MIRA INFORM REPORT

Report No. :	350139
Report Date :	20.11.2015

IDENTIFICATION DETAILS

Name :	WILHELM TEXTILES INDIA PRIVATE LIMITED
Registered Office :	WZ-1282, Nangal Raya, New Delhi - 110046
Mobile No.:	91-9582948555 (Mr. Gaurav Khatter)
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	06.12.1994
Com. Reg. No.:	55-063215
Capital Investment / Paid-up Capital :	Rs. 18.079 Million
CIN No.: [Company Identification No.]	U74899DL1994PTC063215
IEC No.:	0594069173
TAN No.: [Tax Deduction & Collection Account No.]	DELW00498B
PAN No.: [Permanent Account No.]	AAACW1117F
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is manufacturing of special textile fabrics which are being used in a wide range of industries e.g. shoes, garments, leather products, home furnishing and automotive upholstery.
No. of Employees :	250 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (54)

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

Maximum Credit Limit :	USD 1213000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company incorporated in the year 1994 having good track. It is a manufacturer of special textile fabrics used for footwear industries. Available financial indicates sound financial risk profile marked by healthy networth base along with comfortable liquidity position and decent profit margin of the company. Further the rating also takes into consideration favorable gap between trade payables and trade receivables. Trade relations are reported as fair. Business is active. Payments terms are reported to be regular and per commitment. In view of long track record and sound financial base, the company can be considered normal 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

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. Gaurav Khatter
Designation :	Manager (Finance and Account)
Contact No.:	91-124-4770400
Date :	17.11.2015

LOCATIONS

Registered Office:	WZ-1282, Nangal Raya, New Delhi – 110046, India
Tel. No.:	Not Available
Mobile No.:	91-9582948555 (Mr. Gaurav Khatter)
Fax No.:	Not Available
E-Mail :	info@wilhelmindia.co.in gk@wilhelmindia.co.in
Website :	www.wilhelmindia.co.in
Location :	Owned
Locality :	Residential
Head Office/ Corporate Office/Factory :	38th KM Stone, Delhi - Jaipur Highway, Village Khandsa, Behrampur Road Gurgaon – 122001, Haryana, India
Tel. No.:	91-124-4770400
Fax No.:	91-124-4031683
Area :	10000 Yard
Location :	Owned
Locality:	Industrial
Branch Office:	Old No.86, New No.205, Avvai Nagar L.B. Road, Thiruvanmiyur, Chennai - 600041, Tamilnadu, India
Tel. No.:	91-44-24484103 / 24484104
Fax No.:	91-44-45018946
Sales Office 1:	No. 101, Ganpati Ashiyana, Opposite Kamayani Hospital, Near Sikandra, Agra, Uttar Pradesh, India
Sales Office 2:	C/o Satyaraaj Enterprises 7/41, Tilak Nagar, Kanpur, Uttar Pradesh, India
Tel. No.:	91-7388-660002

DIRECTORS

As on 30.09.2014

Name :

Mr. Rajinder Kumar Jain

Designation :

Director

Address :

422/16 Civil Lines Gurgaon, Haryana, India

Date of Birth/Age :

12.01.1947

Date of Appointment :

06.12.1994

DIN No.:

00387466

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	U17219PB1985PTC006245	H.B. VELVETS PRIVATE LIMITED	Director	24/04/1985	24/04/1985	-	Active	NO
2	U74899DL1994PTC063215	WILHELM TEXTILES INDIA PRIVATE LIMITED	Director	06/12/1994	06/12/1994	-	Active	NO
3	U52322HR2007PTC036728	Hi-End Apparels Private Limited	Director	02/04/2007	02/04/2007	21/01/2010	Active	NO
4	U17299HR2012PTC045155	Jain Cord Industries Private Limited	Director	19/01/2013	19/01/2013	-	Active	NO

Name :

Mr. Ashok Sharma

Designation :

Director

Address :

C-2/128 Janakpuri, New Delhi-110058, India

Date of Birth/Age :

17.08.1944

Date of Appointment :

06.12.1994

DIN No.:

01093700

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	U74140DL1987PTC026999	UNICHEM MARKETING PRIVATE LIMITED	Director	12/02/1987	12/02/1987	-	Active	NO
2	U74899DL1987PTC027000	UNIQUE VINYL PRODUCTS PRIVATE LIMITED	Director	12/02/1987	12/02/1987	-	Active	NO
3	U74899DL1994PTC058411	UNIFLOCK INTERNATIONAL Private Limited	Director	13/04/1994	13/04/1994	-	Active	NO
4	U17299DL1989PTC035570	TEXPRINT TEXTILES PRIVATE LIMITED	Director	01/09/1994	01/09/1994	-	Active	NO
5	U74899DL1994PTC063215	WILHELM TEXTILES INDIA PRIVATE LIMITED	Director	06/12/1994	06/12/1994	-	Active	NO
6	U24239DL2004PTC130365	ROIDEC INDIA CHEMICALS PRIVATE LIMITED	Director	01/03/2011	15/01/2009	-	Active	NO
7	U40101DL2010PTC205089	ECOSENSE ENERGY PRIVATE LIMITED	Director	12/08/2010	12/08/2010	-	Active	NO

Name :

Mr. Alexander Hermann Wilhelm

Designation :

Director

Address :

Am Grafanstein 4, 66969, Lemberg, Lang Muhhe, Germany

Qualification:

Diploma Betriebswirt

Experience:

12 Years

Date of Appointment :

14.04.2004

DIN No.:

03520740

Name :

Mr. Werner Hermann Wilhelm

Designation :

Director

Address :

Am Grafanstein 4, 66969, Lemberg, Lang Muhhe, Germany

Date of Birth/Age :

19.09.1943

Qualification:

Graduate

Experience:

51 Years

Date of Appointment :

30.09.1995

DIN No.:

03520744

KEY EXECUTIVES

Name :	Mr. Gaurav Khatter
Designation :	Manager (Finance and Account)

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders	No. of Shares
Uniflock International Limited, India	21005
Jain Kumar Rajinder	449
Sharma Rajesh	319
Jain Kumar Ravinder	449
Hermann Wilhelm GMBH and Co., Germany	135596
Jain Rani Chand	1376
Jain Sushma	638
Sharma Ashok	956
Sharma Rohini	159
Sharma Abhishek	160
Jain Veena	5201
Jain Sunil	449
Jain Kulbhushan (H.U.F)	449
Jain Rajinder (H.U.F)	5201
Neera Jain	5201
Ankush Jain	637
Aashish Jain	638
Jain Raj Kumar (Karta)	1275
Jain Raj Kumar	637
Total	180795

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2014

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	75.00
Bodies corporate	11.62
Directors or relatives of Directors	13.38
Total	100.00

s

BUSINESS DETAILS

Line of Business :	Subject is manufacturing of special textile fabrics which are being used in a wide range of industries e.g. shoes, garments, leather products, home furnishing and automotive upholstery.
Products :	Fusible Interlinings Crimping Cloth Linings Spacers Non-woven Fabrics Strobel Material Uppers Leather Imitations and Micro Fibre Fabrics Fur Linings Water Proof Membranes
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :
Products :	Finished Goods
Countries :	Germany Vietnam Indonesia Taiwan
Imports :
Products :	Raw Material
Countries :	China Germany
Terms :
Selling :	L/C, Credit
Purchasing :	L/C, Credit

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :

Venkateswara Textile Mills

Name of the Person :

Mr. Shiva Kumar (Chief Executive Officer)

Contact No.:

91-9965533064

Since How Long Known :

6 Years

Maximum Limit Dealt :

Rs. 80.000 Million (Yearly)

Experience :

Payment Behaviour	Market Goodwill	Overall
Excellent	Excellent	Excellent

Remark:

Mr. Shiva Kumar gave positive response about subject company in payment behavior.

Customers :

Manufacturer

Reference :

Satyaraj Enterprises

Name of the Person :

Mr. Sharad Narain (Proprietor)

Contact No.:

91-9793817788

Since How Long Known :

16 Years

Maximum Limit Dealt :

Rs. 1.000 Million (Per Month)

Experience :

Product Quality	Delivery Behaviour	Overall
Excellent	Excellent	Excellent

Remark:

Mr. Sharad Narain informed that they are satisfied with their and products Quality and delivery behavior.

No. of Employees :

250 (Approximately)

Bankers :

Kotak Mahindra Bank Limited, 27BKC, C 27, G Block, Bandra Kurla Complex, Bandra (East), Mumbai- 400051, Maharashtra, India

Bank Name	Citi Bank
Branch	Jeevan Bharat Building, Connaught Circus Branch, New Delhi, India
Person Name (With Designation)	Mr. Amit Maggoo (Assistant Vice President)
Contact Number	91-9899184971
Name of Account Holder	Wilhelm Textiles India Private Limited
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	2015
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Cash Credit Rs. 90.000 Million
Account Operation	Satisfactory
Remarks (If any)	Mr. Amit Maggoo gave positive response about subject company.

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
From NBFC’s (Secured against Hypothecation of Vehicle)	1.065	0.222
SHORT TERM BORROWING
Cash Credit form Bank (secured against hypothecation of stocks of all kinds, debtors, personal guarantee of directors and collateral security of factory Land and building)	49.790	41.535
From NBFC’s (Secured against Hypothecation of Vehicle)	1.197	0.840
Total	52.052	42.597

Auditors :
Name :	Dilip Kapoor and Associates Chartered Accountants
Address :	Ashok Vihar, Phase –I, Delhi – 110052, India
Tel. No.:	91-11-47091489
Mobile No.:	91-9810061361, 9811339921
E-Mail :	dkapoorassociates@yahoo.co.in
PAN N Income-tax PAN of auditor or auditor's firm :	AAJFD0173G
Memberships :	--
Collaborators :	--
Enterprises Where control exists/Parent Company (Confirmed by the Management) :	Werner Wilhelm GmbH, Germany
Enterprises that are controlled by the company (Subsidiary Companies)	Wilhelm Asia Limited, Hong Kong
Enterprises over which certain certain Key Management Personnel and their relatives have significant influence:	Jain Textiles Industries Flock Fabs (India) Bllss Impex Shree Vishnu Prints Viranchi Knit and Weave Maple International Private Limited Shree Vishnu Engineers and Cont. HI end Apperals Private Limited Shree Narayan and Company Uniflock International Limited Amit Jain (HUF)

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
300000	Equity Shares	Rs.100/- each	Rs. 30.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
180795	Equity Shares	Rs.100/- each	Rs. 18.079 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	18.079	18.079	18.079
(b) Reserves & Surplus	406.560	367.667	341.647
(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)	424.639	385.746	359.726
(3) Non-Current Liabilities
(a) long-term borrowings	1.065	0.222	4.674
(b) Deferred tax liabilities (Net)	0.000	1.998	1.785
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	7.492	3.930	1.712
Total Non-current Liabilities (3)	8.557	6.150	8.171
(4) Current Liabilities
(a) Short term borrowings	50.987	42.375	23.582
(b) Trade payables	60.555	36.183	11.553
(c) Other current liabilities	62.482	35.909	21.341
(d) Short-term provisions	25.807	21.608	29.897
Total Current Liabilities (4)	199.831	136.075	86.373
TOTAL	633.027	527.971	454.270
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	65.939	55.651	73.999
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.096	0.168
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.085	0.000	0.000
(c) Deferred tax assets (net)	5.490	0.000	0.000
(d) Long-term Loan and Advances	1.620	1.349	2.254
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	73.134	57.096	76.421
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	269.057	177.872	149.911
(c) Trade receivables	182.390	183.108	173.262
(d) Cash and cash equivalents	4.139	2.451	3.397
(e) Short-term loans and advances	104.307	107.444	51.279
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	559.893	470.875	377.849
TOTAL	633.027	527.971	454.270

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	731.716	495.246	571.659
	Other Income	9.432	5.510	7.970
	TOTAL	741.148	500.756	579.629
Less	EXPENSES
	Cost of Materials Consumed	482.520	299.028	312.364
	Manufacturing Expenses	80.351	52.728	59.866
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(66.054)	(26.667)	34.991
	Administrative Expenses	46.611	22.735	24.095
	Employees benefits expense	86.444	74.933	48.910
	Selling and Distribution Expenses	37.876	17.743	12.677
	Extraordinary Items	10.298	5.056	0.000
	TOTAL	678.046	445.556	492.903
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	63.102	55.200	86.726
Less	INTEREST AND DISTRIBUTION EXPENSES	6.042	2.770	7.343
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	57.060	52.430	79.383
Less/ Add	DEPRECIATION/ AMORTISATION	10.150	8.554	10.467
	PROFIT/ (LOSS) BEFORE TAX	46.910	43.876	68.916
Less	TAX	8.017	17.857	22.880
	PROFIT/ (LOSS) AFTER TAX	38.893	26.019	46.036
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	367.666	341.647	295.611
	BALANCE CARRIED TO THE B/S	406.559	367.666	341.647
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	199.229	105.897	109.395
	TOTAL EARNINGS	199.229	105.897	109.395
	IMPORTS
	Raw Materials	154.285	95.559	85.568
	Machinery	0.000	0.015	2.770
	Spares of Machinery	0.023	0.000	0.273
	TOTAL IMPORTS	154.308	95.574	88.611
	Earnings / (Loss) Per Share (Rs.)	215.12	143.92	254.63

Particulars	31.03.2015
Sales Turnover (Approximately)	890.000

The above information has been parted by Mr. Gaurav Khatter (Manager Finance and Account)

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	37.331	(17.443)	NA
Net cash flow from operating activity	18.777	(25.956)	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	5.32	5.25	8.05
Operating Profit Margin (PBIDT/Sales)	(%)	8.62	11.15	15.17
Return on Total Assets (PBT/Total Assets}	(%)	7.48	8.31	15.18
Return on Investment (ROI) (PBT/Networth)		0.11	0.11	0.19
Debt Equity Ratio (Total Debt /Networth)		0.12	0.11	0.08
Current Ratio (Current Asset/Current Liability)		2.80	3.46	4.37

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	18.079	18.079	18.079
Reserves & Surplus	341.647	367.667	406.560
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	359.726	385.746	424.639
long-term borrowings	4.674	0.222	1.065
Short term borrowings	23.582	42.375	50.987
Total borrowings	28.256	42.597	52.052
Debt/Equity ratio	0.079	0.110	0.123

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	571.659	495.246	731.716
		(13.367)	47.748

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	571.659	495.246	731.716
Profit	46.036	26.019	38.893
	8.05%	5.25%	5.32%

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	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)	Yes
16	No. of employees	Yes
17	Details of sister concerns	Yes
18	Major suppliers	Yes
19	Major customers	Yes
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	Yes
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 four 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 WZ-1656A, Nangal Raya, New Delhi – 110099, India to the present address w.e.f. 22.03.2013

INDEX OF CHARGES:

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10520907	28/08/2014	80,000,000.00	KOTAK MAHINDRA BANK LIMITED	27BKC, C 27, G BLOCK, BANDRA KURLA COMPLEX, BANDRA (EAST), MUMBAI, MAHARASHTRA - 400051, INDIA	C21457015

CONTINGENT LIABILITIES:

(Rs. in million)

PARTICULARS	31.03.2014	31.03.2013
Contingent Liabilities	4.421	4.571

FIXED ASSETS

• Land
• Building
• Plant and Machinery
• Electric Installation
• Factory and Office Equipments
• Vehicles
• Furniture and Fixtures

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.101.03
Euro	1	Rs.70.77

INFORMATION DETAILS

Information Gathered by :	GYT
Analysis Done by :	DIV
Report Prepared by :	RKI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	7
--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		54

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.