MIRA INFORM REPORT

Report Date :

05.10.2012

IDENTIFICATION DETAILS

Name :	K.I.Z. FOODS LIMITED
Registered Office :	Survey No. 199, Mahuva Savarkundla Road, Near Murtuza Exports Limited, Taveda Mahuva – 364 290, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	08.10.2008
Com. Reg. No.:	04-055209
Capital Investment / Paid-up Capital :	Rs. 30.000 millions
CIN No.: [Company Identification No.]	U15132GJ2008PLC055209
TAN No.: [Tax Deduction & Collection Account No.]	AHMK04908B
PAN No.: [Permanent Account No.]	AADCK5664Q
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Exporter of Frozen and Dried Vegetables, Spices and Seasoning, Pickles and Murabba, etc.
No. of Employees :	300 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (35)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 127000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Reserves appears to be low. However, trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some caution

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	BB- (Long term rating)
Rating Explanation	Moderate risk of default
Date	6^th January 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.

INFORMATION PARTED BY

Name :	Mr. Aliraza
Designation :	Managing Director
Contact No.:	91-9925223790
Date :	24.09.2012

LOCATIONS

Registered Office / Factory :	Survey No. 199, Mahuva Savarkundla Road, Near Murtuza Exports Limited, Taveda Mahuva – 364 290, Gujarat, India
Tel. No.:	91-2844-247184 / 294181
Mobile No.:	91-9925223790 (Mr. Alizara)
Fax No.:	91-2844-2222735 / 294184
E-Mail :	info@kizfoods.com
Website :	www.kizfoods.com
Administrative Office :	L. B. Compound, Darbari Road, Bhadroad Gate, Mahuva – 364 290, Gujarat, India
Tel. No.:	91-2844-224813
Fax No.:	91-2844-222735
Branches :	Located at: Ahmedabad

DIRECTORS

As on 30.09.2011

Name :

Mr. Murtuza Liyakatali Badami

Designation :

Director

Address :

Plot No. 223, S. M. Road, Ambawadi, Nutan Nagar. At-Mahuva, District - Bhavnagar, Mahuva-364290, Gujarat, India

Date of Birth/Age :

22.03.1984

Date of Appointment :

30.09.2009

DIN No.:

02406367

Name :

Zardarraza Altafhusain Badami

Designation :

Director

Address :

Plot No. 222, S. M. Road, Ambawadi, Nutan Nagar. At-Mahuva, District - Bhavnagar, Mahuva-364290, Gujarat, India

Date of Birth/Age :

24.12.1988

Date of Appointment :

30.09.2009

DIN No.:

02454405

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	U15400GJ1992PTC017225	MURTUZA FOODS PVT LTD	Director	05/01/2009	05/01/2009	-	Active	NO
2	U15132GJ2008PLC055209	K.I.Z. FOODS LIMITED	Director	30/09/2009	01/03/2009	-	Active	NO

Name :

Mr. Aliraza Gulamabbas Charaniya

Designation :

Director

Address :

114, Amrutbaug, Opposite New Bus Stand, Mahuva-364290, Gujarat, India

Date of Birth/Age :

12.04.1984

Date of Appointment :

11.08.2009

DIN No.:

02738691

Name :

Mr. Liyakatali Abbasali Badami

Designation :

Additional Director

Address :

Ambawadi, Nutan Nagar, Mahuva-364290, Gujarat, India

Date of Birth/Age :

26.01.1962

Date of Appointment :

30.09.2011

DIN No.:

01561205

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	U15400GJ1992PTC017225	MURTUZA FOODS PVT LTD	Director	05/03/1992	05/03/1992	-	Active	NO
2	U15132GJ2008PLC055209	K.I.Z. FOODS LIMITED	Director	30/09/2011	08/10/2008	-	Active	NO

Name :

Mr. Aliraza Abbasali Badami

Designation :

Additional Director

Address :

Bhadrod Gate, At Mahuva, Mahuva-364290, Gujarat, India

Date of Birth/Age :

07.02.1969

Date of Appointment :

30.09.2011

DIN No.:

01770788

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	U15400GJ1992PTC017225	MURTUZA FOODS PVT LTD	Director	01/09/1998	01/09/1998	-	Active	NO
2	U15132GJ2008PLC055209	K.I.Z. FOODS LIMITED	Director	30/09/2011	08/10/2008	-	Active	NO

Name :

Mr. Altaf Abbasali Badami

Designation :

Additional Director

Address :

223, Ambawadi, Nutan Nagar, Mahuva-364290, Gujarat, India

Date of Birth/Age :

05.02.1966

Date of Appointment :

30.09.2011

DIN No.:

01770795

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	U15400GJ1992PTC017225	MURTUZA FOODS PVT LTD	Director	01/07/1993	01/07/1993	-	Active	NO
2	U01229GJ2002PTC041012	MURTUZA BREADING AND HATCHERY PRIVATE LIMITED	Director	25/07/2002	25/07/2002	-	Strike off	NO
3	U15132GJ2008PLC055209	K.I.Z. FOODS LIMITED	Director	30/09/2011	08/10/2008	-	Active	NO

Name :

Mr. Neesarhusen M Keshvani

Designation :

Additional Director

Address :

Plot No. 9 A. Firdos Co-Operative Society, Umiyavadar Nal Mahendi Baug, Mahuva-364290, Gujarat, India

Date of Birth/Age :

06.04.1954

Date of Appointment :

30.09.2011

DIN No.:

03456877

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Altafhusain A. Badami	150000
Liyakatali A. Badami	190000
Abbasali H. Badami	200000
Zardar badami	154900
Murtuza badami	155000
Aliraza charaniya	100
Aliraza A. Badami	50000
Fatimabanu A. Badami	150000
Gulnazbanu A. Badami	100000
Mohmad F. Sabirali	180000
Mohmadshafik bukhari	150000
Munirabanu L. Badami	150000
Rizwanali K. Badami	100000
Shamimbhanu badami	250000
Zainabbanu M. Badami	150000
Mohmedraza S. Verteji	150000
Hussein Aohamedali	240000
Murtuza M. Libhai	240000
Maryam Alibhai	240000
TOTAL	3000000

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	24.00
Directors or relatives of Directors	76.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Frozen and Dried Vegetables, Spices and Seasoning, Pickles and Murabba, etc.

Products :

ITC Code	Product Descriptions
0101	Pickles of all types

Exports :

Products :

• Frozen and Dried Vegetables
• Spices and Seasoning
• Pickles and Murabba

Countries :

• USA
• UK
• Russia
• Italy

Terms :

Selling :

Cash / Credit

Purchasing :

Cash / Credit

GENERAL INFORMATION

Suppliers :

· Time Technoplast Private Limited

· Gandhi and Gandhi

· Ganesh Agency

· Golden Bakery

· Gulam Bhai

· Hetal V Shah

· Honey Marketing

· Park Exim Private Limited, IndiaRudra Trading

· Taslim Bhai

· Wasim Jaladi

· Food Solutions

· Black Box

· Food Solutions

Customers :

Wholesalers and Retailers

• A. N. H Enterprise
• Darshan Traders
• Ankit Trading
• Durga Traders
• Goodluck Plastic Industries
• H.J. Trading Company
• Bhumi Enterprises
• Manoj Trading
• Maruti Onion
• Jay Hind Traders
• Malay TradingRainbow Packaging Private Limited, India

No. of Employees :

300 (Approximately)

Bankers :

• Bank of Baroda, kumar Compalex, Behind old Bus stand, Mahuva – 364 290, Gujarat, India
• Axis Bank
• HDFC Bank
• State Bank of India

Facilities :

TC – Rs. 20.000 millions / OD – Rs. 1.000 millions

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Bank of Baroda Term Loan: Mahuva Composite Hypothecation Agreement of Plant and Machinery spare parts equipments and Miscellaneous fixed assets of the company including personal guarantees of directors, land owners and directors, parents and A.H. Badami and Mrs. A.H. Badami and surrender value of insurance policies. Bank of Baroda Cash Credit Loan, Mahuva Hypothecation of Raw Material, work in process, finished goods, packaging materials and book debt	26.147 31.769	31.327 0.000
Total	57.916	31.327
Unsecured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Abbas Ali Hasan Ali Badami (Loan) Altaf Husain Abbas Ali Badami (Loan) Liyakat Ali Abbas Ali Badami (Loan) Mohlbhaldar Irshadali Bhukhani (Loan) Trident Creation Venture Capital Loan (Central Government)	12.977 0.185 0.000 1.500 0.000 5.500	2.646 0.185 0.031 1.500 1.000 0.000
Total	20.162	5.362

Banking Relations :	--
Auditors :
Name :	Rashmi C. Mehta and Company Chartered Accountants
Address :	209, Hemkoot, Behind Janpath Complex, Opposite Sanyas Ashram Road, Ahmedabad – 380 006, Gujarat, India
Tel. No.:	91-79-26584253
Mobile No.:	91-9825095240
E-Mail :	rashmikani_mehta@hotmail.com
PAN No.:	ABFPM4039H
Associates/Subsidiaries :	Murtuza Foods Limited Address: Survey No. 199, Mahuva Savarkundla Road, Near Murtuza Exports Limited, Taveda Mahuva – 364 290, Gujarat, India Line of Business: Manufacturer and Exporter of Frozen and Dried Vegetables, Spices and Seasoning, Pickles and Murabba, etc. H. M. Foods Address: Survey No. 199, Mahuva Savarkundla Road, Near Murtuza Exports Limited, Taveda Mahuva – 364 290, Gujarat, India Line of Business: Manufacturer and Exporter of Frozen and Dried Vegetables, Spices and Seasoning, Pickles and Murabba, etc.

CAPITAL STRUCTURE

As on 30.09.2011

Authorized Capital:

No. of Shares	Type	Value	Amount
3000000	Equity Shares	Rs. 10/- each	Rs. 30.000 millions

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
3000000	Equity Shares	Rs. 10/- each	Rs. 30.000 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		30.000	30.000	10.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		1.876	0.000	0.000
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		31.876	30.000	10.000
LOAN FUNDS
1] Secured Loans		57.916	31.327	0.000
2] Unsecured Loans		20.162	5.362	2.156
TOTAL BORROWING		78.078	36.689	2.156
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		109.954	66.689	12.156
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		63.085	58.116	9.526
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	46.884	0.000	0.000
	Cash & Bank Balances	2.748	1.194	0.166
	Other Current Assets	46.452	7.870	0.000
	Loans & Advances	3.429	3.752	2.205
Total Current Assets		99.513	12.816	2.371
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	51.281	4.452	0.592
	Other Current Liabilities	0.934	0.007	0.072
	Provisions	0.573	0.000	0.000
Total Current Liabilities		52.788	4.459	0.664
Net Current Assets		46.725	8.357	1.707
MISCELLANEOUS EXPENSES		0.144	0.216	0.923
TOTAL		109.954	66.689	12.156

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	170.813
		Other Income	0.043
		TOTAL (A)	170.856	Nil	Nil
Less	EXPENSES
		Increase / Decrease in stock	(25.708)
		Raw Material Consumption	142.083
		Power and Fuel	7.008
		Manufacturing Expenses	18.747
		Administrative Expenses	4.545
		Selling Expenses	7.621
		TOTAL (B)	154.296	Nil	Nil
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		16.560	Nil	Nil
Less	FINANCIAL EXPENSES (D)		7.427	Nil	Nil
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		9.133	Nil	Nil
Less/ Add	DEPRECIATION/ AMORTISATION (F)		7.255	Nil	Nil
	PROFIT BEFORE TAX (E-F) (G)		1.878	Nil	Nil
Less	TAX (I)		0.000	Nil	Nil
	PROFIT AFTER TAX (G-I) (J)		1.878	Nil	Nil
	Earnings Per Share (Rs.)		0.62	--

Particulars	31.03.2012
Sales Turnover (Approximately)	200.000

Expected Sales ( 2012-13 ) : Rs. 250.000 millions

The above information has been parted by Mr. Aliraza

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.09	--	--
Net Profit Margin (PBT/Sales)	(%)	1.09	--	--
Return on Total Assets (PBT/Total Assets}	(%)	1.15	--	--
Return on Investment (ROI) (PBT/Networth)		0.05	--	--
Debt Equity Ratio (Total Liability/Networth)		4.10	1.37	0.28
Current Ratio (Current Asset/Current Liability)		1.88	2.87	1.38

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	Yes
10]	Designation of contact person	Yes
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	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	Yes
18]	Major customers	Yes
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
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	Yes
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	No

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U15132GJ2008PLC055209
Name of the company	K.I.Z. FOODS LIMITED
Address of the registered office or of the principal place of business in India of the company	Survey No. 199, Mahuva Savarkundla Road, Near Murtuza Exports Limited, Taveda, Mahuva – 364290, Gujarat, India e-mail: info@kizfoods.com
This form is for	Modification of charge
Charge identification number of the modified	10188976
Type of charge	Immovable Property Book Debts Movable Property
Particular of charge holder	Bank of Baroda, kumar Compalex, Behind old Bus stand, Mahuva – 364 290, Gujarat, India e-mail: mahuva@bankofbaroda.com
Nature of description of the instrument creating or modifying the charge	Instrument of extension cum deposit of title deeds dated 31.03.2012 Supplemental composite agreement of hypothecation of goods, book-debts, moveable machinery and vehicles dated 31.03.2012
Date of instrument Creating the charge	31.03.2012
Amount secured by the charge	Rs. 71.000 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Form Term Loan: 3.5% above base rate i.e. 14.25% p.a. with monthly rest. For Cash Credit (Hypothecation of Stock and Book Debts): 3.5% above base rate i.e. 14.25% p.a. with monthly rest Terms of Repayment Term Loan: 59 Monthly equal installments each of Rs. 0.516 millions + 60th installment of Rs. 0.516 millions Interest to be paid separately as and when charged. Cash Credit (Hypothecation) on demand not exceeding 12 Months. Margin Term Loan: 25 % on Plant & Machinery and Misc. Fixed assets and 40 % on Building & Civil construction. Cash Credit (Hypothecation.) 25 % on stock of Raw Materials, Work In Process and finished goods and 40 % on receivables. Extent and Operation of the charge For working capital Rs. 40.000 millions For Term loan Rs. 31.000 millions
Short particulars of the property charged	Factory land and building situated at Survey No. 199 Paikee, Savarkundla Road, Village: Taveda, Ta. Mahuva Plant and machinery, stock of raw material and finished goods situated at factory Residential flats situated at Sanjari Residency, 5-B, Muslim Co-Operative Housing Society, Navrangpura, Ahmedabad.
Particulars of the present modification	Charge registered for Rs. 63.000 millions vide charge Id no. 10188976 is enhance to Rs. 71.000 millions.

TRADE REFERRENCE

• Time Technoplast Private Limited
• A. N. H. Enterprises

FIXED ASSETS

• Plant and Machinery
• Factory Buildings
• Residential Flats Ahmedabad
• Furniture and Fixtures
• Lab Equipments
• Vehicles
• Water Tank
• Computers and Printers
• Television
• Mobile Instruments
• Electric Installation
• Heavy Vehicles

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.51.97
UK Pound	1	Rs.83.67
Euro	1	Rs.67.19

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	NID

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	4
--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		35

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	-

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