MIRA INFORM REPORT

Report No. :	301591
Report Date :	05.01.2015

IDENTIFICATION DETAILS

Name :	FINEARC SYSTEMS PRIVATE LIMITED
Registered Office :	No.21, F II Block, M.I.D.C., Erandawana, Pimpri, Pune – 411 018, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	01.05.1986
Com. Reg. No.:	11-039713
Capital Investment / Paid-up Capital :	Rs. 29.400 Millions
CIN No.: [Company Identification No.]	U31904MH1986PTC039713
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Robotic Welding and Cutting Automation Solutions.
No. of Employees :	200 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

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 having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct. 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 – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
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	CRISIL
Rating	SME 2
Rating Explanation	High credit worthiness.
Date	August 30, 2014

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2014.

INFORMATION PARTED BY

Name :	Mr. Raju Hegde
Designation :	Sr. Manager Admin
Contact No.:	91-9763720513
Date :	20.12.2014

LOCATIONS

Registered Office/ Factory 1 :	No.21, F II Block, M.I.D.C., Erandawana, Pimpri, Pune – 411 018, Maharashtra, India
Tel. No.:	91-20-30686306/ 07/ 27471655/ 27470650/ 2713058
Mobile No.:	91-9763720513 (Mr. Raju Hegde)
Fax No.:	91-20-27475584
E-Mail :	finearc@vsnl.com sales@finearcsystems.com info@finearcsystems.com rhegde@finearcsystems.com accounts@finearcsystems.com
Website :	http://www.finearcsystems.com
Area :	1850 sq. m
Location :	Leased
Factory 2 :	Gat No.408, Village Urawade, Taluka Mulshi, Pune – 412 108, Maharashtra, India
Tel. No.:	91-20- 66750924/ 10
Area :	6200 sq. m
Location :	Owned
Services Centers :	Located at: v Delhi v Bangalore v Chennai v Nagpur v Kolkata v Luknow

DIRECTORS

As on 27.09.2014

Name :

Mrs. Gayatri Shrinivasan

Designation :

Whole Time Director

Address :

The Woods, Duplex No.64, Kalewadi Circle, Near Park Street, Wakad, Pune – 411 057, Maharashtra, India

Date of Birth/Age :

09.05.1954

Qualification :

M. Com

Date of Appointment :

01.05.1986

DIN No.:

00414713

Name :

Mr. Shrikant Sitaram Pathak

Designation :

Whole Time Director

Address :

12, Amar Society, 44/2, Erandwana, Pune – 411 004, Maharashtra, India

Date of Birth/Age :

18.09.1944

Qualification :

B.E.

Date of Appointment :

01.10.1991

DIN No.:

00376821

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	U31904MH1986PTC039713	FINEARC SYSTEMS PVT LTD	Whole-time director	01/10/1991	01/10/1991	-	Active	NO
2	U72200MH1995PTC087911	MOMIC TECHNOLOGIES PRIVATE LIMITED	Director	01/05/1995	01/05/1995	-	Active	NO

Name :

Mr. Vikram Raghavesh Sirur

Designation :

Director

Address :

Opposite HDMC Office, Lamington Road, Hubli, Dharwad – 580 020, Karnataka, India

Date of Birth/Age :

16.12.1946

Qualification :

B.E.

Date of Appointment :

01.04.2002

DIN No.:

00312980

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	U29150KA1986PTC007869	MIVEN MAYFRAN CONVEYORS PRIVATE LIMITED	Managing director	21/10/1986	21/10/1986	-	Active	NO
2	U15493KA1991PTC012376	RURIS TECNAL EXTRACTION SYSTEMS PRIVATE LIMITED	Managing director	03/10/1991	03/10/1991	-	Active	NO
3	U31200PN1992PTC016377	COTMAC ELECTRONICS PRIVATE LIMITED	Director	09/01/1992	09/01/1992	-	Active	NO
4	U01113KA1976PTC003027	MIPRO INTERNATIONAL PRIVATE LIMITED	Additional director	30/09/2013	19/02/1998	-	Active	NO
5	L29220KA1985PLC007036	MIVEN MACHINE TOOLS LIMITED	Whole-time director	01/07/2013	15/10/1998	-	Active	NO
6	U72200PN1999PTC013498	COTMAC INFOTECH PRIVATE LIMITED	Director	08/05/1999	08/05/1999	-	Active	NO
7	U17111KA1981PTC004382	N A SIRUR(HUBLI)PRIVATE LIMITED	Director	10/12/2000	10/12/2000	-	Active	NO
8	U31904MH1986PTC039713	FINEARC SYSTEMS PVT LTD	Director	01/04/2002	01/04/2002	-	Active	NO
9	U29219KA2011PTC057337	PRATT AUTOMATION PRIVATE LIMITED	Director	02/03/2011	02/03/2011	-	Active	NO
10	U29290MH1973GAP016420	INDIAN MACHINE TOOL MANUFACTURERS ASSOCIATION	Director	08/09/2011	08/09/2011	-	Active	NO
11	U74900KA2012NPL067059	IMTMA Machine Tool Industry Park	Director	06/12/2012	06/12/2012	-	Active	NO
12	U51101KA1919ULL001442	SIBELLA PRIVATE LIMITED	Additional director	30/09/2013	30/08/2013	-	Active	NO

Name :

Mrs. Shobha Shreepad Hegde

Designation :

Whole Time Director

Address :

Padamatara Building, 2425, 8^th Main Road, 22^nd Cross, Banashankari, 2^nd Stage, Bangalore – 560 070, Karnataka, India

Date of Birth/Age :

22.05.1945

Qualification :

MA

Date of Appointment :

01.05.1986

DIN No.:

00414657

KEY EXECUTIVES

Name :	Mr. Raju Hegde
Designation :	Sr. Manager Admin

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 27.09.2014

Names of Shareholders	No. of Shares	% of holding
Hegde Shobha and Shreepad Hegde	67830	23.07
Pathak Anjali and Pathak Shrikant	58800	20.00
Gayatri Srinivasan and V.S. Srinivasan	53718	18.27
Hegde Shreepad	5670	1.93
Pathak Shrikant and Anjali Pathak	14700	5.00
V.S. Srinivasan and Gayatri Srinivasan	19782	6.73
N.A. Sirur (Hubli) Private Limited, India	73500	25.00
Total	294000	100.00

As on 27.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Robotic Welding and Cutting Automation Solutions.

Products :

Product Description

Item Code No. (ITC Code)

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Products :

Robotic Welding and Cutting Automation Solutions

Countries :

• South Africa
• Germany
• Russia
• USA
• China

Imports :

Products :

Raw Material

Countries :

• China
• Japan
• USA
• Germany
• Canada

Terms :

Selling :

Cash and Advance Payment

Purchasing :

Cash and Advance Payment

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
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

· Alpha Laval

· International Auto

· American Axle and Manufacturing

· JBM

· Bajaj Auto

· Kalyani Lemmerz

· B.A.R.C

· Lanco

· B.H.E.L

· Marc Exhaust Systems Limited

· CLW

· Sharda Motors India Limited

· Emcon Technologies

· SKH Group

· Emerson Technologies

· Sona Koya

· G.E. Healthcare

· Steel Strips and Wheels Limited

· Honda Motorcycles and Scooters India Limited

· Tenneco Exhaust India

· INOX India

· TVS Motors

No. of Employees :

200 (Approximately)

Bankers :

Banker Name	Bank of India
Branch Address	Pimpri Branch, Pune, Maharashtra, India
Person Name (With Designation)	Not Divulged
Contact Number	91-20-27426583 (Ringing)
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	CC/ LL/ BG of Rs. 140.00 Millions
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

(Rs. In Millions)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
Short Term Borrowing
Loan Payable on Demand	56.624	58.497
Cash credit facility from Bank of India, Pimpri Branch, Pune [Secured by first charge and hypothecation of raw material, work in progress, finished goods, book debts and personal guarantee of all the directors of the company]
Total	56.624	58.497

Auditors :
Name :	Anand Amarnath and Associates Chartered Accountants
Address :	101, First Floor, Enkay Complex, Above Vijaya Bank, Keshwapur, Hubli – 580 023, Karnataka, India
PAN No.:	AAEFA7432N
Memberships :	--
Collaborators :	--
Associates/Subsidiaries :	Not Divulged

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
299000	Equity Shares	Rs.100/- each	Rs. 29.900 Millions
1000	Preference Shares	Rs.100/- each	Rs. 0.100 Million
	Total		Rs. 30.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
294000	Equity Shares	Rs.100/- each	Rs. 29.400 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

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	29.400	29.400	29.400
(b) Reserves & Surplus	92.730	83.742	71.287
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.325	0.325
Total Shareholders’ Funds (1) + (2)	122.130	113.467	101.012
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	2.135
(b) Deferred tax liabilities (Net)	0.195	0.363	0.060
(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)	0.195	0.363	2.195
(4) Current Liabilities
(a) Short term borrowings	56.624	58.497	43.066
(b) Trade payables	135.720	72.725	44.972
(c) Other current liabilities	91.331	54.960	53.887
(d) Short-term provisions	38.315	30.479	23.142
Total Current Liabilities (4)	321.990	216.661	165.067
TOTAL	444.315	330.491	268.274
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	27.947	33.419	33.320
(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	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.192	0.202	0.158
Total Non-Current Assets	28.139	33.621	33.478
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	220.026	134.898	107.469
(c) Trade receivables	124.736	105.481	85.232
(d) Cash and cash equivalents	28.432	25.575	23.588
(e) Short-term loans and advances	42.242	30.639	18.234
(f) Other current assets	0.740	0.277	0.273
Total Current Assets	416.176	296.870	234.796
TOTAL	444.315	330.491	268.274

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	378.607	362.508	457.820
		Other Income	8.278	4.564	3.854
		TOTAL	386.885	367.072	461.674
Less	EXPENSES
		Cost of Materials Consumed	323.089	250.678	260.331
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(85.199)	(25.370)	34.446
		Employees benefits expense	64.430	61.283	60.054
		Other expenses	47.594	38.998	50.349
		TOTAL	349.914	325.589	405.180
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		36.971	41.483	56.494
Less	FINANCIAL EXPENSES		7.777	7.629	6.496
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		29.194	33.854	49.998
Less/ Add	DEPRECIATION/ AMORTISATION		5.659	5.217	4.939
	PROFIT/ (LOSS) BEFORE TAX		23.535	28.637	45.059
Less	TAX		7.668	9.303	14.641
	PROFIT/ (LOSS) AFTER TAX		15.867	19.334	30.418
	EARNINGS IN FOREIGN CURRENCY
		Export Sales	47.678	38.617	NA
		Services Export	0.735	4.342	NA
		Sales Commission Received	0.624	1.428	NA
	TOTAL EARNINGS		49.037	44.387	NA
	CIF Value of Imports		43.026	42.809	NA
	Earnings Per Share (Rs.)		53.97	65.76	103.46

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	4.19	5.33	6.64
Operating Profit Margin (PBDIT / Sales)	(%)	9.77	11.44	12.34
Return on Total Assets (PBT/Total Assets}	(%)	5.30	8.66	16.80
Return on Investment (ROI) (PBT/Networth)		0.19	0.25	0.45
Debt Equity Ratio (Total Debt /Networth)		0.46	0.52	0.45
Current Ratio (Current Asset/Current Liability)		1.29	1.37	1.42

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	29.400	29.400	29.400
Reserves & Surplus	71.287	83.742	92.730
Net worth	100.687	113.142	122.130
long-term borrowings	2.135	0.000	0.000
Short term borrowings	43.066	58.497	56.624
Total borrowings	45.201	58.497	56.624
Debt/Equity ratio	0.449	0.517	0.464

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	457.820	362.508	378.607
		(20.819)	4.441

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	457.820	362.508	378.607
Profit	30.418	19.334	15.867
	6.64%	5.33%	4.19%

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	Yes
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	No
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	No
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

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	ADDRESS	Service Request Number (SRN)
1	10212511	05/05/2010 *	20,000,000.00	BANK OF INDIA	PIMPRI BRANCH, PIMPRI, PUNE, MAHARASHTRA - 411018, INDIA	A86475340
2	10211195	05/05/2010 *	30,000,000.00	BANK OF INDIA	PIMPRI BRANCH, PIMPRI, PUNE, MAHARASHTRA - 411018, INDIA	A86476660
3	10011198	21/09/2006 *	20,000,000.00	BANK OF INDIA	PIMPRI BRANCH, PIMPRI, PUNE, MAHARASHTRA - 411018, INDIA	A02843217
4	90087324	14/06/2005	1,500,000.00	BANK OF INDIA	PIMPRI BRANCH, PUNE, MAHARASHTRA - 411018, INDIA	-
5	90082505	28/01/2014 *	130,000,000.00	BANK OF INDIA	PIMPRI BRANCH, PIMPRI, PUNE, MAHARASHTRA - 411018, INDIA	B97730899
6	90090522	28/07/1997 *	350,000.00	BANK OF INDIA	PIMPRI BRANCH, PUNE, MAHARASHTRA - 411018, INDIA	-
7	90082471	05/05/2010 *	30,000,000.00	BANK OF INDIA	PIMPRI BRANCH, PIMPRI, PUNE, MAHARASHTRA - 411018, INDIA	A86474574
8	90089705	28/07/1997 *	150,000.00	BANK OF INDIA	PIMPRI BRANCH, PUNE, MAHARASHTRA - 411018, INDIA	-
9	90089620	07/06/2011 *	50,000,000.00	BANK OF INDIA	PIMPRI BRANCH, PIMPRI, PUNE, MAHARASHTRA - 411018  , INDIA	B15368525

* Date of charge modification

OPERATIONS:

Due to industrial recession, the turnover of the company for the year ended 31.03.2014 is Rs. 378.600 millions against Rs. 361.000 millions in the previous year.

The operating results of the company for the year is satisfactory and the company, they will find from the accompanying statement that the company has earned Net Profit of Rs.15.867 millions (Rs.19.334 millions) after providing Rs. 5.659 millions (Rs. 5.217 millions) for depreciation and Rs.7.836 millions (Rs.9.000 millions) for taxation. Figures in the brackets pertain to previous year. The director are hopeful of showing better result in the coming year.

FIXED ASSETS

• Land
• Building
• Plant and Machinery
• Motor Vehicles
• Scooters
• Type Writer
• Computer
• Testing Equipments
• Tools and Equipments
• Furniture and Fixtures

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 records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.29
UK Pound	1	Rs.98.39
Euro	1	Rs.76.31

INFORMATION DETAILS

Analysis Done by :	SUB
Report Prepared by :	SPR

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		44

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.