MIRA INFORM REPORT

Report Date :

27.06.2014

IDENTIFICATION DETAILS

Name :	VARDHMAN STAMPINGS PRIVATE LIMITED
Registered Office :	S-2, Murlidhar Complex, Near Snehkunj Bus Stop, S M Road, Ambawadi, Ahmedabad – 380 015, Gujarat
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	09.04.1986
Com. Reg. No.:	04-008612
Capital Investment / Paid-up Capital :	Rs. 30.000 Millions
CIN No.: [Company Identification No.]	U51909GJ1986PTC008612
TAN No.: [Tax Deduction & Collection Account No.]	AHMV02077F
PAN No.: [Permanent Account No.]	AAACV7624G
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Power Transformer Lamination.
No. of Employees :	125 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

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

Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Exist
Comments :	Subject is an established company having satisfactory track record. General financial position of the company seems to be sound and healthy. Profitability of the company is fair. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. The company 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.

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	BBB (Long Term Rating)
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	20.03.2014

Rating Agency Name	CRISIL
Rating	A3+ (Short Term Rating)
Rating Explanation	Moderate degree of safety and high credit risk.
Date	20.03.2014

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. Nakul Parikh
Designation :	Finance Manager
Contact No.:	91-79-26562689
Date :	25.06.2014

LOCATIONS

Registered Office :	S-2, Murlidhar Complex, Near Snehkunj Bus Stop, S M Road, Ambawadi, Ahmedabad – 380 015, Gujarat, India
Tel. No.:	91-79-26469609 / 2656 2689.
Fax No.:	91-79-26461108
E-Mail :	crgo@vspl.co.in vinod@vardhmanstampings.com Prashant.shah@vspl.com
Website :	www.vspl.co.in
Area :	2500 sq.fts
Location :	Owned
Factory :	S N 132/C, Budasan Village, Irana Road, Via Kalol, Post Karan Nagar, District Mehsana – 382 721, Gujarat, India
Tel. No.:	91-2764-277866 – 867
Fax No.:	91-2764-277445

DIRECTORS

As on 30.09.2013

Name :	Mr. Vinod Chinubhai Shah
Designation :	Director
Address :	19, Tapovan Society, Nehru Nagar, Ambawadi, Ahmedabad-380015, Gujarat, India
Date of Birth/Age :	09.04.1986
Date of Appointment :	09.04.1986
DIN No.:	01836654
Name :	Mr. Dipakkumar Chinubhai Shah
Designation :	Director
Address :	34, Mithia Scoiety, Ambawadi, Ahmedabad-380005, Gujarat, India
Date of Birth/Age :	03.11.1957
Date of Appointment :	01.04.2006
DIN No.:	01836659
Name :	Mr. Prashant Kamleshbhai Shah
Designation :	Director
Address :	257, Manekbag Society, Ellisbridge, Ambawadi, Ahmedabad-380015, Gujarat, India
Date of Birth/Age :	07.03.1977
Date of Appointment :	01.04.2006
DIN No.:	00233808

KEY EXECUTIVES

Name :	Mr. Nakul Parikh
Designation :	Finance Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

Names of Shareholders	No. of Shares
Vinodbhai C. Shah	1999000
Ranjanben V. Shah	3500000
Pathik Vinodbhai Shah	2499000
Ashka A Shah	1000
Krutarth V. Shah	1999000
Biruju K Shah	1000
Kamleshbhai C. Shah	1499000
Bhartiben K. Shah	3500000
Pathiv K Shah	2499000
Dipali P Shah	1000
Prashant K Shah	2499000
Chaitali P Shah	1000
Deepak C Shah	1999000
Ninaben D Shah	3500000
Hardik D Shah	2499000
Hirva H Shah	1000
Samkit D Shah	2000000
Navkar Transcore Private Limited	1500
SPI Industries Private Limited	1500
TOTAL	30000000

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2013

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

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Power Transformer Lamination.

Products :

Item Code No. (ITC Code)	Product Description
85049010	Parts of Transformers

Exports :

Products :

Finished Goods

Countries :

· Middle East Countries

· Africa

· North East Africa

Imports :

Products :

Raw Materials

Countries :

· USA

· Japan

· Korea

· Russia

· Germany

· UK

· Brazil

Terms :

Selling :

Cash / Credit

Purchasing :

Cash / Credit

PRODUCTION STATUS (AS ON : 31.03.2010)

Particulars	Unit	Actual Production
CRGO Wound Core (Part of Transformer)	Kgs	59535.777
Electrical Lamination (Transformer Part Core)	Kgs	181591.300
CRGO Coil L 600 (Slit Coils)	Kgs	1671397.180
CRGO Stack / Assembly (Part of Induction Furnace)	Kgs	9348.000

GENERAL INFORMATION

Suppliers :

Novex Trading

Customers :

Voltamp Transformer Private Limited

No. of Employees :

125 (Approximately)

Bankers :

Bank of Baroda, S M Road, Ambawadi, Ahmedabad-380006, Gujarat, India

Tel. No.: 91-79-26601257

Facilities :

Secured Loan	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
Short-term borrowings
Rupee term loans from banks	477.483	385.247
Total	477.483	385.247

Banking Relations :	--
Auditors :
Name :	Mukesh M Shah and Company Chartered Accountants
Address :	1^st Floor, H K house, Ashram Road, Ahmedabad – 380 009, Gujarat, India
PAN N Income-tax PAN of auditor or auditor's firm :	AAIFM0810A
Sister Concern :	· SPI Industries Private Limited · Nauka Trans Core · Veer Steel Processor

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
3000000	Equity Shares	Rs.10/- each	Rs. 30.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3000000	Equity Shares	Rs.10/- each	Rs. 30.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	30.000	30.000
(b) Reserves & Surplus	154.059	155.392
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	184.059	185.392
(3) Non-Current Liabilities
(a) long-term borrowings	135.779	145.809
(b) Deferred tax liabilities (Net)	3.117	2.861
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	1.040	1.141
Total Non-current Liabilities (3)	139.936	149.811
(4) Current Liabilities
(a) Short term borrowings	477.483	385.247
(b) Trade payables	155.258	391.389
(c) Other current liabilities	10.009	11.519
(d) Short-term provisions	2.056	3.832
Total Current Liabilities (4)	644.806	791.987
TOTAL	968.801	1127.190
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	145.109	101.986
(ii) Intangible Assets	0.006	0.010
(iii) Capital work-in-progress	0.000	2.308
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.718	0.006
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	8.686	7.402
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	154.519	111.712
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	148.172	378.487
(c) Trade receivables	390.031	316.213
(d) Cash and cash equivalents	194.226	275.064
(e) Short-term loans and advances	81.008	45.054
(f) Other current assets	0.845	0.660
Total Current Assets	814.282	1015.478
TOTAL	968.801	1127.190

SOURCES OF FUNDS		31.03.2011
SHAREHOLDERS FUNDS
1] Share Capital		30.000
2] Share Application Money		0.000
3] Reserves & Surplus		125.039
4] (Accumulated Losses)		0.000
NETWORTH		155.039
LOAN FUNDS
1] Secured Loans		105.289
2] Unsecured Loans		123.893
TOTAL BORROWING		229.182
DEFERRED TAX LIABILITIES		2.513
TOTAL		386.734
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		93.243
Capital work-in-progress		8.273
INVESTMENT		0.001
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	168.016
	Sundry Debtors	246.550
	Cash & Bank Balances	110.685
	Other Current Assets	0.000
	Loans & Advances	39.883
Total Current Assets		565.134
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	264.922
	Other Current Liabilities	4.413
	Provisions	10.582
Total Current Liabilities		279.917
Net Current Assets		285.217
MISCELLANEOUS EXPENSES		0.000
TOTAL		386.734

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2013	31.03.2012	31.03.2010
	SALES
	Gross Sales / Income	1423.767	1459.955	1275.467
	Other Income	NA	NA
	TOTAL	NA	NA	1275.467
Less	EXPENSES
	Cost of Materials Consumed
	Purchases of Stock-in-Trade
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade			1217.914
	Employees benefits expense
	Other expenses
	TOTAL	NA	NA	1217.914
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	17.509	61.617	57.553
Less/ Add	DEPRECIATION/ AMORTISATION	16.656	13.161	11.729
	PROFIT/ (LOSS) BEFORE TAX	0.853	48.456	45.824
Less	TAX	0.431	16.360	15.499
	PROFIT/ (LOSS) AFTER TAX	0.422	32.096	30.325
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	44.932	34.580	25.997
Less	APPROPRIATIONS
	Transfer to General Reserve	0.000	20.000	20.000
	Balance Carried to the B/S	45.354	44.932	34.580
	EARNINGS IN FOREIGN CURRENCY
	Export Earnings	NA	NA	58.277
	Earnings / (Loss) Per Share (Rs.)	0.14	NA	10.11

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	NA	NA	2.38
Return on Total Assets (PBT/Total Assets}	(%)	0.09	4.31	6.96
Return on Investment (ROI) (PBT/Networth)		0.00	0.26	0.30
Debt Equity Ratio (Total Debt /Networth)		3.33	2.86	1.48
Current Ratio (Current Asset/Current Liability)		1.26	1.28	2.02

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)
Share Capital	30.000	30.000
Reserves & Surplus	155.392	154.059
Net worth	185.392	184.059
long-term borrowings	145.809	135.779
Short term borrowings	385.247	477.483
Total borrowings	531.056	613.262
Debt/Equity ratio	2.865	3.332

YEAR-ON-YEAR GROWTH

NET PROFIT MARGIN

LOCAL AGENCY FURTHER INFORMATION

CURRENT MATURITIES OF LONG TERM DEBT: NOT AVAILABLE

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	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	Yes
18]	Major customers	Yes
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
21]	Market information	--
22]	Litigations that the firm / promoter involved in	Yes
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	No

LITIGATION DETAILS

HIGH COURT OF GUJARAT

SPECIAL CRIMINAL APPLICATION (QUASHING) No. 1050 of 2014

Status : PENDING

CCIN No : 001047201401050

Last Listing Date:

25/04/2014

Coram

· HONOURABLE MR.JUSTICE G.R.UDHWANI

Not Before :

· HONOURABLE MR.JUSTICE G.R.UDHWANI · HONOURABLE MR.JUSTICE P.B.MAJMUDAR

S.NO.	Name of the Petitioner	Advocate On Record
1 2 3	INDIAN TRANSFORMERS CO. LIMITED HARIDAS GAUTAMKUMAR DAVE KESHAVDAS GAUTAMKUMAR DAVE	MR P P MAJMUDAR for: Applicant(s) 1 - 3

S.NO.	Name of the Respondant	Advocate On Record
1 2	STATE OF GUJARAT VARDHMAN STAMPINGS PVT LTD	PUBLIC PROSECUTOR for :Respondent(s) 1 NOTICE SERVED BY DS for :Respondent(s) 1 MR MITESH R AMIN for :Respondent(s) 2

Presented On	: 12/03/2014	Registered On	: 12/03/2014
Bench Category	: -	District	: AHMEDABAD
Case Originated From	: THROUGH ADVOCATE	Listed	: 2 times
StageName	: NOTICE RETURNABLE & ADJOURNED MATTERS

Classification	SJ - SPECIAL CRIMINAL APPLICATION - UNDER ARTICLE 226 - QUASHING OF PROCEEDINGS / FIR / CRIMINAL COMPLAINT ETC.
Act	CONSTITUTION OF INDIA

Office Details

S. No.	Filing Date	Document Name	Advocate Name	Court Fee on Document	Document Details
1	13/03/2014	APPEARANCE NOTE	PUBLIC PROSECUTOR for RESPONDENT(s) 1	0	PUBLIC PROSECUTOR(2) for R:1
2	13/03/2014	VAKALATNAMA	MR P P MAJMUDAR ADVOCATE for PETITIONER(s) 1	5	MR P P MAJMUDAR(5284) for P:1 - 3
3	13/03/2014	CERTIFIED COPY	MR P P MAJMUDAR ADVOCATE for PETITIONER(s) 1	14	MR P P MAJMUDAR(5284), for P:1 - 3
4	13/03/2014	MEMO OF APPEAL/PETITION/SUIT	MR P P MAJMUDAR ADVOCATE for PETITIONER(s) 1	300	MR P P MAJMUDAR(5284), for P:1 - 3
5	25/03/2014	AFFIDAVIT OF DS	MR P P MAJMUDAR ADVOCATE for PETITIONER(s) 1	0	MR P P MAJMUDAR(5284) for P:1 - 3
6	16/04/2014	VAKALATNAMA	MR MITESH R AMIN ADVOCATE for RESPONDENT(s) 2	5	MR MITESH R AMIN(2876) for R:2
Court Proceedings

S. No.	Notified Date	CourtCode	Board Sr. No.	Stage	Action	Coram
1	14/03/2014	23	2-	FRESH MATTERS - QUASHING	NEXT DATE	· HONOURABLE MR.JUSTICE G.R.UDHWANI
2	16/04/2014	23	111	NOTICE RETURNABLE & ADJOURNED MATTERS	NEXT DATE	· HONOURABLE MR.JUSTICE G.R.UDHWANI
3	25/04/2014	23	111	NOTICE RETURNABLE & ADJOURNED MATTERS		· HONOURABLE MR.JUSTICE G.R.UDHWANI
Available Orders

S. No.	Case Details	Judge Name	Order Date	CAV	Judgement	Questions	Transferred
1	SPECIAL CRIMINAL APPLICATION/1050/2014	· HONOURABLE MR.JUSTICE G.R.UDHWANI	14/03/2014	N	ORDER	-	Y

REVIEW OF BUSINESS:

The turnover and registering profit after tax of Rs. 0.422 Million which was made possible through inserting capital equipment last year and better production planning. Directors are exploring various other opportunities to further improve the working results during the current year.

UNSECURED LOAN

PARTICULARS	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
Long-term Borrowings
Rupee term loans from others	135.779	145.809
Total	135.779	145.809

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10465919	27/10/2012	32,000,000.00	BANK OF BARODA	S.M. ROAD BRANCH, 42, TAPOVAN SOC., NR. MANEK BAUG HALL, AHMEDABAD, GUJARAT - 380015, INDIA	B83486795
2	10464649	09/08/2012	17,000,000.00	BANK OF BARODA	S.M. ROAD BRANCH, 42, TAPOVAN SOC., NR. MANEK BAUG HALL, AHMEDABAD, GUJARAT - 380015, INDIA	B83485631
3	90104448	05/02/2014 *	1,295,000,000.00	BANK OF BARODA	S. M. ROAD, AMBAWADI, AHMEDABAD, GUJARAT - 380006, INDIA	B96707492

* Date of charge modification

FIXED ASSETS

Tangible assets

· Land

· Buildings

· Plant and equipment

· Furniture and fixtures

· Vehicles

· Office equipment

Intangible assets

· Computer software

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.60.16
UK Pound	1	Rs.102.23
Euro	1	Rs.82.04

INFORMATION DETAILS

Information Gathered by :	PDT
Analysis Done by :	KAR
Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
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	4
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		44

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.