MIRA INFORM REPORT

Report Date :

12.01.2013

IDENTIFICATION DETAILS

Name :	JJ PV SOLAR PRIVATE LIMITED

Registered Office :	Survey No.236, Plot No.2, N.H. 8-B, Village Veraval (Shapar), Taluka Kotda Sangani, Rajkot – 360 024, Gujarat

Country :	India

Financials (as on) :	31.03.2012

Date of Incorporation :	04.05.2010

Com. Reg. No.:	04-060541

Capital Investment / Paid-up Capital :	Rs.5.000 millions

CIN No.: [Company Identification No.]	U31200GJ2010PTC060541

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacturer of Solar Modules for Power Preset, Pumps Pumping Equipment and Energy Conservation Products and also engaged in Real Estate Business.

No. of Employees :	60 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (34)

RATING

STATUS

PROPOSED CREDIT LINE

26-40

Capability to overcome financial difficulties seems comparatively below average.

Small

Maximum Credit Limit :	USD 101000

Status :	Moderate

Payment Behaviour :	Slow but correct

Litigation :	Clear

Comments :	Subject is an established company having a moderate track record. The profitability of the company appears to be low. However, networth of the company appears to be good. Trade relations are reported to be fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some caution.

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 – June 30, 2012

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

India

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

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.

LOCATIONS

Registered Office/ Factory :	Survey No.236, Plot No.2, N.H. 8-B, Village Veraval (Shapar), Taluka Kotda Sangani, Rajkot – 360 024, Gujarat, India
Tel. No.:	91-2827-254472/ 254474/ 2370801
Fax No.:	91-2827-254476/ 2374422
E-Mail :	info@jjpvsolar.com jasmine@jjpvsolar.com rpcnco@sgmail.com rraval@rpcnco.com hjamnadas1@gmail.com

Branch Office :	Located at: v Gujarat v Maharashtra v Jammu and Kashmir v Karnataka v Tamilnadu

DIRECTORS

As on 29.09.2012

Name :

Mr. Prashant Damjibhai Akbari

Designation :

Director

Address :

Ashirvad-3, Tagore Nagar, Kalavad Road, Rajkot – 360 005, Gujarat, India

Date of Birth/Age :

07.03.1985

Date of Appointment :

04.05.2010

DIN No.:

01740754

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	U27101GJ1995PTC026601	J J METAL CRAFT PRIVATE LIMITED	Director	01/04/2007	01/04/2007	-	Active	NO
2	U31200GJ2010PTC060541	JJ PV SOLAR PRIVATE LIMITED	Director	04/05/2010	04/05/2010	-	Active	NO
3	U31900GJ2011PTC064626	JJ PV SYSTEM INTEGRATION PRIVATE LIMITED	Director	28/03/2011	28/03/2011	-	Active	NO

Name :

Mr. Rajendra Ramniklal Raval

Designation :

Director

Address :

Shankarwadi, Opposite Swaminarayan Temple, Gondal – 360 311, Gujarat, India

Date of Birth/Age :

05.04.1977

Date of Appointment :

15.06.2010

DIN No.:

00522067

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	U65910GJ1995PTC027614	BONNY LEASING AND FINANCE PRIVATE LIMITED	Director	12/12/2005	12/12/2005	-	Active	NO
2	U31200GJ2010PTC060541	JJ PV SOLAR PRIVATE LIMITED	Director	15/06/2010	15/06/2010	-	Active	NO
3	U45200GJ2010PTC063161	ANANYA SARJAN PRIVATE LIMITED	Director	06/12/2010	06/12/2010	-	Active	NO
4	U45201GJ2011PTC063453	RADHE INFRAVENTURE PRIVATE LIMITED	Director	01/01/2011	01/01/2011	-	Active	NO
5	U31900GJ2011PTC064626	JJ PV SYSTEM INTEGRATION PRIVATE LIMITED	Director	28/03/2011	28/03/2011	-	Active	NO
6	U51101GJ2012PTC070162	DIRA RESOURCES PRIVATE LIMITED	Director	02/05/2012	02/05/2012	-	Active	NO
7	U51496GJ2013PTC073302	OCHRE CORPORATION PRIVATE LIMITED	Director	08/01/2013	08/01/2013	-	Active	NO

Name :

Mr. Damjibhai Nathubhai Akbari

Designation :

Director

Address :

Ashirvad-3, Tagore Nagar, Kalavad Road, Rajkot – 360 005, Gujarat, India

Date of Birth/Age :

25.06.1958

Date of Appointment :

04.05.2010

DIN No.:

01734812

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	U27101GJ1995PTC026601	J J METAL CRAFT PRIVATE LIMITED	Director	04/07/1995	04/07/1995	01/04/2007	Active	NO
2	U65910GJ1995PTC027614	BONNY LEASING AND FINANCE PRIVATE LIMITED	Director	12/12/2005	12/12/2005	-	Active	NO
3	U31200GJ2010PTC060541	JJ PV SOLAR PRIVATE LIMITED	Director	04/05/2010	04/05/2010	-	Active	NO
4	U31900GJ2011PTC064626	JJ PV SYSTEM INTEGRATION PRIVATE LIMITED	Director	28/03/2011	28/03/2011	-	Active	NO

Name :

Jasmin Jasmatbhai Patel

Designation :

Director

Address :

106, 1^st Floor, D-17, Yogiraj Apartments, Yoginagar, Borivali (West), Mumbai, Maharashtra, India

Date of Birth/Age :

16.05.1979

Date of Appointment :

15.05.2010

DIN No.:

03030002

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	U31200GJ2010PTC060541	JJ PV SOLAR PRIVATE LIMITED	Director	15/05/2010	15/05/2010	-	Active	NO
2	U31900GJ2011PTC064626	JJ PV SYSTEM INTEGRATION PRIVATE LIMITED	Director	28/03/2011	28/03/2011	-	Active	NO

Name :

Mr. Hiteshbhai Nathubhai Akbari

Designation :

Director

Address :

Ashirwad, Tagor Nagar 3, B/H. Saurashtra High School, Near Kotecha Chowk, Rajkot – 360 001, Gujarat, India

Date of Birth/Age :

28.04.1979

Date of Appointment :

15.05.2010

DIN No.:

03031035

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	U31200GJ2010PTC060541	JJ PV SOLAR PRIVATE LIMITED	Director	15/05/2010	15/05/2010	-	Active	NO
2	U31900GJ2011PTC064626	JJ PV SYSTEM INTEGRATION PRIVATE LIMITED	Director	28/03/2011	28/03/2011	-	Active	NO

Name :

Mr. Prashant Jayantilal Tilala

Designation :

Director

Address :

'Meet', 1, Planery Bungalows, Opposite Pavan Park, Satya Sai Heart Hospital Road, Kalawad Road, Rajkot – 360 005, Gujarat, India

Date of Birth/Age :

14.03.1979

Date of Appointment :

15.06.2010

E-Mail :

ptilala@rpcnco.com

DIN No.:

03079787

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	U31200GJ2010PTC060541	JJ PV SOLAR PRIVATE LIMITED	Director	15/06/2010	15/06/2010	-	Active	NO
2	U52100GJ2007PTC050902	KARPASA EXPORT PRIVATE LIMITED	Director	01/03/2011	01/03/2011	-	Active	NO

Name :

Mr. Rajeshkumar Pravin Joshi

Designation :

Director

Address :

37, Ashray Bungalows, Near Tapovan School, 150 Ft. Ring Road, Rajkot – 360 004, Gujarat, India

Date of Birth/Age :

22.04.1973

Date of Appointment :

15.06.2010

E-Mail :

rajesh@jjpvsolar.com

DIN No.:

03130297

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	U31200GJ2010PTC060541	JJ PV SOLAR PRIVATE LIMITED	Director	15/06/2010	15/06/2010	-	Active	NO
2	U31900GJ2011PTC064626	JJ PV SYSTEM INTEGRATION PRIVATE LIMITED	Director	28/03/2011	28/03/2011	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2012

Names of Shareholders		No. of Shares
Damjibhai Nathubhai Akbari		75000
Prashant Damjibhai Akbari		25000
Ansuyaben Damjibhai Akbari		25000
Hiteshbhai Nathubhai Akbari		25000
Kajal Hiteshbhai Akbari		25000
Vipul Nathubhai Akbari		25000
Darshakbhai D. Akbari		25000
Jasmin J. Patel		25000
Pareeta J. Patel		25000
Jasmin J. Patel - HUF		25000
Jayantilal Hansrajbhai Tilala		5000
Bhaviniben Nikhil Tilala		5200
Shardaben Jayantilal Tilala		6000
Prashantbhai Jayantilal Tilala		13000
Diptiben Prashantbhai Tilala		6800
Nikhilbhai Jayantilal Tilala		14000
Ramniklal B. Raval - HUF		20000
Pushkarbhai Ramniklal Raval - HUF		20000
Rajendrabhai Ramniklal Raval - HUF		20000
Ramniklal B. Raval		10000
Pushkarbhai Ramniklal Raval		10000
Rashilaben Ramniklal Raval		10000
Rekhaben Pushkarbhai Raval		10000
Rajeshbhai P. Joshi – HUF		16000
Rajeshbhai P. Joshi		16000
Minaxiben Rajeshbhai Joshi		18000
Total		500000

As on 29.09.2012

Equity Share Breakup		Percentage of Holding
Category
Directors or relatives of directors		100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Solar Modules for Power Preset, Pumps Pumping Equipment and Energy Conservation Products and also engaged in Real Estate Business.

Products :

v Solar Module

v Solar Power Plant

v Solar Lighting Systems

v Solar Water Pumping Systems

GENERAL INFORMATION

Suppliers :

v Amdak Solar Solution

v Ashirwad Trade Link

v Autosys

v Banco Aluminium Limited

v Bhagwati Industries

v Dilraj Traders

v Dunmore Corporation

v Enertech UPS Private Limited

v Full Stop Computer Solution

v Globle Wedge Inc.-USA

v Goldcoin Foam Private Limited

v Guajarat Borosil Limited

v HBL Power Systems

v Innovative Engineering Products Private Limited

v Jiangyin lutong Industrial Comapny Limited

v Kahna Electronics

v Kiran Electric Company Private Limited

v Mehul International

v Mosel Vitelic Inc

v M.R. Industries

v Naina Semiconductor Limited

v Nine Star System

v Nirmal Energy Limited

v Radha Energy Cell

v Srivasavi Adhesive Tapes Private Limited

v Sukruti Vidhyut Udhyog Private Limited

v Sun Solar Techno Limited

v Surana Venture Limited

v Vishwakarma Refrigeration

v Western Pipe Industries

v ATN Holzen GMBH

v Sunny International Travels

v Confederation of Indian Industries

v Eagle Tradelinks Private Limited

Customers :

v Akshar Enterprise

v Mann Enterprises

v Anand Enterprise Inc.

v Anant Enterprise

v Ashokbhai Girdharbhai Akbari

v Auro Imergency Systems

v Automan Engineers Private Limited

v Avani Sales and Services

v Avinash Patel

v Bright Solar Private Limited

v College of Food Processing Technology and Bio Energy

v Compact Business

v Darshan Solar Energy

v Devpara Gram Panchayat

v Emeral Energy Solution Private Limited

v Genesis Renewable Energy Solution

v Kishor Chhaganbhai Vasopa

v Kosol Hiramrut Energies Private Limited

v Ledtak Systems Private Limited

v Mahalaxmi Electrical

v Maharshil Green Realities

v Match Electronics and Exports

v Millenium Synergy Private Limited

v Shree Dattatrays Sales Corporation

v Shree Sai Corporation

v Shreyas Dashrathbhai Patel

v Shumas Akshay Urja Shop

v Solution For Energy Private Limited

v Suntech Solar Systems

v Surya International

v Tanna Engineering Plc

v Tirth Agro Technologies Private Limited

v Topsun Energy Private Limited

v Universal Solar Energy Solution

No. of Employees :

60 (Approximately)

Bankers :

Bank of India, Main Branch, Parabazar, Rajkot – 360 001, Gujarat, India

Facilities :

Secured Loans	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
LONG-TERM BORROWINGS
Bond/Debentures
Bank Loan Bank of India - Term Loan Account No.310070210000020	1.008	2.519
SHORT-TERM BORROWINGS
From Bank
Bank of India CC	63.104	0.000
Foreign Buyer Credit	30.746	25.245
Installment due within 12 months Bank of India - Term Loan Account No.310070210000020	6.400	0.000
Total	101.258	27.764


Banking Relations :	--


Auditors :
Name :	Keyurkumar P. Radia Chartered Accountant
Address :	528, Star Chambers, Harihar Chowk, Dr. Rajendra Prasad Road, Rajkot – 360 001, Gujarat, India
Income-tax PAN of auditor or auditor's firm :	AKKPR2197M

Group Companies :	v Anand Enterprise Inc. v JJ Auto Components v JJ Metal Craft v Virat Mechanical Works v Akabari International v JJ Developers v RPC and Company

CAPITAL STRUCTURE

As on 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.10/- each	Rs.5.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.10/- each	Rs.5.000 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011
SHAREHOLDERS FUNDS
1] Share Capital		5.000	5.000
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		20.205	19.600
4] (Accumulated Losses)		0.000	0.000
NETWORTH		25.205	24.600
LOAN FUNDS
1] Secured Loans		101.258	27.764
2] Unsecured Loans		20.025	16.835
TOTAL BORROWING		121.283	44.599
DEFERRED TAX LIABILITIES		0.295	0.000

TOTAL		146.783	69.199

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		67.008	25.185
Capital work-in-progress		0.000	0.000

INVESTMENT		0.000	0.000
DEFERRED TAX ASSETS		0.000	0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	67.072	1.883
	Sundry Debtors	10.010	0.000
	Cash & Bank Balances	9.681	7.221
	Other Current Assets	3.665	1.688
	Loans & Advances	2.142	35.570
Total Current Assets		92.570	46.362
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	7.866	0.098
	Other Current Liabilities	4.912	2.240
	Provisions	0.017	0.010
Total Current Liabilities		12.795	2.348
Net Current Assets		79.775	44.014

MISCELLANEOUS EXPENSES		0.000	0.000

TOTAL		146.783	69.199

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011
	SALES
		Income	79.810	0.000
		Other Income		0.000
		TOTAL (A)	79.810	0.000

Less	EXPENSES
		Office Expenses	63.252	0.000
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)	63.252	0.000

Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		16.558	0.000

Less	FINANCIAL EXPENSES (D)		6.800	0.000

	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		9.758	0.000

Less/ Add	DEPRECIATION/ AMORTISATION (F)		8.858	0.000

	PROFIT BEFORE TAX (E-F) (G)		0.900	0.000

Less	TAX (H)		0.295	0.000

	PROFIT AFTER TAX (G-H) (I)		0.605	0.000

	EARNINGS IN FOREIGN CURRENCY		2.932	0.000

	Earnings Per Share (Rs.)		1.21	0.00

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011
PAT / Total Income	(%)	0.76	0.00

Net Profit Margin (PBT/Sales)	(%)	NA	0.00

Return on Total Assets (PBT/Total Assets}	(%)	0.56	0.00

Return on Investment (ROI) (PBT/Networth)		0.04	0.00

Debt Equity Ratio (Total Liability/Networth)		5.32	1.91

Current Ratio (Current Asset/Current Liability)		7.23	19.75

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) 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	Yes
9) Name of person contacted	No
10) Designation of contact person	No
11) Turnover of firm for last two years	Yes
12) Profitability for last two 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	No

Unsecured Loans	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
LONG-TERM BORROWINGS
Loan and Advances From Related Parties	20.025	16.835
Total	20.025	16.835

OPERATIONS

Period ended on March 31, 2012 was the Second year of the company.

FINANCE

During the year, with the help of Directors, shareholders and banks the overall financial position of the company remained satisfactory.

FIXED ASSETS:

v Land

v Factory Building

v Plant and Machinery

v Electric Fittings

v Furniture

v Computer System

v Intangible Assets

v 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 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.54.54
UK Pound	1	Rs.88.05
Euro	1	Rs.72.29

INFORMATION DETAILS

Report Prepared by :

SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--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		34

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.

MIRA INFORM REPORT

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