1. Summary Information

		Country	INDIA
Company Name	PAI INTERNATIONAL ELECTRONICS LIMITED	Principal Name 1	MR. S. RAJKUMAR PAI
Status	SATISFACTORY	Principal Name 2	MRS. MEENA RAJKUMAR PAI
		Registration #	08-035984
Street Address	28A/1, 100 FEET ROAD, INDIRA NAGAR, BANGALORE – 560 038, KARNATAKA
Established Date	04.04.2005	SIC Code	-
Telephone#	91-80-25219466	Business Style 1	SELLER
Fax #	91-80-22973818	Business Style 2	-
Homepage	-	Product Name 1	ELECTRONIC
# of employees	45 (Approximately)	Product Name 2	CONSUMER DURABLE GOODS
Paid up capital	Rs.7,700,000/-	Product Name 3	-
Shareholders	DIRECTORS OR RELATIVES OF DIRECTORS – 100%	Banking	CITI BANK
Public Limited Corp.	NO	Business Period	7 YEARS
IPO	NO	International Ins.	-
Public Enterprise	NO	Rating	Ba (41)
Related Company
Relation	Country	Company Name	CEO
-	-	-	-
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2011		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	150,129,000	Current Liabilities	128,490,000
Inventories	252,495,000	Long-term Liabilities	302.,355,000
Fixed Assets	213,663,000	Other Liabilities	42,964,000
Deferred Assets	0	Total Liabilities	473,809,000
Invest& other Assets	2,500,000	Retained Earnings	137,278,000
		Net Worth	144,978,000
Total Assets	618,787,000	Total Liab. & Equity	618,787,000
Total Assets (Previous Year)	472,151,000
P/L Statement as of	31.03.2010		(Unit: Indian Rs.)
Sales	3,230,188,000	Net Profit	34,277,000
Sales(Previous yr)	1699,952,000	Net Profit(Prev.yr)	27,033,000

MIRA INFORM REPORT

Report Date :

09.04.2012

IDENTIFICATION DETAILS

Name :	PAI INTERNATIONAL ELECTRONICS LIMITED (w.e.f. 12.06.2006)
Formerly Known As :	PAI INTERNATIONAL HOME APPLIANCE AND ELECTRONICS LIMITED
Registered Office :	28A/1, 100 Feet Road, Indira Nagar, Bangalore – 560 038, Karnataka, India
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	04.04.2005
Com. Reg. No.:	08-035984
Capital Investment/ Paid-up Capital:	Rs.7.700 Millions
CIN No.: [Company Identification No.]	U05190KA2005PLC035984
TAN No.: [Tax Deduction & Collection Account No.]	BLRP06834C
PAN No.: [Permanent Account No.]	AADCP8329B
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Seller of Electronic and Consumer Durable Goods.
No. of Employees:	45 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 580000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually 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 – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

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

LOCATIONS

Registered Office :	28A/1, 100 Feet Road, Indira Nagar, Bangalore – 560 038, Karnataka, India
Tel. No.:	91-80-25219466/ 25219467/ 22973815/ 22973817
Fax No.:	91-80-22973818
E-Mail :	bnsco@yahoo.com
Other Offices :	Located at: Indira Nagar: 100, ft Road Phone: 91-80 25219466/67 Koramangla (Samsung Plaza) Near Sukh Nagar Phone: 91-80 22973812/25503625 Koramangla 2 : Near Shanthi Sagar Phone: 91-80 41627773/74 Marathahalli: Outer Ring Road Phone: 91-80 22973820/25227437 Vijaya Nagar : Service Road Phone: 91-80 22973813/23501041  R.T. Nagar : Opposite HMT Ground Phone: 91-80 22973814/ 23539783

DIRECTORS

(As On : 30.09.2011)

Name :

Mr. Srinivasa Rajkumar Pai

Designation :

Director

Address :

No. 42, Ramaswamy Layout, New Bayappanahalli Extension, Bangalore – 560 038, Karnataka, India

Date of Birth/Age :

12.05.1963

Date of Appointment :

04.04.2005

DIN No :

01726393

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	U05190KA2005PLC035984	PAI INTERNATIONAL ELECTRONICS LIMITED	Managing director	15/10/2007	4/4/2005	-	Active	NO
2	U74900KA2008PTC046181	NAVARATNA DISTRIBUTORS PRIVATE LIMITED	Managing director	23/04/2008	23/04/2008	-	Active	NO
3	U52190KA2009PTC049408	DEVI INTERNATIONAL HOME APPLIANCES PRIVATE LIMITED	Managing director	19/03/2009	19/03/2009	-	Active	NO

Name :

Mrs. Meena Rajkumar Pai

Designation :

Director

Address :

No. 42, Ramaswamy Layout, New Bayappanahalli Extension, Bangalore – 560 038, Karnataka, India

Date of Birth/Age :

30.06.1970

Date of Appointment :

04.04.2005

DIN No :

01653949 

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	U05190KA2005PLC035984	PAI INTERNATIONAL ELECTRONICS LIMITED	Whole-time director	1/4/2006	4/4/2005	-	Active	NO
2	U74900KA2008PTC046181	NAVARATNA DISTRIBUTORS PRIVATE LIMITED	Director	23/04/2008	23/04/2008	-	Active Bottom of Form

Name :

Mr. Srinivasa Guruprasad Pai

Designation :

Director

Address :

No. 42, Ramaswamy Layout, New Bayappanahalli Extension, Bangalore – 560 038, Karnataka, India

Date of Birth/Age :

28.01.1959

Date of Appointment :

04.04.2005

DIN No :

01726532

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	U05190KA2005PLC035984	PAI INTERNATIONAL ELECTRONICS LIMITED	Whole-time director	1/4/2006	4/4/2005	-	Active	NO
2	U74900KA2008PTC046181	NAVARATNA DISTRIBUTORS PRIVATE LIMITED	Director	23/04/2008	23/04/2008	-	Active Bottom of Form

Name :

Ms. Srinivasa Pushpa

Designation :

Director

Address :

No. 42, Ramaswamy Layout, New Bayappanahalli Extension, Bangalore – 560 038, Karnataka, India

Date of Birth/Age :

08.07.1965

Date of Appointment :

04.04.2005

DIN No :

01726771

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	U05190KA2005PLC035984	PAI INTERNATIONAL ELECTRONICS LIMITED	Whole-time director	1/4/2006	4/4/2005	-	Active	NO

Name :

Mr. Guruprasad Damodar Pai

Designation :

Director

Address :

Srinivasa, 2-15-1317/4, Rock Wage Lane, Kayoor Bejai Road, Mangalore – 575004, Karnataka, India

Date of Birth/Age :

16.01.1986

Date of Appointment :

04.04.2005

DIN No :

01764747

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	U05190KA2005PLC035984	PAI INTERNATIONAL ELECTRONICS LIMITED	Whole-time director	1/4/2009	4/4/2005	-	Active	NO

Name :

Mrs. Guruprasad Asha Pai

Designation :

Director

Address :

No. 42, Ramaswamy Layout, New Bayappanahalli Extension, Mangalore – 575004, Karnataka, India

Date of Birth/Age :

15.08.1962

Date of Appointment :

04.04.2005

DIN No :

01790759

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	U05190KA2005PLC035984	PAI INTERNATIONAL ELECTRONICS LIMITED	Director	4/4/2005	4/4/2005	-	Active	NO

Name :

Mr. S. Uttam Kumar Pai

Designation :

Director

Address :

No. 423, Damodara Krupa, Kantoor Road, Alanahalli, Mysore – 570 011, Karnataka, India

Date of Birth/Age :

01.07.1960

Date of Appointment :

04.04.2005

DIN No :

01914387

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	U05190KA2005PLC035984	PAI INTERNATIONAL ELECTRONICS LIMITED	Director	4/4/2005	4/4/2005	-	Active	NO
2	U74900KA2008PTC046181	NAVARATNA DISTRIBUTORS PRIVATE LIMITED	Director	23/04/2008	23/04/2008	-	Active	NO

Name :

Mr. S. Ajith Kumar Pai

Designation :

Director

Address :

Srinivasa No. 2-15-1317/4, Kayoor Bejai Road, Mangalore – 575 004, Karnataka, India

Date of Birth/ Age:

18.02.1962

Date of Appointment :

04.04.2005

DIN No :

01764673

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	U05190KA2005PLC035984	PAI INTERNATIONAL ELECTRONICS LIMITED	Whole-time director	1/4/2009	4/4/2005	-	Active	NO
2	U74900KA2008PTC046181	NAVARATNA DISTRIBUTORS PRIVATE LIMITED	Director	23/04/2008	23/04/2008	-	Active Bottom of Form

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON : 30.09.2011)

Names of Shareholders	No. of Shares
S. Rajkumar Pai	75500
Meena Rajkumar Pai	250
S. Guruprasad Pai	250
S. Pushpa	250
G. Asha Pai	50
Nirmala	150
G. Damodar Pai	50
S. Uttam Kumar Pai	250
S. Ajith Kumar Pai	250
Total	77000

(AS ON : 30.09.2011)

Category	Percentage
Bodies corporate
Directors or relatives of directors	100.00
Other top fifty shareholders
Total	100.00

BUSINESS DETAILS

Line of Business :	Seller of Electronic and Consumer Durable Goods.
Products :	LCD TV Flat CTV AC DVD Player Digital Cameras Mobile Refrigerator etc

GENERAL INFORMATION

No. of Employees :

45 (Approximately)

Bankers :

· Citi Bank N.A., Prestige Meridian 2, 30, M.G. Road, Bangalore – 560 001, Karnataka, India

· Syndicate Bank, 663, 1^st Main, Defence Colony, Indiranagar, Bangalore-560 038, Karnataka, India

Facilities :

SECURED LOAN	31.03.2011 Rs. In Millions	31.03.2010 Rs. In Millions
Rupee term loans banks secured	86.236	88.725
Foreign currency loans banks secured	200.000	50.000
Working capital loans banks secured	1.119	77.961
Total	287.355	216.686
UNSECURED LOAN	31.03.2011 Rs. In Millions	31.03.2010 Rs. In Millions
Loan from Pai Enterprises	15.000	15.000
Total	15.000	15.000

Banking Relations :	--
Auditors :
Name :	B.N. Sudarshan and Company Chartered Accountant
Address :	No. 386/A, 5^th Main, Srinagar, Banglore-560050, Karnataka, India

CAPITAL STRUCTURE

(AS ON : 31.03.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs. 100/- each	Rs. 10.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
77000	Equity Shares	Rs. 100/- each	Rs. 7.700 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		7.700	7.700	7.700
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		137.278	104.542	78.703
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		144.978	112.242	86.403
LOAN FUNDS
1] Secured Loans		287.355	216.687	116.396
2] Unsecured Loans		15.000	15.000	0.000
TOTAL BORROWING		302.355	231.687	116.396
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		447.333	343.929	202.799
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		213.663	164.526	81.223
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		2.500	2.500	2.500
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	252.495	187.744	104.627
	Sundry Debtors	52.426	16.914	13.878
	Cash & Bank Balances	26.948	52.386	69.837
	Other Current Assets	0.000	0.353	0.452
	Loans & Advances	70.755	47.992	36.655
Total Current Assets		402.624	305.389	225.449
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	128.490	96.809	85.486
	Other Current Liabilities	0.000	0.000	0.000
	Provisions	42.964	31.713	20.959
Total Current Liabilities		171.454	128.522	106.445
Net Current Assets		231.170	176.867	119.004
MISCELLANEOUS EXPENSES		0.000	0.036	0.072
TOTAL		447.333	343.929	202.799

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	3230.188	1699.952	1440.398
		Other Income	0.962	5.225	1.134
		TOTAL (A)	3231.150	1705.177	1441.532
Less	EXPENSES
		Consumption material changes inventories	2886.393	1509.916
		Employee related Expense	63.574	30.639
		Administrative Expense	173.625	100.297
		TOTAL (B)	3123.592	1640.852	1180.757
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		107.558	64.325	54.295
Less	FINANCIAL EXPENSES (D)		47.019	19.250	17.915
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		60.539	45.075	36.380
Less/ Add	DEPRECIATION/ AMORTISATION (F)		6.529	3.350	2.287
	PROFIT BEFORE TAX (E-F) (G)		54.010	41.725	34.093
Less	TAX (H)		19.733	14.692	12.439
	PROFIT AFTER TAX (G-H) (I)		34.277	27.033	21.654
Less	Dividend on Equity Shares		0.000	1.155	0.770
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		104.542	78.703	57.819
Less	INCOME TAX ADJSTMENT FORM LAST YEAR		0.000	0.039	0.000
Less	APPROPRIATIONS
		Transfer to General Reserve
		Dividend	1.540	0.000	0.000
		Tax on Dividend
	BALANCE CARRIED TO THE B/S		137.279	104.542	78.703
	Earnings Per Share (Rs.)		445.15	351.08	281.22

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.06	1.59	14.98
Net Profit Margin (PBT/Sales)	(%)	1.67	2.45	2.36
Return on Total Assets (PBT/Total Assets}	(%)	8.76	13.55	14.95
Return on Investment (ROI) (PBT/Networth)		0.74	0.37	0.39
Debt Equity Ratio (Total Liability/Networth)		1.18	1.15	1.23
Current Ratio (Current Asset/Current Liability)		2.35	2.38	2.12

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report [Yes/No]
Year of Establishment	Yes
Locality of the Firm	Yes
Construction of the firm	Yes
Premises details	No
Type of Business	Yes
Line of Business	Yes
Promoters background	Yes
No. of Employees	Yes
Name of Person Contacted	No
Designation of contact person	No
Turnover of firm for last three years	Yes
Profitability for last three years	Yes
Reasons for variation <> 20%	-
Estimation for coming financial year	No
Capital the business	Yes
Details of sister concerns	No
Major Suppliers	No
Major Customers	No
Payment Terms	No
Export / Import Details [If Applicable]	No
Market Information	-
Litigations that the firm / promoter involved in	-
Banking Details	Yes
Banking Facility Details	Yes
Conduct of the banking account	-
Buyer visit details	-
Financials, if provided	Yes
Incorporation details, if applicable	Yes
Last accounts filed at ROC	Yes
Major Shareholders, if applicable	Yes

OUT LOOK FOR CURRENT YEAR

The company is in an expansion mode. The five own showrooms where buildings are constructed have started commercial activity during the current fiscal. The full year effect will be seen in 2010-11. It is also planning to venture to other states as well in the coming years. The company has started whole sale business of Mobile which would give a turnover of about 1000.000 millions and the overall turnover is expected to be around 3600.000 millions for 2010-2011

Bankers Charges Report as per Registry

Corporate identity number of the company	U05190KA2005PLC035984
Name of the company	PAI INTERNATIONAL ELECTRONICS LIMITED
Address of the registered office or of the principal place of business in India of the company	28A/1, 100 Feet Road, Indira Nagar, Bangalore – 560 038, Karnataka, India
This form is for	Modification of charge
Charge identification number of the charge to be modified	10007396
Type of charge	Immovable property Book debts Movable property (not being pledge) Others
Particular of charge holder	City Bank N.A., Prestige Meridian 2, 30, M.G. Road, Bangalore – 560 001, Karnataka, India
Nature of instrument creating charge	Deed of Modification Memorandum of Entry
Date of instrument Creating the charge	08.07.2011
Amount secured by the charge	Rs. 260.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest 8% p.a. Terms of repayment Repayable on demand Margin Stock:28% Book Debts :37% Plant and Machinery:37% Extent and operation of the charge First Charge on Stocks, Book Debts and Plant and Machinery
Short particulars of the property charged (Including location of the property)	Hypothecation by way of first charge on Stock, Book Debts and Plant and Machinery forming part of the Current and Movable Fixed Assets both present and future located at the premises in India. Collateral security by equitable Mortgage by deposit of title deeds of immovable properties at No.21 & 30 Banshankari III Stage Layout, Bangalore; No. 28 & 28/1, 100ft Road, Indranagar, Bangalore Property at Old No. 37 and 37/1(new Nos. 56, 57) Old Madras Road, Ulsoor, Division 79, Bangalore and No. 89B,Door No.2-17-1465/1,2,3, Kodialbail Village, Mangalore Taluk
Whether any of the property or interest therein under reference is not registered in the name of the company.	Yes
If yes, in whose name it is registers	Mr. Ajit Kumar Pai and Mr. S Rajkumar Pai
Date of instrument modifying the charge	28.06.2010
Particulars of the present modification	Limit Enhanced from Rs.190.000 Millions to Rs..260.000 Millions. Security of movable and immovable property extended to the Enhanced Limits and all other Terms and Conditions remain unchanged.

FIXED ASSETS: 

• Land and Building
• Computers
• Software
• Printer
• UPS
• Generator
• Office Equipments
• Office Interiors
• Vehicles
• Furniture and Fixtures

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. 51.05
UK Pound	1	Rs. 67.39
Euro	1	Rs. 81.09

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--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	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		46

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.