MIRA INFORM REPORT

Report Date :

02.12.2011

IDENTIFICATION DETAILS

Name :	AJANTA LIMITED
Formerly Known As :	ELLORA TIME LIMITED (w.e.f. 26.04.2006) ELLORA TIME PRIVATE LIMITED
Registered Office :	Orpat Industrial Estate, Moivi Road, Morvi, Rajkot Highway, Post Box No.115, Rajkot – 363641 Gujarat
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	04.12.1989
Com. Reg. No.:	04-013081
Capital Investment / Paid-up Capital :	Rs.50.000 Millions
CIN No.: [Company Identification No.]	U33300GJ1989PLC013081
TAN No.: [Tax Deduction & Collection Account No.]	RKTE00023C
PAN No.: [Permanent Account No.]	AACE6102E
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Exporter of Clocks, Time Piece, Telephone, Calculator, Other Electronics Items, Home Appliances Items, Mobile Phone and Electric Fan.
No. of Employees :	2500 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (66)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 9600000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established company having fine track. Financial position of the company appears to be sound. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered good for normal 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.

INFORMATION PARTED BY

Name :	Mr. Maniyar
Designation :	Accounts Manager
Contact No.:	91-2822-391111
Date :	01.02.2011

LOCATIONS

Registered Office / Factory :	Orpat Industrial Estate, Moivi Road, Morvi, Rajkot Highway, Post Box No.115, Rajkot – 363641 Gujarat, India
Tel. No.:	91-2822-391111 / 391100
Fax No.:	91-2822-230292
E-Mail :	anil@orpatgroup.com mfinava@yahoo.com trade@orpatgroup.com edp@orpatgroup.com
Location :	Owned

DIRECTORS

As on 30.09.2010

Name :	Mr. Navilkumar Pravinbhai Bhalodia
Designation :	Whole-time Director
Address :	Rewa Villa, GIDC, Sanala Road, Morbi, Rajkot – 363641, Gujarat, India
Date of Birth/Age :	21.11.1980
Date of Appointment :	24.07.2004
DIN No.:	00614004

Other Directorship

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U33300GJ1989PLC013081	Ajanta Limited	Whole-time director	01-04-10	24-07-04	-	Active	NO
2	U33300GJ2005PLC047038	Orpat Industries Limited	Director	09-11-05	09-11-05	-	Active	NO
3	U45201GJ2007PTC051910	Rewa Projects Private Limited	Director	05-10-07	05-10-07	-	Active	NO

Name :	Mrs. Vanitaben Pravinbhai Bhalodia
Designation :	Director
Address :	Rewa Villa, GIDC, Sanala Road, Morbi, Rajkot – 363641, Gujarat, India
Date of Birth/Age :	19.08.1957
Date of Appointment :	19.11.2004
DIN No.:	00613962

Other Directorship

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U33300GJ1989PLC013081	Ajanta Limited	Director	18-11-04	18-11-04	-	Active	NO
2	U33300GJ2005PLC047038	Orpat Industries Limited	Director	09-11-05	09-11-05	-	Active	NO

Name :	Mr. Jaysukhbhai Odhavjibhai Bhalodia
Designation :	Director
Address :	“Ajanta”, New Adarsh Society, Sanala Road, Morbi, Rajkot – 363641, Gujarat, India
Date of Birth/Age :	02.04.1959
Date of Appointment :	25.06.1995
DIN No.:	01075622

Other Directorship

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U29308GJ1994PLC023531	Ajanta Manufacturing Limited	Managing director	27-09-07	10-11-94	-	Active	NO
2	U33300GJ1989PLC013081	Ajanta Limited	Director	25-06-95	25-06-95	-	Active	NO
3	U40105GJ2003PTC043184	Ajanta Energy Private Limited	Director	14-11-03	14-11-03	-	Active	NO
4	U70102GJ2006PLC048881	Ajanta Infra- Projects Limited	Director	10-08-06	10-08-06	-	Active	NO
5	U40100GJ2005PTC045531	Oreva Energy Private Limited	Director	15-06-10	01-10-09	-	Active	NO
6	U26914GJ2010PTC059814	Oreva Ceramic Private Limited	Director	10-03-10	10-03-10	-	Active	NO

Name :	Mr. Pravinkumar Odhavjibhai Bhalodia
Designation :	Managing Director
Address :	Rewa Villa, GIDC, Sanala Road, Morbi, Rajkot – 363641, Gujarat, India
Date of Birth/Age :	27.12.1953
Date of Appointment :	25.06.1995
DIN No.:	00105892

Other Directorship

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U33300GJ1989PLC013081	Ajanta Limited	Managing director	01-04-10	25-06-95	-	Active	NO
2	U33300GJ2005PLC047038	Orpat Industries Limited	Director	09-11-05	09-11-05	-	Active	NO
3	U45201GJ2007PTC051910	Rewa Projects Private Limited	Director	05-10-07	05-10-07	-	Active	NO

Name :	Mr. Odhavjibhai Ravjibhai Bhalodia
Designation :	Director
Address :	“Ajanta”, New Adarsh Society, Sanala Road, Morbi, Rajkot – 363641, Gujarat, India
Date of Birth/Age :	24.06.1925
Date of Appointment :	01.09.1992
DIN No.:	00619583

Other Directorship

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U33300GJ1989PLC013081	Ajanta Limited	Director	01-09-92	01-09-92	-	Active	NO
2	U29308GJ1994PLC023531	Ajanta Manufacturing Limited	Director	01-09-07	09-11-94	-	Active	NO
3	U70102GJ2006PLC048881	Ajanta Infra- Projects Limited	Director	10-07-10	01-10-08	-	Active	NO
4	U40100GJ2005PTC045531	Oreva Energy Private Limited	Director	15-06-10	01-10-09	-	Active	NO
5	U40105GJ2003PTC043184	Ajanta Energy Private Limited	Director	14-06-10	26-12-09	-	Active	NO
6	U26914GJ2010PTC059814	Oreva Ceramic Private Limited	Director	10-03-10	10-03-10	-	Active	NO

Name :	Mr. Himanshu Pravinbhai Bhalodia
Designation :	Whole-time Director
Address :	“Ajanta”, New Adarsh Society, Sanala Road, Morbi, Rajkot – 363641, Gujarat, India
Date of Birth/Age :	05.08.1986
Date of Appointment :	30.12.2006
DIN No.:	01171029
Name :	Ms. Nikita Nevilkumar Patel
Designation :	Director
Address :	Rewa Villa, GIDC, Sanala Road, Morbi, Rajkot – 363641, Gujarat, India
Date of Birth/Age :	30.01.1986
Date of Appointment :	07.04.2007
DIN No.:	02077385

KEY EXECUTIVES

Name :	Mr. Maniyar
Designation :	Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2010

Names of Shareholders	No. of Shares
Pravinbhai Odhavjibhai Patel	20375
Pravinbhai Patel (HUF)	5875
Odhavjibhai Ravjibhai Patel	500
Vanitaben Pravinbhai Patel	5750
Navilabhai Pravinbhai Patel	8750
Himansu Pravinbhai Patel	8750
Total	50000

As on 30.09.2010

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Clocks, Time Piece, Telephone, Calculator, Other Electronics Items, Home Appliances Items, Mobile Phone and Electric Fan.

Products :

Product Description	Item Code No.
Quartz Clock	910529000
Calculator	847001000
Telephone	851711010

Exports :

Products :

Electric Goods

Countries :

Dubai

Imports :

Products :

Raw Material

Countries :

China

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

PRODUCTION STATUS

As on 31.03.2010

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Clock	Nos.	NA	--	7547212
Alarm Clock	Nos.	NA	--	1997741
Calculator	Nos.	NA	--	1925503
Telephone	Nos.	NA	--	234472
Digital Multi Meter	Nos.	NA	--	4500
Educational Toys	Nos.	NA	--	81712
Blank Plate	Nos.	NA	--	738355
Module Case and Cover	Nos.	NA	--	4105653
Switches	Nos.	NA	--	3608859
Sockets	Nos.	NA	--	1760209
Regulators	Nos.	NA	--	309299
Indicator Panel	Nos.	NA	--	209500
Lamp Holder	Nos.	NA	--	647090
Fuses	Nos.	NA	--	125501
Electronics Door Bell	Nos.	NA	--	79740
Extension Cord	Nos.	NA	--	112157
Plug Top	Nos.	NA	--	462206
Hand Blender	Nos.	NA	--	82023
Mixer Grinder	Nos.	NA	--	17284
Hair Dryer	Nos.	NA	--	18305
Iron	Nos.	NA	--	68989
Ice Shaver	Nos.	NA	--	1862
Sandwich Toaster	Nos.	NA	--	15083
Wall Mounting Fan	Nos.	NA	--	12284
Pedestal Fan	Nos.	NA	--	28902
Table Fan	Nos.	NA	--	23871
Ceiling Fan	Nos.	NA	--	192746
Ventilation Fan	Nos.	NA	--	13130
Parts Accessories of Ceiling Fan	Nos.	NA	--	83700
Air Cooler	Nos.	NA	--	724
Emergency Light	Nos.	NA	--	109221
Health Scale	Nos.	NA	--	215
Halogen Heater	Nos.	NA	--	9321

Note: (As certified by directors and being technical matter accepted by auditor as correct)

GENERAL INFORMATION

Suppliers :

Panasonic Battery

Customers :

Retailers and End Users

• Delhi Watch

No. of Employees :

2500 (Approximately)

Bankers :

• State Bank of India, Morvi Branach, Gujarat, India
• Bank of India, 2nd Floor; Bank of India Building, Ahmedabad - 380001, Gujarat, India
• Axis bank Limited
• Dena Bank
• HDFC Bank
• ICICI Bank
• IDBI Bank
• Indusind Bank

Facilities :

Cash Credit : Rs.240.000 Millions (From State Bank of India)

Secured Loan	As on 31.03.2010 (Rs. in Millions)	As on 31.03.2009 (Rs. in Millions)
A) TERM LOAN FROM BANK:
1 State Bank of India (S.B.S.) (Cash credit) (The above facilities taken from SBI has been secured by Paripassu Charge hypothecation of inventories, movable assets and mortgage of partly immovable property of the company and personal guarantee of Directors)	7.668	38.518
2 IDBI Bank Limited (Short Term Loan) (The above facilities taken from IDBI has been secured by Paripassu Charge OVER Immovable Property Agreement and Second Charge by hypothecation of inventories, movable assets and mortgage of partly immovable property of the company and personal guarantee of Directors)	12.763	122.500
Total	20.431	161.018
Unsecured Loan	As on 31.03.2010 (Rs. in Millions)	As on 31.03.2009 (Rs. in Millions)
a) From Directors	116.660	75.763
B0 From Share Holders	33.582	29.865
Total	150.242	105.628

Banking Relations :	--
Auditors :
Name :	Finava and Associates Chartered Accountants
Address :	34 2^nd Floor, Star Shopping Center, 20, New Jagnath, Dr. Yagnik Road, Rajkot – 360001, Gujarat, India
PAN.:	AAACPF2967P

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.1000/- each	Rs.50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.1000/- each	Rs.50.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		50.000	50.000	50.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		2346.065	1999.235	1754.553
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		2396.065	2049.235	1804.553
LOAN FUNDS
1] Secured Loans		20.431	161.018	42.806
2] Unsecured Loans		150.242	105.628	26.207
TOTAL BORROWING		170.673	266.646	69.013
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		2566.738	2315.881	1873.566
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		552.318	481.049	559.716
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		399.717	513.954	108.738
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	915.638	537.387	468.494
	Sundry Debtors	155.527	155.572	205.369
	Cash & Bank Balances	8.597	2.035	5.560
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	1412.853	1283.408	1071.188
Total Current Assets		2492.615	1978.402	1750.611
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	59.153	67.422	105.894
	Other Current Liabilities	59.993	66.791	65.773
	Provisions	758.766	523.311	373.832
Total Current Liabilities		877.912	657.524	545.499
Net Current Assets		1614.703	1320.878	1205.112
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		2566.738	2315.881	1873.566

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	2172.448	1743.272	1594.126
		Other Income	61.873	60.856	24.320
		Windmill Power Generation Income	128.272	135.871	109.739
		Profit on sale of assets	0.514	1.000	0.000
		Profit on sale of Short Term Investment	1.138	0.000	0.000
		TOTAL (A)	2364.245	1940.999	1728.185
Less	EXPENSES
		Cost of Production	1534.000	1243.377	1300.150
		Administrative & Selling Expenses	188.159	137.643	202.016
		Loss on Sale of Long Term Investment	0.540	0.000	0.305
		Loss on Sale of Short term Investment	0.000	0.219	0.000
		(Increase)/Decrease in Stock	(46.808)	18.677	(104.426)
		TOTAL (B)	1675.891	1399.916	1398.045
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		688.354	541.083	330.140
Less	FINANCIAL EXPENSES (D)		23.069	13.315	13.592
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		665.285	527.768	316.548
Less/ Add	DEPRECIATION/ AMORTISATION (F)		86.755	106.452	135.961
	PROFIT BEFORE TAX (E-F) (G)		578.530	521.316	180.587
Less	TAX (H)		204.011	247.480	58.225
	PROFIT AFTER TAX (G-H) (I)		374.519	273.836	122.362
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1285.951	1027.813	921.151
	Adjustment for Depreciation		0.000	0.002	0.000
Add	Excess in Provision of Taxes in Earlier Years		0.000	0.000	0.000
Less	APPROPRIATIONS
		Dividend 20% (Previous Year 20%)	10.000	10.000	10.000
		Dividend tax	1.699	1.699	1.699
		General Reserve	4.000	4.000	4.000
	BALANCE CARRIED TO THE B/S		1644.771	1285.951	1027.813
	TOTAL EARNINGS		106.600	120.400	87.300
	IMPORTS
		CIF Value of Imports	810.400	550.300	558.600
	TOTAL IMPORTS		810.400	550.300	558.600
	Earnings Per Share (Rs.)		7490.38	5476.72	2447.24

Particulars	31.03.2011
Sales Turnover (Approximately)	2780.000

Expected Sales (2011-2012) : Rs.3500.000 Millions

The above information has been parted by Mr. Maniyar.

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	15.84	14.11	7.01
Net Profit Margin (PBT/Sales)	(%)	26.63	29.90	11.33
Return on Total Assets (PBT/Total Assets}	(%)	19.00	21.20	7.82
Return on Investment (ROI) (PBT/Networth)		0.24	0.25	0.10
Debt Equity Ratio (Total Liability/Networth)		0.44	0.45	0.34
Current Ratio (Current Asset/Current Liability)		2.84	3.01	3.21

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS:

(Rs. In Millions)

Particulars	31.03.2010	31.03.2009	31.03.2008
Sundry Creditors
Sundry Creditors – for Goods	19.088	41.773	7.462
Sundry Creditors – for Expenses	40.065	21.492	41.692
Sundry Creditors – Capital Goods	0.000	0.081	0.956
Sundry Creditors (Imports)	0.000	4.076	55.784
Total	59.153	67.422	105.894

Check List by Info Agents	Available in Report (Yes / No)
1) Year of Establishment	Yes
2) Locality of the firm	Yes
3) Constitutions of the firm	Yes
4) Premises details	Yes
5) Type of Business	Yes
6) Line of Business•	Yes
7) Promoter’s background	--
8) No. of employees	Yes
9) Name of person contacted	Yes
10) Designation of contact person	Yes
11) Turnover of firm for last three years	Yes
12) Profitability for last two years	No
13) Reasons for variation <> 20%	No
14) Estimation for coming financial year	Yes
15) Capital in the business	Yes
16) Details of sister concerns	No
17) Major suppliers	Yes
18) Major customers	Yes
19) Payments terms	Yes
20) Export / Import details (if applicable)	Yes
21) Market information	--
22) Litigations that the firm / promoter	--
23) Banking Details	Yes
24) Banking facility details	Yes
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	No
28) Incorporation details, if applicable	--
29) Last accounts filed at ROC	--
30) Major Shareholders, if available	--

FUTURE OUTLOOK AND PROSPECTUS:

The company is engaged in production of Clocks, Time Piece, Telephone, Calculator, Other Electronics Items, Home Appliances Items, Mobile Phone and Electric Fan. In the financial year 2009-10 company Gross Receipts has been increased by 20.27% and Profit before tax is also increase to the tune of Rs.157.300 Millions in financial year 2009-2010 compare to the financial year 2008-09. company has introduce new product Electric Fan got huge response in the year 2009-10, and now company has going to expand its Electric Fan products that’s why company has setup a manufacturing facilities at their plant, which will be start full fledge in the financial year 2010-11. The future outlooks and prospects of the company’s business are very bright and positive. Inspired by this vision, driven by values and powered by internal vitality, the directors look forward to the future with Confidence.

CONTINGENT LIABILITY:

A) Miscellaneous Guarantee of Rs.5.431 Millions has been issued for miscellaneous purpose.

B) Letter of Credit issued by Bank is outstanding as on 31^st March, 2010 of Rs.16.792 Millions.

C) Electricity Duty payable on Wind Power Generation of Rs.41.408 Millions and Interest there on Rs.42.175 Millions

TRADE REFERENCES:

• Delhi Watch
• Panasonic Battery

FIXED ASSETS:

· Land (Factory)

· Land (Madhapar)

· Land (Kalyanpar)

· Land (Hydrabad)

· Factory Building

· Building (AEPL)

· Rewa Guest House

· Staff Canteen and Security Room

· Labour Quarters (Rewa Township)

· Plant and machinery (Indegenous)

· Weigh Scale machine

· Plant and machinery (Imported)

· Mould (Imported)

· Mould (Local)

· Dies

· Tools

· Electrification

· A. C. Chilling Plant

· Air Conditioner

· Electric Fan

· Office Equipments

· Computer

· Furniture

· Vehicles (Heavy)

· Vehicles (Light)

· Testing Equipments

· Lift

· Security System

· Wireless Set

· Wind Mill Unit – Dhank

· Wind Mill Unit - Bhogat

· Wind Mill Unit- GEDA Bhogat

· Wind Mill land – Dhaka

· Wind Mill Unit – Bhogat

· Wind Mill Unit – GEDA Bhogat

· Wind Mill Unit – Chikhli

· Wind Mill Unit – Bhambhe

· Wind Mill WTG - Chikhli

· Wind Mill WTG – Bhambhe

· Windmill (Nivkane) Land

· Windmill (Nivkane) Plant and Machinery

· Windmill (4, Dhank, ATCM)

· Windmill (8, Lamba, ATCM)

· Windmill (Pune) Land

· Windmill (Pune) Plant and Machinery

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 records 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.51.35
UK Pound	1	Rs.80.51
Euro	1	Rs.69.14

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	8
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILIRY	1~10	8
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	8
--CREDIT LINES	1~10	6
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		66

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.