MIRA INFORM REPORT

Report Date :

27.11.2012

IDENTIFICATION DETAILS

Name :	S. V. S. WIRES PRIVATE LIMITED
Registered Office :	Shed No.D-36, Phase No. IV Extension, I.D. S. Jeedimetla, R. R. ST, Hyderabad – 500055, Andhra Pradesh
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	26.06.1996
Com. Reg. No.:	01-24442
Capital Investment / Paid-up Capital :	Rs.22.000 Millions
CIN No.: [Company Identification No.]	U27209AP1996PTC024442
TAN No.: [Tax Deduction & Collection Account No.]	HYDS04075B HYDS04192G
PAN No.: [Permanent Account No.]	AADCS9904P
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturers of Superior Quality Refrigerator Wire.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 240000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

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

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

LOCATIONS

Registered / Head Office / Factory 1 :	Shed No.D-36, Phase No. IV Extension, I.D. S. Jeedimetla, R. R. ST, Hyderabad – 500055, Andhra Pradesh, India
Tel. No.:	91-40-23092271 / 23090050 / 65980632
Fax No.:	91-40-23097228
E-Mail :	accounts@svs-wires.com info@svs-wires.com
Website :	http://www.svs-wires.com
Condensor and Filter Drier Factory 2 :	Plot No. 4, Phase IV Extn. Jeedimetla, Hyderabad, Andhra Pradesh, India
Tel. No.:	91-40-23091045 / 65980634
West India Shelf Factory 3 : (Pune Unit)	Gat No. 35/1 Village: Karde, Taluka Shirur, District Pune, Maharashtra, India
Tel No:	91 - 2138 - 288016
Email :	svspune@svs-wires.com
North India Shelf Factory 4 (Ghaziabad Unit) :	1022 , Bisrakh Road, Village : Chapraula, District Gautam Budh Nagar, Uttar Pradesh, India
Tel No:	91-120-6529869 / 6529816
Fax No.:	91-120-2717641
Email :	svsfbd@svs-wires.com
Factory 5 :	Polymer Division D-1, Phase IV Extension, Jeedimetla, Hyderabad, Andhra Pradesh, India
Tel. No.:	91-40-23193406 / 65980635
Fax No.:	91-40-23097228
E-Mail :	info@svsplastomers.com
Website :	www.svsplastomers.com

DIRECTORS

AS ON 30.09.2011

Name :

Mr. Praveen Kumar Tyagi

Designation :

Director

Address :

Plot No.41 and 45, Kiran Enclave, Sikh Road, Secunderabad – 500009, Andhra Pradesh, India

Date of Birth/Age :

13.11.1972

Qualification :

M. Tech

Date of Appointment :

01.08.2004

Din No.:

00239677

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	U27209AP1996PTC024442	S. V. S. WIRES PRIVATE LIMITED	Director	01/08/2004	01/08/2004	Active	NO
2	U31300AP1990PTC011255	NER GLASSTECH PRIVATE LIMITED	Director	10/02/2007	10/02/2007	Active	NO
3	U31300AP1984PTC005217	S.V.S REFCOMP PRIVATE LIMITED	Director	24/06/2010	24/06/2010	Active	NO
4	U27200AP2012PTC080036	ASTER PRECITUBES PRIVATE LIMITED	Director	30/03/2012	30/03/2012	Active	NO

Name :

Mrs. Madhu Tyagi

Designation :

Director

Address :

Plot No.41 and 45, Kiran Enclave, Sikh Road, Secunderabad – 500009, Andhra Pradesh, India

Date of Birth/Age :

15.06.1964

Date of Appointment :

26.06.1996

Din No.:

00253106

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	U27209AP1996PTC024442	S. V. S. WIRES PRIVATE LIMITED	Director	26/06/1996	26/06/1996	-	Active	NO
2	U80900AP2005NPL045601	CONFEDERATION OF WOMEN ENTREPRENEURS	Director	27/09/2008	27/09/2008	24/04/2012	Active	NO

Name :

Mr. M. Rajasekhara Sastry

Designation :

Director

Address :

Plot No.407, SMR Empire Street No.9, West Marredpally, Secunderabad, Andhra Pradesh, India

Date of Birth/Age :

17.06.1940

Date of Appointment :

04.09.1997

Din No.:

00074932

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	L36991TN1991PLC021888	STANPACKS (INDIA) LIMITED	Director	27/11/1996	27/11/1996	25/09/2008	Active	NO
2	U27209AP1996PTC024442	S. V. S. WIRES PRIVATE LIMITED	Director	04/09/1997	04/09/1997	-	Active	NO
3	U00315KA1994PTC015122	ASIA LPG PRIVATE LIMITED	Director	21/11/1998	21/11/1998	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
Madhu Tyagi	52240
M. Rajasekhara Sastry	1000
Vijaya Laxmi Sastry	925
S. K. Tyagi and Sons (HUF)	5560
Ashok Thakur	3300
Govind Giri	3250
Sita Ram Gupta	2000
Suresh Kumar Tyagi	18460
Praveen Kumar Tyagi	84215
Bhavana Tyagi	24050
Rita Giri	1000
R P Singh	2150
Tarun Kumar Tyagi	1000
Preeti Tyagi	500
Mukesh Tyagi	1000
Arun Tyagi	9500
Veerender Kumar Tyagi	1000
Praveen Kumar Tyagi and Sons (HUF)	3850
Shashi Kumar	2000
Rekha Gupta	3000
Rajendra Ranjit Jagdale	200
TOTAL	220200

AS ON 30.09.2011

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	92.33
Other top fifty shareholders	7.67
TOTAL	100.00

BUSINESS DETAILS

Line of Business :

Manufacturers of Superior Quality Refrigerator Wire.

PRODUCTION STATUS [AS ON 31.03.2011]

Particulars	Actual Production [Nos.]
Wire Shelf	7477547
Filter Drier	8349505
Condenser	1289811
Refrigeration Parts	--
Scrap in Kgs.	240463

GENERAL INFORMATION

Customers :

· Anchor Daewoo Industries Limited

· Applicomp India Limited

· Electrolux Kelvinator Limited

· Godrej and Boyce Manufacturing Limited

· Hindustan Coca-Cola

· Indo-Western Refrigeration Private Limited

· LG Electronics Private Limited

· Maharaja Appliances

· Rockwell Industries Limited

· TI Cycles

· Videocon Appliances Limited

· Voltas Limited

· Whirlpool of India Limited

No. of Employees :

Not Available

Bankers :

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

· State Bank of Hyderabad

· Indus-Ind Bank Limited

· ICICI Bank

Facilities :

Secured Loan	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
ICICI Bank [Secured against hypothecation of car]	0.000	0.057
Indus-Ind Bank Limited [Secured against hypothecation of car]	0.353	0.539
Reliance Capital Limited [Secured against hypothecation of car]	0.324	0.991
State Bank of Hyderabad Cash Credit [Secured against hypothecation of stocks and book debts]	0.000	55.006
HDFC Bank Limited Cash Credit [secured against book debts]	71.869	0.000
HDFC Bank Limited Bills Discounting [Secured against book debts]	9.746	0.000
State Bank of Hyderabad Term Loan [Secured against hypothecation of plant and machinery]	0.000	11.860
HDFC Bank Limited Term Loan [Secured against hypothecation of plant and machinery]	40.239	0.000
HDFC Bank Limited [Secured against hypothecation of car]	0.453	0.809
Tata Capital Limited [Secured against hypothecation of car]	0.387	0.000
TOTAL	123.371	69.262
Unsecured Loan	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
Loan From Directors and Relatives	13.400	6.215
Sales Tax Deferment	3.036	3.036
TOTAL	16.436	9.251

Banking Relations :	--
Auditors :
Name :	Dagliya and Company Chartered Accountants
Address :	2^nd Floor, Srinivasa Building, Ranigunj, Secunderabad-500003, Andhra Pradesh, India
Tel. No.:	91-40-27713308/27712769
Fax No.:	91-40-27713488
PAN No:	AAAFD6954E
Associates :	· C S Wires Private Limited · SVS Refcomp Private Limited · NER Glasstech Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
300000	Equity Shares	Rs.100/- each	Rs.30.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
220200	Equity Shares	Rs.100/- each	Rs.22.020 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		22.000	22.000	13.495
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		40.131	28.594	18.711
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		62.131	50.594	32.206
LOAN FUNDS
1] Secured Loans		123.371	69.262	43.762
2] Unsecured Loans		16.436	9.251	7.749
TOTAL BORROWING		139.807	78.513	51.511
DEFERRED TAX LIABILITIES		7.989	5.919	5.014
TOTAL		209.927	135.026	88.731
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		101.653	72.475	55.769
Capital work-in-progress		7.997	0.739	0.731
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	62.031	44.103	28.418
	Sundry Debtors	122.879	75.338	63.179
	Cash & Bank Balances	2.483	1.780	1.205
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	13.627	18.925	13.927
Total Current Assets		201.020	140.146	106.729
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	88.512	63.051	68.279
	Other Current Liabilities	12.231	15.283	6.219
	Provisions	0.000	0.000	0.000
Total Current Liabilities		100.743	78.334	74.498
Net Current Assets		100.277	61.812	32.231
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		209.927	135.026	88.731

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	653.125	471.437	324.505
		Other Income	NA	NA	1.068
		TOTAL (A)	NA	NA	325.573
Less	EXPENSES
		Raw Material Consumed	NA	NA	241.211
		Manufacturing Expenses			30.827
		Other Expenses			25.023
		Salaries and Other Benefits to Employees			10.345
		Selling and Distribution Expenses			1.728
		Prior Period / extraordinary Items			0.017
		Increase/ Decrease in stock			(2.115)
		TOTAL (B)	NA	NA	307.036
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)				18.537
Less	FINANCIAL EXPENSES (D)		NA	NA	7.569
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		21.672	17.255	10.968
Less/ Add	DEPRECIATION/ AMORTISATION (F)		5.074	3.752	2.798
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		16.598	13.503	8.170
Less	TAX (H)		5.061	3.619	3.064
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		11.537	9.884	5.106
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	3.523	3.366	8.652
	TOTAL EARNINGS		3.523	3.366	8.652
	IMPORTS
		Raw Materials	44.935	32.795	17.574
		Others	0.000	3.364	4.509
	TOTAL IMPORTS		44.935	32.795	22.083
	Earnings / (Loss) Per Share (Rs.)		52.44	58.34	37.84

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	NA	NA	1.57
Net Profit Margin (PBT/Sales)	(%)	NA	NA	2.52
Return on Total Assets (PBT/Total Assets}	(%)	5.48	6.35	5.03
Return on Investment (ROI) (PBT/Networth)		0.27	0.27	0.25
Debt Equity Ratio (Total Liability/Networth)		3.87	3.10	3.91
Current Ratio (Current Asset/Current Liability)		2.00	1.79	1.43

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

BANKERS CHARGES REPORT AS PER REGISTRY

This form is for	Modification of charge
Charge identification number of the modified	10239850
Corporate identity number of the company	U27209AP1996PTC024442
Name of the company	S. V. S. WIRES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Shed No.D-36, Phase No. IV Extension, I.D. S. Jeedimetla, R. R. ST, Hyderabad – 500055, Andhra Pradesh, India
Type of charge	Immovable Property
Particular of charge holder	HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel West, Mumbai – 400013, Maharashtra, India Email: rbbform8@hdfcbank.com
Nature of description of the instrument creating or modifying the charge	Memorandum recording past transactions of creation of Mortgage by Delivery of Title Deeds.
Date of instrument Creating the charge	27.07.2012
Amount secured by the charge	Rs.156.100 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Interest at the rate as may be communicated by the Bank from time to time. Terms of Repayment Working capital facility shall be payable On Demand. Term Loan facility shall be repayable in suitable installments. Margin As may be stipulated by the Bank from time to time. Extent and Operation of the charge The Company accorded and gave oral consent to Bank to continue to hold and retain the title deeds (by way of Constructive delivery) in respect of its immovable properties as stated under Item No.15 below, as security for repayment of Rs.156.100 Millions by the Company, together with principal, interest, liquidated damages, costs, charges and expenses.
Short particulars of the property charged	S. No 35/1 village Karde, Tq. Shirur, Pune. Shed No. D-37 Sy no.79, Phase-4, Ext. IDA, Jeedimetla. No. 1-6-13-1/3, Khat. no. 46, Chapiola Village, Paragana and Tehsil Dadri, Dist-Gautam Budh Nagar, Ghaziabad, (UP). P No. 4 Part, Sy. No. 79, Phase - 4 Ext. B. No. 21, IDA Jeedinetla, Hyderabad. P. No.4, Part, area 590 sq.yds, Sy No.79, Phase-4, Ext- B No.21, IDA, Jeedinetla, Hyderabad.
Date of latest modification prior to the present modification	26.09.2011
Particulars of the present modification	The charge shall now stand increased from Rs. 138.600 Millions to Rs.156.100 Millions, in favour the Bank against the equitable mortgage of immovable property at Pune, Hyderabad and Ghaziabad.

FIXED ASSETS:

· Land

· Building

· Furniture and Fixtures

· Plant and Machinery

· Generator

· Vehicles

· Elect Installations

· Fire Extinguisher

· Computers

WEBSITE DETAILS:

PROFILE:

Subject works on the solid foundation of the very latest technology and the best equipments, supported by a team of highly qualified and well-trained personnel. In a short span of time, it has become one of the leading names in India as well as abroad as manufacturers of superior quality refrigerator wire shelving in India with all the refrigerator manufacturing companies in India under its fold.

The wire shelf manufacturing plant was started in 1995 with a production capacity of 15,000 shelves per month at Hyderabad.

By 1998 the wire shelf manufacturing plant at Hyderabad reached a capacity of 3,00,000 shelves per month.

In 1999, condenser (wire-on-tube) manufacturing was started at what was earlier known as Rajat Coats Private Limited and later merged into SVS Wires Private Limited. Total installed capacity of the condenser plant is 60,000 Nos per month.

In 2002 in same company i.e. Rajat Coats Private Limited, they added another product range i.e., the filter driers, strainers, accumulators e.t.c.

In 2003, an independent wire shelf manufacturing plant was started at Ghaziabad, near New Delhi to cater to the Northern region. This plant has an installed capacity to manufacture 400,000 to 500,000 refrigerator wire shelves per month and is the largest wire shelf plant in north India.

2004 saw the commissioning of one more wire shelf plant near Pune with an installed capacity of 2,00,000 shelves per month and soon to be upgraded to 4,00,000 shelves per month.

The company is backed by its other group units, which manufacture Mild Steel wires and LDPE powders for coating on wire products.

The installed capacities of products plant wise are as under.

· Company (Unit I) - 6,00,000 shelves per month

· Company (Pune Unit) - 4,00,000 shelves per month

· Company (Ghaziabad Unit) - 4,00,000 shelves per month

· Company (Unit II) - 60,000 Condensors per month

- 2,00,000 Driers per month.

· Company - 100 Tones of powders per month

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 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.55.69
UK Pound	1	Rs.89.20
Euro	1	Rs.72.10

INFORMATION DETAILS

Report Prepared by :

TPT

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	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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		45

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.