MIRA INFORM REPORT

Report Date :

02.03.2012

IDENTIFICATION DETAILS

Name :	INDUS PROJECTS LIMITED (w.e.f.29.06.1994)

Formerly Known As :	INDUS PROJECTS PRIVATE LIMITED

Registered Office :	304, Loha Bhavan, P. D Mello Road, Mumbai -400 059, Maharashtra

Country :	India

Financials (as on) :	31.03.2010

Date of Incorporation :	17.11.1997

Com. Reg. No.:	11-111921

Capital Investment / Paid-up Capital :	Rs.71.460 Millions

CIN No.: [Company Identification No.]	U74210MH1997PLC111921

IEC No.:	0388099364

TAN No.: [Tax Deduction & Collection Account No.]	MUM103182E

PAN No.: [Permanent Account No.]	AAAC12537B

Legal Form :	A Closely Held Public Limited Liability Company

Line of Business :	Manufacturers, Exporters and Importers of Chemical Process Plant Equipments.

No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (55)

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

Maximum Credit Limit :	USD 1800000

Status :	Satisfactory

Payment Behaviour :	Regular

Litigation :	Clear

Comments :	Subject is a well established company having satisfactory track. Financial Position of the company appears to be good. Trade relations are reported as fair. Business is active. Payments are reported to be regular 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

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

LOCATIONS

Registered Office :	304, Loha Bhavan, P. D Mello Road, Mumbai – 400 009, Maharashtra, India
Tel. No.:	91-22-26328306/ 3348/ 9349/ 7737/ 9658/ 0996/ 28506740/ 23422796
Fax No.:	91-22-26320720
E-Mail :	Indus1@vsnl.com madhura@induseng.com
Website :	http://www.indianprocessplants.com/indus http://www.induseng.com
Area :	20000 sq. ft.
Location :	Owned

Head Office :	504, Loha Bhavan, P. D Mello Road, Mumbai – 400 009, Maharashtra, India
Tel. No.:	91 22 23422796/ 23420686

Factory 1 :	Marol Naka, Mathuradas Vasanji Road, Andheri (East), Mumbai-400059, Maharashtra, India
Tel. No.:	91-22-28508306/ 3348/ 4737/ 9349
Fax No.:	91-22-28506740
E-Mail :	ndus1@vsnl.com
Area :	409000 sq. ft.
Location :	Owned

Factory 2 :	Plot B-40, Wagle Industrial Estate Road No. 23, Thane – 400 604, Maharashtra, India
Tel. No.:	91-22-25822347/ 25822348

Branches Office 1:	206, Red Rose Building, Nehru Place, New Delhi – 110 019, India
Tel. No.:	91-11-26468040/ 60
Fax No.:	91-11-26476077

Branch Office 2 :	Nahar Park, 1st Floor, 45/4 A, Chakraberia Road (South), Kolkata – 700025, West Bengal, India
Tel. No.:	91-33-24863540/ 3593/3594
Fax No.:	91-33-2486354

DIRECTORS

As on 30.09.2011

Name :

Mr. Kishor Himatlal Mehta

Designation :

Chairman cum Managing Director

Address :

27, Jitendra Lane, Juhu Tara Road, Behind Manek Mahal, Beach Side Bunglow, Mumbai – 400 049, Maharashtra, India

Date of Birth/Age :

25.06.1930

Date of Appointment :

08.12.1993

DIN No.:

01253621

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	U28920MH1972PTC016148	INDUS MECHANICAL ENGINEERING COMPANY PRIVATE LIMITED	Director	27/11/1972	27/11/1972	-	Active	NO
2	U28112MH1980PTC022288	UNITED TECHNOLOGIST AND CHEMICAL PRODUCTS PRIVATE LIMITED	Director	21/03/1982	21/03/1982	-	Active	NO
3	U99999MH1980PTC022141	BAYSIL SILICON PRODUCTS PRIVATE LIMITED	Director	21/03/1982	21/03/1982	-	Active	NO
4	U24100MH1964GAP012887	PROCESS PLANT AND MACHINERY ASSOCIATION OF INDIA	Nominee director	16/09/2011	30/09/1997	-	Active	NO
5	U74210MH1997PLC111921	INDUS PROJECTS LIMITED	Director	17/11/1997	17/11/1997	-	Active	NO

Name :

Mr. Mahavir Kishor Mehta

Designation :

Director

Address :

27, Jitendra Lane, Juhu Tara Road, Behind Manek Mahal, Beach Side Bunglow, Mumbai – 400 049, Maharashtra, India

Date of Birth/Age :

13.10.1963

Date of Appointment :

03.11.1997

DIN No.:

01253566

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	U28920MH1972PTC016148	INDUS MECHANICAL ENGINEERING COMPANY PRIVATE LIMITED	Director	16/08/1982	16/08/1982	-	Active	NO
2	U28112MH1980PTC022288	UNITED TECHNOLOGIST AND CHEMICAL PRODUCTS PRIVATE LIMITED	Director	15/11/1983	15/11/1983	-	Active	NO
3	U99999MH1980PTC022141	BAYSIL SILICON PRODUCTS PRIVATE LIMITED	Director	15/11/1983	15/11/1983	-	Active	NO
4	U28920MH1997PTC110279	INDUS SCAFFOLDING PRIVATE LIMITED	Director	26/08/1997	26/08/1997	-	Dormant	NO
5	U74210MH1997PLC111921	INDUS PROJECTS LIMITED	Director	17/11/1997	17/11/1997	-	Active	NO

Name :

Mr. Madhur Kishor Mehta

Designation :

Director

Address :

27, Jitendra Lane, Juhu Tara Road, Behind Manek Mahal, Beach Side Bunglow, Mumbai – 400 049, Maharashtra, India

Date of Birth/Age :

17.11.1965

Date of Appointment :

03.11.1997

DIN No.:

01035407

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	U28112MH1980PTC022288	UNITED TECHNOLOGIST AND CHEMICAL PRODUCTS PRIVATE LIMITED	Director	15/11/1983	15/11/1983	-	Active	NO
2	U99999MH1980PTC022141	BAYSIL SILICON PRODUCTS PRIVATE LIMITED	Director	15/11/1983	15/11/1983	-	Active	NO
3	U28920MH1972PTC016148	INDUS MECHANICAL ENGINEERING COMPANY PRIVATE LIMITED	Director	26/02/1988	26/02/1988	-	Active	NO
4	U74210MH1997PLC111921	INDUS PROJECTS LIMITED	Director	17/11/1997	17/11/1997	-	Active	NO
5	U28920MH1997PTC110279	INDUS SCAFFOLDING PRIVATE LIMITED	Director	2/12/2002	2/12/2002	-	Dormant	NO

Name :

Mr. Abhay Kishor Mehta

Designation :

Managing Director

Address :

Rajgruhi 53, Nutan Laxmi Co-Operative Housing Society Limited, Mumbai – 400 049, Maharashtra, India

Date of Birth/Age :

20.08.1962

Date of Appointment :

17.11.1997

DIN No.:

01172297

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	U28920MH1972PTC016148	INDUS MECHANICAL ENGINEERING COMPANY PRIVATE LIMITED	Director	16/08/1982	16/08/1982	-	Active	NO
2	U28112MH1980PTC022288	UNITED TECHNOLOGIST AND CHEMICAL PRODUCTS PRIVATE LIMITED	Director	15/11/1983	15/11/1983	-	Active	NO
3	U99999MH1980PTC022141	BAYSIL SILICON PRODUCTS PRIVATE LIMITED	Director	15/11/1983	15/11/1983	-	Active	NO
4	U74210MH1997PLC111921	INDUS PROJECTS LIMITED	Managing director	17/11/1997	17/11/1997	1/10/2010	Active	NO
5	U28920MH1997PTC110279	INDUS SCAFFOLDING PRIVATE LIMITED	Director	2/12/2002	2/12/2002	-	Dormant	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Kishor H. Mehta	100
Shrenik H. Mehta	27380
Abhay K. Mehta	83480
Mahavir K. Mehta	80130
Madhur K. Mehta	81030
Usha Mehta	18350
Nabhiraj S. Mehta	27380
Indus Mechanical Engineering Company Private Limited, India	329460
Kishor H. Mehta	10887
Kishor H. Mehta	5110
Kishor H. Mehta	1830
Kishor H. Mehta	8150
Devika Mehta	8960
Abhay K. Mehta	750
Abhay K. Mehta	400
Mahavir K. Mehta	740
Madhur K. Mehta	110
Pashmina M. Mehta	7100
Jesal M. Mehta	7000
Suniska M. Mehta	220
Sonal A. Mehta	7000
Kishor H. Mehta	9040

Total	714607

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	46.10
Directors or relatives of Directors	53.90

Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturers, Exporters and Importers of Chemical Process Plant Equipments.

Products :

· All type of Heat Exchanger Shell and Tube, U-Tube, Reboilers, Floating Head, Pipe and Jacket

· Pressure Vessels

· Columns:Packed Type, Tray Type with Sieve / Bubble Caps / Valve Trays

· Silos / Hopper

· Horton Spheres and Bullets for cryogenic services

· Mounded type Bullet

· Condensers and Spray Condensers

· Reaction Vessels : With or without Agitator Units, Stuffing Box, Mechanical Seal

· Components / Equipments for Nuclear Plants

· Various special Equipment (e.g. Special Mixers, Blenders, Filters etc.)

· Storage Tanks to API standards and other site fabricated equipments

· Spinning Equipment (i.e. spinning Beam, Spinning Block, Manifold etc.) for Man Made Fibre Plants

PRODUCTION STATUS (As on 31.03.2010)

Particulars

Unit

Licensed Capacity

Installed Capacity

Actual Production

Equipments Manufactured and Sold

Nos

Kgs

MTR

N.A

536771835

GENERAL INFORMATION

Customers :

End Users

· Asian Paints (India) Limited

· Bayer India Limited

· Bhabha Atomic Research Center

· Bharat Petroleum Corporation Limited

· Bongaigaon Refinery and Petro Limited

· Chemtex Overseas Inc.

· Department Of Atomic Energy Emerk (India) Limited

· Emerk (India) Limited

· East India Petroleum Limited

· Fertilizer Corporation India Limited

· Gas Authority Of India Limited

· Glaxo Limited

· Gujarat Narmada Valley Fert. Company Limited

· Gujarat Chemical Port Terminal Company Limited

· Haldia Petrochemicals Limited

· Hindustan Level Limited

· Hindustan Petroleum Corporation Limited

· Hoechst Pharmaceuticals Limited

· Indian Dyestuff Industries Limited

· Indian Explosives Limited

· Indian Oil Corporation Limited

· Indian Petrochemicals Corporation Limited

· J. K. Chemicals Limited

· Krishak Bharathi Co-operative Limited (Kribhco)

· Larsen and Toubro Limited

· Madras Refineries Limited

· Modipon Limited

· Numaligarh Refinery Limited

· Narmada Chematur Petro Limited

· Narora Atomic Power Project Limited

· Oil and Natural Gas Corporation

· Petrofils Co-Operative Limited

· Polychem Limited

· Rajasthan Atomic Power Project

· Rashtriya Chemicals & Fertilizers Limited

· Reliance Industries Limited

· Sadhana Nitrochem Private Limited

· Standard Engineers Private Limited

· Tamilnadu Chemical Products Limited

· Ub Petro Products Limited

· Uop Asia Limited

· Vinyl Chemicals India Limited

· Wipro Products Limited

No. of Employees :

Not Available

Bankers :

· Corporation Bank, Industrial Finance Branch, 104, Bharat House, B.S. Marg, Fort, Mumbai – 400 001, Maharashtra, India

· SBI Commercial and International Bank Limited, III Maker Chambers, Nariman Point, Mumbai - 400 021, Maharashtra, India

Facilities :

Secured Loan	As on 31.03.2010 (Rs. in Millions)	As on 31.03.2009 (Rs. in Millions)
a)Hire Purchases Finances	14.694	14.514
b) Working Capital Finance from Banks Cash Credits Facilities	146.922	144.470
Total	161.616	158.984
NOTES: a) Hire Purchases loans are secured against the hypothecations of the respective assets b) Working Capital facilities both fund based and non fund based are secured by hypothecation charge on raw material stock in process, stores and spares and finished goods, book debts of the company it is further secured by extended change on specific fixed assets of the partnership firm Indus Engineering Company and Indus Mechanical Engineering Private Limited and Mr. Kishor H. Mehta besides directors guarantees.
Unsecured Loan	As on 31.03.2010 (Rs. in Millions)	As on 31.03.2009 (Rs. in Millions)
From Directors, Banks, Finance Companies and Family Members	14.176	23.382
Total	14.176	23.382


Banking Relations :	--

Financial Institution :	L and T Finance Limited, L and T House, Ballard Estate, Mumbai – 400 001, Maharashtra, India

Auditors :
Name :	Vipul J. Doshi and Company Chartered Accountants
Address :	208, Parekh Market, 39, J.S.S. Road, Near Kennedy Bridge, Opera House, Mumbai – 400 004, Maharashtra, India
Tel. No.:	91-22-23827067
PAN.:	AAEPD6563H

Sister Concerns :	· United Technologists and Chemicals Products Private Limited, Tarapur · Indus Scaffolding Private Limited

Holding Company :	· Indus Mechanicals Engineering Company Private Limited, India

Related Firms:	· Indus Engineering Company (Partnership Firm) · Mehta Engineering Works (Proprietory Firm)

CAPITAL STRUCTURE

As on 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.100/- each	Rs.100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
714607	Equity Shares	Rs.100/- each	Rs.71.460 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		71.460	71.460	71.460
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		396.387	303.647	251.925
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		467.847	375.107	323.385
LOAN FUNDS
1] Secured Loans		161.617	158.984	130.441
2] Unsecured Loans		14.176	23.382	12.195
TOTAL BORROWING		175.793	182.366	142.636
DEFERRED TAX LIABILITIES		0.000	0.000	0.000

TOTAL		643.640	557.473	466.021

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		87.060	84.526	75.733
Capital work-in-progress		0.346	0.346	0.346

INVESTMENT		3.867	3.867	3.867
DEFERREX TAX ASSETS		0.000	0.000	0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	185.529	327.510	316.174
	Sundry Debtors	276.561	408.514	340.838
	Cash & Bank Balances	65.271	57.931	102.099
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	142.737	95.449	86.305
Total Current Assets		670.098	889.404	845.416
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	56.834	236.515	278.088
	Other Current Liabilities	18.816	142.075	139.099
	Provisions	42.130	42.130	42.204
Total Current Liabilities		117.780	420.720	459.391
Net Current Assets		552.318	468.684	386.025

MISCELLANEOUS EXPENSES		0.049	0.050	0.050

TOTAL		643.640	557.473	466.021

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Sales and Services	864.800	921.749	1084.877
		Branch Transfers	14.746	10.219	12.064
		Miscellaneous Income	19.934	14.446	27.508
		TOTAL	899.480	946.414	1124.449

Less	EXPENSES
		Cost of Material	385.085	430.928	576.422
		Branch Transfers	14.746	10.219	12.064
		Excise Duty and Service Tax	54.486	62.617	65.020
		Manufacturing Expenses	172.991	231.655	210.857
		Repair and Maintenance	1.052	2.189	1.602
		Administrative Expenses	52.403	57.153	63.901
		Prior Period Adjustment (Expenses)	1.841	0.221	0.153
		Bad Debts (Old Doubtful Debts)	82.818	0.000	31.302
		TOTAL	765.422	794.982	961.321


Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		134.058	151.431	163.126

Less	FINANCIAL EXPENSES (D)		37.166	50.244	41.321

	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		96.892	101.187	121.805

Less/ Add	DEPRECIATION/ AMORTISATION (F)		6.539	6.212	4.968

	PROFIT BEFORE TAX (E-F) (G)		90.353	94.975	116.837

Less	TAX (I)		40.000	40.000	40.000

	PROFIT AFTER TAX (G-I) (J)		50.353	54.975	76.837

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		303.646	251.925	170.065

Add	Prior Period Income		58.018	0.000	0.000

Less/ Add	Income Tax Refund		(15.631)	(3.254)	5.023

	BALANCE CARRIED TO THE B/S		396.386	303.646	251.925

	EARNINGS IN FOREIGN CURRENCY
		Projects outside India	35.509	5.225	0.000
		Services Charges	0.000	0.000	0.500
		Export Sale	43.731	67.971	92.249
	TOTAL EARNINGS		79.240	73.196	92.749

	IMPORTS
		Raw Materials	14.831	172.437	319.619
		Bought Out	45.775	30.409	29.499
		Consumables – Electrodes	0.000	2.238	0.000
		Machinery	0.000	8.151	0.000
	TOTAL IMPORTS		60.606	213.235	349.118

	Earnings Per Share (Rs.)		70.46	--	--

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	5.59	5.47	7.28

Net Profit Margin (PBT/Sales)	(%)	10.04	10.30	10.77

Return on Total Assets (PBT/Total Assets}	(%)	13.48	9.75	12.68

Return on Investment (ROI) (PBT/Networth)		0.19	0.25	0.36

Debt Equity Ratio (Total Liability/Networth)		0.25	1.61	1.86

Current Ratio (Current Asset/Current Liability)		5.68	2.11	1.84

LOCAL AGENCY FURTHER INFORMATION

Bankers Charges Report as per Registry

This form is for	Creation of charge
Corporate identity number of the company	U74210MH1997PLC111921
Name of the company	INDUS PROJECTS LIMITED
Address of the registered office or of the principal place of business in India of the company	304, Loha Bhavan, P. D Mello Road, Mumbai – 400 009, Maharashtra, India E-Mail: indus1@vsnl.com
Type of charge	Movable Property
Particular of charge holder	L and T Finance Limited, L and T House, Ballard Estate, Mumbai – 400 001, Maharashtra, India E-Mail: mca21@ltfinance.com
Nature of description of the instrument creating or modifying the charge	Deed of Hypothecation No.838550
Date of instrument Creating the charge	10.01.2012
Amount secured by the charge	Rs.8.718 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest: 13.75% per annum Terms of Repayment: 12 months Extent and Operation of the charge: First And Exclusive Charge by Way Of Hypothecation As Per Clause Nos.2,4,5,8,10,13,14 And 16 Vide The Deed Of Hypothecation Dated10.01.2012.
Short particulars of the property charged	Asset description: Purchase of DG Set, Cranes, Plant and Machinery and Official Equipment Assets Location: India

CONTINGENT LIABILITIES NOT PROVIDED IN RESPECT OF:

Particulars	31.03.2010 (Rs. In millions)
A. Claims against the company not acknowledged as debts	To the extend not ascertained
B. Sales Tax U. P. Sales Tax	8.692 (Matter is in Tribunal Appeal)
C. Outstanding Bank Guarantees	323.804
D. Letter of Credit Outstanding	20.229
E. Income-Tax department filed the appeal in Mumbai High Court against the Tribunal order for A.Y. 1993-94, A.Y. 1994-95 and 1995-96 in the case of Indus Engineering Company (Partnership Firm)	To the extend not ascertained
F. Central Excises + Custom duty + Penalty	1.204

FIXED ASSETS:

· Goodwill

· Flat at Noida

· Land at Wada, Maharashtra

· Building (Flat)

· Office Premises at Vadodra

· Plant Machinery

· Office Equipments

· Computers

· Furniture and Fixture

· Air Conditioner

· Vehicles

· Capital Work in Progress

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.49.15
UK Pound	1	Rs. 78.24
Euro	1	Rs. 65.56

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	7
--CREDIT LINES	1~10	6
--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		55

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

185.529

327.510

276.561

408.514

65.271

57.931

0.000

0.000

142.737

95.449

670.098

845.416

56.834

236.515

18.816

142.075

139.099

42.130

42.130

117.780

552.318

5.59

5.47

7.28

10.04

10.30

10.77

13.48

9.75

12.68

0.19

0.25

0.36

0.25

1.61

1.86

5.68

Unit