MIRA INFORM REPORT

Report Date :

14.10.2014

IDENTIFICATION DETAILS

Name :	EPITOME COMPONENTS LIMITED
Registered Office :	B-206, Leela Garden, Lane No.10, Opposite Kalpataru Regency, Kalyani Nagar, Pune – 411006, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	08.09.1994
Com. Reg. No.:	11-080977
Capital Investment / Paid-up Capital :	Rs.30.905 Millions
CIN No.: [Company Identification No.]	U32106PN1994PLC080977
TAN No.: [Tax Deduction & Collection Account No.]	PNEE01379A / PNEE01484A
PAN No.: [Permanent Account No.]	AAACE5491L
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of PCBs.
No. of Employees :	750 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (31)

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

Maximum Credit Limit :	USD 777200
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The company is continuously incurring losses from its two years of operations. However, trade relations are reported to be fair. Business is active. Payments terms are reported to be slow but correct. The company can be considered for business dealings with some cautions.

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 slow 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

Rating Agency Name	CRISIL
Rating	Long term rating: “BB+”
Rating Explanation	Moderate risk of default.
Date	18.09.2014

Rating Agency Name	CRISIL
Rating	Short term rating: “A4+”
Rating Explanation	Minimal degree of safety. It carry very high credit risk.
Date	18.09.2014

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 (GENERAL DETAILS)

Name :	Mr. Swapnil
Designation :	Accounts Manager
Contact No.:	91-9970053313
Date :	27.02.2014

LOCATIONS

Registered Office :	B-206, Leela Garden, Lane No.10, Opposite Kalpataru Regency, Kalyani Nagar, Pune – 411006, Maharashtra, India
Tel. No.:	91-241-2777684
Mob. No.:	91-9970053313 (Mr. Swapnil)
Fax No.:	91-241-2778241
E-Mail :	girish@epitomeindia.com epitome@epitomeindia.com finance@epitomeindia.com aristo@bom7.vsnl.net.in business@epitomeindia.com
Website :	www.epitomeindia.com
Area :	13000 Sq. Ft
Location :	Owned
Factory 1 / Head Office :	G-17, MIDC Industrial Area, Ahmednagar – 414111, Maharashtra, India
Tel. No.:	91-241-2777684/ 2777681/ 2779081
Fax No.:	91-241-2778241
E-Mail :	purchase@epitomeindia.com
Area :	13000 Sq. Ft.
Location :	Owned
Factory 2 :	Plot No. C-40, MIDc Area, Ahmednagar – 414111, Maharashtra, India
Factory 3 :	Plot No. 20/1, Supa MIDC Village, Hanga, Tlauka Parner, District, Ahmednagar – 414111, Maharashtra
Branch Office :	They have Branch Office and Depot at Noida

DIRECTORS

AS ON 28.09.2013

Name :

Mr. Shrigopal Ramnath Dhoot

Designation :

Whole Time Director

Address :

Gangapur GIN Compound, Station Road, Ahmed Nagar– 414001, Maharashtra, India

Date of Birth/Age :

09.02.1942

Qualification :

B.Com

Date of Appointment :

01.04.2010

DIN No. :

00265804

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	U63031MH1978PLC020841	DHOOT COMPACK LIMITED	Director	01-04-2009	13-12-1979	-	Active	NO
2	U51900MH1985PTC035287	DHOOT MARKETING ORGANISATION PRIVATE LIMITED	Director	07-02-1985	07-02-1985	15-03-2010	Active	NO
3	U65993MH1985PTC037308	DHOOT TRADING AND INVESTMENT COMPANY PVT LTD	Director	30-08-1985	30-08-1985	-	Active	NO
4	U32106PN1994PLC080977	EPITOME COMPONENTS LIMITED	Whole-time director	01-04-2010	20-09-1994	-	Active	NO
5	U51229PN2006PLC128656	AHMEDNAGAR AGRO MARKET LIMITED	Director	20-01-2010	27-06-2006	-	Active	NO
6	U29299PN2008PTC131553	TRACKWISE EPITOME TECHNOLOGIES PRIVATE LIMITED	Director	05-03-2008	05-03-2008	-	Strike off	NO
7	U51909MH2005PTC158441	MIKADO MERCHANTS PRIVATE LIMITED	Director	04-06-2009	04-06-2009	-	Active	NO

Name :

Mr. Rameshchandra Ramnath Dhoot

Designation :

Director

Address :

Madhuram Govind Nagar, Aurangabad – 431005, Maharashtra, India

Date of Birth/Age :

29.05.1945

Date of Appointment :

20.09.1994

DIN No. :

00351314

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	Company/ LLP Status
1	U51900MH1985PTC035287	DHOOT MARKETING ORGANISATION PRIVATE LIMITED	Director	07-02-1985	07-02-1985	Active
2	U63031MH1978PLC020841	DHOOT COMPACK LIMITED	Managing director	01-04-2009	05-08-1987	Active
3	U32106PN1994PLC080977	EPITOME COMPONENTS LIMITED	Director	20-09-1994	20-09-1994	Active
4	U51109WB1996PTC079231	CLAYTON MARKETING PRIVATE LIMITED	Director	04-05-2005	04-05-2005	Active

Name :

Mr. Anurag Shrigopal Dhoot

Designation :

Whole Time Director

Address :

Gangapur GIN Compound, Station Road, Ahmed Nagar– 414001, Maharashtra, India

Date of Birth/Age :

14.08.1970

Qualification :

B.E. Tech

Date of Appointment :

01.04.2010

DIN No. :

00265878

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	U51900MH1985PTC035287	DHOOT MARKETING ORGANISATION PRIVATE LIMITED	Director	04-08-1994	04-08-1994	15-03-2010	Active	NO
2	U32106PN1994PLC080977	EPITOME COMPONENTS LIMITED	Whole-time director	01-04-2010	20-09-1994	-	Active	NO
3	U17290MH1999PTC119893	DHOOT POLYFABRIC PRIVATE LIMITED	Director	17-10-2000	17-10-2000	15-03-2010	Active	NO
4	U29299PN2008PTC131553	TRACKWISE EPITOME TECHNOLOGIES PRIVATE LIMITED	Director	05-03-2008	05-03-2008	-	Strike off	NO
5	U51909MH2005PTC158441	MIKADO MERCHANTS PRIVATE LIMITED	Director	04-06-2009	04-06-2009	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Swapnil
Designation :	Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 28.09.2013

Names of Shareholders	No. of Equity Shares	No. of Preferences Shares
Shrigopal Ramnath Dhoot	341300	--
Pratibha Shrigopal Dhoot	149465	--
Anuraag Shrigopal Dhoot	70500	--
Vaishali Anuraag Dhoot	69135	--
Shrigopal Ramnath Dhoot - HUF	375600	--
Paritosh Anuraag Dhoot	79000	--
Rameshchandra Ramnath Dhoot	95000	--
Platinum Appliances Private Limited, India	354000	--
Greenfield Appliances Private Limited, India	354000	--
Shri Dhoot Trading and Agency Private Limited, India	--	120250
TOTAL	1888000	120250

AS ON 28.09.2013

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	37.50
Directors or relatives of directors	42.61
Other top fifty shareholders	19.89
TOTAL	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of PCBs.
Exports :
Products :	PCB’s
Countries :	Germany
Imports :
Products :	Raw Material
Countries :	· China · Taiwan

GENERAL INFORMATION

Suppliers :

Chun Shun, Taiwan

Customers :

· NTL Electronics Limited

· Varroc Engineering Limited

No. of Employees :

750 (Approximately)

Bankers :

· State Bank of India, Main Branch, Opposite GPO, Station Road, Ahmed Nagar– 414111, Maharashtra

· ICICI Bank Limited

· Axis Bank Limited

Facilities :

SECURED LOAN	31.03.2013 [Rs. in Millions]	31.03.2012 [Rs. in Millions]
Term Loan
ICICI Bank Limited – Auto Loan	2.083	2.825
State Bank of India, Ahmednagar - Term Loan	32.117	66.885
Working Capital Loans State Bank of India, Main Branch, Ahmednagar	115.879	122.775
TOTAL	150.079	192.485

Banking Relations :		--
Auditors :
Name :		B. B. Bharadia and Company Chartered Accountants
Address :		5417, Ganje Galli, Ahmed Nagar - 414001, Maharashtra, India
PAN No:		AHEPB3065B
Associates : [As on 31.03.2011]	· Dhoot Compack Limited · Plato Fab Trading and Investment Company Private Limited · Videocon International Limited · Videocon Communications Limited · Dhoot Marketing Organization Private Limited

CAPITAL STRUCTURE

AS ON 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
3547500	Equity Shares	Rs.10/- each	Rs.35.475 Millions
120250	Preferences Shares	Rs.100/- each	Rs.12.025 Millions
	TOTAL		Rs.47.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1888000	Equity Shares	Rs.10/- each	Rs.18.880 Millions
120250	Preferences Shares	Rs.100/- each	Rs.12.025 Millions
	TOTAL		Rs.30.905 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2013	31.03.2012	31.03.2011
SHAREHOLDERS FUNDS
1] Share Capital		30.905	30.905	30.905
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		163.405	167.656	176.851
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		194.310	198.561	207.756
LOAN FUNDS
1] Secured Loans		150.079	192.485	221.264
2] Unsecured Loans		88.127	82.456	84.707
TOTAL BORROWING		238.206	274.941	305.971
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		432.516	473.502	513.727
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		235.862	266.510	290.669
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		1.313	1.313	3.360
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	100.770	91.537	84.829
	Sundry Debtors	188.433	207.855	184.310
	Cash & Bank Balances	24.399	31.538	24.622
	Other Current Assets	44.906	49.797	0.000
	Loans & Advances	5.671	6.997	57.270
Total Current Assets		364.179	387.724	351.031
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	114.012	136.323	115.648
	Other Current Liabilities	43.627	41.697	10.265
	Provisions	11.199	4.025	6.058
Total Current Liabilities		168.838	182.045	131.971
Net Current Assets		195.341	205.679	219.060
MISCELLANEOUS EXPENSES		0.000	0.000	0.638
TOTAL		432.516	473.502	513.727

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	931.150	792.370	801.107
		Other Income	4.243	5.196	3.544
		TOTAL (A)	935.393	797.566	804.651
Less	EXPENSES
		Cost of Materials Consumed	547.921	464.089	421.055
		Other Expenses	290.887	259.785	246.333
		Changes in Inventories of FG, WIP and Others	0.395	(7.902)	0.000
		TOTAL (B)	839.203	715.972	667.388
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		96.190	81.594	137.263
Less	FINANCIAL EXPENSES (D)		51.623	48.576	44.807
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		44.567	33.018	92.456
Less/ Add	DEPRECIATION/ AMORTISATION (F)		43.625	42.213	40.184
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		0.942	(9.195)	52.272
Less	TAX (H)		5.194	0.000	13.760
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		(4.252)	(9.195)	38.512
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		0.000	0.000	0.000
Less	APPROPRIATIONS
		Transfer to General Reserve	(4.252)	(9.195)	36.171
		Dividend	0.000	0.000	2.008
		Tax on Dividend	0.000	0.000	0.333
	BALANCE CARRIED TO THE B/S		0.000	0.000	0.000
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	19.213	24.024	10.582
	IMPORTS
		Raw Materials	524.661	452.771	439.725
		Consumable Stores and Others	44.025	41.927	21.342
		Capital Goods	8.404	12.011	11.840
	TOTAL IMPORTS		577.090	506.709	472.907
	Earnings / (Loss) Per Share (Rs.)		(2.12)	(4.57)	10.58

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	(0.45)	(1.15)	4.79
Net Profit Margin (PBT/Sales)	(%)	0.10	(1.16)	6.52
Return on Total Assets (PBT/Total Assets}	(%)	0.15	(1.41)	8.15
Return on Investment (ROI) (PBT/Networth)		0.00	(0.05)	0.25
Debt Equity Ratio (Total Debt/Networth)		1.23	1.38	1.47
Current Ratio (Current Asset/Current Liability)		2.15	2.13	2.65

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns.)	(INR in Mlns.)	(INR in Mlns.)
Share Capital	30.905	30.905	30.905
Reserves & Surplus	176.851	167.656	163.405
Net worth	207.756	198.561	194.310
Secured Loan	221.264	192.485	150.079
Unsecured Loan	84.707	82.456	88.127
Total borrowings	305.971	274.941	238.206
Debt/Equity ratio	1.473	1.385	1.226

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Sales	801.107	792.370	931.150
		(1.091)	17.515

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Sales	801.107	792.370	931.150
Profit	38.512	(9.195)	(4.252)
	4.81%	(1.16%)	(0.46%)

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	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)	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]	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	Yes

INDEX OF CHARGES:

S. NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10183239	15/10/2009	192,200,000.00	STATE BANK OF INDIA	AHEMADNAGAR MAIN BRANCH OPPOSITE GPO, STATION ROAD, AHAMADNAGAR, MAHARASHTRA - 414001, INDIA	A72629637
2	90090454	23/03/2005 *	29,000,000.00	STATE BANK OF INDIA	AHMEDABAD MAIN BRANCH, AHMEDABAD, GUJARAT, INDIA	-
3	90090446	26/06/2013 *	494,700,000.00	STATE BANK OF INDIA	MAIN BRANCH, OPP GPO, STATION ROAD, AHMEDNAGAR, MAHARASHTRA - 414001, INDIA	B79392999

* Date of charge modification

UNSECURED LOAN

Particulars	31.03.2013 [Rs. in Millions]	31.03.2012 [Rs. in Millions]
Loans From Directors and Relatives	51.019	40.540
Deferred Sales Tax Liability [Under package scheme of incentives]	37.108	41.916
TOTAL	88.127	82.456

CONTINGENT LIABILITIES NOT PROVIDED FOR, IN RESPECT OF:

Particulars	31.03.2013 [Rs. in millions]	31.03.2012 [Rs. in millions]
Outstanding guarantees furnished to banks and financial institutions including in respect of letter of credit	24.386	24.085
Liability in respect of bill/LC discounted with banks	135.456	149.606
TOTAL	159.842	173.691

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Electrical Installation

· Furniture and Fixture

· Tools and Equipment

· Vehicle

· Computers

· Air Conditioner

· Office Equipments

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.61.25
UK Pound	1	Rs.98.68
Euro	1	Rs.77.60

INFORMATION DETAILS

Information Gathered by :	HNA
Analysis Done by :	DIV
Report Prepared by :	MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	5
--CREDIT LINES	1~10	2
--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		31

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.