MIRA INFORM REPORT

Report Date :

10.03.2012

Tel. No.:

0230 2468096

IDENTIFICATION DETAILS

Name :	S.B. RESHELLERS PRIVATE LIMITED
Registered Office :	392, E-Ward, Shahupuri, Post Box No.201, Kolhapur-416001, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	30.04.1949
Com. Reg. No.:	11-007210
Capital Investment / Paid-up Capital :	Rs. 87.115 Millions
CIN No.: [Company Identification No.]	U29199MH1949PTC007210
TAN No.: [Tax Deduction & Collection Account No.]	KLPS04961F
PAN No.: [Permanent Account No.]	AAACT9142M
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Suger Mill Plants, Roller Sugar Mill Machinery
No. of Employees :	250 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 1000000
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.

INFORMATION PARTED BY

Name :	Mr. A S. Shah
Designation :	Accounts Manager
Contact No.:	91-231-2468096
Date :	06.03.2012

LOCATIONS

Registered Office :	392, E-Ward, Shahupuri, Post Box No.201, Kolhapur-416001, Maharashtra, India
Tel. No.:	91-231-2658297 / 2658893 / 2468096
Fax No.:	91-231-2653365 / 2468678
E-Mail :	helpdesk@sbreshellers.com kpr_sbrmd@sacharnet.com
Website :	www.sbreshellers.com
Work Shop :	D-5, 15, MIDC, Shiroli, Kolhapur-416122, Maharashtra

DIRECTORS

AS ON 21.09.2011

Name :	Mr. Rajendra Vinayak Shirgaokar
Designation :	Director
Address :	At Post Ugar Khurd, Belgaum-591316, Karnataka, India
Date of Birth/Age :	10.06.1935
Date of Appointment :	24.11.1999
DIN No.:	00542644
Name :	Mr. Sachin Rajendra Shirgaokar
Designation :	Managing Director
Address :	Meena Sarlashkar Heritafe, Opposite Pcirccuit House, Tarabai Park, Kolhapur-416003, Maharashtra, India
Date of Birth/Age :	26.02.1966
Date of Appointment :	17.06.1994
DIN No.:	01512497
Name :	Mr. Sanat Kumar Shirgaokar
Designation :	Director
Address :	330, Shahupuri, Kolhapur-416001, Maharashtra, India
Date of Birth/Age :	20.03.1963
Date of Appointment :	17.06.1996
DIN No.:	00208235
Name :	Ms. Prafulla Vinayak Shirgaokar
Designation :	Director
Address :	At Post Ugar Khurd, Belgaum-591316, Karnataka, India
Date of Birth/Age :	11.09.1938
Date of Appointment :	20.03.1997
DIN No.:	00151114
Name :	Mr. Jeevan Vasant Shirgaokar
Designation :	Whole Time Director
Address :	12, Amey Housing Society, Takala, Kolhapur, Maharashtra, India
Date of Birth/Age :	18.04.1957
Date of Appointment :	24.11.1999
DIN No.:	00254572
Name :	Mr. Anant Shriniwas Huilgol
Designation :	Director
Address :	2147, Shrinivas, E Ward, Tarabai Park, Kolhapur, Maharashtra, India
Date of Birth/Age :	03.06.1939
Date of Appointment :	24.11.1999
DIN No.:	00254492
Name :	Mr. Chandan Sanjeev Shirgaokar
Designation :	Director
Address :	Swnand Apartment, Station Road, New Shahupuri, Kolhapur, Maharashtra, India
Date of Birth/Age :	20.10.1977
Date of Appointment :	01.08.2004
DIN No.:	00208200
Name :	Mr. Niraj Shishir Shirgaokar
Designation :	Director
Address :	12, Kostka, 31, Pali Road, Bandra (West), Mumbai-400050, Maharashtra, India
Date of Birth/Age :	25.05.1972
Date of Appointment :	20.02.2006
DIN No.:	00254525
Name :	Mr. Sohan Sanjeev Shirgaokar
Designation :	Director
Address :	At Post Ugar Khurd, Belgaum-591316, Karnataka, India
Date of Birth/Age :	07.12.1982
Date of Appointment :	16.04.2008
DIN No.:	00217631
Name :	Mr. Shishir Suresh Shirgaokar
Designation :	Director
Address :	12, Kostka, 31, Pali Road, Bandra (West), Mumbai-400050, Maharashtra, India
Date of Birth/Age :	06.01.1945
Date of Appointment :	22.07.2011
DIN No.:	00166189

KEY EXECUTIVES

Name :	Mr. A S. Shah
Designation :	Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 21.09.2011

Names of Shareholders	No. of Shares
Radhika Shirgaokar	2719
Shishir Shirgaokar and Savita Shirgaokar	38853
Savita Shirgaokar	6926
Kunda Shirgaokar	2671
Jeevan Shirgaokar	7410
Anant Huilgol and Asha Huilgo	17500
Mukund Kulkarni and Alakananda Kulkarni	5880
Sachin Shirgaokar	3332
Prabhakar Shirgaokar Investment Private Limited, India	38356
Suresh Shirgaokar Investment Private Limited, India	30360
Vinayak Shirgaokar Investment Private Limited, India	76644
D. M. Shirgaokar Investment Private Limited, India	51466
Tagare Dattatray Ratnakar	1568
Prafuula Shirgaokar Investment Private Limited, India	11422
Mohan Shirgaokar Investment Private Limited, India	52226
Shishir Shirgaokar Investment Private Limited, India	19304
Sanjeev Shirgaokar Investment Private Limited, India	15768

AS ON 21.09.2011

Equity Shares Break Up	Percentage
Bodies corporate	60.00
Directors or relatives of Directors	34.00
Other top fifty shareholders	6.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Suger Mill Plants, Roller Sugar Mill Machinery

Products :

ITC CODE	PRODUCTS
8438.90	Sugar Mill Rollers (Mill Spares)
7325.10	Cast Iron Casting

Exports :

Countries :

Philippines

Terms :

Selling :

L/C, Credit (30 days)

Purchasing :

L/C, Credit (30 days)

PRODUCTION STATUS (AS ON 31.03.2011)

ENGINEERING DIVISION UNIT NO.I

Particulars	Unit	Installed Capacity	Actual Production
CI/SG Iron/Nickel Casting	MT	12000	137064
Steel Castings.	MT	300	--
Sugar Mill Roller	MT	--	8800.70
Shells	Nos.	--	1145

ENGINEERING DIVISION UNIT NO.II

Particulars	Unit	Installed Capacity	Actual Production
Tail Bar Shaft	MT	--	1
Sugar Mill Roller	Nos.	250	97

Notes:

A. Installed capacity is as certified by the Managing Director.

B. Engineering Division Unit No-I Out of Sugar Mill Roller Shells produced and including Opening Stock of 336 Nos.(Previous Year 385 Nos.)

i) 664 Nos. (Previous Year 496 Nos.) shells are used in carrying out the shelling / reshelling of Sugar Mill Rollers.

ii) 332 Nos. (Previous Year 290 Nos.) shells are used in manufacturing of New Sugar Mill Rollers.

iii) 163 Nos. (Previous Year 53 Nos. which includes 1 no of sleeve) shells are sold direct to customer.

iv) 317 Nos. (Previous Year 332 Nos.) shells are lying in stock at the end of the year in semi finished condition

v) 5 Nos. (Previous Year 10 Nos.) shells are used as free replacement of Rollers.

vi) Nil Nos. ( Previous Year 4 Nos.) shells are lying in stock at the end of the year in finished condition.

vii) Besides 4.500 M.T. of castings produced for captive consumption. (Previous year 101.280 M.T.)

C. Engineering Division Unit No-I Out of C.I. /C.S./S.G.Iron Castings produced. 163.290 M.T. (Previous Year 104.580 M.T.) are lying in stock in semi finished condition at the end of the year.

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

250 (Approximately)

Bankers :

· IDBI Bank Limited, Shivaji Chowk Branch, Shivaji Chowk, Kolhapur-416002, Maharashtra, India

· HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai-400013, Maharashtra, India

Facilities :

Secured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Working capital loans secured
Working capital loans banks secured	75.564	53.731
Loans taken for fixed assets secured
Loans taken for vehicles secured	0.749	1.744
Loans taken for other fixed assets secured	17.632	25.515
Deposits secured	0.000	0.225
Total	93.945	81.215
Unsecured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Loans directors unsecured	0.485	2.535
Deposits related parties unsecured	13.334	30.987
Interest accrued due unsecured loans
Interest accrued due other debt unsecured	0.302	0.626
Total	14.121	34.148

Banking Relations :	--
Auditors :
Name :	P.G.Bhagwat Chartered Accountant
Address :	Manoj Arcade, 1^st Floor, Guruwar Peth, Tilakwadi, Belgaum 590006
Pan No.:	AAAFB0762E
Associates :	Tara Tiles Private Limited, Kolhapur
Enterprises over which KMP or Relatives of KMP are able to exercise significant influence :	· Shantaram Machineries Private Limited · Tara Tiles Private Limited · Galaxy Machinery Private Limited · D. M. Shirgaokar Investments Private Limited · Mohan Shirgaokar Investments Private Limited · Shishir Shirgaokar Investments Private Limited · Suresh Shirgaokar Investments Private Limited · Vinayak Shrigaokar Investments Private Limited · Sanjeev Shirgaokar Investments Private Limited · Prabhakar Shirgaokar Investments Private Limited · Prafulla Shirgaokar Investments Private Limited · B. B. Theaters Private Limited · Ugar Pipe Industries · Ugar Quality Packing Private Limited · Sangli Fabricators Private Limited · Synergy Green Industries Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2011

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
871150	Equity Shares	Rs.100/- each	Rs. 87.115 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		87.115	21.717	21.717
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		166.704	150.990	114.008
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		253.819	172.707	135.725
LOAN FUNDS
1] Secured Loans		93.945	81.215	122.700
2] Unsecured Loans		14.121	34.148	26.529
TOTAL BORROWING		108.066	115.363	149.229
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		361.885	288.070	284.954
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		122.716	108.723	108.651
Capital work-in-progress		14.732	5.025	12.351
INVESTMENT		64.107	63.087	63.926
DEFERREX TAX ASSETS		7.979	9.638	4.936
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	256.221	164.371	223.126
	Sundry Debtors	41.174	52.178	51.292
	Cash & Bank Balances	74.350	20.715	6.072
	Other Current Assets	13.167	7.322	19.362
	Loans & Advances	34.102	9.343	21.322
Total Current Assets		419.014	253.929	321.174
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	156.135	82.510	121.948
	Other Current Liabilities	98.143	55.786	86.858
	Provisions	12.385	14.036	17.278
Total Current Liabilities		266.663	152.332	226.084
Net Current Assets		152.351	101.597	95.090
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		361.885	288.070	284.954

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	NA	613.171	630.097
		Other Income
		TOTAL	NA	613.171	630.097
Less	EXPENSES
		Office Expenses	NA	564.682	585.733
		Administrative Expenses
		Advertising Expenses
		TOTAL	NA	564.682	585.733
	PROFIT BEFORE TAX		NA	48.489	44.364
Less	TAX		NA	11.975	11.522
	PROFIT AFTER TAX		18.777	36.514	32.842
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		120.575	89.418	64.657
Less	APPROPRIATIONS
		Transfer to General Reserve	3.000	2.824	3.000
		Dividend	4.356	2.172	4.343
		Tax on Dividend	0.706	0.361	0.738
	BALANCE CARRIED TO THE B/S		131.290	120.575	89.418
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	NA	35.759	27.825
		Other Earnings	NA	0.858	5.257
	TOTAL EARNINGS		NA	36.617	33.082
	IMPORTS
		Raw Materials	NA	0.000	1.980
		Stores & Spares	NA	0.000	0.000
	TOTAL IMPORTS		NA	0.000	1.980
	Earnings Per Share (Rs.)		38.35	168.14	--

Expected Sales (2011-2012) : Rs. 750.000 Millions.

The above information has been parted by Mr. A. S. Shah.

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	NA	5.95	5.21
Return on Total Assets (PBT/Total Assets}	(%)	NA	7.91	7.04
Return on Investment (ROI) (PBT/Networth)		NA	0.28	0.33
Debt Equity Ratio (Total Liability/Networth)		1.48	1.55	2.77
Current Ratio (Current Asset/Current Liability)		1.57	1.67	1.42

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. Constructions 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	Yes
12. Profitability for last three years	No
13. Reasons for variation <> 20%	No
14. Estimation for coming financial year	Yes
15. Capital in the business	Yes
16. Details of sister concerns	Yes
17. Major suppliers	No
18. Major customers	Yes
19. Payments terms	Yes
20. Export / Import details	Yes
21. Market information	------
22. Litigations that the firm / promoter involved	------
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	------
29. Last accounts filed at ROC	------
30. Major Shareholders, if available	------

SUNDRY CREDITORS DETAILS

(Rs. In Millions)

Particulars	31.03.2011	31.03.2010	31.03.2009
Sundry Creditors
Creditors due small micro enterprises	0.000	0.000	0.000
Creditors due others	156.135	82.510	121.948
Total	156.135	82.510	121.948

REVIEW OF OPERATIONS:

The comparative operational performance for the last two years is as follows:

A) Engineering Division :

a) Shiroli Unit (Unit 1)

The unit earned a sales turnover of Rs. 512.900 Millions during this year as compared to Rs. 453.100 Millions for the previous year thereby indicating an increase by about 13.20%. The income by way of reshelling charges amounted to Rs.171.900 Millions as compared to Rs.116.200 Millions for the previous year thereby indicating an increase 47.93% .The total income of the Unit (I) of the Engineering Division amounted to Rs.729.300 Millions [Pervious year Rs. 601.200 Millions].

The unit produced 8800 MT (Previous year 5902 MT) of C. I. Castings for sugar mill roller shells. It produced 1145 No. (Previous Year 800 Nos.) shells in this year. The Unit also produced Cast Iron and SG Iron Castings for the engineering sector. It produced 1370 MT (previous year 867 MT) of castings in this year. Production of steel Castings amounted to Nil (Previous Year 11 MT).

b) Uttaranchal Unit (Unit 2)

The unit produced 97 numbers of rollers as compared to 35 Nos. of Rollers for the previous year. The unit earned a sales turnover of Rs.16.300 Millions (Previous year 9.200 Millions). The income by way of reshelling charges amounted Rs.11.300 Millions (Previous Year Rs.7.000 Millions). The total income of the Unit 2 amounted to Rs. 49.800 Millions (previous year Rs. 20.600 Millions).

B) Hotel Division :

The Pavillion Hotel has registered Sales Turnover of Rs. 7.600 Millions for the current year as compared to Rs. 7.200 Millions for the previous year.

CONTINGENT LIABILITIES NOT PROVIDED FOR (AS ON 31.03.2011)

Engineering Division : Unit No-1 :

i) In respect of Excise Duty and Service Tax Rs. 6.269 Millions (Previous Year Rs. 6.269 Millions) matter sub-judice.

ii) Claims under Factories Act, amount not ascertainable, matter sub-judice.

iii) Works Contract Tax for the F.Y.2000-01 Rs. 0.030 Million and F.Y.2001-02 Rs. 0.020 Million Previous Year Rs. 0.050 Million), matter sub-judice.

iv) B.S.T. Tax for the F.Y. 2001-02 Rs.0.047 Million (Previous Year Rs. 0.047 Million)

v) C.S.T. Tax for the F.Y. 2001-02 Rs. 0.020 Million (Previous Year Rs. 0.020 Million)

Engineering Division : Unit No-2 :

I) In respect of Service Tax (Including Penalty) Rs. 4.409 Millions (Previous Year Rs. 2.228 Millions), matter sub-judice.

Hotel Division :

I) Guarantee given to State Excise for Bar Licence Rs. 0.051 Million (Previous Year Rs. 0.051 Million) KMC towards Licence fees Rs. 0.048 Million (Previous Year Rs.0.048 Million)

FORM 8

Corporate identity number of the company	U29199MH1949PTC007210
Name of the company	S.B. RESHELLERS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	392, E-Ward, Shahupuri, Post Box No.201, Kolhapur-416001, Maharashtra, India
This form is for	Modification of charge
Type of charge	Immovable property Movable property (not being pledge)
Particular of charge holder	IDBI Bank Limited, Shivaji Chowk Branch, Shivaji Chowk, Kolhapur-416002, Maharashtra, India
Nature of instrument creating charge	Memorandum of Further Depositing Title Deeds of the Property in respect of Increased Limits
Date of instrument Creating the charge	30.08.2011
Amount secured by the charge	Rs. 63.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest BBR + 250 bps Terms of repayment Period : 63 Months Repayment : 1.050 Millions Per Month + Monthly Interest Separately Including During Drawal Period Margin 25% Extent and operation of the charge Charge To Secure Term Loan of Rs. 63.000 Millions
Short particulars of the property charged (Including location of the property)	Prime: Equitable Mortgage of Entire Gross Block (Existing and Proposed) of Kolhapur Engineering Division Present valuation Rs. 181.500 Millions as per valuation report + valuation of assets Rs. 124.000 Millions to be acquired/created out of new term loan. Total valuation Rs. 305.500 Millions Collateral: 1. Plot No. D-5 in Shiroli (Kolhapur) Industrial Area, Toap, Taluka Hatkanangale, District Kolhapur containing by ad. 8004 Sq. Mtrs. or thereabout and bounded as: On or towards EAST: MIDC Road, On or towards WEST: MIDC Land, On or towards SOUTH: MIDC Road,(18.50 M. R/W), On or towards NORTH: Pipe Line. 2. Plot No. D-15 in Shiroli (Kolhapur) Industrial Area, Toap, Taluka Hatkanangale, District Kolhapur containing by ad. 3998 Sq. Mtrs. or thereabout and bounded as: On or towards EAST: Plot No. 5, On or towards WEST: Plot No. D-16, On or towards SOUTH: MIDC Road,(18.50 M. R/W), On or towards NORTH: Pipe Line. 3. Plot No. 51, 52 and 53 In Sector 7 Integrated Industrial Estate, Pantnagar, Rudrapur, Uttaranchal along with the present structure thereon. 4. Plot No. D-14/ part ad. 8616 Sq. Mtrs. or thereabout along with Steel Fabricated Structure, shed standing thereon ad. 175.98 Sq. Mtrs. in the Shiroli Industrial Area, Toap, Taluka Hatkanangale, District Kolhapur and bounded as: On or towards EAST: Plot No. D-6, to D-9, On or towards WEST: Plot No. D-19, On or towards SOUTH: By Pipe Line and Plot No. D-5 and D-15, On or towards NORTH: Plot No. D-14.
Charge identification number of the charge to be modified	10282159
Particulars of the present modification	Modification to provide Collateral security by way of Equitable Mortgage by Depositing Title Deeds of Immovable Properties mentioned at Sr. No. 15 in respect of Term Loan of Rs. 63.000 Millions

FIXED ASSETS

· Computer Software

· Plant and Machinery

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. 50.01
UK Pound	1	Rs. 79.00
Euro	1	Rs. 66.17

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	5
--LIQUIDITY	1~10	5
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		46

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.