MIRA INFORM REPORT

Report No. :	326306
Report Date :	08.06.2015

IDENTIFICATION DETAILS

Name :	IRIS COMPUTERS LIMITED
Registered Office :	E-69, Vasant Marg, Vasant Vihar, New Delhi – 110057
Tel. No.:	91-11-26146808/ 26782505/ 54/ 26782505
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	28.08.1996
Com. Reg. No.:	55-081490
Capital Investment / Paid-up Capital :	Rs. 41.368 Million
CIN No.: [Company Identification No.]	U72100DL1996PLC081490
TIN No. :	07060189977
TAN No.: [Tax Deduction & Collection Account No.]	DELI02189F
PAN No.: [Permanent Account No.]	AAACI9670H
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Distributor of IT Products.
No. of Employees :	350 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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. The rating reflects established market position of ICL in the business of distribution of computers, consistent growth in the operations, wide distribution network, its long association with the reputed vendors and sound general financial position 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 – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long term ratings: “BBB+”
Rating Explanation	Moderate degree at safety and moderate credit risk.
Date	26.11.2014

Rating Agency Name	CARE
Rating	Short term ratings: “A3+”
Rating Explanation	Moderate degree at safety and high credit risk.
Date	26.11.2014

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 31-03-2013.

INFORMATION PARTED BY

Name :	Mr. Rakesh Binal
Designation :	Senior Manager in Account and Finance
Contact No.:	91-11-26782505
Date :	05.06.2015

LOCATIONS

Registered Office :	E-69, Vasant Marg, Vasant Vihar, New Delhi – 110057, India
Tel. No.:	91-11-26146808/ 26782505/ 54/ 26782505
Fax No.:	91-11-26149613/ 26782510
E-Mail :	sanjiv.krishen@iriscomputers.net iriscare@iriscomputers.net rakesh.bihal@iris.com anilguptaca@hotmail.com rakesh.bihal@iriscomputers.net somarya@iriscomputers.net
Website :	www.iriscomputers.net
Locations :	Owned
Corporate Office :	A-155, Road No.4, Mahipalpur, New Delhi – 110037, India
Tel. No.:	91-11-26782505
Fax No.:	91-11-26782510/ 11
Head / Branch Office 1:	8, Goyal Intercity Row House Near Drive In Cinema, Drive In Road, Thaltej, Ahmedabad, Gujarat, India
Branch Office 2:	No.9, 1^st Floor Lalitha Nagar Colony, Wellington Road, West Marredpally, Secunderabad – 500026, Andhra Pradesh, India
Branch Office 3:	3C-1, 3^rd Floor, ‘C’ Wing, Gundecha Onclave, Kherani Road, Andheri (East), Mumbai – 400702, Maharashtra, India

DIRECTORS

As on 16.09.2014

Name :

Mr. Sanjiv Krishen

Designation :

Director

Address :

E-69, Vasant Marg, Vasant Vihar, New Delhi – 110057, India

Date of Birth/Age :

24.03.1948

Qualification :

B.E. Electronics (Hons)

Date of Appointment :

28.08.1996

PAN No.:

AASPK3393E

DIN No :

01356670

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	U72100DL1996PLC081490	IRIS COMPUTERS LIMITED	Director	28/08/1996	28/08/1996	-	Active	NO
2	U80221DL2002PTC114903	COMPAREX India Private Limited	Director	09/04/2002	09/04/2002	14/10/2011	Active	NO
3	U45201DL2004PTC123800	ZYGON INFRASTRUCTURES PRIVATE LIMITED	Director	07/10/2004	07/10/2004	07/09/2008	Active	NO
4	U72200DL2005PTC137596	YULAN SOFTWARE PRIVATE LIMITED	Director	14/06/2005	14/06/2005	-	Strike off	NO
5	U30007DL2005PTC142032	IMPACT IT SOLUTIONS PRIVATE LIMITED	Director	22/05/2006	22/05/2006	-	Active	NO
6	U28910DL2007PTC163399	IMPACT INFRASTRUCTURE PRIVATE LIMITED	Director	14/05/2007	14/05/2007	-	Active	NO
7	U72200DL2007PTC170127	Impact IT Outsourcing Private Limited	Director	02/11/2007	02/11/2007	-	Strike off	NO
8	U72900DL2009PTC189527	IRIS GLOBAL SERVICES PRIVATE LIMITED	Whole-time director	20/04/2009	20/04/2009	-	Active	NO
9	U71210DL2009PTC190128	IRIS CDP Rental Private Limited	Director	08/05/2009	08/05/2009	-	Active	NO
10	U93030MH2013NPL239265	Technology Distribution Association of India	Director	20/01/2014	20/01/2014	-	Active	NO

Name :

Mr. Vishal Sopory

Designation :

Director

Address :

1001, Tower 5, Uniworld Garden, Sohna Road, Gurgaon – 122001, Haryana, India

Date of Birth/Age :

14.09.1977

Qualification :

B. Tech , MBA

Date of Appointment :

24.03.2014

DIN No :

05135147

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	U72900DL2004PTC125935	TRANSTEK INFOWAYS PRIVATE LIMITED	Director	29/09/2012	01/12/2011	21/12/2013	Active	NO
2	U72200DL2011PTC228704	OBI MOBILES PRIVATE LIMITED	Director	13/12/2011	13/12/2011	-	Active	NO
3	U72900DL2012PTC230061	SECURX SYSTEMS PRIVATE LIMITED	Director	16/01/2012	16/01/2012	-	Active	NO
4	U35929DL2012PTC230418	WEB AUTO RESOURCES PRIVATE LIMITED	Director	23/01/2012	23/01/2012	-	Active	NO
5	U72200DL2012PTC232579	ONE CUBE SOLUTIONS PRIVATE LIMITED	Director	09/03/2012	09/03/2012	-	Active	NO
6	U50300DL2013PTC258133	CMT DISTRILINKS PRIVATE LIMITED	Director	19/09/2013	19/09/2013	-	Active	NO
7	U72100DL1996PLC081490	IRIS COMPUTERS LIMITED	Whole-time director	24/03/2014	17/12/2013	-	Active	NO

Name :

Mr. Neeraj Chauhan

Designation :

Director

Address :

G-603, Central Park - I, Sector 42, Gurgaon – 122009, Haryana, India

Date of Birth/Age :

20.12.1970

Qualification :

B. Tech, MIB

Date of Appointment :

24.03.2014

DIN No :

01107700

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	U72200DL2006PTC156310	Crazypricing eTail Private Limited	Additional director	30/03/2007	30/03/2007	29/09/2007	Active	NO
2	U51101DL2007PTC171871	GLOBAL INFONET DISTRIBUTION PRIVATE LIMITED	Managing director	15/12/2010	01/04/2009	12/10/2011	Active	NO
3	U74120DL2009PTC195224	OMANG TECHNOLOGIES PRIVATE LIMITED	Director	14/10/2009	14/10/2009	15/06/2012	Active	NO
4	U72900DL2004PTC125935	TRANSTEK INFOWAYS PRIVATE LIMITED	Director	29/09/2012	01/12/2011	16/12/2013	Active	NO
5	U72200DL2011PTC228704	OBI MOBILES PRIVATE LIMITED	Director	13/12/2011	13/12/2011	-	Active	NO
6	U72900DL2012PTC230061	SECURX SYSTEMS PRIVATE LIMITED	Director	16/01/2012	16/01/2012	-	Active	NO
7	U35929DL2012PTC230418	WEB AUTO RESOURCES PRIVATE LIMITED	Director	23/01/2012	23/01/2012	-	Active	NO
8	U72200DL2012PTC232579	ONE CUBE SOLUTIONS PRIVATE LIMITED	Director	09/03/2012	09/03/2012	-	Active	NO
9	U72100DL1996PLC081490	IRIS COMPUTERS LIMITED	Director	24/03/2014	17/12/2013	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Rakesh Binal
Designation :	Senior Manager in Account and Finance

MAJOR SHAREHOLDERS

As on 16.09.2014

Names of Shareholders	No. of Shares
Sanjiv Kirshen	413671
Inflexionpoint Technologies Pte. Limited, Singapore	3723085
Karan Bhatia	1
Vishal Sopory	1
Akash Deep Sharma	1
Sanket Sinha	1
M. R. Binu Chandran	1
Total	4136761

As on 16.09.2014

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	90.00
Directors or relatives of Directors	9.99
Other top fifty shareholders	0.01
Total	100.00

BUSINESS DETAILS

Line of Business :

Distributor of IT Products.

Products :

Item Code No. (ITC Code)	Product Description
99611841	Computing Machines and Packaged Softwares

Brand Names :

Not Available

Agencies Held :

· HP

· Lenova

· Dell

· Samsung

Exports :

Not Available

Imports :

Not Available

Terms :

Selling :

Cash, Cheque and Credit

Purchasing :

Cash, Cheque and Credit

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 :

350 (Approximately)

Bankers :

· The Hongkong and Shanghai Banking Corporation Limited, Birla Towers, 25, Barakhambha Road,, New Delhi - 110001, India

· ABN Amro Bank N.V, Hansalya Building, 15 Barakhamba Road, New Delhi - 110001, India

· Standard Chartered Bank, Narian Manzil, 23, Barakhamba Road, New Delhi - 110001, India

· Barclays Bank PLC, Eros Corporate Towers, Nehru Place, New Delhi - 110019, India

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
SHORT TERM BORROWINGS
Working Capital Loans from Banks (Mortgage of all present and future assets of the company. Property in the name of directors of the company)	1088.951	920.003
Total	1088.951	920.003

Financial Institution :	3I Infotech Trusteeship Services Limited, 3^rd to 6^th Floor, International Infotech Park, Tower No.5, Vashi Railway Station Complex, Vashi, Navi Mumbai - 400703, Maharashtra, India
Auditors :
Name :	S R Batliboi and Associates LLP Chartered Accountants
Address :	New Delhi, India
Income-tax PAN of auditor or auditor's firm :	ACHFS9118A
Holding Company :	Inflexionpoint Technologies Pte. Limited, Singapore

CAPITAL STRUCTURE

As on 16.09.2014

Authorised Capital:

No. of Shares	Type	Value	Amount
4500000	Equity Shares	Rs.10/- each	Rs. 45.000 Million

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
4136761	Equity Shares	Rs.10/- each	Rs. 41.368 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	41.368	41.368	41.368
(b) Reserves & Surplus	717.499	609.795	578.681
(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)	758.867	651.163	620.049
(3) Non-Current Liabilities
(a) long-term borrowings	0.589	0.960	0.735
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	10.434
(d) long-term provisions	5.299	4.979	5.309
Total Non-current Liabilities (3)	5.888	5.939	16.478
(4) Current Liabilities
(a) Short term borrowings	1088.951	920.003	625.868
(b) Trade payables	3878.421	3726.564	1815.584
(c) Other current liabilities	126.330	87.182	46.019
(d) Short-term provisions	29.587	13.425	167.634
Total Current Liabilities (4)	5123.289	4747.174	2655.105
TOTAL	5888.044	5404.276	3291.632
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	17.776	11.817	8.866
(ii) Intangible Assets	1.551	0.055	0.208
(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	0.000	4.691	0.000
(c) Deferred tax assets (net)	22.973	14.048	13.545
(d) Long-term Loan and Advances	2.975	3.599	4.868
(e) Other Non-current assets	28.372	19.898	0.000
Total Non-Current Assets	73.647	54.108	27.487
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	1690.303	1454.554	1002.259
(c) Trade receivables	3900.400	3803.668	1882.412
(d) Cash and cash equivalents	148.113	6.332	155.684
(e) Short-term loans and advances	75.581	85.614	223.790
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	5814.397	5350.168	3264.145
TOTAL	5888.044	5404.276	3291.632

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
	Income		18931.120	16223.731	11039.334
	Other Income		13.975	28.202	4.521
	TOTAL		18945.095	16251.933	11043.855
Less	EXPENSES
	Cost of Materials Consumed		18567.629	16194.040	10950.858
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade		(235.749)	(452.295)	(347.288)
	Employees benefits expense		110.712	98.375	75.319
	Other expenses		140.710	93.949	103.392
	TOTAL		18583.302	15934.069	10782.281
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		361.793	317.864	261.574
Less	FINANCIAL EXPENSES		195.847	169.445	154.666
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		165.946	148.419	106.908
Less/ Add	DEPRECIATION/ AMORTISATION		3.942	2.640	2.556
	PROFIT/ (LOSS) BEFORE TAX		162.004	145.779	104.352
Less	TAX		54.301	50.716	34.702
	PROFIT/ (LOSS) AFTER TAX		107.703	95.063	69.650
	EARNINGS IN FOREIGN CURRENCY
		Export of goods			10.347
		Export of Services			0.000
	TOTAL EARNINGS		161.298	50.622	10.347
	Earnings / (Loss) Per Share (Rs.)		26.00	23.00	18.24

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	0.320	0.331	NA
Cash generated from operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	0.57	0.59	0.63
Operating Profit Margin (PBDIT/Sales)	(%)	1.91	1.96	2.37
Return on Total Assets (PBT/Total Assets}	(%)	2.76	2.71	3.18
Return on Investment (ROI) (PBT/Networth)		0.21	0.22	0.17
Debt Equity Ratio (Total Debt/Networth)		1.44	1.41	1.01
Current Ratio (Current Asset/Current Liability)		1.13	1.13	1.23

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	41.368	41.368	41.368
Reserves & Surplus	578.681	609.795	717.499
Net worth	620.049	651.163	758.867
long-term borrowings	0.735	0.960	0.589
Short term borrowings	625.868	920.003	1088.951
Current Maturities of Long Term Debt	0.000	0.331	0.320
Total borrowings	626.603	921.294	1089.860
Debt/Equity ratio	1.011	1.415	1.436

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	11039.334	16223.731	18931.120
		46.963	16.688

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	11039.334	16223.731	18931.120
Profit	69.650	95.063	107.703
	0.63%	0.59%	0.57%

LOCAL AGENCY FURTHER INFORMATION

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

UNSECURED LOANS

PARTICULAR	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG TERM BORROWINGS
Other Loans and Advances	0.589	0.960
Total	0.589	0.960

FINANCIAL RESULTS / OPERATIONS

They completed one more exciting and successful year with a record revenue of Rs 18950.000 Million and a profit before tax of Rs 162.000 Million. In addition to normal organic revenue growth in their existing products They also started distribution of Western Digital hard drives and a few other products during the later part of the year. This is expected to contribute significantly in the revenue going forward. Lenovo continued to be the shining star contributing Rs 7800.000 Million of their revenue. Iris Computers Limited (Iris) continues to enjoy the role of a leading distributor in Lenovo.

Inflexion Point Technologies Pte. Limited have increased their shareholding in Iris from 8 % to 90 % in Dec 2013. They are very confident of Iris business and its exciting growth potential. They have already started introducing new products in the Iris distribution profile to further accelerate the business.

While they continued to extend credit to dealers very cautiously to reduce exposure on bad debts and to improve their profitability they have also taken credit insurance for their receivables. This will not only help to reduce bad debts but will also help to increase their network of financially sound dealers.

They incurred a finance cost of Rs 195.000 Million. This was a very significant expense item. Now with a revenue plan of Rs 25000.000 Million for the current financial year (2014-15) They have to step up additional finance limits while continuing their efforts to contain the finance cost. Inflexion Point is actively involved in arranging additional bank limits to cater to the challenging growth of the current year.

FIXED ASSETS

Tangible Assets

· Buildings

· Furniture and Fixtures

· Vehicles

· Motor Vehicles

· Office Equipment

· Computer Equipments

· Other Equipments

· Leasehold Improvements

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.63.89
UK Pound	1	Rs.97.97
Euro	1	Rs.71.81

INFORMATION DETAILS

Information Gathered by :	KMN
Analysis Done by :	KIL
Report Prepared by :	PNM

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	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		47

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.