MIRA INFORM REPORT

Report Date :

01.07.2014

IDENTIFICATION DETAILS

Name :	CANDID INDUSTRIES LIMITED (w.e.f. 01.01.2014)
Formerly Known As :	FUTURETECH INDUSTRIES LIMITED
Registered Office :	Plot No.1, Survey No.308, Venkateswara Cooperative, Industrial Estate, Jeedimetla, Hyderabad – 500855, Andhra Pradesh
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	19.08.1991
Com. Reg. No.:	01-013088
Capital Investment / Paid-up Capital :	Rs.35.069 Millions
CIN No.: [Company Identification No.]	U18100AP1991PLC013088
PAN No.: [Permanent Account No.]	AAACE4493Q
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Trader and Exporter of Iron and Steel.
No. of Employees :	15 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (29)

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

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. Profit margin of the company is very low. However, trade relations are reported as fair. Business is active. Payment terms 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, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
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

N E W S

The economy grew 4.7 %in 2013/14, marking a second straight year of sub-5 % growth – the worst slowdown in more than a quarter of a century. The data was below an official estimate of 4.9 % annual growth and compared with 4.5 % in the last fiscal year. However, the current account deficit narrowed sharply to $ 32.4 billion at 1.7 % of gross domestic product, in 2013/14 from a record high of $ 98.8 billion or 4.7 %, the year before.A sharp fall in gold imports due to restrictions on overseas purchases and muted import of capital goods helped shrink the current account deficit.

Online retailer Flipkart has acquired fashion portal Myntra as it prepares to battle with the rapidly expanding India arm of the global e-commerce giant Amazon. The company raised $ 210 million from Russian Investment firm DST Global which has also invested in companies like Facebook, Twitter and Alibaba Group.

General Motors will start exporting vehicles from its Talegaon plant near Pune in the second half of 2014. GM was one of the few global carmakers that was using its India plant only for the domestic market.

Google has overtaken Apple as the world’s top brand in terms of value, according to global market research agency Millward Brown. Google’s brand value shot up 40 % in a year to $ 158.84 billion. The top 10 of the 100 slots were dominated by US companies.

Infosys lost another heavy weight when B G Srinivas, a board member put in his papers. He is the third CEO-hopeful to quit after Chairman N R Narayana Murthy’s return to the company – Ashok Vemuri and V Balakrishnan being the other two.While Vemuri went on to lead IGate, Balakrishnan joined politics.

Naresh Goyal – promoted Jet Airways posted biggest quarterly loss – Rs 2153.37 crore – in the three months ended March 31, mainly because it has been offering discounts to passengers to fill planes.

William S Pinckney – Chairman and CEO of Amway India was arrested by the Andhra Pradesh Police in connection with a complaint against the direct selling firm. This is the second time that he has been taken into custody. A year, ago the Kerala Police had arrested Pinckney and two company directors on charges of financial irregularities.

China has told its state-owned enterprises to sever links with American consulting firms after the United States charged five Chinese military officers wih hacking US companies. China’s action which targets consultancies like McKinsey & Co. and the Boston Consulting Group, sterns from fears that the first are providing trade secrets to the US governments.

India has emerged as a country with some of the highest unregistered businesses in the world. Indonesia has the maximum number of shadow businesses, says a study of 68 countries by Imperial College Business School in London.

Pfizer has abandoned its attempt to buy AstraZeneca for nearly $ 118 billion after the latter refused an offer of 55 pounds a share.

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. Yadaiah
Designation :	Accounts Executive
Contact No.:	91-40-65968541
Date :	28.06.2014

LOCATIONS

Registered Office :	Plot No.1, Survey No.308, Venkateswara Cooperative, Industrial Estate, Jeedimetla, Hyderabad – 500855, Andhra Pradesh, India
Tel. No.:	91-40-65968541
Fax No.:	Not Available
E-Mail :	futuretech91@gmail.com fil308@rediffmail.com
Location :	Owned

DIRECTORS

AS ON 30.09.2013

Name :

Mr. Harivithalrao Venkateshwarrao Chintalapati

Designation :

Director

Address :

Flat No.24, Kamalapuri Colony, Srinagar Colony, Hyderabad – 500073, Andhra Pradesh, India

Date of Birth/Age :

30.04.1939

Date of Appointment :

29.09.2009

DIN No.:

00012970

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	L99999TG1989PLC057289	GAYATRI PROJECTS LIMITED	Director	04/11/2005	04/11/2005	-	Active	NO
2	U45200TG2004PLC044776	APR CONSTRUCTIONS LIMITED	Director	29/09/2007	23/09/2006	-	Active	NO
3	U15424TG2007PLC056495	AMR SANGAM SUGAR VENTURES LIMITED	Director	30/05/2008	30/05/2008	06/05/2011	Active	NO
4	U27109TG2005PTC046213	GLADE STEEL PRIVATE LIMITED	Director	30/09/2008	17/09/2008	12/07/2013	Active	NO
5	U18100AP1991PLC013088	CANDID INDUSTRIES LIMITED	Director	29/09/2009	15/10/2008	-	Active	NO
6	U45209TG2008PLC057269	GAYATRI INFRA VENTURES LIMITED	Director	17/07/2009	05/02/2009	-	Active	NO
7	U55101TG2007PLC053712	AMR HOSPITALITY SERVICES LIMITED	Director	27/09/2010	01/04/2010	13/07/2011	Active	NO
8	U51503TG2011PLC073495	VHR STEEL ENTERPRISES LIMITED	Director	25/03/2011	25/03/2011	-	Active	NO
9	U40108TG2008PTC057788	GAYATRI ENERGY VENTURES PRIVATE LIMITED	Director	17/09/2012	29/05/2012	-	Active	NO
10	U45400TG2011PLC076396	SAI MAATARINI TOLLWAYS LIMITED	Additional director	12/11/2013	12/11/2013	-	Active	NO

Name :

Mr. Sridhar Vasi Reddy

Designation :

Additional Director

Address :

Flat No.402, Srinidhi Residency, Street No.1, Tarnaka, Hyderabad – 500017, Andhra Pradesh, India

Date of Birth/Age :

30.04.1975

Date of Appointment :

22.04.2013

DIN No.:

05340416

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	U01111KA2006PTC041200	PRADHAN AGRI-INFRA SERVICES PRIVATE LIMITED	Director	29/09/2012	31/05/2012	-	Active	NO
2	U45200TG2012PTC083001	AMULYA HOMES PRIVATE LIMITED	Additional director	15/02/2013	15/02/2013	22/07/2013	Active	NO
3	U18100AP1991PLC013088	CANDID INDUSTRIES LIMITED	Additional director	22/04/2013	22/04/2013	-	Active	NO
4	U40300TG2011PTC074270	ANVAYA ENERGY TECHNOLOGIES PRIVATE LIMITED	Additional director	16/08/2013	16/08/2013	-	Active	NO

Name :

Mr. Srinivasa Reddy Reddivari Bayyareddygari

Designation :

Additional Director

Address :

A No.1-2-606/80, Flat No. 106, Parkview Apartment, Lower Tank Road, Hyderabad, Andhra Pradesh, India

Date of Birth/Age :

16.05.1969

Date of Appointment :

05.01.2013

DIN No.:

01821893

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	U65910AP1999PLC033042	PRIME INFOINVEST LIMITED	Director	03/11/2000	03/11/2000	06/07/2013	Active	NO
2	U27101TG1986PTC006975	SANMAT IRON AND STEEL INDUSTRIES PVT. LTD.	Director	01/04/2001	01/04/2001	-	Strike off	NO
3	U24200AP1995PTC020265	HANSA SURGICALS PRIVATE LIMITED	Director	06/07/2004	06/07/2004	-	Active	NO
4	U45100AP1976PLC002027	PLATINA PROPERTIES AND PROJECTS LIMITED	Director	30/09/2005	05/03/2005	12/07/2013	Active	NO
5	U24239TG2002PTC038661	GENEMEDIX CABLES PRIVATE LIMITED	Director	17/03/2005	17/03/2005	-	Strike off	NO
6	U65910TG1988PTC009018	AJAY FINANCE PVT LTD	Director	24/03/2005	24/03/2005	-	Active	YES
7	U74210TG1991PTC012840	PEACE ENGINEERING WORKS PRIVATE LIMITED	Director	28/03/2005	28/03/2005	-	Dormant	NO
8	U29130TG2005PLC048443	SGC BEARINGS LIMITED	Director	14/12/2005	14/12/2005	-	Strike off	NO
9	U72200AP2003PTC042069	MEDICITI HEALTH CARE SERVICES PRIVATE LIMITED	Director	29/09/2007	17/01/2007	-	Active	NO
10	U51909TG2000PTC034057	BP FERRIUM INDUSTRIES PRIVATE LIMITED	Additional director	03/03/2008	03/03/2008	13/10/2008	Active	NO
11	L18100TG1981PLC003199	SAMRAT SPINNERS LIMITED	Additional director	06/08/2008	06/08/2008	-	Dormant	NO
12	U74140TG2000PTC033407	SWAIN FINANCE AND TRADING PRIVATE LIMITED	Director	29/09/2009	24/01/2009	-	Active	NO
13	U51433TG2011PLC073024	BRS Enterprises & Trading Limited	Director	03/03/2011	03/03/2011	-	Active	NO
14	U74120TG2011PTC073294	Mediciti Newborn Care Private Limited	Director	15/03/2011	15/03/2011	-	Strike off	NO
15	U18100AP1991PLC013088	CANDID INDUSTRIES LIMITED	Additional director	05/01/2013	05/01/2013	-	Active	NO
16	U45200TG2005PTC045821	SONY PROJECTS PRIVATE LIMITED	Additional director	08/03/2013	08/03/2013	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Yadaiah
Designation :	Accounts Executive

MAJOR SHAREHOLDERS

AS ON 30.09.2013

SHAREHOLDERS DETAILS FILE ATTACHED

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2013

Category	Percentage
Bodies corporate	5.51
Directors or relatives of Directors	88.70
Other top fifty shareholders	5.79
Total	100.00

BUSINESS DETAILS

Line of Business :	Trader and Exporter of Iron and Steel.
Exports :
Products :	Finished Goods
Countries :	Dubai
Imports :
Products :	Finished Goods
Countries :	Singapore
Terms :
Selling :	L/C and Credit
Purchasing :	L/C and Credit

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

15 (Approximately)

Bankers :

Bank of Baroda, Banjara Hills, Hyderabad, Andhra Pradesh, India

Facilities :

SECURED LOANS	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Long Term Borrowings
Loans taken for Vehicles (Vehicle loan from bank is secured by hypothecation of the vehicle financed through the loan arrangements and is repayable over a period of 36 months from the date of loan arrangement.)	7.927	5.853
Total	7.927	5.853

Banking Relations :	--
Auditors :
Name :	N. G. Rao and Associates Chartered Accountants
Address :	6-3-1186/A/6 (New No 325), 2^nd Floor, Chinna Reddy Building Begumpet, Hyderabad – 500016, Andhra Pradesh, India
PAN No.:	AAEFN7234M

CAPITAL STRUCTURE

AS ON 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
6500000	Equity Shares	Rs.10/- each	Rs.65.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3506880	Equity Shares	Rs.10/- each	Rs.35.069 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	35.069	35.069
(b) Reserves & Surplus	322.771	316.378
(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)	357.840	351.447
(3) Non-Current Liabilities
(a) long-term borrowings	7.927	5.853
(b) Deferred tax liabilities (Net)	4.717	5.479
(c) Other long term liabilities	1741.000	981.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	1753.644	992.332
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000
(b) Trade payables	4145.903	1763.420
(c) Other current liabilities	192.062	355.428
(d) Short-term provisions	0.000	0.000
Total Current Liabilities (4)	4337.965	2118.848
TOTAL	6449.449	3462.627
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	163.942	162.697
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	3.828	3.828
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	486.982	486.982
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	6.751	6.666
(e) Other Non-current assets	0.064	0.059
Total Non-Current Assets	661.567	660.232
(2) Current assets
(a) Current investments	18.952	18.952
(b) Inventories	10.227	10.227
(c) Trade receivables	5167.494	1962.234
(d) Cash and cash equivalents	3.348	4.061
(e) Short-term loans and advances	587.861	806.921
(f) Other current assets	0.000	0.000
Total Current Assets	5787.882	2802.395
TOTAL	6449.449	3462.627

SOURCES OF FUNDS		31.03.2011
SHAREHOLDERS FUNDS
1] Share Capital		35.069
2] Share Application Money		749.129
3] Reserves & Surplus		349.018
4] (Accumulated Losses)		0.000
NETWORTH		1133.216
LOAN FUNDS
1] Secured Loans		104.413
2] Unsecured Loans		270.000
TOTAL BORROWING		374.413
DEFERRED TAX LIABILITIES		6.514
TOTAL		1514.143
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		157.802
Capital work-in-progress		3.828
INVESTMENT		514.810
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	10.227
	Sundry Debtors	1595.457
	Cash & Bank Balances	30.280
	Other Current Assets	0.000
	Loans & Advances	1258.144
Total Current Assets		2894.108
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.000
	Other Current Liabilities	2048.865
	Provisions	7.540
Total Current Liabilities		2056.405
Net Current Assets		837.703
MISCELLANEOUS EXPENSES		0.000
TOTAL		1514.143

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	11,208.680	11,048.806	7,177.470
		Other Income	0.855	(30.712)	60.447
		TOTAL (A)	11,209.535	11,018.094	7,237.917
Less	EXPENSES
		Purchase of Stock-in-trade	11,171.917	10,964.627
		Employee Benefits Expenses	1.461	1.442
		Other Expenses	6.306	21.660
		TOTAL (B)	11,179.684	10,987.729	7,139.620
Less	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		29.851	30.365	98.297
Less	FINANCIAL EXPENSES (D)		16.215	56.700	54.950
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		13.636	(26.335)	43.347
Less	DEPRECIATION/ AMORTISATION (F)		6.679	6.305	5.529
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)		6.957	(32.640)	37.818
Less	TAX (H)		0.565	0.000	7.107
	PROFIT/(LOSS) AFTER TAX (G-H) (I)		6.392	(32.640)	30.711
	EARNINGS IN FOREIGN CURRENCY		2501.855	3024.797	NA
	TOTAL IMPORTS		3110.760	3102.511	NA
	Earnings Per Share (Rs.)		1.61	0.00	8.63

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	0.06	(0.30)	0.42
Net Profit Margin (PBT/Sales)	(%)	0.06	(0.30)	0.53
Return on Total Assets (PBT/Total Assets}	(%)	0.12	(1.10)	1.24
Return on Investment (ROI) (PBT/Networth)		0.02	(0.09)	0.03
Debt Equity Ratio (Total Debt /Networth)		0.02	0.02	0.33
Current Ratio (Current Asset/Current Liability)		1.33	1.32	1.41

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013
	Rs. In Millions	Rs. In Millions
Share Capital	35.069	35.069
Reserves & Surplus	316.378	322.771
Net worth	351.447	357.840
long-term borrowings	5.853	7.927
Short term borrowings	0.000	0.000
Total borrowings	5.853	7.927
Debt/Equity ratio	0.017	0.022

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
Sales	7,177.470	11,048.806	11,208.680
		53.937	1.447

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	7,177.470	11,048.806	11,208.680
Profit	30.711	(32.640)	6.392
	0.43%	(0.30%)	0.06%

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	No
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	No
18]	Major customers	No
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	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10314536	12/10/2011 *	3,000,000,000.00	CENTRAL BANK OF INDIA	803, ANNA SALAI, CHENNAI, TAMIL NADU - 600002, INDIA	B24411654
2	10306671	28/07/2011	600,000,000.00	ANDHRA BANK	T. NAGAR BRANCH, CHENNAI, TAMIL NADU - 600017, INDIA	B20723987
3	90339916	05/05/1992	3,000,000.00	STATE BANK OF HYDERABAD	ERIRALD; AMRUTHA HILLS. PANJAGUTTA, HYDERABAD, AND HRA PRADESH - 500982, INDIA	-
4	90339902	08/01/1992	1,332,000.00	BANK OF BARODA	KHAIRATABAD BRANCH, HYDERABAD, ANDHRA PRADESH, INDIA	-

*Date of modification Charges

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Computer

· Vehicles

· Furniture and Fixture

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.60.04
UK Pound	1	Rs.102.33
Euro	1	Rs.82.01

INFORMATION DETAILS

Information Gathered by :	PLK
Analysis Done by :	DIV
Report Prepared by :	NKT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--CREDIT LINES	1~10	3
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		29

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.