MIRA INFORM REPORT

Report No. :	349686
Report Date :	19.11.2015

IDENTIFICATION DETAILS

Name :	LAXMI HYDRAULICS PRIVATE LIMITED
Registered Office :	B-11, M.I.D.C. Chincholi, Taluka: Mohol, Solapur – 413255, Maharashtra
Tel. No.:	91-217-2357006
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	23.09.1980
Com. Reg. No.:	11-023180
Capital Investment / Paid-up Capital :	Rs.17.042 Million
CIN No.: [Company Identification No.]	U25191PN1980PTC023180
IEC No.:	0388108649
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAACL4596M
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Exporter and Importer of Electric Motors and Gear Motors.
No. of Employees :	300 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (35)

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 incorporated in the year 1980 having moderate track. It is engaged in the business as manufacturer, exporter and importer of electric motors and gear motors. Management of the company has not filed its financial after the year 2013 with the government department. As per available financial of 2013, general financial position of the company seems to be sound. Their trade relations are reported as fair. Business is active. Payments terms are reported as slow but correct. The company can be considered for business dealings with some caution in view absence of non-availability of latest financials.

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

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 31-03-2015.

INFORMATION PARTED BY

Name :	Mr. Rajesh Patil
Designation :	Finance Manager
Contact No.:	91-217-2357001
Date :	16.11.2015

LOCATIONS

Registered Office/ Factory :	B-11, M.I.D.C. Chincholi, Taluka: Mohol, Solapur – 413255, Maharashtra, India
Tel. No.:	91-217-2357001/2/3/4/5
Fax No.:	91-217-2357006
E-Mail :	rajesh.patil@lhpmotor.com lhindia@lhpmotor.com spr_lhpmotor@sancharnet.in
Website :	http://www.lhp.co.in
Area :	45 acre
Location :	Owned
Locality:	Industrial
Branch Office:	Located At: Bangalore Bhilai Chennai Indore Kochi New Delhi Pune Secunderabad

DIRECTORS

As on 28.09.2013

Name :

Mr. Sharad Krishna Thakre

Designation :

Managing Director

Address :

33, Krishnai, Antrolikar Nagar, Hotgi Road, Solapur - 413003, Maharashtra, India

Date of Birth/Age :

10.03.1953

Date of Appointment :

23.09.1980

PAN No.:

AAMPT1330L

DIN No.:

00925749

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	U25191PN1980PTC023180	LAXMI HYDRAULICS PRIVATE LIMITED	Managing director	23/09/1980	23/09/1980	-	Active	NO
2	U01400TG1990PTC011251	LAXMI IRRIGATION PUMPS PVT LTD	Director	24/04/1990	24/04/1990	-	Active	NO
3	U31909MH1997PTC108713	LAXMI DRUCKEN KOMPONENTS PRIVATE LIMITED	Director	12/06/1997	12/06/1997	15/03/2012	Active	NO
4	U85100PN2010PTC135282	LOKMANGAL HOSPITALS PRIVATE LIMITED	Director	07/01/2010	07/01/2010	23/12/2013	Strike off	NO
5	U27201PN2008PTC132486	SHRI SAI COPPER PRIVATE LIMITED	Additional director	25/03/2011	25/03/2011	-	Under Process of Striking off	NO
6	U74140RJ2004PTC019001	IVG CONSULTANTS PRIVATE LIMITED	Additional director	05/08/2015	05/08/2015	-	Active	NO

Name :

Mr. Annasaheb Kalgonda Patil

Designation :

Director

Address :

Patil Niwas, 7751/1,Civil Lines, Hotgi Road, Solapur - 413003, Maharashtra, India

Date of Birth/Age :

26.04.1939

Date of Appointment :

11.10.1980

PAN No.:

ABPPP7858R

DIN No.:

00022505

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	U25191PN1980PTC023180	LAXMI HYDRAULICS PRIVATE LIMITED	Director	11/10/1980	11/10/1980	-	Active	NO
2	U63023PN2000PTC015016	KALPASHRI MANAGEMENT SERVICES PRIVATE LIMITED	Director	19/06/2000	19/06/2000	01/01/2015	Active	NO
3	U63023PN2000PTC015017	LAXMI AUTO SERVICES PRIVATE LIMITED	Director	19/06/2000	19/06/2000	14/10/2010	Active	NO
4	U29111PN1999PTC013729	LAXMI OIL ENGINES PRIVATE LIMITED	Director	30/09/2005	30/09/2005	-	Active	NO

Name :

Mr. Anil Kalgonda Patil

Designation :

Director

Address :

204/B, Sarvoday Housing Society, Civil Lines, Solapur - 413003, Maharashtra, India

Date of Birth/Age :

14.12.1953

Date of Appointment :

23.09.1980

PAN No.:

ABBPP7725R

DIN No.:

00033931

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	U25191PN1980PTC023180	LAXMI HYDRAULICS PRIVATE LIMITED	Director	23/09/1980	23/09/1980	-	Active	NO
2	U01400TG1990PTC011251	LAXMI IRRIGATION PUMPS PRIVATE LIMITED	Director	24/04/1990	24/04/1990	27/06/2015	Active	NO
3	U99999MH1994PTC083370	LAXMI CASTINGS PRIVATE LIMITED	Director	30/11/1994	30/11/1994	-	Active	NO
4	U29120PN2002PTC017470	LAXMI OIL PUMPS AND SYSTEMS PRIVATE LIMITED	Director	01/10/2010	02/12/2003	-	Active	NO

Name :

Ms. Manali Sharad Thakre

Designation :

Director

Address :

'Krishnai', 33 Antrolikar Nagar, Hotgi Road, Solapur - 413003, Maharashtra, India

Date of Birth/Age :

17.10.1958

Date of Appointment :

26.09.2011

PAN No.:

AAMPT9528Q

DIN No.:

02485532

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	U31909MH1997PTC108713	LAXMI DRUCKEN KOMPONENTS PRIVATE LIMITED	Director	27/09/2009	23/12/2008	15/03/2012	Active	NO
2	U25191PN1980PTC023180	LAXMI HYDRAULICS PRIVATE LIMITED	Director	26/09/2011	15/09/2011	-	Active	NO
3	U74140RJ2004PTC019001	IVG CONSULTANTS PRIVATE LIMITED	Director	05/08/2015	05/08/2015	-	Active	NO

Name :

Mr. Aditya Sharad Thakre

Designation :

Director

Address :

33, Krishnai Antrolikar Nagar - 3, Hotgi Road, Solapur - 413003, Maharashtra, India

Date of Birth/Age :

01.06.1987

Date of Appointment :

26.09.2211

DIN No.:

03108772

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	U31909MH1997PTC108713	LAXMI DRUCKEN KOMPONENTS PRIVATE LIMITED	Director	28/09/2010	01/06/2010	15/03/2012	Active	NO
2	U25191PN1980PTC023180	LAXMI HYDRAULICS PVT LTD	Director	26/09/2011	02/01/2011	-	Active	NO
3	U01400TG1990PTC011251	LAXMI IRRIGATION PUMPS PVT LTD	Additional director	01/06/2015	01/06/2015	-	Active	NO
4	U74140RJ2004PTC019001	IVG CONSULTANTS PRIVATE LIMITED	Additional director	05/08/2015	05/08/2015	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Rajesh Patil
Designation :	Finance Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 28.09.2013

Names of Shareholders	No. of Shares
Anil Kalgonda Patil	14360
Gajanan Bhimashankar Vaze	8347
Sarad Krishna Takre	76520
Annasaheb Kalgonda Patil	11285
Saritabai Babasaheb Patil	7614
Sanjiv Jaykumar Patil	8536
Vajravati Anil Pail	12012
Manoj Annasaheb Patil	9438
Aditya Sharad Thakre	5000
Manali Sharad Thakre	17308
Total	170420

Equity Share Break up (Percentage of Total Equity)

As on 28.09.2013

Category	Percentage
Directors or relatives of Directors	90.09
Other top fifty shareholders	9.91
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Exporter and Importer of Electric Motors and Gear Motors.
Products :	Electric Motors Gear Motors
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :
Countries :	Turkey Italy Bangladesh Finland
Imports :
Products :	Finished Goods
Countries :	China
Terms :
Selling :	Cash and Credit
Purchasing :	Cash 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 :

300 (Approximately)

Bankers :

Bank Name	Solapur Janata Sahakari Bank
Branch	Sadar Bazar, Solapur – 413003, Maharashtra, 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)	Cash and Credit Rs.13.300 Million
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Bank of India, Subhash Chowk, Solapur – 413001, Maharashtra, India

ING Vysya Bank Limited, 748/4, Rathi Complex, West Mangalwar Peth, Solapur - 413002, Maharashtra, India

Facilities :

Secured Loan	31.03.2013 (Rs. in Million)	31.03.2012 (Rs. in Million)
Short-term borrowings
Term Loan from Bank	38.558	26.610
Total	38.558	26.610

Auditors :
Name :	Mr. Dilip Shridhar Sapatnekar Chartered Accountant
Address :	36/36, Nath PrideCivil Lines, India
PAN N Income-tax PAN of auditor or auditor's firm :	ADQPS7106L
Memberships :	--
Collaborators :	--
Associates/Subsidiaries :	Not Divulged

CAPITAL STRUCTURE

As on 28.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
200000	Equity Shares	Rs.100/- each	Rs.20.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
170420	Equity Shares	Rs.100/- each	Rs.17.042 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	17.042	17.042	9.529
(b) Reserves & Surplus	409.877	369.590	316.487
(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)	426.919	386.632	326.016
(3) Non-Current Liabilities
(a) long-term borrowings	22.750	22.750	22.750
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(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)	22.750	22.750	22.750
(4) Current Liabilities
(a) Short term borrowings	38.558	26.610	26.045
(b) Trade payables	182.259	223.002	201.547
(c) Other current liabilities	1.334	1.375	1.230
(d) Short-term provisions	141.940	120.664	94.327
Total Current Liabilities (4)	364.091	371.651	323.149
TOTAL	813.760	781.033	671.915
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	81.636	85.389	67.495
(ii) Intangible Assets	0.154	0.257	0.429
(iii) Capital work-in-progress	22.998	0.051	2.899
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	2.833	1.747	3.121
(c) Deferred tax assets (net)	5.920	3.899	3.332
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	138.328	103.192	93.551
Total Non-Current Assets	251.869	194.535	170.827
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	114.111	132.896	108.273
(c) Trade receivables	331.212	360.410	324.761
(d) Cash and cash equivalents	10.336	11.485	9.437
(e) Short-term loans and advances	100.989	78.051	53.933
(f) Other current assets	5.243	3.656	4.684
Total Current Assets	561.891	586.498	501.088
TOTAL	813.760	781.033	671.915

PROFIT & LOSS ACCOUNT

PARTICULARS	31.03.2013	31.03.2012	31.03.2011
SALES
Income	1482.110	1544.021	1227.013
Income from Services	2.966	5.561	NA
TOTAL	1485.076	1549.582	NA
	(Due to less order)
EXPENSES
TOTAL	1401.559	1450.008	NA
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	83.517	99.574	3.652
DEPRECIATION/ AMORTISATION	19.467	16.434	12.077
PROFIT/ (LOSS) BEFORE TAX	64.050	83.140	15.729
TAX	20.791	26.754	15.458
PROFIT/ (LOSS) AFTER TAX	43.259	58.054	31.187
PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	0.000	0.000	0.000
APPROPRIATIONS
Transfer to General Reserve	4.326	5.638	3.120
Proposed Dividend	2.556	2.859	2.859
Tax on Dividend	0.415	0.691	0.475
Total	7.297	9.188	6.454
Balance Carried to the B/S	35.962	47.465	24.733
EARNINGS IN FOREIGN CURRENCY
F.O.B. Value of Exports	5.311	8.456	5.867
TOTAL EARNINGS	5.311	8.456	5.867
Earnings / (Loss) Per Share (Rs.)	253.84	340.65	183.00

Particulars	31.03.2014	31.03.2015
Sales Turnover (Approximately)	950.000	961.000
	Due to less order receive

The above information has been parted by Mr. Rakesh Patil (Finance Manager)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2013	31.03.2012	31.03.2011
Current Maturities of Long term debt	NA	0.000	0.000
Cash generated from operations	NA	NA	NA
Net cash flow from operating activity	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Net Profit Margin (PAT / Sales)	(%)	2.92	3.65	NA
Return on Total Assets (PBT/Total Assets}	(%)	2.87	4.04	7.04
Return on Investment (ROI) (PBT/Networth)		8.19	10.72	0.14
Debt Equity Ratio (Total Debt /Networth)		0.15	0.22	0.29
Current Ratio (Current Asset/Current Liability)		1.54	1.58	1.55

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	9.529	17.042	17.042
Reserves & Surplus	316.487	369.590	409.877
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	326.016	386.632	426.919
long-term borrowings	22.750	22.750	22.750
Short term borrowings	26.045	26.610	38.558
Total borrowings	48.795	49.360	61.308
Debt/Equity ratio	0.150	0.128	0.144

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	1227.013	1544.021	1482.110
		25.836	(4.010)

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	1227.013	1544.021	1482.110
Profit	31.187	58.054	43.259
	2.54%	3.76%	2.92%

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	Yes
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	Yes
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)	Yes
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	No
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	Yes
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

PERFORMANCE AND FUTURE PLAN : (As on 31.03.2013)

Sales turnover of the company has decreased by -4.01% over the last year due To recessionary trend during the year. The manufacturing of Gear Motor is already successfully started from April 2012. A separate plant is constructed and completed during the year 2013-2014 for the manufacturing of Gears and Gear Motors and production will start in the new plant in September 2013.

UNSECURED LOAN

PARTICULARS	31.03.2013 (Rs. in Million)	31.03.2012 (Rs. in Million)
Long-term Borrowings
Deferred Payment	22.750	22.750
Total	22.750	22.750

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10543304	28/11/2014	9,000,000.00	ING Vysya Bank Limited	748/4, Rathi Complex, West Mangalwar Peth, Solapur, Maharashtra - 413002, INDIA	C40077687
2	90085597	01/01/2001	13,300,000.00	SOLAPUR JANATA SAHAKARI BANK LIMITED	SADAR BAZAR BRANCH, SOLAPUR, Maharashtra, INDIA	-
3	90083715	01/01/1991	1,100,000.00	SOLAPUR JANATA SAHAKARI BANK LIMITED	SADAR BAZAR BRANCH, SOLAPUR, Maharashtra - 413003,  INDIA	-

FIXED ASSETS

• Land
• Buildings
• Plant and equipment
• Furniture and fixtures
• Vehicles
• Office equipment
• Computer equipments
• Computer software

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

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

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

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

Charges or investigation registered against subject: None

7] Criminal Records

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

8] Affiliation with Government :

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

9] Compensation Package :

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

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

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

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

CONTRAVENTION

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.66.11
UK Pound	1	Rs.100.51
Euro	1	Rs.70.39

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	DIV
Report Prepared by :	SUD

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILITY	1~10	3
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	3
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		35

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.