MIRA INFORM REPORT

Report Date :

20.07.2012

IDENTIFICATION DETAILS

Name :	JHS TAIGENE ELECTRICAL COMPANY PRIVATE LIMITED
Registered Office :	G-92, D-III, MIDC, Chinchwad, Pune-411019, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	25.09.1998
Com. Reg. No.:	11-012907
Paid-up Capital :	Rs. 31.000 Millions
CIN No.: [Company Identification No.]	U52334PN1998PTC012907
TAN No.: [Tax Deduction & Collection Account No.]	PNEJ04616D
Legal Form :	Private Limited Liability Company
Line of Business :	Exporter and Importer of Automobile Components, Spare Parts, Accessories Including Storage Battery For Automobile Application And Auto Servicing Garage Equipments.
No. of Employees :	Not Available

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 450000
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 :	G-92, D-III, MIDC, Chinchwad, Pune-411019, Maharashtra, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	Mandarsathe.cs@gmail.com anjali.talvatkar@gmail.com sec@kmcl.kineticindia.com
Warehouse :	Gat No 436 A/2, Village Takwe Budruk Taluka Maval, Vadgaon Maval, Pune 412106, Maharashtra, India
Tel. No.:	91-2114-244024/244302/952114 (Local)
Fax No.:	91-2114-244301

DIRECTORS

AS ON 30.09.2011

Name :	Mr. Arunkumar Hastimal Firodia
Designation :	Director
Address :	Swagat Plot No. 20l, SMT Pankunwar Firodia Path, Pune-411016, Maharashtra, India
Date of Birth/Age :	23.03.1943
Date of Appointment :	30.09.1999
DIN No.:	00057324

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U65993MH1982PTC026555	AJINKYS HOLDINGS PRIVATE LIMITED	Director	05/03/1982	05/03/1982	-	Active	NO
2	L35911PN1984PLC141257	KINETIC MOTOR COMPANY LIMITED	Whole-time director	03/10/1984	03/10/1984	-	Active	NO
3	L35912MH1970PLC014819	KINETIC ENGINEERING LIMITED	Whole-time director	01/07/1987	01/07/1987	-	Active	NO
4	U74999MH1995PTC089588	KINETIC COMMUNICATIONS LIMITED	Director	15/06/1995	15/06/1995	03/09/2007	Active	NO
5	U74999MH1996PLC096927	KINETIC MARKETING AND SERVICES LIMITED	Director	06/02/1996	06/02/1996	-	Active	NO
6	L29130PN1981PLC023734	Z F STEERING GEAR (INDIA) LIMITED	Director	26/03/1996	26/03/1996	14/07/2010	Active	NO
7	U50101MH1996PLC099643	KINETIC HYUNDAI ELEVATOR AND MOVEMENT TECHNOLOGIES LIMITED	Director	17/05/1996	17/05/1996	-	Active	NO
8	U63090PN1996PLC100898	JAYA HIND SCIAKY LIMITED	Director	10/07/1996	10/07/1996	-	Amalgamated	NO
9	U72200PN1996PTC104784	KINETIC HANKUK ELECTRICALS AND ELECTRONICS PRIVATE LIMITED	Director	31/12/1996	31/12/1996	-	Active	NO
10	U34300MH1983PLC030666	JAYA HIND SCIAKY LIMITED	Director	19/03/1998	19/03/1998	-	Active	NO
11	U52334PN1998PTC012907	JHS TAIGENE ELECTRICAL COMPANY PRIVATE LIMIITED	Director	30/09/1999	30/09/1999	-	Active	NO
12	U74220PN2002NPL017463	NATIONAL AGRICULTURE AND FOOD ANALYSIS AND RESEARCH INSTITUTE	Director	29/11/2002	29/11/2002	-	Active	NO
13	U91110PN2004NPL019210	AUTO CLUSTER DEVELOPMENT AND RESEARCH INSTITUTE LIMITED	Director	30/04/2004	30/04/2004	02/05/2012	Active	NO
14	U34300PN2006PTC128831	DUCATI ENERGIA (INDIA) PRIVATE LIMITED	Director	08/03/2007	08/03/2007	-	Active	NO
15	U34100MP2008PLC020492	KINETIC AUTO LIMITED	Director	25/03/2008	25/03/2008	-	Active	NO
16	U74900PN2010PTC137505	KARINA TOURISM AND ADVENTURES PRIVATE LIMITED	Director	11/10/2010	11/10/2010	-	Active	NO
17	U31101PN2011PLC139837	KINETIC GREEN ENERGY AND POWER SOLUTIONS LIMITED	Director	13/06/2011	13/06/2011	-	Active	NO
18	U36900PN2011PTC141555	KINETIC KIDS PRODUCTS PRIVATE LIMITED	Director	08/12/2011	08/12/2011	-	Active	NO

Name :	Mr. Manish Mohan Motwani
Designation :	Managing Director
Address :	C 3 Abhimanshree Co Operative Housing Society, NCL Road, Pune-411007, Maharashtra, India
Date of Birth/Age :	02.10.1967
Date of Appointment :	17.03.2000
DIN No.:	00394860

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U74999MH1996PLC096927	KINETIC MARKETING AND SERVICES LIMITED	Director	06/02/1996	06/02/1996	Active	NO
2	U74999MH1995PTC089588	KINETIC COMMUNICATIONS LIMITED	Managing director	01/05/1997	01/05/1997	Active	NO
3	L29130PN1981PLC023734	Z F STEERING GEAR (INDIA) LIMITED	Director	23/06/1998	23/06/1998	Active	NO
4	U50101MH1996PLC099643	KINETIC HYUNDAI ELEVATOR AND MOVEMENT TECHNOLOGIES LIMITED	Director	17/03/2000	17/03/2000	Active	NO
5	U52334PN1998PTC012907	JHS TAIGENE ELECTRICAL COMPANY PRIVATE LIMIITED	Managing director	17/03/2000	17/03/2000	Active	NO
6	U72200PN2000PTC014784	CHRYSALIS FINANCIAL SERVICES PRIVATE LIMITED	Director	22/06/2000	22/06/2000	Active	NO
7	U63090PN1996PLC100898	JAYA HIND SCIAKY LIMITED	Director	28/09/2002	28/09/2002	Amalgamated	NO
8	U34300PN2006PTC128831	DUCATI ENERGIA (INDIA) PRIVATE LIMITED	Director	31/07/2006	31/07/2006	Active	NO
9	U72200PN1996PTC104784	KINETIC HANKUK ELECTRICALS AND ELECTRONICS PRIVATE LIMITED	Director	30/08/2006	30/08/2006	Active	NO
10	U74999PN2008PTC131793	KINETIC AUTO PARKING SYSTEMS PRIVATE LIMITED	Director	09/04/2008	09/04/2008	Active	NO
11	U27310PN2008PTC132284	CHRYSALIS CASTING PRIVATE LIMITED	Director	20/06/2008	20/06/2008	Active	NO
12	U45300MH2007PTC174124	SITARAM REAL ESTATE DEVELOPERS PRIVATE LIMITED	Director	01/04/2009	01/04/2009	Active	NO
13	U34300MH1983PLC030666	JAYA HIND SCIAKY LIMITED	Additional director	25/09/2009	25/09/2009	Active	NO
14	U74990MH2009PTC195124	KINETIC FGTECNOPOLO ENGINEERING SERVICES PRIVATE LIMITED	Additional director	15/12/2010	15/12/2010	Active	NO

Name :	Mr. Hui Ching Chung
Designation :	Director
Address :	5F No. 20ll, Lane No. 50l, Tienmu West Road, Taipei Taiwan, Republic of China
Date of Birth/Age :	07.07.1960
Date of Appointment :	01.04.2000
DIN No.:	02209698
Name :	Mr. Shang Lin Chung
Designation :	Director
Address :	4-F No 12, LN 219 Sec 1 FU-Shing, South Road, Taipei, Taiwan, Republic of China
Date of Birth/Age :	28.04.1928
Date of Appointment :	01.04.2000
DIN No.:	02209709
Name :	Mr. Kang Yea Chung
Designation :	Director
Address :	14 F No. 46, Twenty Changtdshing Dien, Taipei, Taiwan, Republic of China
Date of Birth/Age :	18.10.1960
Date of Appointment :	01.04.2000
Name :	Mr. Shreenivasa Nittur Murthy
Designation :	Director
Address :	RM 85, Aishwarya G Block, MIDC, Sambhaji Nagar, Pune-411019, Maharashtra, India
Date of Birth/Age :	14.11.1957
Date of Appointment :	10.09.2004
Name :	Mr. Seiichi Tatsuta
Designation :	Director
Address :	8 F 5 No.9, Lane 65, Chungshan North Road, Sector 2, Taipei, Taiwan-104, Republic of China
Date of Birth/Age :	05.09.1951
Date of Appointment :	09.06.2011

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
Jaya Hind Sciaky Limited – India	1395000
Taigene Electric Machine Company Limited – Republic of China	1395000
Sojitz Taiwan Corporation – Republic of China	310000
TOTAL	3100000

AS ON 30.09.2011

Equity Shares Break Up	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	55.00
Bodies corporate	45.00
TOTAL	100.00

BUSINESS DETAILS

Line of Business :

Exporter and Importer of Automobile Components, Spare Parts, Accessories Including Storage Battery For Automobile Application And Auto Servicing Garage Equipments.

Products :

Product Description	ITC Code
Starter Motors	85114000
Motor Assembly	85114000
Fan Motor	870899002 / 87149990

PRODUCTION STATUS (AS ON : 31.03.2011)

Particulars	Unit	Installed Capacity	Actual Production
Starter Motor	Nos.	720000	212636
Motor Assembly	Nos.	360000	181834
Fan Motor Assembly	Nos.	420000	321742

NOTE

Installed capacity as certified by the Director and accepted by auditors.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

• The Hongkong and Shanghai Banking Corporation Limited, 52/60 Mahatma Gandhi Road, Fort, Mumbai-400001, Maharashtra, India
• Canara Bank, Pimpri Branch, Umed Bhavan, Station Road, Pimpri, Pune-18, Maharashtra, India
• HDFC Bank Limited, HDFC Bank House Senapati Bapat Marg, Lower Parel (West), Mumbai-400013, Maharashtra, India

Facilities :

Unsecured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
a) Short Term Loans and Advances	0.000	0.000
b) Other Loans and Advances
i) From Banks	0.000	0.000
ii) Others
Deposit from Directors / Relatives	1.000	1.000
Loan from Jaya Hind Sciaky Limited (Due within one year Rs. 3.352 Millions [Rs. 1.574 Millions])	7.352	7.478
Loan from Taigene Electric Machinery Company Limited, Taiwan (Due within one year Rs. 1.748 Millions [Rs. 1.737 Millions])	6.119	7.818
Interest accrued and due on Loans	0.631	0.328
Total	15.102	16.624

Banking Relations :	--
Auditors :
Name :	P G Bhagwat Chartered Accountant
Address :	Suit 101-102, Orchard Dr. Pal Marg, Baner, Pune-411045, Maharashtra, India
Tel. No.:	91-20-27290771/27291772/27291773
Fax No.:	91-20-27290774
E-mail :	pgbhagwat@vsnl.com
Website :	www.pgbhagwatca.com
Pan No.:	AAAFB0762E
Associates :	Taigene Electric Machinery Company Limited
Enterprises over which key Managerial Personnel or their Relatives are able to exercise Significant influence :	· Ducati Energia India Private Limited · Kinetic Communication Limited · Jaya Hind Sciaky Limited · Kinetic Engineering Limited · Kinetic Hyundai Elevators Movement Tech Limited · Chrysalis Casting Private Limited · Kinetic Motor Company Limited

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
3250000	Equity Shares	Rs.10/- each	Rs. 32.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3100000	Equity Shares	Rs.10/- each	Rs. 31.000 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		31.000	31.000	31.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		81.521	70.754	57.994
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		112.521	101.754	88.994
LOAN FUNDS
1] Secured Loans		0.000	0.000	26.061
2] Unsecured Loans		15.102	16.624	18.125
TOTAL BORROWING		15.102	16.624	44.186
DEFERRED TAX LIABILITIES		5.823	3.462	5.485
TOTAL		133.446	121.840	138.665
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		58.635	52.383	78.653
Capital work-in-progress		0.000	7.246	19.410
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	44.587	18.862	15.480
	Sundry Debtors	83.789	66.382	45.272
	Cash & Bank Balances	16.720	15.098	2.059
	Other Current Assets	3.347	3.174	3.552
	Loans & Advances	14.960	13.880	20.127
Total Current Assets		163.403	117.396	86.490
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	80.542	50.600	36.195
	Other Current Liabilities	8.050	4.585	9.693
	Provisions	0.000	0.000	0.000
Total Current Liabilities		88.592	55.185	45.888
Net Current Assets		74.811	62.211	40.602
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		133.446	121.840	138.665

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	338.572	158.451	136.100
		Other Income
		TOTAL	338.572	158.451	136.100
Less	EXPENSES
		Office Expenses	321.766	143.058	127.463
		Administrative Expenses
		Advertising Expenses
		TOTAL	321.766	143.058	127.463
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		16.806	15.393	8.637
Less/ Add	DEPRECIATION/ AMORTISATION		0.000	4.593	10.254
	PROFIT BEFORE TAX		16.806	10.800	(1.617)
Less	TAX		6.039	(1.960)	(0.660)
	PROFIT AFTER TAX		10.767	12.760	(0.957)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		67.554	54.794	55.751
	BALANCE CARRIED TO THE B/S		78.321	67.554	54.794
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	26.461	55.659	59.813
	TOTAL EARNINGS		26.461	55.659	59.813
	IMPORTS
		Raw Materials	83.027	20.739	9.663
		Capital Goods	5.409	5.708	14.577
		Others	0.146	0.090	0.233
	TOTAL IMPORTS		88.582	26.537	24.473
	Earnings Per Share (Rs.)		3.47	4.12	(0.31)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	3.18	8.05	(0.70)
Return on Total Assets (PBT/Total Assets}	(%)	7.57	6.36	(0.98)
Return on Investment (ROI) (PBT/Networth)		0.15	0.11	(0.02)
Debt Equity Ratio (Total Liability/Networth)		0.97	0.74	1.01
Current Ratio (Current Asset/Current Liability)		1.84	2.13	1.88

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report (Yes / No)
1. Year of Establishment	Yes
2. Locality of the firm	Yes
3. Constructions 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	Yes
21. Market information	------
22. Litigations that the firm / promoter involved	------
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	Yes
30. Major Shareholders, if available	Yes

NOTE

Registered office has been shifted from D1 Block, Plot No.18/1, Chinchwad, Pune-411019, Maharashtra, India to the present address w.e.f.16.03.2009

OUTLOOK

The company performance during the financial year 10-11 was satisfactory.

FORM 8

Corporate identity number of the company	U52334PN1998PTC012907
Name of the company	JHS TAIGENE ELECTRICAL COMPANY PRIVATE LIMIITED
Address of the registered office or of the principal place of business in India of the company	G-92, D-III, MIDC, Chinchwad, Pune-411019, Maharashtra, India
This form is for	Creation of charge
Type of charge	· Book debts · Movable property (not being pledge) · Floating charge · Others
Particular of charge holder	HDFC Bank Limited, HDFC Bank House Senapati Bapat Marg, Lower Parel (West), Mumbai-400013, Maharashtra, India
Nature of instrument creating charge	Letter of Hypothecation of Stocks Book Debts and Machinery.
Date of instrument Creating the charge	13.04.2012
Amount secured by the charge	Rs. 27.500 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest Cash Credit/WCDL-13% p.a.(BR of Bank +300bps).Current Base Rate is 10%.EPC/PCFC- Mutually at Drawdown. Buyers Credit-as per Buyers Credit quote received from Overseas bank in foreign currency. Terms of repayment CC on Demand, Working Capital Demand Loan-On maturity, Buyer's credit-on Bullet payment of principal on maturity date Margin CC/WCDL: Inventory-Uniform Margin of 25% on all components of Inventory. Obsolete Stocks excluded for purpose of Drawing Power Calculation. Book Debts: Margin 25%.Debtors ageing more than 90 days excluded for the purpose of Drawing Power Calculation. EPC/PCFC: Inventory-Uniform margin of NIL% on components of inventory. Bank Guarantee: Financial Guarantees 10% as fixed deposits, Non Financial Guarantees-10%as fixed deposits. Letters of Credit: Cash Margin-10%as fixed deposit. Buyers Credit-10%as fixed deposit. Extent and operation of the charge CC/WCDL/EPC/PCFC/Bank Guarantee/Letters of Credit/Buyers Credit-Security: Exclusive first charge on all current assets of the company. Exclusive first charge on all movable fixed assets of the company(Present and future). Other Bank Guarantee: Commission: Financial Guarantees 1.25%p.a payable upfront subject to Min 0.001 Million for max tenor of 36 months (including claim period). Non financial guarantees-1.25% p.a payable upfront subject to Min 1000/- for max tenor of 36 months (including claim period). Letters of Credit:-Commission: As per FEDAI Rates.
Short particulars of the property charged (Including location of the property)	Stock in Trade both present and future consisting of Raw Materials, finished goods, goods in process of manufacturing, other merchandise being movable properties now or at any time stored/belonging to us. Book Debts, outstanding monies receivable, claims and bills now due and owing or may become due in course of business by any person, firm company body corporate or Government Department /Municipal / Local / Public / Semi Government etc Movable Plant and Machinery, movable fixed assets present and future now stored at JHS Taigene Electrical Company Private Limited Gat No.436-A/1,KanheTakwe Road At Post Takwe(BK) Taluka Maval District Pune 412106 Plant and Machinery now or at any time stored/belonging to them, at their disposal, in course of transit, awaiting transit by any mode of transport to their factory premises, in their possession / occupation.

FIXED ASSETS

· Building

· Plant and Machinery

· Furniture

· Computer

· Vehicles

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. 55.38
UK Pound	1	Rs. 86.74
Euro	1	Rs. 68.06

INFORMATION DETAILS

Information Gathered by :	--
Report Prepared by :	DPT

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.