MIRA INFORM REPORT

Report Date :

07.02.2012

IDENTIFICATION DETAILS

Name :	RAWAL WASIA ISPAT UDYOG PRIVATE LIMITED
Registered Office :	11^th KM Stone, Delhi Road, Hisar – 125 044, Haryana
Country :	India
Financials (as on) :	31.03.2009
Date of Incorporation :	22.04.1985
Com. Reg. No.:	05-020743
Capital Investment / Paid-up Capital :	Rs.3.490 Millions
CIN No.: [Company Identification No.]	U27109HR1985PTC020743
TAN No.: [Tax Deduction & Collection Account No.]	RTKR02367B
PAN No.: [Permanent Account No.]	AAACR7624N
Legal Form :	Private Limited Liability Company.
Line of Business :	Manufactures and Exporters of Mild Steel Galvanized Pipes and Tubes.
No. of Employees :	75 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (26)

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

Maximum Credit Limit :	USD 200000
Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is an established company having moderate track. The management of the company has not filed its financials with the government departments after the year 2009. However, trade relations are reported as fair. Business is active. Payments are unknown. 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 – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

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

INFORMATION PARTED BY (General Details)

Name :	Mr. Ankit
Designation :	Marketing Manager
Contact No.:	91-9215393001
Date :	04.02.2012

LOCATIONS

Registered Office :	11^th KM Stone, Delhi Road, Hisar – 125 044, Haryana, India
Tel. No.:	91-1662-220089/ 90/ 91
Mobile No.:	91-9215393001 (Mr. Ankit Agarwal)
Fax No.:	91-1662-220091/ 220088
E-Mail :	rsthisar@gmail.com rajeshgargcs2002@yahoo.com ankitrawalwasia@gmail.com info@gipipe.com
Website :	www.gipipe.com
Area :	200,000 Sq. ft.
Location :	Owned
Branch Office :	1/ 5B, Second Floor , Asaf Ali Road , New Delhi - 110 002 , India
Tel. No.:	91-11-23239236 / 23230635
Fax No.:	91-11-23239087

DIRECTORS

(AS ON 30.09.2009)

Name :

Mr. Ramesh Kumar Agarwal

Designation :

Director

Address :

Ramesh Bhavan , Madil Road , Hisar - 125 001, Haryana, India

Date of Birth/Age :

01.11.1952

Date of Appointment :

22.04.1985

DIN No.:

00050178

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U27109HR1985PTC020743	RAWAL WASIA ISPAT UDYOG PRIVATE LIMITED	Director	22/04/1985	22/04/1985	Active	NO
2	U27109HR1994PTC032463	HISAR FOILS PRIVATE LIMITED	Director	26/06/2010	1/4/2005	Active	NO
3	U23109DL2011PTC216859	GENEX COKE PRIVATE LIMITED	Director	1/4/2011	1/4/2011	Active	NO

Name :

Mr. Pawan Kumar Agarwal

Designation :

Director

Address :

Prem Bhavan, Mandil Road, Hisar - 125 001, Haryana, India

Date of Birth/Age :

17.04.1957

Date of Appointment :

22.04.1985

DIN No.:

00050032

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U27109HR1985PTC020743	RAWAL WASIA ISPAT UDYOG PRIVATE LIMITED	Director	22/04/1985	22/04/1985	-	Active	NO
2	U11202HR1985PTC020799	RAWALWASIA OIL INDUSTRIES PRIVATE LIMITED	Director	26/04/1985	26/04/1985	-	Active	NO
3	U67120HR2000PLC034477	MAGO SECURITIES LIMITED	Director	27/04/2000	27/04/2000	-	Active	NO
4	U63040HR2004PTC035571	MAGO TRAVELS PRIVATE LIMITED	Director	20/12/2004	20/12/2004	-	Active	NO
5	L65910DL1984PLC018730	TWINKLE LEASING AND FINANCE DELHI LIMITED	Director	28/03/2007	28/03/2007	-	Active	NO
6	U74899DL1985PTC020122	RAJSHREE INFRATECH PRIVATE LIMITED	Additional director	19/04/2010	19/04/2010	1/12/2011	Active	NO

Name :

Mr. Prem Kumar Agrwal

Designation :

Director

Address :

Prem Bhavan , Mandi Road , Hisar - 125 001 ,Haryana, India

Date of Birth/Age :

01.05.1955

Date of Appointment :

22.04.1985

DIN No.:

00049971

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U27109HR1985PTC020743	RAWAL WASIA ISPAT UDYOG PRIVATE LIMITED	Director	22/04/1985	22/04/1985	Active	NO
2	U74120WB1994PLC061906	HOOGHLY WAREHOUSE INFRA LIMITED	Director	21/02/1994	21/02/1994	Active	NO
3	U51109WB1997PTC083675	AVINASH MARKETING PRIVATE LIMITED	Director	1/7/1997	1/7/1997	Active	NO
4	U27104WB1997PLC085837	HOOGHLY METALS LIMITED	Director	6/11/1997	6/11/1997	Active	NO
5	U70109WB1995PTC072989	ASIAN HOUSING AND INFRASTRUCTURE PRIVATE LIMITED	Director	1/1/2001	1/1/2001	Active	NO
6	U51109WB1992PTC056171	BENGAL ENTERPRISES PVT LTD	Director	14/02/2005	14/02/2005	Active	NO
7	U27106WB2004PTC099838	HOOGHLY ALLOY & STEELS CO. PRIVATE LIMITED	Director	14/03/2005	14/03/2005	Active	NO
8	U70101WB2005PTC106035	HAPPY VALLEY REALTORS PRIVATE LIMITED	Director	31/10/2005	31/10/2005	Active	NO
9	U45203WB2007PTC117690	HOOGHLY DEVELOPERS PRIVATE LIMITED	Director	7/8/2007	7/8/2007	Active	NO
10	U51909WB2005PTC101239	PENGUIN VYAPAAR PRIVATE LIMITED	Director	10/9/2009	10/9/2009	Active	NO
11	U70101WB2007PTC118610	VISHAL PROMOTORS PRIVATE LIMITED	Director	15/09/2009	15/09/2009	Active	NO

Name :

Mrs. Kusum Agarwal

Designation :

Director

Address :

Ramesh Bhavan , Mandi Road , Hisar – 125 001, Haryana, India

Date of Birth/Age :

16.07.1955

Date of Appointment :

22.04.1985

DIN No.:

00050171

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U27109HR1985PTC020743	RAWAL WASIA ISPAT UDYOG PRIVATE LIMITED	Director	22/04/1985	22/04/1985	Active	NO
2	U27109HR1994PTC032463	HISAR FOILS PRIVATE LIMITED	Director	26/06/2010	30/09/2005	Active	NO
3	U23109DL2011PTC216859	GENEX COKE PRIVATE LIMITED	Director	1/4/2011	1/4/2011	Active	NO

Name :

Mrs. Pushpa Agarwal

Designation :

Director

Address :

Prem Bhavan , Mandi Road , Hisar - 125 001, Haryana, India

Date of Birth/Age :

21.09.1960

Date of Appointment :

22.04.1985

DIN No.:

00103183

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U27109HR1985PTC020743	RAWAL WASIA ISPAT UDYOG PRIVATE LIMITED	Director	22/04/1985	22/04/1985	-	Active	NO
2	U51109WB2005PTC104280	ARMAAN VANIJYA PRIVATE LIMITED	Director	1/11/2005	1/11/2005	-	Active	NO
3	U51109WB2005PTC103044	SHREERAM VINIMAY PRIVATE LIMITED	Director	1/11/2005	1/11/2005	11/3/2011	Active	NO
4	U51909WB2005PTC101239	PENGUIN VYAPAAR PRIVATE LIMITED	Director	10/9/2009	10/9/2009	-	Active	NO

KEY EXECUTIVES

Name :	Rajesh Garg and Company (Mr. Rajesh Garg, Proprietor, C.P. No. 4093)
Designation :	Company Secretary
Address :	1226 , UE-II , Hisar, Haryana, India
Tel No.:	91-1662-248539

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 30.09.2009)

Names of Shareholders	No. of Shares
Prem Kumar Agarwal	2160
Pushpa Agrwal	270
Kusum Agrwal	750
Pawan Kumar Agrawal	100
Ramesh Kumar Agarwal	5100
Ashok Kumar Agrawal	500
Twinkle Leasing and Finance (Delhi) Limited	3150
Pista Devi Agarwal	190
Vishwanath Agrawal	1900
R.K. Agrawal and Others (HUF)	3550
Neeraj Agrawal	6300
Prateek Kumar Agrawal	250
Ashok Agrawal and Others	1600
Swati Agrwal	780
Nikita Agrawal	750
Bengal Enterprises (Private) Limited	2150
Dheeraj Agarwal	250
Ruchika Agarwal	250
Neeraj Agrawal and Family – HUF	250
Dheeraj Agarwal and Family – HUF	250
Prem Kumar Agarwal and Others – HUF	1300
Vishwanath Agrawal and Sons – HUF	1100
Ankit Kumar Agarwal	1000
Aman Agarwal	1000
Total	34900

(AS ON 30.09.2009)

Equity Shares Break – up

Category	Percentage
Bodies corporate	15.00
Directors or relatives of directors	85.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufactures and Exporters of Mild Steel Galvanized Pipes and Tubes.

Products :

· Mild Steel Galvanized Pipes

· Mild Steel Black Pipes

Item Code No. (ITC Code)	7306
Product Description	Steel Tubes/ Pipes

Exports :

Products :

Tubes

Countries :

· Europe

· Australia

· Thailand

· USA

Imports :

Products :

Raw Materials

Countries :

China

Terms :

Selling :

L/C, Cash and Credit

Purchasing :

L/C, Cash and Credit

PRODUCTION STATUS (AS ON 31.03.2009)

Particulars	Unit	Installed Capacity (On Single shift basis)	Actual Production
Steel Pipe/ Tubes	M.T.	25000.000	8548.635

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

75 (Approximately)

Bankers :

· Punjab National Bank,

Main Branch, Sirsa Road, Hisar – 125 001, Haryana, India

· HDFC Bank

· Axis Bank, Hissar Branch, India

Facilities :

Secured Loans	31.03.2009	31.03.2008
	(Rs. In Millions)
(Guaranteed by the Directors) Cash Credit Loan From Punjab National Bank, Hisar against hypothecation of stock of finished goods raw materials, stores and spares and book debts)	88.795	84.502
Term Loan From Punjab National Bank, Hisar Secured against fixed assets of the company (Amount due within one year Rs.1.700 millions)	1.605	3.322
Total	90.400	87.824
Unsecured Loans	31.03.2009	31.03.2008
	(Rs. In Millions)
From Companies	0.600	0.000
From Share Holders and Directors	4.920	0.000
Total	5.520	0.000

Banking Relations :	--
Auditors :
Name :	Ashok Kumar Goyal and Company Chartered Accountants
Address :	SCF- 104 , First Floor, Green Square Market , Hisar – 125 001, Haryana, India
Tel. No.:	91-1662-284840-41
Memberships :	· ISO 9001:2000 · Engineering Export Promotion Council
Associates/Subsidiaries :	· Synergy Waste Management Private Limited · Rawalwasia Oil Industries Private Limited · Hisar Foils Private Limited

CAPITAL STRUCTURE

(AS ON 31.03.2009)

Authorised Capital :

No. of Shares	Type	Value	Amount
40000	Equity Shares	Rs.100/- each	Rs.4.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
34900	Equity Shares	Rs.100/- each	Rs.3.490 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2009	31.03.2008	31.03.2007
SHAREHOLDERS FUNDS
1] Share Capital		3.490	3.490	3.490
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		46.267	40.003	38.696
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		49.757	43.493	42.186
LOAN FUNDS
1] Secured Loans		90.400	87.824	70.952
2] Unsecured Loans		5.520	0.000	0.000
TOTAL BORROWING		95.920	87.824	70.952
DEFERRED TAX LIABILITIES		2.762	2.746	2.627
TOTAL		148.439	134.063	115.765
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		20.659	21.630	22.868
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.048	0.048	0.048
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	59.648	47.523	44.744
	Sundry Debtors	53.595	52.111	33.205
	Cash & Bank Balances	3.410	2.458	1.816
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	25.197	18.179	27.513
Total Current Assets		141.850	120.271	107.278
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	11.113	7.386	10.848
	Provisions	3.005	0.500	3.581
Total Current Liabilities		14.118	7.886	14.429
Net Current Assets		127.732	112.385	92.849
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		148.439	134.063	115.765

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2009	31.03.2008
	SALES
		Export Sales	103.909	41.905
		Local Sales	334.899	361.410
		Profit on Trading	0.669	0.307
		Other Income	3.515	2.176
		TOTAL (A)	442.992	405.798
Less	EXPENSES
		Material, Manufacturing & Operating Expenses	399.115	376.151
		Employee’s Remuneration & Benefits	4.650	4.968
		Sales, Administration & Other Charges	19.846	9.120
		TOTAL (B)	423.611	390.239
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		19.381	15.559
Less	FINANCIAL EXPENSES (D)		8.340	11.836
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		11.041	3.723
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.727	1.691
	PROFIT BEFORE TAX (E-F) (G)		9.314	2.032
Less	TAX (H)		3.050	0.726
	PROFIT AFTER TAX (G-H) (I)		6.264	1.306
	EARNINGS IN FOREIGN CURRENCY		41.336	41.688
	IMPORT VALUE		0.000	39.290
	Earnings Per Share (Rs.)		179.48	37.42

KEY RATIOS

PARTICULARS		31.03.2009	31.03.2008	31.03.2007
PAT / Total Income	(%)	1.41	0.32	NA
Net Profit Margin (PBT/Sales)	(%)	2.12	0.50	NA
Return on Total Assets (PBT/Total Assets}	(%)	5.73	1.43	NA
Return on Investment (ROI) (PBT/Networth)		0.19	0.05	NA
Debt Equity Ratio (Total Liability/Networth)		2.21	2.20	2.02
Current Ratio (Current Asset/Current Liability)		10.05	15.25	7.43

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	Yes
Type of Business	Yes
Line of Business	Yes
Promoter’s Background	-----
No. of Employees	Yes
Name of Person Contacted	Yes
Designation of Contact person	Yes
Turnover of Firm for last three years	No
Profitability for last three years	No
Reasons for variation <> 20%	-----
Estimation for coming financial year	No
Capital in the business	No
Details of sister concerns	-----
Major Suppliers	No
Major Customers	No
Payments Terms	Yes
Export/ Imports Details (If applicable)	Yes
Market Information	-----
Litigations that the firm/ Promoters Involved in	-----
Banking details	Yes
Banking Facility Details	-----
Conduct of the Banking Account	-----
Buyer visit details	-----
Financials, if provided	No
Incorporation details is applicable	-----
Last Accounts filed at ROC	-----
Major Shareholders, if available	-----

WORKING RESULTS:

The Turnover of the company during the year has increased to Rs.442.900 millions as compared to 405.700 millions in previous year. The Profit before tax has increased to Rs.9.314 millions as compared to Rs.2.032 millions.

This form is for	Modification of charge
Charge identification number of the modified	90063607
Corporate identity number of the company	U27109HR1985PTC020743
Name of the company	RAWAL WASIA ISPAT UDYOG PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	11^th KM Stone, Delhi Road, Hisar – 125 044, Haryana
Type of charge	Immovable Property Book Debts Movable Property
Particular of charge holder	Punjab National Bank, Main Branch, Sirsa Road, Hisar – 125 001, Haryana, India E-Mail: bo0203@pnb.co.in
Nature of description of the instrument creating or modifying the charge	1. Hypothecation of goods and book debts to secure cash credit facility. 2. Hypothecation of current assets. 3. Hypothecation of moveable assets. 4. Packing Credit agreement. 5. Master agreement for ILC. 6. Deed of Hypothecation to secure LC. 7. General Counter Indemnity. 8. Draft letter of continuity.
Date of instrument Creating the charge	01/07/2008
Amount secured by the charge	Rs.105.500 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest: The Borrower shall pay interest at the rate 1% over prevailing BPLR i.e.14% at present per annum with monthly rests. Terms of Repayment: Working Capital Limit. Margin: 25% on Stocks. 25% On Book Debts. Extent and Operation of the charge: CC (Stocks) = Rs.55.000 millions. CC (Book Debts)=Rs.35.000 millions Total Fund Based Ceiling Rs.90.000 millions Non fund based=Rs.7.000 millions Term Loan=Rs.8.500 millions (Already registered) Total Rs.105.500 millions
Short particulars of the property charged	1. Hypothecation of stock of raw materials, stock in process, finished goods, stores and spares, being used in the process of manufacture of trading. Hypothecation of receivables/ book debts arising out of genuine trade transactions. All moveable assets forming part of fixed/block assets as per audited balance sheet of the company. Registered title deed No.5307, dt.25-11-1999 land measuring 32K situated at Village Satrod kalan.
Date of latest modification prior to the present modification	25/05/2006
Particulars of the present modification	Cash Credit Rs.90.000 millions (Fund Based) By Enhancement From Rs.60.000 millions (Fund Based):- 1. Cash Credit (Hypothecation) = Rs.55.000 millions. 2. Cash Credit (BD) = Rs.35.000 millions. 3. Packing Credit = Rs.20.000 millions. 4. FOBNLC=Rs.20.000 millions (Overall fund based Ceiling Rs.90.000 millions) Non fund based Limit Rs.70/-lacs as under:- Letter of Credit=Rs.2.000 millions Letter of guarantee=Rs.5.000 millions. Total Non fund based Limit.Rs.7.000 millions Term Loan=Rs.8.500 millions (Already registered) Total Limit sanctioned = Rs.105.500 millions.

Name of the company	RAWAL WASIA ISPAT UDYOG PRIVATE LIMITED
Presented By	Mr. Pawan Agarwal
1) Date and description of instrument creating the change	Hypothecation deed dated 16.10.1987 charge registered on 23.11.1987
2) Amount secured by the charge/amount owing on the securities of charge	Credit facilities of Rs.10.900 millions detailed in Hypothecation deed.
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given	Fixed Assets detailed in Hypothecation deed, land, building, plant and machineries value Rs.8.146 millions.
4) Gist of the terms and conditions and extent and operation of the charge.	Third charge on all the Fixed Assets of the company.
5) Name and Address and description of the person entitled to the charge.	Punjab National Bank, Sirsa Road, Hisar
6) Date and brief description of instrument modifying the charge	Hypothecation of moveable assets forming part of block assets executed on 16.11.2004.
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.	First charge on Fixed Assets of the company to secure Total Fund Based Limits increased from Rs.50.000 millions to Rs.60.000 millions Non Fund Based Limit Rs.7.000 millions (Renewal). Others terms and conditions remain same.

FIXED ASSETS:

· Land at Hisar

· Land at Nangloi

· Factory Shed and Building

· Office Building

· Labour Quarters

· Plant and Machinery

· Effluent Treatment Plant

· Transformer

· Weighing Scales

· Generators

· Furniture and Fixtures

· Office Equipments

· Trucks

· Jeep

· Other Vehicles

· Car

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No records exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.48.68
UK Pound	1	Rs.76.75
Euro	1	Rs.63.57

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	2
--CREDIT LINES	1~10	2
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		26

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.