MIRA INFORM REPORT

Report Date :

18.09.2012

IDENTIFICATION DETAILS

Name :	JUMBO ELECTRONICS CORPORATION PRIVATE LIMITED (w.e.f. 07.09.2007)
Formerly Known As :	LINYTRON ELECTRONICS PRIVATE LIMITED
Registered Office :	The International, 5^th Floor, 16, New Marine Lines, Cross Road, No. 1, Churchagate, Mumbai-400020, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	21.06.1984
Com. Reg. No.:	11-033215
Capital Investment / Paid-up Capital :	Rs. 450.100 millions
CIN No.: [Company Identification No.]	U32109MH1984PTC033215
TAN No.: [Tax Deduction & Collection Account No.]	MUML05780F
PAN No.: [Permanent Account No.]	AAASCL5308H
Legal Form :	Private Limited Liability Company
Line of Business :	Trader of Consumer Electronics and Electrical Equipments.
No. of Employees :	150 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (31)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 830000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is a subsidiary of Aasman Management Services Private Limited. It is an established company having moderate track records. Even though, the company has recorded an increase in its sales during 2011, it has incurred loss. Accumulated losses recorded by the company appears to be increasing over years. However, trade relations are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with great caution.

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

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 PARTED BY

Name :	Mr. Dhruv
Designation :	Accounts Manager
Contact No.:	91-9910035703
Date :	17.09.2012

LOCATIONS

Registered Office :	The International, 5^th Floor, 16, New Marine Lines, Cross Road, No. 1, Churchagate, Mumbai-400020, Maharashtra, India
Tel. No.:	91-22-22033989 / 22033992 / 22001910
Mobile No.:	91-9910035703 (Mr. Dhruv)
Fax No.:	91-22-22065703 / 22083984
E-Mail :	rkraje@jumbo.net.in dhruvavhowmick@jumbo.net.in
Website :	www.jumbo.net.in
Area :	1500 sq. ft.
Location :	Owned
Corporate Office :	Regus Business Centre, S. B. Tower, 5^th Floor, Plot No.17, Sector 16 A, Film City, Noida – 201301, Uttar Pradesh, India
Area :	1500 Sq. ft.
Location :	Rented
Store Address :	#327/B, Great India Palace, 3rd Floor Sector 38A, Noida – 201301, Uttar Pradesh, India
Tel. No.:	91-120-4221100 / 4233712
Area :	5700 Sq. Ft.
Location :	Leased

DIRECTORS

AS ON 30.09.2011

Name :	Ms. Vidya Manohar Chhabria
Designation :	Director
Address :	Villa no. 19, 342/55A-53A, Alwasi Road, Jumeirah, P O Box 3426, Dubai, United Arab Emirates
Date of Birth/Age :	21.10.1948
Date of Appointment :	16.08.2007
DIN No :	00116233
Name :	Ms. Komal Chhabria Wazir
Designation :	Director
Address :	P.O. Box 3426, Dubai, United Arab Emirates
Date of Birth/Age :	11.08.1972
Date of Appointment :	16.08.2007
DIN No :	00138111
Name :	Ms. Kiran Manohar Chhabria
Designation :	Director
Address :	Siddiq Mohamed Ibrahim’s Villa, 342/55A-53A, Alwasl Road, DM 19, Jumeirah, P.O. Box 3426, Dubai, United Arab Emirates
Date of Birth/Age :	15.04.1978
Date of Appointment :	16.08.2007
DIN No :	00413135
Name :	Mr. Ravindra Keshav Raje
Designation :	Alternative Director
Address :	6, Ashirwad, B.W. Pathare Marg, Shivaji Parks, Dadar (West), Mumbai-400028, Maharashtra, India
Date of Birth/Age :	30.06.1955
Date of Appointment :	10.05.2011
DIN No :	00112003
Voter Id No.	FKT0474650
Name :	Mr. Sanjeev Jain
Designation :	Additional Director
Address :	207, Mohd. Suhail Bin Owaidan’s Building, Al Sharifi Centre, 318, Al Karama Area, PO Box 2548, Dubai
Date of Birth/Age :	05.12.1961
Date of Appointment :	28.10.2010
DIN No :	00119762

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares (Equity Shares)
Aasman Management Services Private Limited, India	10006
Krishnan Selva Kumar	2
Ravindra Keshav Raje	8
Vidya Manohar Chhabria	1
Bhavika Manohar Godhwani	1
Komal Chhabria	1
Kiran Manohar Chhabria	1
Total	10020

Name of Shareholders	No. of Shares (Preferences Shares)
Aasman Management Services Private Limited, India	5000000
Total	5000000

AS ON 30.09.2011

Equity Share Breakup		Percentage of Holding
Category
Bodies corporate		99.86
Directors or relatives of directors		0.14
	Total	100.00

BUSINESS DETAILS

Line of Business :	Trader of Consumer Electronics and Electrical Equipments.
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

150 (Approximately)

Bankers :

HDFC Bank Limited, Branch Sector 62, Noida, Uttar Pradesh, India

Facilities :

Over Draft – Rs.41.500 Millions [From HDFC Bank Limited]

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Bank Overdraft (Secured against Fixed Deposits with the bank)	29.620	0.000
Total	29.620	0.000

Banking Relations :	--
Auditors :
Name :	T R Chaddha and Company Chartered Accountants
Address :	Delhi, India
Holding Company :	Aasman Management Services Private Limited CIN No.: U93090MH2006PTC164144
Associates :	· Alfamont (Mauritius) Limited · Camry International FZE · Dandvati Investments and Trading Company Private Limited · Firestorm Electronics Corporation Private Limited · GWL Properties Limited · Harshit Finlease and Investments Private Limited · Jerom Trading and Investment Private Limited · Jumbo Electronics Company Limited (LLC) · Jumbo Investments Limited · Jumbo World Holdings Limited · Jumbo World Holdings (India) Limited · MPIL Corporation Limited · Narmada Gelatines Limited · Orson Video Private Limited · Phonegarage.com India Private Limited · Primo Enterprises Private Limited · SMN Engineers Limited · Solvin International Limited · Starfire Investments Limited

CAPITAL STRUCTURE

AS ON 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
5,000,000	Equity Share	Rs. 10/- each	Rs. 50.000 Millions
5,000,000	Preference Shares	Rs. 100/- each	Rs. 500.000 Millions
	Total		Rs. 550.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10,020	Equity Shares	Rs. 10/- each	Rs. 0.100 Millions
5,000,000	Preference Shares	Rs. 100/- each	Rs. 500.000 Millions
	Total		Rs. 500.100 Millions

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
5,000,000	Equity Share	Rs. 10/- each	Rs. 50.000 Millions
4,500,000	5% Non Cumulative Redeemable Optionally Convertible Preference Shares	Rs. 100/- each	Rs. 450.000 Millions
	Total		Rs. 500.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10,020	Equity Shares	Rs. 10/- each	Rs. 0.100 Millions
4,500,000	5% Non Cumulative Redeemable Optionally Convertible Preference Shares	Rs. 100/- each	Rs. 450.000 Millions
	Total		Rs. 450.100 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		450.100	450.100	450.100
2] Share Application Money		30.388	0.000	0.000
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		[272.915]	[213.862]	[146.363]
NETWORTH		207.573	236.238	303.737
LOAN FUNDS
1] Secured Loans		29.620	0.000	0.000
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		29.620	0.000	0.000
DEFERRED TAX LIABILITIES		0.000	0.487	2.462
TOTAL		237.193	236.725	306.199
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		68.029	73.348	79.099
Capital work-in-progress		6.322	2.842	5.421
INVESTMENT		0.000	66.398	63.815
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	141.705	87.614	65.006
	Sundry Debtors	15.885	5.018	4.346
	Cash & Bank Balances	38.993	16.306	73.293
	Other Current Assets	30.801	23.396	29.463
	Loans & Advances	10.990	10.974	8.466
Total Current Assets		238.374	143.308	180.574
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	61.873	45.079	19.551
	Other Current Liabilities	11.858	7.293	9.579
	Provisions	1.801	1.199	0.789
Total Current Liabilities		75.532	53.571	29.919
Net Current Assets		162.842	89.737	150.655
MISCELLANEOUS EXPENSES		0.000	4.400	7.209
TOTAL		237.193	236.725	306.199

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Sales	1048.462	753.604	479.793
		Service Income	21.713	13.545	5.187
		Other Income	8.835	10.673	15.790
		TOTAL (A)	1079.010	777.822	500.770
Less	EXPENSES
		Cost of Goods Sold	1138.549	681.150	436.769
		Operating, Administrative and Selling Expenses		152.587	152.725
		TOTAL (B)	1138.549 (Including Financial Expenses and Depreciation)	833.737	589.494
	PROFIT/[LOSS] BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) I			(55.915)	(88.724)
Less	FINANCIAL EXPENSES (D)			0.463	0.204
	PROFIT/[LOSS] BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			(56.378)	(88.928)
Less/ Add	DEPRECIATION/ AMORTISATION (F)			13.097	6.680
	PROFIT / [LOSS] BEFORE TAX (E-F) (G)		(59.539)	(69.475)	(95.608)
Less	TAX (H)		(0.487)	(1.975)	2.408
	PROFIT / [LOSS] AFTER TAX (G-H) (I)		(59.052)	(67.500)	(98.016)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(213.862)	(146.362)	(48.346)
	BALANCE CARRIED TO THE B/S		(272.915)	(213.862)	(146.362)
	Earnings/Loss Per Share (Rs.)		(5893.00)	(6737.00)	(9782.00)

Particulars	31.03.2012
Sales Turnover (Approximately)	1900.000

Expected Sales (2012-2013) : Rs. 2500.000 millions

The above information has been parted by Mr. Dhruv

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	(5.47)	(8.68)	(19.57)
Net Profit Margin (PBT/Sales)	(%)	(5.68)	(9.22)	(19.93)
Return on Total Assets (PBT/Total Assets}	(%)	(19.43)	(32.07)	(36.82)
Return on Investment (ROI) (PBT/Networth)		(0.29)	(0.29)	(0.31)
Debt Equity Ratio (Total Liability/Networth)		0.51	0.23	0.10
Current Ratio (Current Asset/Current Liability)		3.16	2.68	6.04

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS

Particulars	31.03.2011 (Rs. In Millions )	31.03.2010 (Rs. In Millions )	31.03.2009 (Rs. In Millions )
Sundry Creditor
- Total Outstanding dues of Micro Enterprises and Small Enterprises	0.000	0.000	19.551
- Total Outstanding dues of other than Micro Enterprises and Small Enterprises	61.873	45.079
Total	61.873	45.079	19.551

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	Yes
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
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	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
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	Yes
34]	External Agency Rating, if available	No

BUSINESS REVIEW

The Company earned a revenue of Rs. 1079.000 Millions during the financial year as against Rs. 777.800 Millions during the previous year. During the period, the Company added one new showroom in New Delhi. Post balance sheet date, the company also added two new showrooms one at Pune and another at Kanpur. The company now has Nine showrooms in operation. The company has also booked a few other showroom locations, which are expected to be operative in the near future.

BACKGROUND

Subject (formerly Linytron Electronics Private Limited) (‘the Company’) was incorporated on 21st June 1984 in India under the Indian Companies Act, 1956 having its registered office located at Mumbai. The Corporate office is located in Noida, U.P.

The Company is engaged in business of consumer electronics and electrical equipment.

FIXED ASSETS

· Building Stores

· Furniture and Fittings

· Vehicles

· Computers

· Office Equipments

PRESS RELEASE

JUMBO ELECTRONICS ANNOUNCES APPOINTMENT OF VISHESH BHATIA AS NEW CHIEF EXECUTIVE

DUBAI, 3RD SEPTEMBER 2012

Jumbo Electronics Company Limited (LLC) has announced the appointment of Vishesh L. Bhatia as the company’s new Chief Executive. Bhatia moves into his new role after his retirement from a position in the senior leadership team at the Dubai-based Al Futtaim Group where he was lately responsible for a number of its business verticals including electronics, engineering and real estate businesses.

Having worked in Dubai since 1978, the new role marks his second spell with Jumbo Electronics, having been the company’s Chief Operating Officer from 2001 to 2002, working closely with the charismatic Founder of Jumbo, the late M R Chhabria.

A past President of The Electronics Group, Dubai, the trade body representing the wider interests of the industry, Vishesh Bhatia brings with him over three decades of experience in the electronics distribution and retail markets in the UAE and the wider region. More recently he was awarded the accolade of Indian CEO of the Year 2012 (Electronics).

Commenting on the new role, he said, ‘I am indeed honoured to have been invited to lead what is one of the most successful and well-respected electronics trading groups in the Middle East region. I am looking forward to working closely with the Shareholders and Supervisory Board in developing and executing a robust growth strategy for the Jumbo group, while bringing my wide-ranging business experience to drive operational excellence and to position the Jumbo enterprise as an Employer of Choice.’

Vidya Chhabria, Chairperson of Jumbo Electronics, commenting on the appointment said, ‘The expansion of our retail and distribution network is well underway. Consumer electronics in the region is expected to grow at a brisk pace and Jumbo is determined to not only defend its leadership position but to further build on the successes achieved so far. Vishesh Bhatia has an excellent and proven track record of orchestrating change and developing a strategic approach in various lines of businesses’.

JUMBO ELECTRONICS UNVEILS NEW BRAVIA TELEVISION SERIES

DUBAI, UAE, 12 JUNE , 2012:

· New Bravia introduces superior HDTV picture quality, realistic 3D and new online possibilities

· Sony BulliSh about its NEW Summer Lineup: Bravia Alpha, HIFi, Cyber shot, Headphones and Home theatres

Jumbo Electronics, the UAE-based consumer electronics giant, today unveiled the new BRAVIA® television line-up comprising two distinct series – the flagship HX series and the mid-level EX series. Each new model delivers best picture quality and offers a range of features to give consumers flexibility in choosing the right entertainment solution.

The latest range of BRAVIA TVs was unveiled at a select media preview held today at Hotel Radisson Blu in Dubai. Also on preview was the tall summer lineup featuring the latest Bravia Alpha, HIFi, Cyber shot, Headphones and Home theatres.

The new Sony Bravia series features an improved picture enhancement technology, X-Reality PRO, which enhances lower quality signals taking them closer to HD quality, as well as making 2D and 3D images clearer.

The new HX and EX series also offer more channels, apps and connectivity options in the online TVs. Moreover, the new series is packed to look more stylish with newly designed stands and screens.

Sony’s HX855 series carries forward Sony’s distinctive Monolithic design incorporating Gorilla® Glass by Corning®, making the screen material thinner, lighter and stronger. Complete with X-Reality PRO and Motionflow XR 800, the HX855 is a fully Internet-connected television with built-in 3D, delivering a premium viewing experience. Furthermore, the stylish design makes the TV a valued addition to the home décor.

On the other hand, consumers wishing to step into internet-connectivity and Edge LED backlighting will not lose out on picture quality with Sony’s out-of-the-box Wi-Fi-ready EX650 series. The EX series uses Motionflow XR 200 processing, delivering superior Full HD 1080p resolution, and integrates the Clear Resolution Enhancer to provide vivid, clear and life-like picture.

Rakesh Khanna, Head of Sony, Jumbo Electronics says: “At Sony, we have always believed that the best part of the TV has been and will always be — the picture quality. This is where Sony rules the roost and the new series promises ‘Premium picture’ along with the many additional features. Each model of the continues our tradition of bringing trailblazing technology to consumers, allowing them to see the true beauty of whatever it is they are viewing.”

“Along with the excitement of the ‘Bravia’ launch, we are extremely bullish about Sony’s summer lineup. We have also introduced anew models of the DSLRs, SLTs, HIFi audio systems, Cyber Shot, Headphones and Home Theatres”. Added Mr. Khanna.

The new BRAVIA models offer new enhancements and additional innovations. Select models incorporate Dynamic Edge LED with local dimming that deliver brilliant Full HD (1080p) picture with increased brightness and outstanding contrast, particularly in superior deep blacks. Sony’s exclusive OptiContrast panel elevates the picture to the front surface of the TV and creates a dark background for rich, vibrant, high contrast pictures even in well-lit rooms.

The picture quality is further enhanced with Sony’s X-Reality PRO and X-Reality digital video processors. The dual-chip X-Reality PRO optical engine optimizes video sources by utilizing a vast database of signal patterns and comparing incoming signals with ideal scenes to display unprecedented detail and astonishingly vibrant colours.

The X-Reality picture engine separates incoming video into its constituent parts of outline, texture and colour/contrast, and then applies image enhancements to deliver outstanding picture. Additionally, Sony’s newest version of Motionflow XR technology reduces blur caused by quick camera movements, enhancing sharpness and creating a smoother viewing experience for fast-paced sports and movie programming, as well as gaming.

From the Sony Entertainment Network portal, consumers can find a variety of applications for online entertainment and information such as news, weather, games, and videos from YouTube™ as well as access to social network.

The DNLA-certified and Wireless LAN built-in HX models easily connect to and share content from mobile devices and computers, as well as allow consumers a wide variety of control options via Sony’s Media Remote and Remote Keyboard apps. Viewers can ‘throw’ a browsed website from a Smartphone to the BRAVIA for easier viewing. The application allows control of the web cursor with one thumb, tapping for selecting links, and pinching in and out to enlarge or shrink the viewable areas. The apps, available for download from both the Android Market and Apple App Store, also function as a full remote control with keyboard, allowing easy online content search and playback.

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.53.97
UK Pound	1	Rs.87.52
Euro	1	Rs.70.84

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	BSN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	-
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	3
--RESERVES	1~10	-
--CREDIT LINES	1~10	4
--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		32

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.