MIRA INFORM REPORT

Report Date :

14.01.2014

IDENTIFICATION DETAILS

Name :	SMJ EXIMP LIMITED
Registered Office :	23A, Netaji Ksubhas Road, 4th Floor, Room No. 6, Kolkata – 700001, West Bengal
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	02.09.1988
Com. Reg. No.:	21-045113
Capital Investment / Paid-up Capital :	Rs.65.745 Millions
CIN No.: [Company Identification No.]	U51909WB1988PLC045113
PAN No.: [Permanent Account No.]	AAHCS2567G
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Trader of Coal.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

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

Maximum Credit Limit :	USD 2230000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Exist
Comments :	Subject is a well established company having satisfactory track record. The management has seen a significant increase in its net profitability during 2013. Financial as well as liquidity position appears to be sound. The ratings also take into consideration the low reliance on outside debt to fund incremental working capital requirements. Trade relations are fair. Business is active. Payment terms are reported as usually correct. In view of extensive experience of the group’s promoter, the company can be considered 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 – September 30, 2013

Country Name	Previous Rating (30.06.2013)	Current Rating (30.09.2013)
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

India’s current account deficit narrowed in the quarter ended September as government measures to curb imports, especially gold, kicked in.  The current account deficit, the excess of a country’s imports of goods and services over exports, narrowed to $ 5.2 billion from $ 21 billion in the year ago period, according to provisional Reserve Bank of India data. Finance Minister P. Chidambaram said the CAD for the year will be less than $ 60 billion or 3 per cent of GDP and the latest data suggests the government may achieve the target.

India was ranked 94^th among the world’s most corrupt nations list. Denmark and New Zealand topped as the cleanest while Somalia emerged as the most corrupt.

India’s services sector activity witnessed a moderate improvement in November over the previous month, even while indicating the fifth successive monthly contraction, according the HSBC survey.

$53 million estimated losses suffered by India due to phishing attacks during the third quarter, according to a study by RSA. India ranks fourth in the list of nations hit by phishing attacks. The US remained at the top of the charts. Phishing is the process of acquiring information such as user names, passwords and credit card details by sending e-mails disguised as official mails.

Rs.4080 million worth of mobile-phone-based transactions by July 2013 compared to Rs.260 million in September, 2012, according to Deloitte report. The number of transactions has shot up from 94000 to 701000.

India aims to earn Rs.400000 million from the bandwidth auction set for January. The merger and acquisition guidelines, cleared by a group of ministers, will be out before the auction begins so that players can make informed decisions on the auctions.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	A3 (Short Term Rating)
Rating Explanation	Moderate degree of safety and higher credit risk.
Date	July 08, 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 DENIED

Management Non Co-Operative (91-33-22305849)

LOCATIONS

Registered Office :	23A, Netaji Ksubhas Road, 4th Floor, Room No. 6, Kolkata – 700001, West Bengal, India
Tel. No.:	91-33-22305849
Fax No.:	Not Available
E-Mail :	prajeshka@yahoo.co.in

DIRECTORS

As on: 30.09.2013

Name :

Mr. Prakaash Bhutoria

Designation :

Director

Address :

4, Pretoria Street, Kolkata – 700071, West Bengal, India

Date of Birth/Age :

02.10.1956

Qualification :

B. Com

Date of Appointment :

02.09.1988

PAN No.:

ADBPJ8895J

DIN No.:

00163300

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	U51909WB1988PLC045113	SMJ EXIMP LIMITED	Director	02/09/1988	02/09/1988	-	Active	NO
2	U51909WB1996PTC080759	PCB FINCON PRIVATE LIMITED	Director	05/08/1996	05/08/1996	-	Active	NO
3	U70101WB1996PTC081139	TIRUPATI ENCLAVE PRIVATE LIMITED	Director	30/08/1996	30/08/1996	-	Active	NO
4	U70101WB1996PTC081121	SHIV NIKETAN PRIVATE LIMITED	Director	30/08/1996	30/08/1996	-	Active	NO
5	U51909WB1996PTC081120	OPTIMUS DEALERS PRIVATE LIMITED	Director	30/08/1996	30/08/1996	-	Amalgamated	NO
6	U45201WB1996PTC081119	OM TOWERS PRIVATE LIMITED	Director	30/08/1996	30/08/1996	-	Active	NO
7	U70101WB1996PTC081118	SRI MAHAVIRA ENCLAVE PRIVATE LIMITED	Director	30/08/1996	30/08/1996	-	Amalgamated	NO
8	U51491WB1996PTC081137	BHUTORIA DEALERS PRIVATE LIMITED	Director	30/08/1996	30/08/1996	-	Active	NO
9	U36900WB2001PTC093075	BHUTORIA CONSUMER PRODUCTS PRIVATE LIMITED	Director	03/04/2001	03/04/2001	-	Active	NO
10	U63013WB2002PLC095192	TIRUPATI CARRIER LIMITED	Director	18/09/2002	18/09/2002	-	Active	NO
11	U23101WB2002PLC095191	SHREE BALAJI COAL TRADERS LIMITED	Director	18/09/2002	18/09/2002	-	Active	NO
12	U45201WB2004PTC099009	RAJARHAT ESTATES PRIVATE LIMITED	Director	01/07/2004	01/07/2004	-	Active	NO
13	U10100WB2008PLC125372	TIRU COAL PROJECTS LIMITED	Director	02/05/2008	02/05/2008	-	Active	NO
14	U51909WB1994PLC065065	FIDUS TRADING LIMITED	Director	13/10/2008	13/10/2008	-	Active	NO
15	U52190WB2009PTC136600	JUGMUG TRADELINK PRIVATE LIMITED	Director	15/10/2009	15/10/2009	02/12/2011	Active	NO
16	U40103WB2010PLC145957	SMJ POWERS INDIA LIMITED	Director	23/04/2010	23/04/2010	-	Active	NO

Name :

Mr. Arrun Bhutoria

Designation :

Director

Address :

4, Pretoria Street, Kolkata – 700071, West Bengal, India

Date of Birth/Age :

31.12.1960

Qualification :

B. Com

Date of Appointment :

20.09.1998

PAN No.:

AHRPB8345F

DIN No.:

00163360

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	U51909WB1988PLC045113	SMJ EXIMP LIMITED	Director	02/09/1988	02/09/1988	-	Active	NO
2	U67120WB1994PTC064863	PCB ENTERPRISE PRIVATE LIMITED	Director	31/08/1994	31/08/1994	-	Active	NO
3	U70109WB1996PTC080751	AKB FINCON PRIVATE LIMITED	Director	05/08/1996	05/08/1996	-	Active	NO
4	U51909WB1996PTC081120	OPTIMUS DEALERS PRIVATE LIMITED	Director	30/08/1996	30/08/1996	-	Amalgamated	NO
5	U70101WB1996PLC081138	SRI VENKATESH COMPLEX LIMITED	Director	30/08/1996	30/08/1996	-	Amalgamated	NO
6	U70101WB1996PTC081135	BHUTORIA CONSTRUCTION PRIVATE LIMITED	Director	30/08/1996	30/08/1996	-	Active	NO
7	U25199WB2001PTC093074	SMJ WIRE PRODUCTS PRIVATE LIMITED	Director	03/04/2001	03/04/2001	-	Amalgamated	NO
8	U45201WB2000PTC091097	SHYAM NIKETAN PRIVATE LIMITED	Director	21/07/2002	21/07/2002	-	Amalgamated	NO
9	U23101WB2002PLC095191	SHREE BALAJI COAL TRADERS LIMITED	Director	18/09/2002	18/09/2002	-	Active	NO
10	U63013WB2002PLC095192	TIRUPATI CARRIER LIMITED	Director	31/03/2003	31/03/2003	-	Active	NO
11	U45202WB2004PTC099362	NEW TOWN PROJECTS PRIVATE LIMITED	Director	09/08/2004	09/08/2004	-	Active	NO
12	U91990WB1996GAP081067	ALL INDIA COAL DEALERS AND CONSUMERS ASSOCIATION	Director	16/02/2005	16/02/2005	-	Active	NO
13	U52190WB2009PTC136600	JUGMUG TRADELINK PRIVATE LIMITED	Director	15/10/2009	15/10/2009	02/12/2011	Active	NO
14	U40103WB2010PLC145957	SMJ POWERS INDIA LIMITED	Director	23/04/2010	23/04/2010	-	Active	NO
15	U70101WB1996PTC081121	SHIV NIKETAN PRIVATE LIMITED	Director	22/03/2013	22/03/2013	-	Active	NO
16	U70101WB1996PTC081139	TIRUPATI ENCLAVE PRIVATE LIMITED	Director	18/05/2013	18/05/2013	-	Active	NO

Name :

Mr. Lalit Kumar Bhutoria

Designation :

Director

Address :

4, Pretoria Street, Kolkata – 700071, West Bengal, India

Date of Birth/Age :

06.04.1980

Qualification :

B. Com

Date of Appointment :

13.04.2007

PAN No.:

AFVPB8282R

DIN No.:

01408634

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	U23101WB2002PLC095191	SHREE BALAJI COAL TRADERS LIMITED	Director	13/04/2007	13/04/2007	-	Active	NO
2	U70101WB1996PLC081138	SRI VENKATESH COMPLEX LIMITED	Director	13/04/2007	13/04/2007	-	Amalgamated	NO
3	U67120WB1994PTC064863	PCB ENTERPRISE PRIVATE LIMITED	Director	13/04/2007	13/04/2007	-	Active	NO
4	U63013WB2002PLC095192	TIRUPATI CARRIER LIMITED	Director	13/04/2007	13/04/2007	-	Active	NO
5	U51909WB1988PLC045113	SMJ EXIMP LIMITED	Director	13/04/2007	13/04/2007	-	Active	NO
6	U70101WB1996PTC081121	SHIV NIKETAN PRIVATE LIMITED	Director	13/04/2007	13/04/2007	-	Active	NO
7	U52190WB2009PTC136600	JUGMUG TRADELINK PRIVATE LIMITED	Director	15/10/2009	15/10/2009	02/12/2011	Active	NO
8	U40103WB2010PLC145957	SMJ POWERS INDIA LIMITED	Director	23/04/2010	23/04/2010	-	Active	NO
9	U70101WB1996PTC081139	TIRUPATI ENCLAVE PRIVATE LIMITED	Managing director	04/10/2010	04/10/2010	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.09.2013

SHAREHOLDING DETAILS FILE ATTACHED

Equity Share Break up (Percentage of Total Equity)

As on: 30.09.2013

Category	Percentage
Bodies corporate	37.02
Directors or relatives of directors	32.35
Other top fifty shareholders	8.28
Others	22.35
Total	100.00

BUSINESS DETAILS

Line of Business :

Trader of Coal.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· ICICI Bank Limited

· The Federal Bank Limited

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2013	As on 31.03.2012
LONG-TERM BORROWINGS
Rupee term loans from banks	19.105	9.030
Loans and advances from directors	10.313	6.477
Loans and advances from others	56.920	40.543
Other loans and advances	2.315	3.053
Total	88.653	59.103

Banking Relations :	--
Auditors :
Name :	Prajesh Choudhury and Company Chartered Accountants
Address :	1A Grant Lanesuit No.214
PAN No.:	ACNPC1180C
Associates :	· Om Towers Private Limited CIN No.: U45201WB1996PTC081119 · Shiv Niketan Private Limited CIN No.:U70101WB1996PTC081121 · Tirupati Enclave Private Limited CIN No.:U70101WB1996PTC081139 · Tirupati Carrier Limited CIN No.:U63013WB2002PLC095192 · Fidus Trading Limited CIN No.:U51909WB1994PLC065065 · Bhutoria Consumer Products Private Limited CIN No.:U36900WB2001PTC093075 · KB Fincon Private Limited CIN No.:U70109WB1996PTC080751 · PCB Fincon Private Limited CIN No.:U51909WB1996PTC080759
Sister Concern:

CAPITAL STRUCTURE

As on: 30.09.2013

Authorised Capital : Rs.110.000 Millions

Issued, Subscribed & Paid-up Capital : Rs.66.162 Millions

As on: 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
11000000	Equity Shares	Rs.10/- each	Rs.110.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
6574505	Equity Shares	Rs.10/- each	Rs.65.745 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	65.745	65.745	65.745
(b) Reserves & Surplus	489.328	464.038	460.301
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	3.500	3.500	8.500
Total Shareholders’ Funds (1) + (2)	558.573	533.283	534.546
(3) Non-Current Liabilities
(a) long-term borrowings	88.653	59.103	36.217
(b) Deferred tax liabilities (Net)	0.807	0.737	0.635
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	89.460	59.840	36.852
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	211.565	167.902	287.410
(c) Other current liabilities	182.236	38.019	111.914
(d) Short-term provisions	25.048	12.479	13.859
Total Current Liabilities (4)	418.849	218.400	413.183
TOTAL	1066.882	811.523	984.581
ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2.920	3.363	2.590
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	16.623	149.063	143.837
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	229.211	215.636	240.131
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	248.754	368.062	386.558
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	46.606	2.414	9.485
(c) Trade receivables	602.733	282.121	374.678
(d) Cash and cash equivalents	61.992	39.160	71.791
(e) Short-term loans and advances	106.797	119.766	142.069
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	818.128	443.461	598.023
TOTAL	1066.882	811.523	984.581

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	1324.979	1094.646
		Other Income	8.803	6.543
		TOTAL (A)	1333.782	1101.189	NA
Less	EXPENSES
		Purchases of stock-in-trade	1178.926	1019.193
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(44.192)	7.071
		Employee benefit expense	1.698	1.405
		Other expenses	155.634	63.613
		TOTAL (B)	1292.066	1091.282	NA
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		41.716	9.907
Less	FINANCIAL EXPENSES (D)		2.652	2.475
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		39.064	7.432
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.610	0.661
	PROFIT BEFORE TAX (E-F) (G)		38.454	6.771	8.749
Less	TAX (H)		13.164	3.034	2.727
	PROFIT AFTER TAX (G-H) (I)		25.290	3.737	6.022
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		42.071	38.334	32.312
	BALANCE CARRIED TO THE B/S		67.361	42.071	38.334
	Earnings Per Share (Rs.)		3.85	NA	NA

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	1.90	0.40	NA
Net Profit Margin (PBT/Sales)	(%)	2.90	0.62	NA
Return on Total Assets (PBT/Total Assets}	(%)	3.66	1.02	1.04
Return on Investment (ROI) (PBT/Networth)		0.07	0.01	0.02
Debt Equity Ratio (Total Debt/Networth)		0.16	0.11	0.07
Current Ratio (Current Asset/Current Liability)		1.95	2.03	1.45

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 two 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	Yes
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

LITIGATION DETAILS
CALCUTTA HIGH COURT
Case Status     :	Pending
Status of          COMPANY PETITIONS (CP)   205        of    2010      IN THE MATTER OF M/S. BENGAL WATERPROOF
Vs.                  M/S. SMJ EXIMP LTD.
Pet's Adv.        :	TRIPTIMOY TALUKDER
Court No.        :	7
Thursday, April 18, 2013
Category           :	NO CATEGORY MENTIONED
CONNECTED APPLICATION (S) No Connected Application	CONNECTED MATTER (S) No Connected Matter
Case Updated on:	Thursday, April 18, 2013

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10442870	13/08/2013	145,000,000.00	ICICI BANK LIMITED	3A, GURUSADAY ROAD, 2ND FLOOR, KOLKATA, WEST BENGAL - 700019, INDIA	B82031196
2	10028610	31/05/2013 *	400,000,000.00	The Federal Bank Limited	C. R. AVENUE BRANCH, 8, CHITTARANJAN AVENUE, KOLKATA, WEST BENGAL - 700072, INDIA	B79790697
3	90256460	25/09/2004	3,800,000.00	CITICORP FINANCE (INDIA) LTD.	7TH FLOOR; METRO PLAZA, KOLKATA, WEST BENGAL - 700071, INDIA	-
4	90256436	30/08/2004	900,000.00	CITICORP FINANCE (INDIA) LTD.	7TH FLOOR; METRO PLAZA, KOLKATA, WEST BENGAL - 700071, INDIA	-
5	90256409	02/08/2004	1,800,000.00	CITICORP FINANCE (INDIA) LTD.	7TH FLOOR; METRO PLAZA, KOLKATA, WEST BENGAL - 700071, INDIA	-
6	90256403	24/07/2004	1,800,000.00	CITICORP FINANCE (INDIA) LTD.	7TH FLOOR; METRO PLAZA, KOLKATA, WEST BENGAL - 700071, INDIA	-
7	90256391	12/07/2004	1,800,000.00	CITICORP FINANCE (INDIA) LTD.	7TH FLOOR; METRO PLAZA, KOLKATA, WEST BENGAL - 700071, INDIA	-

* Date of charge modification

FIXED ASSETS

Tangible Assets

· Furniture and Fixtures

· Vehicles

· Office Equipment

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.61.52
UK Pound	1	Rs.101.48
Euro	1	Rs.84.11

INFORMATION DETAILS

Information Gathered by :	NAY
Report Prepared by :	VRN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--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		49

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.