MIRA INFORM REPORT

Report No. :	336430
Report Date :	13.08.2015

IDENTIFICATION DETAILS

Name :	OERLIKON BALZERS COATING INDIA PRIVATE LIMITED (w.e.f. 20.11.2013)
Formerly Known As :	OERLIKON BALZERS COATING INDIA LIMITED (w.e.f. 17.01.2007) BALZERS (INDIA) LIMITED
Registered Office :	E L 22 J Block MIDC Bhosari, Pune - 411026, Maharashtra
Tel. No.:	91-20-30616000
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	01.11.1993
Com. Reg. No.:	11-074820
Capital Investment / Paid-up Capital :	Rs. 70.000 Million
CIN No.: [Company Identification No.]	U28920MH1993PTC074820
IEC No.:	3194000691
TAN No.: [Tax Deduction & Collection Account No.]	PNEB03704B
PAN No.: [Permanent Account No.]	AAACI3916N
Legal Form :	Private Limited Liability Company
Line of Business :	The Company is primarily engaged in providing wear resistant coatings on tools and wear parts and also engaged in manufacturing of roller pins.
No. of Employees :	250 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (63)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 6400000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a subsidiary of “OC Oerlikon Corporation AG Switzerland.” Established during the year 1993. The company was converted from limited to private limited company on September 2013. It has fine track record. In the view of FY 14, the company possesses healthy operational activity marked by decent sales turnover along with profitability margin if 24.6%. Further, the company has fine financial risk profile backed by comfortable capital structure along with efficient net worth position and good liquidity profile. Moreover, company is getting strong financial and managerial support from its holding company. Trade relations are reported as fair. Business is active. Payment terms are reported to be regular and as per commitments. In view of vast experience of promoters and directors, the company can be considered for business dealing 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

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.

INFORMATION PARTED BY

Name :	Mr. Ashok Gohel
Designation :	Senior Manager finance
Contact No.:	91-20-30616031
Date :	12.08.2015

LOCATIONS

Registered Office :	E L 22 J Block MIDC Bhosari, Pune - 411026, Maharashtra, India
Tel. No.:	91-20-30616000
Fax No.:	91-20-30616033/27121571
E-Mail :	Ashok.gohel@oerlikon.com info.balzers.in@oerlikon.com swati.bhave@oerlikon.com
Website :	http://www.oerlikon.com http://www.oerlikon.com/balzers/in
Factory 1:	Plot No. GP 55, Sector No.18, HSIDC Industrial Area Gurgaon-122015 Haryana, India
Tel No.:	91-124-4567200
Fax No.:	91-124-2348280
Email :	info.balzers.in@oerlikon.com
Factory 2:	Plot No. 109, 4^th Phase, K.I.A.D.B Plot, Bommasandra, Industrial Area, Bangalore – 560 099, Karnataka, India
Tel No.:	91-80-27839191/ 27839193/ 27839194
Fax No.:	91-80-27839192
Email :	info.balzers.in@oerlikon.com
Factory 3:	Plot No A.15 , SIPCOT Industrial Park, Irrungattukottai thandalam, Sriperumbathur Taluka, District Kancheepuram – 602 105, Tamilnadu, India
Tel No.:	91-44-47115300
Email :	info.balzers.in@oerlikon.com
Factory 4:	Plot No C-14, Near Industrial Estate Road No 3, Adityapur Jamshedpur India
Tel No.:	91-657-2203375/ 76
Email :	info.balzers.in@oerlikon.com
Factory 5 :	Located at : · Ahmedabad · Chandigarh

DIRECTORS

As on 22.09.2014

Name :

Mr. Pravin Abasaheb Shirse

Designation :

Managing Director

Address :

H No. 674 Kokane Nagar, Near Vitthal Mandir Kalewadi Pimpri, Pune, Maharashtra, India

Date of Birth/Age :

18.12.1970

Date of Appointment :

27.09.2013

DIN No.:

05237541

Name :

Mr. Anand Vithal Badve

Designation :

Director

Address :

94 Rakshak Society, Aundh Camp Pimpale Nilakh, Pune – 411027, Maharashtra, India

Date of Birth/Age :

13.03.1937

Date of Appointment :

06.11.1993

DIN No.:

00776675

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	U74900MH1980PTC022194	INFOMATICS SERVICES PRIVATE LIMITED	Director	04/02/1980	04/02/1980	25/06/2014	Active	NO
2	U28920MH1993PTC074820	Oerlikon Balzers Coating India Private Limited	Director	06/11/1993	06/11/1993	-	Active	NO
3	U29304TG1995PTC074533	PFEIFFER VACUUM (INDIA) Private Limited	Alternate director	28/02/2011	11/03/1995	30/03/2012	Active	NO
4	U29219PN1999PTC133151	SCHMALZ INDIA PRIVATE LIMITED	Managing director	26/02/1999	26/02/1999	01/07/2007	Active	NO
5	U29100TG1998PTC029878	V A K TEK ASSOCIATES PRIVATE LIMITED	Director	01/10/2007	01/10/2007	-	Active	NO
6	U74900PN2008PTC132736	FIVE STAR ENERGY PRIVATE LIMITED	Director	05/09/2008	05/09/2008	-	Strike off	NO
7	U74900PN2008PTC133121	SPECTRAMIND CONSULTING SERVICES PRIVATE LIMITED	Director	01/12/2008	01/12/2008	01/12/2014	Active	NO
8	U29120PN2009PTC134457	HSR INDIA PRIVATE LIMITED	Director	10/08/2009	10/08/2009	-	Strike off	NO
9	U74900PN2011PTC138566	Future-Proof Business Consulting Private Limited	Director	16/02/2011	16/02/2011	-	Active	NO
10	U74900TG2009FTC080967	Pfeiffer Vacuum Technology India Private Limited	Director	01/04/2011	04/03/2011	30/03/2012	Active	NO

Name :

Mr. Volker Bernhard Dostmann

Designation :

Director

Address :

Ricketw Wilerstrasse 45, Winterthur - 8405, Switzerland

Date of Birth/Age :

06.07.1970

Date of Appointment :

30.08.2011

DIN No.:

03605349

Name :

Mr. Vivek Shrikrishna Pandit

Designation :

Alternate director

Address :

1809 Gurucharan Appartments, Deshmukhwadi, Sadashiv Peth, Pune – 411030, Maharashtra, India

Date of Birth/Age :

28.01.1963

Date of Appointment :

01.04.2012

DIN No.:

03170050

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	U29120PN2005PTC132126	Oerlikon Leybold Vacuum India Private Limited	Director	29/09/2012	31/08/2010	-	Active	NO
2	U28920MH1993PTC074820	Oerlikon Balzers Coating India Private Limited	Alternate director	01/04/2012	01/04/2012	-	Active	NO

Name :

Bernhard Helmut Fischer

Designation :

Additional Director

Address :

9472 Grabs, Spitalstrasse 64, Grabs, 9472, Switzerland

Date of Appointment :

16.12.2014

DIN No.:

07044296

Name :

Mr. Anand Suresh Golikere

Designation :

Additional Director

Address :

Flat No. - 4, Building - F , Harshvihar,, New D.P. Road, Aundh, Pune-411007, Maharashtra, India

Date of Birth/Age :

23.03.1974

Date of Appointment :

23.06.2015

DIN No.:

06498140

KEY EXECUTIVES

Name :	Mr. Ashok Gohel
Designation :	Senior Manager finance

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 22.09.2014

Names of Shareholders	No. of Shares
OC Oerlikon Corporation AG, Switzerland	5488175
Anand Vithal Badve	1
Pravin Abasaheb Shirse	1
Milind B. Kasodekar	1
Oerlikon Trading Company AG, Switzerland	1511820
Oerlikon Balzers Coating UK Limited, United Kingdom	1
Oerlikon Balzers Coating SA, Switzerland	1
Total	7000000

Equity Share Break up (Percentage of Total Equity)

As on 22.09.2014

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	99.99
Directors or relatives of Directors	0.01
Total	100.00

BUSINESS DETAILS

Line of Business :

The Company is primarily engaged in providing wear resistant coatings on tools and wear parts and also engaged in manufacturing of roller pins.

Products :

Item Code No.	Product Description
73199000	Roller Pins
84569020	USI clining line, Stripping, Confinment Rings
81089090	Titanium Nitride and wear resistant coatings on Tools and wear parts

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Selling :

Cash / Credit

Purchasing :

Cash / Credit

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
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 :

250 (Approximately)

Bankers :

Bank Name	Bank of Baroda
Branch	Pimpri, Pune, 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

DBS Bank, Pune, Maharashtra, India

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Long-term maturities of finance lease obligations	7.632	3.672
Total	7.632	3.672

Auditors :
Name :	B S R and Company Chartered Accountants
Address :	703, 7th Floor, Godrej Castlemaine, Pune – 411001, Maharashtra, India
PAN N Income-tax PAN of auditor or auditor's firm :	AAAFB9852F
Memberships :	--
Collaborators :	--
Holding company :	· OC Oerlikon Corporation AG, Switzerland
Associates :	· Oerlikon Balzers Coating (Suzhou) Company Limited, China · Oerlikon Balzers Coating Services Company Limited, Thailand · Oerlikon Trading AG, Switzerland · Graziano Transmission India Private Limited, India · Fairfield Atlas Limited, India · Oerlikon Textile India Private Limited, India · Oerlikon Nihon Balzers Coating Company Limited, Japan · Oerlikon Balzers Coating Malaysia Sdn. Bhd, Malaysia · Oerlikon Balzers Coating Philippines Inc, Philippines · OC Oerlikon Balzers AG, Liechtenstein · Oerlikon Leybold Vaccum India Private Limited, India · Oerlikon Leybold Vaccum Gmbh, Germany · Oerlikon Leybold Vaccum Taiwan Limited, Taiwan · Oerlikon IT Solutions AG, Switzerland · Oerlikon Balzers Coatings GmbH, Germany · Oerlikon Balzers Coating, Korea · Oerlikon Balzers Coating Pte. Limited, Singapore

CAPITAL STRUCTURE

As on 22.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
7,000,000	Equity Shares	Rs.10/- each	Rs. 70.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
7,000,000	Equity Shares	Rs.10/- each	Rs. 70.000 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	70.000	70.000	70.000
(b) Reserves & Surplus	2178.167	1771.640	1441.705
(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)	2248.167	1841.640	1511.705
(3) Non-Current Liabilities
(a) long-term borrowings	7.632	3.673	6.560
(b) Deferred tax liabilities (Net)	18.452	19.133	12.716
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	29.092	32.941	20.084
Total Non-current Liabilities (3)	55.176	55.747	39.360
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	61.202	85.992	187.209
(c) Other current liabilities	32.561	43.623	49.720
(d) Short-term provisions	47.412	9.646	15.377
Total Current Liabilities (4)	141.175	139.261	252.306
TOTAL	2444.518	2036.648	1803.371
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1000.949	1018.708	753.001
(ii) Intangible Assets	0.272	0.146	0.146
(iii) Capital work-in-progress	32.465	1.239	13.616
(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	108.054	62.673	70.636
(e) Other Non-current assets	2.354	2.354	22.354
Total Non-Current Assets	1144.094	1085.120	859.753
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	56.291	65.187	42.666
(c) Trade receivables	400.950	343.046	365.383
(d) Cash and cash equivalents	808.912	496.596	433.000
(e) Short-term loans and advances	28.984	39.073	88.013
(f) Other current assets	5.287	7.626	14.556
Total Current Assets	1300.424	951.528	943.618
TOTAL	2444.518	2036.648	1803.371

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income		1493.497	1441.443
		Other Income		38.747	38.682
		TOTAL (A)	1651.416	1532.244	1480.125
Less	EXPENSES
		Cost of Materials Consumed		136.676	104.807
		Purchases of Stock-in-Trade		3.150	3.936
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade		0.347	0.961
		Employees benefits expense		173.339	132.915
		Other expenses		620.340	570.365
		TOTAL (B)	887.187	933.852	812.984
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		764.229	598.392	667.141
Less	FINANCIAL EXPENSES (D)		0.000	1.957	2.483
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		764.229	596.435	664.658
Less/ Add	DEPRECIATION/ AMORTISATION (F)		141.741	110.654	87.914
	PROFIT BEFORE TAX (E-F) (G)		622.488	485.781	576.744
Less	TAX (H)		215.961	155.846	188.015
	PROFIT AFTER TAX (G-H) (I)		406.527	329.935	388.729
	BALANCE CARRIED TO THE B/S		2075.201	1668.674	1338.739
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	0.404	4.481	4.413
	TOTAL EARNINGS		0.404	4.481	4.413
	IMPORTS
		Raw Materials	31.795	28.500	26.973
		Components and Stores parts	21.733	37.599	37.977
		Capital Equipment	49.365	174.054	66.209
		Processing Material	45.524	50.432	41.035
		Others	0.813	4.150	8.771
	TOTAL IMPORTS		149.230	294.735	180.965
	Earnings Per Share (Rs.)		58.08	47.13	55.53

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	5.284	4.990	3.917
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operation	637.226	462.805	621.900

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	24.62	22.09	26.97
Operating Profit Margin (PBIDT/Sales)	(%)	46.28	40.07	46.28
Return on Total Assets (PBT/Total Assets}	(%)	25.81	23.87	32.22
Return on Investment (ROI) (PBT/Networth)		0.28	0.26	0.38
Debt Equity Ratio (Total Debt /Networth)		0.01	0.00	0.01
Current Ratio (Current Asset/Current Liability)		9.21	6.83	3.74

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	70.000	70.000	70.000
Reserves & Surplus	1441.705	1771.640	2178.167
Net worth	1511.705	1841.640	2248.167
long-term borrowings	6.560	3.673	7.632
Short term borrowings	0.000	0.000	0.000
Current maturities of long-term debts	3.917	4.990	5.284
Total borrowings	10.477	8.663	12.916
Debt/Equity ratio	0.007	0.005	0.006

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	1480.125	1532.244	1651.416
		3.521	7.778

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	1480.125	1532.244	1651.416
Profit	388.729	329.935	406.527
	26.26%	21.53%	24.62%

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	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	Yes
17]	Details of sister concerns	Yes
18]	Major suppliers	No
19]	Major customers	No
20]	Banking Details	Yes
21]	Banking facility details	No
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	Yes
35]	Negative Reporting by Auditors in the Annual Report	No

INDEX OF CHARGES NO CHARGES EXIST FOR COMPANY

OPERATIONS AND FUTURE PROSPECTS

The company has reported the Net Profit of Rs. 406.527 Million for the financial year ended 31st March 2014. The directors expect that the company is having good prospects during the coming financial year and they will endeavor to make optimum and efficient utilization of its resources to maximize the profit and increase the shareholders net worth.

FIXED ASSETS

• Software and Licenses
• Freehold Land
• Leasehold Land
• Building on Leasehold Land
• Building on freehold Land
• Plant and Machinery
• Furniture and Fixtures
• Office equipment’s
• Vehicles
• Vehicles on Finance Lease

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.64.83
UK Pound	1	Rs.101.00
Euro	1	Rs.71.82

INFORMATION DETAILS

Information Gathered by :	DPA
Analysis Done by :	TRI
Report Prepared by :	JYTK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILITY	1~10	7
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	7
--CREDIT LINES	1~10	7
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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		63

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.