1. Summary Information

		Country	INDIA
Company Name	J M J INDUSTRIES PRIVATE LIMITED	Principal Name 1	MR. SUNIL JINDAL
Status	Moderate	Principal Name 2	MRS. MANJU JINDAL
		Registration #	55-082486
Street Address	KD - 17, MIG FLATS, PITAMPURA, NEW DELHI – 110 034
Established Date	08.10.1996	SIC Code	--
Telephone#	91-11-27314292/ 27318129	Business Style 1	MANUFACTURING
Fax #	91-11-27314292/ 27318129	Business Style 2	TRADING
Homepage	----	Product Name 1	REXINE
# of employees	Not Divulged	Product Name 2	MOBILE PHONES
Paid up capital	RS.8,903,180/-	Product Name 3	--
Shareholders	DIRECTORS OR RELATIVES OF DIRECTORS – 100%	Banking	BANK OF BARODA
Public Limited Corp.	NO	Business Period	18 YEARS
IPO	NO	International Ins.	--
Public Enterprise	NO	Rating	B (28)
Related Company
Relation	Country	Company Name	CEO
ASSOCIATE CONCERNS/ PARTIES	--	LEEDS EXIMS PRIVATE LIMITED	--
Note	--

2. Summary Financial Statement

Balance Sheet as of	31.03.2013		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	110,009,000	Current Liabilities	49,138,000
Inventories	26,000,000	Long-term Liabilities	81,270,000
Fixed Assets	39,960,000	Other Liabilities	12,634,000
Deferred Assets	0	Total Liabilities	143,042,000
Invest& other Assets	30,000	Retained Earnings	23,054,000
		Net Worth	32,957,000
Total Assets	175,999,000	Total Liab. & Equity	175,999,000
Total Assets (Previous Year)	140,673,000
P/L Statement as of	31.03.2013		(Unit: Indian Rs.)
Sales	203,893,000	Net Profit	2,606,000
Sales(Previous yr)	156,228,000	Net Profit(Prev.yr)	1,489,000

MIRA INFORM REPORT

Report Date :

22.03.2014

IDENTIFICATION DETAILS

Name :	J M J INDUSTRIES PRIVATE LIMITED (w.e.f. 25.08.2010)
Formerly Known As :	J M J TEXTILES PRIVATE LIMITED
Registered Office :	KD - 17, MIG Flats, Pitampura, New Delhi – 110 034
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	08.10.1996
Com. Reg. No.:	55-082486
Capital Investment / Paid-up Capital :	Rs.8.903 millions
CIN No.: [Company Identification No.]	U01711DL1996PTC082486
TAN No.: [Tax Deduction & Collection Account No.]	DELJ02642D
PAN No.: [Permanent Account No.]	AAACJ2797C
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in a business of manufacturing of Rexine and trading of Mobile Phones.
No. of Employees :	Information declined by the management.

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 140000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a moderate track. The ratings take into consideration weak financial risk profile and large working capital requirements. However, trade relations are fair. Business is active. Payment are reported to be slow but correct. The company can be considered for business dealing with some cautions.

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 – December 1, 2013

Country Name	Previous Rating (30.09.2013)	Current Rating (01.12.2013)
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

State-run banks hired nearly 300000 personnel including more than 94000 officers in the last four years, according to the Indian Banks Association. A study by trade lobby Assocham in September 2013 indicated that banks would need 800000 people in the next six years. It estimated that state-run lenders alone would hire 50000 people in 2013/14.

The Competition Commission of India plans to issue final orders within a broad time-frame of one year in matters where it decides to carry out detailed investigations. The number of complaints received by the watchdog which keeps tabs on unfair trade practices in the marketplace.

The government has detected custom tax evasion totaling around Rs 37920 mn in 14 states until December. Maharashtra topped the list of Rs 14190 mn followed by Andhra Pradesh at Rs 8140 mn, Gujarat Rs 5240 mn, Karnataka Rs 1670 mn and Tamilnadu Rs 1610 mn.

Connaught Place in New Delhi slipped four notches to become the world’s eighth most expensive office locations. London’s West End is the world’s most expensive office market.

There are 4.072 mn number of high value spenders under the scanner of the income tax department. The income tax department has information that they have made cash deposits announcing to Rs 1 mn or more in their savings bank accounts in the current financial year. It plans to check potential evasion before the closing of the financial year on March 31.

Estimated pharmaceutical sales in the country for 2016 is $ 27 bn. It is 14.4 per cent higher than a year ago. The life sciences and health care industry is up against challenges such as quality management, says a recent Deloitte report.

The gross non-performing assets of listed banks rose 35.2 % to Rs 2.43 lakh crore during the first three months of the financial year. In absolute terms, the 40 listed banks added Rs 3386 crore to their gross NPAs in nine months with the State Bank of India leading with the State Bank of India leading with an accretion of Rs 16610 crore.

The inflow of smuggled gold doubled in 2013 following restrictions to curb the supply from official channels to contain the current account deficit. China surpassed India in the demand for gold for the first time in 2013 due to liberalization of gold trading norms by its local governments.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long term rating = B+
Rating Explanation	Have high risk of default
Date	20.01.2014

Rating Agency Name	CRISIL
Rating	Short term rating = A4+
Rating Explanation	Have minimal degree of safety and carry very high credit risk
Date	20.01.2014

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 BY

Name :	Mr. Hemant Jindal
Designation :	Secretory
Contact No.:	91-9999985400
Date :	08.03.2014

LOCATIONS

Registered Office :	KD - 17, MIG Flats, Pitampura, New Delhi – 110 034, India
Tel. No.:	91-11-27314292/ 27318129
Mobile :	91-9999985400 (Mr. Hemant Jindal)
Fax No.:	91-11-27314292/ 27318129
E-Mail :	jmjtextile@gmail.com arvind.gupta@jmjgroup.in
Branch Office :	Located at: · Alipur, New Delhi · Nathupur, Sonepat, Haryana

DIRECTORS

As on 27.09.2013

Name :

Mr. Sunil Jindal

Designation :

Director

Address :

J-147, Ashok Vihar, Phase-I, Delhi – 110 052, India

Date of Birth/Age :

21.09.1964

Date of Appointment :

25.03.2006

DIN No.:

00058408

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	U18101DL2003PTC118371	GOODLAYS CREATIONS PRIVATE LIMITED	Director	08/01/2003	08/01/2003	31/10/2008	Active	NO
2	U45201DL2006PTC147428	AKARSHAN DEVCON PRIVATE LIMITED	Director	13/03/2006	13/03/2006	15/02/2010	Active	NO
3	U01711DL1996PTC082486	J M J Industries Private Limited	Director	25/03/2006	25/03/2006	-	Active	NO
4	U19201DL2004PTC131310	LEEDS EXIM PRIVATE LIMITED	Additional director	11/02/2014	11/02/2014	-	Active	NO

Name :

Mrs. Manju Jindal

Designation :

Director

Address :

J-147, Ashok Vihar, Phase-I, Delhi – 110 052, India

Date of Birth/Age :

24.03.1964

Date of Appointment :

01.12.2000

DIN No.:

01094248

Name :

Mr. Yatin Jindal

Designation :

Director

Address :

J-147, Ashok Vihar, Phase-I, Delhi – 110 052, India

Date of Birth/Age :

09.09.1988

Date of Appointment :

30.11.2008

DIN No.:

02425239

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	U01711DL1996PTC082486	J M J Industries Private Limited	Director	30/11/2008	30/11/2008	-	Active	NO
2	U19201DL2004PTC131310	LEEDS EXIM PRIVATE LIMITED	Additional director	11/02/2014	11/02/2014	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 27.09.2013

Name of Shareholders	No. of Shares	%age
Daulat Ram Jindal	56980	6.40
Sunil Jinal	142000	15.95
Yatin Jindal	171838	19.30
Hemant Jindal	11200	1.26
Sunil Jindal HUF	172350	19.36
Manju Bala Jindal	120650	13.55
Triveni Jindal	47200	5.30
Dai Ram HUF	167100	18.77
Hayat Traders, India	1000	0.11
Total	890,318	100.00

As on 27.09.2013

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in a business of manufacturing of Rexine and trading of Mobile Phones.

GENERAL INFORMATION

Supplier :

• Alipur
• Nathupur

No. of Employees :

Information declined by the management.

Bankers :

• Bank of Baroda, SSI Kundli Branch, Near HSIDC Park, G.T. Karnal Road, Kundli, Sonepat – 131 028, Haryana, India
• Punjab National Bank

Facilities :

Secured Loans	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
LONG TERM BORROWINGS
Loan
- From Bank (after 12 months)	14.749	16.266
- From Others (after 12 months)	0.178	0.468
SHORT TERM BORROWINGS
Cash Credit From Bank	48.572	33.935
Kotak Credit Card – 5711	0.067	0.000
Overdraft facility Bank of Baroda	0.365	0.000
Total	63.931	50.669

NOTE :

Long term Borrowing

Nature of Security	Terms of Repayment
Term Loan from Bankof Baroda'( Machinery) amounting to to Rs.14.002 Millions (31/03/2012 Rs.17.932 Millions) is secure against hypothecation of entire Machineries, Electrical Installments, furniture & Fixtures and Movable Fixed assets of the company)	Term loan is Repayable in 84 monthly installments, First Installment is due on May 2009. Rate of Interest i! 5.00% above Base Rate i.e. 15.75%.
Term Loan from Bank of Barode ( Building ) amounting ta to Rs. 28,69,993.84 ( 31/03/2012 Rs.30,99,480.52) is secure by way of Equitable Mortgage of Factory Land admeasuring 3418 Sq.yards( Approx) situated at Khewat No. 383, Khata No.468. Kill; no.9114 at village Nathupur. Dist Sonepat ( Haryana)	Term loan is Repayable 7 8 monthly installments, (with initial moratorium First Installment is due Period of 6 Months) First Installment is due on October 200I Rate of interest is 5.00% above Base Rate i.e. 15.75%
Venice Loan from Banr of Barcua I Car Loan Amounting Rs. 0.049 Million	Term loan is Repayable 60 monthly installments Rate of interest is 2.25% above Base Rate i.e. 13.00%
Vehicle Loan from Bank of Barada ( Bolero) amounting to ~~ to Rs. 0.181 Milion ( 31/03/2012 Rs.0.274 Million) is secured against hypothecation of Vehicle.	Term loan is Repayable in 59 monthly installments. Rate of Interest is 2.25%above Base Rate i.e. 13.00%.
Vehicle Loan from Bank of Baroda (i - 10) amounting to Rs. 0.151 Milion (31/03/2012 : Rs. 0.210 Milion) is secured against hypothecation of Vehicle.	Term loan is Repayable in 60 monthly installments. Interest Rate of 2,25%Above Base rate i.e. 13.00%

Nature of Security	Terms of Repayment
Vehicle Loan from Kotak Mahindra Prime Ltd Amounting to Rs.0.009 Million ( 31/03/2012 Rs.0.114 Million ) is secure	Term loan is Repayable in 36 monthly installments, Rate of Interest is 12.25%.
Vehicle Loan from Kotak Mahindra Prime Ltd ( Altis) amounting to Rs.0.539 Million is secured against hypothecation of vehicle~	Term loan is Repayable in 36 monthly installments, Rate of Interest is 12.25%.

Additional Security for all above mentioned Loans ; Personal Guarantee of the following Director:

1 Mr. Sunil Jindal

2 Mrs. Manju Jindal

3 Mr. Yatin Jindal

4 Mr. Dai Ram Jindal

Short Term Borrowing

Cash credit facility from bank of Baroda is primarily secured against hypothecation of entire raw material, stock in process, finished goods, store and spares, packing material and book debts of the company both present and future. The cash credit is payable on demand and carries interest rate of base rate + 3.50 % i.e. 14.25 %.

Banking Relations :	--
Financial Institutions :	Kotak Mahindra Prime Limited
Auditors :
Name :	V.D. Aggarwal and Company Chartered Accountants
Address :	BM-1, Dilkush Industrial Area cum Commercial Complex, GT Karnal Road, Azadpur, New Delhi – 110 033, India
Tel. No.:	91-11-42390990/ 42390909
Fax No.:	91-11-42390911
Income-tax PAN of auditor or auditor's firm :	AACFV2352A
Associate Concerns/ Parties :	· Leeds Exims Private Limited

CAPITAL STRUCTURE

As on 27.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs.10/- each	Rs.20.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
890318	Equity Shares	Rs.10/- each	Rs.8.903 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	8.903
(b) Reserves & Surplus	23.054
(c) Money received against share warrants	0.000
(2) Share Application money pending allotment	1.000
Total Shareholders’ Funds (1) + (2)	32.957
(3) Non-Current Liabilities
(a) long-term borrowings	32.266
(b) Deferred tax liabilities (Net)	1.534
(c) Other long term liabilities	0.000
(d) long-term provisions	0.000
Total Non-current Liabilities (3)	33.800
(4) Current Liabilities
(a) Short term borrowings	49.004
(b) Trade payables	47.434
(c) Other current liabilities	11.100
(d) Short-term provisions	1.704
Total Current Liabilities (4)	109.242
TOTAL	175.999
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	39.960
(ii) Intangible Assets	0.000
(iii) Capital work-in-progress	0.000
(iv) Intangible assets under development	0.000
(b) Non-current Investments	0.030
(c) Deferred tax assets (net)	0.000
(d) Long-term Loan and Advances	0.233
(e) Other Non-current assets	0.000
Total Non-Current Assets	40.223
(2) Current assets
(a) Current investments	0.000
(b) Inventories	26.000
(c) Trade receivables	88.999
(d) Cash and cash equivalents	13.056
(e) Short-term loans and advances	0.000
(f) Other current assets	7.721
Total Current Assets	135.776
TOTAL	175.999

SOURCES OF FUNDS		31.03.2012	31.03.2011
SHAREHOLDERS FUNDS
1] Share Capital		5.993	5.993
2] Share Application Money Pending Allotment		0.000	0.000
3] Reserves & Surplus		20.464	18.974
4] (Accumulated Losses)		0.000	0.000
NETWORTH		26.457	24.967
LOAN FUNDS
1] Secured Loans		50.669	55.575
2] Unsecured Loans		14.926	6.682
TOTAL BORROWING		65.595	62.257
DEFERRED TAX LIABILITIES		1.578	0.993
TOTAL		93.630	88.217
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		41.017	43.511
Capital work-in-progress		0.000	0.000
INVESTMENT		0.030	0.030
DEFERRED TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	20.088	14.069
	Sundry Debtors	70.836	61.258
	Cash & Bank Balances	4.406	4.208
	Other Current Assets	3.959	4.741
	Loans & Advances	0.337	0.337
Total Current Assets		99.626	84.613
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	37.428	30.930
	Other Current Liabilities	8.435	8.354
	Provisions	1.180	0.653
Total Current Liabilities		47.043	39.937
Net Current Assets		52.583	44.676
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		93.630	88.217

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Revenue from Operations	203.893	156.228	153.981
		Other Income	2.018	2.685	0.324
		TOTAL (A)	205.911	158.913	154.305
Less	EXPENSES
		Cost of Material Consumed	153.417	98.335	112.862
		Purchase of Stock in Trade	12.364	22.808	12.259
		Manufacturing and Operating Cost	10.864	8.097	7.205
		Change in Inventories	(0.741)	2.454	(2.230)
		Employment Benefit Expenses	3.593	2.843	2.956
		Other Administrative Expenses	6.791	5.459	4.994
		TOTAL (B)	186.288	139.996	138.046
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		19.623	18.917	16.259
Less	FINANCIAL EXPENSES (D)		10.020	10.722	8.352
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		9.603	8.195	7.907
Less/ Add	DEPRECIATION/ AMORTISATION (F)		5.822	6.076	6.593
	PROFIT BEFORE TAX (E-F) (G)		3.781	2.119	1.314
Less	TAX (H)		1.175	0.630	0.984
	PROFIT AFTER TAX (G-H) (I)		2.606	1.489	0.330
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		3.440	1.951	1.621
	BALANCE CARRIED TO THE B/S		6.030	3.440	1.951
	EARNING IN FOREIGN CURRENCY		Nil	0.063	NA
	IMPORT		NA	NA	NA
	Earnings Per Share (Rs.)		2.93	2.48	0.55

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	1.27	0.94	0.21
Net Profit Margin (PBT/Sales)	(%)	1.85	1.36	0.85
Return on Total Assets (PBT/Total Assets}	(%)	2.15	1.51	1.03
Return on Investment (ROI) (PBT/Networth)		0.11	0.08	0.05
Debt Equity Ratio (Total Debt/Networth)		2.47	2.48	2.49
Current Ratio (Current Asset/Current Liability)		1.24	2.12	2.12

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

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)
Sales	153.981	156.228	203.893
		1.459	30.510

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Sales	153.981	156.228	203.893
Profit After Tax	0.330	1.489	2.606
	0.21%	0.95%	1.28%

LOCAL AGENCY FURTHER INFORMATION

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	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	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	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	No
33) Voter ID No of Proprietor/Partner/Director, if available	No
34) External Agency Rating, if available	Yes

UNSECURED LOANS

Particulars	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
LONG TERM BORROWINGS
Loans from Directors	1.108	1.847
Loans from Shareholders	0.723	3.287
Loans from Related Parties	13.008	7.292
Other Loans and Advances	2.500	2.500
Total	17.339	14.926

PERFORMANCE REVIEW

During the year, the company achieved the turnover of Rs.203.892 millions and earned profit before depreciation amounting to Rs.9.602 millions as compared to last year's profit of Rs.8.194 millions. The directors are quite hopeful for better result in coming year.

FIXED ASSETS:

Tangible Assets

· Land

· Building

· Plant and Machinery

· Furniture and Fixtures

· Vehicles

· Electrical Installation

· Office Equipment

Intangible Assets

· 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.61.98
UK Pound	1	Rs.101.41
Euro	1	Rs.85.08

INFORMATION DETAILS

Information Gathered by :	NYA
Report Prepared by :	SNT

SCORE & RATING EXPLANATIONS

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

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.