MIRA INFORM REPORT

Report Date :

10.10.2011

IDENTIFICATION DETAILS

Name :	MAXX MOBILE COMMUNICATIONS LIMITED
Formerly Known As :	MAX MOBILE PHONE AND ACCESSORIES (INDIA) PRIVATE LIMITED
Registered Office :	1601, 16^th Floor, DLH Park, Opposite Goregaon MTNL, Telephone Exchange, S.V. Road, Goregaon (West), Mumbai-400062, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	01.01.2004
Com. Reg. No.:	11-143794
Capital Investment/ Paid-up Capital:	Rs. 116.200 Millions (As on 31.03.2009)
CIN No.: [Company Identification No.]	U32204MH2004PLC143794
TAN No.: [Tax Deduction & Collection Account No.]	MUMM27045E
PAN No.: [Permanent Account No.]	AADCM7894C
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Mobile Phone Batteries and Chargers.
No. of Employees :	More than 3000 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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

Maximum Credit Limit :	USD 11004852
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established company having fine track. General financial position is good. The company is doing well. Trade relations are reported as fair. Business is active. Payments are reported to be correct and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions.

NOTES :

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

ECGC Country Risk Classification List – June 30, 2010

Country Name	Previous Rating (01.04.2010)	Current Rating (30.06.2010)
India	A1	A1

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

INFORMATION PARTED BY

Name :	Mr. Jitendra
Designation :	Account Manager

LOCATIONS

Registered Office :	1601, 16^th Floor, DLH Park, Opposite Goregaon MTNL, Telephone Exchange, S.V. Road, Goregaon (West), Mumbai-400062, Maharashtra, India
Tel. No.:	91-22-33662222
Toll Free No.:	1800 22 6299
E-Mail :	megha.gupta@maxxmobile.in info@maxxmobile.in
Website :	www.maxxmobile.in
Location :	Owned
Head/ Corporate Office :	106, Chawda Industrial Estate, New Link Road, Malad (West), Mumbai – 400 064, Maharashtra, India
Tel. No.:	91-22-40734444/ 40734411
Mobile No.:	91-9930370374 (Mr. Jitendra Jain)
Fax No.:	91-22-28726969/ 40734440
E-Mail :	jitendra.jain@maxxmobile.in cssandeepjain@yahoo.co.in info@maxxmobile.in anilbansal306@rediffmail.com megha.gupta@maxxmobile.in
Area :	3700 sq ft
Location :	Owned
Factory 1 :	C3/D12, Site No. 1, Bhandrabad Industrial Area, Haridwar, Urrarakhand, India
Area :	1 Lac sq ft
	Owned
Factory 2 :	Vardhman Industrial Estate, Village Bhadrapur Saini, Tehsil- Roorkee, District- Haridwar, Uttarakhand
Factory 3 :	Unit No. 160, SDF-Seepz Sez, Andheri (East), Mumbai-400096, Maharashtra, India
Godown :	Located at Vasai
Area :	1200 sq ft
Location :	Rented

DIRECTORS

As on 28.07.2010

Name :	Mr. Bhupendra Vidyanath Bhargava
Designation :	Director
Address :	B/1201, Gulmohar Apartmnets, Ceaser Road, Amboli, Andheri (West), Mumbai-400058, Maharashtra, India
Date of Birth/Age :	16.04.1936
Date of Appointment :	27.12.2010
DIN No.:	00001823
Name :	Mr. Deva Anadn Balodhi
Designation :	Director
Address :	669, 1^st Floor, Military Road, Ananad Parbat, New Delhi-110005, India
Date of Birth/Age :	14.07.1946
Date of Appointment :	27.12.2010
DIN No.:	01946041
Name :	Mr. Motilal Babulal Agrawal
Designation :	Director
Address :	Teen Dongri Prem Nagar, Garar Road, Goregaon, Mumbai – 400 062, Maharashtra, India
Date of Birth/Age :	01.04.1947
Date of Appointment :	02.05.2008
Date of Ceasing:	21.10.2009
DIN No.:	01992728

Name :	Mr. Ajay Ramanlal Agrawal
Designation :	Chairman Cum Managing Director
Address :	1503, Quiescent Heights Mind Sapce, Malad (West), Mumbai - 400 064, Maharashtra, India
Date of Birth/Age :	25.02.1977
Date of Appointment :	01.01.2004
DIN No.:	00241575

Other Directorship

Name:

AJJAY RAMANLAL AGRAWAL

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	U32204MH2004PLC143794	Maxx Mobile Communications Limited	Managing director	01/07/2010	01/01/2004	-	Active	NO
2	U45191MH2005PTC156132	Integrity Properties Private Limited	Director	01/12/2006	01/12/2006	-	Active	NO
3	U74140DL2007PTC162575	Balaji Mobitech Private Limited	Director	31/08/2007	31/08/2007	27/09/2007	Active	NO
4	U67120MH2008PTC182939	Kreteka Investments Private Limited	Director	31/05/2008	31/05/2008	-	Active	NO
5	U80302MH2000PLC142286	Sip Infotech Limited	Director	10/07/2008	10/07/2008	-	Active	NO
6	U52100MH2008PTC187753	Maxx Retail Private Limited	Director	24/10/2008	24/10/2008	-	Active	NO
7	U64200MH2008PTC187765	Maxx Digital Care Private Limited	Director	23/09/2009	20/11/2008	-	Active	NO
8	U74990MH2008PTC188380	Maxx Moblink Private Limited	Managing director	01/09/2009	20/11/2008	-	Active	NO
9	U51900MH2008PTC188505	Autum Impex Private Limited	Director	23/09/2009	29/11/2008	-	Active	NO
10	U32103MH2009PTC191400	Cellcom Communications Private Limited	Director	01/04/2009	01/04/2009	-	Active	NO
11	U32103MH2009PTC191399	JSK Mobitronics Private Limited	Director	01/04/2009	01/04/2009	-	Active	NO
12	U72300DL2007PTC166999	Superior Computronics Private Limited	Director	04/09/2010	20/07/2010	-	Active	NO
13	U70102MH2010PTC206173	Maxx Infrastructure Private Limited	Director	01/08/2010	01/08/2010	-	Active	NO
14	U52392MH2006PTC159683	Max Media Technologies Private Limited	Additional director	01/10/2010	01/10/2010	-	Active	NO
15	U64201MH2010PTC211219	Globalspace Tech Private Limited	Additional director	19/04/2011	19/04/2011	-	Active	NO

Name :	Mrs. Barkha Ajay Agrawal
Designation :	Managing Director
Address :	1503, Quiescent Heights Mind Sapce, Malad (West), Mumbai – 400 064, Maharashtra, India
Date of Birth/Age :	02.05.1978
Date of Appointment :	04.01.2011
DIN No.:	00245167

Other Directorship

Name:

BARKHA AJJAY AGRAWAL

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	U32204MH2004PLC143794	Maxx Mobile Communications Limited	Managing director	04/01/2011	01/01/2004	-	Active	NO
2	U45191MH2005PTC156132	Integrity Properties Private Limited	Director	16/09/2005	16/09/2005	-	Active	NO
3	U67120MH2008PTC182939	Kreteka Investments Private Limited	Director	31/05/2008	31/05/2008	-	Active	NO
4	U80302MH2000PLC142286	Sip Infotech Limited	Director	10/07/2008	10/07/2008	-	Active	NO
5	U52100MH2008PTC187753	Maxx Retail Private Limited	Director	24/10/2008	24/10/2008	-	Active	NO
6	U64200MH2008PTC187765	Maxx Digital Care Private Limited	Director	23/09/2009	20/11/2008	-	Active	NO
7	U74990MH2008PTC188380	Maxx Moblink Private Limited	Whole-time director	01/07/2010	20/11/2008	-	Active	NO
8	U51900MH2008PTC188505	Autum Impex Private Limited	Director	23/09/2009	29/11/2008	-	Active	NO
9	U32103MH2009PTC191400	Cellcom Communications Private Limited	Director	01/04/2009	01/04/2009	-	Active	NO
10	U32103MH2009PTC191399	JSK Mobitronics Private Limited	Director	01/04/2009	01/04/2009	-	Active	NO
11	U72300DL2007PTC166999	Superior Computronics Private Limited	Director	04/09/2010	20/07/2010	-	Active	NO
12	U70102MH2010PTC206173	Maxx Infrastructure Private Limited	Director	01/08/2010	01/08/2010	-	Active	NO

Name :	Mr. Mahesh Pipaliya
Designation :	Whole Time Director
Address	Flat No. 12, 3^rd Floor, Dwarkesh, Rani Sati Marg, Malad (East), Mumbai-400097, Maharashtra, India
Date of Birth/Age :	29.09.1978
Date of Appointment:	31.05.2010
DIN No.:	03095950

Other Directorship

Name:

MAHESH HARJIBHAI PIPALIYA

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	U32204MH2004PLC143794	Maxx Mobile Communications Limited	Whole-time director	07/06/2010	31/05/2010	-	Active	NO
2	U74999MH2010PTC208487	Cell Media Contents Private Limited	Director	01/10/2010	01/10/2010	-	Active	NO
3	U52392MH2006PTC159683	Max Media Technologies Private Limited	Additional director	01/10/2010	01/10/2010	-	Active	NO

Name :	Mr. Dinesh K Govil
Designation :	Independent Director
Address :	Flat No. 205, Nestle CHS Limited, Sector 45, Gurgaon-122001, Haryana, India
Date of Birth/Age :	13.09.1947
Date of Appointment :	17.06.2010
DIN No.:	02402409

Other Directorship

Name:

DINESH KUMAR GOVIL

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	U74999MH1978PLC020328	Vipul Impex & Infrabuild Limited	Additional director	01/11/2008	01/11/2008	-	Active	NO
2	L29308RJ1992PLC006870	Gravita India Limited	Director	11/09/2009	30/06/2009	-	Active	NO
3	U51109RJ2001PLC016924	Gravita Exim Limited	Director	30/08/2010	20/12/2009	-	Active	NO
4	U32204MH2004PLC143794	Maxx Mobile Communications Limited	Director	28/07/2010	17/06/2010	-	Active	NO
5	U74990MH2008PTC188380	Maxx Moblink Private Limited	Director	28/07/2010	17/06/2010	-	Active	NO

Name :	Mr. Subhash Chandra Bhargava
Designation :	Director
Address:	1305, DostiAster (Dosti Acres) New Uphil Link Road, Off S M Road, Andtop Hill, Wadala (East), Mumbai-400037, Maharashtra, India
Date of Birth/Age :	20.07.1945
Date of Appointment:	21.10.2009
DIN No.:	00020021

Other Directorship

Name:

SUBHASH CHANDRA BHARGAVA

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	L17199GJ1956PLC001107	Aditya Birla Nuvo Limited	Additional director	30/05/2011	29/04/2004	-	Active	NO
2	L74899DL1989PLC034923	Dcm Shriram Consolidated Limited	Nominee director	11/08/2004	11/08/2004	03/01/2011	Active	NO
3	U67120MH1990GAT058298	Otc Exchange Of India	Nominee director	26/08/2005	26/08/2005	-	Active	NO
4	L74899HR1944PLC039088	Escorts Limited	Director	02/09/2005	02/09/2005	-	Active	NO
5	U80903MH2003PLC142601	HSBC Investdirect Academy For Insurance And Finance (India) Limited	Director	18/07/2006	23/09/2005	29/09/2008	Active	NO
6	U67100MH2001PLC133074	HSBC Investdirect Sales & Marketing (India) Limited	Director	18/07/2006	23/09/2005	29/09/2008	Active	NO
7	U65999WB1994PLC065722	Srei Venture Capital Limited	Director	26/12/2005	26/12/2005	06/08/2007	Active	NO
8	L24121UP1978PLC008027	Jaiprakash Enterprises Limited	Director	30/08/2007	27/12/2005	-	Amalgamated	NO
9	L14106UP1995PLC019017	Jaiprakash Associates Limited	Director	27/12/2005	27/12/2005	-	Active	NO
10	U26941UP2004PLC029175	Jaypee Cement Limited	Director	29/12/2005	29/12/2005	-	Amalgamated	NO
11	U67120MH1999PLC122774	Otcei Securities Limited	Director	31/12/2005	31/12/2005	28/06/2008	Active	NO
12	U65991MH2002GOI137867	Uti Asset Management Company Limited	Director	13/01/2006	13/01/2006	14/01/2010	Active	NO
13	L50210PB1985PLC006473	Swaraj Engines Ltd	Director	25/01/2006	25/01/2006	-	Active	NO
14	L17110MH1997PLC106945	Mudra Lifestyle Limited	Director	27/11/2006	01/04/2006	-	Active	NO
15	U67120WB1951GOI020023	Allbank Finance Ltd	Director	29/07/2006	29/07/2006	02/09/2007	Active	NO
16	U36991HP1995PLC031163	Jaiprakash Power Ventures Limited	Director	18/08/2006	18/08/2006	-	Amalgamated	NO
17	L74899DL1993PLC055524	A K Capital Services Limited	Director	29/09/2007	04/09/2007	-	Active	NO
18	L63040MH1939PLC011352	Cox & Kings Limited	Director	29/09/2008	01/10/2007	-	Active	NO
19	U66020MH2007GOI176785	Uti Retirement Solutions Limited	Director	08/06/2009	11/04/2008	14/01/2010	Active	NO
20	U74140MH2008PTC186258	Finman Advisory Services Private Limited	Director	27/08/2008	27/08/2008	02/02/2009	Active	NO
21	U45200TN2007PTC065754	Gk Industrial Park Private Limited	Director	31/12/2008	16/09/2008	-	Active	NO
22	U74999MH1978PLC020328	Vipul Impex & Infrabuild Limited	Additional director	01/11/2008	01/11/2008	02/06/2009	Active	NO
23	U74899HR1994PLC040956	Escorts Construction Equipment Limited	Director	21/07/2009	23/03/2009	-	Active	NO
24	U65990MH2005PTC156892	Antique Finance Private Limited	Director	30/09/2009	07/07/2009	-	Active	NO
25	U32204MH2004PLC143794	Maxx Mobile Communications Limited	Director	28/07/2010	21/10/2009	29/03/2011	Active	NO
26	L45203UP2007PLC033119	Jaypee Infratech Limited	Director	21/09/2010	16/11/2009	-	Active	NO
27	L40101HP1994PLC015483	Jaiprakash Power Ventures Limited	Director	24/09/2010	12/01/2010	-	Active	NO
28	L17120MH1993PLC073267	Asahi Industries Limited	Director	03/07/2010	20/05/2010	-	Active	NO
29	L74999DN1987PLC000035	K-Lifestyle & Industries Limited	Director	10/07/2010	25/05/2010	22/10/2010	Active	NO
30	L18109DN1987PLC000034	ESKAY K 'N' IT (INDIA) LIMITED	Director	10/07/2010	25/05/2010	22/10/2010	Active	NO
31	U65999WB2010PTC141896	Midas Asset Reconstruction Company Private Limited	Director	24/05/2011	11/08/2010	-	Active	NO

Name :	Mr. Thothala Narayanasamy Manoharan
Designation :	Additional Director
Address :	2, C.P. Ramaswamy St., Abhiramapuram, Chennai – 600 018, Tamilnadu, India
Date of Birth/Age :	07.04.1956
Date of Appointment:	21.10.2009
Date of Ceasing :	17.06.2010
DIN No.:	01186248

Other Directorship

Name:

THOTHALA NARAYANASAMY MANOHARAN

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	U73200DL1999NPL097935	Icai Accounting Research Foundation	Director	27/09/2003	27/09/2003	19/03/2007	Active	NO
2	U91120TN2005NPL057561	Nani Palkhivala Arbitration Centre	Director	01/05/2008	01/05/2008	-	Active	NO
3	U93000TN2008PLC068286	Mca Management Consultants Limited	Director	19/06/2008	19/06/2008	-	Active	NO
4	U74140WB2007PTC120972	Alpha Capital Management Private Limited	Director	24/06/2009	03/07/2008	-	Active	NO
5	U67120UP1987PLC008909	Sahara India Financial Corporation Limited	Director	30/08/2008	16/07/2008	-	Active	NO
6	L72200AP1987PLC007564	Satyam Computer Services Ltd	Director	15/01/2009	15/01/2009	-	Active	NO
7	U72900AP2002PLC039080	Satyam Bpo Limited	Nominee director	06/03/2009	06/03/2009	-	Active	NO
8	U32204MH2004PLC143794	Maxx Mobile Communications Limited	Additional director	21/10/2009	21/10/2009	17/06/2010	Active	NO
9	U67190TN2010PTC078125	MCA Financial And Capital Advisors Private Limited	Director	18/11/2010	18/11/2010	-	Active	NO
10	U74999KA2011PTC060565	Mca Telecom Consultancy Services Private Limited	Director	23/09/2011	23/09/2011	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Jitendra Jain
Designation :	Account Manager
Name :	Ms. Megha Gupta
Designation :	Secretary
Address :	1102, J Wing, Mayuresh Shrishti Park, Lake Road, Off L B S Marg, Bhandup (West), Mumbai-400078, Maharashtra, India
Date of Birth/Age :	13.03.1987
Date of Appointment:	11.02.2010

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 28.07.2010

Name of Shareholder	No. of Shares
Ajjay Agrawal	16699150
Barkha Agrawal	18523700
Ajjay Agarwal (HUF)	124223801
Integrity Properties Private Limited	71649266
Kreteka Investments Private Limited	2571400
Mahesh Pipaliya	760500
Hemansu Mody	663000
Motilal Agrawal	10400
Madan Chaturvedi	130000
Autum Impex Private Limited	1521000
Cellcom Communications Private Limited	1053000
JSK Mobitronics Private Limited	1287000
Hemang Shah	747500
Reena H Shah	747500
Suman Garg	15600
Maya Rani	1300
Anil Yadav	520
Arun Kumar Kochhar	17680
Star Asia Holdings Pte. Ltd.	46658144
Anita Sharma	520
Farzana Cooper	260
GyanChand Jain	520
Krishna Shanker Tripathi	585
Manish Sekseria	702
Pooja Kotecha	234
Bhupendra Nandlal Mehta	260
Siddhi Panchal	130
Brijesh Kumar Goswami	585
Mohammed Mutuza Rizwan	260
Vimalraj V	130
Harsha Chandarana	468
G. Jayakumar	130
K. Nowshadali	2600
Ranjith . A.R	130
Aarti Devnani	234
Pankaj Singh	234
Mangilal Jain	2106
Nicklesh Pandey	260
Prashant S Jamnekar	260
Ajay Pannalal Chauhan	260
Deepak Nandkumar Pulekar	260
Kamlesh T Reejhsinghani	1040
Apurva Sarupria	702
Rakesh Verma	260
Disha Bhavin Trivedi	130
Jyoti Lad	585
Ajay Agarwal	1287
Vijay Sonigra	585
Vivek Shivkumar Sharma	234
Ajay Mathur	1300
Praveen Kumar	260
Dharmendra Singh	130
Anis Abdulrehman Menon	585
Mayur Suresh Bhai Patel	585
Sushil Kumar	1300
Mukesh Kumar Aggarwal	1300
Parkin Ashok Kamdar	2600
Sanjay Singhania	1404
Manju Agarwal	2288
Paresh Manilal Shah	1170
Montie Thanki	2613
Planet Wordwide Private Limited	4251
Monica Deora	234
Lalbhai Patel	234
Sanjiv Bhavarlal Sharma	234
Devesh Ravishankar Trivedi	1521
Pyarelal Patodia	702
Sudhir G. Nevatia	2158
Gaurang Shah	936
Sushil K. Surana	702
Mukesh R. Chandalia	234
Kamal G. Agarwal	2158
Preeti Anil Bansal	5317
James A. Malyil	23400
Praveen Babubhai Dalal	234
Umesh Purushottam Chamedia	183027
Pravin M. Jain	1053
Motibhai R. Hirani	234
Bhavesh Harjibhai Pipalia	468
Ashish Patel	1638
G D Thakkar	468
Amit Goel	468
Jesus Sudhir Lall	2340
Kamalkishore Gupta	936
Anup Gupta	468
Gaurav Nangalia	234
Manoj C. Goyal	936
Chintu Patodia	468
Arun Mugdia	234
Paresh Shah	2145
Jigna Sanghavi	1300
Ashish Gupta	702
Shashibala Hemang Agarwal	234
Navnit Mehta	468
Amitkumar Kantilal Jain	3250
Jaykumar Motilal Jalan	1170
H.R. Gupta	234
Anil Kumar	1872
Foto Feelings Retail Private Limited	1079
Shalini Agarwal	442
Gopal Chouthmal Sharma	936
Manish Maniklal Rewani	468
Arjunsingh Motish Derola	234
Prashant Surinder Anand	1079
Sumeet Tulsyan	234
Rakhee Vishal Todi	55250
Chandrakant M. Kothari	936
Deepak Ghisharam Dhanuka	1300
Manish Mehta	468
Manoj Agarwal	936
Nilesh L. Chheda	702
Yusuf Solanki	520
Kamlesh V Shah (Huf)	26000
Total Securities Ltd	234000
Jigar Gunvant Sheth	2340
Satyendra Chordia	260
Purshottam Rajput	1014
Praful Kothiya	936
Harendra Nain	260
Nitin Kumar	260
Lalit Bhatnagar	130
Ramesh Chandra Agarwal	21268
Rinku Patodia	468
Hema Jinesh Sonigra	234
Kalpesh G. Rughani	2574
Hari Prasad Bhatta	234
Prasant Kumar C. Jain	234
Vinayak Korgaonkar	234
Sanjeev Goswami	260
Parit Swami	130
JMD International	4251
Haresh Chhugani	2340
Ramanlal Shirnathdas Agarwal	2119
Akhil Ramanlal Agarwal	3185
Jagdish Prasad J Nemani	780
Dilip Kumar	1300
Kailash Dak	3900
M . Gurunandan	1300
Leela Devi	1300
Hansraj	1300
Manak Chand	2600
Dilip Kumar Jain	5200
Vanitha Kumari	585
Satyendra Kumar Singh	2600
Vinay Agarwal	845
Megha Gupta	4485
Rajesh Sataramdas Keshwani	260
Navin Chandra Doshi	2119
Umesh Ramanna Shetty	2587
Neelam V. Agarwal	4251
Nishi Malhotra	1300
Raman Kumar Upadhyay	1300
Shashi Upadhyay	3900
Bhuvnesh Jain	1300
Nidhi Verma	3900
Roshanlal K. Dagliya	1300
Shivpoojan Vishwakarma	1040
C. R. Doshi	10634
J. H. Doshi	10634
Yogesh Shah	120510
Total	288117154

As on 28.12.2010

List of Allottees	No. of Shares Allotted
Prabhak Kumar Verma	1000
Vivek Verma	4000
Pravin Khanna	1044
Total	6044

Equity Share Breakup (Percentage of Total Equity)

As on 30.09.2010

Category	Percentage of Holding
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	16.23
Bodies corporate	27.18
Directors or relatives of directors	55.35
Others	1.24
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Mobile Phone Batteries and Chargers.
Terms :
Purchasing :	Depend

GENERAL INFORMATION

Customers :

Wholesalers, End Users, Dealers and Distributors

No. of Employees :

More than 3000 (Approximately)

Bankers :

· State Bank of India (Lead Bank), Mid Corporate Loan, Administration Unit, R.T.O Lane, Andheri (West) Branch, Mumbai-400053, Maharashtra, India

· The Shamrao Vithal Co-operative Bank Limited, 47/A, S.M. House, Lourdes Colony, Orlem, Malad (West), Mumbai-400064, Maharashtra, India

· Union Bank of India, Goregaon (East) Branch, 172/73, Shri Sadan, Shantaben Estate, Goregaon (East), Mumbai-400063, Maharashtra, India

· Bank of India, C-5, Star House, G-Block, Bandra Kurla Complex, Bandra East, Mumbai-400051, Maharashtra, India

· Andhra Bank

· Oriental Bank of Commerce

· The Federal Bank Limited

· Allahbad Bank

· Central Bank of India

Facilities :

Secured Loans	31.03.2009 (Rs. in Millions)	31.03.2008 (Rs. in Millions)
Vehicles Loans (Secured by hypothecation of vehicles)	8.331	2.708
Term Loan from Bank (Secured by first charge on fixed assets of the company)	178.883	180.223
Buyer Credit From Banks (Secured by charge or plant and machinery and fixed deposits)	50.799	2.761
Buyer Credit from Banks (Secured by charge on current assets on fixed deposits)	418.518	92.134
Cash Credit From Bank (Secured by charge on current assets)	162.928	38.835
Total	819.459	316.661
Unsecured Loans	31.03.2009 (Rs. in Millions)	31.03.2008 (Rs. in Millions)
Inter Corporate Deposit	0.000	4.111
Total	0.000	4.111

Banking Relations :	--
Auditors :
Name :	Anil Bansal and Associates Chartered Accountant
Address :	306, Kedia Chamber, S.V. Road, Malad (West), Mumbai - 400 064, Maharashtra, India
PAN No.:	AADPB0832A
Holding Company :	Integrity Properties Private Limited
Associates/Subsidiaries :	· Maxx Mbiling Private Limited U74990MH2008PTC188380 · Maxx Digicam Private Limited

s

CAPITAL STRUCTURE

As on 28.07.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
400000000	Equity Shares	Rs.10/- each	Rs. 4000.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
288123198	Equity Shares	Rs.10/- each	Rs. 2881.232 Millions

As on 31.03.2009

Authorised Capital :

No. of Shares	Type	Value	Amount
12000000	Equity Shares	Rs.10/- each	Rs. 120.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
11619988	Equity Shares	Rs.10/- each	Rs. 116.200 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		195.320	116.200	113.815
2] Share Application Money		0.000	54.138	0.000
3] Reserves & Surplus		2555.893	237.066	89.499
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		2751.213	407.404	203.314
LOAN FUNDS
1] Secured Loans		3030.476	819.459	316.661
2] Unsecured Loans		81.245	0.000	4.111
TOTAL BORROWING		3111.721	819.459	320.772
DEFERRED TAX LIABILITIES		59.187	31.644	16.285
TOTAL		5922.121	1258.507	540.371
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1237.586	334.454	254.165
Capital work-in-progress		846.416	206.905	14.210
INVESTMENT		108.100	0.500	0.500
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	539.311	739.222	179.987
	Sundry Debtors	1926.433	1090.340	198.489
	Cash & Bank Balances	228.389	222.108	39.438
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	2060.039	167.677	48.961
Total Current Assets		4754.172	2219.347	466.875
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	972.133	1295.269	158.697
	Other Current Liabilities		185.547	27.700
	Provisions	52.020	22.465	9.369
Total Current Liabilities		1024.153	1503.281	195.766
Net Current Assets		3730.019	716.066	271.109
MISCELLANEOUS EXPENSES		0.000	0.582	0.387
TOTAL		5922.121	1258.507	540.371

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	5103.123	1699.327	501.194
		Other Income	47.490	24.371	12.213
		TOTAL (A)	5150.613	1723.698	513.407
Less	EXPENSES
		Material Cost	3997.013	1524.495	376.338
		Manufacturing & Other Expenses	57.657	9.570	30.749
		Employee Cost	88.122	39.973	0.000
		Office and Administrative Expenses	27.458	13.161	0.000
		Sales and Distribution Expenses	191.559	26.243	0.000
		Foreign Exchange Difference	0.000	127.777	0.000
		Increase/(Decrease) in Finished Goods	166.095	[215.880]	[8.737]
		TOTAL (B)	4527.904	1525.339	398.350
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		622.709	198.359	115.057
Less	FINANCIAL EXPENSES (D)		124.508	72.371	26.794
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		498.201	125.988	88.263
Less/ Add	DEPRECIATION/ AMORTISATION (F)		42.465	15.425	8.142
	PROFIT BEFORE TAX (E-F) (G)		455.736	110.563	80.121
Less	TAX (H)		35.796	20.233	10.868
	PROFIT AFTER TAX (G-H) (I)		419.940	90.330	69.253
	Add: MAT credit relating to earlier year		--		--
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		135.014	44.684	14.481
Less	APPROPRIATIONS
		Utilised for issue of bonus shares	--	--	40.000
	BALANCE CARRIED TO THE B/S		554.954	135.014	44.684
	Export Value		NA	NA	NA
	Import Value		NA	NA	NA
	Earnings Per Share (Rs.)		32.40	7.87	10.32

Particulars	31.03.2011
Sales Turnover	More than 7000.000 Millions

The above information has been parted by Mr. Jitendra (Account Manager)

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	8.15	5.24	13.49
Net Profit Margin (PBT/Sales)	(%)	8.93	6.51	15.99
Return on Total Assets (PBT/Total Assets}	(%)	7.60	4.33	15.33
Return on Investment (ROI) (PBT/Networth)		0.16	0.27	0.39
Debt Equity Ratio (Total Liability/Networth)		1.50	5.70	2.54
Current Ratio (Current Asset/Current Liability)		4.64	1.48	2.38

LOCAL AGENCY FURTHER INFORMATION

PERFORMANCE REVIEW

The year witnessed an improved performance of the company on all parameters and as a result the Company’s overall financials rebounded significantly as compared to the previous year. Total revenue of the Company is Rs. 5150.600 Millions in comparison to Rs. 1723.600 millions in the previous year, registering a growth of approx. 200%. The Profit before Tax is Rs. 455.700 millions in comparison to Rs. 110.500 millions in the previous year, registering a growth of 314 %. The Net Profit after Tax is Rs. 419.900 millions in comparison to Rs. 90.300 millions in the previous year

MANAGEMENT DISCUSSION AND ANALYSIS

Demand for Mobile Batteries

According to recent survey on Mobile Batteries, the global demand for mobile batteries was estimated at 2.41 billion units in fiscal 2009. The demand for mobile phone batteries in India was estimated at 230 million units during fiscal 2009. Domestic battery production grew at a CAGR of 24% for period between 2001 and 2009. In India, total mobile phone battery production accounts for approximately 22 million units, while imported batteries account for about 208 million units. The demand estimate takes into consideration demand from new mobile handsets and demand from replacement of existing batteries. It is estimated in the report that, on an average, batteries are replaced every two years (300-400 charge cycles). The following graph represents the demand for mobile batteries over time, including both new and replacement demands:

It is estimated that the total domestic production for batteries is approximately 22 million units, with the majority of the supply, 208 million units, stemming from imports and the demand for mobile batteries will match the mobile handset demand, and is estimated to have a growth rate of about 18% during the 2009-2017 period. As with the mobile chargers, the industry is only partly organized and hence data regarding the manufacturing numbers from unorganized sector is not available.

It is worthwhile for any Indian battery manufacturer to import their key raw materials and assemble the batteries locally rather than importing complete batteries. This is because the import duty on raw materials is just 4% whereas the import duty imposed on the assembled batteries is 34%. Vendors who import complete batteries will also have to pay an additional 3-4% anti-dumping tax. Owing to the high import duty, vendors who legally import Chinese batteries to India face a price disadvantage. Due to the taxes, there is a large grey market for Chinese mobile phone accessories like batteries and chargers. These grey market batteries may have severe limitations on performance and safety aspects which in turn could affect mobile handsets. Until recently, about 70-75% of the market was captured by the grey market. However with the stringent measures taken by the Government of India and the increasing availability of low cost domestically assembled batteries, the share of the grey market has declined to 50-55%.

Demand for Mobile Chargers

According to recent survey, the global demand for mobile phone chargers was estimated at 2.29 billion units during fiscal 2009 and demand grew at a CAGR of 16% during the 2003-09 period. The demand for mobile phone chargers in India was estimated at 210 million units during fiscal 2009 while during the 2004-09 period, domestic demand grew at a CAGR of 26%. It is estimated that chargers are replaced every three years which results in a

consistent demand. The following graph represents the demand for mobile chargers over time, including both new and replacement demands:

The estimation for total domestic production for chargers is only 25 million units, with the majority of the supply, 186 million units, stemming from imports and the demand for mobile chargers will match the mobile handset demand, which is estimated to have an average annual growth rate of about 20% during the 2009-2017 periods. Because the mobile charger industry is only partly organized, data regarding specific manufacturing numbers from unorganized sector is not available.

OPPORTUNITIES AND THREATS

The mobile manufacturing sector in India is coming of age and has developed a long-term outlook in the country. For instance, the telecom industry is listed as one of the ten sectors of the economy to perform well despite the global recession since the mobile subscriber base has not yet reached saturation point in India, especially in the rural areas. According to the study this is expected to 100 million new cellular subscribers are expected to come

from the rural areas of India over the next one or two years, moreover, the central government’s Eleventh Plan has set a target of achieving rural tele-density of 25% by means of 200 million wireless phone connections. Global players are certainly a threat; however, the big challenge for them is the complex distribution channels that are difficult to break into. Apart from these long clearance procedures at immigration counters at the airport for imported components, poor public support system and increased competition in the mobile industry has also led to increased cost and reduced margins.

OUTLOOK

The business models of Mobile/Telecom operators are being stress-tested by overcapacity led hyper-competition. With several players in the same market, operating business lower than cost, the eventual phasing out of this period of over-capacity is inevitable. The Company, with a focus on strengthening its leadership position in its incumbent manufacturing areas, and a calibrated and measured approach to newer related areas, is well placed to emerge competitively stronger. This sector provided lucrative long term opportunities for strong operators, of which the Company is one of a handful

PREFERENTIAL ALLOTMENTS

During the year, the Company has made a preferential allotment of 1,05,42,870 Equity Shares in the following tranches –

Sr. No. Date No. of Shares Total Consideration

(in millions.)

1 30/09/2009 26,50,000 662.500

2 31/03/2010 52,62,029 1315.507

3 05/04/2010 23,26,480 581.620

4 07/05/2010 2,40,000 60.000

5 26/05/2010 2,974 1.817

6 09/06/2010 43,570 26.625

7 26/06/2010 17,817 10.887

TOTAL 1,05,42,870 2658.958

The Company has utilized all funds raised from the above mentioned preferential allotment to meet capital expenditure and long term working capital requirement. The Company has also made a investment of Rs. 400.000 millions in its wholly owned subsidiary.

Issue of Bonus Shares

The Company has made a Bonus issue of 26,59,54,296 Equity Shares of Rs. 10/- each in the proportion of 12:1 Equity Shares held by the members at the date of Extra Ordinary General Meeting 29th June, 2010 by capitalization of Security premium & Profit and Loss amount of the Company.

Bankers Charges Report as per Registry

Corporate identity number of the company	U32204MH2004PLC143794
Name of the company	MAXX MOBILE COMMUNICATIONS LIMITED
Address of the registered office or of the principal place of business in India of the company	106, Chawda Industrial Estate, New Link Road, Malad (West), Mumbai - 400 064, Maharashtra, India E-Mail: info@maxxmobile.in
This form is for	Creation of Charge
Type of charge	Immovable Property Movable Property
Particular of charge holder	Bank of India, C-5, Star House, G-Block, Bandra Kurla Complex, Bandra East, Mumbai-400051, Maharashtra, India andhericorp.mumbainorth@bankofindia.co.in
Nature of description of the instrument creating or modifying the charge	1) Joint Deed of Hypothecation 2) Working Capital Consortium Agreement 3) Memorandum Of Entry (All these agreements together constitutea single charge)
Date of instrument Creating the charge	15.01.2010
Amount secured by the charge	Rs. 270.000 Millions
rief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest: 1) Cash Credit Facility a) BOI- At BPLR presently 12% p.a. b) Central Bank- BPLR + 1% or BOI rate, whichever is higher 2) Term Loan Terms of Repayment: As may be decided, form time to time, by the banks. Margin: As may be decided, by the banks Extent and Operation of the charge: To secure the due repayment of following credit facilities of Rs. 270.000 Millions granted by the followings banks to the company. 1) Bank of India: Rs. 135.000 Millions – Term Loan 2) Central Bank of India: Rs. 135.000 Millions – Term Loan
Short particulars of the property charged	All the plant and machinery, fixed asses and moveable assets All present and future stock and book debts of the company
Particulars of the present modification	The Borrowers by way of equitable mortgage by deposit of title deeds of Immovable properties at Point No. 15 has provided further security to secure the Loan Facility of Rs.3702.800 millions.

Corporate identity number of the company	U32204MH2004PLC143794
Name of the company	MAXX MOBILE COMMUNICATIONS LIMITED
Address of the registered office or of the principal place of business in India of the company	106, Chawda Industrial Estate, New Link Road, Malad (West), Mumbai - 400 064, Maharashtra, India E-Mail: info@maxxmobile.in
This form is for	Modification of charge
Charge identification number of the modified	10208014
Type of charge	Immovable Property Others (Gurarantee)
Particular of charge holder	State Bank of India (Lead Bank), Mid Corporate Loan, Administration Unit, R.T.O Lane, Andheri (West) Branch, Mumbai-400053, Maharashtra, India E-Mail: narayan.iyer@sbi.co.in
Nature of description of the instrument creating or modifying the charge	Memorandum of entry for extension of mortgage/charge. Memorandum of entry for extension/creation of mortgage/charge (For Guarantors's Properties).
Date of instrument Creating the charge	12/03/2010
Amount secured by the charge	Rs.3702.800 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest: SBI-BPLR+1%(Floating) i.e. at present 12.75%p.a. subject to revision from time to time payable at mont rests (if any member Bank charges higher rates the same shall be appl for SBI also) Terms of Repayment: SBI - 1. Existing TL of Rs.172.600 millions, Rs.40.000 millions and Rs.200.000 millions shall continue to be repaid in terms of agreements of loan for overall limits dated 22^nd April 2008 and Supplemental Agreement of loan for overall limits dated 23^rd May 2009. 2. New Term Loan of Rs.350.000 millions. Margin: Land and site Development - 100%, Building and Civil Works - 35%, Plant and machinery - 25%, Miscellaneous Fixed Assets - 32%, IDC - 100%, Contingency - 100%, Pre-operative Expenses - 100%, Margin for working Capital - 100%. Extent and Operation of the charge: Security created by way of first charge for the due repayment of all monies including the principal sums, interest, costs, charges and expenses. Others: SBI - Rs.1445.300 millions, UBI - Rs.337.500 millions, CBI - Rs.210.000 millions, BOI - Rs.210.000 millions, AB - Rs.350.000 millions, FBL - Rs.350.000 millions, ALB - Rs.400.000 millions, OBC - Rs.400.000 millions, Total - Rs.3702.800 millions. All other terms and conditions as per the agreement and sanctioned letter.
Short particulars of the property charged	A) Units bearing Nos. 106 to 110 adm 206.32 sq. mtrs (Carpet area) on the 1st Floor of the building known as "Chawda Industrial Estate'' bearing Survey Nos. 444, Hissa No. 2 (Part) and bearing C.T.S. No. 1108 of Village Malad, Taluka Borivali, within the Registration Sub-District of Mumbai Suburban Situated at Chinchvali Bunder Road, Deorukhkar Wadi (Relief Road) Malad (W), Mumbai 400 064 bounder as under - Towards East - Units No. 101-104, Towards West - Deorukhkar Road, Towards North - Unit No. 111, Towards South - Unit No. 105.
Particulars of the present modification	The Borrowers by way of equitable mortgage by deposit of title deeds of Immovable properties at Point No. 15 has provided further security to secure the Loan Facility of Rs.3702.800 millions.

This form is for

Modification of charge

Charge identification number of the modified

10101446

Corporate identity number of the company

U32204MH2004PLC143794

Name of the company

MAXX MOBILE COMMUNICATIONS LIMITED

Address of the registered office or of the principal place of business in India of the company

106, Chawda Industrial Estate, New Link Road, Malad (West), Mumbai - 400 064, Maharashtra, India

Type of charge

Book Debts

Movable Property

Others

Particular of charge holder

State Bank of India, Mid Corporate Loan, Administration Unit, R.T.O Lane, Andheri (West) Branch, Mumbai-400053, Maharashtra, India

Nature of description of the instrument creating or modifying the charge

• Supplemental Agreement of hypothecation of gods and assets (Form No. C 2-A)
• Supplemental Agreement of loan for overall limit (Form No. C 1-A)
• Letter of Regarding grant of individual limits within the overall limit (Form No. C-5)

Date of instrument Creating the charge

23.05.2009

Amount secured by the charge

Rs.935.200 Millions

Brief particulars of the principal terms an conditions and extent and operation of the charge

Rate of Interest

DCC (Stock and Book Debts) - @ SBAR i.e. 12.25%, EPC (within DCC) – As per RBI Guidelines, EBP/D (Within DCC) – As per FEDAI, Term Loan 2 (New) - @SBAR i.e. 12.25%, LC – As per FEDAI, BG- As per FEDAI

Terms of Repayment

New Term Loan of Rs.200.000 Millions

(Rs. In Millions)

Year	No. of installments	Installments amount	Amount
October 09 to Sep 15	60*	3.333*	200.000

* Last installments will be Rs.0.020 Million additional

Margin

Raw materials – 25%, Finished Goods – 30%, EPC – 10%, Book Debts/ receivables (Cover period 120 Days) – 50%, LC – 20%, BG – 20%

Extent and Operation of the charge

AS per the sanction letter and loan agreement

Others

DCC (Stock and book debts) – Rs.250.000 Millions, EPC (Within DCC) – (Rs.112.500 Millions), EBP/D (Within DCC) – (Rs.125.000 Millions), Term Loan 1 (O/S) – Rs.185.200 Millions, Term Loan 2 (New) – Rs.200.000 Millions, Letter of Credit – Rs.300.000 Millions, Bank Guarantees – (Rs.300.000 Millions), Total – Rs.935.200 Millions

All other terms ands conditions as per the sanctioned letter and loan agreement

Short particulars of the property charged

The borrower hereby agrees and declare that the said goods and assets hypothecated and charged in favour of the bank by and under the said agreement(s) shall be and stand charged in favour of the bank as a continuing security by way of first charge for the due repayment on demand on the bank of all monies including the principal sums, interest, cost, chares, expenses and other monies payable by the borrower form time to time borrower up to the increased limit to Rs.935.200 Millions

Date of latest modification prior to the present modification

12.05.2008

FIXED ASSETS:

· Leased Land

· Factory Building

· Computer and Software

· Electric Fitting

· Factory/ Office Equipment

· Furniture and Fixture ]

· Vehicles

· Office

· 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.49.07
UK Pound	1	Rs.76.65
Euro	1	Rs.66.16

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		50

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.