MIRA INFORM REPORT

Report Date :

05.01.2013

IDENTIFICATION DETAILS

Name :	THERMOPADS PRIVATE LIMITED

Registered Office :	28, Nagarjuna Hills Panjagutta, Hyderabad- 500082, Andhra Pradesh

Country :	India

Financials (as on) :	31.03.2012

Date of Incorporation :	29.01.1992

Com. Reg. No.:	01- 013781

Capital Investment / Paid-up Capital :	Rs. 8.325 Millions

CIN No.: [Company Identification No.]	U24110AP1992PTC013781

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacturer of Floor Heating Products like Heat Tracer, Radiant Floor Heating, Underfloor Heating, Snow Melting and Heating Cables.

No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (52)

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

Maximum Credit Limit :	USD 1600000

Status :	Good

Payment Behaviour :	Regular

Litigation :	Clear

Comments :	Subject was a successor of partnership concern started in the year 1979 and later in the year 1991 it got converted into private limited company. It is a well established company having good track record. Financially company appears to be strong. Liquidity position of the company appears to be strong. The rating also reflect the group healthy financial profit. Trade relations are reported to be fair. Business is active. Payments are reported to be regular 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.

ECGC Country Risk Classification List – June 30, 2012

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

India

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	CRISIL
Rating	(CRISIL) BBB+
Rating Explanation	Having Moderate degree of safety regarding timely servicing of financial obligations. It carry Moderate credit risk.
Date	November 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.

LOCATIONS

Registered Office :	28, Nagarjuna Hills Panjagutta, Hyderabad- 500082, Andhra Pradesh, India
Tel. No.:	91- 40- 23350577/ 44429292
Fax No.:	91- 40- 23350583
E-Mail :	sabari@thermopads.com
Website :	http://www.thermopads.com

Factory :	F-12/B, Phase V, IDA, Jeedimetla, Hyderabad.

Corporate Office :	Thermopads Private Limited (An ISO 9001 Company) 28, Nagarjuna Hills, Punjagutta, Hyderabad - 500 082, India
Tel. No.:	91-91-40 44429292, 23350577
Fax No.:	91-40 23350583
E-Mail :	info@thermopads.com

Branch Offices :	Mumbai 206, Madhava, Bandra Kurla Complex, Bandra (E), Mumbai- 400 051. Ph: 91- 22- 26590022 Fax No. 91- 22- 26590337 Email : mumbai@thermopads.com Delhi A-207, Som Dutt Chambers-I, 5, Bhikaji Cama Place, New Delhi- 110066. Ph: 91-11- 26170305 Fax No. 91- 11- 226188022 Email : delhi@thermopads.com Chennai No. 267, First Floor, Kilpauk Garden Road, Chennai- 600010. Ph: 91- 44- 26447333 Tele Fax No : 91- 44- 26443282 Email : chennai@thermopads.com Calcutta Ph: 91- 33- 24753241/ 42, 24752125 Fax No. 91- 33- 24759338 Email : tbhplcal@cal2.vsnl.net.in Bangalore Ph: 91- 80- 40316217 Fax No. 91- 80- 40316201 Email : bangalore@thermopads.com Pune Tele Fax: 91- 20- 56346014 Email : pune@thermopads.com Baroda Ph: 91- 265- 2355576 Fax No. 91- 265- 2322575 Email : baroda@thermopads.com Nagpur Ph: 91- 712- 2722281 Fax No. 91- 712- 2773720 Email : heatpads_ngp@sancharnet.in

Overseas Office :	16 Ascot Court, Grove End Road, London, UK, NW8 9RY Ph: +44 (0) 20 72869569 Email : medhapattem@thermopads.com

DIRECTORS

As on 20.09.2012

Name :

Mr. Nandkishore Ghurka

Designation :

Managing director

Address :

28, Nagarjuna Hills Panjagutta, Hyderabad- 500082, Andhra Pradesh, India

Date of Birth/Age :

27.05.1948

Date of Appointment :

07.12.2011

DIN No.:

01082250

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	Company/ LLP Status	Defaulting status
1	U33125TN1980PTC047707	TOSHNIWAL BROTHERS (HYD) PRIVATE LIMITED	Director	15/12/1980	15/12/1980	Active	NO
2	U31300AP1990PLC011331	THERMO CABLES LTD.	Director	30/05/1990	30/05/1990	Active	NO
3	U24110AP1992PTC013781	THERMOPADS PRIVATE LIMITED	Managing director	07/12/2011	29/01/1992	Active	NO
4	U24110AP1998PTC029118	THERMO POLYMERS PRIVATE LIMITED	Managing director	07/12/2011	26/03/1998	Active	NO
5	U24220AP2005PTC046567	THERMOSYSTEMS PRIVATE LIMITED	Managing director	07/12/2011	16/06/2005	Active	NO
6	U74999AP2007PTC056343	AQUARIUS AEROSPACE SERVICES PRIVATE LIMITED	Director	16/11/2007	16/11/2007	Active	NO

Name :

Ms. Uma Ghurka

Designation :

Whole- time director

Address :

28, Nagarjuna Hills Panjagutta, Hyderabad- 500082, Andhra Pradesh, India

Date of Birth/Age :

15.01.1954

Date of Appointment :

29.01.1992

DIN No.:

00351117

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	Company/ LLP Status	Defaulting status
1	U31300AP1990PLC011331	THERMO CABLES LTD.	Managing director	01/07/2011	30/05/1990	Active	NO
2	U24110AP1992PTC013781	THERMOPADS PRIVATE LIMITED	Whole-time director	29/01/1992	29/01/1992	Active	NO
3	U24110AP1998PTC029118	THERMO POLYMERS PRIVATE LIMITED	Director	26/03/1998	26/03/1998	Active	NO
4	U80900AP2005NPL045601	CONFEDERATION OF WOMEN ENTREPRENEURS	Director	11/03/2005	11/03/2005	Active	NO
5	U24220AP2005PTC046567	THERMOSYSTEMS PRIVATE LIMITED	Director	19/02/2007	19/02/2007	Active	NO
6	U74999AP2007PTC056343	AQUARIUS AEROSPACE SERVICES PRIVATE LIMITED	Director	16/11/2007	16/11/2007	Active	NO
7	U25200AP2010PTC067387	Thermo Polymatrix Private Limited	Managing director	05/03/2010	05/03/2010	Active	NO

Name :

Mr. Prabhat Toshniwal

Designation :

Director

Address :

267, Kil Pauk Gardens, Kil Pauk, Chennai- 600010, Tamil Nadu, India

Date of Birth/Age :

04.07.1955

Date of Appointment :

29.01.1992

DIN No.:

00045793

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	Company/ LLP Status	Defaulting status
1	U33125TN1980PTC047707	TOSHNIWAL BROTHERS (HYD) PRIVATE LIMITED	Managing director	30/06/1980	30/06/1980	Active	NO
2	U65993TN1981PTC008833	TOSHNIWAL SYSTEMS AND INSTRUMENTS PRIVATE LIMITED	Director	30/01/1983	30/01/1983	Active	NO
3	U33112TN1984PTC010716	TOSHNIWAL HYVAC PRIVATE LIMITED	Director	01/07/1986	01/07/1986	Active	NO
4	U27209TN1962PTC004827	INSTRUMENTS & APPARATUS PRIVATE LIMITED	Director	13/01/1988	13/01/1988	Active	NO
5	U51219TN1972PTC006111	SOUTHERN AGRO IMPLEMENTS PRIVATE LIMITED	Director	16/06/1991	16/06/1991	Active	NO
6	U24110AP1992PTC013781	THERMOPADS PRIVATE LIMITED	Director	29/01/1992	29/01/1992	Active	NO
7	U33209TN1995PTC030762	TOSHNIWAL INSTRUMENTS (MADRAS) PRIVATE LIMITED	Director	01/04/1995	01/04/1995	Active	NO
8	L85110TN1994PLC027366	DR. AGARWAL'S EYE HOSPITAL LIMITED	Director	28/03/2005	28/03/2005	Active	NO
9	U34300TN2005PTC057033	BST PRESS METAL COMPONENTS PRIVATE LIMITED	Director	26/07/2005	26/07/2005	Active	NO
10	U28930TN2007PTC065089	ORION FABRIKATORS & SYSTEMS PRIVATE LIMITED	Director	17/10/2007	17/10/2007	Active	NO
11	U29253KA2011PTC060162	GERICKE VACUUM PUMPS PRIVATE LIMITED	Director	26/08/2011	26/08/2011	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 20.09.2012

Names of Shareholders		No. of Shares
Nandkishore Ghurka		216250
Uma Ghurka		184150
Chetan Ghurka		110200
Nidhi Ghurka		69600
Medha Ghurka		69600
N K Ghurka- HUF		99180
Ganga Bai Ghurka		42920
Ratandevi Toshniwal		34800
Prabhat Toshniwal		5800
Total		832500

Equity Share Break up (Percentage of Total Equity)

As on 20.09.2012

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Floor Heating Products like Heat Tracer, Radiant Floor Heating, Underfloor Heating, Snow Melting and Heating Cables.

PRODUCTION STATUS (As on 31.03.2011)

Particulars	Unit	Installed Capacity	Actual Production
Tracers/CTL PT/Heating Cables	(Mtrs)	12000000	8303503.02
Floor Heating Mat		400000 (FHM 300000 Sq.m/ UTHC 3000 kms)	234500.00
Heating Jackets	(Sets)	3600	3501.00
Heated Hose	(Nos)	200	106.00

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Ø State Bank of India, Saifabad Branch, Hyderabad- 500004, Andhra Pradesh, India

Facilities :

Secured Loan	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
Loan Repayable on Demand Cash Credit Loan from Bank (Secured) (Hypothecation of stocks, book debts and all other chargeable current assets of the company)	0.185	9.193
Total	0.185	9.193
Unsecured Loan	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
Loans from Directors and Relatives of Directors	1.012	0.913
Total	1.012	0.913


Banking Relations :	---

Auditors :
Name :	B. Narsing Rao and Company Chartered Accountant
Address :	Plot No. 554, Road No. 92, Opp. Appollo Nursing School, Jubilee Hillss, Hyderabad- 500033, Andhra Pradesh, India
PAN No.:	AABFN5153E

Subsidiaries :	Thermopads UK Limited Thermopads INC

CAPITAL STRUCTURE

As on 20.09.2012

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

832500	Equity Shares	Rs.10/- each	Rs. 8.325 Millions

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		8.325	8.325	8.325
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		403.705	299.746	226.360
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		412.030	308.071	234.685
LOAN FUNDS
1] Secured Loans		0.185	9.193	2.300
2] Unsecured Loans		1.012	0.913	0.823
TOTAL BORROWING		1.197	10.106	3.123
DEFERRED TAX LIABILITIES		2.988	2.999	3.242

TOTAL		416.215	321.176	241.050

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		80.316	81.226	82.963
Capital work-in-progress		3.065	2.930	1.884

INVESTMENT		86.672	36.672	21.758
DEFERRED TAX ASSETS		0.000	0.000	0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	109.531	82.287	55.960
	Sundry Debtors	137.648	147.295	79.366
	Cash & Bank Balances	13.381	22.949	26.731
	Other Current Assets	20.265	24.138	0.000
	Loans & Advances	35.029	28.700	21.520
Total Current Assets		315.854	305.369	183.577
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	33.524	63.744	23.575
	Other Current Liabilities	19.826	14.003	8.377
	Provisions	16.342	27.274	17.180
Total Current Liabilities		69.692	105.021	49.132
Net Current Assets		246.162	200.348	134.445

MISCELLANEOUS EXPENSES		0.000	0.000	0.000

TOTAL		416.215	321.176	241.050

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income		578.600	403.251
		Other Income		23.907	18.659
		TOTAL	667.500	602.507	421.910

Less	EXPENSES
		Raw Material Consumption		328.421	176.604
		Manufacturing Expenses		8.099	7.725
		Employees Remuneration and Benefits		47.910	36.487
		Administrative, Selling and other expenses		68.178	59.652
		Increase(+)/ Decrease(-) in stock of Finished Goods		12.451	3.082
		TOTAL	503.100	465.059	283.550
			(including Financial and Depreciation Expenses)
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION			137.448	138.360

Less	FINANCIAL EXPENSES			0.405	0.602

	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION			137.043	137.758

Less/ Add	DEPRECIATION/ AMORTISATION			11.742	11.133

	PROFIT AFTER DEPRECIATION BUT BEFORE TAX		164.400	125.301	126.625

Add	EXCEPTIONS/ EXTRA- ORDINARY ITEMS		6.700	0.272	0.087

	PROFIT BEFORE PRIOR PERIOD ADJUSTMENTS		171.100	125.573	126.712

Less/ Add	Prior Period Income/ Expenses		0.000	(0.007)	(0.334)

	PROFIT BEFORE TAX		171.100	125.566	126.378

Less	TAX		57.300	42.522	44.064

	PROFIT AFTER TAX		113.800	83.044	82.314

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		264.099	199.035	134.551

Less	APPROPRIATIONS
		Transfer to General Reserve	----	8.304	8.090
		Dividend	----	8.325	8.325
		Tax on Dividend	----	1.351	1.415
	BALANCE CARRIED TO THE B/S		377.899	264.099	199.035

	IMPORTS
		Raw Materials
		Stores & Spares
		Capital Goods
		Others
	TOTAL IMPORTS		189.446	140.483	N.A

	Earnings Per Share (Rs.)		136.70	----	----

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	17.05	13.78	19.51

Net Profit Margin (PBT/Sales)	(%)	---	21.70	31.34

Return on Total Assets (PBT/Total Assets}	(%)	43.19	32.480	47.41

Return on Investment (ROI) (PBT/Networth)		0.42	0.41	0.54

Debt Equity Ratio (Total Liability/Networth)		0.17	0.37	0.22

Current Ratio (Current Asset/Current Liability)		4.53	2.91	3.74

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	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	No
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	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

FIXED ASSETS

Land
Office Building
Factory Building/ Shed
Plant and Machinery
Plant and Machinery Energy Saving
Computer Software
Office Equipments
Furniture and Fixtures
Motor Vehicles
Computers

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U24110AP1992PTC013781
Name of the company	Thermopads Private Limited
Address of the registered office or of the principal place of business in India of the company	28, Nagarjuna Hillspanjagutta, Hyderabad, Andhra Pradesh- 500082, India
This form is for	Creation of charge
Type of charge	Immovable property
Particular of charge holder	State Bank of India, Saifabad Branch, HACA Bhavan, Hyderabad- 500004, Andhra Pradesh, India
Nature of instrument creating charge	1) Deposite of title deeds covering enhanced limits. 2) Supplemental deed of guarantee for increase in overall limits in Form C.4-A . 3) Supplemental agreement of loan for increase in overall limits in Form C.1-A . 4) Supplemental agreement of hypothecation of goods and assets for increase in overall limits in Form C.2-A
Date of instrument Creating the charge	04.02.2012
Amount secured by the charge	Rs. 776.200 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest N.A Terms of Repayment Corporate Guarantee and shall be Payable on Demand Margin N.A Extent and Operation of the charge The charge operates as a corporate guarantee for the repayment of credit facility availed by M/s Thermo Cables Limited, along with the payment of interest and any other cost, charges and expenses payable to or incurred by the bank on their behalf.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Factory Land and Building situated at F-10B, 14A & B, Phase 1, IDA, Jeedimetla, Hyderabad. Office Flat Admeasuring to 590 Sq.ft situated at 206, Madhava, Bandra Kurla Complex, Mumbai. Factory Land and Building situated at F-12/B, Phase V, IDA, Jeedimetla, Hyderabad.

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. 54.42
UK Pound	1	Rs. 88.29
Euro	1	Rs. 71.49

INFORMATION DETAILS

Report Prepared by :

RJT

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	6
--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
TOTAL		52

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.

MIRA INFORM REPORT

109.531

137.648

13.381

20.265

35.029

315.854

33.524

19.826

16.342

69.692

246.162

Unit