MIRA INFORM REPORT

Report Date :

20.06.2014

IDENTIFICATION DETAILS

Name :	JUMAC MANUFACTURING PRIVATE LIMITED
Registered Office :	21, Chittaranjan Avenue, White House, 2nd Floor, Kolkata – 700072, West Bengal
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	21.05.1996
Com. Reg. No.:	21-079777
Capital Investment / Paid-up Capital :	Rs.7.265 Millions
CIN No.: [Company Identification No.]	U29268WB1996PTC079777
TAN No.: [Tax Deduction & Collection Account No.]	CALJ01623G
PAN No.: [Permanent Account No.]	AAACJ7336F
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Spinning Card Cans, High Speed Springs and Castors.
No. of Employees :	50 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (28)

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

Maximum Credit Limit :	USD 40000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The rating reflects company’s moderate scale of business operation marked by thin profitability levels and low reserves of the company. However, trade relations are fair. Business is active. Payment terms are 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. Kapilder Chaudhary
Designation :	Accounts Manager
Contact No.:	91-33-40166100
Date :	17.06.2014

LOCATIONS

Registered Office / Factory :	21, Chittaranjan Avenue, White House, 2nd Floor, Kolkata – 700072, West Bengal, India
Tel. No.:	91-33-40166100 / 40166800 / 22376055 / 8867 / 22368165
Fax No.:	91-33-40166147 / 22257689 / 22219145
E-Mail :	jumac@foglagroup.com info@foglagroup.com kdchaudhary@foglagroup.com
Website :	www.foglagroup.com
Area :	5000 Sq.ft.
Location :	Rented
Corporate Office :	21 C.R Avenue, White House, Kolkata – 700072, West Bengal, India

DIRECTORS

AS ON: 30.09.2013

Name :

Mr. Shyam Sunder Fogla

Designation :

Director

Address :

78/8, Block E, New Alipore, Kolkata – 700053, West Bengal, India

Date of Birth/Age :

01.08.1942

Date of Appointment :

21.05.1996

PAN No.:

AAEPF4399M

DIN No.:

00585440

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	L18101WB1983PLC036702	KAMAKHYA (INDIA) LIMITED	Director	01/02/1984	01/02/1984	28/04/2012	Active	NO
2	U21010JH1989PTC003419	KAMAKHYA PACKAGING PRIVATE LIMITED	Director	01/02/1993	01/02/1993	28/11/2013	Active	NO
3	U29268WB1996PTC079777	JUMAC MANUFACTURING PRIVATE LIMITED	Director	21/05/1996	21/05/1996	-	Active	NO
4	U29130WB1981PTC034249	SAI JUTE MILLS PRIVATE LIMITED	Director	21/05/1996	21/05/1996	15/05/2008	Active	NO
5	U74140WB1994PTC061869	STARLITE PRIVATE LIMITED	Director	10/01/2000	10/01/2000	-	Active	NO
6	U24119WB1987PTC043183	SAI SULPHONATES PRIVATE LIMITED	Director	01/01/2007	01/01/2007	26/09/2012	Active	NO

Name :

Mr. Anand Jeloka

Designation :

Director

Address :

4, Lake View, Kolkata – 700029, West Bengal, India

Date of Birth/Age :

16.02.1975

Date of Appointment :

01.04.2007

PAN No.:

ADBPJ2656F

DIN No.:

00498028

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	U24241WB1993PTC061113	SAI FERTILIZERS PRIVATE LIMITED	Director	15/12/1993	15/12/1993	31/01/2007	Active	NO
2	U24241WB1989PTC047923	SAI SURFACTANTS PRIVATE LIMITED	Director	01/04/1995	01/04/1995	-	Active	NO
3	U25202WB2003PTC095997	SAI INDUSTRIES PRIVATE LIMITED	Director	01/04/2003	01/04/2003	-	Active	NO
4	U29268WB1996PTC079777	JUMAC MANUFACTURING PRIVATE LIMITED	Director	01/04/2007	01/04/2007	-	Active	NO
5	U17222WB1994PTC061850	RISHI SECURITIES & FINANCE PRIVATE LIMITED	Director	03/04/2007	03/04/2007	-	Active	NO
6	U51109WB2007PTC117732	HAPPY SUPPLIERS PRIVATE LIMITED	Director	19/09/2007	19/09/2007	-	Active	NO
7	U29130WB1981PTC034249	SAI JUTE MILLS PRIVATE LIMITED	Director	10/05/2008	10/05/2008	-	Active	NO
8	U52601WB2008PTC128338	SAI BULK BAGS PRIVATE LIMITED	Director	08/08/2008	08/08/2008	-	Active	NO
9	U17232WB1993PTC060533	RAMINDIA EXPORTS PRIVATE LIMITED	Director	04/12/2012	04/12/2012	-	Active	NO

Name :

Mr. Himanshu Fogla

Designation :

Director

Address :

74, Topsia Road Tower, Flat 9C, Kolkata – 700046, West Bengal, India

Date of Birth/Age :

29.10.1982

Date of Appointment :

19.12.2011

DIN No.:

02431531

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	L25200GJ1993PLC020181	GURUKRUPA POLYPLAST LIMITED	Director	31/12/2005	31/12/2005	-	Active	NO
2	U51909WB2003PTC095824	DEEPJYOTI COMMODITIES PRIVATE LIMITED	Director	18/06/2007	18/06/2007	-	Active	NO
3	U29268WB1996PTC079777	JUMAC MANUFACTURING PRIVATE LIMITED	Director	19/12/2011	19/12/2011	-	Active	NO
4	U29296WB2001PTC093082	RAMA SPARES MANUFACTURING PRIVATE LIMITED	Director	01/11/2012	01/11/2012	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Kapilder Chaudhary
Designation :	Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON: 30.09.2013

Names of Shareholders	No. of Shares
Shyam Sunder Fogla	7811
Panchmukhi India Private Limited, India	8010
Tirupati Stock Broking and Security Private Limited, India	4000
Uma Devi Fogla	16879
Amita Khaitan	10
Govind Ram Parasrampuria	10
Anand Parasrampuria	10
Ramesh Kumar Jhunjhunwala	10
Kamal Seth and Sons, India	1310
Chemical and Packing Product, India	10
Indo Burma Trades Corporation, India	10
Manu Devi Jhunjhunwala	10
Nashnal Timber Syndicate, India	10
S S Jhunwala HUF	10
Santosh Benefit Trust	10
Estate Bhaggwati Devi	10
Starlite Vyapaar Private Limited, India	10000
Sai Surfactants Private Limited, India	24500
Calcutta Trades and Pack India Private Limited, India	10
Rama Spears Manufacturing Private Limited, India	10
Sima Fogla	10
Total	72650

Equity Share Break up (Percentage of Total Equity)

AS ON: 30.09.2013

Category	Percentage
Bodies corporate	64.00
Directors or relatives of directors	29.00
Other top fifty shareholders	7.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Spinning Card Cans, High Speed Springs and Castors.

Exports :
Products :	Spinning Card Cans, High Speed Springs and Castors
Countries :	Bangladesh South Africa Indonesia etc.
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

PRODUCTION STATUS (As on: 31.03.2011)

Particulars	Unit	Licensed and Installed Capacity	Actual Production
Sliver Can	Pcs.	60,000	26,140
Component Parts	Pcs.	480,000	212,571
Pressed Steel Beam flanges	Pcs.	14,400	--
Crank and Picking Staff	Pcs.	1,200	--
Wooden Car of Frances & fittings	Pcs.	9,600	--
Felt Frication BOI	Pcs.	200,000	--
Wire Heald	Pcs.	12,000	--

GENERAL INFORMATION

Suppliers :

• Sathguru Sales
• Vishal Jain
• Anirban Enterprise
• Atul Enterprisers
• Bobsons Wheels India
• Castor Wheels Industries
• Dey Group
• Golden Udyog
• Indo-Burma Trades Corporation
• Alok Fibre-Tech Private Limited

Customer :

Wholesaler, Retailres and End Users

No. of Employees :

50 (Approximately)

Bankers :

Canara Bank, Princep Street Branch, 25, Princep Street, Kolkata - 700072, West Bengal, India

Facilities :

Secured Loan	As on 31.03.2013 (Rs. In Millions)	As on 31.03.2012 (Rs. In Millions)
SHORT TERM BORROWINGS
Loan from Banks
Cash Credit Facilities	3.148	0.000
Total	3.148	0.000

Banking Relations :	--
Auditors :
Name :	G.P. Agarwal and Company Chartered Accountants
Address :	7A, Kiran Shankar Roy Road, Kolkata – 700001, West Bengal, India
PAN No.:	AACFG8964G
Associates (Where the company exercise significant influence) :	Rama Spares Manufacturing Private Limited Sandeep Industries Bhagwati Spares Manufacturing Private Limited S.S. Fogla and Sons Kamakhaya (India) Limited Unicorn Industries Sai Surfactants Private Limited

CAPITAL STRUCTURE

AS ON: 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.100/- each	Rs.10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
72650	Equity Shares	Rs.100/- each	Rs.7.265 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	7.265	7.265	7.265
(b) Reserves & Surplus	2.537	2.335	2.184
(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)	9.802	9.600	9.449
(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	0.927	0.702	0.698
Total Non-current Liabilities (3)	0.927	0.702	0.698
(4) Current Liabilities
(a) Short term borrowings	3.178	0.567	3.124
(b) Trade payables	11.242	6.538	6.087
(c) Other current liabilities	2.551	1.467	0.859
(d) Short-term provisions	0.301	0.141	0.139
Total Current Liabilities (4)	17.272	8.713	10.209
TOTAL	28.001	19.015	20.356
ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	3.187	1.435	1.632
(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	0.000	0.000	0.000
(b) Non-current Investments	0.968	2.868	2.868
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.125	0.124	0.126
(e) Other Non-current assets	0.308	0.240	0.249
Total Non-Current Assets	4.588	4.667	4.875
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	11.278	6.292	7.753
(c) Trade receivables	7.994	4.246	3.056
(d) Cash and cash equivalents	0.598	1.383	0.694
(e) Short-term loans and advances	2.704	2.427	2.008
(f) Other current assets	0.839	0.000	1.970
Total Current Assets	23.413	14.348	15.481
TOTAL	28.001	19.015	20.356

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	49.729	30.204	48.479
		Other Income	0.500	0.340	0.455
		TOTAL (A)	50.229	30.544	48.934
Less	EXPENSES
		Cost of materials consumed	35.661	20.759	39.490
		Purchase of stock-in-trade	0.686	0.477	0.750
		Changes in Inventories	(0.373)	1.097	(0.848)
		Employee benefit expenses	1.717	1.622	2.194
		Other Expenses	11.407	5.963	6.485
		TOTAL (B)	49.098	29.918	48.071
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1.131	0.626	0.863
Less	FINANCIAL EXPENSES (D)		0.473	0.209	0.356
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		0.658	0.417	0.507
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.285	0.197	0.225
	PROFIT BEFORE TAX (E-F) (G)		0.373	0.220	0.282
Less	TAX (H)		0.172	0.069	0.063
	PROFIT AFTER TAX (G-H) (I)		0.201	0.151	0.219
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		2.070	1.919	1.700
	BALANCE CARRIED TO THE B/S		2.271	2.070	1.919
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	NA	NA	23.926
	TOTAL EARNINGS		NA	NA	23.926
	Earnings Per Share (Rs.)		2.77	2.08	3.01

Particulars	31.03.2014
Sales Turnover (Approximately)	110.000

The above information has been parted by Mr. Kapilder Chaudhary (Accounts Manager).

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	0.40	0.49	0.45
Net Profit Margin (PBT/Sales)	(%)	0.75	0.73	0.58
Return on Total Assets (PBT/Total Assets}	(%)	1.38	1.36	1.61
Return on Investment (ROI) (PBT/Networth)		0.04	0.02	0.03
Debt Equity Ratio (Total Debt/Networth)		0.32	0.06	0.33
Current Ratio (Current Asset/Current Liability)		1.36	1.65	1.52

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2012	31.03.2013
	(INR in Mlns.)	(INR in Mlns.)	(INR in Mlns.)
Share Capital	7.265	7.265	7.265
Reserves & Surplus	2.184	2.335	2.537
Share Application money pending allotment	0.000	0.000	0.000
Net worth	9.449	9.600	9.802
long-term borrowings	0.000	0.000	0.000
Short term borrowings	3.124	0.567	3.178
Total borrowings	3.124	0.567	3.178
Debt/Equity ratio	0.331	0.059	0.324

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Revenue from operations	48.479	30.204	49.729
		(37.697)	64.644

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Revenue from operations	48.479	30.204	49.729
Profit After Tax	0.219	0.151	0.201
	0.45%	0.50%	0.40%

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	Yes
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	Yes
18]	Major customers	No
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

Note: The Registered Office of the company has been shifted from 3, Princep Street, Kolkata - 700072, West Bengal, India to the present address w.e.f. 01.08.2013

UNSECURED LOAN

Particular	As on 31.03.2013 (Rs. In Millions)	As on 31.03.2012 (Rs. In Millions)
SHORT TERM BORROWINGS
Loan from other Parties	0.030	0.030
Loans and advances from related parties	0.000	0.537
Total	0.030	0.567

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	80061972	30/03/2011 *	4,500,000.00	CANARA BANK	PRINCEP STREET BRANCH, 25, PRINCEP STREET, KOLKATA, WEST BENGAL - 700072, INDIA	B11630035

* Date of charge modification

FIXED ASSETS

• Building
• Plants Equipments
• Weighing Machine
• Furniture and Fittings
• Office Equipment
• Mobile Phone
• Electric Fan
• Air Conditioners
• Electric Installation
• Bi-cycle
• Tubewell Installation
• Refrigerators
• PBX Board
• Generator
• Computer
• Factory Equipment

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.60.00
UK Pound	1	Rs.102.05
Euro	1	Rs.81.71

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	KAR
Report Prepared by :	SNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		28

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.