MIRA INFORM REPORT

Report Date :

23.03.2013

IDENTIFICATION DETAILS

Name :	HICKS THERMAMETERS INDIA LIMITED
Registered Office :	A-12-13/C-26, Industrial Estate, Aligarh-202001, Uttar Pradesh
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	02.06.1961
Com. Reg. No.:	20-2846
Capital Investment / Paid-up Capital :	Rs.3.255 Millions
CIN No.: [Company Identification No.]	L33112UP1961PLC002846
TAN No.: [Tax Deduction & Collection Account No.]	AGRH10215C
PAN No.: [Permanent Account No.]	AAACH9203R
Legal Form :	A Public Limited Liability Company. The company’s shares are listed on the Stock Exchanges.
Line of Business :	Manufacturer of Thermometers and Surgical Products.
No. of Employees :	250 [Approximately] [In Office 100 and In Factory 150]

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 114000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. 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.

INFORMATION PARTED BY

Name :	Mr. Siddharth Gupta
Designation :	Director
Contact No.:	91-9837890000
Date :	26.02.2013

LOCATIONS

Registered Office / Factory:	A-12-13/C-26, Industrial Estate, Aligarh-202001, Uttar Pradesh, India
Tel. No.:	91-571-3202874/2409163
Mobile No.:	91-9837890000 [Mr. Siddharth Gupta]
Fax No.:	91-571-2403238
E-Mail :	manishaligarh@yahoo.co.in hicks@zidaonline.com hicksindia@sancharnet.in hpgupta@nde.vsnl.net.in hicks@ridaonline.com hpgupta@hicksindia.com sgupta@hicksindia.com sales@hicksindial.com
Website :	http://www.hicksindia.com
Area:	7000 sq. ft.
Location:	Owned
Branch Office :	Located At: Kolkata New Delhi Patna

DIRECTORS

AS ON 30.09.2011

Name :

Dr. Vijay Gupta

Designation :

Executive Chairman

Address :

Vijay Nikunj, Tikaram Mandir Marg, Aligarh-202001, Uttar Pradesh, India

Date of Birth/Age :

02.01.1928

Date of Appointment :

01.05.2008

Din No.:

00174314

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U34102UP1991PLC012882	ASHOK AUTO SALES LIMITED	Director	13-03-91	13-03-91	Active	NO
2	U45202UP1994PLC016138	ASHOK AUTO FINANCE AND LEASING LIMITED	Director	22-02-94	22-02-94	Active	NO
3	L33112UP1961PLC002846	HICKS THERMAMETERS INDIA LIMITED	Whole-time director	01-05-11	01-05-05	Active	NO

Name :

Mr. Hari Prakash Gupta

Designation :

Managing Director

Address :

Vijay Nikunj, Tikaram Mandir Marg, Aligarh-202001, Uttar Pradesh, India

Date of Birth/Age :

02.09.1946

Date of Appointment :

01.05.2008

Din No.:

00173929

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U45202UP1994PLC016138	ASHOK AUTO FINANCE AND LEASING LIMITED	Director	22-02-94	22-02-94	Active	NO
2	U65929UP1994PTC016253	SHRI VEDA HOLDINGS PRIVATE LIMITED	Managing director	23-03-94	23-03-94	Active	NO
3	L33112UP1961PLC002846	HICKS THERMAMETERS INDIA LIMITED	Managing director	01-01-11	01-05-05	Active	NO
4	U24244DL2006PTC145145	YATHARTHA ENTERPRISES PRIVATE LIMITED	Managing director	19-01-06	19-01-06	Active	NO
5	U85120UP2007PTC033457	HICKS HEALTH CARE PRIVATE LIMITED	Managing director	12-06-07	12-06-07	Active	NO

Name :

Mr. Siddharth Gupta

Designation :

Joint Managing Director

Address :

Vijay Nikunj, Tikaram Mandir Marg, Aligarh-202001, Uttar Pradesh, India

Date of Birth/Age :

09.01.1973

Date of Appointment :

01.05.2008

Din No.:

00174038

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U65929UP1994PTC016253	SHRI VEDA HOLDINGS PRIVATE LIMITED	Director	23-03-94	23-03-94	Active	NO
2	L33112UP1961PLC002846	HICKS THERMAMETERS INDIA LIMITED	Managing director	01-01-11	01-05-05	Active	NO
3	U24244DL2006PTC145145	YATHARTHA ENTERPRISES PRIVATE LIMITED	Director	19-01-06	19-01-06	Active	NO
4	U85120UP2007PTC033457	HICKS HEALTH CARE PRIVATE LIMITED	Director	12-06-07	12-06-07	Active	NO

Name :

Dr. Ranjana Bansal

Designation :

Director

Address :

202, General Cariappa Road, Agra, Uttar Pradesh, India

Date of Birth/Age :

22.09.1955

Date of Appointment :

22.10.1994

Din No.:

01243291

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U65923DL1956PTC002698	PREM FINANCE COMPANY PRIVATE LIMITED	Director	03-08-88	03-08-88	Active	NO
2	L33112UP1961PLC002846	HICKS THERMAMETERS INDIA LIMITED	Director	22-10-94	22-10-94	Active	NO
3	U67120DL1996PTC075536	ASB INVESTMENTS PRIVATE LIMITED	Director	18-01-96	18-01-96	Active	NO
4	U50200DL1996PTC075530	ASB AUTO ENGINEERING PRIVATE LIMITED	Director	18-01-96	18-01-96	Active	NO
5	U45202UP1994PLC016138	ASHOK AUTO FINANCE AND LEASING LIMITED	Director	18-01-96	18-01-96	Active	NO
6	U85110UP1994PLC016361	ASB PROJECTS LIMITED	Director	22-01-04	22-01-04	Active	NO
7	U34102UP1991PLC012882	ASHOK AUTO SALES LIMITED	Managing director	01-01-08	01-01-05	Active	NO
8	U45200UP2007PTC032920	ASHOK NAV NIRMAN PRIVATE LIMITED	Director	26-02-07	26-02-07	Active	NO
9	U45200UP2007PTC032922	ASHOK REAL BUILD PRIVATE LIMITED	Director	26-02-07	26-02-07	Active	NO
10	U45400UP2007PTC033424	ASHOKA ASHIANA PRIVATE LIMITED	Director	05-06-07	05-06-07	Active	NO
11	U93000UP2008PTC036154	SUKRATI LIFESTYLE PRIVATE LIMITED	Director	14-10-08	14-10-08	Active	NO

Name :

Mr. Bharat Bhushan Deva

Designation :

Director

Address :

Baijnath Dham, Varanasi, Uttar Pradesh, India

Date of Birth/Age :

15.12.1953

Date of Appointment :

28.07.1998

Din No.:

01229390

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	L33112UP1961PLC002846	HICKS THERMAMETERS INDIA LIMITED	Director	28-07-98	28-07-98	Active	NO
2	U70102UP2011PTC044309	XENON INFRAVENTURES AND FINANCIAL SERVICES PRIVATE LIMITED	Director	11-04-11	11-04-11	Active	NO

Name :

Mrs. Kusum Gupta

Designation :

Director

Address :

Vijay Nikunj, Tikaram Mandir Marg, Aligarh-202001, Uttar Pradesh, India

Date of Birth/Age :

26.03.1947

Date of Appointment :

30.01.2006

Din No.:

00174200

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U65929UP1994PTC016253	SHRI VEDA HOLDINGS PRIVATE LIMITED	Director	23-03-94	23-03-94	Active	NO
2	L33112UP1961PLC002846	HICKS THERMAMETERS INDIA LIMITED	Director	30-09-06	30-09-06	Active	NO
3	U85120UP2007PTC033457	HICKS HEALTH CARE PRIVATE LIMITED	Director	12-06-07	12-06-07	Active	NO

Name :

Mr. Sher Singh

Designation :

Director

Address :

Patpar Ganj, New Delhi, India

Date of Birth/Age :

15.10.1939

Date of Appointment :

27.05.1995

Din No.:

00939677

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
Mogha	1000
Geetika Cap	1000
Gupta	47408
Heath, Hicks and Perken Theromometers Limited, India	20000
Kusum Gupta	8255
Meenakshi Singhal	1500
Siddharth Gupta	27342
Vijay Gupta	25000
Gundaria Vrajlal Kanjibhai	1225
Aggarwal Sugesam and Company Private Limited, India	1600
Raj Kumar Jajodia	1000
Kannupriya Gupta	2000
Hari Prakash Gupta HUF	17160
Shri Veda Holding Private Limited, India	10000
Seema Mittal	10000
Ashok Mittal	10000
Rakesh Mittal	10000
Praniti Bansal	10000
Bharat Bansal	10000

AS ON 30.09.2011

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]	7.44
Bodies corporate	4.69
Directors or relatives of directors	49.13
Other top fifty shareholders	23.72
Others	15.02
TOTAL	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Thermometers and Surgical Products.

Products :

PRODUCT DESCRIPTION	ITEM CODE
Thermometers	9025

Imports :

Products :

Finished Goods and Raw Materials

Countries :

• Taiwan
• China

Terms :

Selling :

L/C

Purchasing :

L/C

PRODUCTION STATUS [AS ON 31.03.2012]

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Thermometer	Pcs.	NA	2500000	1666471

GENERAL INFORMATION

Customers :

Wholesalers

No. of Employees :

250 [Approximately] [In Office 100 and In Factory 150]

Bankers :

• Indian Overseas Bank, 13/6, Near Navelty Talkies, G.T. Road, Aligarh-202001, Uttar Pradesh, India
• HDFC Bank, Ram Ghat Road

Facilities :

Secured Loan	As on 31.03.2012 [Rs. in Millions]	As on 31.03.2011 [Rs. in Millions]
Rupee term loans from banks	19.678	19.757
TOTAL	19.678	19.757

Banking Relations :	--
Auditors :
Name :	Manish Ritu Agarwal and Associates Chartered Accountants
Address :	Railway Road, Aligarh-202001, Uttar Pradesh, India
Tel. No.:	91-571-2402233
PAN No:	AAYPA0831H
Associates/Subsidiaries :	Shri Veda Holdings Private Limited [U65929UP1994PTC016253] Yatharth Enterprises

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
400000	Equity Shares	Rs.10/- each	Rs.4.000 Millions
100000	Preferences Shares	Rs.10/- each	Rs.1.000 Million
	TOTAL		Rs.5.000 Millions

Issued Capital :

No. of Shares	Type	Value	Amount
279540	Equity Shares	Rs.10/- each	Rs.2.795 Millions
50000	Preferences Shares	Rs.10/- each	Rs.0.500 Million
	TOTAL		Rs.3.295 Millions

Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
275500	Equity Shares	Rs.10/- each	Rs.2.755 Millions
50000	Preferences Shares	Rs.10/- each	Rs.0.500 Million
	TOTAL		Rs.3.255 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		3.255	3.255	2.755
2] Share Application Money		0.000	0.000	0.500
3] Reserves & Surplus		25.387	17.855	12.224
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		28.642	21.110	15.479
LOAN FUNDS
1] Secured Loans		19.678	19.757	13.659
2] Unsecured Loans		17.202	12.735	5.637
TOTAL BORROWING		36.880	32.492	19.296
DEFERRED TAX LIABILITIES		0.662	0.680	0.655
TOTAL		66.184	54.282	35.425
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		9.209	7.638	5.777
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.010	0.010	0.010
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	65.160	35.244	29.595
	Sundry Debtors	20.985	12.858	7.509
	Cash & Bank Balances	11.887	11.323	8.353
	Other Current Assets	0.021	0.000	0.968
	Loans & Advances	0.998	0.906	0.913
Total Current Assets		99.051	60.331	47.338
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	39.360	11.159	11.571
	Other Current Liabilities	2.019	1.828	6.129
	Provisions	0.707	0.710	0.000
Total Current Liabilities		42.086	13.697	17.700
Net Current Assets		56.965	46.634	29.638
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		66.184	54.282	35.425

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	305.853	242.535	163.078
		Other Income	1.642	0.797	1.134
		TOTAL (A)	307.495	243.332	164.212
Less	EXPENSES
		Cost of materials consumed	10.823	6.911	3.081
		Purchases of stock-in-trade	200.444	134.113	101.040
		Employee benefit expense	9.121	9.527	0.327
		Other expenses	101.764	85.535	67.608
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(30.140)	(4.345)	(12.526)
		TOTAL (B)	292.012	231.741	159.530
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		15.483	11.591	4.682
Less	FINANCIAL EXPENSES (D)		3.373	2.570	2.126
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		12.110	9.021	2.556
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.993	0.705	0.632
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		11.117	8.316	1.924
Less	TAX (H)		3.528	2.587	0.657
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		7.589	5.729	1.267
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		17.495	11.766	10.499
	BALANCE CARRIED TO THE B/S		25.084	17.495	11.766
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	0.000	0.000	0.000
	IMPORTS
		Raw Materials	NA	NA	0.970
		Trading (Thermometer)	NA	NA	20.730
		Trading (Surgical)	NA	NA	21.493
		Machinery	NA	NA	0.041
	TOTAL IMPORTS		NA	NA	43.234
	Earnings / (Loss) Per Share (Rs.)		27.54	20.79	5.62

Expected Sales (2012-13) : Rs.350.000 Millions.

The above information has been parted by Mr. Siddharth Gupta.

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	2.47	2.35	0.77
Net Profit Margin (PBT/Sales)	(%)	3.63	3.43	1.18
Return on Total Assets (PBT/Total Assets}	(%)	10.27	12.23	3.62
Return on Investment (ROI) (PBT/Networth)		0.39	0.39	0.12
Debt Equity Ratio (Total Debt/Networth)		1.29	1.54	1.25
Current Ratio (Current Asset/Current Liability)		2.35	4.40	2.67

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	Yes
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
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]	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	No

Unsecured Loan	As on 31.03.2012 [Rs. in Millions]	As on 31.03.2011 [Rs. in Millions]
Deferred payment liabilities	1.000	1.000
Deposits from others	5.850	4.700
Loans and advances from related parties	10.352	7.035
TOTAL	17.202	12.735

OPERATIONS:

Despite the recessionary trend of the economy in the previous year and adverse market conditions, the company has been able to achieve turnover of Rs.307.575 Millions. However due to adverse Government policies allowing the import of Clinical Thermometers at lower rate of import duty in comparison to higher rate of import duty on Raw Material coupled with increased cost of sales and production, the company could not achieve the target level of profit and turnover.

FIXED ASSETS:

• Land
• Building
• Plant, Machinery and Equipments
• Electrical Installation
• Furniture and Fixture
• Generator
• Vehicle
• Office Equipments
• Road and Drainage
• Weighing Scale
• Water Supply
• Installation
• 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 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.54.34
UK Pound	1	Rs.82.55
Euro	1	Rs.70.10

INFORMATION DETAILS

Information Gathered by :	NYN
Report Prepared by :	TPT

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	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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		46

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.