MIRA INFORM REPORT

Report Date :

08.07.2014

IDENTIFICATION DETAILS

Name :	MITSUBISHI CORPORATION INDIA PRIVATE LIMITED
Formerly Known As :	MC INTERNATIONAL INDIA PRIVATE LIMITED
Registered Office :	5th Floor, Birla Tower, 25 Barakhamba Road, New Delhi – 110001
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	22.05.1996
Com. Reg. No.:	55-079069
Capital Investment / Paid-up Capital :	Rs.1200.000 Millions
CIN No.: [Company Identification No.]	U45201DL1996PTC079069
Legal Form :	Private Limited Liability Company
Line of Business :	The Company deals in chemicals, petroleum products, carbon products, metal products and living essential goods.
No. of Employees :	106 (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 a moderate track record. Reserve of the company seems to be low during 2013. 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. Santosh Singh
Designation :	Deputy General Manager
Contact No.:	91-22-42300700
Date :	07.07.2014

LOCATIONS

Registered Office :	5th Floor, Birla Tower, 25 Barakhamba Road, New Delhi – 110001, India
Tel. No.:	91-11-41503888
Fax No.:	91-11-23736726
E-Mail :	sanjeev.jns@gmail.com vandana.gupla@mitsubishi.com
Location :	Rented
Branch Office :	75-77, Maker Chambers, 7^th Floor, Nariman Point, Mumbai – 400021, Maharashtra, India
Tel. No.:	91-22-42300700
Fax No.:	91-22-42300701
Location :	Rented
Branch Offices :	Also Located At: · Chennai · Kolkata

DIRECTORS

As on 27.09.2013

Name :

Mr. Prince Madan

Designation :

Director

Address :

C-20, East Kailash, New Delhi – 110068, India

Date of Birth/Age :

28.09.1967

Date of Appointment :

28.09.2010

PAN No.:

AAKPM7441H

DIN No.:

03282439

Other Directorship:

S. No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Drector/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U45201DL1996PTC079069	MITSUBISHI CORPORATION INDIA PRIVATE LIMITED	Director	28/09/2010	07/09/2010	-	Active	NO

Name :

Mr. Nobuyuki Kato

Designation :

Whole Time Director

Address :

E-10/, 3^rd Floor, Vasant Vihar, New Delhi, India

Date of Birth/Age :

31.01.1980

Date of Appointment :

18.06.2012

PAN No.:

CPLPK1804G

DIN No.:

05304549

Name :

Mr. Takehiro Fujioka

Designation :

Whole Time Director

Address :

2/28, 2^nd Floor, Shanti Niketan, Delhi, India

Date of Birth/Age :

29.04.1975

Date of Appointment :

23.08.2012

PAN No.:

ABTPF2124A

DIN No.:

05358386

Name :

Mr. Hidehiko Kunitake

Designation :

Whole Time Director

Address :

C-5/5, 2^nd Floor, Vasant Vihar, Delhi – 110021, India

Date of Birth/Age :

12.0.1962

Date of Appointment :

21.09.2012

PAN No.:

CSRPK8687G

DIN No.:

06380209

Name :

Mr. Wataru Kato

Designation :

Director

Address :

Prestige Palladium Bayan, Door Nos. 129-140, Grenzres Road, Chennai, Tamilnadu, India

Date of Birth/Age :

19.08.1973

Date of Appointment :

22.11.2012

PAN No.:

CTPPK5838Q

DIN No.:

06431644

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	U29130TN1985PTC011572	HI TECH ARAI Private Limited	Alternate director	21/11/2012	21/11/2012	31/03/2014	Active	NO
2	U45201DL1996PTC079069	MITSUBISHI CORPORATION INDIA PRIVATE LIMITED	Director	22/11/2012	22/11/2012	-	Active	NO

Name :

Mr. Masakazu Sakakida

Designation :

Additional Director

Address :

13, Panchasheel Marg, Chankapuri, New Delhi, India

Date of Birth/Age :

11.11.1958

Date of Appointment :

27.09.2013

PAN No.:

ESIPS2244Q

DIN No.:

06505056

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	U29200TZ2007PTC014014	MC Craftsman Machinery Private Limited	Director	20/03/2013	20/03/2013	-	Active	NO
2	U45201DL1996PTC079069	MITSUBISHI CORPORATION INDIA PRIVATE LIMITED	Director	27/09/2013	20/03/2013	-	Active	NO
3	U15122KA1993PLC048636	SNOWMAN LOGISTICS LIMITED	Director	26/09/2013	20/03/2013	-	Active	NO
4	L26102DL1984PLC019542	ASAHI INDIA GLASS LIMITED	Director	14/08/2013	01/04/2013	-	Active	NO

MAJOR SHAREHOLDERS

As on 27.09.2013

Names of Shareholders	No. of Shares
Mitsubishi Corporation, Japan	119999999
Mitsubishi Australia, Australia	1
Total	120000000

Equity Share Break up (Percentage of Total Equity)

As on 27.09.2013

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

BUSINESS DETAILS

Line of Business :

The Company deals in chemicals, petroleum products, carbon products, metal products and living essential goods.

Products :

Product Description	ITC Code
Mona Ethylene Glycol	29053100
Vinyl Chloride Monomer	29032100
Metallurgical Coke	31042000
Muriale / Sulphate of Polash	35459090
Fero Nickel Granuels	72026000

Imports :

Products :

Chemical and Textile Products

Countries :

· Korea

· Japan

· Thailand

Terms :

Selling :

Cash and Credit (30 Days)

Purchasing :

Cash and Credit (30 Days)

GENERAL INFORMATION

Customers :	Wholesalers and Retailers
No. of Employees :	106 (Approximately)
Bankers :	Deutsche Bank, Delhi Main Branch, Delhi, India

Banking Relations :	--
Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
PAN No.:	AABFD2095B
Holding Company :	Mitsubishi Corporation, Japan
Fellow Subsidiary Company :	· Petro Diamond Singapore Pte. Limited · Mitsubishi Corporation, Singapore · Mitsubishi Corporation New Delhi Branch · Mc Energy Inc. (Earlier Petro Diamond Japan Corporation) · Mitsubishi Corporations Unimetals Limited · Asia Modified Starch Company Limited · Mitsubishi International Gmbh, Germany · Metal One Corporation, Japan · M C Facilities Company Limited · Metal One Corporation India Private Limited CIN No.: U51909DL2007PTC165254 · Diamond Gas Holdings Sdn. Bhd, Malaysia · Mitsubishi Corporation, Technos · Mitsubishi Corporation, Manila · Mitsubishi Corporation (Taiwan) Limited · Mc Aviation Partners Inc · Agrex Asia Pte Limited · Mc Aviation Partners Inc · Mitsubishi Shoji Plastics · Mitsubishi Shoji Packaging · Mitsubishi Shoji Chemical Corporation · Mitsubishi Corporation Fashion Company Limited · Mc Craftsman Machinery Private Limited CIN No.: U29200TZ2007PTC014014 · Mitsubishi Corporation Fashion Company Limited · MC Foods Limited · Nifast India Private Limited CIN No.: U45400HR2007PTC041278 · P T M C Indonesia · Mitsubishi Corporation Kansai Branch · MC Aviation Partners Asia Inc · Mc Emerging Capital Partners B.V · Manesar Steel Processing (India) Private Limited CIN No.: U27205HR2010PTC041264 · Mitsubishi International Polymer Trade Corp · Thai-MC Company Limited · Toyo Reizo Co. Limited, Japan · PT. MC Indonesia · Sinar Berlian SDN BHD, Malaysia · MC International (Europe) Plc. · MC Energy, Inc · Mitsubishi Corporation Hong Kong Limited

CAPITAL STRUCTURE

As on 27.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
120000000	Equity Shares	Rs.10/- each	Rs.1200.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
120000000	Equity Shares	Rs.10/- each	Rs.1200.000 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	1,200.000	1,200.000	1,200.000
(b) Reserves & Surplus	690.765	571.251	466.794
(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)	1,890.765	1,771.251	1,666.794
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	11.717	2.270	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	31.933	20.856	14.165
Total Non-current Liabilities (3)	43.650	23.126	14.165
(4) Current Liabilities
(a) Short term borrowings	0.000	91.511	0.000
(b) Trade payables	8,418.713	11,546.002	10,517.282
(c) Other current liabilities	45.284	28.191	36.210
(d) Short-term provisions	1.687	1.174	1.083
Total Current Liabilities (4)	8,465.684	11,666.878	10,554.575
TOTAL	10,400.099	13,461.255	12,235.534
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	178.287	90.902	92.237
(ii) Intangible Assets	2.983	0.247	4.907
(iii) Capital work-in-progress	9.341	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	15.423	20.000	20.000
(c) Deferred tax assets (net)	66.834	30.485	24.050
(d) Long-term Loan and Advances	572.114	360.445	131.629
(e) Other Non-current assets	0.000	4.067	0.000
Total Non-Current Assets	844.982	506.146	272.823
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	901.801	666.550	110.579
(c) Trade receivables	7,749.418	10,610.697	10,521.964
(d) Cash and cash equivalents	784.714	1,474.926	1,158.874
(e) Short-term loans and advances	63.521	65.782	47.532
(f) Other current assets	55.663	137.154	123.762
Total Current Assets	9,555.117	12,955.109	11,962.711
TOTAL	10,400.099	13,461.255	12,235.534

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.03.2013	31.03.2012	31.03.2011
	SALES
		Income		42855.440	38813.462	39025.600
		Other Income		286.057	117.708	108.878
		TOTAL		43141.497	38931.170	39134.478
Less	EXPENSES			42,934.349	38,445.813	38,969.175
	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION			207.148	485.357	165.303
Less	INTEREST & DEPRECIATION / AMORTISATION			33.187	30.425	47.401
	PROFIT/(LOSS) BEFORE TAX			173.961	154.932	117.902
Less	TAX			54.448	50.475	40.507
	PROFIT/(LOSS) AFTER TAX			119.513	104.457	77.395
	EARNINGS IN FOREIGN CURRENCY
			Export Earnings	1744.674	1054.654	2553.092
	TOTAL EARNINGS			1744.674	1054.654	2553.092
	Earnings Per Share (Rs.)			0.99	NA	NA

Particulars	31.03.2014
Sales Turnover (Approximately)	40000.000

The above information has been parted by Mr. Santosh Shingh

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	0.28	0.27	0.20
Net Profit Margin (PBT/Sales)	(%)	0.41	0.40	0.30
Return on Total Assets (PBT/Total Assets}	(%)	1.69	1.16	0.97
Return on Investment (ROI) (PBT/Networth)		0.09	0.09	0.07
Debt Equity Ratio (Total Debt /Networth)		0.00	0.05	0.00
Current Ratio (Current Asset/Current Liability)		1.13	1.11	1.13

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	1200.000	1200.000	1200.000
Reserves & Surplus	466.794	571.251	690.765
Net worth	1666.794	1771.251	1890.765
long-term borrowings	0.000	0.000	0.000
Short term borrowings	0.000	91.511	0.000
Total borrowings	0.000	91.511	0.000
Debt/Equity ratio	0.000	0.052	0.000

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	39,025.600	38,813.462	42,855.440
		(0.544)	10.414

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	39,025.600	38,813.462	42,855.440
Profit	77.395	104.457	119.513
	0.20%	0.27%	0.28%

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 four 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	----------
23]	Banking Details	Yes
24]	Banking facility details	No
25]	Conduct of the banking account	----------
26]	Buyer visit details	----------
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

UNSECURED LOANS:

Particulars	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Short Term Borrowings
Other Loans and advances	0.000	91.511
Total	0.000	91.511

BACKGROUND

The Company was incorporated in India on May 22, 1996 for development of international trade, facilitate future investment in India through various Indian joint ventures of Mitsubishi Corporation and procure raw materials for and market finished products of all such joint ventures in India. The Company also received approval from the Government of India to provide support service for all infrastructure projects executed in India by Mitsubishi Corporation, Japan and its associate companies. The Company is a closely held Company with 119,999,999 shares being held by Mitsubishi Corporation, Japan and the balance 1 share being held by Mitsubishi Australia Limited.

OPERATIONS REVIEW AND FUTURE OUTLOOK ·

The company achieved a turnover of Rs.42855.440 Millions in the year, as compared to turnover of Rs.38813.462 Millions in the previous year thereby showing an increase of 9 %. During the year, the Company has earned a Profit after tax of Rs.119.513 Millions as compared to the Profit after tax of Rs.104.457 Millions earned last year. Despite increase in turnover Company has registered operational losses however the only profit booked by the company is profit on sale of property ( non- operational ) approx. Rs.172.463 Millions thus registering an after tax profit of Rs.119.513 Millions. The Directors are hopeful that the current year of the company shall be encouraging.

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	90368532	02/04/2004	30,000,000.00	Standard Chartered Bank	Parliament Street, New Delhi, Delhi, India	-
2	90385818	02/04/2004	30,000,000.00	Standard Chartered Bank	Parliament Street, New Delhi, Delhi, India	-
3	90368520	30/10/2003	30,000,000.00	Societe Generale	6th Floor Mohan Dev, 13 Tolstoy Marg, Delhi, India	-
4	90385800	09/10/2003	30,000,000.00	Societe Generale	13 Tolstoy Marg, New Delhi, Delhi, India	-
5	90368510	19/06/2003	100,000,000.00	Deutsche Bank	New Delhi Branch, 15- 17 Tolstoy Marg, New Delhi, Delhi, India	-
6	90385795	19/06/2003	100,000,000.00	Deutsche Bank	15- 17 Tolstoy Marg, New Delhi, Delhi, India	-
7	90368494	01/10/2002	75,000,000.00	Deutsche Bank	Hazarimal Somani Marg, Fort, Mumbai, Maharashtra, India	-
8	90385771	18/01/2002	75,000,000.00	Deutsche Bank	Fort, Mumbai, Maharashtra, India	-
9	90368447	01/08/2002 *	20,000,000.00	The Hongkong and Shanghai Banking Corporation Limited	15 K.G. Marg, New Delhi, Delhi, India	-
10	90385745	01/08/2002 *	200,000,000.00	The Hongkong and Shanghai Banking Corporation	15 Kasturba Gandhi Marg, New Delhi, Delhi, 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 records 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 p

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.59.95
UK Pound	1	Rs.102.78
Euro	1	Rs.81.39

INFORMATION DETAILS

Information Gathered by :	HNA
Analysis Done by :	RAS
Report Prepared by :	VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	2
--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	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		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.