MIRA INFORM REPORT

Report No. :	347769
Report Date :	31.10.2015

IDENTIFICATION DETAILS

Name :	WEG INDUSTRIES (INDIA) PRIVATE LIMITED

Registered Office :	No. 38, Ground Floor, 1^st Main Road, Lower Palace, Orchards, Bangalore – 560 003, Karnataka
Tel. No.:	91-80-41282007/41282006/41282005

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	10.04.2008

Com. Reg. No.:	08-046020

Capital Investment / Paid-up Capital :	Rs. 15.500 Million

CIN No.: [Company Identification No.]	U31909KA2008PTC046020

IEC No.:	0708012043

TAN No.: [Tax Deduction & Collection Account No.]	BLRW00832G

PAN No.: [Permanent Account No.]	AAACW7745D

Legal Form :	Private Limited Liability Company

Line of Business :	The Company is in the business of Manufacture, Export, Import of Rotating Electrical Machinery, Mechanical Machinery and related devices.

No. of Employees :	450 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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

Maximum Credit Limit :	USD 8992000

Status :	Satisfactory

Payment Behaviour :	Usually correct

Litigation :	Clear

Comments :	Subject was incorporated in 10^th April, 2008. It is engaged into business of manufacturing, exporting and importing of rotating electrical machinery, mechanical machinery and related devices. It has satisfactory track record. The rating takes into consideration sound profit margin and good liquidity position of the company. Further, the company has been successful in wiping off its losses of previous year. Trade relations reported to be fair. Business is active. Payments 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

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 DENIED BY

Name :	Mr. Anthony
Designation :	Senior Finance Analyst
Contact No.:	91-4344-301511
Date :	29.10.2015

LOCATIONS

Registered Office :	No. 38, Ground Floor, 1^st Main Road, Lower Palace, Orchards, Bangalore – 560003, Karnataka, India
Tel. No.:	91-80-41282007/41282006/41282005
Mobile No.:	Not Available
Fax No.:	91-80-23367624
E-Mail :	chatto@weg.net info-in@weg.net anthony@weg.net
Website :	http://www.weg.net

Head Office :	Plot No. E-20, Moranapalli Village, SIPCOT Phase II, Expansion II, Hosur – 635109, Tamilnadu, India
Tel. No.:	91-4344-301577

DIRECTORS

AS ON 31.03.2015

Name :

Mr. Satyajit Chattopadhyay

Designation :

Director

Address :

No. 62/2-1, Embassy Heritage Flat – 183, 8^th Main, Malleswaram, Bangalore – 560003, Karnataka, India

Date of Birth/Age :

11.10.1946

Date of Appointment :

30.01.2015

DIN No.:

00057458

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	U40109KA2001PTC028899	PREMIER ELECTRIC MARKETING PRIVATE LIMITED	Director	12/04/2001	12/04/2001	-	Active	NO
2	U31909KA2004PTC034755	WEG ELECTRIC (INDIA) PRIVATE LIMITED	Managing director	24/09/2004	24/09/2004	-	Active	NO
3	U31909KA2008PTC046020	WEG Industries (India) Private Limited	Director	31/01/2015	10/04/2008	-	Active	NO
4	U99999MH1970GAP014629	INDIAN ELECTRICAL AND ELECTRONICS MANUFACFTURERS ASSOCIATION	Director	22/09/2014	22/09/2014	-	Active	NO

Name :

Swapnil Kaushik

Designation :

Managing Director

Address :

A 24, Samrajya - 1,, Munjmahuda Akota, Baroda - 390020, Gujarat, India

Date of Appointment :

01.02.2015

DIN No.:

02128092

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	U31900GJ2007PTC065443	Lucy Electric India Private Limited	Managing director	11/04/2008	11/04/2008	17/07/2012	Active	NO
2	U29120WB2004PLC098278	Marathon Electric Motors (India) Limited	Additional director	31/12/2013	31/12/2013	26/12/2014	Active	NO
3	U31909KA2008PTC046020	WEG Industries (India) Private Limited	Managing director	01/02/2015	01/02/2015	-	Active	NO

Name :

Eduardo De Nobrega

Designation :

Director

Address :

R Adolfo Sacani, AP 803 Centro Jaragua DU 89253 – 075, Jaragua DU SUL 00036, Brazil

Date of Birth/Age :

26.05.1962

Date of Appointment :

29.09.2012

DIN No.:

03554003

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	U31909KA2004PTC034755	WEG ELECTRIC (INDIA) PRIVATE LIMITED	Director	29/09/2012	11/07/2011	-	Active	NO
2	U31909KA2008PTC046020	WEG Industries (India) Private Limited	Director	29/09/2012	11/07/2011	-	Active	NO

Name :

Wilson Jose Watzko

Designation :

Director

Address :

RUA 22- Ney Franco 55, O Jaragua, SUL SC 8925050, Jaragua DO SUL 89256050, Brazil

Date of Birth/Age :

12.07.1958

Date of Appointment :

25.10.2013

DIN No.:

06497766

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	U31909KA2004PTC034755	WEG ELECTRIC (INDIA) PRIVATE LIMITED	Director	30/09/2013	10/05/2013	-	Active	NO
2	U31909KA2008PTC046020	WEG Industries (India) Private Limited	Director	25/10/2013	10/05/2013	-	Active	NO

Name :

Paulo Geraldo Polezi

Designation :

Additional Director

Address :

R, Pedro Gesser 300, Entra Na Rua Da Lanchonete, X-Hummm, Amizade, Jaragua Do Sul SC - 89254423, Brazil

Date of Appointment :

29.06.2015

DIN No.:

07214371

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	U31909KA2004PTC034755	WEG ELECTRIC (INDIA) PRIVATE LIMITED	Additional director	29/06/2015	29/06/2015	-	Active	NO
2	U31909KA2008PTC046020	WEG Industries (India) Private Limited	Additional director	29/06/2015	29/06/2015	-	Active	NO

Name :

Andre Luis Rodrigues

Designation :

Additional Director

Address :

R CD, DE ITU, 900 APTO 62, Andar, Sao Paulo - 04741001, Brazil

Date of Appointment :

29.06.2015

DIN No.:

07214380

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	U31909KA2004PTC034755	WEG ELECTRIC (INDIA) PRIVATE LIMITED	Additional director	29/06/2015	29/06/2015	-	Active	NO
2	U31909KA2008PTC046020	WEG Industries (India) Private Limited	Additional director	29/06/2015	29/06/2015	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Shareholders		No. of Shares
Weg Iberia SL, Spain		1549981
Weg Equipamentos Eletricos SA, Brazil		3
Total		1549984

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	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

The Company is in the business of Manufacture, Export, Import of Rotating Electrical Machinery, Mechanical Machinery and related devices.

Products :

Item Code No.	Product Description
9988	Electrical Equipment Manufacturing Services

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Products :

Finished Goods

Countries :

Australia
Germany
UK

Imports :

Products :

Raw Material

Countries :

China
Germany

Terms :

Selling :

Cash, Cheque and Credit

Purchasing :

Cash, Cheque and Credit

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	TOSCO
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 :

Wholesalers, Retailers and Manufacturer

Reference :	Kirloskar Brothers
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 :

450 (Approximately)

Bankers :

Bank Name	HSBC Bank
Branch	M G Road, Bangalore, Karnataka, India
Person Name (With Designation)	Not Available
Contact Number	Not Available
Name of Account Holder	Not Available
Account Number	Not Available
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

Auditors :
Name :	BSRR and Company Chartered Accountants
Address :	Maruti Info-Tech Centre, 11-12/1 Inner Ring Road, Koramangala, Bangalore - 560071, Karnataka, India
PAN N Income-tax PAN of auditor or auditor's firm :	AAKFB1884H

Name :	S R Batliboi and Company Chartered Accountants

Memberships :	Not Divulged

Collaborators :	Not Divulged

Holding Company:	WEG Iberia S.L

Ultimate Holding Company :	WEG S.A.

Fellow Subsidiary Companies:	WEG Equipmentos Electricos S.A WEG Australia Pty Limited WEG Electric Corporation WEG Electric Motors UK Limited Zest Electric Motors Pty Limited WEG Germany Gmbh WEG Italia S.R.L WEG Mexico S.A. WEG Scandinavia AB WEG Euro-Industria Electrica S.A. WEG Electric (India) Private Limited WEG S A, Brazil WEG Singapore PTE Limited WEG (Nantong) Electric Moter MFG. Company

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

2,000,000	Equity Shares	Rs.10/- each	Rs. 20.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

1,549,984	Equity Shares	Rs.10/- each	Rs. 15.500 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	15.500	15.500	14.361
(b) Reserves & Surplus	3131.623	3003.164	2956.233
(c) Money received against share warrants	0.000	0.000	0.000

(2) Share Application money pending allotment	0.000	0.000	259.209
Total Shareholders’ Funds (1) + (2)	3147.123	3018.664	3229.803

(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(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	19.225	7.753	6.995
Total Non-current Liabilities (3)	19.225	7.753	6.995

(4) Current Liabilities
(a) Short term borrowings	202.103	514.598	263.310
(b) Trade payables	162.581	133.647	172.656
(c) Other current liabilities	98.859	170.345	32.178
(d) Short-term provisions	35.071	19.106	6.782
Total Current Liabilities (4)	498.614	837.696	474.926

TOTAL	3664.962	3864.113	3711.724

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2333.311	2467.261	2605.766
(ii) Intangible Assets	4.952	4.926	2.851
(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	15.001	135.486	225.892
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	2353.264	2607.673	2834.509

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	675.599	794.603	586.157
(c) Trade receivables	317.288	253.752	195.181
(d) Cash and cash equivalents	0.181	1.467	0.801
(e) Short-term loans and advances	318.630	206.618	95.076
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	1311.698	1256.440	877.215

TOTAL	3664.962	3864.113	3711.724

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	1873.099	1240.101	640.244
	Other Income
	TOTAL	1873.099	1240.101	640.244

Less	EXPENSES
	TOTAL	1581.678	1289.949	683.619

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	291.421	(49.848)	(43.375)

Less	DEPRECIATION/ AMORTISATION	162.963	161.288	123.238

	PROFIT/ (LOSS) BEFORE TAX	128.458	(211.136)	(166.613)

Less	TAX	0.000	0.000	69.436

	PROFIT/ (LOSS) AFTER TAX	128.458	(211.136)	(236.049)

	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	1010.107	686.294	410.853
	Service Income			2.286
	TOTAL EARNINGS	1010.107	686.294	413.139

	IMPORTS
	Raw Materials	NA	NA	201.752
	Capital Goods	NA	NA	7.707
	TOTAL IMPORTS	NA	NA	209.459

	Earnings / (Loss) Per Share (Rs.)	82.88	(136.22)	NA

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
Cash generated from (Used) operations	342.308	(211.059)	(665.630)
Cash generated from Operating Activities	382.371	(159.322)	(665.766)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
PAT / Sales	(%)	6.86	(17.03)	(36.87)

Return on Total Assets (PBT/Total Assets}	(%)	3.51	(5.46)	(4.49)

Return on Investment (ROI) (PBT/Networth)		0.04	(0.07)	(0.05)

Debt Equity Ratio (Total Debt /Networth)		0.06	0.17	0.08

Current Ratio (Current Asset/Current Liability)		2.63	1.50	1.85

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	14.361	15.500	15.500
Reserves & Surplus	2956.233	3003.164	3131.623
Share Application money pending allotment	259.209	0.000	0.000
Net worth	3229.803	3018.664	3147.123

long-term borrowings	0.000	0.000	0.000
Short term borrowings	263.310	514.598	202.103
Total borrowings	263.310	514.598	202.103
Debt/Equity ratio	0.082	0.170	0.064

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	640.244	1240.101	1873.099
		93.692	51.044

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	640.244	1240.101	1873.099
Profit	(236.049)	(211.136)	128.458
	(36.87%)	(17.03%)	6.86%

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)	Yes
16	No. of employees	Yes
17	Details of sister concerns	Yes
18	Major suppliers	Yes
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	No
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

BUSINESS:

The company is engaged in the manufacture of motors during the current financial year and wherever opportunities are available it will undertake manufacture of other rotating electrical machinery of different types, models, designs, mechanical machinery, equipment, devices and tools, electric, electronic and electro-mechanical machinery, equipment and integrated systems, components and devices, machinery and equipment for the conservation, production, generation, transmission and distribution of electric power, electromechanical and electronic components to control, command, protect and signal electric circuits and wiring for the purpose of extending timely after sales service and technical support services to store components and parts of various types of motors and generators.

INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY

FIXED ASSETS

Land and Building
Furniture’s and Fixtures
Office Equipment
Computer
Vehicles

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. 65.22
UK Pound	1	Rs. 99.93
Euro	1	Rs. 71.67

INFORMATION DETAILS

Information Gathered by :	NYA

Analysis Done by :	RAS

Report Prepared by :	SYL

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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		47

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.

MIRA INFORM REPORT

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