MIRA INFORM REPORT

Report Date :

28.11.2012

IDENTIFICATION DETAILS

Name :	PRINCEWARE INTERNATIONAL PRIVATE LMITED (w.e.f. 09.07.2008)
Formerly Known As :	PRINCE PLASTICS INTERNATIONAL PRIVATE LIMITED
Registered Office :	Omkar Esquare, 7^th Floor, Opposite Sion - Chunabhatti Signal, Eastern Express Highway, Sion (East), Mumbai-400022, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	16.11.1992
Com. Reg. No.:	11-069561
Capital Investment / Paid-up Capital :	Rs. 23.700 Millions
CIN No.: [Company Identification No.]	U25209MH1992PTC069561
TAN No.: [Tax Deduction & Collection Account No.]	MUMP07023C
PAN No.: [Permanent Account No.]	AAACP3346H
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Exporter and Importer of Plastic Houseware.
No. of Employees :	120 (Approximately)

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 2300000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is a well established company having satisfactory track record. The latest financial is missing from government department. However, the company performance capacity seems to be good. Financially appears to be strong. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered 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

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Term loan : (ICRA) BBB
Rating Explanation	Having moderate degree of safety regarding timely servicing of financial obligation. It carry moderate credit risk.
Date	October 2012

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 Office :	Omkar Esquare, 7^th Floor, Opposite Sion - Chunabhatti Signal, Eastern Express Highway, Sion (East), Mumbai-400022, Maharashtra, India
Tel. No.:	91-22-24082288/ 24084422 / 24017711
Fax No.:	91-22-24072244
E-Mail :	sales@princeware.net export@princware.net amit@princeware.net
Website :	http://www.princeware.net
Area :	2500 sq. ft.
Location:	Owned
Factory :	21/4, Kachigam Road, Village Ringanwada, Nani, Daman-396210, India
Tel. No.:	91-260-2242041 / 2242042
Fax No.:	91-260-2242042 / 2241913
Location:	Owned

DIRECTORS

AS ON 28.09.2012

Name :

Mr. Rakesh Kishore Chheda

Designation :

Director

Address :

801/ 802, Omkar Co-Operative Housing Society, 511/B, Matunga Estate, R.P. Masani Road, Matunga, Mumbai-400019, Maharashtra, India

Date of Birth/Age :

17.03.1968

Date of Appointment :

16.11.1992

DIN No.:

00019209

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	U25209MH1992PTC069561	PRINCEWARE INTERNATIONAL PRIVATE LIMITED	Director	16/11/1992	16/11/1992	-	Active	NO
2	U99999MH1964PTC013086	PRISM DESIGN AND TOOLING TECHNOLOGY PRIVATE LIMITED	Director	04/02/1997	04/02/1997	-	Active	NO
3	U25209DD2000PTC002790	PRINCE PLASTICS INDIA PRIVATE LIMITED	Director	12/01/2000	12/01/2000	-	Active	NO
4	U45400MH2007PTC172892	EKTA PRINCE VENTURES PRIVATE LIMITED	Director	06/08/2007	06/08/2007	29/09/2011	Active	NO
5	U70102DD1999PTC002650	FOUR SEASONS DEVELOPERS PRIVATE LIMITED	Director	14/06/2008	14/06/2008	06/12/2010	Active	NO

Name :

Mr. Vijay Dilbagh Rai

Designation :

Director

Address :

207. New Bake House, 12 MCC Lane, Fort, Mumbai – 400001, Maharashtra, India

Date of Birth/Age :

13.10.1946

Date of Appointment :

01.12.2003

DIN No.:

00075837

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	L24231CH1975PLC003603	PUNJAB CHEMICALS AND CROP PROTECTION LIMITED	Director	28/02/1985	28/02/1985	-	Active	NO
2	U70200MH1999PTC121160	HAVIRA CONSULTANTS PRIVATE LIMITED	Director	05/08/1999	05/08/1999	-	Active	NO
3	L26939KL1963PLC002039	EICL LIMITED	Director	07/08/2000	07/08/2000	-	Active	NO
4	L99999MH1922PLC000987	GREAVES COTTON LIMITED	Director	21/03/2002	21/03/2002	-	Active	NO
5	U18101MH1999PTC118071	ZEBA HOME PRIVATE LIMITED	Director	12/09/2002	12/09/2002	26/11/2007	Active	NO
6	L22200MH1984PLC034055	NAVNEET PUBLICATIONS (INDIA) LIMITED	Director	28/04/2003	28/04/2003	04/10/2011	Active	NO
7	U25209MH1992PTC069561	PRINCEWARE INTERNATIONAL PRIVATE LIMITED	Director	01/12/2003	01/12/2003	-	Active	NO
8	U29299MH1958PLC011250	GREAVES LEASING FINANCE LIMITED	Director	04/02/2005	04/02/2005	-	Active	NO
9	U24100MH1981PLC023801	AKOLA CHEMICALS (INDIA) LIMITED	Director	23/03/2005	23/03/2005	-	Active	NO
10	U74999AP2006PTC051788	VISWAS BUSINESS SYNERGIES PRIVATE LIMITED	Director	07/03/2007	07/03/2007	15/03/2010	Active	YES
11	U17120MH1994PTC080074	POLYGEL INDUSTRIES PRIVATE LIMITED	Additional director	28/03/2007	28/03/2007	-	Active	NO
12	U24239AP2006PLC050060	SRI BIOTECH LABORATORIES INDIA LIMITED	Director	30/09/2009	26/03/2009	-	Active	NO
13	U24297MH2011PTC223720	POLYGEL PERFORMANCE MATERIALS PRIVATE LIMITED	Director	09/11/2011	09/11/2011	-	Active	NO
14	U51909MH2011PTC221827	PIMEX INDIA PRIVATE LIMITED	Director	24/09/2012	05/01/2012	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Deepan
Designation :	Finance Executive Officer

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 28.09.2012

Names of Shareholders	No. of Shares
Kishore Shamji Chheda	23700
Rakesh Kishore Chheda	450300
Rakesh Kishore Chheda HUF	213300
Nina Rajkesh Chheda	450300
Divyansh Rakesh Chheda	213300
Dhvani Rakesh Chheda	94800
Bhavesh Kishore Chheda	426600
Bhavesh Kishore Chheda HUF	47400
Deepali Bhavesh Chheda	426600
Tanisha Bhavesh Chheda	23700
Total	2370000

AS ON 28.09.2012

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

BUSINESS DETAILS

Line of Business :

Manufacturer, Exporter and Importer of Plastic Houseware.

Products :

Ø Food Storage Containers

Ø Storage Containers

Ø Bathroom Products

Ø Refuse Bins and Baskets

Ø Other Products

Ø Furniture

Ø Thermoware Products

Ø Casserole Products

Product Description	ITC Code
Boxes, Cases and Similar Articles	3923.90
Household Articles	3924.90
Tablewise and Kitchenware	3924.10

PRODUCTION STATUS [AS ON 31.03.2010]

Particulars	Unit	Installed Capacity	Actual Production
Injection/ Blow Moulding Items	M.T.	23728	22638763

GENERAL INFORMATION

No. of Employees :

120 (Approximately)

Bankers :

Ø Bank of India, Mumbai MID Corporate Branch, Mezanine Floor, BOI Building, 70/80 Mahatma Gandhi Road, Fort, Mumbai – 400001, Maharashtra, India

Ø Barclays Bank PLC, 601/603, Ceejay House, Shivnagar Estate, Dr. Annie Besant Road, Worli, Mumbai - 400018, Maharashtra, India

Facilities :

Secured Loans	31.03.2011 Rs. in Millions	31.03.2010 Rs. in Millions
Rupee term loans banks secured	117.145	82.523
Foreign currency loans banks secured	259.659	169.943
Working capital loans banks secured	141.804	50.467
Other debt secured	4.656	25.305
TOTAL	523.264	328.238
Unsecured Loans	31.03.2011 Rs. in Millions	31.03.2010 Rs. in Millions
Foreign currency loans banks unsecured	48.721	0.000
Loans directors unsecured	221.500	251.960
TOTAL	270.221	251.960

Banking Relations :	--
Auditors :
Name :	L and D Joshi and Company Chartered Accountant
Address :	2-G, Court Chambers, 2^nd Floor, 35, New Marine Lines, Mumbai-400020, Maharashtra, India
Tel. No.:	91-22-22003058
Mobile No.:	91-9322512023
Fax No.:	91-22-22005568
E-Mail :	joshikartik@hotmail.com
Income-tax PAN of auditor or auditor's firm :	AACFL7859G
Related Party Company :	· Ksons Plastics · Anupam Industries · Prince Plastics · Gayatri Constructions · Four Seasons Developers Private Limited · Prism Design and Tooling Technology Private Limited · Prince Plastics India Private Limited · Prince Design · Arihant Investment · Ekta Prince Ventures Private Limited · Princeware Africa (Kenya) Limited · Princeware Africa Limited · Princeware Global Holding Limited

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
2500000	Equity Shares	Rs. 10/- each	Rs. 25.000 Millions
2500000	Preference Shares	Rs.10/- each	Rs. 25.000 Millions
	Total		Rs. 50.0000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2370000	Equity Shares	Rs.10/- each	Rs. 23.700 Millions

NOTE:

Of the above:-

835000 Equity Shares are allotted as fully paid-up Bonus Shares by Capitalization of Reserve

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		23.700	23.700	23.700
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		542.532	436.918	408.265
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		566.232	460.618	431.965
LOAN FUNDS
1] Secured Loans		523.264	328.238	305.758
2] Unsecured Loans		270.221	251.960	96.170
TOTAL BORROWING		793.485	580.198	401.928
DEFERRED TAX LIABILITIES		45.970	40.402	29.257
TOTAL		1405.687	1081.218	863.150
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		601.193	616.098	547.874
Capital work-in-progress		22.509	0.000	0.000
INVESTMENT		31.858	31.839	20.716
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	246.509	171.841	123.595
	Sundry Debtors	355.315	280.109	181.267
	Cash & Bank Balances	16.885	13.856	12.918
	Other Current Assets	0.000	0.000	25.661
	Loans & Advances	282.400	101.345	50.354
Total Current Assets		901.109	567.151	393.795
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	105.620	112.177	77.572
	Other Current Liabilities	9.661	6.518	12.388
	Provisions	35.701	15.175	9.275
Total Current Liabilities		150.982	133.870	99.235
Net Current Assets		750.127	433.281	294.560
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1405.687	1081.218	863.150

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	1619.097	1314.996	937.472
		Other Income	NA	0.096	19.385
		TOTAL (A)	NA	1315.092	956.857
Less	EXPENSES
		Material Consumed		742.213	504.897
		Trading Goods		0.000	0.115
		Employees’ Remuneration and Benefits	NA	63.876	47.325
		Manufacturing and Other Expenses		371.101	290.562
		Increase/ Decrease in Stock of Finished Goods		(19.998)	(0.734)
		TOTAL (B)		1157.190	842.165
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			157.902	114.692
Less	FINANCIAL EXPENSES (D)			43.062	21.927
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		210.249	114.840	92.765
Less/ Add	DEPRECIATION/ AMORTISATION (F)		74.661	65.032	43.732
	PROFIT BEFORE TAX (E-F) (G)		135.588	49.808	49.033
Less	TAX (H)		25.472	16.652	15.092
	PROFIT AFTER TAX (G-H) (I)		110.116	33.156	33.941
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		98.015	94.018	94.236
Less	APPROPRIATIONS
		Transfer to General Reserve	25.000	25.000	30.000
		Proposed Final Dividend	3.555	3.555	3.555
		Tax on Proposed Dividend	0.604	0.604	0.604
	BALANCE CARRIED TO THE B/S		178.972	98.015	94.018
	IMPORTS
		Raw Materials and Others	NA	208.819	112.730
	TOTAL IMPORTS		NA	208.819	112.730
	Earnings Per Share (Rs.)		46.46	13.99	14.32

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	NA	2.52	3.55
Net Profit Margin (PBT/Sales)	(%)	8.37	3.79	5.23
Return on Total Assets (PBT/Total Assets}	(%)	9.03	4.21	5.21
Return on Investment (ROI) (PBT/Networth)		0.24	0.11	0.11
Debt Equity Ratio (Total Liability/Networth)		1.67	1.55	1.16
Current Ratio (Current Asset/Current Liability)		5.97	4.24	3.97

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	Yes
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
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]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

NOTE:

The Registered office of the company has been shifted from 51, Marol Co-Operative Industrial Estate, M.V. Roads, Andheri (East), Mumbai, Maharashtra, India to present address w.e.f. 16.03.2009

YEAR IN RETROSPECT:

During the year the turnover of the company has jumped from Rs.1314.996 Millions to Rs.1619.097 Millions mainly due to Pentration in Local Business. Operational results of the company have also improved from Rs.49.808 Millions to Rs.135.588 Millions. In FY-2009-10 there was a loss on account of Foreign Exchange, due to which the results were subdued. In the year, the exchange gain has seen moderate profits and their company’s performance has improved, enhancing the earnings figures.

BUSINESS:

The company has acquired 100% holding in Princeware Global Holdings Limited and through them has acquired the 100% holding position of Princeware Africa Limited and Princeware Kenya Limited Looking at the demand and Margin of African Market, their Company is confident of doing well. Company is under process of expanding the capacity during the year.

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U25209MH1992PTC069561
Name of the company	PRINCEWARE INTERNATIONAL PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Omkar Esquare, 7^th Floor, Opposite Sion - Chunabhatti Signal, Eastern Express Highway, Sion (East), Mumbai-400022, Maharashtra, India Email: amit@princeware.net
This form is for	Modification of charge
Charge identification number of the modified	90153983
Type of charge	Book Debts Movable Property Floating Charge
Particular of charge holder	Bank of India, Mumbai MID Corporate Branch, Mezanine Floor, BOI Building, 70/80 Mahatma Gandhi Road, Fort, Mumbai – 400001, Maharashtra, India Email: vlaxman@vsnl.com
Nature of description of the instrument creating or modifying the charge	Supplemental Deed of Hypothecation.
Date of instrument Creating the charge	21.08.2012
Amount secured by the charge	Rs. 493.800 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Term Loan : 2.75% over Base Rate presently 13.25% p.a. with monthly rests including tenor premium. WCFBL : 2.25% Over Base Rate presently 12.75% p.a. with monthly rest. Terms of Repayment Working Capital facility shall be payable on demand Term Loan facility shall be repayable in suitable installment. Margin 25% on Stocks and Book Debts. Extent and Operation of the charge Hypothecation by way of first charge on tangible movable assets, stocks, book debts, Plant and Machinery for the due payment of Rs.493.800 Millions, including the interest/ commission, costs charges and expenses and all other moneys, whatsoever due owing and payable by the Company to the Bank. Others NIL
Short particulars of the property charged	All tangible movable machineries and plant, both present and future whether installed or not and whether lying loose or in cases at site or in transit All tangible movable properties and assets of whatsoever nature (other than movable and uninstalled machines) of the Borrower All the present and future book-debts, outstanding, money receivables, claims, bills which are not due and owing or which may at any time hereafter
Date of latest modification prior to the present modification	14.08.2012
Particulars of the present modification	The charge shall now stand increased from Rs.488.800 Millions to Rs.493.800 Millions in favour of the Bank, against the security of tangible movable properties, stocks, book debts, Plant and Machinery of the Company.

CONTINGENT LIABILITY:

Rs. In Millions

Particulars	31.03.2011	31.03.2010
guarantee given for letter of credit	98.850	89.996
estimated amount of contract remaining to be executed	13.000	0.000
other contingent liabilities	14.073	13.853

FIXED ASSETS:

Ø Goodwill

Ø Land

Ø Building

Ø Flat

Ø Plant and Machinery

Ø Moulds

Ø Vehicles

Ø Furniture and Fixtures

Ø Office Equipments

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 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. 55.70
UK Pound	1	Rs. 89.34
Euro	1	Rs. 72.35

INFORMATION DETAILS

Report Prepared by :

BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	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.