MIRA INFORM REPORT

Report Date :

17.11.2012

IDENTIFICATION DETAILS

Name :	K. TECH (INDIA) LIMITED
Formerly Known As :	K. TECH (INDIA) PRIVATE LIMITED
Registered Office :	7-B, Bata Compound, Eastern Express Highway, Khopat, Thane – 400 601, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	18.01.2000
Com. Reg. No.:	11-123695
Capital Investment / Paid-up Capital :	Rs.11.000 millions
CIN No.: [Company Identification No.]	U24222MH2000PLC123695
TAN No.: [Tax Deduction & Collection Account No.]	PNEK05006B
PAN No.: [Permanent Account No.]	AABCK6341G
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Exporter of Paints and Coating Printing Inks, Leather Finishing Additives etc.
No. of Employees :	55 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (31)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 84000
Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is an established company having moderate track. The latest financials of the company are not made available. As per previous year’s, the liquidity of the company appears to be under pressure. However, trade relations are reported as fair. Business is active. Payment terms are unknown. The company can be considered for business dealings with some caution.

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

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

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

INFORMATION PARTED BY

Name :	Mr. Shobhit Srivastava
Designation :	Director
Contact No.:	91-9820295086
Date :	16.11.2012

LOCATIONS

Registered Office :	7-B, ‘Bata Compound’, Near Flower Valley, Eastern Express Highway, Khopat, Thane – 400 601, Maharashtra, India
Tel. No.:	91-22-25476486/ 25476496
Mobile No.:	91-9820295086 (Mr. Shobhit Srivastava)
Fax No.:	91-22-25476794
E-Mail :	ktechadditives@gmail.com ktechadditives@hotmail.com sales@ktechindia.com techservice@ktechindia.com
Website :	http://www.k-techindia.com
Area :	3000 sq ft
Location :	Owned
Factory :	6, Bramha Compound, Opposite Rehnal Bus Stop, Val Village, Rehnal, Thane – 421 002, Maharashtra, India
Area :	5000 sq ft
Location :	Owned

DIRECTORS

As on 30.09.2010

Name :

Mrs. Kiran Srivastava

Designation :

Director

Address :

D/4, Kiran Shree, Neelshilp Housing Society, Kalher, Bhiwandi, Thane – 421 302, Maharashtra, India

Date of Birth/Age :

06.05.1958

Date of Appointment :

18.01.2000

DIN No.:

00296187

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U24222MH2000PLC123695	K. TECH (INDIA) LIMITED	Director	18/01/2000	18/01/2000	-	Active	NO
2	U74120UP2010PLC040925	TRICOLOUR SPECIALITY PIGMENTS LIMITED	Director	07/06/2010	07/06/2010	-	Active	NO
3	U15122UP2010PLC042188	SYNERGESIS EDIBLE ADDITIVES LIMITED	Director	06/10/2010	06/10/2010	-	Active	NO

Name :

Mr. Subhash Chandra Srivastava

Designation :

Managing Director

Address :

D/4, Kiran Shree, Neelshilp Housing Society, Kalher, Bhiwandi, Thane – 421 302, Maharashtra, India

Date of Birth/Age :

15.08.1956

Date of Appointment :

18.01.2000

DIN No.:

00296203

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U24222MH2000PLC123695	K. TECH (INDIA) LIMITED	Managing director	18/01/2000	18/01/2000	-	Active	NO
2	U74120UP2010PLC040925	TRICOLOUR SPECIALITY PIGMENTS LIMITED	Director	07/06/2010	07/06/2010	-	Active	NO
3	U15122UP2010PLC042188	SYNERGESIS EDIBLE ADDITIVES LIMITED	Director	06/10/2010	06/10/2010	-	Active	NO

Name :

Mr. Shobhit Srivastava

Designation :

Director

Address :

D/4, Kiran Shree, Neelshilp Housing Society, Kalher, Bhiwandi, Thane – 421 302, Maharashtra, India

Date of Birth/Age :

07.04.1983

Date of Appointment :

18.01.2000

DIN No.:

00296210

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U24222MH2000PLC123695	K. TECH (INDIA) LIMITED	Director	18/01/2000	18/01/2000	-	Active	NO
2	U74120UP2010PLC040925	TRICOLOUR SPECIALITY PIGMENTS LIMITED	Director	07/06/2010	07/06/2010	-	Active	NO
3	U15122UP2010PLC042188	SYNERGESIS EDIBLE ADDITIVES LIMITED	Director	06/10/2010	06/10/2010	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.03.2012

Names of Allottees	No. of Shares
Kiran Srivastava	70000
Subhash Srivastava	70000
Shobhit Srivastava	100000
Shairali Srivastava	75000
R.P. Srivastava	5000
Kanika Srivastava	62000
Rakesh Srivastava	10000
Rose Srivastava	10000
Neena Srivastava	53000
Somya Srivastava	45000
Shreya Srivastava	44000
Kartik Srivastava	1000
Arvind Bharti	5000
Sudha Srivastava	5000
R.N. Srivastava	5000
Sarita Srivastava	5000
Amita Srivastava	5000
A.K. Chaddha	5000
Dev Bala Chaddha	5000
Ashok Nayyar	5000
Sunil Nayyar	5000
P.K. Srivastava	5000
Namita Srivastava	5000
Total	600000

As on 31.03.2010

Names of Allottees	No. of Shares
Kiran Srivastava	70000
Subhash Srivastava	70000
Shobhit Srivastava	70000
Shairali Srivastava	75000
R.P. Srivastava	5000
Shamker Srivastava	1000
Rakesh Srivastava	10000
Rose Srivastava	10000
Neena Srivastava	50000
Soumya Srivastava	45000
Shreya Srivastava	44000
Devendra Kumar Sharma	1000
Sumar Kumari	1000
Kuldeep	1000
Shalani	1000
Arvind Bharti	5000
Sudha Srivastava	5000
Akansha Srivastava	5000
Anku Srivastava	5000
Anshima Srivastava	5000
R.N. Srivastava	5000
Sarita Srivastava	5000
Devesh Srivastava	5000
Divya Srivastava	5000
Sheela Srivastava	5000
Mayuri Srivastava	5000
Bhupesh Rai	5000
Ravi Srivastava	5000
Amita Srivastava	5000
A.K. Chaddha	5000
Dev Bala Chaddha	5000
Nidhi Chaddha	5000
Ashok Nayyar	5000
Sweta Nayyar	5000
Ekta Nayyar	5000
Sunil Nayyar	5000
Shyam Dhawan	5000
Renu Dhawan	5000
Dhirendra Srivastava	5000
Ranjana Srivastava	5000
Kamini Babbar	5000
Vijay Awasthi	5000
Anil Nayyar	5000
Pushp Lata Nare	1000
Chandra Bhushan Nayyar	5000
Total	600000

As on 30.09.2010

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Paints and Coating Printing Inks, Leather Finishing Additives etc.
Products :	v Paints and Coating Additives v Ink Additives v Polymer and Rubber Additives v Pigment Synergistic and Additives v Leather Finishing Additives v Speciality Textile Chemicals v Speciality Paper Chemicals v Speciality Process Chemicals
Exports :
Products :	Additives
Countries :	v USA v UK v Saudi Arabia v Germany v Middle East
Imports :
Products :	Raw Materials
Countries :	v China v Japan v Germany
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Customers :

Wholesalers and End Users

v Nirma Limited, Ahmedabad

No. of Employees :

55 (Approximately)

Bankers :

v Small Industries Development Bank of India, 11-13, Atlanta Building, 209, First Floor, V.K. Shah Marg, Nariman Point, Mumbai – 400 021, Maharashtra, India

v HDFC Bank Limited, Mumbai, Maharashtra, India

v State Bank of India, Mumbai, Maharashtra, India

v The Thane Janata Sahakari Bank Limited, Khpat Branch, Thane (West), Maharashtra, India

v ICICI Bank Limited

v Kotak Mahindra Bank Limited, Thane, Maharashtra, India

v HDFC Bank Limited, Thane, Maharashtra, India

v Barclays Bank Limited

Facilities :

Secured Loans	31.03.2011 (Rs. in Millions)	31.03.2010 (Rs. in Millions)
Kotak Mahindra Prime Limited	0.194	0.332
Loan (Mahindra and Mahindra)	0.000	0.042
Loan ICICI Bank Limited	0.000	0.004
Loan ICICI Bank Limited (Skoda)	1.465	0.000
Small Industries Development Bank of India (Term Loan)	10.959	0.000
WCTL	4.000	0.000
Total	16.618	0.378

Secured by:-

1. By way of company’s land and building, plant and machinery at Wada and equipments and also company’s stocks in trade.

2. By way of pledge of Motor Cars of the company.

3. Also guaranteed by the Managing Director and Director of the company.

4. By way of collateral securities offered by the company.

Unsecured Loans	31.03.2011 (Rs. in Millions)	31.03.2010 (Rs. in Millions)
Barclays Bank Limited	0.438	0.844
Total	0.438	0.844

Banking Relations :	--
Auditors :
Name :	Ajai Shanker and Company Chartered Accountants
Address :	112/206, A, Swaroop Nagar, Kanpur – 208 002, Uttar Pradesh, India
Tel. No.:	91-512-3017506
Mobile No.:	91-9839211408
Fax No.:	91-512-2551249
E-Mail :	Ajaishankerandcompany@gmail.com
Income-tax PAN of auditor or auditor's firm :	AAIFA8936B
Memberships :	v Indian Small Scale Paint Association (ISSPA) v All India Printing Ink Manufacturer's Association (AIPIMA) v Indian Paints Association (IPA)

CAPITAL STRUCTURE

As on 29.09.2012

Authorised Capital : Rs.20.000 millions

Issued, Subscribed & Paid-up Capital : Rs.17.000 millions

As on 31.03.2011

Authorised Capital :

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

Issued Capital :

No. of Shares	Type	Value	Amount
1700000	Equity Shares	Rs.10/- each	Rs.17.000 millions

Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1100000	Equity Shares	Rs.10/- each	Rs.11.000 millions

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		11.000	11.000	5.000
2] Share Application Money		6.000	0.000	0.000
3] Reserves & Surplus		4.010	3.242	2.100
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		21.010	14.242	7.100
LOAN FUNDS
1] Secured Loans		16.618	0.378	0.199
2] Unsecured Loans		0.438	0.844	1.188
TOTAL BORROWING		17.056	1.222	1.387
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		38.066	15.464	8.487
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		9.788	8.583	7.944
Capital work-in-progress		8.382	0.017	0.000
INVESTMENT		1.466	0.068	0.068
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	6.361	2.952	2.734
	Sundry Debtors	30.398	20.044	12.625
	Cash & Bank Balances	3.621	2.929	0.766
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	9.106	1.025	1.131
Total Current Assets		49.486	26.950	17.256
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	28.266	17.344	15.312
	Other Current Liabilities	2.883	2.903	1.562
	Provisions	0.000	0.000	0.000
Total Current Liabilities		31.149	20.247	16.874
Net Current Assets		18.337	6.703	0.382
MISCELLANEOUS EXPENSES		0.093	0.093	0.093
TOTAL		38.066	15.464	8.487

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	57.035	44.648	40.974
		Other Income	0.015	0.009	0.018
		TOTAL (A)	57.050	44.657	40.992
Less	EXPENSES
		Purchases	31.509	24.289	26.087
		Freight and Cartage	0.243	0.219	0.157
		Power and Fuel	0.779	0.645	0.896
		Administrative Expenses	4.653	3.924	2.150
		Rent, Rates and Taxes	1.208	0.907	0.950
		Payments to and Provision for employees	6.403	5.285	4.639
		Insurance	0.350	0.332	0.202
		Repairs and Maintenance	1.293	1.170	0.791
		Selling Expenses	8.133	4.116	3.056
		Packing and Forwarding	0.817	0.742	0.472
		Variation in Stock	(3.408)	(0.218)	(0.483)
		TOTAL (B)	51.980	41.411	38.917
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		5.070	3.246	2.075
Less	INTEREST (D)		1.723	0.493	0.332
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		3.347	2.753	1.743
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.299	1.155	0.988
	PROFIT BEFORE TAX (E-F) (G)		2.048	1.598	0.755
Less	TAX (H)		0.900	0.720	0.210
	PROFIT AFTER TAX (G-H) (I)		1.148	0.878	0.545
	EXPORT VALUE		3.808	2.312	NA
	Earnings Per Share (Rs.)		1.04	0.80	NA

Particulars	31.03.2012
Sales Turnover (Approximately)	100.000

Expected Sales (2012-2013): Rs.160.000 millions

The above information has been parted by Mr. Shobhit Srivastava (Director).

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	2.01	1.97	1.33
Net Profit Margin (PBT/Sales)	(%)	3.59	3.58	1.84
Return on Total Assets (PBT/Total Assets}	(%)	3.46	4.50	3.00
Return on Investment (ROI) (PBT/Networth)		0.10	0.11	0.11
Debt Equity Ratio (Total Liability/Networth)		2.29	1.51	2.57
Current Ratio (Current Asset/Current Liability)		1.59	1.33	1.02

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	Yes
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	Yes
28) Incorporation details, if applicable	Yes
29) Last accounts filed at ROC	No
30) Major Shareholders, if available	Yes
31) Date of Birth of Proprietor/Partner/Director, if available	Yes
32) PAN of Proprietor/Partner/Director, if available	No
33) Voter ID No of Proprietor/Partner/Director, if available	No
34) External Agency Rating, if available	No

PERFORMANCE:

The company’s overall performance was remarkable which is evident that during 2010-11, the Company recorded sales and operating income at Rs.60.458 millions as compared to Rs.44.875 millions in 2009-10. Thus a growth of 34.73% over last year. The profit after tax has grown up by 30.75% being Rs.1.148 millions during 2010-11 as against Rs.0.878 million during 2009-10. The improvement in the Company’s performance was possible mainly on account of improved capacity utilization, increase in sale and cost reduction measures adopted by the company resulting in better operational efficiency and value added products.

FORM 8:

Corporate identity number of the company	U24222MH2000PLC123695
Name of the company	K. TECH (INDIA) PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	7-B, Bata Compound, Eastern Express Highway, Khopat, Thane – 400 601, Maharashtra, India E-Mail: renna1234@rediffmail.com
This form is for	Creation of charge
Type of charge	Immovable Property Book Debts Movable Property Others (All movable assets)
Particular of charge holder	Small Industries Development Bank of India, 11-13, Atlanta Building, 209, First Floor, V.K. Shah Marg, Nariman Point, Mumbai – 400 021, Maharashtra, India E-Mail: svarma@sidbi.in
Nature of description of the instrument creating or modifying the charge	Deed of hypothecation dated 05.05.2010, Entry No.162, Term Loan Agreement and Working Capital Agreement. (Term Loan of Rs.15.000 millions and WCTL of Rs.4.000 millions.)
Date of instrument Creating the charge	05.05.2010
Amount secured by the charge	Rs.19.000 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest: The borrower shall pay to SIDBI interest at the rate of 11.50% p.a. with monthly rest. SIDBI shall have the right to review and reset rate of spread above or below its PLR at the end of 2 years. Terms of Repayment: As per agreement. Margin: As per agreement. Extent and Operation of the charge: Immovable property, movable assets, all other assets (including current assets, intangible assets, book debts and receivables wherever stipulated, all the movable assets of the company, including plant and machinery, equipments, spares, tools, accessories, furniture, fixtures and fittings, office equipments and other movables, acquired or to be acquired under the project, all the existing movable assets of the company, including plant, machinery, equipments, spares, tools, accessories, furniture.
Short particulars of the property charged	Immovable property, movable assets, all other assets (including current assets, intangible assets, book debts and receivables wherever stipulated, all the movable assets of the company, including plant equipments, spares, tools, accessories, furniture, fixtures and fittings, office equipments and other movables, acquired or to be acquired under the project, all the existing movable assets of the company including plant, machinery, equipments, spares, tools, accessories, furniture, fixtures and fitting.

TRADE REFERENCES:

v Nirma Limited, Ahmedabad

FIXED ASSETS:

v Land

v Building

v Plant and Machinery

v Motor Cars

v Furniture and Fixture

v Office Equipment

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.54.99
UK Pound	1	Rs.87.21
Euro	1	Rs.70.22

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	4
--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		31

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.