MIRA INFORM REPORT

Report No. :	335041
Report Date :	01.08.2015

IDENTIFICATION DETAILS

Name :	HIND ALUMINIUM INDUSTRIES LIMITED (w.e.f. 07.09.2007)
Formerly Known As :	ASSOCIATED PROFILES AND ALUMINIUM LIMITED
Registered Office :	B-1, Tulsi Vihar, Dr. Annie Besant Road, Worli Naka, Mumbai – 400018, Maharashtra
Tel. No.:	91-22-24945178
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	12.05.1987
Com. Reg. No.:	11-043472
Capital Investment / Paid-up Capital :	Rs.63.002 Million
CIN No.: [Company Identification No.]	L28920MH1987PLC043472
TAN No.: [Tax Deduction & Collection Account No.]	Muma20110g
PAN No.: [Permanent Account No.]	Aaaca4671q
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturer of Aluminium Wires and Conductors
No. of Employees :	Information denied by management

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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

Maximum Credit Limit :	USD 1800000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an old and established company incorporated during the year 1987 having a satisfactory track record. Available financial indicates company sound networth position with fair profitability and favorable gap between trade payable and trade receivable. Trade relations are reported as fair. Business is active. Payment terms are reported to be usually correct. In view of long standing record and acceptable financial base, the company can be considered normal for business dealings at usual trade terms and conditions.

NOTES:

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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= BBB+
Rating Explanation	Moderate degree of safety and carry moderate credit risk.
Date	10.09.2014

Rating Agency Name	CRISIL
Rating	Short term rating= A2
Rating Explanation	Strong degree of safety and carry low credit risk.
Date	10.09.2014

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 31-03-2013.

INFORMATION DENIED

Management Non Co-operative (91-22-40457100 / 24945178)

LOCATIONS

Registered Office :	B-1, Tulsi Vihar, Dr. Annie Besant Road, Worli Naka, Mumbai – 400018, Maharashtra, India
Tel. No.:	91-22-24945178/ 40457100/ 24971237
Fax No.:	91-22-24936888/ 24903573
E-Mail :	apap@associatedgroup.com deepak@associatedgroup.com hind@associatedgroup.com infornt@computronicsindia.com
Website :	www.associatedgroup.com
Wind Turbine Generations 1 :	Gut N0.59-1/A, Village; Akhtwade, District Nandurbar, Maharashtra, India
Wind Turbine Generations 2 :	Location No. 275, Survey No.818 of Village Narasewadi, Taluka Tasgaon, District Sangli, Maharashtra, India
Factory :	Survey No.1/2, Village Khutali, Khanvel - Doodhani Road, Near Khanvel, District Silvassa – 396230, Dadra and Nagar Haveli (Union Territory)
Tel. No.:	91-260-2677343/ 3252444/ 3203060/ 2677833
Fax No.:	91-260-2677361
E-Mail :	hindsil@associatedgroup.com
Minerals Division	5, Aishwarya Residency, G.E. Road, Telebandha, Raipur – 492001, Chhattisgarh, India

DIRECTORS

AS ON 31.03.2014

Name :	Mr. Lalit Kumar Daga
Designation :	Chairman
Address :	5-B, Purshottam Bhavan, Little Gibbs Road, Mumbai - 400006, Maharashtra, India
Date of Birth/Age :	10.10.1942
Date of Appointment :	12.05.1987
Qualification :	B Com
PAN No.:	APTPD1808K
DIN No.:	00089905
Name :	Mr. Shailesh Daga
Designation :	Managing Director
Address :	5-B, Purshottam Bhavan, Little Gibbs Road, Mumbai - 400006, Maharashtra, India
Date of Birth/Age :	19.03.1968
Date of Appointment :	12.05.1987
Qualification :	MBA
PAN No.:	AFDPD9153P
DIN No.:	00074225
Name :	Mr. Sudhir Goel
Designation :	Director
Address :	301-B, Sanjeev Enclave, 7 Bunglow, Versova, Andheri (West), Mumbai - 400 026, Maharashtra, India
Date of Birth/Age :	20.07.1949
Date of Appointment :	12.05.1987
Qualification :	FCA
DIN No.:	00074455
Name :	Mr. Navin Shah
Designation :	Director
Name :	Mr. Sundeep Mohta
Designation :	Director
Address :	23, Kali Krishna Tagore Street, Kolkata- 700 007, West Bengal, India
Date of Birth/Age :	03.03.1970
Date of Appointment :	10.06.2003
DIN No.:	00426001
Name :	Mr. Narayan Das Mundhra
Designation :	Director
Address :	Flat No.3-A, Gyan Apartments, Old No.19, New No.38, Venkatraman, T. Nagar, Chennai - 600017, Tamilnadu, India
Date of Birth/Age :	30.04.2009
Date of Appointment :	05.10.1955
DIN No.:	02634287

KEY EXECUTIVES

Name :	Mr. Kailash Agarwal
Name : Designation :	Unit Incharge –Wire Rod & Conductor Division
Name :	Mr. Mahendra Kumar Jain
Designation :	Chief Financial Officer
Name :	Mr. Santosh L.Baghel
Designation :	General Manager-Works; Wire Rod & Conductor Division
Name :	Mr. Prem Sharma
Designation :	General Manager, Marketing - Conductor Division
Name :	Mr. Mahendra H Karia
Designation :	General Manager-Commercial

SHAREHOLDING PATTERN

AS ON 31.03.2015

Category of Shareholder	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	1925360	30.56
Bodies Corporate	1988592	31.56
Sub Total	3913952	62.12
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	3913952	62.12
(B) Public Shareholding
(1) Institutions
(2) Non-Institutions
Bodies Corporate	471066	7.48
Individuals
Individual shareholders holding nominal share capital up to Rs.0.100 million	1007310	15.99
Individual shareholders holding nominal share capital in excess of Rs.0.100 million	882885	14.01
Any Others (Specify)	24987	0.40
Non-Resident Indians	16969	0.27
Clearing Members	8018	0.13
Sub Total	2386248	37.88
Total Public shareholding (B)	2386248	37.88
Total (A)+(B)	6300200	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	6300200	0.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Aluminium Wires and Conductors
Products :	· Aluminium Wires · Conductors
Brand Names :	--
Agencies Held :	--
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	Not Divulged
Purchasing :	Not Divulged

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Not Divulged

Customers :

Not Divulged

No. of Employees :

Information declined by the management

Bankers :

· ICICI Bank Limited

· Standard Chartered Bank

· State Bank of India

Facilities :

SECURED LOANS	31.03.2015 Rs. In Million	31.03.2014 Rs. In Million
Long Term Borrowings
A) Term Loan from State Bank of India, Vapi		30.146
B) Vehicle Loan from HDFC Bank Limited, Mumbai		0.000
C) Term Loan from ICICI Bank Limited, Mumbai		9.203
Short Term Borrowings
A. Cash Credit / Buyers Credit/ LC from ICICI Bank Limited		104.769
B. Cash Credit / Buyers Credit/ LC from Standard Chartered Bank Limited		17.518
C. Purchase bill discounting from HDFC Bank Limited, Mumbai		98.955
D. Cash Credit / Buyers Credit from State Bank of India; Vapi		93.712
Total	NA	354.303

NOTE:

Long Term Borrowings

A] Securities for Term Loans :

a) Secured by hypothecation of Lease hold land, Fixed Assets.

b) Secured by hypothecation of Motor Cars.

c) First and exclusive charge by way of Hypothecation of Plant & Machinery situated at Village Khutali, Khanvel, Silvassa and Factory Land and Building situated at Kachigam Road, Daman.

First and exclusive charge by way of Equitable mortgage of Factory Land and

Building situated at village Khutali, Khanvel, Silvassa and Kachigam Road, Daman.

Second charge by way of Equitable mortgage of Residential property situated at Lalit Vihar, Village Khanvel, and District Silvassa.

First and exclusive charge by way of Equitable mortgage of Residential property situated at Antony Apartments and Swagat Building at Daman, Rajanigandha Apartments, Vapi and Lalit Vihar, Silvassa.

B] Terms of repayment :

a) In equal Quarterly Installment

b) Monthly EMI

c) 20 equal quarterly installment starting after three months from the date of first disbursement.

C] There are no defaults in repayment of loan and interest thereon as on March 31, 2014 for all the loans under this head.

Short Term Borrowings

A. First charge by way of hypothecation of entire stock of Raw materials, Work in process, Finished stock and Book debts and second charge on Plant and Machinery, Factory & Residential Building, at Silvassa.

B. Secured by way of Pari Passu Charge on all present and future current assets of the Company.

C. Secured by Hypothecations of all chargeable current assets of the company on Pari Passu basis with other working capital lenders.

First charge by way of Equitable mortgage over Factory land and Hypothecations of Plant & Machinery of the WTG located at No. 275, Surve No. 818 of Village Narsewadi, District Sangli.

First charge by way of Hypothecation of Plant & Machinery of the company purchased and to be purchased out of bank's finances at Village Khutali, Khanvel, Silvassa.

D. There are no defaults in repayment of loan and interest thereon as on March 31, 2014 for all the loans under this head.

Auditors :

Name :

A J Baliya and Associates

Chartered Accountants

Address :

1, Gala Towers, B B Marg, Chinchpokli (East), Mumbai - 400 012, Maharashtra, India

PAN No.:

AAAFA8300P

Collaborators :

Not Divulged

Membership :

Not Divulged

Associates (As on 31.03.2014) :

· Associated Aluminium Industries Private Limited

· Nirav Commercials Limited

· Associated Non-Ferrous Metals Private Limited

· Daga Rubber Works Private Limited

· Dynavent Airsystems Private Limited

· Associated Industries Limited, SFZ.

· Shubhmangal Portfolio Private Limited

· Daga Capital Management Private Limited

· Satyam Prima Capital Private Limited

Subsidiary Company (As on 31.03.2014) :

· Hind Power Products Private Limited

· Associated Industries Limited, SFZ.

CAPITAL STRUCTURE

AS ON 31.03.2015

Authorised Capital : Not Divulged

Issued, Subscribed & Paid-up Capital : Rs.63.002 Million

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
6500000	Equity Shares	Rs.10/- each	Rs.65.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
6300200	Equity Shares	Rs.10/- each	Rs.63.002 Million

A. The reconciliation of the number of Shares outstanding:

Equity Shares	Number of Shares
Number of shares at the beginning	6300200
Number of shares at the end	6300200

B. The equity shareholders of the Company are entitled to receive final dividend as declared and approved by the Board of Directors and/or the shareholders of the Company. The dividend so declared will be in proportion to the number of equity shares held by the shareholders.

C. In the event of the liquidation of the Company, equity shareholders will be entitled to receive remaining assets of the company after distribution of all preference shareholders. However, no such Preference share capital exist during the year. The distribution will in proportion to the number of equity shares held by the shareholders.

D. Details of Share Holders holding more than 5% of Equity Shares of the Company as at 31st March, 2014 are as under:

Name of Shareholder	Number of Shares	% holding
Lalit Kumar Daga	595616	9.45
Sheela Daga	545080	8.65
Associated Aluminium Industries Private Limited	408244	6.48
Associated Non-Ferrous Metals Private Limited	336850	5.35

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2015	31.03.2014	31.03.2013
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	63.002	63.002	63.002
(b) Reserves & Surplus	569.656	511.184	463.601
(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)	632.658	574.186	526.603
(3) Non-Current Liabilities
(a) long-term borrowings	68.868	39.349	46.053
(b) Deferred tax liabilities (Net)	34.647	33.323	27.963
(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)	103.515	72.672	74.016
(4) Current Liabilities
(a) Short term borrowings	744.941	387.693	492.732
(b) Trade payables	520.675	297.404	245.802
(c) Other current liabilities	77.257	95.963	70.787
(d) Short-term provisions	11.618	11.250	11.197
Total Current Liabilities (4)	1354.491	792.310	820.518
TOTAL	2090.664	1439.168	1421.137
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	222.980	241.987	188.044
(ii) Intangible Assets	0.000	0.517	0.606
(iii) Capital work-in-progress	0.000	0.000	32.064
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	113.197	112.249	76.859
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	134.774	101.482	98.333
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	470.951	456.235	395.906
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	405.992	157.629	198.894
(c) Trade receivables	1011.151	713.043	656.960
(d) Cash and cash equivalents	76.128	78.128	131.510
(e) Short-term loans and advances	121.454	22.135	17.377
(f) Other current assets	4.988	11.998	20.490
Total Current Assets	1619.713	982.933	1025.231
TOTAL	2090.664	1439.168	1421.137

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2015	31.03.2014	31.03.2013
	SALES
		Income	4414.485	4417.657	4330.306
		Other Income	29.135	31.268	46.479
		TOTAL (A)	4443.620	4448.925	4376.785
Less	EXPENSES
		Cost of Materials Consumed	4153.972	3992.200	3995.314
		Purchase of Stock-in-trade	8.309	0.000	0.000
		Changes in Inventories of finished goods, work-in-progress and stock-in-trade	(178.958)	2.810	(28.393)
		Employee Benefits Expenses	36.801	31.153	23.801
		Other Expenses	237.408	246.884	191.047
		TOTAL (B)	4257.532	4273.047	4181.769
Less	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		186.088	175.878	195.016
Less	FINANCIAL EXPENSES (D)		54.387	61.131	77.459
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		131.701	114.747	117.557
Less	DEPRECIATION/ AMORTISATION (F)		31.541	35.105	30.597
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)		100.160	79.642	86.960
Less	TAX (H)		27.324	21.002	22.954
	PROFIT/(LOSS) AFTER TAX (G-H) (I)		72.836	58.640	64.006
	Earnings Per Share (Rs.)		11.56	9.31	10.16

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	164.689	155.062
Net cash from operating activities	NA	134.273	134.486

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin PAT / Sales	(%)	1.65	1.33	1.48
Operating Profit Margin (PBDIT/Sales)	(%)	4.22	3.98	4.50
Return on Total Assets (PBT/Total Assets)	(%)	5.07	6.00	6.63
Return on Investment (ROI) (PBT/Networth)		0.16	0.14	0.17
Debt Equity Ratio (Total Debt /Networth)		1.29	0.74	1.02
Current Ratio (Current Asset/Current Liability)		1.20	1.24	1.25

STOCK PRICES

Face Value	Rs.10.00/-
Market Value	Rs.66.15/-

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014	31.03.2015
	Rs. In Million	Rs. In Million	Rs. In Million
Share Capital	63.002	63.002	63.002
Reserves & Surplus	463.601	511.184	569.656
Net worth	526.603	574.186	632.658
long-term borrowings	46.053	39.349	68.868
Short term borrowings	492.732	387.693	744.941
Total borrowings	538.785	427.042	813.809
Debt/Equity ratio	1.023	0.744	1.286

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014	31.03.2015
	Rs. In Million	Rs. In Million	Rs. In Million
Sales	4330.306	4417.657	4414.485
		2.017	(0.072)

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014	31.03.2015
	Rs. In Million	Rs. In Million	Rs. In Million
Sales	4330.306	4417.657	4414.485
Profit	64.006	58.640	72.836
	1.48%	1.33%	1.65%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	No
8	Designation of contact person	No
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	Yes
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	No
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	Yes
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

UNSECURED LOAN:

Particulars	31.03.2015 Rs. In Million	31.03.2014 Rs. In Million
Short Term Borrowings
Adiya Birla Finance Limited		72.739
Total	NA	72.739

INDEX OF CHARGES:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10297615	27/09/2013 *	997,500,000.00	ICICI Bank Limited	Landmarkrace Cource Circle, Alkapuri, Baroda, Gujarat - 390015, India	B91725911
2	10298512	14/06/2011	17,500,000.00	ICICI Bank Limited	Landmarkrace Cource Circle, Alkapuri, Baroda, Gujarat - 390015, India	B17327362
3	10243944	30/01/2014 *	380,000,000.00	ICICI Bank Limited	Landmarkrace Cource Circle, Alkapuri, Baroda, Gujarat - 390015, India	B97363212
4	10191960	13/12/2011 *	350,000,000.00	Standard Chartered Bank	Crescenzo, C-38/39, G-Block, Behind MCA Club, Bandra-Kurla Complex, Bandra (E), Mumbai, Maharashtra - 400051, India	B29235405
5	10191964	25/11/2009	14,400,000.00	3i Infotech Trusteeship Services Limited	3rd To 6th Floor, International Infotech Park,, 6th Floor, Akruti Centre Point, MIDC Central Road, Mumbai, Maharashtra - 400093, India	A74809450
6	10127293	05/01/2009 *	600,000,000.00	3i Infotech Trusteeship Services Limited	3rd To 6th Floor, International Infotech Park,, Tower No.5, Vashi Railway Station Complex, Vashi, Navi Mumbai, Maharashtra - 400703, India	A54453626
7	90214633	02/08/2013 *	351,500,000.00	State Bank of India	Mid Corporate Branch, 1^st Floor, Shanti Complex, GIDC, Vapi, Gujarat - 396195, India	B83770057
8	90215396	09/06/1994	4,500,000.00	The State Bank of India	Somnath Industrial Estate Branch, Daman, Daman and Diu, India	-

*Date of modification Charges

FIXED ASSETS:

· Freehold Land

· Buildings

· Residential Flat

· Office Premises

· Plant & Machinery

· Wind Turbine Generator

· Solar Power Plant

· Electrical Installations

· Furniture and Fixtures

· Office Equipments

· Vehicles

· Computer Software

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.63.01
UK Pound	1	Rs.99.84
Euro	1	Rs.70.16

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	DIV
Report Prepared by :	NKT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		50

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

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

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

RATING EXPLANATIONS

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

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.