MIRA INFORM REPORT

Report Date :

03.12.2012

IDENTIFICATION DETAILS

Name :	DINESH IRRIGATION PRIVATE LIMITED
Registered Office :	86, B-II, Jhotwara Industrial Area, Jaipur – 302012, Rajasthan
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	26.04.2000
Com. Reg. No.:	17-016361
Capital Investment / Paid-up Capital :	Rs.13.000 Millions
CIN No.: [Company Identification No.]	U29212RJ2000PTC016361
TAN No.: [Tax Deduction & Collection Account No.]	JRD02318B
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of HDPE Pipes and Accessories.
No. of Employees :	Not Available

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 120000
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 – 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

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.

LOCATIONS

Registered Office/ Corporate Office/ Factory :	86, B-II, Jhotwara Industrial Area, Jaipur – 302012, Rajasthan, India
Tel. No.:	91-141-2347180/ 2347181
Mobile No.:	91-9413344752 (Mr. Shamsher Singh Choudhary)
Fax No.:	91-141-2347181
E-Mail :	dineshirrigation@gmail.com info@dineshirrigation.com dineshag@sancharnet.in patniarun@rediffmail.com sales@dineshirrigation.com
Website :	http://www.dineshirrigation.com
Area :	5500 Sq. ft
Location :	Owned
Branch Office :	Samalkar Road, Bhavani, Haryana, India

DIRECTORS

As on: 24.09.2012

Name :

Mr. Yogendra Bhati

Designation :

Director

Address :

G-148, Uday Path, Shyam Nagar, Extension Jaipur - 302018, Rajasthan, India

Date of Birth/Age :

21.06.1964

Qualification :

Graduate

Date of Appointment :

26.04.2000

DIN No.:

00696853

Other Directorship :

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	U29212RJ2000PTC016361	DINESH IRRIGATION PRIVATE LIMITED	Director	26/04/2000	26/04/2000	-	Active	NO
2	U51101WB2010PTC149993	KHUSHI DEALTRADE PRIVATE LIMITED	Director	25/07/2012	25/07/2012	-	Active	NO
3	U51109WB2008PTC129623	PRIMARY AGENCIES PRIVATE LIMITED	Director	25/07/2012	25/07/2012	-	Active	NO

Name :

Mrs. Indira Bhati

Designation :

Director

Address :

G-148, Uday Path, Shyam Nagar, Extension Jaipur - 302018, Rajasthan, India

Date of Birth/Age :

06.11.1944

Qualification :

Graduate

Date of Appointment :

15.11.2001

DIN No.:

00696886

Other Directorship :

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	U29212RJ2000PTC016361	DINESH IRRIGATION PRIVATE LIMITED	Director	15/11/2001	15/11/2001	-	Active	NO
2	U51101WB2010PTC149993	KHUSHI DEALTRADE PRIVATE LIMITED	Director	25/07/2012	25/07/2012	-	Active	NO
3	U51109WB2008PTC129623	PRIMARY AGENCIES PRIVATE LIMITED	Director	25/07/2012	25/07/2012	-	Active	NO

KEY EXECUTIVES

Name :	Mahendra Khandelwal and Company
Designation :	Company Secretaries
Address :	202, Prism Tower, Opposite Old Lal Kothi, Sabji Mandi Main Gate, Tonk Road, Jaipur-302015, Rajasthan, India
Tel No.:	91-141-3296027
E-mail:	mahendra927@gmail.com

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 31.03.2012

Names of Shareholders	No. of Shares
Yogendra Bhati	366980
Indira Bhati	350020
Deepak Bhati	178000
Yogendra Bhati Karta of Yogendra Bhati HUF	191000
Dimple Bhati	49000
Divya Bhati	5000
Krishi Seva Kendra	130000
Kishore H. Dadlani	30000
TOTAL	1300000

Equity Share Break up (Percentage of Total Equity)

As on: 24.09.2012

Category	Percentage
Directors or relatives of directors	87.69
Other top fifty shareholders	12.31
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of HDPE Pipes and Accessories.

PRODUCTION STATUS (As on; 31.03.2012)

Particulars	Unit	Licensed Capacity
Drip Irrigation	M.T.	1168

Particulars	Unit	Installed Capacity
Sprinkler Pipe	M.T.	7536
PVC Pipe	M.T.	1848
Drip Irrigation	M.T.	876

Particulars	Unit	Actual Production
Sprinkler Pipe	Nos.	645858
Coil Pipe	Mtr.	1333349
HDPE Pipe	Nos.	957731
Accessories	Nos.	1566875
Complete accessories	Nos.	234622
PVC Pipe	Nos.	261114

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· State Bank of India, Commercial Branch, Church Road, Jaipur - 302001, Rajasthan, India

Axis Bank Limited, O-15, Green House, Ashok Marg, C-Scheme, Jaipur - 302001, Rajasthan, India

ICICI Bank

HDFC Bank

Kotak Mahindra Bank

ABN Amro Bank

ING Vysya Bank Limited

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
Term Loan from Bank Axis Bank Take over (LastYrSBI)	3.545	7.145
Term Loan from Bank Axis Bank Fresh	10.475	0.000
Vehicle Loan (HDFC Bank) lndica	0.048	0.182
Vehicle Loan(HDFC Bank)Swift	0.000	0.000
Vehicle Loan(Kotak Mahindra) Fortuner (2141)	1.476	0.000
Vehicle Loan(HDFC Bank)Skoda	0.000	0.032
Vehicle Loan(Kotak Manindra) H. Accord	0.000	0.409
Mortgage Loan-ING VYSYA HFC (last Year ICICI Bank)	16.905	11.050
Mortgage Loan-lind from ICICI Bank	1.871	1.884
Cash Credit (Current year Axis/ Last Year SBI)	51.121	48.301
Total	85.441	69.003
Unsecured Loan	As on 31.03.2011	As on 31.03.2010
From Banks and Financial Institutions
Bajaj Finance Limited B.L a/c	0.614	0.000
HDFC Bank Limited B, Loan	0.767	0.000
Magma Fincorp Limited	1.376	0.000
From Others
From Members and Relatives	2.730	0.089
Deferment Tax Against RST/CST	1.529	2.392
Total	7.016	2.481

Notes:

1. Term loan from Axis Bank Secured by hypothecation of Stocks of Raw Materials, WIP and FGs lying in Factory, godown and elsewhere including Goods in Transit, Consumables, Stores and spares. Book debts and other current Assets borth present and future and collaterari by EM of land and Building situated at 86 B (Area 2112 Sqmtrand 86 Bll (Arear2637 Sq mtr)Jhotwara Industrial Area, Jaipur in the name of the company and PG by Mr. Yogendra Bhati and Mr. Indira Bhati.

2. Vehicle Loan from Kotak Mahindra Prime Limited Rs.2.171 Millions and HDFC Bank Limited Rs.0.214 Million are secured by way of hypothecation of specific vehicle financed by them.

3. Mortgage Loan from ING Vysya Bank Limited Rs.17.353 Millions is secured by Equitable Mortgage of Res. House 147-148. Uday Path Shyam Nagar Extension in the name of Yogendra Bhati Director of the company.

4. Mortgage Loan from ICICI Bank Limited Rs.1.684 Millions is secured by Equitable Mortgage of Res. Flat B-304,Trimurty Dave Appartment.C-22 SJS Highway, Bani Park Jaipur in the name of Yogendra Bhati, Director of the Company

5.a. Schedule of repayment of term loans

(Rs. In Millions)

Particulars	From Bank
2014	8.429
2015	3.274
2016	2.911
2017	2.967
Above 2017	19.497
Total	37.078

5.b. Schedule of repayment of Long Term Borrowings

(Rs. In Millions)

Particulars	From Others
2014	1.019
2015	0.509
Above 2015	2.730
Total	4.258

6. Term Loans from Bank carries Interest Rates @ 8% to 18% p.a.

7. Cash credit from Axis Bank Secured by hypothecation of Stocks of Raw Materials, WIP and FGs lying in Factory, godown and elsewhere including Goods in Transit, Consumables, Stores and spares, Book debts and other current Assets borth present and future and collaterarl by EM of land and Building situatedat 86 B (Area 2112 Sqmtrand 86 Bll (Arear2637 Sq mtr) Jhotwara Industrial Area, Jaipur in the name of the company and PG by Mr. Yogendra Bhati and Mr. Indira Bhati.

Banking Relations :	--
Auditors :
Name :	Patni Arun and Associates Chartered Accountants
Address :	F-3 Omshree Tower, 7-8 Lal Kothi Shopping Centre, Sahakar Marg, Jaipur – 302015, Rajasthan, India
PAN No.:	ACXPP7784P

CAPITAL STRUCTURE

As on: 24.09.2012

Authorised Capital : Rs.19.000 Millions

Issued, Subscribed & Paid-up Capital : Rs.13.000 Millions

As on: 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
1300000	Equity Shares	Rs.10/- each	Rs.13.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1300000	Equity Shares	Rs.10/- each	Rs.13.000 Millions

Notes:

1. The company has only one class of share referred to as equity shares having a par value of Rs. 10/- each holder of equity shares is entitled to one vole per share

2. The details of Share holders holding more than 5 % equity shares as at 31.03.2012

Name Of Share Holder	No. of Share	Ownership Interest"/.
Yogendra Bhati	366980	28.23%
Indira Bhati	350020	26.92%
Deepak Bhati	178000	13.69%
Yogendra Kumar Deepak Kumar Bhati HUF	191000	14.69%
Krishi Sewa Kendra -Shiv Singh	130000	10.00%

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		13.000	11.500	10.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		17.501	13.017	9.930
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		30.501	24.517	20.430
LOAN FUNDS
1] Secured Loans		85.441	69.003	65.366
2] Unsecured Loans		7.016	2.481	3.824
TOTAL BORROWING		92.457	71.484	69.190
DEFERRED TAX LIABILITIES		2.830	1.950	1.936
TOTAL		125.788	97.951	91.556
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		48.945	34.138	32.602
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.004	0.004	0.004
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	48.435	27.087	17.362
	Sundry Debtors	52.391	62.375	55.096
	Cash & Bank Balances	4.228	8.580	4.308
	Other Current Assets	0.238	0.238	0.000
	Loans & Advances	18.434	8.790	8.542
Total Current Assets		123.726	107.070	85.308
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	24.487	30.297	21.492
	Other Current Liabilities	18.464	10.948	4.188
	Provisions	3.936	2.016	0.678
Total Current Liabilities		46.887	43.261	26.358
Net Current Assets		76.839	63.809	58.950
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		125.788	97.951	91.556

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	391.541	353.807	269.046
		Other Income	NA	NA	1.025
		TOTAL (A)	NA	NA	270.071
Less	EXPENSES
		Increase/(Decrease) in Finished Goods			(3.666)
		Raw Material Consumed			212.651
		Manufacturing Expenses			17.391
		Employee Remuneration and other Benefits			5.949
		Administrative Expenses			4.494
		Selling Expenses			19.384
		TOTAL (B)	NA	NA	256.203
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)				13.868
Less	FINANCIAL EXPENSES (D)				7.199
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		13.494	9.574	6.669
Less/ Add	DEPRECIATION/ AMORTISATION (F)		6.639	5.115	4.503
	PROFIT BEFORE TAX (E-F) (G)		6.855	4.459	2.166
Less	TAX (H)		2.371	1.373	0.219
	PROFIT AFTER TAX (G-H) (I)		4.484	3.086	1.947
	MAT Credit Entitlement / (Set Offl)		NA	NA	0.083
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	9.930	7.900
	BALANCE CARRIED TO THE B/S		NA	NA	9.930
	Earnings Per Share (Rs.)		3.45	2.68	1.85

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	NA	NA	0.72
Net Profit Margin (PBT/Sales)	(%)	1.75	1.26	0.81
Return on Total Assets (PBT/Total Assets}	(%)	3.97	3.16	1.84
Return on Investment (ROI) (PBT/Networth)		0.22	0.18	0.11
Debt Equity Ratio (Total Liability/Networth)		4.57	4.68	4.68
Current Ratio (Current Asset/Current Liability)		2.64	2.47	3.24

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	No
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	No
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	No

OPERATIONAL PERFORMANCE:

During the year the company has procured very good business and the Company has received contracts. During the year company has started manufacturing of new drip irrigation system. The Company hopes for a better prospect in next year by giving best services and employing best quality available technology.

CONTINGENT LIABILITIES:

The values of guarantees given by the bank on behalf of the company for various purposes and outstanding as on 31st March 2012 and for which the company has given counter guarantees was Rs.7.132 Millions (Previous Year: Rs.2.200 Millions)

Bankers Charges Report as per Registry

Corporate identity number (CIN) or foreign company registration number of the company	U29212RJ2000PTC016361
Name of the company	DINESH IRRIGATION PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	86, B-II, Jhotwara Industrial Area, Jaipur – 302012, Rajasthan, India E-mail: dineshag@sancharnet.in
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10276467
Type of charge	· Immovable property · Any interest in immovable property · Book debts · Movable property (not being pledge)
Particular of charge holder	Axis Bank Limited, O-15, Green House, Ashok Marg, C-Scheme, Jaipur - 302001, Rajasthan, India E-mail: brijesh.sharma@axisbank.com
Nature of instrument creating charge	Supplemental Deed of Hypothecation dated 30.04.2012 Memorandum of Entry dated 30.04.2012 Counter Indemnity for Guarantee limit dated 30.04.2012
Date of instrument Creating the charge	30.04.2012
Amount secured by the charge	Rs.77.500 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Cash Credit (Hypo) Base Rate+2.50% i.e. presently 12.50% p.a. at monthly rests, subject to change from time to time. Terms of Repayment Repayable on Demand Margin Cash Credit (Hypo): Raw Material: 25% Stock in Process: 25% Finished Goods and pkg. Material: 25% Stores and Spares: 25% Book Debts (Cover Period 90 days): 30% Letter of Credit (Inland/Import): 15% in cash/FD pledged to the Bank Bank Guarantee: 20% in the form of TDR duly discharged and under lien of the Bank. Extent and Operation of the charge Cash Credit (Hypothecation): Rs.52.500 Millions Letter of Credit (Inland/Import): Rs.2.500 Millions Bank Guarantee (Performance/Financial): Rs.25.000 Millions The Charge will operate as first charge in favour of Axis Bank Limited. Others Other T and C as per Instruments creating the Charge.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	All tangible movable Machinery, P and M, Fixtures and Fittings, other installations, cranes, Furniture, Computers and other accessories, Vehicles, movable goods and assets both present and future Spares, Tools and all other articles lying on the premises or in godowns of borrower or in transit. Present and future book debts, O/s monies, receivables, claims bills, contracts, engagements and securities which are now due or owing to the Borrower. Hypothecation of movable goods and assets, Stock and Book Debts and other Current Assets, present and future, Raw Material, WIP, Semi Finished Goods and Finished Goods such as manufacturing of PVC and HDPE Pipes etc. and Packing Materials, Consumable Stores and Spares etc. and/or in transit. Omnibus Counter Indemnity for BG facilities. Equitable Mortgage of Factory L and B situated at 86-B (Area-2112 Sq. Mtrs.) and 86B-II (Area-2637 Sq. Mtrs.) Jhotwara Industrial Area, Jaipur.
Particulars of the present modification	By this modification Bank Guarantee (Performance/Financial): increased from Rs. 9.500 Millions to 15.500 Millions. Thus total limit enhanced from Rs. 62.000 Millions to Rs. 77.500 Millions.

FIXED ASSETS:

• Land
• Factory Building
• Plant and Machinery
• Construction Equipments
• Miscellaneous Fixed Assets
• Furniture and Fixture
• Computer
• Vehicle
• Bicycle

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 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.54.53
UK Pound	1	Rs.87.48
Euro	1	Rs.70.89

INFORMATION DETAILS

Report Prepared by :

VRN

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	NO
--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.