MIRA INFORM REPORT

Report No. :	322890
Report Date :	19.05.2015

IDENTIFICATION DETAILS

Name :	ALPHA TOYO LIMITED
Registered Office :	806, Devika Tower, 6, Nehru Place, New Delhi – 110019
Tel. No.:	91-129-2247764
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	16.06.1978
Com. Reg. No.:	55-093797
Capital Investment / Paid-up Capital :	Rs. 44.342 Million
IEC No.:	0588052981
CIN No.: [Company Identification No.]	U74899DL1978PLC093797
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AABCA4900D
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of light engineering automobile components – mirrors, lamp assemblies, automobile switches.
No. of Employees :	500 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (26)

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

Maximum Credit Limit :	USD
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The company has recorded accumulated losses and trade receivables are very less than trade payables that may impact its liquidity. However, trade relations are fair. Business is active. Payment terms are slow but correct. The company can be considered for the business dealings with secure trade terms and condition.

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 31-03-2014.

INFORMATION PARTED BY

Name :	Ms. Vaishali
Designation :	Receptionist
Contact No.:	91-124-4326444/2247764
Date :	15.05.2015

LOCATIONS

Registered Office :	806, Devika Tower, 6, Nehru Place, New Delhi – 110019, India
Tel. No.:	91-124-2247764
Fax No.:	91-124-4326500
E-Mail :	info@umgroup.in
Location :	Owned
Factory :	9-17, Sector – 6, Faridabad – 121003, Haryana, India
Head Office :	Plot No. 35-P, Sec,-44, Gurgaon – 122002, Haryana, India

DIRECTORS

AS ON 30.09.2013

Name :

Mr. Feroz Malik

Designation :

Director

Address :

Rainbow School, Chandra Nagar, Saharanpur – 247001, Uttar Pradesh, India

Date of Birth/Age :

02.10.1966

Date of Appointment :

01.09.2001

DIN No.:

00262559

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	U15417DL1980PTC218290	FRISCO FOODS PRIVATE LIMTED	Director	15/02/1990	15/02/1990	06/03/2010	Active	NO
2	U15410DL1990PLC042311	BAKEWELL AGRO LIMITED	Director	04/10/1996	04/10/1996	-	Active	NO
3	U74899DL1978PLC093797	ALPHA TOYO LIMITED	Director	01/09/2001	01/09/2001	-	Active	NO
4	U72200DL2011PTC213913	GLOBUS ROAMING SERVICES PRIVATE LIMITED	Director	12/02/2011	12/02/2011	-	Active	NO

Name :

Mr. Sushant Chhabra

Designation :

Director

Address :

60, Prakriti Marg, Mehrauli Gurgaon Road, Sultanpur, New Delhi – 110030, India

Date of Birth/Age :

26.06.1974

Date of Appointment :

29.09.2007

DIN No.:

00096771

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	U74899DL1994PTC061511	SAB HOLDINGS (INDIA) PRIVATE LIMITED	Director	14/09/1994	14/09/1994	-	Active	NO
2	U74899DL1995PTC072548	TECHNO AUTO COMPONENTS (INDIA) PRIVATE LIMITED	Director	19/09/1995	19/09/1995	06/08/2014	Active	NO
3	U51909DL1996PTC075727	TECHNO TREXIM (INDIA) PRIVATE LIMITED	Director	24/01/1996	24/01/1996	06/08/2014	Active	NO
4	U72200DL1998PLC096636	UNITECH SOFTWARE SOLUTIONS LIMITED	Director	12/10/1998	12/10/1998	-	Active	NO
5	U72200DL2000PTC106890	UM INFRATEL PRIVATE LIMITED	Director	19/07/2000	19/07/2000	-	Active	NO
6	U92132DL2002PLC116746	UNITECH INDRAPRASTHA TV LIMITED	Director	28/08/2002	28/08/2002	-	Active	NO
7	U15209MH2003PTC255426	GOOD-DAY FOODS Private Limited	Director	09/07/2003	09/07/2003	25/07/2013	Active	NO
8	U34300DL1986PLC023498	UNITECH MACHINES LIMITED	Managing director	01/10/2012	03/09/2004	-	Active	NO
9	U74999DL2004PTC129474	UNIMECH INVESTMENTS PRIVATE LIMITED	Director	28/09/2004	28/09/2004	-	Active	NO
10	U74899DL1972PLC108312	TRADING ENGINEERS (INTERNATIONAL) LIMITED	Director	15/10/2004	15/10/2004	-	Active	NO
11	U50300DL2004PTC131701	ATL AUTOCOMP PRIVATE LIMITED	Director	30/12/2004	30/12/2004	22/02/2007	Active	NO
12	U45201DL2005PTC136213	UM INFRASTRUCTURE AND DEVELOPERS PRIVATE LIMITED	Director	13/05/2005	13/05/2005	-	Active	NO
13	U74140DL2005PTC138859	UM CORPORATE AND MANAGEMENT SERVICES PRIVATE LIMITED	Director	19/07/2005	19/07/2005	20/02/2012	Active	NO
14	U45101DL2006PLC148306	UM ARCHITECHTURES AND CONTRACTORS LIMITED	Director	30/03/2006	30/03/2006	30/04/2008	Active	NO
15	U74899DL1978PLC093797	ALPHA TOYO LIMITED	Director	29/09/2007	27/01/2007	-	Active	NO
16	U29110MH2007PTC243926	TR TECHNICAL RESOURCES INDIA PRIVATE LIMITED	Director	19/12/2007	19/12/2007	01/05/2010	Active	NO
17	U32204HR2008PTC046212	MAGNETI MARELLI UM ELECTRONIC SYSTEMS PRIVATE LIMITED	Director	31/10/2008	31/10/2008	-	Active	NO
18	U45200HR2008FTC037878	NOHMI BOSAI (INDIA) PRIVATE LIMITED	Director	10/06/2009	19/11/2008	18/02/2014	Active	NO
19	U50401JK2004PTC002447	J AND K AUTOMOBILES PRIVATE LIMITED	Director	28/09/2010	19/11/2009	-	Active	NO
20	U35990DL2010PTC202385	ALPHA MAIER PRIVATE LIMITED	Director	07/05/2010	07/05/2010	-	Active	NO
21	U40106DL2010PTC206775	UM Solar Power Private Limited	Director	06/08/2010	06/08/2010	17/04/2013	Active	NO
22	U40106DL2010PLC210042	UM POWER LIMITED	Managing director	30/09/2013	01/11/2010	06/08/2014	Active	NO
23	U31500DL2010PTC210780	UM GREEN LIGHTING PRIVATE LIMITED	Director	26/11/2010	26/11/2010	-	Active	NO
24	U40200DL2011PLC218201	UM URJA LIMITED	Director	28/04/2011	28/04/2011	-	Under Process of Striking off	NO
25	U74899DL1983PLC093808	NIKKO AUTO LIMITED	Director	30/09/2013	30/03/2013	-	Active	NO
26	U32201DL2014PTC266730	FUNTAM TE (INDIA) PRIVATE LIMITED	Director	21/03/2014	21/03/2014	-	Active	NO

Name :

Mr. Naresh Kumar Malhotra

Designation :

Director

Address :

House No. 1559, Sector – 28, Faridabad – 121008, Haryana, India

Date of Birth/Age :

24.01.1961

Date of Appointment :

30.09.2013

DIN No.:

00125460

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	U50300DL1983PTC093809	TOYO MIRRORS PRIVATE LIMITED	Director	16/05/1998	16/05/1998	-	Active	NO
2	U74899DL1978PLC093797	ALPHA TOYO LIMITED	Director	30/09/2013	30/03/2013	-	Active	NO
3	U31501DL2009PTC190690	ALPHA ZADI MECHTRONICS PRIVATE LIMITED	Director	30/09/2013	30/03/2013	-	Active	NO
4	U51909HR1983PLC015355	ASAHI ALPHA LIMITED	Director	30/09/2013	30/03/2013	-	Active	NO
5	U51909DL1996PTC075727	TECHNO TREXIM (INDIA) PRIVATE LIMITED	Director	30/09/2014	06/08/2014	-	Active	NO

KEY EXECUTIVES

Name :	Ms. Vaishali
Designation :	Receptionist

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

SHAREHOLDING DETAILS FILE ATTACHED.

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2013

Category	Percentage
Bodies corporate	92.47
Directors or relatives of Directors	1.13
Other top fifty shareholders	6.32
Others	0.08
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of light engineering automobile components – mirrors, lamp assemblies, automobile switches.
Products :	Light engineering automobile components – mirrors Lamp assemblies Automobile switches
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	Cash
Purchasing :	Cash

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 :

500 (Approximately)

Bankers :

Bank Name	Bank of India
Branch	Haryana, 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
Loans and advances from banks	0.970	2.448
Total	0.970	2.448

Auditors :
Name :	Y.K. Joneja and Company Chartered Accountants
Address :	A-7/1, Nehru Ground, Neelam Bata Road, Faridabad – 121001, Haryana, India
PAN N Income-tax PAN of auditor or auditor's firm :	AAVPJ9153G
Memberships :	--
Collaborators :	--
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

AS ON 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
6000000	Equity Shares	Rs.10/- each	Rs. 60.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4434150	Equity Shares	Rs.10/- each	Rs. 44.342 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	44.342	44.342	44.342
(b) Reserves & Surplus	(6.900)	(12.954)	(17.185)
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	56.200	54.700	50.300
Total Shareholders’ Funds (1) + (2)	93.642	86.088	77.457
(3) Non-Current Liabilities
(a) long-term borrowings	2.164	3.655	23.658
(b) Deferred tax liabilities (Net)	0.000	0.423	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	7.081	5.585	4.763
Total Non-current Liabilities (3)	9.245	9.663	28.421
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	107.353	85.715	94.006
(c) Other current liabilities	40.630	34.231	28.803
(d) Short-term provisions	0.000	0.000	0.000
Total Current Liabilities (4)	147.983	119.946	122.809
TOTAL	250.870	215.697	228.687
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	77.224	78.017	80.825
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	6.141	2.341	2.341
(c) Deferred tax assets (net)	0.142	0.000	0.267
(d) Long-term Loan and Advances	24.520	17.570	16.749
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	108.027	97.928	100.182
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	87.177	76.859	61.443
(c) Trade receivables	38.947	27.912	58.420
(d) Cash and cash equivalents	3.963	5.568	3.035
(e) Short-term loans and advances	12.756	7.430	5.607
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	142.843	117.769	128.505
TOTAL	250.870	215.697	228.687

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	329.363	336.911	354.432
		Other Income	0.977	4.375	1.074
		TOTAL	330.340	341.286	355.506
Less	EXPENSES
		Cost of Materials Consumed	243.771	262.245	283.535
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(0.730)	(0.807)	0.763
		Employees benefits expense	28.920	25.217	25.006
		Other expenses	39.825	36.049	29.228
		TOTAL	311.786	322.704	338.532
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		18.554	18.582	16.974
Less	FINANCIAL EXPENSES		5.989	6.416	8.216
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		12.565	12.166	8.758
Less/ Add	DEPRECIATION/ AMORTISATION		7.016	7.213	6.936
	PROFIT BEFORE TAX		5.549	4.953	1.822
Less	TAX		(0.505)	0.723	(0.179)
	PROFIT AFTER TAX		6.054	4.230	2.001
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	0.067	0.519	0.000
	TOTAL EARNINGS		0.067	0.519	0.000
	IMPORTS
		Raw Materials	2.025	2.134	1.540
	TOTAL IMPORTS		2.025	2.134	1.540
	Earnings Per Share (Rs.)		1.36	0.95	0.45

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

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

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	1.84	1.26	0.56
Operating Profit Margin (PBIDT/Sales)	(%)	5.63	5.52	4.79
Return on Total Assets (PBT/Total Assets}	(%)	2.27	2.32	0.81
Return on Investment (ROI) (PBT/Networth)		0.06	0.06	0.02
Debt Equity Ratio (Total Debt /Networth)		0.02	0.04	0.31
Current Ratio (Current Asset/Current Liability)		0.97	0.98	1.05

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	44.342	44.342	44.342
Reserves & Surplus	(17.185)	(12.954)	(6.900)
Share Application money pending allotment	56.200	54.700	50.300
Net worth	83.357	86.088	87.742
long-term borrowings	23.658	3.655	2.164
Short term borrowings	0.000	0.000	0.000
CURRENT MATURITIES OF LONG-TERM DEBTS	0.000	0.000	0.000
Total borrowings	23.658	3.655	2.164
Debt/Equity ratio	0.284	0.042	0.025

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	354.432	336.911	329.363
		(4.943)	(2.240)

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	354.432	336.911	329.363
Profit	2.001	4.230	6.054
	0.56%	1.26%	1.84%

LOCAL AGENCY FURTHER INFORMATION

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

NOTE: Registered office of the company has been shifted from 806, Devika Tower, 6, Nehru Place, New Delhi – 110019, India to the present address w.e.f. 01.03.2008.

UNSECURED LOAN

Unsecured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Loan from bodies corporate	0.882	0.883
Interest accrued and due	0.312	0.324
Total	1.194	1.207

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10456651	25/09/2013	18,000,000.00	SMALL INDUSTRIES DEVELOPMENT OF INDIA	N.H. 5-R/2,, NEELAM BADSHAH KHAN ROAD, N.I.T, FAR  IDABAD, Haryana - 121001, INDIA	B88181417
2	10376167	15/03/2013 *	100,000,000.00	SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA	N.H.5-R/2, Neelam Badshah Khan Road, N.I.T.Farida  bad, Faridabad, Haryana - 121001, INDIA	B70501226
3	10319975	05/10/2011	5,242,000.00	Hero FinCorp Limited	34, COMMUNITY CENTRE, BASANT LOK, VASANT VIHAR, N  EW DELHI, Delhi - 110057, INDIA	B26217109
4	10028216	27/11/2006	4,100,000.00	HERO HONDA FINLEASE LTD	34 COMMUNITY CENTRE BASANT LOKVASANT LOK, VASAN V  IHAR, NEW DELHI, Delhi - 110057, INDIA	A07716533
5	10006933	31/05/2006	4,100,000.00	Hero FinCorp Limited	34, COMMUNITY CENTRE, BASANT LOK, VASANT VIHAR, N  EW DELHI, Delhi - 110057, INDIA	A01381128
6	90368568	19/03/2005	1,133,591.00	HERO HONDA FINLEASE LTD.	34 BASANT LOK VASANT VIHAR, NEW DELHI, Delhi, INDI  A	-
7	90385866	18/03/2005	1,133,591.00	HERO HONDA FINLEASE LTD.	34 BASANT LOK, VASANAT VIHAR, NEW DELHI, Delhi, I  NDIA	-

* Date of charge modification

FIXED ASSETS

• Land
• Building
• Plant and Machinery
• Furniture and Fixture
• Vehicles
• Computers

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. 63.68
UK Pound	1	Rs. 99.73
Euro	1	Rs. 71.90

INFORMATION DETAILS

Information Gathered by :	REK
Analysis Done by :	KIN
Report Prepared by :	JYO

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILITY	1~10	2
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	2
--RESERVES	1~10	2
--CREDIT LINES	1~10	2
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	NO
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		26

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.