MIRA INFORM REPORT

Report No. :	318160
Report Date :	24.04.2015

IDENTIFICATION DETAILS

Name :	BT SOLDERS PRIVATE LIMITED
Registered Office :	11, Aecs Layout, 1^st Stage, Geddalahalli, Sanjay Nagar, Bangalore – 560094, Karnataka
Tel. No.:	91-80-22236784
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	09.02.1981
Com. Reg. No.:	08-038252
Capital Investment / Paid-up Capital :	Rs. 2.430 Million
CIN No.: [Company Identification No.]	U24243KA1981PTC038252
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	MUMB11208B
PAN No.: [Permanent Account No.]	AAACB1806A
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing and Importing of solder wires, solder tube and soldering products.
No. of Employees :	32 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. General financial position of the company seems to be sound and healthy. Trade relations are fair. Business is active. Payments are reported to be usually correct. The company can be considered 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

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 :	Mr. Ramesh
Designation :	Marketing Manager
Contact No.:	91-8022236784
Date :	22.04.2015

LOCATIONS

Registered Office :	11, Aecs Layout, 1^st Stage, Geddalahalli, Sanjay Nagar, Bangalore – 560094, Karnataka, India
Tel. No.:	91-80-22236784 (Mr. Ramesh)
Fax No.:	Not Available
E-Mail :	yaswantiain@gmail.com

DIRECTORS

AS ON 12.09.2014

Name :

Arvind Toshiniwal

Designation :

Director

Address :

168, 3^rd Cross, 10^th Main RMV Extension, Bangalore – 560080, Karnataka, India

Date of Birth/Age :

27.09.1950

Date of Appointment :

09.02.1981

DIN No.:

00142434

Voter ID No.:

BTF1020510

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U65990MH1979PTC021556	TOSHNIWAL INSTRUMENTS MANUFACTURING PRIVATE LIMITED	Director	14/08/1979	14/08/1979	18/05/2007	Active	NO
2	U33130MH1980PTC023419	TOSHNIWAL PROCESS INSTRUMENTS PRIVATE LIMITED	Director	05/11/1980	05/11/1980	25/07/2007	Converted to LLP	NO
3	U24243KA1981PTC038252	BT SOLDERS PRIVATE LIMITED	Director	09/02/1981	09/02/1981	-	Active	NO
4	U74140KA1981PTC037187	TOSHINIWAL BROS.((SR) PRIVATE LIMITED	Director	19/09/1981	19/09/1981	-	Active	NO
5	U31909KA1994PTC015140	ACMETOSH SERVICES PRIVATE LIMITED	Director	20/01/1994	20/01/1994	-	Active	NO
6	U99999MH1948PTC006453	TOSHNIWAL BROTHERS PRIVATE LIMITED	Director	28/07/1994	28/07/1994	-	Active	NO
7	U31102WB1999PTC089053	NARMADA TRADERS AND COMMERCIAL PRIVATE LIMITED	Director	28/04/2006	28/04/2006	-	Active	NO
8	U70102MH2007PTC171136	OMO PROPERTIES PRIVATE LIMITED	Director	11/07/2007	11/07/2007	-	Active	NO
9	U45400MH2007PTC173006	LILADHAR PROPERTIES PRIVATE LIMITED	Director	20/11/2007	20/11/2007	-	Converted to LLP and dissolved	NO
10	U51109MH2009PTC193224	KESHAV MULTITRADE PRIVATE LIMITED	Director	29/06/2009	29/06/2009	-	Amalgamated	NO
11	U51101MH2010PTC211357	DEVESH TRADING PRIVATE LIMITED	Director	22/09/2011	22/09/2011	-	Active	NO
12	AAC-2018	LILADHAR PROPERTIES LLP	Designated Partner	24/03/2014	24/03/2014	-	Active	NO

Name :

Jagdish Bihani

Designation :

Director

Address :

11/38, Cunningham Road, Bangalore – 560052, Karnataka, India

Date of Birth/Age :

18.01.1944

Date of Appointment :

05.02.1992

PAN No.:

00199695

Voter ID No.:

KT120852418

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U21015KA1974PLC002503	SANGAM SOLVENT EXTRACTS LIMITED	Director	11/02/1974	11/02/1974	24/06/2014	Active	NO
2	U24243KA1981PTC038252	BT SOLDERS PRIVATE LIMITED	Director	05/02/1992	05/02/1992	-	Active	NO
3	U65923KA1995PTC017983	SUBH MANGALAM INVESTMEMNTS PRIVATE LIMITED	Director	07/06/1995	07/06/1995	-	Active	YES
4	U72200KA1997PTC023174	OFFSHORE INFOTECH PRIVATE LIMITED	Director	28/01/2000	28/01/2000	-	Active	NO
5	U74920KA1995PTC017288	OFF SHORE SECURITIES PRIVATE LIMITED	Director	30/09/2006	16/11/2005	01/08/2009	Active	NO
6	U51909WB2008PTC124043	VAISHNODHAM COMTRADE PRIVATE LIMITED	Director	26/09/2014	03/07/2014	-	Active	NO

Name :

Usha Toshniwal

Designation :

Director

Address :

168, 3^rd Cross, 10^th Main, RMV Extension, Bangalore – 560080, Karnataka, India

Date of Birth/Age :

07.08.1951

Date of Appointment :

06.08.1998

PAN No.:

00142536

Voter ID No.:

BTF1020528

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U74140KA1981PTC037187	TOSHINIWAL BROS.((SR) PRIVATE LIMITED	Director	05/02/1992	05/02/1992	-	Active	NO
2	U31909KA1994PTC015140	ACMETOSH SERVICES PRIVATE LIMITED	Director	20/01/1994	20/01/1994	-	Active	NO
3	U24243KA1981PTC038252	BT SOLDERS PRIVATE LIMITED	Director	06/08/1998	06/08/1998	-	Active	NO
4	U45400MH2007PTC173006	LILADHAR PROPERTIES PRIVATE LIMITED	Director	20/11/2007	20/11/2007	-	Converted to LLP and dissolved	NO
5	U51109MH2009PTC193224	KESHAV MULTITRADE PRIVATE LIMITED	Director	29/06/2009	29/06/2009	-	Amalgamated	NO
6	AAC-2018	LILADHAR PROPERTIES LLP	Designated Partner	24/03/2014	24/03/2014	-	Active	NO

Name :

Anant Toshniwal

Designation :

Director

Address :

168, 3^rd Cross, 10^th Main, RMV Extension, Bangalore – 560080, Karnataka, India

Date of Birth/Age :

24.11.1974

Date of Appointment :

15.01.2007

PAN No.:

00142587

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U31909KA1994PTC015140	ACMETOSH SERVICES PRIVATE LIMITED	Director	11/02/1994	11/02/1994	-	Active	NO
2	U74140KA1981PTC037187	TOSHINIWAL BROS.((SR) PRIVATE LIMITED	Director	15/01/2007	15/01/2007	-	Active	NO
3	U24243KA1981PTC038252	BT SOLDERS PRIVATE LIMITED	Managing director	18/02/2011	15/01/2007	-	Active	NO
4	U36911MH2008PTC186171	MANMOHAN BULLIONS PRIVATE LIMITED	Director	05/09/2012	05/09/2012	20/08/2014	Active	NO

Name :

Anuj Toshniwal

Designation :

Director

Address :

168,3^rd Cross, 10^th Main, RMV Extension, Bangalore – 560080, Karnataka, India

Date of Birth/Age :

15.10.1977

Date of Appointment :

15.01.2007

Voter ID No.:

BTF1020437

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U24243KA1981PTC038252	BT SOLDERS PRIVATE LIMITED	Director	15/01/2007	15/01/2007	-	Active	NO
2	U31909KA1994PTC015140	ACMETOSH SERVICES PRIVATE LIMITED	Director	15/01/2007	15/01/2007	-	Active	NO
3	U74140KA1981PTC037187	TOSHINIWAL BROS.((SR) PRIVATE LIMITED	Managing director	18/02/2011	15/01/2007	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Ramesh
Designation :	Marketing Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 12.09.2014

Names of Shareholders	No. of Shares
Pushpalatha Toshniwal	100
Shri Arvind Toshniwal	4830
Shri Anant Toshniwal	3950
Shri Anuj Toshniwal	4100
The Triton Trading Company Limited, India	1020
Usha Toshniwal	6510
Anant Toshniwal	1120
Akshat Toshniwal Trust, India	700
Ananaya Toshniwal Trust, India	50
Sonali Toshniwal	100
Neha Toshniwal	100
Shri Anuj Toshniwal	1020
Ayush Toshniwal Trust, India	700
Total	24300

AS ON 12.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	4.20
Directors or relatives of Directors	95.80
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturing and Importing of solder wires, solder tube and soldering products.
Products :	Not Available
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Available
Imports :
Products :	Raw Material
Countries :	Singapore Malaysia
Terms :
Selling :	Not Available
Purchasing :	Not Available

GENERAL INFORMATION

Suppliers :

Reference :	Crown Export
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

No. of Employees :

32 (Approximately)

Bankers :

Banker Name	Syndicate Bank
Branch Address	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 Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

SECURED LOANS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
LONG TERM BORROWINGS
From banks	0.099	0.287
From others	0.958	0.878
SHORT TERM BORROWINGS
Loans repayable on demand from banks	16.783	14.592
Total	17.840	15.757

Auditors :
Name :	P. Manohara Guptha Chartered Accountants
Address :	‘L’ Block, Unity Buildings, J C Road, Bangalore – 560002, Karnataka, India
PAN No.:	AAAFD6954E
Memberships :	Not Available
Collaborators :	Not Available
Associates :	Arvind Toshniwal (HUF) Anant Toshniwal (HUF) Anuj Toshniwal (HUF) Ayush Toshniwal Trust Akshat Toshniwal Trust Ananya Toshniwal Trust Toshniwal Bros. (Sr.) Private Limited, Bangalore, Karnataka, India

CAPITAL STRUCTURE

AS ON 12.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs. 100/- each	Rs. 10.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
24300	Equity Shares	Rs. 100/- each	Rs. 2.430 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	2.430	2.430	2.430
(b) Reserves & Surplus	68.184	60.222	53.567
(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)	70.614	62.652	55.997
(3) Non-Current Liabilities
(a) long-term borrowings	5.857	12.575	6.727
(b) Deferred tax liabilities (Net)	0.000	0.103	0.000
(c) Other long term liabilities	0.635	0.552	0.000
(d) long-term provisions	1.039	1.061	1.014
Total Non-current Liabilities (3)	7.531	14.291	7.741
(4) Current Liabilities
(a) Short term borrowings	37.131	22.530	30.693
(b) Trade payables	17.063	30.389	11.696
(c) Other current liabilities	3.330	2.530	6.004
(d) Short-term provisions	2.393	1.876	2.779
Total Current Liabilities (4)	59.917	57.325	51.172
TOTAL	138.062	134.268	114.910
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	18.757	18.954	18.355
(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	8.024	7.643	7.083
(c) Deferred tax assets (net)	0.025	0.000	0.033
(d) Long-term Loan and Advances	16.630	23.407	6.899
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	43.436	50.004	32.370
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	11.294	15.556	19.023
(c) Trade receivables	65.081	62.818	49.997
(d) Cash and cash equivalents	7.275	2.859	4.433
(e) Short-term loans and advances	10.523	2.290	6.686
(f) Other current assets	0.453	0.741	2.401
Total Current Assets	94.626	84.264	82.540
TOTAL	138.062	134.268	114.910

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		TOTAL	NA	NA	NA
Less	EXPENSES
		TOTAL	NA	NA	NA
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		24.835	20.731	16.325
Less	FINANCIAL EXPENSES		8.990	7.984	5.611
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		15.845	12.747	10.714
Less/ Add	DEPRECIATION/ AMORTISATION		1.888	1.745	1.989
Less	EXCEPTIONAL ITEMS		(0.026)	(0.843)	0.135
	PROFIT/ (LOSS) BEFORE TAX		13.983	11.845	8.590
Less	TAX		4.600	3.778	2.719
	PROFIT/ (LOSS) AFTER TAX		9.383	8.067	5.871
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		12.670	7.015	7.272
Less	APPROPRIATIONS
		Transfer to General Reserve	1.215	1.215	0.972
		Dividend	0.206	0.197	0.157
		Tax on Dividend	5.000	1.000	5.000
	BALANCE CARRIED TO THE B/S		15.632	12.670	7.014
	Earnings / (Loss) Per Share (Rs.)		386.13	331.98	241.60

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	10.76	9.35	7.97
Return on Investment (ROI) (PBT/Networth)		0.20	0.19	0.15
Debt Equity Ratio (Total Debts/Networth)		0.61	0.56	0.67
Current Ratio (Current Asset/Current Liability)		1.58	1.47	1.61

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	2.430	2.430	2.430
Reserves & Surplus	53.567	60.222	68.184
Net worth	55.997	62.652	70.614
long-term borrowings	6.727	12.575	5.857
Short term borrowings	30.693	22.530	37.131
Total borrowings	37.420	35.105	42.988
Debt/Equity ratio	0.668	0.560	0.609

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	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	No
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	------
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	No
26]	Buyer visit details	No
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10049038	26/04/2007	4,000,000.00	SYNDICATE BANK	K R CIRCLE, MYSORE, Karnataka - 570001, INDIA	A14625453
2	10027606	19/10/2006	1,500,000.00	SYNDICATE BANK	K R CIRCLE, MYSORE, Karnataka - 570001, INDIA	A06174825
3	10027604	19/10/2006	7,500,000.00	SYNDICATE BANK	K R CIRCLE, MYSORE, Karnataka - 570001, INDIA	A06174650
4	80018063	07/08/2008 *	68,000,000.00	SYNDICATE BANK	NO.71/1, "SNEHA COMPLEX" BASAVESHWARA ROAD, MILL  ER'S ROAD, BANGALORE, Karnataka - 560052, INDIA	A43789296

* Date of charge modification

UNSECURED LOANS

PARTICULAR	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
LONG TERM BORROWINGS
Loans and advances from related parties	4.800	11.410
SHORT TERM BORROWINGS
Loans and from related parties	20.348	7.938
Total	25.148	19.348

FIXED ASSETS

• Land
• Buildings
• Plant and Equipments
• Furniture and Fixture
• Vehicles
• Office Equipments
• Borewell
• Computer

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 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. 63.19
UK Pound	1	Rs. 94.94
Euro	1	Rs. 67.66

INFORMATION DETAILS

Information Gathered by :	KMN
Analysis Done by :	KAR
Report Prepared by :	JYO

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	4
--RESERVES	1~10	5
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		43

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.