MIRA INFORM REPORT

Report Date :

11.08.2012

IDENTIFICATION DETAILS

Name :	ARDOR INTERNATIONAL PRIVATE LIMITED
Registered Office :	B-1001-4, Premium House, Behind Handloom House, Ashram road, Ahmedabad – 380009, Gujarat
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	18.02.2003
Com. Reg. No.:	04-42016
Capital Investment / Paid-up Capital :	Rs.300.000 Millions
CIN No.: [Company Identification No.]	U51909GJ2003PTC042016
TAN No.: [Tax Deduction & Collection Account No.]	AHMA02915D AHMA08145E
Legal Form :	Private Limited Liability Company
Line of Business :	Trading in Lab, DDB, STPP and Other Chemicals.
No. of Employees :	24 (Approximately) (In Office -14 and In Branches -10)

RATING & COMMENTS

MIRA’s Rating :

B (34)

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

Maximum Credit Limit :	USD 1997000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Reserves of the company appears to be insufficient. Profitability appears to be low. However, trade relations are reported as fair. Business is active. Payments are reported to be low 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.

ECGC Country Risk Classification List – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

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

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long Term Bank Facilities : CARE BBB-
Rating Explanation	Moderate Credit Risk
Date	16.01.2012

Rating Agency Name	CARE
Rating	Short Term Bank Facilities : CARE A3
Rating Explanation	Moderate degree of safety and higher credit risk
Date	16.01.2012

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

LOCATIONS

Registered Office :	B-1001-4, Premium House, Behind Handloom House, Ashram road, Ahmedabad – 380009, Gujarat, India
Tel. No.:	91-79-26584511-14
Fax No.:	91-79-26584515
E-Mail :	ardor.international@gmail.com vmasso@yahoo.co.in ardor@ardor-group.com vyas4you@gmail.com
Website :	http://www.ardor-international.com
Area :	3000 sq. ft.
Location :	Rented
Branch Office :	Located At · Mumbai · Indore · Kanpur

DIRECTORS

(AS ON 30.09.2011)

Name :

Mr. Fenilbhai Bharatbhai Shah

Designation :

Managing Director

Address :

301- Heritage Crescent, Opposite Shantiniketan Bunglows, S. G. Highway, Prahladnagar, Ahmedabad – 380051, Gujarat, India

Date of Birth/Age :

27.10.1976

Date of Appointment :

01.04.2010

DIN No.:

00044522

Other Directorships :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U51909GJ2003PTC042016	ARDOR INTERNATIONAL PRIVATE LIMITED	Managing director	01/04/2010	18/02/2003	Active	NO
2	U17119GJ1990PTC014273	JAYCO SYNTHETICS PVT LTD	Director	31/05/2003	31/05/2003	Active	NO
3	U24241GJ2003PTC042771	INFINIUM DET-CHEM PRIVATE LIMITED	Director	21/08/2003	21/08/2003	Active	NO
4	U67190GJ2007PTC050606	ARDOR IN-FIN PRIVATE LIMITED	Director	20/04/2007	20/04/2007	Active	NO
5	U45201GJ2009PTC057769	ARDOR STRUCTURES PRIVATE LIMITED	Director	12/08/2009	12/08/2009	Active	NO
6	U45201GJ2009PTC057922	GREENLAND INFRACON PRIVATE LIMITED	Director	29/08/2009	29/08/2009	Active	NO
7	U24100GJ2009PTC057712	CHEM-EDGE INTERNATIONAL PRIVATE LIMITED	Director	30/08/2009	30/08/2009	Active	NO
8	U24100GJ2011PTC064221	ARDOR CHEMICALS PRIVATE LIMITED	Director	28/02/2011	28/02/2011	Active	NO
9	U24100GJ2011PTC064237	ARDOR GLOBAL PRIVATE LIMITED	Director	01/03/2011	01/03/2011	Active	NO
10	U24100GJ2011PTC064235	CHEM-EDGE GLOBAL PRIVATE LIMITED	Director	01/03/2011	01/03/2011	Active	NO

Name :

Mrs. Gitaben Bharatbhai Shah

Designation :

Director

Address :

A-11, North way Apartment, St. Xavrer Collage Road, Navrangpura, Ahmedabad – 380009, Gujarat, India

Date of Appointment :

18.02.2003

DIN No.:

00049071

Other Directorships :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U51909GJ2003PTC042016	ARDOR INTERNATIONAL PRIVATE LIMITED	Director	18/02/2003	18/02/2003	Active	NO
2	U24241GJ2003PTC042771	INFINIUM DET-CHEM PRIVATE LIMITED	Director	21/08/2003	21/08/2003	Active	NO
3	U24100GJ2011PTC064235	CHEM-EDGE GLOBAL PRIVATE LIMITED	Additional director	01/04/2011	01/04/2011	Active	NO
4	U24100GJ2009PTC057712	CHEM-EDGE INTERNATIONAL PRIVATE LIMITED	Additional director	01/04/2011	01/04/2011	Active	NO

Name :

Mr. Bharatbhai Ratnshi Shah

Designation :

Director

Address :

301, Heritage Crescent, Opposite Shantineketan Bunglows, S.G. Highway, Prahladnagar, Ahmedabad – 380051, Gujarat, India

Date of Appointment :

18.03.2010

DIN No.:

02438343

Other Directorships :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U67190GJ2007PTC050606	ARDOR IN-FIN PRIVATE LIMITED	Director	20/04/2007	20/04/2007	-	Active	NO
2	U24100GJ2009PTC057712	CHEM-EDGE INTERNATIONAL PRIVATE LIMITED	Director	04/08/2009	04/08/2009	-	Active	NO
3	U45201GJ2009PTC057769	ARDOR STRUCTURES PRIVATE LIMITED	Director	12/08/2009	12/08/2009	-	Active	NO
4	U17119GJ1990PTC014273	JAYCO SYNTHETICS PRIVATE LIMITED	Director	25/08/2009	25/08/2009	-	Active	NO
5	U45201GJ2009PTC057922	GREENLAND INFRACON PRIVATE LIMITED	Director	29/08/2009	29/08/2009	-	Active	NO
6	U51909GJ2003PTC042016	ARDOR INTERNATIONAL PRIVATE LIMITED	Director	01/03/2010	01/03/2010	-	Active	NO
7	U24100GJ2011PTC064221	ARDOR CHEMICALS PRIVATE LIMITED	Director	28/02/2011	28/02/2011	-	Active	NO
8	U24100GJ2011PTC064237	ARDOR GLOBAL PRIVATE LIMITED	Director	01/03/2011	01/03/2011	27/04/2011	Active	NO
9	U24100GJ2011PTC064235	CHEM-EDGE GLOBAL PRIVATE LIMITED	Director	01/03/2011	01/03/2011	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 30.09.2011)

Names of Shareholders	No. of Shares
Fenil B. Shah	3850000
Gitaben Shah	3850000
Janaki F. Shah	7700500
Smita Rakesh Bhatt	171500
Shilpa Rakesh Shah	171500
Hasmukh D. Thakor	84250
Umang S. Patel	84250
Navin D. Thakor	84250
Nilesh Ashokkumar Solankhi	84250
Nipesh R. Shah	106750
Kamini A Soni	171500
Amitaben S. Shah	122500
Shaileshkumar R. Shah	62500
Shailesh Shah (HUF)	62500
Arunkumar Shah (HUF)	113500
Ruchitkumar A. Shah	113500
Nayanaben Shah	111000
Milanbhai Mehta	116625
Shrikeshbhai Mehta	116625
Nitaben Mehta	116625
Malvikaben Mehta	116625
Vasumatiben Mehta	177250
Bharatbhai Shah	3850000
Jinal Shah	3850000
Ardor In – Fin Private Limited, India	3850000
Shrikesh Mehta	2200000
Nayankumar Mehta	600000
Ardor Structure Private Limited, India	2773000
Greenland Infracon Private Limited, India	2723000
Infinium Det chem. Private Limited, India	2673000
Jayco Synthetics Private Limited, India	1180500
Ardor Enterprises, India	1212500
Total	42500000

(AS ON 30.09.2011)

Equity Shares Break – up

Category	Percentage
Bodies corporate	33.91
Directors or relatives of directors	66.09
Total	100.00

BUSINESS DETAILS

Line of Business :

Trading in Lab, DDB, STPP and Other Chemicals.

GENERAL INFORMATION

No. of Employees :

24 (In Office -14 and In Branches -10) (Approximately)

Bankers :

· Bank of India

Ahmedabad Large Corporate Branch, 2^nd Floor, BOI Building, Bhadra, Ahmedabad - 380001, Gujarat, India

· Rajkot Nagrik Sahakari Bank Limited , Ahmedabad

· Union Bank of India , Branch Ashram Road, Ahmedabad – 380014, Gujarat, India

Facilities :

Secured Loans	31.03.2010	31.03.2009
	(Rs. In Millions)
Secured loans for working capital from banks	316.492	214.624
HDFC Bank Limited (Car Loan)	3.514	0.516
Total	320.006	215.140
Unsecured Loans	31.03.2010	31.03.2009
	(Rs. In Millions)
Inter Corporate Deposits	0.181	115.709
From Directors, relatives and share holders	213.017	0.000
From Banks	136.469	195.918
Total	349.668	311.627

Banking Relations :	--
Auditors :
Name :	Vipul and Manish Associates Chartered Associates
Address :	True Value House, Opposite ISRO, Near Sundarvan Bus Stop, Satellite, Ahmedabad – 380015, Gujarat, India
Tel No.:	91-79-26730650/ 26730675
PAN No.:	AACFV2807J
Email :	vmasso@yahoo.co.in
Associates Entities :	· Infinium Det Chem Private Limited · Jayco Synthetics Private Limited · Ardor Chemicals · J.B. Chemicals · Ardor In-Fin Private Limited · Matrix International · Ardor Enterprises Private Limited

CAPITAL STRUCTURE

(AFTER - 30.09.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
125000000	Equity Shares	Rs.10/- each	Rs.1250.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
105000000	Equity Shares	Rs.10/- each	Rs.1050.000 Millions

(AS ON 30.09.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
100000000	Equity Shares	Rs.10/- each	Rs.1000.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
42500000	Equity Shares	Rs.10/- each	Rs.425.000 Millions

(AS ON 31.03.2010)

Authorised Capital :

No. of Shares	Type	Value	Amount
50000000	Equity Shares	Rs.10/- each	Rs.500.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
30000000	Equity Shares	Rs.10/- each	Rs.300.000 Millions

NOTE: Of the above 750000 Equity Shares fully paid up have been issued as bonus shares

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		300.000	230.000	100.000
2] Share Application Money		75.000	40.000	0.000
3] Reserves & Surplus		124.292	49.258	10.094
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		499.292	319.258	110.094
LOAN FUNDS
1] Secured Loans		320.006	215.140	42.375
2] Unsecured Loans		349.668	311.627	354.104
TOTAL BORROWING		669.674	526.767	396.479
DEFERRED TAX LIABILITIES		1.238	0.466	0.360
TOTAL		1170.204	846.491	506.933
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		11.446	3.744	3.800
Capital work-in-progress		40.000	0.000	0.000
INVESTMENT		13.489	1.900	1.900
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	389.093	184.818	86.263
	Sundry Debtors	1004.516	860.140	521.399
	Cash & Bank Balances	48.988	71.655	96.035
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	294.765	134.071	25.120
Total Current Assets		1737.362	1250.684	728.817
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	418.267	400.766	191.744
	Sundry Creditors	215.652	10.000	36.371
	Provisions	0.000	0.000	0.000
Total Current Liabilities		633.919	410.766	228.115
Net Current Assets		1103.443	839.918	500.702
MISCELLANEOUS EXPENSES		1.826	0.929	0.531
TOTAL		1170.204	846.491	506.933

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	6277.140	3905.772	1431.379
		Other Income	8.870	7.279	5.883
		TOTAL (A)	6286.010	3913.051	1437.262
Less	EXPENSES
		Cost of goods sold	6014.956	3735.114	1353.755
		Payment to and provision for employee	41.570	13.835	6.315
		Preliminary Expenses written off	0.653	0.351	0.201
		Administrative Expenses	56.030	24.777	12.339
		TOTAL (B)	6113.209	3774.077	1372.610
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		172.801	138.974	64.652
Less	FINANCIAL EXPENSES (D)		55.511	76.242	31.253
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		117.290	62.732	33.399
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.944	0.519	0.486
	PROFIT BEFORE TAX (E-F) (G)		116.346	62.213	32.913
Less	TAX (H)		41.274	23.321	10.411
	PROFIT AFTER TAX (G-H) (I)		75.072	38.892	22.502
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		49.258	10.094	3.034
Less	APPROPRIATIONS
		Transfer to General Reserve	0.000	0.000	0.000
		Dividend	0.000	0.000	13.130
		Tax on Dividend	0.000	0.000	2.231
	BALANCE CARRIED TO THE B/S		124.292	49.258	10.094
	EARNING IN FOREIGN CURRENCY		142.774	50.715	--
	Earnings Per Share (Rs.)		3.26	3.05	2.25

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	1.19	0.99	1.57
Net Profit Margin (PBT/Sales)	(%)	1.85	1.59	2.30
Return on Total Assets (PBT/Total Assets}	(%)	6.65	4.95	4.50
Return on Investment (ROI) (PBT/Networth)		0.23	1.99	0.30
Debt Equity Ratio (Total Liability/Networth)		2.61	2.93	5.67
Current Ratio (Current Asset/Current Liability)		2.74	3.04	3.19

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	Yes
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	-----
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	-----
22]	Litigations that the firm / promoter involved in	-----
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	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

NOTE:

The registered office address of the company has been shifted from B-904, Premium House, Behind Handloom House, Ashram Road, Ahmedabad – 380009, Gujarat, India to present address.

OPERATIONS:

The company has achieved turnover of Rs. 6277.100 millions during the year and earned net profit after tax of Rs. 75.100 millions after making provision for tax of Rs. 41.300 millions. The operation of company comprised of sales of LAB, DDB, STPP, Soda Ash and Other Chemicals. The company is confident to achieve higher sales in the coming years.

FORM: 8

Corporate identity number of the company	U51909GJ2003PTC042016
Name of the company	ARDOR INTERNATIONAL PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	B/904 Premium Houseb/H Handloom House Ashram Road, Ahmedabad – 380009, Gujarat, India
This form is for	Modification of charge
Type of charge	Book debts Movable property (not being pledge) Floating charge
Particular of charge holder	Bank Of India, Ahmedabad Large Corporate Branch, 2nd Floor, BOI Building, Bhadra, Ahmedabad, Gujarat- 380001, India
Nature of instrument creating charge	Third Supplemental Joint Deed of Hypothecation Executed By The Company In Favour of BOI Consortium (BOI, UBI, OBC, Axis Bank, RNSBL ) BOI Being Lead To Secure Revised, Modified And Increased Fund Based and Non Fund Based Total Aggregate Limits of Rs. 1570.000 millions
Date of instrument Creating the charge	01/09/2010
Amount secured by the charge	Rs. 1570.000 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest : Nil Terms of repayment : Nil Margin : Nil Extent and operation of the charge : 1st Parri Passu Hypothecation CH on Plant and Mach In Favor of BOI and OBC To Sec TM LNS Rs. 220.000 millions, 1st and Parri Passu Hypothecation Charge on All Tan Movable Property Being Stocks of Material, Book Debts and Other Movable Assets and 2nd and Parri Passu Hypothecation Charge on Plant and Mach To Secure Modified, Revised and Increased FB and NFB WC Limit of Rs. 1350.000 millions With Tot Aggregate Limit of Rs 1570.000 millions Along with Interest, Additional Interest, Penal Interest, Cost, Charges, Commission and All Other Amt Due To The Consortium Banks of What So Ever Nature Fm Time To Time Other : Revised Lim Rs In Millions Bank BBI UBI OBC Axis RNSL Tot Work Cap Lim 400 350 150 350 100 1350 Term Loan 120 --- 100 --- --- 220 Total 520 350 250 350 100 1570
Short particulars of the property charged (Including location of the property)	1. First Charge on The Whole of Current Assets Namely Zeolite, Sodium, Trupolyphosphate (Stpp) Other Detergent and Com Parts, Plant and Mach Situated At Harisiddh Estate, Near Oswal Chemical Aslali, Ahm or Else 2. First Charge on The Whole of Current Assets Namely Zeolite, Sodium, Trupolyphosphate (Stpp) Other Detergent and Com Parts, Plant and ach Situated At B/60 To B/65 Shri Ambika Estate, Aslali, Ahm or Else 3. First Charge on All Book Debts, Receivables, Claims, Bills, Claims Both Present and Future Second Charge on Plant and Mach, Furniture and Fixtures, Computers, Printers, Situated At Plot No. 245/1, Mouje Bodak Dev, Taluka Dascroi, District Ahmedabad, or Else In Fav of BOI Consortium
Date of instrument modifying the charge	30/03/2009
Particulars of the present modification	Consortium Banks Have Agreed To Enhance The Fund Based and Non Fund Based Work Cap Facilities From 750.000 millions To 1350.000 millions With Rsnbl As New Const Mem and Thereby Revised and Modified and Increased Tot Aggregate FB and NFB Lim Fm Rs. 750.000 millions To Rs. 1570.000 millions. Thus First / Second and Pari Passu Joint Hypothecation Charge on All Tan Movable Property Being Plant and Mach, Stocks of Material, Book Debts and Other Movable Assets is Extend and Operate For Rs. 1570.000 millions W. E. F. 01.09.2010

FIXED ASSETS:

· Computer Account

· Computer Software Account

· Cycle

· Electric Fittings

· Fax Machines

· MS Tanks

· Mobile

· Motor Car

· Office Equipments

· Television

· Water Cooler

· Water Filter

· Furniture and Fixture

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.55.34
UK Pound	1	Rs.86.45
Euro	1	Rs.68.04

INFORMATION DETAILS

Report Prepared by :

NIT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	3
--RESERVES	1~10	2
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		34

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.