MIRA INFORM REPORT

Report Date :

24.05.2012

IDENTIFICATION DETAILS

Name :	SAPA PROFILES INDIA PRIVATE LIMITED

Registered Office :	No. 17, II Floor, Bannerghatta Road, JP Nagar, 3^rd Phase, Bangalore-560076, Karnataka

Country :	India

Financials (as on) :	31.03.2011

Date of Incorporation :	02.07.2010

Com. Reg. No.:	08-063125

Capital Investment / Paid-up Capital :	Rs.10.000 Millions

CIN No.: [Company Identification No.]	U28999KA2010FTC063125

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacturing Aluminium Profiles.

No. of Employees :	Information denied by the management.

RATING & COMMENTS

MIRA’s Rating :

B (26)

RATING

STATUS

PROPOSED CREDIT LINE

26-40

Capability to overcome financial difficulties seems comparatively below average.

Small

Status :	Moderate

Payment Behaviour :	Slow

Litigation :	Clear

Comments :	Subject is a subsidiary of Sapa AB, Sweden. It is a relatively new company having moderate track. There appears huge accumulated losses recorded by the company. However, trade relations are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings on a secured 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 DECLINED BY

Name :	Mr. Sesha Kumar
Designation :	Finance Head
Contact No.:	91-80-49020100
Date :	23.05.2012

LOCATIONS

Registered Office :	No. 17, II Floor, Bannerghatta Road, JP Nagar, 3^rd Phase, Bangalore-560076, Karnataka, India
Tel. No.:	91-80-49020100
Fax No.:	91-80-49020101
E-Mail :	seshu.kumar@sapagroup.com
Website :	http://www.sapagroup.com

Factory 1 :	Fabrication Plant: 63-64, Bommasabdra Industrial Area, Anekal Taluka, Bangalore-560099, Karnataka, India
Tel. No.:	91-80-27839861
Fax No.:	91-80-27839868

Factory 2 :	Extrusion Unit: Sy-255, 279 and 257, Industrial Park, C Block, Kuppam-517425, Andhra Pradesh, India
Tel. No.:	91-8570-207499
Fax No.:	91-8570-255144

DIRECTORS

As on 08.12.2011

Name :	Kshemendranath Pudukudi
Designation :	Chairman cum Managing Director
Address :	Building No. 10, Flat No. 301, Swapnagiri Siddhachal Housing Complex, Off Pokharan Road No. 2, Thane-400601 (West), Maharashtra, India
Date of Birth/Age :	16.09.1965
Date of Appointment :	02.07.2010
Din No.:	01628693

Name :	Mr. Bharat Behal
Designation :	Director
Address :	C-1821, Sushant Lok, Phase I, Gurgaon-122001, Haryana, India
Date of Birth/Age :	14.04.1967
Date of Appointment :	02.07.2010
Din No.:	00700772

Name :	Per Lars Stefan Thorheim
Designation :	Director
Address :	Fasanvagen, 34A, 192, 55, Sollentuna, Stockholm-19255, Sweden
Date of Birth/Age :	27.09.1957
Date of Appointment :	08.12.2011
Din No.:	05144795

Name :	Mr. Peter Arendt
Designation :	Director
Address :	Trzcianka, The Wielkopolskie, Province UL, Kopernika Pin Code 18, Poland
Date of Birth/Age :	02.06.1963
Date of Appointment :	08.12.2011
Din No.:	05175717

KEY EXECUTIVES

Name :	Mr. Sesha Kumar
Designation :	Finance Head

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 08.12.2011

Names of Shareholders		No. of Shares
Kshemendranath Pudukudi		1
Sapa AB, Sweden		13817499

Total		13817500

As on 08.12.2011

Equity Share Breakup		Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]		100.00

BUSINESS DETAILS

Line of Business :

Manufacturing Aluminium Profiles.

PRODUCTION STATUS [AS ON 31.03.2011]

Particulars	Installed Capacity	Actual Production
Aluminium Profiles	512 MT Per Annum	8.693 MT

GENERAL INFORMATION

No. of Employees :

Information denied by the management.

Bankers :

Not Available

Facilities :

UNECURED LOAN

As on 31.03.2011

[Rs. in Millions]

Working capital loans from bank

[Due within one year Rs.70.500 millions]

70.500

Total

70.500


Banking Relations :	--

Auditors :
Name :	S.R. Batliboi and Company Chartered Accountants
Address :	UB City, Canberra Block, 12^th and 13^th Floor, No. 24, Vittal Mallya Road, Bangalore-560001, Karnataka, India
Tel. No.:	91-80-40275000
Fax No.:	91-80-22106000
Pan No.:	AABFS3421N

Holding Company:	Sapa AB, Sweden

Ultimate Holding Company:	Orkla ASA, Oslo, Norway

Fellow Subsidiary:	· Sapa Profiles (Shangai) Company Limited, China · Sapa Profiler AB, Sweden · Sapa Aluminium SP. Z.O.O., Poland · Spaa Heat Transfer Tubes India Private Limited, India · Sapa Building System Private Limited, India · Sapa Asia Private Limited · Borregaard Southasia Private Limited, India · Orkla India Private Limited, India · MTR Foods Private Limited, India

Subsidiaries :	Belgium Sapa RC Profiles NV/SA Kortemarkstraat 52 8810 Lichtervelde Belgium Tel: +32 5172 98 11 Fax: +32 5172 54 41 Sapa RC Profiles NV/SA 1, route de Wallonie 7011 Ghlin Belgium Tel: +32 6537 72 11 Fax: +32 6537 74 02 Canada Sapa Extrusions 325 rue Avro. Point Claire, Quebec H9R 5W3 Canada Tel: +1 800 563 5120 Sapa Extrusions 5675 Kennedy Road Mississauga, Ontario, L4Z 2H9 Canada Tel: +1 800 724 5947 China Sapa Profiles (Shanghai) Limited 1019 Jiatang Highway Jiading Shanghai 201807 China Tel: +86 21 59546500 Fax: +86 21 59542880 Sapa Profiles (Jiangyin) Company Limited No.888 South Shiji Avenue, Zhouzhuang Town, Jiangyin City, Jiangsu China Tel: +86 0510 86909881 or 86909882 Fax: +86 0510 86909880 Sapa Chalco Aluminium Products (Chongqing) Company Limited Chongqing,Jiu Longpo District, Xipeng industrial park. P.O box 401326 Chongqing China Tel: +86 1389 615 4319 Czech Republic Sapa Profily s.r.o. Nákladní 3107/3 702 00 Ostrava Czech Republic Tel/Fax: 596 252 272 Denmark Sapa Profiler A/S Julsoevej 1 8240 Risskov Denmark Tel: +45 86 32 6100 Fax: +45 86 32 6663 Estonia Sapa Profiilid AS Sales Office Moigu Technopark Sara tee 4/6 Peetri kula Rae vald Harjumaa Estonia 75301 Tel: +372 651 2991 Fax: +372 651 2990 Finland Sapa Profiilit Oy (Sales office) Sinikalliontie 18 A 02630 Espoo Finland Tel: +358 9 8678280 Fax: +358 9 86782820 France Sapa Profilé Puget SA Z.I. Du Camp Dessert Nord 83 488 Puget Sur Argens Cedex France Tel: +33 498 11 2000 Fax: +33 494 45 2344 Sapa Lacal SNC ZA du Garric 81 450 Le Garric France 1010 Fax: +33 563 80 2029 Sapa Profiles Albi SAS ZA du Garric 81 450 Le Garric France Tel: +33 563 80 1010 Fax: +33 563 54 7756 Germany Sapa Aluminium Profile GmbH Industriestrasse 10 Postfach 2380 77613 Offenburg Germany Tel: +49 781 5060 Fax: +49 781 50666 Sapa GmbH Dusseldorf (Sales Office) Wanheimer Str. 45 40472 Düsseldorf Tel: +49-211-43613-0 Fax:+49-781-9487645 Hungary Sapa Profiles Kft Verseci ut 1-15 H-8000 Székesfehérvár HUNGARY Tel: +36 22 532 400 Fax: +36 22 31 66 29 Italy Sapa Profili S.r.l. Strada Maritima II km 5,700 .04014 Fossanova, Latina Italy Tel: +39 (0)773 8561 Fax: +39(0)773 856 351 Sapa Profili S.r.l. Viale del Grappa 29 32032 Feltre Italy Tel: +39 (0)439 3341 Fax: +39(0)439 33 4267 Sapa Profili S.r.l. Via Toni Ebner 24 39100 Bolzano Italy Tel: +39 (0)471 906 111 Fax: +39(0)471 906 238 Latvia Sapa Profili SIA (Sales office) Dzelzavas street 120s 1021 Riga Latvia Tel: +371-7 147 661 Fax: +371-7 147 660 Lithuania UAB Sapa Profiliai Taikos av. 106 51001 Kaunas Lithuania Tel: +370 37-33 71 81 Fax: +370 37 33 71 79 Netherlands Sapa Aluminium BV Nijverheidsweg 9 Postbus 102 9600 AC Hoogezand The Netherlands Tel: +31 598 31 9911 Fax: +31 598 39 3673 Sapa Extrusions Inc Industrieweg 15 3846 BB Harderwijk Netherlands Tel: +31 (0) 341 464 411 Sapa Profiles NL BV Industrieweg 15 3840 AA Harderwijk The Netherlands Tel: +31 341 46 44 11 Fax: +31 341 46 7301 Sapa Profiles NL BV Alcoalaan 1 5151 RW Drunen The Netherlands Tel: +31 416 38 61 00 Fax: +31 416 38 62 10 Sapa Pole Products Alcoalaan 1 5151 RW Drunen P.O. Box 75 5150 AB Drunen The Netherlands Tel: +31 416 38 62 00 Fax: +31 416 38 62 30 Sapa H E Tubing Harderwijk Operation Industrieweg 15 3846BB Harderwijk The Netherlands Tel: +31 341 464 451 Fax: +31 341 467 300 Norway Sapa Profiler AS (Sales office) Kjeller Vest 6 2007 Kjeller Norway Tel: +47 63 89 2100 Fax: +47 63 89 2120 Poland Sapa Aluminium Sp. z o.o. Powder-coating plant ul. Graniczna 64/66 93-428 Lodz Poland Tel: +48 42 683 6300 Fax: +48 42 6836303 Portugal Sapa II Perfis, S.A. Travessa Nova das Alheiras, 216 4415 - 272 Pedroso Portugal Tel.: +351 227 865 92 Fax: +351 227 865 946 export.industria.pt@sapagroup.com Romania SC Sapa Profiles SRL Tudor Vladimirescu Street DN79A km 104 Chisineu Cris, Arad County Romania Tel: +40 257 307 800 Fax: +40 257 35 15 70 Slovakia Sapa Profily a.s. Na Vartičke 7 965 01 Žiar nad Hronom Slovakia Tel: +421 45 601 5001 Fax: +421 45 601 5003 Spain Sapa Holdings Spain SL (Sales office) c/o solsonés, 2 Edif. Prima Muntadas Esc. B 3a Pl. Ofc. B3 Poligono Mas Blau - El Prat de Llobregat 08820 Barcelona Spain Tel: +34 93 374 16 98 Fax: +34 93 370 87 37 Sapa Profiles Perifalsa Po. In. Sabon Parc 151-154-155 15142 Arteixo, La Coruna Spain Tel: +34 981 600 116 Fax: +34 981 602 885 Sapa Profiles La Selva PI Milenuym Avda del Aluminio s/n 43470 La Selva del Camp, Tarragona Spain Tel: +34 977 307 000 Fax: +34 977 307 001 Sapa Profiles Navarra Aralar 9 31860 Irurtzun, Pamplona Spain Tel: +34 948 507 100 Fax: +34 948 507 130 Sweden Sapa Profiler AB Metallvägen 574 81 Vetlanda Sweden Tel: +46 383 94100 Fax: +46 383 15435 Sapa Profiler AB Box 72 Myrkärrsvägen 1 612 22 Finspång Sweden Tel: +46 122 120 50 Fax : +46 122 101 83 Sapa Profiler AB (Sales office) Mölndalsvägen 30b 412 63 Göteborg Sweden Tel: +46 31 80 7620 Fax: +46 31 15 3722 Sapa Profiler AB (Sales office) Box 6002 102 31 Stockholm Sweden Tel: +46 8 728 3200 Fax: +46 8 728 3220 Sapa Profiler AB (Sales office) Västra Esplanaden 19 903 25 Umeå Sweden Tel: +46 90 999 48 30 Fax: +46 90 13 73 10 Sapa Komponenter AB Metallvägen 574 81 Vetlanda Sweden Tel: +46 383 941 00 Fax: +46 383 945 04 Sapa Lackering AB Nydalavägen 16 Box 224 574 23 Vetlanda Sweden Tel: +46 383 76 2300 Fax: +46 383 17309 Sapa Profilbearbetning AB Skäggebyvägen 23b 612 44 Finspång Sweden Tel: +46 122 120 50 Fax: +46 122 197 19 Sapa Profilbockning AB Brudabäcksvägen 574 35 Vetlanda Sweden Tel: +46 383 762150 Fax: +46 383 762160 Switzerland Sapa Aluminium Profile AG Lausanne (Admin office) ch des Charmettes 9 1003 Lausanne Switzerland Sapa Aluminium Profile AG Zug (Sales office) Chamerstrasse 176 6300 Zug Switzerland Tel: +41 55 263 27 77 Fax: +41 55 263 27 78 UK Sapa Components UK Limited G loucester Spinnaker Park Spinnaker Road Gloucester GL2 5DG UK Tel: +44 1452502502 Fax: +44 1452503503 Sapa Components UK Limited Rotherham Barbot Hall Industrial Estate Mangham Road Rotherham S62 6EF UK Tel: +44 1709 833 959 Fax: +44 1709 829 251 Sapa Profiles UK Limited Saw Pit Industrial Estate Tibshelf Alfreton DE55 5NH UK Tel: +44 1773 872 761 Fax: +44 1773 874 389 Sapa Profiles UK Limited Centrum Park Tewkesbury Road Cheltenham Gloucestershire GL51 9DT UK Tel: +44 1242 699 200 Fax: +44 1242 513 304 Sapa Profiles UK Limited Application Centre, Sapa House Ravensbank Drive North Moons Moat Redditch Worcestershire B98 9NA UK USA Sapa Extrusions North American Headquarters 9600 Bryn Mawr Avenue Rosemont, IL 60018 USA Tel: +1 877 710 Sapa (877 710 7272) Sapa Extrusions P.O. Box 535271 PA 15253 Pittsburgh Sapa Extrusions 330 Elmwood Road Crestwood Industrial Park Mountain Top, PA 18707 USA Tel: +1 800 220 5935 Sapa Extrusions 142 Sapa Drive PO Box 188 Delhi, LA 71232 USA Tel: +1-800- 533-2901 Sapa Extrusions 2905 Old Oakwood Road Gainesville, GA 30504 USA Tel: +1 770 532 4037 Sapa Extrusions 2500 Alumax Rd Yankton, SD 57078 USA Tel: +1-800-843-0023 Sapa Extrusions 18111 E. Railroad Street City of Industry, CA 91748 USA Tel: +1 800 210 5393 Sapa Extrusions 7933 NE 21st Ave. Portland, OR 97211 USA Tel: +1 800 547 0790 Fax: +1 503 802 3059 Speciality Products: Sapa Extrusions 248 West Greene Street Magnolia, AR 71753 USA Tel: +1-800-643-1514 Sapa Extrusions 1512 Industry Drive Burlington, NC 27216 North Carolina USA Tel: +1 800 334 6825 Industrial Products: Sapa Extrusions 5120 N. Western Avenue Connersville, IN 47331 USA Tel: +1 866 576 0146 Sapa Extrusions 1500 E. Murden Street Kokomo, IN 46901 USA +1 765 457 1117 Sapa Extrusions 53 Pottsville Street Cressona, PA 17929 USA Tel: +1-800-233-3165 Sapa Extrusions 3406 Reedey Drive Elkhart, IN 46514 Indiana USA Tel: +1 800 626 5872 Sapa Extrusions 1550 Kirby Lane Spanish Fork, UT 84660 USA Tel: +1-801-798-8730

CAPITAL STRUCTURE

As on 08.12.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
13817500	Equity Shares	Rs.100/- each	Rs.1381.750 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
13817500	Equity Shares	Rs.100/- each	Rs.1381.750 Millions

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
250000	Equity Shares	Rs.100/- each	Rs.25.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.100/- each	Rs.10.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011
SHAREHOLDERS FUNDS
1] Share Capital		10.000
2] Share Application Money		0.000
3] Reserves & Surplus		0.000
4] (Accumulated Losses)		(24.066)
NETWORTH		(14.066)
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		70.500
TOTAL BORROWING		70.500
DEFERRED TAX LIABILITIES		0.000

TOTAL		56.434

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		48.920
Capital work-in-progress		0.188

INVESTMENT		0.000
DEFERREX TAX ASSETS		0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	7.836
	Sundry Debtors	0.888
	Cash & Bank Balances	4.375
	Other Current Assets	0.000
	Loans & Advances	9.518
Total Current Assets		22.617
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	12.075
	Other Current Liabilities	2.309
	Provisions	0.907
Total Current Liabilities		15.291
Net Current Assets		7.326

MISCELLANEOUS EXPENSES		0.000

TOTAL		56.434

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2011

SALES		4.200

NET PROFIT / LOSS		(24.060)

EARNINGS IN FOREIGN CURRENCY
	Service Income	2.411
	Commission Income	0.612
TOTAL EXPORTS		3.023

IMPORTS
	Raw Materials	3.941
	Capital Goods	34.806
TOTAL IMPORTS		38.747

KEY RATIOS

PARTICULARS				31.03.2011
Debt Equity Ratio (Total Liability/Networth)				(6.10)

Current Ratio (Current Asset/Current Liability)				1.48

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS:

Particulars

31.03.2011

(Rs. in millions)

Sundry Creditors

Total outstanding dues of other creditors

12.075

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	No
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	Yes
10) Designation of contact person	Yes
11) Turnover of firm for one year	Yes
12) Profitability for last one year	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	No
24) Banking facility details	Yes
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	Yes
28) Incorporation details, if applicable	Yes
29) Last accounts filed at ROC	Yes
30) Major Shareholders, if available	Yes

FINANCIAL HIGHLIGHTS:

During the year the company commenced business and has earned an income from sales of Rs.4.200 millions resulting in a net loss of Rs.24.060 millions.

OPERATIONS:

The commercial operations of the company commenced on 7^th March, 2011. Substantial portion of the year was used in ordering and commission of the plant and machinery required for setting their fabrication unit in Bommasandra, Bangalore. Further on March 4^th 2011, the company entered into an Assets Transfer Agreement (“ATA”) with Alufit (India) Private Limited (Alufit). Pursuant to such ATA, the company has acquired extrusion assets (moveable assets, plant and real properties) for an aggregate consideration of Rs.981.700 millions. The ATA is effective 1^st April 2011.

NATURE OF OPERATIONS:

Subject was incorporated on July 2, 2010 under the Companies Act, 1956. The company has been set up with the main objective of manufacturing aluminium profiles in desired shapes and sizes for differed type of industries including all industrial process which converts aluminium ingots into profiles and other related activities effective March 7, 2011, the company commenced its commercial operations.

OPERATIONAL OUTLOOK:

Sapa AB, Sweden the holding company of the company will provide operational and financial support to the company in the foreseeable future. The holding company has no plans to liquidate the company or sell or otherwise dispose of all or a significant portion of its investment in the company. Accordingly, the financial statements have been prepared on a going concern basis.

CONTINGENT LIABILITIES NOT PROVIDED FOR:

The company has obtained licenses under the Export Promotion Capital Goods (EPCG) Scheme for importing capital goods at a concessional rate of customs duty against submission of bank guarantee and bonds.

Under the terms of the respective schemes, the company is required to export goods of FOB value equivalent to, or more than, six times the duty saved in respect of certain capital goods. The Export Promotion Capital Goods Scheme, Foreign Trade Policy 2004-2009 as issued by the Central Government of India, covers both manufacture exporters and service providers.

Accordingly, the company is required to export goods of FOB value of Rs.47.696 millions by financial year 16-17. In the event of failure in respect of full or part of the export obligation in accordance with the provision of EPCG Scheme, the company has undertaken to pay customs duty proportionate to the extent of shortfall in export obligation and also interest @ 15% per annum thereon for the period of shortfall.

FIXED ASSETS:

· Plant and Machinery

· Leasehold Improvements

· Computer

· Office Equipments

· Furniture and Fixtures

· Computer Software

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.55.93
UK Pound	1	Rs.88.15
Euro	1	Rs.70.87

INFORMATION DETAILS

Information Gathered by :	SVA

Report Prepared by :	TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	-
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	-
--CREDIT LINES	1~10	3
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		26

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
-	NB	New Business	-

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

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

MIRA INFORM REPORT

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