MIRA INFORM REPORT

Report No. :	350435
Report Date :	24.11.2015

IDENTIFICATION DETAILS

Name :	PAI INTERNATIONAL ELECTRONICS LIMITED (w.e.f. 12.06.2006)
Formerly Known As :	PAI INTERNATIONAL HOME APPLIANCE AND ELECTRONICS LIMITED
Registered Office :	28/1A, 100 Feet Road, Indiranagar, Near CMH Road, Bangalore – 560038, Karnataka
Tel. No.:	91-80-42464343
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	04.04.2005
Com. Reg. No.:	08-035984
Capital Investment / Paid-up Capital :	Rs. 7.700 Million
CIN No.: [Company Identification No.]	U05190KA2005PLC035984
IEC No.:	Not Applicable [As claimed by Company management the company does not Export and Import]
TAN No.: [Tax Deduction & Collection Account No.]	BLRP06834C
PAN No.: [Permanent Account No.]	AADCP8329B
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Trader of Electronics, Appliances, Mobiles and Laptops.
No. of Employees :	100 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company incorporated in the year 2005. It has satisfactory track. Company has registered healthy scale of operations marked by decent increase in sales turnover along with good profit earrings in the FY-2014. The company has satisfactory financial base, adequate net worth position along with favourable gap between trade payables and receivables. Trade relations are fair. Business is active. Payments are usually 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.

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

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 31-03-2015.

INFORMATION PARTED BY

Name :	Mr. Damodar Pai
Designation :	Director
Contact No.:	91-9880715678
Date :	20.11.2015

LOCATIONS

Registered Office :	28/1A, 100 Feet Road, Indiranagar, Near CMH Road, Bangalore – 560038, Karnataka, India
Tel. No.:	91-80-42464343
Mobile No.:	91-9880715678 (Mr. Damodar Pai)
Fax No.:	91-80-42464343
E-Mail :	bhsco@yahoo.com
Website :	https://paiinternational.in
Location:	Owned
Locality:	Commercial
Stores :	Located at: · Bangalore · Hyderabad · Karnataka

DIRECTORS

AS ON 30.09.2014

Name :

Meena Rajkumar Pai

Designation :

Whole-Time Director

Address :

No 42,4^th Cross,Ramaswamy Layout, New Byappana Halli Extn, Bangalore - 560038, Karnataka, India

Date of Birth/Age :

30.06.1970

Qualification :

M COM

Date of Appointment :

01.04.2011

DIN No.:

01653949

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	Company/ LLP Status	Defaulting status
1	U05190KA2005PLC035984	PAI INTERNATIONAL ELECTRONICS LIMITED	Whole-time director	01/04/2011	04/04/2005	Active	NO
2	U74900KA2008PTC046181	NAVARATNA DISTRIBUTORS PRIVATE LIMITED	Director	23/04/2008	23/04/2008	Active	NO
3	U52190KA2009PTC049408	DEVI INTERNATIONAL HOME APPLIANCES PRIVATE LIMITED	Director	03/12/2012	03/12/2012	Active	NO

Name :

Mr. Rajkumar Sreenivasa Pai

Designation :

Managing Director

Address :

No 42, Ramaswamy Layout, New Byapanahalli Extension, Bangalore - 560038, Karnataka, India

Date of Birth/Age :

12.05.1963

Qualification :

Under Graduate

Date of Appointment :

16.10.2012

DIN No.:

01726393

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	Company/ LLP Status	Defaulting status
1	U05190KA2005PLC035984	PAI INTERNATIONAL ELECTRONICS LIMITED	Managing director	16/10/2012	04/04/2005	Active	NO
2	U74900KA2008PTC046181	NAVARATNA DISTRIBUTORS PRIVATE LIMITED	Managing director	23/04/2008	23/04/2008	Active	NO
3	U52190KA2009PTC049408	DEVI INTERNATIONAL HOME APPLIANCES PRIVATE LIMITED	Managing director	19/03/2009	19/03/2009	Active	NO

Name :

Mr. Guruprasad Sreenivasa

Designation :

Whole-Time Director

Address :

No 42,Ramaswamy Layout, Byappanahalli Extn, Indiranagar, Bangalore - 560038, Karnataka, India

Date of Birth/Age :

28.01.1959

Qualification :

Under Graduate

Date of Appointment :

01.04.2011

DIN No.:

01726532

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	Company/ LLP Status	Defaulting status
1	U05190KA2005PLC035984	PAI INTERNATIONAL ELECTRONICS LIMITED	Whole-time director	01/04/2011	04/04/2005	Active	NO
2	U74900KA2008PTC046181	NAVARATNA DISTRIBUTORS PRIVATE LIMITED	Director	23/04/2008	23/04/2008	Active	NO
3	U52190KA2009PTC049408	DEVI INTERNATIONAL HOME APPLIANCES PRIVATE LIMITED	Director	03/12/2012	03/12/2012	Active	NO

Name :

Pushpa Srinivasa

Designation :

Whole-time director

Address :

No 42,Ramaswamy Layout, Indiranagar Post, Bangalore - 560038, Karnataka, India

Date of Birth/Age :

08.17.1965

Qualification :

PUC

Date of Appointment :

01.04.2011

DIN No.:

01726771

Name :

Mr. Ajith Kumar Sreenivas Pai

Designation :

Whole-time director

Address :

2-15-1317/4,Srinivas, Rock Wave Lane, Kavoor Bejai Road, Mangalore - 570011, Karnataka, India

Date of Birth/Age :

18.02.1962

Qualification :

Under Graduate

Date of Appointment :

01.04.2012

DIN No.:

01764673

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	Company/ LLP Status	Defaulting status
1	U05190KA2005PLC035984	PAI INTERNATIONAL ELECTRONICS LIMITED	Whole-time director	01/04/2012	04/04/2005	Active	NO
2	U74900KA2008PTC046181	NAVARATNA DISTRIBUTORS PRIVATE LIMITED	Director	23/04/2008	23/04/2008	Active	NO
3	U52190KA2009PTC049408	DEVI INTERNATIONAL HOME APPLIANCES PRIVATE LIMITED	Director	03/12/2012	03/12/2012	Active	NO

Name :

Mr. Damodar Pai Guruprasad

Designation :

Whole-time director

Address :

4th Cross,Pai House,N0 41,Byppanahalli, Indiranagar Post, Bangalore - 560038, Karnataka, India

Date of Birth/Age :

16.01.1986

Qualification :

MBA

Date of Appointment :

01.04.2012

DIN No.:

01764747

Name :

Mr. Uttam Kumar Pai

Designation :

Director

Address :

N0 423, Damodhar Krupa, Contour Road, Alanahalli, Mysore - 570011, Karnataka, India

Date of Appointment :

04.04.2005

DIN No.:

01914387

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	Company/ LLP Status	Defaulting status
1	U05190KA2005PLC035984	PAI INTERNATIONAL ELECTRONICS LIMITED	Director	04/04/2005	04/04/2005	Active	NO
2	U74900KA2008PTC046181	NAVARATNA DISTRIBUTORS PRIVATE LIMITED	Director	23/04/2008	23/04/2008	Active	NO
3	U52190KA2009PTC049408	DEVI INTERNATIONAL HOME APPLIANCES PRIVATE LIMITED	Director	03/12/2012	03/12/2012	Active	NO

Name :

Mr. Vasanth Vinod Kamath

Designation :

Director

Address :

19/304/1, Samrudhi, F.B.O.A Road,Aluva, Ernakulam, Kochi - 683101, Kerala, India

Date of Appointment :

01.04.2015

DIN No.:

07062343

Name :

Mr. Vivek Narayana Shenoy

Designation :

Director

Address :

60/2297,Vattaparambu West Lane, Azad Road, Kaloor P.O, Kochi - 682017, Kerala, India

Date of Appointment :

01.04.2015

DIN No.:

07065482

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Shareholders	No. of Shares
Rajkumar Pai	75500
Meena Rajkumar Pai	250
Guruprasad Pai	300
Pushpa S.	250
Nirmala	150
G. Damodar Pai	50
S. Uttamkumar Pai	250
S. Ajith Kumar Pai	250
Total	77000

AS ON 30.09.2014

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Trader of Electronics, Appliances, Mobiles and Laptops.
Brand Names :	--
Agencies Held :	· Sony · Lenovo · Canon · Kenstar
Exports :	--
Imports :	--
Terms :
Selling :	Cash and Credit (30/ 60 /90 Days)
Purchasing :	Cash and Credit (30/ 60 /90 Days)

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference:	Not Divulged
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

Customers :

End User and OEM’s

Reference:	Not Divulged
Name of the Person (Designation):	Not Divulged
Contact Number:	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 Name:	Kotak Mahindra Bank Limited
Branch:	No.776, Hal II Stage, 100 Feet Road, Indiranagar,, Bangalore - 560008, Karnataka, India
Person Name (with Designation):	Not Divulged
Contact Number:	18001026023 (Number continuously ringing)
Name of Account Holder:	Not Divulged
Account Number:	Not Divulged
Account Since (Date/ Year of A/c Opening):	Not Divulged
Average Balance Maintained (Optional):	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan):	Cash Credit = Rs. 83.700 Million
Account Operation:	Not Divulged
Remarks:	Not Divulged

· Citibank N. A.

Prestige Meridian 2, No. 30, M|.G Road, Bangalore - 560001, Karnataka, India

· Syndicate Bank

663, Ist Main, Defence Colony, Indiranagar, Bangalore - 560038, Karnataka, India

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG-TERM BORROWINGS
Rupee term loans from banks	57.085	0.000
Rupee term loans from others	0.000	67.564
Loans repayable on demand from banks	299.659	316.369
Total	356.744	383.933

Banking Relations :	--
Auditors :
Name :	B. N. Sudarshan Chartered Accountants
Address :	386/A, 5^th Main, Srinagar, Bangalore -560050, Karnataka, India
Income-tax PAN of auditor or auditor's firm :	ABVPS3454N
Memberships :	--
Collaborators :	--
Related Party :	Navaratna Distributors Private Limited, India (CIN No.: U74900KA2008PTC046181)

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
100,000	Equity Shares	Rs. 100/- each	Rs. 10.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
77,000	Equity Shares	Rs. 100/- each	Rs. 7.700 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	7.700	7.700	7.700
(b) Reserves & Surplus	329.539	251.389	186.940
(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)	337.239	259.089	194.640
(3) Non-Current Liabilities
(a) Long-term borrowings	371.744	398.933	257.660
(b) Deferred tax liabilities (Net)	29.743	22.880	17.507
(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)	401.487	421.813	275.167
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	382.356	203.819	164.727
(c) Other current liabilities	0.000	0.000	0.000
(d) Short-term provisions	68.262	57.245	31.270
Total Current Liabilities (4)	450.618	261.064	195.997
TOTAL	1189.344	941.966	665.804
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	332.358	254.100	237.102
(ii) Intangible Assets	5.439	3.868	2.900
(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	0.000	2.500
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	94.136	68.445	55.502
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	431.933	326.413	298.004
(2) Current assets
(a) Current investments	3.657	2.500	0.000
(b) Inventories	421.071	354.298	232.063
(c) Trade receivables	151.371	114.272	58.247
(d) Cash and cash equivalents	144.636	101.393	49.921
(e) Short-term loans and advances	36.676	43.090	27.569
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	757.411	615.553	367.800
TOTAL	1189.344	941.966	665.804

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Revenue from Operations	5460.447	4089.113	3468.859
		Other Income	23.683	21.562	8.492
		TOTAL (A)	5484.130	4110.675	3477.351
Less	EXPENSES
		Purchases of Stock-in-Trade	4831.432	3443.420	3011.107
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(66.773)	122.235	20.432
		Employees benefits expense	165.994	116.090	90.351
		Other expenses	359.845	271.519	223.177
		TOTAL (B)	5290.498	3953.264	3345.067
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		193.632	157.411	132.284
Less	FINANCIAL EXPENSES (D)		56.302	47.626	47.883
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		137.330	109.785	84.401
Less/ Add	DEPRECIATION/ AMORTISATION (F)		12.787	9.683	8.339
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		124.543	100.102	76.062
Less	TAX (H)		43.239	32.951	24.163
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		81.304	67.151	51.899
	Earnings Per Share (Rs.)		1015.00	837.00	645.00

PARTICULARS	31.03.2015
Sales Turnover (Approximately)	6000.000

The above information has been parted by Mr. Damodar Pai (Director)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	NA	NA	NA
Cash Generated from Operations	NA	NA	NA
Net Cash Flow from used in Operations	209.441	(59.842)	102.956

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	1.49	1.64	1.50
Operating Profit Margin (PBDIT/Sales)	(%)	3.55	3.85	3.81
Return on Total Assets (PBT/Total Assets}	(%)	10.47	10.63	11.47
Return on Investment (ROI) (PBT/Networth)		0.37	0.39	0.39
Debt Equity Ratio (Total Debt/Networth)		1.10	1.54	1.32
Current Ratio (Current Asset/Current Liability)		1.68	2.36	1.88

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	7.700	7.700	7.700
Reserves & Surplus	186.940	251.389	329.539
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	194.640	259.089	337.239
Long-term borrowings	257.660	398.933	371.744
Short term borrowings	0.000	0.000	0.000
Total borrowings	257.660	398.933	371.744
Debt/Equity ratio	1.324	1.540	1.102

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	3468.859	4089.113	5460.447
		17.881	33.536

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	3468.859	4089.113	5460.447
Profit	51.899	67.151	81.304
	1.50%	1.64%	1.49%

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	No
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

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10442574	26/07/2013	83,700,000.00	ING VYSYA BANK LIMITED	NO.776, HAL II STAGE, 100 FEET ROAD, INDIRANAGAR, BANGALORE - 560008, KARNATAKA, INDIA	B81934267
2	10151162	19/02/2009	115,000,000.00	SYNDICATE BANK	663,IST MAIN,DEFENCE COLONY, INDIRANAGAR, BANGALORE - 560038, KARNATAKA, INDIA	A60129277
3	10007396	29/09/2014 *	350,000,000.00	CITI BANK N.A.	2ND FLOOR, NO. 5, M. G. ROAD, BANGALORE - 560001, KARNATAKA, INDIA	C24494593

* Date of charge modification

UNSECURED LOANS

PARTICULARS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG-TERM BORROWINGS
Rupee term loans from others	15.000	15.000
Total	15.000	15.000

OPERATING RESULTS

The company in this year has achieved a turnover of Rs 5484.100 Million during the year. Company added more show rooms and also started seven new branches in Hyderabad during the year.

OUT LOOK FOR CURRENT YEAR

The company is planning to expand its business by adding more showrooms. It expects to clock a turnover of more than 9000.000 Million in the current year.

FIXED ASSETS:

· Land

· Buildings

· Furniture and Fixtures

· Vehicles

· Office Equipment

· Computer Equipment’s

· Other 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 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.66.35
UK Pound	1	Rs.100.66
Euro	1	Rs.70.47

INFORMATION DETAILS

Information Gathered by :	PPT
Analysis Done by :	TRI
Report Prepared by :	ARC

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
--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		45

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.