MIRA INFORM REPORT

Report No. :	306535
Report Date :	14.02.2015

IDENTIFICATION DETAILS

Name :	TRANSASIA FINE PAPERS PRIVATE LIMITED
Registered Office :	No.8, M-1, Mezzanine Floor, President Chambers, Richmond Road, Bangalore – 560 025, Karnataka
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	28.09.2000
Com. Reg. No.:	08-027866
Capital Investment / Paid-up Capital :	Rs.4.250 millions
CIN No.: [Company Identification No.]	U85110KA2000PTC027866
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	MUMT07932B
PAN No.: [Permanent Account No.]	AABCT3274H
Legal Form :	Private Limited Liability Company
Line of Business :	Trader of Paper and Paper Products.
No. of Employees :	85 (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

Maximum Credit Limit :	USD 163000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. The rating reflects company’s healthy operational risk profile marked by sound liquidity position and fair profitability margins of the company. 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

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

Name :	Mr. Himanshu Mehta
Designation :	Accountant
Contact No.:	91-9768541223
Name :	Mr. Rajesh Kumar Kejriwal
Designation :	Director
Contact No.:	91-9820093069
Date :	05.02.2015

LOCATIONS

Registered Office :	No.8, M-1, Mezzanine Floor, President Chambers, Richmond Road, Bangalore – 560 025, Karnataka, India
Tel. No.:	91-80-40820000-10
Mobile No.:	91-9820093069 (Mr. Rajesh Kumar Kejriwal) 91-9768541223 (Mr. Himanshu Mehta)
Fax No.:	91-80-41125111
E-Mail :	vikashkejriwal@tafp.in marketing@tafp.in rajesh@kyoorics.com vikash@kyoorius.com
Website :	www.tafp.in www.transasiapapers.com
Area :	2500 sq. ft.
Location :	Owned
Corporate Office :	165, 2^nd Floor, Kohinoor Estate, Tulsi Pipe Road, Lower Parel, Mumbai – 400 013, Maharashtra, India
Tel. No.:	91-22-42363600
Fax No.:	91-22-42363636
Area :	2700 sq. ft.
Location :	Owned

DIRECTORS

AS ON 30.09.2013

Name :

Mr. Rajesh Kumar Kejriwal

Designation :

Director

Address :

No.801, Odyessey II, Hiranandani Gardens, Powai, Mumbai – 400 076, Maharashtra, India

Date of Birth/Age :

21.02.1964

Qualification :

Engineering

Experience :

23 Years

Date of Appointment :

28.09.2000

DIN No.:

00199215

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	U85110KA2000PTC027866	TRANSASIA FINE PAPERS PRIVATE LIMITED	Director	28/09/2000	28/09/2000	-	Active	NO
2	U21098KA1997PTC021927	TRANSASIA SALES PRIVATE LIMITED	Director	26/06/2005	26/06/2005	-	Active	NO
3	U74140MH2008PTC186959	SAFFRON BRAND CONSULTANTS INDIA PRIVATE LIMITED	Director	30/09/2009	10/11/2008	-	Active	NO
4	U74999MH2010PTC202016	KYOORIUS COMMUNICATIONS PRIVATE LIMITED	Director	19/04/2010	19/04/2010	-	Active	NO
5	U74300MH2007PTC170088	KYOORIUS DIGITAL PRIVATE LIMITED	Director	19/01/2011	19/01/2011	-	Active	NO
6	U74300MH1991GAP062428	INDIA CHAPTER OF INTERNATIONAL ADVERTISING ASSOCIATION.	Director	26/09/2014	26/09/2014	-	Active	NO

Name :

Mr. Vikash Kejriwal

Designation :

Director

Address :

No.F-404, Adarsh Residency, 47^th Cross, 8^th Block, Jayanagar, Bangalore – 560 082, Karnataka, India

Date of Birth/Age :

14.12.1962

Qualification :

Engineering

Experience :

25 Years

Date of Appointment :

28.09.2000

DIN No.:

00210234

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	U21098KA1997PTC021927	TRANSASIA SALES PRIVATE LIMITED	Director	13/07/2000	13/07/2000	-	Active	NO
2	U85110KA2000PTC027866	TRANSASIA FINE PAPERS PRIVATE LIMITED	Director	28/09/2000	28/09/2000	-	Active	NO
3	U74999MH2010PTC202016	KYOORIUS COMMUNICATIONS PRIVATE LIMITED	Director	19/04/2010	19/04/2010	-	Active	NO
4	U74300MH2007PTC170088	KYOORIUS DIGITAL PRIVATE LIMITED	Director	19/01/2011	19/01/2011	-	Active	NO

Name :

Mr. Nipun Santosh Kejriwal

Designation :

Additional Director

Address :

No.3, Flat No.304, Adarsh Residency, 4^th Cross, Jaynagar, 8^th Block, Bangalore – 560 082, Karnataka, India

Date of Birth/Age :

23.01.1985

Qualification :

MBA

Experience :

10 Years

Date of Appointment :

29.08.2008

DIN No.:

02302186

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	U85110KA2000PTC027866	TRANSASIA FINE PAPERS PRIVATE LIMITED	Additional director	29/08/2008	29/08/2008	-	Active	NO
2	U21098KA1997PTC021927	TRANSASIA SALES PRIVATE LIMITED	Additional director	29/08/2008	29/08/2008	-	Active	NO

Name :

Mr. Vijay Kumar Phool Chand Dalmia

Designation :

Additional Director

Address :

No.171, 05-Cross, G.K.W. Layout, Vijayanagar, Bangalore – 560 040, Karnataka, India

Date of Birth/Age :

14.12.1961

Qualification :

Graduate

Experience :

23 Years

Date of Appointment :

29.08.2008

DIN No.:

02302196

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	U85110KA2000PTC027866	TRANSASIA FINE PAPERS PRIVATE LIMITED	Additional director	29/08/2008	29/08/2008	-	Active	NO
2	U21098KA1997PTC021927	TRANSASIA SALES PRIVATE LIMITED	Additional director	29/08/2008	29/08/2008	-	Active	NO

Name :

Mr. Omprakash Kejriwal

Designation :

Director

Address :

No.F-404, Adarsh Residency, 47^th Cross, 8^th Block, Jayanagar, Bangalore – 560 082, Karnataka, India

Date of Birth/Age :

21.01.1938

Qualification :

Graduate

Experience :

50 Years

Date of Appointment :

28.09.2002

DIN No.:

00199272

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2013

Names of Shareholders	No. of Shares
Rajesh Kejriwal	1000
Omprakash Kejriwal	1000
Vikash Kejriwal	1000
Akshay Kejriwal	1000
Nipun Kejriwal	1000
Alka Kejriwal	1000
Chandrakala Kejriwal	1000
Santosh Kejriwal	1000
Sangeetha Kejriwal	1000
Rekha Kejriwal	1000
Kyoorius Communications Private Limited, India [Olive Shelters Private Limited (Old Name)]	415000
Total	425000

AS ON 30.09.2013

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	97.65
Directors or relatives of directors	2.35
Total	100.00

BUSINESS DETAILS

Line of Business :	Trader of Paper and Paper Products.
Products :	Papers and Stationery
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Available
Imports :
Products :	Fine Papers
Countries :	Japan China Korea UK Italy China, etc.
Terms :
Selling :	Cash and Credit (30 days)
Purchasing :	Cash and Credit (60 days)

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

Garda Daewoo

Customers :

End Users

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

No. of Employees :

85 (Approximately)

Bankers :

Banker Name	Standard Chartered Bank
Branch Address	SME Credit, 23-25, M.G. Road, Fort, Mumbai – 400 001, 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)	Rs.55.000 millions
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

• HDFC Bank Limited
• ICICI Bank Limited

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
LONG TERM BORROWINGS
Long Term maturities of Finance Lease Obligations
- HDFC Car Loan (Secured against Cars)	NA	1.375
SHORT TERM BORROWINGS
Working Capital Loan
- Standard Chartered Bank (Secured against Hypothecation of book debts and stock and present and future movable and immovable assets of the company and personally guaranteed by Directors and Corporate Guarantee of Group of Company)	NA	35.150
Total	NA	36.525

Banking Relations :	--
Financial Institutions :	Bajaj Finance Limited, Akrudi-Pune, Pune – 411 035, Maharashtra, India
Auditors :
Name :	Sharma and Pagaria Chartered Accountants
Address :	No.8, IV Floor, Laxmi Complex, No.40, K.R. Road, Bangalore – 560 002, Karnataka, India
PAN No.:	AAKFS9247B
Memberships :	Not Available
Collaborators :	Not Available
Holding Company (As on 31.03.2013) :	Kyoorius Communications Private Limited, India (CIN No.: U74999MH2010PTC202016)
Subsidiaries (As on 31.03.2013) :	Kyoorius Digital Private Limited CIN No.: U74300MH2007PTC170088 Address: 2^nd Floor, Kohinoor Estate, 165, Tulsi Pipe Road, Lower Parel, Mumbai – 400 013, Maharashtra, India
Associates (As on 31.03.2013) :	· Transasia Sales Private Limited Address: 2^nd Floor, Kohinoor Estate, 165, Tulsi Pipe Road, Lower Parel, Mumbai – 400 013, Maharashtra, India · Transasia Sales Syndicate (Tdg) · Transasia Fine Papers HYD · Transasia Marketing Private Limited

CAPITAL STRUCTURE

AS ON 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs.10.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
425000	Equity Shares	Rs.10/- each	Rs.4.250 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	4.250	4.250	4.250
(b) Reserves & Surplus	52.937	50.958	50.227
(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)	57.187	55.208	54.477
(3) Non-Current Liabilities
(a) Long-term borrowings	123.216	85.854	64.671
(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	0.000	0.000	0.000
Total Non-current Liabilities (3)	123.216	85.854	64.671
(4) Current Liabilities
(a) Short term borrowings	33.185	35.150	55.056
(b) Trade payables	1.078	11.840	5.205
(c) Other current liabilities	14.380	46.085	7.670
(d) Short-term provisions	0.000	0.000	0.000
Total Current Liabilities (4)	48.643	93.075	67.931
TOTAL	229.046	234.137	187.079
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	27.721	30.272	30.372
(ii) Intangible Assets	0.224	0.374	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	12.100	12.100	12.100
(c) Deferred tax assets (net)	1.036	0.704	0.398
(d) Long-term Loan and Advances	0.616	0.503	6.544
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	41.697	43.953	49.414
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	119.936	125.359	98.595
(c) Trade receivables	39.616	38.238	30.666
(d) Cash and cash equivalents	3.186	9.539	4.722
(e) Short-term loans and advances	23.574	13.987	3.682
(f) Other current assets	1.037	3.061	0.000
Total Current Assets	187.349	190.184	137.665
TOTAL	229.046	234.137	187.079

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	179.064	166.751	139.923
		Other Income	5.451	1.494
		TOTAL	184.515	168.245	139.923
Less	EXPENSES
		Purchases	85.070	106.402	139.952
		Variation in Stock	5.423	(26.763)
		Employee Benefit Expenses	18.128	25.236
		Other Expenses	53.975	47.798
		TOTAL	162.596	152.673	135.952 (including financial and depreciation)
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		21.919	15.572
Less	FINANCIAL EXPENSES		16.036	10.313
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		5.883	5.259
Less/ Add	DEPRECIATION/ AMORTISATION		3.475	3.448
	PROFIT/ (LOSS) BEFORE TAX		2.408	1.811	3.971
Less	TAX		0.429	1.080	1.041
	PROFIT/ (LOSS) AFTER TAX		1.979	0.731	2.930
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		42.208	41.477	38.547
	BALANCE CARRIED TO THE B/S		44.187	42.208	41.477
	EARNINGS IN FOREIGN CURRENCY
		Export of Goods (FOB)	NA	1.344	1.169
	TOTAL EARNINGS		NA	1.344	1.169
	IMPORTS VALUE		85.070	106.402	NA
	Earnings / (Loss) Per Share (Rs.)		0.47	0.17	NA

Expected Sales (2014-2015): Rs.180.000 millions

The above information has been parted by Mr. Rajesh Kejriwal (Director).

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	1.11	0.44	NA
Operating Profit Margin (PBDIT/ Sales)	(%)	12.24	9.34	NA
Return on Total Assets (PBT/Total Assets}	(%)	1.12	0.82	2.27
Return on Investment (ROI) (PBT/Networth)		0.04	0.03	0.07
Debt Equity Ratio (Total Debt/Networth)		2.73	2.19	2.20
Current Ratio (Current Asset/Current Liability)		3.85	2.04	2.03

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	4.250	4.250	4.250
Reserves & Surplus	50.227	50.958	52.937
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	54.477	55.208	57.187
Long Term borrowings	64.671	85.854	123.216
Short Term borrowings	55.056	35.150	33.185
Total borrowings	119.727	121.004	156.401
Debt/Equity ratio	2.198	2.192	2.735

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)
Total Income	139.923	168.245	184.515
		20.241	9.670

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Total Income	139.923	168.245	184.515
Profit	2.930	0.731	1.979
	2.09%	0.43%	1.07%

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	Yes
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	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	Yes
18]	Major customers	No
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	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

UNSECURED LOANS

PARTICULARS	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
LONG TERM BORROWINGS
Loans and Advances from Related Parties
- Unsecured Loans from Directors and Shareholders	NA	77.279
- Corporate	NA	7.200
Total	NA	84.479

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10493417	26/05/2014 *	50,000,000.00	STANDARD CHARTERED BANK	CRESCENZO, 3A/F, PLOT NO. C-38 AND 39, BANDRA KURLA COMPLEX, BANDRA EAST, MUMBAI, MAHARASHTRA - 400051, INDIA	C05863501
2	10473307	15/03/2013	24,000,000.00	BAJAJ FINANCE LIMITED	AKURDI PUNE-, PUNE, MAHARASHTRA - 411035, INDIA	B81563504
3	10271012	28/01/2011	16,000,000.00	STANDARD CHARTERED BANK	SME CREDIT, 23-25, M G ROAD, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA	B07769953
4	10191998	31/07/2012 *	17,500,000.00	STANDARD CHARTERED BANK	SME CREDIT, 23-25, M G ROAD, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA	B45651932
5	10053773	16/01/2009 *	91,000,000.00	STANDARD CHARTERED BANK	SME CREDIT, 23-25, M G ROAD,, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA	A56351984

* Date of charge modification

FIXED ASSETS:

Tangible Assets

· Air Conditioner

· Buildings

· Computer and Peripherals

· Furniture and Fixtures

· Vehicles

· Commercial Vehicles

· Office Equipments

Intangible Assets

· KDY and Job Websites

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.62.14
UK Pound	1	Rs.95.78
Euro	1	Rs.71.05

INFORMATION DETAILS

Information Gathered by :	HNA
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	--

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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.