MIRA INFORM REPORT

Report No. :	319664
Report Date :	08.04.2015

IDENTIFICATION DETAILS

Name :	CIRCUIT SYSTEMS (INDIA) LIMITED
Registered Office :	A-1001-1002, Taitenium Square, Behind Sharveshwar Tow, Thaltej Four Way, Thaltej, Ahmedabad Local – 380054, Gujarat
Tel No.:	Not Available
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	08.02.1995
Com. Reg. No.:	04-024524
Capital Investment / Paid-up Capital :	Rs. 138.690 Million
CIN No.: [Company Identification No.]	L74140GJ1995PLC024524
TAN No.: [Tax Deduction & Collection Account No.]	AHMC01381C
PAN No.: [Permanent Account No.]	AAACC7706J
Legal Form :	A Public Limited Liability company. The company’s Shares are Listed on the Stock Exchanges.
Line of Business :	The subject has considered manufacturing of various grade of Printed Circuit Boards
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

Maximum Credit Limit :	USD 900000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. For the financial year ended 2014, sales turnover of the company has declined but it has able to maintained profitability margins at 1.29% Rating also takes into consideration long experience of the promoters with well- established presence in the electronics component industry and comfortable capital structure of the company. Trade relations are fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings at usual trade terms and condition.

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	CARE
Rating	Long-term Bank Facilities- BB+
Rating Explanation	Inadequate-credit- quality and high credit risk.
Date	07.01.2015

Rating Agency Name	CARE
Rating	Short-term Bank Facilities – A4+
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	07.01.2015

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

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

INFORMATION PARTED BY

NOT AVAILABLE

LOCATIONS

Registered Office :	A-1001-1002, Taitenium Square, Behind Sharveshwar Tow, Thaltej Four Way, Thaltej, Ahmedabad Local – 380054, Gujarat, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	bba_201@yahoo.co.in
Factory/ Corporate Office :	B-24, GIDC Electronic Estate, Sector - 25, Gandhinagar - 382 044, Gujarat, India

DIRECTORS

As on 31.03.2014

Name :

Mr. Ambalal Chhitabhai Patel

Designation :

Director

Address :

14/B Shreyasnath Society, Vasan, Near, Dhranidhar Deras, Ahmedabad Local – 380007, Gujarat, India

Date of Birth/Age :

01.04.1944

Date of Appointment :

05.12.2005

DIN No.:

00037870

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	L27104GJ1972PLC002153	PANCHMAHAL STEEL LTD	Nominee director	30-01-2004	30-01-2004	25-10-2008	Active	NO
2	L18119GJ1984PLC006922	JINDAL HOTELS LIMITED	Director	22-07-2004	22-07-2004	-	Active	NO
3	L29199GJ2003PLC043148	S A L STEEL LIMITED	Director	05-08-2004	05-08-2004	-	Active	NO
4	L27100GJ1977PLC002619	VISHAL MALLEABLES LIMITED	Director	30-07-2005	30-07-2005	14-11-2014	Active	NO
5	L65923GJ1994PLC021479	SUMERU INDUSTRIES LIMITED	Director	12-09-2005	12-09-2005	-	Active	NO
6	U21010GJ1995PTC026358	SHREE GAJANAN PAPER AND BOARDS PVT LTD	Director	27-09-2005	27-09-2005	01-03-2011	Active	NO
7	L99999GJ1992PLC018626	LAFFANS PETROCHEMICALS LIMITED	Director	28-10-2005	28-10-2005	01-07-2014	Active	NO
8	L74140GJ1995PLC024524	CIRCUIT SYSTEMS (INDIA) LIMITED	Director	05-12-2005	05-12-2005	14-07-2014	Active	NO
9	L27104MH1985PLC035659	AJMERA REALTY & INFRA INDIA LIMITED	Director	07-12-2006	07-12-2006	-	Active	NO
10	U85110GJ1990PTC013725	KARNAVATI HOSPITAL PVT LTD	Director	29-09-2007	08-12-2006	-	Active	NO
11	U17110GJ1988PLC010634	CHIRIPAL INDUSTRIES LIMITED	Director	29-09-2007	22-12-2006	-	Active	NO
12	L51909GJ1994PLC022719	NANDAN DENIM LIMITED	Director	29-09-2007	21-02-2007	-	Active	NO
13	L51900MH1985PLC036271	SPECTACLE VENTURES LIMITED	Additional director	27-04-2009	27-04-2009	05-09-2009	Active	NO
14	L70109MH2007PLC174206	SHREE PRECOATED STEELS LIMITED	Director	30-01-2010	30-04-2009	-	Active	NO
15	L17111GJ2003PLC043354	CIL NOVA PETROCHEMICALS LIMITED	Director	23-09-2010	05-10-2009	-	Active	NO

Name :

Mr. Chetankumar Panchal

Designation :

Director

Address :

47/556, Chirakut, Sola Road, Naranpura, Ahmedabad Local – 380063, Gujarat, Inida

Date of Birth/Age :

18.08.1973

Date of Appointment :

03.12.2011

DIN No.:

02449642

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	U31909GJ2006PLC047552	PCB POWER (INDIA) LIMITED	Director	20-01-2006	20-01-2006	-	Active	NO
2	L74140GJ1995PLC024524	CIRCUIT SYSTEMS (INDIA) LIMITED	Additional director	03-12-2011	03-12-2011	-	Active	NO

Name :

Mr. Jyesh Hasmukhlal Shah

Designation :

Director

Address :

Mukhi Ni Sheri, Kharakuwa, Sarkhej, Ahmedabad – 382210, Gujarat, India

Date of Birth/Age :

19.06.1965

Date of Appointment :

03.12.2011

DIN No.:

02559296

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	U31909GJ2006PLC047552	PCB POWER (INDIA) LIMITED	Additional director	26-02-2009	26-02-2009	-	Active	NO
2	U31200GJ2009PLC055813	EUROCIRCUITS INDIA LIMITED	Director	30-09-2011	25-05-2011	-	Active	NO
3	L74140GJ1995PLC024524	CIRCUIT SYSTEMS (INDIA) LIMITED	Additional director	03-12-2011	03-12-2011	-	Active	NO
4	U32309GJ2000PLC038623	PCB PLANET (INDIA) LIMITED	Additional director	05-12-2011	05-12-2011	-	Active	NO

Name :

Mr. Paresh Navnit Vasani

Designation :

Managing Director

Address :

167, Azad Society, Ambawadi, Ahmedabad – 380015, Gujarat, India

Date of Birth/Age :

06.07.1967

Date of Appointment :

01.02.2014

DIN No.:

01376786

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	L74140GJ1995PLC024524	CIRCUIT SYSTEMS (INDIA) LIMITED	Managing director	01-02-2014	08-02-1995	-	Active	NO
2	U32309GJ2000PLC038623	PCB PLANET (INDIA) LIMITED	Director	05-12-2011	12-09-2000	-	Active	NO
3	U29219GJ1973PLC002268	APOLLO INDUSTRIAL PRODUCTS LIMITED	Director	27-05-2002	27-05-2002	-	Amalgamated	NO
4	U31200GJ2009PLC055813	EUROCIRCUITS INDIA LIMITED	Director	29-09-2012	02-01-2009	-	Active	NO

KEY EXECUTIVES

Name :	Ms. Amrita Balram Chandwani
Designation :	Secretary
Address :	17, NR, Anandpur Darbar, Opposite, Harnamdas Society, Bunglow Area, Kuber Nagar, Ahmedabad – 382340, Gujarat, India
Date of Birth/Age :	19.09.1989
Date of Appointment :	18.06.2014
Pan No.:	APVPC6433P

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.05.2015

Category of Shareholder	Total No. of Shares	Total Shareholding as a % of Total No. of Shares
		As a % of (A+B+C)
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	9893180	71.33
Any Others (Specify)	0	0.00
Sub Total	9893180	71.33
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	9893180	71.33
(B) Public Shareholding
(1) Institutions
(2) Non-Institutions
Bodies Corporate	44975	0.32
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	1181013	8.52
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	358135	2.58
Any Others (Specify)	2391713	17.25
Foreign Corporate Bodies	2250000	16.22
Hindu Undivided Families	109244	0.79
Non Resident Indians	31121	0.22
Clearing Members	1348	0.01
Sub Total	3975836	28.67
Total Public shareholding (B)	3975836	28.67
Total (A)+(B)	13869016	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)	13869016	100.00

Equity Share Break up (Percentage of Total Equity)

As on 14.07.2014

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	16.48
Bodies corporate	0.27
Directors or relatives of Directors	71.33
Other top fifty shareholders	11.92
Total	100.00

BUSINESS DETAILS

Line of Business :	The subject has considered manufacturing of various grade of Printed Circuit Boards
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 :	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 Available

Bankers :

• The Kalupur Commercial Co Operative Bank Limited - Kalupur Bank Bhawan, Near Income Tax Circle , Ashram Road, Ahmedabad - 380014, Gujarat, India
• Corporation Bank - Industrial Finance Branch, Ellishbridge, Ahmedabad - 380006, Gujarat, India

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Term loans from banks	0.397	0.000
Total	0.397	0.000

Auditors :
Name :	C.R. Sharedalal and Company Chartered Accountants
Address :	101-102, Parishram, 5-B, Rashmi Society,Mithakhali Six Road Ahmedabad Local, Gujarat, India
PAN N Income-tax PAN of auditor or auditor's firm :	AAAFC6902F
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries (As on 31.03.2013) :	Pcb Power (India) Limited Eurocircuits India Limited

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
16000000	Equity Shares	Rs.10/- each	Rs.160.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
13869016	Equity Shares	Rs.10/- each	Rs.138.690 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	138.690	157.000	157.000
(b) Reserves & Surplus	203.398	196.530	241.746
(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)	342.088	353.530	398.746
(3) Non-Current Liabilities
(a) long-term borrowings	0.397	0.000	53.408
(b) Deferred tax liabilities (Net)	30.442	30.340	30.441
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.748	0.903	1.351
Total Non-current Liabilities (3)	31.587	31.243	85.200
(4) Current Liabilities
(a) Short term borrowings	17.293	65.965	52.057
(b) Trade payables	28.908	17.273	34.766
(c) Other current liabilities	3.066	5.083	48.538
(d) Short-term provisions	4.261	2.967	3.946
Total Current Liabilities (4)	53.528	91.288	139.307
TOTAL	427.203	476.061	623.253
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	187.670	180.453	188.881
(ii) Intangible Assets	2.345	2.873	2.105
(iii) Capital work-in-progress	0.000	13.814	217.899
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	64.225	64.725	0.536
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	3.045	13.060	4.902
(e) Other Non-current assets	0.813	0.203	0.658
Total Non-Current Assets	258.098	275.128	414.981
(2) Current assets
(a) Current investments	0.000	0.000	10.500
(b) Inventories	84.794	75.468	65.772
(c) Trade receivables	64.039	69.484	92.211
(d) Cash and cash equivalents	1.530	3.479	8.277
(e) Short-term loans and advances	18.742	52.502	31.422
(f) Other current assets	0.000	0.000	0.090
Total Current Assets	169.105	200.933	208.272
TOTAL	427.203	476.061	623.253

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	247.748	261.102	303.826
	Other Income	3.534	2.518	2.652
	TOTAL (A)	251.282	263.620	306.478
Less	EXPENSES
	Cost of Materials Consumed	126.892	129.510	155.673
	Purchases of Stock-in-Trade	0.000	0.000	0.000
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	3.386	(1.879)	0.682
	Employees benefits expense	23.795	22.488	25.858
	Other expenses	66.887	89.385	88.448
	TOTAL (B)	220.960	239.504	270.661
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	30.322	24.116	35.817
Less	FINANCIAL EXPENSES (D)	9.249	14.401	17.722
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	21.073	9.715	18.095
Less/ Add	DEPRECIATION/ AMORTISATION (F)	15.567	14.495	13.828
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	5.506	(4.780)	4.267
Less	TAX (H)	0.857	(0.216)	0.268
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	3.205	(4.564)	3.999
	Earnings / (Loss) Per Share (Rs.)	0.23	(0.33)	0.29

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	1.29	(1.75)	1.32
Operating Profit Margin (PBIDT/Sales)	(%)	11.66	9.24	11.79
Return on Total Assets (PBT/Total Assets}	(%)	1.12	(1.20)	1.05
Return on Investment (ROI) (PBT/Networth)		0.01	(0.01)	0.01
Debt Equity Ratio (Total Debt /Networth)		0.05	0.19	0.26
Current Ratio (Current Asset/Current Liability)		3.16	2.20	1.50

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	157.000	157.000	138.690
Reserves & Surplus	241.746	196.530	203.398
Net worth	398.746	353.530	342.088
long-term borrowings	53.408	0.000	0.397
Short term borrowings	52.057	65.965	17.293
Total borrowings	105.465	65.965	17.690
Debt/Equity ratio	0.264	0.187	0.052

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	303.826	261.102	247.748
		(14.062)	(5.114)

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	303.826	261.102	247.748
Profit	3.999	(4.564)	4.649
	1.32%	(1.75%0	1.88%

LOCAL AGENCY FURTHER INFORMATION

CURRENT MATURITIES OF LONG-TERM DEBT DETAILS:

Particulars	31.03.2014	31.03.2013	31.03.2012
	(Rs. In Million)
Current maturities of long-term debt	0.219	0.000	0.000
Total	0.219	0.000	0.000

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	No

NOTE: Registered office of the company has been shifted from B-24, Gidc, Electronic Estate, Sector-25 Gandhinagar - 382044 Gujarat India to the present address w.e.f. 24.07.2013

UNSECURED LOAN

PARTICULARS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Short-term borrowings
Loans repayable on demand from others	17.292	65.965
Total	17.292	65.965

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	90103168	08/09/2014 *	149,500,000.00	CORPORATION BANK	IFB BRANCH,RANGOLI COMPLEX,OPP.V.S.HOSPITAL,, ASHRAM ROAD,, AHMEDABAD, GUJARAT - 380006, INDIA	C24074007
2	90103496	05/09/2014 *	149,500,000.00	CORPORATION BANK	IFB BRANCH,RANGOLI COMPLEX,OPP.V.S.HOSPITAL,, ASHRAM ROAD,, AHMEDABAD, GUJARAT - 380006, INDIA	C24065484

* Date of charge modification

FIXED ASSETS

Tangible assets

• Land
• Buildings
• Plant and equipment
• Factory equipment’s
• Furniture and fixtures
• Vehicles
• Office equipment

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.63.88
UK Pound	1	Rs.97.21
Euro	1	Rs.72.51

INFORMATION DETAILS

Analysis Done by :	KAR
Report Prepared by :	GTA

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	4
--RESERVES	1~10	5
--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	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		43

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.