MIRA INFORM REPORT

Report Date :

30.09.2014

IDENTIFICATION DETAILS

Name :	TEMPO INSTRUMENTS PRIVATE LIMITED [w.e.f.28.03.2011]
Formerly Known As :	SHREE MAHALXMI INSTRUMENTS PRIVATE LIMITED
Registered Office :	10-11, Prospect Chamber Annexe, 317-21, Dr. D. N. Road, Fort, Mumbai – 400001, Maharashtra
Country :	India
Financials (as on) :	31.03.2014 [Provisional]
Date of Incorporation :	02.09.2008
Com. Reg. No.:	11-186404
Capital Investment / Paid-up Capital :	Rs. 0.100 Million
CIN No.: [Company Identification No.]	U29268MH2008PTC186404
IEC No.:	0311081371
TAN No.: [Tax Deduction & Collection Account No.]	MUMS69176C
PAN No.: [Permanent Account No.]	AAMCS6280R
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing of Laboratory and Scientific Equipment.
No. of Employees :	58 (22 in Office, 34 in Factory and 2 in Branch) (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (35)

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

Status :	Small Business
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a small company in its field. Its scale of activities are limited. Trade relations are fair. Business is active. Payment terms are reported as slow but correct. The company can be considered for small 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 willfully 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.

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 PARTED BY

Name :	Ms. Kalpana M. Nadkar
Designation :	Finance Manager
Contact No.:	91-9619741623
Date :	29.09.2014

Name :	Mr. Sanchit Chaturvedi
Designation :	Assistant Finance Manager
Contact No.:	91-9029071157
Date :	29.09.2014

LOCATIONS

Registered/ Head Office :	10-11, Prospect Chamber Annexe, 317-21, Dr. D. N. Road, Fort, Mumbai – 400001, Maharashtra, India
Tel. No.:	91-22-65206102/ 65208850/ 8849/ 8850
Mobile No.:	91-9619741623 [Ms. Kalpana M. Nadkar] 91-9029071157 [Mr. Sanchit Chaturvedi]
Fax No.:	91-22-22045352
E-Mail :	harsh@shandilyagroup.com kalpana.nadkar@shandilyagroup.com temposervice@shandilyagroup.com tempohyd@shandilyagroup.com temposales@shandilyagroup.com tempo@vsnl.com
Website :	http://www.tempoinstruments.com
Location :	Rented
Factory :	Top Syringe Compound, Western Express Highway, Pandurang Wadi, Behind Samrat Hotel, Mira Road (East), Thane – 401104, Maharashtra, India
Area :	6635 Sq. ft.
Location :	Rented
Branch Office :	H.No.1-8-495 / 27, Vikhar Nagar, Prakash Nagar, Begumpet, Secunderabad – 500003, Andhra Pradesh, India
Area :	500 Sq. ft.
Location :	Rented

DIRECTORS

AS ON 30.09.2013

Name :	Mr. Harsh Kirit Shandilya
Designation :	Director
Address :	702, Shubhada, Sir Pochkanwala Road, Opposite Worli Police Station, Worli, Mumbai – 400030, Maharashtra, India
Date of Birth/Age :	07.02.1982
Qualification :	MBA
Experience :	12 Years
Date of Appointment :	28.10.2013
PAN No.:	AZPPS8465F
DIN No.:	00458956
Name :	Mr. Bhavesh Pravin Gandhi
Designation :	Director
Address :	Flat No. A-304, Om Jai Ambe Krupa, Near Siddhivinayak Hospital, Navghar Road, Bhayander, Thane – 401105, Maharashtra, India
Date of Birth/Age :	05.06.1971
Qualification :	B. Com
Experience :	5 Years
Date of Appointment :	30.09.2013
PAN No.:	AESPG9938B
DIN No.:	06519788

KEY EXECUTIVES

Name :	Ms. Kalpana M. Nadkar
Designation :	Finance Manager
Name :	Mr. Sanchit Chaturvedi
Designation :	Assistant Finance Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2013

Names of Shareholders	No. of Shares	Percentage of Holding
Harsh Kirit Shandilya	9800	98.00
Harsha Dushyant Mulani	200	2.00
Total	10000	100.00

AS ON 30.09.2013

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturing of Laboratory and Scientific Equipment.
Terms :
Selling :	Credit 30 Days
Purchasing :	Credit 75 Days

GENERAL INFORMATION

Suppliers :	· Aryan Steels Contact Person: Mr. Mahendra Bhai Address: 52-54, C.P. Tank Road, Ground Floor, Mumbai – 400004, Maharashtra, India Tel. No.: 91-22-66581637/ 66581638 E-Mail: aryansteels@gmail.com · P.R. Shah and Company Contact Person: Mr. Nikuj Bhai Address: Prabhat CHS Limited, 1^st Floor, R. No. 7/A, 198/212, Shamaldas Gandhi Marg, [Old Sitaram Building], Mumbai – 400002, Maharashtra, India Tel. No.: 91-22-22033840/ 39567060 E-Mail: prshahco@rediffmail.com · Abhay K. Shah and Company Contact Person: Mr. Abhaybhai Address: 3, Meghal Industries Estate, Devidayal Road, Mulund [West], Mumbai – 400080, Maharashtra, India Tel. No.: 91-22-25622768/ 25612414 E-Mail: abhaysteel@yahoo.com · Micon Automation Systems Private Limited Contact Person: Mr. Paragbhai Address: 5A-5B, Sahajanand Estate, Near Gota Crossing, Gota, Ahmedabad, Gujarat, India Tel. No.: 91-79-32900400 E-Mail: account@miconindia.com · Dhanlaxmi Metal Corporation Contact Person: Mr. Bharatbhai Address: 132, Kika Street, Gulal Wadi, Mumbai – 400004, Maharashtra, India Tel. No.: 91-22-66109245 E-Mail: dhanlaxmi_metal@yahoo.com
Customers :	End Users · Schreiber Dynamix Dairies Limited Contact Person: Mr. Gajanan Modi Address: Plot No. 2B, A-Block, Food Processing Park, Kuppam, District Chittoor – 517425, Andhra Pradesh, India E-Mail: gajanan.modi@schreiberfoods.com · Balkrishna Industries Limited Contact Person: Mr. Jairam Parab Address: Village Padhdhar, Taluka Bhuj, Kutch – 370105, Gujarat, India E-Mail: jairam.parab@bkt-tires.com · Ultratech Cement Limited Contact Person: Mr. Prabhat Shukla Address: D-7, Shastri Nagar, Jodhpur – 342003, Rajasthan, India Tel. No.: 91-291-2430740 E-Mail: prabhat.shukla@adityabirla.com · Taiyo Lucid Private Limited Contact Person: Mr. Nikunj Dhuldhoya Address: Plot No. M-101, MIDC Industrial Area, Waluj, Aurangabad – 431136, Maharashtra, India Tel. No.: 91-22-24158059 E-Mail: n.dhuldhoya@lucidgroup.com · Alok Industries Private Limited Contact Person: Ms. Vandana Ule Address: New City Mill Compound, Opposite Volta 9, Gate B, 83, T.B. Kadam Marg, Kala Chowky, Chinchpokli, Mumbai – 400033, Maharashtra, India · Asian Paints Limited Contact Person: Mr. Dhruv Jani Address: C/38/1, TTC Industries Area, Pawane, Thane Belapur Road, Mahape, Navi Mumbai – 400705, Maharashtra, India Tel. No.: 91-2169-306066 Mobile No.: 91-9922370140
No. of Employees :	58 (22 in Office, 34 in Factory and 2 in Branch) (Approximately)
Bankers :	· HDFC Bank Limited Tirupathi Apartment, Bhulabhai Desai Road, Mumbai – 400026, Maharashtra, India · HDFC Bank Limited HDFC Bank House, Senapati Bapat Marg, Lower Parel [West], Mumbai - 400013, Maharashtra, India · Abhyudaya Cooperative Bank Limited Fort Branch, Mumbai, Maharashtra, India
Facilities :	Credit Limit = Rs. 4.000 Millions [From HDFC Bank Limited]

Banking Relations :	--
Auditors :
Name :	H. H. Parmar and Company Chartered Accountants
Address :	512, Maker Chamber V, 221, Nariman Point, Mumbai – 400021, Maharashtra, India
Tel. No.:	91-22-22840549-22834463
Fax No.:	91-22-22826799
E-Mail :	tax@hhpca.com
Income-tax PAN of auditor or auditor's firm :	AAAFH0831N
Related Parties :	· Top Springe Mfg. Co. Private Limited Address: Top Syringe Compound, Western Express Highway, Behind Lodha Aqua Post, Mira Road [East], Thane – 401104, Maharashtra, India Activity: Manufacturer of Glass Syringes and Other Diagnostic Products. · Shandilya Chemicals Private Limited Address: 10-11, Prospect Chamber Annex, 317-21, D.N. Road, Fort, Mumbai – 400001, Maharashtra, India Activity: Manufacturer of Chemicals.

CAPITAL STRUCTURE

CAPITAL AS ON 31.03.2014 [PROVISIONAL]

Authorised Capital :

No. of Shares	Type	Value	Amount
10,000	Equity Shares	Rs. 10/- each	Rs. 0.100 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10,000	Equity Shares	Rs. 10/- each	Rs. 0.100 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014 [Provisional]	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	0.100	0.100	0.100
(b) Reserves & Surplus	3.025	0.643	0.001
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	2.417	2.417	0.000
Total Shareholders’ Funds (1) + (2)	5.542	3.160	0.101
(3) Non-Current Liabilities
(a) long-term borrowings	0.728	0.000	0.000
(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)	0.728	0.000	0.000
(4) Current Liabilities
(a) Short term borrowings	3.345	0.289	2.909
(b) Trade payables	8.646	3.516	0.951
(c) Other current liabilities	0.608	2.360	1.455
(d) Short-term provisions	0.312	0.312	0.009
Total Current Liabilities (4)	12.911	6.477	5.324
TOTAL	19.181	9.637	5.425
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1.102	0.837	0.771
(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	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.047	0.015	0.040
(e) Other Non-current assets	0.000	0.002	0.003
Total Non-Current Assets	1.149	0.854	0.814
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	9.206	5.277	2.915
(c) Trade receivables	6.705	2.265	1.400
(d) Cash and cash equivalents	(0.438)	0.857	0.119
(e) Short-term loans and advances	1.768	0.384	0.177
(f) Other current assets	0.791	0.000	0.000
Total Current Assets	18.032	8.783	4.611
TOTAL	19.181	9.637	5.425

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014 [Provisional]	31.03.2013	31.03.2012
	SALES
		Revenue from Operations	35.747	21.720	11.626
		Other Income	0.001	0.000	0.000
		TOTAL (A)	35.748	21.720	11.626
Less	EXPENSES
		Cost of Materials Consumed	15.713	11.017	7.410
		Purchases of Stock-in-Trade	4.598	0.772	0.166
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(2.782)	(2.247)	(1.044)
		Other Manufacturing Expense	4.129	2.975	1.691
		Employees benefits expense	5.726	3.983	1.158
		Other expenses	5.797	4.122	2.004
		Exceptional Item	0.002	0.002	0.002
		TOTAL (B)	33.183	20.624	11.387
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		2.565	1.096	0.239
Less	FINANCIAL EXPENSES (D)		0.000	0.000	0.000
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		2.565	1.096	0.239
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.183	0.151	0.153
	PROFIT BEFORE TAX (E-F) (G)		2.382	0.945	0.086
Less	TAX (H)		0.000	0.303	0.009
	PROFIT AFTER TAX (G-H) (I)		2.382	0.642	0.077
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	NA	0.308	0.000
	Earnings Per Share (Rs.)		238.24	64.23	7.72

KEY RATIOS

PARTICULARS		31.03.2014 [Provisional]	31.03.2013	31.03.2012
PAT / Total Income	(%)	6.66	2.96	0.66
Net Profit Margin (PBT/Sales)	(%)	6.66	4.35	0.74
Return on Total Assets (PBT/Total Assets}	(%)	12.42	9.81	1.59
Return on Investment (ROI) (PBT/Networth)		0.43	0.30	0.85
Debt Equity Ratio (Total Debt/Networth)		0.73	0.09	28.80
Current Ratio (Current Asset/Current Liability)		1.40	1.36	0.87

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particulars	31.03.2012	31.03.2013	31.03.2014 [Provisional]
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	0.100	0.100	0.100
Reserves & Surplus	0.001	0.643	3.025
Share Application money pending allotment	0.000	2.417	2.417
Net worth	0.101	3.160	5.542
Long-term borrowings	0.000	0.000	0.728
Short term borrowings	2.909	0.289	3.345
Total borrowings	2.909	0.289	4.073
Debt/Equity ratio	28.802	0.091	0.735

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014 [Provisional]
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	11.626	21.720	35.747
		86.823	64.581

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014 [Provisional]
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	11.626	21.720	35.747
Profit	0.077	0.642	2.382
	0.66%	2.96%	6.66%

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	Yes
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]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

------------------------------------------------------------------------------------------------------------------------------

UNSECURED LOANS

(RS. IN MILLIONS)

UNSECURED LOANS	31.03.2014 [Provisional]	31.03.2013
LONG-TERM BORROWINGS
From Others	0.728	0.000
SHORT TERM BORROWINGS
Loans and Advance from others	1.000	0.000
Loans and Advance from related parties	1.017	0.289
Advances received from Customer	1.328	0.000
Total	4.073	0.289

------------------------------------------------------------------------------------------------------------------------------

MR. HARSH KIRIT SHANDILYA

COMPUTATION OF INCOME

(RS. IN MILLIONS)

PARTICULARS	31.03.2014
INCOME FROM HOUSE PROPERTY
Rent Received	0.300
			0.300
Other Income			0.399
			_______
			0.699
Less: Deduction 80 D [Mediclaim]			0.030
			_______
			0.669
TAXABLE INCOME ON RS. 0.640 MILLION
Rs. 0.200 Million [Nil]
Rs. 0.300 Million [10%]		0.030
Rs. 0.168 Million [20%]		0.034
		0.064
Education Cess [3%]		0.002
Interest u/s 234A
Interest u/s 234B	0.002
Interest u/s 234C	0.002	0.004
		_______
		0.070
ADVANCE TAX		0.000
TAX DEDUCTED SOURCE		0.005
SELF ASSESSMENT TAX PAID ON 05.12.2013		0.065
		_______
		0.070

------------------------------------------------------------------------------------------------------------------------------

COST OF PROJECT

(RS. IN MILLIONS)

PARTICULARS	(RS. IN MILLIONS)
COST OF PROJECT
Machinery	28.155
Installation Charges	0.259
Total	28.414

------------------------------------------------------------------------------------------------------------------------------

MEANS OF FINANCE

(RS. IN MILLIONS)

PARTICULARS	(RS. IN MILLIONS)
MEANS OF FINANCE
Promoters Contribution	8.414
Term Loan	20.000
Total	28.414

NOTES:

The machinery will be installed in two months time and production will be start immediately after installation. To Finance the total Capital Expenditure of Rs. 28.414 Millions, Out of which Rs. 8.414 Millions shall be contributed by promoter as Equity Share Capital / Share Premium and balance amount of Rs.20.000 Millions will be contributed by Term loan. The overall margin will work out to about 29.61 %. They are in process of increasing our Authorized capital to Rs.10.000 Millions so that the promoter’s contribution proposed to part finance the Margin Money for Term Loan / Working capital can be introduced by way of Equity share capital / Share premium. The machineries will be purchased.

------------------------------------------------------------------------------------------------------------------------------

ASSESSMENT OF WORKING CAPITAL REQUIREMENTS

OPERATING STATEMENT

(RS. IN MILLIONS)

SR. NO.		PARTICULARS	2014-15	2015-16	2016-17	2017-18	2018-19	2019-20	2020-21
			PROJ	PROJ	PROJ	PROJ	PROJ	PROJ	PROJ
1		GROSS SALES
	i.	Domestic sales	90.000	120.000	126.000	132.300	138.915	145.861	153.154
	ii.	Export sales	0.000	0.000	0.000	0.000	0.000	0.000	0.000
2		Net sales (1 - 2)	90.000	120.000	126.000	132.300	138.915	14.861	153.154
3		% age rise (+) or fall (-) in net sales compared to previous year (annualised)	152.60%	33.33%	5.00%	5.00%	5.00%	5.00%	5.00%
4		Growth in Sales	--	--	--	--	--	--	--
5		COST OF SALES
	i.)	Raw materials (including stores and other items used in the process of manufacture)
		(a) Imported	0.000	0.000	0.000	0.000	0.000	0.000	0.000
		(b) Indigenous	--	--	--	--	--	--	--
		Opening Stock	2.500	7.375	8.750	9.063	9.563	10.063	10.638
		Purchase during the year	59.000	70.000	72.500	76.500	80.500	85.100	93.000
		Closing stock	7.375	8.750	9.063	9.563	10.063	10.638	11.163
		Material consumed	54.125	68.625	72.188	76.000	80.000	84.525	88.775
			6.014	5.719	5.729	5.745	5.759	5.795	5.796
	ii)	Other spares
		(a) Imported	0.000	0.000	0.000	0.000	0.000	0.000	0.000
		(b) Indigenous	3.386	3.894	4.089	4.293	4.508	4.733	4.970
	iii)	Power and fuel	1.020	1.142	1.200	1.212	1.224	1.224	1.224
	iv)	Direct Labour (Factory wages and salary)	3.800	4.180	4.389	4.608	4.839	5.081	5.335
	v)	Repair and Maintenance expenses	0.000	0.000	0.000	0.000	0.000	0.000	0.000
	vi)	Other Manufacturing Expenses	0.000	0.000	0.000	0.000	0.000	0.000	0.000
	vii)	Depreciation	4.653	3.910	3.290	2.770	2.333	1.966	1.658
	viii)	SUB TOTAL (I TO VI)	66.984	81.752	85.155	88.883	92.904	97.529	101.961
	ix)	ADD: Opening stocks-in-Process)	0.599	5.632	7.282	7.703	8.049	8.413	8.828
		Sub-total	67.583	87.384	92.437	96.586	100.953	105.942	110.790
	x)	Deduct : Closing stocks-in-process	5.632	7.282	7.703	8.049	8.413	8.828	9.232
	xi)	Cost of Production	61.951	80.102	84.733	88.537	92.540	97.113	101.557
	xii)	Add : Opening stock of finished goods	6.084	6.952	8.959	9.501	9.953	10.412	10.930
		SUB-TOTAL	68.035	87.054	93.692	98.038	102.493	107.526	112.487
	xiii)	Deduct closing stock of finished goods	6.952	8.959	9.501	9.953	10.412	10.930	11.448
	xiii)	SUB-TOTAL (Total cost of Sales)	61.083	78.096	84.191	88.085	92.080	96.596	101.039
		Gross Profit	28.917	41.904	41.809	44.215	46.835	49.265	52.115
		Gross Profit %	32.13%	34.92%	33.18%	33.42%	33.71%	33.78%	34.03%
6		Selling general and administrative expenses	18.289	21.947	24.142	26.073	27.898	29.851	31.941
7		SUB-TOTAL (5+6)	79.372	100.043	108.333	114.159	119.979	126.447	132.980
8		Operating profit before interest (3-7)	10.628	19.957	17.667	18.141	18.936	19.414	20.174
9		Interest
		Interest on CC/EPC/FC	1.725	3.450	3.450	3.450	3.450	3.450	3.450
		Interest on TL	1.464	2.004	1.689	1.375	1.061	0.746	0.432
		Others	0.000	0.000	0.000	0.000	0.000	0.000	0.000
		Total Interest	3.189	5.454	5.139	4.825	4.511	4.196	3.882
10		Operating profit after interest (8-9)	7.438	14.504	12.528	13.316	14.426	15.217	16.292
11	(i)	Add other non-operating income
	(a)	Interest/ Dividend/ Royalties etc.	0.000	--	--	--	--	--	--
	(b)	Duty Drawback	0.000	0.000	0.000	0.000	0.000	0.000	0.000
	(c)	Foreign Exchange fluctuations	0.000	0.000	0.000	0.000	0.000	0.000	0.000
	(d)	Other Income	0.000	0.000	0.000	0.000	0.000	0.000	0.000
		Sub-total (Income)	0.000	0.000	0.000	0.000	0.000	0.000	0.000
	(ii)	Deduct other non-operating expenses
	(a)	Interest/ Dividend/ Royalties etc.	0.000	0.000	0.000	0.000	0.000	0.000	0.000
	(b)	Intangibles w/off	0.000	0.000	0.000	0.000	0.000	0.000	0.000
		Sub-total (expenses)	0.000	0.000	0.000	0.000	0.000	0.000	0.000
	(iii)	Net of other non-operating income/ expenses	0.000	0.000	0.000	0.000	0.000	0.000	0.000
12		Profit before tax/ loss [10+11(iii)]	7.438	14.504	12.528	13.316	14.426	15.217	16.292
13		Provision for taxes	2.232	4.351	3.758	3.995	4.328	4.565	4.888
14		Net Profit/Loss for the year (12-13)	5.207	10.153	8.770	9.321	10.098	10.652	11.404
		Cash Accruals	9.860	14.063	12.059	12.091	12.431	12.618	13.062
		Dividend paid + IT on Dividend	0.000	0.000	0.000	0.000	0.000	0.000	0.000
		Retained profit	5.207	10.153	8.770	9.321	10.098	10.652	11.404
		Retained Cash Profit	9.860	14.063	12.059	12.091	12.431	12.618	13.062
		RM Content in Sales	63.90%	60.43%	60.54%	60.69%	60.83%	61.19%	61.12%
		PBDIT/ Sales	16.98%	19.89%	16.63%	15.81%	15.31%	14.66%	14.25%
		Operating Profit/ Sales	8.26%	12.09%	9.94%	10.07%	10.38%	10.43%	10.64%
		Operating Cost [Excl. interest / Sales]	88.19%	83.37%	85.98%	86.29%	86.37%	86.69%	86.83%
		PBT / Sales	8.26%	12.09%	9.94%	10.07%	10.38%	10.43%	10.64%
		PAT / Sales	5.79%	8.46%	6.96%	7.05%	7.27%	7.30%	7.45%
		Cash Accruals/ Sales	10.96%	11.72%	9.57%	9.14%	8.95%	8.65%	8.53%
15		(a) Equity Dividend Paid	0.000	0.000	0.000	0.000	0.000	0.000	0.000
		(b) Dividend Rate	--	--	--	--	--	--	--
17		Retained profit (14-15)	5.207	10.153	8.770	9.321	10.098	10.652	11.404
18		Retained Profit/ Net Profit (% age)	100%	100%	100%	100%	100%	100%	100%

------------------------------------------------------------------------------------------------------------------------------

ANALYSIS OF BALANCE SHEET

(RS. IN MILLIONS)

SR. NO.	PARTICULARS	2014-15	2015-16	2016-17	2017-18	2018-19	2019-20	2020-21
		PROJ	PROJ	PROJ	PROJ	PROJ	PROJ	PROJ
	CURRENT LIABILITIES
1	Short-term borrowings from Applicant Banks [including bills purchased]
	Cash Credit	30.000	30.000	30.000	30.000	30.000	30.000	30.000
2	Short-term borrowings from Applicant Banks [including bills purchased]	0.000	0.000	0.000	0.000	0.000	0.000	0.000
3	SUB TOTAL	30.000	30.000	30.000	30.000	30.000	30.000	30.000
4	Short term borrowings from others	0.967	0.967	0.967	0.967	0.967	0.967	0.967
5	Sundry Creditors (Trade)	0.983	1.167	1.208	1.275	1.342	1.418	1.488
6	Unsecured O/D	0.000	0.000	0.000	0.000	0.000	0.000	0.000
7	Provision for taxes	2.232	4.351	3.758	3.995	4.328	4.565	4.888
8	Dividend payable	--	--	--	--	--	--	--
9	Other statutory liabilities (due within one year)	0.000	0.000	0.000	0.000	0.000	0.000	0.000
10	Overdue Term Liabilities / Term Loans	0.000	0.000	0.000	0.000	0.000	0.000	0.000
11	Deposits/installments of term loans/DPGs/ Debentures, etc. (due within one year)	0.000	2.857	2.857	2.857	2.857	2.857	2.381
12	Other current liabilities and provisions (due within 1 Year) (specify major items)	1.200	1.500	1.800	2.000	2.200	2.500	2.800
13	SUB-TOTAL (B)	5.382	10.842	10.591	11.094	11.693	12.307	12.524
14	TOTAL CURRENT LIABILITIES [Total 1 to 9]	35.382	40.842	40.591	41.094	41.693	42.307	42.524
	TERM LIABILITIES
15	Debentures (not maturing within one year)	--	--	--	--	--	--	--
16	Term loans (excluding installment payable within one year)	19.524	13.810	10.952	8.095	5.238	2.381	0.000
17	Term loans from other banks (excluding installment payable within one year)	--	--	--	--	--	--	--
18	Deferred Payment Credits (excluding installments due within one year)	--	--	--	--	--	--	--
19	Term deposits (repayable after one year)	0.000	0.000	0.000	0.000	0.000	0.000	0.000
20	Other term liabilities	0.295	0.118	0.000	0.000	0.000	0.000	0.000
21	TOTAL TERM LIABILITIES	19.819	13.928	10.952	8.095	5.238	2.381	0.000
22	TOTAL OUTSIDE LIABILITIES	55.200	54.769	51.543	49.189	46.931	44.688	42.524
	NET WORTH
23	Share Capital	10.000	10.000	10.000	10.000	10.000	10.000	10.000
	Share Application Money	0.000	0.000	0.000	0.000	0.000	0.000	0.000
24	General Reserve	--	--	--	--	--	--	--
25	Capital Reserve	--	--	--	--	--	--	--
26	Deferred Tax Revenue	0.000	0.000	0.000	0.000	0.000	0.000	0.000
27	Share Premium Account	6.000	6.000	6.000	6.000	6.000	6.000	6.000
28	Surplus (+) or deficit (-) in Profit and Loss Account	7.479	17.632	26.401	35.723	45.820	56.473	67.877
29	NET WORTH	23.479	33.632	42.401	51.723	61.820	72.473	83.877
30	TOTAL LIABILITIES [22+29]	78.679	88.401	93.944	100.912	108.752	117.161	126.400
	CURRENT ASSETS
31	Cash and bank balances	5.107	7.457	8.764	8.391	8.363	8.283	3.713
32	Investments [Other than long term investments]
	[i] Government and Other Trustee Securities	--	--	--	--	--	--	--
	[ii] Fixed Deposits with Banks	0.000	0.000	0.000	0.000	0.000	0.000	0.000
33	[i] Receivables other than deferred and exports (include bills purchased and discounted by Banks)	18.750	25.000	26.250	27.563	28.941	30.388	31.907
	[ii] Export receivables (include bills purchased and discounted by banks)	--	--	--	--	--	--	--
34	Installments of deferred receivables (due within one year)	--	--	--	--	--	--	--
35	Inventory:
	(a) Imported raw material	--	--	--	--	--	--	--
	(b) Indigenous raw material	7.375	8.750	9.063	9.563	10.063	10.638	11.163
	(c) Stock-In-Process	5.632	7.282	7.703	8.049	8.413	8.828	9.232
	(d) Finished goods	6.952	8.959	9.501	9.953	10.412	10.930	11.448
	(e) Imported consumables	0.000	0.000	0.000	0.000	0.000	0.000	0.000
	(f) Indigenous consumables	0.000	0.000	0.000	0.000	0.000	0.000	0.000
36	Advance to suppliers	10.000	10.000	15.000	15.000	15.000	15.000	20.000
37	Advance payment of taxes	0.000	0.000	0.000	0.000	0.000	0.000	0.000
38	Other Current assets (Specify major items)	0.000	0.000	0.000	0.000	0.000	0.000	0.000
39	TOTAL CURRENT ASSETS	53.816	67.448	76.281	78.518	81.191	84.067	87.464
	FIXED ASSETS
40	Gross Block (Land and Building machinery, work-in-process)	30.039	30.039	30.039	37.539	45.039	52.539	60.039
	Add: Capital Expenditure in Progress	0.000	0.000	0.000	0.000	0.000	0.000	0.000
	Add: Expansion	0.000	0.000	0.000	7.500	15.000	22.500	30.000
41	Depreciation to date	5.175	9.086	12.375	15.145	17.478	19.444	21.102
42	NET BLOCK [40-41]	24.864	20.953	17.664	22.394	27.561	33.095	38.937
	OTHER NON-CURRENT ASSETS
43	Investment/ book debts/ advances/ deposits which are not current assets
	a) [i] Investment in subsidiary Co./affiliates	--	--	--	--	--	--	--
	[ii] Others	0.000	0.000	0.000	0.000	0.000	0.000	0.000
	b) Advances to suppliers of capital goods and contractors	0.000	0.000	0.000	0.000	0.000	0.000	0.000
	c) Deferred receivables (maturity exceeding one year)	--	--	--	--	--	--	--
	d) Others – Mutual Funds	0.000	0.000	0.000	0.000	0.000	0.000	0.000
44	Non-consumables stores and spares	--	--	--	--	--	--	--
45	Other non-current assets including dues from Directors	--	--	--	--	--	--	--
46	TOTAL OTHER NON-CURRENT ASSETS [Total 43 to 46]	0.000	0.000	0.000	0.000	0.000	0.000	0.000
47	Intangible assets
	a) Preliminary Expenses	0.000	0.000	0.000	0.000	0.000	0.000	0.000
	b) Deferred Revenue expenditure	0.000	0.000	0.000	0.000	0.000	0.000	0.000
	c) Other Intangibles [Patents, Goodwill etc.]	0.000	0.000	0.000	0.000	0.000	0.000	0.000
	Total Intangibles assets	0.000	0.000	0.000	0.000	0.000	0.000	0.000
48	TOTAL ASSETS (39, 42, 46 and 47)	78.680	88.401	93.944	100.912	108.752	117.161	126.401
49	TANGIBLE NETWORTH [29-47]	23.479	33.632	42.401	51.723	61.820	72.473	83.877
50	NET WORKING CAPITAL [[29+21] – [42+46+47]] to tally with [39-14]	18.434	26.606	35.690	37.424	39.498	41.759	44.940
51	Current Ratio [Items 39/14]	1.52	1.65	1.88	1.91	1.95	1.99	2.06
52	Total Outside Liabilities / Tangible Networth [22/49]	2.35	1.63	1.22	0.95	0.76	0.62	0.51
	Movement of TNW
	Opening TNW	4.784	23.474	33.626	42.396	51.717	61.815	72.467
	Plough back of profit	5.207	10.153	8.770	9.321	10.098	10.652	11.404
	Increase in capital / reserves	13.483	0.000	0.000	0.000	0.000	0.000	0.000
	Intangibles w/off	0.000	0.000	0.000	0.000	0.000	0.000	0.000
	Closing TNW	23.474	33.626	42.396	51.717	61.815	72.467	83.872
	Current Ratio	1.52	1.65	1.88	1.91	1.95	1.99	2.06
	Debt/ Equity	0.84	0.41	0.26	0.16	0.08	0.03	0.00
	TOL/ Equity	2.35	1.63	1.22	0.95	0.76	0.62	0.51
	Current Assets/ Tangible Assets	97.49%	123.15%	147.99%	159.62%	173.00%	188.12%	205.68%
	ROCE [PBDIT / 9 incl. other income]/ TTA)	15.37	20.83	16.84	15.94	15.41	14.67	14.20
	[Inventory + Receivable] to sales	156.99	152.05	152.13	152.09	151.94	152.10	151.93

------------------------------------------------------------------------------------------------------------------------------

FUNDS FLOW STATEMENT

(RS. IN MILLIONS)

SR. NO.	SOURCES	2014-15	2015-16	2016-17	2017-18	2018-19	2019-20	2020-21
		PROJ	PROJ	PROJ	PROJ	PROJ	PROJ	PROJ
1
a.	Net Profit (After Tax)	5.207	10.153	8.770	9.321	10.098	10.652	11.404
b.	Depreciation	4.653	3.910	3.290	2.770	2.333	1.966	1.658
c	Increase in Capital	9.900	0.000	0.000	0.000	0.000	0.000	0.000
d.	Increase in total liability [Term Loan]	0.000	0.000	0.000	0.000	0.000	0.000	0.000
e.	Increase in Other term liabilities	--	--	--	--	--	--	--
f.	Decrease in
	i.) Fixed Assets	0.000	0.000	0.000	0.000	0.000	0.000	0.000
	ii.) Preliminary expenses	0.000	0.000	0.000	0.000	0.000	0.000	0.000
	iii.) Other Non-Current Assets	0.000	0.000	0.000	0.000	0.000	0.000	0.000
g.	Others/ Subsidy	0.000	0.000	0.000	0.000	0.000	0.000	0.000
	TOTAL	19.760	14.063	12.059	12.091	12.431	12.618	13.062
2	APPLICATION
a.	Net Loss	0.000	0.000	0.000	0.000	0.000	0.000	0.000
b.	Decrease in Term Liabilities [including Public Deposit]	0.476	2.857	2.857	2.857	2.857	2.857	2.857
c.	Increase in
	i) Fixed Assets	28.414	0.000	0.000	7.500	7.500	7.500	0.000
	ii) Other Non-current assets	0.000	0.000	0.000	0.000	0.000	0.000	0.000
d.	Dividend Payment	0.000	0.000	0.000	0.000	0.000	0.000	0.000
e	Others	0.000	0.000	0.000	0.000	0.000	0.000	0.000
	TOTAL	28.890	2.857	2.857	10.357	10.357	10.357	2.857
3	Long Term Surplus/Deficit [1-2]	(9.131)	11.206	9.202	1.734	2.074	2.261	10.205
4	Increase/ Decrease in Current Assets	35.252	13.631	8.833	2.237	2.673	2.876	3.397
5	Increase/ Decrease in Current liabilities other than Bank Borrowings	(0.601)	5.277	(0.293)	0.436	0.533	0.538	0.146
6	Increase/ Decrease in Working Capital Gap	35.853	8.355	9.126	1.801	2.141	2.338	3.251
7	Net Surplus (+) Deficit (-) [difference of 3 and 6]	(44.983)	2.851	0.076	(0.067)	(0.067)	(0.077)	6.954
8	Increase/ Decrease in Bank Borrowings	44.983	(2.851)	(0.076)	0.067	0.067	0.077	(6.954)
	Increase/ Decrease in Net Sales	54.370	30.000	6.000	6.300	6.615	6.946	7.293
	* Break of 4 above
i)	Increase/ Decrease in Raw Material	4.875	1.375	0.313	0.500	0.500	0.575	0.525
ii)	Increase/ Decrease in stock in process	5.033	1.650	0.421	0.346	0.364	0.416	0.404
iii)	Increase/ Decrease in stores and spares	0.000	0.000	0.000	0.000	0.000	0.000	0.000
iv)	Increase/ Decrease in finished goods	0.868	2.006	0.543	0.452	0.459	0.518	0.518
v)	Increase/ Decrease in receivables	12.162	6.250	1.250	1.313	1.378	1.447	1.519
vi)	Increase/ Decrease in other current assets	2.367	2.350	1.307	(0.373)	(0.028)	(0.080)	(4.569)
vii)	Increase/ Decrease in loans and advances	9.947	0.000	5.000	0.000	0.000	0.000	5.000
	TOTAL	35.252	13.631	8.833	2.237	2.673	2.876	3.397
	Break of 5 above
i)	Increase/ Decrease in Sundry Creditors	0.000	0.000	0.000	0.000	0.000	0.000	0.000
ii)	Increase/ Decrease in Statutory liabilities	1.534	2.120	(0.593)	0.236	0.333	0.238	0.322
iii)	Increase/ Decrease in other current liabilities	(1.497)	3.157	0.300	0.200	0.200	0.300	(0.176)
iv)	Increase in Cash credit facilities	30.000	0.000	0.000	0.000	0.000	0.000	0.000
v)	Increase in Advance from customers	(0.638)	0.000	0.000	0.000	0.000	0.000	0.000
	TOTAL	29.399	5.277	(0.293)	0.436	0.533	0.538	0.146

------------------------------------------------------------------------------------------------------------------------------

COMPARATIVE STATEMENT OF CURRENT ASSETS AND CURRENT LIABILITIES

WORKING CAPITAL / BANK BORROWING ASSESSMENTS

(RS. IN MILLIONS)

SR. NO.	PARTICULARS	2014-15	2015-16	2016-17	2017-18	2018-19	2019-20	2020-21
		PROJ	PROJ	PROJ	PROJ	PROJ	PROJ	PROJ
A.	WORKING CAPITAL ASSESSMENT
1	Stock of Imported RM – Months	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2	Stock of Indigenous RM – Months	1.50	1.50	1.50	1.50	1.50	1.50	1.50
3	Imported Consumables – Months	0.00	0.00	0.00	0.00	0.00	0.00	0.00
4	Indigenous Consumables – Months	0.75	0.68	0.68	0.68	0.68	0.67	0.67
5	Stock in process – [Months of Cost of Production]	1.09	1.09	1.09	1.09	1.09	1.09	1.09
6	Finished Goods [Months Cost of Sales]	1.37	1.38	1.35	1.36	1.36	1.36	1.36
7	Total Inventory	19.959	24.991	26.267	27.564	28.888	30.396	31.843
8	Total Inventory/ Sales [Months]	2.66	2.50	2.50	2.50	2.50	2.50	2.50
9	Domestic Receivables [Months Gross dom. Sales]	2.50	2.50	2.50	2.50	2.50	2.50	2.50
10	Export Receivables [Months Export]	0.00	0.00	0.00	0.00	0.00	0.00	0.00
11	Total Receivables	18.750	25.000	26.250	27.563	28.941	30.388	31.907
12	Total Receivables/ Gross Sales [Months]	2.50	2.50	2.50	2.50	2.50	2.50	2.50
13	Creditors – [Months Consumption]	0.22	0.20	0.20	0.20	0.20	0.20	0.20
14	Total Current Assets	53.816	67.448	76.281	78.518	81.191	84.067	87.464
B.	Financed by
1	Sundry Creditors % of Current Assets	1.83%	1.73%	1.58%	1.62%	1.65%	1.69%	1.70%
2	Other Current Liabilities % of Current Assets	2.23%	2.22%	2.36%	2.55%	2.71%	2.97%	3.20%
3	Bank Finance % of Current Assets	55.75%	44.48%	39.33%	38.21%	36.95%	35.69%	34.30%
4	NWC % to Current Assets	34.25%	39.45%	46.79%	47.66%	48.65%	49.67%	51.38%
C.	By PBS Method
1	Total Current Assets	53.816	67.448	76.281	78.518	81.191	84.067	87.464
2	Other Current Assets	5.382	10.842	10.591	11.094	11.693	12.307	12.524
3	Working Capital Gap	48.435	56.606	65.690	67.424	69.498	71.759	74.940
4	Net Working Capital	18.434	26.606	35.690	37.424	39.498	41.759	44.940
5	Bank Finance	30.000	30.000	30.000	30.000	30.000	30.000	30.000

------------------------------------------------------------------------------------------------------------------------------

COMPARATIVE STATEMENT OF CURRENT ASSETS AND CURRENT LIABILITIES

(RS. IN MILLIONS)

SR. NO.	PARTICULARS	2014-15	2015-16	2016-17	2017-18	2018-19	2019-20	2020-21
		PROJ	PROJ	PROJ	PROJ	PROJ	PROJ	PROJ
A.	CURRENT ASSETS
1	Raw Materials (including stores and other items used in the process of mfg.)
	a). Imported	7.375	8.750	9.063	9.563	10.063	10.638	11.163
	Months consumption	(1.50)	(1.50)	(1.50)	(1.50)	(1.50)	(1.50)	(1.50)
2	Other consumables Spares excluding those incl. in 1 above
	a). Imported	0.000	0.000	0.000	0.000	0.000	0.000	0.000
	b). Indigenous	0.000	0.000	0.000	0.000	0.000	0.000	0.000
3	Raw Material / Stocks in process	5.632	7.282	7.703	8.049	8.413	8.828	9.232
4	Finished Goods	6.952	8.959	9.501	9.953	10.412	10.930	11.448
	Months cost of sales	(1.37)	(1.38)	(1.35)	(1.36)	(1.36)	(1.36)	(1.36)
5	Receivables other than export and deferred receivables (including Bills purchased and discounted by bankers)
	(Month's Domestic Sales) excluding deferred payment sales	(2.50)	(2.50)	(2.50)	(2.50)	(2.50)	(2.50)	(2.50)
6	Export Receivables (Including bills purchased and discounted)	--	--	--	--	--	--	--
7	Loans and Advances	10.000	10.000	15.000	15.000	15.000	15.000	20.000
8	Other current Assets (Including cash and bank balance deferred receivables due within one year (specify major items)	5.107	7.457	8.764	8.391	8.363	8.283	3.713
9	TOTAL CURRENT ASSETS	53.666	67.298	76.131	78.368	81.041	83.917	87.314
	(To agree with item 34 in form III)
	CURRENT LIABILITIES
	(Other than bank borrowings for working capital)
10	Creditors for Purchase of raw materials, stores and consumable spares	0.983	1.167	1.208	1.275	1.342	1.418	1.488
	(Month's Purchase)	(0.20)	(0.20)	(0.20)	(0.20)	(0.20)	(0.20)	(0.20)
11	Advance payments from customers	0.000	0.000	0.000	0.000	0.000	0.000	0.000
12	Statutory Liabilities	2.232	4.351	3.758	3.995	4.328	4.565	4.888
13	Other Current Liabilities (specify major items) Short term borrowings, unsecured loans, dividend payable, inst. of LT, DPG, public deposits, debentures, etc.	1.200	4.357	4.657	4.857	5.057	5.357	5.181
14	TOTAL	4.415	9.875	9.624	10.127	10.726	11.341	11.557
	(To agree with sub-total)

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COMPUTATION OF MAXIMUM PERMISSIBLE BANK FINANCE FOR WORKING CAPITAL

[ACCORDING TO FIRST METHOD OF LENDING]

(RS. IN MILLIONS)

SR. NO.	PARTICULARS	2014-15	2015-16	2016-17	2017-18	2018-19	2019-20	2020-21
		PROJ	PROJ	PROJ	PROJ	PROJ	PROJ	PROJ
1	Total current assets (9 in form IV)	53.816	67.448	76.281	78.518	81.191	84.067	87.464
2	Current Liabilities	4.415	9.875	9.624	10.127	10.726	11.341	11.557
	(Other than bank borrowings) (14 of form IV)
3	Working Capital Gap (WCG) (1-2)	49.401	57.573	66.657	68.391	70.465	72.726	75.907
4	Minimum Stipulated Net Working capital i.e. 25% of WCG/ 25% of total current assets as the case may be depending upon the method of lending being applied (Export receivables to be excluded under both method) Method of lending (I or II)	12.350	14.393	16.664	17.098	17.616	18.181	18.977
5	Actual /Projected net working Capital (45 in form III)	18.434	26.606	35.690	37.424	39.498	41.759	44.940
6	Item 3 minus item 4	37.051	43.179	49.993	51.293	52.848	54.544	56.930
7	Item 3 minus item 5	30.967	30.967	30.967	30.967	30.967	30.967	30.967
8	Maximum Permissible Bank Finance (item 6 or 7, whichever is lower)	30.967	30.967	30.967	30.967	30.967	30.967	30.967
9	Excess Borrowings, if any, representing shortfall in NWC (4-5)	0.000	0.000	0.000	0.000	0.000	0.000	0.000

------------------------------------------------------------------------------------------------------------------------------

COMPUTATION OF MAXIMUM PERMISSIBLE BANK FINANCE FOR WORKING CAPITAL

[ACCORDING TO SECOND METHOD OF LENDING]

(RS. IN MILLIONS)

SR. NO.	PARTICULARS	2014-15	2015-16	2016-17	2017-18	2018-19	2019-20	2020-21
		PROJ	PROJ	PROJ	PROJ	PROJ	PROJ	PROJ
1	Total current assets (9 in form IV)	53.816	67.448	76.281	78.518	81.191	84.067	87.464
2	Current Liabilities	4.415	9.875	9.624	10.127	10.726	11.341	11.557
	(Other than bank borrowings) (14 of form IV)
3	Working Capital Gap (WCG) (1-2)	49.401	57.573	66.657	68.391	70.465	72.726	75.907
4	Minimum Stipulated Net Working capital i.e. 25% of WCG/ 25% of total current assets as the case may be depending upon the method of lending being applied (Export receivables to be excluded under both method) Method of lending (I or II)	13.454	16.862	19.070	19.629	20.298	21.017	21.866
5	Actual /Projected net working Capital (45 in form III)	18.434	26.606	35.690	37.424	39.498	41.759	44.940
6	Item 3 minus item 4	35.947	40.711	47.587	48.761	50.167	51.709	54.041
7	Item 3 minus item 5	30.967	30.967	30.967	30.967	30.967	30.967	30.967
8	Maximum Permissible Bank Finance (item 6 or 7, whichever is lower)	30.967	30.967	30.967	30.967	30.967	30.967	30.967
9	Excess Borrowings, if any, representing shortfall in NWC (4-5)	0.000	0.000	0.000	0.000	0.000	0.000	0.000

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VALUATION REPORT

(GENERAL DETAILS)

Purpose for which valuation is made

Fair Market Value

Date as on which valuation is made

18/07/2014

Name of the Owner / Owners

M/S. TOP SYRINGE MANUFACTURING COMPANY

If the property is under joint ownership/ co-ownership, the shares undivided

Partnership Firm is the owner

Brief description of the property

Location of Property

Land with Ground Storied Factory Shed and Other Structure on Survey No. 126/6 (P) New S. No. 50/6, 126/11 New S. No. 50/11, 126/12 New S. No. 50/12, 126/13 New S. No. 50/13, Situated at Village Mahajan Wadi, Tara Singh Compound, Near Dahisar Check Naka, Penkarpada, Mira, Taluka, District Thane, Maharashtra, India

Location, Street, Ward No. (Postal Address)

Survey No. 126/6 (P) New S. No. 50/6, 126/11 New S. No. 50/11, 126/12 New S. No. 50/12, 126/13 New S. No. 50/13, Situated at Village Mahajan Wadi, Tarasingh Compound, Penkarpada, Mira, Taluka, District Thane, Maharashtra, India

Survey/Plot No. of Land

Survey No. 126/6 (P) New S. No. 50/6, 126/11 New S. No. 50/11, 126/12 New S. No. 50/12, 126/13 New S. No. 50/13, Situated at Village Mahajan Wadi, Tarasingh Compound, Penkarpada, Mira, Taluka, District Thane, Maharashtra, India

Is the property situated in the Residential/ Commercial/ Mixed Area/ Industrial area?

Industrial Area

Classification of Locality High class/ Middle class/ Poor Class

Middle Class Locality

Proximity to civic amenities like School, Hospitals, Offices, Market, Cinema, etc.

Civic Amenities Available

Means of proximity to surface communication by which the locality is served

Near Dahisar Check Naka 2Km From Dahisar Railway Station

LAND

Area of land supported by documentary proof, shape, dimensions and physical features

Irregular shaped of land and land area of about 5134.0 Sq. Mts.

Roads, street or Lanes on which the land is abutting

Tarasingh Compound, Penkar Pada, Mahajan Wadi Near Dahisar Check Naka

Is the freehold of leasehold land?

Freehold Land

Are there any agreements of easements? Is so, attach copies

No

Does the land fall in an area included in any Town Planning Scheme or any Development plan of Government or any statutory body? If So, give particulars.

Development plan of Mira Bhayander Municipal Corporation

Has any contribution been made towards development or is any demand for such contribution still outstanding?

No

Has the whole or part of the land been notified for acquisition by Government or any statutory body? Give date of the notification

No

Attach a dimensioned site plan

Photographs taken on site are enclosed herewith

IMPROVEMENTS

Attach plans and elevations of all structures standing on the land a layout plan

Photographs taken on site are enclosed

Furnish technical details of the building on a separate sheet (The Annexure to this Form may be used)

As per Technical Details

i) Is the building owner – occupied/ tenanted/ both?

Self-occupied Land and Ground Storied Structure

What is the floor space index permissible and percentage actually utilized?

Permissible FSI partly utilized

RENT

Names of tenants/ lessees/ licenses, etc.

Not Applicable

Give details of water and electricity charges, if any, to be borne by the owner

Paid by owner

Has the tenant to bear the whole or part of the cost of repairs and maintenance? Give particulars

Paid by owner

If a lift is installed, who has to bear the cost of maintenance and operation owner or tenant?

No Lift

If a pump is installed, who has to bear the cost of maintenance and operation owner or tenant?

Pumps maintained by owner

Who has to bear the cost of electricity charges for lighting of common space like entrance hall, stairs, passages, compound, etc. – owner or tenant?

Paid by owner

What is the amount of property tax? Who is to bear is? Give details with documentary proof

Not Known

Is the building insured? If so, give the policy no., amount for which it is insured and the annual premium.

Not Known

Is any disputed between landlord and tenant regarding rent pending in a court of law

No

Has any standard rent been fixed for the permission under any law relating to the control of rent?

No

SALES

Give instances of sale of immovable property in the locality on a separated sheet, indicating the name and address of the property, registration No., sale price and area of land sold

As per PART – II/ Valuation

COST OF CONSTRUCTION

Year of commencement of construction and year of completion

All the structure constructed in years 1965 – 66 (Age 48 Years)

What was the method of construction-by contract/by employing labor directly/both?

Not Known

PART II : VALUATION

Here the Registered Valuer should discuss in detail his approach to valuation of the property and indicate how the value has been arrived at, supported by necessary calculations.

1. a. The above mentioned owner is the purchaser of the above said Land and Constructed Ground Storied Shed and Other Structure.

b. The said land having Survey No. 126/6(P) New S. No. 50/6, 126/11 New S. No. 50/11, 126/12 New S. No. 50/12, 126/13 New S. No. 50/13, Situated at Village Mahajan Wadi is free hold land and has and total area of land is about 5134 Sq. Mts. (i.e. 55262.38 Sq. Ft.) as per available documents. The said land is part of bigger land bounded by compound wall with structures therein. The boundaries of part portion was shown by company owner’s representative was not fully bounded by compounded wall. Hence boundaries are assumed confirming the survey record.

2. The Total Built up area of the Ground Storied Factory Shed and Other Structure is about 10264.07 Sq. Ft. (953.55 Sq. Mt.) as Individual Mention Below.

Sr. No.	Particular	Area in Sq. Ft.	Area in Sq. Ft.
1	Main Ground Storied Factory Shed	4689.19	435.64
2	Electricity Room	351.00	32.61
3	Stocking Shed	757.88	70.40
4	Office bldg.	726.00	67.44
5	Storage of Raw Material	3740.00	347.46
	Total	10264.07	953.55

3. The Structure are constructed in the year of about 1965 - 66 and has lived the life of about 48 years

4. The Future life of the building is about 20 years if repaired and maintained Properly and Promptly

5. At the time of inspection said factory shed and other structures are structurally in average conditions.

6. The demand for Industrial premises in this area is good.

7. The industrial Premises are normally allowed to be transferred.

8. The plot situated at well-developed area with tower buildings and malls of Mumbai-Ahmedabad Western Express Highway Near Dahisar Check Naka. The said land has very high redevelopment potentials.

9. The area is being fully developed; there are no comparable instances of sale in the area.

10. All the Portion of Land & Structure are in self occupation and hence, the land and Industrial Structure are valued on the basis of fair saleable market value of industrial premises known to me as per my personal inquiries in that area.

11. The photographs taken at the time of inspection are enclosed herewith.

12. Taking into considerations developable potentials of land and the above factors, the age of the building and giving due allowance to the depreciation of the buildings and assess the fair salable market value of the premises as hereunder.

13. VALUATION (AS ON 18/07/2014)

A] LAND:

Area of Land is 5134 Sq. Mts. @ Rs. 0.049 Million per Sq. Mts.

Rs. 250.283 Millions

B] STRUCTURE:

Sr. No.	Particular	Area in Sq. Ft.	Rate in Per Sq. Ft.	(Rs. in Millions)
1	Main Ground Storied Factory Shed	4689.19	400/-	1.876
2	Electricity Room	351.00	200/-	0.070
3	Stocking Shed	757.88	200/-	0.152
4	Office Building	726.00	200/-	0.145
5	Storage of Row Material	3740.00	200/-	0.748
	Total			2.991

C] Total Valuation of immovable property i.e. 14[A] + [B]	Rs. 253.273 Millions
Rs. 250.282 Millions + Rs. 2.991 Millions
	Say…….. Rs. 253.273 Millions

14. Detailed Values are as under

a) Fair Market Value	Rs. 253.273 Millions
b) Realizable Sale Value 90% of Fair Market Value	Rs. 227.946 Millions
c) Distress Sale Value 80% of Fair Market Value	Rs. 202.618 Millions

TECHNICAL DETAILS

Sanitary Installations

1) No. of water closets

2) No. of urinals

3) No. of sinks

4) No. of bath tubs

5) No. of bidets

6) No. of Geysers

Provided

--

--

--

--

--

--

Class of fittings: Superior Coloured / superior white/ ordinary

Ordinary

Compound Wall

1) Height and length

2) Type of construction

Compound wall not constructed fully for said part portion of land 10 high stone masonry wall partly provided.

No of Lift and Capacity

No Lift

Underground pump – capacity and type of construction

C. Conc. Tank

R.C.C.

Overhead Tank

1) Where located

2) Capacity

3) Type of Construction

Above Toilet Block

As per requirement

PVC

Pump No and their Horse Power

Not Provided

Roads and Paving within the compound, approximate area and type road

C. Conc. paving in Plot

Sewage Disposal/ Whether connected to public sewer. If septic tanks provide (No and Capacity)

R.C.C. Septic Tank

------------------------------------------------------------------------------------------------------------------------------

PROJECT REPORT

ABOUT THE COMPANY

Subject is an ISO 9001:2008 certified manufacturer of high quality and innovative Laboratory and Scientific Equipments to the global market. Major product lines include Ovens, Furnaces, incubators, Stability Chambers, Lab Refrigerators, Deep Freezers, Constant / Cryo Bath, Hot Plates, Soxhlet Extraction Heaters, Water Bath etc. Incorporated in 200g, Tempo utilizes manufacturing expertise to aggressively pursue new product opportunities that add value to their customer’s portfolio. TEMPO markets a complete line of products under TEMPO brand, which complement their OEM manufacturing capacities.

Over the past years TEMPO has worked with industry leaders to design solutions for production and research needs across the entire constant temperature / environment spectrum. TEMPO has been designing and manufacturing equipment for the Pharmaceutical and Research purpose.

The company was incepted in the year 2008 and since then is into business of catering to the following sectors.

· Pharmaceutical

Food Industry

Cement Industry

Rubber Industry

Laboratories and Research Institutes

Universities and Colleges

Chemical / Bulk Drugs

Hospitals

ABOUT THE PRODUCTS

Major product lines include Products like stability Chambers, Ovens, Furnaces etc.

STABILITY CHAMBER

TEMPO Stability chambers are designed to test stability and shelf life studies on drug and drug substances and also used in testing on electronic and mechanical components, biological studies, seed testing etc. The Stability chambers are offered in standard capacities ranging from 100 Ltrsupto 2000ltrs in Regular and GMP Models. The chambers are designed to conform to international standards such as ICH, WHO and USFDA requirements. The chambers are manufactured as per the cGMP Regulations and designed to give low electrical and water consumptions. Tempo Stability chambers incorporate advanced features like PLC based control system, Data Logging, Printing and acquisition facilities (21 CFR Part 11 Compliance software).

OVENS

Tempo manufacturers a range of Laboratory and industrial Ovens Applications involve Sterilization, ageing, drying, hardening, etc. supplied in temperature ranging upto 450 Deg.C. available in Natural Convection/Forced Air Circulation and Forced Draft Models. Different Standard lab models are available in capacities ranging upto 325 ltrs for laboratory ovens and bigger sizes are customized as per customer's requirements. A wide range of options for programming and documentation using interfaces, integrated Data Logger and Software are available.

FURNACES

Tempo Furnaces has been in huge demand in Cement and Steel industry due to its continuous trouble free running and high quality. Besides its application in other industry like Pharmaceutical, Rubber, Chemical etc. the furnaces are available in different models/capacities and upto a max temperature of 1200 deg.c

TEMPO’S COMPETITIVE ADVANTAGE

COST EFFECTIVE OEM MANUFACTURING

TEMPO's reputation has been built on innovation, high quality, and long term partnering. TEMPO focuses to provide economical equipments to Research institutions, Universities and colleges and manufacturers in industries such as electronics, pharmaceuticals etc.

MANUFACTURING FACILITY

TEMPO has established its manufacturing facility at Top Syringe Compound, Mira Road, District Thane. The infrastructure is facilitated with sophisticated fabrication, Electrical and Wiring Department, Refrigeration Department, Quality control with qualified and trained personnel.

LARGE SCALE CAPABILITIES

They have the ability to operate twenty-four hours per day with their highly skilled staff of and long-term manufacturing personnel.

EXPERIENCED DESIGN TEAMS

TEMPO's design team is led by veterans able to capitalize on 20 years of industry knowledge. The breadth of line and depth of product configuration available in their current portfolio serves as a benchmark for this team's accomplishments and creativity.

SKILLED LABOUR

Their highly skilled work force consistently and rigorously tests their work. The employees of TEMPO the demanding environment their products face. They are committed to delivering the highest quality products and service possible. Even so, every product undergoes a ''final quality inspection before shipment and are kept on every serial number, so each associate can be accountable for their work.

QUALITY ASSURANCE

Their extensive quality assurance program involves all employees and every phase of manufacturing. To ensure that quality is never compromised, TEMPO’s manufacturing’s Assurance Department Quality operates with total autonomy. Continuous process improvement is encouraged through their quality principles.

AFTER SALES SUPPORT

For after sales support, TEMPO has a team of highly skilled and competent service engineers working all over INDIA and also has online back office support department.

CUSTOMER BASE

TEMPO feels to be proud to be associated with reputed companies, research institution and universities throughout India. Some of the customers include Reliance Industries, Sun Pharmaceuticals Limited, Asian Paints Limited, Dr. Reddys Laboratories, BARC, Lupin, Zydus Cadilla, Intas Pharma, Aarti Drugs Limited, Ambuja Cement Limited, Ultratech Cement Limited, Gujarat Agriculture University, Rajasthan Agriculture University, SNDT, etc. National Institute of Oceanography etc.

REASON FOR MACHINERY ACQUISITION:

Industrial engineering techniques can be used to unlock operational capabilities and to provide a foundation for sustained productivity levels.

With the continued pressures of output, quality and deadlines to be met, TEMPO plans to enhance the productivity by procuring additional machinery as per attached annexure. These machinery will not only increase the productivity to much higher levels, but will also help in getting better quality products resulting in economical product pricing leading to addition in sales. Tempo also plans to add new equipments/accessories to its product list for which some of the machinery of the below listing will be required.

LIST OF MACHINERY REQUIRED

FORMING MACHINE - TEMPO under its major expansion plan, plans to manufacture a range Tissue Grinders and the accessories required. The combination of Tissue Grinder equipment along with the accessories will help the company to acquire larger sales. TEMPO has the facilities to start the production of Tissue Grinders which are in much demand in Indian markets as well as exports. Currently major of these products are imported. TEMPO being a well-established brand in the equipment industry can be helpful to fulfil these requirements and exports will lead in achieving larger sales. This machine will be used to manufacture the glass accessories required along with Tissue Grinders.

CO2 WELDING MACHINE - CO2 gas welding is an efficient, high quality, low cost welding method, less operator skills are required, long weld can be made without starts and stops, minimum post weld cleaning is required and has all position welding capability. Further the welding speed is much faster than the generally used ARC welding machines. This machine will be helpful in faster welding leading to faster production.

ROLL PLATE BENDING MACHINE - Tempo plans to carry out mass production of product called Autoclave in its unit, this product is in huge demand and currently the fabricated product is outsourced and sold. However as they have got all other machineries to produce the product the only machine required is 3 roll plate bending machine which will be used to manufacture/roll the outer and inner circular shell of this product.

HYDRAULIC PRESS BRAKE - All the major fabrication job involving bending and pressing even punching can be carried out on these machine. This machine being hydraulically controlled, less manpower is required compared to manually operated hand presses/mechanical presses, also the pressing is quite precise and better quality and larger production can be achieved.

SURFACE GRINDER - Currently the company is outsourcing Dies and tools and also is sending the dies for repairing/surfacing to other parties which is leading to production delays and increase in costs. The procurement of this machine will not only reduce the lead time but will also help in developing multiple dies and tools in house which the company is planning to reduce the Production time.

HEAVY DUTY RADIAL DRILLING MACHINE - They provide precision, efficiency and dependability in one-off and batch production environments as well as portability for installation and assembly work.

SPOT WELDING MACHINE – Tempo has already got 1 Spot welding machine, however as the increased projected production cannot be achieved using single machine, they have added this machine of heavy capacity in the required list of machinery. This machinery is used for general spot welding in fabrication process as well as the major process involved is manufacturing of S.S. Rod trays. Currently as using single spot welding machine the Rod trays are given for labour job to outside parties which involves transportation to and fro and increases the cost of manufacturing, this machine will be helpful in reducing the cost to the company and help in gaining the production.

BUTT WELDING MACHINE - Butt-welding is an economical and reliable way of jointing without using additional components. A butt-welding joint is made by gradually heating up the two weld ends with a weld plate and then joining them under a specific pressure. This process is very suitable for prefabrication and producing special fittings.

FUTURE BUSINESS PLAN

Currently they are catering the customers located mainly in Maharashtra, Karnataka and Andhra Pradesh due to limited manufacturing facilities and limited availability of working capital since they do not have any financial support from Banks / Financial Institutions. They now propose to extend and spread their reach to other states in country as well as to start exports business to become world market players in the field of manufacturing the range of Laboratory Instruments. In this endeavour they also propose to introduce some new product range for laboratory which include Tissue Grinders. For this purpose they propose to install some new machine to manufacture the tissue grinders the details of the same is enclosed herewith since the demand is very high and the customer base will remain the same.

TISSUE GRINDERS

Tempo Tissue Grinder is a compact unit with speed control system capable of providing RPM/torque combination for most laboratory operations involving homogenizing or mixing. Designed for liquid and tissue samples. Designed for High Speed / Quality, low noise, low cost and high efficiency. Applications involve Animal/Human/Cellular/Plant/Food/Chemistry, Nanoparticles etc. Along with the equipments different types and sizes of PTFE Pestles and Glass Tubes are available to suite specific requirement.

In view of the foregoing and the favourable financial indicators based upon conservative assumptions, the project is considered technically feasible and economically viable.

------------------------------------------------------------------------------------------------------------------------------

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10484140	18/03/2014	4,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSE, SENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA	C00175885

------------------------------------------------------------------------------------------------------------------------------

CHANGE OF ADDRESS:

The Registered Office of the company has been shifted from Purshottam Bhavan, Ground Floor, 1/3, Issaji Street, Mumbai – 400003, Maharashtra, India to the present address w.e.f.01.08.2011.

FIXED ASSETS:

· Computer

Furniture and Fixture

Office Equipment

Plant and Machinery

Testing Instruments

Tools and Dies

------------------------------------------------------------------------------------------------------------------------------

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs. 61.43
UK Pound	1	Rs. 99.73
Euro	1	Rs. 77.93

INFORMATION DETAILS

Information Gathered by :	HNA
Analysis Done by :	SUB
Report Prepared by :	BVA / MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--CREDIT LINES	1~10	4
--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
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		35

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.