MIRA INFORM REPORT

Report No. :	328700
Report Date :	25.06.2015

IDENTIFICATION DETAILS

Name :	IWL INDIA LIMITED (w.e.f. 24.07.1996)
Formerly Known as :	INTEGRATED WATER PROOFINGS LIMITED
Registered Office :	W-360, North Main Road, Anna Nagar West, Chennai – 600101, Tamilnadu
Tel. No.:	91-44–45536000
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	05.10.1988
Com. Reg. No.:	18-016294
Capital Investment / Paid-up Capital :	Rs.23.500 Million
CIN No.: [Company Identification No.]	U18102TN1988PLC016294
TAN No.: [Tax Deduction & Collection Account No.]	CHEI00248D
PAN No.: [Permanent Account No.]	AAACI1772Q
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Water Proofing and Emulsion Chemicals used in the Construction Sites.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. It was incorporated in 1988. Subject is engaged in manufacturing of water proofing and emulsion chemicals used in construction sites. General financial position of the company seems to be fair. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. In the view of strong track record of subject and established relationship with the customers, the subject can be considered for business dealings at usual trade terms and conditions.

NOTES :

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

ECGC Country Risk Classification List – March 31, 2015

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

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

EXTERNAL AGENCY RATING

Rating Agency Name	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	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 DENIED

Management non co-operative (91.44-45536000)

LOCATIONS

Registered / Head Office :	W-360, North Main Road, Anna Nagar West, Chennai – 600101, Tamilnadu, India
Tel. No.:	91-44-45536000
Fax No.:	91-44-45536111
E-Mail :	ed@iwl.in ho@iwl.in vvg@iwl.in
Website :	http://www.iwlindia.co.in
Factory :	Located at: Chennai Mumbai

DIRECTORS

As on 30.09.2014

Name :

Captain A. K. Bensal

Designation :

Chairman and Managing Director

Address :

41, Kellys Road, Kilpauk, Chennai – 600 010, Tamilnadu, India

Date of Birth/Age :

13.12.1932

Date of Appointment :

01.02.2013

DIN No. :

00281204

PAN No.:

AAAPB8590L

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	U18102TN1988PLC016294	IWL INDIA LIMITED	Managing director	01/02/2013	05/10/1988	-	Active	NO
2	U29309TN1994PLC026517	MOBIUS VENTURES LIMITED	Director	07/01/1994	07/01/1994	-	Active	NO
3	U80301TZ1996NPL006970	KODAIKANAL INTERNATIONAL SCHOOL	Director	01/07/2006	01/07/2006	30/06/2007	Active	NO
4	U74999MH1957NPL010924	THE COMPANY OF MASTER MARINERS OF INDIA.	Director	01/04/2011	01/04/2011	-	Active	NO

Name :

Mr. Vikash Chandra

Designation :

Director

Address :

2A, Doshi Park View, AD-55, 4^th St. Anna Nagar West, Chennai – 600 040, Tamilnadu, India

Date of Birth/Age :

23.01.1954

Date of Appointment :

10.08.2007

DIN No. :

00168934

PAN No.:

AABPC3596L

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	U33111TN1987PTC014744	COMPTECH ELECTRONICS PRIVATE LIMITED	Director	05/08/1987	05/08/1987	-	Active	NO
2	U32301TN1989PTC017869	COSMOS MULTISYSTEMS PRIVATE LIMITED	Director	09/08/1989	09/08/1989	-	Active	NO
3	U45201TN1991PLC021226	CONSOLIDATED CIVIL CONSTRUCTION (INDIA) LTD.	Director	11/09/1998	11/09/1998	17/06/2013	Active	NO
4	U72200TN1999PTC043249	E-OBJECTS PRIVATE LIMITED	Director	30/09/1999	30/09/1999	-	Active	NO
5	U51395TN2006PTC060623	TOUS LES MEDIASOFT PRIVATE LIMITED	Director	21/07/2006	21/07/2006	18/12/2008	Active	YES
6	U40106TN2007PTC062247	BPL-FTA ENERGIES PRIVATE LIMITED	Director	05/02/2007	05/02/2007	-	Active	NO
7	U18102TN1988PLC016294	IWL INDIA LIMITED	Additional director	10/08/2007	10/08/2007	-	Active	NO
8	U72200TN2008PTC069862	PRIMAVERA SOFTWARE PRIVATE LIMITED	Director	17/11/2008	17/11/2008	31/01/2014	Active	NO
9	U74990TN2011PTC081727	PANITEK INNOVATIONS PRIVATE LIMITED	Director	01/08/2011	01/08/2011	-	Active	NO

Name :

Mr. Ashoke Bansal

Designation :

Managing Director

Address :

41, Kellys Road, Kilpauk, Chennai – 600 010, Tamilnadu, India

Date of Birth/Age :

18.12.1966

Date of Appointment :

01.02.2013

DIN No. :

00281221

PAN No.:

AHXPB6751B

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	U18102TN1988PLC016294	IWL INDIA LIMITED	Whole-time director	01/02/2013	05/10/1988	-	Active	NO
2	U45201TN1991PLC021226	CONSOLIDATED CIVIL CONSTRUCTION (INDIA) LTD.	Director	05/08/1991	05/08/1991	01/04/2004	Active	NO
3	U29309TN1994PLC026517	MOBIUS VENTURES LIMITED	Director	07/01/1994	07/01/1994	-	Active	NO

Name :

Mr. Ajoy Kumar Gnanam

Designation :

Director

Address :

4, Plot 505, 18^th St., 4^th Sector, K K Nagar, Chennai – 600 078, Tamilnadu, India

Date of Birth/Age :

12.01.1965

Date of Appointment :

21.10.2004

DIN No. :

01093198

PAN No.:

AAFPA5711R

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	U18102TN1988PLC016294	IWL INDIA LIMITED	Director	21/10/2004	21/10/2004	-	Active	NO
2	U80901TN2012PTC086055	KAARG Education Solutions Private Limited	Director	10/04/2013	10/04/2013	05/07/2013	Active	NO
3	U72900TN2012PTC086357	KAARG ITES Solutions Private Limited	Director	10/04/2013	10/04/2013	05/07/2013	Active	NO

KEY EXECUTIVES

Name :	L. R. Nagasubramanya
Designation :	Practicing Company Secretary
Address :	CA 37, II Florr, K.P. Tower, 159, Arcot Road, Vadapalani, Chennai – 600026, Tamilnadu, India
Mobile No.:	91-9444029679 / 9500029679
Email id:	naga_subramanya@yahoo.com

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders	No. of Shares
A R Santhanakrishnan	10
Captain A K Bansal	108702
Vandhansah Arma	5
Ashok Bansal	588667
Ashok Mittal	5
Moni Bansal	131923
Anshu bansal	1001
K Ramaswamy	11
S Muthuperumal	11
Moni Bansal / Ashok Bansal	140000
Ashok Bansal / Moni Bansal	70000
Sushil Vadhera	30000
V P Ahuja	30000
Dev Sabharbal	20000
AKR Finance Limited	55000
Suryakant Amin	20000
Moni Bansal / Capt A K Bansal / Ashok Bansal	117290
Ashok Bansal / CAPT A K Bansal / Moni Bansal	96322
CAPT A K Bansal / Moni Bansal / Ashok Bansal	83400
Anshu Bansal	47648
Mobius Venture Limited	5
Anika Bansal (Minor)	490000
Aarti Bansal (Minor)	320000
Total	2350000

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2014

Category	Percentage
Bodies corporate	2.00
Directors or relatives of Directors	93.00
Other top fifty shareholders	5.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Water Proofing and Emulsion Chemicals used in the Construction Sites.
Products :	Not Divulged
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	Not Divulged

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

Information declined by the management

Bankers :

Bank Name	Canara Bank
Branch	A-12/13, Second Avenue, Anna Nagar East, Chennai - 600102, Tamil Nadu, 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 Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Canara bank A/C No. 074772000123	24.479	32.630
Canara bank A/C No. 074773000073	1.868	0.000
Canara bank A/C No. 074703000003	12.242	5.635
Less : Current Maturities of long term debt	(11.404)	(10.811)
Short-term borrowings
Cash credit from Bank	124.714	95.565
Overdraft from Bank	17.213	16.977
Total	169.112	139.996

Financial Institution :	Industrial Finance Corporation Of India, Bank Of Baroda Building, 16; Sansad Marg, New Delh - 110001, India
Auditors :
Name :	PKF Sridhar and Santhanam Chartered Accountants
Address :	91, 92, VII, Floor, Dr. Radhakrishnan Salai, Mylapore, Chennai – 600004, Tamilnadu, India
Tel. No. :	91-44-28112985 – 88
Fax No. :	91-44-28112989
E-Mail :	admin@pkfindia.in
Website :	www.okfindia.in
PAN N Income-tax PAN of auditor or auditor's firm :	AAOFS2783G
Memberships :	Not Available
Collaborators :	Not Available
Associates :	Mobius Ventures Limited

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

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

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2350000	Equity Shares	Rs.10/- each	Rs.23.500 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	23.500	23.500	23.500
(b) Reserves & Surplus	160.155	141.170	118.412
(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)	183.655	164.670	141.912
(3) Non-Current Liabilities
(a) long-term borrowings	27.185	27.455	31.107
(b) Deferred tax liabilities (Net)	6.060	1.947	2.167
(c) Other long term liabilities	0.000	0.168	0.168
(d) long-term provisions	0.000	0.000	0.196
Total Non-current Liabilities (3)	33.245	29.570	33.638
(4) Current Liabilities
(a) Short term borrowings	141.927	112.541	96.678
(b) Trade payables	21.128	25.958	28.159
(c) Other current liabilities	30.562	25.980	23.647
(d) Short-term provisions	13.549	15.020	13.452
Total Current Liabilities (4)	207.166	179.499	161.936
TOTAL	424.066	373.739	337.486
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	92.234	89.951	55.909
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	22.221	12.214	37.594
(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	5.773	7.726	7.443
(e) Other Non-current assets	41.485	38.051	34.896
Total Non-Current Assets	161.713	147.942	135.842
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	61.426	56.470	53.320
(c) Trade receivables	144.587	148.230	114.028
(d) Cash and cash equivalents	33.471	8.593	7.488
(e) Short-term loans and advances	22.869	12.504	26.808
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	262.353	225.797	201.644
TOTAL	424.066	373.739	337.486

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Revenue from Operations	930.030	819.894	804.892
	Other Income	9.624	7.541	5.435
	TOTAL (A)	939.654	827.435	810.327
Less	EXPENSES
	Cost of Materials Consumed	702.569	570.206	467.135
	Purchases of Stock-in-Trade	9.030	33.662	76.457
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(0.765)	6.379	5.039
	Employees benefits expense	52.704	51.177	42.499
	Manufacturing Expenses	57.289	51.955	16.194
	Selling, Administrative and Other expenses	42.964	43.019	29.560
	Other expenses	14.645	12.032	121.109
	TOTAL (B)	878.436	768.430	757.993
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	61.218	59.005	52.334
Less	FINANCIAL EXPENSES (D)	19.168	18.064	15.025
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	42.050	40.941	37.309
Less/ Add	DEPRECIATION/ AMORTISATION (F)	9.126	7.482	4.225
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	32.924	33.459	33.084
Less	TAX (H)	12.554	9.327	11.859
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	20.370	24.132	21.225
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD (K)	133.274	110.517	90.653
Less	APPROPRIATIONS
	Proposed Dividend	1.175	1.176	1.173
	Dividend tax payable	0.199	0.199	0.188
	Total (M)	1.374	1.375	1.361
	Balance Carried to the B/S (J+K+L-M)	152.270	133.274	110.517
	EARNINGS IN FOREIGN CURRENCY
	Export of Goods calculated on FOB basis	29.139	4.601	0.000
	TOTAL EARNINGS	29.139	4.601	0.000
	IMPORTS
	Raw Materials	37.432	23.340	8.162
	Trade goods	0.000	29.999	56.423
	Plant and Machinery	1.550	5.454	25.901
	TOTAL IMPORTS	38.982	58.793	90.486
	Earnings / (Loss) Per Share (Rs.)	8.66	10.27	9.03

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	11.404	10.811	4.558
Cash generated from operations	34.592	20.996	17.469

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	2.19	2.94	2.64
Operating Profit Margin (PBIDT/Sales)	(%)	6.58	7.20	6.50
Return on Total Assets (PBT/Total Assets}	(%)	8.19	9.25	11.03
Return on Investment (ROI) (PBT/Networth)		0.18	0.20	0.23
Debt Equity Ratio (Total Debt /Networth)		0.98	0.92	0.93
Current Ratio (Current Asset/Current Liability)		1.27	1.26	1.25

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	23.500	23.500	23.500
Reserves & Surplus	118.412	141.170	160.155
Net worth	141.912	164.670	183.655
long-term borrowings	31.107	27.455	27.185
Short term borrowings	96.678	112.541	141.927
Current Maturities of Long-Term Debts	4.558	10.811	11.404
Total borrowings	132.343	150.807	180.516
Debt/Equity ratio	0.933	0.916	0.983

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)
Sales	804.892	819.894	930.030
		1.864	13.433

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	804.892	819.894	930.030
Profit	21.225	24.132	20.370
	2.64%	2.94%	2.19%

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	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	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	No
35	Negative Reporting by Auditors in the Annual Report	No

NOTE: Registered office of the company has been shifted from 2E, and 2G, Lakshmi Bhavan, 609 Anna Salai, Chennai – 600006, Tamilnadu, India to the present address w.e.f. 01.04.2007

OUTLOOK

The net revenue of the Company increased to Rs. 939.600 Million (Rs. 827.400 Million in the previous year). This amounts to an increase of 13.56% over the previous year.

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10084417	08/10/2014 *	232,500,000.00	CANARA BANK	A-12/13, SECOND AVENUE, ANNA NAGAR EAST, CHENNAI, Tamil Nadu - 600102, INDIA	C41617267

CONTINGENT LIABILITIES:

(Rs. in million)

PARTICULARS	31.03.2014	31.03.2013
Tax	0.506	0.506
Bank guarantee	4.007	3.516
On account of non-receipt of C-Forms from customers for than one year	0.961	1.240
LC Discounted with Bank	9.154	5.587
Total	14.628	10.848

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.63.66
UK Pound	1	Rs.100.50
Euro	1	Rs.72.31

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	SAN
Report Prepared by :	SUJ

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		46

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

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

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

RATING EXPLANATIONS

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

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

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