MIRA INFORM REPORT

Report No. :	339392
Report Date :	07.09.2015

IDENTIFICATION DETAILS

Name :	INTERNATIONAL COIL LIMITED
Registered Office :	A-21/24, Naraina Industrial Area, Phase – II, New Delhi - 110028
Tel. No.:	91-11-25701967 / 41417720
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	02.07.2004
Com. Reg. No.:	55-127325
Capital Investment / Paid-up Capital :	Rs. 10.000 Million
CIN No.: [Company Identification No.]	U29192DL2004PLC127325
IEC No.:	0506061680
TAN No.: [Tax Deduction & Collection Account No.]	DELI06241E
PAN No.: [Permanent Account No.]	AABCI4267R
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Air Conditioning Machineries and Heat Transfer Coils.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

B (26)

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

Maximum Credit Limit :	USD 740000
Status :	Moderate
Payment Behavior :	Slow but correct
Litigation :	Clear
Comments :	Subject was incorporated on 2 July, 2004. It has moderate track record. As per registrar of companies the date of balance sheet i.e. financials filed is shown as 31^st march, 2014 but the documents related to the financials for the year 2014 are not available from any sources. As per available financial of 2013, there seems drastic dip in the sales turnover of the company. Profitability of the company is also low. External borrowings of the company increase as compared to previous year. However, trade relations are fair. Business is active. Payment terms are slow but correct. The company can be considered for business dealing with some cautions.

NOTES :

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

ECGC Country Risk Classification List – March 31, 2015

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

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

EXTERNAL AGENCY RATING

NOT AVAILABLE

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2013.

INFORMATION DENIED

MANAGEMENT NON-CO-OPERATIVE

CONTACT NO. 91-124-4956000

LOCATIONS

Registered Office :	A-21/24, Naraina Industrial Area, Phase – II, New Delhi – 110028, India
Tel. No.:	91-11-25701967 / 41417720 / 25701968 / 25891231 / 21
Fax No.:	91-11-25893126
E-Mail :	info@icl-tech.com Ca.dhiraj@gmail.com
Website:	http://www.icl-tech.com
Branches :	Located at Ahmedabad Bangalore Hyderabad Chennai Mumbai

DIRECTORS

AS ON 30.09.2014

Name :

Sucha Singh Sehra

Designation :

Managing Director

Address :

Villa No. 26, Tatvam Villa, Vipul World, Sector-48,, Gurgaon - 122101, Haryana, India

Date of Birth/Age :

06.02.1935

Date of Appointment :

07.05.2011

DIN No.:

00378222

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	U74899DL1971PTC005752	UNIAIRE PVT LTD	Director	18/08/1971	18/08/1971	-	Active	NO
2	U74899DL1984PTC018757	COIL COMPANY PRIVATE LIMITED	Managing director	20/07/1984	20/07/1984	30/06/2009	Active	NO
3	U29191DL1998PTC097318	MULTITHERM (INDIA) PRIVATE LIMITED.	Director	04/12/1998	04/12/1998	-	Active	NO
4	U29192DL2004PLC127325	INTERNATIONAL COIL LIMITED	Managing director	07/05/2011	02/07/2004	-	Active	NO
5	U40300DL2012PTC232869	ICL RUNH POWER PRIVATE LIMITED	Director	14/03/2012	14/03/2012	-	Active	NO

Name :

Paramjeet Singh Sehra

Designation :

Whole-Time Director

Address :

Villa No-26, Tatvam Villa, Sector-48, Gurgaon - 122101, Haryana, India

Date of Birth/Age :

10.01.1971

Date of Appointment :

07.05.2011

DIN No.:

00378247

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	U74899DL1984PTC018757	COIL COMPANY PRIVATE LIMITED	Director	31/05/1993	31/05/1993	-	Active	NO
2	U29191DL1998PTC097318	MULTITHERM (INDIA) PRIVATE LIMITED.	Director	04/12/1998	04/12/1998	-	Active	NO
3	U74899DL1971PTC005752	UNIAIRE PVT LTD	Director	11/03/2002	11/03/2002	-	Active	NO
4	U29192DL2004PLC127325	INTERNATIONAL COIL LIMITED	Whole-time director	07/05/2011	02/07/2004	-	Active	NO
5	U65993DL1992PLC049072	BIGUR FINANCE LIMITED	Director	16/07/2010	16/07/2010	-	Active	NO
6	U40300DL2012PTC232869	ICL RUNH POWER PRIVATE LIMITED	Director	14/03/2012	14/03/2012	-	Active	NO
7	U74120DL2015PTC284873	IC Green Solutions Private Limited	Director	04/09/2015	04/09/2015	-	Active	NO

Name :

Amardeep Singh

Designation :

Whole-Time Director

Address :

J - 9/11, Rajouri Garden, New Delhli - 110027, India

Date of Birth/Age :

18.05.1968

Date of Appointment :

07.05.2011

DIN No.:

00383269

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	U29191DL1998PTC097318	MULTITHERM (INDIA) PRIVATE LIMITED.	Director	04/12/1998	04/12/1998	-	Active	NO
2	U29192DL2004PLC127325	INTERNATIONAL COIL LIMITED	Whole-time director	07/05/2011	02/07/2004	-	Active	NO
3	U74899DL1984PTC018757	COIL COMPANY PRIVATE LIMITED	Whole-time director	01/04/2009	01/04/2009	-	Active	NO

Name :

Jagjit Singh

Designation :

Director

Address :

J-9/55C, Rajouri Garden, New Delhi - 110027, India

Date of Birth/Age :

05.08.1960

Date of Appointment :

25.09.2013

DIN No.:

00642565

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	U32109DL1999PTC101894	SHUR KUT HEAT TRANSFERS PRIVATE LIMITED	Director	08/10/1999	08/10/1999	-	Active	NO
2	U29192DL2004PLC127325	INTERNATIONAL COIL LIMITED	Director	25/09/2013	19/08/2013	-	Active	NO

MAJOR SHAREHOLDERS

AS ON 30.09.2014

Names of Shareholders	No. of Shares
Sucha Singh	300000
Paramjeet Singh	125000
Amardeep Singh	25000
Harjinder Kaur	5000
Dilraj Kaur	5000
Surinder Kaur	5000
Jasneet Kaur	5000
Jagjit Singh	25000
Harleen Kaur	5000
Total	500000

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2014

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Air Conditioning Machineries and Heat Transfer Coils.
Products :	Air Conditioning CCHP Gas Turbines  Refrigeration Heat Transfer
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	Not Divulged
Purchasing :	Not Divulged

PRODUCTION STATUS: AS ON 31.03.2013

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Chilled Water Coils	Nos.	--	--	397
Air Cool Fluid Cooler	Nos.	--	--	376
Air Cooling Unit	Nos.	--	--	471

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 :

Information declined by the management

Bankers :

Bank Name	Indian Overseas Bank
Branch	Rajouri Garden Branch, F-100, Bali Nagar, New Delhi – 110015, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

Secured Loan	31.03.2013 (Rs. in Million)	31.03.2012 (Rs. in Million)
Long-term Borrowings
Standard Chartered Bank	36.989	37.042
Religare Finvest Limited	74.515	0.000
IOB Term Loan	2.340	3.663
ING Vysya Bank – Term Loan	77.418	63.925
HDFC Bank – Tata Winger (DL 1VA 7984 and DL 1VA 8473)	0.251	0.669
HDFC Bank Loan (Mercedes Car HR 26BE 0100)	0.000	2.142
HDFC Bank Loan (Cruze – HR 26BP 8300)	0.778	1.172
Tata Capital Limited (BMW car – DL 4CNA 2299)	0.000	1.584
Icici Bank (BMW DL 9CAA 1022)	1.937	4.351
HDFC Bank Car Loan (BMW – HR 26BS 5566)	5.512	0.000
HDFC Bank Car Loan (Verna – l 3CBZ 1687)	0.737	0.000
HSIIDC	45.412	0.000
Short-term borrowings
Cash Credit – India Overseas Bank	158.961	158.225
ING Vysya Bank	50.453	97.288
Loan against fixed deposit with Indian overseas bank	7.285	0.000
IOB Packing Credit Loan	82.500	0.000
Loan – Desutsche Bank	4.520	0.000
Loan – Standard Chartered Bank A/c No. 48873896	4.080	0.000
Loan from Religare A/c No. 45857	9.583	0.000
Loan Bajaj Auto Finance Limited	0.000	0.579
Loan – Barclays Bank PLC	0.000	0.932
Loan – HDFC Bank	0.000	0.797
Loan – Tata Capital	0.000	2.690
Loan – Religare	0.000	2.013
Loan – Kotak Mahindra Bank	0.000	0.896
Loan - Standard Chartered Bank	0.000	0.702
Total	563.271	378.670

Auditors :
Name :	R.S. Bajaj and Company Chartered Accountants
Address :	402, Chiranjiv Tower, 43, Nehru Place, New Delhi – 110019, India
PAN. No.:	AAFPB4349A
Memberships :	-----
Collaborators :	-----
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.100/- each	Rs. 50.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.100/- each	Rs. 50.000 Million

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.100/- each	Rs. 50.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.100/- each	Rs. 10.000 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	10.000	10.000	10.000
(b) Reserves & Surplus	248.433	246.487	222.096
(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)	258.433	256.487	232.096
(3) Non-Current Liabilities
(a) long-term borrowings	268.570	114.618	220.185
(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)	268.570	114.618	220.185
(4) Current Liabilities
(a) Short term borrowings	337.382	274.122	0.000
(b) Trade payables	231.992	352.580	296.959
(c) Other current liabilities	79.891	86.408	54.998
(d) Short-term provisions	128.800	126.500	113.000
Total Current Liabilities (4)	778.065	839.610	464.957
TOTAL	1305.068	1210.715	917.238
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	288.031	101.563	88.519
(ii) Intangible Assets	0.862	1.298	1.040
(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	7.655	7.655	7.364
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	163.875	336.569	177.581
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	460.423	447.085	274.504
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	287.135	249.264	161.509
(c) Trade receivables	338.617	263.323	243.299
(d) Cash and cash equivalents	46.302	78.838	86.922
(e) Short-term loans and advances	160.569	154.046	149.795
(f) Other current assets	12.022	18.159	1.209
Total Current Assets	844.645	763.630	642.734
TOTAL	1305.068	1210.715	917.238

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2013	31.03.2012	31.03.2011
	SALES
	Income	794.960	1048.521	841.439
	Other Income	2.923	6.543	148.553
	TOTAL	797.883	1055.064	989.992
Less	EXPENSES
	Cost of Materials Consumed	319.391	490.227	415.583
	Purchases of Stock-in-Trade	132.462	176.607	218.052
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(24.682)	(10.408)	(69.499)
	Exceptional items	0.000	0.000	4.888
	Direct Expenses	89.345	113.806	0.000
	Employees benefits expense	103.669	107.334	110.864
	Other expenses	102.215	85.288	195.692
	TOTAL	722.400	962.854	875.580
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	75.483	92.210	114.412
Less	FINANCIAL EXPENSES	53.277	36.757	22.854
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	22.206	55.453	91.558
Less/ Add	DEPRECIATION/ AMORTISATION	17.960	17.562	16.762
	PROFIT/ (LOSS) BEFORE TAX	4.246	37.891	74.796
Less	TAX	2.300	13.500	28.500
	PROFIT/ (LOSS) AFTER TAX	1.946	24.391	46.296
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	249.020	19.551	44.346
	TOTAL EARNINGS	249.020	19.551	44.346
	IMPORTS
	Purchase Spares	NA	NA	113.309
	TOTAL IMPORTS	NA	NA	113.309
	Earnings / (Loss) Per Share (Rs.)	19.45	243.91	462.98

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2013	31.03.2012	31.03.2011
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA
Net cash flow from (used in) operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Net Profit Margin (PAT / Sales)	(%)	0.24	2.33	5.50
Operating Profit Margin (PBIDT/Sales)	(%)	9.50	8.79	13.60
Return on Total Assets (PBT/Total Assets}	(%)	0.33	3.15	8.22
Return on Investment (ROI) (PBT/Networth)		0.02	0.15	0.32
Debt Equity Ratio (Total Debt /Networth)		2.34	1.52	0.95
Current Ratio (Current Asset/Current Liability)		1.09	0.91	1.38

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	10.000	10.000	10.000
Reserves & Surplus	222.096	246.487	248.433
Net worth	232.096	256.487	258.433
long-term borrowings	220.185	114.618	268.570
Short term borrowings	0.000	274.122	337.382
Total borrowings	220.185	388.740	605.952
Debt/Equity ratio	0.949	1.516	2.345

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	841.439	1048.521	794.960
		24.610	(24.183)

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	841.439	1048.521	794.960
Profit	46.296	24.391	1.946
	5.50%	2.33%	0.24%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	-------
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	No
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%	--
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	No
35	Negative Reporting by Auditors in the Annual Report	No

UNSECURED LOAN

PARTICULARS	31.03.2013 (Rs. in Million)	31.03.2012 (Rs. in Million)
Long term borrowing
Loan – bigur finance limited	8.342	0.070
Loan – subodh dalal	14.339	0.000
Short term borrowing
Loan from Directors
Amardeep singh	6.500	2.000
Paramjeet singh	5.500	4.000
Sucha singh	4.000	4.000
Loan from Others
Mr. jagjit singh	4.000	0.000
Total	42.681	10.070

INDEX OF CHARGES:

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10493828	05/09/2014 *	160,000,000.00	HARYANA STATE INDUSTRIAL & INFRASTRUCTURE DEVELOPM  ENT CORPORATION LIMITED	C-13 & 14, INSTITUTIONAL AREA, SECTOR 6 PANCHKULA, Haryana - 134108, INDIA	C20036380
2	10319709	03/02/2012 *	467,500,000.00	ING VYSYA BANK LIMITED	55, GROUND FLOOR, WEST AVENUE ROAD,, PUNJABI BAGH  ,, NEW DELHI - 110026, INDIA	B35946680
3	10142264	14/02/2009	250,000,000.00	PUNJAB & SIND BANK	E BLOCK, RAJOURI GARDEN, NEW DELHI, NEW DELHI - 110027, INDIA	A56843360
4	10083314	26/11/2007	20,000,000.00	INDIAN OVERSEAS BANK	RAJOURI GARDEN BRANCH, A-6 RAJOURI GARDEN, NEW DELHI - 110027, INDIA	A30500425
5	10083308	27/12/2014 *	990,000,000.00	Indian Overseas Bank	Rajouri Garden Branch, F100, Bali Nagar, New Delhi - - 110015, INDIA	C41022500
6	10055535	30/05/2007	12,675,000.00	INDIAN OVERSEAS BANK	RAJOURI GARDEN BRANCH, A-6,RAJOURI GARDEN, NEW DE  LHI - 110027, INDIA	A16608085

* Date of charge modification

CONTINGENT LIABILITIES:

Contingent liabilities not provided for in respect of guarantees given by the banks on behalf of the company as on 31.03.2013 is Rs. 72.731 Million (Rs. 246.354 Million)

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. 66.40
UK Pound	1	Rs. 101.19
Euro	1	Rs. 73.89

INFORMATION DETAILS

Information Gathered by :	DPA
Analysis Done by :	RAS
Report Prepared by :	SANS

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
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	2
--RESERVES	1~10	3
--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	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		26

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 unfavorable 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.