IRA INFORM REPORT

Report No. :	319645
Report Date :	27.04.2015

IDENTIFICATION DETAILS

Name :	IRON MOUNTAIN INDIA PRIVATE LIMITED (W.e.f.07.11.2006)
Formerly Known As :	MODY ACCESS INFO PRIVATE LIMITED
Registered Office :	Apt Nos.: B-13B, B-14 and B-15, 1st Floor, Building B, Paragon Condominium, Pandurang Budhkar Marg, Worli, Mumbai – 400013, Maharashtra
Tel. No.:	91-22-24988416
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	10.11.1998
Com. Reg. No.:	11-117073
Capital Investment / Paid-up Capital :	Rs. 17.994 Million
CIN No.: [Company Identification No.]	U72400MH1998PTC117073
TAN No.: [Tax Deduction & Collection Account No.]	MUMM21032E
PAN No.: [Permanent Account No.]	AABCM3593N
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged into record management and storage services.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 990000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is a subsidiary of Iron Mountain Incorporated, USA. It is an established company having satisfactory track. The company has performed well and reported 31% increase in its turnover during FY 2014. Further, it has decent profit margin. The rating takes into account healthy financial risk profile marked by good net worth and low gearing during year under review. Trade relations reported to be fair. Business is active. Payments are reported to be usually correct. The company can be considered for business dealings at usual trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

Rating Agency Name	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	Not Available

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 31-03-2014.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Mr. Mukesh Mishra
Designation :	Account executive
Contact No.:	91-22-24988416
Date :	27.04.2015

LOCATIONS

Registered Office :	Apt Nos.: B-13B, B-14 and B-15, 1st Floor, Building B, Paragon Condominium, Pandurang Budhkar Marg, Worli, Mumbai – 400013, Maharashtra, India
Tel. No.:	91-22-24988416
Fax No.:	Not Available
E-Mail :	madhuri.sawant@ironmountain.com
Website :	www.ironmountain.co.in
Branch Office;	Located at Delhi Bangalore Pune Hyderabad Chennai Kolkata

DIRECTORS

As on 30.09.2014

Name :

Mr. Mahesh Ramakant Muzumdar

Designation :

Managing director

Address :

22, Rohan Ashima, Sy No. 84 - 86, Kundalahalli, Bangalore – 560037, Karnataka, India

Date of Birth/Age :

27.10.1960

Date of Appointment :

04.11.2013

DIN No.:

02402435

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	U72200KA2002PTC056311	FIDELITY BUSINESS SERVICES INDIA PRIVATE LIMITED	Director	17-07-09	01-12-08	31-07-10	Active	NO
2	U74140KA2006PTC040334	Jobcorp Solutions Private Limited	Director	30-09-10	01-09-10	-	Active	NO
3	U74900KA2011PTC056911	JobSkills Solutions Private Limited	Director	01-09-14	03-02-11	-	Active	NO
4	U72400MH1998PTC117073	IRON MOUNTAIN INDIA PRIVATE LIMITED	Managing director	04-11-13	04-11-13	-	Active	NO

Name :

Mr. John Perrin Lawrence

Designation :

Director

Address :

587 Gay Street, Westwood, Massachusetts, 02090, United States of America

Date of Birth/Age :

23.07.1951

Date of Appointment :

16.05.2006

DIN No.:

02372186

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	U74999DL2002PTC117567	INDEXINFO SERVICES PRIVATE LIMITED	Director	16-05-06	16-05-06	-	Amalgamated	NO
2	U72400MH1998PTC117073	IRON MOUNTAIN INDIA PRIVATE LIMITED	Director	16-05-06	16-05-06	-	Active	NO
3	U72200KA2000PTC026561	Autonomy Software Asia Private Limited	Additional director	30-11-10	30-11-10	01-06-11	Active	NO
4	U72200KA2011FTC059230	Iron Mountain Services Private Limited	Director	20-06-11	20-06-11	-	Active	NO

Name :

Mr. Edward Douglas Prittie

Designation :

Nominee director

Address :

14 Highbourne Road, Toronto, Ontario M5P2J2

Date of Birth/Age :

16.02.1967

Date of Appointment :

07.07.2010

DIN No.:

03433722

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	U74999DL2002PTC117567	INDEXINFO SERVICES PRIVATE LIMITED	Director	30-09-10	07-07-10	-	Amalgamated	NO
2	U72400MH1998PTC117073	IRON MOUNTAIN INDIA PRIVATE LIMITED	Nominee director	07-07-10	07-07-10	-	Active	NO

Name :

Mr. Manish Mehta

Designation :

Additional director

Address :

Flat No 902, Aqua Tower, 11 Planet Godrej, K.D Karve Marg, Mahalaxmi, Mumbai – 400011, Maharashtra, India

Date of Birth/Age :

19.07.1976

Date of Appointment :

30.07.2014

DIN No.:

06442038

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	U74899DL1983PTC014946	GANGA KAVERI SEEDS PRIVATE LIMITED	Director	01-12-12	01-12-12	-	Active	NO
2	U74140DL2006PTC156551	#	Director	20-12-12	20-12-12	-	Active	NO
3	U74120MH2013PTC240122	Lotus Surgical Specialities Private Limited	Director	30-09-13	05-04-13	-	Active	NO
4	U55101TG2011PTC076276	PARADISE FOOD COURT PRIVATE LIMITED	Director	25-08-14	02-07-14	-	Active	NO
5	U72400MH1998PTC117073	IRON MOUNTAIN INDIA PRIVATE LIMITED	Additional director	30-07-14	30-07-14	-	Active	NO
6	U33110MH2005PTC156940	LOTUS SURGICALS PRIVATE LIMITED	Director	30-09-14	30-09-14	-	Active	NO
7	U55204MH2009PTC197005	Sapphire Foods India Private Limited	Additional director	09-02-15	09-02-15	-	Active	NO

Name :

Mr. Pratik nowlakha

Designation :

Additional director

Address :

Flat 5, A/751 Ice Factory Lane, Off Hill Road, Near, Elco Mkt And Bata Lane Andrew Villa Bandra West, Mumbai - 400050, Maharashtra, India

Date of Birth/Age :

22.05.1980

Date of Appointment :

30.07.2014

DIN No.:

06933281

Other Directorship:

Name :

Mr. Atul Vachharajani

Designation :

Alternate director

Address :

27 Himalaya Society, Next To Court, 41-A, Sahar Road, Andheri (East), Mumbai – 400069, Maharashtra, India

Date of Birth/Age :

23.11.1958

Date of Appointment :

24.06.2014

DIN No.:

00004437

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	U72400MH1998PTC117073	IRON MOUNTAIN INDIA PRIVATE LIMITED	Additional director	30-07-14	30-07-14	-	Active	NO
2	U55101TG2011PTC076276	PARADISE FOOD COURT PRIVATE LIMITED	Director	25-08-14	07-08-14	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Mukesh Mishra
Designation :	Account executive

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders	No. of Shares
Iron Mountain Incorporated, United States of America	1072155
Iron Mountain Information Management LLC, United States of America	1
Ironman Investments Limited, Mauritius	877218
Total	1949374

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2014

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	100.000
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged into record management and storage services.
Products :	--
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	L/C, Cash and Credit
Purchasing :	L/C, Cash and Credit

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

Customers :

Reference :	Vodafone, Mumbai, Maharashtra, India
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

No. of Employees :

Not Divulged

Bankers :

The Hongkong and Shanghai Banking Corporation Limited, 52/60, Mahatma Gandhi Road, Fort, Mumbai - 400001, Maharashtra, India

Bank Name	Axis Bank Limited
Branch	Jeevan Prakash Building, Sir P. M. Road, Fort Mumbai - 400001, Maharashtra, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
The Zoroastrian Co-operative Bank Limited	49.841	61.742
Shamrao Vithal Co-operative Bank Limited	40.655	49.631
Current maturities of long-term debt	(23.014)	(33.973)
Short-term borrowings
Cash credit
From banks Shamrao Vithal Co-operative Bank Limited	0.000	7.402
From banks The Zoroastrian Co-operative Bank Limited	0.000	19.022
Total	67.482	103.824

Auditors :
Name :	Deloitte Haskins and Sells LLP Chartered Accountants
Address :	Indiabulls Finance Centre, Tower 3, 27-32 Floor, Senapati Bapat Marg, Elphinstone Road (West), Mumbai – 400013, Maharashtra, India
Tel. No.:	91-2-61854000
Fax No.:	91-22-61854501/4601
PAN N Income-tax PAN of auditor or auditor's firm :	AACFD4815A
Memberships :	--
Collaborators :	--
Holding Company:	Iron Mountain Inc.

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
4000000	Equity Shares	Rs.10/- each	Rs. 40.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1949374	Equity Shares	Rs.10/- each	Rs. 19.494 Million

As on 31.03.2014

Authorised Capital :

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

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1799374	Equity Shares	Rs.10/- each	Rs. 17.934 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	17.994	17.994	13.344
(b) Reserves & Surplus	268.255	221.597	136.487
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	60.000	0.000	3.468
Total Shareholders’ Funds (1) + (2)	346.249	239.591	153.299
(3) Non-Current Liabilities
(a) long-term borrowings	67.482	77.399	70.251
(b) Deferred tax liabilities (Net)	3.967	6.161	3.110
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	7.626	0.000	0.000
Total Non-current Liabilities (3)	79.075	83.560	73.361
(4) Current Liabilities
(a) Short term borrowings	0.000	26.424	53.002
(b) Trade payables	108.234	65.661	44.563
(c) Other current liabilities	27.751	38.337	4.823
(d) Short-term provisions	0.468	0.000	11.361
Total Current Liabilities (4)	136.453	130.422	113.749
TOTAL	561.777	453.573	340.409
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	291.173	244.030	161.668
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	8.313	7.314	24.198
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.100	0.100	0.100
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	77.091	63.402	30.125
(e) Other Non-current assets	0.000	0.000	0.027
Total Non-Current Assets	376.677	314.846	216.118
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	2.805	1.309	1.775
(c) Trade receivables	150.655	115.255	59.990
(d) Cash and cash equivalents	25.229	20.406	25.247
(e) Short-term loans and advances	6.290	1.757	37.279
(f) Other current assets	0.121	0.000	0.000
Total Current Assets	185.100	138.727	124.291
TOTAL	561.777	453.573	340.409

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	597.734	455.802	280.966
	Other Income	0.550	0.166	0.000
	TOTAL (A)	598.284	455.968	280.966
Less	EXPENSES
	Material (Including Change in stock)	20.851	17.455	11.805
	Employees cost	96.277	71.042	43.222
	Other operating expenses	356.674	246.604	181.549
	TOTAL (B)	473.802	335.101	236.576
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	124.482	120.867	44.390
Less	FINANCIAL EXPENSES (D)	15.395	18.317	11.732
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	109.087	102.550	32.658
Less/ Add	DEPRECIATION/ AMORTISATION (F)	35.132	28.265	16.829
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	73.955	74.285	15.829
Less	TAX (H)	24.460	27.051	5.507
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	49.495	47.234	10.322
	Earnings / (Loss) Per Share (Rs.)	27.51	26.25	7.73

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	8.28	10.36	3.67
Operating Profit Margin (PBIDT/Sales)	(%)	20.83	26.52	15.80
Return on Total Assets (PBT/Total Assets}	(%)	13.36	16.65	5.01
Return on Investment (ROI) (PBT/Networth)		0.21	0.31	0.10
Debt Equity Ratio (Total Debt /Networth)		0.19	0.43	0.80
Current Ratio (Current Asset/Current Liability)		1.36	1.06	1.09

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	13.344	17.994	17.994
Reserves & Surplus	136.487	221.597	268.255
Share Application money pending allotment	3.468	0.000	60.000
Net worth	153.299	239.591	346.249
long-term borrowings	70.251	77.399	67.482
Short term borrowings	53.002	26.424	0.000
Total borrowings	123.253	103.823	67.482
Debt/Equity ratio	0.804	0.433	0.195

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	280.966	455.802	597.734
		62.227	31.139

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	280.966	455.802	597.734
Profit	10.322	47.234	49.495
	3.67%	10.36%	8.28%

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	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	No

NOTE: Registered office of the company has been shifted from 6, ST. James Court, 206, Marine Drive, Mumbai – 400020, Maharashtra India to the present address w.e.f. 09.01.2013

FINANCIAL PERFORMANCE

Despite a challenging environment, the company has been able to grow turnover from INR 455.802 Million to INR 597.734 Million achieved growth of 31%. The following table sets for the break of the company’s financial status for the year ended 31^st March, 2014.

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10373365	18/07/2012	20,000,000.00	THE ZOROASTRIAN CO-OPERATIVE BANK LIMITED	FORT BRANCH,, YUSUF BUILDING, GROUND FLOOR, V. N. ROAD, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA	B56733090
2	10374882	16/07/2012	63,400,000.00	THE SHAMRAO VITHAL CO-OPERATIVE BANK LIMITED	SVC TOWER, NEHRU ROAD,, VAKOLA, SANTACRUZ(E), MUM BAI, MAHARASHTRA - 400055, INDIA	B57434060
3	10333539	20/09/2012 *	20,000,000.00	THE ZOROASTRIAN CO-OPERATIVE BANK LIMITED	FORT BRANCH,, YUSUF BUILDING, GROUND FLOOR, V. N. ROAD, FORT,, MUMBAI, MAHARASHTRA - 400001, INDIA	B59369330
4	10336652	30/07/2011	50,000,000.00	THE ZOROASTRIAN CO-OPERATIVE BANK LIMITED	FORT BRANCH,, YUSUF BUILDING, GROUND FLOOR, V. N. ROAD, FORT,, MUMBAI, MAHARASHTRA - 400001, INDIA	B23000904
5	90349612	24/08/2005	370,000.00	SUNDARAM FINANCE LTD.	NO. 21 PATULLOS ROAD, CHENNAI, TAMIL NADU, INDIA	-

* Date of charge modification

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.40
UK Pound	1	Rs.95.42
Euro	1	Rs.68.49

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	SUM
Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--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		49

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.