551
Less	APPROPRIATIONS
		Proposed Dividend	1.301	3.903	3.903
		Interim Dividend	2.602	0.000	0.000
		Tax on Dividend	0.648	0.664	0.663
		Transfer to General Reserve	29.000	11.000	35.000
	BALANCE CARRIED TO THE B/S		0.930	1.112	2.270
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Exports and others	13.217	19.921	20.583
	TOTAL EARNINGS		13.217	19.921	20.583
	IMPORTS
		Purchases of Traded item	194.055	305.987	323.561
		Capital Goods	0.772	3.488	0.000
	TOTAL IMPORTS		194.827	309.475	323.561
	Earnings Per Share (Rs.)		25.65	11.07	--

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	6.18	2.52	4.74
Net Profit Margin (PBT/Sales)	(%)	10.48	4.54	7.64
Return on Total Assets (PBT/Total Assets}	(%)	8.96	3.78	9.04
Return on Investment (ROI) (PBT/Networth)		0.16	0.08	0.21
Debt Equity Ratio (Total Liability/Networth)		0.85	1.21	1.59
Current Ratio (Current Asset/Current Liability)		2.35	1.68	1.14

LOCAL AGENCY FURTHER INFORMATION

Check list by info Agents	Available in Report (Yes/ No)
Year of Establishment	Yes
Locality of the Firm	Yes
Constitution of the Firm	Yes
Premises details	No
Type of Business	Yes
Line of Business	Yes
Promoter’s Background	Yes
No. of Employees	No
Name of Person Contacted	No
Designation of Contact person	No
Turnover of Firm for last three years	Yes
Profitability for last three years	Yes
Reasons for variation <> 20%	-----
Estimation for coming financial year	No
Capital in the business	Yes
Details of sister concerns	No
Major Suppliers	No
Major Customers	No
Payments Terms	No
Export/ Imports Details (If applicable)	No
Market Information	-----
Litigations that the firm/ Promoters Involved in	-----
Banking details	Yes
Banking Facility Details	Yes
Conduct of the Banking Account	-----
Buyer visit details	-----
Financials, if provided	Yes
Incorporation details is applicable	Yes
Last Accounts filed at ROC	Yes
Major Shareholders, if available	Yes
PAN of Proprietor/Partner/Director, if available	No
Passport No of Proprietor/Partner/Director, if available	No
Voter ID No of Proprietor/Partner/Director, if available	No

REVIEW OF BUSINESS OPERATION

1. Power Division

Marketing and Sales of instruments, equipment and spares to spares to Utility companies and power plants, installation, commissioning and engineering service with regarded to the aid products and manufacturing of mechanical instrument and it accessories

2. Leasing Division

Leasing of Plant and Machinery, Genset and Equipments to Utility Companies under operating lease.

3. Wind Farm Division

The Wind Farm Division has generated Electricity from 2 Nos. 1.25 MW Wind Turbine Generators (WTG) each, situated and installed at District Sangli and Dhule both in the State of Maharashtra.

4. Service Division

Income from this division is from installation, commissioning and engineering services.

FALTA SEZ UNIT

Establishment of New Industrial Undertaking at Falta Special Economic Zone was completed and the company shall commences its operational activity within July 2011.

FORM 8:

This form is for	Modification of charge
Charge identification number of the modified	90254215
Corporate identity number of the company	U74999WB1989PLC046263
Name of the company	Hi-Tech Systems and Services Limited
Address of the registered office or of the principal place of business in India of the company	White House, 5th Floor, 119 Park Street, Kolkata – 700016, West Bengal, India info@hitech.in
Type of charge	Immovable Property Book debts Movable property (not being pledge) Floating charge
Particular of charge holder	Indian Overseas Bank International Business Branch, 2, Wood Street, Kolkata - West Bengal, India ibebebr@calmsco.iobnet.co.in
Nature of description of the instrument creating or modifying the charge	F 110E (Letter of Hypothecation for securing Machineries/ Vehicles/ Goods/ Book Debts). F 379C (Letter of confirmation for creation of Supplemental mortgage)
Date of instrument Creating the charge	02/06/2012
Amount secured by the charge	Rs.205.000 Millions
Brief particulars of the principal terms and conditions and extent and operation of the charge	Rate of Interest Adhoc LC: As per circulars in force. All other terms and conditions as already filed and charged will remain unchanged. Terms of Repayment All other terms and conditions as already filed and charged will remain unchanged. Margin Adhoc LC: 25% plus 100% for LC amount beyond Rs. 35.000 Millions. All other terms and conditions as already filed and charged will remain unchanged. Extent and Operation of the charge The Charge extends on the entire Book Debts and immovable properties of the company and operates till the facilities mentioned herein are satisfied in full.
Short particulars of the property charged	First Hypothecation Charge on entire Book Debts of the company, both present and future. Documents of title to goods / accepted hundies. Equitable Mortgage on Immovable properties of the company (described in detail in F 379Cs attached herewith) stands continued to be provided as Collateral Security for the overall limit.
Date of latest modification prior to the present modification	08/02/2012
Particulars of the present modification	By this modification the Overall Limit stands modified from Rs.170.000 Millions to Rs.205.000 Millions with details as herein below :- Cash Credit: Rs.20.000 Millions (remains same Rs. 20.000 Millions). LC: Rs. 95.000 Millions (enhanced from Rs.60.000 Millions). LG: Rs.90.000 Millions (remains same Rs.90.000 Millions). Overall limit: Rs.205.000 Millions (modified from Rs. 170.000 Millions).

FIXED ASSETS:

OWN USE

· Land

· Buildings

· Office Equipment

· Plant and machinery

· Computers

· Furniture and Fixtures

· Vehicles

LEASED ASSETS

· Plant and Machinery

· DG Sets

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.56.08
UK Pound	1	Rs.87.03
Euro	1	Rs.68.36

INFORMATION DETAILS

Report Prepared by :

NIT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	6
--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	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		50

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.