MIRA INFORM REPORT

Report Date :

04.03.2013

IDENTIFICATION DETAILS

Name :	BT SOLDERS PRIVATE LIMITED
Registered Office :	11, Aecs Layout, 1st Stage, Geddalahalli, Sanjaynagar, Bangalore – 560094, Karnataka
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	09.02.1981
Com. Reg. No.:	08-038252 (New) 11-023857 (Old)
Capital Investment / Paid-up Capital :	Rs.2.430 Millions
CIN No.: [Company Identification No.]	U24243KA1981PTC038252 (New) U74999MH1981PTC023857 (Old)
TAN No.: [Tax Deduction & Collection Account No.]	MUMB11208B
PAN No.: [Permanent Account No.]	AAACB1806A
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of flux cored solder wires, solder sticks and soldering products
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 2700
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. There appears some dip in the profitability of the company during the current year. However, networth of the company is satisfactory. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct 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

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 / Sales Office :	11, Aecs Layout, 1st Stage, Geddalahalli, Sanjaynagar, Bangalore – 560094, Karnataka, India
Tel. No.:	91-80-23416771, 23417983 / 84 / 85
Fax No.:	91-80-23416757
E-Mail :	blr@btsolders.com
Website :	http://www.btsolders.com
Factory :	89, K. R. S. Road, Metagalli, Mysore – 570016, Karnataka, India
Tel. No.:	91-821-2581918, 2582068
Fax No.:	91-821-2582630
E-Mail :	btsplmys@sancharnet.in
Mumbai Office :	No.502 and 504 Solaris II, Opposite L and T Gate No 6, Andheri East, Powai Mumbai - 400072, Maharashtra, India
Tel. No.:	91-22-28573734
Fax No.:	91-22-28576813
E-Mail :	acmetoshmbi@vsnl.net
Delhi Office :	905 Pragathi Tower, Rajindra Place, New Delhi - 110 008, India
Tel. No.:	91-11-25815142 / 25811164

DIRECTORS

As on 17.09.2012

Name :

Mr. Arvind Toshniwal

Designation :

Director

Address :

168, 3^rd Corss, 10^th Main Road Extension, Bangalore – 560080, Karnataka, India

Date of Birth/Age :

27.09.1950

Date of Appointment :

09.02.1981

Voter ID No. :

BTF1020510

DIN No.:

00142434

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	U65990MH1979PTC021556	TOSHNIWAL INSTRUMENTS MANUFACTURING PRIVATE LIMITED	Director	14-08-79	14-08-79	18-05-07	Active	NO
2	U33130MH1980PTC023419	TOSHNIWAL PROCESS INSTRUMENTS PRIVATE LIMITED	Director	05-11-80	05-11-80	25-07-07	Active	NO
3	U24243KA1981PTC038252	BT SOLDERS PRIVATE LIMITED	Director	09-02-81	09-02-81	-	Active	NO
4	U74140KA1981PTC037187	TOSHINIWAL BROS.((SR) PRIVATE LIMITED	Director	19-09-81	19-09-81	-	Active	NO
5	U31909KA1994PTC015140	ACMETOSH SERVICES PRIVATE LIMITED	Director	20-01-94	20-01-94	-	Active	NO
6	U99999MH1948PTC006453	TOSHNIWAL BROTHERS PRIVATE LIMITED	Director	28-07-94	28-07-94	-	Active	NO
7	U31102WB1999PTC089053	NARMADA TRADERS AND COMMERCIAL PRIVATE LIMITED	Director	28-04-06	28-04-06	-	Active	NO
8	U70102MH2007PTC171136	OMO PROPERTIES PRIVATE LIMITED	Director	11-07-07	11-07-07	-	Active	NO
9	U45400MH2007PTC173006	LILADHAR PROPERTIES PRIVATE LIMITED	Director	20-11-07	20-11-07	-	Active	NO
10	U51109MH2009PTC193224	KESHAV MULTITRADE PRIVATE LIMITED	Director	29-06-09	29-06-09	-	Amalgamated	NO
11	U51101MH2010PTC211357	DEVESH TRADING PRIVATE LIMITED	Director	22-09-11	22-09-11	-	Active	NO

Name :

Mr. Anant Toshniwal

Designation :

Managing director

Address :

168, 3^rd Corss, 10^th Main Road Extension, Bangalore – 560080, Karnataka, India

Date of Birth/Age :

24.11.1974

Date of Appointment :

18.02.2011

Voter ID No. :

KT12087213332

DIN No.:

00142587

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	U31909KA1994PTC015140	ACMETOSH SERVICES PRIVATE LIMITED	Director	11-02-94	11-02-94	-	Active	NO
2	U74140KA1981PTC037187	TOSHINIWAL BROS.((SR) PRIVATE LIMITED	Director	15-01-07	15-01-07	-	Active	NO
3	U24243KA1981PTC038252	BT SOLDERS PRIVATE LIMITED	Managing director	18-02-11	15-01-07	-	Active	NO
4	U36911MH2008PTC186171	MANMOHAN BULLIONS PRIVATE LIMITED	Director	05-09-12	05-09-12	-	Active	NO

Name :

Mr. Jagdish Kumar Bihani

Designation :

Director

Address :

11/38, Cunningham Road, Bangalore – 560052, Karnataka, India

Date of Birth/Age :

18.01.1944

Date of Appointment :

05.02.1992

Voter ID No. :

KT12085234178

DIN No.:

00199695

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	U21015KA1974PLC002503	SANGAM SOLVENT EXTRACTS LIMITED	Director	11-02-74	11-02-74	-	Active	NO
2	U24243KA1981PTC038252	BT SOLDERS PRIVATE LIMITED	Director	05-02-92	05-02-92	-	Active	NO
3	U65923KA1995PTC017983	SUBH MANGALAM INVESTMEMNTS PRIVATE LIMITED	Director	07-06-95	07-06-95	-	Active	YES
4	U72200KA1997PTC023174	OFFSHORE INFOTECH PRIVATE LIMITED	Director	28-01-00	28-01-00	-	Active	YES
5	U74920KA1995PTC017288	OFF SHORE SECURITIES PRIVATE LIMITED	Director	30-09-06	16-11-05	01-08-09	Active	NO

Name :

Ms. Usha Toshniwal

Designation :

Director

Address :

168, 3^rd Corss, 10^th Main Road Extension, Bangalore – 560080, Karnataka, India

Date of Birth/Age :

07.08.1951

Date of Appointment :

06.08.1998

Voter ID No. :

BTF1020528

DIN No.:

00142536

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	U74140KA1981PTC037187	TOSHINIWAL BROS.((SR) PRIVATE LIMITED	Director	05-02-92	05-02-92	-	Active	NO
2	U31909KA1994PTC015140	ACMETOSH SERVICES PRIVATE LIMITED	Director	20-01-94	20-01-94	-	Active	NO
3	U24243KA1981PTC038252	BT SOLDERS PRIVATE LIMITED	Director	06-08-98	06-08-98	-	Active	NO
4	U45400MH2007PTC173006	LILADHAR PROPERTIES PRIVATE LIMITED	Director	20-11-07	20-11-07	-	Active	NO
5	U51109MH2009PTC193224	KESHAV MULTITRADE PRIVATE LIMITED	Director	29-06-09	29-06-09	-	Amalgamated	NO

Name :

Anuj Toshniwal

Designation :

Director

Address :

168, 3^rd Corss, 10^th Main Road Extension, Bangalore – 560080, Karnataka, India

Date of Birth/Age :

15.10.1977

Date of Appointment :

15.01.2007

Voter ID No. :

BTF1020437

DIN No.:

01258614

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 17.09.2012

Names of Shareholders	No. of Shares
Push Palati-Ia Toshniwal	100
Arvind Toshniwal	4830
Anant Toshniwal	3950
Anuj Toshniwal	4100
The Triton Trading Company Limited, India	1020
Usha Toshniwal	6510
Anant Toshniwal	1120
Akshat Toshniwal Trust	700
Ananya Toshniwal Trust	50
Sonali Toshniwal	100
Neha Toshniwal	100
Anuj Toshn]Wal	1020
Ayush Toshniwal Trust	700
Total	24300

As on 17.09.2012

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	4.20
Directors or relatives of Directors	95.80
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of flux cored solder wires, solder sticks and soldering products

Products :

Product Description	ITC Code
Flux Cored Solder Wire	831100
Solder Sticks	800120
Soldering Fluxes	381000

PRODUCTION STATUS (As on 31.03.2011)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Flux Cored Solders and Solder Products	MT	400	400	367.99
Soldering Fluxes	Ltrs.	50000	50000	12504.000
Lead Silver Anode on Job Work	MT	NA	NA	271.449

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Syndicate Bank, No.71/1, "Sneha Complex" Basaveshwara Road, Miller's Road, Bangalore - 560052, Karnataka, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
Long Term Borrowings
Term Loans
From Bank Syndicate Bank	0.127	0.956
Form Others Kotak Mahindra Prime Limited	0.000	0.245
Short Term Borrowings
Syndicate Bank, Bangalore	5.493	20.716
Syndicate Bank, Metagalli (Secured by hypothecation of raw materials, work in progress, finished goods and book debts)	0.000	1.815
Foreign Currency Loan	16.280	0.000
Total	21.900	23.732
3.1 This term loan is secured by hypothecation of the vacant land at peenya, Bangalore, acquired out of this loan. The loan is repayable by May 2013, in 72 equated monthly installments of Rs. 79,000/-(approx.) each, inclusive of interest floating rate of interest on the above was 12.50% at the time of sanction. This loan is guaranteed by a Director and one of this. 3.2 This term loan is secured by hypothecation of the vehicle acquired out of this loan. The loan is repayable by November 2012, in 36 equated monthly installments of Rs 31.680 each inclusive of interest. Rate of interest on the above is 9%.

Banking Relations :	--
Auditors :
Name :	P. Manohara Guptha Chartered Accountants
Address :	'L' Block, Unity Buildings, J C Road, Bangalore – 560002, Karnataka, India
Tel. No.:	91-80-22236783/4
Fax No.:	91-80-22213203
E-Mail :	yaswantjain@gmail.com guptamanothar@gmail.com
PAN.:	AAAFD6954E
Associates :	· Arvind Toshniwal (HUF) · Anant Toshniwal (HUF) · Anuj Toshniwal (HUF) · Ayush Toshniwal Trust · Akshat Toshniwal Trust · Ananya Toshniwal Trust · Acmetosh Services Private Limited · Toshniwal Bros (Sr) Private Limited, Bangalore

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.100/- each	Rs.10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
24300	Equity Shares	Rs.100/- each	Rs.2.430 Millions

Reconciliation of number of shares outstanding at the beginning and at the end of the reporting period

Particular	No. of Shares	Rs. In Millions
Number of Equity Shares at the beginning	24,300	2.430
Add/(Less) Number of Shares allotted/(bought back)	--	--
Number of Equity Shares at the end	24,300	2.430

Equity Shares of the company held by each shareholder holding more than 5% shares:

Particular	No. of Shares	% of Holding
Arvind Toshniwal	4,830	19.88%
Anant Toshniwal	3,950	16.26%
Anuj Toshniwal	4,100	16.87%
Usha Toshniwal	6.510	26.79%

TERMS/RIGHTS ATTACHED TO EQUITY SHARES

The company has one class of Equity shares of Rs 100/- each. The Equity shares rank pari passu in all respects including right to dividend, issue of new shares, voting rights and in the assets of the company in the event of liquidation

The company has not allotled any shares pursuant to contract without patment being received in cash, nor by way of bonus shares nor bought back any shares during the immediately preceding five financial years.

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		2.430	2.430	2.430
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		53.567	48.825	39.927
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		55.997	51.255	42.357
LOAN FUNDS
1] Secured Loans		21.900	23.732	24.891
2] Unsecured Loans		15.520	16.706	10.809
TOTAL BORROWING		37.420	40.438	35.700
DEFERRED TAX LIABILITIES		0.000	0.123	0.328
TOTAL		93.417	91.816	78.385
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		18.355	19.352	20.394
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		7.084	6.405	7.073
DEFERREX TAX ASSETS		0.033	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	19.022	24.585	7.547
	Sundry Debtors	49.997	55.017	43.258
	Cash & Bank Balances	4.433	2.324	2.596
	Other Current Assets	2.401	9.460	0.000
	Loans & Advances	13.585	6.186	10.870
Total Current Assets		89.438	97.572	64.271
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	11.696	19.586	7.623
	Other Current Liabilities	6.004	7.262	2.802
	Provisions	3.793	4.665	2.928
Total Current Liabilities		21.493	31.513	13.353
Net Current Assets		67.945	66.059	50.918
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		93.417	19.816	78.385

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	264.718	252.194	217.014
		Other Income	1.580	1.736	NA
		TOTAL (A)	266.298	253.930	NA
Less	EXPENSES
		Office Expenses
		Administrative Expenses	250.109	23.074	NA
		Advertising Expenses
		TOTAL (B)	250.109	23.074	NA
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		16.189	23.190	17.772
Less	FINANCIAL EXPENSES (D)		5.611	5.495	6.192
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		10.578	17.695	11.580
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.989	2.174	2.258
	PROFIT BEFORE TAX (E-F) (G)		8.589	15.521	9.322
Less	TAX (H)		2.717	5.254	2.571
	PROFIT AFTER TAX (G-H) (I)		5.872	10.267	6.751
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		7.273	5.876	3.975
Less	APPROPRIATIONS
		Transfer to General Reserve	5.000	7.500	4.000
		Dividend	0.972	0.972	0.729
		Tax on Dividend	0.158	0.158	0.121
	BALANCE CARRIED TO THE B/S		7.015	7.273	5.876
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	1.561	1.237	2.062
	TOTAL EARNINGS		1.561	1.237	2.062
	IMPORTS
		Raw Materials	148.336	138.040	99.050
	TOTAL IMPORTS		148.336	138.040	99.050
	Earnings Per Share (Rs.)		241.63	412.62	277.83

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	2.21	4.04	NA
Net Profit Margin (PBT/Sales)	(%)	3.24	6.15	4.30
Return on Total Assets (PBT/Total Assets}	(%)	7.97	13.27	11.01
Return on Investment (ROI) (PBT/Networth)		0.15	0.30	0.22
Debt Equity Ratio (Total Debt /Networth)		0.67	0.79	0.84
Current Ratio (Current Asset/Current Liability)		4.16	3.10	4.81

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%	----------------------
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	Yes
34]	External Agency Rating, if available	No

WORKING RESULTS :

The working results of the company were satisfactory. The working of the company so far in the current fiscal year is satisfactory.

CONTINGENT LIABILITIES NOT PROVIDED FOR: (As on 31.03.2012)

a) Towards disputed Service Tax demands along with interest and penalty Rs.0.256 Million (Pending before the Commissioner of Central Excise [Appeals ll], Bangalore)

b) Towards claims against the Company not acknowledged as debt (issued pending before the High Court of Tamilnadu) Rs.2.106 Millions

c) Towards Foreign Letters of Credit outstanding Rs.11.543 Millions

UNSECURED LOAN

Rs. In Millions

Particular	As on 31.03.2012	As on 31.03.2011
Long Term Borrowings
Loans & Advances from Related Parties	6.600	6.600
Short Term Borrowings
Loans & Advances from Related Parties	8.920	10.106
Total	15.520	16.706
Loans from Related Parties carry interest @ 15% P.A. These loans are repayable on or after 1st April, 2013

FIXED ASSETS

· Land

· Building

· Plant and Equipment

· Furniture and Fixtures

· Vehicles

· Office Equipment

· Computer

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.54.48
UK Pound	1	Rs.82.72
Euro	1	Rs.71.27

INFORMATION DETAILS

Report Prepared by :

NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	4
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		45

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.