MIRA INFORM REPORT

Report Date :

01.12.2011

IDENTIFICATION DETAILS

Name :	JASUBHAI ENGINEERING PRIVATE LIMITED [w.e.f. 24.10.2001]
Formerly Known As :	PROGRESSIVE FITTINGS PRIVAE LIMITED
Registered Office :	64/A, GIDC Industrial Estate, Phase -1, Vatva, Ahmedabad - 382445, Gujarat
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	25.01.1979
Com. Reg. No.:	04-003277
Capital Investment / Paid-up Capital :	Rs.2.749 Millions
CIN No.: [Company Identification No.]	U27109GJ1979PTC003277
TAN No.: [Tax Deduction & Collection Account No.]	SRTJ00565F AHMJ00656F
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Weighing Machines, Bagging Machines, Burner and also Provider of Instrumentation Services
No. of Employees :	Information Declined by Management

RATING & COMMENTS

MIRA’s Rating :

Ba [45]

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

Maximum Credit Limit :	USD 332000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal 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.

INFORMATION DECLINED BY

Name :	Mr. Ketan
Designation :	General Manager
Date :	29.11.2011

LOCATIONS

Registered / Engineering Operations Office 1 :	64/A, GIDC Industrial Estate, Phase -1, Vatva, Ahmedabad - 382445, Gujarat, India
Tel. No.:	91-79-25831042
Fax No.:	91-79-25832996 / 25835674 / 25831825
E-Mail :	vv_parameswaran@jasubhai.com
Website :	http://www.jasubhai.com
Corporate Office :
Corporate Office :	3^rd Floor, 210, Taj Building, Dr. D. N. Road, Fort, Mumbai – 400 001, Maharashtra, India
Tel. No.:	91-22-40373636
Fax No.:	91-22-40373535

DIRECTORS

As on 30.09.2010

Name :

Mr. Jasu Ramniklal Shah

Designation :

Director

Address :

1100, Shanudeep, 10, Altamount Road, Mumbai – 400026, Maharashtra, India

Date of Birth/Age :

10.02.1937

Date of Appointment :

03.09.2001

DIN :

00021494

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U29196MH1981PTC024115	EMERSON PROCESS MANAGEMENT (INDIA) PRIVATE LIMITED	Director	25/03/1981	25/03/1981	-	Active	NO
2	U67120MH1985PTC037968	MAULIK BUSINESS SERVICES PRIVATE LIMITED	Director	5/11/1985	5/11/1985	-	Active	NO
3	U74210MH1989PTC053752	OM SAGAR ENGINEERING PRIVATE LIMITED	Director	12/3/1992	12/3/1992	-	Active	NO
4	U92410MH1994PTC082343	JASUBHAI MEDIA PRIVATE LIMITED	Managing director	25/10/1994	25/10/1994	-	Amalgamated	NO
5	U65920MH1995PTC091786	ROSEMOUNT FINANCIAL SERVICES PRIVATE LIMITED	Director	14/08/1995	14/08/1995	-	Active	NO
6	U27101GJ1986PTC008391	A B M STEELS PRIVATE LIMITED	Director	10/1/1997	10/1/1997	-	Active	NO
7	U72200MH2000PTC123541	JASUBHAI MEDIA PRIVATE LIMITED	Director	7/1/2000	7/1/2000	-	Active	NO
8	U72200MH2000PTC123538	NINE DOT NINE INTERACTIVE PRIVATE LIMITED	Director	7/1/2000	7/1/2000	17/12/2007	Active	NO
9	U45200MH1995PTC086859	JASUBHAI BUSINESS SERVICES PRIVATE LIMITED	Director	30/03/2001	30/03/2001	-	Active	NO
10	U27109GJ1979PTC003277	JASUBHAI ENGINEERING PRIVATE LIMITED	Director	3/9/2001	3/9/2001	-	Active	NO
11	U51310MH1995PTC095010	SPECIALISED INSTITUTE OF INDUSTRIAL AND TECHNICAL EDUCATION PRIVATE LIMITED	Director	20/05/2002	20/05/2002	-	Active	NO
12	U65990MH1994PTC081973	KHEVANA INVESTMENTS PRIVATE LIMITED	Director	20/05/2002	20/05/2002	-	Active	NO
13	U99999MH1989PTC051381	AKUM MERCANTILE COMPANY PRIVATE LIMITED	Director	20/05/2002	20/05/2002	-	Active	NO
14	U74140MH2008PTC182426	BELTREE ADVISORY SERVICES PRIVATE LIMITED	Director	19/05/2008	19/05/2008	18/03/2009	Active	NO
15	U74999MH2008PTC186903	AEC DESIGN INNOVATIONS PRIVATE LIMITED	Director	19/09/2008	19/09/2008	-	Active	NO

Name :

Mrs. Shweta Jasu Shah

Designation :

Director

Address :

1100, Shanudeep, 10, Altamount Road, Mumbai – 400026, Maharashtra, India

Date of Birth/Age :

31.01.1947

Date of Appointment :

03.09.2001

DIN :

00021422

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U92410MH1994PTC082343	JASUBHAI MEDIA PRIVATE LIMITED	Director	25/10/1994	25/10/1994	-	Amalgamated	NO
2	U65920MH1995PTC091786	ROSEMOUNT FINANCIAL SERVICES PRIVATE LIMITED	Director	14/08/1995	14/08/1995	-	Active	NO
3	U27101GJ1986PTC008391	A B M STEELS PRIVATE LIMITED	Director	10/1/1997	10/1/1997	-	Active	NO
4	U72200MH2000PTC123541	JASUBHAI MEDIA PRIVATE LIMITED	Director	7/1/2000	7/1/2000	-	Active	NO
5	U72200MH2000PTC123538	NINE DOT NINE INTERACTIVE PRIVATE LIMITED	Director	7/1/2000	7/1/2000	17/12/2007	Active	NO
6	U45200MH1995PTC086859	JASUBHAI BUSINESS SERVICES PRIVATE LIMITED	Whole-time director	30/03/2001	30/03/2001	-	Active	NO
7	U27109GJ1979PTC003277	JASUBHAI ENGINEERING PRIVATE LIMITED	Director	3/9/2001	3/9/2001	-	Active	NO
8	U74210MH1989PTC053752	OM SAGAR ENGINEERING PRIVATE LIMITED	Director	9/2/2004	9/2/2004	-	Active	NO
9	U74999MH2008PTC186903	AEC DESIGN INNOVATIONS PRIVATE LIMITED	Director	19/09/2008	19/09/2008	-	Active	NO

Name :

Mr. Maulik Jasubhai Shah

Designation :

Director

Address :

1100, Shanudeep, 10, Altamount Road, Mumbai – 400026, Maharashtra, India

Date of Birth/Age :

13.10.1968

Date of Appointment :

03.09.2001

DIN :

00021144

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U67120MH1985PTC037968	MAULIK BUSINESS SERVICES PRIVATE LIMITED	Director	20/07/1987	20/07/1987	-	Active	NO
2	U27101GJ1986PTC008391	A B M STEELS PRIVATE LIMITED	Director	10/12/1993	10/12/1993	-	Active	NO
3	U74210MH1989PTC053752	OM SAGAR ENGINEERING PRIVATE LIMITED	Director	17/12/1993	17/12/1993	-	Active	NO
4	U92410MH1994PTC082343	JASUBHAI MEDIA PRIVATE LIMITED	Director	29/05/1998	29/05/1998	-	Amalgamated	NO
5	U72200MH2000PTC123541	JASUBHAI MEDIA PRIVATE LIMITED	Director	7/1/2000	7/1/2000	-	Active	NO
6	U72200MH2000PTC123538	NINE DOT NINE INTERACTIVE PRIVATE LIMITED	Additional director	7/1/2008	7/1/2000	15/02/2008	Active	NO
7	U45200MH1995PTC086859	JASUBHAI BUSINESS SERVICES PRIVATE LIMITED	Director	30/03/2001	30/03/2001	-	Active	NO
8	U27109GJ1979PTC003277	JASUBHAI ENGINEERING PRIVATE LIMITED	Director	3/9/2001	3/9/2001	-	Active	NO
9	U65920MH1995PTC091786	ROSEMOUNT FINANCIAL SERVICES PRIVATE LIMITED	Director	26/03/2002	26/03/2002	-	Active	NO
10	U51310MH1995PTC095010	SPECIALISED INSTITUTE OF INDUSTRIAL AND TECHNICAL EDUCATION PRIVATE LIMITED	Director	20/05/2002	20/05/2002	-	Active	NO
11	U65990MH1994PTC081973	KHEVANA INVESTMENTS PRIVATE LIMITED	Director	20/05/2002	20/05/2002	-	Active	NO
12	U99999MH1989PTC051381	AKUM MERCANTILE COMPANY PRIVATE LIMITED	Managing director	20/05/2002	20/05/2002	-	Active	NO
13	U74140MH2008PTC182426	BELTREE ADVISORY SERVICES PRIVATE LIMITED	Director	19/05/2008	19/05/2008	18/03/2009	Active	NO
14	U74999MH2008PTC186903	AEC DESIGN INNOVATIONS PRIVATE LIMITED	Director	19/09/2008	19/09/2008	-	Active	NO

Name :

Mr. Bharatkumar Ramniklal Shah

Designation :

Director

Address :

7A, Vijay Park Society, Navrangpura, Ahmedabad – 380009, Gujarat, India

Date of Birth/Age :

22.09.1947

Date of Appointment :

25.01.1979

DIN :

00066841

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U27109GJ1979PTC003277	JASUBHAI ENGINEERING PRIVATE LIMITED	Director	25/01/1979	25/01/1979	Active	NO
2	U27101GJ1986PTC008391	A B M STEELS PRIVATE LIMITED	Managing director	27/08/1987	27/08/1987	Active	NO
3	U17119GJ1994PTC023095	ABHINAV ENGI-TECH SERVICES PRIVATE LIMITED	Director	22/09/1994	22/09/1994	Active	NO
4	U45200MH1995PTC086859	JASUBHAI BUSINESS SERVICES PRIVATE LIMITED	Director	2/5/1996	2/5/1996	Active	NO

Name :

Mr. Hemendra Ramniklal Shah

Designation :

Director

Address :

7A, Vijay Park Society, Navrangpura, Ahmedabad – 380009, Gujarat, India

Date of Birth/Age :

05.04.1941

Date of Appointment :

25.01.1979

DIN :

00031378

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U27109GJ1979PTC003277	JASUBHAI ENGINEERING PRIVATE LIMITED	Director	25/01/1979	25/01/1979	Active	NO
2	U27101GJ1986PTC008391	A B M STEELS PRIVATE LIMITED	Director	27/08/1987	27/08/1987	Active	NO
3	U72200GJ2004PTC044416	DYNAMIC INNOVATIONS PRIVATE LIMITED	Director	6/7/2004	6/7/2004	Active	NO

KEY EXECUTIVES

Name :	Mr. Ketan
Designation :	General Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2010

Names of Shareholders	No. of Shares
Jasu Shah	16
Shweta Jasubhai Shah	12
Maulik Jasubhai	10
Akum Mercantile Company Limited, India	2
Maulik Business Services Private Limited, India	2
Om Sagar Engineering Private Limited, India	2
Abm Steels Private Limited, India	2
Khevana Investments Private Limited, India	38870
Rosemount Financial Services Private Limited, India	235225
Jasubhai Business Services Private Limited, India	800
Total	274941

As on 30.09.2010

Equity Share Break Up Category	Percentage
Bodies corporate	99.99
Directors or relatives of Directors	0.01
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Weighing Machines, Bagging Machines, Burner and also Provider of Instrumentation Services

Products :

Products Description	ITC Code No.
Weighing and Bagging Machine	8423.10
Burners	841610

PRODUCTION STATUS As on 31.03.2010

Particulars	Unit	Actual Production
Burners	Nos.	48
Weighing and Bagging Machine	Nos.	27

GENERAL INFORMATION

No. of Employees :

Information Declined by Management

Bankers :

Dena Bank, Daman Branch, Daman, Daman And Diu, India

Facilities :

Secured Loan	Rs. In Millions 31.03.2010	Rs. In Millions 31.03.2009
Working Capital Loan from Bank
Cash Credit & Bill Discounting Facility	30.300	26.577
Add: Interest incured on Loan (Secured by hypothecation of Raw materials, semi-finished goods, Stores & Spares, Packing material, finished goods, Book Debts, hypothecation of Plant & Machinery and such other goods which are acceptable to the bank from time to time, Premises at Vatva being first charge in favour of Bank and Personel guarantee of directors)		0.480
Total	30.300	27.057
Unsecured Loan	Rs. In Millions 31.03.2010	Rs. In Millions 31.03.2009
Nil (88,667) Zero % Unsecured Debenttures 2008 - 2009 of Rs.1000/- each convertible o r - 88,667,000 redeemable on or before 30th March 2016 as per the terms of scheme. Note: Unsecured debentures are issued pursuant to the memorandum of issue of debentures with option to the Debenture holders Either To apply for conversion into equity shares of the Company before expiry of seven years from the date of issue of debentures OR To apply for redemption of the debentures within a period of seven years of the date of issue, together with interest at 12% p.a. non-cumulative, such interest being payable for the period commencing from the expiry of three months after the exercise of option, duly lodged in writing with the company, till the date of repayment. OR To apply for conversion into Inter Corporate Deposits.	0.000	88.667
Total	0.000	88.667

Banking Relations :	--
Auditors :
Name :	Surendra and Company Chartered Accountants
Address :	Room No. 19, H D Trust Building, 40, J S S Road, Opera House, Mumbai – 400004, Maharashtra, India
PAN :	Aaafs6409b
Holding Company :	Rosemount Financial Services Private Limited CIN : U65920MH1995PTC091786
Group Companies :	Jasubhai International FZCO Address : FZS2 AC01, JEBEL Ali, Dubai Tel. No.: 9714-8860704 / 8862991 Fax No.: 9714-8860705 Emerson Process Management India Limited Energy Systems Division Material Handling Division ABM Steels Private Limited ING - Tech Engineering Company

CAPITAL STRUCTURE

As on 30.09.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
1,000,000	Equity Shares	Rs.10/- each	Rs.10.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
274,941	Equity Shares	Rs.10/- each	Rs.2.749 millions

(Out of above 2,35,225 (2,35,225) Equity Shares are held by Rosemount Financial Services Private Limited, the Holding Company)

(Out of above 24,930(24,930) Equity Shares are alloted, persuant to the scheme of amalgamation without consideration received in cash.)

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

Particulars		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		2.749	2.749	2.749
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		80.426	98.960	100.841
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		83.175	101.709	103.590
LOAN FUNDS
1] Secured Loans		30.300	27.057	30.058
2] Unsecured Loans		0.000	88.667	62.250
TOTAL BORROWING		30.300	115.724	92.308
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		113.475	217.433	195.898
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		17.352	10.783	13.651
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		38.040	118.907	99.744
DEFERREX TAX ASSETS		0.855	0.541	0.583
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	7.884	8.527	14.626
	Sundry Debtors	74.445	60.377	41.018
	Cash & Bank Balances	11.795	6.532	6.034
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	35.314	64.613	62.935
Total Current Assets		129.438	140.049	124.613
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	20.856	16.404	12.399
	Other Current Liabilities	32.601	22.987	24.275
	Provisions	18.753	13.456	6.054
Total Current Liabilities		72.210	52.847	42.728
Net Current Assets		57.228	87.202	81.885
MISCELLANEOUS EXPENSES		0.000	0.000	0.035
TOTAL		113.475	217.433	195.898

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	TURNOVER		155.051	154.608	105.561
Less	EXPENSES
		Office Expenses
		Administrative Expenses	140.823	149.107	99.317
		Advertising Expenses
		TOTAL	140.823	149.107	99.317
	PROFIT / [LOSS] BEFORE TAX		14.228	5.501	6.244
Less	TAX		6.594	7.382	1.546
	PROFIT / [LOSS] AFTER TAX		7.634	[1.881]	4.698
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		52.379	54.360	49.762
	BALANCE CARRIED TO THE B/S		40.013	52.379	54.360
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Export	15.771	4.190	4.295
	TOTAL EARNINGS		15.771	4.190	4.295
	Earnings/[Loss] Per Share (Rs.)		27.76	[0.21]	17.09

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	4.92	[1.22]	4.45
Return on Total Assets (PBT/Total Assets}	(%)	9.69	3.65	4.51
Return on Investment (ROI) (PBT/Networth)		0.17	0.05	0.06
Debt Equity Ratio (Total Liability/Networth)		1.23	1.66	1.41
Current Ratio (Current Asset/Current Liability)		1.79	2.65	2.92

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS

Rs in Millions

PARTICULAS	31.03.2010	31.03.2009	31.03.2008
Sundry Creditors
Due to SSI	1.868	1.550	2.231
Due to Others	18.988	14.854	10.168
Total	20.856	16.404	12.399

Operations : Company performed well during the year and achieved satisfactory growth in sales the directors are confident that the company will generate impressive results during 2010-2011.

Contingent Liability [As on 31.03.2010]

Contingent Liability not Provided for :

§ Guarantee issued by the banks Rs. 24.108 millions (Previous Year Rs.18.328 millions)

• Claims against the Company not acknowledged as debts amounting to Rs.2.077 millions (Previous year Rs.2.077 millions).

Bankers Charges Report as per Registry

Corporate identity number of the company	U27109GJ1979PTC003277
Name of the company	JASUBHAI ENGINEERING PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	64A, GIDC Industrial Area, Vatva, Ahmedabad, Gujarat, India
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	90315870
Type of charge	Book Debts Movable Property Immovable Property
Particular of charge holder	Dena Bank, Sector 19, Vashi, Navi Mumbai 400705, Maharashtra, India Email : vastha@denabank.co.in
Nature of instrument creating charge	Memorandum of Entry for Extension of Existing Mortgage of Land and Building Situated at GIDC, Vatwa for the Enhanced Limit of Rs.122.500 millions
Date of instrument Creating the charge	13.06.2011
Amount secured by the charge	Rs.122.500 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest – At BPLR Terms of Repayment - continuing in nature as per banking regulations Margin - (1) Cash Credit - 25% on Stock and 40% on Book Debts (2) Term Loan 30% (3) Letter of Credit 15% (4) Performance Guarantee 10% and Financial Guarantee 15% Extent and Operation of the charge - (1) First Charge on Goods Viz. Stock of Raw Material,Goods in Process and Finished Goods, Consumable Stores, Spares, Packing Material Both Present and Future (2) All Tangible Movable Properties and Assetsincluding Plant, Machinary, Tools, Accessories, Stores and Spares (3) All The Present and Future Book Debts (4) Mortgage By Way of Deposit of title Deeds of Immovable Property Including Land, Building, Structures, Erections At Plot No. 64A, GIDC Industrial Estate, Vatwa, Ahmedabad 382445
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Immovable Property Including Land, Building, Structures, Erections at Plot No. 64A, GIDC Industrial Estate, Vatwa, Ahmedabad 382445
Date of instrument modifying the charge	17.02.2006
Particulars of the present modification	Credit Facilities Stand Enhanced to Rs. 122.500 millions.

FIXED ASSETS :

• Land
• Building
• Plant and Machinery
• Tools and Implements
• Testing Equipments
• Furniture and Fixtures
• Computer
• Office Equipments
• Electrical Installations
• Motor Car

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 records 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.52.16
UK Pound	1	Rs.81.28
Euro	1	Rs.69.47

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	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--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	YES
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

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