MIRA INFORM REPORT

Report Date :

26.11.2014

IDENTIFICATION DETAILS

Name :	TOSHNIWAL INSTRUMENTS MANUFACTURING PRIVATE LIMITED
Registered Office :	401, Manish Chamber, Sonawala Cross Lane, Goregaon (East), Mumbai – 400063, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	14.08.1979
Com. Reg. No.:	11-021556
Capital Investment / Paid-up Capital :	Rs.1.000 Millions
CIN No.: [Company Identification No.]	U65990MH1979PTC021556
TIN No.:	Not Available
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Supplier of Instrumentation, laboratory instruments, process Control, Metering and Dosing, Ultrasonic Cleaning, Industrial and Other Instruments.
No. of Employees :	Information denied by management

RATING & COMMENTS

MIRA’s Rating :

B (30)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 38000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a small company in its field having moderate track. Its scale of activities are limited. Management has files to file the latest financial of FY 2014, with the statutory authorities. As per available, the common possesses a moderate financial profile marked by small networth base along with slightly leveraged capital structure combined with deterioration in its cash balance during the year under review. Management has witnessed a moderate revenue base as well as thin profitability margins during FY 2013. However, trade relations seems to be fair. Business is active. Payment terms are reported as slow but correct. In view of limited scale of its operations albeit extensive experience of the promoters, the company can be considered for business dealings with caution.

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 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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

Verdict Implications: Apex court order may alter coal import dynamics. Traders go slowly on talks over coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.

Recent arrest of the Chennai head of the Registrar of Companies, the ministry of corporate affairs arm that ensures that companies file all the information required by the Companies Act is the latest manifestation of a messy fight between a father and his adopted son for the control of Rs 40000 mn Business Empire. The Central Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10 lakhs as bribe from M a M Ramaswamy, a CBI official said.

Central Bureau of Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.

Infosys maintains revenue guidance. COO Rao says attrition still an area of concern and it would take a few more quarters to bring down levels to 13-15 %.

DHL to invest Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its e-commerce business model for the Asia-Pacific region.

Blackstone may buy stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.

Kingfisher Airlines Ltd grounded in October 2012 under the weight of heavy debt and accumulated losses, recently approached the Delhi high court for relief in two separate cases. The airline challenged a notice by Punjab & National Bank alleging that it had wilfully defaulted on Rs 7700 mn of loans and sought more time to comply with the requirements under the listing agreements with the Stock Exchanges.

OnMobile likely to sack another 300 employees. The lay-offs follow a spate of senior-level exits over the past two years, starting with of its founder. The overall lay-offs could number around 600 and are driven by the need to cut costs, says a former employee.

EXTERNAL AGENCY RATING

NOT AVAILABLE

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 31-03-2014.

INFORMATION DENIED

Management Non Co-Operative (Tel No.: 91-145-2787132 / 33)

LOCATIONS

Registered Office :	401, Manish Chamber, Sonawala Cross Lane, Goregaon (East), Mumbai – 400063, Maharashtra, India
Tel. No.:	91-22-28782922 / 22782925 / 28742219
Fax No.:	Not Available
E-Mail :	info@toshcon.com
Website :	http://www.toshcon.com
Factory :	P.O. Gagwana, Ajmer – 305023, Rajasthan, India
Tel. No.:	91-145-6450601 / 602/ 603 / 3208147
Fax No.:	91-145-2787131

DIRECTORS

As on 30.09.2013

Name :

Mr. Abhishek Ravi Toshniwal

Designation :

Managing Director

Address :

Pushp Vatika, Gokhle Marg, Ajmer - 305001, Rajasthan, India

Date of Appointment :

01.04.2001

DIN No.:

00345805

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	U33130MH1980PTC023419	TOSHNIWAL PROCESS INSTRUMENTS PRIVATE LIMITED	Director	01/09/1988	01/09/1988	-	Converted to LLP	NO
2	U65990MH1979PTC021556	TOSHNIWAL INSTRUMENTS MANUFACTURING PRIVATE LIMITED	Managing director	01/04/2001	01/04/2001	-	Active	NO
3	U74999MH2006PTC163604	TOSHCON INDUSTRIES PRIVATE LIMITED	Director	07/08/2006	07/08/2006	-	Active	NO
4	U33129MH1993PTC070667	TOSHCON JESCO (INDIA) PRIVATE LIMITED	Director	14/04/2009	14/04/2009	-	Active	NO
5	U32200MH2009PTC197386	TOSHCON CD AUTOMATION ( INDIA) PRIVATE LIMITED	Director	27/11/2009	27/11/2009	-	Active	NO
6	AAC-2201	TOSHNIWAL PROCESS INSTRUMENTS LLP	Designated Partner	27/03/2014	27/03/2014	-	Active	NO

Name :

Mrs. Purnima Ravi Toshniwal

Designation :

Director

Address :

Pushp Vatika, Gokhle Marg, Ajmer - 305001, Rajasthan, India

Date of Appointment :

14.08.1979

DIN No.:

00345817

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
	U65990MH1979PTC021556	TOSHNIWAL INSTRUMENTS MANUFACTURING PRIVATE LIMITED	Director	14/08/1979	14/08/1979	-	Active	NO
2	U33129MH1993PTC070667	TOSHCON JESCO (INDIA) PRIVATE LIMITED	Director	04/02/1993	04/02/1993	14/04/2009	Active	NO
3	U74999MH2006PTC163604	TOSHCON INDUSTRIES PRIVATE LIMITED	Director	07/08/2006	07/08/2006	-	Active	NO

Name :

Mr. Ravi Gaurishankar Toshniwal

Designation :

Director

Address :

Pushp Vatika, Gokhle Marg, Ajmer - 305001, Rajasthan, India

Date of Appointment :

14.08.1979

DIN No.:

00421689

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	14/08/1979	14/08/1979	-	Active	NO
2	U33130MH1980PTC023419	TOSHNIWAL PROCESS INSTRUMENTS PRIVATE LIMITED	Managing director	05/11/1980	05/11/1980	-	Converted to LLP	NO
3	U24243KA1981PTC038252	BT SOLDERS PRIVATE LIMITED	Director	09/02/1981	09/02/1981	09/08/2007	Active	NO
4	U74140KA1981PTC037187	TOSHINIWAL BROS.((SR) PRIVATE LIMITED	Director	19/09/1981	19/09/1981	09/08/2007	Active	NO
5	U33129MH1993PTC070667	TOSHCON JESCO (INDIA) PRIVATE LIMITED	Managing director	04/02/1993	04/02/1993	-	Active	NO
6	U74999MH2006PTC163604	TOSHCON INDUSTRIES PRIVATE LIMITED	Director	30/09/2009	01/04/2009	-	Active	NO
7	U32200MH2009PTC197386	TOSHCON CD AUTOMATION ( INDIA) PRIVATE LIMITED	Director	27/11/2009	27/11/2009	-	Active	NO

MAJOR SHAREHOLDERS

As on 30.09.2013

Names of Shareholders	No. of Shares	% of Holding
Ravi Gaurishankar Toshniwal	1500	15.00
Ravi Gaurishankar Toshniwal as Karta of Toshniwal HUF	4000	40.00
Abhishek Ravi Toshniwal	1000	10.00
Abhishek Ravi Toshniwal as trustee of Abhishek Toshniwal Trust	1000	10.00
Purnima Ravi Toshniwal	2000	20.00
Pushpa Toshniwal	500	5.00
Total	10000	100.00

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2013

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Supplier of Instrumentation, laboratory instruments, process Control, Metering and Dosing, Ultrasonic Cleaning, Industrial and Other Instruments.

Products :

Product Description	Item Code No. (ITC Code)
PH Meters	9027
Temp/Process	9033

Brand Names :

--

Agencies Held :

--

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Selling :

Not Divulged

Purchasing :

Not Divulged

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Not Divulged

Customers :

· Oil & Natural Gas Corporation

· Indian Space Research Organization

· Bhabha Atomic Research Centre

· Bharat Petroleum Corporation Limited

· Hindustan Lever Limited

· Reliance Industries Limited

· Larsen & Toubro Limited

· Gas Authority of India Limited

· Steel Authority of India Limited

· Tata Chemicals

· Hindalco Industries Limited

· Thermax Limited

· Central Pollution Control Board

· National Thermal power Corporation

· Bharat Heavy Electricals Limited

· Ambuja Cement Company

· Hindustan Petroleum Corporation Limited

· Hindustan Aeronautics Limited

· Indian Council of Agricultural Research

· Indian institute of Technology

· Defense Research & Development Organization

· Triveni Engineering & Industries Limited

No. of Employees :

Information denied by management

Bankers :

· Indian Bank, Jaipur Road, Ajmer - 305001, Rajasthan, India

· Union Bank of India, Shri Nagar Road, Ajmer, Ajmer - 305001, Rajasthan, India

Facilities :

SECURED LOANS	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
LONG TERM BORROWINGS
Term loan from bank	2.001	0.899
SHORT TERM BORROWINGS
Indian Bank, Ajmer	13.899	9.887
Total	15.900	10.786

Banking Relations :	--
Auditors :
Name :	O P Maheshwari Chartered Accountants
Address :	Naya Bazzar, Ajmer – 305001, Rajasthan, India
PAN No.:	AACFM2294H
Memberships :	--
Collaborators :	--
Sister Concern :	Not Available

CAPITAL STRUCTURE

As on 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.100/- each	Rs.1.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.100/- each	Rs.1.000 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	1.000	1.000	0.400
(b) Reserves & Surplus	12.450	12.253	12.628
(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)	13.450	13.253	13.028
(3) Non-Current Liabilities
(a) long-term borrowings	8.125	6.689	7.249
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(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)	8.125	6.689	7.249
(4) Current Liabilities
(a) Short term borrowings	13.899	9.887	9.863
(b) Trade payables	11.249	15.130	16.069
(c) Installment of term loans payable during next 12 months	1.366	0.888	0.746
(d) Other current liabilities	0.758	0.707	0.803
(e) Short-term provisions	0.127	0.169	0.183
Total Current Liabilities (4)	27.399	26.781	27.664
TOTAL	48.974	46.723	47.941
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	11.020	7.651	6.062
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.287	0.287	0.287
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	11.307	7.938	6.349
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	20.650	15.834	16.820
(c) Trade receivables	7.966	9.072	10.930
(d) Cash and cash equivalents	2.254	7.340	7.400
(e) Short-term loans and advances	3.652	3.230	2.946
(f) Other current assets	3.145	3.309	3.496
Total Current Assets	37.667	38.785	41.592
TOTAL	48.974	46.723	47.941

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.03.2013	31.03.2012	31.03.2011
	SALES
		Income		57.518	58.899	59.371
		Other Income		1.828	1.680	3.193
		TOTAL (A)		59.346	60.579	62.564
Less	EXPENSES
		Cost of Materials Consumed			9.477	10.748
		Purchase of Stock-in-trade			24.933	26.304
		Changes in Inventories of finished goods, work-in-progress and stock-in-trade			(0.696)	(1.350)
		Employee Benefits Expenses			10.358	10.209
		Other Expenses			11.641	11.789
		TOTAL (B)		54.760	55.713	57.700
	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			4.586	4.866	4.864
Less	FINANCIAL EXPENSES (D)			3.071	3.374	3.112
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			1.515	1.492	1.752
Less	DEPRECIATION/ AMORTISATION (F)			1.235	1.080	0.996
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)			0.280	0.412	0.756
Less	TAX (H)			0.082	0.187	0.135
	PROFIT/(LOSS) AFTER TAX (G-H) (I)			0.198	0.225	0.621
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD			0.153	0.928	0.315
Less	ADJUSTMENT FOR PRIOR PERIOD TAXES			0.001	0.000	0.008
Less	APPROPRIATIONS
			Transfer to General Reserve	0.200	1.000	0.000
	BALANCE CARRIED TO THE B/S			0.150	0.153	0.928
	IMPORTS
			Raw Materials	4.536	2.619	1.188
			Stores & Spares	18.755	24.388	26.287
	TOTAL IMPORTS			23.291	27.007	27.475
	Earnings / (Loss) Per Share (Rs.)			19.85	22.50	155.24

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Net Profit Margin (PAT/Sales)	(%)	0.34	0.38	1.05
Operating Profit Margin (PBIDT/Sales)	(%)	7.97	8.26	8.19
Return on Total Assets (PBT/Total Assets}	(%)	0.58	0.89	1.59
Return on Investment (ROI) (PBT/Networth)		0.02	0.03	0.06
Debt Equity Ratio (Total Debt /Networth)		1.64	1.25	1.31
Current Ratio (Current Asset/Current Liability)		1.37	1.45	1.50

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	0.400	1.000	1.000
Reserves & Surplus	12.628	12.253	12.450
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	13.028	13.253	13.450
Long Term borrowings	7.249	6.689	8.125
Short Term borrowings	9.863	9.887	13.899
Total borrowings	17.112	16.576	22.024
Debt/Equity ratio	1.313	1.251	1.637

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	59.371	58.899	57.518
		(0.795)	(2.345)

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	59.371	58.899	57.518
Profit	0.621	0.225	0.198
	1.05%	0.38%	0.34%

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	No
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	No
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

UNSECURED LOANS:

Particulars	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
LONG TERM BORROWINGS
From directors and relatives	8.124	5.790
Total	8.124	5.790

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10479428	02/01/2014	587,000.00	Indian Bank	Jaipur Road, Ajmer, Rajasthan - 305001, India	B97137418
2	10479426	02/01/2014	808,000.00	Indian Bank	Jaipur Road, Ajmer, Rajasthan - 305001, India	B97137079
3	10479406	02/01/2014	16,000,000.00	Indian Bank	Jaipur Road, Ajmer, Rajasthan - 305001, India	B97132807
4	10406650	03/02/2013	2,000,000.00	Indian Bank	Jaipur Road, Ajmer, Rajasthan - 305001, India	B69045995
5	10385617	26/10/2012	1,500,000.00	Indian Bank	Jaipur Road, Ajmer, Rajasthan - 305001, India	B61776043
6	10318852	07/10/2011	1,434,416.00	Indian Bank	Jaipur Road, Ajmer, Rajasthan - 305001, India	B25740978
7	10299474	13/07/2011	2,500,000.00	Indian Bank	Jaipur Road, Ajmer, Rajasthan - 305001, India	B17793654
8	10286321	02/05/2011	1,850,000.00	Indian Bank	Jaipur Road, Ajmer, Rajasthan - 305001, India	B12610382
9	10210813	09/03/2010	554,000.00	Indian Bank	Jaipur Road, Ajmer, Rajasthan - 305001, India	A82258278
10	10210814	09/03/2010	1,000,000.00	Indian Bank	Jaipur Road, Ajmer, Rajasthan - 305001, India	A82258302

*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 records 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.61.85
UK Pound	1	Rs.97.01
Euro	1	Rs.77.62

INFORMATION DETAILS

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

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	4
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		30

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.