MIRA INFORM REPORT

Report Date :

31.10.2011

IDENTIFICATION DETAILS

Name :	AMBUJA METAL INDUSTRIES PRIVATE LIMITED
Registered Office :	Plot No. 1063, Nera Jain Temple, Vtva, Ahmendabad-382440, Gujarat.
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	17.10.1979
Com. Reg. No.:	04-003535
Capital Investment / Paid-up Capital :	Rs.3.000 millions
CIN No.: [Company Identification No.]	U27310GJ1979PTC003535
TAN No.: [Tax Deduction & Collection Account No.]	MUMA20351C
PAN No.: [Permanent Account No.]	AABCA3220C
Legal Form :	Private Limited Liability Company
Line of Business :	Trader of Metal, ferrous Metal, Non ferrous Metal, Sheets, Pipe, Construction Materials, Ship Building, Home appliances, Alloy steels tubes and stainless steel,
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

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

Maximum Credit Limit :	USD 50000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The Company can be considered normal for business dealings at usual trade terms and conditions.

NOTES :

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

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

LOCATIONS

Registered Office/Factory :	Plot No. 1063, Behind MIDCO, Near Jain Temple Vatva, Ahmedabad – 382440, Gujarat, India
Tel. No.:	91-79-25831989 / 25831953 / 26427576
Fax No.:	91-79-26426694 / 26427666
E-Mail :	aippl@hotmail.com lsteel@ambujaindia.com tradelink@icenet.co.in steel@ambujaindia.com metal@ambuhaindia.com
Website :	www.ambujaindia.com
Area :	2000 Sq.fts
Location :	Owned
Corporate Office :	8/10, 2^nd Carpenter Street, 3^rd Floor, Null Bazar, Mumbai – 400004, Maharashtra, India
Tel. No.:	91-22-66394501/ 66394504/ 23817802
Fax No.:	91-22-23808180
E-Mail :	dpjain@bom3.vsnl.net.in ambuja@bom3.vsnl.com steel@ambujaindia.com
Branches Office 1 :	133, Bhandari Street, Null Bazar, Mumbai – 400004, Maharashtra, India
Tel. No.:	91-22-2382 4143/ 23857141/ 23867792/ 23857132
Fax No.:	91-22-2380 9797
E-Mail :	steel@ambujaintermediates.com export@ambujaindia.com
Branches Office 2 :	294, 503, Kanj Bhuvan, Near SVP Road, Opposite Fift, Teeth Vadi, Mumbai, Maharashtra, India
Tel. No.:	91-22-66394501
Fax No.:	91-22-23808180
Area :	100 Sq.fts
Location :	Owned

DIRECTORS

(AS ON 30.09.2010)

Name :

Mr. Gambhirmal Ramanlal Shah

Designation :

Managing Director

Address :

6, 3^rd Floor, Dr. Jadav Bhuvan, 32 Wilson Street, V P road, Mumbai – 400 004, Maharashtra, India

Date of Birth/Age :

01.04.1958

Date of Appointment :

12.11.1981

DIN No :

00137528

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	U27310GJ1979PTC003535	Ambuja Metal Industries Private Limited	Director	12/11/1981	12/11/1981	-	Active	NO
2	U24231GJ1988PLC011091	Ambuja Intermediates Limited	Whole-time director	19/09/2011	10/8/1998	-	Active	NO
3	U15141GJ2004PTC044285	Ambuja Solvex Private Limited	Director	11/9/2004	11/9/2004	-	Active	NO
4	U51101MH2007PTC172377	Nenava Impexx Private Limited	Director	16/07/2007	16/07/2007	-	Under Process of Striking off	NO
5	U40107MH2004PTC212657	Sinewave Biomass Power Private Limited	Director	2/5/2008	2/5/2008	-	Active	NO
6	U40101RJ2008PTC027275	Megaa Power Projects Private Limited	Director	29/08/2008	29/08/2008	-	Active	NO
7	U22120MH1996PTC099920	Electra Multimedia Private Limited	Director	15/06/2011	13/04/2011	-	Under liquidation	NO
8	U27200MH1989PTC054265	Shruti Re-Rollers Private Limited	Additional director	10/6/2011	10/6/2011	-	Active	NO

Name :

Mr. Dinesh Kumar Shah

Designation :

Director

Address :

102, Sudarshan apartments, Shanti Nagar Society, Ahmedabad – 380 013, Gujarat, India

Date of Birth/Age :

05.10.1963

Date of Appointment :

08.04.1994

DIN No :

00137409

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	U24231GJ1988PLC011091	Ambuja Intermediates Limited	Director	10/8/1988	10/8/1988	1/9/2011	Active	NO
2	U27310GJ1979PTC003535	Ambuja Metal Industries Private Limited	Director	8/4/1994	8/4/1994	-	Active	NO

Name :

Mr. Naresh Kumar Shah

Designation :

Director

Address :

B-36/37, Mahendale CHS 202/223, V P Road, Mumbai-400004, Maharashtra, India.

Date of Birth/Age :

01.06.1969

Date of Appointment :

12.02.1989

DIN No :

00144592

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	U27310GJ1979PTC003535	Ambuja Metal Industries Private Limited	Director	12/2/1989	12/2/1989	-	Active	NO
2	U24231GJ1988PLC011091	Ambuja Intermediates Limited	Director	10/7/1999	10/7/1999	1/9/2011	Active	NO
3	U51101MH2007PTC172377	Nenava Impexx Private Limited	Director	16/07/2007	16/07/2007	-	Under Process of Striking off	NO
4	U40101RJ2008PTC027275	Megaa Power Projects Private Limited	Director	29/08/2008	29/08/2008	-	Active	NO

Name :

Mr. Rajesh Kumar Shah

Designation :

Director

Address :

3^rd Floor, Dr. Jadav Bhuvan, 32 Wilson Street, V P road, Mumbai – 400 004, Maharashtra, India

Date of Birth/Age :

01.06.1969

Date of Appointment :

12.02.1989

DIN No :

00262041

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	U27310GJ1979PTC003535	Ambuja Metal Industries Private Limited	Director	12/2/1989	12/2/1989	-	Active	NO
2	U24110GJ2005PTC046995	Dysun Dyechem Private Limited	Director	27/10/2005	27/10/2005	-	Strike off	NO
3	U24231GJ1988PLC011091	Ambuja Intermediates Limited	Director	25/08/2008	29/09/2007	1/9/2011	Active	NO

Name :

Mr. Vipul Shah

Designation :

Director

Address :

14/C, 7 Khanderao Block, Khotachi Wadi, V P road, Mumbai – 400004, Maharashtra, India

Date of Birth/Age :

17.10.1981

Date of Appointment :

17.08.2006

DIN No :

00655312

Name :

Mr. Lalit Shah

Designation :

Director

Address :

14/C, 7 Khanderao Block, Khotachi Wadi, V P road, Mumbai – 400004, Maharashtra, India

Date of Birth/Age :

01.12.1973

Date of Appointment :

17.08.2006

DIN No :

00144685

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	U24231GJ1988PLC011091	Ambuja Intermediates Limited	Managing director	15/09/2011	10/7/1999	-	Active	NO
2	U24230GJ2005PTC045597	Lonza Pharmaceuticals Private Limited	Director	2/3/2005	2/3/2005	-	Strike off	NO
3	U15141GJ2004PTC044285	Ambuja Solvex Private Limited	Director	30/09/2006	17/08/2006	-	Active	NO
4	U27310GJ1979PTC003535	Ambuja Metal Industries Private Limited	Director	30/09/2006	17/08/2006	-	Active	NO
5	U51101MH2007PTC172377	Nenava Impexx Private Limited	Director	16/07/2007	16/07/2007	-	Under Process of Striking off	NO
6	U40107MH2004PTC212657	Sinewave Biomass Power Private Limited	Director	2/5/2008	2/5/2008	-	Active	NO
7	U22120MH1996PTC099920	Electra Multimedia Private Limited	Director	15/06/2011	13/04/2011	-	Under liquidation	NO
8	U27200MH1989PTC054265	Shruti Re-Rollers Private Limited	Additional director	10/6/2011	10/6/2011	-	Active	NO

Name :

Mr. Bhavin Shah

Designation :

Director

Address :

102, Sudarshan Appartments, 13, Shanti Nagar Society, Ashram Road, Wadaj, Ahmedabad – 380013, Gujarat, India

Date of Birth/Age :

01.12.1973

Date of Appointment :

20.12.2007

DIN No :

01874666

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 31.03.2010)

Names of Shareholders	No. of Shares
Jivtaj Chunilal Shah	17500
Mungiben Jivraj Shah	5000
Nareshkumar Jivraj Shah	12000
Vimalaben Tilokchand Shah	10000
Lalit Tilokchand Shah	21000
Badami Gambhirmal Shah	13100
Sangeeta Rajeshkumar Shah	12500
Keshiben Kantilal Shah	16000
T.C. Shah (M/S Nenava Metal Corporation)	20000
Ambuja Intermediates Private Limited, India.	10000
Ramanlal Ambaji Shah	11000
Gambhirmal Ramanlal Shah	1500
Dineshkumar Ramanlal Shah	2000
Rajeshkumar Ramanlal Shah	6000
Jayanti Nareshkumar Shah	10000
Harakchand Ramanlal Shah	10000
Pravinkumar Jivraj Shah	10000
Jivraj C. Shah (H.U.F.)	10000
Tilokchand C. Shah (H.U.F.)	10000
Kantilal C. Shah (H.U.F.)	10000
Ramanlal A. Shah (H.U.F.)	10000
Gambhirmal R. Shah (H.U.F.)	13500
Dineshkumar R. Shah (H.U.F.)	13500
Jitendra Kantilal Shah	28100
Kamla Dineshkumar Shah	3000
Vipul Tilokchand Shah	8100
Mina Vipul Shah	100
Jitendra K. Shah (H.U.F.)	100
Premila Lalit shah	2600
Lalit T. Shah (H.U.F.)	100
Meena Harakchand Shah	2600
Prashant Gambhirmal Shah	100
Harakchand R. Shah (H.U.F.)	100
Rajesh R. Shah (H.U.F.)	100
Geeta Pravin Shah	100
Rupa Jitendra Shah	100
Pravin J. Shah (H.U.F.)	100
Naresh J. shah (H.U.F.)	100
Total	300000

Equity Share Breakup

(AS ON 30.09.2010)

Category	Percentage
Bodies corporate	3.33
Directors or relatives of directors	96.67
Total	100.00

BUSINESS DETAILS

Line of Business :	Trader of Metal, ferrous Metal, Non ferrous Metal, Sheets, Pipe, Construction Materials, Ship Building, Home appliances, Alloy steels tubes and stainless steel,
Products :	Union Cross Hot Rolled Round Bar Push on Fittings Air Shaft Pipe Fittings Metal Tubes Brass Billets Brass Nut and Bolt Induction Coll Square Bars

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Dena Bank, Navrangpura Branch, Ahmedabad – 380009, Gujarat, India

· Dena Bank, Swapnalok Apartments, L. J. Marg, Neapeansee Road Branch, Mumbai – 400036, Maharashtra, India.

[The company was having cash credit limits for Rs.10.000 millions, sanctioned on 02.07.1999, which was satisfied in full on 06.03.2001

· Krung Thai Bank Public Company Limited, 62-Maker Chamber, 6^th Floor, Nariman Point, Mumbai – 400021, Maharashtra, India

Credit Limit: Rs.37.000 Millions

· Bank of India

· Indus Ind Bank

Facilities :

Secured Loans	31.03.2010 Rs. In Millions	31.03.2009 Rs. In Millions
Working capital cash credit
Kotak Mahindra Car Loan (Secured by way of Hypothecation of Motor Vehicles) [Installments Repayable within next 12 months for all loans Rs.0.409 millions(Previous Year NiIL)]	1.011	0.000
Krung Thai Bank Public Company Limited [Secured against hypothecation of stock and Book debts alongwith collateral securities of Mortgage of Land and Premises No. 1063-A, Behind Midco Containers, Near Jain Temple, Vatva, Ahmedabad and Mortgage of the residential property at Plot No. 25,26,29,30,83,84,85,86 Bhadravatinagar CHS Limited, Adalaj, Gandhinagar, Block No 1048,1049,1950 Part-1051,1052,1023,1024 and 1074,1075,1078, Adalaj, Gandhinagar alongwith Perspnal Guarantee by of Directors]	34.099	37.439
Total	35.110	37.439

Unsecured Loans	31.03.2010 Rs. In Millions	31.03.2009 Rs. In Millions
From Inter Corporate Deposits	27.500	2.500
From Others (Share holders, Directors and their Relative.)	52.508	73.972
Total	80.008	76.472

Note:

Unsecured Loan from other include Rs.10.868 millions (Previous year Rs.15.673) due to directors of the company Rs.NIL/- (Previous year Rs.NIL/-) due to company under same management.

Banking Relations :	---
Auditors :
Name :	S. P. Jain and Associates Chartered Accountants
Address :	601, 6^th Floor, “Orbit Plaza”, New Prabhadevi Road, Prabhadevi, Mumbai-400025, Maharashtra, India.
Income-tax PAN of auditor or auditor’s firm	AADPJ3728K
Associates/Subsidiaries :	Nenava Metal Corporation Ambuja Intermediate Private Limited

CAPITAL STRUCTURE

(AS ON 31.03.2010)

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Share	Rs.10/- each	Rs.10.0000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
300000	Equity Share	Rs.10/- each	Rs.3.000 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		3.000	3.000	3.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		10.236	2.565	12.776
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		13.236	5.565	15.776
LOAN FUNDS
1] Secured Loans		35.110	37.439	30.417
2] Unsecured Loans		80.008	76.472	49.169
TOTAL BORROWING		115.118	113.911	79.586
DEFERRED TAX LIABILITIES		0.000	0.000	0.020
TOTAL		128.354	119.476	95.382
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		3.180	2.100	2.689
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.928	0.928	1.004
DEFERREX TAX ASSETS		0.071	0.316	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	18.143	29.314	18.519
	Sundry Debtors	88.125	46.039	143.813
	Cash & Bank Balances	2.473	1.827	6.159
	Other Current Assets	2.641	5.163	4.915
	Loans & Advances	29.398	49.981	9.602
Total Current Assets		140.780	132.324	183.008
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	9.516	10.164	83.054
	Other Current Liabilities	5.982	1.766	3.103
	Provisions	1.107	4.262	5.162
Total Current Liabilities		16.605	16.192	91.319
Net Current Assets		124.175	116.132	91.689
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		128.354	119.476	95.382

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	344.267	384.865	502.951
		Other Income	6.608	2.154	1.888
		TOTAL (A)	350.875	387.019	504.839
Less	EXPENSES
		Cost of Goods sold	256.599	281.486	369.985
		Direct Expenses	63.977	98.844	113.190
		Administrative Expenses	2.195	2.462	2.176
		Employees Expenses	2.359	2.004	1.061
		TOTAL (B)	325.130	384.796	486.412
Less	PROFIT/LOSS BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		25.745	2.223	18.427
Less	FINANCIAL EXPENSES (D)		16.145	12.028	11.617
	PROFIT/LOSS BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		9.600	(9.805)	6.810
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.534	0.599	0.735
	PROFIT/LOSS BEFORE TAX (E-F) (G)		9.066	(10.404)	6.075
Less	TAX (I)		1.305	0.194	2.156
	PROFIT/LOSS AFTER TAX (G-I) (J)		7.671	10.210	3.919
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(1.090)	9.120	5.903
Less	APPROPRIATIONS
		Dividend	0.000	0.000	0.600
		Tax on Dividend	0.000	0.000	0.102
	BALANCE CARRIED TO THE B/S		6.581	(1.090)	9.120
	Earnings Per Share (Rs.)		25.57	(34.04)	13.00

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	2.18	2.64	0.78
Net Profit Margin (PBT/Sales)	(%)	2.63	2.70	1.21
Return on Total Assets (PBT/Total Assets}	(%)	6.29	7.74	3.27
Return on Investment (ROI) (PBT/Networth)		0.68	1.87	0.38
Debt Equity Ratio (Total Liability/Networth)		9.95	23.38	10.83
Current Ratio (Current Asset/Current Liability)		8.48	8.17	2.00

LOCAL AGENCY FURTHER INFORMATION

FORM 8:

Name of the company	AMBUJA METAL INDUSTRIES PRIVATE LIMITED
Presented By	AMBUJA METAL INDUSTRIES PRIVATE LIMITED
1) Date and description of instrument creating the change	Loan Agreement (Master) dated 25.085.2001 including the following: 1. Agreement of Foreign / Inland Letter of Credit Facilities dated 25.05.2001 2. Agreement for cash credit dated 25.05.2001. 3. Deed of Guarantee dated 25.05.2001.
2) Amount secured by the charge/amount owing on the securities of charge	Non Fund Based Limit Letter of credit (Foreign/ local) Rs.30.000 millions D/P,D/A Fund Based Limit Cash Credit: Against Hypothecation of Book debts Rs.12.000 millions Against hypothecation of stocks Rs.3.000 millions Against clearing (Cheques and drafts) Rs.2.000 millions Total Rs.47.000 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	All the Company’s present and future book debts, outstanding monies, receivables, claim, bill rights to or in moveable properties and movable assets and which are not due, owing or payable or belonging to the Company or which may at any time hereafter during the continuance if this security become due, owing, payable or belonging to the Company in the course of its business as security to the Bank for due payment by the Company to the Bank on demand of all monies at any time payable by the Company to them under or in respect of the said cash credit facility and whether for principal, interest, service charges and expenses or other monies payable hereunder by the Company to the Bank and / or which may be incurred by them The whole of the Company’s present and future stocks of raw materials, goods in process of manufacture and all finished and manufactures goods and articles such as Stainless Steel Coils, Sheet and Plates (cold rolled and hot rolled), Stainless Steel Welded Pipes and Seamless Pipes, etc. together with al store components and spares which now belong to the Company and which are or shall or may be brought into, stored or be in or upon about the Company’s factory, godown and / or other premises at M/S. Citi Warehousing Corporation, Plot No. 1162/1163, Road 13, Steel Market, Near Steel Chamber Kata, Kalamboli-410218, Navi Mumbai or wherever else the same may be situated, stored or lying being including any such raw materials, articles or goods, stores, spares and components or other similar moveable property in course of transit or delivery to the Company.
4) Gist of the terms and conditions and extent and operation of the charge.	Interest at Prime Lending Rate plus 0.50% i.e 13.50% on cash credit and fee / commission at Bank Rate on Inland L/C line and Foreign L/C line.
5) Name and Address and description of the person entitled to the charge.	Krung Thai Bank PCL with its head office at 35, Sukhumvit Road, Bangkok 10110, Thailand and having its branch office at 62, Maker Chambers VI, 6^th Floor, Nariman Point, Mumbai – 400021, India.
6) Date and brief description of instrument modifying the charge	N.A.
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.	N.A.

FIXED ASSETS:

• Building
• Furniture
• Office Premises
• Intercom
• Motor Car
• Motor Cycle
• Computer
• Washing Machine

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.48.82
UK Pound	1	Rs.78.57
Euro	1	Rs.69.28

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--MARGINS	-5~5	---
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		44

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.