MIRA INFORM REPORT

Report Date :

24.07.2012

IDENTIFICATION DETAILS

Name :	NUBERG ENGINEERING LIMITED (w.e.f. 02.04.2008)

Formerly Known As :	NUBERG ENGINEERING PRIVATE LIMITED

Registered Office :	1223, Gali No. 83, Shanti Nagar, Trinagar, New Delhi – 110 035

Country :	India

Financials (as on) :	31.03.2011

Date of Incorporation :	21.06.1996

Com. Reg. No.:	55-079817

Capital Investment / Paid-up Capital :	Rs. 75.272 Millions

CIN No.: [Company Identification No.]	U74210DL1996PLC079817

IEC No.:	0596049480

TAN No.: [Tax Deduction & Collection Account No.]	DELN02816C

PAN No.: [Permanent Account No.]	AAACN3523A

Legal Form :	A Closely held Public Limited Company

Line of Business :	Manufacturer and Exporter of Nitrogen Gas Generators, Various Pressure Vessels, Reactors, Absorbers, Columns, Heat Exchangers, Tanks, etc.

No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

Maximum Credit Limit :	USD 980000

Status :	Satisfactory

Payment Behaviour :	Regular

Litigation :	Clear

Comments :	Subject is a well established company with satisfactory track. Directors are reported to be experienced and respectable businessmen. Financial position of the company is satisfactory. Trade relations are fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered good for normal business dealings under 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

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

EXTERNAL AGENCY RATING

Agency Name	Rating
CRISIL	BBB / Stable / CRISIL A3+

LOCATIONS

Registered Office :	1223, Gali No. 83, Shanti Nagar, Trinagar, New Delhi – 110 035, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	aksingh@nuberg.in
Website :	www.nubergindia.com

Corporate Office :	Nuberg House, A – 38, H, Sector – 64, Noida – 201301, Uttar Pradesh, India
Tel. No.:	91 - 120 – 2403101/ 2403102/ 2403103
Fax No.:	91 - 120 - 2403104

DIRECTORS

AS ON 29.09.2011

Name :

Mr. Vinod Kumar Gupta

Designation :

Managing director

Address :

D-44, Sector 39, Noida - 201301, Uttar Pradesh, India

Date of Birth/Age :

24.08.1960

Date of Appointment :

21.06.1996

Din No.:

00312784

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	Company/ LLP Status	Defaulting status
1	U74210DL1996PLC079817	NUBERG ENGINEERING LIMITED	Managing director	01/04/2012	21/06/1996	Active	NO
2	U51103DL2002PTC115423	NUBERG EXPORTS PRIVATE LIMITED	Director	17/05/2002	17/05/2002	Active	NO
3	U24100DL2007PLC170698	INDIAN PEROXIDE LIMITED	Director	23/11/2007	23/11/2007	Active	NO
4	U24100DL2010PTC205725	NUBERG INDUSTRIES PRIVATE LIMITED	Director	12/07/2010	12/07/2010	Active	NO

Name :

Mr. Anil Kumar Tyagi

Designation :

Managing director

Address :

B104, Sector 39, Noida - 201301, Uttar Pradesh, India

Date of Birth/Age :

05.03.1960

Date of Appointment :

21.06.1996

Din No.:

00312763

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	Company/ LLP Status	Defaulting status
1	U74210DL1996PLC079817	NUBERG ENGINEERING LIMITED	Managing director	01/04/2012	21/06/1996	Active	NO
2	U51103DL2002PTC115423	NUBERG EXPORTS PRIVATE LIMITED	Director	17/05/2002	17/05/2002	Active	NO
3	U24100DL2007PLC170698	INDIAN PEROXIDE LIMITED	Director	23/11/2007	23/11/2007	Active	NO
4	U24100DL2010PTC205725	NUBERG INDUSTRIES PRIVATE LIMITED	Director	12/07/2010	12/07/2010	Active	NO
5	U24119DL2008PTC175910	INVENTA ORGANICS PRIVATE LIMITED	Director	30/09/2010	10/09/2010	Active	NO
6	U29220DL2008PTC175915	CORAL EQUIPMENTS PRIVATE LIMITED	Director	30/09/2010	10/09/2010	Active	NO

Name :

Mr. Jaswant Singh Tyagi

Designation :

Director

Address :

B104, Sector 39, Noida - 201301, Uttar Pradesh, India

Date of Birth/Age :

28.07.1928

Date of Appointment :

30.09.2009

Din No.:

00312639

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	U74899DL1995PTC064476	AMITY EXIM PRIVATE LIMITED	Director	18/01/1995	18/01/1995	-	Active	NO
2	U72900DL2001PTC109483	AMITY E-TECHNOLOGIES PRIVATE LIMITED	Director	02/02/2001	02/02/2001	-	Active	NO
3	U45201DL2005PTC135375	INVENTA CONSTRUCTIONS PRIVATE LIMITED	Director	26/04/2005	26/04/2005	-	Active	NO
4	U29220DL2008PTC175915	CORAL EQUIPMENTS PRIVATE LIMITED	Director	26/03/2008	26/03/2008	10/09/2010	Active	NO
5	U24119DL2008PTC175910	INVENTA ORGANICS PRIVATE LIMITED	Director	26/03/2008	26/03/2008	10/09/2010	Active	NO
6	U74210DL1996PLC079817	NUBERG ENGINEERING LIMITED	Director	30/09/2009	30/09/2009	-	Active	NO

Name :

Mr. Shashi Tyagi

Designation :

Director

Address :

B104, Sector 39, Noida - 201301, Uttar Pradesh, India

Date of Birth/Age :

11.03.1959

Date of Appointment :

01.04.2005

Din No.:

00312665

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	U74899DL1995PTC064476	AMITY EXIM PRIVATE LIMITED	Director	18/01/1995	18/01/1995	-	Active	NO
2	U72900DL2001PTC109483	AMITY E-TECHNOLOGIES PRIVATE LIMITED	Director	02/02/2001	02/02/2001	-	Active	NO
3	U45201DL2005PTC135375	INVENTA CONSTRUCTIONS PRIVATE LIMITED	Director	26/04/2005	26/04/2005	-	Active	NO
4	U29220DL2008PTC175915	CORAL EQUIPMENTS PRIVATE LIMITED	Director	26/03/2008	26/03/2008	10/09/2010	Active	NO
5	U24119DL2008PTC175910	INVENTA ORGANICS PRIVATE LIMITED	Director	26/03/2008	26/03/2008	10/09/2010	Active	NO
6	U74210DL1996PLC079817	NUBERG ENGINEERING LIMITED	Director	30/09/2009	30/09/2009	-	Active	NO

Name :

Mrs. Sugandha Gupta

Designation :

Director

Address :

D-44, Sector 39, Noida - 201301, Uttar Pradesh, India

Date of Birth/Age :

12.10.1958

Date of Appointment :

01.04.2005

Din No.:

00312701

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	Company/ LLP Status	Defaulting status
1	U74210DL1996PLC079817	NUBERG ENGINEERING LIMITED	Director	01/04/2005	01/04/2005	Active	NO
2	U24100DL2007PLC170698	INDIAN PEROXIDE LIMITED	Director	23/11/2007	23/11/2007	Active	NO
3	U29100DL2008PTC175806	ACCENT ENGINEERING PRIVATE LIMITED	Director	24/03/2008	24/03/2008	Active	NO
4	U74120DL2008PTC175754	ANTIQUE ENGINEERING PRIVATE LIMITED	Director	24/03/2008	24/03/2008	Active	NO

KEY EXECUTIVES

Name :	Mr. Ajay Kumar Singh
Designation :	Secretary
Address :	139, IInd Floor, Sector-3-F, Vashali, Ghaziabad – 201010, Uttar Pradesh, India
Date of Birth/Age :	05.12.1979
Date of Appointment :	30.05.2011
PAN No:	BTOPS8210E

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2011

Names of Shareholders	No. of Shares
Mr. Anil Kumar Tyagi	3757500
Mr. Vinod Kumar Gupta	3757500
Mr. Sandeep Tyagi	2025
Mr. R.D. Gupta	2025
Mr. Rama Gupta	2025
Mr. Shashi Tyagi	2025
Mrs. Sugandha Gupta	2025
Mr. Subodh Tyagi	2025
Total	7527150

AS ON 29.09.2011

Equity Share Breakup		Percentage of Holding
Category
Directors or relatives of directors		100.000
Total		100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Nitrogen Gas Generators, Various Pressure Vessels, Reactors, Absorbers, Columns, Heat Exchangers, Tanks, etc.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Union Bank of India, Specialised SSI Branch, Sector – 15, Naya Bans, Noida – 201 301, Uttar Pradesh, India

Facilities :

Secured Loan	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
Rupee term loans banks secured	96.012	64.372
Loans taken for vehicles secured	4.745	5.864
Total	100.757	70.236

Unsecured Loan	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
Rupee term loans financial institutions unsecured	29.700	23.239
Loan Director Unsecured	0.000	1.800
Other debt unsecured	30.130	40.730
Total	59.830	65.769


Banking Relations :	--

Financial Institution :	Tata Capital Limited, One Forbes, Dr. V B Gandhi Marg, Fort, Mumbai – 400001, Maharashtra, India

Auditors :
Name :	PVR and Company Chartered Accountants
Address :	602A, Deep Shikha, Rajendra Place, New Delhi – 110008, India
PAN NO.:	AAMFP2884K

Associates/Subsidiaries :	Indian Peroxide Limited Nuberg Exports Private Limited

CAPITAL STRUCTURE

AS ON 29.09.2011

Authorised Capital : Rs. 120.000 Millions

Issued, Subscribed & Paid-up Capital : Rs. 100.362 Millions

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount

10000000	Equity Shares	Rs. 10/- each	Rs. 100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

7527150	Equity Shares	Rs. 10/- each	Rs. 75.272 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		75.272	50.181	32.454
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		171.350	157.654	52.106
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		246.622	207.835	84.560
LOAN FUNDS
1] Secured Loans		100.757	70.236	14.873
2] Unsecured Loans		59.830	65.769	34.650
TOTAL BORROWING		160.587	136.005	49.523
DEFERRED TAX LIABILITIES		5.143	3.431	0.505

TOTAL		412.352	347.271	134.588

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		295.343	215.749	54.823
Capital work-in-progress		0.864	21.922	21.202

INVESTMENT		0.000	10.700	8.500
DEFERREX TAX ASSETS		0.000	0.000	0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	48.887	52.621	15.153
	Sundry Debtors	421.543	167.100	127.199
	Cash & Bank Balances	97.450	87.699	210.142
	Other Current Assets	50.470	34.602	25.676
	Loans & Advances	39.067	29.664	92.130
Total Current Assets		657.417	371.686	470.300
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	400.760	205.899	104.589
	Other Current Liabilities	94.770	31.296	299.120
	Provisions	46.028	35.695	16.539
Total Current Liabilities		541.558	272.890	420.248
Net Current Assets		115.859	98.796	50.052

MISCELLANEOUS EXPENSES		0.286	0.104	0.011

TOTAL		412.352	347.271	134.588

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	1062.912	1035.224	506.926
		Other Income	42.369	51.195	34.840
		TOTAL (A)	1105.281	1086.419	541.766

Less	EXPENSES
		Consumption materials changes inventories	707.005	771.274
		Manufacturing service costs	112.111	81.202
		Employee related expenses	52.923	35.326
		Administrative selling other expenses	107.049	84.717
		TOTAL (B)	979.088	972.519	494.980

Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		126.193	113.900	46.786

Less	FINANCIAL EXPENSES (D)		16.289	13.626	12.136

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		109.904	100.274	34.650

Less/ Add	DEPRECIATION/ AMORTISATION (F)		5.954	4.081	2.207

	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		103.950	96.193	32.443

Less	TAX (H)		65.163	47.395	11.800

	PROFIT / (LOSS) AFTER TAX (G-H) (I)		38.787	48.798	20.643

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		84.177	52.106	48.312

Less	APPROPRIATIONS
		Transfer to General Reserve	25.091	16.727	10.818
		Dividend	0.000	0.000	6.645
		Tax on Dividend	0.000	0.000	(0.614)
	BALANCE CARRIED TO THE B/S		97.873	84.177	52.106

	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Exports	714.310	767.957	213.605
		Consultancy Services		8.361	27.761
	TOTAL EARNINGS		765.374	776.318	241.366

	CIF VALUE OF IMPORT		56.544	211.526	25.313

	Earnings / (Loss) Per Share (Rs.)		5.15	0.97	6.36

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	3.51	4.49	3.81

Net Profit Margin (PBT/Sales)	(%)	9.78	9.29	6.41

Return on Total Assets (PBT/Total Assets}	(%)	10.91	16.38	6.18

Return on Investment (ROI) (PBT/Networth)		0.42	0.46	0.38

Debt Equity Ratio (Total Liability/Networth)		2.85	1.97	5.56

Current Ratio (Current Asset/Current Liability)		1.21	1.36	1.12

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	Yes
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	No
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	PAN of Proprietor/Partner/Director, if available	No
32]	Passport No of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No

PERFORMANCE OF THE COMPANY

The year brings a mixed experience in the performance of the company. The directors were determined towards overall performance and profitability of the company. During the year, the company has increased its sale and profits by 2.68% and 8.08% to the last year respectively.

AREA OF OPERATION

TURNKEY PROJECTS

The Company undertakes Turnkey projects comprising of designing, engineering, procurement, construction and commissioning activities through their various project management teams. The Company deals in Caustic Soda/Chlorine Plant, Bleaching Powder Plant, Sulphuric Acid Plant, Salt Washery, Carbon Dioxide Plant, Hydrochloric Acid Plant etc.

Bankers Charges Report as per Registry

Corporate identity number of the company	U74210DL1996PLC079817
Name of the company	NUBERG ENGINEERING LIMITED
Address of the registered office or of the principal place of business in India of the company	1223, Gali No. 83, Shanti Nagar, Trinagar, New Delhi – 110 035, India
This form is for	Modification of charge
Charge identification number of the modified	10327258
Type of charge	Immovable Property
Particular of charge holder	CIN No.: L65990MH1991PLC060670 Tata Capital Limited, One Forbes, Dr V B Gandhi Marg, Fort, Mumbai – 400001, Maharashtra, India Email ID: avan.doomasia@tatacapital.com
Nature of description of the instrument creating or modifying the charge	Memorandum for Recording Extension of Mortgage by Deposit of Title Deeds Covering Enhanced Limits and Additional Facilities Dated 30.01.2012
Date of instrument Creating the charge	30.01.2012
Amount secured by the charge	Rs. 80.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Long Term Lending Rate (LTLR) @ 18.00% p.a. Rate of Interest @ LTLR minus 3.15 % p.a. Terms of Repayment Principal and Interest amount to be repaid in 48 months. Margin N.A. Extent and Operation of the charge The charge extends to the due repayment of the loan of Rs.80.000 Millions including the interest, additional interest, costs, charges, expenses and all other monies payable under the Facilities Agreements dated 23.12.2011 & 28.01.2012. In the event of default in payment of interest or repayment of principal amount of the Loan the Borrower shall pay to the Lender, further interest @ 2% p.a. as penal interest
Short particulars of the property charged	All that piece or parcel of properties admn. 2040 sq.mtr, situated at Industrial Plot No. A-60, Sector 136, Noida, District Gautam Budh Nagar Uttar Pradesh, India
Particulars of the present modification	Charge on the mortgaged assets mention in Schedule 1 in respect of the First Facility of Rs. 50.000 Millions has been extended as security for the Second Facility of Rs. 30.000 Millions. The amount of loan stands increased to Rs. 80.000 Millions.

CONTINGENT LIABILITIES

(Rs. in Millions)

Particulars	31.03.2011	31.03.2010
FDR's pledges with the bank as margin money against bank guarantee and letter of credit	83.047	49.617
Bank Guarantee and Letter of Credit	223.766	63.478
Counter Guarantee Given by company	223.766	63.478
Demand raised by the Income Tax Department, which are under rectification and appeal.	4.149	0.200
Demand raised by the Sales Tax Department, which are under rectification and appeal	0.677	1.353

FIXED ASSETS:

Land and building:
Land
Canteen
Vehicle
Cycle
Scooter
Cars
Plant and machinery:
Air conditioners
Electric fitting
Generator
Machinery-plant
Furniture and fixture
Office equipments
Office furniture
Electric equipment
Guest house equipment
UPS and perifers
Computers
Capital work in progress

WEBSITE DETAILS:

PROFILE

Subject is one of the most trusted Project Engineering and Turnkey Contracting organization, operational globally. It has a dedicated team of highly experienced and skilled professionals and engineers to provide world class turn key project services consisting of chemicals process know how, engineering design, procurement, implementation commissioning, in field of chemical, Petrochemical, Synthetic fiber etc.

Subject is also India's leading manufacturer of Nugen PSA Nitrogen Gas generators under technical collaboration with M/s. Rutgers CarboTech GmbH. They have in house facility and expertise for manufacturing of various Pressure Vessels, Reactors, Absorbers, Columns, Heat Exchangers, Tanks etc.

At subject, they have a sound quality assurance management system. They use the most modern software to provide world class services to their clients.

Their mechanical fabrication facility consists of well equipped work shop for manufacturing of Pressure vessels, Reactors, Columns, Heat exchangers, Tank etc. So far they have executed a tonnage of 40,000 MT.

Their products and services have found leading customers in India, Thailand, China, Bangladesh, Oman, Egypt, Iraq, Iran and Uzbekistan.

At subject, they bring tried and tested engineering skills and experience to provide comprehensive engineering projects and services using most upto date and proven cutting technology.

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

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

2] Court Declaration :

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

3] Asset Declaration :

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

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

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

Charges or investigation registered against subject: None

7] Criminal Records

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

8] Affiliation with Government :

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

9] Compensation Package :

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

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

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

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

CONTRAVENTION

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs. 55.76
UK Pound	1	Rs. 86.80
Euro	1	Rs. 67.43

INFORMATION DETAILS

Report Prepared by :

BVA

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	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		47

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.

MIRA INFORM REPORT

48.887

421.543

97.450

50.470

39.067

657.417

94.770

46.028

541.558

115.859

3.51

9.78

10.91

0.42

2.85

1.21

Unit