1. Summary Information

		Country	India
Company Name	LEATHER CRAFTS (INDIA) PRIVATE LIMITED	Principal Name 1	Mr. Mohan Goenka
Status	Satisfactory	Principal Name 2	Mr. Aditya Goenka
		Registration #	18-007701
Street Address	11 Kondi Chetty Street, Chennai-600001, Tamilnadu
Established Date	18.01.1979	SIC Code	--
Telephone#	91-44-24357377	Business Style 1	Manufacturer
Fax #	91-44-24327765	Business Style 2	Exporter
Homepage	http://www.ici.co.in	Product Name 1	Leather Bags
# of employees	600 [Approximately]	Product Name 2	--
Paid up capital	Rs.9,631,000/-	Product Name 3	--
Shareholders	Directors or relatives of directors 55.73%, Other top fifty shareholders 44.27%	Banking	Indian Bank
Public Limited Corp.	No	Business Period	32 Years
IPO	No	International Ins.	-
Public Enterprise	No	Rating	Ba (44)
Related Company
Relation	Country	Company Name	CEO
Associates / Subsidiary	--	LCI Properties Private Limited	--
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2010		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	19,022,000	Current Liabilities	17,170,000
Inventories	13,747,000	Long-term Liabilities	110,928,000
Fixed Assets	212,679,000	Other Liabilities	000
Deferred Assets	000	Total Liabilities	128,098,000
Invest& other Assets	15,225,000	Retained Earnings	122,944,000
		Net Worth	132,575,000
Total Assets	260,673,000	Total Liab. & Equity	260,673,000
Total Assets (Previous Year)	263,190,000
P/L Statement as of	31.03.2010		(Unit: Indian Rs.)
Sales	171,922,000	Net Profit	35,513,000
Sales(Previous yr)	273,212,000	Net Profit/Loss(Prev.yr)	(12,428,000)

MIRA INFORM REPORT

REVISED REPORT

Report Date :

09.01.2012

IDENTIFICATION DETAILS

Name :	LEATHER CRAFTS (INDIA) PRIVATE LIMITED [w.e.f. 27.07.2011]
Formerly Known As :	LEATHER CRAFTS (INDIA) LIMITED
Registered Office :	11 Kondi Chetty Street, Chennai-600001, Tamilnadu
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	18.01.1979
Com. Reg. No.:	18-007701
Capital Investment / Paid-up Capital :	Rs.9.631 Millions
CIN No.: [Company Identification No.]	U19110TN1979PTC007701
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Leather Bags.
No. of Employees :	600 [Approximately]

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 530000
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 – 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

Name :	Mr. Alex
Designation :	Accountant
Contact No.:	91-44-24357377
Date :	02.01.2012

LOCATIONS

Registered Office :	11 Kondi Chetty Street, Chennai-600001, Tamilnadu, India
Tel. No.:	91-44-24357377
Fax No.:	91-44-24327765
E-Mail :	office_ici@ici.co.in
Website :	http://www.ici.co.in
Location :	Owned
Corporate Office :	8-A, Cenotaph, 1^st Street, Teynampet, Chennai-600018, Tamilnadu, India
Tel No.:	91-44-24357377
Factory 1 :	P/N. AP-1, Mahindra World City, Sez 1, Natham Sub Post, Chengalpet, Kancheepuram-603002, Tamilnadu, India
Location :	Owned
Factory 2 :	41-A, Medavakkam Main Road, Keekattalai, Chennai, Tamilnadu, India
Tel. No.:	91-44-22471913/22470011
Location :	Owned

DIRECTORS

AS ON 30.09.2010

Name :

Mr. Mohan Goenka

Designation :

Managing Director

Address :

No. 8, Cenetoph 1^st Lane, Teynampet, Chennai-600018, Tamilnadu, India

Date of Appointment :

01.07.1999

Din No.:

00686371

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	U19110TN1979PTC007701	LEATHER CRAFTS (INDIA) PRIVATE LIMITED	Managing director	01-07-99	01-07-99	Active	NO
2	U74999DL2006PLC155621	CREW MAG EXPORTS LIMITED	Director	17-11-06	17-11-06	Active	NO
3	U19201PY2007PTC002022	LES ATELIERS DE PONDICHERRY PRIVATE LIMITED	Additional director	20-06-11	20-06-11	Active	NO

Name :

Mr. Aditya Goenka

Designation :

Director

Address :

No. 8, Cenetoph 1^st Lane, Teynampet, Chennai-600018, Tamilnadu, India

Date of Appointment :

05.09.1997

Din No.:

00901065

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	U19110TN1979PTC007701	LEATHER CRAFTS (INDIA) PRIVATE LIMITED	Managing director	19-04-11	05-09-97	Active	NO
2	U74999DL2006PLC155621	CREW MAG EXPORTS LIMITED	Director	17-11-06	17-11-06	Active	NO
3	U19201PY2007PTC002022	LES ATELIERS DE PONDICHERRY PRIVATE LIMITED	Additional director	20-06-11	20-06-11	Active	NO

Name :

Mr. Bharat Goenka

Designation :

Director

Address :

No. 8, Cenetoph 1^st Lane, Teynampet, Chennai-600018, Tamilnadu, India

Date of Appointment :

20.02.2002

Din No.:

00901103

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	U29210TN1980PTC008363	AGRO PIPES PRIVATE LIMITED	Director	03-09-97	03-09-97	Active	NO
2	U19111WB2000PTC091301	SATYAM CREATIONS PRIVATE LIMITED	Director	01-02-01	01-02-01	Active	NO
3	U19110TN1979PTC007701	LEATHER CRAFTS (INDIA) PRIVATE LIMITED	Whole-time director	19-04-11	20-02-02	Active	NO
4	U25209TN2005PTC057734	REMO PLASTICS PRIVATE LIMITED	Director	05-10-05	05-10-05	Strike off	NO
5	U19201PY2007PTC002022	LES ATELIERS DE PONDICHERRY PRIVATE LIMITED	Additional director	27-06-11	27-06-11	Active	NO

Name :

Mr. Madhav Prasad Goenka

Designation :

Director

Address :

No. 6E and F, Rajashree, No. 6, Hastings Park Road, Kolkata, Wet Bengal, India

Date of Appointment :

01.08.1984

Din No.:

00332290

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	U19110TN1979PTC007701	LEATHER CRAFTS (INDIA) PRIVATE LIMITED	Director	01-08-84	01-08-84	Active	NO
2	U51909WB1987PLC043360	AXIOM INTERNATIONAL PROJECTS LTD	Director	28-02-95	28-02-95	Active	NO

Name :

Mr. Thirumakottai Subramaniaiyar Raghavan

Designation :

Director

Address :

8/2, Jeevarathinam Nagar, Adyar, Chennai-600020, Tamilnadu, India

Date of Birth/Age :

30.04.1940

Date of Appointment :

21.06.2007

Din No.:

00446651

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	U15511TN1983PLC010313	EMPEE DISTILLERIES LIMITED	Director	11-01-07	11-01-07	-	Active	NO
2	U19110TN1979PTC007701	LEATHER CRAFTS (INDIA) PRIVATE LIMITED	Director	21-06-07	21-06-07	-	Active	NO
3	U72200MH2007PTC171049	GIRI DIGITAL SOLUTIONS PRIVATE LIMITED	Director	21-09-07	21-09-07	-	Active	NO
4	L24110AP1988PLC009291	EMPEE SUGARS AND CHEMICALS LIMITED	Director	30-10-07	30-10-07	-	Active	NO
5	U74900TN2008PTC066461	MATRIX TRUSTEE COMPANY PRIVATE LIMITED	Director	08-05-08	08-05-08	15-03-09	Active	NO
6	U51900MH1990PTC057742	GIRI TRADING AGENCY PRIVATE LIMITED	Director	07-07-08	07-07-08	-	Active	NO
7	U65991TN1991PLC020796	VISWAPRIYA (INDIA) LIMITED	Director	16-03-09	16-03-09	-	Active	NO
8	L24117TN1972PLC006271	TANFAC INDUSTRIES LIMITED	Director	24-08-09	08-05-09	-	Active	NO
9	U62200TN2008PLC068642	SWAJAS AIR CHARTERS LIMITED	Additional director	05-10-10	04-06-09	-	Active	NO
10	U74140MH2007PLC173660	ONELIFE CAPITAL ADVISORS LIMITED	Director	30-09-10	27-01-10	-	Active	NO
11	L65191TN1992PLC022317	INDUS FINANCE CORPORATION LIMITED	Director	18-03-10	18-03-10	-	Active	NO
12	U65991TN1903PLC001246	THE KUMBAKONAM MUTUAL BENEFIT FUND LIMITED	Director	19-08-11	19-08-11	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Alex
Designation :	Accountant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2010

Names of Shareholders	No. of Shares
Geeta Goenka	2500
Mohan Goenka	1000
Rekha Goenka	140700
Madhav Prasad Goenka	5000
Aditya Goenka	76700
Bharat Goenka	169500
Swati Goenka	38100
Karan Goenka	29600
Mohan Goenka HUF	324050
Prakriti Goenka	31900
Shantanu Goenka	15000
Archana Jain	5450
Aditya Goenka HUF	79200
Hermand Jain	18200
Bharat Goenka HUF	23100
Udhav Goenka	3100
Total	963100

AS ON 30.09.2010

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	55.73
Other top fifty shareholders	44.27
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Leather Bags.
Exports :
Countries :	US
Terms :
Selling :	T.T.
Purchasing :	T.T.

PRODUCTION STATUS [AS ON31.03.2010]

Actual Production

388901

GENERAL INFORMATION

No. of Employees :

600 [Approximately]

Bankers :

· Indian Bank, Chennai, Tamilnadu, India

· State Bank of India, Leather and International Branch, MVJ Towers, 177/1, P.H. Road, Kilpauk, Chennai-600010, Tamilnadu, India

Facilities :

Secured Loan	As on 31.03.2010 [Rs. in Millions]	As on 31.03.2009 [Rs. in Millions]
Packing Credit Loan*	5.985	5.761
Medium Term Loan*	87.586	109.923
HP Loan	0.976	2.399
Total	94.547	118.083
Unsecured Loan
Crew Mag Exports Limited	16.381	16.381
Total	16.381	16.381

NOTE: * Packing credit loan, Foreign currency packing credit loan sanctioned by Indian Bank, is secured against hypothecation of stocks of Raw Material, Semi-Finished Goods, Finished Goods, Sundry Debtors, Other Consumable and Medium Term Loan is secured by charge on plant and machinery and land and building and personal guarantee of Mohan Goenka (Managing Director), Aditya Goenka (Director) and Bharat Goenka (Director)

Banking Relations :	--
Auditors :
Name :	B.S. Purushottam and Company Chartered Accountants
Address :	Flat no. 3D, Pioneer Homes, 23/A, North Boag Road, T. Nagar, Chennai-600017, Tamilnadu, India
Tel. No.:	91-44-28152515/42013486
Fax No.:	91-44-42013485
E-Mail :	bpcchennai@gmail.com
Pan No.:	AADFB9589N
Associates/Subsidiaries :	· Crew Mag Exports Limited · LCI Properties Private Limited · Satyam Creations Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs.10/- each	Rs.20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
963100	Equity Shares	Rs.10/- each	Rs.9.631 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		9.631	9.281	9.281
2] Share Application Money		0.000	13.128	4.528
3] Reserves & Surplus		122.944	71.681	84.109
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		132.575	94.090	97.918
LOAN FUNDS
1] Secured Loans		94.547	118.083	86.762
2] Unsecured Loans		16.381	16.381	0.000
TOTAL BORROWING		110.928	134.464	86.762
DEFERRED TAX LIABILITIES		0.000	15.347	15.477
TOTAL		243.503	243.901	200.157
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		212.679	215.961	172.629
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		15.225	15.224	29.997
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	13.747	12.482	31.637
	Sundry Debtors	11.978	6.771	16.517
	Cash & Bank Balances	0.214	1.856	6.942
	Other Current Assets	1.371	3.538	6.658
	Loans & Advances	5.459	7.358	8.385
Total Current Assets		32.769	32.005	70.139
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	15.559	17.836	40.239
	Other Current Liabilities	1.611	1.178	28.429
	Provisions	0.000	0.275	3.940
Total Current Liabilities		17.170	19.289	72.608
Net Current Assets		15.599	12.716	(2.469)
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		243.503	243.901	200.157

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	171.922	273.212	253.014
		Other Income	8.843	12.491	13.205
		TOTAL (A)	180.765	285.703	266.219
Less	EXPENSES
		Purchase Finished Goods	14.120	14.328	36.058
		Raw Materials Consumed / Sold	0.000	0.000	130.742
		Direct Expenditure	53.870	172.510	29.973
		Repairs and Maintenance	6.940	5.294	3.683
		Salaries and Other Amentias to Staff	24.420	29.549	21.980
		Administration and Other Expenses	13.638	11.996	11.827
		Selling Expenses	11.453	16.994	14.483
		Loss on Sale of Assets	0.004	0.000	0.000
		Increase / Decrease in Stock	(3.364)	7.594	(2.586)
		TOTAL (B)	121.081	258.265	246.160
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		59.684	27.438	20.059
Less	FINANCIAL EXPENSES (D)		15.246	18.282	8.392
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		44.438	9.156	11.667
Less/ Add	DEPRECIATION/ AMORTISATION (F)		24.272	21.403	14.237
	PROFIT BEFORE TAX (E-F) (G)		20.166	(12.247)	(2.570)
Less	TAX (H)		(15.347)	0.181	(0.987)
	PROFIT AFTER TAX (G-H) (I)		35.513	(12.428)	(1.583)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		25.354	37.782	39.365
	BALANCE CARRIED TO THE B/S		60.867	25.354	37.782
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	160.368	186.427	233.858
	IMPORTS
		Lining	0.065	5.405	1.671
		Components	0.191	4.918	0.734
		Machinery	7.311	17.204	3.266
		Tools	1.312	1.017	0.163
		Packing Material	1.186	0.145	1.837
	TOTAL IMPORTS		10.065	28.689	7.671
	Earnings Per Share (Rs.)		38.00	(13.00)	(2.00)

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	19.65	(4.35)	(0.59)
Net Profit Margin (PBT/Sales)	(%)	11.73	(4.48)	(1.02)
Return on Total Assets (PBT/Total Assets}	(%)	8.22	(4.94)	(1.06)
Return on Investment (ROI) (PBT/Networth)		0.11	(0.13)	(0.03)
Debt Equity Ratio (Total Liability/Networth)		0.97	1.63	1.63
Current Ratio (Current Asset/Current Liability)		1.91	1.66	0.97

LOCAL AGENCY FURTHER INFORMATION

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	--
8) No. of employees	Yes
9) Name of person contacted	Yes
10) Designation of contact person	Yes
11) Turnover of firm for last three years	No
12) Profitability for last three years	No
13) Reasons for variation <> 20%	--
14) Estimation for coming financial year	No
15) Capital in the business	Yes
16) Details of sister concerns	Yes
17) Major suppliers	No
18) Major customers	No
19) Payments terms	Yes
20) Export / Import details (if applicable)	Yes
21) Market information	--
22) Litigations that the firm / promoter involved in	--
23) Banking Details	Yes
24) Banking facility details	No
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	No
28) Incorporation details, if applicable	--
29) Last accounts filed at ROC	--
30) Major Shareholders, if available	--

NATURE OF OPERATIONS:

Subject is a company engaged in the manufacturer and trading of small leather goods and also generates electricity power using windmill and sell the power to the government.

CURRENT YEAR OPERATIONS:

During the year, sales income of the company was lower at Rs.184.129 Millions as compared to Rs.278.108 Millions in the previous year. The drop in sales was due to the recessionary trend prevailed in the markets of US and European countries. Most importantly, meltdown of economy in these countries had adverse impact in the Company’s trade. However, profit before tax was higher at Rs.20.166 Millions as compared to loss of Rs.12.247 Millions during the previous year.

WINDMILL OPERATIONS:

The company has generated and sold 29.61 lacs (24.98 lacs in the previous year) units of electrical power valued at Rs.7.996 Millions (Rs.6.744 Millions in the previous year) from it’s both 500 KVA and 750 KVA windmills. TNEB had promised to increase the power tariff to Rs.2.95 per unit for WMs installed in Tamilnadu after May'06; Whereas TNEB has gone back on its words and had continued to pay the existing rate of Rs.2.70 per unit to all the wind mitt operators. It may be noted that the case pending with the Supreme Court for fixing uniform rate for all WMs irrespective of date of commissioning has not received any positive attention as of date.

SEZ PROJECTS

The company's SEZ project at Mahindra World City, Chenglepet has made an income of Rs.97.722 Millions. Timely decision of the management to set up a SEZ unit deserves appreciation of the members for its eventual accretion to the Company's performance.

BANKERS CHARGES REPORT AS PER REGISTRY

This form is for	Creation of charge
Corporate identity number of the company	U19110TN1979PLC007701
Name of the company	LEATHER CRAFTS (INDIA) LIMITED
Address of the registered office or of the principal place of business in India of the company	11 Kondi Chetty Street, Chennai-600001, Tamilnadu, India
Type of charge	Others
Particular of charge holder	State Bank of India, Leather and International Branch, MVJ Towers, 177/1, P.H. Road, Kilpauk, Chennai-600010, Tamilnadu, India
Email	dgm.07024@sbi.co.in
Nature of description of the instrument creating or modifying the charge	Deed of Guarantee for Overall Limit (Form C.4)
Date of instrument Creating the charge	06.07.2011
Amount secured by the charge	Rs.180.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest As per bank's guidelines. Terms of Repayment As per bank's guidelines. Margin As per bank's guidelines. Extent and Operation of the charge As per Agreement Others Corporate guarantee given to Bank in favour of Les Ateliers De Pondicherry Private Limited to secure the credit facilities of Rs.180.000 Millions
Short particulars of the property charged	Corporate guarantee given to Bank in favour of Les Ateliers De Pondicherry Private Limited to secure the credit facilities of Rs.180.000 Millions

FIXED ASSETS:

· Building

· Land

· Plant and Machinery

· Office Equipments

· Furniture and Fixtures

· Computer

· Software

· Cycle

· Wind Mill

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.52.78
UK Pound	1	Rs.81.79
Euro	1	Rs.67.46

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		44

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	-

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.