MIRA INFORM REPORT

Report Date :

24.06.2011

IDENTIFICATION DETAILS

Name :	VRINDAVAN ASSOCIATES
Registered Office :	111/359, Ashok Nagar, Kanpur – 208012, Uttar Pradesh
Country :	India
Financials (as on) :	31.03.2011 (Provisional)
Date of Incorporation :	01.09.1999
Capital Investment / Paid-up Capital :	Rs.8.784 Millions
PAN No.: [Permanent Account No.]	AATPK9742L
Legal Form :	Sole Proprietory Concern.
Line of Business :	Civil Construction.
No. of Employees :	5 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B

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

Status :	Small Concern
Payment Behaviour :	No Complaints
Litigation :	Clear
Comments :	Subject is a relatively Small concern in its field. Trade relations are reported as fair. No valuation report has been provided. No complaints have been heard from indirect or market sources. It would be advisable to take adequate securities while dealing with the subject.

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 – April 1, 2010

Country Name	Previous Rating (31.12.2009)	Current Rating (01.04.2010)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

LOCATIONS

Registered Office :	111/359, Ashok Nagar, Kanpur – 208012, Uttar Pradesh, India
Mobile No.:	91-9415125195/ 9235633175
Fax No.:	91-512-3048143
E-Mail :	vrindavanknp2@gmail.com
Area :	1300 sq. ft.
Location :	Rented
Factory :	7/108-A, Lower Ground, Swaroop Nagar, Kanpur – 208002, Uttar Pradesh, India
Tel. No.:	91-512-3048142
Fax No.:	91-512-3048143
Area :	1000 sq. ft.
Location :	Rented

SOLE PROPRIETOR

Name :	Mr. Naresh Khandelwal
Designation :	Proprietor
Address :	Flat No.102, Narayan Deep, 7/81, Tilak Nagar, Kanpur, Uttar Pradesh, India
Date of Birth/Age :	18.01.1968
Qualification :	B.E. (Civil)
Experience :	15 years

BUSINESS DETAILS

Line of Business :

Civil Construction.

GENERAL INFORMATION

Suppliers :	· Haryana Delhi Transport Company · Hindustan Cargo Carriers · P. R. Motors · Ram Swaroop Gupta and Company · Ganga Chit Fund (Private) Limited · S. R. G. Tiles Industries
Customers :	· Balaji – Builders · N. N. Stone Gangsaw · Saraswati Industries · Shakti Steel Traders · Shakti Tex · Shree Vehicles Private Limited · Shri Krishna Granite · Shriya Chemicals · Sri Haryana Road Lines · Swadeshi Steels · Swadeshi Niwar Mills
No. of Employees :	5 (Approximately)
Bankers :	· Corporation Bank Swaroop Nagar, Kanpur, Uttar Pradesh, India · Central Bank of India Ashok Nagar, Kanpur, Uttar Pradesh, India · Allahabad Bank City Office Branch, Kahoo Kothi, Kanpur, Uttar Pradesh, India
Facilities :	Only Car Loan is Being Availed from Central Bank of India Rs.0.650 Million against the pledge of FDR from Allahabad Bank

Banking Relations :	--
Auditors :
Name :	Khandelwal Khare and associates Chartered Accountant
Address :	7/108-A, Swaroop Nagar, Kanpur – 208002, Uttar Pradesh, India
Tel. No.:	91-512-3048141
Fax No.:	91-512-3048143
Email :	uihir_k@yahoo.co.in umesh_k@vsnl.net

CAPITAL STRUCTURE

AS ON 31.03.2011 - PROVISIONAL

Capital Investment :
Owned :	Rs.3.388 Millions
Borrowed :	Rs.5.396 Millions
Total :	Rs.8.784 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

Note: Sole Proprietory and Partnership concerns are exempted from filing their financials with the Government Authorities or Registry.

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011 (Provisional)	31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		3.388	1.214	1.602	1.500
2] Share Application Money		0.000	0.000	0.000	0.000
3] Reserves & Surplus		0.000	0.000	0.000	0.000
4] (Accumulated Losses)		0.000	0.000	0.000	0.000
NETWORTH		3.388	1.214	1.602	1.500
LOAN FUNDS
1] Secured Loans		2.896	2.920	1.293	0.162
2] Unsecured Loans		2.500	4.295	1.536	0.774
TOTAL BORROWING		5.396	7.215	2.829	0.936
DEFERRED TAX LIABILITIES		0.000	0.000	0.000	0.000
TOTAL		8.784	8.429	4.431	2.436
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.876	1.047	1.005	0.161
Capital work-in-progress		0.000	0.000	0.000	0.000
INVESTMENT		0.156	0.000	0.011	0.424
DEFERREX TAX ASSETS		0.000	0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.800	0.375	0.265	0.484
	Sundry Debtors	5.816	0.383	2.774	2.162
	Cash & Bank Balances	0.489	0.100	0.594	0.025
	Other Current Assets	3.580	3.841	2.121	0.759
	Loans & Advances	1.600	4.666	0.000	0.478
Total Current Assets		12.285	9.365	5.754	3.908
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	2.363	0.999	1.650	1.813
	Other Current Liabilities	0.250	0.780	0.180	0.180
	Provisions	1.921	0.204	0.509	0.064
Total Current Liabilities		4.533	1.983	2.339	2.057
Net Current Assets		7.752	7.382	3.415	1.851
MISCELLANEOUS EXPENSES		0.000	0.000	0.000	0.000
TOTAL		8.784	8.429	4.431	2.436

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011 (Provisional)	31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	37.500	19.055	11.381	5.417
		Other Income	0.009	0.068	0.160	0.179
		TOTAL	37.509	19.123	11.541	5.596
Less	EXPENSES
		Cost of Goods Sold	15.850	10.860	7.397	2.619
		Job Work	0.000	0.000	0.000	0.017
		Labour Charges	7.917	1.090	0.000	0.000
		Site Expenses	0.000	0.000	0.043	0.164
		Wages	0.205	0.111	1.348	1.437
		Accounting Charges	0.084	0.055	0.042	0.018
		Audit Fees	0.000	0.022	0.011	0.011
		General Expenses	0.096	0.039	0.008	0.014
		Office Maintenance Expenses	0.060	0.032	0.020	0.021
		Other Deduction by Department	0.000	0.000	0.000	0.038
		Repairs and Maintenance	0.222	0.000	0.011	0.019
		Salary	0.489	0.243	0.325	0.145
		Telephone Expenses	0.128	0.080	0.093	0.096
		Trade Tax	0.000	0.000	0.014	0.082
		Travelling Expenses	0.250	0.075	0.024	0.024
		Vehicles Running and Maintenance	0.245	0.166	0.102	0.120
		Other Expenses	10.037	5.026	1.256	0.184
		TOTAL	35.583	17.799	10.694	5.009
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		1.926	1.324	0.847	0.587
Less/ Add	DEPRECIATION/ AMORTISATION		0.171	0.212	0.122	0.031
	NET PROFIT		1.755	1.112	0.725	0.556

KEY RATIOS

PARTICULARS		31.03.2011 (Provisional)	31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	4.68	5.81	6.28	9.94
Net Profit Margin (PBT/Sales)	(%)	4.68	5.84	6.37	10.26
Return on Total Assets (PBT/Total Assets}	(%)	13.33	10.68	10.73	13.66
Return on Investment (ROI) (PBT/Networth)		0.52	0.92	0.45	0.37
Debt Equity Ratio (Total Liability/Networth)		2.93	7.58	3.23	1.99
Current Ratio (Current Asset/Current Liability)		2.71	4.72	2.46	1.90

LOCAL AGENCY FURTHER INFORMATION

ASSESSMENT OF WORKING CAPITAL REQUIREMENT

OPERATING STATEMENT

(RS. IN MILLIONS)

Particulars	2012	2013	2014	2015
	PROJECTED
Gross Sales
Domestic Sales	45.000	50.000	58.000	69.000
Export Sales	0.000	0.000	0.000	0.000
Other Operating/ Revenue Income	0.009	0.015	0.022	0.030
Total	45.009	50.015	58.022	69.030
Less : Excise Duty	--	--	--	--
Net Sales	45.009	50.015	58.022	69.030
% rise [+] or fall [-] in net sales as compared to previous year	20.00	11.12	16.01	18.97
Cost of Sales
Raw Materials Consumed
- Imported	0.000	0.000	0.000	0.000
- Indigenous	19.532	19.837	23.050	31.500
Others Stores and Spares
- Imported	0.000	0.000	0.000	0.000
- Indigenous	0.000	0.000	0.000	0.000
Power and Fuel	0.000	0.000	0.000	0.000
Direct Labour (Factory Wages and salaries)	10.015	11.025	12.551	12.966
Other Manufacturing Expenses	9.227	11.560	13.470	13.850
Depreciation	0.131	0.112	0.105	0.085
Sub Total	38.905	42.534	49.176	58.401
Add: Opening Stock-In-Process	--	--	--	--
Sub Total	38.905	42.534	49.176	58.401
Less: Closing Stock-In-Process	--	--	--	--
Cost of Production	38.905	42.534	49.176	58.401
Add: Opening Stock of Finished Goods	0.800	0.960	1.050	1.230
Total	39.705	43.494	50.226	59.631
Deduct: Closing Stock of Finished Goods	0.960	1.050	1.230	1.545
SUB TOTAL (Total cost of sales)	38.745	42.444	48.996	58.086
Selling, General and Administrative Expenses	3.462	4.250	5.195	6.250
Sub Total	42.207	46.694	54.191	64.336
Operating Profit before interests	2.802	3.321	3.831	4.694
Interests	0.468	0.399	0.361	0.312
Operating Profit After Interests	2.334	2.922	3.470	4.382
Other Non Operating Income	0.000	0.000	0.000	0.000
Other Non Operating Expenses	0.000	0.000	0.000	0.000
Net of Non-operating Income and Expenses	0.000	0.000	0.000	0.000
Profit before Tax/ Loss [PBT]	2.334	2.922	3.470	4.382
Provision for taxes	0.000	0.000	0.000	0.000
Net Profit / Loss [PAT]	2.334	2.922	3.470	4.382
Equity Dividend Paid – Amt.	0.500	0.500	0.500	0.500
Retained Profit	1.834	2.422	2.970	3.882
Retained profit/ Net Profit % age	78.58	82.89	85.59	88.59

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BALANCE SHEET

(RS. IN MILLIONS)

Particulars	2012	2013	2014	2015
	PROJECTED
Short Term Borrowing from Bank
i. From Application Bank	5.000	5.000	5.000	5.000
ii. From Other Banks	0.650	0.650	0.650	0.650
iii. Of which BP and BD	--	--	--	--
SUB TOTAL(A)	5.650	5.650	5.650	5.650
Short Term Borrowings From Others	--	--	--	--
Sundry Creditors (Trader)	0.657	0.740	0.859	1.175
Advances Payment from customers	0.000	0.000	0.000	0.000
Provision For Taxes	0.000	0.000	0.000	0.000
Creditor for Expenses	0.000	0.000	0.000	0.000
Dividend Payable	0.000	0.000	0.000	0.000
Other Statutory Liabilities (due within one years)	0.000	0.000	0.000	0.000
Installments of term loans and Deferred Payment Credits	0.000	0.000	0.000	0.000
Other current Liabilities and Provisions (due within one years)	1.096	1.220	1.300	1.250
SUB TOTAL (B)	1.753	1.960	2.159	2.425
TOTAL CURRENT LIABILITIES	7.403	7.610	7.809	8.075
TERM LIABILITIES
Debentures	0.000	0.000	0.000	0.000
Redeemable Preference Shares	0.000	0.000	0.000	0.000
Term Loans	1.056	0.612	0.168	0.000
Deferred Payment Credits	0.000	0.000	0.000	0.000
Vehicles Loan	0.000	0.000	0.000	0.000
Term Loan HDFC Limited (Repayable after one year)	0.000	0.000	0.000	0.000
Unsecured Loans	0.000	0.000	0.000	0.000
Term Deposit	0.000	0.000	0.000	0.000
Deferred Tax Liability	0.000	0.000	0.000	0.000
Other Term Liabilities	0.000	0.000	0.000	0.000
TOTAL TERM LIABILITIES	1.056	0.612	0.168	0.000
TOTAL OF OUTSIDE LIABILITIES	8.459	8.222	7.977	8.075
NET WORTH
Ordinary Shares Capital	3.387	5.146	7.148	9.788
Deferred Tax Liabilities	0.000	0.000	0.000	0.000
Share Application Money	0.000	0.000	0.000	0.000
Other Reserve (Excluding Provision)	0.000	0.000	0.000	0.000
Revolution Reserve	0.000	0.000	0.000	0.000
Reserves and Surplus	0.000	0.000	0.000	0.000
Unsecured Loans	2.000	2.260	2.400	2.600
Share Premium Account	0.000	0.000	0.000	0.000
Surplus (+) or deficit (-) in Profit and Loss Account	1.834	2.422	2.970	3.882
Share Premium	0.000	0.000	0.000	0.000
TOTAL NET WORTH	7.221	9.828	12.518	16.270
TOTAL LIABILITIES	15.680	18.050	20.495	24.345
ASSETS
CURRENT ASSETS
Cash and Bank Balance	0.552	0.626	0.766	0.921
Investments [Other than long term investments]	0.000	0.000	0.000	0.000
Receivables other than deferred and exports	8.000	9.271	10.646	13.307
Export receivables	0.000	0.000	0.000	0.000
Installments of deferred receivable	0.000	0.000	0.000	0.000
INVENTORY
Raw Materials
- Imported	0.000	0.000	0.000	0.000
- Indigenous	0.960	1.050	1.230	1.545
Stock in Process	0.000	0.000	0.000	0.000
Finished Goods	0.000	0.000	0.000	0.000
Other Consumable Spares	0.000	0.000	0.000	0.000
Advances to suppliers	0.000	0.000	0.000	0.000
Advance Payment of Taxes	0.000	0.000	0.000	0.000
Other Current Assets	3.933	4.760	5.225	5.660
TOTAL CURRENT ASSETS	13.445	15.707	17.867	21.433
FIXED ASSETS
Gross Block (Land and Building Machinery)	0.876	0.745	0.633	0.528
Depreciation to date	0.131	0.112	0.105	0.085
NET BLOCK	0.745	0.633	0.528	0.443
OTHER NON CURRENT ASSETS
Investments in sub Cos./ Affiliates	0.190	0.210	0.250	0.275
Advances suppliers of Capital goods and contractors	0.000	0.000	0.000	0.000
Investment in Others	0.000	0.000	0.000	0.000
Other Non-Current Investment	0.000	0.000	0.000	0.000
Loans and Advance	1.300	1.500	1.850	2.194
TOTAL OTHER NON CURRENT ASSETS	1.490	1.710	2.100	2.469
Intangible Assets	--	--	--	--
TOTAL ASSETS	15.680	18.050	20.495	24.345

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ABF ASSESSMENT

(RS. IN MILLIONS)

Particulars	2012	2013	2014	2015
	12	12	12	12
	PROJECTED
Total CA	13.445	15.707	17.867	21.433
Other CL (Except Bank Borrowing)	1.753	1.960	2.159	2.425
Working Capital Cap	11.692	13.747	15.708	19.008
Net working capital (Actual/ Projected)	6.042	8.097	10.058	13.358
Assessed Bank Finance	5.650	5.650	5.650	5.650
NWC to TCA (%)	44.94	51.55	56.29	62.32
Bank Finance to TCA %	42.02	35.97	31.62	26.36
Sundry Creditors to TCA (%)	4.89	4.71	4.81	5.48
Other CL to TCA (%)	8.15	7.77	7.28	5.83
Inv. To Net Sales (days)	7.79	7.66	7.74	8.17
Rec. to Gross sales (days)	64.88	67.66	66.97	70.36
Sundry Creditors to Purchases (days)	12.28	13.62	13.60	13.62

NWC to TCA (%)	44.94	51
Bank Finance to TCA %
Other Closing to TCA (%)
Check Total	100.00	100.00

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STATEMENT OF ASSETS AND LIABILITIES

NAME OF THE APPLICANT: MR. NARESH KHANDELWAL

(RS. IN MILLIONS)

ASSETS

IMMOVABLE PROPERTIES

Particulars	Applicant
Address of the Property with Survey No./ Door No. etc.	Flat No.102, Narayan deep, 7/81, Tilak Nagar, Kanpur, Uttar Pradesh, India
Description: Land/ Site/ Building	Residential Flat
Whether Freehold / Leasehold	Freehold
Type of Property (Commercial/ Residential/ Agricultural)	Residential
Area/ Extent of Land	1300 sq. ft.
Mortgaged for Availing Loan is any, details thereof	H/L with HDFC Bank Limited, Market Value Rs.4.000 Millions ½ shares
Present Market Assessed Value	Rs.2.000 Millions (for ½ Shares)

INVESTMENT IN BUSINESS CAPITAL

Name of the Company / firm/ Concern in which investment is made	Vrindaban Associates
Date of Investment	As on 31.03.2011
Present Value of Investment	Rs.3.387 Millions

DEPOSIT HELD WITH BANK/ COMPANIES/ OTHER LENDER ETC.

Name of Bank	Date of Deposits	Nature of Deposits	Present Value of Deposits
Central Bank of India	31.03.2011	Current Account	0.029
Corporation Bank	31.03.2011	Current Account	0.043
HDFC Bank	31.03.2011	Saving Account	0.025
State Bank of India	31.03.2011	Current Account	(0.221)
Central Bank of India	2009-2010	FDR (Deputy Director, Bhu Current Account)	0.080
Central Bank of India	2009-2010	FDR (KDA)	0.679
Allahabad Bank	14.08.2008	FDR No.494031	0.344
Central Bank of India	2009-2010	FDR. U.P. R. N. N. Limited	0.050
Central Bank of India	2009-2010	Security at U.P.R. N. N. No.	0.413
Central Bank of India	2009-2010	Securty Others	0.514
Allahabad Bank	2010-2011	FDR G.M. V.F.J., Jabalpur	0.025
Allahabad Bank	2010-2011	FDR P.C. of A/c Kolkata	0.025
Allahabad Bank	2010-2011	Security Deposits (G. M. OFC Knp)	0.045
Allahabad Bank	2010-2011	Security Deposits (V.F.J. Jabalpur)	0.085
Total			2.136

SHARES/ DEBENTURES/ MUTUAL FUNDS/ UNITS ETC.

Description	Date of Purchases	Face Value	Present Value
M.F. (SBI Contra Fund)	During financial Year	0.018	0.018
M.F. (SBI Emerging Business)	2009-2010 & 2010-2011	0.015	0.015
M.F. (SBI Equity Fund)	2009-2010 & 2010-2011	0.015	0.015
M.F. (SBI Multiplier Plus)	2009-2010 & 2010-2011	0.025	0.025
Shares of Various	2009-2010	0.072	0.110
Total		0.145	0.183

DETAILS OF LIFE INSURANCE POLICIES

Policy Numbers	Date of Policy	Type of Policy	Annual Premium	Sum Assured	Premium Paid	Surrender Value
234054494	28.02.2007	LIC’s Jeevan Saral (With Profits)	0.003	0.063	0.015	0.020
234779286	28.02.2009	LIC’s Jeevan Saral (With Profits)	0.012	0.025	0.036	0.050
235015223	28.09.2009	LIC’s Jeevan Anand (with Profits and Accident Benefits)	0.011	0.995	0.032	0.025
231190486	03.03.2004	Komal Jeevan Plan	0.011	0.100	0.086	0.150
232273832	28.05.2000	Polocy Without Profits	0.001	0.100	0.015	0.025
Total			0.038	1.283	0.184	0.270

VEHICLES OWNED

Model / Make	Ford Fiesta
Date of Purchases	07.11.2008
Whether Hypothecated for Loan	Yes
Details of Loan against Vehicles	Central Bank of India Ashok Nagar, Kanpur, Uttar Pradesh, India O/S Loan
Present Market Value	Rs.0.400 Million

OTHER LOAN

Furniture and Fixtures	0.150
Cash in Hand	0.050
Jewellery	0.200
Other Assets if any (Specify)	0.200
Total vale of other Assets	Rs.0.600 Million

LIABILITIES

FURNISH LOANS AVAILED FROM BANKS/ FINANCIAL INSTITUTION AND OTHER BORROWINGS

Name of the bank/ Institute	HDFC Bank – 2.051 Central Bank of India – 0.194 Allahabad Bank – 0.651
Amount Outstanding	Rs.2.896 Millions

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TRADE REFERENCE:

· Engg. Ashwani Kumar Shukla

104-A/213 A, Ram Bagh, Adj. to SBI, P Road, Kanpur, Uttar Pradesh, India

Mobile No.: 91-9415040599

· Mr. Yogesh Tiwari

29-A, Vikas Nagar, Kanpur, Uttar Pradesh, India

Mobile No.: 91-9935046007

· Mr. Dinesh Kumar

211, Ratan Dham, MC Robert Ganj, Kanpur, Uttar Pradesh, India

Mobile No.: 91-9336109312

· Mr. Dinesh Chandra Gupta

117/19-A, R K Housing Society, Sharda Nagar, Kanpur, Uttar Pradesh, India

Mobile No.: 91-9044004422

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FIXED ASSETS

· Furniture and Fittings

· Office Equipment

· Plant and Machinery

· Mobile

· Computers

· Generator

· Television

· Laptop

· Car Ford Fiesta

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.44.93
UK Pound	1	Rs.72.09
Euro	1	Rs.64.21

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	-

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