MIRA INFORM REPORT

Report Date :

01.02.2013

IDENTIFICATION DETAILS

Name :	TECHNO PROCESS EQUIPMENTS (INDIA) LIMITED (w.e.f. 09.01.2010)
Formerly Known As :	TECHNO PROCESS EQUIPMENTS (INDIA) PRIVATE LIMITED
Registered Office :	215-219, Ashok Industrial Premises, L.B.S Marg, Bhandup (West), Mumbai – 400078, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	17.03.1994
Com. Reg. No.:	11-77141
Capital Investment / Paid-up Capital :	Rs.5.000 Millions
CIN No.: [Company Identification No.]	U99999MH1994PLC077141
TAN No.: [Tax Deduction & Collection Account No.]	MUMT13282D
PAN No.: [Permanent Account No.]	AABCT2398C
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Importer of Engineering Products used in Chemical Industry.
No. of Employees :	150 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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

Maximum Credit Limit :	USD 450000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. There appears slight dip in sales turnover during the current year. However, general financial position of the company seems to be good. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct and as per commitment. The company can be considered for normal business dealings at usual trade terms and condition.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

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	ICRA
Rating	Cash Credit = BBB-
Rating Explanation	Having moderate degree of safety regarding timely servicing of financial obligation it carry moderate credit risk
Date	March 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 PARTED BY (GENERAL DETAILS)

Name :	Mr. Prakas
Designation :	Finance department
Contact No.:	91-22-25922708
Date :	01.02.2013

LOCATIONS

Registered Office :	215-219, Ashok Industrial Premises, L.B.S Marg, Bhandup (West), Mumbai – 400078, Maharashtra, India
Tel. No.:	91-22-25964793 / 25922708
Fax No.:	91-22-25962713
E-Mail :	tpeho@vsnl.com tpeho@vsnl.com
Website :	www.technoprocess.com
Location :	Owned
Factory :	R 261, MIDC, Rabale, Thane – 400701, Maharashtra, India
Area :	800 Sq Mtrs
Location :	Owned

DIRECTORS

As on 10.09.2012

Name :	Harjeet Ajitsingh Kaur
Designation :	Director
Address :	A / 601 – 602, Runwal Tower, L.B.S. Marg, Mulund (West), Mumbai – 400080, Maharashtra, India
Date of Birth/Age :	30.01.1950
Qualification :	Engineer
Date of Appointment :	01.04.1994
DIN No.:	00079515
Name :	Mr. Ajaypal Ajit Singh
Designation :	Director
Address :	A / 404, Runwal Tower, L.B.S. Marg, Mulund (West), Mumbai – 400080, Maharashtra, India
Date of Birth/Age :	14.12.1970
Qualification :	Engineer
Date of Appointment :	17.03.1994
DIN No.:	00530455
Name :	Harjeet Ajitsingh Kaur
Designation :	Director
Address :	A / 601 – 602, Runwal Tower, L.B.S. Marg, Mulund (West), Mumbai – 400080, Maharashtra, India
Date of Birth/Age :	30.01.1950
Qualification :	Engineer
Date of Appointment :	01.04.1994
DIN No.:	00079515
Name :	Mr. Amandeep Ajitsingh Singh
Designation :	Director
Address :	A / 601 – 602, Runwal Tower, L.B.S. Marg, Mulund (West), Mumbai – 400080, Maharashtra, India
Date of Birth/Age :	24.09.1974
Qualification :	Engineer
Date of Appointment :	01.04.1998
DIN No.:	00148943
Name :	Mr. Shrirang Jaganath Deokar
Designation :	Director
Address :	Shree Sandesh, Building No. 22, Room No.725, Vartak Nagar, Pokharan, Road No. 1, Thane – 400606, Maharashtra, India
Date of Birth/Age :	26.06.1944
Date of Appointment :	01.04.2008
DIN No.:	02184841

KEY EXECUTIVES

Name :	Mr. Prakas
Designation :	Finance department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 10.09.2012

Names of Shareholders	No. of Shares
Ajit Hari Singh	330000
Ajaypal Ajit Singh	83980
Harjeet Ajitsingh Kaur	6000
Amandeep Ajitsingh Singh	80005
Gina Ajaypal Singh	5
Tara Sadhram Singh	5
Ranjeet Tara Singh	5
Total	500000

As on 10.09.2012

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Importer of Engineering Products used in Chemical Industry.

Products :

ITC Code No.	Product Description
841950	Heat Exchanger
84198910	Pressure Vessels
84198990	Other Engineering Goods

Imports :

Products :

Raw Material

Countries :

• European Countries

• China

Terms :

Selling :

Cash / Credit

Purchasing :

Cash / Credit

PRODUCTION STATUS (As on 31.03.2012)

Particulars	Unit	Actual Production
Pressure Vessels	Nos.	34
Heat Exchangers	Nos.	11
Other Engineering Good	Nos.	NA

GENERAL INFORMATION

Customers :

Manufacturer Company

No. of Employees :

150 (Approximately)

Bankers :

Punjab National Bank, Shilpyan, Shivaji Path Lane, Thane (West), Thane – 400603, Maharashtra, India

Facilities :

Cash Credit Rs.43.000 Millions (From Punjab National Bank)

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
Long Term Borrowings
Punjab National Bank Term Loan	7.327	0.000
Short Term Borrowings
Punjab National Bank Cash Credit A/c No.8756	58.018	57.122
Total	65.345	57.122

Banking Relations :	--
Auditors 1 :
Name :	R.V Doshi and Company Chartered Accountants
Address :	3/13/22 Navjivan Society, Lamington Road, Mumbai – 400068, Maharashtra, India
PAN.:	AABPD2753Q
Auditors 2 :
Name :	Minhaz and Company Chartered Accountants
Address :	7/10, Botawala Building, 1^st Floor, Horniman Circle, Fort, Mumbai – 400023, Maharashtra, India
Tel. No.:	91-22-22663534 / 22696390
E-Mail :	minhazcompany@gmail.com
PAN.:	AACPL3719M

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.10 /- each	Rs.5.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.10 /- each	Rs.5.000 Millions

Shareholder holding more than 5%of Equity Shares

Particular	% of Share	Number of Shares held
Ajit Singh	66.00%	330000
Ajaypal Singh	16.80%	83980
Arnandee Singh	16.00%	8005

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		5.000	5.000	5.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		108.311	81.179	59.948
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		113.311	86.179	64.948
LOAN FUNDS
1] Secured Loans		65.345	57.122	38.404
2] Unsecured Loans		20.000	20.000	19.600
TOTAL BORROWING		85.345	77.122	58.004
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		198.656	163.301	122.952
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		68.645	59.171	40.622
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.003
DEFERREX TAX ASSETS		0.000	0.000	0.000
Other Non- Current Assets		0.092	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	81.020	85.273	52.053
	Sundry Debtors	160.218	67.795	64.040
	Cash & Bank Balances	15.999	1.390	1.093
	Other Current Assets	24.364	46.260	45.606
	Loans & Advances	19.080	0.000	0.000
Total Current Assets		300.681	200.718	162.792
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	94.033	66.476	61.049
	Other Current Liabilities	52.079	0.000	0.000
	Provisions	24.650	30.250	19.600
Total Current Liabilities		170.762	96.726	80.649
Net Current Assets		129.919	103.992	82.143
MISCELLANEOUS EXPENSES		0.000	0.138	0.184
TOTAL		198.656	163.301	122.952

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012
	SALES
		Income	570.467
		Other Income	1.676
		TOTAL (A)	572.143
Less	EXPENSES
		Cost of sales and Services	436.778
		(Increase)/ Decreases in Inventories	4.254
		Employees Benefit Expenses	23.148
		Operating and Administrative Expenses	42.472
		Other Expenses	0.821
		TOTAL (B)	507.473
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		64.670
Less	FINANCIAL EXPENSES (D)		16.852
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		47.818
Less/ Add	DEPRECIATION/ AMORTISATION (F)		6.686
	PROFIT BEFORE TAX (E-F) (G)		41.132
Less	TAX (H)		14.000
	PROFIT AFTER TAX (G-H) (I)		27.132
	IMPORTS
		Raw Materials	14.616
	TOTAL IMPORTS		14.616
	Earnings Per Share (Rs.)		54.26

	PARTICULARS		31.03.2011	31.03.2010
	SALES
		Income	602.066	811.593
		Other Income	5.582	6.846
		TOTAL	607.648	818.439
Less	EXPENSES
		Cost of Good Sold	327.737	502.996
		Tools Consumables Spares Parts	24.025	21.213
		Labour Charge Paid	47.768	76.670
		Octroi Charges Paid	0.004	0.031
		Tours and Traveling	2.960	2.206
		Clearing and Forwarding Charges	1.988	0.194
		Security Charge	1.002	0.689
		Printing and Stationery	0.374	0.590
		Wages and Salaries	26.419	22.072
		Site Expenses	1.761	3.491
		Bonus Paid	1.580	0.659
		Bank charges, Commission and Interest	7.281	7.180
		Director Remuneration	1.860	1.860
		Electricity Expenses	4.406	3.435
		Advertisement Expenses	0.015	0.057
		Postage and Telegram	0.187	0.192
		General Expense	0.228	0.150
		Conveyance Expenses	0.151	1.441
		Water Charge	0.281	0.257
		Transportation Expenses	5.073	23.474
		Staff Amenities and Welfare Expenses	1.845	4.378
		Machinery and Equipment Hiring Charges	2.834	0.494
		Telephone Expenses	0.784	0.771
		Insurance Premium Paid	0.477	0.415
		Auditors Remuneration	0.060	0.123
		Office and Other Factory Expenses	0.140	0.503
		Employers Contribution to Labour Welfare Fund	0.009	0.007
		Book and Periodicals	0.300	0.054
		Service Tax Paid	9.463	9.527
		Subscription Membership	0.095	0.077
		Distribution, Bad Debts, Allowed etc.	0.000	2.746
		Tender Fees Paid	0.105	0.064
		Commission and Brokerage	3.840	4.931
		Consultancy Charges	1.632	1.757
		Inspection Fees	2.885	6.459
		Workman Accommodation Hire Charges	0.434	0.365
		Car, Scooter and Jeep expenses	2.313	1.547
		Contribution to ESIC etc	0.726	0.472
		Interest on Advances and Other charges	6.281	6.252
		Rent, Rates and Taxes	5.446	2.944
		Employer Contribution To Provident Fund	1.875	1.566
		Value Added Tax, CST, Cess Tax. W.C.T Tax paid	10.447	4.382
		Exchanged Difference paid	1.198	0.000
		Excise Duty	0.300	15.007
		Deferred Revenue Expanses Written of	0.046	0.046
		Government Fees and Stamp duty paid	0.118	0.111
		Liquidates damages and other charges	40.796	50.565
		Custom duty paid (on imports)	22.433	1.026
		TOTAL	571.982	785.446
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		35.666	32.993
Less/ Add	DEPRECIATION/ AMORTISATION		3.785	3.323
	PROFIT BEFORE TAX		31.881	29.670
Less	TAX		10.650	11.816
	PROFIT AFTER TAX		21.231	17.854
Less	APPROPRIATIONS
		Transfer to General Reserve	8.000	7.500
	BALANCE CARRIED TO THE B/S		13.231	10.354
	EARNINGS IN FOREIGN CURRENCY		0.000	3.799
	Earnings Per Share (Rs.)		42.46	35.71

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	4.74	3.49	2.18
Net Profit Margin (PBT/Sales)	(%)	7.21	5.25	3.63
Return on Total Assets (PBT/Total Assets}	(%)	11.14	12.27	14.59
Return on Investment (ROI) (PBT/Networth)		0.36	0.37	0.46
Debt Equity Ratio (Total Debt /Networth)		0.75	0.89	0.89
Current Ratio (Current Asset/Current Liability)		1.76	2.08	2.02

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS

Rs. In Millions

PARTICULARS	31.03.2012	31.03.2011	31.03.2010
Sundry Creditors for Goods and Services	94.033	44.179	27.406
Sundry Creditors for Expenses	0.000	2.123	3.010
Sundry Creditors For Advance Received	0.000	20.174	30.633
TOTAL	94.033	66.476	61.049

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	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	No
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
21]	Market information	----------------------
22]	Litigations that the firm / promoter involved in	----------------------
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	----------------------
26]	Buyer visit details	----------------------
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
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	Yes

OPERATIONS

During the year under report, the sales marginally declined by 5.84% to Rs. 570.467 Millions. Other income also declined substantially due to steep decrease in discounts and rebates. However, the profit before tax registered an increase by 29.02% to Rs. 41.132 Millions from Rs.31.881 Millions on account of reduction in cost of materials and control of production and administrative overheads. Profit after tax stood at 27.132 Millions as against Rs. 21.231 Millions in the previous year. The management is hopeful of showing better performance in the coming years, with expected increase in work orders and enhanced efficiency in utilization of resources.

UNSECURED LOAN

Rs. Millions

	As on 31.03.2012	As on 31.03.2011
Long Term Borrowings
From Directors	20.000	20.000
Total	20.000	20.000

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U99999MH1994PLC077141
Name of the company	TECHNO PROCESS EQUIPMENTS (INDIA) LIMITED
Address of the registered office or of the principal place of business in India of the company	215-219, Ashok Industrial Premises, L.B.S Marg, Bhandup (West), Mumbai – 400078, Maharashtra, India tpeho@vsnl.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	90151826
Type of charge	Immovable property Book debts Movable property (not being pledge) Others (Current and Fixed Assets)
Particular of charge holder	Punjab National Bank, Shilpyan, Shivaji Path Lane, Thane (West), Thane – 400603, Maharashtra, India info@ca-adlalwani.com
Nature of instrument creating charge	1.Hypothecation of Assets/Plant and Machinery as Collateral Security 2.Bank Letter For Total Limit (All The Above Agreement Constitute A Single Charge)
Date of instrument Creating the charge	29.11.2011
Amount secured by the charge	Rs.340.600 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest As stipulated by bank from time to time Terms of Repayment 18 months and / or as stipulated by bank from time to time Margin 5 % margin and / or as stipulated by bank from time to time Extent and Operation of the charge First charge(present and futre)=total limit Rs.340.600 Millions ((1) c.c. (stock and book debts)=Rs.43.000 Millions (2)ILC/FLC (dp) = Rs.45.000 Millions (3) L.G = Rs.250.000 Millions =total non fund based ceiling Rs.270.000 Millions)) (4)term loan =Rs.10.600 Millions (5) Bank guarantee=Rs.30.000 Millions = total commintment =Rs.340.600 Millions Sub limit under FLC-FLC(DA)-Rs.5.000 Millions Sub limit under L.G.-BID bond guarantee=Rs.5.000 Millions And/or as stipualted by bank from time to time Others As stipualted by bank from time to time and as per agreement attached and as per sanction letter
Short particulars of the property or asset(s) charged (including complete address and location of the property)	First charge(present and future) on following assets:- (1)hypothecation of all stock / goods / inventories / product kept at borrower place / factories / godown / premises or whereverelse or in transit (2)hypothecation of all book debts and receivables (3)hypothection of plant and machinery (4)hypothecation of all current, movable and fixed assets 5)emg of all that piece or parcel of land being immovable property viz. Plot No. R-261 Admeasuring 1000 Sq. Mtrs MIDC,R Abale, Navi Mumbai together with factory land and building and structures constructed/to be constructed thereon along with fixed plant and machinery erected / to be erected (present and future (6) emg all that piece or parcel of land being immovbales property viz plot no. B-92 admeasuring 4055 sq mtrs in the additional ambarnath industrial area, within the village limits of jambivali, and within the limits of Ambarnath Municipal Council, Taluka Ulhasnagar, MIDC, District Thane together with factory land and building and structures constructed / to be constructed thereon along with fixed plant and machinery erected / to be erected (present and future)
Particulars of the present modification	By this modification bank has limit remain same of Rs.340.600 Millions, securities are continued as given by original charge as well as by modificaions, by this modification hypohtecation of fixed assets charge is extended for enhanced limit, terms and conditions as per agreement attached and as per sanction letter of the bank.

FIXED ASSETS

• Goodwill
• MIDC Land
• MIDC Plot
• Factory Building
• Factory Shed
• Electrical Fittings
• Electrical Transformers
• Machineries
• Office Equipments
• Computers and Printers
• Computer Software
• Furniture and Fixtures
• Crane – I and II
• EOT Crane
• OH Crane
• Vehicles

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 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.53.29
UK Pound	1	Rs.84.22
Euro	1	Rs.72.23

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	NTH

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	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		47

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
-	NB	New Business	-

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