MIRA INFORM REPORT

Report No. :	306250
Report Date :	07.02.2015

IDENTIFICATION DETAILS

Name :	LOTUS SHOPPING CENTRES PRIVATE LIMITED (w.e.f. 20.07.2011)
Formerly Known As :	PLAMA MALLS PRIVATE LIMITED
Registered Office :	Door No. 15-8-441/50, Shop No. 46, 1^st Floor, Yenepoya Mall, Kadri Road Mangalore – 575003, Karnataka
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	30.11.2007
Com. Reg. No.:	08-044541
Capital Investment / Paid-up Capital :	Rs. 6.099 Millions
CIN No.: [Company Identification No.]	U45209KA2007PTC044541
TAN No.: [Tax Deduction & Collection Account No.]	BLRP08891B
PAN No.: [Permanent Account No.]	AAECP4700B
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged into Construction of Shopping Mall.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (26)

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

Status :	Project under implantation
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Even though the company was incorporated on 30^th November, 2007, project of the company is under implementation. As confirmed by Ms. Poornima, finance head that the subject company is engaged into construction of shopping mall and project of shopping mall is under implementation. As per latest financial record of 2014, the company has taken huge external borrowing, which acts as threatening to the liquidity position of the company. As per status shown in the registrar of companies business appears to be active. Payments are reported to be unknown. The company can be considered for business dealing with great 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 – 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

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.

LOCATIONS

Registered Office :	Door No. 15-8-441/50, Shop No. 46, 1^st Floor, Yenepoya Mall, Kadri Road Mangalore – 575003, Karnataka, India
Tel. No. :	91-824-6490234
Fax No. :	Not Available
E-Mail :	info@lotusmalls.com support@apnindia.com murugavel@lotusmalls.com
Website :	www.lotusmalls.com
Corporate Office :	No.33/1, 3^rd Floor, Vittal Mallya Road, Bangalore – 560001, Karnataka, India
Tel. No.:	91-80-22223700/ 45320390
Site Office :	No.2-16/139, NH-13, Main Road, Kulshekar, Managalore – 575005, Karnataka, India
E-Mail :	info@lotusmalls.com

DIRECTORS

As on 12.08.2014

Name :

Mr. Thomas Patrick Quinn

Designation :

Director

Address :

128A Merrion Road, Ballsbridge, Dublin, Ireland

Date of Birth/Age :

24.02.1950

Date of Appointment :

25.09.2009

DIN No. :

02379225

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	U45209KA2007PTC044541	LOTUS SHOPPING CENTRES PRIVATE LIMITED	Director	25-09-2009	04-03-2009	-	Active	NO
2	U45200KA2008PTC046757	G-CORP LOTUS MALL PRIVATE LIMITED	Director	05-06-2012	27-10-2009	-	Active	NO
3	U70102AP2008PTC059133	LINGAMANENI LAND MARKS DEVELOPERS PRIVATE LIMITED	Director	28-09-2011	10-12-2010	12-03-2014	Active	NO
4	U45200TG2010PTC067997	PHOENIX LOTUS INFRASTRUCTURE PRIVATE LIMITED	Nominee director	25-09-2012	13-12-2011	-	Active	NO

Name :

Mr. Jonathan Youens

Designation :

Director

Address :

6 Durweston Mews, London, W1U6DF, United Kingdom

Date of Birth/Age :

04.08.1949

Date of Appointment :

25.09.2009

DIN No. :

02076756

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	U74140MH2007PTC170138	IRIS INVESTMENT ADVISORS PRIVATE LIMITED	Director	26-04-2007	26-04-2007	10-04-2008	Active	NO
2	U45209KA2007PTC044541	LOTUS SHOPPING CENTRES PRIVATE LIMITED	Director	25-09-2009	30-01-2009	-	Active	NO
3	U45200KA2008PTC046757	G-CORP LOTUS MALL PRIVATE LIMITED	Director	05-06-2012	27-10-2009	19-07-2012	Active	NO
4	U70102AP2008PTC059133	LINGAMANENI LAND MARKS DEVELOPERS PRIVATE LIMITED	Director	28-09-2011	10-12-2010	12-03-2014	Active	NO

Name :

Ajantha Jayaram Shetty

Designation :

Alternate director

Address :

29630, 2^nd Cross, Chamundeswari Layout, Vidyaranyapura, Near Ganesh Temple, Bangalore - 560097, Karnataka, India

Date of Birth/Age :

21.07.1976

Date of Appointment :

04.02.2011

DIN No. :

02222366

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	Company/ LLP Status	Defaulting status
1	U74140KA2008PTC047032	CRABHUNT ASSET ADVISORY PRIVATE LIMITED	Director	03-07-2008	03-07-2008	Active	NO
2	U45209KA2007PTC044541	LOTUS SHOPPING CENTRES PRIVATE LIMITED	Alternate director	04-02-2011	04-02-2011	Active	NO
3	U45200TG2010PTC067997	PHOENIX LOTUS INFRASTRUCTURE PRIVATE LIMITED	Nominee director	25-09-2012	13-12-2011	Active	NO
4	U45200KA2008PTC046757	G-CORP LOTUS MALL PRIVATE LIMITED	Director	29-09-2012	19-07-2012	Active	NO
5	U45205KA2014PTC073684	LOTUSINDIA PROPERTY MANAGEMENT PRIVATE LIMITED	Director	18-02-2014	18-02-2014	Active	NO
6	U55101KA2014PTC074527	LOTUS COMFORTS PRIVATE LIMITED	Director	01-04-2014	01-04-2014	Active	NO

Name :

Mr. Prakash Vasantlal Mehta

Designation :

Alternate director

Address :

123a, Maker Tower, Cuffe Parade, Colaba, Mumbai - 400005, Maharashtra, India

Date of Birth/Age :

12.02.1942

Date of Appointment :

26.07.2014

DIN No. :

00001366

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	U99999MH1895NPL000121	BOMBAY INCORPORATED LAW SOCIETY	Director	26-07-1982	26-07-1982	-	Active	NO
2	U28993MH1986PTC039436	INDIA SAFETY VAULTS PRIVATE LIMITED	Director	02-04-1986	02-04-1986	-	Active	NO
3	L74200MH1981PLC024279	PCS TECHNOLOGY LIMITED	Director	23-07-1987	23-07-1987	15-09-2014	Active	NO
4	U74140MH1988PLC049720	OMEGA MANAGEMENT SERVICES LIMITED	Director	21-11-1988	21-11-1988	-	Strike off	NO
5	U67120MH1986PTC039378	RAJSVI PROPERTIES AND HOLDINGS PVT LTD	Director	25-11-1988	25-11-1988	-	Active	NO
6	L99999MH1987PLC042891	ADVANI HOTELS AND RESORTS (INDIA) LIMITED	Director	24-09-2014	30-06-1989	-	Active	NO
7	L31300MH1946PLC005017	BHARAT BIJLEE LIMITED	Director	11-09-2014	07-08-1990	-	Active	NO
8	L45200MH1987PLC042378	MUKAND ENGINEERS LIMITED	Director	19-08-1992	19-08-1992	-	Active	NO
9	L17110MH1913PLC000367	W H BRADY AND COMPANY LIMITED	Director	19-05-1994	19-05-1994	-	Active	NO
10	L24200MH1988PTC048028	HIKAL LIMITED	Director	01-06-1994	01-06-1994	-	Active	NO
11	U28932MH1993PLC073038	KRISTEEL SHINWA INDUSTRIES LIMITED	Director	03-04-1996	03-04-1996	02-03-2009	Active	NO
12	U74899MH1998PLC213839	KJMC INVESTMENT TRUST COMPANY LIMITED	Director	18-08-2001	18-08-2001	28-09-2007	Active	NO
13	U17120MH1954PTC009271	TULSIDAS KHIMJI PRIVATE LIMITED	Director	01-01-2003	01-01-2003	-	Active	NO
14	L99999DN1982PLC000128	JBF INDUSTRIES LIMITED	Director	27-09-2014	29-11-2003	-	Active	NO
15	U74140MH2007PTC169754	CREDAL ADVISORY SERVICES PRIVATE LIMITED	Director	05-06-2007	05-06-2007	-	Active	NO
16	L99999MH1937PLC002726	MUKAND LIMITED	Director	13-08-2014	27-09-2007	-	Active	NO
17	U72900MH2008PTC177924	VAULT INDIA MEDIA SERVICES PRIVATE LIMITED	Director	18-01-2008	18-01-2008	28-02-2010	Dormant	NO
18	L24120MH1995PLC086986	CIBA INDIA LIMITED	Director	26-08-2008	29-01-2008	17-08-2009	Amalgamated	NO
19	U74140MH2007PTC170138	IRIS INVESTMENT ADVISORS PRIVATE LIMITED	Director	01-04-2008	01-04-2008	-	Active	NO
20	U45209KA2007PTC044541	LOTUS SHOPPING CENTRES PRIVATE LIMITED	Alternate director	26-07-2014	04-02-2011	-	Active	NO
21	L17299GJ1972PLC011626	CAMPHOR AND ALLIED PRODUCTS LTD	Director	15-09-2011	05-08-2011	-	Active	NO
22	U65999MH2004PTC144113	PEGASUS ASSETS RECONSTRUCTION PRIVATE LIMITED	Director	21-09-2012	22-12-2011	-	Active	NO
23	U74990MH2012PTC229445	LEXSERVE INDIA PRIVATE LIMITED	Director	11-04-2012	11-04-2012	-	Active	NO
24	U45200KA2008PTC046757	G-CORP LOTUS MALL PRIVATE LIMITED	Alternate director	26-07-2014	19-07-2012	-	Active	NO
25	U27300MH2012PLC234000	MUKAND SUMI METAL PROCESSING LIMITED	Director	21-09-2013	21-09-2013	02-04-2014	Active	NO

KEY EXECUTIVES

Name :	Ms. Poornima
Designation :	Finance Head

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 12.08.2014

Names of Equity Shareholders (Class A)	No. of Shares
Wilfred D’Souza	25500
Nora D’Souza	4500
Lotus Three Developments Limited, Mauritius	31200
Kakosi Limited, Cyprus	58800
Total	120000

Names of Equity Shareholders (Class B)	No. of Shares
Lotus Three Developments Limited, Mauritius	115200
Total	115200

Names of Preference Shareholders (RPS Class B)	No. of Shares
Wilfred D’Souza	10625
Nora D’Souza	1875
Total	12500

Names of Preference Shareholders (CCPS)	No. of Shares
Lotus Three Developments Limited, Mauritius	3899540
Total	3899540

As on 12.08.2014

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	87.24
Others	12.76
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged into Construction of Shopping Mall.
Brand Names :	--
Agencies Held :	--
Exports :	--
Imports :	--
Terms :	--

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Not Available

Customers :

Not Available

No. of Employees :

Not Available

Bankers :

Axis Bank Limited, Corporate Banking Branch, 2^nd Floor, Express Building, Queens Road, Bangalore - 560001, Karnataka, India

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
LONG TERM BORROWINGS
From Banks*	951.690	497.800
Inter Corporate Loan	23.589	23.589
Total	975.279	521.389

NOTE

LONG TERM BORROWINGS

* Securities Offered

The above loan from bank is secured by exclusive charge on the EM on the Project Land, Present and Future Current Assets and Fixed Assets and Escrow of rentals paid by the lessees of the proposed project.

* Repayment Schedules

The total loan amount of Rs. 1500.000 Millions to be repaid in 99 equated monthly installments commencing from 20th Month from the date of first disbursement. The first instalment of loan has been disbursed on 27th February, 2013

Banking Relations :	--
Auditors :
Name :	Navin Nayak and Associates Chartered Accountants
Address :	Second Floor, No.43, V.S. Century Towers, H.B. Samaja Road, Basavanagudi, Bangalore – 560004, Karnataka, India
Income-tax PAN of auditor or auditor's firm :	AAJFN9946P
Memberships :	--
Collaborators :	--
Enterprises over which key management personnel and Individuals owning, directly or indirectly the reporting enterprise who are able to exercise significant influence :	G Crop Lotus Private Limited Phoenix Lotus Infrastructure Private Limited
Associated Enterprises :	· Kakosi Limited, Cyprus Lotus Three Developments Limited, Mauritius

CAPITAL STRUCTURE

As on 12.08.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
270,000	Equity Shares (Class A and Class B)	Rs.10/- each	Rs. 2.700 Millions
50000	Preference Share (RPS Class A and Class B)	Rs.10/- each	Rs. 0.500 Million
6,000,000	Preference Shares (CCPS)	Re.1/- each	Rs. 6.000 Millions
	Total		Rs. 9.200 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
120000	Equity Shares (Class A)	Rs.10/- each	Rs. 1.200 Millions
115200	Equity Shares (Class B)	Rs.10/- each	Rs. 1.152 Millions
12500	Preference Share (RPS Class B)	Rs.10/- each	Rs. 0.125 Million
3899540	Preference Shares (CCPS)	Re. 1/- each	Rs. 3.900 Millions
	Total		Rs. 6.377 Millions

As on 12.08.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
270,000	Equity Shares (Class A and Class B)	Rs.10/- each	Rs. 2.700 Millions
50000	Preference Share (RPS Class A and Class B)	Rs.10/- each	Rs. 0.500 Million
6,000,000	Preference Shares (CCPS)	Re.1/- each	Rs. 6.000 Millions
	Total		Rs. 9.200 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
120000	Equity Shares (Class A)	Rs.10/- each	Rs. 1.200 Millions
115200	Equity Shares (Class B)	Rs.10/- each	Rs. 1.152 Millions
12500	Preference Share (RPS Class B)	Rs.10/- each	Rs. 0.125 Million
3621680	Preference Shares (CCPS)	Re. 1/- each	Rs. 3.622 Millions
	Total		Rs. 6.099 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

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	6.099	6.099	6.099
(b) Reserves & Surplus	317.977	317.977	317.977
(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)	324.076	324.076	324.076
(3) Non-Current Liabilities
(a) long-term borrowings	2020.596	1523.811	475.093
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	84.305	65.846	105.560
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	2104.901	1589.657	580.653
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	0.000	0.000	0.000
(c) Other current liabilities	114.540	121.909	69.598
(d) Short-term provisions	0.000	0.000	0.000
Total Current Liabilities (4)	114.540	121.909	69.598
TOTAL	2543.517	2035.642	974.327
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	58.595	51.201	44.683
(ii) Intangible Assets	1.310	1.460	0.491
(iii) Capital work-in-progress	1926.813	1304.869	645.584
(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)	0.000	0.000	0.000
(d) Long-term Loan and Advances	344.655	217.320	217.296
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	2331.373	1574.850	908.054
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	0.000	0.000	0.000
(d) Cash and cash equivalents	13.753	290.208	41.441
(e) Short-term loans and advances	198.391	170.584	24.832
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	212.144	460.792	66.273
TOTAL	2543.517	2035.642	974.327

KEY RATIOS

PARTICULARS	31.03.2014	31.03.2013	31.03.2012
Debt Equity Ratio (Total Debt/Networth)	6.23	4.70	1.47
Current Ratio (Current Asset/Current Liability)	1.85	3.78	0.95

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	6.099	6.099	6.099
Reserves & Surplus	317.977	317.977	317.977
Net worth	324.076	324.076	324.076
long-term borrowings	475.093	1523.811	2020.596
Short term borrowings	0.000	0.000	0.000
Total borrowings	475.093	1523.811	2020.596
Debt/Equity ratio	1.466	4.702	6.235

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	No
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

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10396611	16/02/2013 *	1,500,000,000.00	AXIS BANK LIMITED	CORPORATE BANKING BRANCH, 2ND FLOOR, EXPRESS BUILDING, QUEENS ROAD, BANGALORE, KARNATAKA - 560001, INDIA	B69713790

* Date of charge modification

UNSECURED LOANS

PARTICULAR	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
LONG TERM BORROWINGS
12.50% Compulsory Convertible Debentures
Opening Balance	1002.422	451.505
Add: Issued during year – 389953 Debentures of Rs. 110/- each (5008341 debentures had been issued during 2012-13 @ 110/- each)	42.895	550.917
Total	1045.317	1002.422

FINANCIAL PERFORMANCE

Company total income including other income for the year is nil. The company is into construction of Shopping Centre, which is in progress.

FIXED ASSETS

TANGIBLE ASSETS

· Land

Construction Equipments

Computers

Furniture and Fixtures

Vehicles

Office Equipment

INTANGIBLE ASSETS

· Software

Website

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.61.74
UK Pound	1	Rs.94.65
Euro	1	Rs.70.79

INFORMATION DETAILS

Information Gathered by :	PPT
Analysis Done by :	KAR
Report Prepared by :	MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILITY	1~10	2
--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		26

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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