MIRA INFORM REPORT

Report Date :

12.07.2014

IDENTIFICATION DETAILS

Name :	INJECTOPLAST PRIVATE LIMITED
Registered Office :	D-3/A, Panki Industrial Estate, Kanpur – 208022, Uttar Pradesh
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	01.10.1996
Com. Reg. No.:	20-020772
Capital Investment / Paid-up Capital :	Rs.32.000 Millions
CIN No.: [Company Identification No.]	U25201UP1996PTC020772
TAN No.: [Tax Deduction & Collection Account No.]	KNPI00061F
PAN No.: [Permanent Account No.]	AAACI3321D
Legal Form :	Private Limited Liability Company
Line of Business :	Supplier to Automotive Industry, Providing Solutions for Modules and Systems made out of Engineering plastics components and assembles
No. of Employees :	Information denied by management

RATING & COMMENTS

MIRA’s Rating :

Ba (51)

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

Maximum Credit Limit :	USD 1630000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a part of the “Lohia Group”. It is a well-established company having fine track. The company possesses a moderate financial marked by a comfortable capital structure and healthy debt protection merits backed by support available from its promoters, the Lohia Group. Management has witnessed an increase in its sales volume and has reported a decent profitability with adequate margins during FY 2013. The ratings also take into consideration, the concentration of revenue from domestic passenger segment, which is currently undergoing a slowdown due to the sluggish macro economic environment and susceptibility to volatility in raw material prices. However, trade relations are fair. Business is active. Payment terms are reported as regular and as per commitments. In view of established market position in the domestic market, the subject can be considered 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 – March 31, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
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

N E W S

The economy grew 4.7 %in 2013/14, marking a second straight year of sub-5 % growth – the worst slowdown in more than a quarter of a century. The data was below an official estimate of 4.9 % annual growth and compared with 4.5 % in the last fiscal year. However, the current account deficit narrowed sharply to $ 32.4 billion at 1.7 % of gross domestic product, in 2013/14 from a record high of $ 98.8 billion or 4.7 %, the year before.A sharp fall in gold imports due to restrictions on overseas purchases and muted import of capital goods helped shrink the current account deficit.

Online retailer Flipkart has acquired fashion portal Myntra as it prepares to battle with the rapidly expanding India arm of the global e-commerce giant Amazon. The company raised $ 210 million from Russian Investment firm DST Global which has also invested in companies like Facebook, Twitter and Alibaba Group.

General Motors will start exporting vehicles from its Talegaon plant near Pune in the second half of 2014. GM was one of the few global carmakers that was using its India plant only for the domestic market.

Google has overtaken Apple as the world’s top brand in terms of value, according to global market research agency Millward Brown. Google’s brand value shot up 40 % in a year to $ 158.84 billion. The top 10 of the 100 slots were dominated by US companies.

Infosys lost another heavy weight when B G Srinivas, a board member put in his papers. He is the third CEO-hopeful to quit after Chairman N R Narayana Murthy’s return to the company – Ashok Vemuri and V Balakrishnan being the other two.While Vemuri went on to lead IGate, Balakrishnan joined politics.

Naresh Goyal – promoted Jet Airways posted biggest quarterly loss – Rs 2153.37 crore – in the three months ended March 31, mainly because it has been offering discounts to passengers to fill planes.

William S Pinckney – Chairman and CEO of Amway India was arrested by the Andhra Pradesh Police in connection with a complaint against the direct selling firm. This is the second time that he has been taken into custody. A year, ago the Kerala Police had arrested Pinckney and two company directors on charges of financial irregularities.

China has told its state-owned enterprises to sever links with American consulting firms after the United States charged five Chinese military officers wih hacking US companies. China’s action which targets consultancies like McKinsey & Co. and the Boston Consulting Group, sterns from fears that the first are providing trade secrets to the US governments.

India has emerged as a country with some of the highest unregistered businesses in the world. Indonesia has the maximum number of shadow businesses, says a study of 68 countries by Imperial College Business School in London.

Pfizer has abandoned its attempt to buy AstraZeneca for nearly $ 118 billion after the latter refused an offer of 55 pounds a share.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long Term Rating = A-
Rating Explanation	Adequate degree of safety and low credit risk.
Date	26.12.2013

Rating Agency Name	CRISIL
Rating	Short Term Rating = A1
Rating Explanation	Very strong degree of safety and lowest credit risk.
Date	26.12.2013

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 DENIED BY

Name :	Mr. T.C. Pandey
Designation :	Accounts Executive
Contact No.:	91-512-3045100
Date :	10.07.2014

LOCATIONS

Registered Office :	D-3/A, Panki Industrial Estate, Kanpur – 208022, Uttar Pradesh, India
Tel. No.:	91-512-3045100 /
Fax No.:	91-5112-282149 / 282205 91-512-2691249 / 3045646 / 3045299
E-Mail :	injecto@lohiagroup.com
Website :	http://www.injectoplast.com
Head Office / Factory 1 :	Lohia Industrial Complex, Chaubepur, 485 / B, Amiliha, (G.T. Road), Kanpur- 209203, Uttar Pradesh, India
Tel. No.:	91-512-3045100
Fax No.:	91-5112-282149 / 282205
E-Mail :	injecto@lohiagroup.com
Branch Office 1/ Factory 2 :	F 12-16 Sipcot Industrial Park, Irrugattukottai, Sriperumbudur, Chennai – 602105, Tamil Nadu, India
Tel. No.:	91-44-47112100
Fax No.:	91-44-47100990
E-Mail :	injecto.c@lohiagroup.com
Branch Office 2/ Factory 3 :	GAT No. 235, Takve Budruk, Taluka Maval, Talegaon, Pune – 412106, Maharashtra, India
Tel. No.:	91-20-46703014
E-Mail :	Injecto.p@lohiagroup.com
Branch Office 3/ Warehouse :	Nawada Road, Village Badha, Manesar, District Gurgaon, Haryana, India
Tel. No.:	91-124-3957587
Group Offices:	Located At: · Mumbai · Bangalore · New Delhi · Gurgaon

DIRECTORS

As on 30.09.2013

Name :

Mr. Arun Kumar Shah

Designation :

Managing Director

Address :

Flat no. 205, Leela Palace Apartments, 7/85, Tilak Nagar, Kanpur – 208002, Uttar Pradesh, India

Date of Birth/Age :

17.04.1962

Date of Appointment :

01.10.1996

DIN No.:

00205475

Name :

Mr. Ram Prakash Shah

Designation :

Whole Time Director

Address :

Flat No. 205, Leela Palace Apartments, 7/85, Tilak Nagar, Kanpur – 208002, Uttar Pradesh, India

Date of Birth/Age :

03.01.1940

Date of Appointment :

03.10.1996

DIN No.:

00204388

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	U25201UP1996PTC020772	INJECTOPLAST PRIVATE LIMITED	Director	03/10/1996	03/10/1996	-	Active	NO
2	L65921UP1983PLC006136	SHREE HOLDINGS LIMITED	Director	21/02/1997	21/02/1997	-	Active	NO
3	L67120UP1983PLC006093	PRASHANT COMMERCIAL HOLDINGS LIMITED	Director	29/09/2007	29/09/2007	26/04/2013	Active	NO

Name :

Mr. Amit Kumar Lohia

Designation :

Director

Address :

113/91, Swaroop Nagar, Kanpur – 208002, Uttar Pradesh, India

Date of Birth/Age :

03.11.1963

Date of Appointment :

03.10.1996

DIN No.:

00205588

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	U29261UP1995PTC018782	KANUPRIYA ENTERPRISES PRIVATE LIMITED	Director	25/09/1995	25/09/1995	-	Active	NO
2	U25201UP1996PTC020772	INJECTOPLAST PRIVATE LIMITED	Director	03/10/1996	03/10/1996	-	Active	NO
3	U65191UP1996PTC020813	SHRUTI FINSEC PRIVATE LIMITED	Director	09/10/1996	09/10/1996	-	Active	NO
4	U70200UP1997PTC021941	SHRI FOUNDRIES AND ENGG. WORKS PRIVATE LIMITED	Director	13/05/1997	13/05/1997	-	Active	NO
5	U29236UP1997PTC022404	SHRI INDUSTRIES AND ENGG. WORKS PRIVATE LIMITED	Director	01/08/1997	01/08/1997	29/03/2011	Active	NO
6	U67110UP1996PTC020473	SAUMYA REAL ESTATES PRIVATE LIMITED	Director	09/08/1999	09/08/1999	-	Active	NO
7	U29253UP2000PTC025199	LOHIA ENGINEERING AND DESIGN SERVICES PRIVATE LIMITED	Director	14/03/2000	14/03/2000	-	Active	NO
8	U29261UP2002PLC026468	LOHIA FILAMENT MACHINES LIMITED	Director	29/01/2002	29/01/2002	-	Active	NO
9	U51909UP2004PTC028236	TANYA HOMES PRIVATE LIMITED	Director	23/01/2004	23/01/2004	-	Active	NO
10	U51909WB1994PTC062499	PETAL VINIMAY PRIVATE LIMITED	Director	24/02/2006	24/02/2006	-	Active	NO
11	U67120UP1993PLC015144	LSL EMPLOYEES HOLDINGS LIMITED	Director	08/06/2006	08/06/2006	-	Active	NO
12	U51109UP1994PTC016899	LOHIA ENTERPRISES PRIVATE LIMITED	Additional director	10/09/2007	10/09/2007	-	Active	NO
13	U19129UP2001PTC025936	L R MOULDS PRIVATE LIMITED	Director	16/09/2008	10/09/2007	-	Active	NO
14	U70102UP2013PTC056011	LOHIA GROUP HOUSING PRIVATE LIMITED	Director	05/04/2013	05/04/2013	-	Active	NO
15	U40300UP2013NPL056238	LOHIA GROUP ELECTRICITY CONSUMERS ASSOCIATION	Director	17/04/2013	17/04/2013	-	Active	NO
16	L65921UP1983PLC006136	SHREE HOLDINGS LIMITED	Director	30/09/2013	26/04/2013	-	Active	NO

Name :

Mr. Atul Seksaria

Designation :

Director

Address :

802, Sector- 15, Faridabad – 121007, Haryana, Uttar Pradesh, India

Date of Birth/Age :

27.06.1962

Date of Appointment :

12.06.2000

DIN No.:

00028099

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	U25201UP1996PTC020772	INJECTOPLAST PRIVATE LIMITED	Director	12/06/2000	12/06/2000	-	Active	NO
2	L25209UP1970PLC003320	SWADESHI POLYTEX LIMITED	Director	23/11/2006	23/11/2006	-	Active	NO
3	U22121DL2001PLC159705	AMAR UJALA PUBLICATIONS LIMITED	Director	25/09/2010	25/09/2010	-	Active	NO
4	U31200DL1995PLC169397	SKIPPER ELECTRICALS (INDIA) LIMITED	Director	02/09/2013	11/10/2012	-	Active	NO

MAJOR SHAREHOLDERS

As on 30.09.2013

Names of Shareholders	No. of Shares
Abhishek Finsec Private Limited, India	799900
Kanupriya Enterprises Private Limited, India	1599000
Arun Kumar Shah, HUF	100
Lohia Investment Limited, India	799000
Petal Vinimay Private Limited, India	2000
Total	3200000

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2013

Category	Percentage
Bodies corporate	99.99
Directors or relatives of Directors	0.01
Total	100.00

BUSINESS DETAILS

Line of Business :	Supplier to Automotive Industry, Providing Solutions for Modules and Systems made out of Engineering plastics components and assembles
Products :	· Powertrain and Engine Parts / Modules · Driveline and steering Parts · Grab / Assist handles and interior Trims · HVAC and ECM Parts and Modules · ETC Plastic Pedal and Chassis Parts

GENERAL INFORMATION

No. of Employees :

Information denied by management

Bankers :

· State Bank of India, Overseas Branch, 15/54 B, Virendra Smriti Complex, Civil Lines, Kanpur – 208001, Uttar Pradesh, India

Canara Bank, 16/98, The Mall, Kanpur – 208001, Uttar Pradesh, India

HDFC Bank Limited, 15/63, Civil Lines, Krishna Tower, Kanpur

HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel West., Mumbai – 400013, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Long Term Borrowings
Rupee term loans from banks	23.375	43.041
Borrowing from government semi-government bodies	0.000	3.972
Short Term Borrowings
Working capital loans from banks	74.390	58.092
Total	97.765	105.105

Banking Relations :	--
Auditors :
Name :	Anil Pariek and Garg Chartered Accountants
Address :	33, Anand Bazar, Swaroop Nagar, Kanpur – 208002, Uttar Pradesh , India
Tel. No.:	91-512-2541272
Fax No.:	91.512-2548233
E-Mail :	apg2002@gmail.com
PAN No.:	AAAFG6229R
Associate :	Abhishek Finsec Private Limited CIN No.: U67120UP1996PTC020472
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	Kanupriya Enterprises Private Limited CIN No.: U29261UP1995PTC018782

CAPITAL STRUCTURE

As on 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
3200000	Equity Shares	Rs.10/- each	Rs.32.000 Millions
80000	Preference Shares	Rs.100/- each	Rs.8.000 Millions
	Total		Rs.40.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3200000	Equity Shares	Rs.10/- each	Rs.32.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	32.000	32.000	32.000
(b) Reserves & Surplus	375.124	309.548	244.494
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	407.124	341.548	276.494
(3) Non-Current Liabilities
(a) long-term borrowings	23.375	47.013	75.667
(b) Deferred tax liabilities (Net)	19.696	18.533	18.097
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	43.071	65.546	93.764
(4) Current Liabilities
(a) Short term borrowings	93.947	58.092	56.557
(b) Trade payables	113.180	124.358	113.524
(c) Other current liabilities	90.899	60.186	67.509
(d) Short-term provisions	27.082	28.165	19.436
Total Current Liabilities (4)	325.108	270.801	257.026
TOTAL	775.303	677.895	627.284
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	303.727	290.233	278.785
(ii) Intangible Assets	2.169	0.650	0.841
(iii) Capital work-in-progress	2.211	0.000	2.691
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	12.687	11.200	10.847
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	320.794	302.083	293.164
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	145.539	126.891	119.712
(c) Trade receivables	260.386	213.090	186.268
(d) Cash and cash equivalents	6.030	16.395	2.252
(e) Short-term loans and advances	38.394	19.418	25.880
(f) Other current assets	4.160	0.018	0.008
Total Current Assets	454.509	375.812	334.120
TOTAL	775.303	677.895	627.284

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
SALES
	Income	1052.100	982.800	909.600
	Other Income	NA	NA	NA
	TOTAL	NA	NA	NA
EXPENSES		NA	NA	NA
PROFIT/(LOSS) BEFORE TAX		NA	NA	NA
TAX		NA	NA	NA
PROFIT/(LOSS) AFTER TAX		85.418	84.766	66.611
EARNINGS IN FOREIGN CURRENCY		320.553	241.721	NA
Earnings Per Share (Rs.)		26.69	NA	NA

KEY RATIOS

PARTICULARS	31.03.2013	31.03.2012	31.03.2011
Debt Equity Ratio (Total Debt /Networth)	0.29	0.31	0.48
Current Ratio (Current Asset/Current Liability)	1.40	1.39	1.30

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Share Capital	32.000	32.000	32.000
Reserves & Surplus	244.494	309.548	375.124
Net worth	276.494	341.548	407.124
long-term borrowings	75.667	47.013	23.375
Short term borrowings	56.557	58.092	93.947
Total borrowings	132.224	105.105	117.322
Debt/Equity ratio	0.478	0.308	0.288

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Sales	909.600	982.800	1,052.100
		8.047	7.051

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Sales	909.600	982.800	1,052.100
Profit	66.611	84.766	85.418
	7.32%	8.62%	8.12%

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	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	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

UNSECURED LOANS:

Particulars	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Short Term Borrowings
Loans repayable on demand from others	19.557	0.000
Total	19.557	0.000

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10260542	30/12/2010	5,000,000.00	Canara Bank	16/98, The Mall, Kanpur, Uttar Pradesh - 208001, India	B03260908
2	10218432	26/04/2010	120,000,000.00	HDFC Bank Limited	Hdfc Bank Housesenapati Bapat Marg, Lower Parel W, Mumbai, Maharashtra - 400013, India	A85785632
3	90279022	21/05/2014 *	164,000,000.00	State Bank of India	Overseas Branch, 15/54 B, Virendra Smriti Complex, Civil Lines, Kanpur, Uttar Pradesh - 208001, India	C06796627

*Date of modification Charges

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Computer

· Vehicles

· Furniture and Fixture

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.59.88
UK Pound	1	Rs.102.59
Euro	1	Rs.81.69

INFORMATION DETAILS

Information Gathered by :	JML
Analysis Done by :	SUB
Report Prepared by :	VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		51

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.