MIRA INFORM REPORT

Report No. :	310426
Report Date :	03.03.2015

IDENTIFICATION DETAILS

Name :	DISA INDIA LIMITED

Registered Office :	5^th Floor, Kushal Garden Arcade, 1A, Peenya Industrial Area, Peenya 2^nd Phase, Bangalore – 560 058, Karnataka

Country :	India

Financials (as on) :	31.12.2014

Date of Incorporation :	25.05.1984

Com. Reg. No.:	08-006116

Capital Investment / Paid-up Capital :	Rs.15.100 million

CIN No.: [Company Identification No.]	L85110KA1984PLC006116

IEC No.:	Not Available

TAN No.: [Tax Deduction & Collection Account No.]	Not Available

PAN No.: [Permanent Account No.]	Not Available

Legal Form :	Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.

Line of Business :	Subject is engaged in developing, manufacturing and selling of a range of metal casting production solutions for the ferrous and non-ferrous foundry industries also engaged in providing spare parts and upgrades, service and maintenance, and optimization production and training services.

No. of Employees :	Information declined by the Management.

RATING & COMMENTS

MIRA’s Rating :

A (63)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Good

Payment Behaviour :	Regular

Litigation :	Clear

Comments :	Subject is an established company having a fine track. The networth of the company seems to be healthy. There appears no external borrowing taken by the company, it is operating on its own funds. Directors are reported to be experienced and respectable businessmen. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered for business dealing 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

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 31-03-2014.

INFORMATION DECLINED BY

Name :	Mr. Satyanarayan
Designation :	Accounts Manager

Name :	Mr. S. Mohan
Designation :	Chief Financial Officer
Contact No.:	91-80-40201400
Date :	27.02.2015

LOCATIONS

Registered Office/ Corporate Office :	5^th Floor, Kushal Garden Arcade, 1A, Peenya Industrial Area, Peenya 2^nd Phase, Bangalore – 560 058, Karnataka, India
Tel. No.:	91-80-40201400 to 04
Fax No.:	91-80-28391661
E-Mail :	mohan.s@noricangroup.com bangalore@noricangroup.com
Website :	http://www.disagroup.com

Factory 1 :	No.28-32, Satyamangala Industrial Area, Tumkur – 572 104, Karnataka, India
Tel. No.:	91-816-2211290/ 2211291

Factory 2 :	Plot No.50, KIADB Industrial Area, Hosakote – 562 114, Karnataka, India
Tel. No.:	91-80-27971310/ 27971516

Branch Office/ Sales Office:	Located at: · New Delhi · Pune · Kolkata · Rajkot

DIRECTORS

AS ON 31.12.2013

Name :	Mr. Jan Johansen
Designation :	Director

Name :	Ms. Deepa Hingorani
Designation :	Director

Name :	Mr. Sanjay Arte
Designation :	Director

Name :	Mr. Robert E Joyce JR (w.e.f 14.04.2012)
Designation :	Director

Name :	Mr. Andrew Carmichael (w.e.f 14.04.2012)
Designation :	Director

Name :	Mr. Viraj Naidu
Designation :	Managing Director
Date of Birth/ Age :	45 Years
Qualification :	B. Tech (Hons)
Experience :	22 Years
Date of Appointment :	22.01.2007

KEY EXECUTIVES

Name :	Mr. S. Mohan
Designation :	Chief Financial Officer

Name :	Mr. Satyanarayan
Designation :	Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 31.12.2014

Category of Shareholders	No. of Shares	Percentage of holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
(2) Foreign
Bodies Corporate	1132653	75.00
Sub Total	1132653	75.00
Total shareholding of Promoter and Promoter Group (A)	1132653	75.00
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	215039	14.24
Sub Total	215039	14.24
(2) Non-Institutions
Bodies Corporate	4286	0.28
Individuals
Individual shareholders holding nominal share capital up to Rs.0.100 million	155338	10.29
Any Others (Specify)	2889	0.19
Clearing Members	341	0.02
Non Resident Indians	2508	0.17
Trusts	40	0.00
Sub Total	162513	10.76
Total Public shareholding (B)	377552	25.00
Total (A)+(B)	1510205	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	1510205	0.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in developing, manufacturing and selling of a range of metal casting production solutions for the ferrous and non-ferrous foundry industries also engaged in providing spare parts and upgrades, service and maintenance, and optimization production and training services.

Products :

Item Code No. (ITC Code)	Product Description
84.74.80	Moulding Machines
84.74.32	Sand Mixer
84.21.39	Air Filter

Brand Names :

Not Available

Agencies Held :

Not Available

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
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

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

No. of Employees :

Information declined by the Management.

Bankers :

Banker Name	HDFC Bank Limited
Branch Address	Not Divulged
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

Kotak Mahindra Bank Limited, 36-38A, Nariman Bhavan, 227, D, Nariman Point, Mumbai – 400 021, Maharashtra, India

Banking Relations :	--

Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	Deloitte Centre, Anchorage II, 100/2, Richmond Road, Bangalore – 560 025, Karnataka, India
Tel. No. :	91-80-66276000
Fax No. :	91-80-66276011

Solicitors :
Name :	Chander Kumar and Associates
Address :	Bangalore, Karnataka, India

Memberships :	Not Available

Collaborators :	Not Available

Holding Company (As on 31.12.2013) :	DISA Holding A/S Norican Group APS. DISA Holding AG

Fellow Subsidiary Companies (As on 31.12.2013) :	DISA Industrie AG DISA Technologies Private Limited DISA Industries A/S. DISA K.K. DISA (Changzhou) Mach Limited Wheelbrator SRO Wheelabrator Group GmbH DISA Industrieanlagen GmbH Wheelabrator Group.INC Wheelabrator Group (Canada) Limited Wheelabrator Group SAS Wheelabrator Group Hongkong Limited

Group Companies (As on 31.12.2013) :	Norican Holdings ApS (Denmark) Norican Group ApS (Denmark) DISA Holding A/S (Denmark) DISA Holding II A/S (Denmark) DISA Holding AG (Switzerland) DISA Holding LLC (Michigan USA) DISA Industries A/S (Denmark) DISA Industrie AG (Switzerland) DISA Industries, Inc. (Illinois, USA) DISA Industries s.r.o. (Czech Republic) DISA Industrienlagen GmbH (Germany) DISA K K (Japan) DISA Limited (Hong Kong) DISA Machinery Limited (China) DISA Trading (Shanghai) Co Limited (China) DISA Technologies Private Limited (India) Surface Preparation (Gibraltar) Limited WGH Holding Corp. (BVI) WG Global LLC (Delaware, USA) Wheelabrator Group, Inc. (Delaware, USA) Wheelabrator Group (Canada) Limited, (Canada) Castalloy, Inc. (Delaware, USA) WGH UK Holdings Limited (UK) WGH UK Limited (UK) Wheelabrator Technologies (UK) Limited (UK) Wheelabrator Group SLU (Spain) Wheelabrator Group Holding GmbH (Germany) Wheelabrator Group GmbH (Germany) Wheelabrator OFT GmbH (Germany) Wheelabrator Group NV (Belgium) Wheelabrator Group SAS (France) Matrasur Composites SAS (France) Wheelabrator Group Limited (UK) Wheelabrator Schlick Sp. z o.o. (Poland) WG Plus de Mexico S de RL de CV (Mexico) DISA Management Services ApS (Denmark) WG Plus Servicios S de R, L de CV (Mexico)

CAPITAL STRUCTURE

AS ON 31.12.2013

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
1510205	Equity Shares	Rs.10/- each	Rs.15.100 million

Notes:

i) Reconciliation of the number of shares and amount outstanding at the beginning and at the end of the year:

There is no change in the number of shares and amount of share capital from beginning to end of the year.

ii) Details of rights, preferences and restrictions in respect of equity shares:

The Company has one class of shares referred to as Equity Shares with par value of Rs.10/- per share. Each holder of equity share is entitled to one vote per share. In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the company. The distribution will be in proportion to the number of equity shares held by the shareholders.

The Equity Shareholders are entitled to receive dividend proposed by the Board of Directors which is subject to the approval of the shareholders in the ensuing Annual General meeting, except in case of Interim Dividend

iii) Details of shares held by holding company, the ultimate holding company, their subsidiaries and associates 818,902 Equity Shares are held by Disa Holding AG, Switzerland (54.22%), 313,751 Equity Shares are held by Disa Holding AS, Denmark (20.78%). Disa Holding AG is a fully owned subsidiary of Disa Holding AS.

iv) Shareholders other than the companies mentioned in note (iii) above holding more than 5 % of total share capital 94,476 Equity Shares are held by IDFC Premier Equity Fund (6.26%)

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.12.2014	31.12.2013	31.12.2012
I. EQUITY AND LIABILITIES
(1) Shareholders' Funds
(a) Share Capital	15.100	15.100	15.100
(b) Reserves & Surplus	965.900	791.000	600.400
(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)	981.000	806.100	615.500

(3) Non-Current Liabilities
(a) Long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	2.500	5.700	1.900
(c) Other long term liabilities	0.000	0.000	17.700
(d) Long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	2.500	5.700	19.600

(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	231.000	252.200	246.000
(c) Other current liabilities	249.000	321.500	330.800
(d) Short-term provisions	41.600	40.500	37.800
Total Current Liabilities (4)	521.600	614.200	614.600

TOTAL	1505.100	1426.000	1249.700

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	205.600	217.000	193.900
(ii) Intangible Assets		11.500	16.600
(iii) Capital work-in-progress	0.000	0.000	14.700
(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	21.600	28.500	29.000
(e) Other Non-current assets	8.900	5.900	7.700
Total Non-Current Assets	236.100	262.900	261.900

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	252.100	287.400	318.900
(c) Trade receivables	130.400	150.300	125.700
(d) Cash and cash equivalents	726.900	605.200	429.200
(e) Short-term loans and advances	145.600	105.300	102.300
(f) Other current assets	14.000	14.900	11.700
Total Current Assets	1269.000	1163.100	987.800

TOTAL	1505.100	1426.000	1249.700

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.12.2014	31.12.2013	31.12.2012
	SALES
		Revenue from operations (Net)	1641.900	1744.500	1524.600
		Other Income	78.800	39.700	36.000
		TOTAL	1720.700	1784.200	1560.600

Less	EXPENSES
		Cost of raw materials and components consumed	810.200	930.700	836.900
		Purchases of stock-in-trade (traded goods)	86.400	57.500	26.600
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	13.500	(18.200)	(36.400)
		Employee benefits expense	258.500	248.600	210.600
		Other expenses	241.800	224.600	217.800
		TOTAL	1410.400	1443.200	1255.500

	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		310.300	341.000	305.100

Less	FINANCIAL EXPENSES		3.500	0.200	0.500

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		306.800	340.800	304.600

Less/ Add	DEPRECIATION/ AMORTISATION		32.000	38.000	32.100

	PROFIT/ (LOSS) BEFORE TAX		274.800	302.800	272.500

Less	TAX		99.900	107.800	84.100

	PROFIT/ (LOSS) AFTER TAX		174.900	195.000	188.400

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		537.800	366.700	201.500

Less	APPROPRIATIONS
		Amount transferred to General Reserve	NA	19.500	18.800
		Proposed Dividend	NA	3.800	3.800
		Tax on Dividend	NA	0.600	0.600
	BALANCE CARRIED TO THE B/S		NA	537.800	366.700

	EARNINGS IN FOREIGN CURRENCY
		Agency Commission	NA	31.000	14.300
		Exports on FOB basis	NA	241.600	225.500
		Royalty and engineering service fees	NA	8.300	0.000
	TOTAL EARNINGS		NA	280.900	239.800

	IMPORTS
		Raw Materials	NA	18.000	80.900
		Components and spare parts	NA	82.300	116.000
		Traded Goods	NA	51.800	24.000
		Capital Goods	NA	1.100	23.900
	TOTAL IMPORTS		NA	153.200	244.800

	Earnings / (Loss) Per Share (Rs.)		115.83	129.12	124.74

KEY RATIOS

PARTICULARS		31.12.2014	31.12.2013	31.12.2012
Net Profit Margin (PAT/Sales)	(%)	10.65	11.18	12.36

Operating Profit Margin (PBDIT/ Sales)	(%)	18.90	19.55	20.01

Return on Total Assets (PBT/Total Assets}	(%)	18.26	21.23	22.06

Return on Investment (ROI) (PBT/Networth)		0.28	0.38	0.44

Debt Equity Ratio (Total Debt/Networth)		0.00	0.00	0.00

Current Ratio (Current Asset/Current Liability)		2.43	1.89	1.61

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.12.2012	31.12.2013	31.12.2014
	(INR in Million)	(INR in Million)	(INR in Million)
Share Capital	15.100	15.100	15.100
Reserves & Surplus	600.400	791.000	965.900
Net worth	615.500	806.100	981.000

Long Term borrowings	0.000	0.000	0.000
Short Term borrowings	0.000	0.000	0.000
Total borrowings	0.000	0.000	0.000
Debt/Equity ratio	0.000	0.000	0.000

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.12.2012	31.12.2013	31.12.2014
	(INR in Million)	(INR in Million)	(INR in Million)
Revenue from operations (Net)	1524.600	1744.500	1641.900
		14.423	(5.881)

NET PROFIT MARGIN

Net Profit Margin	31.12.2012	31.12.2013	31.12.2014
	(INR in Million)	(INR in Million)	(INR in Million)
Revenue from operations (Net)	1524.600	1744.500	1641.900
Profit	188.400	195.000	174.900
	12.36%	11.18%	10.65%

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	No
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	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	-----
22]	Litigations that the firm / promoter involved in	-----
23]	Banking Details	Yes
24]	Banking facility details	No
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	No

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10171455	20/11/2013 *	300,000,000.00	KOTAK MAHINDRA BANK LIMITED	36-38A, NARIMAN BHAVAN, 227, D, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA	B90497694
2	90189340	15/10/1991 *	6,000,000.00	KARNATAKA STATE FINANCIAL CORPORATION	NO.25, M.G. ROAD, BANGALORE, KARNATAKA - 560001, INDIA	-
3	90190763	21/03/1991	6,000,000.00	KARNATAKA STATE FINANCIAL CORPORATION	NO. 2, MAHATAMA GANDHI ROAD, BANGALORE, KARNATAKA - 560001, INDIA	-
4	90190749	23/10/1992 *	2,500,000.00	BANK OF MAHARASHTRA	BASAVANGUDI BRANCH, BANGALORE, KARNATAKA - 560004, INDIA	-
5	90190717	15/10/1991 *	930,000.00	KSIIDC LIMITED	36, CUNNINGHAM ROAD, BANGALORE, KARNATAKA - 560052, INDIA	-
6	90190226	11/10/1991 *	2,500,000.00	BANK OF MAHARASHTRA	BASAVANAGUDI BRANCH, BANGALORE, KARNATAKA - 560004 , INDIA	-
7	90189286	28/11/1986	1,300,000.00	GRINDLAYS BANK P.L.C.	UNITY BUILDINGS, BANGALORE, KARNATAKA - 560002, INDIA	-
8	90190100	15/10/1991 *	1,300,000.00	ANZ GRINDLAYS BANK	UNITY BUILDINGS, MISSION ROAD, BANGALORE, KARNATAKA - 560002, INDIA	-
9	90196075	15/10/1991 *	9,000,000.00	KSIIDC LIMITED	36, CUNNINGHAM ROAD, BANGALORE, KARNATAKA - 560052, INDIA	-
10	90190073	23/10/1992 *	10,400,000.00	GRINDLAYS BANK P.L.C.	BANGALORE, BANGALORE, KARNATAKA, INDIA	-

* Date of charge modification

CONTINGENT LIABILITIES:

Particulars	31.12.2013 (Rs. in Million)
(i) Claims against company not acknowledged as debt -- Service Tax	1.100
-- CST /VAT	4.700
-- Excise Duty	0.100
(ii) Estimated amount of contracts remaining to be executed on capital account and not provided for tangible assets	0.300

Note:

Outflow, if any, arising out of the said claim would depend on the outcome of the decision of the appelette authority and the Company's right for future appeal before the judiciary.

FIXED ASSETS

Tangible Assets

· Land

· Buildings

· Plant and Equipment

· Furniture and Fixtures

· Vehicles

· Office equipment

· Patterns, Tools , Jigs and Fixtures

· Computers

Intangible Assets

· 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 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.61.82
UK Pound	1	Rs.95.27
Euro	1	Rs.69.14

INFORMATION DETAILS

Information Gathered by :	PPT

Analysis Done by :	SUB

Report Prepared by :	SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	8
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
-- PROFITABILITY	1~10	6
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	8
--RESERVES	1~10	7
--CREDIT LINES	1~10	7
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		63

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.

MIRA INFORM REPORT

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