1. Summary Information

		Country	INDIA
Company Name	QRS RETAIL LIMITED	Principal Name 1	Mr. Shunmugam Muralidharan
Status	Moderate	Principal Name 2	Mr. Shenbagamuthy Gauthaman
		Registration #	09-019890
Street Address	TC 25/ 2424, 2^nd Floor, Raymond Building, M.G. Road, Thiruvanthapuram – 695 001, Kerala, India
Established Date	03.10.2006	SIC Code	--
Telephone#	91-471-2462997/ 96	Business Style 1	Distributor
Fax #	91-471-2462995	Business Style 2	--
Homepage	www.qrs.in	Product Name 1	Refrigerator
# of employees	Not Available	Product Name 2	Washer
Paid up capital	Rs. 3,567,200/-	Product Name 3	Owen
Shareholders	Directors or Relatives of Directors – 100%	Banking	Axis Bank Limited
Public Limited Corp.	No	Business Period	7 YEARS
IPO	No	International Ins.	-
Public Enterprise	No	Rating	B (36)
Related Company
Relation	Country	Company Name	CEO
Related Party	India	Qrs Marketing Private Limited	--
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2012		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	297,163,000	Current Liabilities	109,040,000
Inventories	276,755,000	Long-term Liabilities	383,722,000
Fixed Assets	31,975,000	Other Liabilities	1,525,000
Deferred Assets	1,729,000	Total Liabilities	494,287,000
Invest& other Assets	0,000	Retained Earnings	108,679,000
		Net Worth	113,335,000
Total Assets	607,622,000	Total Liab. & Equity	607,622,000
Total Assets (Previous Year)	556,149,000
P/L Statement as of	31.03.2012		(Unit: Indian Rs.)
Sales (Including Other Income)	2,371,567,000	Net Profit	17,610,000
Sales(Previous yr)	1,891,114,000	Net Profit(Prev.yr)	13,651,000

MIRA INFORM REPORT

Report Date :

22.06.2013

IDENTIFICATION DETAILS

Name :	QRS RETAIL LIMITED
Registered Office :	TC 25/ 2424, 2^nd Floor, Raymond Building, M.G. Road, Thiruvanthapuram – 695 001, Kerala
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	03.10.2006
Com. Reg. No.:	09-019890
Capital Investment / Paid-up Capital :	Rs. 3.567 Millions
CIN No.: [Company Identification No.]	U52334KL2006PLC019890
TAN No.: [Tax Deduction & Collection Account No.]	TVDQ00036B
PAN No.: [Permanent Account No.]	AAACQ1665J / AACPZ4215A
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Distributor of Refrigerator, Washer, Owen, TV, Mixture, Grinder Appliance, etc.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (36)

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

Maximum Credit Limit :	USD 450000
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. The external borrowing seems to be huge. However, 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 – 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

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long Term Rating:- BB
Rating Explanation	Having moderate risk of default regarding timely servicing of financial obligation.
Date	June 2013

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 :	TC 25/ 2424, 2^nd Floor, Raymond Building, M.G. Road, Thiruvanthapuram – 695 001, Kerala, India
Tel. No.:	91-471-2462997/ 96
Fax No.:	91-471-2462995
E-Mail :	support@qrs.in qrsonline@qrs.in qrs@asianetindia.com muralidh@sify.com ladha@qrs.in
Website :	www.qrs.in
Branch Office :	Located at: · Alappuzha · Kozhikode (Calicut) · Chengannur · Kochi · Kollam · Kottarakara · Kottayam · Malappuram · Pathanamthitta · Thriuvananthapuram

DIRECTORS

As on: 29.09.2012

Name :

Mr. Shunmugam Muralidharan

Designation :

Whole Time Director

Address :

Visalatha House, West Temple Road, Kottayam – 686 001, Kerala, India

Date of Birth/Age :

08.03.1962

Qualification :

MAC Engineering

Date of Appointment :

01.04.2009

DIN No.:

00483595

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	U52599KL1999PTC012735	Qrs Marketing Private Limited	Managing director	11/12/2003	11/12/2003	-	Active	NO
2	U45201KL2006PLC019889	Qrs Builders Limited	Director	03/10/2006	03/10/2006	-	Active	NO
3	U52334KL2006PLC019890	Qrs Retail Limited	Whole-time director	01/04/2009	03/10/2006	-	Active	NO
4	U72200KL2008PTC021887	Qrs Software Solutions Private Limited	Managing director	20/02/2008	20/02/2008	-	Active	NO
5	U17299KL2005PTC018641	Lilly Whites Garments Private Limited	Director	30/09/2011	08/12/2010	-	Active	NO

Name :

Mr. Shenbagamuthy Gauthaman

Designation :

Whole Time Director

Address :

TC. 2-2155, 11 AN 234, Adarsh Nagar, Pattom, Thiruvananthapuram – 695 004, Kerala, India

Date of Birth/Age :

10.12.1950

Qualification :

MAC Engineering

Date of Appointment :

01.04.2009

DIN No.:

00483638

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	U52599KL1999PTC012735	Qrs Marketing Private Limited	Director	11/12/2003	11/12/2003	-	Active	NO
2	U45201KL2006PLC019889	Qrs Builders Limited	Director	03/10/2006	03/10/2006	-	Active	NO
3	U52334KL2006PLC019890	Qrs Retail Limited	Whole-time director	01/04/2009	03/10/2006	-	Active	NO
4	U72200KL2008PTC021887	Qrs Software Solutions Private Limited	Director	20/02/2008	20/02/2008	-	Active	NO
5	U17299KL2005PTC018641	Lilly Whites Garments Private Limited	Director	30/09/2011	08/12/2010	-	Active	NO

Name :

Mr. Giridharan Sujay

Designation :

Director

Address :

H. No. 709, Hospital Road, Ernakulam – 682 001, Kerala, India

Date of Birth/Age :

29.04.1969

Date of Appointment :

03.10.2006

DIN No.:

00487967

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	U52599KL1999PTC012735	Qrs Marketing Private Limited	Director	12/05/1999	12/05/1999	-	Active	NO
2	U52334KL2006PLC019890	Qrs Retail Limited	Director	03/10/2006	03/10/2006	-	Active	NO
3	U45201KL2006PLC019889	Qrs Builders Limited	Director	03/10/2006	03/10/2006	-	Active	NO
4	U52334KL2011PTC028015	Fridgehouse Retail Private Limited	Director	22/03/2011	22/03/2011	-	Active	NO

Name :

Mr. Girdharan Jayanth

Designation :

Director

Address :

28/2408, Shanthi Nagar, Kadavanthara P O Ernakulam – 682 020, Kerala, India

Date of Birth/Age :

14.07.1978

Date of Appointment :

30.09.2009

DIN No.:

02840955

Name :

Mr. Ajith Raghavan

Designation :

Director

Address :

Rishikesh, H No.2/2211A P O Civil Station Opposite Raman Road, Kozhikode – 673 020, Kerala, India

Date of Birth/Age :

12.09.1980

Date of Appointment :

30.09.2009

DIN No.:

02840973

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 29.09.2012

Names of Shareholders	No. of Shares
Sujay Giridharan	20850
Sembakamurthy Giridharan	21910
Chandrasekaran Ganeshan	11950
Chandrasekharan Dinesh	12000
Semabakamurthy Guthaman	27350
N. Chandrasekharan	1900
C. Prema	2400
G Mahima	9000
D. Suganthi	3000
G. Rajini	7250
S. Radhika	2250
G. Jayanth	10800
J. Preethi	2850
G. Kanthimathi	14350
Baliga Raghuram	1900
G. Abhimanyu Ganesh	13500
A. Nandhitha	2850
Shumugam Muralidharan	36180
M. Maheshwari	7500
Thilakarajan Raghavan	24800
R. Kalanidhi	2500

Equity Share Break up (Percentage of Total Equity)

As on: 29.09.2012

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Distributor of Refrigerator, Washer, Owen, TV, Mixture, Grinder Appliance, etc.

Products :

Description of product or services	ITC Code
Home Appliances	8542
Home Appliances	85423900

Brand Names :

“QRS”

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Dhanlaxmi Bank Limited, 2nd Floor, Karimpanal Arcade, Fort, Trivandrum - 695023, Kerala, India

· State Bank of India, SIB Branch, OCSC Building, Thiruvananthpuram – 695 001, Kerala, India

· Axis Bank Limited, Ground Floor, Century Towers, Near Y.W.C.A., M.C. Road, Kottayam – 686 001, Kerala, India

· Tamil Nadu Mercantile Bank, Trivandrum

· Tamil Nadu Mercantile Bank, Kottayam

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
Rupee term loans banks secured	69.097	335.922
Working capital loans banks secured	307.661	10.000
Loans taken for vehicles secured	0.952	3.372
Term loans from others	0.658	0.000
Other loans and advance	5.353	0.000
Total	383.721	349.294

Banking Relations :	--
Auditors :
Name :	V. Sunod Kumar and Associates Chartered Accountants
Address :	TC 41/2067(1), “Indraprasham”, Kalippankulam Road, Manacaud P.O., Thiruvanthampuram – 695 009, Kerala, India
Tel. No.:	91-471-254126
Mobile No.:	91-9387814378/ 9446572870
PAN No.:	AGJPP7980P
Related Party :	· QRS Marketing Private Limited CIN No. U52599KL1999PTC012735 · Fridge house Retail Private Limited CIN No. U52334KL2011PTC028015 · Sembakamurthy Gauthaman · Shunmugam Muralidharan

CAPITAL STRUCTURE

As on: 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
900000	Equity Shares	Rs.10/- each	Rs. 9.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
356720	Equity Shares	Rs.10/- each	Rs. 3.567 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	3.567
(b) Reserves & Surplus	108.679
(c) Money received against share warrants	0.000
(2) Share Application money pending allotment	1.089
(3) Non-current liabilities
(a) long-term borrowings	70.708
(b) Deferred tax liabilities (Net)	0.000
(c) Other long term liabilities	0.000
(d) long-term provisions	0.000
(4) Current liabilities
(a) Short term borrowings	313.014
(b) Trade payables	96.294
(c) Other current liabilities	12.746
(d) Short-term provisions	1.525
TOTAL	607.622
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	31.975
(ii) Intangible Assets	0.000
(iii) Capital work-in-progress	0.000
(iv) Intangible assets under development	0.000
(b) Non-current Investments	0.000
(c) Deferred tax assets (net)	1.729
(d) Long-term Loan and Advances	240.504
(e) Other Non-current assets	0.000
(2) Current assets
(a) Current investments	0.000
(b) Inventories	276.755
(c) Trade receivables	36.677
(d) Cash and cash equivalents	8.312
(e) Short-term loans and advances	11.488
(f) Other current assets	0.182
TOTAL	607.622

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		3.567	2.857
2] Share Application Money		1.088	0.999
3] Reserves & Surplus		91.068	63.711
4] (Accumulated Losses)		0.000	0.000
NETWORTH		95.723	67.567
LOAN FUNDS
1] Secured Loans		349.294	342.287
2] Unsecured Loans		0.001	0.192
TOTAL BORROWING		349.295	342.479
DEFERRED TAX LIABILITIES		0.000	0.000
TOTAL		445.018	410.046
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		37.139	31.879
Capital work-in-progress		0.000	0.000
INVESTMENT		0.000	0.000
DEFERREX TAX ASSETS		1.042	0.325
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	262.675	214.962
	Sundry Debtors	34.535	64.576
	Cash & Bank Balances	6.105	5.842
	Other Current Assets	2.264	2.439
	Loans & Advances	222.389	214.143
Total Current Assets		527.968	501.962
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	118.531	105.323
	Other Current Liabilities	0.000	14.827
	Provisions	2.600	3.976
Total Current Liabilities		121.131	124.126
Net Current Assets		406.837	377.836
MISCELLANEOUS EXPENSES		0.000	0.006
TOTAL		445.018	410.046

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income		1891.114	1889.039
		Other Income		103.566	91.981
		TOTAL (A)	2371.567	1994.680	1981.020
Less	EXPENSES
		Operational Expenses		1768.999	1792.502
		Employee Cost		44.132	30.925
		Administrative and Other Cost		111.511	94.004
		Miscellaneous Expenditure Written Off		0.006	0.006
		TOTAL (B)	2337.189	1924.648	1917.437
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		Including Financial	70.032	63.582
Less	FINANCIAL EXPENSES (D)			40.627	38.247
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		34.378	29.405	25.335
Less/ Add	DEPRECIATION/ AMORTISATION (F)		7.847	8.535	5.611
	PROFIT BEFORE TAX (E-F) (G)		26.531	20.870	19.724
Less	TAX (H)		8.921	7.219	7.497
	PROFIT AFTER TAX (G-H) (I)		17.610	13.651	12.227
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1.177	15.956	4.835
Less	APPROPRIATIONS		0.000	1.177	1.106
	BALANCE CARRIED TO THE B/S		18.787	28.430	15.956
	Earnings Per Share (Rs.)		49.37	38.27	42.95

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	0.74	0.68	0.62
Net Profit Margin (PBT/Sales)	(%)	0.00	1.10	1.04
Return on Total Assets (PBT/Total Assets}	(%)	4.38	3.69	3.69
Return on Investment (ROI) (PBT/Networth)		0.23	0.22	0.29
Debt Equity Ratio (Total Debt/Networth)		3.39	3.64	5.07
Current Ratio (Current Asset/Current Liability)		0.79	4.36	4.04

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	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	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	--
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

Bankers Charges Report as per Registry

Corporate identity number (CIN) or foreign company registration number of the company	U52334KL2006PLC019890
Name of the company	QRS RETAIL LIMITED
Address of the registered office or of the principal place of business in India of the company	TC 25/ 2424, 2^nd Floor, Raymond Building, M.G. Road, Thiruvanthapuram – 695 001, Kerala, India Email-id - ladha@qrs.in
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10344331
Type of charge	Book debts Floating charge Others (Credit and Debit Card Receivables)
Particular of charge holder	Axis Bank Limited, Ground Floor, Century Towers, Near Y.W.C.A., M.C. Road, Kottayam – 686 001, Kerala, India Email-id - Sijo.Sebastian@axisbank.com
Nature of instrument creating charge	Supplemental Deed of Hypothecation
Date of instrument Creating the charge	11.04.2013
Amount secured by the charge	Rs. 41.500 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Base Rate plus 4% p.a. presently 14% p.a. Terms of Repayment Thiruvananthapuram Division: Loan to be repaid in 51 Equal weekly installments of Rs. 0.558 millions and one weekly instalment of Rs. 0.542 millions. Interest to be serviced as and when debited. Kottayam Division: Loan to be repaid in 51 Equal weekly installments of Rs. 0.048 millions and one weekly installment of Rs. 0.052 millions. Interest to be serviced as and when debited. Tenor : 12 months Margin As may be decided by the Bank from time to time. Extent and Operation of the charge Extended hypothecation charge on credit/Debit Card receivables of the company from its branches under Thiruvananthapuram and Kottayam Division, both present and future as continuing security for the revised credit limit of Rs.41.500 millions under charge Id 10344331.Charge has been separately registered on 13.07.2012 vide Charge Id 10367073 for Card Power Demand Loan (Kottayam Division) Rs. 22.500 millions availed from Axis Bank on 29.06.2012,thus the overall credit limit extended by Axis Bank to the Borrower is Rs. 64.000 millions Others Card Power Demand Loan limit under charge Id 10344331 was revised from Rs. 42.000 millions to Rs. 41.500 Millions as under: Division Existing limit Additional limit Present limit Kottayam 10.000 millions ------- closed TVM 22.000 millions ------- closed TVM 10.000 millions ------- 10.000 millions TVM ------- 29.000 millions 29.000 millions Kottayam ------- 2.500 millions 2.500 millions
Short particulars of the property or asset(s) charged (including complete address and location of the property)	i) Extended existing hypothecation charge on credit /Debit Card receivables of the company from its branhes under Thiruvananthapuram and Kottayam Division, both present and future ii) security for the revised credit limit of Rs.41.500 millions, under Charge Id 10344331.
Particulars of the present modification	On 11.04.2013,(i)revised the credit limit under Charge Id 10344331 from Rs. 42.000 millions to Rs. 41.500 millions by closing the existing Card Power Demand Loan of Rs. 32.000 millions (Kottayam Division- Rs.10.000 millions and TVM Division- Rs. 22.000 millions) and availing fresh Card Power Demand Loan of Rs. 31.500 millions (Kottayam Division- Rs.2.500 millions and TVM Division-Rs.290 millions). (ii) extended the hypothecation charge on Credit/Debit card receivables of the company as continuing security to the revised credit limit of Rs.41.500 millions.

UNSECURED LOAN

(Rs. In Millions)

	As on 31.03.2012	As on 31.03.2011
Deposits related parties unsecured	0.000	0.000
Other debt unsecured	0.000	0.001
Other loans and advance	0.001	0.000
Total	0.001	0.001

Fixed Assets:

· Land

· Building

· Furniture and Fittings

· Computer and Accessories

· Plant and Machinery

· Vehicles

· Interior Decoration

· AC and Accessories

· Work in Progress

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. 59.36
UK Pound	1	Rs. 92.11
Euro	1	Rs. 78.59

INFORMATION DETAILS

Report Prepared by :

DPH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		36

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.