MIRA INFORM REPORT

Report Date :

24.11.2011

IDENTIFICATION DETAILS

Name :	ALUDECOR LAMINATION PRIVATE LIMITED
Registered Office :	1, R N Mukherjee Road, 5^th Floor, Room No.52, Kolkata – 700001, West Bengal
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	23.07.2004
Com. Reg. No.:	21-99221
Capital Investment/ Paid-up Capital:	Rs.71.440 millions
CIN No.: [Company Identification No.]	U27203WB2004PTC099221
IEC No.:	0204015294
TAN No.: [Tax Deduction & Collection Account No.]	CALA06799C
PAN No.: [Permanent Account No.]	AAECA8253G
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Textiles, Garments, Printing media and Polymer
No. of Employees:	193 (approximately) [In Office 14 + In Branch 68 + In Factory 111]

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 710000
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 and at usual trade terms and conditions.

NOTES:

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

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

INFORMATION PARTED BY

Name :	Mr. Sushil Kumar Toshniwal
Designation :	Accounts Manager
Contact No.:	91-9883339827
Date :	22.11.2011

LOCATIONS

Registered Office :	1 R N Mukherjee Road, 5^th Floor, Room No.52, Kolkata – 700001, West Bengal, India
Tel No.:	91-33-22488763 / 22103927 / 22106026
Fax No.:	91-33-22106026 / 22488763
Email:	rbc_client@yahoo.co.in saleskolkata@aludecor.com
Website :	www.aludecor.com
Area	1200 Sq.ft
Location :	Rented
Corporate Office :	Aludecor House, 3E/8, Jhandewalan Extn. New Delhi 110055, India
Tel. No.:	91-11-43537777 / 23535301 / 23535303
Fax No.:	91-11-43537799 / 23515301
E-Mail :	bfl@vsnl.com info@aludecor.com
Factory :	Plot No. 95-96-97, Sector -5, IIE, Sidcul, Ranipur, Bhel, Haridwar-249403, India
Tel. No.:	91-1334-239343 / 310050
Fax No.:	91-1334-239342
E-Mail :	haridwarfactor@aludecor.com info@aludecor.com
Area	5850 Sq.ft
Location :	Leased
Branch Office 1 :	DELHI Building No.41, 3^rd Floor, M. M. Road (Rani Jhansi Road), New Delhi-110055, India
Branch Office 2 :	MUMBAI Suit No.218/219, 2^nd Floor, Corporate Avenue, Sonawala Compound, Sonawala Road (Near Udyog Bhavan), Goregaon (East), Mumbai-400063, Maharashtra, India
Tel. No.:	91-22-26866633
Fax No.:	91-22-26860521
Branch Office 3 :	BANGALORE 69/5A, Swamy Krupa Building, Flat No – 4, 2^nd Floor, Near Bhanu Nurshing Home, Begur Hobli, Bommanchalli Hosur Main Road, Bangalore-560068, Karnataka, India
Branch Office 4 :	NOIDA B-17, Sector 59, Noida-201301, Uttar Pradesh, India
Branch Office 5 :	CHENNAI 150/117, Montieth road, 4^th Floor, Cision Complex, Egmore, Chennai-600008, Tamilnadu, India
Branch Office 6 :	HARIDWAR Plot No.95, 95 and 97, Sector-V, IIE, SIDCUL, Ranipur, Bhel, Haridwar-249403, Uttaranchal, India

DIRECTORS

(AS ON 30.09.2010)

Name :

Mr. Ashok Kumar Bhaiya

Designation :

Managing Director

Address :

1, Prince Gulam Mohammad Road, Lake Market, 3^rd Floor, Kolkata-700026, West Bengal, India

Date of Birth/Age :

02.01.1955

Qualification :

B. Com (Hons)

Experience :

30 years

Date of Appointment :

13.1.2006

DIN No. :

00562190

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	U51909WB1994PLC062621	Bhaiya Fibres Limited.	Director	28/03/1994	28/03/1994	-	Active	NO
2	U51109WB1994PTC062622	Silver Fibres Private. Limited.	Director	28/03/1994	28/03/1994	-	Active	NO
3	U65991WB1994PTC065719	Ridhi Sidhi Financial Services Private.Limited.	Director	31/10/1994	31/10/1994	26/11/2010	Active	NO
4	U24111WB2002PTC094542	Silver International Private Limited	Director	23/04/2002	23/04/2002	-	Active	NO
5	U27203WB2004PTC099221	Aludecor Lamination Private Limited	Managing director	13/10/2006	10/2/2005	-	Active	NO
6	U51909WB2009PTC131852	Silver Apparels Industries Private Limited	Director	12/1/2009	12/1/2009	-	Active	NO
7	U18109DL2009PTC225728	Silver Sign Private Limited	Director	19/06/2009	19/06/2009	26/11/2010	Active	NO
8	U51909WB2010PTC145844	Sarla Vyapaar Private Limited	Director	22/04/2010	22/04/2010	-	Active	NO
9	U51101WB2008PTC123899	Silverline Commotrade Private Limited	Director	4/5/2010	4/5/2010	-	Active	NO
10	U45209WB1989PTC046791	Mayukh Construction Private Limited.	Additional director	22/05/2010	22/05/2010	26/11/2010	Active	NO

Name :

Mrs. Sarla Bhaiya

Designation :

Director

Address :

1, R.N Mukherjee Road,5^th Floor, Room No. 52, Kolkata- 700001, West Bengal, India

Date of Birth/Age :

20.03.1960

Qualification :

B. Com (Hons)

Experience :

10 years

Date of Appointment :

11.08.2010

DIN No. :

00562227

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	U65991WB1994PTC065719	Ridhi Sidhi Financial Services Private.Limited.	Director	10/5/2005	10/5/2005	26/11/2010	Active	NO
2	U51909WB2010PTC145844	Sarla Vyapaar Private Limited	Director	22/04/2010	22/04/2010	-	Active	NO
3	U51101WB2008PTC123899	Silverline Commotrade Private Limited	Director	9/6/2010	9/6/2010	-	Active	NO
4	U27203WB2004PTC099221	Aludecor Lamination Private Limited	Director	11/8/2010	11/8/2010	-	Active	NO
5	U51909WB2008PTC131035	Sri Krishna Commotrade Private Limited	Director	12/8/2010	12/8/2010	-	Active	NO
6	U24111WB2002PTC094542	Silver International Private Limited	Director	16/11/2010	16/11/2010	-	Active	NO
7	U51909WB2009PTC131852	Silver Apparels Industries Private Limited	Director	11/12/2010	11/12/2010	-	Active	NO

Name :

Mr. Gaurav Kabra

Designation :

Director

Address :

1, R.N Mukherjee Road,5^th Floor, Room No. 52, Kolkata- 700001, West Bengal, India

Date of Birth/Age :

05.07.1985

Qualification :

B. Com (Hons)

Experience :

5 years

Date of Appointment :

05.10.2009

DIN No. :

02702685

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	U27203WB2004PTC099221	Aludecor Lamination Private Limited	Director	5/10/2009	5/10/2009	-	Active	NO
2	U51909WB1994PLC062621	Bhaiya Fibres Limited.	Director	4/10/2010	4/10/2010	-	Active	NO
3	U51109WB1994PTC062622	Silver Fibres Private. Limited.	Director	4/10/2010	4/10/2010	25/11/2010	Active	NO
4	U65991WB1994PTC065719	Ridhi Sidhi Financial Services Private.Limited.	Director	12/10/2010	12/10/2010	16/11/2010	Active	NO

Name :

Mr. Ajit Kumar Pugalia

Designation :

Director

Address :

5, Tara Road, Flat No. 3, KolKata-700026, West Bengal, India

Date of Birth/Age :

27.04.1977

Qualification :

B. Com (Hons)

Experience :

8 years

Date of Appointment :

11.08.2010

DIN No. :

03041987

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	U51101WB2010PTC145950	Rlp Vinimay Private Limited	Director	23/04/2010	23/04/2010	-	Active	NO
2	U51109WB2008PTC122509	Vatika Trade-Link Private Limited	Director	4/5/2010	4/5/2010	-	Active	NO
3	U27203WB2004PTC099221	Aludecor Lamination Private Limited	Director	11/8/2010	11/8/2010	-	Active	NO
4	U65991WB1994PTC065719	Ridhi Sidhi Financial Services Private.Limited.	Director	12/10/2010	12/10/2010	16/11/2010	Active	NO
5	U51909WB2009PTC131852	Silver Apparels Industries Private Limited	Director	11/12/2010	11/12/2010	-	Active	NO

Name :

Mr. Yash Bhaiya

Designation :

Director

Address :

J-122, Ashok Vihar (Phase -1), Delhi-1100052, India

Date of Birth/Age :

25 years

Qualification :

Management Graduate

Experience :

2 years

KEY EXECUTIVES

Name :	Mr. Sushil Kumar Toshniwal
Designation :	Accounts Manager
Name :	Mr. Saikat Bhattachrya
Designation :	Export Executive

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 30.09.2010)

Names of Shareholders	No. of Shares
Bhaiya Fibres Limited, India	700000
Ashok Kumar Bhaiya	701000
Arun Kumar Bhaiya	496000
Ridhi Sidhi Financial Services Private limited, India	940000
Sarla Bhaiya	601000
Punam Bhaiya	806000
Ashok Kumar Bhaiya HUF	600000
Arun Kumar Bhaiya HUF	600000
Sri Krishna Commotrade Private Limited, India	1700000
Total	7144000

Equity Share Breakup

(AS ON 30.09.2010)

Category	Percentage
Bodies corporate	46.75
Directors or relatives of directors	36.45
Other top fifty shareholders	16.80
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Textiles, Garments, Printing media and Polymer
Products :	· Protection Film · PVDF/Polyester Resin Based Coating · Primer Coating(Used In Case of PVDF Only) · Aluminium Coil · Adhesive Film(Polyolefin) · Polyethylene Core(L.D.P.E.) · Adhesive Film(Polyolefin) · Aluminium Coil · Service Coating(Anti-corrosive)
Brand Names :	"aludecor"
Imports :
Products :	Coil
Countries :	· China · Germany · USA
Terms :
Selling :	Credit (60 days)
Purchasing :	L/C

PRODUCTION STATUS AS ON 31.03.2011

Particulars	Unit	Installed Capacity	Actual Production
Aluminium Composite Panel	Sq.mtrs	1560000	958604
Coated Aluminium Coil	Kgs	9000000	1660546

GENERAL INFORMATION

Customers :

· wholesalers

· End users

No. of Employees :

193 (approximately) [In Office 14 + In Branch 68 + In Factory 111]

Bankers :

· Tamilnad Mercantile Bank Limited, 58-D, Netaji Subhash Road, 2^nd floor, Kolkata 700001, West Bengal, India

· State Bank of India, Commercial Branch, 8, N S. Road, Kolkata-700001, West Bengal, India

· HDFC Bank

Facilities :

Cash Credit Rs.220.000 millions (from State Bank of India).

(Rs. in millions)

Secured Loans	As on 31.03.2011	As on 31.03.2010
SBI Term Loan - I		0.000
SBI Term Loan - II		9.217
SBI Term Loan – FCNRB (USD – 495009.10)		22.226
SBI Hongkong, Buyers Credit (USD - 707511) [This term loan is secured by first charge on the leasehold of the company, hypothecation of entire plant and machinery, all debts and movable assets, equitable mortgage of factory buildings, other civil structures and miscellaneous fixed assets]	107.061	31.767
HDFC Bank Loan [Motor Vehicle Hypothecation Loan]		0.532
SBI, Cash Credit		13.027
SBI, FCNRB Demand and Loan (USD - 1207163) [The cash credit is secured by hypothecation of all stocks of raw materials, consumables, finished goods and receivables.]		54.202
Total	107.061	130.971

(Rs. in millions)

Unsecured Loans	As on 31.03.2011	As on 31.03.2010
Bentron Commodities Private Limited		9.600
Bhaneshwari Dealcom Private Limited		0.000
Biemecha Securities Private Limited		9.000
Chitravali Vincom (Private) Limited		9.500
Creative Fasical Services Limited		1.000
Dipnarayan Vyapaar Private Limited		9.500
Gaurav Fashion Private Limited		3.000
Greenline Tracon Private Limited		9.500
Mayukh Constructions Private Limited		9.700
Melbright Suppliers Private Limited		0.000
Narottamka Trade and Vyapaar Private Limited		9.300
Navlakaha Transmedi Private Limited		8.000
Neil Industries Limited	131.850	8.500
Neptune Credit Company Private Limited		9.000
R. C. Suppliers Private Limited		7.650
Raina Vyapaar Private Limited		7.000
Rameshwar Finvest Private Limited		9.000
Ridhi Sidhi Financial Services Private Limited		2.004
Tara Vinimay Private Limited		8.900
S. J. Fiscal Services Private Limited		7.400
Sahash Jyoti Textiles Private Limited		7.500
Saragi Commercial Private Limited		8.000
Sohini Tie Up Private Limited		9.600
Stardox Vinimay Private Limited		8.600
Ushita Trading and Agencies Limited		9.600
Vertex Suppliers Private Limited		0.000
Total	131.850	180.854

Banking Relations :	--
Financial Institution :	Reliance Capital Limited, “H” Block, 1^st Floor, Dhirubhai Ambani Knowledge City, Koparkhairne, Navi Mumbai-400710, Maharashtra, India.
Auditors :
Name :	R. Bhutra and Company Chartered Accountants
Address :	11 A. M. D. Road, 6^th floor, Room No. 605, Kolkata 700007, West Bengal, India
Tel. No.:	91-33-22748619
E-Mail :	rbc_kol@yahoo.co.in
Income-tax PAN of auditor or auditor’s firm :	AAGFR1345F
Associates/Subsidiaries :	· Silver Fibres Private Limited · Ridhi Sidhi Financial Services Private Limited · Vibgyor Chemtex Private Limited

CAPITAL STRUCTURE

(AS ON 31.03.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
15000000	Equity Share	Rs.10/- each	Rs.150.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
7144000	Equity Share	Rs.10/- each	Rs.71.440 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		71.440	54.430	54.430
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		107.756	60.900	51.489
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		179.196	115.330	105.919
LOAN FUNDS
1] Secured Loans		107.061	130.971	156.223
2] Unsecured Loans		131.850	180.854	71.683
TOTAL BORROWING		238.911	311.825	227.906
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		418.107	427.155	333.825
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		131.292	139.377	76.997
Capital work-in-progress		0.000	0.000	55.541
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		4.044	2.039	2.147
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	276.123	302.188	158.450
	Sundry Debtors	100.562	103.061	60.042
	Cash & Bank Balances	18.939	19.136	50.673
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	15.765	14.984	22.647
Total Current Assets		411.389	439.369	291.812
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	0.000	146.353	85.043
	Other Current Liabilities	121.920	3.342	3.943
	Provisions	6.698	3.997	3.809
Total Current Liabilities		128.618	153.692	92.795
Net Current Assets		282.771	285.677	199.017
MISCELLANEOUS EXPENSES		0.000	0.062	0.123
TOTAL		418.107	427.155	333.825

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	713.331	530.780
		Other Income	1.818	1.046	NA
		TOTAL (A)	715.149	531.826	NA
	EXPENSES
		Cost of Goods	497.124	438.326
		Administration Expenses	85.910	61.599	NA
		Manufacturing Expenses	60.602	42.611
		Other Expenses	2.323	1.303
		TOTAL (B)	645.959	543.839	NA
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		77.200	60.662	NA
Less	FINANCIAL EXPENSES (D)		35.794	27.466	NA
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		41.406	33.196	30.653
Less/ Add	DEPRECIATION/ AMORTISATION (F)		27.854	21.728	15.537
	PROFIT BEFORE TAX (E-F) (G)		13.552	11.468	15.116
Less	TAX (H)		0.696	2.057	1.981
	PROFIT AFTER TAX (G-H) (I)		12.856	9.411	13.135
Add	DEFERRED TAX WRITTEN OFF		0.000	0.000	1.096
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	27.968	13.737
	BALANCE CARRIED TO THE B/S		NA	37.379	27.968
	IMPORTS
		Raw Materials	19.030	3.033	87.802
		Capital Goods	1.706	1.540
	TOTAL IMPORTS		20.736	4.573	87.802
	Earnings Per Share (Rs.)		NA	1.729	NA

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.80	1.77	NA
Net Profit Margin (PBT/Sales)	(%)	1.90	2.16	NA
Return on Total Assets (PBT/Total Assets}	(%)	2.50	1.98	4.10
Return on Investment (ROI) (PBT/Networth)		0.08	0.10	0.14
Debt Equity Ratio (Total Liability/Networth)		2.05	4.04	3.03
Current Ratio (Current Asset/Current Liability)		3.20	2.86	3.14

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in reports
1) Year of Establishment	Yes
2) Locality of the Firm	Yes
3) Constitution 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 of last three years	Yes
12) Profitability for last three years	Yes
13) Reasons for variations <> 20%	---------
14) Estimation for coming financial year	Yes
15) Capital in the business	Yes
16) Details of Sister concern	---------
17) Major Suppliers	No
18) Major Customers	Yes
19) Payments terms	Yes
20) Export / Import details (if applicable)	Yes
21) Market Information	---------
22) Litigation that the firm / promoter involved	---------
23) Banking Details	Yes
24) Banking facility Details	Yes
25) Conduct of the banking account	---------
26) Buyer visit details	---------
27) Financials, if provided	Yes
28) Incorporation details, if applicable	----------
29) Last account field at ROC	----------
30) Major Shareholders, if available	----------

FORM 8:

Corporate identity number of the company	U27203WB2004PTC099221
Name of the company	ALUDECOR LAMINATION PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	1 R N Mukherjee Road, 5^th Floor, Room No.52, Kolkata – 700001, West Bengal, India E-Mail Id: rbc_client@yahoo.co.in
This form is for	Creation of charge
Type of charge	Movable property
Particular of charge holder	Reliance Capital Limited, “H” Block, 1^st Floor, Dhirubhai Ambani Knowledge City, Koparkhairne, Navi Mumbai-400710, Maharashtra, India. E-Mail Id: mohan.vellore@relianceada.om
Nature of instrument creating charge	Commercial Vehicle Agreement on dated 27th Jan, 2011
Date of instrument Creating the charge	27.01.2011
Amount secured by the charge	Rs.2.532 millions
Brief of the principal terms an conditions and extent and operation of the charge	a) Rate of Interest 13.03% p. a. (fixed) b) Terms of Repayment The Loan Repayment in 35th EMI of Rs.0.087 million. c) Margin As per Loan Agreement d) Extent and operation of the charge Full
Short Particulars of the property charged	Jakson DG Set 625 KVA

FIXED ASSETS:

(AS ON 31.03.2010)

· Land and Land Development

· Building and Structure

· Lab Equipments

· Plant and Machinery

· Electrical Installations

· Furniture and Fixture

· Tools and Accessories

· Office Equipments

· Vehicles

· Computer and Printer

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.52.10
UK Pound	1	Rs.81.30
Euro	1	Rs.71.07

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		45

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

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

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

RATING EXPLANATIONS

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

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

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