MIRA INFORM REPORT

Report Date :

02.04.2013

IDENTIFICATION DETAILS

Name :	ATC TIRES PRIVATE LIMITED [w.e.f. 26.03.2008]
Formerly Known As :	NM TYRES PRIVATE LIMITED
Registered Office :	Unit No. T-6 and 7, 5^th Floor, High Street, Phoenix A Wing, 462, Senapati Bapat Marg, Lower Parel, Mumbai-400013, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	18.07.2007
Com. Reg. No.:	11-172456
Paid up Capital :	Rs.132.876 Millions
CIN No.: [Company Identification No.]	U25111MH2007PTC172456
TAN No.: [Tax Deduction & Collection Account No.]	MUMN15214D
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Tires.
No. of Employees :	2000 [Approximately]

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

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

Maximum Credit Limit :	USD 6300000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a part of “Alliance Tire Group”, an entity in the global OTR Tires Business. It is a well established company having good track. The latest financial is not made available. With the government department. As per previous year’s record the company’s performance seems good. Rating also takes into account the companies experienced businessmen and its group companies. Trade relations are reported to be fair. Business is active. Payment are reported to be regular 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 – 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

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	A - [Long Term Bank Facilities]
Rating Explanation	Having adequate degree of safety regarding timely servicing of financial obligation. It carry low credit risk.
Date	October 2012

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 DECLINED BY

Management non co-operative [91-22-39579600]

LOCATIONS

Registered / Corporate Office :	Unit No. T-6 and 7, 5^th Floor, High Street, Phoenix A Wing, 462, Senapati Bapat Marg, Lower Parel, Mumbai-400013, Maharashtra, India
Tel No.:	Not Available
Fax No.:	Not Available
E-Mail :	admin@alliancetire.net drathi@atgtire.com
Website :	www.alliance-tire-group.com
Location :	Owned
Factory :	Plot No. A-2, SIPCOT Industrial Growth Centre, Gangaikondan, Tirunelveli-627352, Tamilnadu, India

DIRECTORS

AS ON 16.09.2011

Name :	Mr. Ashokkumar Purushottamdas Mahansaria
Designation :	Managing Director
Address :	B-202, Anand, Tirupati Apartment, Bhulabhai Desai Road, Mumbai – 400026, Maharashtra, India
Date of Birth/Age :	12.12.1951
Date of Appointment :	29.08.2007
DIN No.:	00090785
Name :	Mr. Yogesh Ashokkumar Mahansaria
Designation :	Director
Address :	B-202, Anand, Tirupati Apartment, Bhulabhai Desai Road, Mumbai – 400026, Maharashtra, India
Date of Birth/Age :	13.09.1975
Date of Appointment :	29.08.2007
DIN No.:	00090323
Name :	Mr. Niten Malhan
Designation :	Director
Address :	112/122, A Wing, Sarnath Building, Mumbai – 400026, Maharashtra, India
Date of Birth/Age :	02.08.1971
Date of Appointment :	29.08.2007
DIN No.:	00614624
Name :	Mr. Vishal Kashyap Mahadevia
Designation :	Director
Address :	81, landmarkCarmichael Road, Mumbai – 400026, Maharashtra, India
Date of Birth/Age :	19.12.1972
Date of Appointment :	29.08.2007
DIN No.:	01035771
Name :	Mr. Gajendra Singh Kushwaha
Designation :	Director
Address :	Flat No. F-07, Adura Arulagem Apartments, Palayamkottai, Tirunelveli – 627002, Tamilnadu, India
Date of Birth/Age :	05.07.1953
Date of Appointment :	02.09.2009
DIN No.:	02772542
Name :	Mr. Thiagarajan Kannan
Designation :	Director
Address :	Thiagarajar Mills Premises, Kappalur, Madurai-625008, Tamilnadu, India
Date of Birth/Age :	09.05.1953
Date of Appointment :	15.11.2010
DIN No.:	00040674

KEY EXECUTIVES

Name :	Mr. Damodar Rathi
Designation :	Company Secretary
Address :	C-210, Axita Co-operative Housing Society Limited, RNP Park, Jessal Park Road, Bhayender, Thane - 401105, Maharashtra, India
Date of Birth/Age :	03.01.1989
Date of Appointment :	11.12.2007

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 16.09.2011

Names of Shareholders	No. of Shares
Turgco Limited, Cyprus	13287595
ATC Secretaries Limited, Cyprus	1
Total	13287596

AS ON 16.09.2011

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]	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Tires.

Products :

PARTICULARS	ITC CODE
Tyres	4011
Tubes	4012
Flaps	4013

PRODUCTION STATUS [AS ON 31.03.2011]

Particulars	Unit	Installed Capacity	Actual Production
Tyres	Nos.	566500	225827

GENERAL INFORMATION

No. of Employees :

2000 [Approximately]

Bankers :

· Axis Bank Limited, Central Office, Capital Market Division, Maker Towers, F Wing, 11^th Floor, Cuffe Parade, Colaba, Mumbai – 400005, Maharashtra, India

· Axis Bank Limited, Dhiraj Baugh, LBS Marg, Near Hariniwas Circle, Thane (West) – 400602, Maharashtra, India

· Axis Bank Limited, 2^nd Floor, Axis House, Bombay Dying Mills Compound, P.B. Marg, Worli, Mumbai – 400025, Maharashtra, India

· Export-Import Bank of India, Centre One, Floor 21, World Trade Centre, Cuffe Parade, Mumbai-400005, Maharashtra, India

Facilities :

Secured Loan	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
Rupee term loan	1882.186(A)	1102.185(B)
Working capital loan	869.937(C)	296.143(D)
Interest accrued due other debts	12.448	8.352
Total	2764.571	1406.680

NOTE:

(A) i) Primary Security - Firm Charge on all the movable and immovable assets, both present and future, including land and first charge on all intagible assets including but not limited to the goodwill, undertaking, uncalled capital and intellectual property rights of the Company and second charge on all the current assets, both present and future.

ii) Collateral Security: Pledge of 74% shareholding held by WP Holdings II BV, Netherlands in the share capital of Turgco Limited, holding company and pledge of 74% shareholding held by Turgco Limited in the share capital of the Company.

(B) i) Primary Security - Firm Charge on all the movable and immovable assets, both present and future, including land and first charge on all intagible assets including but not limited to the goodwill, undertaking, uncalled capital and intellectual property rights of the Company and second charge on all the current assets, both present and future.

ii) Collateral Security: Pledge of 74% shareholding held by WP Holdings II BV, Netherlands in the share capital of Turgco Limited, holding company and pledge of 74% shareholding held by Turgco Limited in the share capital of the Company.

(C) i) Primary Security: First pari passu charge on all existing and future current assets except balance kept in no lien account and Mutual Fund units with the Company that are purchased out of equity brought for Capital Expenditure.

ii) Collateral Security: Second pari passu charge on all existing and future fixed assets.

(D) i) Primary Security: First pari passu charge on all existing and future current assets except balance kept in no lien account and Mutual Fund units with the Company that are purchased out of equity brought for Capital Expenditure.

ii) Collateral Security: Second pari passu charge on all existing and future fixed assets.

Banking Relations :	--
Auditors :
Name :	Price Waterhouse Chartered Accountant
Address :	252, Veer Savarkar Marg, Shivaji Park, Dadar (West), Mumbai – 400028, Maharashtra, India
Pan No.:	AAFFP3698A
Holding Company:	Turgco Limited, Cyprus (a company controlled by WP Holdings II B.V., Netherlands, which in turn is held by the Warburg Pincus Fund and the Mahansaria family)
Ultimate Holding Company:	Warburg Pincus LLC
Fellow Subsidiary:	· Alliance Tire Company Limited, Israel (Formerly known as Alliance Tire Company (1992) Limited, Israel) · Alliance Tire Americas Inc. (Formerly known as Alliance Tire American Inc.) · Alliance Marketing Israel Limited · Alliance Tire Europe BV

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
15000000	Equity Shares	Rs.10/- each	Rs.150.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
13287596	Equity Shares	Rs.10/- each	Rs.132.876 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		132.876	132.876	132.876
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		1450.388	1416.447	1402.481
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1583.264	1549.323	1535.357
LOAN FUNDS
1] Secured Loans		2764.571	1406.680	341.460
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		2764.571	1406.680	341.460
DEFERRED TAX LIABILITIES		56.196	25.403	0.216
TOTAL		4404.031	2981.406	1877.033
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		2329.624	1761.012	76.865
Capital work-in-progress		294.107	348.132	892.446
INVESTMENT		228.467	330.734	769.797
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1187.486	561.923	0.000
	Sundry Debtors	756.940	183.693	15.130
	Cash & Bank Balances	44.288	11.390	63.180
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	162.516	44.184	16.225
Total Current Assets		2151.230	801.190	94.535
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	470.430	234.211	33.353
	Other Current Liabilities	80.948	15.599	3.270
	Provisions	48.019	9.852	5.061
Total Current Liabilities		599.397	259.662	41.684
Net Current Assets		1551.833	541.528	52.851
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
Incidental Expenses Pending Capitalization Allocation		0.000	0.000	85.074
TOTAL		4404.031	2981.406	1877.033

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	2631.800	251.706	0.000
		Management and Marketing Consultancy Income	92.600	68.922	52.937
		Other Income	NA	90.870	5.154
		TOTAL (A)	NA	411.498	58.091
Less	EXPENSES
		Cost of Materials		93.241	0.000
		Employee Costs	NA	77.635	33.250
		Operating and other expenses		102.095	7.693
		TOTAL (B)	NA	272.971	40.943
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		NA	138.527	17.148
Less	FINANCIAL EXPENSES (D)		NA	46.855	0.000
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		264.900	91.672	17.148
Less/ Add	DEPRECIATION/ AMORTISATION (F)		202.800	49.910	0.465
	PROFIT BEFORE TAX (E-F) (G)		62.100	41.762	16.683
Less	TAX (H)		28.200	27.795	5.631
	PROFIT AFTER TAX (G-H) (I)		33.900	13.967	11.052
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	11.536	0.484
	BALANCE CARRIED TO THE B/S		NA	25.503	11.536
	EARNINGS IN FOREIGN CURRENCY
		Management Consultancy Income	2695.600	48.540	39.461
		Marketing Consultancy Income		20.382	13.477
	TOTAL EARNINGS		2695.600	68.922	52.938
	IMPORTS
		Raw Materials		564.861	0.000
		Stores & Spares	NA	2.128	0.000
		Capital Goods		369.946	215.299
	TOTAL IMPORTS		NA	936.935	215.299
	Earnings Per Share (Rs.)		2.55	1.05	1.01

Particulars	31.03.2012
Sales Turnover [Approximately]	6500.000

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	NA	3.39	19.02
Net Profit Margin (PBT/Sales)	(%)	2.35	16.59	31.51
Return on Total Assets (PBT/Total Assets}	(%)	1.39	1.63	9.73
Return on Investment (ROI) (PBT/Networth)		0.04	0.03	0.01
Debt Equity Ratio (Total Liability/Networth)		2.12	1.08	0.25
Current Ratio (Current Asset/Current Liability)		3.59	3.09	20.27

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	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	No
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	No
10]	Designation of contact person	No
11]	Turnover of firm for last four years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
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]	PAN of Proprietor/Partner/Director, if available	No
32]	Date of Birth of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

NOTE:

The registered office of the company has been shifted from 105, Creative Industrial Estate, 72, N. M. Joshi Marg, Mumbai-400092, Maharashtra, India to the present address w.e.f.15.03.2012.

PROJECT:

During the year, Phase 1A of the Project of setting up the “Off-Highway Tyres” (OHT) manufacturing facility at Village Gangaikondan, Dist. Tirunelveli, Tamilnadu was completed within the budgeted costs. Phase 1B of the project is under implementation and the Company expects to complete the same by June 2012.

OPERATIONS:

The Company operates in the OHT segment and also provides Consultancy and miscellaneous Services.

During the year, the Sales Revenue was Rs 2631.800 Millions and, the Consultancy income was placed at Rs 92.600 Millions as compared to Rs 251.700 Millions and Rs. 68.900 Millions respectively in the previous year. The Profit before Depreciation and Tax was at Rs 264.900 Millions and the Profit after tax was Rs 33.900 Millions during the year compared to Rs 91.600 Millions and Rs 14.000 Millions respectively during the previous year. The figures for the year 2010-11 are not strictly comparable with 2009-10 as the operations for the year 2009-10 was for a period of 4 months.

OUTLOOK FOR THE CURRENT YEAR 2011-12:

The market for OHT remains strong and the Company currently has an order backlog of three months of production. The Company is presently operating at a capacity utilization in excess of 75% of the Current Installed Capacity, and expects to improve the capacity utilization in the coming months.

BANKERS CHARGES REPORT AS PER REGISTRY

This form is for	Modification of charge
Charge identification number of the modified	10136380
Corporate identity number of the company	U25111MH2007PTC172456
Name of the company	ATC TIRES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Unit No. T-6 and 7, 5^th Floor, High Street, Phoenix A Wing, 462, Senapati Bapat Marg, Lower Parel, Mumbai-400013, Maharashtra, India
Type of charge	Book Debts Movable Property [not being pledge] Floating Charge Others Immovable Property
Particular of charge holder	Axis Bank Limited, 2^nd Floor, Axis House, Bombay Dying Mills Compound, P.B. Marg, Worli, Mumbai – 400025, Maharashtra, India Email: debenturetrustee@axistrustee.com
Nature of description of the instrument creating or modifying the charge	Deed of Assignment executed among Axis Bank Limited (Assigner), Indostar Capital Finance Private Limited (Assignee), Axis Bank Limited (Security Trustee and Lenders agent) for assignment of Axis Bank Term loan to the extent of Rs. 500.000 Millions in favor of Indostar Capital Finance Private Limited.
Date of instrument Creating the charge	18.09.2012
Amount secured by the charge	Rs.5537.700 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest As per sanction letters issued by Consortium of Banks Terms of Repayment As per sanction letters Margin As per sanction letters
Short particulars of the property charged	The entire present and future fixed assets of the Company. Land ad measuring 115 acres situated at Plot No. A-2, in SIPCOT Industrial Growth Center within the village limits of Gangaikondan, Tirunelveli District, in the state of Tamilnadu. The whole of the current Assets of the Company namely stocks of RM, WIP, SFG, FG, Stores and Spares, Bills receivable and Book Debts, movable assets, intangible assets.
Date of latest modification prior to the present modification	30.04.2012
Particulars of the present modification	Indostar Capital Finance Private Limited has acceded to the existing consortium of Axis Bank Limited, Corporation Bank, Export Import Bank of India and The Karur Vysya Bank Limited for the Term Loan facilities by replacing the existing Axis Rupee Term Loan to the extent of Rs. 500.000 Millions out of 750.000 Millions.

FIXED ASSETS:

· Leasehold Land

· Buildings

· Plant and Machinery

· Electrical Installation

· Leasehold Improvements

· Computer Hardware

· Computer Software

· Office Equipments

· Furniture and Fixtures

PRESS RELEASE:

IFC MAY INVEST $160MN IN WARBURG PINCUS - ATC TIRES

26 APRIL 2012

IFC is planning to invest upto $65Mn in ATC Tires Private Limited, a company backed PE firm Warburg Pincus.

The Company plans to utilize the funds to expand its Indian operations via - the construction of a greenfield plant with a capacity of 50,000 tpa in Jhagadia Kharchi Extension in Gujarat; a further expansion of 29,000 tpa in Tirunelveli; the installation of a cogeneration plant at Tirunelveli.

ATG was established in 2007 after PE firm Warburg Pincus and Yogesh Mahansaria, former CEO of Balkrishna Tires acquired Alliance Tire Company Israel (Alliance Israel) in 2007.

Founded in Israel in 1950, Alliance Tire Group manufactures off-highway tires that are used in agricultural, forestry, construction and earth-moving equipment.

ATG has a 48,000 tpa plant in India in a Special Economic Zone (SEZ) near Tirunelveli, India that is in the process of being expanded to 61,000 tpa and 35,000 tpa plant near Hadera, Israel. It has three brands - Alliance, Galaxy and Primex.

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 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.54.39
UK Pound	1	Rs.82.32
Euro	1	Rs.69.54

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
--RBI	YES/NO	NO
--EPF	YES/NO	NO
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

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