MIRA INFORM REPORT

Report No. :	335798
Report Date :	06.08.2015

IDENTIFICATION DETAILS

Name :	AUTOTECH POLYMERS INDIA PRIVATE LIMITED

Registered Office :	Raheja Tipco Plaza, Rani Sati Marg, Malad East, Mumbai – 400097, Maharashtra
Tel. No.:	91-22-28801213

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	23.09.2004

Com. Reg. No.:	11-148778

Capital Investment / Paid-up Capital :	Rs.20.739 Million

CIN No.: [Company Identification No.]	U24134MH2004PTC148778

TAN No.: [Tax Deduction & Collection Account No.]	MUMA23517E

PAN No.: [Permanent Account No.]	Not Available

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacturer and Exporter thermos plastic compound, field pp compound, thermos plastic compound.

No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 450000

Status :	Satisfactory

Payment Behaviour :	Usually correct

Litigation :	Clear

Comments :	Subject is an established company having satisfactory track record. The rating reflects company’s healthy operational risk profile marked by sound liquidity position and fair profitability margins of the company. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. The company can be considered 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

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	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	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 31-03-2013.

INFORMATION DENIED BY

Name :	Ms. Violet
Designation :	Secretary
E-mail :	baldev@tipco.in

Name :	Mr. Ankur Betai
Designation :	Director

LOCATIONS

Registered Office :	Raheja Tipco Plaza, Rani Sati Marg, Malad East, Mumbai – 400097, Maharashtra, India
Tel. No.:	91-22-28801213
Fax No.:	91-22-42762099
E-Mail :	ankur@autotechpolymers.in atpipl@gmail.com

Corporate Office :	1165/2, Behrampur Khatola Road, Village Hhandsa, Gurgaon, Haryana, India
Tel. No.:	91-124-4226250/58
Fax No.:	91-124-4226259

Factory :	Plot No. 60/8 13, 14/1, 14/2, Village. Mo. Aurangabad, Phoolwari Road, Teh. Hodal, District Palwal – 121105, Haryana, India
Tel. No.:	91-1275-400400/04
E-Mail :	info@autotechpolymers.in
Location :	Owned

Branch Office :	Flat No-403, KNS Samarpana, No. 6, 1st B Cross, Samige Layout, Amar Jyothi Nagar, Bengaluru - 560040, Karnataka, IndiaBottom of Form

DIRECTORS

As on: 29.09.2014

Name :

Mr. Baldev Garhwal

Designation :

Director

Address :

2004/1, Raheja Tipeo Heights, Rani Sati Marg, Malad (West), Mumbai – 400097, Maharashtra, India

Date of Birth/Age :

19.06.1964

Date of Appointment :

28.09.2013

DIN No.:

01569840

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	U74999GJ1952PLC030480	TIPCO INDUSTRIES LIMITED	Whole-time director	06/09/2013	06/09/2003	-	Active	NO
2	U24134MH2004PTC148778	AUTOTECH POLYMERS INDIA PRIVATE LIMITED	Director	28/09/2013	14/01/2010	-	Active	NO
3	U45400MH2010PTC204334	TIPCO REALTY PRIVATE LIMITED	Director	16/06/2010	16/06/2010	-	Active	NO

Name :

Mr. Ankur Kirti Betai

Designation :

Director

Address :

SW 33, Soami Bagh, Radha Soami Satsang, Agra - 282005, Uttar Pradesh, India

Date of Birth/Age :

22.02.1978

Date of Appointment :

23.09.2004

DIN No.:

01663367

Name :

Mr. Kedar Jagdish Desai

Designation :

Additional Director

Address :

Flat No.52, Makani Manor., Opposite Jaslok Hospital, Peddar Road, Mumbai, 400026, Maharashtra, India

Date of Appointment :

15.01.2015

DIN No.:

00322581

Name :

Mr. Aniruddha Sarin

Designation :

Additional Director

Address :

401, Devashish , Tithal Road, Valsad, Valsad - 396001, Gujarat, India

Date of Appointment :

15.01.2015

DIN No.:

01569817

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	U74999GJ1952PLC030480	TIPCO INDUSTRIES LIMITED	Whole-time director	06/09/2013	06/09/2003	-	Active	NO
2	U24134MH2004PTC148778	AUTOTECH POLYMERS INDIA PRIVATE LIMITED	Additional director	15/01/2015	14/01/2010	-	Active	NO

Name :

Ms. Achal Nirmal Rhakkar

Designation :

Director

Address :

Dayaniketan , 78 Nutan Laxmi Co-Operative Housing Society , Road No. 8, J.V.P.D. Scheme, Juhu,, Mumbai, 400049, Maharashtra, India

Date of Appointment :

15.01.2015

DIN No.:

01733658

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	U74999GJ1952PLC030480	TIPCO INDUSTRIES LIMITED	Managing director	01/07/2014	01/07/1994	-	Active	NO
2	U25209MH1984NPL032701	ORGANIZATION OF PLASTICS PROCESSORS OF INDIA	Director	27/08/2004	27/08/2004	-	Active	NO
3	U24134MH2004PTC148778	AUTOTECH POLYMERS INDIA PRIVATE LIMITED	Additional director	15/01/2015	14/01/2010	-	Active	NO

Name :

Ms.Sital Nirmal Rhakkar

Designation :

Additional Director

Address :

78, Daya Niketan, Nutan Laxmi Chs, N.S. Road No. 8, Juhu Scheme, Vile Parle West, Mumbai, 400049, Maharashtra, India

Date of Appointment :

15.01.2015

DIN No.:

02838377

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	U74999GJ1952PLC030480	TIPCO INDUSTRIES LIMITED	Managing director	01/07/2014	01/07/1994	-	Active	NO
2	U25209MH1984NPL032701	ORGANIZATION OF PLASTICS PROCESSORS OF INDIA	Director	27/08/2004	27/08/2004	-	Active	NO
3	U24134MH2004PTC148778	AUTOTECH POLYMERS INDIA PRIVATE LIMITED	Additional director	15/01/2015	14/01/2010	-	Active	NO

Name :

Mr. Prakash Nirmal Thakkar

Designation :

Additional Director

Address :

78, Dayaniketan, Road No. 8 , J.V.P.D. Scheme, Vile Parle, Mumbai, 400049, Maharashtra, India

Date of Appointment :

15.01.2015

DIN No.:

02838378

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	U74999GJ1952PLC030480	TIPCO INDUSTRIES LIMITED	Whole-time director	01/04/2015	30/10/2009	-	Active	NO
2	U24134MH2004PTC148778	AUTOTECH POLYMERS INDIA PRIVATE LIMITED	Additional director	15/01/2015	03/10/2011	-	Active	NO

KEY EXECUTIVES

Name :	Ms. Violet
Designation :	Secretary

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 29.09.2014

Names of Shareholders	No. of Shares	% of Holding
Jhaveri Pradeep Aditya	5000	0.24
Shah Hasmukh Nikunj	5000	0.24
Plasticom Products Private Limited, India	1757800	84.76
Sarin Anirudhha	99500	4.80
Garhwal Baldev	99500	4.80
Nirmal B. Thakkar HUF	35700	1.72
Plastochem Technologies India Private Limited, India	71400	3.44
Total	2073900	100.00

As on: 29.09.2014

Category	Percentage
Bodies corporate	88.20
Directors or relatives of Directors	4.80
Other top fifty shareholders	7.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter thermos plastic compound, field pp compound, thermos plastic compound.

Products :	Thermos plastic compound, Field pp compound, Thermos plastic compound.

Brand Names :	Not Divulged

Agencies Held :	Not Divulged

Exports :	Not Divulged

Imports :	Not Divulged

Terms :	Not Divulged

PRODUCTION STATUS NOT AVAILABLE

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Electricity	1587734	--	--	--
Fuel and oils	49062	--	--	--

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

Information declined by the management

Bankers :

Bank Name	Jammu and Kashmir Bank Limited
Branch	Corporate Headquater : M.A. Road, Srinagar, Kashmir, Srinagar - 190001, Jammu and Kashmir, 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

Bank term loan	4.853	4.852
Vehicle loan from bank	2.903	0.667
Long Term Borrowings
Bank cash credit	115.258	98.460
Bank term loan	4.853	10.932
Vehicle loan from bank	0.608	0.267
Total	128.475	115.178

Notes:

Term loan and cash credit facility from bank are secured by way of

Mortgage by first charge on all immovable assets, both present and future and on all movable assets both present and future
First charge by way of hypothecation of current assists i.e. inventories and receivable of the company
Corporate guarantee of Plasticom Products Private Limited
Vehicles term loans are secured against respective assets.

Term of rupee term loan repayment

Term loan amounting to Rs.Nill (March 31, 2013 : Rs.0.288 Million) repayable in equal quarterly installments, last installment due on March 31, 2014, rate of interest as at year end 14% p.a. (previous year @14% p.a.)
Term loan amounting to Rs.9.706 Million (March 31, 2013 : Rs.15.497 Million) repayable in equal quarterly installments, last installment due on March 31, 2016, rate of interest as at year end 14% p.a. (previous year @14% p.a.)


Auditors :
Name :	Ambalal Thakkar and Associates Chartered Accountants
Address :	6 D, Pil Court (Sherbanoo) , 6th Floor, 11, Maharshi Karve, Churchgate, Mumbai – 400020, Maharashtra, India
Tel. No.:	91-22-22015321 / 22015404
Fax No.:	91-22-22092785
E-Mail :	ambalathakkar@gmail.com
PAN N Income-tax PAN of auditor or auditor's firm :	AMHPG7047H

Memberships :	--

Collaborators :	--

Enterprises owned or Significantly Influenced by key management personal of their relatives. :	Plasticom Products Private Limited CIN No.: (U24100MH2005PTC153800)

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

5,000,000	Equity Shares	Rs.10/- each	Rs.50.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

2,073,900	Equity Shares	Rs.10/- each	Rs.20.739 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	20.739	18.240	18.240
(b) Reserves & Surplus	135.350	105.668	94.123
(c) Money received against share warrants	0.000	0.000	0.000

(2) Share Application money pending allotment	0.000	15.000	0.000
Total Shareholders’ Funds (1) + (2)	156.089	138.908	112.363

(3) Non-Current Liabilities
(a) long-term borrowings	7.756	5.519	104.626
(b) Deferred tax liabilities (Net)	0.000	0.636	1.612
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	2.878	0.000	0.000
Total Non-current Liabilities (3)	10.634	6.155	106.238

(4) Current Liabilities
(a) Short term borrowings	120.919	109.859	0.332
(b) Trade payables	74.392	84.521	72.832
(c) Other current liabilities	39.980	24.585	17.804
(d) Short-term provisions	0.946	0.000	15.863
Total Current Liabilities (4)	236.237	218.965	106.831

TOTAL	402.960	364.028	325.432

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	111.998	63.230	71.370
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	1.306	1.306
(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	33.100	37.683	37.683
(e) Other Non-current assets	0.171	0.000	0.017
Total Non-Current Assets	145.269	102.219	110.376

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	50.566	45.492	51.771
(c) Trade receivables	175.634	196.960	141.759
(d) Cash and cash equivalents	4.526	4.453	4.617
(e) Short-term loans and advances	26.965	14.904	16.909
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	257.691	261.809	215.056

TOTAL	402.960	364.028	325.432

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.03.2014	31.03.2013	31.03.2012
	SALES
		Income		883.584	864.041	732.755
		Other Income		2.056	1.354	1.564
		TOTAL (A)		885.640	865.395	734.319

Less	EXPENSES
		TOTAL (B)		832.451	816.243	692.141

	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			53.189	49.152	42.178

Less	FINANCIAL EXPENSES (D)			20.273	18.292	16.211

	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			32.916	30.860	25.967

Less	DEPRECIATION/ AMORTISATION (F)			9.177	11.745	4.605

	PROFIT/(LOSS) BEFORE TAX (E-F) (G)			23.739	19.115	21.362

Less	TAX (H)			8.623	7.145	7.483

	PROFIT/(LOSS) AFTER TAX (G-H) (I)			15.116	11.970	13.879

	EARNINGS IN FOREIGN CURRENCY
			Export Earnings	3.721	2.703	0.000
	TOTAL EARNINGS			3.721	2.703	0.000

	IMPORTS
			Raw Materials	35.643	46.192	65.843
			Stores & Spares	0.076	0.280	0.000
	TOTAL IMPORTS			35.719	46.472	65.843

	Earnings Per Share (Rs.)			8.27	6.56	7.61

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA
Net cash flow from operating activity	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	1.71	1.39	1.89

Operating Profit Margin (PBIDT/Sales)	(%)	6.02	5.69	5.76

Return on Total Assets (PBT/Total Assets}	(%)	5.89	5.27	6.59

Return on Investment (ROI) (PBT/Networth)		0.15	0.14	0.19

Debt Equity Ratio (Total Debt /Networth)		0.82	0.83	0.93

Current Ratio (Current Asset/Current Liability)		1.09	1.20	2.01

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	18.240	18.240	20.739
Reserves & Surplus	94.123	105.668	135.350
Net worth	112.363	138.908	156.089
long-term borrowings	104.626	5.519	7.756
Short term borrowings	0.332	109.859	120.919
Total borrowings	104.958	115.378	128.675
Debt/Equity ratio	0.934	0.831	0.824

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	734.319	865.395	885.640
		17.850	2.339

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	734.319	865.395	885.640
Profit	13.879	11.970	15.116
	1.89%	1.38%	1.71%

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	Yes
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
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	No
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

Note: Registered Office of the company has been shifted from “42-B Yusuf Building, 4th Floor, Veer Nariman Road, Fort, Mumbai-400023, Maharashtra, India” to the present address w.e.f. 31.03.2010.

OPERATION AND FUTURE OUTLOOK:

The board of director are pleased to inform you that the Company has continue to grow year over year and recorded a gross sales turnover of Rs. 922.300 Million as compared to Rs. 970.800 Million in the previous year despite the servere slowdown in the Indian Auto Industry. The operating profit of the Company increased from Rs. 49.152 Million in the previous year to Rs. 53.189 Million this year. The profit after tax for the year is Rs. 15.116 Million as compared to the corresponding year Profit of Rs. 11.970 Million.

Considering the overall economic growth prospects after the industry friendly policies of New Government they have recorded higher sales during the first four year in comparison to the same period of previous year. The improved scenario is expected to continue for rest of the year.

UNSECURED LOAN

Particulars	31.03.2014 Rs. In Million	31.03.2013 Rs. In Million
Short Term Borrowings
Deposits from Platicom Associates	0.200	0.200
Total	0.200	0.200

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10110487	08/09/2014 *	168,400,000.00	The Jammu and Kashmir Bank Limited	Corporate Headquarters - M.A. Road, Srinagar, Kashmir, Srinagar, Jammu and Kashmir - 190001, INDIA	C24489072

FIXED ASSETS

· Land

· Building

· Plant and Machinery

· Computer

· Vehicles

· Furniture and Fixture

· Office Equipment

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.63.81
UK Pound	1	Rs.99.15
Euro	1	Rs.69.31

INFORMATION DETAILS

Information Gathered by :	MNJ

Analysis Done by :	KAR

Report Prepared by :	SUD

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
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	5
--RESERVES	1~10	5
--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		46

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.

MIRA INFORM REPORT

INDEX OF CHARGES

Unit