MIRA INFORM REPORT

Report Date :

20.11.2012

IDENTIFICATION DETAILS

Name :	LITURA ELECTRICAL TECHNOLOGIES PRIVATE LIMITED
Registered Office :	Office No. 29/30, Ambika Tower, Wing B, Ground Floor, Rajmata Jijabai Road, Opposite Aghadi Ngar, Andheri (East), Mumbai – 400093, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	12.02.2004
Com. Reg. No.:	11-144490
Capital Investment / Paid-up Capital :	Rs.1.000 Million
CIN No.: [Company Identification No.]	U31100MH2004PTC144490
TAN No.: [Tax Deduction & Collection Account No.]	MUML04869E
PAN No.: [Permanent Account No.]	AAACL9786B
Legal Form :	Private Limited Liability Company
Line of Business :	Electrical Engineers and Licensed Contractors
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

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

Maximum Credit Limit :	USD 210000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is a well established company having satisfactory track record. Financially company has performed well in the current company. Performance appears to be good. 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 dealing at usual trade terms and condition.

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	CRISIL
Rating	NSIC Rating = SEIB
Rating Explanation	Financial strength is moderate and performance capacity is highest.
Date	January 2011

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 DECLINED BY

Management Non-Cooperative (91-22-28390380)

LOCATIONS

Registered Office :	Office No. 29/30, Ambika Tower, Wing B, Ground Floor, Rajmata Jijabai Road, Opposite Aghadi Ngar, Andheri (East), Mumbai – 400093, Maharashtra, India
Tel. No.:	91-22-28394289 / 28390380
Fax No.:	91-22-28389741
E-Mail :	litura_e@vsnl.com mu@litura.in response@litura.in
Website :	http://www.litura.in
Pune Branch :	Kapre Commercial Complex, Sr. No. 150, Magarpatta Road, 1^st/2^nd Floor, Hadpsar, Pune – 411 028, Maharashtra, India
Tel. No.:	91-20-65260231/ 64100284
E-Mail :	pune@litura.in
Delhi Branch :	103, Agarwal Plaza, Plot No-6, Local Shopping Complex, CU Block, Pitampura, Delhi – 110034, India
Tel. No.:	91-11-27344828
Mobile No.:	91-9810042338 (Mr. Neeraj Garg)
E-Mail :	response@litura.in
Benguluru Branch :	No.73, 27th Main BTM, 1^st Stage, 2^nd Cross, Bangalore – 560068, Karnataka, India
Tel. No.:	91-80-41104546 / 41104259
Fax No.:	91-80-25704238
E-Mail :	response@litura.in

DIRECTORS

As on 27.09.2012

Name :	Mr. Sanjay Murlidhar Shah
Designation :	Director
Address :	C Labhsrushti 203, Vallabh Bahi Road, Parle (West), Mumbai – 400056, Maharashtra, India
Date of Birth/Age :	10.08.1968
Date of Appointment :	12.02.2004
DIN No.:	00865214
Name :	Mr. Laxminarsinha Prajad Venkatrama Chilakmarri
Designation :	Director
Address :	D/111, Sai Jyot, lalubhai Park Lane, Vile Parle (West), Mumbai – 400056, Maharashtra, India
Date of Birth/Age :	02.01.1960
Date of Appointment :	12.02.2004
DIN No.:	00865326
Name :	Mr. Rajesh Murlidhar Shah
Designation :	Director
Address :	501, Everest Terrace, Tejpal Road, Near Biscuit Factory, Vile Parle East, Mumbai – 400057, Maharashtra, India
Date of Birth/Age :	05.09.1962
Date of Appointment :	12.02.2004
DIN No.:	02396854

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 27.09.2012

Names of Shareholders	No. of Shares
Rajesh Shah	12600
Rajesh Shah HUF	19900
Sanjay Shah	32500
C L Prasad	32500
Darshana Shah	833
Ila Shah	834
Sujata Prasad	833
Total	100000

As on 27.09.2012

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Electrical Engineers and Licensed Contractors

GENERAL INFORMATION

Suppliers :

· AKG Industries

· Alpha Lite

· Amijay Engineers

· Arrow Engineers

· Asian Retail Lighting Limited

· Atharva Infrastructures

· B. E. C. Conduits Private Limited

· B. E. C. Industries

· Bhumi Electricals

· Blue Rays

· B.R.Enterprises

· Brothers Trading Company

· Cee-Pee Enterprises

· Circuit House

· Ddin's Electricals

· Divyajyot Pipe Stores

· Eagle Enterprises

· Elecsol

· Enjay Industries

· Essen Electrical Enterprise

Customers :

· J.P. Morgan Services India Private Limited

· The Bank of New York Mellon

· Barclays Technology Center India Private Limited

· India Capital Research and Advisors Private Limited

· Khaitan and Company

· Amdocs Development Center India Private Limited

· Bharti Airtel Limited

· Tata Teleservices Private Limited

· Calyon Bank

· International Finance Corporation

· General Mills India Private Limited

· Union Bank of Switzerland

· Eclipsys India Private Limited

· Zensar Transformation services Limited

· Kimberly Clark

· Aquatech

· International Finance corporation

· John Deere Equipment Private Limited

· Vertex

· Renuka Sugers Limited

No. of Employees :

Information declined by the management

Bankers :

· Kotak Mahindra Bank Limited, 36-38A, Nariman Bhavan, 227 D, Nariman Point, Mumbai - 400021, Maharashtra, India

· HDFC Bank Limited

· Citi Bank

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
Term Loan
From Bank HDFC Bank Term Loan (20532273)	0.944	0.000
Citi Bank Account No. 0256491117	34.152	33.837
Total	35.096	33.837
1 Nature of Security a) HDFC Bank Term Loan (20532273) secured against Motor Car 2 Schedule of Repayment of Term Loan Particular No. of Installment Installment p.m. Total a) HDFC Bank Term Loan (20532273) 25 32,545.00 944,674.32 3 Secured against stocks and book debts, alongwith equitable mortgage on Unit No. 29 and 30 at Ambika Tower CHS Limited, R.J. Road, Andheri (East), Mumbai - 400 093 and also office No. 1 and 2, Kapre Complex, 150, Hadapsar, Pune - 411 028 and unit no. 26, 27 and 28 at Ambika Tower CHS Limited, R.J. Road, Andheri (East), Mumbai - 400 093 owned by Directors. 4 It is also secured by personal guarantee of directors, Mr. Rajesh M. Shah, Mr. Sanjay M. Shah and Mr. C.L. Prasad and by relatives of directors, Mrs. Ila R. Shah, Mrs. Darshana S. Shah and Mr. Niket R. Shah 5 It is also secured by Corporate guarantee of Lamfa Projects Private Limited and Enpal Aircon Private Limited
Unsecured Loan	As on 31.03.2012	As on 31.03.2011
From Related Parties
Ila R. Shah	0.829	0.000
Rajesh M. Shah (HUF)	1.181	0.000
Total	2.010	0.000

Banking Relations :	--
Auditors :
Name :	Shah and Ashar Chartered Accountant
Address :	1010, 10^th Floor, Gold Crest Business Centre, L. T. Road, Borivali (West), Mumbai – 400092, Maharashtra, India
Tel. No.:	91-22-28928441
Mobile No.:	91-9820035199
Fax No.:	91-22-2891860
E-Mail :	caprashant@yahoo.com
PAN.:	AACPS7811H
Group Companies :	Lamfa Projects Private Limited, Turnkey Solutions for Civil-Interiors, Electrical, HVAC Enpal Aircon Private Limited, service provider for air-conditioning

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
120000	Equity Shares	Rs.10/- each	Rs.1.200 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.10/- each	Rs.1.000 Million

Terms/Rights Attached to shares :

The Company has only one class of shares referred to as equity shares having a par value of Rs. 10/-. Each holder of equity shares is entitled to one vote per share.

In the event of liquidation of the Company, the holders of equity shares will be entitled to receive any of the remaining assets of the company, will be in proportion to the number of equity shares held by the shareholders.

The Company declares and pays dividends in Indian rupees. During the year the Company has not proposed any dividend.

Number of shares and the amount outstanding at the beginning and at the end of the reporting period.

Particular	Current year	Previous year
Number of Equity Shares at the beginning	100,000	100,000
Add:- Number of Shares Issued	--	--
Number of Equity Shares at the end	100,000	100,000

Note : Disclosure pursuant to Note no. 6(A)(g) of Part I of Schedule VI to the Companies Act, 1956 (If more than 5%)

Particular	Current year	Previous year
Mr. Rajesh Shah	12,600	13
Mr. C.L. Prasad	32,500	33
Mr. Sanjay Shah	32,500	34
Mr. Rajesh Shah (HUF)	19,900	20

Note: Disclosure pursuant to Note no. 6(A) (i) of Part I of Schedule VI to the Companies Act, 1956

1. The Company has not issued any shares without payment being received in cash.

2. The Company has not issued any bonus shares

3. The Company has not undertaken any buy-back of shares.

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

INCORPORATING BRANCH ACCOUNTS

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		1.000	1.000	1.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		53.536	45.306	33.057
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		54.536	46.306	34.057
LOAN FUNDS
1] Secured Loans		35.096	33.837	4.538
2] Unsecured Loans		2.010	0.000	0.000
TOTAL BORROWING		37.106	33.837	4.538
DEFERRED TAX LIABILITIES		0.261	0.157	0.154
TOTAL		91.903	80.300	38.749
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		16.338	14.512	15.737
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		1.000	0.000	0.869
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	78.666	54.221	0.000
	Sundry Debtors	52.919	71.731	0.000
	Cash & Bank Balances	5.678	2.937	0.000
	Other Current Assets	0.000	0.008	75.692
	Other Non-Current Assets	0.000	0.000	0.000
	Loans & Advances	20.107	20.290	29.004
Total Current Assets		157.370	149.187	104.696
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	62.919	57.456	77.493
	Other Current Liabilities	14.851	19.418	0.000
	Provisions	5.035	6.525	5.060
Total Current Liabilities		82.805	83.399	82.553
Net Current Assets		74.565	65.788	22.143
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		91.903	80.300	38.749

PROFIT & LOSS ACCOUNT

HEAD OFFICE MUMBAI

	PARTICULARS		31.03.2010
	SALES
		Income	184.988
		Other Income	9.325
		TOTAL (A)	194.313
Less	EXPENSES
		Raw materials consumed	139.553
		Direct Expenses	24.393
		Sales, Administrative expenses	16.948
		Directors Remmuneration	7.200
		Preliminary Expenses	0.000
		Increase / Decrease in stock	(12.737)
		TOTAL (B)	175.357
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		18.956
Less	FINANCIAL EXPENSES (D)		1.899
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		17.057
Less/ Add	DEPRECIATION/ AMORTISATION (F)		2.304
	PROFIT BEFORE TAX (E-F) (G)		14.753
Less	TAX (H)		5.064
	PROFIT AFTER TAX (G-H) (I)		9.689
Add	Excess Provision of Income Tax w/back		0.001
Less	Prior Period Expenses		4.345
	Vat of Prior Year W/off		0.000
	Income Tax w/off		0.000
	Fringe Benefit Tax Paid		0.013
	Short Provision of Taxation Written Off		0.009
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		27.734
	BALANCE CARRIED TO THE B/S		33.057
	Earnings Per Share (Rs.)		96.89

INCORPORATING BRANCH ACCOUNTS

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	276.123	285.043	224.871
		Other Income	NA	0.187	1.103
		TOTAL (A)	NA	285.230	225.974
Less	EXPENSES
		Raw materials consumed		192.817	166.286
		Direct Expenses		41.617	30.500
		Sales, Administrative expenses	NA	26.455	18.271
		Directors Remmuneration		9.396	7.200
		Increase / Decrease in stock		(8.940)	(15.250)
		TOTAL (B)	NA	261.345	207.007
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		NA	23.885	18.967
Less	FINANCIAL EXPENSES (D)		NA	2.943	1.908
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		17.713	20.942	17.059
Less/ Add	DEPRECIATION/ AMORTISATION (F)		2.006	1.969	2.306
	PROFIT BEFORE TAX (E-F) (G)		15.707	18.973	14.753
Less	TAX (H)		5.139	6.527	5.064
	PROFIT AFTER TAX (G-H) (I)		10.568	12.446	9.689
Add	Excess Provision of Income Tax w/back		0.000	0.004	0.001
Less	Prior Period Expenses		0.844	0.156	4.345
	Vat of Prior Year W/off		1.470	0.045	0.000
	Income Tax w/off		0.024	0.000	0.000
	Fringe Benefit Tax Paid		0.000	0.000	0.013
	Short Provision of Taxation Written Off		0.000	0.000	0.009
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		45.306	33.057	27.734
	BALANCE CARRIED TO THE B/S		53.536	45.306	33.057
	Earnings Per Share (Rs.)		105.68	124.46	96.89

KEY RATIOS

HEAD OFFICE MUMBAI

PARTICULARS		31.03.2010
PAT / Total Income	(%)	4.99
Net Profit Margin (PBT/Sales)	(%)	7.97
Return on Total Assets (PBT/Total Assets}	(%)	12.25
Return on Investment (ROI) (PBT/Networth)		0.43
Debt Equity Ratio (Total Liability/Networth)		2.56
Current Ratio (Current Asset/Current Liability)		1.27

INCORPORATING BRANCH ACCOUNTS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	NA	4.36	4.29
Net Profit Margin (PBT/Sales)	(%)	5.69	6.66	6.56
Return on Total Assets (PBT/Total Assets}	(%)	9.04	11.59	12.25
Return on Investment (ROI) (PBT/Networth)		0.29	0.41	0.43
Debt Equity Ratio (Total Liability/Networth)		2.20	2.53	2.56
Current Ratio (Current Asset/Current Liability)		1.90	1.79	1.27

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS:

Particulars	31.03.2012	31.03.2011	31.03.2010
Sundry Creditors	62.919	57.456	77.493
Total	62.919	57.456	77.493

PARTIAL DETAILS

Particulars	31.03.2012	31.03.2011	31.03.2010
For trade
Anil aluminium	0.000		0.006
AKG Industries	0.549		0.000
Alpha Lite	0.002		0.000
Amijay Engineers	0.119		0.000
Arrow engineers	2.856		13.812
Asian Retail Lighting Limited	0.009		0.000
Asiatic electric corp	0.000	NA	1.097
Atharva infrastructures	0.054		0.024
Athena lights	0.000		0.014
Bhavani lights	0.000		0.908
Bhumi electricals	0.050		0.007
Binary engineering	0.000		0.727
Brothers Trading Company	1.212		0.176
Cee-Pee Enterprises	0.037		0.000

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	Yes
18]	Major customers	Yes
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	Yes
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	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

Note:

The registered office of the company has been shifted from 203, Labh Srusthivallabhbhai Road, Vile Parle (West), Mumbai – 400056, Maharashtra, India to present address w.e.f. 05.11.2007

OPERATIONS:

Overall performance of the Company during the year was satisfactory. The Company has made the sales of Rs.276.123 Millions with that of last year of Rs.285.043 Millions against stiff competition during the year. Reputed institutional client have placed their orders with the Company. The directors have concluded negotiations with several other reputed clients.

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U31100MH2004PTC144490
Name of the company	LITURA ELECTRICAL TECHNOLOGIES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Office No. 29/30, Ambika Tower, Wing B, Ground Floor, Rajmata Jijabai Road, Opposite Aghadi Ngar, Andheri (East), Mumbai – 400093, Maharashtra, India litura_e@vsnl.com
This form is for	Creation of charge
Type of charge	Immovable property
Particular of charge holder	Kotak Mahindra Bank Limited, 36-38A, Nariman Bhavan, 227 D, Nariman Point, Mumbai - 400021, Maharashtra, India gayatri.sawant@kotak.com
Nature of instrument creating charge	Memorandum of Entry by Deposit of title Deeds.
Date of instrument Creating the charge	30.07.2012
Amount secured by the charge	Rs.13.233 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Applicable Rate : 12.5%. Terms of Repayment Equated Monthly Installment of Rs.0.194 Million For 120 Months. Extent and Operation of the charge First and exclusive charge by way of Mortgage over Immovable property of the Company, in favour of Kotak Mahindra Bank Limited as security for repayment of financial facilities granted by the Bank to the Company.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Unit No.3, 5th Floor, Kamla Corporate Park Mahal Industrial Estate, Mahakali Caves Road, Andheri (East) Mumbai - 93, CTS No. 46/27, Plot 9A, Village Mulgaon.

FIXED ASSETS:

• Computer Systems
• Furniture and fixture
• Motor car
• Office premises
• Plant and machinery
• Scooter

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 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 red 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.54.97
UK Pound	1	Rs.87.50
Euro	1	Rs.70.16

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		49

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
-	NB	New Business	-

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.