MIRA INFORM REPORT

Report Date :

20.07.2013

IDENTIFICATION DETAILS

Name :	JAYPEE (INDIA) LIMITED (w.e.f 27.03.2009)
Formerly Known As :	JAYPEE INDIA PRIVATE LIMITED
Registered Office :	11, Dr. Rajendra Prasad Sarani, Kolkata-700001, West Bengal
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	28.07.1982
Com. Reg. No.:	21-035131
Capital Investment/ Paid-up Capital:	Rs. 20.875 Millions
CIN No.: [Company Identification No.]	U29133WB1982PLC035131
TAN No.: [Tax Deduction & Collection Account No.]	CALJ00899D
PAN No.: [Permanent Account No.]	AAACJ6785C
Legal Form :	A Closely held Public Limited Liability Company
Line of Business :	Manufacturer and Exporter of Construction Equipments, Rebar Bending, Bar Cutting, Batch Mix, Plant Concrete Mixer, Mini Dumper, Roller, Tower Crane and Passenger Hoist, etc.
No. of Employees:	150 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 170000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. The company has seen a better growth in its sales turnover as well as net profitability during 2012. Trade relations are fair. Business is active. Payment terms are reported as usually correct. The company can be considered normal for business dealings at usual trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
India	A1	A1

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

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. Micle
Designation :	Business Development Associates
Contact No.:	91-9051234444
Date :	12.07.2013

LOCATIONS

Registered Office :	11, Dr. Rajendra Prasad Sarani, Kolkata-700001, West Bengal, India
Tel. No.:	91-33-22423681
Mobile No.:	91-9051234444 (Mr. Micle)
Fax No.:	91-33-22432545
E-Mail :	shreemonti@jaypee.in agarwal_shankarassociates@yahoo.co.in
Location :	Owned
Factory Office :	National Highway No. 6, Ankur Hati, P O Salab, Kolkata, West Bengal, India
Tel. No.:	91-33-22691275
Area :	8 Acers
Location :	Owned
Corporate Office :	226/1, AJC Bose Road, Trinity, 5^th Floor, Kolkata-700020, West Bengal, India
Tel. No.:	91-33-22890496
Fax No.:	91-33-22890859
Area :	1500 Sq. ft
Location :	Owned

DIRECTORS

AS ON 28.09.2012

Name :	Mr. Jay Prakash Mehta
Designation :	Director
Address :	39, Humayun Kabir Sarani, Flat 2A, Newalipore, Kolkata – 700053, West Bengal, India
Date of Birth/Age :	25.12.1960
Qualification :	B.Com
Date of Appointment :	29.09.1993
Voter ID No.:	LFB3373495
DIN No:	00164338
Name :	Mr. Dilip Kumar Ghorai
Designation :	Director
Address :	Vill Makarda, P.O Aknagaria, Midnapore – 721140, West Bengal, India
Date of Birth/Age :	09.11.1969
Qualification :	BE Civil
Date of Appointment :	01.09.2005
Voter ID No.:	WB/29/217/17609
DIN No.:	00271174
Name :	Mr. Aditya Vikram Mehta
Designation :	Director
Address :	39, Humayun Kabir Sarani, Flat 2A, Newalipore, Kolkata – 700053, West Bengal, India
Date of Birth/Age :	29.11.1983
Qualification :	MBA
Date of Appointment :	01.01.2007
Voter ID No.:	LFB3373511
DIN No:	00481189
Name :	Mr. Kumar Mangalam Mehta
Designation :	Director
Address :	39, Humayun Kabir Sarani, Flat 2A, Newalipore, Kolkata – 700053, West Bengal, India
Date of Birth/Age :	05.09.1986
Date of Appointment :	01.01.2010
PAN No.:	ANUPM5611M
DIN No.:	02929136
Name :	Mr. Goutam Mahapatra
Designation :	Additional Director
Address :	Uttarpara – Dakshin, PO Janai Station Road, Hooghly-712304, West Bengal, India
Date of Birth/Age :	31.12.1968
Date of Appointment :	02.05.2011
Voter ID No.:	WB/26/178/435173
DIN No.:	00724718

KEY EXECUTIVES

Name :	Mr. Micle
Designation :	Business Development Associates

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 28.09.2012

Names of Shareholders	No. of Shares
Jay Prakash Mehta	30570
Sunita Devi Mehta	2500
Aditya Vikram Mehta	2500
Divya Mehta	125
Jaypee Manufacturing Company Limited, India	29500
Jaymac Engineering Limited, India	13500
Jay Prakash Mehta – HUF	5700
WML Machinery Limited, India	27000
Kumar Mangalam Mehta	250
Jaypee Equipment Private Limited, India	42000
Scaf Engineering Limited, India	35000
Greenview Tracom Private Limited, India	2500
Ashok Hydramatic Private Limited, India	1000
Subhlabh Overseas Private Limited, India	1000
Mohini Agencies Private Limited, India	1500
Preety Mehta	105
Calcutta Fresh Milk Private Limited, India	1000
Mint Overseas Private Limited, India	1000
Hepta Traders Private Limited, India	1000
Gulzar Hire Purchase Private Limited, India	2000
Moonstar Business India Private Limited, India	2500
Jasper Enclave Private Limited, India	1500
Banerjee Project Constructions Private Limited, India	2000
Swastika Securities and Finance Limited, India	3000
TOTAL	208750

AS ON 03.01.2013

Names of Allottees	No. of Shares
Madhu Pachisia	10000
TOTAL	10000

AS ON 21.03.2013

Names of Allottees	No. of Shares
Nayan Merchants Private Limited, India	50000
Agradoot Enterprises Private Limited, India	50000
Edu Grow Solutions Private Limited, India	25000
TOTAL	125000

AS ON 28.09.2012

Equity Shares Break Up	Percentage of Holding
Bodies corporate	80.00
Directors or relatives of Directors	20.00
TOTAL	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Construction Equipments, Rebar Bending, Bar Cutting, Batch Mix, Plant Concrete Mixer, Mini Dumper, Roller, Tower Crane and Passenger Hoist, etc.

Products :

ITC CODE	PRODUCTS
827910	Construction Equipments
947990 01	Spares

PRODUCTION STATUS (AS ON : 31.03.2012)

Particulars	Unit	Actual Production
Bar Bending and Straightening Machine	Nos.	455
Bar and Angle Shearing Machine	Nos.	460
Weigh Batcher Machine	Nos.	1
Parts and Accessories for Machine – 8462	Nos.	367
Concrete Mixer Machine	Nos.	53
Earth Compactor	Nos.	50
Parts and Accessories for Rammer	Nos.	10
Vaccum Pump (VDS)	Nos.	8
Parts and Accessories for VDS	Nos.	32
Builder Hoist	Nos.	52
Parts and Accessories for Builder Hoist	Nos.	7
Taugh Rider (Shovel Loader)	Nos.	3
Vibrator Roller	Nos.	1
Vibrator Machine	Nos.	32
Parts and Accessories for Vibrator	Nos.	43

GENERAL INFORMATION

Customers :

Retailers and End Users

No. of Employees :

150 (Approximately)

Bankers :

• Axis Bank, Corporate Banking Branch, 1, Shakespare Sarani, 3^rd Floor, Kolkata-700071, West Bengal, India
• State Bank of India
• Bank of India
• The Hong Kong and Shanghai Banking Corporation Limited

Facilities :

Secured Loan	Rs. In Millions 31.03.2012	Rs. In Millions 31.03.2011
Long Term Borrowings
Term Loans
From Banks (Secured by hypothecation of respective assets)
Axis Bank Limited – Indigo CS FLX Emi Rs. 0.011 Million for 49 Months	0.421	0.000
HDFC Bank Limited – Ford Figgo Emi Rs. 0.011 Million for 47 Months	0.392	0.000
From Corporates (Secured by hypothecation of respective assets)
Reliance Capital Limited – TATA Ac Emi Rs. 0.009 Million for 8 months	0.070	0.257
L and T Finance Limited – Crane	0.000	1.113
BMW India Financial Services Private Limited – BMW Car Emi Rs. 0.074 Million for 33 months	2.167	3.454
L and T Finance Limited – Fork Lift Emi Rs. 0.033 Million for 10 months	0.312	0.000
L and T Finance Limited – TIPL Emi Rs. 0.062 Million for 4 months	0.241	0.000
Short Term Borrowings
Term Loans
From Banks (Secured by hypothecation of respective assets)
Axis Bank Limited – Indigo CS FLX Emi Rs. 0.011 Million for 49 Months	0.068	0.000
HDFC Bank Limited – Ford Figgo Emi Rs. 0.011 Million for 47 Months	0.074	0.000
Cash Credit A/C with Axis Bank Limited (Secured by hypothecation of stock and book debts)	18.935	0.000
Buyers Credit Loan from Axis Bank Limited (Secured by goods procured under L C and hypothecation of stock and book debts)	4.550	0.000
From Corporates (Secured by hypothecation of respective assets)
Reliance Capital Limited – TATA Ac Emi Rs. 0.009 Million for 12 months	0.095	0.000
L and T Finance Limited – Emi Rs. 0.054 Million for 12 months	0.564	0.000
BMW India Financial Services Private Limited – BMW Car Emi Rs. 0.074 Million for 12 months	0.671	0.000
L and T Finance Limited – Fork Lift Emi Rs. 0.033 Million for 12 months	0.329	0.000
L and T Finance Limited – TIPL Emi Rs. 0.062 Million for 12s months	0.659	0.000
TOTAL	29.548	4.824

Banking Relations :	--
Auditors :
Name :	A R Maitri and Company Chartered Accountants
Address :	21, Old Court House Street, Kolkata- 700001, West Bengal, India
PAN No.:	AASSK3397K

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
250000	Equity Shares	Rs.100/- each	Rs. 25.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
208750	Equity Shares	Rs.100/- each	Rs. 20.875 Millions

AS ON 28.09.2012

Authorised Capital : Rs. 35.000 Millions

Issued, Subscribed & Paid-up Capital : Rs. 28.125 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	20.875	3.775
(b) Reserves & Surplus	22.857	17.068
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	43.732	20.843
(3) Non-Current Liabilities
(a) long-term borrowings	7.250	16.887
(b) Deferred tax liabilities (Net)	0.128	0.141
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	7.378	17.028
(4) Current Liabilities
(a) Short term borrowings	25.946	0.000
(b) Trade payables	50.916	40.446
(c) Other current liabilities	18.487	5.037
(d) Short-term provisions	0.172	0.450
Total Current Liabilities (4)	95.521	45.933
TOTAL	146.631	83.804
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	34.083	17.864
(ii) Intangible Assets	0.006	0.000
(iii) Capital work-in-progress	0.000	0.000
(b) Non-current Investments	6.340	6.340
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	3.513	3.735
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	43.942	27.939
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	33.072	9.426
(c) Trade receivables	54.444	31.727
(d) Cash and cash equivalents	6.353	2.423
(e) Short-term loans and advances	8.667	12.256
(f) Other current assets	0.153	0.033
Total Current Assets	102.689	55.865
TOTAL	146.631	83.804

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		3.775
2] Share Application Money		0.000
3] Reserves & Surplus		14.577
4] (Accumulated Losses)		0.000
NETWORTH		18.352
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		15.020
TOTAL BORROWING		15.020
DEFERRED TAX LIABILITIES		0.046
TOTAL		33.418
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		10.245
Capital work-in-progress		0.000
INVESTMENT		1.440
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	6.788
	Sundry Debtors	16.258
	Cash & Bank Balances	11.408
	Other Current Assets	0.000
	Loans & Advances	5.313
Total Current Assets		39.767
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	12.794
	Other Current Liabilities	4.962
	Provisions	0.322
Total Current Liabilities		18.078
Net Current Assets		21.689
MISCELLANEOUS EXPENSES		0.044
TOTAL		33.418

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	165.951	140.215	37.201
		Other Income	0.557	1.411	1.071
		TOTAL (A)	166.508	141.626	38.272
Less	EXPENSES
		Cost of Materials Consumed	126.156	102.238	37.297
		Purchase of Stock in Trade	2.946	13.924
		Employee Benefits Expenses	8.199	6.081
		Other Expenses	22.019	13.712
		Changes in inventories of Finished Goods, Work In Progress and Stock In Trade	(2.800)	(0.718)
		TOTAL (B)	156.520	135.237	37.297
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		9.988	6.389	0.975
Less	FINANCIAL EXPENSES (D)		2.215	1.946	0.000
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		7.773	4.443	0.975
Less/ Add	DEPRECIATION/ AMORTISATION (F)		3.442	0.793	0.101
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		4.331	3.650	0.874
Less	TAX (H)		1.442	1.159	0.270
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		2.889	2.491	0.604
Add	Income tax written of A/Y 2009-10		0.000	0.000	0.002
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		3.708	1.217	0.611
	BALANCE CARRIED TO THE B/S		6.597	3.708	1.217
	EARNINGS IN FOREIGN CURRENCY
		Trading	NA	1.935	0.375
		Manufacturing	NA	0.000	0.611
	TOTAL EARNINGS		NA	1.935	0.986
	Earnings / (Loss) Per Share (Rs.)		28.23	66.00	23.16

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	1.74	1.76	1.57
Net Profit Margin (PBT/Sales)	(%)	2.61	2.60	2.35
Return on Total Assets (PBT/Total Assets}	(%)	3.09	4.71	1.75
Return on Investment (ROI) (PBT/Networth)		0.10	0.18	0.04
Debt Equity Ratio (Total Debt /Networth)		0.76	0.81	0.82
Current Ratio (Current Asset/Current Liability)		1.08	1.22	2.20

LOCAL AGENCY FURTHER INFORMATION

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	No
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	Yes
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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	Yes
34]	External Agency Rating, if available	No

Unsecured Loan	Rs. In Millions 31.03.2012	Rs. In Millions 31.03.2011
Long Term Borrowing
Anurag Vinimay Private Limited	2.500	0.000
J E Equipments Private Limited	1.148	12.063
TOTAL	3.648	12.063

FINANCIAL RESULTS

The result discloses a Profit of Rs. 4.331 Millions before tax after charging depreciation of Rs. 3.417 Millions which has been adjusted against Provision for Taxation Rs. 1.453 Millions and Income Tax for Earlier year Rs. 0.002 Million and added to Deferred Tax Rs. 0.013 Million leaves a Surplus during the year Rs. 2.889 Millions and further added to Surplus of Rs. 3.708 Millions brought forward from the earlier year and amount of Rs. 6.500 Millions out of total surplus Rs. 6.597 Millions transferred to General Reserve, it leaves a surplus of Rs. 0.097 Million which the Directors propose to carry forward to next year.

FORM 8

Corporate identity number of the company	U29133WB1982PLC035131
Name of the company	JAYPEE (INDIA) LIMITED
Address of the registered office or of the principal place of business in India of the company	11, Dr. Rajendra Prasad Sarani, Kolkata-700001, West Bengal, India
This form is for	Modification of charge
Charge identification number of the charge to be modified	10316239
Type of charge	Immovable property Book debts Movable property (not being pledge) Others
Particular of charge holder	Axis Bank, Corporate Banking Branch, 1, Shakespare Sarani, 3^rd Floor, Kolkata-700071, West Bengal, India
Nature of instrument creating charge	No Instrument, Oral Assent (Memorandum of Entry).
Date of instrument Creating the charge	24.01.2013
Amount secured by the charge	Rs. 104.500 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest CC: BR+3.25%, i.e. presently at 13.25% p.a., WCDL: BR+2.75%, i.e. presently at 12.75% p.a., TL: BR+3.50%, i.e. 13.50% p.a. at present. Terms of repayment Cash Credit repayable on demand, Term Loan repayable in 16 quarterly installments starting from 31.12.2013. Margin Stocks: 25%, Book Debts (Up to 120 days): 30%, Term Loan: 20.42%, Letter of Credit: 15% to be collected upfront and kept in TDR with Banks lien noted thereon, Buyers Credit: 15% Cash Margin, LER: 5%, Bank Guarantee: 15% to be collected upfront and kept in TDR with Banks lien noted thereon, 100% cash margin in case of disputed liabilities. Extent and operation of the charge Equitable mortgage over immovable properties of the company.
Short particulars of the property charged (Including location of the property)	Hypothecation charge on the Current Assets of the Company, both present and future Hypothecation of movable fixed assets (except vehicles) of the company, both present and future. All that factory land measuring about 69 decimals in R S Dag No.3200, L R Dag No.3187, 18 Decimals in R S Dag No.3201, L R Dag No.3188, 4 Decimals in R S Dag No.3202, L R Dag No. 3189 and 20 Decimals in R S Dag No.3204, L R Dag No.3191 and 7 Decimals in R S Dag No.3205, L R Dag No.3192 aggregating 118 Decimals under L R Khatian No.3018 at Mouza - Anurhati, J L No.30, Touji No.146, P. S. Domjur within the jurisdiction of the Mohiary No.2 Gram Panchayat in the District of Howrah in the name of Jaypee (India) Limited [Previously Jaypee (India) Private Limited] Creation of equitable mortgage over immovable property of the company being all that the factory land measuring about 28 decimals in R S Dag No.3205, L R Dag No.3192 under L R Khatian No.3018 at Mouza- Ankurhati, J.L.No.30, Touji No.146, P. S. Domjur within the jurisdiction of the Mohiary No.2 Gram Panchayat in the District of Howrah.
Date of instrument modifying the charge	22.01.2013
Particulars of the present modification	Overall limit has been realigned/ revised. Overall limit remain unchanged at Rs.104.500 Millions, the borrower has created collateral security by way of creation of equitable mortgage over immovable property of the company as described above. Other terms and condition remain unchanged.

FIXED ASSETS

• Typewriter
• Office Equipments
• Furniture and Fixtures
• Motor Cycle
• Bi-Cycle
• Air Conditioner
• Computer
• Franking Machine
• Plant and Machinery

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. 59.79
UK Pound	1	Rs. 91.03
Euro	1	Rs. 78.52

INFORMATION DETAILS

Information Gathered by :	NYA
Report Prepared by :	DPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		45

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

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

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

RATING EXPLANATIONS

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

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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.