MIRA INFORM REPORT

Report Date :

30.11.2013

IDENTIFICATION DETAILS

Name :	ZAMIL AIR CONDITIONERS INDIA PRIVATE LIMITED (w.,e.f 27.02.2013)
Formerly Known As :	ADVANTEC COILS PRIVATE LIMITED
Registered Office :	H-9, First Floor, Block B1, Mohan Co-operative Industrial Estate, Mathura Road, New Delhi - 110044
Country :	India
Financials (as on) :	31.12.2012
Date of Incorporation :	24.09.1992
Com. Reg. No.:	55-050416
Capital Investment / Paid-up Capital :	Rs. 396.399 Millions
CIN No.: [Company Identification No.]	U74899DL1992PTC050416
TAN No.: [Tax Deduction & Collection Account No.]	DELA05979B
PAN No.: [Permanent Account No.]	AAACA0907F
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Air Conditioners and its Components
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ca (11)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Poor
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having poor track record. Management has failed to file latest financial of 2013 with government department. As per record of 2012, there appears huge accumulated losses recorded by the company. Business is active. Payment terms are slow. The company can be considered for business dealing on a safe and secured 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

INDIAN ECONOMIC OVERVIEW

The current downturn provides an opportunity to push ahead with reforms to accelerate growth, says the latest India Development Update report released by the World Bank. The report says that the adverse effects of rupee depreciation are likely to be offset by the gains in the exports performance due to improved external competitiveness. Since May this year, the local currency has depreciated substantially and fell to a record level of Rs 68.85 to a dollar on August, 28.

A stagflation like situation appears to have arisen as inflation jumped to an eight month high of 6.46 % for the month of September. It is up from 6.10 % in August. Growth continues to be muted with factory output plunging to 0.6  % in August. Onion prices have risen nearly 300 % from last September. Vegetables cost nearly 90 % more than they did last year. Wake up to the economic contribution of slum dwellers. They contribute more than 7.5 % to the country’s gross domestic product, according to a recent study conducted in 50 top cities.

136000 estimated number of jobs created during the second quarter of the current financial year. 50000 estimated number of additional jobs in the field of corporate social responsibility in the coming years.

The International Finance Corporation expects to come out with its rupee linked bonds issue before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple iPhone 5c (Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has been launched in India from 1^st November.

The Land Acquisition Act to provide just and fair compensation to farmers will come into force from January 1 next year, said Rural Development Minister Jairam Ramesh. The Act replaces a 119 year old registration. The Securities and Exchange Board of India has approved the trading of currency futures on the Bombay Stock Exchange. The exchange plans to launch the currency futures platform with advanced trading technology by the end of November.

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 :	H-9, First Floor, Block B1, Mohan Co-operative Industrial Estate, Mathura Road, New Delhi – 110044, India
Tel. No.:	91-11-31901300
Fax No.:	91-11-40544381
E-Mail :	vsagar@advanteccoils.com sonali@zamilacindia.com sales@advanteccoils.com info@zamilacindia.com
Website :	http://www.advanteccoils.com http://www.azureacpl.com http://www.zamilacindia.com
Factory :	Village Dhadi Kanian, Tehsil Nalagarh, District Solan, Himachal Pradesh

DIRECTORS

As on 18.02.2013

Name :

Mr. Tanjore Narasinra Rao Vidya Sagar

Designation :

Whole-time director

Address :

231, 3^rd Floor, Jai Maa Apartments, Plot No. 16, Sector 5, Dwarka New Delhi – 110075, India

Date of Birth/Age :

07.11.1952

Date of Appointment :

28.06.2012

DIN No.:

05191582

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	Company/ LLP Status	Defaulting status
1	U74899DL1992PTC050416	ADVANTEC COILS PRIVATE LIMITED	Whole-time director	28/06/2012	16/11/2011	Active	NO

Name :

Mr. Dinesh Vijapurkar

Designation :

Alternate Director

Address :

Plot No. 630, Road No. 35, Jubilee Hill, Hyderabad – 500033, Andhra Pradesh, India

Date of Birth/Age :

25.05.1965

Date of Appointment :

28.06.2012

DIN No.:

02128630

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	U74999AP2006PTC050207	LATITUDE OVERSEAS TRADE PRIVATE LIMITED	Director	29/05/2006	29/05/2006	-	Active	NO
2	U74899DL1992PTC050416	ADVANTEC COILS PRIVATE LIMITED	Director	28/06/2012	21/05/2008	-	Active	NO
3	U18101AP2010PTC070862	NCE FASHIONS PRIVATE LIMITED	Director	14/10/2010	14/10/2010	20/04/2012	Active	NO

Name :

Mr. Osama Fahad Albunyan

Designation :

Director

Address :

P. O. Box – 2700, Al Khobar – 31952, Saudi Arabia

Date of Birth/Age :

05.12.1967

Date of Appointment :

12.11.2008

DIN No.:

02150620

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	Company/ LLP Status	Defaulting status
1	U74899DL1992PTC050416	ADVANTEC COILS PRIVATE LIMITED	Director	12/11/2008	21/05/2008	Active	NO
2	U74120DL2008PTC175696	ZAMIL INFRA PRIVATE LIMITED	Director	29/09/2012	03/06/2012	Active	NO

Name :

Mr. Abdullah Mohammed Alzamil

Designation :

Director

Address :

P. O. Box – 14440, Dammam – 31424, Saudi Arabia

Date of Birth/Age :

07.01.1965

Date of Appointment :

12.11.2008

DIN No.:

02150647

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	Company/ LLP Status	Defaulting status
1	U74899DL1992PTC050416	ADVANTEC COILS PRIVATE LIMITED	Director	12/11/2008	21/05/2008	Active	NO

Name :

Mr. Awad Sharif Nugod Elamin

Designation :

Director

Address :

P. O. Box – 14440, Dammam – 31424, Saudi Arabia

Date of Birth/Age :

01.01.1951

Date of Appointment :

28.06.2012

DIN No.:

02287435

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	Company/ LLP Status	Defaulting status
1	U74899DL1992PTC050416	ADVANTEC COILS PRIVATE LIMITED	Director	28/06/2012	21/05/2008	Active	NO

Name :

Mr. Natarajan Rangasamy

Designation :

Director

Address :

P. O. Box – 14440, Dammam – 31424, Saudi Arabia

Date of Birth/Age :

02.06.1973

Date of Appointment :

28.06.2012

DIN No.:

02948146

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	Company/ LLP Status	Defaulting status
1	U74899DL1992PTC050416	ADVANTEC COILS PRIVATE LIMITED	Director	28/06/2012	16/11/2011	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 18.02.2013

Names of Shareholders (Equity Shares)	No. of Shares
Gurvinder Pal Singh	2010650
Zamil Industrial Investment Company, Saudi Arabia	860900
Zamil Industrial Investment Company Asia Pte Limited, Singapore	35768326
Total	38639876

Names of Shareholders (Preference Shares)
Gurvinder Pal Singh	1000000
Total	1000000

As on 18.02.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	94.80
Directors or relatives of Directors	5.20
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Air Conditioners and its Components

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· ICICI Bank Limited, Landmarkrace Cource Circle, Alkapuri, Baroda – 390015, Gujarat, India

· Citibank NA, Jeevan Vihar, 3 Sansad Marg, New Delhi – 110001, India

· State Bank of India - Lead Bank, Overseas Branch, Jawahar Vyapar Bhawan, 1, Tolstoy Marg, New Delhi – 110001, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.12.2012	As on 31.12.2011
Long-term borrowings
Loans repayable on demand from others	0.000	39.318
Other loans and advances	0.112	0.309
Short-term borrowings
Term loans from banks	58.443	0.000
Loans repayable on demand from banks	12.464	528.263
Loans repayable on demand from others	47.872	0.000
Other loans and advances	9.234	19.384
Total	128.125	587.274

Banking Relations :	---
Auditors :
Name :	S.K. Surana and Company Chartered Accountants
Address :	4831/24, Ansari Road, Daryaganj, New Delhi – 110002, India
Tel. No.:	91-11-23288018 / 45652626
E-Mail :	info@suranaca.com suranasso@vsnl.net
PAN No.:	AAUFS1209F
Fellow Subsidiary :	· Zamil Steel Building India Private Limited · Zamil Air Conditioners and Home Appliances Company Limited (Previously known as Zamil Air Conditioners)
Holding Company :	· Zamil Industrial Investment Co (ZIIC), Saudi Arabia · Zamil Industrial Investment Company Asia PTE. Limited, Singapore

CAPITAL STRUCTURE

As on 18.02.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
40000000	Equity Shares	Rs.10/- each	Rs.400.000 Millions
1000000	Preference Shares	Rs.10/- each	Rs.10.000 Millions
	Total		Rs.410.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
38639876	Equity Shares	Rs.10/- each	Rs.386.399 Millions
1000000	Preference Shares	Rs.10/- each	Rs.10.000 Millions
	Total		Rs.396.399 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.12.2012	31.12.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	396.399	386.399
(b) Reserves & Surplus	(188.479)	(57.640)
(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)	207.920	328.759
(3) Non-Current Liabilities
(a) long-term borrowings	0.112	39.627
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	16.941	13.340
Total Non-current Liabilities (3)	17.053	52.967
(4) Current Liabilities
(a) Short term borrowings	1513.973	845.208
(b) Trade payables	246.684	106.824
(c) Other current liabilities	509.107	637.045
(d) Short-term provisions	5.212	1.480
Total Current Liabilities (4)	2274.976	1590.557
TOTAL	2499.949	1972.283
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	828.880	595.895
(ii) Intangible Assets	4.271	4.977
(iii) Capital work-in-progress	5.737	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.410	0.210
(c) Deferred tax assets (net)	313.722	242.570
(d) Long-term Loan and Advances	14.807	14.760
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	1167.827	858.412
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	453.209	405.501
(c) Trade receivables	377.579	95.428
(d) Cash and cash equivalents	148.782	169.344
(e) Short-term loans and advances	56.663	148.554
(f) Other current assets	295.889	295.044
Total Current Assets	1332.122	1113.871
TOTAL	2499.949	1972.283

SOURCES OF FUNDS		31.12.2010
SHAREHOLDERS FUNDS
1] Share Capital		28.716
2] Share Application Money		0.000
3] Reserves & Surplus		381.092
4] (Accumulated Losses)		(176.052)
NETWORTH		233.756
LOAN FUNDS
1] Secured Loans		665.691
2] Unsecured Loans		327.446
TOTAL BORROWING		993.137
DEFERRED TAX LIABILITIES		0.000
TOTAL		1226.893
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		612.895
Capital work-in-progress		21.600
INVESTMENT		0.210
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	477.533
	Sundry Debtors	155.678
	Cash & Bank Balances	151.455
	Other Current Assets	0.000
	Loans & Advances	377.673
Total Current Assets		1162.339
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	214.979
	Other Current Liabilities	342.457
	Provisions	12.715
Total Current Liabilities		570.151
Net Current Assets		592.188
MISCELLANEOUS EXPENSES		0.000
TOTAL		1226.893

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.12.2012	31.12.2011	31.12.2010
	SALES
		Income	2847.580	1452.945	2130.002
		Other Income	NA	NA	NA
		TOTAL	NA	NA	NA
Less	EXPENSES
		Office Expenses
		Administrative Expenses	NA	NA	NA
		Advertising Expenses
		TOTAL	NA	NA	NA
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		(29.638)	(282.244)	(107.271)
Less	FINANCIAL EXPENSES		149.350	168.357	89.385
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		(178.988)	(450.601)	(196.656)
Less/ Add	DEPRECIATION/ AMORTISATION		55.637	53.157	58.169
	PROFIT / (LOSS) BEFORE TAX AND PRIOR PERIOD EXPENSE		(234.625)	(503.758)	(254.825)
Less	PRIOR PERIOD EXPENSE		0.000	0.638	0.027
	PROFIT / (LOSS) BEFORE TAX		(234.625)	(504.396)	(254.852)
Less	TAX		(71.143)	(241.715)	16.701
	PROFIT / (LOSS) AFTER TAX		(163.482)	(262.681)	(271.553)
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	255.098	136.442	253.940
	TOTAL EARNINGS		255.098	136.442	253.940
	IMPORTS
		Raw Materials	795.457	136.442	253.940
		Capital Goods	9.910	43.478	85.945
	TOTAL IMPORTS		805.367	179.920	339.885
	Earnings / (Loss)Per Share (Rs.)		(4.12)	(80.86)	(94.57)

KEY RATIOS

PARTICULARS		31.12.2012	31.12.2011	31.12.2010
Net Profit Margin (PBT/Sales)	(%)	(8.24)	(34.72)	(11.96)
Return on Total Assets (PBT/Total Assets}	(%)	(10.76)	(29.16)	(14.36)
Return on Investment (ROI) (PBT/Networth)		(1.13)	(1.153)	(1.09)
Debt Equity Ratio (Total Debt /Networth)		7.28	2.69	4.25
Current Ratio (Current Asset/Current Liability)		0.59	0.70	2.04

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

Note:

The registered office of the company has been shifted from A-29, Block B-1 Extension, First Floor, Mohan Cooperative Industrial Estate, Mathura Road, New Delhi – 110044, India to present address w.e.f. 06.05.2013

OPERATIONAL PERFORMANCE

During the year, the Company has been able to achieve a turnover of Rs. 2847.580 Millions as compared to the turnover of Rs. 1452.945 Millions during the previous year

During the period, turnover of the Company has increased almost by 50% which has further resulted in decrease in loss of the Company. As the management has informed in their last report that the fire insurance claim is recoverable during the August/September, 2012 but final insurance claim of Rs 190.669 Millions was actually received on 30th Jan, 2013 from National Insurance Company out of the total insurance claim of Rs 294.067 Millions and Company is expecting to get the balance insurance claim also but for recovering the same, Company is filing appeal/invoking arbitration clause.

Consequent to the takeover of the Company by Zamil Industrial Investment Co in the year 2011, the Company is able to increase the turnover of the Company with increased availability of funds but margins have come under pressure due to increased competition which is impacting the overall profitability of the Company. Company is striving hard to achieve the good turnover with good profits of the Company and is increasing the focus on its own brand during this financial year so as to increase the market share and increase profitability.

During the year, the Company started to streamline the operations and put emphasis on systematic improvements:

i) The Company took initiatives to set up a turnkey projects division to leverage the vast abilities and experience the parent company has, in this view this is expected to start yielding results by the 4th Quarter of the next year.

ii) In the process of controlling costs and excelling better management controlm the company is consolidating its operations. Acccordingly, one rented premise in which assembly operations were held, has been shut down and consolidated in the other one saving rent and other costs.

iii) It has taken measures to introduce new products to meet the 2014 energy norms.

iv) Sales network is being widened to improve the coverage of own brand.

v) High interest bearing borrowings have been wither paid off or replaced by low cost funds to save interest costs.

The Directors expect these measures would substantially improve the profitability of the Company during 2014.

UNSECURED LOAN

(Rs. In Millions)

	As on 31.12.2012	As on 31.12.2011
Short-term borrowings
Loans repayable on demand from banks	1149.934	0.000
Intercorporate borrowings	0.000	43.218
Loans and advances from related parties	1.511	254.343
Other loans and advances	234.515	0.000
Total	1385.960	297.561

CONTINGENT LIABILITY NOT PROVIDED FOR

(Rs. in millions)

Particulars	31.12.2012	31.12.2011
On guarantees given to banks and financial companies	-	182.500
Bank Guarantee	4.766	1.411
On bills discounted outstanding	3.526	--
Letter of Credit outstanding	247.245	96.026
Differential amount of custom duty in respect of machinery/raw material imported under EPCG/Advance License scheme including interest thereon	45.545	41.444
Outstanding Derivative	--	37.205

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10007433	06/06/2006	3,000,000.00	DIRECTOR OF INDUSTRIES HIMACHAL PRADESH	GENERAL MANAGER DISTRICT INDUSTRIES CENTER, SOLAN,  HIMACHAL PRADESH - 173213, INDIA	A01793868

* Date of charge modification

FIXED ASSETS

Tangible assets:

Ø Freehold Land

Ø Factory Building

Ø Other Building

Ø Electric Installations

Ø Plant and Machinery

Ø Office Equipments

Ø Dies and Moulds

Ø Computer

Ø Vehicles

Ø Furniture and Fixtures

Intangible assets:

Ø Software

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.62.39
UK Pound	1	Rs.102.06
Euro	1	Rs.84.98

INFORMATION DETAILS

Report Prepared by :

NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	1
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	1
--PROFITABILIRY	1~10	1
--LIQUIDITY	1~10	1
--LEVERAGE	1~10	1
--RESERVES	1~10	1
--CREDIT LINES	1~10	1
--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		11

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.