MIRA INFORM REPORT

Report Date :

02.07.2014

IDENTIFICATION DETAILS

Name :	ADITYA INFOTECH LIMITED (w.e.f. 11.09.1997)
Formerly Known As :	PERFECT LUCKY GOLDSTAR INTERNATIONAL LIMITED
Registered Office :	B - 254, Okhla Industrial Area, Phase – 1, New Delhi - 110020
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	27.03.1995
Com. Reg. No.:	55-066784
Capital Investment / Paid-up Capital :	Rs.25.000 Millions
CIN No.: [Company Identification No.]	U74899DL1995PLC066784
PAN No.: [Permanent Account No.]	AABCA1601R
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Trader of computer and its peripheral and providing IT solution services like installation of CCTV camera
No. of Employees :	500 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 880000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Exist
Comments :	Subject is an established company having satisfactory track record. General financial position of the company seems to be fair. Profitability of the company is decent. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. 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 – 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.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long Term Rating BBB
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	December 18, 2013

Rating Agency Name	CRISIL
Rating	Short Term Rating A3+
Rating Explanation	Moderate degree of safety and high credit risk.
Date	December 18, 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. Arvind Jain
Designation :	General Manager in Finance
Contact No.:	91-8860074215
Date :	30.06.2014

LOCATIONS

Registered Office :	Khemka Center, 2-5 DDA Building, Nehru Place, New Delhi-110019, India
Tel. No.:	91-11-26223810 / 3811/26452211 / 2212
Fax No.:	91-11-26227979/26232212
E-Mail :	naveen_jain@adityagroup.com arvind_jain@adityagroup.com
Website :	www.adityagroup.com
Corporate Office :	Khemka Centre, 2- 5, Nehru Place, New Delhi- 110019, India
Tel. No.:	91-11-46665666, 26223810 / 11
Fax No.:	91-11-26227979, 46665600
E-Mail :	sales@adityagroup.com
Head Office :	A-12, Sector 4, Noida, Delhi NCR, Delhi - 201301, India
Tel. No.:	91-120-4555666
Fax No.:	91-11-46665600

NOTE: They have 36 Branches all over India.

DIRECTORS

As on 29.09.2012

Name :	Mr. Hari Shanker Khemka
Designation :	Whole- time director
Address :	C- 29, Friends Colony, New Delhi - 110065, India
Date of Birth/Age :	08.11.1953
Qualification :	B.SC.
Date of Appointment :	01.04.2012
PAN No.:	AAEPK8265B
DIN No.:	00514501
Name :	Mr. Aditya Khemka
Designation :	Whole- time director
Address :	C- 29, Friends Colony, New Delhi - 110065, India
Date of Birth/Age :	27.10.1974
Qualification :	B.Com, MBA
Date of Appointment :	01.04.2012
PAN No.:	AAEPK1216E
DIN No.:	00514552
Name :	Mr. Rishi Khemka
Designation :	Director
Address :	C- 29, Friends Colony, New Delhi - 110065, India
Date of Birth/Age :	25.12.1976
Qualification :	B.Com, MBA
Date of Appointment :	01.04.2012
PAN No.:	AADPK4223E
DIN No.:	00514590
Name :	Mr. Gaurav Khemka
Designation :	Director
Address :	C- 29, Friends Colony, New Delhi - 110065, India
Date of Birth/Age :	25.07.1980
Qualification :	B.Com, MBA
Date of Appointment :	18.06.2005
PAN No.:	AEOPK4823M
DIN No.:	00514701

KEY EXECUTIVES

Name :	Mr. Arvind Jain
Designation :	General Manager in Finance

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2012

Names of Shareholders	No. of Shares
Hari Shankar Khemka	252863
Govind Kumar Khemka	75563
Surendra Kumar Khemka	238781
Indu Khemka	121816
Aditya Kumar Khemka	238169
Urmila Khemka	103104
Anand Kumar Khemka	130164
Rishi Kumar Khemka	250000
Anand Kumar Khemka	97120
Prabha Khemka	163807
Aruna Khemka	140000
Gaurav Khemka	250000
Surendra Kumar Khemka (HUF)	14403
Hari Shankar Khemka (HUF)	19033
Aditya Khemka (HUF)	514
Shradha Khemka	11317
Vikramaditya Khemka	7716
Govind Kumar Khemka (HUF)	135630
Raghav Khemka	250000
Total	2500000

As on 29.09.2012

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Trader of computer and its peripheral and providing IT solution services like installation of CCTV camera

Products :

ITC Code	product or service
99611842	Media and Entertainment
99611841	Graphic Cards
99611851	Security and Surveillance Products and DVR

Imports :

Products :

Camera

Countries :

China

Terms :

Selling :

Cash, L/C and Cheque

Purchasing :

Cash, L/C and Cheque

GENERAL INFORMATION

Customers :

Retailers and Others

No. of Employees :

500 (Approximately)

Bankers :

• Tamilnad Mercantile Bank Limited, 384 - 390, First Floor, Lok Nath Building, Chandni Chowk, Delhi - 110006, India
• Kotak Mahindra Bank Limited, 36 – 38 A, Nariman Bhavan, 227D, Nariman Point, Mumbai - 400021, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2012 (Rs. In Millions)	31.03.2011 (Rs. In Millions)
LONG TERM BORROWINGS
Rupee term loans from banks	36.214	38.932
SHORT TERM BORROWINGS
Rupee term loans from banks	487.116	332.505
Total	523.330	371.437

Banking Relations :	--
Auditors :
Name :	D. P. Kapoor and Company Chartered Accountants
Address :	N- 52, Connaught Circus, Opposite Scindia House, New Delhi - 110001
Tel. No. :	91- 11- 23313201, 41523262
E-Mail :	dpkca@yahoo.com
PAN No. :	AACFD8687Q
Subsidiary Company:	Aditya Infotech (HK) limited CP Plus FZE (UAE) CP Plus GMBH Company KG C P Plus Management GMBH
Other Related Parties :	Aggarwal Textile Company Newsprint Sales Corporation Aditya Ecological Projects Private Limited CIN No.: U74899DL1986PTC025459 Aditya Colonizers Private Limited CIN No.: U74899DL1987PTC028206 Aditya Infosolutions Private limited CIN No.: U72900DL2000PTC103575 Aditya Promoters Limited CIN No.: U51495DL1987PLC028576 Trend Setter Promoters Private Limited NSC International Private Limited CIN No.: U51909DL2009PTC188190 Aditya Infomarketting Private Limited

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs.50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2500000	Equity Shares	Rs.10/- each	Rs.25.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	25.000	25.000
(b) Reserves & Surplus	195.094	125.217
(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)	220.094	150.217
(3) Non-Current Liabilities
(a) long-term borrowings	169.389	59.600
(b) Deferred tax liabilities (Net)	5.275	4.452
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	174.664	64.052
(4) Current Liabilities
(a) Short term borrowings	500.492	348.580
(b) Trade payables	370.651	185.854
(c) Other current liabilities	62.283	42.411
(d) Short-term provisions	53.137	44.426
Total Current Liabilities (4)	986.563	621.271
TOTAL	1381.321	835.540
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	107.910	106.072
(ii) Intangible Assets	5.528	5.376
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	12.122	10.102
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	2.136	1.162
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	127.696	122.712
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	273.987	143.896
(c) Trade receivables	601.542	432.896
(d) Cash and cash equivalents	300.195	74.082
(e) Short-term loans and advances	7.623	6.454
(f) Other current assets	70.278	55.500
Total Current Assets	1253.625	712.828
TOTAL	1381.321	835.540

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		25.000
2] Share Application Money		0.000
3] Reserves & Surplus		66.231
4] (Accumulated Losses)		0.000
NETWORTH		91.231
LOAN FUNDS
1] Secured Loans		12.934
2] Unsecured Loans		47.223
TOTAL BORROWING		60.157
DEFERRED TAX LIABILITIES		3.136
TOTAL		154.524
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		28.169
Capital work-in-progress		0.000
INVESTMENT		8.278
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	98.658
	Sundry Debtors	284.169
	Cash & Bank Balances	73.240
	Other Current Assets	24.281
	Loans & Advances	44.792
Total Current Assets		525.140
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	339.094
	Other Current Liabilities	44.284
	Provisions	23.685
Total Current Liabilities		407.063
Net Current Assets		118.077
MISCELLANEOUS EXPENSES		0.000
TOTAL		154.524

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	2793.242	2018.861	1515.910
		Other Income	11.814	6.688	2.205
		TOTAL	2805.056	2025.549	1518.115
Less	EXPENSES
		Purchases of Stock-in-Trade	2385.110	1711.734
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(130.092)	(45.238)
		Employees benefits expense	176.298	119.678
		Other expenses	170.725	114.752
		TOTAL	2602.041	1900.926	1428.666
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		203.015	124.623	89.449
Less	FINANCIAL EXPENSES		90.398	25.621	15.349
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		112.617	99.002	74.100
Less/ Add	DEPRECIATION/ AMORTISATION		8.417	6.107	4.346
	PROFIT/ (LOSS) BEFORE TAX		104.200	92.895	69.754
Less	TAX		34.323	33.909	24.361
	PROFIT/ (LOSS) AFTER TAX		69.877	58.986	45.393
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		125.216	66.230	20.837
	BALANCE CARRIED TO THE B/S		195.093	125.216	66.230
	EARNINGS IN FOREIGN CURRENCY
		Export of goods calculated on FOB basis	6.454	NA	NA
		Commission Indenting Export	0.000
		Export of Services	8.264	NA	NA
		Interest	0.093
		Incentive/ TOD	28.848
		Export Sales	0.000
	TOTAL EARNINGS		43.659	NA	NA
	IMPORTS
		Others	NA	NA	1064.809
	TOTAL IMPORTS		NA	NA	1064.809
	Earnings / (Loss) Per Share (Rs.)		27.95	23.59

Particulars	31.03.2014
Sales Turnover (Approximately)	4800.000

The above information has been parted by Mr. Arvind Jain

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	2.49	2.91	2.99
Net Profit Margin (PBT/Sales)	(%)	3.73	4.60	4.60
Return on Total Assets (PBT/Total Assets}	(%)	7.61	11.25	12.07
Return on Investment (ROI) (PBT/Networth)		0.47	0.62	0.76
Debt Equity Ratio (Total Debt/Networth)		3.04	2.72	0.66
Current Ratio (Current Asset/Current Liability)		1.27	1.15	1.29

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012
	(Rs. In Millions)	(Rs. In Millions)
Share Capital	25.000	25.000
Reserves & Surplus	125.217	195.094
Net worth	150.217	220.094
long-term borrowings	59.600	169.389
Short term borrowings	348.580	500.492
Total borrowings	408.180	669.881
Debt/Equity ratio	2.717	3.044

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2010	31.03.2011	31.03.2012
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	1515.910	2018.861	2793.242
		33.178	38.357

NET PROFIT MARGIN

Net Profit Margin	31.03.2010	31.03.2011	31.03.2012
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	1515.910	2018.861	2793.242
Profit	45.393	58.986	69.877
	2.99%	2.92%	2.50%

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	Yes
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	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

IN THE HIGH COURT OF DELHI AT NEW DELHI

CS(OS) 153/2013

INTARVO TECHNOLOGIES LTD ..... Plaintiff

Through: Mr. Lokesh K. Choudhary, Adv.

Versus

ADITYA INFOTECH LTD and ORS ..... Defendants

Through: Mr. Amit Kumar Singh, Adv.

CORAM:

SH. KOVAI VENUGOPAL (DHJS), JOINT REGISTRAR (JUDICIAL)

ORDER

23.04.2014

Replication not filed. Ld. counsel for plaintiff requests time. Same be filed within two weeks.

Parties are directed to file their respective affidavits towards admission/denial of the documents within three weeks thereafter.

Put up for admission/denial of the documents on 12.08.2014.

KOVAI VENUGOPAL (DHJS)

JOINT REGISTRAR (JUDICIAL)

APRIL 23, 2014

NOTE:

The registered address of the company has been shifted from Khemka Centre, 2-5, DDA Building Nehru Place, New Delhi – 110019, India to the present address w.e.f 29.10.2013

UNSECURED LOANS

PARTICULAR	31.03.2012 (Rs. In Millions)	31.03.2011 (Rs. In Millions)
LONG TERM BORROWINGS
Deposits from shareholders	4.725	12.500
Intercorporate deposits	17.500	3.568
Deposits from director	3.450	4.600
Other loans and advances	107.500	0.000
SHORT TERM BORROWINGS
Deposits from director	0.300	0.300
Deposits from shareholders	9.226	11.675
Intercorporate deposits	3.850	4.100
Total	146.551	36.743

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10466772	28/11/2013	150,000,000.00	TAMILNAD MERCANTILE BANK LIMITED	384-390,FIRST FLOOR, LOKE NATH BUILDING, CHANDNI CHOWK, NEW DELHI, DELHI - 110006, INDIA	B92201664
2	10017465	09/11/2009 *	60,500,000.00	TAMILNAD MERCANTILE BANK LIMITED	384-390,FIRST FLOOR, LOKE NATH BUILDING, CHANDNI CHOWK, NEW DELHI, DELHI - 110006, INDIA	A75507764
3	80010136	24/05/2013 *	1,139,000,000.00	TAMILNAD MERCANTILE BANK LIMITED	384-390, FIRST FLOOR, LOKE NATH BUILDING, CHANDNI CHOWK, DELHI, DELHI - 110006, INDIA	B76463561

* Date of charge modification

FIXED ASSETS

• Building
• Office Equipments
• Computers and Peripherals
• Furniture and Fixture and Fittings
• Generator
• Vehicle

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.60.14
UK Pound	1	Rs.102.83
Euro	1	Rs.82.28

INFORMATION DETAILS

Information Gathered by :	HTL
Analysis Done by :	KAR
Report Prepared by :	ANK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--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		45

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	--

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.