MIRA INFORM REPORT

Report No. :	316672
Report Date :	08.04.2015

IDENTIFICATION DETAILS

Name :	ATLAS COPCO (INDIA) LIMITED
Registered Office :	Sveanagar, Mumbai-Pune Road, Dapodi, Pune – 411012, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	28.01.1960
Com. Reg. No.:	25-020566
Capital Investment / Paid-up Capital :	Rs. 225.616 Million
CIN No.: [Company Identification No.]	U27106PN1960PLC020566
TAN No.: [Tax Deduction & Collection Account No.]	PNEA00074E
PAN No.: [Permanent Account No.]	AAACA4074D
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer, Exporter and Importer of Air and Gas Compressors, Construction and Mining Equipment and Industrial Tools.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

A (65)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 36600000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Exist
Comments :	Subject is a well-established and reputed company having a fine track record. Financial position of the company seems to be sound. Trade relations are fair. Business is active. Payment terms are reported to be regular and as per commitments. The company can be considered normal for business dealings at usual trade terms and condition.

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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long Term Rating = AA+
Rating Explanation	High degree of safety and carry very low credit risk.
Date	10.11.2014

Rating Agency Name	CRISIL
Rating	Short Term Rating = A1+
Rating Explanation	Very strong degree of safety and carry lowest credit risk.
Date	10.11.2014

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 DECLINED

MANAGEMENT NON-COOPERATIVE

(CONTACT NO.: 91-20-39852455)

LOCATIONS

Registered/ Corporate/ Head Office/ Factory 1 :	Sveanagar, Mumbai-Pune Road, Dapodi, Pune – 411012, Maharashtra, India
Tel. No.:	91-20-30722222/ 39852455/ 39852100/ 39852543/ 2411/ 2416/ 2260
Fax No.:	91-20-27147928/ 39852070/ 39852016
E-Mail :	anant.bavare@in.atlascopco.com anand.daga@in.atlascopco.com investors.grievances@in.atlascopco.com
Website :	http://www.atlascopco.in
Factory 2 :	Plot No.90, MIDC, Industrial Area, Satpur, Nashik – 422007, Maharashtra, India
Factory 3 :	301/302, LBS Marg, Mulund (West), Mumbai – 400080, Maharashtra, India
Factory 4 :	146/2, Sector-I, Lane 8, IDA, Phase – II, Cherlapally, Hyderabad – 500051, Andhra Pradesh, India
Sales Offices :	Located at: · Hyderabad · Chandigarh · Kolkata · Jaipur · Bangalore · Nagpur · Mumbai · Chennai

DIRECTORS

AS ON 05.09.2014

Name :	Filip A J Vandenberghe
Designation :	Managing Director
Address :	Hendrik Consciencestraat 21, 2970, Belgium
Date of Birth/Age :	10.08.1953
Qualification :	Graduate
Date of Appointment :	01.08.2013
DIN No.:	02644579
Name :	Mr. Anilkumar Jewraj Hirjee
Designation :	Director
Address :	Flat No.9, Battery House, Bhulabhai Desai Road, Mumbai – 400026, Maharashtra, India
Date of Birth/Age :	14.05.1939
Qualification :	Graduate
Date of Appointment :	05.09.2014
Voter ID No.:	MT/024/231668
DIN No.:	00044765
Name :	Rolf Hans Ola Meyer
Designation :	Director
Address :	Hoglidsvagen 7, 182 47, Enebybero Sweden
Date of Birth/Age :	31.01.1955
Qualification :	Graduate
Date of Appointment :	30.04.2007
DIN No.:	01385028
Name :	Birgitta Jeanette Livijn
Designation :	Director
Address :	Langangsvagen 20 B, 182 75 Stocksund, Sweden
Date of Birth/Age :	05.03.1963
Qualification :	Graduate
Date of Appointment :	30.04.2010
DIN No.:	02760032

KEY EXECUTIVES

Name :	Mr. Anant Narayan Bavare
Designation :	Company Secretary
Address :	S. No.22/1, Kamal City, Flat No. C-305, Near Rajas Society, Katraj, Pune – 411046, Maharashtra, India
Date of Birth/Age :	13.07.1974
Date of Appointment :	04.06.2012
PAN No.:	AIYPB9758Q
Name :	Mr. Pradeep C
Designation :	Treasury Department

MAJOR SHAREHOLDERS

AS ON 05.09.2014

NOTE: SHAREHOLDING DETAILS FILE ATTACHED

AS ON 05.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Nationalized or other bank	0.01
Mutual funds	0.01
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	96.54
Bodies corporate	0.04
Other top fifty shareholders	0.46
Others	2.94
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Exporter and Importer of Air and Gas Compressors, Construction and Mining Equipment and Industrial Tools.

Products :

Product Description	Item Code No. (ITC Code)
Compressors	84144010
Mining Equipment	84305010
Construction Technique	84572090

Brand Names :

--

Agencies Held :

--

Exports :

Products :

Not Divulged

Countries :

Not Divulged

Imports :

Products :

Not Divulged

Countries :

Not Divulged

Terms :

Selling :

Not Divulged

Purchasing :

Not Divulged

PRODUCTION STATUS (AS ON 31.03.2012)

PARTICULARS	Unit	Licensed Capacity	Installed Capacity	Production/ Purchases
A. Manufactured
Air, gas and screw compressors and dryers	Nos.	11,500	11,500	12,234
Pneumatic tools	Nos.	75,000	75,000	60,573
Rock drilling equipments	Nos.	16,900	16,900	27,277
Road construction equipments	Nos.	1,000	1,000	688
B. Trading
Pneumatic tools	Nos.	--	--	38,275

NOTES:

1) The licensed capacity is as represented by the management and relied upon by the auditors.

2) The installed capacity has been certified by the Management and relied upon by the auditors, this being a technical matter.

GENERAL INFORMATION

Suppliers :

Reference:	Not Divulged
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

Customers :

Reference:	Not Divulged
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

No. of Employees :

Not Divulged

Bankers :

Bank Name:	Not Divulged
Branch:	Not Divulged
Person Name (with Designation):	Not Divulged
Contact Number:	Not Divulged
Name of Account Holder:	Not Divulged
Account Number:	Not Divulged
Account Since (Date/ Year of A/c Opening):	Not Divulged
Average Balance Maintained (Optional):	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan):	Not Divulged
Account Operation:	Not Divulged
Remarks: Not Divulged

· Citibank N.A.

First Floor, Onyx Towers, Near Westin Hotel, North Main Road, Koregaon Park, Pune – 411001, Maharashtra, India

· Citibank N.A.

Parmar House, 2413, East Street Camp, Pune – 411001, Maharashtra, India

· Deutsche Bank

Pune, Maharashtra, India

· HDFC Bank Limited

HDFC Bank House, Senapati Bapat Road, Pune - 411001, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2014 Rs. In Millions	31.03.2013 Rs. In Millions
LONG TERM BORROWINGS
Long-term maturities of finance lease obligations	9.090	33.355
SHORT TERM BORROWINGS
Working capital loans from banks	52.488	30.785
Total	61.578	64.140

Banking Relations :	--
Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	Mumbai, Maharashtra, India
Holding Company :	Atlas Copco AB, Sweden
Fellow Subsidiary Company :	· Atlas Copco (Shanghai) Trading Company Limited · Atlas Copco (South East Asia) Pte. Limited · Atlas Copco (Wuxi) Compressor Company Limited · Atlas Copco Airpower N.V. · Atlas Copco Business Services N.V · Atlas Copco China/Hong Kong Limited · Atlas Copco Const Tools GmbH · Atlas Copco Construction Mining Technique USA LLC · Atlas Copco MCT GmbH · Atlas Copco Mfg. Korea Company Limited · Atlas Copco Nederland B.V. · Atlas Copco Rock Drills AB · Atlas Copco S A (PTY) Limited · Atlas Copco Services Middle East SPC · Dynapac Compaction Equipment AB · Power Tools Distribution N.V · Atlas Copco GmbH · Atlas Copco Construction and Mining Tech-ZAO

CAPITAL STRUCTURE

AS ON 05.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
25000000	Equity Shares	Rs.10/- each	Rs. 250.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
22561564	Equity Shares	Rs.10/- each	Rs. 225.616 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	225.616	225.616	225.616
(b) Reserves & Surplus	12,570.179	10,153.113	8,028.779
(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)	12,795.795	10,378.729	8,254.395
(3) Non-Current Liabilities
(a) long-term borrowings	9.090	33.355	66.415
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	13.058	2.449	2.384
(d) long-term provisions	897.499	666.905	560.183
Total Non-current Liabilities (3)	919.647	702.709	628.982
(4) Current Liabilities
(a) Short term borrowings	52.488	30.785	1,273.387
(b) Trade payables	3,612.118	3,283.043	3,278.998
(c) Other current liabilities	858.775	1,361.588	1,084.922
(d) Short-term provisions	568.593	716.878	503.959
Total Current Liabilities (4)	5,091.974	5,392.294	6,141.266
TOTAL	18,807.416	16,473.732	15,024.643
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2,869.423	2,665.937	2,126.371
(ii) Intangible Assets	130.564	230.181	305.355
(iii) Capital work-in-progress	20.647	192.561	118.529
(iv) Intangible assets under development	91.633	27.791	0.944
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	368.627	327.539	214.070
(d) Long-term Loan and Advances	935.478	894.653	865.877
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	4,416.372	4,338.662	3,631.146
(2) Current assets
(a) Current investments	1,564.682	748.780	0.000
(b) Inventories	5,354.348	5,020.640	5,418.869
(c) Trade receivables	5,762.423	5,046.550	4,841.490
(d) Cash and cash equivalents	481.364	405.354	305.462
(e) Short-term loans and advances	1,228.527	913.746	827.676
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	14,391.344	12,135.070	11,393.497
TOTAL	18,807.716	16,473.732	15,024.643

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.03.2014	31.03.2013	31.03.2012
	SALES
		Revenue from Operations		26,400.897	25,173.866	26,166.659
		Other Income		175.793	88.935	70.442
		TOTAL (A)		26,576.690	25,262.801	26,237.101
Less	EXPENSES
		Cost of materials consumed		9,651.321	9,779.584	10,152.056
		Purchases of stock-in-trade		6,109.124	5,460.693	7,267.311
		Changes in inventories of finished goods, work-in-progress and stock-in-trade		25.846	286.575	(1,203.147)
		Employee benefit expense		2,298.822	2,136.459	2,104.095
		Other expenses		4,044.890	3,588.474	3,912.317
		Exceptional Items		0.000	16.594	0.000
		TOTAL (B)		22,130.003	21,268.379	22,232.632
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			4,446.687	3,994.422	4,004.469
Less	FINANCIAL EXPENSES (D)			57.065	98.257	101.551
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			4,389.622	3,896.165	3,902.918
Less	DEPRECIATION/ AMORTISATION (F)			553.985	482.820	580.518
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)			3,835.637	3,413.345	3,322.400
Less	TAX (H)			1,286.591	1,157.032	1,081.485
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)			2,549.046	2,256.313	2,240.915
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD			7228.579	5354.274	3494.467
Less	APPROPRIATIONS
			Transfer to General Reserve	275.000	250.000	250.000
			Proposed Dividend	112.808	112.808	112.808
			Corporate Dividend tax	19.200	19.200	18.300
	BALANCE CARRIED TO THE B/S			9370.617	7228.579	5354.274
	EARNINGS IN FOREIGN CURRENCY
			Export Earnings [FOB Basis]	5429.485	4119.107	3114.103
			Professional and Consultation Fees	1082.545	784.601	626.187
			Other Income	718.169	620.708	656.187
	TOTAL EARNINGS			7230.199	5524.416	4396.477
	IMPORTS
			Raw Materials	8148.773	7452.498	8178.289
			Capital Goods	55.915	89.502	188.429
	TOTAL IMPORTS			8204.688	7542.000	8366.718
	Earnings/ (Loss) Per Share (Rs.)			112.98	100.01	99.32

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	9.66	8.96	8.56
Operating Profit Margin (PBIDT/Sales)	(%)	16.84	15.87	15.30
Return on Total Assets (PBT/Total Assets}	(%)	20.93	21.43	22.62
Return on Investment (ROI) (PBT/Networth)		0.30	0.33	0.40
Debt Equity Ratio (Total Debt /Networth)		0.00	0.01	0.16
Current Ratio (Current Asset/Current Liability)		2.83	2.25	1.86

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	Rs. In Million	Rs. In Million	Rs. In Million
Share Capital	225.616	225.616	225.616
Reserves & Surplus	8028.779	10153.113	12570.179
Net worth	8254.395	10378.729	12795.795
Long Term borrowings	66.415	33.355	9.090
Short Term borrowings	1273.387	30.785	52.488
Total borrowings	1339.802	64.140	61.578
Debt/Equity ratio	0.162	0.006	0.005

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	Rs. In Million	Rs. In Million	Rs. In Million
Sales	26,166.659	25,173.866	26,400.897
		(3.794)	4.874

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	Rs. In Million	Rs. In Million	Rs. In Million
Sales	26,166.659	25,173.866	26,400.897
Profit	2,240.915	2,256.313	2,549.046
	8.56%	8.96%	9.66%

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	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	Yes
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	Yes
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	----------
26]	Buyer visit details	----------
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	Yes
34]	External Agency Rating, if available	Yes

LITIGATION DETAILS:

HIGH COURT OF BOMBAY

Bench:- Bombay
Lodging No:-	WPL/2469/2013	Filing Date:-	26/09/2013	Reg. No.:-	WP/2650/2013	Reg. Date:-	30/11/2013
Petitioner:-	ASSOCIATION OF ENGINEERING WORKERS AND ANR		Respondent:-	ATLAS COPCO (INDIA) LIMITED
Petn. Adv.:	N.M. GANGULI		Resp. Adv.:	--
District:-	MUMBAI
Bench:-	SINGLE
Status:-	Admitted (Unready)		Category:-	Writ Petition (Service Matter)
Last Date:	25/04/2014		Stage:	For Admission - Fresh [Original Side Matters]
Last Coram:	HON'BLE SHRI JUSTICE N.M. JAMDAR
Act:-	Industrial Dispute Act, 1947

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10095906	20/01/2012 *	2,180,000,000.00	CITIBANK N.A.	FIRST FLOOR, ONYX TOWERS, NEAR WESTIN HOTEL, NORTH MAIN ROAD, KOREGAON PARK,, PUNE, MAHARASHTRA -  411001, INDIA	B32714099
2	90128666	09/02/2009 *	51,500,000.00	ANDHRA BANK- MALAKPET BRANCH	16-10-27/105/13 TO 16 MAIN ROAD, MALAKPET, HYDERABAD, ANDHRA PRADESH - 500036, INDIA	A57803207
3	90130518	29/09/2006 *	10,000,000.00	ANDHRA BANK - MALAKPET BRANCH	MALAKPET MAIN ROAD, HYDERABAD, ANDHRA PRADESH - 500036, INDIA	A09924515

* Date of modification Charges

OPERATIONS

The total revenue for the period ended 31st March, 2014 was Rs.26576.700 Million against Rs.25262.800 Million for the previous year ended 31^st March, 2013, showing growth of 5.20% over previous year. The profit before exceptional items and taxes for the year ended 31st March, 2014 was Rs.3835.600 Million against Rs.3429.900 Million for the previous year ended 31stMarch, 2013, showing an increase of11.83% over previous year.

The year presented a number of challenges for the Company. Weak economic indicators and subdued industrial activity severely impacted the growth in revenue. Demand for Company's products was lower compared to previous year due to lack of fresh investment in industry and ban on mining by Supreme Court in number of states, apart from other reasons. However, your Company has been able to maintain its revenue and profitability above last year's levels due to its inherent strength in its products and tight control on costs.

The Company tries to reduce its environmental footprint across the value chain. In acknowledgement of this, your Company has received two recognitions during the year. The Company has received GREEN BUILDING 2013 certification from Indian Green Building Council for its factory building at Chakan. Further, the Company has also received Technology, Ecology and Social and Economic Environment (TESE) Certification 2014 as per TESE Guidelines and Standards 1001:2010 for the construction of the Chakan factory building.

The Chakan factory is constructed with the ambition to reach the highest sustainability and productivity targets. The buildings follows the global Atlas Copco Sustainable Building Standard and is in line with LEED (Leadership in Energy and Environmental Design) best practices. Extra attention is given to energy efficient design and technologies to limit the environmental impact and to reduce the use of energy and natural resources during both construction and plant operation.

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Computer

· Vehicles

· Furniture and Fixture

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

No 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. 62.33
UK Pound	1	Rs. 92.83
Euro	1	Rs. 68.08

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	RAS
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	8
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	8
--CREDIT LINES	1~10	7
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		65

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.