MIRA INFORM REPORT

Report No. :	326880
Report Date :	12.06.2015

IDENTIFICATION DETAILS

Name :	DIVEKAR WALLSTABE AND SCHNEIDER PRECISION SEALS PRIVATE LIMITED [w.e.f.19.03.2010]
Formerly Known As :	DIVEKAR RUBBER PRODUCTS PRIVATE LIMITED
Registered Office :	Above Indravati Hall, Gokhale Road, Naupada, Thane – 400602, Maharashtra
Tel. No.:	91-2520-661002
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	16.05.1990
Com. Reg. No.:	11-056557
Capital Investment / Paid-up Capital :	Rs. 113.500 Million
CIN No.: [Company Identification No.]	U25100MH1990PTC056557
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	PNED03359G
PAN No.: [Permanent Account No.]	AAACD5920D
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Gas Kit, O Ring Oil Seal, Rubber Gas Kit, Chlorine Gas, Safety Kit Toxic Gas and Detection Kit etc.
No. of Employees :	93 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ca (13)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company incorporated during the year 1990. It is engaged in the business of manufacturing of gas kit, o ring oil seal, rubber gas kit, chlorine gas, safety kit toxic gas and detection kit etc. It has a moderate track record. The rating reflects company’s weak financial risk profile marked by continuous losses incurred from operations. Further the balance sheet of the financial year 2014 shows that company has high trade payables in respect with trade receivables. It also has huge borrowings. However, due to accumulated losses incurred it has eroded networth of the company. Business is active. Payment terms are slow. In view of weak balance sheet position, the company can be considered for business dealings with safe and secured 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 31-03-2013.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Mrs. Shobha Jadhav
Designation :	Human Resources
Contact No.:	91-9920968330
Date :	11.06.2015

LOCATIONS

Registered Office :	Above Indravati Hall, Gokhale Road, Naupada, Thane – 400602, Maharashtra, India
Tel. No.:	91-2520-661002
Mobile No.:	91-9920968330 (Mrs. Shobha)
Fax No.:	91-2520-661002
E-Mail :	lalita.kulkarni@dwspspl.com
Website :	http://www.dwspspl.com http://www.wallstabe-schneider.de
Factory :	Survey No. 16/2 Village Ambivali, Post Kanchad, Via Wada, Alonde Kanchad Road, Tal Vikramgad, District Thane – 421303, Maharashtra, India
Tel. No.:	91-2520-661000
E-Mail :	sales@dwspspl.com
Corporate Office :	1st Floor, Nathkrupa Cooperative Housing Society, Dr. Moose Road, Opposite Gadakari Rangayatan, Thane [West] – 400602, Maharashtra, India
Tel. No.:	91-22-25442645
Fax No.:	91-22-25442644

DIRECTORS

AS ON 30.09.2014

Name :

Hari Krishna Divekar

Designation :

Managing director

Address :

B/22, Balsundar CHS, M.G. Road, Naupada, Thane – 480602, Maharashtra, India

Date of Birth/Age :

19.08.1943

Date of Appointment :

16.05.1990

PAN No.:

AAOPD0987B

DIN No.:

00469144

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	U25100MH1990PTC056557	DIVEKAR WALLSTABE & SCHNEIDER PRECISION SEALS PRIVATE LIMITED	Managing director	16-05-1990	16-05-1990	Active	NO
2	U55100MH2005PTC150901	NATURE TRAILS RESORTS PRIVATE LIMITED	Director	05-02-2005	05-02-2005	Active	NO
3	U25200MH1998PTC113916	DESHMUKH RUBBER WORKS PRIVATE LIMITED	Director	01-04-2006	01-04-2006	Active	NO
4	U55101KA2008PTC048049	SHARAVATI KANIVE RESORTS PRIVATE LIMITED	Director	20-10-2008	20-10-2008	Active	NO
5	U74999PN2012PTC141971	PUGMARKS ECO TOURS PRIVATE LIMITED	Director	18-01-2012	18-01-2012	Active	NO

Name :

Chaitanya Hari Divekar

Designation :

Managing director

Address :

B/22, Balsundar CHS, M.G. Road, Naupada, Thane – 480602, Maharashtra, India

Date of Birth/Age :

04.01.1971

Date of Appointment :

19.04.2010

PAN No.:

AANPD7651H

DIN No.:

00469309

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	U55100MH2005PTC150901	NATURE TRAILS RESORTS PRIVATE LIMITED	Director	05-02-2005	05-02-2005	25-04-2008	Active	NO
2	U25100MH2005PTC151215	MECNAM PRODUCTS PRIVATE LIMITED	Director	15-02-2005	15-02-2005	-	Active	NO
3	U25200MH1998PTC113916	DESHMUKH RUBBER WORKS PRIVATE LIMITED	Director	01-04-2005	01-04-2005	-	Active	NO
4	U25100MH1990PTC056557	DIVEKAR WALLSTABE & SCHNEIDER PRECISION SEALS PRIVATE LIMITED	Managing director	19-04-2010	19-04-2010	-	Active	NO

Name :

Karl Rolf Schneider

Designation :

Nominee director

Address :

Hubertusstrasse 8, Niederwinkling 94559

Date of Birth/Age :

28.04.1932

Date of Appointment :

04.06.2010

DIN No.:

03017059

Name :

Christian Wallstabe

Designation :

Nominee director

Address :

Aletsberger Str. 60, Deggendorf 94469

Date of Birth/Age :

04.04.1968

Date of Appointment :

04.06.2010

DIN No.:

03017074

KEY EXECUTIVES

Name :	Mrs. Shobha Jadhav
Designation :	Human Resources

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Equity Shareholders	No. of Shares
Deshmukh Rubber Works Private Limited, India	423000
Dichtungstechnik Wallstabe and Schneider GmbH and Co. KG, Germany	723000
Total	1146000

Names of Preference Shareholder	No. of Shares
Dichtungstechnik Wallstabe and Schneider GmbH and Co. KG, Germany	289000
Total	289000

AS ON 30.09.2014

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	63.09
Bodies corporate	36.91
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Gas Kit, O Ring Oil Seal, Rubber Gas Kit, Chlorine Gas, Safety Kit Toxic Gas and Detection Kit etc.

Products :

ITC Code No.	Product Descriptions
40169320	Mfg of Rubber Seals

Brand Names :

--

Agencies Held :

--

Exports :

Products :

--

Countries :

--

Imports :

Products :

--

Countries :

--

Terms :

Selling :

Not Divulged

Purchasing :

Not Divulged

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference:	Not Divulged
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

Customers :

Reference:	Not Divulged
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

No. of Employees :

93 (Approximately)

Bankers :

Bank Name:	The Thane Janta Sahakari Bank Limited
Branch:	Anant Laxmi Chambers, Naupada Branch, Thane - 400602, Maharashtra, India
Person Name (with Designation):	Not Divulged
Contact Number:	Not Divulged
Name of Account Holder:	Not Divulged
Account Number:	Not Divulged
Account Since (Date/ Year of A/c Opening):	Not Divulged
Average Balance Maintained (Optional):	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan):	Not Divulged
Account Operation:	Not Divulged
Remarks:	Not Divulged

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG-TERM BORROWINGS
Rupee term loans from others	37.159	50.569
SHORT TERM BORROWINGS
Loans repayable on demand from banks	35.142	23.963
Total	72.301	74.532

Banking Relations :	--
Auditors :
Name :	Sudit K. Parekh and Company Chartered Accountants
Address :	1/108, Modern Apts, Garden Lane, Sanghani Estate, LBS Marg, Ghatkopar (West), Mumbai – 400086, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AAAFS4500P
Memberships :	--
Collaborators :	--
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	Nature Trails Resorts Private Limited [U55100MH2005PTC150901]
Other Related Parties :	· Dichtungstechnik Wallstabe and Schneider GmbH and Co. · Deshmukh Rubber Works Private Limited [U25200MH1998PTC113916]

CAPITAL STRUCTURE

AFTER 30.09.2014

Authorised Capital : Rs. 175.000 Million

Issued, Subscribed & Paid-up Capital : Rs. 173.500 Million

AS ON 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
1,150,000	Equity Shares	Rs. 100/- each	Rs. 115.000 Million
300,000	Preference Shares	Rs. 100/- each	Rs. 30.000 Million
	Total		Rs. 145.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1,146,000	Equity Shares	Rs. 100/- each	Rs. 114.600 Million
289,000	Preference Shares	Rs. 100/- each	Rs. 28.900 Million
	Total		Rs. 143.500 Million

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
850,000	Equity Shares	Rs. 100/- each	Rs. 85.000 Million
300,000	Preference Shares	Rs. 100/- each	Rs. 30.000 Million
	Total		Rs. 115.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
846,000	Equity Shares	Rs. 100/- each	Rs. 84.600 Million
289,000	Preference Shares	Rs. 100/- each	Rs. 28.900 Million
	Total		Rs. 113.500 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	113.500	31.000	31.000
(b) Reserves & Surplus	(149.784)	(90.834)	(27.775)
(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)	(36.284)	(59.834)	3.225
(3) Non-Current Liabilities
(a) Long-term borrowings	104.456	161.356	178.778
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(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)	104.456	161.356	178.778
(4) Current Liabilities
(a) Short term borrowings	135.035	107.660	43.416
(b) Trade payables	47.300	32.213	34.821
(c) Other current liabilities	58.984	36.729	24.755
(d) Short-term provisions	0.477	0.271	0.134
Total Current Liabilities (4)	241.796	176.873	103.126
TOTAL	309.968	278.395	285.129
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	226.145	201.377	187.225
(ii) Intangible Assets	6.094	7.152	6.085
(iii) Capital work-in-progress	0.777	4.576	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.021	0.021	0.021
(c) Deferred tax assets (net)	0.863	0.321	20.806
(d) Long-term Loan and Advances	17.278	16.931	18.141
(e) Other Non-current assets	0.093	0.139	0.186
Total Non-Current Assets	251.271	230.517	232.464
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	16.800	10.851	12.918
(c) Trade receivables	38.016	34.466	36.014
(d) Cash and cash equivalents	1.169	0.071	1.662
(e) Short-term loans and advances	2.712	2.490	2.071
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	58.697	47.878	52.665
TOTAL	309.968	278.395	285.129

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		TOTAL	145.642	147.100	124.427
Less	EXPENSES
		TOTAL	205.281	187.598	176.803
	PROFIT/ (LOSS) BEFORE TAX		(59.639)	(40.498)	(52.376)
Less	TAX		(0.689)	22.561	(13.038)
	PROFIT/ (LOSS) AFTER TAX		(58.950)	(63.059)	(39.338)
	Earnings/ (Loss) Per Share (Rs.)		(51.94)	(203.42)	(126.90)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	21.838	21.710	10.802
Cash generated from operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	(19.34)	(14.81)	(19.82)
Return on Investment (ROI) (PBT/Networth)		1.64	0.68	(16.24)
Debt Equity Ratio (Total Liability/Networth)		(7.20)	(4.86)	72.25
Current Ratio (Current Asset/Current Liability)		0.24	0.27	0.51

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

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	31.000	31.000	113.500
Reserves & Surplus	(27.775)	(90.834)	(149.784)
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	3.225	(59.834)	(36.284)
Long-term borrowings	178.778	161.356	104.456
Short term borrowings	43.416	107.660	135.035
CURRENT MATURITIES OF LONG-TERM DEBTS	10.802	21.710	21.838
Total borrowings	232.996	290.726	261.329
Debt/Equity ratio	72.247	-4.859	-7.202

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Total Income	124.427	147.100	145.642
		18.222	-0.991

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Total Income	124.427	147.100	145.642
Profit/ (Loss)	(39.338)	(63.059)	(58.950)
	(31.62%)	(42.87%)	(40.48%)

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	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	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	No
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10553567	23/01/2015 *	7,000,000.00	THE THANE JANATA SAHAKARI BANK LIMITED	ANANT LAXMI CHAMBERS, NAUPADA, THANE WEST, THANE, MAHARASHTRA - 400602, INDIA	C46179875
2	10553568	21/01/2015 *	8,088,795.00	THE THANE JANATA SAHAKARI BANK LIMITED	ANANT LAXMI CHAMBERS, NAUPADA, THANE WEST, THANE, MAHARASHTRA - 400602, INDIA	C46180378
3	10297980	31/01/2011 *	44,300,000.00	THE THANE JANATA SAHAKARI BANK LIMITED	ANANT LAXMI CHAMBERS, NAUPADA, THANE WEST, THANE, MAHARASHTRA - 400602, INDIA	B17556671
4	10259521	12/01/2011 *	21,700,000.00	THE THANE JANATA SAHAKARI BANK LIMITED	ANANT LAXMI CHAMBERS, NAUPADA, THANE WEST, THANE, MAHARASHTRA - 400602, INDIA	B04560686
5	10240273	21/02/2014 *	35,000,000.00	THE THANE JANATA SAHAKARI BANK LIMITED	ANANT LAXMI CHAMBERS, NAUPADA, THANE WEST, THANE, MAHARASHTRA - 400602, INDIA	C00481812
6	10130574	16/10/2008	13,800,000.00	THE THANE JANATA SAHAKARI BANK LIMITED	ANANT LAXMI CHAMBERS, NAUPADA, THANE WEST, THANE, MAHARASHTRA - 400602, INDIA	A50899343
7	10130576	26/09/2008	9,700,000.00	THE THANE JANATA SAHAKARI BANK LIMITED	ANANT LAXMI CHAMBERS, NAUPADA, THANE WEST, THANE, MAHARASHTRA - 400602, INDIA	A50900117
8	10143105	26/09/2008	13,800,000.00	THE THANE JANATA SAHAKARI BANK LIMITED	ANANT LAXMI CHAMBERS, NAUPADA, THANE WEST, THANE, MAHARASHTRA - 400602, INDIA	A50899731

* Date of charge modification

GENERAL INFORMATION

Divekar Rubber Products Private Limited was incorporated on 16th May, 1990 and subsequently, the name was changed to Divekar Wallstabe and Schneider Precision Seals Private Limited (DWSPSPL) on 19th March, 2010 after it entered into a joint venture with DICHTUNGSTECHNIK WALLSTABE AND SCHNEIDER GMBH & CO. KG. The company is mainly into the manufacturing of precision seals for the industry. These comprise of O rings, frame and profile seals, diaphragms and composite parts. These are supplied predominantly to the automotive industry.

PERFORMANCE:

During the financial year, Company has achieved net turnover of Rs. 145.642 Million as against Rs. 147.100 Million for the previous year, resulting in net loss of Rs. 58.950 Million. The management is making all-round efforts for increasing productivity and control over expenses.

During the financial year, Company has increased its Authorised Share Capital from Rs. 50.000 Million to Rs. 115.000 Million. Also Company has issued and allotted 2,68,000 Equity Shares and 2,89,000 Compulsory Convertible Preference Shares of Rs. 100/- each by conversion of ECB in respect of shares issued to Dichungstechnik Wallstabe and Schneider GMBH &, Co. KG, Germany.

The Company has also issued 230,000 Equity shares of Rs. 100/- each for cash and 38,000 Equity shares of Rs. 100/- each for consideration other than cash to Deshmukh Rubber Works Private Limited.

FIXED ASSETS:

· Land

· Buildings

· Plant and equipment

· Factory equipments

· Other plant and equipment

· Furniture and fixtures

· Vehicles

· Office equipment

· Computer equipments

· Leasehold improvements

· Computer software

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 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. 63.89
UK Pound	1	Rs. 98.90
Euro	1	Rs. 72.15

INFORMATION DETAILS

Information Gathered by :	KMN
Analysis Done by :	TRI
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	1
--PROFITABILIRY	1~10	1
--LIQUIDITY	1~10	1
--LEVERAGE	1~10	2
--RESERVES	1~10	1
--CREDIT LINES	1~10	1
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		13

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.