MIRA INFORM REPORT

Report Date :

31.12.2011

IDENTIFICATION DETAILS

Name :	GRAINOTCH INDUSTRIES LIMITED (w.e.f. 19.07.2007)
Formerly Known As :	AADITYA BREWERIES LIMITED
Registered Office :	1, Govind Apartment, N.D. Patel Road, Nashik – 422 001, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	28.11.2006
Com. Reg. No.:	11-165848
Capital Investment / Paid-up Capital :	Rs.186.255 millions
CIN No.: [Company Identification No.]	U15549MH2006PLC165848
TAN No.: [Tax Deduction & Collection Account No.]	NSKG02570B
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturers of Grain Based Alcohol.
No. of Employees :	200 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (28)

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

Maximum Credit Limit :	USD 809000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Financial position of the company is improving. Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings 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.

INFORMATION PARTED BY

Name :	Mr. Ajay
Designation :	Finance Controller
Contact No.:	91-253-2311344
Date :	30.12.2011

LOCATIONS

Registered Office :	1, Govind Apartment, N.D. Patel Road, Nashik – 422 001, Maharashtra, India
Tel. No.:	91-253-2311344
Fax No.:	91-253-2311355
E-Mail :	milindgujar@rediffmail.com info@grainotch.com sales@grainotch.com
Website :	http://www.grainotch.com
Location :	Owned
Head/ Corporate Office :	T13-14, Third Floor, Suyojit Sankul Apartment, Near Rajiv Gandhi Bhavan, Sharanpur Road, Nashik – 422 005, Maharashtra, India
Factory :	Gat No.238/239, Village Bhendale, Taluka Gangapur, District Aurangabad – 431 110, Maharashtra, India
Tel. No.:	91-2433-228622/ 33/ 44/ 228744

DIRECTORS

As on 24.09.2010

Name :

Mr. Sanjay Changdeorao Holkar

Designation :

Managing Director

Address :

Yashoda 8, Mahesh Nagar, Ahilyadevi Holkar Marg, Golf Club, Nashik – 422 001, Maharashtra, India

Date of Birth/Age :

03.09.1962

Date of Appointment :

01.03.2011

DIN No.:

00154241

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	U01110MH1989PTC053379	Yashoda Agro Mercantile and Processing Company Private Limited	Director	08-09-89	08-09-89	-	Active	NO
2	U15520MH2001PTC133665	Vinsura Winery Private Limited	Director	11-01-06	11-01-06	-	Active	NO
3	U15549MH2006PLC165848	Grainotch Industries Limited	Managing director	01-03-11	28-11-06	-	Active	NO

Name :

Mr. Surendra Ramchandra Sanas

Designation :

Director

Address :

Bunglow No.56, ST Patricks Town, Pune-Solapur Road, Hadapsar, Pune – 411 013, Maharashtra, India

Date of Appointment :

01.01.2010

DIN No.:

00164013

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	U55101MH1990PTC057462	Blueval Hotels Private Limited	Director	25-01-93	25-01-93	01-09-07	Active	NO
2	U70101PN1993PTC075445	Aminosia Property Developers Private Limited	Director	03-12-93	03-12-93	-	Active	NO
3	U55101MH1993PTC072013	Harbell Hotels Private Limited	Director	17-06-94	17-06-94	-	Active	NO
4	U99999MH1995PTC085154	Neo Light Agriculture And Breeding Private Limited	Director	01-02-95	01-02-95	-	Active	NO
5	U51900MH1997PTC106368	Soumya Trading And Finance Private Limited	Director	18-02-99	18-02-99	05-06-09	Active	NO
6	U70100MH1999PTC123132	Neepun Real Estate Private Limited	Director	25-01-00	25-01-00	05-06-09	Dormant	NO
7	U45201MP1988PLC004862	Kusum Construction and Commercials Limited	Director	10-04-02	10-04-02	-	Active	NO
8	U72200PN2004PTC019602	Classic City Infopark Private Limited	Director	06-08-04	06-08-04	-	Active	NO
9	U70100MH2004PTC148730	Superplaza Properties Private Limited	Director	03-01-05	03-01-05	05-06-09	Active	NO
10	U45201PN2004PTC019297	Sterling Premises Private Limited	Director	01-04-05	01-04-05	-	Active	NO
11	U45209PN2005PTC020807	Rahul Executives Infratech Private Limited	Director	30-05-05	30-05-05	-	Active	NO
12	U45200MH2004PTC145791	Topmost Constructions Private Limited	Director	01-09-05	01-09-05	-	Active	NO
13	U70102PN2006PTC022031	Sabhar Realties Private Limited	Director	16-02-06	16-02-06	-	Active	NO
14	U00500PN2006PTC022291	Aeon Developers Private Limited	Director	04-04-06	04-04-06	-	Active	NO
15	U70200PN2006PTC128573	Realty Networks Property Services India Private Limited	Director	09-06-06	09-06-06	-	Active	NO
16	U70200PN2006PTC128581	Prudent Real Estate and Properties Private Limited	Director	12-06-06	12-06-06	-	Active	NO
17	U70102PN2006PTC128589	Ascent Real Estate and Properties Private Limited	Director	14-06-06	14-06-06	-	Active	NO
18	U70102PN2007PTC130846	Nasik Land Realty (India) Private Limited	Director	12-10-07	12-10-07	-	Active	NO
19	U45202PN2006PTC128493	Oxford Realtor (Pune) Private Limited	Director	29-09-08	01-08-08	-	Active	NO
20	U15549MH2006PLC165848	Grainotch Industries Limited	Director	01-01-10	01-01-10	-	Active	NO
21	U45200PN2010PTC136221	Bedi Infrastructure Private Limited	Director	21-09-10	21-09-10	-	Active	NO

Name :

Mrs. Vaishali Sanjay Holkar

Designation :

Director

Address :

8, Yashoda, Mahesh Nagar, Ahilyadevi Holkar Marg, Golf Club, Nashik – 422 001, Maharashtra, India

Date of Appointment :

12.09.2009

DIN No.:

00269645

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	U01110MH1989PTC053379	Yashoda Agro Mercantile and Processing Company Private Limited	Director	15-02-99	15-02-99	Active	NO
2	U15549MH2006PLC165848	Grainotch Industries Limited	Director	12-09-09	28-11-06	Active	NO

Name :

Mr. Sanjay Vasant Patil

Designation :

Director

Address :

59, Shri Shivaji Co-Operative Housing Society, Senapati Bapat Road, Pune – 411 061, Maharashtra, India

Date of Appointment :

10.10.2007

DIN No.:

01847946

Name :

Amirali Pyarali Hudda

Designation :

Director

Address :

1552 Shelford CT, Vienna VA 22182-1759

Date of Birth/Age :

19.09.1964

Date of Appointment :

01.04.2011

DIN No.:

01661893

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	U72900PN2005PTC021132	Apptix Software India Private Limited	Director	15-08-05	15-08-05	28-12-07	Active	YES
2	U15549MH2006PLC165848	Grainotch Industries Limited	Director	01-04-11	01-04-11	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Ajay
Designation :	Finance Controller

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 24.09.2010

Names of Shareholders	No. of Shares
Seema Kalyan Taware	5000
Puja Amol Patodekar	5000
Manjusha Dhananjay Thite Dhananjay Nivrutti Thite	110000
Smita Deepak Jagtap	5000
Sudha Ganeshrao Jagdale	5000
Abhijeet Jadhav and Rajashree Jadhav	100000
Amirali Hudda	1002453
Surendra R. Sanas (HUF)	500000
Rahul Executives Infratech Private Limited, India	500000
Bhosale Anil Shivajirao Bhosale Reshma Anil	500000
Bhosale Reshma Anil Bhosale Anil Shivajirao	300000
Bhosale Nitin Shivajirao Bhosale Lavina Nitin	100000
Bhosale Lavina Nitin Bhosale Nitin Shivajirao	100000
Vivekanand Ganesh Divekar (HUF)	50000
Sonawane Viraj Vishwasrao	150000
Sonawane Yuvraj Ramrao	112500
Sonawane Prithviraj Ramrao Sonawane Ramrao Shahajirao	62500
Sonawane Anita Ramrao	125000
Sonawane Tarabai Shahajirao	50000
Tupe Vaishali Nitin Tupe Nitin Raghunath	50000
Tupe Nitin Raghunath Tupe Vaishali Nitin	200000
Sonawane Vishwasrao Shahajirao	150000
Sonawane Vaishali Vishwasrao	150000
Sonawane Radhika Vishwasrao Sonawane Vishwasrao Shahajirao	25000
Sonawane Ramrao Shajirao	125000
Sonawane Pritiviraj Ramrao Sonawane Ramrao Shahajirao	50000
Abhijeet Bhaurao Patil	2000
Hari Kulkarni	1100
Sanjay Changdeorao Holkar	3930001
Uddhav Changdeorao Holkar	20000
Vaishali Sanjay Holkar	1237759
Manmohan Satyanarayan Upadhyay	1000
Kavita Sambhaji Tupe	400000
Patel Dilip Shivaji	4000
Patil Devyani Krishna	10000
Yashoda Agro Mercantile Proc. Company Private Limited, India	4900000
Nivrutti Namdeo Thite	100000
Sangave Arun	1010000
Shashikant Manilal Patel	11100
Dhananjay Nivrutti Thite Manjusha Dhananjay Thite	450000
Rajendra Nivrutti Thite	110000
Vishwas Jaydeo Thakur	10000
Holkar Indumati Changdeo	48000
Holkar Changdeo Bhagwat	48100
Dilip Bhaskar Shinde	300000
Jitendra Dilip Shinde Shrichand Laxmandas Bhatija	500000
Shrichand Laxmandas Bhatija Jitendra Dilip Shinde	700000
Anuradha Dilip Shinde Dilip Bhaskar Shinde	200000
Holkar Satyajeet Sanjay	70000
Sushila Waman Korekar	30000
Total	18625513

As on 30.05.2011

Names of Allottees	No. of Shares
Patil Sanjay Balkrishna	187500
Patil Nikhil Sanjay	93750
Patil Nishant Sanjay	93750
Total	375000

As on 30.03.2011

Names of Allottees	No. of Shares
Holkar Sanjay Changdeorao	42500
Dilip Bhaskar Shinde	150000
Shrichand Laxmandas Bhatija	100000
Tupe Nitin Raghunath	50000
Mehul Khimjibhai Kataria	100000
Total	442500

As on 24.09.2010

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	29.00
Directors or relatives of directors	71.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturers of Grain Based Alcohol.
Products :	v High Purity Vodka Grain ENA v Grain Extra Neutral Alcohol (GNS) v Rectified Spirit v Impure Spirit v DWGS (Distiller's Wet Grain Solubles) v Fusel Oil
Imports :
Products :	Machinery
Countries :	Germany
Terms :
Selling :	Cash and Credit (30 days)
Purchasing :	L/C, Cash and Credit (30 days)

GENERAL INFORMATION

Customers :

Wholesalers, Retailers and End Users

No. of Employees :

200 (Approximately)

Bankers :

v State Bank of India, Industrial Finance Branch, 'The Arcade', World Trade Centre, Cuffe Parade, 2^nd Floor, Mumbai – 400 005, Maharashtra, India

v State Bank of Hyderabad

v Citi Bank N.A.

Facilities :

Secured Loans	31.03.2010 Rs. In Millions	31.03.2009 Rs. In Millions
State Bank of India – IFB, Colaba, Mumbai
- Term Loan	396.620	350.904
- Term Loan (Botteling Plant)	2.086	0.000
- Cash Credit	93.966	0.000
Total	492.672	350.904

Notes:

Secured by way of First Charge on Company’s Land and Building, Plant and Machinery, Entire present and future Fixed Assets; and

Secured by way of Hypothecation Charge on the entire Current Assets of the Company viz. Raw Mateiral, Stock in process, Finished Goods, Stores and Spares, Other Consumable and Debtors; and also plot owned by Director and their relatives at Anandwalli, Nashik (Admsg. 2389 Sq. Mtrs.); and

Personal Guarantee of Director Mr. Sanjay C. Holkar and Mr. Dhananjay N. Thite.

Banking Relations :	--
Auditors :
Name :	Sabadra and Sabadra Chartered Accountants
Address :	116, Sarda Sankul, M.G. Road, Nashik – 422 001, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	ADBPS3017P

CAPITAL STRUCTURE

After 24.09.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
23000000	Equity Shares	Rs.10/- each	Rs.230.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
19443013	Equity Shares	Rs.10/- each	Rs.194.430 millions

As on 24.09.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
23000000	Equity Shares	Rs.10/- each	Rs.230.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
18625513	Equity Shares	Rs.10/- each	Rs.186.255 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		186.255	155.879	120.690
2] Share Application Money		13.325	40.100	11.100
3] Reserves & Surplus		2.737	0.000	0.000
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		202.317	195.979	131.790
LOAN FUNDS
1] Secured Loans		492.672	350.904	0.101
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		492.672	350.904	0.101
DEFERRED TAX LIABILITIES		1.675	0.036	0.000
TOTAL		696.664	546.919	131.891
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		553.263	1.695	0.057
Capital work-in-progress		0.182	444.506	21.785
INVESTMENT		0.001	58.383	85.164
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	132.127	33.105	0.000
	Sundry Debtors	17.227	0.000	0.000
	Cash & Bank Balances	0.628	0.922	3.055
	Other Current Assets	85.204	70.569	0.638
	Loans & Advances	3.433	3.605	20.888
Total Current Assets		238.619	108.201	24.581
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	68.669	65.997	1.517
	Other Current Liabilities	12.444	0.350	0.000
	Provisions	15.777	1.380	0.032
Total Current Liabilities		96.890	67.727	1.549
Net Current Assets		141.729	40.774	23.032
MISCELLANEOUS EXPENSES		1.489	1.861	1.853
TOTAL		696.664	546.919	131.891

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	195.788	0.000	0.000
		Other Income	49.332	2.203	0.824
		TOTAL (A)	245.120	2.203	0.824
Less	EXPENSES
		Increase/ Decrease in Stock	(62.251)	0.000	0.000
		Raw Material Consumed	207.841	0.000	0.000
		Direct Expenses	21.113	0.000	0.000
		Employee Cost	8.593	0.000	0.000
		Indirect Expenses	3.774	0.354	0.048
		TOTAL (B)	179.070	0.354	0.048
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		66.050	1.849	0.776
Less	FINANCIAL EXPENSES (D)		33.316	0.000	0.000
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		32.734	1.849	0.776
Less/ Add	DEPRECIATION/ AMORTISATION (F)		27.557	0.077	0.000
	PROFIT BEFORE TAX (E-F) (G)		5.177	1.772	0.776
Less	TAX (H)		2.439	0.577	0.002
	PROFIT AFTER TAX (G-H) (I)		2.738	1.195	0.774
Less	Transferred to Capital Work-in-Progress		0.000	1.195	0.774
Add	Opening Balance of P & L A/c		0.000	0.000	NA
	Profit & Loss A/c transferred to Balance Sheet		2.738	0.000	NA
	Earnings Per Share (Rs.)		0.15	0.08	0.06

Particulars	31.03.2011
Sales Turnover (Approximately)	473.100

Expected Sales (2011-2012): More than Rs.600.000 millions

The above information has been parted by Mr. Ajay (Finance Controller).

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	1.12	54.24	93.93
Net Profit Margin (PBT/Sales)	(%)	2.64	0.00	0.00
Return on Total Assets (PBT/Total Assets}	(%)	0.65	1.61	3.15
Return on Investment (ROI) (PBT/Networth)		0.03	0.01	0.01
Debt Equity Ratio (Total Liability/Networth)		2.91	2.14	0.01
Current Ratio (Current Asset/Current Liability)		2.46	1.60	15.87

LOCAL AGENCY FURTHER INFORMATION

Details of Sundry Creditors:

Particulars	31.03.2010 (Rs. in millions)	31.03.2009 (Rs. in millions)	31.03.2008 (Rs. in millions)
Sundry Creditors (Raw Material, Capital goods, Services, etc.)	76.196	81.883	1.518
Advance to Suppliers	(7.527)	(15.886)	(0.001)
Total	68.669	65.997	1.517

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	--
8) No. of employees	Yes
9) Name of person contacted	Yes
10) Designation of contact person	Yes
11) Turnover of firm for last two years	No
12) Profitability for last three years	--
13) Reasons for variation <> 20%	Yes
14) Estimation for coming financial year	Yes
15) Capital in the business	No
16) Details of sister concerns	--
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	--
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	No
28) Incorporation details, if applicable	--
29) Last accounts filed at ROC	--
30) Major Shareholders, if available	--

BUSINESS PROSPECTS:

The Company barring unforeseen circumstances and the era of recession is hopeful of declaring better results in the coming years.

FORM 8:

Corporate identity number of the company	U15549MH2006PLC165848
Name of the company	GRAINOTCH INDUSTRIES LIMITED
Address of the registered office or of the principal place of business in India of the company	1, Govind Apartment, N.D. Patel Road, Nashik – 422 001, Maharashtra, India E-Mail: milindgujar@rediffmail.com
This form is for	Modification of charge
Charge identification number of the modified	10085669
Type of charge	Immovable Property
Particular of charge holder	State Bank of India, Industrial Finance Branch, 'The Arcade', World Trade Centre, Cuffe Parade, 2^nd Floor, Mumbai – 400 005, Maharashtra, India E-Mail: kamalax_saraf@hotmail.com
Nature of description of the instrument creating or modifying the charge	No instrument. memorandum of deposit for creation of charge for term loan/overall limit where the initial charge is created by way of mortgage by deposit of title deeds. FORM C.10
Date of instrument Creating the charge	21.07.2009
Amount secured by the charge	Rs.560.000 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest: As per sanction terms Terms of Repayment: As per sanction terms Margin: As per sanction terms Extent and Operation of the charge: As per sanction terms
Short particulars of the property charged	All present and future goods, book debts and all other movable assets of the borrower including documents of title to goods and other assets, such as book-debts outstanding moneys, receivables, including receivables by way of cash assistance and/or cash incentives under the cash incentive scheme or any other scheme, claims, including claims by way of refund of customs/excise duties under the duty draw back credit scheme, or any other scheme, bills, invoices, documents, contracts, insurance policies, guarantees, engagements, securities, investments, rights and uncalled capital and all present and future machinery.
Date of latest modification prior to the present modification	21.07.2009
Particulars of the present modification	Now by this modification the company has offered further charge on its immovable properties as security to secure its now enhanced credit facilities of Rs.560.000 millions (inclusive of the earlier sanctioned facilities). The details of charged immovable properties remains the same as earlier mortgaged on 21.01.2008.

FIXED ASSETS:

v Land

v Land Development

v Building

v Civil Construction

v Internal Roads

v Borewell

v Furniture

v Office Equipments

v Vehicles

v Air Conditioner

v Computer and Software

v Mobile Phones

v Plant and Machinery

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.53.27
UK Pound	1	Rs.82.10
Euro	1	Rs.68.90

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	2
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		28

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.