MIRA INFORM REPORT

Report Date :

12.06.2014

IDENTIFICATION DETAILS

Name :	LAN MARK SHOPS INDIA PRIVATE LIMITED
Registered Office :	31/1036 C&D, 1^st Floor, Kulathinkarottu Mispah Building, Subhash Chandra Bose Road, Chettichira, Vyttila, Kochi – 682 019, Kerala
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	07.01.2005
Com. Reg. No.:	09-017761
Capital Investment / Paid-up Capital :	Rs.37.812 millions
CIN No.: [Company Identification No.]	U52339KL2005PTC017761
PAN No.: [Permanent Account No.]	AABCL0490M
Legal Form :	Private Limited Liability Company
Line of Business :	Trading and Marketing of consumer electronics goods through franchisee networks.
No. of Employees :	135 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (30)

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

Maximum Credit Limit :	USD 193000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. There seems drastic dip in profits of the company during 2013, reserves of the company are also 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

US investment bank Goldman Sachs  has upgraded its outlook on Indian markets as it expects positive impact of the election cycle.

India’s economy may grow 4.7 % in the current financial year, lower than the official estimate of 4.9 %, Fitch Rating said. The global rating agency expects the economy to pick up in the next two financial years.

Global ratings agency Standard & Poor said increasing focus by India Inc on lowering debt is likely to improve their credit profiles.

Singapore (1.1 million Indian tourists in 2012), Thailand (one million), the United Arab Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred holidays hotspots for Indians. The total figure is expected to increase to 1.93 million by 2017, according to the latest Eurmonitor international report.

There is a $29.34 bn outward foreign direct investment by domestic companies between April and January of 2013/14 which has seen some signs of recovery according to a Care Ratings report.

There are 264 number of new companies being set up every day on average during 2014. Most of them are registered in Mumbai. India had 1.38 million registered companies at the end of January, 2014.

Twitter like messaging service Weibo Corporation has filed to raise $ 500 million via a US initial public offering. Alibaba, which owns a stake in Weibo is expected to raise about $ 15 billion New York this year in the highest profile Internet IPO since Facebook’s in 2012.

Bharti Airtel has raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at a coupon rate of three per cent and maturing in 2020. This is the largest ever bond offering by an Indian company in Swiss Francs. Bharat Petroleum Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98 % coupon rate in February.

Indian Oil Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex at its almost complete Paradip refinery in Odhisha in three to four years. The company board is set to consider the setting up of a 700000 tonne per annum polypropylene plant at an estimated cost at Rs.3150 crore.

Global chief information officers at gathering in Bangalore in April to meet Indian startups at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in the making.

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. Joshy Joseph
Designation :	Vice President
Contact No.:	91-9895487525
Date :	11.06.2014

LOCATIONS

Registered Office :	31/1036 C&D, 1^st Floor, Kulathinkarottu Mispah Building, Subhash Chandra Bose Road, Chettichira, Vyttila, Kochi – 682 019, Kerala, India
Tel. No.:	91-484-2305078/ 79
Mobile No.:	91-9895487525 (Mr. Joshy Joseph)
Fax No.:	Not Available
E-Mail :	lanmarkshop@sify.com support@lanmarkshops.com joshyjoseph@whitenart.in
Website :	http://www.lanmarkshops.com
Head Office :	16/222-F, Pookattupady Road, Mundapalam, Vadacode P.O., Enrnakulam – 682 021, Kerala, India
E-Mail:	sunil@lanmarkshops.com
Warehouse :	Located at: · Chennai · Coimbatore · Kerala · Madurai

DIRECTORS

AS ON 05.09.2013

Name :

Mr. Jerry Mathew

Designation :

Managing Director

Address :

X/89, Kalapura House, Puthenangadi, Thirunak Kara, Kottayam – 686 001, Kerala, India

Date of Birth/Age :

09.01.1971

Date of Appointment :

25.06.2007

DIN No.:

01351521

PAN No.:

AEFPM3684M

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	U52324KL1996PTC010985	FASTSERVE TRADELINKS PRIVATE LIMITED	Director	05-12-1996	05-12-1996	-	Active	NO
2	U52339KL2005PTC017761	LAN MARK SHOPS INDIA PRIVATE LIMITED	Managing director	25-06-2007	07-01-2005	-	Active	NO
3	U72200KL2006PTC019168	TRANZMEDIA NETVISION PRIVATE LIMITED	Director	08-02-2006	08-02-2006	-	Active	NO
4	U66010KL1996PLC010093	INDITRADE DERIVATIVES AND COMMODITIES LIMITED	Director	22-07-2006	22-07-2006	30-04-2008	Active	NO
5	U74999KL2006PLC020045	COMMODITY ONLINE (INDIA) LIMITED	Director	20-03-2009	20-03-2009	-	Active	NO
6	U67190KL2009PLC024798	CELEBRUS COMMODITIES LIMITED	Director	24-09-2009	24-09-2009	-	Active	NO
7	U67120KL2009PLC024797	CELEBRUS CAPITAL LIMITED	Director	24-09-2009	24-09-2009	-	Active	NO

Name :

Mr. Ramachandran Venkitachelam

Designation :

Director

Address :

XI/305, Karisoondaman Galam, Thirunakkara, Kottayam – 686 001, Kerala, India

Date of Birth/Age :

09.11.1962

Date of Appointment :

07.01.2005

DIN No.:

02232130

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	U85110KA1994PLC016192	BNA FLEXINET SYSTEMS LIMITED	Director	06-09-1994	06-09-1994	05-05-2008	Active	NO
2	U52339KL2005PTC017761	LAN MARK SHOPS INDIA PRIVATE LIMITED	Director	07-01-2005	07-01-2005	-	Active	NO

Name :

Mr. Binu Purushothaman

Designation :

Director

Address :

6B, Kavadiyarmandir, Javahar Nagar, Trivandrum – 695 041, Kerala, India

Date of Birth/Age :

21.10.1962

Date of Appointment :

20.05.2005

DIN No.:

02487584

PAN No.:

AEVPP3604E

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	U52339KL2005PTC017761	LAN MARK SHOPS INDIA PRIVATE LIMITED	Director	20-05-2005	20-05-2005	-	Active	NO
2	U80302KL2009PTC025050	JOHN AND MARY INTERNATIONAL TRAINING SYSTEMS PRIVATE LIMITED	Director	20-11-2009	20-11-2009	-	Strike off	NO

Name :

Mr. Zacharian Abraham

Designation :

Director

Address :

Njavallil, Kanji Rappally, Kottayam – 686 507, Kerala, India

Date of Birth/Age :

19.07.2001

Date of Appointment :

30.09.2011

DIN No.:

00842401

PAN No.:

AERPA8980L

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	U52339KL2005PTC017761	LAN MARK SHOPS INDIA PRIVATE LIMITED	Director	30-09-2011	20-05-2005	-	Active	NO
2	U51399KL2006PTC020102	ELEGANT HOME GALLERY APPLIANCES PRIVATE LIMITED	Managing director	13-12-2006	13-12-2006	-	Active	NO

Name :

Mr. Sandeep Nayar

Designation :

Director

Address :

8/11, Kumarnivas, Pullarapillil House, Vadakkimpuram P.O., Ernakulam – 683 521, Kerala, India

Date of Birth/Age :

25.10.1969

Date of Appointment :

20.05.2005

DIN No.:

02487636

PAN No.:

ABMPN3940K

Name :

Mr. Alex Thomas

Designation :

Director

Address :

E 6, Golden Enclave, Kanji Kuzhy, Kottayam – 686 004, Kerala, India

Date of Birth/Age :

31.10.1961

Date of Appointment :

28.09.2007

DIN No.:

00004026

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	U26921KL2002PTC015427	NEPTUNE READYMIX CONCRETE PRIVATE LIMITED	Nominee director	01-04-2010	20-05-2002	-	Active	NO
2	U52339KL2005PTC017761	LAN MARK SHOPS INDIA PRIVATE LIMITED	Director	28-09-2007	25-06-2007	-	Active	NO
3	U15499KL2009PTC024969	TIERRA FOOD INDIA PRIVATE LIMITED	Managing director	06-11-2009	06-11-2009	-	Active	NO

Name :

Mr. Denny Kalapurackal Kurien

Designation :

Director

Address :

2A, Stanmore, 9, Vittal Malya Road, Bangalore – 560 001, Karnataka, India

Date of Birth/Age :

25.05.1967

Date of Appointment :

05.09.2013

DIN No.:

06605276

PAN No.:

AANPK0920A

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	U52339KL2005PTC017761	LAN MARK SHOPS INDIA PRIVATE LIMITED	Director	05-09-2013	05-06-2013	-	Active	NO
2	U74999KL2006PLC020045	COMMODITY ONLINE (INDIA) LIMITED	Director	25-10-2013	25-10-2013	-	Active	NO

Name :

Mr. Biji Kurien Kurien

Designation :

Director

Address :

Kalapurackal, West Kodikulam, PO Thodupuzha Thosdupuzha, Idukki – 685 582, Kerala, India

Date of Birth/Age :

20.10.1940

Date of Appointment :

05.09.2013

DIN No.:

00045576

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	U80902KA2002PTC030770	B.SCHOOL MANAGEMENT INSTITUTE PRIVATE LIMITED	Director	15-07-2002	15-07-2002	-	Strike off	NO
2	U29290MH1998PTC113726	COROB INDIA PRIVATE LIMITED	Director	01-04-2012	01-03-2008	15-04-2012	Active	NO
3	U24117MH2001PTC131025	COLORWORLD SOLUTIONS PRIVATE LIMITED	Managing director	15-11-2010	01-03-2008	31-03-2012	Active	NO
4	U52339KL2005PTC017761	LAN MARK SHOPS INDIA PRIVATE LIMITED	Director	05-09-2013	05-06-2013	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Joshy Joseph
Designation :	Vice President

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 05.09.2013

Names of Shareholders	No. of Shares
Jerry Mathew	1000750
Ramachandran V.	25000
Binu Purushothaman	100000
Zachariah Abraham	200000
Annie Alex	138
Dilip Chandran	28000
Bindu James	5000
Santosh Chacko	7500
George Abraham	7500
Regi Varghese	7500
Aby C. Kurian	6000
Denny K. Kurien	1159550
Sandeep Nair	200000
MK Logendra Kumar	33500
Giby Mathew	1000750
Total	3781188

AS ON 10.09.2013

Names of Allottees	No. of Shares
Jerry Mathew	250187
Denny Kalapurackal Kurien	289887
Sandeep Nayar	50000
Annie Alex	34
Zacharia Abraham	50000
Dilip Chandran	7000
Santhosh Chacko	1875
George Abraham	1875
Regi Varghese	1875
Aby C. Kurian	1500
V. Ramachandran	6250
Binu Purushothaman	25000
Bindu James	1250
MK Logendra Kumar	8375
Giby Mathew	250187
Total	945295

AS ON 05.09.2013

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	98.00
Other top fifty shareholders	2.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Trading and Marketing of consumer electronics goods through franchisee networks.
Products :	FMCG Items
Agencies Held :	Samsung
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

No. of Employees :

135 (Approximately)

Bankers :

• The Federal Bank Limited, Panangad Branch, Ernakulam – 682 506, Kerala, India.
• The South Indian Bank Limited, Vyttila Branch, Vyttila, Kerala, India
• State Bank of Travancore, Edappally Branch, Edappally. P.O., Kochi – 682 024, Kerala, India

Facilities :

Fund and Non-Fund Based: Rs.80.000 millions (From State Bank of Travancore)

Secured Loans	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
SHORT-TERM BORROWINGS
Working capital loans from banks	62.851	37.062
Total	62.851	37.062

Banking Relations :	--
Auditors :
Name :	Varma and Varma Chartered Accountants
Address :	Sreenikethan, Nettipadam Road, Kochi – 682 016, Kerala, India
PAN No.:	AABFV9555E

CAPITAL STRUCTURE

AFTER 05.09.2013

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
4726483	Equity Shares	Rs.10/- each	Rs.47.265 millions

AS ON 05.09.2013

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
3781188	Equity Shares	Rs.10/- each	Rs.37.812 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
EQUITY AND LIABILITIES
(1) Shareholders' Funds
(a) Share Capital	37.812	12.604	12.604
(b) Reserves & Surplus	10.509	10.070	6.096
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	7.566	7.066
Total Shareholders’ Funds (1) + (2)	48.321	30.240	25.766
(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	0.000	0.000	0.000
(d) Long-term provisions	0.725	0.400	0.341
Total Non-current Liabilities (3)	0.725	0.400	0.341
(4) Current Liabilities
(a) Short term borrowings	62.851	37.062	30.639
(b) Trade payables	18.243	8.777	7.939
(c) Other current liabilities	2.336	5.256	5.226
(d) Short-term provisions	0.306	3.158	1.465
Total Current Liabilities (4)	83.736	54.253	45.269
TOTAL	132.782	84.893	71.376
ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	7.244	4.746	4.496
(ii) Intangible Assets	1.908	1.956	1.690
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.050
(c) Deferred tax assets (net)	0.781	0.486	0.686
(d) Long-term Loan and Advances	2.346	0.900	1.682
(e) Other Non-current assets	0.100	0.050	0.000
Total Non-Current Assets	12.379	8.138	8.604
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	58.378	38.860	43.783
(c) Trade receivables	30.338	14.655	10.151
(d) Cash and cash equivalents	1.600	2.466	2.060
(e) Short-term loans and advances	30.087	20.774	6.778
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	120.403	76.755	62.772
TOTAL	132.782	84.893	71.376

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	1140.000 (Approximately)	NA	737.182
		Other Income	NA	NA
		TOTAL	NA	NA	737.182
	EXPENSES
		Office Expenses	NA	NA	792.401
		Administrative Expenses
		Advertising Expenses
		TOTAL	NA	NA	792.401
	PROFIT/ (LOSS) BEFORE TAX		NA	NA	3.595
Less	TAX		NA	NA	1.295
	PROFIT/ (LOSS) AFTER TAX		0.746	6.171	2.301
	Earnings/ (Loss) Per Share (Rs.)		0.20	4.90	1.83

Particulars	31.03.2014
Sales Turnover (Approximately)	1350.000

Expected Sales (2014-2015): Rs.2250.000 millions

The above information has been parted by Mr. Joshy Joseph (Vice President).

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	NA	NA	0.31
Return on Total Assets (PBT/Total Assets}	(%)	NA	NA	4.71
Return on Investment (ROI) (PBT/Networth)		NA	NA	0.14
Debt Equity Ratio (Total Debt/Networth)		1.30	1.23	1.19
Current Ratio (Current Asset/Current Liability)		1.44	1.41	1.39

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns.)	(INR in Mlns.)	(INR in Mlns.)
Share Capital	12.604	12.604	37.812
Reserves & Surplus	6.096	10.070	10.509
Share Application money pending allotment	7.066	7.566	0.000
Net worth	25.766	30.240	48.321
Long-term borrowings	0.000	0.000	0.000
Short term borrowings	30.639	37.062	62.851
Total borrowings	30.639	37.062	62.851
Debt/Equity ratio	1.189	1.226	1.301

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	Yes
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)	No
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]	PAN of Proprietor/Partner/Director, if available	Yes
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:

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10067138	25/07/2013 *	110,000,000.00	STATE BANK OF TRAVANCORE	BR.EDAPPALLY, EDAPPALLY P.O, KOCHI, KOCHI, KERALA - 682024, INDIA	B82120189

* Date of charge modification

FIXED ASSETS:

Tangible Assets

· Plant and Machinery

· Computer Equipments

· Furniture and Fixtures

· Vehicles

Intangible Assets

· Computer Software

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.59.33
UK Pound	1	Rs.99.42
Euro	1	Rs.80.32

INFORMATION DETAILS

Information Gathered by :	HNA
Analysis Done by :	DIV
Report Prepared by :	SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
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	3
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		30

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.