MIRA INFORM REPORT

Report No. :	319911
Report Date :	30.04.2015

IDENTIFICATION DETAILS

Name :		TECHNOCRAFTS SWITCHGEARS PRIVATE LIMITED (w.e.f.15.11.2010)
Formerly Known As :		TECHNOCRAFTS SWITCHGEARS LIMITED TECHNOCRAFTS SWITCHGEARS (INDIA) PRIVATE LIMITED (w.e.f.03.09.2003) SAVITA HEAT TRANSFER EQUIPMENTS PRIVATE LIMITED
Registered Office :		103, Gateway Plaza, Hiranandani Gardens, Powai, Mumbai – 400076, Maharashtra
Tel. No.:	91-22-28479999
Country :		India
Financials (as on) :		31.03.2014
Date of Incorporation :		08.02.1991
Com. Reg. No.:		11-060189
Capital Investment / Paid-up Capital :		Rs. 10.000 Million
CIN No.: [Company Identification No.]		U29198MH1991PTC060189
IEC No.:		0304004111
TAN No.: [Tax Deduction & Collection Account No.]		MUMT11136G
PAN No.: [Permanent Account No.]		AABCT9742Q
Legal Form :		Private Limited Liability Company
Line of Business :		Manufacturer and Exporter of Medium Voltage Switchgear and Panels.
No. of Employees :		Not Available

RATING & COMMENTS

MIRA’s Rating :

B (32)

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

Maximum Credit Limit :	USD 220000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. For the financial year ended 2014, sales turnover of the company has declined which has resulted into dip in profit of the company. Rating further constrained on account of company’s moderate financial risk profile and leverage capital structure of the company. However, trade relations are fair. Business is active. Payments are reported to be slow but correct. In view of moderate operational performance, the company can be considered for business dealings with some caution.

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

NOT AVAILABLE

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.

LOCATIONS

Registered Office :	103, Gateway Plaza, Hiranandani Gardens, Powai, Mumbai – 400076, Maharashtra, India
Tel. No.:	91-22-25705977/ 25706865
Fax No.:	Not Available
E-Mail :	vijaybhatia@email.com
Website :	http://www.technocrafts.net
Head Office :	A-1020, Oberoi Garden Estates, Chandivali Farms Road, Chandivali, Mumbai - 400072, Maharashtra, India
Tel. No.:	91-22-28479999
Fax No.:	91-22-28479988
E-Mail :	nc.shenoy@technocrafts.net
Factory :	Arihant Commercial Complex, Building No. 55, Gala No. 1 to 9, Ground Floor, Near Kopar Bus Stop, Old Thane Bhiwandi Road, Purna Village, Bhiwandi - 421302, Maharashtra, India
Tel. No.:	91- 2522-277912/ 277913

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Vijay Inder Bhatia

Designation :

Director

Address :

1002 A, Brentwood CHS Limited, Main Street Road, Hiranandani Gardens, Powai, Mumbai – 400076, Maharashtra, India

Date of Birth/Age :

28.07.1958

Date of Appointment :

23.09.2011

DIN No.:

00409122

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	U65990MH1992PLC067640	COMPACT CAPITAL LIMITED	Whole-time director	05-03-2002	10-07-1992	-	Active	NO
2	U74999MH1996PLC101658	SUN AUTOMATION LIMITED	Director	07-08-1996	07-08-1996	-	Active	NO
3	U51909MH1997PTC110669	SAINATH INFORMATICS PRIVATE LIMITED	Director	12-09-1997	12-09-1997	06-12-2009	Under Process of Striking off	NO
4	U51100MH1997PTC111142	OCEAN DISTRIBUTORS PRIVATE LIMITED	Director	03-01-1999	03-01-1999	-	Strike off	NO
5	U51900DL1987PTC265813	UNIGLOBAL SECURITIES PRIVATE LIMITED	Director	23-06-2004	23-06-2004	-	Active	NO
6	U74140MH2001PTC134326	COMPACT ADVISORS PRIVATE LIMITED	Director	01-04-2005	01-04-2005	-	Active	NO
7	U31100MH1997PTC106456	APOLLO-SOYUZ ELECTRICALS PRIVATE LIMITED	Director	20-07-2007	26-07-2006	31-03-2014	Active	NO
8	U45200MH1995PLC092409	OFFSHORE INFRASTRUCTURES LIMITED	Director	01-11-2006	01-11-2006	01-01-2011	Active	NO
9	U15500MH2005PTC152266	SOMMELIER INDIA PRIVATE LIMITED	Additional director	01-12-2009	01-12-2009	-	Strike off	NO
10	U67120MH1988PTC046132	COMPACT PROPERTIES PRIVATE LIMITED	Director	06-08-2010	01-04-2010	-	Active	NO
11	L30007MH1992PLC068558	MICRO TECHNOLOGIES (INDIA) LIMITED	Director	28-06-2010	28-04-2010	05-02-2011	Under liquidation	NO
12	U74999MH1995PLC086385	GLOBAL NATURAL RESOURCES LIMITED	Director	26-09-2011	15-11-2010	-	Active	NO
13	U45202MH2011PTC214700	GSD LAND DEVELOPER PRIVATE LIMITED	Director	12-03-2011	12-03-2011	01-05-2014	Active	NO
14	U29198MH1991PTC060189	TECHNOCRAFTS SWITCHGEARS PRIVATE LIMITED	Director	23-09-2011	01-04-2011	-	Active	NO
15	U55200KA2011PTC058886	ELIM RESORTS PRIVATE LIMITED	Director	31-05-2011	31-05-2011	-	Active	NO
16	U74999MH2015PTC263121	CHEF MY PLATE PRIVATE LIMITED	Director	27-03-2015	27-03-2015	-	Active	NO

Name :

Mr. Naveenchandra Gopalkrishna Shenoy

Designation :

Whole-time director

Address :

Flat No. 43, 4^th Floor, Building No. 14, Kamdhemu Hari Om Nagar, Mulund (East), Mumbai – 400081, Maharashtra, India

Date of Birth/Age :

27.11.1971

Date of Appointment :

01.01.2009

DIN No.:

00455296

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U29198MH1991PTC060189	TECHNOCRAFTS SWITCHGEARS PRIVATE LIMITED	Whole-time director	01-01-2009	11-04-2003	Active	NO

Name :

Mr. Ganesh Dattatraya Samant

Designation :

Director

Address :

Sundara Narayan Niwas, Padmavati, Extn. Road, IIT Market, Powai, Mumbai – 400076, Maharashtra, India

Date of Birth/Age :

09.09.1972

Date of Appointment :

28.09.2012

DIN No.:

00457859

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	U74210MH1997PLC111233	ABHITECH ENERGYCON LIMITED	Managing director	01-04-2011	10-10-1997	-	Active	NO
2	U74999MH1996PLC101658	SUN AUTOMATION LIMITED	Director	28-09-2012	06-06-2003	-	Active	NO
3	U51100MH1997PTC111142	OCEAN DISTRIBUTORS PRIVATE LIMITED	Director	31-07-2003	31-07-2003	01-10-2009	Strike off	NO
4	U67120MH1988PTC046132	COMPACT PROPERTIES PRIVATE LIMITED	Director	20-12-2006	20-12-2006	31-12-2010	Active	NO
5	U55200KA2011PTC058886	ELIM RESORTS PRIVATE LIMITED	Director	28-09-2012	23-01-2012	-	Active	NO
6	U29198MH1991PTC060189	TECHNOCRAFTS SWITCHGEARS PRIVATE LIMITED	Director	28-09-2012	23-01-2012	-	Active	NO
7	U74999MH1995PLC086385	GLOBAL NATURAL RESOURCES LIMITED	Director	26-09-2012	29-01-2012	-	Active	NO
8	U74999MH2014PTC253725	ADI ATHARAV PHARMACEUTICALS PRIVATE LIMITED	Director	28-02-2014	28-02-2014	-	Active	NO
9	U74120MH2011PLC218124	ADI ATHARAV CORPORATION LIMITED	Additional director	22-03-2014	22-03-2014	-	Active	NO

Name :

Mr. Prasad Tulshidas Samant

Designation :

Additional director

Address :

C-2/203, Chakreshwari Sarvodaya Nagar, Mulund (West), Mumbai – 400080, Maharashtra, India

Date of Birth/Age :

27.07.1963

Date of Appointment :

28.09.2013

DIN No.:

00457890

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	U74210MH1997PLC111233	ABHITECH ENERGYCON LIMITED	Whole-time director	01-02-2012	30-06-2001	-	Active	NO
2	U67190MH1998PTC115474	NAVJYOT SAVINGS AND FINLEAS PRIVATE LIMITED	Director	01-09-2003	01-09-2003	01-10-2010	Active	NO
3	U29198MH1991PTC060189	TECHNOCRAFTS SWITCHGEARS PRIVATE LIMITED	Director	28-09-2013	15-01-2013	-	Active	NO
4	U74999MH2014PTC253725	ADI ATHARAV PHARMACEUTICALS PRIVATE LIMITED	Director	28-02-2014	28-02-2014	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Shareholders	No. of Shares	Percentage of Holding
Rammohan Gopal Shenoy	80000	8.00
Naveen Gopalkrishna Shenoy	20000	2.00
Omkar Prasad Samant	100000	10.00
Compact Capital Limited, India	500000	50.00
Ganesh Samant and Sarika Samant	300000	30.00
Total	1000000	100.00

AS ON 30.09.2014

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	50.00
Directors or relatives of directors	50.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Medium Voltage Switchgear and Panels.
Brand Names :	--
Agencies Held :	--
Exports :
Products :	Not Available
Countries :	Not Available
Imports :
Products :	Not Available
Countries :	Not Available
Terms :
Selling :	Not Available
Purchasing :	Not Available

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

Not Available

Bankers :

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

· State Bank of India

Dombivli Industrial Estate, Dombivli, District Thane - 421203, Maharashtra, India

· Oriental Bank of Commerce

Powai Branch, B-1, GL-34, Galleria, Hiranandani Gardens, Powai, Mumbai - 400076, Maharashtra, India

· Syndicate Bank

M.I.D.C Marol Branch, B-59 Giriraj Industrial Estate, Mahakali Caves Road, Andheri East, Mumbai - 400093, Maharashtra, India

· Axis Bank Limited

Ground Floor, Axis House, Bombay Dyeing Mills Compound, P B Marg, Worli, Mumbai - 400025, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
SHORT TERM BORROWINGS
Axis Bank Limited CC 1750	29.317	38.513
Axis Bank WCDL A/c. No. 913030045762033	15.160	0.000
Total	44.477	38.513

Banking Relations :	--
Auditors :
Name :	Awinash Verma and Associates Chartered Accountants
Address :	12, 2nd Floor, Gopal House, S. L. Road, Mulund (West), Mumbai – 400080, Maharashtra, India
Tel. No.:	91-22-25934488/ 25694488
Mobile No.:	91-9767232844
Income-tax PAN of auditor or auditor's firm :	AAYPV2873N
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
1,000,000	Equity Shares	Rs. 10/- each	Rs. 10.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1,000,000	Equity Shares	Rs. 10/- each	Rs. 10.000 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	10.000	10.000	10.000
(b) Reserves & Surplus	67.182	59.893	42.746
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	9.974	0.000
Total Shareholders’ Funds (1) + (2)	77.182	79.867	52.746
(3) Non-Current Liabilities
(a) Long-term borrowings	8.706	27.322	2.830
(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)	8.706	27.322	2.830
(4) Current Liabilities
(a) Short term borrowings	45.071	38.513	30.159
(b) Trade payables	82.551	117.831	86.543
(c) Other current liabilities	15.085	9.927	3.855
(d) Short-term provisions	3.378	8.018	0.029
Total Current Liabilities (4)	146.085	174.289	120.586
TOTAL	231.973	281.478	176.162
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	5.484	5.587	4.538
(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)	0.301	0.241	0.150
(d) Long-term Loan and Advances	3.893	3.657	4.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	9.678	9.485	8.688
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	63.119	48.231	63.057
(c) Trade receivables	129.958	191.733	65.112
(d) Cash and cash equivalents	8.559	6.147	15.588
(e) Short-term loans and advances	20.659	25.882	23.717
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	222.295	271.993	167.474
TOTAL	231.973	281.478	176.162

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		TOTAL	463.678	811.156	377.755
Less	EXPENSES
		TOTAL	453.072	786.210	366.804
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		[Including Financial Expenses]	26.181	10.951
Less/ Add	DEPRECIATION/ AMORTISATION			1.235	0.546
	PROFIT BEFORE TAX		10.606	24.946	10.405
Less	TAX		3.317	7.799	3.376
	PROFIT AFTER TAX		7.289	17.147	7.029
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		59.893	42.746	35.717
	BALANCE CARRIED TO THE B/S		67.182	59.893	42.746
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	21.165	37.215	29.704
	Earnings Per Share (Rs.)		7.29	17.15	10.41

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	4.58	8.87	5.91
Return on Investment (ROI) (PBT/Networth)		0.14	0.31	0.20
Debt Equity Ratio (Total Debt/Networth)		0.70	0.82	0.63
Current Ratio (Current Asset/Current Liability)		1.52	1.56	1.39

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particulars	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	10.000	10.000	10.000
Reserves & Surplus	42.746	59.893	67.182
Share Application money pending allotment	0.000	9.974	0.000
Net worth	52.746	79.867	77.182
Long-term borrowings	2.830	27.322	8.706
Short term borrowings	30.159	38.513	45.071
Total borrowings	32.989	65.835	53.777
Debt/Equity ratio	0.625	0.824	0.697

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)
Total Income	377.755	811.156	463.678
		114.731	(42.837)

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Total Income	377.755	811.156	463.678
Profit	7.029	17.147	7.289
	1.86%	2.11%	1.57%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	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	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	10391714	10/03/2015 *	110,000,000.00	AXIS BANK LIMITED	CORPORATE BANKING BRANCH, AXIS HOUSE, GROUND FLOOR, BOMBAY DYEING MILLS COMPOUND, P. B. MARG, WORLI, MUMBAI, MAHARASHTRA - 400025, INDIA	C48374961

* Date of charge modification

UNSECURED LOANS

PARTICULARS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG-TERM BORROWINGS
Unsecured Loans	8.706	27.322
SHORT TERM BORROWINGS
Term Loan from Financial Institution	0.594	0.000
Total	9.300	27.322

CHANGE OF ADDRESS:

The Registered Office of the Company has been shifted from 11-B-1 Takshila Mahakali Caves Road, Andheri (East), Mumbai - 400093, Maharashtra, India to the present address w.e.f.15.06.2012.

PERFORMANCE DURING THE FINANCIAL YEAR

The Company has earned profit of Rs. 7.289 Million during the current financial year 2013-14 as compared to the profit of Rs. 17.147 Million earned in the previous year 2012-13.

The Company expects better results during the ensuing financial year.

FIXED ASSETS:

· Flat

· Furniture and Fixture

· Office Equipment

· Vehicles

· Computer

· Plant and Machinery

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. 63.20
UK Pound	1	Rs. 97.01
Euro	1	Rs. 69.34

INFORMATION DETAILS

Analysis Done by :	KAR
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILITY	1~10	3
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--CREDIT LINES	1~10	3
--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		32

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.