MIRA INFORM REPORT

Report No. :	354406
Report Date :	23.12.2015

IDENTIFICATION DETAILS

Name :	AMBICA ENGTECH WORKS PRIVATE LIMITED
Registered Office :	Ambica Bhavan, Mahavir Colony, Rajmahel Road, Vadodara – 390001, Gujarat
Tel. No.:	91-265-2433674
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	30.03.2006
Com. Reg. No.:	04-048039
Capital Investment / Paid-up Capital :	Rs. 0.535 Million
CIN No.: [Company Identification No.]	U36999GJ2006PTC048039
IEC No.:	3497002780
TIN No.:	24190902221
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAMFA7749J
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of IS Machine Parts, Hydro Turbine Parts, Dies and Mould, Aeronotical Parts, Tyre Building, Gas Turbine Parts. (Confirmed by Management)
No. of Employees :	56 (12 in Office and 44 in Factory) (Approximately)

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

Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company incorporated in the year 2006 having satisfactory track record. It is engaged in manufacturing of high precision machined components and assemblies. Available financial indicates sound financial risk profile marked by satisfactory networth base with fair liquidity and favorable gap between trade payables and trade receivables. Management of the company has witnessed healthy growth in its turnover and also achieved a fair profitability during FY2015. Trade relations are reported as fair. Business is active. Payment terms are reported as usually correct and as per commitment. 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

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 31-03-2015.

INFORMATION PARTED BY

Name :	Mr. Ashok Dahyabhai Luhar
Designation :	Managing director
Contact No.:	91-9925026717
Date :	19.12.2015

LOCATIONS

Registered Office :	Ambica Bhavan, Mahavir Colony, Rajmahel Road, Vadodara – 390001, Gujarat, India
Tel. No.:	91-265-2433674
Mobile No.:	91-9978961025 [] 91-9925026717 [Mr. Ashok Dahyabhai Luhar]
Fax No.:	91-265-2433674
E-Mail :	ambicaew@yahoo.com
Area :	8820 Sq. ft.
Location :	Owned
Factory :	336/14, Makarpura GIDC Estate, Vadodara – 390010, Gujarat, India
Tel. No.:	91-265-2644907
E-Mail :	ambica@ambicaengtech.com

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Ashok Dahyabhai Luhar

Designation :

Managing director

Address :

Ambica Bhuvan, Mahavir Colony, Rajmahal Road, Vadodara - 390001, Gujarat, India

Date of Birth/Age :

09.09.1951

Qualification :

DME, PDICE

Experience :

40 Years

Date of Appointment :

01.01.2008

PAN No.:

AAHPL6163A

Passport No.:

H8016810

DIN No.:

00018052

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U36999GJ2006PTC048039	AMBICA ENGTECH WORKS PRIVATE LIMITED	Managing director	01-01-2008	01-01-2007	Active	NO

Name :

Mr. Shushil Ashok Luhar

Designation :

Whole-time director

Address :

Ambica Bhuvan, Mahavir Colony, Rajmahal Road, Vadodara - 390001, Gujarat, India

Date of Birth/Age :

05.01.1976

Qualification :

B.Com.

Experience :

20 Years

Date of Appointment :

01.01.2008

PAN No.:

AAHPL6162B

Passport No.:

E9187828

DIN No.:

00018061

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U36999GJ2006PTC048039	AMBICA ENGTECH WORKS PRIVATE LIMITED	Whole-time director	01-01-2008	30-03-2006	Active	NO

Name :

Mrs. Kajal Sushil Luhar

Designation :

Whole-time director

Address :

Ambica Bhuvan, Mahavir Colony, Rajmahal Road, Vadodara - 390001, Gujarat, India

Date of Birth/Age :

17.03.1978

Qualification :

M.Sc., B.Ed., MBA

Experience :

9 Years

Date of Appointment :

01.01.2008

DIN No.:

01905416

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U36999GJ2006PTC048039	AMBICA ENGTECH WORKS PRIVATE LIMITED	Whole-time director	01-01-2008	01-01-2007	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 31.03.2015

Names of Shareholders	No. of Shares
Ashok D. Luhar	36910
Sushil A Luhar	14786
Meenaben A Luhar	775
Megha Luhar	500
Kajal Luhar	535
Total	53506

AS ON 30.09.2014

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

BUSINESS DETAILS

Line of Business :	Manufacturer of IS Machine Parts, Hydro Turbine Parts, Dies and Mould, Aeronotical Parts, Tyre Building, Gas Turbine Parts. (Confirmed by Management)
Brand Names :	--
Agencies Held :	--
Exports :	--
Imports :	--
Terms :
Selling :	Credit [60 days]
Purchasing :	Credit [30 days and 60 days]

PRODUCTION STATUS

Products	Installed Capacity	Actual Production
IS Machine Parts, Hydro Turbine Parts, Dies and Mould, Aeronotical Parts, Tyre Building, Gas Turbine Parts	Rs. 80.000 Million	Rs. 75.000 Million

GENERAL INFORMATION

Suppliers :

Reference:	AEP Industries Private Limited
Name of the Person (Designation):	Mr. Umesh Kotadia
Contact Number:	91-9727783600
Since how long known:	6-7 Years
Maximum limit dealt:	Not Divulged
Experience:	Payment Behaviour = Good Market Goodwill = Good Overall = Good
Remark	They are happy with payment behaviour and market goodwill. No complaints.

Sr. No.	Customer Name	Address	Contact Detail	Contact Person
1	Bharat Aerospace Metals	Office No.3, 1st Floor, 7 Kika Mention Kika Street, Mumbai	91-22-66362022 66595595	--
2	K G M Corporation	KARM A126/2, Haridwar Soc., B/H Panchshil Soc, Opp. Sagar Hall 80 Feet Road, Rajkot-360004	91-9924511999	--
3	New Ganesh Foundry and Engineering Works	909/6, GIDC Makarpura Baroda-390010	91-265-2633818	--
4	Parvati Techno Cast (Guj) Private Limited	688, GIDC Ind. Estate Makarpura, Vadodara	91-9227416365	--
5	Polestar Polymers	10F-Sapphire Tirupati Ind. Park Sativali Road Vasai (E) Thane	91-250-3211778	--
6	Unique Unlimited	305 Camps Comer Makarpura Main Road Makarpura, Vadodara	91-9323153451	Mr. Ali
7	Shree Jagdamba Steel Profiles	162/E, GIDC, Industrial Estate, Makarpura, Vadodara-10,	91-9824917250	Mr. Dilipbhai
8	Shreydeep Enterprises	Shop No.1 Brindavan, 11th Khetwadi Road Mumbai	91-22-66363458	Mr. Shreyal S Vora
9	Siddharth Industries (A'bad)	20, Viveknagar Soc. Amraiwadi, Ahmedabad	91-9925034186	Mr. Brijesh
10	Sunshine Technologies	806, Abhinandan Royale Opp. Raj Empire (McDonald's) Bhatar Road, Surat-395007	91-9687649195	Mr. Palak Patel
11	Vaiva Metals and Alloys Private Limited	311, 312 Road No.12 GIDC Industrial Area, Manjusar Savli-391772	91-2667-264336, 337	--

Customers :

Reference:	Piramal Glass Limited
Name of the Person (Designation):	Mr. Sushant Maity (Purchase Department)
Contact Number:	91-9727748409
Since how long known:	8 Years
Maximum limit dealt:	Rs. 0.400 Million (p.m.)
Experience:	Product Quality = Good Delivery Behaviour = Good Overall = Good
Remark	No complaints. They are satisfied with product quality.

Sr. No.	Customer Name	Address	Contact Detail	Contact Person
1	L & T (Hazira)	Hazira Manufacturing Complex (West) Gate No 8A, Surat-Hazira Road, Mora, Choriyasi, P.O:- Bhatha Surat-394510	91-9727799310	Mr. Amit Suthar
2	BHEL (Bhopal)	Piplani Bhopal-462022	91-755-2500100	Mr. Pravin Sacchan
3	Alstom (Vadodara)	Hydro Business Vadodara, Via ERDA Road, Maneja, Vadodara-390013	91-265-6643433	Mr. Govind
4	Voith (Vadodara)	Plot No, 107-GIDC Manjusar Savli, Vadodara-391775	91-9727704990	Mr. Mayank Prajapati
5	Andritz (Haryana, MP)	49/5 KM, Mathura Road, Village: Prithla, District Palwal-121102	91-9718089797	Mr. Shivdutt Sharma
6	CEAT (Halol)	At. Po. Get Muwala, Taluka.: Halol, District: Panchmahal, Gujarat-389350	91-9825224481	Mr. Sanjay Patel
7	Haldyn Glass Limited (Jambusar)	Village: Gavasad, Taluka: Padra, Distict Vadodara	91-2662-242339	Mr. Narren Shetty
9	Empire Industries Limited (Mumbai)	Lal Bahadur Shastri Marg, Vikhroli, Mumbai-400083	91-22-25780686	Mr. G.K. Sarda

No. of Employees :

56 (12 in Office and 44 in Factory) (Approximately)

Bankers :

Bank Name:	Bank of India
Branch:	Rajmahal Road Branch, Vadodara - 390001, Gujarat
Person Name (with Designation):	Mr. P.N. Tiwari ()Senior Branch Manager
Contact Number:	91-265-2424353
Name of Account Holder:	Ambica Engtech Works Private Limited
Account Number:	250420110000003
Account Since (Date/ Year of A/c Opening):	2006
Average Balance Maintained (Optional):	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan):	No facilities
Account Operation:	Current Account
Remarks:	Satisfactory mode of transactions. No complaints.

· Bank of India

Star House, C-5, G, Block, Bandra Kurla Complex, Bandra (East), Mumbai - 400051, Maharashtra, India

· Bank of India

Vadodara Mid Corporate Branch, Bank of India Building, 2nd Floor, Raopura, Vadodara - 390001, Gujarat, India

· Small Industries Development Bank of India

Landmark, 1st Floor, Race Course Circle, Baroda-390007, Gujarat, India

Credit Limit: Secured Business Loan Rs.50.000 Million

· IndusInd Bank Limited

1st Floor, Gold Croft Vishwas Colony, Jetalpur Road, Baroda-390007, Gujarat, India

Facilities :

SECURED LOANS	31.03.2015 (Rs. In Million)	31.03.2014 (Rs. In Million)
LONG-TERM BORROWINGS
IndusInd Bank Limited (Secured by hypothecation of Land, Plant and machinery of company and residential property of directors)	9.957	9.880
HDFC Bank Limited	0.433	0.306
ICICI Bank Limited	0.642	0.000
SHORT TERM BORROWINGS
From Bank Cash Credit from IndusInd Bank (1Secured by hypothecation of stock of raw material, finished products, general stores spares, book debt, etc. of the company)	25.547	21.815
Total	36.579	32.001

Auditors :
Name :	Parikh Mehta and Associates Chartered Accountants
Address :	Pma House, #2 Gokhle Colony, Opposite Verai Mata Temple, Urmi Char Rasta – Dinesh Mill Road, Akota, Vadodara – 390020, Gujarat, India
Tel. No.:	91-265-2343615
Mobile No.:	91-9825231545
E-Mail :	ashish@parikhmehta.com info@parikhmehta.com
Income-tax PAN of auditor or auditor's firm :
Memberships :	--
Collaborators :	--
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

AS ON 31.03.2015

Authorised Capital :

No. of Shares	Type	Value	Amount
100,000	Equity Shares	Rs. 10/- each	Rs. 1.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
53,506	Equity Shares	Rs. 10/- each	Rs. 0.535 Million

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	0.535	0.535	0.535
(b) Reserves & Surplus	38.608	37.990	37.253
(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)	39.143	38.525	37.788
(3) Non-Current Liabilities
(a) Long-term borrowings	33.369	24.006	22.773
(b) Deferred tax liabilities (Net)	0.856	1.192	1.289
(c) Other long term liabilities	3.641	1.755	3.007
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	37.866	26.953	27.069
(4) Current Liabilities
(a) Short term borrowings	25.547	21.815	25.392
(b) Trade payables	11.923	13.369	11.824
(c) Other current liabilities	4.260	17.817	18.271
(d) Short-term provisions	3.124	2.471	4.172
Total Current Liabilities (4)	44.854	55.472	59.659
TOTAL	121.863	120.950	124.516
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	58.105	62.102	68.883
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	11.503	5.871	0.866
(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	0.392	0.632	0.484
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	70.000	68.605	70.233
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	21.980	32.444	26.313
(c) Trade receivables	25.632	10.035	20.557
(d) Cash and cash equivalents	-2.012	3.016	3.907
(e) Short-term loans and advances	2.480	3.649	1.835
(f) Other current assets	3.783	3.201	1.671
Total Current Assets	51.863	52.345	54.283
TOTAL	121.863	120.950	124.516

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2015	31.03.2014	31.03.2013
	SALES
		Revenue from Operations	56.598	35.753	87.531
		Other Income	0.347	0.678	0.108
		TOTAL (A)	56.945	36.431	87.639
Less	EXPENSES
		Cost of Materials Consumed	4.815	6.451	29.371
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	12.814	(6.038)	(5.030)
		Employees benefits expense	4.727	4.621	20.728
		Manufacturing Expenses	17.771	14.847	18.287
		Other expenses	3.297	2.749	5.872
		TOTAL (B)	43.424	22.630	69.228
	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		13.521	13.801	18.411
Less	FINANCIAL EXPENSES (D)		5.479	4.923	6.807
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		8.042	8.878	11.604
Less/ Add	DEPRECIATION/ AMORTISATION (F)		7.365	7.927	9.840
	PROFIT BEFORE TAX (E-F) (G)		0.677	0.951	1.764
Less	TAX (H)		(0.127)	0.214	0.006
	PROFIT AFTER TAX (G-H) (I)		0.804	0.737	1.758
	Earnings Per Share (Rs.)		15.03	13.77	32.86

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

PARTICULARS	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt	3.704	16.594	17.489
Cash generated from operations	NA	NA	NA
Net Cash flow from (used in) Operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	1.42	2.06	2.01
Operating Profit Margin (PBDIT/Sales)	(%)	23.89	38.60	21.03
Return on Total Assets (PBT/Total Assets}	(%)	0.61	0.83	1.43
Return on Investment (ROI) (PBT/Networth)		0.02	0.02	0.05
Debt Equity Ratio (Total Liability/Networth)		1.60	1.62	1.74
Current Ratio (Current Asset/Current Liability)		1.16	0.94	0.91

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particulars	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	0.535	0.535	0.535
Reserves & Surplus	37.253	37.990	38.608
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	37.788	38.525	39.143
Long-term borrowings	22.773	24.006	33.369
Short term borrowings	25.392	21.815	25.547
CURRENT MATURITIES OF LONG-TERM DEBTS	17.489	16.594	3.704
Total borrowings	65.654	62.415	62.620
Debt/Equity ratio	1.737	1.620	1.600

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	87.531	35.753	56.598
		-59.154	58.303

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	87.531	35.753	56.598
Profit	1.758	0.737	0.804
	2.01%	2.06%	1.42%

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	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	Yes
17	Details of sister concerns	No
18	Major suppliers	Yes
19	Major customers	Yes
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	Yes
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	Yes
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

------------------------------------------------------------------------------------------------------------------------------

UNSECURED LOANS

(RS. IN MILLION)

PARTICULARS	31.03.2015	31.03.2014
LONG-TERM BORROWINGS
From Directors	22.337	9.830
From Others	0.000	3.990
Total	22.337	13.820

------------------------------------------------------------------------------------------------------------------------------

COMPUTATION OF TOTAL INCOME

(RS. IN MILLION)

PARTICULARS	31.03.2015
Profit and Gains from Business and Profession			2.123
AMBICA ENGTECH PRIVATE LIMITED
Profit before Tax as per Profit and Loss Account		0.677
Add:
Depreciation Disallowed	7.365
Loss on sale of Asset	0.626
Bonus	0.287
Excise Duty on Closing FG and semi FG	0.601
Excise Duty on Closing RM	0.583
Prior period Expenses	0.002
Income Tax Expenses	0.563
Provision for Gratuity	0.165	10.192
		--------------
		10.869
Less:
Excise Duty on Opening FG and Semi FG	1.044
Excise Duty on Opening RM	0.369
Gain on sale of Fixed Asset	0.028
Allowed Depreciation	7.305	8.746
		--------------
		2.123
		--------------
Gross Total Income			2.123
Total Income			2.123
Total Income rounded off u/s 288A			2.123
COMPUTATION OF TAX ON TOTAL INCOME
Tax on Rs. 2.123 Million @ 30%		0.637
		--------------
		0.637
Add: Education cess @ 2%		0.013
		--------------
		0.650
Add: Secondary and Higher Education cess @ 1%		0.006
		--------------
Tax as per Normal Provisions		0.656
CALCULATION OF BOOK PROFIT U/S 115JB
Net Profit as shown in the Profit and Loss Account	0.804
Add:
Income tax Provision	0.210
Income tax Expenses	0.563
	--------------
	1.577
Deduct: Deferred tax income	0.337
	--------------
	1.240
	--------------
Tax @ 8.5% on Book Profit of Rs. 1.240 Million u/s 115JB	0.229
Add: Education cess @ 2%	0.005
	--------------
	0.234
Add: Secondary and Higher Education cess @ 1%	0.002
	--------------
	0.236
Higher of (0.656 or 0.236)		0.656
LESS: TAX DEDUCTED AT SOURCE
	0.033
Contractors and Sub-contractors	0.451
Interest other than Interest on Securities	0.030	0.514
		--------------
		0.142
ADD: INTEREST PAYABLE
Interest u/s 234B	0.008
Interest u/s 234C	0.007	0.015
		--------------
		0.157
LESS: SELF ASSESSMENT TAX U/S 140A
Bank of India – 0222833 – 01024 – 25.09.2015	0.412	0.412
		--------------
REFUNDABLE		(0.255)
TAX ROUNDED OFF U/S 288B		(0.255)
		--------------

------------------------------------------------------------------------------------------------------------------------------

ASSESSMENT OF WORKING CAPITAL REQUIREMENTS

OPERATING STATEMENT

(RS. IN MILLION)

SR. NO.	PARTICULARS	2015-16	2016-17	2017-18	2018-19	2019-20	2020-21
		[Projection]
	INCOME:-
1	Revenue from Operations	73.577	95.651	109.998	126.498	145.473	167.294
2	Other Income	0.381	0.438	0.481	0.530	0.483	0.641
3	Total Income (1+2)	73.958	96.088	110.480	127.028	146.055	167.934
	EXPENSE:-
4	Cost of Materials Consumed	16.187	20.804	23.925	27.513	31.640	36.386
5	Purchase of Stock in Trade	0.000	0.000	0.000	0.000	0.000	0.000
6	Changes in Inventories	(6.988)	(2.822)	(3.145)	(3.616)	(8.144)	(5.380)
7	Manufacturing Expense	29.063	37.543	43.174	49.650	57.098	65.663
8	Employee Benefit Expense	6.622	8.465	9.735	11.195	12.874	14.805
9	Administrative, Selling & Other Expenses	5.518	6.935	7.975	9.171	10.547	12.129
10	Total Expense (4 to 9)	50.402	70.924	81.664	93.914	104.015	123.603
11	Profit Before Interest, Depreciation and Tax (3-10)	23.556	25.164	28.816	33.114	42.040	44.332
12	Finance Cost	5.735	11.032	10.287	9.408	8.415	7.185
13	Profit Before Depreciation and Tax (11-12)	17.821	14.131	18.529	23.706	33.625	37.146
14	Depreciation	14.009	10.863	13.226	10.185	6.608	9.395
15	Profit Before Tax (13-14)	3.812	3.269	5.303	13.520	27.018	27.751
16	Current Tax	1.144	0.981	1.591	4.056	8.105	8.325
	Deferred Tax	--	--	--	--	--	--
17	Profit After Tax (15-16)	2.669	2.288	3.712	9.464	18.912	19.426
18	Cash Accruals (14+17)	16.677	13.151	16.938	19.650	25.520	28.821

------------------------------------------------------------------------------------------------------------------------------

ANALYSIS OF BALANCE SHEET

(RS. IN MILLION)

SR. NO.	PARTICULARS	2015-16	2016-17	2017-18	2018-19	2019-20	2020-21
		[Projection]
1	CURRENT LIABILITES:
	1. Short terms borrowing from banks (including bills purchased and discounted and the excess borrowings placed on repayment basis)
	i) Bank CC	5.000	5.000	5.000	5.000	5.000	5.000
	i) Bank Guarantee (non-fund)	--	--	--	--	--	--
	ii) from other banks	--	--	--	--	--	--
	SUB TOTAL (A)	5.000	5.000	5.000	5.000	5.000	5.000
2	Short term borrowing from others	--	--	--	--	--	--
3	Deposits (maturing within one year)	--	--	--	--	--	--
4	-Sundry creditors (Trade)	0.429	1.734	1.994	4.797	6.264	7.580
	-Sundry Creditors(Exp.)	0.458	1.131	1.705	2.917	3.355	4.233
5	Unsecured loans	--	--	--	--	--	--
6	Advance / Progress payments from customers / deposits from dealers etc	--	--	--	--	--	--
7	Interest and other charges accrued but not due for payment	--	--	--	--	--	--
8	Provision for taxation	--	--	--	--	--	--
9	Dividend payable	--	--	--	--	--	--
	Provision for EXP.	--	--	--	--	--	--
10	Other statutory liabilities(due within one year)	--	--	--	--	--	--
11	Instalments of term loans / deferred payment credits / debentures / redeemable preference share (due within one year)	4.882	6.253	7.045	8.073	10.466	11.749
12	Other current liabilities and provision (due within one year) (major items to be specified individually)	--	--	--	--	--	--
	SUB TOTAL (B)	5.769	9.118	10.744	15.787	20.086	23.562
13	Total Current Liabilities (Total 1to 12)	10.769	14.118	15.744	20.787	25.086	28.562
	Term Liabilities
14	Debentures (not maturing within one year)	--	--	--	--	--	--
15	Term Loan	92.995	86.742	79.697	71.623	61.157	49.409
16	Secured Loans	--	--	--	--	--	--
17	Deferred payments credits (exclusive instalments payable within one year)	--	--	--	--	--	--
18	Unsecured loan	22.337	22.337	22.337	22.337	22.337	22.337
19	Other Long Term Liabilities	--	--	--	--	--	--
20	Total Term Liabilities	115.332	109.079	102.034	93.960	83.494	71.746
	(Total of items 14 to 19)
21	Total Outside Liabilities	126.101	123.196	117.778	114.748	108.580	100.307
	(item 13+ item 20)
	NET WORTH
22	Share Capital	0.535	0.535	0.535	0.535	0.535	0.535
23	Reserves and Surplus	41.277	43.565	47.277	56.741	75.653	95.079
24	Net worth (Total 22 to 23)	41.812	44.100	47.812	57.276	76.188	95.614
25	Total Liabilities (Total 21 to 23)	167.913	167.296	165.589	172.024	184.768	195.921
	Additional Information
	Arrears of Depreciation	--	--	--	--	--	--
	Contingent Liabilities
	(i) Arrears of cumulative dividends	--	--	--	--	--	--
	(ii) Gratuity scheme for staff	--	--	--	--	--	--
	(iii) Other liabilities not provided	--	--	--	--	--	--
	CURRENT ASSETS :
30	Cash and Bank Balance	5.017	5.650	5.353	7.506	8.249	5.905
31	Investments (other than long term investments e.g sinking fund, gratuity fund etc.)
	(i) Government and other trustee securities	--	--	--	--	--	--
	(ii) Fixed deposits with EFL (Margin - 10%)	11.200	11.200	11.200	11.200	11.200	11.200
32	(i) Receivable other than deferred and export receivables (including bills purchased and	33.261	48.480	51.232	57.184	65.762	71.042
33	Loans & Advances	8.500	8.500	8.500	8.500	8.500	8.500
34	Inventory:-
	(i) Raw Materials (including stores and other items used in the process of manufacture)	5.396	3.467	3.987	4.586	5.273	6.064
	(a) Imported	--	--	--	--	--	--
	(b) Indigenous	--	--	--	--	--	--
	(ii) Other Inventory	5.500	5.600	5.800	6.000	7.200	8.640
	(iii) Finished goods	18.142	20.965	24.109	27.726	35.870	41.250
	(iv) Other consumable spares	--	--	--	--	--	--
	Loans & Advances	--	--	--	--	--	--
35	Advances to suppliers of raw materials and stores/spares consumable	--	--	--	--	--	--
36	Advance payment of taxes	--	--	--	--	--	--
37	Other current assets (major items to be specified individually)	6.800	5.200	5.400	7.000	7.000	7.00
38	Total Current Assets (Total of items 30 to 37)	93.816	109.062	115.582	129.701	149.054	159.602
	FIXED ASSET
39	Gross block (land and buildings machinery, constriction-in-process etc) (At WDV)	151.615	151.615	156.615	159.115	159.115	169.115
40	Depreciation to date	82.519	93.381	106.608	116.793	123.401	132.796
41	Net Block (item 39 item 40)	69.097	58.234	50.007	42.322	35.714	36.319
	Capital work in progress	--	--	--	--	--	--
	Other Non-Current Assets
42	Investments/ book debts/ advances/ deposits which are not current assets.
	(i) (a) Investment in Subsidiary companies/ affiliates	--	--	--	--	--	--
	(b) Others	--	--	--	--	--	--
	(ii) advances to suppliers of capital goods/ spares and contractors for capital expenditure	5.000	--	--	--	--	--
	(iii) Deferred receivable (other than those maturing within one year)	--	--	--	--	--	--
	(iv) Others	--	--	--	--	--	--
43	Non-consumables stores and spares	--	--	--	--	--	--
44	Other miscellaneous assets including dues from directors/partners	--	--	--	--	--	--
45	Total other non-current assets (total of items42 to 44)	5.000	--	--	--	--	--
46	Intangible assets (Patents, goodwill, preliminary and formation expenses, bad/ doubtful debts not provided for etc.)	--	--	--	--	--	--
47	Total Assets (Total of items 38,41,45 and 46)	167.913	167.296	165.589	172.023	184.768	195.921
48	Tangible net worth (item 28 minus item 46)	41.812	44.100	47.812	57.276	76.188	95.614
49	Net Working Capital (item 38 minus item 13)	83.047	94.945	99.838	108.914	123.968	131.041
	Total Assets	167.913	167.296	165.589	172.023	184.768	195.921
	Total Liabilities	167.913	167.296	165.589	172.023	184.768	195.921
	Current Ratio	8.71	7.73	7.34	6.24	5.94	5.59

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RATIO ANALYSIS

(RS. IN MILLION)

SR. NO.	PARTICULARS	2015-16	2016-17	2017-18	2018-19	2019-20	2020-21
		[Projection]
1	Net Profit Ratio (%)	3.61	2.38	3.36	7.45	12.95	11.57
2	Profit before Depreciation but after Tax (Cash Accruals) (%)	22.55	13.69	15.33	15.47	17.47	17.16
3	Interest Coverage Ratio	1.66	1.30	1.52	2.44	4.21	4.86
4	Current Ratio	8.71	7.73	7.34	6.24	5.94	5.59
5	Debt Equity Ratio	3.02	2.79	2.46	2.00	1.43	1.05
6	Debtors Holding Period (Days)	165.00	185.00	170.00	165.00	165.00	155.00
7	Total Outside Liability / Tangible Net Worth (TOL/TNW)	3.02	2.79	2.46	2.00	1.43	1.05
8	Total Term Liabilities / Tangible Net Worth (TTL/TNW)	2.76	2.47	2.13	1.64	1.10	0.75
9	Debt Service Coverage Ratio (DSCR)	1.71	1.52	1.65	1.77	2.06	2.04
10	Stock Holding Period (Days)	60.00	60.00	60.00	110.54	121.30	122.08

------------------------------------------------------------------------------------------------------------------------------

DEBT SERVICE COVERAGE RATIO

(RS. IN MILLION)

SR. NO.	PARTICULARS	2015-16	2016-17	2017-18	2018-19	2019-20	2020-21
		[Projection]
1	Profit after Tax (PAT)	2.669	2.288	3.712	9.464	18.912	19.426
2	Depreciation	14.009	10.863	13.226	10.185	6.608	9.395
3	Finance Cost	5.735	11.032	10.287	9.408	8.415	7.185
4	Net Operating Income	22.412	24.183	27.225	29.058	33.935	36.006
5	Total Repayment during the year	7.384	4.882	6.253	7.045	8.073	10.466
6	Finance Cost	5.735	11.032	10.287	9.408	8.415	7.185
7	DSCR	1.71	1.52	1.65	1.77	2.06	2.04

------------------------------------------------------------------------------------------------------------------------------

COMPUTATION OF MAXIMUM PERMISSIBLE BANK FINANCE

(RS. IN MILLION)

SR. NO.	PARTICULARS	2015-16	2016-17	2017-18	2018-19	2019-20	2020-21
		[Projection]
1	Working Capital Gap [Item III of Part B]	76.847	88.745	93.638	102.714	117.768	124.841
2	Minimum Stipulated Net Working Capital [25% of Item I]	19.212	22.186	23.409	25.678	29.442	31.210
3	Actual/Projected Net Working Capital [Item Vi of Part B]	71.847	83.745	88.638	97.714	112.768	119.841
4	Item 1 Minus Item 2	57.635	66.558	70.228	77.035	88.326	93.630
5	Item 1 Minus Item 3	5.000	5.000	5.000	5.000	5.000	5.000
6	Maximum Permissible Bank Finance [Item 4 or 5 whichever is lower]	5.000	5.000	5.000	5.000	5.000	5.000
	2ND METHOD OF LENDING
7	Working Capital Gap [Item III of Part B]	76.847	88.745	93.638	102.714	117.768	124.841
8	Minimum Stipulated Net Working Capital [25% of Total Current Assets]	20.654	24.466	26.095	29.625	34.463	37.101
9	Actual Net Working Capital	71.847	83.745	88.638	97.714	112.768	119.841
10	Item 7 - Item 8	56.193	64.279	67.542	73.089	83.305	87.740
11	Item 7 - Item 9	5.000	5.000	5.000	5.000	5.000	5.000
12	Maximum Permissible Bank Finance [Item 10 or 11 whichever is lower]	5.000	5.000	5.000	5.000	5.000	5.000

------------------------------------------------------------------------------------------------------------------------------

NETWORTH STATEMENT

MR. ASHOK DAHYABHAI LUHAR

(RS. IN MILLION)

BANK A/C

Bank	Branch	S/B C/D A/C No.	Present Balance	Last 6 Months avg. bal.
Bank of India	Rajmahal Road Branch	250410100004704	0.133	0.100

DETAILS OF ASSETS

IMMOVABLE PROPERTY

Assets	Own / Joint name	Free hold or Lease hold	Location/ address	Purchase Cost	Present Value	Whether encumbered (Give details)
Non Agri. Land
i. Commercial	--	--	--	--	--	--
ii. Residential	Not Applicable	Inherited	Block No.1, Mahavir Colony, Rajmahal Road, Vadodara	Inherited	0.997	Mortgaged with Electronica Finance Limited
Flat / House	--	--	--	--	--	--
Agri. Land	--	--	--	--	--	--
Others	--	--	--	--	--	--

MOVABLE PROPERTY

INSURANCE POLICIES

Name of Company & Branch	Policy No	Sum assured	Surrender Value	Annual Premium	Premium paid upto what period
LIC	Total 8 Policies	1.500	0.471	0.115	30.11.2015

SHARES / DEBENTURES / MUTUAL FUND ETC. (COPY OF DEMAT STATEMENT TO BE ENCLOSED)

Name of Company	No. of shares/	Whether fully paid (Yes/No)
Ambica Engtech Works Private Limited	36910	Yes

TERM DEPOSITS

Term Deposit Receipt No.	Bank/ Branch Name	Type	Amount and Date of receipt	Maturity Amount
8 Nos.	Bank of India	DBD	1.573	2.468

INVESTMENT IN GOVT. SECURITIES LIKE BONDS / PPF/ NSC / KVP / IVP ETC.

Nature of Securities	Issuing Office/ Post office	Face value	Due date
NSC	Post Office	1.00	5 ½ Years

JEWELLERY

	Quantity	Valuation (Approx.)
Gold	100 gm	0.250

LIABILITIES

AS BORROWER

Borrowed from	Purpose of Loan	Amount of Loan	Security	Outstanding Balance
Loan against LIC policy	For Business	0.913	Policy papers	0.913

LEGAL HEIRS / FAMILY PARTICULARS

Name	Occupation	Relation	Age	Marital Status	Address
Luhar Meenaben Ashokbhai	Housewife	Wife	58	Married	Ambica Bhavan, Mahavir Colony, Palace Road, Vadodara - 390001
Luhar Shushil Ashokbhai	Business	Son	40	Married	Ambica Bhavan, Mahavir Colony, Palace Road, Vadodara - 390001

------------------------------------------------------------------------------------------------------------------------------

NETWORTH STATEMENT

MR. SHUSHIL ASHOK LUHAR

(RS. IN MILLION)

BANK A/C

Bank	Branch	S/B C/D A/C No.	Present Balance	Last 6 Months avg. bal.
Bank of India	Rajmahal Road Branch	250410100007052	0.203	0.100

DETAILS OF ASSETS

IMMOVABLE PROPERTY

Assets	Own / Joint name	Free hold or Lease hold	Location/ address	Purchase Cost	Present Value	Whether encumbered (Give details)
Non Agri. Land
i. Commercial	--	--	--	--	--	--
ii. Residential	Own	Residential	Riviera, B/h Bright School, Vasna-Bhayali Road, Vadodara	5.200	18.500	Loan against property with ICICI Bank
Flat / House	--	--	--	--	--	--
Agri. Land	--	--	--	--	--	--
Others	--	--	--	--	--	--

MOVABLE PROPERTY

INSURANCE POLICIES

Name of Company & Branch	Policy No	Sum assured	Surrender Value	Annual Premium	Premium paid upto what period
LIC	Total 8 Policies	5.050	0.434	0.178	30.11.2015

SHARES / DEBENTURES / MUTUAL FUND ETC. (COPY OF DEMAT STATEMENT TO BE ENCLOSED)

Name of Company	No. of shares/	Whether fully paid (Yes/No)
Ambica Engtech Works Private Limited	14786	Yes

JEWELLERY

	Quantity	Valuation (Approx.)
Gold	80 gm	0.200

LIABILITIES

AS BORROWER

Borrowed from	Purpose of Loan	Amount of Loan	Security	Outstanding Balance
Loan against LIC policy	For Business	0.800	Policy papers	0.800

LEGAL HEIRS / FAMILY PARTICULARS

Name	Occupation	Relation	Age	Marital Status	Address
Luhar Kajal Shushil	Business	Wife	37	Married	Ambica Bhavan, Mahavir Colony, Palace Road, Vadodara - 390001
Luhar Darsh Shushil	Study	Son	13	Unmarried	Ambica Bhavan, Mahavir Colony, Palace Road, Vadodara - 390001
Luhar Vanshi Shushil	Study	Daughter	10	Unmarried	Ambica Bhavan, Mahavir Colony, Palace Road, Vadodara - 390001

------------------------------------------------------------------------------------------------------------------------------

COMPANY PROFILE

ENGINEERING

Ambica covers the entire spectrum of engineering, offering end-to-end product development solutions to global majors. Ambica’s expertise ranges from concept design, detailing and analysis, to product realization solutions. Ambica uses proper processes to provide better, faster and more value-optimized solutions to its customers.

Ambica specializes in procession manufacturing for automotive and industrial components, power generation, food and pharmaceutical applications; large scale turnkey fabrication, design and manufacturing of test rigs, tooling, fixtures and gages. The integrated engineering and manufacturing capability uses best in class manufacturing processes, state of the art technologies and technically competent people. The flexible modular approach from design through to manufacturing provides a customized, end-to-end solution to the customers; thereby reducing cost and increasing value.

PROFILE

Serving the industry since 1965 and having an impressive growth rate of above 25 percent (annually), Ambica Engtech works Private Limited is a professionally managed and widely reputed manufacturer and supplier of all kinds of high precision components, power transmission components and precision assemblies.

They have an expertise in methods engineering and develop appropriate production methods for the products; according to the specifications in a record time period. Their design and CAD team helps you to convert the 2 dimensional drawings into 3 dimensional models with the appropriate process charts and CAM programs.

They are different from other players and are preferred due to their ability to undertake complex projects which require various types of precision processes like turned, milled and jig boring operations; on the same component whilst maintain a strong emphasis on quality, control

PRODUCT/ PROCESS ASSURANCE

Subject is committed to quality products throughout the manufacturing process. To back this quality drive they have a complete range of calibrated measuring instrument, gauges, in-house granite surface plates of grade zero type, surface comparators etc. they produce quality plans for each part and product, plans which include documentation, validations, control inspections, certifications and trace ability.

CONTINUOUS PRODUCT/ PROCESS IMPROVEMENT

All their employees are involved in and responsible for all aspects of product quality. They use a training scope-monitor to enhance discussion of issues along with individual and group training. The training scope is also a part of their continuous training program. Subject is committed to continuous product and process training and improvement. Individuals are encouraged to raise issues in order to improve the products or process.

As leading manufacturer high precision components, they have a commitment to continuously improve their products and services year on year.

Over the last twelve months they have undertaken a significant investment programme to build on their already world-class reputation, which includes:

· Additional CNC machinery and ancillary equipments.

· Development of their manufacturing facility to expand their precision machining services.

· Implementation activity of 5S and ISO

· Refurbishment of their distribution and logistics facilities.

· Contract management and outsourcing supply chain partnerships they have also restructured their internal activities to ensure that they remain customer, facing all aspects and at all levels of their business.

------------------------------------------------------------------------------------------------------------------------------

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10599941	02/11/2015	50,000,000.00	SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA	1ST FLOOR LANDMARK BUILDING, RACE COURSE CIRCLE,  VADODARA, GUJARAT - 390007, INDIA	C68846807
2	10599681	30/10/2015	50,000,000.00	SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA	1ST FLOOR LANDMARK BUILDING, RACE COURSE CIRCLE,  VADODARA, GUJARAT - 390007, INDIA	C68730472
3	10590695	02/09/2015	48,620,000.00	ELECTRONICA FINANCE LIMITED	128/A, PLOT NO.3,KAILASHCHANDRA APPARTMENTS, PAUD ROAD, KOTHRUD, PUNE, MAHARASHTRA - 411038, INDIA	C63672505
4	10402354	05/02/2013	67,631,000.00	INDUSIND BANK LIMITED	2401 GEN THIMMAYYA ROAD, CONTONMENT, PUNE, MAHARASHTRA - 411001, INDIA	B67867879
5	10401055	10/01/2013	67,631,000.00	INDUSIND BANK LIMITED	2401 GEN THIMMAYYA ROAD, CONTONMENT, PUNE, MAHARASHTRA - 411001, INDIA	B67261024

------------------------------------------------------------------------------------------------------------------------------

FIXED ASSETS:

· Air Conditioner and Coolers

· Furniture and Fixture

· Land and Building

· Measuring Equipment

· Vehicles

· Plant and Machinery

· Computers

· Electrical Fittings

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. 66.42
UK Pound	1	Rs. 99.17
Euro	1	Rs. 72.14

INFORMATION DETAILS

Information Gathered by :	PPT
Analysis Done by :	DIV
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	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	NO
--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	--

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.