MIRA INFORM REPORT

Report No. :	312855
Report Date :	18.03.2015

IDENTIFICATION DETAILS

Name :	TRICOLITE ELECTRICAL INDUSTRIES LIMITED (w.e.f. 24.08.2006)
Formerly Known As :	TRICOLITE ELECTRICAL INDUSTRIES PRIVATE LIMITED
Registered Office :	70A/13, Najafgarh Road, Industrial Area, New Delhi – 110015
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	19.03.1987
Com. Reg. No.:	55-027351
Capital Investment / Paid-up Capital :	Rs. 29.344 Million
CIN No.: [Company Identification No.]	U74999DL1987PLC027351
TAN No.: [Tax Deduction & Collection Account No.]	DELT00751C
PAN No.: [Permanent Account No.]	AAACT0401H
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject is engaged is a Manufacturer of Electrical Panels.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

B (33)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The rating is constrained on account of working capital intensive nature of operations and average financial risk profile of the company. However, trade relations are fair. Business is active. Payment terms are reported to be slow but correct. The working can be considered for business dealings with some caution.

NOTES:

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

ECGC Country Risk Classification List – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
India	A1	A1

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

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long term rating: “B+”
Rating Explanation	“Suspended” risk prone credit quality and carries very high credit risk.
Date	June 30, 2014

Rating Agency Name	CRISIL
Rating	Short term rating: “A4”
Rating Explanation	“Suspended” Minimal degree of safety and very high credit risk.
Date	June 30, 2014

Note: Suspension is on account of non-cooperation by the company

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 DENIED BY

Name :	Mr. Sanjay Dhiman
Designation :	Account Manager
Contact No.:	91-124-4695300
Date :	16.03.2015

LOCATIONS

Registered Office :	70A/13, Najafgarh Road, Industrial Area, New Delhi – 110015, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	narangml@hotmai.com sales@tricolite.com abhishek@tricolite.com neeraj.bansal@tricolite.com
Website :	www.tricolite.com
Factory 1:	Plot No.5, Sector-6, IMT Manesar, Manesar, Gurgaon – 122050, Haryana, India
Tel. No.:	91-124-4695300
Fax No.:	91-124-4695333
E-Mail :	sales@tricolite.com
Factory 2 :	18/1A, Site IV, Industrial Area, Sahibabad, Ghaziabad – 201010, Uttar Pradesh, India
Tel. No.:	91-120-4550400/2895101
Fax No.:	91-120-4550444/2896111
E-Mail :	sales@tricolite.com
Factory 3 :	Plot No. 32, Sector -6, IMT Manesar, Gurgaon – 122050, Haryana, India.
Tel. No.:	91-124-4695300
E-Mail :	sales@tricolite.com

DIRECTORS

As on: 30.09.2014

Name :

Mr. Gautam Kumar

Designation :

Whole-time director

Address :

V-325, Rajouri Garden, New Delhi – 110027, India

Date of Birth/Age :

04.09.1955

Qualification :

Graduate

Date of Appointment :

01.04.2009

PAN No.:

AAJPK8071A

DIN No. :

01298705

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	U74999DL1987PLC027351	TRICOLITE ELECTRICAL INDUSTRIES LTD	Whole-time director	01/04/2009	19/03/1987	Active	NO
2	U31909DL2008PTC177969	MITLITE ELECTRIC COMPANY PRIVATE LIMITED	Director	12/05/2008	12/05/2008	Active	NO
3	AAB-1841	TRICOLITE ENERGY SOLUTIONS LLP	Designated Partner	26/10/2012	26/10/2012	Active	NO

Name :

Mr. Amitabh Nangia

Designation :

Whole-time director

Address :

C-15/12, Arjun Marg, DLF City, Gurgaon – 122001, Haryana,India

Date of Birth/Age :

14.05.1954

Qualification :

Graduate

Date of Appointment :

01.04.2009

PAN No. :

AACPN8671L

DIN No. :

01200266

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	U01403HR1986PTC047520	SANTOSH PROPERTIES PRIVATE LTD	Director	20/05/1986	20/05/1986	Active	NO
2	U74999DL1987PLC027351	TRICOLITE ELECTRICAL INDUSTRIES LTD	Whole-time director	01/04/2009	19/03/1987	Active	NO
3	U40200DL2006PTC156653	TRICOLITE POWER PRODUCTS PRIVATE LIMITED	Director	18/12/2006	18/12/2006	Active	NO
4	U31909DL2008PTC177969	MITLITE ELECTRIC COMPANY PRIVATE LIMITED	Director	12/05/2008	12/05/2008	Active	NO
5	AAB-1841	TRICOLITE ENERGY SOLUTIONS LLP	Designated Partner	26/10/2012	26/10/2012	Active	NO

Name :

Mr. Abhishek Nangia

Designation :

Managing director

Address :

C-15/12, Arjun Marg, DLF City, Gurgaon – 122001, Haryana,India

Date of Birth/Age :

29.03.1980

Qualification :

Graduate

Date of Appointment :

01.05.2012

PAN No. :

AAFPN5873M

DIN No. :

01298724

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	U74999DL1987PLC027351	TRICOLITE ELECTRICAL INDUSTRIES LTD	Managing director	01/05/2012	06/08/2005	Active	NO

Name :

Mrs. Meera Kumar Chauhan

Designation :

Managing Director

Address :

V-325, Rajouri Garden, New Delhi – 110027, India

Date of Birth/Age :

22.10.1981

Qualification :

Graduate

Date of Appointment :

01.05.2012

PAN No. :

AGDPK2963K

DIN No. :

01298745

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	U74999DL1987PLC027351	TRICOLITE ELECTRICAL INDUSTRIES LTD	Managing director	01/05/2012	06/08/2005	Active	NO
2	U40200DL2006PTC156653	TRICOLITE POWER PRODUCTS PRIVATE LIMITED	Director	18/12/2006	18/12/2006	Active	NO

KEY EXECUTIVES

Name :	Mr. Sanjay Dhiman
Designation :	Account Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.09.2014

Names of Shareholders	No. of Shares	Percentage of Holding
Gautam Kumar	832001	28.35
Amitabh Nangia	826694	28.17
Meenakshi Kumar	402000	13.70
Amitabh Nagia HUF	9000	0.31
Gayatri Nangia	133999	4.57
Abhishek Nangia	309000	10.53
Meera Kumar Chauhan	201694	6.87
Geetanjali Kumar	200000	6.82
Geeta Bawa	20000	0.68
Total	2934388	100.00

Equity Share Break up (Percentage of Total Equity)

As on: 30.09.2014

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged is a Manufacturer of Electrical Panels.

Products :

Item Code No.	Product Description
99612990	Scrap Sale
85373000	Bus duct
85371000	Electric Panel-LT Electric Panel-HT
99871100	Service
99612890	Trading

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
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
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 :	Not Divulged
Remark:	Not Divulged

No. of Employees :

Not Divulged

Bankers :

· Small Industries Development Bank of India, SCO 145 &146, 1st And 2nd Floor, Sector 17C, Chandigarh - 160017, Chandigarh, India

· Canara Bank, Parliament Street,\, New Delhi - 110001, Delhi, India

· HDFC Bank Limited, HDFC Bank Housesenapati Bapat Marg, Lower Parel (West), Mumbai - 400013, Maharashtra, India

• SIDBI, SCO 145 and 146, 1st and 2nd Floor, Sector 17C, Chandigarh, Chandigarh - 160017, India

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG TERM BORROWINGS
Rupee term loans from banks	104.280	76.590
Rupee term loans from others	3.767	0.733
SHORT TERM BORROWINGS
Loans repayable on demand from banks	241.072	210.849
Total	349.119	288.172

Auditors :
Name :	Arun Malhotra and Associates Chartered Accountants
Address :	G-2829, Nizamussin West, Delhi, India
Income-tax PAN of auditor or auditor's firm :	AAOFA2813R
Memberships :	Not Available
Collaborators :	Not Available
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	· Tricolite Electrical Industries · Mitlite Electrical Company Private Limited · Tricolite Energy Solutions LLP

CAPITAL STRUCTURE

As on 31.03.2014

Authorized Capital:

No. of Shares	Type	Value	Amount
10,000,000	Equity Shares	Rs.10/- each	Rs. 100.000 Million

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
2,934,388	Equity Shares	Rs.10/- each	Rs. 29.344 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	29.344	29.310	29.310
(b) Reserves & Surplus	240.648	183.156	170.445
(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)	269.992	212.466	199.755
(3) Non-Current Liabilities
(a) long-term Borrowings	108.047	77.323	97.681
(b) Deferred Tax Liabilities (Net)	16.873	16.137	15.026
(c) Other Long Term Liabilities	1.356	24.328	22.408
(d) long-term Provisions	3.972	2.783	3.497
Total Non-current Liabilities (3)	130.248	120.571	138.612
(4) Current Liabilities
(a) Short Term Borrowings	241.072	230.358	180.565
(b) Trade Payables	269.866	272.948	269.893
(c) Other Current Liabilities	28.311	33.933	61.286
(d) Short-term Provisions	14.196	7.992	5.559
Total Current Liabilities (4)	553.445	545.231	517.303
TOTAL	953.685	878.268	855.670
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible Assets	260.106	149.333	137.516
(ii) Intangible Assets	3.307	3.106	1.877
(iii) Capital Work-in-Progress	9.932	2.408	5.798
(iv) Intangible assets under Development	0.000	0.000	0.000
(b) Non-current Investments	1.138	12.871	11.500
(c) Deferred Tax Assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	12.163	7.816	7.688
(e) Other Non-current Assets	0.000	0.000	0.000
Total Non-Current Assets	286.646	175.534	164.379
(2) Current assets
(a) Current Investments	0.000	0.000	0.173
(b) Inventories	115.909	191.382	215.630
(c) Trade Receivables	492.066	428.550	403.570
(d) Cash and Cash Equivalents	22.070	40.278	30.992
(e) Short-term Loans and Advances	36.994	42.524	40.926
(f) Other Current Assets	0.000	0.000	0.000
Total Current Assets	667.039	702.734	691.291
TOTAL	953.685	878.268	855.670

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Revenue from Operations	1231.851	1168.100	1025.122
		Other Income	4.237	2.185	3.584
		TOTAL (A)	1236.088	1170.285	1028.706
Less	EXPENSES
		Cost of Materials Consumed	879.976	919.136	788.632
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	2.737	(25.521)	0.971
		Employees benefits expense	118.212	103.943	87.493
		Other expenses	110.418	95.444	81.473
		TOTAL (B)	1111.343	1093.002	958.569
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		124.745	77.283	70.137
Less	FINANCIAL EXPENSES (D)		54.949	47.154	46.743
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		69.796	30.129	23.394
Less/ Add	DEPRECIATION/ AMORTISATION (F)		17.101	10.827	10.081
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		52.695	19.302	13.313
Less	TAX (H)		11.939	6.591	4.587
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		40.756	12.711	8.726
	EARNINGS IN FOREIGN CURRENCY		9.192	0.000	0.000
	Earnings / (Loss) Per Share (Rs.)		13.89	4.34	2.98

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	3.31	1.09	0.85
Operating Profit Margin (PBIDT/Sales)	(%)	10.13	6.62	6.84
Return on Total Assets (PBT/Total Assets}	(%)	5.59	2.24	1.59
Return on Investment (ROI) (PBT/Networth)		0.20	0.09	0.07
Debt Equity Ratio (Total Debt /Networth)		1.29	1.45	1.39
Current Ratio (Current Asset/Current Liability)		1.21	1.29	1.34

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	29.310	29.310	29.344
Reserves & Surplus	170.445	183.156	240.648
Net worth	199.755	212.466	269.992
long-term borrowings	97.681	77.323	108.047
Short term borrowings	180.565	230.358	241.072
Total borrowings	278.246	307.681	349.119
Debt/Equity ratio	1.393	1.448	1.293

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)
Revenue from Operations	1025.122	1168.100	1231.851
		13.947	5.458

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Revenue from Operations	1025.122	1168.100	1231.851
Profit	8.726	12.711	40.756
	0.85%	1.09%	3.31%

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	No
10]	Designation of contact person	No
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	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

Note: Registered Office of the company has been shifted from “V-325, Rajouri Garden, New Delhi – 110027” to the present Address.

UNSECURED LOAN

PARTICULAR	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
SHORT TERM BORROWINGS
Rupee term loans from others (Unsecured Loan From L&T Finance)	0.000	19.509
Total	0.000	19.509

GENERAL INFORMATION ABOUT COMPANY

The Company is an Indian Company incorporated on March 19, 1987, and is registered with Registrar of Companies Delhi vide registration no. 27351. The Registered office of the company is situated at V-325, Rajouri Garden, New Delhi. The company is a manufacturer of Electrical Panels. In these financial statements, current year figures are from April 1, 2012 to March 31, 2013. The previous period figures have been regrouped/reclassified, wherever necessary for comparison purposes. The functional and reporting currency of the company is Indian Rupee (INR)

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10502053	23/05/2014	25,000,000.00	CANARA BANK	PARLIAMENT STREET, DELHI - 110001, INDIA	C06158018
2	10486798	25/06/2014 *	42,500,000.00	SIDBI	SCO 145 AND 146, 1ST AND 2ND FLOOR, SECTOR 17C, CHANDIGARH - 160017, INDIA	C10361095
3	10486802	25/06/2014 *	42,500,000.00	SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA (SIDBI)	SCO 145 and 146, 1ST AND 2ND FLOOR, SECTOR 17C, CHANDIGARH - 160017, INDIA	C11404795
4	10486804	25/11/2014 *	42,500,000.00	SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA	SCO 145 and 146, 1ST AND 2ND FLOOR, SECTOR-17C, CHANDIGARH - 160017, INDIA	C37296423
5	10486805	25/03/2014	42,500,000.00	SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA	SCO 145 AND 146, 1ST AND 2ND FLOOR, SECTOR 17C, CHANDIGARH - 160017, INDIA	C01130368
6	10463950	18/12/2013 *	30,000,000.00	SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA	SCO 145 AND 146, 1ST AND 2ND FLOOR, SECTOR 17C, CHANDIGARH - 160017, INDIA	B92325687
7	10463953	18/12/2013 *	30,000,000.00	SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA	SCO 145 and 146, 1ST AND 2ND FLOOR, SECTOR 17C, CHANDIGARH - 160017, INDIA	B92325745
8	10343456	06/03/2012	40,000,000.00	SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA	SCO-145, 146, FIRST AND SECOND FLOOR SECTOR 17C, CHANDIGARH - 160017, INDIA	B35558873
9	10343469	06/03/2012	40,000,000.00	SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA	SCO-145, 146, FIRST AND SECOND FLOOR SECTOR 17C, CHANDIGARH - 160017, INDIA	B35558337
10	10296414	06/03/2012 *	80,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI - 400013, MAHARASHTRA, INDIA	B37870409

* Date of charge modification

FIXED ASSETS

Tangible Assets

· Land

· Buildings

· Plant and Equipment

· Furniture and Fixtures

· Vehicles

· Office Equipment

· Other Equipments

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

3] Asset Declaration :

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

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

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

Charges or investigation registered against subject: None

7] Criminal Records

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

8] Affiliation with Government :

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

9] Compensation Package :

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

10] Press Report: No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

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

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

CONTRAVENTION

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.69
UK Pound	1	Rs.92.99
Euro	1	Rs.66.37

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	SUM
Report Prepared by :	MTN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	4
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	4
--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		33

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.