MIRA INFORM REPORT

Report No. :	355582
Report Date :	24.12.2015

IDENTIFICATION DETAILS

Name :	AMARA RAJA INFRA PRIVATE LIMITED
Registered Office :	Renigunta-Cuddapah Road, Karakambadi, Tirupati – 517520, Andhra Pradesh
Tel. No.:	91-877-2265000
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	29.05.2008
Com. Reg. No.:	059398
Capital Investment / Paid-up Capital :	Rs.80.000 Million
IEC No.:	0910027897
CIN No.: [Company Identification No.]	U40102AP2008PTC059398
TAN No.: [Tax Deduction & Collection Account No.]	HYDA09720E
PAN No.: [Permanent Account No.]	AAHCA1764F
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in the business of construction and infrastructure development. (Confirmed by management)
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Maximum Credit Limit :	USD 1240000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a part of the Amara Raja group, incorporated in the year 2008. As per Registrar of Companies the date of balance sheet (i.e. financial filed) is shown as 31.03.15 but documents related to same for the financial year ending 2015 is not available from any other sources. The company possesses improved revenue base marked fair profit margin for FY 14. Rating takes into consideration decent networth base and low borrowings. However, rating is constrained on account of huge unfavourable gap between trade payables and receivables. Trade relations are fair. Business is active. Payments are slow but 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 – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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	CRISIL
Rating	Long Term Rating=BBB
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	22.06.2015

Rating Agency Name	CRISIL
Rating	Short Term Rating=A3+
Rating Explanation	Moderate degree of safety and higher credit risk.
Date	22.06.2015

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 31-03-2015.

INFORMATION DENIED BY

MANAGEMENT NON-COOPERATIVE (Tel No.: 91-40-23139000/ 91-877-2265000)

LOCATIONS

Registered Office :	Renigunta-Cuddapah Road, Karakambadi, Tirupati – 517520, Andhra Pradesh, India
Tel. No.:	91-877-2265000
Fax No.:	91-877-2285600
E-Mail :	chiru@amararaja.co.in
Website :	www.amararaja.co.in
Corporate Operations Office:	Terminal A, 1-18/1/AMR/NR, Nanakramguda, Gachibowli, Hyderabad – 500032, India
Tel. No.:	91-40-23139000
Fax No.:	91-40-23139001
E-Mail :	mktg@amararaja.co.in

DIRECTORS

As on 31.03.2015

Name :

Dr. Ramachandra Naidu Galla

Designation :

Director

Address :

Giridrushya, Renigunta-Cuddapah Road, Karakambadi, Tirupati - 517520, Andhra Pradesh, India

Date of Birth/Age :

01.06.1938

Date of Appointment :

29.05.2008

PAN No.:

ACYPG9385N

DIN No.:

00133761

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	L31402AP1985PLC005305	AMARA RAJA BATTERIES LIMITED	Director	01/09/2005	08/07/1985	-	Active	NO
2	U31102AP1984PLC005165	AMARA RAJA POWER SYSTEMS LIMITED	Managing director	01/04/2014	08/07/1985	-	Active	NO
3	U15122AP1990PLC011932	MANGAL INDUSTRIES LIMITED	Director	17/01/1994	17/01/1994	-	Active	NO
4	U31402AP1999PLC032257	AMARA RAJA ELECTRONICS LIMITED	Director	10/07/2012	09/08/1999	-	Active	NO
5	U15134AP2004PLC042852	GALLA FOODS LIMITED	Director	11/03/2004	11/03/2004	-	Amalgamated	NO
6	U24111TG1988PLC009231	ANDHRA PRADESH GAS POWER CORPORATION LIMITED	Director	29/09/2004	29/09/2004	-	Active	NO
7	U74990AP2008PTC057464	AMARON BATTERIES PRIVATE LIMITED	Director	06/02/2008	06/02/2008	-	Active	NO
8	U40102AP2008PTC059398	Amara Raja Infra Private Limited	Director	29/05/2008	29/05/2008	-	Active	NO
9	U93000AP2009PTC064031	AMARA RAJA INDUSTRIAL SERVICES PRIVATE LIMITED	Director	17/06/2009	17/06/2009	-	Active	NO
10	U65993AP2010PTC066519	RNGalla Family Holdings Private Limited	Director	01/01/2010	01/01/2010	-	Active	NO
11	U85110AP2013PTC086624	G2 Healthcare Private Limited	Director	24/09/2015	08/08/2014	-	Active	NO

Name :

Mr. Jayadev Galla

Designation :

Director

Address :

H.No.A-54, Road No.11, Film Nagar, Jubilee Hills, Hyderabad - 500034, Telangana, India

Date of Birth/Age :

24.03.1966

Date of Appointment :

29.05.2008

PAN No.:

ACYPG9383L

DIN No.:

00143610

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	U31102AP1984PLC005165	AMARA RAJA POWER SYSTEMS LIMITED	Director	14/08/1993	14/08/1993	-	Active	NO
2	L31402AP1985PLC005305	AMARA RAJA BATTERIES LIMITED	Managing director	01/09/2015	12/03/1994	-	Active	NO
3	U15122AP1990PLC011932	MANGAL INDUSTRIES LIMITED	Director	02/12/2000	02/12/2000	-	Active	NO
4	U15134AP2004PLC042852	GALLA FOODS LIMITED	Managing director	01/04/2009	11/03/2004	-	Amalgamated	NO
5	U31402AP1999PLC032257	AMARA RAJA ELECTRONICS LIMITED	Director	01/10/2014	07/06/2007	-	Active	NO
6	U74990AP2008PTC057464	AMARON BATTERIES PRIVATE LIMITED	Director	06/02/2008	06/02/2008	-	Active	NO
7	U40102AP2008PTC059398	Amara Raja Infra Private Limited	Director	29/05/2008	29/05/2008	-	Active	NO
8	U93000AP2009PTC064031	AMARA RAJA INDUSTRIAL SERVICES PRIVATE LIMITED	Director	17/06/2009	17/06/2009	-	Active	NO
9	U65993AP2010PTC066519	RNGalla Family Holdings Private Limited	Director	01/01/2010	01/01/2010	-	Active	NO
10	U45209TG2013PTC088072	Nine Nines Lifestyle Private Limited	Director	31/05/2013	31/05/2013	-	Active	NO
11	U92412TG2015PTC102234	AMARA RAJA MEDIA AND ENTERTAINMENT PRIVATE LIMITED	Director	12/12/2015	12/12/2015	-	Active	NO

Name :

Mr. Harshavardhana Gourineni

Designation :

Additional Director

Address :

Giridrusya, Amara Raja Campus, Karakambadi - 517520, Telangana, India

Date of Appointment :

06.11.2015

DIN No.:

07311410

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	U15122AP1990PLC011932	MANGAL INDUSTRIES LIMITED	Additional director	04/11/2015	04/11/2015	-	Active	NO
2	U93000AP2009PTC064031	AMARA RAJA INDUSTRIAL SERVICES PRIVATE LIMITED	Additional director	06/11/2015	06/11/2015	-	Active	NO
3	U40102AP2008PTC059398	Amara Raja Infra Private Limited	Additional director	06/11/2015	06/11/2015	-	Active	NO
4	U92412TG2015PTC102234	AMARA RAJA MEDIA AND ENTERTAINMENT PRIVATE LIMITED	Director	12/12/2015	12/12/2015	-	Active	NO

Name :

Ms. Gourineni Vikramadithya

Designation :

Additional Director

Address :

Diguwamagham, Aragonda, Chitoor, 517129, Telangana, India

Date of Appointment :

06.11.2015

DIN No.:

03167659

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	U31402AP1999PLC032257	AMARA RAJA ELECTRONICS LIMITED	Additional director	03/11/2015	21/06/2010	-	Active	NO
2	U15134AP2004PLC042852	GALLA FOODS LIMITED	Alternate director	21/06/2010	21/06/2010	15/12/2010	Amalgamated	NO
3	U31102AP1984PLC005165	AMARA RAJA POWER SYSTEMS LIMITED	Alternate director	26/03/2015	22/06/2010	-	Active	NO
4	U15122AP1990PLC011932	MANGAL INDUSTRIES LIMITED	Alternate director	27/03/2015	22/06/2010	02/11/2015	Active	NO
5	U93000AP2009PTC064031	AMARA RAJA INDUSTRIAL SERVICES PRIVATE LIMITED	Additional director	06/11/2015	06/11/2015	-	Active	NO
6	U40102AP2008PTC059398	Amara Raja Infra Private Limited	Additional director	06/11/2015	06/11/2015	-	Active	NO
7	U92412TG2015PTC102234	AMARA RAJA MEDIA AND ENTERTAINMENT PRIVATE LIMITED	Director	12/12/2015	12/12/2015	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Dharma Chiranjeevi Raju
Designation :	Secretary
Address :	Flat No.304, 3rd Floor, Veeramani's Srilaxmi Apartment, Swaroop Nagar, Uppal, Hyderabad, 500039, Andhra Pradesh, India
Date of Birth/Age :	10.10.1984
Date of Appointment :	30.09.2014
PAN No.:	AHZPR4537K

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.03.2015

Names of Shareholders	No. of Shares	%age holding
Ramachndra N Galla	7245000	90.56
Amara Kumari Galla	750000	9.38
Jayadev Galla	5000	0.06
Total	8000000	100.00

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2014

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged in the business of construction and infrastructure development. (Confirmed by management)
Products/ Services :	Construction and Infrastructure Development.
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	Not Divulged

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 :	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

No. of Employees :

Information declined by the management

Bankers :

Bank Name	State Bank of India
Branch	Settipalli Branch, Renigunta Road, Tirupati, - 517506, Andhra Pradesh, 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

• Kotak Mahindra Bank Limited

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Working Capital loans from Banks	49.507	0.000
Short-term borrowings
Loans and Advances from Directors	105.875	105.805
Total	155.382	105.805

Note:

SHORT TERM BORROWINGS

Cash Credit - State Bank of India 84,657,758 WCTL - Kotak Mahindra Bank Limited 21,217,391 The working capital facilities from State Bank of India, are secured by first charge on all current assets of the company, and collaterally secured by hypothecation of all the fixed assets, other than land belonging to the company. The above loans are guaranteed by the promotor directors in their personal capacities. The working capital term loan facility from Kotak Mahindra Bank Limited are secured by properties of promoter directors.

Auditors :
Name :	Sagar and Associates Chartered Accountants
Address :	House No. 6-3-244/5,Sarada Devi Street ,Prem Nagar, Hyderabad – 500004, Telangana, India
PAN N Income-tax PAN of auditor or auditor's firm :	AAJFS7295N
Memberships :	--
Collaborators :	--
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives : (As on 31.03.2014)	Amara Raja Batteries Limited, India Amara Raja Electronics Limited, India Mangal Industries Limited, India Amara Raja Power Systems Limited, India Amara Raja Industrial Services Private Limited, India RNgalla Family Holdings Private Limited, India Mangamma and Gangulu Naidu Memorial Trust, India Rajanna Trust, India

CAPITAL STRUCTURE

As on 15.09.2015

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- each	Rs.100.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
8000000	Equity Shares	Rs.10/- each	Rs.80.000 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	80.000	80.000	80.000
(b) Reserves & Surplus	352.815	221.075	90.607
(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)	432.815	301.075	170.607
(3) Non-Current Liabilities
(a) long-term borrowings	49.507	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	5.026	4.266	2.376
Total Non-current Liabilities (3)	54.533	4.266	2.376
(4) Current Liabilities
(a) Short term borrowings	105.875	105.805	138.923
(b) Trade payables	318.987	205.804	84.648
(c) Other current liabilities	307.793	109.873	129.701
(d) Short-term provisions	68.859	65.301	18.718
Total Current Liabilities (4)	801.514	486.783	371.990
TOTAL	1288.862	792.124	544.973
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	186.620	192.707	157.174
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	10.643
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	8.830	4.265	2.524
(d) Long-term Loan and Advances	4.841	4.762	3.562
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	200.291	201.734	173.903
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	553.140	244.255	95.295
(c) Trade receivables	140.535	224.750	223.269
(d) Cash and cash equivalents	5.978	3.326	0.829
(e) Short-term loans and advances	215.345	94.598	33.384
(f) Other current assets	173.573	23.461	18.293
Total Current Assets	1088.571	590.390	371.070
TOTAL	1288.862	792.124	544.973

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	TOTAL INCOME	1770.959	1225.205	536.438
Less	TOTAL EXPENSES	1573.680	1030.100	483.206
	PROFIT/ (LOSS) BEFORE TAX	197.279	195.105	53.232
Less	TAX	65.426	64.638	18.858
	PROFIT/ (LOSS) AFTER TAX	131.853	130.467	34.374
	Earnings / (Loss) Per Share (Rs.)	16.48	16.31	4.30

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operations	(58.919)	(37.811)	(74.083)
Net cash flow from operating activity	(19.850)	85.695	(79.883)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT /Total Income)	(%)	7.45	10.65	6.41
Return on Total Assets (PBT/Total Assets}	(%)	15.41	24.76	10.01
Return on Investment (ROI) (PBT/Networth)		0.46	0.65	0.31
Debt Equity Ratio (Total Debt /Networth)		0.36	0.35	0.81
Current Ratio (Current Asset/Current Liability)		1.36	1.21	1.00

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	80.000	80.000	80.000
Reserves & Surplus	90.607	221.075	352.815
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	170.607	301.075	432.815
long-term borrowings	0.000	0.000	49.507
Short term borrowings	138.923	105.805	105.875
Total borrowings	138.923	105.805	155.382
Debt/Equity ratio	0.814	0.351	0.359

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)
Total Income	536.438	1225.205	1770.959
		128.396	44.544

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Total Income	536.438	1225.205	1770.959
Profit	34.374	130.467	131.853
	6.41%	10.65%	7.45%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	No
8	Designation of contact person	No
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	Yes
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	No
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	No
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	Yes
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

GENERAL INFORMATION

The Company is engaged in the business of construction and infrastructure development, the energy conservation and technology absorption are minimal. However necessary steps have been taken to conserve the energy wherever feasible. The Company has not imported any technology during the period.

OPERATIONS AND OUTLOOK (As on 31.03.2014)

The Company’s income stood at Rs.1770.959 Million for the year ended March 31, 2014 as against Rs.1225.205 Million for the previous year, registering a growth of 144% over the previous year. The profit after tax stood at Rs. 131.853 Million for the year ended March 31, 2014 as compared to previous year of Rs.130.467 Million.

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10136797	19/03/2013 *	160,000,000.00	STATE BANK OF INDIA	SETTIPALLI BRANCH, RENIGUNTA ROAD, TIRUPATI, Andhra Pradesh - 517506, INDIA	B74724980

FIXED ASSETS

• Land
• Plant and equipment
• Furniture and fixtures
• Office equipment
• Motor vehicles
• Vehicles

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.66.32
UK Pound	1	Rs.98.98
Euro	1	Rs.72.13

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	AMT
Report Prepared by :	SUD

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	6
--RESERVES	1~10	5
--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		48

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.