MIRA INFORM REPORT

Report No. :	305199
Report Date :	29.01.2015

IDENTIFICATION DETAILS

Name :	JSW INVESTMENTS PRIVATE LIMITED (w.e.f. 29.09.2006)

Formerly Known As :	SAMARTH HOLDINGS PRIVATE LIMITED

Registered Office :	JSW Center, Bandra Kurla Complex, Bandra (East), Mumbai – 400051, Maharashtra

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	31.03.2005

Com. Reg. No.:	11-152325

Capital Investment / Paid-up Capital :	Rs. 4671.000 Millions

CIN No.: [Company Identification No.]	U65993MH2005PTC152325

IEC No.:	Not Available

TAN No.: [Tax Deduction & Collection Account No.]	Not Available

PAN No.: [Permanent Account No.]	AAJCS2498G

Legal Form :	Private Limited Liability Company

Line of Business :	Subject is primarily engaged in the business of Investing and Financing.

No. of Employees :	Information declined by the management.

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

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

Status :	Satisfactory

Payment Behaviour :	Slow but correct

Litigation :	Clear

Comments :	Subject is an established company having satisfactory track. Trade relations are fair. Business is active. Payment terms are reported as 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.

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 DENIED

Management Non-cooperative (91-22-42861000)

LOCATIONS

Registered Office :	JSW Centre, Bandra Kurla Complex, Bandra (East), Mumbai – 400051, Maharashtra, India
Tel. No.:	91-22-42863000
Fax No.:	91-22-42861000
E-Mail :	deepak.bhat@jsw.in

DIRECTORS

AS ON 29.09.2014

Name :	Mr. Vineet Agrawal
Designation :	Director
Address :	B - 1203, Shagun Towers, Film City Road, Malad (East), Mumbai – 400097, Maharashtra, India
Date of Birth/Age :	04.08.1972
Date of Appointment :	14.09.2012
DIN No. :	02027288

Name :	Mr. Kishorekumar Ramswaroop Mundra
Designation :	Director
Address :	2505/06, Rejoice, 25^th Floor, The City of Joy, Jata Shankar Dosa Marg, Mulund (West), Mumbai – 400080, Maharashtra, India
Date of Birth/Age :	17.05.1972
Date of Appointment :	30.09.2011
DIN No. :	03443171

Name :	Mr. Sundeep Kumar Jain
Designation :	Additional Director
Address :	A-3 Citizen Housing Society, 206 Veer Savarkar Marg, Near Hinduja Hospital, Mahim (west), Mumbai – 400016, Maharashtra, India
Date of Birth/Age :	04.06.1976
Date of Appointment :	29.09.2014
DIN No. :	06713726

MAJOR SHAREHOLDERS

As on 29.09.2014

Names of Equity Shareholders		No. of Shares
Sangita Sajjan Jindal		2049780
Sajjan Jindal		100
PRJ Family Management Company Pvt as Trustees for PRJ Holdings Pvt. Trust		10
Lineage Management Services Limited as Trustee for Heritage Trust		10
Balwant Ranka (nominee of Mrs. Sangita Jindal)		100
Total		2050000

8% Cumulative Optionally Convertible Preference Shareholders

Names of Preference Shareholders		No. of Shares
Gagan Trading Company Limited, India		91150000
JSW Holdings Limited, India		65600000
JSW Realty and Infrastructure Private Limited, India		100000000
Jindal Steel and Alloys Limited, India		18000000
Vrindavan Services Private Limited, India		11650000
Sun Investments Private Limited, India		57950000
Total		344350000

10% Non Cumulative Redeemable Preference Shareholders

Names of Preference Shareholders		No. of Shares
Tranquil Homes and Holdings Private Limited, India		30200000
Total		30200000

8% Non-Cumulative Non-Convertible Preference Shareholders

Names of Preference Shareholders		No. of Shares
Jindal Steel and Alloys Limited, India		13500000
Sun Investments Private Limited, India		58000000
Vrindavan Services Private Limited, India		19000000
Total		90500000

As on 29.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Directors or relatives of Directors	99.99
Other top fifty shareholders	0.01
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is primarily engaged in the business of Investing and Financing.

Products / Services :

Item Code No. (ITC Code)	Product Description
99711390	Investment Company

Brand Names :

Not Divulged

Agencies Held :

Not Divulged

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Selling :

Not Divulged

Purchasing :

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
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

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 :

Information declined by the management.

Bankers :

Banker Name	Not Divulged
Branch Address	Not Divulged
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)
LONG TERM BORROWINGS
Debenture	16360.000	13860.000
Rupee term Loan from Others	4300.000	1500.000

SHORT TERM BORROWINGS
Rupee term Loan from Others	3500.000	2750.000
Total	24160.000	18110.000


Financial Institute	Axis Trustee Services Limited, Axis House, 2nd Floor, Bombay Dyeing Mills Compound, Pandurang Budhkar Marg, Worli, Mumbai, Maharashtra - 400025, India IDBI Trusteeship Services Limited, Asian Building, Ground Floor, Ballard Estate, Mumbai, Maharashtra - 400001, India

Auditors :
Name :	Shah Gupta and Company Chartered Accountants
Address :	38 bombay Mutual Building, 2^nd Floor, Dr. DN Road, Fort, Mumbai – 400001, Maharashtra, India
PAN No.:	AAAFS7702F

Memberships :	Not Available

Collaborators :	Not Available

Subsidiaries/ Sub-subsidiaries:	JSW Cement Limited JSW Aluminium Limited JSW Projects Limited JSW Energy Investments Private Limited JSW Green Private Limited South West Mining Limited JSW Infrastructure Fintrade Private Limited Sapphire Technologies Limited Sapphire Airlines Private Limited JSW Sports Private Limited (Subsidiary from October 30, 2012) Jindal Nandanavan Kendra Private Limited (Sub-subsidiary) Eco Sand and Ore Limited (Sub-subsidiary) Mumbai United Football Club Private Limited.(earlier known as JSW Water Resources (Bengal) Private Limited (Sub-subsidiary) JSW Infrastructure Limited (Sub-subsidiary) JSW Jaigarh Port Limited (Sub-subsidiary) JSW Shipyard Private Limited (Sub-subsidiary) JSW Jaigarh Infrastructure Development Private Limited (Sub-subsidiary) Nalwa Fintrade Private Limited (Sub-subsidiary) Dhamankhol Fintrade Private Limited. (Sub-subsidiary) Vanity Fintrade Private Limited (Sub-subsidiary) South West Port Limited (Sub-subsidiary) JSW Nandgaon Port Private Limited (Sub-subsidiary) JSW Dharamtar Port Private Limited (Sub-subsidiary from September 24, 2012)

Associates:	JSW Energy Limited Descon Limited Rohne Coal Company Private Limited

Other related parties with whom the company has entered into transactions during the year:	JSW Steel Limited Sun Investments Private Limited JSW Techno Projects Management Limited Adhunik Residency Private Limited (up to January 4, 2012) JSOFT Solutions Limited Reynold Traders Private Limited Vinamra Properties Private Limited Gopal Traders Private Limited Realcom Reality Private Limited

CAPITAL STRUCTURE

As on 29.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

127500000	Equity Shares	Rs.10/- each	Rs.1275.000 Millions
472500000	Preferences Shares	Rs.10/- each	Rs. 4725.000 Millions
	Total		Rs. 6000.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

2050000	Equity Shares	Rs.10/- each	Rs. 20.500 Millions
465050000		Rs.10/- each	Rs. 4650.500 Millions
467100000	Total		Rs. 4671.000 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	4671.000	4671.000	4671.000
(b) Reserves & Surplus	(12464.216)	(7853.551)	(7323.151)
(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)	(7793.216)	(3182.551)	(2652.151)

(3) Non-Current Liabilities
(a) long-term borrowings	20870.000	16239.500	14957.500
(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	16.050	16.050	16.050
Total Non-current Liabilities (3)	20886.050	16255.550	14973.550

(4) Current Liabilities
(a) Short term borrowings	3620.135	2797.650	208.033
(b) Trade payables	5.216	2.244	1.971
(c) Other current liabilities	3060.000	505.655	3878.825
(d) Short-term provisions	0.000	0.000	0.000
Total Current Liabilities (4)	6685.351	3305.549	4088.829

TOTAL	19778.185	16378.548	16410.228

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	4.535	0.640	0.673
(ii) Intangible Assets	0.167	0.335	0.502
(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	18116.262	16310.054	14948.110
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	266.316	5.076	3.139
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	18387.280	16316.105	14952.424

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	26.209	2.566	0.000
(d) Cash and cash equivalents	1355.724	59.873	1445.578
(e) Short-term loans and advances	3.445	0.004	0.022
(f) Other current assets	5.527	0.000	12.204
Total Current Assets	1390.905	62.443	1457.804

TOTAL	19778.185	16378.548	16410.228

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012

	TOTAL INCOME	1219.586	335.011	632.505

	TOTAL EXPENSES	1253.873	864.747	886.741

Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX AND EXCEPTIONAL ITEMS	(34.287)	(529.736)	(254.236)

	Exceptional Items	0.000	0.000	5293.750

	PROFIT/ (LOSS) BEFORE TAX	(34.287)	(529.736)	(5547.986)

Less	TAX	(0.665)	0.664	0.000

	PROFIT/ (LOSS) AFTER TAX	(33.622)	(530.400)	(5547.986)

	Earnings / (Loss) Per Share (Rs.)	(0.07)	(1.14)	(11.88)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
PARTICULARS
Net Profit Margin PAT / Sales	(%)	(2.76)	(158.32)	(877.15)

Return on Total Assets (PBT/Total Assets}	(%)	(2.06)	(773.40)	(379.45)

Return on Investment (ROI) (PBT/Networth)		0.00	0.17	2.09

Debt Equity Ratio (Total Debt /Networth)		(3.14)	(5.98)	(5.72)

Current Ratio (Current Asset/Current Liability)		0.21	0.02	0.36

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	4671.000	4671.000	4671.000
Reserves & Surplus	(7323.151)	(7853.551)	(12464.216)
Net worth	(2652.151)	(3182.551)	(7793.216)

long-term borrowings	14957.500	16239.500	20870.000
Short term borrowings	208.033	2797.650	3620.135
Total borrowings	15165.533	19037.150	24490.135
Debt/Equity ratio	(5.718)	(5.982)	(3.142)

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	632.505	335.011	1219.586
		(47.034)	264.044

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	632.505	335.011	1219.586
Profit	(5547.986)	(530.400)	(33.622)
	(877.15%)	(158.32%)	(2.76%)

LOCAL AGENCY FURTHER INFORMATION

CURRENT MATURITIES OF LONG TERM DEBTS

Particulars

31.03.2014

(Rs. In Millions)

31.03.2013

(Rs. In Millions)

31.03.2012

(Rs. In Millions)

Current maturities of long-term debt

2700.000

0.000

3800.000

Total

2700.000

0.000

3800.000

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	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	-----------------------
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	----------------------
22]	Litigations that the firm / promoter involved in	----------------------
23]	Banking Details	No
24]	Banking facility details	Yes
25]	Conduct of the banking account	----------------------
26]	Buyer visit details	----------------------
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

Note:

The Registered office of the company has been shifted Jindal Mansion 5-A, Dr. G Deshmukh Marg, Mumbai – 400026, Maharashtra, India to the present address w.e.f. 01.08.2013

REVIEW OF OPERATIONS

During the year, The Company has earned total income of Rs.1219.500 Millions mainly comprising of dividend income, profit on sale of investments, pledge fees and license fees for trade mark as compared to previous year’s total income of Rs.335.000 Millions comprising of dividend income and license fees for trade mark. The total expenditure incurred during the year is Rs.1253.900 Millions comprising mainly of finance costs of Rs.1235.000 Millions as compared to previous year’s total expenditure of Rs.864.700 Millions comprising mainly of finance costs of Rs.862.000 Millions.

The Company has made long term strategic investments in the equity shares of JSW group companies, during the year. It continues to focus on making long-term strategic investments in various companies and new ventures of the JSW Group.

Pursuant to an internal realignment / reorganisation of the shareholdings within the O. P. Jindal Group, the Company and one of its subsidiaries have transferred by way of gift, its investments in equity shares of certain listed companies forming part of the O. P. Jindal Group in favour of certain companies, which also form part of the O. P. Jindal Group. Consequently, the carrying value of the investments gifted by the Company of Rs.2628.600 Millions and adjustment of Rs.1948.400 Millions in the carrying value of the investment in the subsidiary, aggregating to Rs.4577.000 Millions has been adjusted against "Reserves and Surplus".

UNSECURED LOANS

PARTICULAR	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
LONG TERM BORROWINGS
Rupee term Loan from Others	210.000	879.500

SHORT TERM BORROWINGS
Loans repayable on demand from Others	5.135	22.650
Loans and advances from Directors	115.000	25.000
Total	330.135	927.150

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10537454	10/12/2014	500,000,000.00	L&T FinCorp Limited	L & T HOUSE, BALLARD ESTATE, MUMBAI, Maharashtra - 400001, INDIA	C37427317
2	10538058	05/12/2014	500,000,000.00	STCI Finance Limited	A/B 1-802, A WING 8TH FLOOR, MARATHON INNOVA, MARATHON NEXTGEN COMPOUND, OFF. G.K. MARG, LOWER PAREL WEST MUMBAI, Maharashtra - 400013, INDIA	C37736279
3	10538060	05/12/2014	600,000,000.00	STCI Finance Limited	A/B 1-802, A WING 8TH FLOOR, MARATHON INNOVA, MARATHON NEXTGEN COMPOUND, OFF. G.K. MARG, LOWER PAREL WEST MUMBAI, Maharashtra - 400013, INDIA	C37737012
4	10529208	24/10/2014	400,000,000.00	AXIS FINANCE LIMITED	Axis House, Ground Floor, Wadia International Centre, Worli, Mumbai, Maharashtra - 400025, INDIA	C32316721
5	10529210	24/10/2014	610,000,000.00	AXIS FINANCE LIMITED	Axis House, Ground Floor, Wadia International Centre, Worli, Mumbai, Maharashtra - 400025, INDIA	C32317604
6	10513476	16/04/2014	4,500,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	Asian Building, Ground Floor, Ballard Estate, Mumbai, Maharashtra - 400001, INDIA	C14796148
7	10483757	14/03/2014	4,500,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	Asian Bldg., Ground Floor, 17, R.Kamani Marg, Ballard Estate, MUMBAI, Maharashtra - 400001, INDIA	B98905953
8	10339637	15/02/2012	3,750,000,000.00	Axis Trustee Services Limited	Axis House, 2nd Flr, Bombay Dyeing Mills Compound, Pandurang Budhkar Marg, Worli, Mumbai, Maharashtra - 400025, INDIA	B33493222
9	10310674	26/09/2011	3,360,000,000.00	Axis Trustee Services Limited	Axis House, 2nd Flr, Bombay Dyeing Mills Compound, Pandurang Budhkar Marg, Worli, Mumbai, Maharashtra - 400025, INDIA	B22283170
10	10242212	09/09/2010	250,000,000.00	Axis Trustee Services Limited	MAKER TOWERS 'F', 13TH FLOOR, CUFFE PARADE, COLAB A, MUMBAI, Maharashtra - 400005, INDIA	A95471512

* Date of charge modification

PRESS RELEASE

JSW Steel promoter hikes stake to 5.43 per cent for Rs. 250.000 Millions

NEW DELHI:

JSW Investments, a promoter group firm of JSW Steel, has raised stake in the steel maker by 0.10 per cent to 5.43 per cent for Rs 246.800 Millions.

JSW Investments had 5.33 per cent stake or 12.900 Millions shares in JSW Steel before the transactions, held on the National Stock Exchange in two tranches, the company said in a regulatory filing on Wednesday.

JSW Investments had bought 0.150 Millions shares on January 10 for Rs 153.900 Millions, and 91,000 shares on January 13 for Rs 92.900 Millions.

Following these transactions, JSW Investments hold 5.43 per cent stake or 13.000 Millions shares in the firm, as on January 14.

The promoter group firm, which had 3.43 per cent stake in JSW Steel as on September-end, has been acquiring shares from the open market.

By December-end, it had already raised its stake to 4.1 per cent. By the same period, JSW Steel's promoters held 37.31 per cent stake in the firm.

Jindal South West Holdings and Jindal Energy Investments are the two promoter group firms which have more than 5 per cent stake in the company.

As on 3:19 p.m., shares in JSW Steel were trading ar Rs. 987.00 apiece on the BSE, down 1.94 per cent from the previous close.

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

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

2] Court Declaration :

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

3] Asset Declaration :

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

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

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

Charges or investigation registered against subject: None

7] Criminal Records

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

8] Affiliation with Government :

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

9] Compensation Package :

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

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

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

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

CONTRAVENTION

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs. 61.41
UK Pound	1	Rs. 93.18
Euro	1	Rs. 69.82

INFORMATION DETAILS

Information Gathered by :	PRT

Analysis Done by :	SUB

Report Prepared by :	TRU

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--CREDIT LINES	1~10	4
--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	NO
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		42

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.

MIRA INFORM REPORT

2700.000

Unit