MIRA INFORM REPORT

Report Date :

24.06.2014

IDENTIFICATION DETAILS

Name :	RELIANCE-VISION EXPRESS PRIVATE LIMITED (w.e.f. 04.08.2008)
Formerly Known As :	ABCUS RETAIL PRIVATE LIMITED
Registered Office :	10^th Floor, Tulsiani Chambers, 212 Nariman Point, Mumbai – 400021, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	02.11.2007
Com. Reg. No.:	11-175637
Capital Investment / Paid-up Capital :	Rs. 1410.000 Millions
CIN No.: [Company Identification No.]	U51900MH2007PTC175637
TAN No.: [Tax Deduction & Collection Account No.]	MUMA31336E
PAN No.: [Permanent Account No.]	AAGCA6368J
Legal Form :	Private Limited Liability Company
Line of Business :	Chain of departmental stores.
No. of Employees :	Information declined by the management.

RATING & COMMENTS

MIRA’s Rating :

B (37)

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

Maximum Credit Limit :	USD 1950000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a joint venture between Reliance Retail Limited and Grand Vision Limited B.V. It is an established company having moderate track record. The company has recorded accumulated losses. However, the company receives strong support from its group company. Trade relations are reported to be fair. Business is active. Payments are reported to be slow but correct. In view of experienced promoters the company can be considered for business dealings with slight 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

NEWS

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 DENIED

Management Non-Cooperative

Contact No.: 91-22-44770000

LOCATIONS

Registered Office :	10^th Floor, Tulsiani Chambers, 212 Nariman Point, Mumbai – 400021, Maharashtra, India
Tel. No.:	91-22-44770000
Mobile No.:	91-9900590260 (Mr. Sandy Reddy)
Fax No.:	91-22-44771882
E-Mail :	pooja.r.sharma@ril.com customerfeedback@visionexpress.in gaurav.jain@ril.com
Website :	http://www.visionexpress.in

DIRECTORS

AS ON 04.07.2013

Name :

Mr. Gaurav Jain

Designation :

Director

Address :

501, Everest Heights, Powai vihar, Powai, Mumbai -400076, Maharashtra, India

Date of Birth/Age :

10.08.1975

Date of Appointment :

04.07.2013

DIN No. :

02697278

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	U52201RJ1997PTC013426	G AND S DEALERS PRIVATE LIMITED	Director	17/03/1997	17/03/1997	-	Dormant	NO
2	U36991MH1999PTC119874	OFFICE DEPOT RELIANCE SUPPLY SOLUTIONS PRIVATE LIMITED	Director	30/09/2011	11/12/2010	-	Active	NO
3	U70102MH2008PTC183776	Reliance Gen Next Commercials Private Limited	Director	28/09/2012	29/05/2012	-	Amalgamated	NO
4	U70102MH2008PTC183777	Reliance New Gen Commercials Private Limited	Director	28/09/2012	29/05/2012	-	Amalgamated	NO
5	U51109MH2007PTC176276	Reliance-GrandVision India Supply Private Limited	Director	04/07/2013	03/07/2013	-	Active	NO
6	U51900MH2007PTC175637	Reliance-Vision Express Private Limited	Director	04/07/2013	03/07/2013	-	Active	NO
7	U51100GJ2005PTC046466	RELIANCE PROGRESSIVE TRADERS PRIVATE LIMITED	Additional director	17/09/2013	17/09/2013	-	Active	NO
8	U51100GJ2005PTC046464	RELIANCE PROLIFIC TRADERS PRIVATE LIMITED	Additional director	19/09/2013	19/09/2013	-	Active	NO
9	U01119MH2006PTC162902	Reliance Ambit Trade Private Limited	Additional director	08/10/2013	08/10/2013	-	Active	NO
10	U51100GJ2005PTC046467	RELIANCE UNIVERSAL TRADERS PRIVATE LIMITED	Additional director	08/10/2013	08/10/2013	-	Active	NO
11	U52599MH2006PTC164458	Reliance Comtrade Private Limited	Additional director	08/10/2013	08/10/2013	-	Active	NO

Name :

Mr. Sriram Srinivasan

Designation :

Director

Address :

354, 6^th Main, Block –I, Koramangala, Bangalore – 560034, Karnataka, India

Date of Birth/Age :

02.12.1955

Date of Appointment :

07.07.2010

DIN No. :

00473346

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	U51900MH2007PTC175637	Reliance-Vision Express Private Limited	Director	07/07/2010	28/04/2010	-	Active	NO
2	U51109MH2007PTC176276	Reliance-GrandVision India Supply Private Limited	Director	07/07/2010	28/04/2010	-	Active	NO
3	U51900MH2007PTC175711	Marks and Spencer Reliance India Private Limited	Director	04/08/2011	08/12/2010	-	Active	NO
4	U51909MH2006PLC166165	Reliance Trading Limited	Director	04/08/2012	24/03/2012	-	Active	NO

Name :

Mr. Gerben Van De Rozenberg

Designation :

Director

Address :

Fluitekruidveld 17, The Hague, Netherlands, 2492, LT

Date of Birth/Age :

05.07.1976

Date of Appointment :

14.08.2009

DIN No. :

02275348

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	U51900MH2007PTC175637	Reliance-Vision Express Private Limited	Director	14/08/2009	25/07/2008	-	Active	NO
2	U51109MH2007PTC176276	Reliance-GrandVision India Supply Private Limited	Director	14/08/2009	25/07/2008	-	Active	NO

Name :

Mr. Maarten Johan Dorhout Mees

Designation :

Director

Address :

Herenweg – 81, Heemstede, Netherlands, 2105 MD

Date of Birth/Age :

09.06.1957

Date of Appointment :

14.08.2009

DIN No. :

02274709

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	U51900MH2007PTC175637	Reliance-Vision Express Private Limited	Director	14/08/2009	25/07/2008	-	Active	NO
2	U51109MH2007PTC176276	Reliance-GrandVision India Supply Private Limited	Director	14/08/2009	25/07/2008	-	Active	NO

Name :

Mr. Theodorus Johannes Maria Van Der Heijden

Designation :

Director

Address :

Julianastraat – 14, Ewijk, Netherlands - 6644

Date of Birth/Age :

27.05.1966

Date of Appointment :

07.07.2011

DIN No. :

03506340

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	U51109MH2007PTC176276	Reliance-GrandVision India Supply Private Limited	Director	07/07/2011	28/04/2011	-	Active	NO
2	U51900MH2007PTC175637	Reliance-Vision Express Private Limited	Director	07/07/2011	28/04/2011	-	Active	NO

Name :

Mr. Anurup Singh Pruthi

Designation :

Additional Director

Address :

Flat No. 1202A, 1202B, 1202C, 12^th Floor, Odyssey II, Hiranandani Gardens, Powai, Mumbai – 400076, Maharashtra, India

Date of Birth/Age :

24.09.1968

Date of Appointment :

03.10.2013

DIN No. :

06631657

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	U51900MH2007PTC175711	Marks and Spencer Reliance India Private Limited	Director	13/09/2013	25/07/2013	-	Active	NO
2	U51900MH2007PTC175637	Reliance-Vision Express Private Limited	Additional director	03/10/2013	03/10/2013	-	Active	NO
3	U51109MH2007PTC176276	Reliance-GrandVision India Supply Private Limited	Additional director	03/10/2013	03/10/2013	-	Active	NO
4	U17120MH2008PTC180384	Reliance Clothing India Private Limited	Additional director	12/12/2013	12/12/2013	-	Active	NO
5	U01100MH1999PLC120563	Reliance Retail Limited	Additional director	31/01/2014	31/01/2014	-	Active	No

KEY EXECUTIVES

Name :	Sree Kumar G
Designation :	Secretory
Address :	Flat No. 17, Kunjali, Co-Operative Housing Society Limited, Sector – 16A, Vashi, Thane, Navi Mumbai – 400705, Maharashtra, India
Date of Birth/Age :	17.08..1968
Date of Appointment :	07.07.2010
PAN No.:	ACWPG9716H

Name :	Mrs. Pooja Hazari
Designation :	Secretory
Address :	Flat No. A2, 1ft Floor, Sabari CHS Limited, Plot No. 59, Sector- 15, Vashi, Navi Mumbai – 400705, Maharashtra, India
Date of Birth/Age :	01.03.1983
Date of Appointment :	03.10.2013
PAN No.:	BOBPS4986M

Name :	Mr. Sandy Reddy
Designation :	IT Department

Name :	Gijsbert Ackermans*
Designation :	Head Marketing and Operations
Qualification :	Master of Art (Business Administration)
Experience :	12 Years
Date of Appointment :	22-08-2008

Name :	Guillaume Brouwet
Designation :	Chief Executive Officer
Qualification :	Bachelor of Economics
Experience :	21 Years
Date of Appointment :	23.06.2009

Name :	Barend Rutten
Designation :	Vice President
Qualification :	Masters in Economics
Experience :	9 Years
Date of Appointment :	01.08.2011

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 04.07.2013

Names of Shareholders	No. of Shares
GrandVision India B. V., Netherlands	78000000
Reliance Fresh Limited , India	78000000
Total	156000000

AS ON 04.07.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
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
Bodies corporate
Total	100.00

BUSINESS DETAILS

Line of Business :

Chain of departmental stores.

GENERAL INFORMATION

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

Banking Relations :	---
Auditors :
Name :	Chaturvedi and Shah Chartered Accountants
Address :	714-715, Tulsiani Chambers, 212, Nariman Point, Mumbai-400021, Maharashtra., India
PAN No.:	AAAFC0662N
Others / Joint Venturer :	Reliance Retail Limited [U17120MH1998PLC114010] GrandVision India B.V., Netherlands

CAPITAL STRUCTURE

AS ON 04.07.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
175000000	Equity Shares	Rs.10/- each	Rs.1750.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
156000000	Equity Shares	Rs.10/- each	Rs.1560.000 Millions

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
175000000	Equity Shares	Rs.10/- each	Rs.1750.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
141000000	Equity Shares	Rs.10/- each	Rs.1410.000 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	1,410.000	1,060.000	730.000
(b) Reserves & Surplus	(924.855)	(639.920)	(389.236)
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	200.000	0.000
Total Shareholders’ Funds (1) + (2)	485.145	620.080	340.764
(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	9.250	6.132	0.700
Total Non-current Liabilities (3)	9.250	6.132	0.700
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	204.914	177.116	152.323
(c) Other current liabilities	40.111	38.564	40.785
(d) Short-term provisions	0.163	0.119	0.672
Total Current Liabilities (4)	245.188	215.799	193.780
TOTAL	739.583	842.011	535.244
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	469.416	385.739	263.839
(ii) Intangible Assets	1.934	0.658	0.560
(iii) Capital work-in-progress	14.635	38.359	11.515
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.023	0.023	0.023
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	106.773	105.444	86.995
(e) Other Non-current assets	0.807	1.886	2.967
Total Non-Current Assets	593.588	532.109	365.899
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	102.308	134.414	137.524
(c) Trade receivables	3.932	1.607	0.607
(d) Cash and cash equivalents	30.871	151.985	9.097
(e) Short-term loans and advances	8.878	21.891	22.115
(f) Other current assets	0.006	0.005	0.002
Total Current Assets	145.995	309.902	169.345
TOTAL	739.583	842.011	535.244

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2013	31.03.2012	31.03.2011
	SALES
	Revenue from operations	NA	NA	NA
	Other Income	NA	NA	NA
	TOTAL (A)	NA	NA	NA
Less	EXPENSES
	TOTAL (B)	NA	NA	NA
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)			(173.433)
Less	FINANCIAL EXPENSES (D)			0.154
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	(232.591)	(219.918)	(173.587)
Less/ Add	DEPRECIATION/ AMORTISATION (F)	52.344	30.766	17.445
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	(284.935)	(250.684)	(191.032)
Less	TAX (H)	0.000	0.000	0.000
	PROFIT/ (LOSS) AFTER TAX (G-I) (I)	(284.935)	(250.684)	(191.032)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	(639.920)	(389.236)	(198.204)
	Balance Carried to the B/S	(924.855)	(639.920)	(389.236)
	Earnings / (Loss) Per Share (Rs.)	(2.23)	(2.66)	(3.42)

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Return on Total Assets (PBT/Total Assets}	(%)	(39.31)	(31.19)	((36.48)
Return on Investment (ROI) (PBT/Networth)		(0.59)	(0.40)	(0.56)
Debt Equity Ratio (Total Debt /Networth)		0.00	0.00	0.00
Current Ratio (Current Asset/Current Liability)		0.60	1.44	0.87

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	730.000	1,060.000	1,410.000
Reserves & Surplus	(389.236)	(639.920)	(924.855)
Share Application money pending allotment	0.000	200.000	0.000
Net worth	340.764	620.080	485.145
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

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	No
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]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
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 2^nd Floor, Chitrakoot, Shreeram Mills Premises, Ganpatrao Kadam Marg, Worli, Mumbai – 400013, Maharashtra, India to the present address w.e.f. 15.07.2010.

OPERATIONAL REVIEW:

During the year, the Company continued to expand its presence in newer markets, taking the number of stores in operation to over 170 stores. Vision Express’s unique product offerings from GrandVision, Europe’s largest optical chain, caters to customer needs by offering affordability combined with world-class designs and decades of optical expertise. The Company shall continue to focus on catering to the aspirations of comfort quotient and eye care needs of every genre by strengthening its network of Vision Express stores backed by a strong and vibrant brand.

INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY

FIXED ASSETS:

• Plant and equipment
• Furniture and fixtures
• Vehicles
• Office equipment
• Leasehold improvements
• 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.60.19
UK Pound	1	Rs.102.56
Euro	1	Rs.81.91

INFORMATION DETAILS

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

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	4
--RESERVES	1~10	3
--CREDIT LINES	1~10	4
--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		37

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.