MIRA INFORM REPORT

Report Date :

24.07.2014

IDENTIFICATION DETAILS

Name :	J. P. MORGAN SERVICES INDIA PRIVATE LIMITED (w.e.f. 14.06.2000)
Formerly Known As :	DIPLOMAT INFOTECH PRIVATE LIMITED
Registered Office :	Prism Towers, Level Nos.9 to 11, Link Road, Mindspace, Malad (West), Mumbai – 400 064, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	07.02.2000
Com. Reg. No.:	11-124073
Capital Investment / Paid-up Capital :	Rs.245.000 Millions
CIN No.: [Company Identification No.]	U72900MH2000PTC124073
PAN No.: [Permanent Account No.]	AABCD0503B
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in the development of computer software and rendering information technology enabled services.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

A (69)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 68160000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a part of J. P. Morgan Group. It is an established company having good track. Financial position of the company is sound and healthy. Fundamentals are strong. Trade relations are reported as fair. Business is active. Payment terms are reported to be regular and as per commitments. Company can be considered normal for business dealing 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.

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 DECLINED

Management non co-operative [91-22-61256000]

LOCATIONS

Registered / Head Office :	Prism Towers, Level Nos.9 to 11, Link Road, Mindspace, Malad (West), Mumbai – 400 064, Maharashtra, India
Tel. No.:	91-22-61252000/ 66954400
Fax No.:	91-22-66953648
E-Mail :	jaydeep.k.kurup@jpmorgan.com
Website :	http://www.jpmorgan.com
Corporate Office 1 :	18, Spott Road, Vakils House, Ballard Estate, Mumbai – 400 001, Maharashtra, India
Corporate Office 2 :	Prestige Tech Park, Next To Innovative Multiplex, Outer Ring Road, Sarjapur Main Road, Marathahalli, Bangalore – 560 037, Karnataka, India
Tel. No.:	91-80-44160000

DIRECTORS

AS ON 25.06.2012

Name :

Mrs. Kalpana Jaisingh Morparia

Designation :

Director

Address :

B/92, Ocean Gold, Twin Towers Lane, Prabhadevi, Mumbai – 400 025, Maharashtra, India

Date of Birth/Age :

30.05.1949

Date of Appointment :

18.09.2008

DIN No.:

00046081

Name :

Mr. Ravikanth Konteti

Designation :

Director

Address :

311-C Wing, Sunrise Building, Raheja Vihar, Powai, Mumbai – 400 072, Maharashtra, India

Date of Birth/Age :

02.07.1966

Date of Appointment :

31.07.2009

DIN No.:

00915023

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	U72200MH2000PTC150725	CSL TECH (INDIA) Private Limited	Director	03/03/2000	03/03/2000	15/02/2010	Active	NO
2	U72200MH2001PTC150727	CSL TECH PRIVATE LIMITED	Director	02/02/2001	02/02/2001	01/03/2010	Active	NO
3	U72900MH2000PTC124073	J. P. MORGAN SERVICES INDIA PRIVATE LIMITED	Director	31/07/2009	25/03/2009	-	Active	NO

Name :

Mr. Brian Richard Harold Duffy

Designation :

Director

Address :

31, Twelfth Street, Hong Lok Yuen Tai Po, New Territories, Hong Kong

Date of Birth/Age :

10.07.1961

Date of Appointment :

05.12.2006

Date of cessation :

09.03.2012

DIN No.:

01051532

Name :

Mr. Ranbir Saravjit Singh

Designation :

Director

Address :

1902, 19^th Floor, Ekta Meadows, Off Western Express Highway, Borivali (East), Mumbai – 400 066, Maharashtra, India

Date of Birth/Age :

17.08.1974

Date of Appointment :

20.07.2007

Date of cessation :

17.09.2013

DIN No.:

01658059

Name :

Mr. Lester Joseph Owens

Designation :

Director

Address :

9, Randall Drive, Manalapan, New Jersey - 077268964

Date of Birth/Age :

17.03.1957

Date of Appointment :

18.09.2008

Date of cessation :

17.09.2013

DIN No.:

02339144

Name :

Nandita Chakravartti

Designation :

Director

Address :

B-1208, Maple Leaf Apartment, Raheja Vihar, Powai – 400 072, Maharashtra, India

Date of Birth/Age :

04.10.1955

Date of Appointment :

25.03.2009

Date of cessation :

05.03.2012

DIN No.:

02602652

Name :

Mr. Ajith Sundaresh

Designation :

Director

Address :

Flat No.1502, Odyssey II CHS Limited, Orchard Avenue, Hiranandani Garden, Powai, Mumbai – 400 076, Maharashtra, India

Date of Birth/Age :

24.11.1967

Date of Appointment :

25.03.2009

Date of cessation :

17.09.2013

DIN No.:

02602666

Name :

Mr. Jonathan Philip Teplitz

Designation :

Director

Address :

301 E 52 ST 1C, New York 10022

Date of Birth/Age :

09.12.1962

Date of Appointment :

26.07.2010

Date of cessation :

01.03.2013

DIN No.:

02905407

Name :

Mr. Paul Herbert Compton

Designation :

Director

Address :

28, Verandah Place, Brooklyn, New York 11201

Date of Birth/Age :

29.04.1964

Date of Appointment :

21.04.2011

Date of cessation :

29.05.2013

DIN No.:

03502781

Name :

Mr. Deepak Mangla

Designation :

Director

Address :

613, Teja Block, My Home Navadweep, Hitech City, Hyderabad – 500 081 Andhra Pradesh, India

Date of Birth/Age :

28.10.1965

Date of Appointment :

25.06.2012

DIN No.:

02054545

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	U72200TG2000PTC033858	HSBC ELECTRONIC DATA PROCESSING INDIA PRIVATE LIMITED	Managing director	22/03/2010	10/12/2007	27/09/2011	Active	NO
2	U72900MH2000PTC124073	J. P. MORGAN SERVICES INDIA PRIVATE LIMITED	Director	25/06/2012	05/10/2011	-	Active	NO

Name :

Louis Rauchenberger

Designation :

Director

Address :

53, Burtis LN, Syosset - 11791 New York

Date of Birth/Age :

03.02.1962

Date of Appointment :

25.06.2012

DIN No.:

05275269

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	U72900MH2000PTC124073	J. P. MORGAN SERVICES INDIA PRIVATE LIMITED	Director	25/06/2012	15/05/2012	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Jaydeep Krishnan Kurup
Designation :	Secretary
Address :	A-2/503, Vihang Garden, Samta Nagar, Thane (West), Thane – 400606, Maharashtra, India
Date of Birth/Age :	21.05.1978
Date of Appointment :	09.09.2010
PAN No.:	ALTPK6612L

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 25.06.2012

Names of Shareholders	No. of Equity Shares	No. of Preferences Shares
J. P. Morgan Services Asia Holdings Limited, Mauritius	2353740	5600000
J. P. Morgan International Finance Limited, USA	10	--
TOTAL	2353750	5600000

AS ON 25.06.2012

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in the development of computer software and rendering information technology enabled services.

GENERAL INFORMATION

No. of Employees :	Information declined by the management
Bankers :	Not Available

Banking Relations :	--
Auditors :
Name :	Price Waterhouse and Company Chartered Accountants
Address :	252, Veer Savarkar Marg, Shivaji Park, Dadar (West), Mumbai – 400 028, Maharashtra, India
PAN No:	AAEFP3641G
Group Holding Company :	JPMorgan Chase and Company
Holding Companies :	· J.P. Morgan Services Asia Holdings Limited, Mauritius (JPMSAHL) · J.P. Morgan Services Asia Holdings, Inc
Fellow Subsidiaries :	· JPMorgan Chase Bank, N.A., and its Branches (‘JPMCB’) · J.P. Morgan (S.E.A.) Limited · J.P. Morgan Securities (Asia Pacific) Limited · J.P. Morgan Chase Bank, Berhad · J.P. Morgan Australia Limited · J.P. Morgan Securities Australia Limited · JPMorgan Asset Management (UK) Limited · J.P. Morgan (Suisse) SA · J.P. Morgan Asset Management (Japan) Limited · JPMorgan Securities Japan Co. Limited · J.P. Morgan Retirement Plan Services LLC · J.P. Morgan Services Inc · J.P. Morgan Securities Limited · J.P. Morgan Securities LLC · J.P. Morgan Investment Management Inc. · J.P. Morgan Securities India Private Limited · J.P. Morgan India Private Limited (‘JPMIPL’) · J.P. Morgan Advisors India Private Limited · J P Morgan Asset Management India Private Limited (‘JPMAM’) · J P Morgan Mutual Fund (managed by ‘JPMAM’) · JPMorgan Funds Management Inc. · J.P. Morgan Securities (Taiwan) Limited · J.P. Morgan Asset Management Real Assets (Asia) Limited · J.P. Morgan Securities (Far East) Limited - Seoul Branch

CAPITAL STRUCTURE

AS ON 25.06.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs.50.000 Millions
23000000	5% Non-Cumulative Redeemable Preference Shares	Rs.10/- each	Rs.230.000 Millions
	TOTAL		Rs.280.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2353750	Equity Shares	Rs.10/- each	Rs.23.538 Millions
5600000	5% Non-Cumulative Redeemable Preference Shares	Rs.10/- each	Rs.56.000 Millions
	TOTAL		Rs.79.538 Millions

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
28000000	Equity Shares	Rs.10/- each	Rs.280.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
24500000	Equity Shares	Rs.10/- each	Rs.245.000 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	245.000	80.000	80.000
(b) Reserves & Surplus	16795.000	13725.000	10864.000
(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)	17040.000	13805.000	10944.000
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	270.000	235.000	204.000
(d) long-term provisions	494.000	446.000	422.000
Total Non-current Liabilities (3)	764.000	681.000	626.000
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	719.000	709.000	559.000
(c) Other current liabilities	1373.000	1379.000	1040.000
(d) Short-term provisions	203.000	191.000	312.000
Total Current Liabilities (4)	2295.000	2279.000	1911.000
TOTAL	20099.000	16765.000	13481.000
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	3221.000	3804.000	3470.000
(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	48.000	181.000	185.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	856.000	633.000	513.000
(d) Long-term Loan and Advances	1451.000	1395.000	1219.000
(e) Other Non-current assets	336.000	462.000	127.000
Total Non-Current Assets	5912.000	6475.000	5514.000
(2) Current assets
(a) Current investments	702.000	122.000	0.000
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	3074.000	2621.000	2967.000
(d) Cash and cash equivalents	9692.000	6694.000	3807.000
(e) Short-term loans and advances	682.000	758.000	1170.000
(f) Other current assets	37.000	95.000	23.000
Total Current Assets	14187.000	10290.000	7967.000
TOTAL	20099.000	16765.000	13481.000

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	REVENUE FROM OPERATIONS		31462.000	27845.000	22048.000
Less	EXPENSES
		TOTAL	NA	NA	NA
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		6815.000	5602.000	4397.000
Less/ Add	DEPRECIATION/ AMORTISATION		1337.000	1321.000	1122.000
	PROFIT / (LOSS) BEFORE TAX		5478.000	4281.000	3275.000
Less	TAX		1683.000	1420.000	112.000
	PROFIT / (LOSS) AFTER TAX		3795.000	2861.000	3163.000
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		13054.000	10193.000	7030.000
Less	APPROPRIATIONS
		Transfer to Capital Redemption Reserve	56.000	0.000	0.000
	BALANCE CARRIED TO THE B/S		16793.000	13054.000	10193.000
	EARNINGS IN FOREIGN CURRENCY
		Professional Fees	NA	27589.000	21826.000
	IMPORTS
		Capital Goods	NA	645.000	565.000
	Earnings / (Loss) Per Share (Rs.)		154.90	357.63	1343.95

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Return on Total Assets (PBT/Total Assets}	(%)	28.54	26.84	25.62
Return on Investment (ROI) (PBT/Networth)		0.32	0.31	0.30
Debt Equity Ratio (Total Debt/Networth)		0.00	0.00	0.00
Current Ratio (Current Asset/Current Liability)		6.18	4.52	4.17

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	80.000	80.000	245.000
Reserves & Surplus	10,864.000	13,725.000	16,795.000
Net worth	10,944.000	13,805.000	17,040.000
long-term borrowings	0.000	0.000	0.000
Short term borrowings	0.000	0.000	0.000
Total borrowings	0.000	0.000	0.000
Debt/Equity ratio	0.000	0.000	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)
Revenue from operations	22,048.000	27,845.000	31,462.000
		26.293	12.990

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Revenue from operations	22,048.000	27,845.000	31,462.000
Profit/(Loss) After Tax	3,163.000	2,861.000	3,795.000
	14.35%	10.27%	12.06%

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	No
9]	Name of person contacted	No
10]	Designation of contact person	No
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	No
20]	Export / Import details (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	No
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]	PAN of Proprietor/Partner/Director, if available	No
32]	Date of Birth 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

INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY.

NOTE:

The registered office of the company has been shifted from Technopolis Knowledge Park, 3^rd Floor, Office No.1 to 9, Mahakali Caves Road, Andheri (East), Mumbai – 400 093, Maharashtra, India to the present address w.e.f. 30.06.2011.

BACKGROUND:

The Company was incorporated in India on February 7, 2000.

The Company is a subsidiary of J.P. Morgan Services Asia Holdings Limited, Mauritius and a part of JPMorgan Chase.

JPMorgan Chase and Company is a financial holding company for a group of subsidiaries that provide a wide range of products and services to its clients.

The Company is registered with the Software Technology Parks of India (STPI), and is engaged in the development of computer software and rendering information technology enabled services.

FINANCIAL RESULTS:

The revenue from operations of the Company has grown from Rs. 27845.000 millions for the year ended March 2012 to Rs. 31462.000 millions for the year ended March 2013. The headcount (FTE) during the same period has decreased from 16295.000 millions to 16175.000 millions. The total investment in fixed assets during the financial year was Rs. 786.000 millions.

FIXED ASSETS:

· Leasehold Improvements

· Office Equipments

· Computers

· Furniture and Fixtures

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 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.60.18
UK Pound	1	Rs.102.68
Euro	1	Rs.81.03

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	DIV
Report Prepared by :	SNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	8
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILIRY	1~10	8
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	8
--RESERVES	1~10	8
--CREDIT LINES	1~10	7
--MARGINS	-5~5	-----
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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		69

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.