MIRA INFORM REPORT

Report Date :

22.12.2012

IDENTIFICATION DETAILS

Name :	JUNIPER HOTELS PRIVATE LIMITED (July 2004)
Formerly Known As :	SEAJULI PROPERTY AND VINIYOG PRIVATE LIMITED
Registered Office :	Off Western Express Highway, Santacruz (East), Mumbai – 400055, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	16.09.1985
Com. Reg. No.:	11-152863
Capital Investment / Paid-up Capital :	Rs.1437.000 Millions
CIN No.: [Company Identification No.]	U55101MH1985PTC152863
PAN No.: [Permanent Account No.]	AAECS6336E
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in providing Hotel Services
No. of Employees :	Information Denied By Management

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 10000000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. The latest financial are not made available with the government department. As per previous year’s record, the company performance seems to be good. Financial position of the company appears to be strong. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct and as per commitment. The company can be considered 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.

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country’s growth, which has averaged more than 7% per year since 1997. India’s diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India’s output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis – in large part because of strong domestic demand – and growth exceeded 8% year-on-year in real terms. However, India’s economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government’s fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India’s medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	BBB+ : Long Term Instrument
Rating Explanation	Having moderate degree of safety regarding timely servicing of financial obligations. It carry moderate credit risk.
Date	September, 2012

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

INFORMATION DENIED

Management Non Co-operative (91-22-66761012)

LOCATIONS

Registered Office :	Off Western Express Highway, Santacruz (East), Mumbai – 400055, Maharashtra, India
Tel. No.:	91-22-66761234/ 66761000
Fax No.:	91-22-66761235/ 66761010
E-Mail :	radha.nambiar@hyattintl.com aiyers@juniperhotels.com India.reservations@hyatt.com
Head Office :	Vakola Pipeline, Santacruz (East), Mumbai – 400055, Maharashtra, India
Tel. No.:	91-22-26195202
Corporate Office :	Dial Hospitality District, Hotel Hyatt, Delhi International Airport, Delhi – 110037, India

DIRECTORS

As on: 29.09.2012

Name :	Mr. Radhe Shyam Saraf
Designation :	Director
Address :	D 20 F, Caine Mansion, 80-88, Caine Road, Mid-Levels, Hong Kong
Date of Birth/Age :	15.08.1930
Date of Appointment :	14.01.2001
DIN No.:	00017962
Name :	Mr. Arun Kumar Saraf
Designation :	Managing Director
Address :	Grand Hyatt Residences, Off Western Express Highway , Santacruz (East), Mumbai – 400055, Maharashtra, India
Date of Birth/Age :	10.03.1959
Date of Appointment :	01.07.1998
PAN No.:	ACTPS6880M
DIN No.:	00339772
Name :	Mr. Umesh Saraf
Designation :	Director
Address :	W-120, Greater Kailash, New Delhi – 110048, India
Date of Birth/Age :	27.12.1963
Date of Appointment :	14.06.2004
PAN No.:	ABHBS6562P
DIN No.:	00017985
Name :	Ms. Pallavi Shroff
Designation :	Director
Address :	S-270, Greater Kailash Part – II, New Delhi – 110048, India
Date of Birth/Age :	22.04.1956
Date of Appointment :	13.06.2001
PAN No.:	AQPPS7388Q
DIN No.:	00013580
Name :	Mr. Rakesh Kumar Sarna
Designation :	Nominee Director
Address :	737, Washington Building, Unit 1204, Illinois 2185, Chicago - 60661
Date of Birth/Age :	29.03.1957
Date of Appointment :	12.09.2007
DIN No.:	01875340
Name :	Mr. Ganga Ram Niacanta Iyer
Designation :	Director
Address :	703, Golden Castle Sundarnagar Road No. 2, Kalina, Mumbai - 400098, Maharashtra, India
Date of Birth/Age :	22.09.1934
Date of Appointment :	13.06.2001
PAN No.:	AABPG0807E
DIN No.:	00001246
Name :	Mr. Charles Lemont Ephraim
Designation :	Director
Address :	2130, Sheridan Road, Highland Park, USA - 60035
Date of Birth/Age :	03.06.1952
Date of Appointment :	12.09.2007
DIN No.:	01875357
Name :	Mr. Peter Fulton
Designation :	Director
Address :	A, Hamid Amhed Qasim Seddiqi, (Villa – 10) 352-30C, Umsaqaim Area DM.157, Post Box 7978, Dubai
Date of Birth/Age :	15.07.1957
Date of Appointment :	05.12.2008
DIN No.:	02227963
Name :	Mr. Narendra Jamnadas Jhaveri
Designation :	Director
Address :	C-42, Samprat Residency, Opposite Parivar Society, Bodakdev, Ahmedabad – 380015, Gujarat, India
Date of Birth/Age :	09.08.1935
Date of Appointment :	13.06.2001
PAN No.:	AAAPJ2480M
DIN No.:	00198912
Name :	Mr. Tilakraj Bajalia
Designation :	Nominee Director
Address :	World Trade Centre, Cuffee Parade, Mumbai – 400005, Maharashtra, India
Date of Birth/Age :	25.12.1953
Date of Appointment :	01.11.2010
PAN No.:	ABLPB5232B
DIN No.:	02291892

KEY EXECUTIVES

Name :	Mr. Subramanian Naganath Iyer
Designation :	Secretary
Address :	A-603, Twin Towers, Aundh, Pune – 411007, Maharashtra, India
Date of Birth/Age :	19.07.1958
Date of Appointment :	25.02.2010
PAN No.:	AABPI5956J

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 29.09.2012

Names of Shareholders	No. of Shares
Saraf Hotels Limited, Mauritius	71850000
Two Seas Holdings Limited, Mauritius	71850000
Total	143700000

Equity Share Break up (Percentage of Total Equity)

As on: 29.09.2012

Category	Percentage
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in providing Hotel Services

GENERAL INFORMATION

No. of Employees :

Information Denied By Management

Bankers :

• Kotak Mahindra Bank Limited, 36-38A, Nariman Bhavan, 227, D, Nariman Point, Mumbai - 400021, Maharashtra, India
• Punjab National Bank, Large Corporate Branch, A-9, Connaught Place, New Delhi, India
• Central Bank of India
• ICICI Bank Limited
• State Bank of India
• Axis Bank Limited, Universal Insurance Building Sir P. M. Road, Fort, Mumbai-400001, Maharashtra, India
• IDBI Bank Limited
• Jammu and Kashmir Bank Limited

· Axis Bank Limited, Corporate Banking Branch, Axis Bank, Bombay Dyeing, Mills Compound, Pandurang Budhkar Marg, Worli, Mumbai – 400025, Maharashtra, India

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Fully Convertible Debentures	240.000	280.000
Term Loans Banks Secured	4983.681	4337.407
Working Capital Loans Secured	89.587	101.113
Loans taken for Vehicles	8.315	12.000
Total	5321.583	4730.520

Notes :

a) Term Loans of Grand Hyatt Mumbai and EPCG Bank Guarantee are secured by: i) Joint equitable mortgage by deposit of title deeds of freehold land admeasuring 42,270.80 square meters or thereabout situated at Vakola, Mumbai, together with all buildings and structures constructed or erected thereon and all the plant and machinery both present and future installed / to be installed therein on first pari passu charge. The title deeds are deposited with IDBI, acting for itself and on behalf of other lenders with their consent; ii) Assignment of lease rental receivables from shops/offices contained in Grand Hyatt Plaza; iii) Hypothecation of all present and future movable assets; and iv) Second pari-passu charge on the book debts and stocks of the Company. b) Optionally Fully Convertible Debentures (OFCD) of Rs.240.000 Millions (Previous Year Rs.280.000 Millions) are secured by legal mortgage of the above freehold land together with all buildings and structures constructed or erected thereon, all plant and machinery and all other movables, both present and future installed/to be installed therein on first pari passu charge in favour of IDBI Trusteeship Services Limited., who are Trustees for the Debenture holders, namely IDBI Bank Limited. The option of conversion of debentures lapsed on April 30, 2005 as the Debenture holders did not exercise their option of conversion into equity shares of the Company. c) The Working Capital facility is secured by way of charge on movable assets of the Company including book debts and the car loan by hypothecation of the cars. d) Term Loan for Ahmedabad and Delhi Projects : i) First Pari passu mortgage and charge on all the immovable properties of Ahmedabad and Delhi Projects both present and future except on asset area no.1 i.e. land of Delhi hotel), ii) First Pari passu hypothecation charge on entire movable assets (present and future) of Ahmedabad and Delhi projects, iii) First Pari passu charge on the entire current assets, present and future of Ahmedabad and Delhi projects, iv) Assignment of all rights and entitlements related to project documents, LC, guarantees and performance bond for the project, both present and future.

Banking Relations :	--
Auditors :
Name :	S R Batliboi and Company Chartered Accountants
Address :	6^th Floor, Express Towers, Nariman Point, Mumbai-400021, Maharashtra, India
Tel. No.:	91-22-66579200
Fax No.:	91-22-22876401
PAN No.:	AALFZS0506L
Subsidiary Company:	Mahima Holding Private Limited CIN No.: U67120MH1996PTC098688
Others :	Saraf Hotels Limited, Mauritius Two Seals Holding Limited, Mauritius
Enterprises which are owned, or have significant influence of or are partners with Key Management personnel and their relatives :	Asian Hotels (East) Limited CIN No.: L15122WB2007PLC162762 Blue Energy Private Limited CIN No.: U40107MH2008PTC1778550 · Chartered Hotels Private Limited CIN No.: U55101MH1996PTC180473 Yak and Yeti Hotel Limited Taragaon Regency Hotels Limited Robust Hotels Private Limited CIN No.: U55101TN2007PTC062085
Subsidiary Company:	Mahima Holding Private Limited CIN No.: U67120MH1996PTC098688

CAPITAL STRUCTURE

As on: 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
190000000	Equity Shares	Rs.10/- each	Rs. 1900.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
143700000	Equity Shares	Rs.10/- each	Rs. 1437.000 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		1437.000	1437.000	1437.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		2014.134	1692.984	1514.256
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		3451.134	3129.984	2951.256
LOAN FUNDS
1] Secured Loans		5321.583	4730.520	3491.722
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		5321.583	4730.520	3491.722
DEFERRED TAX LIABILITIES		376.287	351.506	348.204
TOTAL		9149.004	8212.010	6791.182
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		6177.371	6342.444	6584.075
Capital work-in-progress		1782.831	806.002	36.517
INVESTMENT		51.720	121.720	121.720
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	88.425	92.934	104.055
	Sundry Debtors	130.858	172.281	179.056
	Cash & Bank Balances	128.107	64.462	165.750
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	1523.086	1228.579	110.607
Total Current Assets		1870.476	1558.256	559.468
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	324.578	253.662	252.809
	Other Current Liabilities	411.581	402.588	360.989
	Provisions	60.563	34.121	25.916
Total Current Liabilities		796.722	690.371	639.714
Net Current Assets		1073.754	867.885	(80.246)
MISCELLANEOUS EXPENSES		63.328	73.959	129.116
TOTAL		9149.004	8212.010	6791.182

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		SALES AND OTHER INCOME	3040.700	2759.400	3320.300
		TOTAL (A)	3040.700	2759.400	3320.300
Less	EXPENSES
		Office Expenses	1881.100	1696.900	1688.400
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)	1881.100	1696.900	1688.400
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1159.600	1062.500	1631.900
Less	FINANCIAL EXPENSES (D)		435.100	466.600	394.100
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		724.500	595.900	1237.800
Less/ Add	DEPRECIATION/ AMORTISATION (F)		227.500	318.900	368.700
	PROFIT BEFORE TAX (E-F) (G)		497.000	277.000	869.100
Less	TAX (H)		175.800	98.300	261.800
	PROFIT AFTER TAX (G-H) (I)		321.200	178.700	607.300
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1511.100	1362.400	785.100
Less	APPROPRIATIONS
		Transfer to Debenture Redemption Reserve	30.000	30.000	30.000
	BALANCE CARRIED TO THE B/S		1802.300	1511.100	1362.400
	EARNINGS IN FOREIGN CURRENCY		1123.900	1138.803	1351.394
	IMPORTS
		Capital Goods	NA	NA	23.526
		Food, Beverage, Wines, Liquors and Others	NA	NA	18.463
	TOTAL IMPORTS		NA	NA	41.989
	Earnings Per Share (Rs.)		2.24	1.24	4.23

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	10.56	6.48	18.29
Return on Total Assets (PBT/Total Assets}	(%)	6.17	3.51	13.36
Return on Investment (ROI) (PBT/Networth)		0.14	0.09	0.29
Debt Equity Ratio (Total Liability/Networth)		1.77	1.73	1.39
Current Ratio (Current Asset/Current Liability)		2.35	2.26	0.87

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS

(Rs. In Millions)

PARTICULARS	31.03.2011	31.03.2010	31.03.2009
Sundry Creditors	324.578	253.662	252.809
Total	324.578	253.662	252.809

Sr. No.	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	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	No
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U55101MH1985PTC152863
Name of the company	JUNIPER HOTELS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Off Western Express Highway, Santacruz (East), Mumbai – 400055, Maharashtra, India Email Id : aiyers@juniperhotels.com
This form is for	Modification of charge
Type of charge	Movable property (not being pledge) Immovable Property Others Book debts
Particular of charge holder	Kotak Mahindra Bank Limited, 36-38A, Nariman Bhavan, 227, D, Nariman Point, Mumbai - 400021, Maharashtra, India kaustubh.padwal@kotak.com
Nature of description of the instrument creating or modifying the charge	Letter for release of charge and no dues certificate –TL I and TL II
Date of instrument Creating the charge	22.11.2012
Amount secured by the charge	Rs. 720.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest As per Bank’s Sanction Letter Terms of repayment As per Bank’s Sanction Letter Margin As per Bank’s Sanction Letter Extent and operation of the charge CC, LC(Inland and Foreign),WCDL, BG - 1st pari passu charge on all current assets of the borrower and 2nd pari passu charge on moveable fixed assets of the Borrower. TL III, TL IV and Stand by WCDL loan-1st pari passu charge on all current assets of the Borrower. Second charge on Immovable property of the borrower situated at Kole Kalyan, Vakola, Mumbai.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	· The whole of the Borrower's current assets and moveable fixed assets both present and future. · All those piece and parcel of land adms 42,270.80q.mtrs. situated at Kole Kalyan, Vakola, Mumbai.
Date of instrument modifying the charge	15.02.2012
Particulars of the present modification	Bank had granted facilities of Rs. 370.000 Millions which was secured by Hypothecation of current and moveable fixed assets of the Borrower on 31.03.2009. Said charge was modified on 13.06.2009, 05.08.2009, 24.12.2009, 31.12.2010, 21.01.2011 and 15.02.2012. Now Company repaid TL I and II facility aggregating to Rs. 300.000 Millions, hence bank has released charge of Rs. 300.000 Millions as per attached NOC and said charge now stands reduced to Rs 720.000 Millions.

PERFORMANCE OF THE HOTEL

During the year, Grand Hyatt Mumbai completed its Sixth full year of operation. The Hotel achieved a total turnover of Rs.3040.700 Millions (Rs.2759.400 Millions in 2009-10) on which it made profit before tax of Rs.497.000 Millions (Rs.277.000 Millions in the previous year) After accounting for total tax provision of Rs.175.800 Millions, the Company’s net profit after tax for the year amounted to Rs.321.200 Millions as against Rs.178.700 Millions in 2009-10. The rise in the turnover and profitability of the Company as compared to the previous year was generally due to some improvement in ARR and room occupancy. More specifically, depreciation provision for the year was lower and further, with the repayment of certain loans, there was reduction in interest costs.

Although competition from other comparable hotels in its area of operation is on the rise, the Company hopes to improve upon its growth and profitability in the current year, cashing in on its known and established brand name.

NEW PROJECTS

The Company’s new 5 Star Hotel Projects in Ahmedabad and New Delhi are making satisfactory progress. The requisite statutory and other approvals for the establishment of the Hotels have been received and project work is under way. According to present indications, the Ahmedabad Hyatt Regency Project with about 275 rooms will be completed by February 2013 and the Delhi DIAL Project with about 384 rooms and 145 apartments by July 2013, both as per schedule and within the estimated capital cost.

FIXED ASSETS

● Hotel building

● Land (Free hold)

● Plant and Machinery

● Electrical Installations

● Furniture and Fixture

● Hotel Equipment

● Office Equipment

● Vehicle

● Computer

● Computer Software

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs. 55.09
UK Pound	1	Rs. 89.54
Euro	1	Rs. 72.77

INFORMATION DETAILS

Information Gathered by :	PJA
Report Prepared by :	UDS

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	5
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		45

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.