MIRA INFORM REPORT

Report Date :

01.06.2011

IDENTIFICATION DETAILS

Name :	COLOUR ROOF (INDIA) LIMITED
Registered Office :	B-1/1, Mayur Ma-Krupa Co-operative Housing Society, Off Gokhale School, Shimpoli Road, Borivali (West), Mumbai – 400 092, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	17.05.2000
Com. Reg. No.:	11-126598
Capital Investment / Paid-up Capital :	Rs.107.993 Millions
CIN No.: [Company Identification No.]	U27200MH2000PLC126598
TAN No.: [Tax Deduction & Collection Account No.]	MUMC08057A
Legal Form :	A Closely held Public Limited Liability Company.
Line of Business :	Manufacturer of Roof and Wall Cladding Profiled Sheets
No. of Employees :	250 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (29)

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

Maximum Credit Limit :	USD 1200000
Status :	Moderate
Payment Behaviour :	Slow but Correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. There appears to be some losses incurred by the company in the current year. However 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 caution.

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. Sunil
Designation :	Equipment Incharge
Date :	30.05.2011

LOCATIONS

Registered Office :	B-1/1, Mayur Ma-Krupa Co-operative Housing Society, Off Gokhale School, Shimpoli Road, Borivali (West), Mumbai – 400092, Maharashtra, India
Tel. No.:	91-22-26904411 (Hunting Line) / 65704441
Fax No.:	91-22-28991854
E-Mail :	contact@colourroof.com company.secretary@kltgroup.net vital.nayak@kltgroup.net
Website :	http://www.colourroof.com
Head Office :	B- 601, Elegant Business Park, MIDC Road Number 2, J B Nagar, Andheri (East), Mumbai- 400059, Maharashtra, India
Tel. No.:	91-22-40957000 (Hunting Line)
Fax No.:	91-22-40957100
E-Mail :	contact@kltgroup.net
Factory 1 :	J – 16, MIDC, Opp. Indal Taloja, Dist. Raigad, Maharashtra, India
Tel. No.:	91-22-27402236 / 2227 / 27414229 / 27904229
Fax No.:	91-22-27411821
Factory 2 :	Plot No. C-26/27, Sipcot Industrial Growth Centre, Perundarai – 638052, District – Erode, Tamil Nadu, India
Factory 3:	CRIL- Khapoli, Plot No. 42.45, Village Dheku, Post Saigaon, Taluka- Khalpur, District- Raigad, Maharashtra, India

DIRECTORS

As on : 15.11.2010

Name	Mrs. Sushila Kishore Thakkar
Designation	Director
Address	143,14^thfloor, Vasukamal Tower Co-operative Housing Society Limited, Devidas Extension Road, Borivali (West) , Mumbai – 400103, Maharashtra, India
Date of Birth	21.07.1939
Date of Appointment	18.11.2004
Name	Mr. Bhavin Kishore Thakkar
Designation	Director
Address	1401, 14^th floor, Raghunath Towers Co-operative Housing Society, Devidas Extension Road, Borivali (West), Mumbai – 400103, Maharashtra, India
Date of Birth	26.06.1964
Date of Appointment	17.05.2000
Name	Mr. Jubin Kishore Thakkar
Designation	Director
Address	143,14^th floor, Vasukamal Tower Co-operative Housing Society Limited, Devidas Extension Road, Borivali (West) , Mumbai – 400103, Maharashtra, India
Date of Birth	12.09.1970
Date of Appointment	17.05.2000
Name	Mr. Hemant k Borade
Designation	Director
Address	502, Mangal Archana Nahur Gaon, Mulund – West, Mumbai – 400 080, Maharashtra, India
Date of Birth	24.09.1960
Date of Appointment	20.11.2007
Name	Mr. Suresh Gadwal
Designation	Nominee Director
Address	No.743/3A, Soujanya 3^rd Main, 5^th Cross, Vinayaka Nagar, Konena Agrahara, Near Hal Airport, Bangalore – 560 017, Karnataka, India
Date of Birth	20.05.1951
Date of Appointment	23.06.2009
Nominee Company :	Canbank Venture Capital Fund Limited

KEY EXECUTIVES

Name	Mr. Hemant K. Borade
Designation	Company Secretary
Address	502, Mangal Archana, Nahur Gaon Mulund – West, Mumbai – 400080, Maharashtra, India
Date of Birth	24.09.1960
Date of Appointment	20.11.2007

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 15.11.2010)

Names of Shareholders	No. of Shares
Bhavin Kishore Thakkar	332520
Jubin kishore Thakkar	722720
Sushila Kishore Thakkar	256414
Manisha Bhavin Thakkar	333894
Parul Jubin Thakkar	158894
Mayank Jain	20
Anuj Bhavin Thakkar	7500
Miloni Bhavin Thakkar	7500
Viraj Jubin Thakkar	7500
Sheela Thoppil	15000
Amzel Infotech Private Limited, Mumbai	1008150
Boral Infotech Private Limited, Mumbai	1215850
Tanjore Tradeplace Private Limited, Mumbai	539000
Prefab Dwelling Limited, Mumbai	620000
Santoor Impex Private Limited, Mumbai	369312
KLT Automotive and Tubular Products Limited, Mumbai	680000
Canabk Venture Capital Fund Limited, Mumbai	200000
Metal Roofing Contractors Private Limited, Mumbai	25000
Vasanti Shree Brokers Limited, Mumbai	20000
GRD Capital Markets Limited, Mumbai	100000
Excel Infotech Limited, Mumbai	1162500
Jayant N Parekh, Jointly Holders – Rupam Prakesh	50000
Sensex Marketing Private Limited, Kolkata	800000
Nishita K Shah	25000
Rajesh B. Kalra	2500
Shristie Business Private Limited, Kolkata	10000
Shristie Business Private Limited, Kolkata	300000
S Karpagam Vasanthan	25000
Asha Devi Chamria	5000
Total	10799274

(AS ON 15.11.2010)

Category	Percentage
Venture Capital	18.52
Bodies corporate	63.43
Directors or relatives of directors	16.92
Other top fifty (50) shareholder (o the than listed above )	1.13
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Roof and Wall Cladding Profiled Sheets.

Products :

Item Code No. (ITC Code)	7210.20
Product Description	Steel Profiles {Trapezoidal and Corrugated].
Item Code No. (ITC Code)	7216.91
Product Description	Steel Shapes and Section.
Item Code No. (ITC Code)	7210.11
Product Description	Colour Coated Steel Coils/ Sheets.

Exports :

Products :

Steel Sheets

Countries :

· Gulf Countries

· Dubai

· South Africa

· Middle East

Imports :

Products :

· Spare Parts

· Raw Materials

Countries :

· Italy

· Singapore

· China

· Bangkok

Terms :

Selling :

L/C, Cash, Credit (30/ 60/ 90 days)

Purchasing :

L/C, Cash, Credit (30/ 60/ 90 days)

PRODUCTION STATUS AS ON (31.03.2010)

Particulars
LICENSED CAPACITIES	Not Applicable
INSTALLED CAPACITIES
Colour Coated Coils/ Sheets and Steel Profiles.	90000 MT p.a. (Previous Year 90000 MT p.a.)
ACTUAL PRODUCTION
Colour Coated Coils/ Sheets and Steel Profiles (Trapezoidal/Corrugated) and sections.	29133 MT (Previous Year 21611 MT)

GENERAL INFORMATION

Customers :

· NTPC, Talcher Super Thermal Power Station, Kaniha, Orissa

Ø Era Constructions India Limited, New Delhi (Colour Roof India Limited Deckspan)

Ø Hindustan Steelworks Constructions Limited (Deck and Cladding)

Ø Alstom Power India Limited, Kolkata (Colour Coated Galvalume)

Ø Hindustan Steelworks Constructions Limited (Deck and Cladding)

· Indian Oil Corporation Limited, Haldia Refinery Desulphuration Plant

· Container Corporation of India Depots at : Dronagiri, Mumbai

· Upper Ganges Sugar and Industries Limited, Seohara, Bijnor

· Supreme Industries

· Dr. Reddy’s Laboratories, Yaman Plant

· Multi Modular Transport System FOB’s

· Hindustan Aeronautics Limited, Bangalore (kaveri workshop)

· Hyundai Motor expansion near Chennai

· Shinan Plasto Limited (a Hyundai Motor Subsidiary)

· Coca Cola Plant at Sivaganga, Tamil Nadu

· Coca Cola Plants at two other locations in Tamil Nadu and Karnataka

· Clariant India Limited (formerly known as Sandoz India Limited)

· NTPC, Super Thermal Power Station Ramagundam, Andhra Pradesh

No. of Employees :

250 (Approximately)

Bankers :

Ø Bank of India Consortium

Andheri Corporate Banking Branch, MDI Building, 1^st Floor, 28, S. V. Road, Andheri [West], Mumbai – 400058, Maharashtra, India

Ø Corporation Bank

IFB Branch, Bharat House, Bombay Samachar Marg, Fort, Mumbai – 400 001, Maharashtra, India

Ø Indian Bank

Ø Axis Bank, Fort

Ø State Bank of India, Guffe Parade

Facilities :

Secured Loans	31.03.2010 (Rs. In Millions)		31.03.2009 (Rs. In Millions )
Term Loans:
Term Loans from Banks	159.276		209.154
Interest Accrued and Due	1.343		1.438
Working Capital from Banks	628.680		558.565
Vehicle Loans	1.467		2.742
Total	790.766		771.901
Note : Includes Term Loan Installments Due within One Year.
Unsecured Loans		31.03.2010 (Rs. In Millions)	31.03.2009 (Rs. In Millions)
Deposit from agents/dealers/customer		94.844	94.994
From Banks		99.401	40.152
From Directors		16.350	0.000
Total		210.595	135.146

Banking Relations :	--
Financial Institution :	Ø Maharashtra State Financial Corporation
Auditors :
Name :	Surya Associates Chartered Accountants
Address :	103, Deepika, Plot No. 37, Gokhale Road, Dahanukar Wadi, Kandivali, Mumbai – 400067, Maharashtra, India
Pan No :	AARFS6853Q
Tel No :	91-22-29671924 / 3648
Fax No :	91-22-29672236
Mobile No :	91-9820077823
E-Mail :	surya@bom5.vsnl.net
Memberships :	· National Roofing Contractors Association, USA
Associates/Subsidiaries :	· Thakkarsons Roll Forming Private Limited · Metcraft Engineering Corporation · Metform Corporation · Kish Really Private Limited · CRIL Pre Finish Metal FZC - UAE

CAPITAL STRUCTURE

As on : 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
11000000	Equity Shares	Rs.10/- each	Rs.110.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10799274	Equity Shares	Rs.10/- each	Rs.107.993 Millions

NOTE:

[Of the above 899387 Equity shares allotted as fully paid up bonus shares by capitalizing securities premium account.]

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		107.992	107.993	107.993
2] Share Application Money		0.000	0.000	0.000
] Reserves & Surplus		194.888	194.211	265.339
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		302.880	302.204	373.332
LOAN FUNDS
1] Secured Loans		790.768	771.902	499.578
2] Unsecured Loans		210.595	135.147	174.099
TOTAL BORROWING		1001.363	907.049	673.677
DEFERRED TAX LIABILITIES		11.509	10.387	39.870
TOTAL		1315.752	1219.640	1086.879
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		550.309	588.733	518.943
Capital work-in-progress		0.000	0.000	41.078
INVESTMENT		30.022	30.023	22.061
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	947.604	836.806	613.017
	Sundry Debtors	352.417	249.076	255.877
	Cash & Bank Balances	135.092	84.427	84.926
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	169.094	180.667	170.714
Total Current Assets		1604.207	1350.976	1124.534
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	558.088	442.993	307.128
	Sundry Creditors	308.561	306.425	306.423
	Provisions	2.570	2.011	8.428
Total Current Liabilities		869.219	751.429	621.979
Net Current Assets		734.988	599.547	502.555
MISCELLANEOUS EXPENSES		0.433	1.337	2.242
TOTAL		1315.752	1219.640	1086.879

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	1388.973	1300.847	1224.058
		Other Income	35.875	16.539	44.990
		TOTAL (A)	1424.848	1317.386	1269.048
Less	EXPENSES
		Cost of Materials	1119.311	1136.809	1026.412
		Manufacturing Expenses	56.143	66.019	59.598
		Payments to and Provisions for Employees	45.612	46.194	37.333
		Other Expenses	78.778	103.566	90.713
		Increase/(Decrease) in Finished Goods	(57.799)	(124.049)	(118.248)
		Directors Remuneration	2.376	2.750	3.000
		TOTAL (B)	1244.421	1231.289	1098.808
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		180.427	86.097	170.240
Less	FINANCIAL EXPENSES (D)		144.008	153.780	89.763
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		36.419	(67.683)	80.477
Less/ Add	DEPRECIATION/ AMORTISATION (F)		34.584	31.723	27.416
	PROFIT BEFORE TAX (E-F) (G)		1.835	(99.406)	53.061
Less	TAX (I)		1.121	(28.633)	17.328
	PROFIT AFTER TAX (G-I) (J)		0.714	(70.773)	35.733
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		15.505	86.633	62.586
	BALANCE CARRIED TO THE B/S		16.182	15.505	97.950
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	453.840	741.353	509.277
	TOTAL EARNINGS		453.840	741.353	509.277
	IMPORTS
		Raw Materials	47.457	97.565	66.575
		Stores & Spares	3.735	0.487	0.552
		Capital Goods	Nil	3.180	40.859
	TOTAL IMPORTS		51.192	101.232	107.986
	Earnings Per Share (Rs.)		0.06	(6.59)	3.27

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	0.05	(5.37)	2.82
Net Profit Margin (PBT/Sales)	(%)	0.13	(7.64)	4.33
Return on Total Assets (PBT/Total Assets}	(%)	0.08	(5.12)	3.23
Return on Investment (ROI) (PBT/Networth)		0.00	(0.33)	0.14
Debt Equity Ratio (Total Liability/Networth)		6.17	5.49	1.67
Current Ratio (Current Asset/Current Liability)		1.84	1.80	1.81

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS:

(Rs. In Millions )

Particulars	31.03.2010	31.03.2009	31.03.2008
Sundry Creditors
- For Capital Goods	3.304	10.088	10.087
- Others	305.257	296.337	296.336
Total	308.561	306.425	306.423

TRADE REFERENCE:

· Clariant India Limited

· Coca Cola Plant, Tamilnadu

· Dr. Reddy’s Laboratories, Yamen Plant

REVIEW OF OPERATION :

During the year the turnover of the company is Rs. 1510.300 millions as compared to previous year of Rs. 1389.600 millions showing a marginal increase. The Profit after tax is Rs. 0.700 millions as against the loss after tax for the year 2008-09 at Rs. 70.700 millions for the previous year.

The year gone by was one that started in the aftermath of the recessionary situation across the globe still reeling under the impact of the sudden collapse of US and European economies and slowdown of the strong Chinese demand. Spiralling steel prices hit new lows (by as much as 40 to 50 percent in some cases) and demand slumped.

Exports, that were and remained the core focus, were on a slow track. Demand did not pick up almost all through the year, although signs of recovery were visible from the later parts of the third quarter. The company developed a new destination of export of its products with more secured from of payments. The company focused on niche market segment where competition was negligible with higher value additions. The company with continued attention on quality products was able to penetrate successfully in almost all the new customers / destinations. The export customers from Poland, Romania are now again coming back to company with secured from of payment mechanisms.

The company’s sheering brand CRiL has been approved by the Indian Railways for their first ever ALL INDIA RAILWAY specifications and schedule item, and, process has also been in motion for registered under DGS and D, which when approved shall put the company’s products on the chosen list for all Government purchases.

The company coated steel was approved for use in NTPC Projects and order has been secured for NTPC super Thermal Power Project at Bongaigaon while negotiations for such projects at Vindhyachal and Rihand are in advanced stages of negotiation.

FORM 8

Name of the company	COLOUR ROOF (INDIA) LIMITED
1) Date and description of instrument creating the change	Agreement of Equitable mortgage or mortgage of property by depositing the title deeds for immovable properties dated 28^th August, 2006
2) Amount secured by the charge/amount owing on the securities of charge	Rs.810.524 Millions
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given	Equitable mortgage or mortgage of property by depositing the title deeds for immovable properties
4) Name and Address and description of the person entitled to the charge.	Bank of India Consortium Andheri Corporate Banking Branch M.D.I. Building, 28,S.V.Road, Andheri (West), Mumbai – 400058, Maharashtra, India
5) Date and brief description of instrument modifying the charge	28.08.2006
6) Date and brief description of instrument modifying the charge	NA
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.	NA

This form is for	Modification of charge
Charge identification number of the modified	10018632
Corporate identity number of the company	U27200MH2000PLC126598
Name of the company	COLOUR ROOF (INDIA) LIMITED
Address of the registered office or of the principal place of business in India of the company	B-1/1, Mayur Ma-Krupa Co-operative Housing Society, Off Gokhale School, Shimpoli Road, Borivali (West), Mumbai – 400 092, Maharashtra, India
Type of charge	Immovable Property
Particular of charge holder	Bank of India Consortium, Andheri Corporate Banking Branch, MDI Building, 1^st floor, 28, S. V. Road, Andheri {West], Mumbai -400058, Maharashtra, India E-Mail: andhericorp.mumbainorth@bankofindia.com
Nature of description of the instrument creating or modifying the charge	Continuing Oral Assent for Joint Mortgage for BOI acting for itself and also as agent of the State bank of India, Axis Bank and HSBC Bank
Date of instrument Creating the charge	15.04.2009
Amount secured by the charge	Rs.1636.400 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest BOI: CC – 0.75% below BPLR minimum of 12.50% p.a. shall be changed at monthly rests. Star Channal Credit 2% below BPLR rate with a minimum of 12% p.a. shall be charged SBI: CC - @ 2.75% above SBAR i.e. 13.50% at monthly rests Axis Bank – CC - @ 2.75% below BPLR Presently 12% p.a. shall be charged Detailed as per Schedule in continuing Oral Assent Terms of Repayment Cash Credit – On demand and other limits such as may be notified by bank from time to time Margin BOI – CC (Stocks and BD upto 90 days) – 25%, EPC – 25% on stocks, Inland Gt. – Fin. Gt 25% and Perf. Gtee.10% in TDR, LC-10%, EPCG Gt-30%, Buyer’s credit one time -25% SBI – Stocks – 25%, Receivables upto 90 days – 30%, Inland Guarantee 10% and Letter of Credit – 10% Axis Bank – CC (Stocks and BD upto 90 days) – 25%, L/C – 10%, Guarantee 10% and 100% for disputed Liabilities HSBC – Nil, Detailed as per Schedule in continuing Oral Assent Extent and Operation of the charge First pari passu charge by way of equitable mortgage on Company’s immovable properties with BOI and SBI for the Term Loan Limits. Second Pari passu charge by way of Equitable Mortgage on Company’s immovable properties with BOI, SBI, Axis Bank Limited and HSBC Bank Limited for the working capital limits Others Limits enhanced from Rs.995.400 Millions to Rs.1636.400 Millions
Short particulars of the property charged	Equitable Mortgage by way of First pari passu charge for TL limits with BOI and SBI and Second Pari Passu charge for WC Limits with BOI Consortium on following properties viz.1. a) Plot No.42/2, 42/4C, 44/1A, 44/1B, 44/1C, 44/2, 44/4, 45/1, b) Gut No.212 (a), (b), (c), 213,214,215,217 c) Gut No.216 sitauted at Dekhu, Khalapur, Dist Raigad 2) Plot No. J-16, Taloja Industrial Area, Village Padghe, Dist Raigad 3) Plot no.C-26/27, Sipcot Ind. Growth Centre, Perundaral, Dist Erode, Tamilnadu.

FIXED ASSETS:

Ø Land and Site Development

Ø Building

Ø Pant and Machinery

Ø Electrical Installation

Ø Furniture and Fittings

Ø Office Equipments

Ø Vehicles

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. 45.03
UK Pound	1	Rs. 74.43
Euro	1	Rs. 64.75

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	-
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--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
TOTAL		29

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.