MIRA INFORM REPORT

Report Date :

31.08.2012

IDENTIFICATION DETAILS

Name :	VEEKAY PRINTS PRIVATE LIMITED
Registered Office :	Plot No 210, Near Mahalaxmi Dyeing, Kadodara, Surat – 394327, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	28.12.1998
Com. Reg. No.:	04-035203
Capital Investment / Paid-up Capital :	Rs.39.961 Millions
CIN No.: [Company Identification No.]	U17110GJ1998PTC035203
TAN No.: [Tax Deduction & Collection Account No.]	SRTV00705F
PAN No.: [Permanent Account No.]	AAACV9663K
Legal Form :	Private Limited Liability Company
Line of Business :	Service Provider of Dyeing, Bleaching and Printing
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

B (36)

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

Maximum Credit Limit :	USD 270000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. The profitability of the company appears to be low. However, trade relations are reported to be fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some caution.

NOTES :

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

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

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.

INFORMATION DECLINED BY

Name :	Mr. Sidy
Designation :	Accountant
Contact No.:	91-2622-275042
Date :	30.08.2012

LOCATIONS

Registered Office :	Plot No 210, Near Mahalaxmi Dyeing, Kadodara, Surat – 394327, Gujarat, India
Tel. No.:	91-2622-275042 / 272012 / 324012 / 394355
Fax No.:	91-2622-275042
E-Mail :	kansariwala_chevli@hotmail.com

DIRECTORS

As on 30.09.2011

Name :	Mr. Bharat Lalchand Shah
Designation :	Director
Address :	1/2, Floor, TPS-5, FP-99 A-B A5, Shrunagar Co-Operative Society, City Light Road, Surat – 395007, Gujarat, India
Date of Birth/Age :	09.11.1964
Date of Appointment :	28.12.1998
DIN No.:	00250157
Voter Id No.:	CTL6362628
Name :	Mrs. Mamata Bharat Shah
Designation :	Director
Address :	G/2, Arohi Flats, Plots No.86, Uma Jakat Naka, Parle Point, Surat – 395007, Gujarat, India
Date of Birth/Age :	28.08.1964
Date of Appointment :	17.05.2004
DIN No.:	01607176

KEY EXECUTIVES

Name :	Mr. Sidy
Designation :	Accountant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Bharat L Shah	1722300
Mamta B Shah	794080
Dipesh Shah	591020
Pansingh Chawda	4000
Nathulal B Sagoatia	4000
Pratapsingh Sisodia	4000
Hitesh Kumar Goel	4000
Tarachand Sagotia	4000
Hamersingh Rajput	4000
Rajnikant Panchal	4000
Sanjay Das Rath Bari	4000
Harisingh Chandana	4000
Arjunsingh Chauhan	4000
Ashok Kumar Rawal	8000
Ashok Kumar Pransukha Jt1 : Ram Chander Sharma Jt2 : S.N.Chandak and Sons HUF	16000 20000 28000
Jagdish Bakru Borse Jt1: Sanjay R.Borse	4000 4000
Kailashkumar Ramavtar Sharma Jt1: Kalyansingh L Chauhan Jt2 : Manigilal P Bisnoi	4000 4000 4000
Sureshkumar Darshan Arora Jt1: Kavitas Arora	4000 4000
Parasram B Chaudhary Jt1: Arvind J.Panchal	4000 4000
Ramniwas Ramkishan Soni Jt1 : Premratan M.Rathi	24000 6000
Goyaljignasha Hiteshkumar Jt1: Hitesh Kumar J. Goyal, HUF	2000
Vivek Omprakash Dodiya	100
Jayantilal G. Goyal Jt1: Nilesh Kumar J. Goyal Jt 2:Smt. Jayaben J. Goyal	3000
Vinodkumar Hirachand Jain Jt1: Vimlabai Miyachand Jain	200
Kanhaiyalal P Ojha, HUF Jt1: Trilokchand Sharma	200
Devichand Heeralalji Bohra	100
Kanchanben L Shah	75000
Shreeji Herbals Limited	100000
Marudhar Mundra Private Limited	100000
Hanuman Coke Plant Private Limited	250000
Om Procurements and Projects Limited	40000
Preeti Mehta	8000
Rajendra Madanmal Mehta	32000
Rakhi Consultancy and Services Private Limited	100100
Total	3996100

List of Allottees

As on 15.03.2012

Names of Allottees	No. of Shares Allotted
Bharat Lalchand Shah	160000
Mamta Bharat Shah	100000
Total	260000

As on 30.09.2011

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	15.00
Directors or relatives of Directors	80.00
Other top fifty shareholders	5.000
Total	100.00

BUSINESS DETAILS

Line of Business :

Service Provider of Dyeing, Bleaching and Printing

PRODUCTION STATUS

As on 31.03.2011

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Dyeing and Printing of Art Silk Cloth	In Lac Meters	Not Applicable	275.00	128.618

GENERAL INFORMATION

Suppliers :

· Adarsh Silicons and Auxiliaries

· Aim Corporation

· Ambica Industries

· Ankit Enterprises

· Archie Dye Chem

· Arihant Chemicals

· Asha Dyestuffs Ind. Private Limited

· Bhagirath Polyfines Private Limited

· Bhavana Chemicals

· Bhavtej Syntex Private Limited

· Bluecoat Private Limited

· Caffiel Chem Tex

· Chaitas Traders

· Colourtex Industries Limited

· Oarshan Chemicals

Customers :

· Animesh Silk Mills

· Animesh Silk Mills Private Limited

· Keshav Sslk Mills

· Pal Fashions Private Limited

· Pranay Silk Mills

· Rani Sati Fabrics

· Rishabh Impex

· Nirali Fashion

· Shamal and Shamal Private Limited

· Shreenathji Textile

· Shyam Silk Mills

· Surya Tex-Prints Private Limited

· United Textiles Industries

· Vihsal Fashion Studio

· Vishal Fashions Private Limited

No. of Employees :

Information declined by the management

Bankers :

· Tamilnad Merchantile Bank Limited, Ground Floor (North), Office Building Complex, Bombay Market, Surat - 395010, Gujarat, India

· Bank of Baroda, Man Darwaja Branch Near Kinnari Cinema, Ring Road, Surat - 395002, Gujarat, India

· HDFC Bank Limited

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Tamilnad Mercantile Bank-Term Loan III	0.000	0.856
Tamilnad Mercantile Bank-Term Loan IV	0.000	2.632
Bank Of Baroda-Term Loan-VI/TMB-Term Loan VI	0.120	2.997
Tamilnad Mercantile Bank-Term Loan VII	0.000	0.098
Bank of Baroda Term Loan -VIII/ TMB-Term Loan VIII	1.539	2.308
Bank of Baroda Term Loan -IX/TMB-Term Loan IX	0.565	0.828
Bank Of Baroda Term Loan-X/TMB-Term Loan X	0.586	0.880
Bank Of Baroda Term Loan- XI/TMB-Term Loan XI	1.143	1.979
Bank of Baroda Term Loan -XII/TMB'-Term Loan XII	1.973	2.244
Bank Of Baroda Term Loan -XIII/TMB Term Loan XIII	1.676	2.219
Bank Of Baroda Term Loan-XIV/TMB Term Loan XIV	2.013	2.569
Cash Credit - Tamilnad Mercantile Bank- on Book Debts	0.000	12.989
Bank Of Baroda-On Book Debts/Stock	28.121	0.000
Total	37.736	32.599

Note:

(During FY 2010-11,TMB Term Loans are taken over by BOB)

Unsecured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
From Director (A)
- Mamta B Shah	1.781	2.031
- Bharat L Shah	0.153	3.131
Total (A)	1.934	5.162
From Companies (B)
- R. D. Dyg and Ptg Mills Private Limited	0.000	1.500
Total (B)	0.000	1.500
From Shareholders (C)
- Ariunsingh Kesharsingh Chauhan	0.200	0.200
- Aayush Fab	0.750	0.750
- Ankit fashions	0.500	0.500
- Arvind Bhai Jethbhai Panchal	0.450	0.450
- Ashok K. Rawal	0.750	0.900
- Devichand Heera Chand Bohra	0.500	0.500
- Goyal Prints	0.500	0.500
- Hamersingh Laxmansmgh Rajput	0.150	0.150
- Harisingh Nandasingh Chadana	0.200	0.200
- Hiteshkumar Jayantilal Goyal	0.850	0.850
- Hiteshkumar Jayantilal GoyaLhuf	1.000	1.000
- Jagdish Barku Borse	0.500	0.500
- Jayantilal Gordhandas Goyal	1.050	1.050
- Kailashkuriiar Ramavtar Sharma	0.300	0.300
- Kalyansiiigh Laxmansingh Chauhan	0.250	0.250
- Kavitha Suxeshkumar Arora	0.800	0.800
- Mangilal Phagluram Bisnoi	0.300	0.300
- Murli Manohar Industries	0.500	0.500
- Nathulal bliimraj Sagotia	0.300	0.300
- Nilesh Kumar Jayantilal Goyal	1.100	1.100
- Pansiiigh Bhawarsingh Chawda	0.200	0.200
- Parsaram Binjaram Choudliary	0.450	0.450
- Pratap Singh Hirnsingh Sisodia	0.150	0.150
- Rajanikant Champaklal Panchal	0.200	0.200
- Sanjay Dashrath Bari	0.200	0.200
- Sanjay Ratan Borse	0.500	0.500
- Suxeshkumar Darshan Arora	0.800	0.800
- Vimalbhai Miyachand Jain	0.300	0.300
- Vinayak Synthetics	0.450	0.450
- Babyben Vinodkumar Jain	0.200	0.200
- Yash lmpex	0.750	0.750
Total (C)	15.150	15.300
Total	17.084	21.962

Banking Relations :	--
Auditors :
Name :	Kansariwala and Chevli Chartered Accountant
Address :	2/1447,"Utkarsh" 1st Floor, Opposite Sanghvi Hospital, Sagrampura, Surat – 395002, Gujarat, India
PAN No.:	AAFFK4329R

CAPITAL STRUCTURE

After 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
4500000	Equity Shares	Rs.10/- each	Rs.45.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4256100	Equity Shares	Rs.10/- each	Rs.42.561 Millions

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
4500000	Equity Shares	Rs.10/- each	Rs.45.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3996100	Equity Shares	Rs.10/- each	Rs.39.961 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		39.961	39.961	40.931
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		28.660	25.486	19.123
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		68.621	65.447	60.054
LOAN FUNDS
1] Secured Loans		37.736	32.599	53.027
2] Unsecured Loans		17.084	21.962	17.400
TOTAL BORROWING		54.820	54.561	70.427
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
DEFERRED CREDIT		0.085	0.338	0.587
TOTAL		123.526	120.346	131.068
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		80.452	89.101	88.486
Capital work-in-progress		0.000	0.000	4.925
INVESTMENT		9.005	9.980	10.175
DEFERREX TAX ASSETS		3.296	1.711	1.462
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	10.820	10.185	9.874
	Sundry Debtors	41.784	21.746	37.742
	Cash & Bank Balances	1.919	0.878	0.553
	Other Current Assets	0.000	0.000	0.000
	Deposits	8.753	7.843	5.751
	Loans & Advances	17.417	14.814	10.017
Total Current Assets		80.693	55.466	63.937
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	44.731	31.224	37.604
	Other Current Liabilities	4.828	4.416	0.313
	Provisions	0.361	0.272	0.000
Total Current Liabilities		49.920	35.912	37.917
Net Current Assets		30.773	19.554	26.020
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		123.526	120.346	131.068

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Job Charges	257.358	247.854	262.864
		Lease Rent Income		0.810	0.000
		Sale of Cloth		0.820	0.454
		TOTAL (A)	257.358	249.484	263.318
Less	EXPENSES
		Manufacturing Expenses	238.394	206.236	237.811
		Administrative Expenses		14.492	13.432
		Selling and Destitution Expenses		2.522	2.806
		Loss / Profit on sale of Assets		(0.071)	(0.036)
		TOTAL (B)	238.394 (Including Financial Expenses and Depreciation)	223.179	254.013
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) I			26.305	9.305
Less	FINANCIAL EXPENSES (D)			6.362	6.337
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		18.964	19.943	2.968
Less/ Add	DEPRECIATION/ AMORTISATION (F)		17.013	18.177	17.276
	PROFIT BEFORE TAX (E-F) (G)		1.951	1.766	(14.308)
Less	TAX (H)		(1.223)	0.023	(1.332)
	PROFIT AFTER TAX (G-H) (I)		3.174	1.743	(12.976)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1.738	(0.005)	12.971
	BALANCE CARRIED TO THE B/S		4.912	1.738	(0.005)
	Earnings Per Share (Rs.)		0.79	NA	NA

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.23	0.70	(4.93)
Net Profit Margin (PBT/Sales)	(%)	0.76	0.71	(5.43)
Return on Total Assets (PBT/Total Assets}	(%)	1.21	1.22	(9.39)
Return on Investment (ROI) (PBT/Networth)		0.03	0.03	(0.24)
Debt Equity Ratio (Total Liability/Networth)		1.53	1.38	1.80
Current Ratio (Current Asset/Current Liability)		1.62	1.54	1.69

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITOR DETAILS:

(Rs. In Millions)

Particulars	31.03.2011	31.03.2010	31.03.2009
Sundry Creditors
- For Col-Chem	22.950	24.292	24.949
- For Stores and Expenses	17.059	5.544	10.757
- Fixed Assets	4.722	1.388	1.898
Total	44.731	31.224	37.604

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	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
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	No
16]	Details of sister concerns	No
17]	Major suppliers	Yes
18]	Major customers	Yes
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	Yes
34]	External Agency Rating, if available	No

BANKERS CHARGES REPORT AS PER REGISTRY:

Corporate identity number of the company	U17110GJ1998PTC035203
Name of the company	VEEKAY PRINTS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Plot No 210, Near Mahalaxmi Dyeing, Kadodara, Surat – 394327, Gujarat, India E-mail Id : kansariwala_chevli@hotmail.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10286559
Type of charge	Immovable property
Particular of charge holder	Bank of Baroda, Man Darwaja Branch Near Kinnari Cinema, Ring Road, Surat - 395002, Gujarat, India E-mail Id : surman@bankofbaroda.com
Nature of instrument creating charge	Instrument relating to deposit of title deeds dated 11.04.2012
Date of instrument Creating the charge	11.04.2012
Amount secured by the charge	Rs.143.469 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest N A. Terms of Repayment N A. Margin N A. Extent and Operation of the charge Instrument relating to deposit of title deeds dated 11.04.2012
Short particulars of the property or asset(s) charged (including complete address and location of the property)	All Piece and Parcels of Non Agricultural land Admeasuring abt.2277 sq.mts. Eastern side of land, Revenue Survey No.176/1 paiki Block No.184 paiki,Village: Kadodara Taluka: Palsana District Surat. All Piece and Parcels of Non Agricultural land Admeasuring abt.2276 sq.mts. Western side of land, Revenue Survey No.176/1 paiki Block No.184 paiki, Village: Kadodara Taluka: Palsana District Surat. All Piece and Parcels of Non Agricultural land Admeasuring abt.1110 sq.mts. Southern side of land, Revenue Survey No.176/2 paiki Block No.214 paiki, Village: Kadodara Taluka: Palsana District Surat. All Piece and Parcels of Non Agricultural land Admeasuring abt.1361 sq.mts. Southern side of land, Revenue Survey No.176 .Block No.215 paiki,Village: Kadodara Taluka: Palsana District Surat. All Piece and Parcels of Non Agricultural land Admeasuring abt.1210 sq.mts. Southern side of land, Revenue Survey No.176 Block No.215 paiki, Village: Kadodara Taluka: Palsana District Surat. All Piece and Parcels of Non Agricultural land Admeasuring abt.1295 sq.mts. Northern side of land, Revenue Survey No.176 Block No.215 paiki, Village: Kadodara Taluka: Palsana District Surat. All Piece and Parcels of Non Agricultural land Admeasuring abt.509 sq.mts., Revenue Survey No.176/2 Block No.214 paiki, Village: Kadodara Taluka: Palsana District Surat. All Piece and Parcels of Non Agricultural land Admeasuring abt.1112 sq.mts. Northern side of land, Revenue Survey No.175/1 Block No.213 paiki, Village: Kadodara Taluka: Palsana District Surat.
Particulars of the present modification	The charge is further secured by deposit of title deeds

FIXED ASSETS:

· Land and Building

· Plant and Machinery

· Furniture and Fixtures

· Vehicle

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.55.65
UK Pound	1	Rs.88.10
Euro	1	Rs.69.84

INFORMATION DETAILS

Information Gathered by :	SBA
Report Prepared by :	BSN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--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		36

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.