MIRA INFORM REPORT

Report Date :

16.04.2013

IDENTIFICATION DETAILS

Name :	AJANTA LIMITED
Formerly Known As :	ELLORA TIME LIMITED
Registered Office :	Orpat Industrial Estate, Rajkot Highway, Morbi – 363641, Gujarat
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	04.12.1989
Com. Reg. No.:	04-013081
Capital Investment / Paid-up Capital :	Rs. 50.000 Millions
CIN No.: [Company Identification No.]	U33300GJ1989PLC013081
PAN No.: [Permanent Account No.]	AAACE6102E
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Supplier of Electronics and Electrical Home Appliances.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Ba (54)

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

Maximum Credit Limit :	USD 12000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Exist
Comments :	Subject is a well-established company having a good track record. The company enjoys comfortable financial risk profile. The performance capability is also good. Trade relations are reported as decent. Business is active. Payment terms are regular and as per commitment. The company can be considered good 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.

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	Long Term Rating = A (Suspended)
Rating Explanation	Adequate degree of safety and low credit risk
Date	21.08.2012

Rating Agency Name	CRISIL
Rating	Short Term Rating = A1 (Suspended)
Rating Explanation	Very strong degree of safety and lowest credit risk
Date	21.08.2012

Reason for suspension: Non Co-operation by subject in providing details.

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

Name :	Mr. Anil
Designation :	Account Department
Contact No.:	91-2822-391111 / 391100
Date :	15.04.2013

LOCATIONS

Registered Office :	Orpat Industrial Estate, Rajkot Highway, Morbi – 363641, Gujarat, India
Tel. No.:	91-2822-391111 / 391100 / 231444 / 231445 91-281-2462988
Fax No.:	91-2822-230125 / 230599 91-281-2462988
E-Mail :	info@orpatgroup.com marketing@orpatgroup.com mfinava@yahoo.com
Website :	http://www.orpatgroup.com

DIRECTORS

As on 29.09.2012

Name :	Mr. Pravinkumar Odhavjibhai Bhalodia
Designation :	Managing Director
Address :	Rewa Villa, GIDC, Sanala Road, Morbi, Rajkot – 363641, Gujarat, India
Date of Birth/Age :	27.12.1953
Date of Appointment :	25.06.1995
Pan No.:	ABBPB3908Q
DIN No.:	00105892
Name :	Nevilkumar Pravinbhai Bhalodia
Designation :	Whole-Time Director
Address :	Rewa Villa, GIDC, Sanala Road, Morbi, Rajkot – 363641, Gujarat, India
Date of Birth/Age :	21.11.1980
Date of Appointment :	24.07.2004
Pan No.:	AHRPB4674P
DIN No.:	00614004
Name :	Mrs. Vanitaben Pravinbhai Bhalodia
Designation :	Director
Address :	Rewa Villa, GIDC, Sanala Road, Morbi, Rajkot – 363641, Gujarat, India
Date of Birth/Age :	19.08.1957
Date of Appointment :	18.11.2004
Pan No.:	ABBPB3904C
DIN No.:	00613962
Name :	Mr. Odhavjibhai Ravjibhai Bhalodia
Designation :	Director
Address :	“Ajanta” New Adarsh Society, Sanala Road, Morbi, Rajkot – 363641, Gujarat, India
Date of Birth/Age :	24.06.1925
Date of Appointment :	01.09.1992
DIN No.:	00619583
Name :	Mr. Himanshu Pravinbhai Bhalodia
Designation :	Whole-Time Director
Address :	“Ajanta” New Adarsh Society, Sanala Road, Morbi, Rajkot – 363641, Gujarat, India
Date of Birth/Age :	05.08.1986
Date of Appointment :	30.12.2006
Pan No.:	AJKPB2323E
DIN No.:	01171029
Name :	Mrs. Nikita Nevilkumar Patel
Designation :	Director
Address :	Rewa Villa, GIDC, Sanala Road, Morbi, Rajkot – 363641, Gujarat, India
Date of Birth/Age :	30.01.1986
Pan No.:	AKCPP2796A
Date of Appointment :	07.04.2007
DIN No.:	02077385
Name :	Mr. Panchanbhai Mavjibhai Bhut
Designation :	Director
Address :	Sarswat Apartment, Morbi, Rajkot – 360001, Gujarat, India
Date of Birth/Age :	04.04.1960
Date of Appointment :	20.03.2010
DIN No.:	01693608
Name :	Mr. Dharmendra Shivlal Patel
Designation :	Director
Address :	Shakti Krupa Ravaparra, Reliance Nagar, Morbi, Rajkot – 363641, Gujarat, India
Date of Birth/Age :	29.07.1974
Date of Appointment :	20.03.2010
DIN No.:	02811608
Name :	Mr. Ashwinbhai Laljibhai Kansara
Designation :	Director
Address :	Lalitya 21, Somnath Society, Ravapar Road, Morbi, Rajkot – 363641, Gujarat, India
Date of Birth/Age :	06.01.1952
Date of Appointment :	20.03.2010
DIN No.:	03087670

KEY EXECUTIVES

Name :	Mr. Anil
Designation :	Account Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2012

Names of Shareholders	No. of Shares
Bhalodia Pravinkumar Odhavjibhai	20375
Bhalodia Pravinkumar (Huf)	5875
Bhalodia Odhavjibhai Ravjibhai	500
Bhalodia Vanitaben Pravinbhai	5750
Patel Nikita Nevilkumar	1
Bhalodia Nevilkumar Pravinbhai	8749
Bhalodia Himansu Pravinbhai	8750
Total	50000

As on 29.09.2012

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 :

Manufacturer and Supplier of Electronics and Electrical Home Appliances.

Products :

Description of product or service category	ITC Code
Chemicals Waste	28061000
PALLETS	39239090
Stamping Foil	32121000
Plastic Powder and Scrap Plastic and Other Sales and E – Glass	39031100
Polythylene Buble Roll / Paper	39201099
Scrap Glass	70010010
Clock Glass	70159010
Nickel Cathod	75022010
Electric Fan	84140000
Health Scale	84231000
Calculators	84701000
Calculator Parts	84732100
Water Disp., Air Cooler and Parts	84799090
Mixer Grinder, Hand Mixer, Blender and Juicer	85094010
Iron, Heater, sandwich toaster and hair dryer and its parts	85169000
Emergency Light	85393990
Wall Clock	91052100
Clock Parts	91149092
Digital multi meter	94037000
Switch Board Assessories and Sw. So. Upto 6 Amp	85365020
Clock Movement	91091090
Educational Toys and its Parts	95030090
Pen Light and its Parts	85131010
Telephone	85171810

PRODUCTION STATUS (As on 31.03.2011)

Particulars	Unit	Actual Production
Clock	Nos.	9367333
Alarm Clock	Nos.	2482318
Calculator	Nos.	2180340
Telephone	Nos.	118167
ETKG	Nos.	97094
Polyethylene Bubble Roll	Nos.	14216
Hand Blender	Nos.	133264
Hand Mixer	Nos.	19550
Mixer Grinder	Nos.	22836
Hair Dryer	Nos.	8907
Iron	Nos.	335369
Ice Shaver	Nos.	4237
San. Toaster	Nos.	22219
Air Cooler	Nos.	4375
Multi Utility Stand	Nos.	2814
Emergency Light	Nos.	97099
Health Scale	Nos.	171
Halogen Heater	Nos.	95492
Wall Mounting Fan	Nos.	23781
Pedestal Fan	Nos.	45962
Table Fan	Nos.	34180
Ceiling Fan	Nos.	731607
Ventilation Fan	Nos.	26926
Acessories of Ceiling Fan Regulator	Nos.	137280
Blank Plate	Nos.	863000
Module Case and Cover	Nos.	5035440
Switches	Nos.	4678442
Sockets	Nos.	1955807
Regulators	Nos.	367400
Indicator Panel	Nos.	205701
Lamp Holder	Nos.	1212954
Fuses	Nos.	89200
Electronics Door Bell	Nos.	57792
Extension Cord	Nos.	302303
Plug Top	Nos.	421622

GENERAL INFORMATION

No. of Employees :

Information declined by the management

Bankers :

State Bank of Saurashtra, Main Branch, Morhi - 380001, Gujarat, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
Short-term borrowings
Rupee term loans from banks	37.643	20.329
Working capital loans from banks	68.150	149.252
Total	105.793	169.581
(The above facility taken from IDBI has been secured by Parri Passu Charge over Immovable Property Agreement and Second Charge by hypothecation of inventories, movable assets and mortgage of partly immovable property of the company and personal guarantee of Directors) (The above facility has been secured by Parri Passu Charge hypothecation of inventories, movable assets and mortgage of partly immovable property of the company and personal guarantee of Directors and fixed deposit of the company)

Banking Relations :	--
Auditors :
Name :	Finava and Associates Chartered Accountants
Address :	34, IInd Floor, Star Shopping Center, 20 New Jagnath, Dr. Yagnik Road, Rajkot - 360 001, Gujarat, India
PAN.:	AACPF2967P
Relatives of Key management personnel:	Ajanta India Limited

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.1000/- each	Rs.50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.1000/- each	Rs.50.000 Millions

Disclosure of shareholding more than five per cent in company

Name of shareholder	Number of shares held in company	Percentage of shareholding in company
Pravinchandra Odhavjibhai Bhalodia	20,375	40.75%
Nevilbhai Pravinbhai Bhalodia	8,749	17.50%
Himanshu Pravinbhai Bhalodia	8,750	17.50%
Pravinchandra Odhavjibhai Bhalodia (HUF)	5,875	11.75%
Vanitaben Pravinbhai Bhalodia	5,750	11.50%

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		50.000	50.000	50.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		3136.082	2749.515	2298.035
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		3186.082	2799.515	2348.035
LOAN FUNDS
1] Secured Loans		105.793	169.581	20.431
2] Unsecured Loans		131.063	181.995	150.242
TOTAL BORROWING		236.856	351.576	170.673
DEFERRED TAX LIABILITIES		32.938	31.727	48.030
TOTAL		3455.876	3182.818	2566.738
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		968.794	722.448	541.274
Capital work-in-progress		74.566	92.737	11.044
INVESTMENT		0.053	0.074	0.009
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1140.565	1424.167	915.639
	Sundry Debtors	306.169	175.272	155.527
	Cash & Bank Balances	661.504	173.321	408.304
	Other Current Assets	215.223	360.316	552.224
	Loans & Advances	1207.191	1129.981	860.628
Total Current Assets		3530.652	3263.057	2892.322
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	164.509	134.639	59.153
	Other Current Liabilities	89.598	73.871	59.992
	Provisions	864.082	686.988	758.766
Total Current Liabilities		1118.189	895.498	877.911
Net Current Assets		2412.463	2367.559	2014.411
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		3455.876	3182.818	2566.738

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	2822.984	2500.419	2108.522
		Other Income	190.010	184.809	204.569
		TOTAL (A)	3012.994	2685.228	2313.091
Less	EXPENSES
		Cost of materials consumed	1509.824	1344.856
		Purchases of stock-in-trade	19.482	78.770
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	65.403	(108.656)	1624.737
		Employee benefit expense	187.637	159.351
		Other expenses	505.752	489.704
		Exceptional items before tax	0.026	(0.646)
		TOTAL (B)	2288.124	1963.379	1624.737
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		724.870	721.849	688.354
Less	FINANCIAL EXPENSES (D)		29.772	25.263	23.069
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		695.098	696.586	665.285
Less/ Add	DEPRECIATION/ AMORTISATION (F)		140.771	93.930	86.755
	PROFIT BEFORE TAX (E-F) (G)		554.327	602.656	578.530
Less	TAX (H)		180.211	198.697	204.011
	PROFIT AFTER TAX (G-H) (I)		374.116	403.959	374.519
	EARNINGS IN FOREIGN CURRENCY		118.800	119.800	NA
	VALUE OF IMPORTS		996.200	1032.200	NA
	Earnings Per Share (Rs.)		7482.31	8079.18	7490.38

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	12.42	15.04	16.19
Net Profit Margin (PBT/Sales)	(%)	19.64	24.10	27.44
Return on Total Assets (PBT/Total Assets}	(%)	12.32	15.12	16.85
Return on Investment (ROI) (PBT/Networth)		0.17	0.22	0.25
Debt Equity Ratio (Total Debt /Networth)		0.07	0.13	0.07
Current Ratio (Current Asset/Current Liability)		3.16	3.64	3.29

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS

Rs. In Millions

Particular	31.03.2012	31.03.2011	31.03.2010
Creditors due others	164.509	134.639	59.153
Total	164.509	134.639	59.153

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

DETAILS OF LITIGATIONS

HIGH COURT OF GUJARAT

TAX APPEAL NO. 569 OF 2011

Status: Pending (Converted from: ST/1060/2011) CCIN No.: 001092201100569

Last Listing Date: 27/06/2012

Coram

• HONOURABLE MR. JUSTICE VIJAY MANOHAR SAHAI
• HONOURABLE MR. JUSTICE N.V. ANJARIA

Sr. No.	Name of Petitioner	Advocate On Record
1	COMMISSIONER OF INCOME TAX CENTRAL - II	MRS ANUNA M BHATT FOR: APPELLANT (S) – 1

Sr. No.	Name of Respondent	Advocate On Record
1	ELLORA TIME LIMITED (NOW KNOWN IS AJANTA LIMITED)	MR. RK PATEL FOR: OPPONENT (S) – 1

Present On : 09.03.2011 Registered On : 09.03.2011

Bench Category : Division Bench District : Ahmedabad

Case Originate from : Through Advocate Listed : 1 Times

Stage Name : From Regular Admission

Classification DB –OJ-Tax Appeal-Income Tax Act, 1961 – Appeal to High Court – U/S 260 of It act – Long Term Capital Gain – U/S 54EA

Act Income-Tax Act, 1961

OFFICE DETAILS

S. No.	Filling Date	Document Name	Advocate Name	Court free on document	Document Details
1	09/03/2011	Certified Copy	Mrs. Mauna N Bhatt Advocate	6	Mrs. Mauna N Bhatt: 1
2	09/03/2011	Memo of Appel/Petition/Suit	Mrs. Mauna N Bhatt Advocate	20	Mauna N Bhatt: 1
3	15/08/2011	Vekalatnama	Mr. RK Patel Advocate for Respondent (s) – 1	--	Mr. RK Patel: 1
4	15/08/2011	Vekalatnama	Mrs. Mauna N Bhatt Advocate	--	Mrs. Mauna N Bhatt: 1
5	03/09/2012	Vekalatnama	Mr. RK Patel Advocate for Respondent (s) – 1	5	Mr. RK Patel: 1

COURT PROCEEDINGS

S. No.	Notified Date	Court Code	Board Sr. No.	Stage	Action	Coram
1	27/06/2012	3	--	For Regular Admission	Next Dte	Honourable Mr. Justice Vijay

AVAILABLE ORDERS

S.No	Case Details	Judge Name	Order Date	CAV	Judgment	View	Download
1	Tax Appeal No. 569 of 2011	HONOURABLE MR. JUSTICE VIJAY MANOHAR SAHAI HONOURABLE MR. JUSTICE N.V. ANJARIA	27/06/2012	N	N	View	Download

CERTIFIED COPY

S.No.	Applicant Name	Application Type	Application Date	UOL Number	Order Date	Notify Date	Delivery Date Status	Status	Nature of Document
1	Mrs Mauna M Bhatt	Ordinary	29/06/2012	O/19658/2012	27/06/2012	30/06/2012	02/07/2012	Delivered	--

FUTURE OUTLOOKS AND PROSPECTS:

The Company is engaged in production of Clocks, Time Piece, Telephone, Calculator, Other Electronics Items, Home Appliances Items, and Mobile Phone. In the financial year 2011-12 Company’s Total Net Receipts has been increased by 12.20%. The future outlooks and prospects of the company’s business are very bright and positive. Inspired by this vision, driven by values and powered by internal vitality, the directors look forward to the future with Confidence.

UNSECURED LOAN

Rs. In Millions

Particular	As on 31.03.2012	As on 31.03.2011
Short-term borrowings
Loans and advances from directors	100.763	144.264
Loans and advances from others	30.300	37.731
Total	131.063	181.995

FIXED ASSETS

• Land
• Buildings
• Factory equipments
• Plant and equipment
• Vehicles
• Office equipment

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.54.63
UK Pound	1	Rs.83.70
Euro	1	Rs.71.42

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	5
--RESERVES	1~10	7
--CREDIT LINES	1~10	7
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		54

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.