MIRA INFORM REPORT

Report Date :

10.10.2012

IDENTIFICATION DETAILS

Name :	ARUDRA ENGINEERS PRIVATE LIMITED
Registered Office :	134, Angappa Naicken Street, Madras 1, Madras – 600001, Tamilnadu
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	04.01.1980
Com. Reg. No.:	18-008068
Capital Investment / Paid-up Capital :	Rs. 6.931 Millions
CIN No.: [Company Identification No.]	U24110TN1980PTC008068
TAN No.: [Tax Deduction & Collection Account No.]	CHEA00333E
PAN No.: [Permanent Account No.]	AAACA3144J
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Pure Potassium Bromate through electrolysis process.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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

Maximum Credit Limit :	USD 820000
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 Office :	134, Angappa Naicken Street, Madras 1, Chennai – 600001, Tamilnadu, India
Tel. No.:	91-44-24420608 / 24901623 / 25341547
Fax No.:	91-44-24405152 / 25340655
E-Mail :	insap@md3.vsnl.net.in igp@md3.vsnl.in igp@vsnl.com
Website :	http://www.arudra.co.in
Corporate Office :	79 Valmiki Street, Thiruvanmiyur Chennai - 600041, Tamilnadu, India
Tel. No.:	91-44-24430697/ 24901623/ 24413348/ 24430705
Fax No.:	91-44-24424755
E-Mail :	arudra@eth.net

DIRECTORS

AS ON 27.09.2011

Name :

Mr. Raman Natraj

Designation :

Managing director

Address :

No. 11, Parakasa Mudali Street, T. Nagar, Chennai – 600017, Tamilnadu, India

Date of Birth/Age :

27.09.1964

Date of Appointment :

31.08.1988

DIN No.:

00271589

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	U24110TN1980PTC008068	ARUDRA ENGINEERS PRIVATE LIMITED	Managing director	31/08/1988	31/08/1988	Active	NO
2	U25199TN1981PTC009130	CORI ENGINEERS PRIVATE LIMITED	Director	01/02/1991	01/02/1991	Active	NO

Name :

Mr. Venugopalan Krishnaswamy

Designation :

Director

Address :

Old No.3, South Bank II Street, Mandaveli, Chennai – 600028, Tamilnadu, India

Date of Birth/Age :

15.09.1928

Date of Appointment :

04.01.1989

DIN No.:

00272504

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	U27200TN1979PTC007868	IGP ENGINEERS PRIVATE LIMITED	Managing director	21/06/1979	21/06/1979	Active	NO
2	U31990TN1979PTC008060	INSAP ENGINEERS PRIVATE LIMITED	Director	26/12/1979	26/12/1979	Active	NO
3	U25199TN1981PTC009130	CORI ENGINEERS PRIVATE LIMITED	Director	04/04/1983	04/04/1983	Active	NO
4	U24110TN1980PTC008068	ARUDRA ENGINEERS PRIVATE LIMITED	Director	04/01/1989	04/01/1989	Active	NO
5	U65191TN1984PTC010908	PATHAKUDI TRADING COMPANY PRIVATE LIMITED	Director	01/04/1989	01/04/1989	Active	YES
6	U65191TN1984PTC010762	KARAIKAL MARKETING PRIVATE LIMITED	Director	01/04/1989	01/04/1989	Active	YES

Name :

Mr. Venugopalan Balasubramanian

Designation :

Director

Address :

No. 17A, III Seaward Avenue, Valmiki Nagar, Thiruvanmaiyur, Chennai – 600028, Tamilnadu, India

Date of Birth/Age :

10.07.1947

Date of Appointment :

04.01.1980

DIN No.:

00272334

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	U24110TN1980PTC008068	ARUDRA ENGINEERS PRIVATE LIMITED	Director	04/01/1980	04/01/1980	Active	NO
2	U25199TN1981PTC009130	CORI ENGINEERS PRIVATE LIMITED	Director	14/12/1981	14/12/1981	Active	NO
3	U27200TN1979PTC007868	IGP ENGINEERS PRIVATE LIMITED	Director	27/07/1984	27/07/1984	Active	NO
4	U31990TN1979PTC008060	INSAP ENGINEERS PRIVATE LIMITED	Director	31/12/1988	31/12/1988	Active	NO
5	U65191TN1984PTC010908	PATHAKUDI TRADING COMPANY PRIVATE LIMITED	Director	01/04/1989	01/04/1989	Active	YES
6	U65191TN1984PTC010762	KARAIKAL MARKETING PRIVATE LIMITED	Director	01/04/1989	01/04/1989	Active	YES

Name :

Mr. Achutha Krishnamurthi

Designation :

Director

Address :

No. 9, 13^th Cross Street, Indira Nagar, Adayar, Chennai – 600020, Tamilnadu, India

Date of Birth/Age :

02.11.1937

Date of Appointment :

01.02.1991

DIN No.:

00271923

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	U25199TN1981PTC009130	CORI ENGINEERS PRIVATE LIMITED	Director	14/12/1981	14/12/1981	Active	NO
2	U27200TN1979PTC007868	IGP ENGINEERS PRIVATE LIMITED	Director	27/07/1984	27/07/1984	Active	NO
3	U24110TN1980PTC008068	ARUDRA ENGINEERS PRIVATE LIMITED	Director	01/02/1991	01/02/1991	Active	NO

Name :

Mr. Krishnaswamy Shyamsundar

Designation :

Director

Address :

Old No.3, South Bank II Street, Mandaveli, Chennai – 600028, Tamilnadu, India

Date of Birth/Age :

24.10.1952

Date of Appointment :

04.01.1980

DIN No.:

00272413

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	U24110TN1980PTC008068	ARUDRA ENGINEERS PRIVATE LIMITED	Director	04/01/1980	04/01/1980	Active	NO
2	U25199TN1981PTC009130	CORI ENGINEERS PRIVATE LIMITED	Director	14/12/1981	14/12/1981	Active	NO
3	U27200TN1979PTC007868	IGP ENGINEERS PRIVATE LIMITED	Director	27/07/1984	27/07/1984	Active	NO
4	U31990TN1979PTC008060	INSAP ENGINEERS PRIVATE LIMITED	Director	31/12/1988	31/12/1988	Active	NO
5	U65191TN1984PTC010908	PATHAKUDI TRADING COMPANY PRIVATE LIMITED	Director	01/04/1989	01/04/1989	Active	YES
6	U65191TN1984PTC010762	KARAIKAL MARKETING PRIVATE LIMITED	Director	23/03/2007	23/03/2007	Active	YES

Name :

Mr. Venugopalaiyer Lakshmanan

Designation :

Director

Address :

New No. 25, Old No. 11-A, Sarangapani Street, T. Nagar, Chennai – 600017, Tamilnadu, India

Date of Birth/Age :

08.07.1939

Date of Appointment :

04.01.1980

DIN No.:

00272052

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	U27200TN1979PTC007868	IGP ENGINEERS PRIVATE LIMITED	Director	21/06/1979	21/06/1979	Active	NO
2	U31990TN1979PTC008060	INSAP ENGINEERS PRIVATE LIMITED	Managing director	26/12/1979	26/12/1979	Active	NO
3	U24110TN1980PTC008068	ARUDRA ENGINEERS PRIVATE LIMITED	Director	04/01/1980	04/01/1980	Active	NO
4	U65191TN1984PTC010908	PATHAKUDI TRADING COMPANY PRIVATE LIMITED	Managing director	01/04/1989	01/04/1989	Active	YES
5	U65191TN1984PTC010762	KARAIKAL MARKETING PRIVATE LIMITED	Managing director	01/04/1989	01/04/1989	Active	YES

Name :

Mr. Balasubramanian Satish

Designation :

Whole-time director

Address :

No. 17A, III Seaward Avenue, Valmiki Nagar, Thiruvanmaiyur, Chennai – 600028, Tamilnadu, India

Date of Birth/Age :

24.10.1977

Date of Appointment :

21.06.2004

DIN No.:

00272271

Name :

Mr. Lakshmanan Suren

Designation :

Whole-time director

Address :

New No. 25, Old No. 11-A, Sarangapani Street, T. Nagar, Chennai – 600017, Tamilnadu, India

Date of Birth/Age :

20.04.1975

Date of Appointment :

16.03.2006

DIN No.:

00271978

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	U31990TN1979PTC008060	INSAP ENGINEERS PRIVATE LIMITED	Director	01/07/2002	01/07/2002	Active	NO
2	U24110TN1980PTC008068	ARUDRA ENGINEERS PRIVATE LIMITED	Whole-time director	16/03/2006	16/03/2006	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 27.09.2011

Names of Shareholders	No. of Shares
Pathukudi Trading Company (Private) Limited, India	2240
Karaikal Marketing Private Limited, India	2240
V. Krishnaswamy	6380
Saraswathi Narayanaswamy	6380
V. Lakshmanan	11136
V. Balasubramanian	12756
K. Shyamsunder	11136
R.K. Swamy	1064
R. Natraj	7980
Vijaya Raman	8000
Total	69312

AS ON 27.09.2011

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	99.00
Others	1.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Pure Potassium Bromate through electrolysis process.

Products :

ITC Code	Product Descriptions
847989.99	Bullet Cleaners
848350.10	Pulleys
282990.20	Potassium Bromate

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Pulleys	(Nos.)	Not applicable	Not Ascertainable	29834

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

UCO Bank, Mid Corporate Branch, 328 Thambu Chetty Street, Chennai – 600001, Tamilnadu, India

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Rupee term loans banks secured	8.994	16.553
Working capital loans banks secured	75.599	47.413
Hire purchase installment payable secured	0.000	0.136
Total	84.593	64.102
Unsecured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Loans directors unsecured	39.800	22.600
Other debt unsecured	13.355	6.485
Total	53.155	29.085

Banking Relations :	--
Auditors :
Name :	D. Rangaswamy and Company Chartered Accountants
Address :	R.C. Towers, II Floor, Josier Street, Nungambakkam, Chennai – 600034, Tamilnadu, India
Income-tax PAN of auditor or auditor's firm :	AAAFD0365P

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
100,000	Equity Shares	Rs. 100/- each	Rs. 10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
69,312	Equity Share	Rs. 100/- each	Rs. 6.931 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		6.931	6.931	6.931
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		200.508	119.892	84.986
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		207.439	126.823	91.917
LOAN FUNDS
1] Secured Loans		84.593	64.102	32.352
2] Unsecured Loans		53.155	29.085	20.553
TOTAL BORROWING		137.748	93.187	52.905
DEFERRED TAX LIABILITIES		15.003	9.525	3.269
TOTAL		360.190	229.535	148.091
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		77.796	56.500	35.264
Capital work-in-progress		0.000	20.648	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	57.075	81.404	33.769
	Sundry Debtors	277.283	126.533	100.455
	Cash & Bank Balances	93.168	9.061	7.011
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	38.977	30.155	18.959
Total Current Assets		466.503	247.153	160.194
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	106.682	64.777	35.731
	Other Current Liabilities	69.120	26.273	3.018
	Provisions	8.307	3.716	8.618
Total Current Liabilities		184.109	94.766	47.367
Net Current Assets		282.394	152.387	112.827
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		360.190	229.535	148.091

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income			515.534
		Other Income			1.150
		TOTAL	N.A.	N.A.	516.684
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	N.A.	N.A.	452.444
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		152.241	77.293	64.240
Less/ Add	DEPRECIATION/ AMORTISATION		11.908	7.405	4.460
	PROFIT BEFORE TAX		140.333	69.888	59.780
Less	TAX		45.977	25.656	21.600
	PROFIT AFTER TAX		94.356	44.232	38.180
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	14.554	15.163	18.390
	IMPORTS
		Raw Materials	35.968	3.945	4.839
		Capital Goods	0.000	0.000	1.193
	TOTAL IMPORTS		35.968	3.945	6.032
	Earnings Per Share (Rs.)		1361	638	551

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	N.A.	N.A.	7.39
Net Profit Margin (PBT/Sales)	(%)	N.A.	N.A.	11.60
Return on Total Assets (PBT/Total Assets}	(%)	25.78	23.02	30.58
Return on Investment (ROI) (PBT/Networth)		0.68	0.55	0.65
Debt Equity Ratio (Total Liability/Networth)		1.55	1.48	1.09
Current Ratio (Current Asset/Current Liability)		2.53	2.61	3.38

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	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 one year	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	No
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	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	U24110TN1980PTC008068
Name of the company	ARUDRA ENGINEERS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	134, Angappa Naicken Street, Madras-1, Madras - 600001, Tamilnadu, India Email ID: insap@md3.vsnl.net.in
This form is for	Modification of charge
Charge identification number of the modified	90287139
Type of charge	Immovable Property Book Debts Movable Property Floating Charge
Particular of charge holder	UCO Bank, Mid Corporate Branch, 328 Thambu Chetty Street, Chennai – 600001, Tamilnadu, India Email ID: bo.ibbchn@ucobank.co.in
Nature of description of the instrument creating or modifying the charge	Hypothecation and Book Debts to secure demand cash credit. Hypothecation of goods to secure demand cash credit. Deed of hypothecation of movable plant and machinery to secure term loan. Permanent / Omnibus counter guarantee Hypothecation of plant and machinery / goods as additional security. Agreement for extension of charge by way of hypothecation over current assets to secure non fund based facilities. Confirmation letter for extension of equitable mortgage.
Date of instrument Creating the charge	22.02.2011
Amount secured by the charge	Rs. 638.800 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest As per sanction letter and as determined by banker from time to time. Terms of Repayment As per sanction letter and as determined by banker from time to time. Margin As per sanction letter and as determined by banker from time to time. Extent and Operation of the charge As per sanction letter and as determined by banker from time to time.
Date of latest modification prior to the present modification	23.08.2010
Particulars of the present modification	The amount secured by the charge has been enhanced from Rs.513.900 Millions to Rs.638.800 Millions. All other terms and conditions as per the sanction letter and instrument executed on 22.02.2011

FIXED ASSETS

Ø Land

Ø Buildings

Ø Plant and Machinery

Ø Furniture and Fittings

Ø Office Equipments

Ø Water Cooler

Ø Electrical Fittings

Ø Data Processing Machines

Ø Motor Vehicles

Ø Cycle

Ø Air Conditioner

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. 52.38
UK Pound	1	Rs. 84.00
Euro	1	Rs. 67.99

INFORMATION DETAILS

Report Prepared by :

BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	7
--CREDIT LINES	1~10	5
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		50

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

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.