MIRA INFORM REPORT

Report Date :

16.10.2014

IDENTIFICATION DETAILS

Name :	KROHNE MARSHALL PRIVATE LIMITED
Registered Office :	A34/35, MIDC, H Block, Pimpri, Pune – 411018, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	20.06.1984
Com. Reg. No.:	11-033201
Capital Investment / Paid-up Capital :	Rs. 19.200 Millions
CIN No.: [Company Identification No.]	U31909PN1984PTC033201
TAN No.: [Tax Deduction & Collection Account No.]	PNEK01753D
PAN No.: [Permanent Account No.]	AAACK7306C
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and service provider of Automation, Instrumentation and Process Control.
No. of Employees :	Information Decline by the management

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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 :	Clear
Comments :	Subject is an established company having satisfactory track record. The rating takes into consideration company’s sound financial risk profile and fair liquidity position of the company. 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.

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 (A-)
Rating Explanation	Adequate degree of safety. It carry low credit risk
Date	June 3, 2014

Rating Agency Name	CRISIL
Rating	Short Term Rating (A2+)
Rating Explanation	Strong degree of safety and low credit risk
Date	June 3, 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 31-03-2014.

INFORMATION DENIED

Management Non co-operative (91-20-27442020)

LOCATIONS

Registered Office :	A34/35, MIDC, H Block, Pimpri, Pune – 411018, Maharashtra, India
Tel. No.:	91-20-27442020
Fax No.:	91-20-27442040
E-Mail :	ksales@krohnemarshall.com cs@forbesmarshall.com
Website :	http://www.krohne.com

DIRECTORS

As on: 27.09.2013

Name :

Mr. Farhad Darius Forbes

Designation :

Director

Address :

410, Sheridan Ave #448, Palo Alto, United States of America – CA94306

Date of Birth/Age :

08.12.1955

Date of Appointment :

03.09.1984

DIN No.:

00628951

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	U29111PN1958PTC011125	J N MARSHALL PRIVATE LIMITED	Director	28/12/1983	28/12/1983	-	Active	NO
2	U31909PN1984PTC033201	KROHNE MARSHALL PVT LTD	Director	03/09/1984	03/09/1984	-	Active	NO
3	U28996PN1985PTC037806	FORBES MARSHALL PRIVATE LIMITED	Director	18/10/1985	18/10/1985	-	Active	NO
4	U29299PN1985PTC038445	FORBES MARSHALL ARCA PRIVATE LIMITED	Director	24/12/1985	24/12/1985	-	Active	NO
5	U24111TG1991PTC013030	FORBES MARSHALL (HYD) PRIVATE LIMITED	Director	01/04/1993	01/04/1993	-	Active	NO
6	U27109PN1959PTC011334	SPIRAX MARSHALL PRIVATE LIMITED	Director	27/12/1995	27/12/1995	-	Active	NO
7	U32101PN1988PTC048071	SEMPELL VALVES PRIVATE LIMITED	Alternate director	14/04/1997	14/04/1997	-	Amalgamated	NO
8	U72200PN2000PTC015632	RAPIDEFFECT PRIVATE LIMITED	Director	14/12/2000	14/12/2000	-	Amalgamated	NO
9	U74999PN1962PTC012449	FORBES POLYMETRON PRIVATE LIMITED	Director	28/12/2005	28/12/2005	-	Amalgamated	NO
10	U29299PN2007PTC129934	FORBES MARSHALL CODEL PRIVATE LIMITED	Director	10/04/2007	10/04/2007	-	Active	NO
11	U29299PN2009PTC134958	forbesvyncke Private Limited	Director	12/11/2009	12/11/2009	-	Active	NO
12	U74999PN2011NPL139899	PUNE CITY CONNECT DEVELOPMENT FOUNDATION	Director	17/06/2011	17/06/2011	-	Active	NO
13	U74900PN2012PTC142888	FORBES SOLAR PRIVATE LIMITED	Director	03/04/2012	03/04/2012	-	Active	NO

Name :

Dr. Naushad Darius Forbes

Designation :

Director

Address :

74, Koregaon Park, Pune - 411001, Maharashtra, India

Date of Birth/Age :

13.05.1960

Date of Appointment :

29.09.1986

DIN No.:

00630825

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	U29111PN1958PTC011125	J N MARSHALL PRIVATE LIMITED	Director	28/12/1983	28/12/1983	-	Active	NO
2	U28996PN1985PTC037806	FORBES MARSHALL PRIVATE LIMITED	Director	18/10/1985	18/10/1985	-	Active	NO
3	U29299PN1985PTC038445	FORBES MARSHALL ARCA PRIVATE LIMITED	Director	24/12/1985	24/12/1985	-	Active	NO
4	U27109PN1959PTC011334	SPIRAX MARSHALL PRIVATE LIMITED	Director	24/09/1986	24/09/1986	-	Active	NO
5	U31909PN1984PTC033201	KROHNE MARSHALL PVT LTD	Director	29/09/1986	29/09/1986	-	Active	NO
6	U32101PN1988PTC048071	SEMPELL VALVES PRIVATE LIMITED	Director	12/07/1988	12/07/1988	-	Amalgamated	NO
7	U24111TG1991PTC013030	FORBES MARSHALL (HYD) PRIVATE LIMITED	Director	01/04/1993	01/04/1993	-	Active	NO
8	U74999PN1962PTC012449	FORBES POLYMETRON PRIVATE LIMITED	Director	17/08/1995	17/08/1995	-	Amalgamated	NO
9	U72200PN2000PTC015632	RAPIDEFFECT PRIVATE LIMITED	Director	14/12/2000	14/12/2000	-	Amalgamated	NO
10	L64200MH1995PLC086354	TATA TELESERVICES (MAHARASHTRA) LIMITED	Director	22/03/2004	22/03/2004	24/08/2007	Active	NO
11	L29112PN1978PLC088972	KIRLOSKAR INDUSTRIES LIMITED	Director	19/07/2007	22/07/2006	30/03/2010	Active	NO
12	L74999MH1922PLC000997	GAMMON INDIA LIMITED	Director	11/08/2006	11/08/2006	11/11/2010	Active	NO
13	U29299PN2007PTC129934	FORBES MARSHALL CODEL PRIVATE LIMITED	Director	10/04/2007	10/04/2007	-	Active	NO
14	L24241MH1988PLC097781	GODREJ INDUSTRIES LIMITED	Director	09/08/2014	27/01/2009	-	Active	NO
15	U29299PN2009PTC134958	forbesvyncke Private Limited	Director	12/11/2009	12/11/2009	-	Active	NO
16	L29120PN2009PLC133351	KIRLOSKAR OIL ENGINES LIMITED	Director	09/07/2010	30/03/2010	-	Active	NO
17	U34100MH1995PLC093733	TATA AUTOCOMP SYSTEMS LIMITED	Director	09/09/2011	16/12/2010	14/08/2013	Active	NO
18	U74900PN2012PTC142888	FORBES SOLAR PRIVATE LIMITED	Director	03/04/2012	03/04/2012	-	Active	NO

Name :

Mr. Michael Franz Ludwing Rademacher Dubbick

Designation :

Director

Address :

Kiefernweg 19, 47058, Duisburg, Germany – 047058

Date of Birth/Age :

18.04.1956

Date of Appointment :

11.02.2002

DIN No.:

00684954

Name :

Mr. Stephan Neuburger

Designation :

Director

Address :

Schillerstr, 8, 55271, Stadeckenelsheim, Germany - 055271

Date of Birth/Age :

22.11.1956

Date of Appointment :

21.07.1993

DIN No.:

00685123

Name :

Mr. Hendrik Jan Wipkink

Designation :

Director

Address :

Karel Van Egmondstraat 220, Venlo, 5915HV

Date of Birth/Age :

17.09.1958

Date of Appointment :

28.09.2011

DIN No.:

03601838

Name :

Mr. Kaikhushroo Burjor Vacha

Designation :

Nominee Director

Address :

242/2, Boat Club Road, Pune – 411001, Maharashtra, India

Date of Birth/Age :

09.10.1963

Date of Appointment :

21.06.2013

DIN No.:

03201325

MAJOR SHAREHOLDERS

As on: 27.09.2013

Names of Shareholders	No. of Shares
Forbes Marshall Private Limited, India	6600
Forbes Marshall Private Limited, India	3000
Ludwing Krohne GmbH and Company and Company KG, West Germany	96000
Forbes Marshall Private Limited, India	86400
Total	192000

Equity Share Break up (Percentage of Total Equity)

As on: 27.09.2013

Category	Percentage
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	50.00
Bodies corporate	50.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and service provider of Automation, Instrumentation and Process Control.

GENERAL INFORMATION

No. of Employees :	Information Decline by the management
Bankers :	Bank of Maharashtra, 'Lokmangal' 1051, Shivajinagar, Pune - 411005, Maharashtra, India Bank of Maharashtra, Kasarwadi Branch, Poona - 411034, Maharashtra, India

Banking Relations :	--
Auditors :
Name :	Ford Rhodes Parks and Company Chartered Accountants
Address :	Sai Commercial Building, 312/313, 3^rd Floor, BKS Devishi Marg, Govandi-East, Mumbai – 400088, Maharashtra, India
PAN No.:	AAAFF1843L

CAPITAL STRUCTURE

As on: 27.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
300000	Equity Shares	Rs.100/- each	Rs. 30.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
192000	Equity Shares	Rs.100/- each	Rs. 19.200 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	19.200	19.200	19.200
(b) Reserves & Surplus	326.811	305.488	282.320
(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)	346.011	324.688	301.520
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.091
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	5.207	3.594	3.239
Total Non-current Liabilities (3)	5.207	3.594	3.330
(4) Current Liabilities
(a) Short term borrowings	0.350	0.350	0.350
(b) Trade payables	86.516	105.232	84.432
(c) Other current liabilities	63.323	54.136	43.547
(d) Short-term provisions	157.840	164.590	113.407
Total Current Liabilities (4)	308.029	324.308	241.736
TOTAL	659.247	652.590	546.586
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	87.827	90.473	82.425
(ii) Intangible Assets	4.881	4.573	1.791
(iii) Capital work-in-progress	0.000	0.000	1.461
(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)	1.702	0.629	0.000
(d) Long-term Loan and Advances	8.749	9.526	8.643
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	103.159	105.201	94.320
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	118.862	146.864	106.401
(c) Trade receivables	193.374	209.826	223.979
(d) Cash and cash equivalents	225.765	174.902	103.633
(e) Short-term loans and advances	12.852	15.275	15.676
(f) Other current assets	5.235	0.522	2.577
Total Current Assets	556.088	547.389	452.266
TOTAL	659.247	652.590	546.586

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income
		Other Income
		TOTAL	974.060	952.500	801.280
Less	EXPENSES
		TOTAL	733.510	702.670	587.950
	PROFIT BEFORE TAX		240.550	249.830	213.330
Less	TAX		78.830	81.610	73.270
	PROFIT AFTER TAX		161.720	168.220	140.060
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		183.270	180.100	161.380
Less	APPROPRIATIONS
		Transfer to General Reserve	16.250	20.000	15.000
		Dividend	120.000	124.800	91.200
		Tax on Dividend	20.390	20.250	15.140
	BALANCE CARRIED TO THE B/S		188.350	183.270	180.100
	EARNINGS IN FOREIGN CURRENCY
		F.O.B. Value of Exports	NA	69.784	19.341
		Commission Earnings	NA	16.817	30.966
	TOTAL EARNINGS		NA	86.601	50.307
	IMPORTS
		Raw Materials	NA	1.646	0.000
		Components	NA	188.093	141.280
		Capital Goods	NA	2.427	1.117
	TOTAL IMPORTS		NA	192.166	142.397
	Earnings Per Share (Rs.)		842.29	876.11	729.51

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	16.60	17.66	17.48
Return on Total Assets (PBT/Total Assets}	(%)	36.58	38.31	39.13
Return on Investment (ROI) (PBT/Networth)		0.70	0.77	0.71
Debt Equity Ratio (Total Debt/Networth)		0.00	0.00	0.00
Current Ratio (Current Asset/Current Liability)		1.81	1.69	1.87

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	19.200	19.200	19.200
Reserves & Surplus	282.320	305.488	326.811
Net worth	301.520	324.688	346.011
long-term borrowings	0.000	0.000	0.000
Short term borrowings	0.350	0.350	0.350
Total borrowings	0.350	0.350	0.350
Debt/Equity ratio	0.001	0.001	0.001

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)
Total Income	801.280	952.500	974.060
		18.872	2.264

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Income	801.280	952.500	974.060
Profit	140.060	168.220	161.720
	17.48%	17.66%	16.60%

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	No
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

UNSECURED LOAN

(Rs. In Millions)

Particulars	As on 31.03.2012
Deposits from shareholders	0.350
Total	0.350

OPERATIONS

They did the migration from Oracle 11i to Oracle R12 in the month of June 2012. While there was some impact on the operations at the time of the migration in June and July, 2012, all issues were addressed and they are now seeing the benefits of the system for improved order execution and inventories reduction. The performance of several parameters was tracked like On Time Delivery to the customers, on time Delivery from suppliers and other parameters related to Inventory etc.

In Manufacturing, they achieved improvements for lead time reduction and reduction in process time by implementing Lean Manufacturing in Mag flow meter manufacturing.

They also focused on inventory reduction in this year by controlling purchases through R12 system data as well as buying material at the time when it is actually required.

This year, they trained our people from Engineering, purchase, planning and manufacturing for following the R12 system and for maximizing the use of the system for reducing the manual tracking of the orders as well as following the Advanced Supply Chain Planning.

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10160663	20/11/2008	155,000,000.00	BANK OF MAHARASHTRA	'LOKMANGAL' 1051, SHIVAJINAGAR, PUNE, Maharashtra  - 411005, INDIA	A52541992
2	90088093	05/03/1998	5,000,000.00	THE BRITISH BANK OF THE MIDDLE EAST	16; VEER NARIMAN ROAD, POST BOX NO - 876; FORT, B  OMBAY, Maharashtra - 400023, INDIA	-
3	90083973	31/05/1993	600,000.00	ANZ GRINDLAYS BANK	247/A; BUND GARDEN ROAD, NITYANAND COMPLEX, PUNE,  Maharashtra - 411001, INDIA	-
4	90089721	07/03/1994 *	5,000,000.00	THE BRITISH BANK OF THE MIDDLE EAST	16; VEER NARIMAN ROAD, BOMBAY, Maharashtra - 40002  3, INDIA	-
5	90089649	10/05/1991	4,500,000.00	THE BRITISH BANK OF THE MIDDLE EAST	16; VEER NARIMAN ROAD, POST BOX NO - 876; FORT, B  OMBAY, Maharashtra - 400023, INDIA	-
6	90089282	16/07/1985	1,000,000.00	THE BRITISH BANK OF THE MIDDLE EAST	16; VEER NARIMAN ROAD, BOMBAY, Maharashtra - 40002  3, INDIA	-

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. 61.10
UK Pound	1	Rs. 98.15
Euro	1	Rs. 77.68

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	DIV
Report Prepared by :	TRU

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		50

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.