MIRA INFORM REPORT

Report No. :	350766
Report Date :	30.11.2015

IDENTIFICATION DETAILS

Name :	NITSON AND AMITSU PRIVATE LIMITED
Registered Office :	54D, Hazra Road, Kolkata – 700019 , West Bengal
Tel. No.:	91-33-24748168/ 8192/ 3608/ 3609
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	28.09.1983
Com. Reg. No.:	21-036817
Capital Investment / Paid-up Capital :	Rs. 2.500 Million
CIN No.: [Company Identification No.]	U74210WB1983PTC036817
IEC No.:	0209007028
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AACCN7043F
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is professionally managed engineering company they engaged into in the field of project engineering and construction and they execute project in the fields of electrical, instrumentation, civil architectural.
No. of Employees :	150 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (30)

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

Status :	Moderate
Payment Behaviour :	Slow and delayed
Litigation :	Clear
Comments :	Subject is a part of Nitson group. It was incorporated in the year 1983. It is engaged in the business of project engineering and construction. For the financial year ended 2014, the company has reported moderate operational activity marked by sizeable decline in revenue along with losses incurred. Rating is restricted due to weakening of the Nitson group’s financial risk profile uncertainty in orders due to slowdown in civil construction works. Further, the company has weakened its financial base, increased in borrowings which has resulted in stretched liquidity. Trade relations are far. Business is active. Payments are slow and delayed. The company can be considered for business dealings with some caution.

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	CRISIL
Rating	Long term bank facilities : BB
Rating Explanation	Inadequate-credit-quality and high credit risk.
Date	May, 2015

Rating Agency Name	CRISIL
Rating	Short term bank facilities : A4+
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	May, 2015

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2015.

INFORMATION PARTED BY

Name :	Mr. K Gupta
Designation :	Chartered Accountant
Contact No.:	91-8820420039
Date :	23.11.2015

LOCATIONS

Registered Office :	54D, Hazra Road, Kolkata – 700019 , West Bengal, India
Tel. No.:	91-33-24748168/ 8192/ 3608/ 3609
Contact No.:	91-8820420039 (Mr. K Gupta)
Fax No.:	91-33-24748166
E-Mail :	projectsnapl@nitsonamitsu.com naplprojects@nitsonamitsu.in kant@nitsonamitsu.in
Website :	http://www.nitsonamitsu.com
Mechanical  /Building Systems Division :	2 /1, Dover Terrace, 2nd Floor, Kolkata – 700019, West Bengal, India
Interior Solutions Division :	G-402, City Centre, Sector-I, Saltlake, Kolkata – 700064, West Bengal, India
Tel. No.:	91-33-23581031/ 32
Fax No.:	91-33-23581033
E-Mail :	dormasystems@nitsonamitsu.com
Operations in Northern and Western India :	D-224, Sector-63, Noida – 201301, Uttar Pradesh, India
Tel. No.:	91-120 4223531 / 32 / 33
Fax No.:	91-120 4223534
E-Mail :	nitingulati@nitsonamitsu.com
Operations in Northern :	A116, DDA Sheds, Okhla Industrial Area, Phase II, Crown Hotel, Delhi-110020, India

DIRECTORS

As on 26.09.2014

Name :

Mr. Aruneshwar Krishan Soni

Designation :

Managing Director

Address :

L9/4, Baisa, Dr. Deodar Rahaman Road, Kolkata-700033, West Bengal, India

Date of Birth/Age :

14.12.1946

Date of Appointment :

18.05.2015

DIN No.:

00640572

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	U74210WB1983PTC036817	NITSON AND AMITSU PRIVATE LIMITED	Managing director	18/05/2015	28/09/1983	-	Active	NO
2	U74999WB2005PTC103311	NITSON AND AMITSU SOLUTIONS PRIVATE LIMITED	Managing director	18/05/2015	25/05/2005	-	Active	NO
3	U27203WB2008PTC121980	NITSON AND AMITSU BUILDING SYSTEMS PRIVATE LIMITED	Managing director	18/05/2015	22/01/2008	-	Active	NO
4	U51909WB2011PTC161397	NITSON AND AMITSU ENERGY SYSTEMS PRIVATE LIMITED	Managing director	18/05/2015	31/03/2011	-	Active	NO
5	U36101WB2011PTC161731	NITSON AND AMITSU ALUMINIUM SYSTEMS PRIVATE LIMITED	Managing director	18/05/2015	13/04/2011	-	Active	NO
6	U74900DL2011PTC219483	WAVESIGHT WIRELESS SOLUTIONS PRIVATE LIMITED	Director	19/05/2011	19/05/2011	-	Active	NO

Name :

Mr. Sonesh Gulati

Designation :

Whole-Time Director

Address :

7B, Deodar Street, 2nd Floor, Kolkata-700019, West Bengal, India

Date of Birth/Age :

30.04.1972

Date of Appointment :

01.04.2007

DIN No.:

00641561

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	U74999WB2005PTC103311	NITSON AND AMITSU SOLUTIONS PRIVATE LIMITED	Director	25/05/2005	25/05/2005	-	Active	NO
2	U74210WB1983PTC036817	NITSON AND AMITSU PRIVATE LIMITED	Whole-time director	01/04/2007	01/04/2007	-	Active	NO
3	U27203WB2008PTC121980	NITSON AND AMITSU BUILDING SYSTEMS PRIVATE LIMITED	Director	22/01/2008	22/01/2008	-	Active	NO
4	U36101WB2011PTC161731	NITSON AND AMITSU ALUMINIUM SYSTEMS PRIVATE LIMITED	Director	13/04/2011	13/04/2011	-	Active	NO

Name :

Mr. Nitin Gulati

Designation :

Whole-Time Director

Address :

7B, Deodar Street, 2nd Floor, Kolkata-700019, West Bengal, India

Date of Birth/Age :

11.06.1973

Date of Appointment :

01.04.2007

DIN No.:

01982387

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	U74210WB1983PTC036817	NITSON AND AMITSU PRIVATE LIMITED	Whole-time director	01/04/2007	01/04/2007	-	Active	NO
2	U27203WB2008PTC121980	NITSON AND AMITSU BUILDING SYSTEMS PRIVATE LIMITED	Director	28/01/2008	28/01/2008	-	Active	NO
3	U36101WB2011PTC161731	NITSON AND AMITSU ALUMINIUM SYSTEMS PRIVATE LIMITED	Director	13/04/2011	13/04/2011	-	Active	NO
4	U74999WB2005PTC103311	NITSON AND AMITSU SOLUTIONS PRIVATE LIMITED	Director	01/12/2014	01/12/2014	-	Active	NO

Name :

Mr. Sumiit Soni

Designation :

Director

Address :

2, Dr. Deodar Rahman Road, Kolkata-700033, West Bengal, India

Date of Birth/Age :

29.11.1977

Date of Appointment :

22.01.2014

DIN No.:

06794904

KEY EXECUTIVES

Name :	Mr. Shambhu Nath Dhuria
Designation :	Secretary
Address :	37, S.P. Mukherjee Road, Kolkata-700026, West Bengal, India
Date of Birth/Age :	10.05.1978
Date of Appointment :	01.08.2011
PAN No.:	AIKPD6848F
Name :	Mr. K Gupta
Designation :	Chartered Accountant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 26.09.2014

Names of Shareholders	No. of Shares
Mohindar Singh Gulati	7500
Aruneshwar Krishan Soni	7500
Savita Gulati	3500
Sonesh Gulati	2000
Nitin Gulati	2000
Amit Soni	1250
Sumiit Soni	1250
Total	25000

Equity Share Break up (Percentage of Total Equity)

As on 26.09.2014

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject is professionally managed engineering company they engaged into in the field of project engineering and construction and they execute project in the fields of electrical, instrumentation, civil architectural.
Products/ Services :	Construction Activity
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :
Products :	Finished Goods
Countries :	Sri Lanka
Imports :
Products :	Raw Material
Countries :	France Germany
Terms :
Selling :	Advance Payment, Cheque
Purchasing :	Advance Payment, Cheque

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :

Champa Flower, Banglore

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Payment Behaviour	Market Goodwill	Overall
Not Divulged	Not Divulged	Not Divulged

Remark:

Not Divulged

Customers :

Architecture and Contractor

Reference :

Manisquare Limited, Kolkata

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Product Quality	Delivery Behaviour	Overall
Not Divulged	Not Divulged	Not Divulged

Remark:

Not Divulged

No. of Employees :

150 (Approximately)

Bankers :

Bank Name	Allahabad Bank
Branch	57, Park Street, Kolkata - 700016, West Bengal, India
Person Name (With Designation)	Not Available
Contact Number	91-33-22297692 (Ringing)
Name of Account Holder	Not Divulged
Account Number	5000812691 (Not Confirmed)
Account Since (Date/Year of Account Opening)	Not Available
Average Balance Maintained (If Possible)	Not Available
Credit Facilities Enjoyed (If any)	Not Available
Account Operation	Not Available
Remarks (If any)	Not Available

HDFC Bank Limited

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Term Loan from HDFC Bank Limited (Secured against the Properties of the Directors)	29.216	0.000
Car Loans From HDFC Bank Limited (Secured against the Hypothecation of Motor Cars)	0.701	1.167
Short-term borrowings
Car Loans From HDFC Bank Limited (Secured against the Hypothecation of Motor Cars)	0.760	0.068
Cash Credit from Allahabad Bank	13.352	10.216
Total	44.029	11.451

Auditors :
Name :	S P Ghose and Company Chartered Accountants
Address :	406 Bentinck Chamber, 37A Bentinck Street, Kolkata-700069, West Bengal, India
Tel. No.:	91-33-22485540
E-Mail :	spghoseco@vsnl.com spghoseco.@gmail.com
PAN N Income-tax PAN of auditor or auditor's firm :	AAMFS4685F
Memberships :	--
Collaborators :	--
Subsidiaries Company :	Nitson and Amitsu Building Systems Private Limited CIN No.: U27203WB2008PTC121980

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
250,000	Equity Shares	Rs.100/- each	Rs. 2.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
250,000	Equity Shares	Rs.100/- each	Rs. 2.500 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	2.500	2.500	2.500
(b) Reserves & Surplus	172.027	184.331	165.577
(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)	174.527	186.831	168.077
(3) Non-Current Liabilities
(a) long-term borrowings	29.917	2.412	1.423
(b) Deferred tax liabilities (Net)	(5.575)	0.077	0.096
(c) Other long term liabilities	45.068	45.053	35.033
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	69.410	47.542	36.552
(4) Current Liabilities
(a) Short term borrowings	15.357	10.284	13.659
(b) Trade payables	122.027	145.252	140.805
(c) Other current liabilities	46.320	63.216	88.502
(d) Short-term provisions	0.000	0.000	0.000
Total Current Liabilities (4)	183.704	218.752	242.966
TOTAL	427.641	453.125	447.595
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	20.416	21.421	18.931
(ii) Intangible Assets	7.004	7.004	7.004
(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	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	53.925	49.180	35.667
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	81.345	77.605	61.602
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	91.564	124.674	99.640
(c) Trade receivables	230.609	228.305	241.146
(d) Cash and cash equivalents	13.966	13.611	32.781
(e) Short-term loans and advances	10.157	8.930	12.426
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	346.296	375.520	385.993
TOTAL	427.641	453.125	447.595

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Turnover	447.041	590.746	570.705
			(Due to Market Fluctuate)
		Other Income	NA	NA	NA
		TOTAL (A)	NA	NA	NA
Less	EXPENSES
		TOTAL (B)	NA	NA	NA
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)		(12.103)	35.609	32.936
Less	FINANCIAL EXPENSES (D)		2.529	3.085	3.440
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(14.632)	32.524	29.496
Less/ Add	DEPRECIATION/ AMORTISATION (F)		3.308	3.770	3.193
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		(17.940)	28.754	26.303
Less	TAX (H)		(5.637)	10.001	10.141
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		(12.303)	18.753	16.162
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		63.522	52.769	45.607
Less	APPROPRIATIONS
		Transfer to General Reserve	0.000	8.000	9.000
	BALANCE CARRIED TO THE B/S		51.219	63.522	52.769
	Earnings / (Loss) Per Share (Rs.)		(492.12)	750.13	646.46

Particulars	31.03.2015
Sales Turnover (Approximately)	550.000

The above information has been parted by Mr. K. Gupta (Chartered Accountant)

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	(19.504)	2.549	27.048
Net cash flows from operating activities	(27.749)	(7.467)	17.052

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	(2.75)	3.17	2.83
Operating Profit Margin (PBIDT/Sales)	(%)	(2.71)	6.03	5.77
Return on Total Assets (PBT/Total Assets}	(%)	(4.20)	6.35	5.88
Return on Investment (ROI) (PBT/Networth)		(0.10)	0.15	0.16
Debt Equity Ratio (Total Debt /Networth)		0.26	0.07	0.09
Current Ratio (Current Asset/Current Liability)		1.89	1.72	1.59

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	2.500	2.500	2.500
Reserves & Surplus	165.577	184.331	172.027
Net worth	168.077	186.831	174.527
long-term borrowings	1.423	2.412	29.917
Short term borrowings	13.659	10.284	15.357
Total borrowings	15.082	12.696	45.274
Debt/Equity ratio	0.090	0.068	0.259

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)
Turnover	570.705	590.746	447.041
		3.512	(24.326)

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Turnover	570.705	590.746	447.041
Profit/ (Loss)	16.162	18.753	(12.303)
	2.83%	3.17%	(2.75%)

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)	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	--
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%	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	Yes
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

REVENUE OF OPERATIONS :

Turnover of the company for the year was Rs.447.041 Million against Rs.590.746 Million for the previous year. The sharp fall in turnover was primarily due to unexpected delays in release of work fronts on various operating projects as well as reduced order booking during the year as result of adverse market conditions in building industry.

Order booking for the year was Rs.558.763 Million and included orders for electrical Division from Kriday Realty, Bubaneshwar, Bengal NRI Complex, Tata steel Limited and for building systems Division from Magus Bengal Estates for Unlisted Glazing for “Cassadona”, a premium high Tower, International Institute of information Technology at Bangalore, Tata Power Delhi Distribution Limited, and Delhi International Aiport.

UNSECURED LOAN

PARTICULARS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Fixed Deposit – From Relatives of the Directors	0.000	1.245
Short-term borrowings
Fixed Deposit – From Relatives of the Directors	1.245	0.000
Total	1.245	1.245

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10523973	28/08/2014	15,000,000.00	Allahabad Bank	Park Street Branch, 57, Park Street, Kolkata, West Bengal - 700016, INDIA	C25764333
2	90245074	19/08/2015 *	102,500,000.00	ALLAHABAD BANK	PARK STREET BRANCH, 57, PARK STREET, KOLKATA, West Bengal - 700001, INDIA	C63087407

* Date of charge modification

FIXED ASSETS

• Factory Shed
• Land
• Office Building
• Plant and Machinery
• Furniture
• Fan
• Motor Cycle
• Motor Car
• Typewriter
• Cycle
• Office equipment
• Computer

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.66.29
UK Pound	1	Rs.101.88
Euro	1	Rs.73.98

INFORMATION DETAILS

Information Gathered by :	SUP
Analysis Done by :	TRI
Report Prepared by :	JYTK

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	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--CREDIT LINES	1~10	4
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	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		30

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.