MIRA INFORM REPORT

Report No. :	307834
Report Date :	20.02.2015

IDENTIFICATION DETAILS

Name :	TIBREWALA ELECTRONICS LIMITED
Registered Office :	6-56/2/40,Opposite To IDPL, Bombay National Highway, Balanagar Hyderabad – 500037, Telangana
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	18.07.1985
Com. Reg. No.:	01-005663
Capital Investment / Paid-up Capital :	Rs. 33.000 Millions
CIN No.: [Company Identification No.]	U32109TG1985PLC005663
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject is engaged mainly in the business of manufacturing Plastic Film Capacitiors (MFD), Power Factor Correction Capacitiors (KVAR) and Metallized Polypropylene Films
No. of Employees :	30 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (52)

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

Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having a fine track record. Financial position of the company seems to be decent. Trade relations are reported as fair. Business is active. Payment terms are reported to be regular and as per commitments. 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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
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	CARE
Rating	Long Term Bank Facilities = BBB+
Rating Explanation	Have moderate degree of safety and carry moderate credit risk
Date	05.01.2015

Rating Agency Name	CARE
Rating	Short Term Bank Facilities = A2
Rating Explanation	Have strong degree of safety and carry low credit risk.
Date	05.01.2015

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 31-03-2014.

INFORMATION PARTED BY

Name :	Ms. Anuradha
Designation :	Accounts Department
Contact No.:	91-40-23775351
Date :	10.02.2015

LOCATIONS

Registered Office / Factory :	6-56/2/40,Opposite To IDPL, Bombay National Highway, Balanagar Hyderabad – 500037, Telangana, India
Tel. No.:	91-40-23775351/23775358
Fax No.:	91-40-23775360
E-Mail :	accounts@tibcon.net
Website :	www.tibcon.net
Location :	Owned
Plant Location
Unit I :	B – 18, BHEL, ancillary Industrial Estate, Ramchandrapuram, Hyderabad – 500032, Andhra Pradesh, India
Unit II :	Plot No. 17, S.V. Co-operative Industrial Estate, Balanagar, Hyderabad – 500037, Andhra Pradesh, India
Unit III :	No. 6-56/2/40, Bombay Highway, Balanagar, Hyderabad – 500037, Andhra Pradesh, India
Unit IV (Hardware Park) :	Plot No. 30-33, Imarat Kancha, Raviryal Village, Maheswaram Mandal, R.R. dist – 500066, Hyderabad, Telanagan
Branch Office :	R.C. Puram, Balanagar, Hyderabad, Andhra Pradesh, India Faridabad

DIRECTORS

As on 14.07.2014

Name :

Jyoti Prakash Tibrewala

Designation :

Chairman

Address :

128, Main Road No, Banajara Hills, Hyderabad – 500034, Telangana, India

Date of Birth/Age :

13 07 1947

Date of Appointment :

01.04.2014

DIN No.:

00475812

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ DesignatedPartner	Date ofappointmentat current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	L31909AP1975PLC001949	KHAITAN ELECTRICALS LIMITED	Director	27/10/1975	27/10/1975	01/03/2012	Active	NO
2	U32109TG1985PLC005663	TIBREWALA ELECTRONICS LTD	Whole-time director	01/04/2014	29/07/1985	-	Active	NO
3	U31909TG1988PTC007557	TIBREWALA STAMPINGS PVT LTD	Director	19/08/1988	19/08/1988	13/07/2011	Active	NO
4	U67120TG1994PTC017344	GANGEET SECURITIES Private LTD	Director	08/04/1994	08/04/1994	-	Active	NO
5	U31909TG1988PTC008765	VAMET ELECTRIC PVT LTD	Director	12/06/2005	12/06/2005	27/04/2007	Active	NO
6	U65900TG2007PTC055638	AISHWARYA INVESTMENTS AND REALTY PRIVATE LIMITED	Director	21/09/2007	21/09/2007	-	Active	NO
7	U74900TG2014PTC093495	GANGEET INVESTMENTS AND REALITY PRIVATE LIMITED	Director	13/03/2014	13/03/2014	-	Active	NO

Name :

Mr. Vineet Tibrewala

Designation :

Managing Director

Address :

6-3-250/3,Road No.1, Banjara Hills, Hyderabad - 500 034, Telangana, India

Date of Birth/Age :

21 02 1975

Date of Appointment :

01.04.2014

DIN No.:

0038880

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ DesignatedPartner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U32109TG1985PLC005663	TIBREWALA ELECTRONICS LTD	Managing director	01/04/2014	19/01/2000	-	Active	NO
2	U67120TG1994PTC017344	GANGEET SECURITIES Private LTD	Director	22/02/2003	22/02/2003	-	Active	NO
3	U65900TG2007PTC055638	AISHWARYA INVESTMENTS AND REALTY PRIVATE LIMITED	Director	21/09/2007	21/09/2007	-	Active	NO
4	U65990TG1986PTC006290	VINIT INVESTMENTS Private LIMITED	Director	25/04/2009	24/12/2008	-	Active	NO
5	U74900TG2014PTC093495	GANGEET INVESTMENTS AND REALITY PRIVATE LIMITED	Director	13/03/2014	13/03/2014	-	Active	NO

Name :

Mr. Vishal Tibrewala

Designation :

Whole time Director

Address :

6-3-250/3, Banjara Hills, Road No. 1, Hyderabad – 500034, Telangana, India

Date of Birth/Age :

10 01 1978

Date of Appointment :

01.04.2014

DIN No.:

00146978

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	U65990TG1986PTC006290	VINIT INVESTMENTS Private LIMITED	Director	17/12/1999	17/12/1999	-	Active	NO
2	U31909TG1987PTC039247	FLEXOPLAST ENTERPRISES PRIVATE LIMITED	Director	07/12/2002	07/12/2002	-	Active	NO
3	U32109TG1985PLC005663	TIBREWALA ELECTRONICS LTD	Whole-time director	01/04/2014	20/10/2003	-	Active	NO
4	U74900TG2014PTC093495	GANGEET INVESTMENTS AND REALITY PRIVATE LIMITED	Director	13/03/2014	13/03/2014	-	Active	NO

Name :

Sreshti L.S Dodda

Designation :

Director

Address :

204,Mount Santhoshi Apartment,Mayuri Marg,Begumpet, Secunderabad - 500 016, Telangana, India

Date of Birth/Age :

09 11 1946

Date of Appointment :

03.01.2014

DIN No.:

00147325

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	U32109TG1985PLC005663	TIBREWALA ELECTRONICS LTD	Director	03/01/2014	30/12/2006	-	Active	NO
2	L45200AP1987PLC007228	MANJEERA CONSTRUCTIONS LTD	Director	28/09/2012	03/01/2008	-	Active	NO

MAJOR SHAREHOLDERS

As on 14.07.2014

Names of Shareholders	No. of Shares
Jyoti Prakash Tibrewala	302750
Jyoti Prakash Tibrewala and sons, HUF	201125
Manju Tibrewala	210750
Vineet Tibrewala	219875
Vishal Tibrewala	200000
Shivani Tibrewala	108000
Sheetal Tibrewala	2500
Vinit Investments Private Limited, India	947500
Gangeet Securities Private Limited	965000
Flexoplast Enterprises Private Limited, India	142500
Total	3300000

As on 14.07.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	62.27
Directors or relatives of Directors	37.73
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged mainly in the business of manufacturing Plastic Film Capacitiors (MFD), Power Factor Correction Capacitiors (KVAR) and Metallized Polypropylene Films
Products :	Plastic Film Capacitiors (MFD) Power Factor Correction Capacitiors (KVAR) Metallized Polypropylene Films
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :
Products :	Finished Goods
Countries :	Italy US Mexico Dubai Turkey Germany Romania
Imports :
Products :	Raw Material
Countries :	Japan Germany
Terms :
Selling :	Cash and Cheque
Purchasing :	Cash and Cheque

PRODUCTION STATUS = NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Tokyo Sangyo Company Limited, Japan
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

• Wholesalers, Retailers and End Users

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

No. of Employees :

30 (Approximately)

Bankers :

Banker Name	State Bank of India
Branch Address	Industrial Finance Branch, Raj Bhavan Road, Somajiguda, Hyderabad – 500082, Andhra Pradesh, India
Person Name (With Designation)	Mr. Vijay Kulkarni (Chief Manager)
Contact Number	91-40-23147213
Name of Account Holder	Tibrewala Electronics Limited
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	20 Years Ago
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Cash Credit = Rs. 140.000 Millions
Account Operation	Satisfactory
Remarks (If any)	Mr. Vijay Kulkarni informed that the subject company have satisfactory track record with banker.

Facilities :

(Rs. In Millions)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
SHORT TERM BORROWING
From State Bank of India
Cash Credit	82.618	60.476
PCFC Loan (USD)	61.907	28.786
PCFC Loan (EURO	10.434	3.025
Buyers Credit	14.719	26.248
FLC Discounting	23.383	0.000
Total	193.061	118.535

Auditors :
Name :	Luharuka and Associates Chartered Accountants
Address :	5-4-187/3&4, IInd Floor, Soham Mansion, M.G. Road, Ranigung, Secunderabad – 500003, Andhra Pradesh, India
Tel. No.:	91-40-27542635/27541015
Fax No.:	91-40-2754-1015
E-Mail :	luharukaca@gmail.com
PAN No.:	AAAFL6424D
Memberships :	Not Available
Collaborators :	Not Available
Subsidiaries :	Aishwarya Investments and Really Private Limited
Associates :	Gangeet Securities Private Limited Vinit Investment Enterprises Private Limited Flexoplast Enterprises Private Limited

CAPITAL STRUCTURE

As on 14.07.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs. 50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3300000	Equity Shares	Rs.10/- each	Rs. 33.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2011
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	33.000	33.000	33.000
(b) Reserves & Surplus	727.222	648.013	585.967
(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)	760.222	681.013	618.967
(3) Non-Current Liabilities
(a) long-term borrowings	81.391	82.290	76.516
(b) Deferred tax liabilities (Net)	35.218	40.381	36.579
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	116.609	122.671	113.095
(4) Current Liabilities
(a) Short term borrowings	207.985	147.222	165.247
(b) Trade payables	114.094	85.578	95.105
(c) Other current liabilities	21.501	17.959	13.501
(d) Short-term provisions	6.638	6.157	6.831
Total Current Liabilities (4)	350.218	256.916	280.684
TOTAL	1227.049	1060.600	1012.746
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	267.544	288.564	320.550
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	249.567	156.715	63.429
(c) Deferred tax assets (net)	0.000	0.000	137.452
(d) Long-term Loan and Advances	119.519	130.275	0.571
(e) Other Non-current assets	0.190	0.381	0.000
Total Non-Current Assets	636.820	575.935	522.002
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	154.434	130.000	126.412
(c) Trade receivables	319.430	300.972	298.014
(d) Cash and cash equivalents	64.168	10.272	12.631
(e) Short-term loans and advances	45.161	38.041	53.573
(f) Other current assets	7.036	5.380	0.114
Total Current Assets	590.229	484.665	490.744
TOTAL	1227.049	1060.600	1012.746

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2011
	SALES
	Income	962.914	831.813	878.451
	Other Income	29.750	16.620	35.978
	TOTAL (A)	992.664	848.433	914.429
Less	EXPENSES
	Cost of Materials Consumed	556.042	494.629	575.500
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	0.805	(6.163)	2.716
	Employees benefits expense	109.985	87.561	71.628
	Other expenses	138.300	111.111	88.767
	Prior Period Item	0.007	(0.135)	(0.045)
	TOTAL (B)	805.139	687.003	738.566
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	187.525	161.430	175.863
Less	FINANCIAL EXPENSES (D)	19.550	13.941	24.792
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	167.975	147.489	151.071
Less/ Add	DEPRECIATION/ AMORTISATION (F)	47.898	52.116	48.229
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	120.077	95.373	102.842
Less	TAX (I)	37.973	30.433	33.169
	PROFIT/ (LOSS) AFTER TAX (G-I) (J)	82.104	64.940	69.673
Less	APPROPRIATIONS
	Transfer to General Reserve
	Proposed Dividend	2.475	2.475	2.475
	Corporate Dividend Tax	0.420	0.421	0.421
	Total (M)	2.895	2.896	2.896
	Balance Carried to the B/S (J+K+L-M)	79.209	62.044	66.777
	EARNINGS IN FOREIGN CURRENCY	383.784	318.904	337.292
	IMPORTS
	Raw Materials	282.974	225.490	349.565
	Components and Stores parts	0.109	3.421	3.209
	Capital Goods	17.292	5.438	73.061
	TOTAL IMPORTS	300.375	234.349	425.835
	Earnings / (Loss) Per Share (Rs.)	24.88	19.68	19.90

Expected Sales (2014-15) : Rs. 1000.000 Millions

The above information has been parted by Ms. Anuradha

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	8.53	7.81	7.93
Operating Profit Margin (PBDIT / Sales)	(%)	19.47	19.41	20.02
Return on Total Assets (PBT/Total Assets}	(%)	12.28	10.55	12.67
Return on Investment (ROI) (PBT/Networth)		0.16	0.14	0.17
Debt Equity Ratio (Total Debt /Networth)		0.38	0.34	0.39
Current Ratio (Current Asset/Current Liability)		1.69	1.89	1.75

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	33.000	33.000	33.000
Reserves & Surplus	585.967	648.013	727.222
Net worth	618.967	681.013	760.222
long-term borrowings	76.516	82.290	81.391
Short term borrowings	165.247	147.222	207.985
Total borrowings	241.763	229.512	289.376
Debt/Equity ratio	0.391	0.337	0.381

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	878.451	831.813	962.914
		(5.309)	15.761

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	878.451	831.813	962.914
Profit	69.673	64.940	82.104
	7.93%	7.81%	8.53%

LOCAL AGENCY FURTHER INFORMATION

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

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Sales Tax Deferment Loan	81.391	82.290
SHORT TERM BORROWING
From Banks	14.923	25.386
From Shareholders	0.000	3.300
Total	96.314	110.976

Company Overview

Subject is a public Company incorporated as ‘Tibrewala Electronics Private Limited’ on 18^th July, 1985 under the company Act 1956. The present name was adapted w.e.f 26^th March 1993. The company is engaged mainly in the business of manufacturing Plastic Film Capacitiors (MFD), Power Factor Correction Capacitiors (KVAR) and Metallized Polypropylene Films

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	90117843	24/11/2014 *	377,600,000.00	STATE BANK OF INDIA	INDUSTRIAL FINANCE BRANCH, SOMAJIGUDA, HYDERABAD,  Telangana - 500082, INDIA	C43240803
2	90119206	25/02/2004 *	40,098,000.00	STATE BANK OF INDIA	BALANAGAR BRANCH, HYDERABAD, Andhra Pradesh - 5000  37, INDIA	-

* Date of charge modification

FIXED ASSETS

• Land
• Building
• Plant and Machinery
• Furniture and Fixture
• Vehicle
• Computer
• Air Conditioner

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.62.20
UK Pound	1	Rs.95.99
Euro	1	Rs.77.00

INFORMATION DETAILS

Information Gathered by :	GYT
Analysis Done by :	RAS
Report Prepared by :	ART

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	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		52

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.