MIRA INFORM REPORT

Report No. :	355092
Report Date :	23.12.2015

IDENTIFICATION DETAILS

Name :	BEICO INDUSTRIES PRIVATE LIMITED (w.e.f. 26.03.2008)
Formerly Known As :	BEICO INDUSTRIES LIMITED
Registered Office :	04-01/02, Kewal Industrial Estate, Senapati Bapat Marg, Lower Parel, Mumbai – 400013, Maharashtra
Tel. No.:	91-22-24938675
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	16.01.1980
Com. Reg. No.:	11-022112
Capital Investment / Paid-up Capital :	Rs.50.000 Million
CIN No.: [Company Identification No.]	U31100MH1980PTC022112
IEC No.:	0388094541
TAN No.: [Tax Deduction & Collection Account No.]	MUMB11215B
PAN No.: [Permanent Account No.]	AAACB0467B
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in manufacturing of electrical grade insulating paper composites, insulation kits, winding wire, enameled copper wire and wire drawing and enameling machines. (Registered Activity)
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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

Maximum Credit Limit :	USD 649000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Exist
Comments :	Subject was established in the year 1980 and it is engaged in the manufacturing of electrical insulations and enameled copper wires of different sizes, which have applications in the electrical components and equipment industry. For the financial year ended 2014, company has reported 11.57% revenue growth as compared to previous year revenue and it has maintain average profitability margin at 2.33% during the year under review. Rating reflects company’s above average financial profile marked by low gearing and comfortable debt protection metrics. The ratings also factor in the company's established market position and the extensive experience of its promoters in the electrical components and equipment industry along with its longstanding relationships with key customers and suppliers. Rating strengths is partially offset by company's modest scale of operations in a fragmented and competitive industry and the vulnerability of its operating margin to fluctuations in prices of raw materials. Trade relations are reported as fair. Payment terms are reported to be usually correct. In view of aforesaid, the company can be considered for business dealings at usual trade terms and condition. Note: As per registrar of companies the date of balance sheet (i. e. financial filed) is shown as 31.03.2015 but the documents related to the financial for the year 31.03.2015 are not available from any source.

NOTES:

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

ECGC Country Risk Classification List – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long Term Rating: BBB
Rating Explanation	Moderate degree of safety and moderate credit risk
Date	11.06.2015

Rating Agency Name	CRISIL
Rating	Short Term Rating: A3+
Rating Explanation	Moderate degree of safety and high credit risk.
Date	11.06.2015

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2015.

LOCATIONS

Registered/ Corporate Office :	04-01/02, Kewal Industrial Estate, Senapati Bapat Marg, Lower Parel, Mumbai – 400013, Maharashtra, India
Tel. No.:	91-22-24938675
Fax No.:	91-22-24938685
E-Mail :	accounts@beicoindustries.com info@beicoindustries.com
Website :	www.beicoindustries.com
Factory 1 :	B-62/2, MIDC, Additional Industrial Area, Ambad, Nasik – 422010, Maharashtra, India
Factory 2 :	487/488, Gonde Damala, Igatpuri, Nasik – 422403, Maharashtra, India

DIRECTORS

AS ON 31.03.2015

Name :

Mr. Suhrid Nikhil Sanghvi

Designation :

Managing Director

Address :

39/8, Bharati, Sewri Wadala Road, 14A, Kings Circle, Matunga, Mumbai – 400019, Maharashtra, India

Date of Birth/Age :

12.07.1982

Date of Appointment :

09.03.2013

Pan No. :

AMMPS5950P

DIN No.:

02811632

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	U31100MH1980PTC022112	BEICO INDUSTRIES Private LIMITED	Managing director	09/03/2013	01/11/2009	-	Active	NO
2	U31300MH1973GAP016998	WINDING WIRES MANUFACTURERS ASSOCIATION OF INDIA	Director	30/09/2013	30/09/2013	-	Active	NO

Name :

Mr. Jayant Mohanlal Sanghavi

Designation :

Additional Director

Address :

9/B, Ridge Apartment, 18, Ridge Road, Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

24.07.1937

Date of Appointment :

25.09.2014

DIN No.:

00359237

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	U70200GJ1985PTC007670	NARMADA LAND DEVELOPMENT PRIVATE LIMITED	Director	18/09/1985	18/09/1985	-	Active	NO
2	U51900MH2000PTC125431	STANFORD SECURITIES PRIVATE LIMITED	Director	22/05/2000	22/05/2000	28/06/2011	Active	NO
3	U67120MH2000PTC127943	STANFORD STOCKBROKING PRIVATE LIMITED	Director	27/07/2000	27/07/2000	-	Active	NO
4	U31100MH1980PTC022112	BEICO INDUSTRIES Private LIMITED	Director	25/09/2014	30/06/2014	-	Active	NO

Name :

Mrs. Divya Nikhil Sanghvi

Designation :

Whole-time director

Address :

39, Bharti Manikrao, Lotlikar Marg, Mumbai – 400019, Maharashtra, India

Date of Birth/Age :

21.11.1958

Date of Appointment :

01.06.2014

Pan No. :

AAEPS4448Q

DIN No.:

00381911

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	U65990MH1980PTC022704	BEICO INVESTMENTS PRIVATE LIMITED	Director	10/11/1980	10/11/1980	-	Active	NO
2	U31100MH1980PTC022112	BEICO INDUSTRIES Private LIMITED	Whole-time director	01/06/2014	23/03/1992	-	Active	NO

Name :

Mr. Dolar Ratilal Koya

Designation :

Director

Address :

45, Tomlin Circle, Burr Ridge, IL – 60521, USA

Date of Birth/Age :

08.10.1936

Date of Appointment :

29.09.1997

DIN No.:

01101086

MAJOR SHAREHOLDERS

AS ON 25.09.2014

Names of Shareholders	No. of Shares
Nikhil Sanghvi	977002
Divya Sanghvi	913165
Suhrid Sanghvi	1242319
Michelle Sanghvi	468847
Beico Investments Private Limited, India	719367
Divya Sanghvi	451078
Rajnikant Sanghvi	1000
Mehul Sanghvi	2000
Bharat Sanghvi	1000
Dolar Koya	111278
Dolar Koya	111278
Mansi Sanghvi	666
Total	4999000

Equity Share Break up (Percentage of Total Equity)

AS ON 25.09.2014

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	4.73
Bodies corporate	14.39
Directors or relatives of Directors	80.85
Other top fifty shareholders	0.03
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in manufacturing of electrical grade insulating paper composites, insulation kits, winding wire, enameled copper wire and wire drawing and enameling machines. (Registered Activity)

Products :

Products Description	Item Code No.
Electrical Insulating Material	8546.9
Electrical Insulating Paper	4811.9
Enameled Copper Wire	8544.9

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Available

Imports :

Not Available

Terms :

Not Available

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

Not Available

Bankers :

Banker Name :	Citi Bank
Branch :	Not Available
Person Name (With Designation) :	Not Available
Contact Number :	Not Available
Name of Account Holder :	Not Available
Account Number :	Not Available
Account Since (Date/Year of Account Opening) :	Not Available
Average Balance Maintained (If Possible) :	Not Available
Credit Facilities Enjoyed (If any) :	Not Available
Account Operation :	Not Available
Remarks (If any) :	Not Available

· ICICI Bank Limited, Landmark Race Cource Circle, Alkapuri, Baroda-390015, Gujarat, India

· Citi Bank N.A., Global Corporate Banking, 1^st Floor, Plot C-61, Block – G, Bandra Kurla Complex, Bandra (East), Mumbai – 400051, Maharashtra, India

· HDFC Bank Limited

· State Bank of India

Facilities :

SECURED LOANS	31.03.2014 Rs. In Million	31.03.2013 Rs. In Million
Long Term Borrowings
Other loans and advances	8.221	0.000
Short Term Borrowings
Working capital loans from banks	77.570	54.634
Other loans and advances	3.284	2.186
Total	89.075	56.820

Auditors :
Name :	Gunderia and Company Chartered Accountants
Address :	1011, Stock Exchange Tower, Dalal Street, Fort, Mumbai – 400001, Maharashtra, India
Tel. No.:	91-22-66335350
PAN No.:	AAAFG2905L
Membership :	--
Collaborators :	--
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	· BEICO Investments Private Limited, India CIN No. U65990MH1980PTC022704

CAPITAL STRUCTURE

AS ON 28.09.2015

Authorised Capital :

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

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4,999,000	Equity Shares	Rs.10/- each	Rs.49.990 Million

AS ON 25.09.2014

Authorised Capital :

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

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs.50.000 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	50.000	50.000	50.000
(b) Reserves & Surplus	177.298	158.766	146.324
(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)	227.298	208.766	196.324
(3) Non-Current Liabilities
(a) long-term borrowings	112.741	127.874	129.829
(b) Deferred tax liabilities (Net)	10.174	11.577	11.568
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.030	0.029	0.144
Total Non-current Liabilities (3)	122.945	139.480	141.541
(4) Current Liabilities
(a) Short term borrowings	80.854	56.820	82.830
(b) Trade payables	45.828	31.360	48.290
(c) Other current liabilities	23.155	27.640	24.885
(d) Short-term provisions	1.460	14.270	13.471
Total Current Liabilities (4)	151.297	130.090	169.476
TOTAL	501.540	478.336	507.341
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	198.680	205.301	176.751
(ii) Intangible Assets	1.397	1.684	1.970
(iii) Capital work-in-progress	1.911	14.639	35.261
(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	4.937	4.114	4.121
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	206.925	225.738	218.103
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	113.974	125.058	150.810
(c) Trade receivables	132.577	89.802	98.712
(d) Cash and cash equivalents	9.912	3.581	7.954
(e) Short-term loans and advances	36.157	32.419	30.025
(f) Other current assets	1.995	1.738	1.737
Total Current Assets	294.615	252.598	289.238
TOTAL	501.540	478.336	507.341

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Revenue from Operations	771.559 (Gross Income)	691.320	669.900
		Other Income	NA	NA	NA
		TOTAL	NA	NA	NA
Less	EXPENSES
		TOTAL	NA	NA	NA
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION			87.490	75.340
Less	FINANCIAL EXPENSES		NA	23.950	16.510
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION			63.540	28.830
Less	DEPRECIATION/ AMORTISATION			27.400	24.850
	PROFIT BEFORE TAX		32.754	36.140	33.980
Less	TAX		14.222	11.890	11.220
	PROFIT AFTER TAX		18.532	24.250	22.760
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		99.240	89.120	80.260
Less	APPROPRIATIONS
		Transfer to General Reserve	0.000	2.430	2.280
		Tax on Dividend	0.000	1.700	1.620
		Proposed Final Dividend	0.000	10.000	10.000
	BALANCE CARRIED TO THE B/S		117.772	99.240	89.120
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings		13.000	10.030
	TOTAL EARNINGS		NA	13.000	10.030
	IMPORTS
		Raw Materials		113.000	154.770
		Packing Material/ Stores and Spares
	TOTAL IMPORTS		NA	113.000	154.770
	Earnings Per Share (Rs.)		3.71	4.85	4.55

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 flows from (used in) operation	56.464	105.558	64.879

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin PAT / Sales	(%)	NA	3.51	3.40
Operating Profit Margin (PBDIT/Sales)	(%)	NA	12.66	11.25
Return on Total Assets (PBT/Total Assets}	(%)	6.56	7.79	7.20
Return on Investment (ROI) (PBT/Networth)		0.14	0.17	0.17
Debt Equity Ratio (Total Debt /Networth)		0.85	0.88	1.08
Current Ratio (Current Asset/Current Liability)		1.95	1.94	1.71

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	50.000	50.000	50.000
Reserves & Surplus	146.324	158.766	177.298
Net worth	196.324	208.766	227.298
long-term borrowings	129.829	127.874	112.741
Short term borrowings	82.830	56.820	80.854
Total borrowings	212.659	184.694	193.595
Debt/Equity ratio	1.083	0.885	0.852

LOCAL AGENCY FURTHER INFORMATION

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

LITIGATION DETAILS

LITIGATION DETAILS
Bench:- Bombay
Presentation Date:- 08/01/2015
Lodging No. :	CEXAL/5/2015	Failing Date:-	08/01/2015	Reg. No.:-		CEXA/25/2015
Reg. Date:-	28/01/2015
Petitioner:-	THE COMMISSIONER OF CENTRAL EXCIS	Respondent:-	BEICO INDUSTRIES PRIVATE LIMITED AND ANR
Petn.Adv:-	NIRMAL CHANDRA MOHANTY (I10407)
District:-	OUTSIDE MUMBAI
Bench:-	DIVISION	Category:-	CENTRAL EXCISE APPEAL (CEXA)
Status:-	Pre-Admission	Stage:-	FOR ADMISSION [ORIGINAL SIDE MATTERS]
Next Date:-	18/01/2016	Stage:-	--
Coram:-	HON'BLE SHRI JUSTICE S.C. DHARMADHIKARI HON'BLE SHRI JUSTICE B.P. COLABAWALLA
Act. :	Central Excise & Salt Act		Under Section:		35G

UNSECURED LOANS:

Particulars	31.03.2014 Rs. In Million	31.03.2013 Rs. In Million
Long Term Borrowings
Intercorporate Borrowings	7.112	17.025
Deferred payment liabilities	9.931	9.932
Loans and advances from directors	72.340	40.139
Loans and advances from others	15.137	60.778
Total	104.52	127.874

INDEX OF CHARGE:

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10544416	30/12/2014	5,922,000.00	SIEMENS FINANCIAL SERVICES PRIVATE LIMITED	130, PANDURANG BUDHKAR MARG, WORLI, MUMBAI, Maharashtra - 400018, INDIA	C41117235
2	10040575	18/09/2014 *	200,000,000.00	Citi Bank N.A.	First International Financial Centre,Plot Nos.C-54, C-55, G Block, Bandra Kurla Complex, Bandra (East), Mumbai, Maharashtra - 400051, INDIA	C26562173
3	90231276	03/09/2010 *	100,000,000.00	CITIBANK N. A.	TRENT HOUSE, 2ND FLOOR, G BLOCK, PLOT NO.C60, BANDRA KURLA COMPLEX, BANDRA (E), MUMBAI, Maharashtra- 400051, INDIA	A94547601
4	90226159	22/07/2014 *	200,000,000.00	State Bank of India	Sterling Center, Dr. A.B. Road, Worli, Mumbai, Maharashtra - 400018, INDIA	C21494349
5	90225985	25/11/1994	7,500,000.00	THE BRITISH BANK OF THE MIDDLE EAST	16; VEER NARIMAN ROAD, BOMBAY, Maharashtra - 400023, INDIA	-

*Date of modification Charges

FIXED ASSETS:

· Freehold Land

· Leasehold Land

· Building

· Flat

· Plant and Machinery

· Intangible Asset

· Furniture and Fixtures

· Computers

· Motor Cars

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.66.32
UK Pound	1	Rs.98.98
Euro	1	Rs.72.13

INFORMATION DETAILS

Analysis Done by :	KAR
Report Prepared by :	JYTK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		50

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

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

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

RATING EXPLANATIONS

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

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.