MIRA INFORM REPORT

Report No. :	320049
Report Date :	14.05.2015

IDENTIFICATION DETAILS

Name :	A INNOVATIVE INTERNATIONAL LIMITED

Registered Office :	410, 4th Floor, 'Sampada', Behind Tulsi Complex, Mithakhali Six Road, Navarangpura, Ahmadabad 380009, Gujarat
Tel No.:	91-79-26565731/26449598

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	24.02.2009

Com. Reg. No.:	04-056203

Capital Investment / Paid-up Capital :	Rs. 12.500 Million

CIN No.: [Company Identification No.]	U29190GJ2009PLC056203

IEC No.:	0809003091

TAN No.: [Tax Deduction & Collection Account No.]	AHMA08842B

PAN No.: [Permanent Account No.]	AAHCA5842J

Legal Form :	A Closely Held Public Limited Liability Company

Line of Business :	Manufacturer, Trader, Exporter and Importer of all types of water jet Machines using innovative technologies and other machineries and other allied items etc.

No. of Employees :	100 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (27)

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

Maximum Credit Limit :	USD 60000

Status :	Moderate

Payment Behaviour :	Slow but correct

Litigation :	Clear

Comments :	Subject is an established company having moderate track record. Reserves of the company seems to be low during 2014. However, trade relation are reported to be fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered for business dealing with some cautions.

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

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	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	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 :	Ms. Shailee Das
Designation :	Marketing Executive
Contact No.:	91-9909988247
Date :	29.04.2015

LOCATIONS

Registered Office :	410, 4th Floor, 'Sampada', Behind Tulsi Complex, Mithakhali Six Road, Navarangpura, Ahmadabad 380009, Gujarat, India
Tel. No.:	91-79-26565731/26449598
Mobile No.:	91-9909988247 (Ms. Shailee Das)
Fax No.:	91-79-26561238
E-Mail :	sales@ainnovative.in ainnovative@hotmail.com
Website :	www.ainnovative.in www.waterjet.co.in www.ainnovative.co.in
Area :	1000 sq. ft.
Location :	Rented

Factory :	34, 35, 36, Saket Industrial Estate, Opposite Royal Touch Aluminum, Changodar Circuit Bavla Highway, Ahmadabad, Gujarat, India
E-Mail :	factory@agroup.in

DIRECTORS

As on 30.09.2014

Name :

Mr. Jayesh Dilipbhai Patel

Designation :

Director

Address :

A-703, Prayag Residency, Opposite Nirma School, Behind Grand Bhagwati Hotel, Bodakdev, Ahmedabad – 54, ?Gujarat, India

Date of Birth/Age :

15.11.1980

Date of Appointment :

24.02.2009

DIN No.:

00470506

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	U51102GJ2008PTC053840	A. INTERNATIONAL PRIVATE LIMITED	Director	08-05-2008	08-05-2008	-	Active	NO
2	U29190GJ2009PLC056203	A. INNOVATIVE INTERNATIONAL LIMITED	Director	24-02-2009	24-02-2009	-	Active	NO

Name :

Mr. Pankaj Shantilal Dadhaniya

Designation :

Director

Address :

A-901, 8^th Floor, Sepal, Residency, Ashwamegh, Bunglows-5, 132 Ring Road, Satelite, Ahmedabad-1 5, Gujarat, India

Date of Birth/Age :

21.02.1973

Date of Appointment :

24.02.2009

DIN No.:

02100802

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	U51102GJ2008PTC053840	A. INTERNATIONAL PRIVATE LIMITED	Director	08-05-2008	08-05-2008	-	Active	NO
2	U29190GJ2009PLC056203	A. INNOVATIVE INTERNATIONAL LIMITED	Director	24-02-2009	24-02-2009	-	Active	NO
3	U25209GJ2011PTC065419	AERON COMPOSITE PRIVATE LIMITED	Director	13-05-2011	13-05-2011	-	Active	NO

Name :

Mr. Ankit Rajeshkumar Hansaliya

Designation :

Director

Address :

Vivek, 2 Jalara Society, Behind Asharmesh Apartment, Uni Road, Behind, Rajkot - 360007, Gujarat, India

Date of Birth/Age :

02.07.1986

Date of Appointment :

20.08.2010

DIN No.:

02641279

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	U29190GJ2009PLC056203	A. INNOVATIVE INTERNATIONAL LIMITED	Director	20-08-2010	02-07-2009	-	Active	NO
2	U33110GJ2013PTC073230	ARTHRON IMPLANTS PRIVATE LIMITED	Director	03-01-2013	03-01-2013	-	Active	NO

Name :

Mr. Krunal Jayram Bhalodia

Designation :

Director

Address :

201, Odyssey Tower Milapnagar, Main Road Uni Road, Rajkot - 360007, Gujarat, India

Date of Birth/Age :

28.12.1985

Date of Appointment :

20.08.2010

DIN No.:

02641623

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	U29190GJ2009PLC056203	A. INNOVATIVE INTERNATIONAL LIMITED	Director	20-08-2010	02-07-2009	-	Active	NO

Name :

Mr. Alpesh S. Dadhaniya

Designation :

Director

Address :

B/504 Pushpvan appartment, B/H IOC Petrol Pump, Judges Bunglow Road, Bodakdev, Ahmedabad -15, Gujarat, India

Date of Birth/Age :

07.10.1971

Date of Appointment :

20.08.2010

DIN No.:

02715975

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	U29190GJ2009PLC056203	A. INNOVATIVE INTERNATIONAL LIMITED	Director	20-08-2010	02-07-2009	-	Active	NO

KEY EXECUTIVES

Name :	Ms. Shailee Das
Designation :	Marketing Executive

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders	No. of Shares
A International Private Limited, Gujarat, India	564500
Jayeshbhai Dilipbhai Patel	10000
Tejaiben Jayeshbhai Patel	20000
Chiragbhai Chandubhai Patel	30000
Ravibhai Pankajbhai Patel	30000
Gautambhai Kishorbhai Bhanvadaiya	10000
Gauravbhai Kishorbhat Bhanvadaiya	10000
Pankajbhai Shantilal Dahaniya	10000
Ripaben Pankajbhai Dahaniya	20000
Alpeshbhai Shantilal Dahaniya	10000
Brindaben Shantilal Dahaniya	20000
Jayrambhai Mavjibhai Bhalodiya	20000
Daxitaben Jayarambhai Bhalodiya	85100
Krunalbhai Jayrambhai Bhalodiya	42400
Jayantibhai Mavjibhai Bhalodiya	20000
Shilpaben Jayantibhai Bhalodiya	10000
Raj Jayantibhai Bhalodiya	10000
Natwarlal M. Hansaliya	25000
Rameshbhai M. Hansaliya	25000
Ankitbhai Rameshbhai Hansaliya	100000
Ashvinbhai Laljibhai Manvar	1750
Mitravadan Ashvinbhai Manvar	1800

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2014

Category	Percentage	%age holding
Bodies corporate	45.16	45.16
Directors or relatives of Directors	54.84	54.84
Total	100.00	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Trader, Exporter and Importer of all types of water jet Machines using innovative technologies and other machineries and other allied items etc.

Products :	Water Jet Machines Water Jet Cutting Machines Laser Machines Plasma Cutting Machines etc.

Brand Names :	Not Available

Agencies Held :	Not Available

Exports :
Products :	Water Jet Cutting Machines Laser Machines Plasma Cutting Machines
Countries :	Middle East Dubai Africa

Imports :
Products :	Machine Components
Countries :	China Germany

Terms :
Selling :	Cash and L\C

Purchasing :	Cash and L\C

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
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

Customers :

Manufacturer

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

No. of Employees :

100 (Approximately)

Bankers :

Bank Of India - Vastrapur Branch, 27, 28, 29 Super Plaza, Sandesh Press Road Bodakdev, Ahmedabad - 380054, Gujarat, India
HDFC Bank Limited

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Term loans from Banks	0.000	2.136
Bank of India*
Vehicle Loan from from State Bank of India (Secured by hypothecation of vehicle EMI over a period of 60 months amounting to Rs. 0.012 Million each, interest rate 10.00% p.a. The loan is repayable, in monthly installments, by August,2014)	0.000	0.075
Vehicle loan from Allahabad Bank (Secured by hypothecation of vehicle EMI over a period of 60 months amounting to Rs. 0.016 Million/- each, interest rate 12.25% p.a. The loan IS repayable, in monthly installments, by February2016 )	0.162	0.350
Short-term borrowings
Loans repayable on demand
From Banks
Bank of India (Cash Credit) [Primary Security: Hypothecation of the stocks and book Debts Collateral Security: EM of residential Appt. 902, Odyssey Tower, Milap Nagar, Rajkot (In name of Jayantibhai M Bhalodiya) EM of Industrial Plot No. 2301 at OM Industries, GIDC Rajkot, owned by M/s. OM Industries Industrial Plot and Building at Block No. 54P, Bileshwarpura, Tal: Kalol, Dist: Gandhinagar, in name of M/s. A International Private Limited The cash credit is repayable on demand]	31.497	17.806
Deposits
Inter-corporate deposit	6.491	5.944
Total	38.150	26.311

Note :

* Secured against

Primary Security

EM of Factory Land and Building at Plot No. 34,35 and 36, Saket Ind. Estate,

Vighag II, Village: Moraiya, Tal: Sanand, District: Ahmadabad, Gujarat, India

Hypothecation of Plant and Machineries and other assets.

The Term loan is repayable In monthly installment amounting to Rs. 0.209 Million plus interest (14.5% p.a.)

Auditors :
Name :	B. H. Mangrolia and Company Chartered Accountants
Address :	408’ Mahakant’, Opposite V.S. Hospital, Ashram Road, Ahmadabad – 380006, Gujarat, India
Tel. No.:	91-79-26578527
Fax No.:	91-79-26576849
E-Mail :	info@bhamangarolia.com
PAN N Income-tax PAN of auditor or auditor's firm :	AAWPM1650Q

Memberships :	Not Available

Collaborators :	Not Available

Enterprises owned or significantly influenced by key management personnel or their relatives:	A International Private Limited Aeron Composite Private Limited Chamak Paintchem Limited Chamak Polymers Private Limited Chamak Paint Industries Artico Innovation Private Limited Aeron Composite Private Limited

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

1500000	Equity Shares	Rs.10/- each	Rs.15.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

1250000	Equity Shares	Rs.10/- each	Rs.12.500 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	12.500	12.5	12.500
(b) Reserves & Surplus	7.789	5.151	2.803
(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)	20.289	17.651	15.303

(3) Non-Current Liabilities
(a) long-term borrowings	11.396	12.2	13.808
(b) Deferred tax liabilities (Net)	0.025	0.107	0.181
(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)	11.421	12.307	13.989

(4) Current Liabilities
(a) Short term borrowings	37.988	23.75	21.702
(b) Trade payables	10.087	14.218	8.069
(c) Other current liabilities	15.289	23.919	32.592
(d) Short-term provisions	0.151	0.106	0.000
Total Current Liabilities (4)	63.515	61.993	62.363

TOTAL	95.225	91.951	91.655

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	19.590	20.960	22.031
(ii) Intangible Assets	0.000	0.000	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	0.020	0.020	0.020
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	5.182	2.839	2.638
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	24.792	23.819	24.689

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	44.639	43.480	51.994
(c) Trade receivables	19.648	17.907	8.397
(d) Cash and cash equivalents	1.907	2.787	2.632
(e) Short-term loans and advances	4.239	3.958	3.943
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	70.433	68.132	66.966

TOTAL	95.225	91.951	91.655

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	127.946	131.763	92.586
	Other Income	6.803	2.115	9.924
	TOTAL (A)	134.749	133.878	102.510

Less	EXPENSES
	Cost of Materials Consumed	16.033	32.621	6.746
	Purchases of Stock-in-Trade	66.285	55.106	67.987
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(0.177)	2.107	(8.873)
	Employees benefits expense	10.940	10.520	7.331
	Other expenses	30.837	23.416	20.510
	TOTAL (B)	123.918	123.770	93.701

Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	10.831	10.108	8.809

Less	FINANCIAL EXPENSES (D)	5.367	4.726	4.670

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	5.464	5.382	4.139

Less/ Add	DEPRECIATION/ AMORTISATION (F)	1.558	1.970	2.146

	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	3.906	3.412	1.993

Less	TAX (H)	1.268	1.066	0.638

	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	2.638	2.346	1.355

	Earnings / (Loss) Per Share (Rs.)	2.11	1.88	1.08

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	2.06	1.78	1.46

Operating Profit Margin (PBIDT/Sales)	(%)	8.47	7.67	9.51

Return on Total Assets (PBT/Total Assets}	(%)	4.10	3.69	2.17

Return on Investment (ROI) (PBT/Networth)		0.19	0.19	0.13

Debt Equity Ratio (Total Debt /Networth)		2.43	2.04	2.32

Current Ratio (Current Asset/Current Liability)		1.11	1.11	1.07

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	12.500	12.500	12.500
Reserves & Surplus	2.803	5.151	7.789
Net worth	15.303	17.651	20.289

long-term borrowings	13.808	12.200	11.396
Short term borrowings	21.702	23.750	37.988
Total borrowings	35.510	35.950	49.384
Debt/Equity ratio	2.320	2.037	2.434

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	92.586	131.763	127.946
		42.314	-2.897

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	92.586	131.763	127.946
Profit	1.355	2.346	2.638
	1.46%	1.78%	2.06%

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	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
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	Yes

COMPANY OVERVIEW

A. Innovative International Limited ('the company'), incorporated under the Companies Act, 1956 vide CIN -U29190GJ2009PLC056203 having its registered office at 307, 3rd Floor, Sampada Complex, Nr. Mithakhali Six Roads, Ahmedabad-380009 GUJARAT and engaged in Mfg. and Trading of all types of. Water jet Machines using innovative technologies and other machineries etc. and other allied items.

UNSECURED LOAN

PARTICULARS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long term borrowing
Loans and advances from related parties	11.234	9.639
Total	11.234	9.639

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10562665	11/04/2015	47,500,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W , MUMBAI, MAHARASHTRA - 400013, INDIA	C50589746
2	10540980	31/12/2014	47,500,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W , MUMBAI, MAHARASHTRA - 400013, INDIA	C39386248
3	10271851	28/01/2011	760,000.00	ALLAHABAD BANK	CENTRALISED RETAIL BANKING BOUTIQUE,, BHAGWATI CHAMBERS, OPP. GUJARAT VIDHYAPITH,, AHMEDABAD, GUJARAT - 380013, INDIA	B07691884

FIXED ASSETS

Land
Plant and Machinery
Building
Computer
Vehicle
Furniture and Fixtures
Office Equipment’s

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.64.19
UK Pound	1	Rs.100.58
Euro	1	Rs.72.08

INFORMATION DETAILS

Information Gathered by :	SUP

Analysis Done by :	RAS

Report Prepared by :	GTA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILITY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	2
--CREDIT LINES	1~10	3
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		27

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

INDEX OF CHARGES

Unit