MIRA INFORM REPORT

Report No. :	335017
Report Date :	03.08.2015

IDENTIFICATION DETAILS

Name :	GENUS ELECTROTECH LIMITED
Registered Office :	76, Defence Enclave, Opposite Preet Vihar Patrol Pump, New Delhi – 110092
Tel. No.:	91-2836-240872 / 295212
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	23.07.2003
Com. Reg. No.:	55-121435
Capital Investment / Paid-up Capital :	Rs.41.388 Million
CIN No.: [Company Identification No.]	U32109DL2003PLC121435
IEC No.:	0503063207
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AABCG9645H
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturing of Electronics and Electrical items.
No. of Employees :	Information declined by the 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 3000000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company incorporated during the year 2003 having a satisfactory track record. Available financial indicates company sound financial risk profile marked by healthy networth position with low borrowings 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 and as per commitment. In view of sound 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	ICRA
Rating	Term Loans = BBB
Rating Explanation	Moderate degree of safety and it carry moderate credit risk.
Date	March, 2015

Rating Agency Name	ICRA
Rating	Short Term Non – Fund Based Credit = A2
Rating Explanation	Strong degree of safety and low credit risk.
Date	March, 2015

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 (91-79-4001819 / 9978959735)

LOCATIONS

Registered Office :	76, Defence Enclave, Opposite Preet Vihar Patrol Pump, New Delhi – 110092, India
Tel. No.:	91-2836-240872 / 295212 / 79-4001819
Mobile No.:	91-9978959735
Fax No.:	91-2836-240792
E-Mail :	info@genuselectrotech.com
Website :	www.genuselectrotech.co.in
Factory :	Survey No. 43, Meghpar Borichi, Galpadar Road, Anjar, Dist - Kutch, Gandhidham - 370110, Gujarat, India

DIRECTORS

As on 30.09.2014

Name :

Mr. Ishwar Chand Agarwal

Designation :

Director

Address :

12 Dwarkapuri, Jamnalal Bajaj Marg, C Scheme, Jaipur – 302016, Rajasthan, India

Date of Birth/Age :

19.04.1950

Date of Appointment :

23.07.2003

DIN No.:

00011152

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	U23101UP1984PLC028158	KAILASH COAL AND COKE COMPANY LIMITED	Director	22/09/1984	22/09/1984	30/06/2014	Active	NO
2	U65921UP1989PTC011236	I C FINANCE PRIVATE LIMITED	Director	03/10/1989	03/10/1989	31/03/2007	Active	NO
3	U26941UP1990PLC012240	KAILASH INDUSTRIES LIMITED	Director	05/09/1990	05/09/1990	-	Active	NO
4	L51909UP1992PLC051997	GENUS POWER INFRASTRUCTURES LIMITED	Whole-time director	01/04/2014	25/05/1994	-	Active	NO
5	U20211UP1996PLC020150	GENUS PAPER PRODUCTS LIMITED	Director	14/08/2002	14/08/2002	-	Amalgamated	NO
6	U51909WB1992PLC055015	GODAVARI COMMODITIES LTD	Director	20/11/2002	20/11/2002	23/08/2012	Active	NO
7	U32109DL2003PLC121435	GENUS ELECTROTECH LIMITED	Director	23/07/2003	23/07/2003	-	Active	NO
8	U27104UP2004PLC029255	KAILASH VIDYUT AND ISPAT LIMITED	Director	24/11/2004	24/11/2004	05/10/2010	Active	NO
9	L15422UP1980PLC005012	GULSHAN SUGARS AND CHEMICALS LIMITED	Director	05/10/2005	05/10/2005	29/07/2008	Amalgamated	NO
10	L24231UP2000PLC034918	GULSHAN POLYOLS LIMITED	Director	05/10/2005	05/10/2005	21/06/2008	Active	NO
11	U51311UR1998PLC001289	GENUS INNOVATION LIMITED	Director	29/09/2009	08/07/2009	24/01/2013	Active	NO
12	U45203RJ2009PLC029644	VIRTUOUS INFRA LIMITED	Director	20/08/2009	20/08/2009	28/07/2014	Active	NO
13	U21098UP2012PLC048300	Genus Paper and Boards Limited	Director	11/01/2012	11/01/2012	-	Active	NO
14	U45201RJ2012PTC039560	GREENTECH MEGA FOOD PARK PRIVATE LIMITED	Director	20/07/2012	20/07/2012	-	Active	NO
15	U51909RJ2003PLC032085	GENUS INTERNATIONAL COMMODITIES LIMITED	Director	27/09/2013	12/10/2012	-	Active	NO
16	U70101RJ2012PTC039486	AUTO LOGISTICS PARK PRIVATE LIMITED	Director	30/12/2013	10/05/2013	-	Active	NO
17	U51395DL2007PLC162295	Virtuous Urja Limited	Director	30/09/2013	15/06/2013	-	Active	NO
18	U14290DL2013PLC256304	VIRTUOUS MINING LIMITED	Director	06/08/2013	06/08/2013	-	Active	NO

Name :

Mr. Vishnu Todi

Designation :

Director

Address :

87/88 Navratna Residency, Near Holiday Village Resort, Galpadar Road, Anjar, Kutch – 370110, Gujarat, India

Date of Birth/Age :

28.03.1969

Date of Appointment :

01.04.2008

DIN No.:

00294593

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	L51909UP1992PLC051997	GENUS POWER INFRASTRUCTURES LIMITED	Director	01/04/2006	25/11/1995	05/12/2011	Active	NO
2	U32109DL2003PLC121435	GENUS ELECTROTECH LIMITED	Managing director	01/04/2008	23/07/2003	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Atit Nikul Jani
Designation :	Secretary
Address :	Plot No.140 Vrundavan Park, Near Jalaramnagar Society, Meghpar Borichi Adipur, Kutch – 370110, India
Date of Birth/Age :	23.09.1977
Date of Appointment :	15.10.2005
PAN No.:	AFGPJ7010L

MAJOR SHAREHOLDERS

As on 30.09.2014

Names of Shareholders	No. of Shares
Ishwar Chand Agarwal	786000
Vishnu Todi	696750
Rajendra Kumar Agarwal	149100
Giriraj Kishore Sharma	100
Rameshwar Pareek	100
B. S. Solanki	100
Ankit Jhanjhari	100
Kailash Coal and Coke Company Limited	20000
Banwari Lal Todi	297000
Phoos Raj Todi (HUF)	293000
Bajrang Lal Todi (HUF)	158000
Manju Devi Todi	170000
Anand Todi (HUF)	50000
Amrit Lal Todi	179000
Amrit Lal Todi (HUF)	226000
Narayan Prasad Todi (HUF)	325000
Narayan Prasad Todi	150000
Ishwar Chand Agarwal (HUF)	359000
Genus Paper and Boards Limited	279500
Total	4138750

As on 30.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	7.24
Directors or relatives of Directors	52.21
Other top fifty shareholders	40.55
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing of Electronics and Electrical items.

Products :

Item Code No. (ITC Code)	Product Description
84145110	Electric Table Fan
85094010	Food Mixer
84796000	Evaporative Air-coolers

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Selling :

Not Divulged

Purchasing :

Not Divulged

PRODUCTION STATUS = NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

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 :

Information declined by the management.

Bankers :

Banker Name	IDBI Bank Limited
Branch Address	IDBI Towerwtc Complex, Cuffe Parade, Mumbai – 400005, Maharashtra, India
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
Term loans from banks	56.041	34.299
SHORT TERM BORROWINGS
Working capital loans from banks	1076.372	372.386
Total	1132.413	361.685

Auditors :
Name :	D.Khanna and Associates Chartered Accountants
Address :	G-6, Royal Sundram, Plot No. 1, Vivekanand Marg , C-Scheme, Jai Pur - 302001, Rajasthan, India
PAN No.:	AADFD4108M
Memberships :	Not Available
Collaborators :	Not Available
Associates :	Genus Power Infrastructures Limited
Parties where the Managing Director and Directors have significant influence :	Genus Paper Products Limited Genus Apparels Limited Genus Innovation Limited L. M. Sagar Exports Kailash Coal and Coke Company Limited

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- each	Rs.100.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4138750	Equity Shares	Rs.10/- each	Rs.41.388 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	41.388	41.388	41.388
(b) Reserves & Surplus	1009.879	928.571	839.785
(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)	1051.267	969.959	881.173
(3) Non-Current Liabilities
(a) long-term borrowings	58.134	37.439	3.140
(b) Deferred tax liabilities (Net)	16.133	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)	74.267	37.439	3.140
(4) Current Liabilities
(a) Short term borrowings	1076.372	372.386	364.520
(b) Trade payables	431.149	121.928	140.427
(c) Other current liabilities	1011.460	628.265	369.039
(d) Short-term provisions	9.139	7.841	6.232
Total Current Liabilities (4)	2528.120	1130.420	880.218
TOTAL	3653.654	2137.818	1764.531
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	613.869	586.975	590.387
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	613.869	586.975	590.387
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	668.518	621.941	525.266
(c) Trade receivables	2015.784	660.365	484.132
(d) Cash and cash equivalents	114.547	136.146	59.315
(e) Short-term loans and advances	240.936	132.391	105.431
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	3039.785	1550.843	1174.144
TOTAL	3653.654	2137.818	1764.531

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	3405.387	2615.952	2377.633
	Other Income	9.612	5.040	2.988
	TOTAL	3414.999	2620.992	2380.621
Less	EXPENSES
	Cost of Materials Consumed	2632.738	2180.882	1948.390
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	77.943	(86.108)	35.238
	Employees benefits expense	140.155	93.873	71.756
	Other expenses	231.016	186.846	94.932
	TOTAL	3081.852	2375.493	2150.316
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	333.147	245.499	230.305
Less	FINANCIAL EXPENSES	189.747	114.144	100.275
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	143.400	131.355	130.030
Less/ Add	DEPRECIATION/ AMORTISATION	45.959	42.569	43.214
	PROFIT/ (LOSS) BEFORE TAX	97.441	88.786	86.816
Less	TAX	16.133	0.000	0.000
	PROFIT/ (LOSS) AFTER TAX	81.308	88.786	86.816
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	322.459	263.673	NA
Less	APPROPRIATIONS
	Transfer to General Reserve	62.500	30.000	NA
	Total	62.500	30.000	NA
	Balance Carried to the B/S	341.267	322.459	NA
	Earnings / (Loss) Per Share (Rs.)	19.65	21.45	20.98

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	58.107	69.426	10.122
Cash generated from operations	NA	NA	NA
Net cash flows from	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin PAT / Sales	(%)	2.39	3.39	3.65
Operating Profit Margin (PBDIT/Sales)	(%)	9.78	9.38	9.69
Return on Total Assets (PBT/Total Assets}	(%)	2.67	4.15	4.92
Return on Investment (ROI) (PBT/Networth)		0.09	0.09	0.10
Debt Equity Ratio (Total Debts/Networth)		1.13	0.49	0.43
Current Ratio (Current Asset/Current Liability)		1.20	1.37	1.33

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	41.388	41.388	41.388
Reserves & Surplus	839.785	928.571	1009.879
Net worth	881.173	969.959	1051.267
long-term borrowings	3.140	37.439	58.134
Short term borrowings	364.520	372.386	1076.372
Current Maturities of Long Term Debt	10.122	69.426	58.107
Total borrowings	377.782	479.251	1192.613
Debt/Equity ratio	0.429	0.494	1.134

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	2377.633	2615.952	3405.387
		10.023	30.178

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	2377.633	2615.952	3405.387
Profit	86.816	88.786	81.308
	3.65%	3.39%	2.39%

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	No
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

FINANCIAL PERFORMANCE REVIEW

The Company this year also stood firm on its promise of continuous growth and creating benchmarks while moving ahead on its growth journey. The highlights of the Company?s performance, during the year are as under:

Income from operations of the Company increased by 31% to Rs.3710.722 Million from Rs.2825.997 Million in the previous year mainly due execution of major part of the prestigious order received from TNCSC for supply of 14 Lacs nos. of Table Fan and 1.300 Million nos. of Food Mixer worth Rs.2701.300 Million.

Profit before depreciation, interest and tax (PBDIT) for the year under review, jumped to Rs. 333.147 Million from Rs.245.499 Million in the previous year, mainly due to increase in sales coupled with successfully execution of orders in time with better planning and internal control for procurement of raw material and its optimum utilization and effective implementation of on-going cost reduction measures and strategies across all levels and functions in the organization.

Finance cost increased to Rs.189.747 Million as compared to rs.114.144 Million in the previous year, mainly due to rising dollar impact.

Profit before tax (PBT), for the year 2013-14, increased to Rs.97.441 Million from Rs.88.786 Million in the financial year 2012-13.

The Company has also received “Best Electronics Company – Gujarat” award from Gujarat Electronics and Software Industries Association (GESIA), Ahmedabad, in March 2010, 2011 and 2014.

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10487880	31/03/2014	180,000,000.00	State Bank of Bikaner And Jaipur	State Bank of Bikaner And Jaipur, Chaura Rasta, Jaipur, Rajasthan - 302003, INDIA	C02216729
2	10390783	10/02/2014 *	43,600,000.00	IDBI Bank Limited	IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, Maharashtra - 400005, INDIA	B97314868
3	10388629	03/02/2014 *	932,800,000.00	State Bank of India	Overseas Branch, Jawahar Vyapar Bhawan, 1, Tolstoy Marg,, New Delhi, Delhi - 110001, INDIA	B96467691
4	10310579	29/09/2011	136,500,000.00	KOTAK MAHINDRA BANK LIMITED	36-38A, NARIMAN BHAVAN, 227,D, NARIMAN POINT, MUMBAI, Maharashtra - 400021, INDIA	B22708085
5	10184771	29/01/2013 *	580,000,000.00	IDBI Bank Limited	IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, Maharashtra - 400005, INDIA	B67584482
6	10076215	23/05/2013 *	120,000,000.00	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	B77156123
7	10020917	10/02/2014 *	608,000,000.00	Axis Bank Limited	PLOT NO.349,, WARD 12/B, GANDHIDHAM, Gujarat - 370201, INDIA	B96098082

UNSECURED LOANS

PARTICULAR	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
LONG TERM BORROWINGS
Deferred payment liabilities	2.093	3.140
Total	2.093	3.140

FIXED ASSETS

• Plant and machinery
• Buildings
• Furniture and fixtures
• Vehicles
• Office equipment
• Land

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.64.00
UK Pound	1	Rs.99.83
Euro	1	Rs.70.16

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	DIV
Report Prepared by :	PNM

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	7
--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	NO
--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.