MIRA INFORM REPORT

Report Date :

17.02.2014

IDENTIFICATION DETAILS

Name :	A.A. AUTOTECH PRIVATE LIMITED (w.e.f. 19.04.2010)
Formerly Known As :	A. A. REALTY VENTURES PRIVATE LIMITED
Registered Office :	Flat No. 104, 929/1, Naiwala Faiz Road, Karol Bagh, New Delhi - 110005
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	10.02.2006
Com. Reg. No.:	55-146147
Capital Investment / Paid-up Capital :	Rs.4.000 Millions
CIN No.: [Company Identification No.]	U34200DL2006PTC146147
PAN No.: [Permanent Account No.]	AAGCA5257Q
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Vehicle Auto Parts.
No. of Employees :	200 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

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

Maximum Credit Limit :	USD 30000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is a part of ASK Group. It is an established company having satisfactory track record. The financial position pf the company seems modest. However, the rating takes into considered the group healthy market position. The company also receives strong financial support from its group company. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitment. 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 – December 1, 2013

Country Name	Previous Rating (30.09.2013)	Current Rating (01.12.2013)
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 worst is over for India’s economy with gross domestic product likely to expand 5 %to 5.5 % this year and more than 6 % in 2015, according to Moody’s Analytics. Concerns over the rupee and current account deficit are under control, said the agency. Ratings firm Crisil has forecast 6 % growth for 2014/15 up from the estimated 4.8 % for 2013/14.  Total economic growth, infrastructure bottlenecks and lack of transparency and consistency in foreign direct investment policies seem to have taken a toll on India’s attractiveness as an investment destination, says an Ernst & Young survey.  Projects with FDI component fell 16.4 % across the globe in 2012 from the previous year.  The drop in India was steeper at 21 %. State run carrier Air India is doling out free tickets to its 24000 employees, even as it expects to incur a loss of Rs 39000 mn this financial year and has a debt of Rs 350000 mn. 550000 number of jobs generated across India in 2013, a fall of 0.4 % as compared to with a year earlier. The National  Capital Region has a one-fourth share in total jobs created, according to a study by industry lobby group Assochem, Banks, real estate, automobile and telecommunications sectors are showing a rise of job creation. $ 805 mn investments by venture capital firms in India during 2013, registering a drop of about 18 % over the previous year. The Information Technology and IT-Enabled  Services Industry retained its status as the favourable venture capital investors in 2013. Pakistan has temporarily banned gold imports for the second time in six months, as it tries to stem smuggling into India. India’s import duty on gold is 10 % and curbs on purchases have dried up legal imports into what used to be the world’s biggest bullion buyers. The World Gold Council puts the amount smuggled into India at upto 200 tonnes in 2013. The Reserve Bank of India has proposed that unclaimed bank deposits estimated to be about Rs 35000 mn be used for education and awareness among depositors.  According to the plan, deposits that have not been claimed for at least 10 years will be transferred to the scheme.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	A (Long Term Rating)
Rating Explanation	Adequate degree of safety and carry low credit risk.
Date	April 3, 2013

Rating Agency Name	CRISIL
Rating	A1 (Short Term Rating)
Rating Explanation	Strongest degree of safety and carry lowest credit risk.
Date	April 3, 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.

INFORMATION PARTED BY

Name :	Mr. Purushottam
Designation :	Finance Department
Contact No.:	91-124-4006432
Date :	13.02.2014

LOCATIONS

Registered Office :	Flat No. 104, 929/1, Naiwala Faiz Road, Karol Bagh, New Delhi – 110005, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	fcsvinod@gmail.com pkt@askbrake.com
Website :	http://www.aaautotech.co.in
Location :	Owned
Factory :	Plot No. 157-158, Sector 5, IMT Manesar, Gurgaon, Haryana, India
Tel. No.:	91-124-4006432

DIRECTORS

As on: 30.09.2013

Name :

Mr. Prashant Rathee

Designation :

Director

Address :

Farm House No.82, Road No. 4, Silver Oak Marg, Village Ghitorni, New Delhi – 110037, India

Date of Birth/Age :

22.06.1980

Date of Appointment :

30.09.2008

PAN No.:

ADXPR3774L

DIN No.:

00041081

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	U74899DL1994PLC063767	JRD FINANCIAL SERVICES LIMITED	Director	25/05/1999	25/05/1999	-	Active	NO
2	U34300DL1999PTC101387	A.P. AUTOMOTIVES PRIVATE LIMITED	Director	01/09/1999	01/09/1999	-	Active	NO
3	U51909DL2002PTC117738	ABHIPRA TRADING PRIVATE LIMITED	Director	12/02/2003	12/02/2003	14/08/2010	Active	NO
4	U74999DL1981PTC012286	GRAPHIC RESEARCH CONSULTANTS INDIA PRIVATE LIMITED	Director	29/11/2003	29/11/2003	14/08/2010	Active	NO
5	U80902DL2005PTC135671	METIS LEARNING SOLUTIONS PRIVATE LIMITED	Director	02/05/2005	02/05/2005	03/04/2012	Active	NO
6	U72300DL2007PTC165688	QUEST DIGITAL SERVICES PRIVATE LIMITED	Director	10/07/2007	10/07/2007	26/03/2010	Active	NO
7	U93030DL2007PTC165669	PK IT SERVICES PRIVATE LIMITED	Director	10/07/2007	10/07/2007	01/10/2008	Active	NO
8	U55101DL2008PTC175998	KVP HOTELS AND RESORTS PRIVATE LIMITED	Director	27/03/2008	27/03/2008	-	Active	NO
9	U45200DL2008PTC177581	AADHUNIK REALTY PRIVATE LIMITED	Director	02/05/2008	02/05/2008	-	Active	NO
10	U34200DL2006PTC146147	A.A. AUTOTECH PRIVATE LIMITED	Director	30/09/2008	20/05/2008	-	Active	NO
11	U70200DL2012PTC243782	PLANET AGRO FARMS PRIVATE LIMITED	Director	18/10/2012	18/10/2012	-	Active	NO
12	U70200DL2012PTC243781	FRESH AIR FARMS PRIVATE LIMITED	Director	18/10/2012	18/10/2012	-	Active	NO
13	U34300DL2013PTC256056	A A FRICTION MATERIALS PRIVATE LIMITED	Director	30/07/2013	30/07/2013	-	Active	NO

Name :

Mr. Aman Rathee

Designation :

Director

Address :

Farm House No.82, Road No. 4, Silver Oak Marg, Village Ghitorni, New Delhi – 110037, India

Date of Birth/Age :

12.10.1982

Date of Appointment :

29.09.2012

PAN No.:

AFBPR0048F

DIN No.:

00041130

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	U51909DL2002PTC117738	ABHIPRA TRADING PRIVATE LIMITED	Director	20/11/2002	20/11/2002	14/08/2010	Active	NO
2	U45201DL2006PTC146847	KSR LANDHOLDING PROJECTS PRIVATE LIMITED	Director	27/02/2006	27/02/2006	-	Active	NO
3	U34300DL1988PTC030342	ASK AUTOMOTIVE PRIVATE LIMITED	Director	01/04/2006	01/04/2006	07/02/2009	Active	NO
4	U92412DL2007PTC165689	ULTIMATE GOLF PRIVATE LIMITED	Director	10/07/2007	10/07/2007	20/04/2010	Active	NO
5	U93030DL2007PTC165669	PK IT SERVICES PRIVATE LIMITED	Director	10/07/2007	10/07/2007	01/10/2008	Active	NO
6	U70100DL2008PTC175988	KSR REALITY PRIVATE LIMITED	Director	27/03/2008	27/03/2008	-	Active	NO
7	U51909DL2002PTC117736	VINEETA TRADING PRIVATE LIMITED	Director	30/09/2008	15/05/2008	14/08/2010	Active	NO
8	U34200DL2006PTC146147	A.A. AUTOTECH PRIVATE LIMITED	Director	29/09/2012	13/02/2012	-	Active	NO
9	U34300DL2013PTC256056	A A FRICTION MATERIALS PRIVATE LIMITED	Director	30/07/2013	30/07/2013	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Purushottam
Designation :	Finance Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.09.2013

Names of Shareholders	No. of Equity Shares
Prashant Rathee	317700
Aman Rathee	1800
Ask Automotive Private Limited, India	500
Total	320000

Names of Shareholders	No. of Preference Shares
Aman Rathee	66000
Kuldip Singh Rathee and Sons (HUF)	14000
Total	80000

Equity Share Break up (Percentage of Total Equity)

As on: 30.09.2013

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Vehicle Auto Parts.

Products :

Product Description	ITC code
Motor vehicles, trailer and Semi Trailer, parts and accessories	99611811

Exports :

Products :

Finished Goods

Countries :

· China

· USA

Imports :

Products :

Raw Materials

Countries :

Japan

Terms :

Selling :

Cash and Credit

Purchasing :

Cash, Credit and Depend

GENERAL INFORMATION

Suppliers :

· Century Metal Recycling

Customers :

End Users and OEM’s

· Honda

· Hero

· Yamaha

· Bajaj

· Ford

· TVS

No. of Employees :

200 (Approximately)

Bankers :

· Kotak Mahindra Bank Limited, 7th Floor, Ambadeep Building, K G Marg, New Delhi - 110001, India

· Kotak Mahindra Bank Limited, 36-38A, Nariman Bhavan, 227 D, Nariman Point, Mumbai - 400021, Maharashtra, India

· Citibank N.A, Jeevan Bharti Building, 4th Floor, 124, Connaught Circus, Connaught Place, New Delhi - 110001, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2013	As on 31.03.2012
LONG-TERM BORROWINGS
Rupee term loans from banks	211.134	196.462
SHORT-TERM BORROWINGS
Working capital loans from banks	56.599	0.000
Total	267.733	196.462

Banking Relations :	--
Auditors :
Name :	G.G. and Company Chartered Accountants
Address :	2090, Sector D-II, Vasant Kunj, New Delhi- 110070, India
PAN No.:	ALIPG5894M
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	ASK Automotive Private Limited U34300DL1988PTC030342

CAPITAL STRUCTURE

As on: 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
400000	Equity Shares	Rs.10/- each	Rs.4.000 Millions
100000	Preference Shares	Rs.10/- each	Rs.1.000 Million
	Total		Rs.5.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
320000	Equity Shares	Rs.10/- each	Rs.3.200 Millions
80000	Preference Shares	Rs.10/- each	Rs.0.800 Million
	Total		Rs.4.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	4.000	0.100	0.100
(b) Reserves & Surplus	3.509	(39.378)	(18.126)
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	7.509	(39.278)	(18.026)
(3) Non-Current Liabilities
(a) long-term borrowings	494.726	472.462	433.761
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	2.836	1.380	0.361
Total Non-current Liabilities (3)	497.562	473.842	434.122
(4) Current Liabilities
(a) Short term borrowings	56.599	0.000	0.000
(b) Trade payables	153.521	118.539	79.407
(c) Other current liabilities	181.409	193.943	60.018
(d) Short-term provisions	1.523	0.131	0.070
Total Current Liabilities (4)	393.052	312.613	139.495
TOTAL	898.123	747.177	555.591
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	576.676	506.413	424.700
(ii) Intangible Assets	0.240	0.198	0.235
(iii) Capital work-in-progress	0.000	0.000	3.768
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	14.434	16.792	7.828
(d) Long-term Loan and Advances	7.876	6.979	21.226
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	599.226	530.382	457.757
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	96.918	45.946	25.818
(c) Trade receivables	176.075	154.107	33.100
(d) Cash and cash equivalents	10.967	5.501	26.821
(e) Short-term loans and advances	14.692	11.125	12.036
(f) Other current assets	0.245	0.116	0.059
Total Current Assets	298.897	216.795	97.834
TOTAL	898.123	747.177	555.591

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Turnover	1923.318	1208.222	130.742
		Other Income	NA	NA	NA
		TOTAL	NA	NA	NA
Less	TOTAL EXPENSES		NA	NA	NA
	PROFIT/ (LOSS) BEFORE TAX		6.067	(30.216)	(25.885)
Less	TAX		NA	(8.964)	(7.828)
	PROFIT/ (LOSS) AFTER TAX		NA	(21.252)	(18.057)
	Earnings/ (Loss) Per Share (Rs.)		NA	(2125.20)	(1805.70)

Expected Sales (2013-2014): Rs.2200.000 Millions

The above information has been parted by Mr. Purushottam

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Return on Total Assets (PBT/Total Assets}	(%)	0.69	(4.14)	(4.73)
Return on Investment (ROI) (PBT/Networth)		0.81	0.77	1.44
Debt Equity Ratio (Total Debt/Networth)		73.42	(12.03)	(24.06)
Current Ratio (Current Asset/Current Liability)		0.76	0.69	0.70

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	0.100	0.100	4.000
Reserves & Surplus	(18.126)	(39.378	3.509
Net worth	(18.026)	(39.278)	7.509
long-term borrowings	433.761	472.462	494.726
Short term borrowings	0.000	0.000	56.599
Total borrowings	433.761	472.462	551.325
Debt/Equity ratio	(24.063)	(12.029)	73.422

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Turnover	130.742	1,208.222	1,923.318
		824.127	59.186

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	130.742	1,208.22	1,923.32
Profit	(18.057)	(21.252)	0.000
	(13.81%)	(1.76%)	0.00%

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	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	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	Yes
18]	Major customers	Yes
19]	Payments terms	Yes
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	No
34]	External Agency Rating, if available	Yes

UNSECURED LOAN

(Rs. In Millions)

Particular	As on 31.03.2013	As on 31.03.2012
LONG-TERM BORROWINGS
Loans and advances from related parties	283.592	276.000
Total	283.592	276.000

OPERATIONAL RESULTS

The company has recorded a turnover of Rs. 1923.318 Millions during this financial year as against Rs. 1208.222 Millions during the last financial year. The Net Profit before tax has been increased to Rs. 6.067 Millions as compared to the Last year figure (Loss) of Rs. 30.216 Millions.

PLANT OPERATIONS

During the year ended 31st March 2013, the Company’s plant was operating smoothly and no major breakdown was reported.

Contingent Liabilities not Provided for

(Rs. In Millions)

Particular	As on 31.03.2013	As on 31.03.2012
Bank Guarantee	18.591	1.070
Corporate Guarantee	20.000	20.000
EPCG Obligation	43.079	33.996

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10377296	21/05/2013 *	110,000,000.00	KOTAK MAHINDRA BANK LIMITED	7TH FLOOR, AMBADEEP BUILDING, K G MARG,, NEW DELHI, DELHI - 110001, INDIA	B79629085
2	10305189	25/08/2011	20,000,000.00	CITIBANK N.A	JEEVAN BHARTI BUILDING, 4TH FLOOR, 124 CONNAUGHT CIRCUS, CONNAUGHT PLACE, NEW DELHI, DELHI - 110001, INDIA	B20021580
3	10259296	03/01/2011	50,000,000.00	CITIBANK N.A	JEEVAN BHARTI BUILDING, 4TH FLOOR, 124 CONNAUGHT CIRCUS, CONNAUGHT PLACE, NEW DELHI, DELHI - 110001, INDIA	B02571040
4	10263172	18/04/2013 *	108,300,000.00	AXIS BANK LIMITED	2ND FLOOR, STATESMAN HOUSE, 148, BARAKHAMBA ROAD, NEW DELHI, DELHI - 110001, INDIA	B76330042
5	10263176	18/04/2013 *	150,000,000.00	AXIS BANK LIMITED	2ND FLOOR, STATESMAN HOUSE, 148, BARAKHAMBA ROAD, NEW DELHI, DELHI - 110001, INDIA	B76328780
6	10239548	16/11/2010 *	93,300,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA	A98403314
7	10239549	23/08/2010	10,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA	A94570801
8	10230639	27/01/2014 *	50,000,000.00	CITIBANK N.A	JEEVAN BHARTI BUIDING, 4TH FLOOR, 124, CONNAUGHT CIRCUS, CONNAUGHT PLACE, NEW DELHI, DELHI - 110001, INDIA	B95848024

* Date of charge modification

TRADE REFERENCES

· Century Metal Recycling

· Honda

FIXED ASSETS

Tangible Assets

· Land

· Buildings

· Plant and Equipment

· Factory Equipments

· Furniture and Fixtures

· Vehicles

· Office Equipment

· Computer Equipments

Intangible Assets

· Computer 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.62.28
UK Pound	1	Rs.103.67
Euro	1	Rs.85.18

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	VRN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	4
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		42

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.