MIRA INFORM REPORT

Report Date :

05.12.2012

IDENTIFICATION DETAILS

Name :	MAHESHWARI GLOBAL INDUSTRIES PRIVATE LIMITED
Registered Office :	108, Upper Level, Rajvi Arcade Opposite Gurukul, Drive In Road, Memnagar Ahmedabad Gujarat – 380052.
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	17.03.2008
Com. Reg. No.:	04 - 053269
Capital Investment/ Paid-up Capital:	Rs.15.850 Millions
CIN No.: [Company Identification No.]	U01120GJ2008PTC053269
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing of Refined edible oil.
No. of Employees:	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (33)

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

Maximum Credit Limit :	USD 92000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. The reserves of the company appears to be low. There appears huge external borrowings recorded by the company. The profitability of the company appears to be low. However, trade relations are reported as fair. Business is active. Payment terms are 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.

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 :	108, Upper Level, Rajvi Arcade Opposite Gurukul, Drive In Road, Memnagar Ahmedabad Gujarat – 380052 India
Tel. No.:	91-2742-280601-2
Fax No.:	91-2742-280603
E-Mail :	maheshwari_global@yahoo.com
Postal Address:	Maheshwari Cloth Center, Station Road, Palanpur -385001, Gujarat, India
Factory:	Opposite Hotel Greenwood, Palapur – Dessa Highway Badarpura(K) Taluka – Palanpur, Gujarat, India
Tell No.:	91-2472-280808
Fax no.:	91-2472- 280603
E-Mail :	maheshwari_global@yahoo.com

DIRECTORS

As on 30.09.2011

Name :

Mr. Biharilal Vaghjibhai Maheshwari

Designation :

Director

Address :

Maheshwari Colony, Manasarovar Road (B.K) Palanpur – 385001, Gujarat, India

Date of Appointment :

28.09.2010

Din No.:

00722662

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	U65910GJ1995PLC026658	MAHESHWARI PAPER LIMITED	Director	06/09/2004	06/09/2004	-	Active	NO
2	U01120GJ2008PTC053269	MAHESHWARI GLOBAL INDUSTRIES PRIVATE LIMITED	Director	28/09/2010	26/03/2010	-	Active	NO

Name :

Mr. Mahadevbhai Roopchandbhai Maheshwari

Designation :

Director

Address :

Near Maheshwari Colony Briheshwar Colony, Palanpur – 385001, Gujarat, India

Date of Appointment :

17.03.2008

Din No.:

00722673

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	U65910GJ1995PLC026658	MAHESHWARI PAPER LIMITED	Director	10/07/1995	10/07/1995	-	Active	NO
2	U01120GJ2008PTC053269	MAHESHWARI GLOBAL INDUSTRIES PRIVATE LIMITED	Director	17/03/2008	17/03/2008	-	Active	NO
3	U45200GJ1995PLC028027	NILCHEM INFRASTRUCTURE LTD	Director	08/01/2009	08/01/2009	-	Active	NO

Name :

Mr. Girishbhai Biharilal Maheshwari

Designation :

Director

Address :

Near Maheshwari Colony Briheshwar Colony, Palanpur – 385001, Gujarat, India

Date of Appointment :

28.09.2010

Din No.:

00722687

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	U65910GJ1995PLC026658	MAHESHWARI PAPER LIMITED	Director	06/09/2005	06/09/2005	26/03/2010	Active	NO
2	U45200GJ1995PLC028027	NILCHEM INFRASTRUCTURE LTD	Additional director	10/06/2009	10/06/2009	-	Active	NO
3	U01120GJ2008PTC053269	MAHESHWARI GLOBAL INDUSTRIES PRIVATE LIMITED	Director	28/09/2010	26/03/2010	-	Active	NO

Name :

Mr. Girish Bhavanishankarlal Maheshwari

Designation :

Director

Address :

New Maheswari Colony, M S. Road, Palanpur – 385001, Gujarat, India

Date of Birth/Age :

04.09.1971

Date of Appointment :

17.03.2008

Din No.:

00722697

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	U65910GJ1995PLC026658	MAHESHWARI PAPER LIMITED	Director	06/09/2005	06/09/2005	26/03/2010	Active	NO
2	U01120GJ2008PTC053269	MAHESHWARI GLOBAL INDUSTRIES PRIVATE LIMITED	Director	17/03/2008	17/03/2008	-	Active	NO

Name :

Ms. Bhartiben Jayprakash Maheshwari

Designation :

Director

Address :

Maheshwari Colony, Manasarovar Road (B.K) Palanpur – 385001, Gujarat, India

Date of Appointment :

28.09.2010

Din No.:

02323825

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	U65910GJ1995PLC026658	MAHESHWARI PAPER LIMITED	Director	06/09/2005	06/09/2005	11/11/2009	Active	NO
2	U01120GJ2008PTC053269	MAHESHWARI GLOBAL INDUSTRIES PRIVATE LIMITED	Director	28/09/2010	26/03/2010	-	Active	NO

Name :

Mr. Bhavanishankar Roopchand Maheshwari

Designation :

Director

Address :

New Maheshwari Cloth Center, Station Road, Palanpur – 385001, Gujarat, India

Date of Appointment :

28.09.2010

Din No.:

02323849

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	U65910GJ1995PLC026658	MAHESHWARI PAPER LIMITED	Director	10/07/1995	10/07/1995	-	Active	NO
2	U01120GJ2008PTC053269	MAHESHWARI GLOBAL INDUSTRIES PRIVATE LIMITED	Director	28/09/2010	26/03/2010	-	Active	NO

Name :

Mr. Jitendrabhai Mahadevbhai Maheshwari

Designation :

Director

Address :

C/o Mahehwari Provision Stores, Patthar Sadak, Delhi Gate, Palanpur – 385001, Gujarat, India

Date of Appointment :

28.09.2010

Din No.:

02493642

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	U24230GJ1992PTC018561	SPROUT LABORATORIES PRIVATE LIMITED	Director	23/06/2009	23/06/2009	05/03/2012	Active	YES
2	U65910GJ1995PLC026658	MAHESHWARI PAPER LIMITED	Additional director	13/11/2009	13/11/2009	26/03/2010	Active	NO
3	U01120GJ2008PTC053269	MAHESHWARI GLOBAL INDUSTRIES PRIVATE LIMITED	Director	28/09/2010	26/03/2010	-	Active	NO

Name :

Ms. Mahdevibhai Roopchandrabhai Maheshwari

Designation :

Director

Address :

New Maheshwari Colony, Brijeshwar Colony Palanpur – 385001, Gujarat, India

Date of Birth/Age :

07.08.1943

Date of Appointment :

17.03.2008

Din No.:

00722673

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	U65910GJ1995PLC026658	MAHESHWARI PAPER LIMITED	Director	10/07/1995	10/07/1995	-	Active	NO
2	U01120GJ2008PTC053269	MAHESHWARI GLOBAL INDUSTRIES PRIVATE LIMITED	Director	17/03/2008	17/03/2008	-	Active	NO
3	U45200GJ1995PLC028027	NILCHEM INFRASTRUCTURE LTD	Director	08/01/2009	08/01/2009	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Lalit B. Maheshwari	80000
Girish Bhavanishankar Maheshwari	152500
Mahadevbhai R- Maheshwari	120000
Bhagwati B. Maheshwari	5000
Biharilal V. Maheshwari	192500
Daxa G. Maheshwari	17500
Meena L. Maheshwari	50000
Bharatkumar Sharda	100000
Vipul S. Rathi	30000
Bharti J. Maheshwari	10000
Bhavanishankar R. Maheshwari	277500
Girish Bhiharilal Maheshwari	92500
Jay Prakash B. Maheshwari	97500
Savitriben B. Maheshwari	25000
M/s. NUChem Infrastructure Ltd, India	250000
Dipika A. Maheshwari	3750
Sumitra J. Chandira	3750
Preeti H. Rathi	2500
Girish Bhavanishankar Maheshwari – HUF	1250
Jay Prakash B. Maheshwari – HUF	1250
Biharilal V. Maheshwari – HUF	1250
Lalit B, Maheshwari – HUF	1250
Bhavanishankar R. Maheshwari –HUF	1250
Mahadev R. Maheshwari – HUF	1250
Jitendra M. Maheshwari - HUF	1250
Girish Biharilal Maheshwari – HUF	1250
Dugar Polymers Limited	40000
Passawala Share Trading Private Limited, India	25000
Total	1585000

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2011

Category	Percentage
Bodies corporate	19.87
Directors or relatives of directors	80.13
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing of Refined edible oil.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

HDFC Bank Limited, HDFC Bank House Senapati Bapat Marg, Lower Parel West, MUMBAI - 400013, Maharashtra, India

Facilities :

Secured Loans	As on 31.03.2011 Rs. in millions	As on 31.03.2010 Rs. in millions
Term loan from bank of India (Against mortgage of factory land and building and hypothecation of plant and machinery)	34.722	35.276
Working capital loan from Bank of India (Against hypothecation of inventories and book debts	31.141	51.309
Total	65.863	86.585

Unsecured Loans	As on 31.03.2011 Rs. in millions	As on 31.03.2010 Rs. in millions
From incorporate deposit	7.019	7.125
From Directors	4.263	2.937
From Share holders and Relatives of directors	7.728	4.938
	19.010	15.000

Banking Relations :	--
Auditors :
Name :	Shah and Shah Chartered Accountant
Address :	02, Shakeshwar Apartmensts, Shahibaug, Girdharnagar Road, Shahibaug, Ahmedabad – 380004, Gujarat, India
Pan No.:	ABWFS2311M

CAPITAL STRUCTURE

As on 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
3,000,000	Equity Shares	Rs.10/- each	Rs.30.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1,585,000	Equity Shares	Rs.10/- each	Rs.15.850 Millions

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
3,000,000	Equity Shares	Rs.10/- each	Rs.30.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1,560000	Equity Shares	Rs.10/- each	Rs.15.600 Millions
	Share application money		Rs. 2.500 Millions
	Total		Rs.18.100 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		18.100	15.200	15.187
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		5.020	0.353	0.000
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		23.120	15.553	15.187
LOAN FUNDS
1] Secured Loans		65.863	86.585	0.000
2] Unsecured Loans		19.010	15.000	10.671
TOTAL BORROWING		84.873	101.585	10.671
DEFERRED TAX LIABILITIES		1.239	0.069	0.000
TOTAL		109.232	117.207	25.858
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		53.992	51.007	0.771
Capital work-in-progress		0.000	0.000	12.203
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	36.350	11.758	0.000
	Sundry Debtors	30.891	62.389	0.000
	Cash & Bank Balances	11.588	0.470	4.763
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	7.019	3.528	8.255
Total Current Assets		85.848	78.145	13.018
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	30.149	12.089	0.434
	Other Current Liabilities	0.129	0.000	0.015
	Provisions	0.571	0.158	0.009
Total Current Liabilities		30.849	12.247	0.458
Net Current Assets		54.999	65.898	12.560
MISCELLANEOUS EXPENSES		0.241	0.302	0.324
TOTAL		109.232	117.207	25.858

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010
	SALES
		Income	779.787	222.079
		Other Income	11.162	0.770
		TOTAL (A)	790.949	222.849
Less	EXPENSES
		Direct Expenses	787.697	227.141
		Salary and wages	1.448	0.194
		Other Expenses	13.246	3.867
		Decrease/Increase in stock of finished goods and work in progress	(24.592)	(11.758)
		TOTAL (B)	777.799	219.444
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		13.150	3.405
Less	FINANCIAL EXPENSES (D)		8.337	2.047
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		4.813	1.358
Less/ Add	DEPRECIATION/ AMORTISATION (F)		2.576	0.934
	PROFIT BEFORE TAX (E-F) (G)		2.237	0.424
Less	TAX (H)		1.170	0.071
	PROFIT AFTER TAX (G-H) (I)		1.067	0.353
	Earnings Per Share (Rs.)		0.68	-

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.13	0.19	NA
Net Profit Margin (PBT/Sales)	(%)	0.29	0.19	NA
Return on Total Assets (PBT/Total Assets}	(%)	1.60	0.33	NA
Return on Investment (ROI) (PBT/Networth)		0.09	0.03	NA
Debt Equity Ratio (Total Liability/Networth)		5.00	7.32	0.73
Current Ratio (Current Asset/Current Liability)		2.78	6.38	28.42

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report [Yes/No]
Year of Establishment	Yes
Locality of the Firm	Yes
Constitution of the firm	Yes
Premises details	No
Type of Business	Yes
Line of Business	Yes
Promoters background	Yes
No. of Employees	No
Name of Person Contacted	No
Designation of contact person	No
Turnover of firm for last two years	Yes
Profitability for last two years	Yes
Reasons for variation <> 20%	-
Estimation for coming financial year	No
Capital the business	Yes
Details of sister concerns	No
Major Suppliers	No
Major Customers	No
Payment Terms	No
Export / Import Details [If Applicable]	No
Market Information	-
Litigations that the firm / promoter involved in	-
Banking Details	Yes
Banking Facility Details	Yes
Conduct of the banking account	-
Buyer visit details	-
Financials, if provided	Yes
Incorporation details, if applicable	Yes
Last accounts filed at ROC	No
Major Shareholders, if applicable	Yes
Date of Birth of Proprietor/Partner/Director, if available	No
PAN of Proprietor/Partner/Director, if available	No
Voter ID No of Proprietor/Partner/Director, if available	No
External Agency Rating, if available	No

REVIEW OF OPERATIONS

During the year the company’s total income was Rs.790.949 millions as compare to Rs.222.941 Millions of total income of previous year and company has made net profit of Rs.1.067 Millions for the year has been after providing deprecation of Rs. 2.576 Million and provision for taxation of Rs.1.547 Millions for the financial year ended on 31.03.2011

FORM 8

Corporate identity number of the company	U01120GJ2008PTC053269
Name of the company	MAHESHWARI GLOBAL INDUSTRIES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	108, Upper Level, Rajvi Arcade Opposite Gurukul, Drive In Road, Memnagar Ahmedabad Gujarat – 380052 India Email: maheshwari_global@yahoo.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10361222
Type of charge	· Immovable property · Book debts · Movable property (not being pledge) · Floating charge
Particular of charge holder	HDFC Bank Limited, HDFC Bank House Senapati Bapat Marg, Lower Parel West, MUMBAI - 400013, Maharashtra, India Email: RBBform8@hdfcbank.com
Nature of instrument creating charge	Memorandum Recording Past Transactions of Creation of Mortgage by Deposit of Title Deeds.
Date of instrument Creating the charge	27.08.2012
Amount secured by the charge	Rs. 128.500 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest Interest at the rate as may be communicated by the Bank from time to time. Term of Payment: Working Capital facility shall be repayable on demand. Term Loan facility shall be repayable in suitable installments. Margin As may be stipulated by the Bank from time to time. Extent and operation of the charge The Company created an equitable mortgage by way of deposit of title deeds in respect of its immovable properties as stated under item No.15 as security for the due repayment of Rs.128.500 Millions by the Company including principal amount of the Facility, interest, liquidated damages, costs, charges and expenses etc.
Short particulars of the property charged (Including location of the property)	Survey No.97/2p1/p2 (Old Survey No.97/1 to 97/4+97/5p+97/6 to 97/9) which is situated in Badarpura (Khodala) sim, Taluka Palanpur, District Banaskantha. Hypothecation by way of First Charge on Stocks, Book Debts, Plant and Machinery, Vehicles and other Fixed Assets of the Company.
Particulars of the present modification	n addition to the existing securities of Stocks, Book Debts, Plant and Machinery, Vehicles and other Fixed Assets, the charge of Rs.128.500 Millions shall also now further secured against the equitable mortgage of immovable properties situated at Survey No.97/2p1/p2 (Old Survey No.97/1 to 97/4+97/5p+97/6 to 97/9) which is situated in Badarpura (Khodala) sim, Ta.Palanpur, Dist. Banaskantha.

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.54.95
UK Pound	1	Rs.88.42
Euro	1	Rs.71.71

INFORMATION DETAILS

Report Prepared by :

BYI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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		33

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.