MIRA INFORM REPORT

Report No. :	307286
Report Date :	11.02.2015

IDENTIFICATION DETAILS

Name :	KYORI OREMIN LIMITED
Registered Office :	1-98/K/15, 4^th Floor, Plot No.15, Krithika Layout, Opposite Image Gardens, Madhapur, Hyderabad – 500 081, Telangana
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	14.09.2007
Com. Reg. No.:	01-055522
Capital Investment/ Paid-up Capital:	Rs.220.000 millions
CIN No.: [Company Identification No.]	U13209TG2007PLC055522
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AADCK1617K
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Trading, Importing and Mining of Coal.
No. of Employees:	100 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. General financial position of the company seems to be sound and healthy. Profitability of the company is fair. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. The company can be considered for business dealings at usual trade terms and condition.

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	CARE
Rating	Long Term Bank Facilities: BBB-
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	November 08, 2013

Rating Agency Name	CARE
Rating	Short Term Bank Facilities: A3
Rating Explanation	Moderate degree of safety and high credit risk.
Date	November 08, 2013

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 DECLINED BY

Name :	Mr. Mandar
Designation :	Account Officer
Contact No.:	91-9967300085
Date :	09.02.2015

LOCATIONS

Registered Office/ Corporate Office :	1-98/K/15, 4^th Floor, Plot No.15, Krithika Layout, Opposite Image Gardens, Madhapur, Hyderabad – 500 081, Telangana, India
Tel. No.:	91-40-30582324
Mobile No.:	91-9967300085 (Mr. Mandar)
Fax No.:	91-40-30584466
E-Mail :	finance@kyori.in hyd.sudheer@gmail.com vijay.patel@kyori.in info@kyori.in
Website :	http://www.kyori.net
Branch Office 1 :	408, 4^th Floor, Sri Krishna, New Link Road, Opposite Fun Republic, Andheri, Mumbai – 400 053, Maharashtra India
Tel. No.:	91-22-42951835
Fax No.:	91-22-42642133
Branch Office 2 :	Ceramic Plaza, Shop No.13, 8-A National Highway, Morbi – 363 642, Gujarat, India
Overseas Office :	PT. KOL Resources Indonesia Wisma Nusantara, 26^th Floor Jl. M.H. Thamrin 59, Jakarta 10350, Indonesia
Tel. No.:	+62 21 392 5657
Fax No.:	+62 21 392 5526
E-Mail :	pt_kol@kyori.in

DIRECTORS

AS ON 07.08.2013

Name :

Mr. Ishoo Narang

Designation :

Managing Director

Address :

411, Vayu Block, My Home Navadweepa, Madhapur, Hyderabad, Telangana, India

Date of Birth/Age :

20.09.1970

Qualification :

Post Graduate

Date of Appointment :

01.02.2011

DIN No.:

00459544

PAN No.:

AAUPN9082B

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	L24134AP1992PLC014419	PANKAJ POLYMERS LIMITED	Director	31-08-1998	31-08-1998	-	Active	NO
2	U13209AP1998PTC030819	IMERYS CERAMICS (INDIA) PRIVATE LIMITED	Managing director	31-12-1998	31-12-1998	06-06-2007	Active	NO
3	U72200KA2006PTC040372	HYDERABAD KNOWLEDGE PARK PRIVATE LIMITED	Director	31-08-2006	31-08-2006	-	Active	NO
4	U15511DL2005PTC142031	MOUNT VILLE BEVERAGES PRIVATE LIMITED	Director	02-03-2007	02-03-2007	-	Active	NO
5	U13100AP2007PLC054857	INDIA OREMIN LIMITED	Director	20-07-2007	20-07-2007	-	Active	NO
6	U13209AP2007PLC055522	KYORI OREMIN LIMITED	Managing director	01-02-2011	14-09-2007	-	Active	NO

Name :

Mr. Rudraraju Srinivas Shah

Designation :

Director

Address :

Plot No.9, Road No.9, Jubilee Hills, Hyderabad, Telangana, India

Date of Birth/Age :

08.09.1969

Qualification :

Post Graduate

Date of Appointment :

14.09.2007

DIN No.:

00314352

PAN No.:

AFCPR1979L

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	U72200AP1999PTC032059	SOFTALIA TELE SERVIES PRIVATE LIMITED	Managing director	08-07-1999	08-07-1999	28-12-2009	Strike off	NO
2	U26914AP2005PLC048333	RHI CLASIL LIMITED	Director	07-12-2005	07-12-2005	-	Active	NO
3	U55204AP2007PTC053997	DINDI PALM RESORTS PRIVATE LIMITED	Director	26-09-2008	15-05-2007	-	Active	NO
4	U13100AP2007PLC054857	INDIA OREMIN LIMITED	Director	20-07-2007	20-07-2007	-	Active	NO
5	U14210AP2007PTC054897	MINEX RESOURCES PRIVATE LIMITED	Director	25-07-2007	25-07-2007	-	Active	NO
6	U13209AP2007PLC055522	KYORI OREMIN LIMITED	Director	14-09-2007	14-09-2007	-	Active	NO
7	U55101AP2010PTC067090	DINDI HOLIDAYS PRIVATE LIMITED	Director	19-02-2010	19-02-2010	-	Active	NO
8	U40300AP2010PTC071359	KYORI INFRASTRUCTURE PRIVATE LIMITED	Director	24-11-2010	24-11-2010	-	Active	NO

Name :

Mr. Chandulal Patel

Designation :

Director

Address :

202 Pancharatna Apartments, Tilak Road, Hyderabad – 500 001, Telangana, India

Date of Birth/Age :

21.03.1967

Qualification :

Post Graduate

Date of Appointment :

14.09.2007

DIN No.:

00459484

PAN No.:

AAOPP2359P

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	U13209AP1998PTC030819	IMERYS CERAMICS (INDIA) PRIVATE LIMITED	Director	31-12-1998	31-12-1998	06-06-2007	Active	NO
2	U52334AP2001PTC036869	JUMBO INDIA PRIVATE LIMITED	Director	12-06-2001	12-06-2001	23-03-2008	Active	YES
3	U13100AP2007PLC054857	INDIA OREMIN LIMITED	Director	20-07-2007	20-07-2007	-	Active	NO
4	U13209AP2007PLC055522	KYORI OREMIN LIMITED	Director	14-09-2007	14-09-2007	-	Active	NO
5	U40300AP2010PTC071359	KYORI INFRASTRUCTURE PRIVATE LIMITED	Director	24-11-2010	24-11-2010	-	Active	NO

KEY EXECUTIVES

Name :	Durga Tekumalla
Designation :	Secretary
Date of Appointment :	09.03.2012
PAN No.:	AGBPT8874C
Name :	Mr. Vijay Bansal
Designation :	Accounts and Marketing Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 07.08.2013

Names of Shareholders	No. of Shares
Ishoo Narang	7491600
Chandulal Patel	4566500
Rudraraju Srinivas Shah	7491500
Monika Narang	100
V.S. Narang	100
D. Vinod Kumar	100
Vijay Patel	100
Yunus Zia	1875000
IBC Knowledge Park Private Limited	575000
Total	22000000

AS ON 07.08.2013

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	88.86
Other top fifty shareholders	11.14
Total	100.00

BUSINESS DETAILS

Line of Business :

Trading, Importing and Mining of Coal.

Products :

ITC Code No.	Product Description
10	Coal

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Available

Imports :

Products :

Finished Goods

Countries :

Indonesia

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

GENERAL INFORMATION

Suppliers :

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

Customers :

Wholesalers, Retailers and Manufacturer

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

No. of Employees :

100 (Approximately)

Bankers :

• Central Bank of India Limited, Chandermukhi, Nariman Point, Mumbai – 400 021, Maharashtra, India
• ICICI Bank Limited, Landmark Race, Cource Circle, Alkapuri, Vadodara – 390 015, Gujarat, India
• State Bank of India, Industrial Finance Branch, Raj Bhavan Road, Somajiguda, Hyderabad – 500 082, Telangana, India
• Bank of Baroda, 3-6-262/2, Tirumala Estates, 1^st Floor, Himayathnagar,, Hyderabad – 500 029, Telangana, India

Banker Name	Bank of Maharashtra
Branch Address	H. No.6-2-938 and 939, First Floor, Purni Plaza, Khairtabad, Hyderabad – 500 004, Telangana, 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 Loans	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
SHORT TERM BORROWINGS
Loans repayable on demand from banks	NA	471.772
Total	NA	471.772

Banking Relations :	--
Auditors :
Name :	Vijendra Tiwari and Company Chartered Accountants
Address :	Flat No.103, 5-1-562/2, Dwaraka Complex, Bank Street, Hyderabad – 500 095, Telangana, India
Tel. No.:	91-40-24615990
Mobile No.:	91-9440404543
E-Mail :	vijendratiwari21@rediffmail.com
PAN No.:	AAKFV3590L
Memberships :	Not Available
Collaborators :	Not Available
Wholly - Owned Subsidiary:	PT KOL Resources Indonesia

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital : Not Available

Issued, Subscribed & Paid-up Capital : Rs.258.000 millions

AS ON 07.08.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
30000000	Equity Shares	Rs.10/- each	Rs.300.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
22000000	Equity Shares	Rs.10/- each	Rs.220.000 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	258.000	220.000	160.000
(b) Reserves & Surplus	523.631	378.237	205.148
(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)	781.631	598.237	365.148
(3) Non-Current Liabilities
(a) Long-term borrowings	0.000	0.000	0.461
(b) Deferred tax liabilities (Net)	0.092	0.546	0.000
(c) Other long term liabilities	100.000	100.000	100.000
(d) Long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	100.092	100.546	100.461
(4) Current Liabilities
(a) Short term borrowings	546.418	526.256	355.297
(b) Trade payables	2,053.518	2079.429	1658.597
(c) Other current liabilities	256.232	98.190	87.590
(d) Short-term provisions	59.720	66.767	50.958
Total Current Liabilities (4)	2915.888	2770.642	2152.442
TOTAL	3797.611	3469.425	2618.051
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	20.506	22.874	19.866
(ii) Intangible Assets	2.398	2.941	1.754
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development or work-in-progress	0.000	0.000	0.000
(b) Non-current Investments	20.046	13.838	13.832
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	42.950	39.653	35.452
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	556.249	524.018	583.330
(c) Trade receivables	2616.781	2400.882	1398.322
(d) Cash and cash equivalents	334.563	226.853	188.381
(e) Short-term loans and advances	247.068	278.019	412.566
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	3754.661	3429.772	2582.599
TOTAL	3797.611	3469.425	2618.051

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Revenue from operations	9393.092	8603.612	5350.920
		Other Income	145.533	5.193	22.243
		TOTAL (A)	9538.625	8608.805	5373.163
Less	EXPENSES
		Purchases of stock-in-trade	8803.042	7886.738	5407.355
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(32.231)	59.312	(542.319)
		Employee benefit expense	59.856	60.479	40.792
		Other expenses	60.448	74.021	67.238
		Exceptional items	0.000	0.000	0.109
		Prior period items	0.196	0.000	0.000
		TOTAL (B)	8891.311	8080.550	4973.175
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		647.314	528.255	399.988
Less	FINANCIAL EXPENSES (D)		411.267	258.432	203.288
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		236.047	269.823	196.700
Less/ Add	DEPRECIATION/ AMORTISATION (F)		3.552	3.205	1.171
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		232.495	266.618	195.529
Less	TAX (H)		87.101	93.529	68.024
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		145.394	173.089	127.505
	EARNINGS IN FOREIGN CURRENCY		NA	USD 775135	NA
	Earnings / (Loss) Per Share (Rs.)		5.64	7.87	7.97

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	1.55	2.01	2.38
Operating Profit Margin (PBDIT/ Sales)	(%)	6.89	6.14	7.48
Return on Total Assets (PBT/Total Assets}	(%)	6.15	7.72	7.51
Return on Investment (ROI) (PBT/Networth)		0.30	0.45	0.54
Debt Equity Ratio (Total Debt/Networth)		0.70	0.88	0.97
Current Ratio (Current Asset/Current Liability)		1.29	1.24	1.20

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(INR in Mlns.)	(INR in Mlns.)	(INR in Mlns.)
Share Capital	160.000	220.000	258.000
Reserves & Surplus	205.148	378.237	523.631
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	365.148	598.237	781.631
Long Term borrowings	0.461	0.000	0.000
Short Term borrowings	355.297	526.256	546.418
Total borrowings	355.758	526.256	546.418
Debt/Equity ratio	0.974	0.880	0.699

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Revenue from operations	5,350.920	8,603.612	9,393.092
		60.788	9.176

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Revenue from operations	5,350.920	8,603.612	9,393.092
Profit	127.505	173.089	145.394
	2.38%	2.01%	1.55%

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	Yes
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	Yes
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

Note:

The registered office of the company has been shifted from 4^th Floor, “My Home Jupally”, Green Lands, Ameerpet, Hyderabad – 500 016, Andhra Pradesh to the present address.

UNSECURED LOANS

Unsecured Loans	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
SHORT TERM BORROWINGS
Loans repayable on demand from others	NA	8.484
Loans and advances from directors	NA	6.000
Other loans and advances	NA	40.000
Total	NA	55.030

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10426335	21/01/2014 *	250,000,000.00	BANK OF MAHARASHTRA	H.NO 6-2-938 AND 939, FIRST FLOOR, PURNI PLAZA, KHAIRTABAD, HYDERABAD, ANDHRA PRADESH - 500004, INDIA	B95446662
2	10351577	31/03/2012	600,000,000.00	CENTRAL BANK OF INDIA LIMITED	CHANDERMUKHI, NIRMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA	B38162871
3	10318105	07/10/2011	290,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA	B25459413
4	10282662	28/08/2013 *	818,700,000.00	BANK OF BARODA	3-6-262/2, TIRUMALA ESTATES, 1ST FLOOR, HIMAYATHNAGAR, HYDERABAD, ANDHRA PRADESH - 500029, INDIA	B85000537
5	10090816	07/10/2010 *	1,067,000,000.00	STATE BANK OF INDIA	INDUSTRIAL FINANCE BRANCH, RAJ BHAVAN ROAD, SOMAJIGUDA, HYDERABAD, ANDHRA PRADESH - 500082, INDIA	A97444392

* Date of charge modification

FIXED ASSETS:

Tangible Assets

· Computer and Peripherals

· Furniture and Fixtures

· Vehicles

· Office Equipments

Intangible assets

· Computer Software

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

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

2] Court Declaration :

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

3] Asset Declaration :

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

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

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

Charges or investigation registered against subject: None

7] Criminal Records

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

8] Affiliation with Government :

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

9] Compensation Package :

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

10] Press Report : No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

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

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

CONTRAVENTION

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.96
UK Pound	1	Rs.94.41
Euro	1	Rs.70.20

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	KAR
Report Prepared by :	SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
-- PROFITABILITY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--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		45

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.