MIRA INFORM REPORT

Report No. :	322102
Report Date :	27.05.2015

IDENTIFICATION DETAILS

Name :	SPECTRO LAB EQUIPMENTS PRIVATE LIMITED
Registered Office :	E-41, Okhla industrial Area, Phase-II, New Delhi-110020, Delhi
Tel. No.:	91-11-26383312 / 40522000
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	28.02.2007
Com. Reg. No.:	55-159844
Capital Investment / Paid-up Capital :	Rs. 4.850 Million
CIN No : [Company Identification No.]	U29297DL2007PTC159844
IEC No:	Not Available
PAN No:	Not Available
TAN No:	Not Available
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Laboratory Equipments.
No. of Employees :	50 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Maximum Credit Limit :	USD 38000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Financial Position of the company seems to be decent. Trade relations are reported as fair. Business is active. Payment terms are reported to be usually correct. The company can be considered for business dealings at usual trade terms and conditions.

NOTES :

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

ECGC Country Risk Classification List – March 31, 2015

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

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

EXTERNAL AGENCY RATING

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 (GENERAL DETAILS)

Name :	Ms. Megha
Designation :	Web Designer
Contact No.:	91-11-26383312
Date :	11.05.2015

LOCATIONS

Registered Office/Factory :	E-41, Okhla Industrial Area, Phase-II, New Delhi-110020, India
Tel. No.:	91-11-26383312 / 40522000
Fax No.:	91-11-40503150 / 40503151
E-Mail :	prashant@spectro.in
Website :	http://www.spectrolabequipments.com
Location:	Owned

DIRECTORS

As on: 30.09.2014

Name :

Mr. Kuldeep Dhingra

Designation :

Managing Director

Address :

G – 124, Block-G, Kalkaji, Delhi – 110019, India

Date of Birth/Age :

12.07.1954

Date of Appointment :

28.02.2007

DIN No.:

01105920

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	U74220DL1998PLC092698	SPECTRO ANALYTICAL LABS LIMITED	Managing director	12/03/1998	12/03/1998	-	Active	NO
2	U15134DL2000PTC103789	RKD CONSULTANCY PRIVATE LIMITED	Director	22/12/2005	22/12/2005	12/12/2007	Active	NO
3	U73200UP2006PTC031472	SPECTRO RESEARCH LAB VENTURES PRIVATE LIMITED	Director	01/03/2006	01/03/2006	-	Active	NO
4	U73100RJ2007PTC023792	SPECTRO TEST LAB PRIVATE LIMITED	Director	07/02/2007	07/02/2007	28/04/2008	Active	NO
5	U29297DL2007PTC159844	SPECTRO LAB EQUIPMENTS PRIVATE LIMITED	Managing director	28/02/2007	28/02/2007	-	Active	NO
6	U74200DL2008PTC177126	SPECTRO WELD INSTITUTE PRIVATE LIMITED	Director	24/04/2008	24/04/2008	-	Active	NO
7	U74220RJ2008PTC026482	SPECTRO TESTING AND RESEARCH CENTRE PRIVATE LIMITED	Director	05/05/2008	05/05/2008	-	Active	NO
8	U40300JK2008PTC002928	SPECTRO TESTING PRIVATE LIMITED	Director	25/07/2008	25/07/2008	-	Active	NO
9	U74140DL2010PTC198940	Spectro Ace Analytical Labs Private Limited	Director	10/02/2010	10/02/2010	-	Active	NO
10	U74990MH2010PTC201958	SPECTRO SSA LABS PRIVATE LIMITED	Director	12/04/2010	12/04/2010	-	Active	NO
11	U74140DL2010PTC201479	GLOBAL PT PROVIDER PRIVATE LIMITED	Director	12/04/2010	12/04/2010	-	Active	NO
12	U74900KA2010PTC054283	SPECTRO V AND G INDUSTRIAL LABS PRIVATE LIMITED	Director	29/06/2010	29/06/2010	-	Active	NO
13	U74220OR2010PTC012862	SPECTRO GLOBAL LAB PRIVATE LIMITED	Managing director	24/12/2010	24/12/2010	10/03/2015	Active	NO
14	U74999DL2011PTC221884	Spectro Lab care Private Limited	Director	04/07/2011	04/07/2011	10/03/2015	Active	NO
15	U74210DL2011PTC224589	SPECTRO CORPORATE TRAINERS PRIVATE LIMITED	Director	06/09/2011	06/09/2011	10/03/2015	Active	NO
16	U74200KL2011PTC029679	INTEGRATED GREEN TECHNOLOGIES PRIVATE LIMITED	Director	28/10/2011	28/10/2011	20/10/2013	Active	NO
17	U74999DL2011PTC229070	SPECTRO BHARTI AUTOMATION PRIVATE LIMITED	Director	21/12/2011	21/12/2011	10/03/2015	Active	NO
18	U93000DL2012PTC231118	SPECTRO INSPECTION SERVICES PRIVATE LIMITED	Director	07/02/2012	07/02/2012	10/03/2015	Active	NO
19	U74900WB2013PTC198735	SPECTRO SHYAM LABS PRIVATE LIMITED	Director	02/12/2013	02/12/2013	-	Active	NO

Name :

Mr. Prashant Gupta

Designation :

Director

Address :

W-66, Greater Kailash, Part-II, Delhi – 110048, India

Date of Birth/Age :

22.03.1972

Date of Appointment :

28.02.2007

DIN No.:

01105985

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	U74220DL1998PLC092698	SPECTRO ANALYTICAL LABS LIMITED	Director	14/08/2006	14/08/2006	-	Active	NO
2	U29297DL2007PTC159844	SPECTRO LAB EQUIPMENTS PRIVATE LIMITED	Director	28/02/2007	28/02/2007	-	Active	NO
3	U74999DL2011PTC221884	Spectro Lab care Private Limited	Director	04/07/2011	04/07/2011	-	Active	NO
4	U74210DL2011PTC224589	SPECTRO CORPORATE TRAINERS PRIVATE LIMITED	Director	06/09/2011	06/09/2011	-	Active	NO
5	U74999DL2011PTC229070	SPECTRO BHARTI AUTOMATION PRIVATE LIMITED	Director	21/12/2011	21/12/2011	-	Active	NO
6	U93000DL2012PTC231118	SPECTRO INSPECTION SERVICES PRIVATE LIMITED	Director	18/09/2013	18/09/2013	-	Active	NO
7	U74220OR2010PTC012862	SPECTRO GLOBAL LAB PRIVATE LIMITED	Director	28/02/2015	28/02/2015	-	Active	NO

Name :

Mr. Sushant Gupta

Designation :

Director

Address :

W-66, Greater Kailash, Part-II, Delhi – 110048, India

Date of Birth/Age :

24.09.1975

Date of Appointment :

28.02.2007

DIN No.:

01105937

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	U74220DL1998PLC092698	SPECTRO ANALYTICAL LABS LIMITED	Director	15/04/1999	15/04/1999	-	Active	NO
2	U15134DL2000PTC103789	RKD CONSULTANCY PRIVATE LIMITED	Director	22/12/2005	22/12/2005	12/12/2007	Active	NO
3	U73200UP2006PTC031472	SPECTRO RESEARCH LAB VENTURES PRIVATE LIMITED	Director	01/03/2006	01/03/2006	-	Active	NO
4	U73100RJ2007PTC023792	SPECTRO TEST LAB PRIVATE LIMITED	Director	07/02/2007	07/02/2007	28/04/2008	Active	NO
5	U29297DL2007PTC159844	SPECTRO LAB EQUIPMENTS PRIVATE LIMITED	Director	28/02/2007	28/02/2007	-	Active	NO
6	U74200DL2008PTC177126	SPECTRO WELD INSTITUTE PRIVATE LIMITED	Director	24/04/2008	24/04/2008	-	Active	NO
7	U74220RJ2008PTC026482	SPECTRO TESTING AND RESEARCH CENTRE PRIVATE LIMITED	Director	05/05/2008	05/05/2008	-	Active	NO
8	U40300JK2008PTC002928	SPECTRO TESTING PRIVATE LIMITED	Director	25/07/2008	25/07/2008	-	Active	NO
9	U74140DL2010PTC198940	Spectro Ace Analytical Labs Private Limited	Director	10/02/2010	10/02/2010	-	Active	NO

Name :

Mr. Sunil Dua

Designation :

Director

Address :

A-504, Saransh Apartment, 34 IP extension, Delhi – 110092, India

Date of Birth/Age :

25.05.1956

Date of Appointment :

22.01.2011

DIN No.:

03013955

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	U74220DL1998PLC092698	SPECTRO ANALYTICAL LABS LIMITED	Additional director	26/03/2010	26/03/2010	24/12/2014	Active	NO
2	U29297DL2007PTC159844	SPECTRO LAB EQUIPMENTS PRIVATE LIMITED	Director	22/01/2011	22/01/2011	-	Active	NO

KEY EXECUTIVES

Name :	Shekhar Jain
Designation :	Assistant Vice President

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.09.2014

Names of Shareholders	No. of Shares
Spectro Analytical Labs Limited	480000
Kuldeep Dhingra	2000
Sushant Gupta	1000
Prashant Gupta	1000
Sunil Dua	1000
Total	485000

Equity Share Break up (Percentage of Total Equity)

As on: 30.09.2014

Category	Percentage
Bodies corporate	98.97
Other top fifty shareholders	1.03
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Laboratory Equipments.
Products :	Chemical – Equipments Chemical Plants/Reactors Coal – Equipments NDT – Equipments Gold – Testing – Equipments Mechanical – Test – Equipments Automobile Equipments Soil And Civil Metallurgical Food And Agro Pharmaceutical Petroleum Equipments Paints And Coating Equipments Corrosion – Test – Equipments Welding Inspection – Equipments Endurance Test Chambers Environmental – Equipments Rubber And Polymer – Equipments Analytical – Equipments Textile Test – Equipments
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :
Products :	Finished Goods
Countries :	USA Japan Australia
Imports :
Products :	Raw Material
Countries :	China Japan
Terms :
Selling :	L/C and Credit
Purchasing :	L/C and Credit

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 :

50 (Approximately)

Bankers :

Bank Name	Axis Bank Limited
Branch	2^nd Floor, Statesman House, 148, Barakhamba Road, New Delhi-110001, 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

Kotak Mahindra Bank Limited, 36-38A, Nariman Point, Bhavan, 227 D, Nariman Point, Mumbai-400021, Maharashtra, India

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Term Loans :
From Others	29.555	31.592
Total	29.555	31.592

Financial Institution :	Bajaj Finance Limited Akurdi Pune, Pune – 411035, Maharashtra, India
Auditors :
Name :	R. Plaha and Associates Chartered Accountants
Address :	KD – 199, Pitampura, New Delhi – 110088, India
Tel. No.:	91-11-27315107 / 27311955
Fax No.:	91-11-27315107 / 27311955
E-Mail :	Plaha_r@yahoo.com info@rplahaca.com
PAN N Income-tax PAN of auditor or auditor's firm :	AALFR1594F
Memberships :	Not Available
Collaborators :	Not Available
Sister Concern : (As confirmed by the Management)	Spectro Labcare Private Limited

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs. 10.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
485000	Equity Shares	Rs.10/- each	Rs. 4.850 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	4.850	0.110	0.110
(b) Reserves & Surplus	8.785	6.435	4.442
(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)	13.635	6.545	4.552
(3) Non-Current Liabilities
(a) long-term borrowings	29.555	32.625	32.279
(b) Deferred tax liabilities (Net)	0.000	0.000	0.029
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	29.555	32.625	32.308
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	28.358	17.257	19.983
(c) Other current liabilities	41.987	36.653	0.000
(d) Short-term provisions	1.389	1.216	7.473
Total Current Liabilities (4)	71.734	55.126	27.456
TOTAL	114.924	94.296	64.316
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	4.239	5.319	8.245
(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	6.283	0.085	0.085
(c) Deferred tax assets (net)	0.236	0.147	0.000
(d) Long-term Loan and Advances	1.010	0.278	0.703
(e) Other Non-current assets	6.584	16.637	6.823
Total Non-Current Assets	18.352	22.466	15.856
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	41.888	22.370	10.347
(c) Trade receivables	43.017	39.635	31.948
(d) Cash and cash equivalents	2.464	3.020	2.680
(e) Short-term loans and advances	8.666	6.488	3.338
(f) Other current assets	0.537	0.317	0.147
Total Current Assets	96.572	71.830	48.460
TOTAL	114.924	94.296	64.316

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Revenue from Operations	124.102	70.014
	Other Operating Revenue	2.545	1.551
	TOTAL (A)	126.647	71.565	85.432
Less	EXPENSES
	Cost of Materials Consumed	81.848	37.396
	Employees benefits expense	6.964	5.795
	Other expenses	25.948	22.632
	TOTAL (B)	114.760	65.823	81.115 (Including Financial and Depreciation)
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	11.887	5.742
Less	FINANCIAL EXPENSES (D)	6.936	1.228
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	4.951	4.514
Less/ Add	DEPRECIATION/ AMORTISATION (F)	1.300	1.481
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	3.651	3.033	4.317
Less	TAX (H)	1.301	1.039	1.483
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	2.350	1.994	2.834
	Earnings Per Share (Rs.)	4.85	181.23	257.73

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)	(%)	1.89	2.85	NA
Operating Profit Margin (PBIDT/Sales)	(%)	9.58	8.20	NA
Return on Total Assets (PBT/Total Assets}	(%)	3.37	3.22	6.72
Return on Investment (ROI) (PBT/Networth)		0.27	0.46	0.95
Debt Equity Ratio (Total Debt /Networth)		2.17	4.98	7.09
Current Ratio (Current Asset/Current Liability)		1.35	1.30	1.77

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	0.110	0.110	4.850
Reserves & Surplus	4.442	6.435	8.785
Net worth	4.552	6.545	13.635
long-term borrowings	32.279	32.625	29.555
Short term borrowings	0.000	0.000	0.000
Total borrowings	32.279	32.625	29.555
Debt/Equity ratio	7.091	4.985	2.168

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)
Total Income	85.432	71.565	126.647
		(16.232)	76.968

NET PROFIT MARGIN:

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Total Income	85.432	71.565	126.647
Profit	2.834	1.994	2.35
	3.32%	2.79%	1.86%

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

UNSECURED LOAN:

PARTICULARS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long Term Borrowings:
Term Loans:
From Others
Spectro Analytical Lab Limited	0.000	1.033
Total	0.000	1.033

INDEX OF CHARGES:

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10407143	25/02/2013	27,500,000.00	BAJAJ FINANCE LIMITED	Akurdi Pune, Maharashtra - 411035, India	B69243285
2	10388625	10/10/2013 *	30,000,000.00	Axis Bank Limited	2^nd Floor, Statesman House, 148, Barakhamba Road, New Delhi-110001, India	B88689294

FIXED ASSETS:

• Furniture
• BMW-2120
• BMW-2127
• Sumo
• Computers and Software
• Mobile
• AC and Accessories
• Plant and Machinery
• Motor Cycle

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. 63.85
UK Pound	1	Rs. 98.38
Euro	1	Rs. 69.64

INFORMATION DETAILS

Information Gathered by :	DPA
Analysis Done by :	RSM
Report Prepared by :	THR

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		48

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.