1. Summary Information

		Country	INDIA
Company Name	GTP GRANITES LIMITED	Principal Name 1	MR. SENGODA GOUNDER MUTHURAJAN
Status	SATISFACTORY	Principal Name 2	MR. JEBAMANI JAYA SINGH
		Registration #	18-002722
Street Address	NO. 4/36, BHARATHI STREET, SWARNAPURAI, SALEM – 636 004, TAMILNADU
Established Date	29.05.1990	SIC Code	--
Telephone#	91-427-2448490	Business Style 1	MANUFACTURERS
Fax #	91-427-2448744	Business Style 2	EXPORTERS
Homepage	http://www.gtpgranites.com	Product Name 1	CUT AND POLISHED GRANITE
# of employees	1500 (Approximately)	Product Name 2	SLABS AND MONUMENTS
Paid up capital	Rs.38,164,000/-	Product Name 3	--
Shareholders	FOREIGN HOLDINGS 12.00%, DIRECTORS OR RELATIVES OF DIRECTORS 88.00	Banking	THE LAKSHMI VILAS BANK LIMITED
Public Limited Corp.	NO	Business Period	22YEARS
IPO	NO	International Ins.	--
Public Enterprise	NO	Rating	Ba (49)
Related Company
Relation	Country	Company Name	CEO
ASSOCIATES	--	GTP FINANCE LIMITED	--
Note	--

2. Summary Financial Statement

Balance Sheet as of	31.03.2011		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	290,968,000	Current Liabilities	43,812,000
Inventories	114,789,000	Long-term Liabilities	147,507,000
Fixed Assets	173,374,000	Other Liabilities	22,491,000
Deferred Assets	000	Total Liabilities	213,810,000
Invest& other Assets	16,675,000	Retained Earnings	343,350,000
		Net Worth	381,996,000
Total Assets	595,806,000	Total Liab. & Equity	595,806,000
Total Assets (Previous Year)	547,264,000
P/L Statement as of	31.03.2011		(Unit: Indian Rs.)
Sales	390,984,000	Net Profit	7,679,000
Sales(Previous yr)	426,314,000	Net Profit(Prev.yr)	9,737,000

MIRA INFORM REPORT

Report Date :

26.09.2012

IDENTIFICATION DETAILS

Name :	G T P GRANITES LIMITED
Registered Office :	No. 4/36, Bharathi Street, Swarnapurai, Salem-636004, Tamilnadu
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	29.05.1990
Com. Reg. No.:	18-002722
Capital Investment / Paid-up Capital :	Rs.38.164 Millions
CIN No.: [Company Identification No.]	U14102TZ1990PLC002722
IEC No.:	3292000441
TAN No.: [Tax Deduction & Collection Account No.]	CHEG05934F
PAN No.: [Permanent Account No.]	AAACG7711K
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturers, Quarry Owners and Exporters of Cut and Polished Granite, Slabs and Monuments.
No. of Employees :	1500 (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 1520000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. There appears some dip in the turnover and profitability of the company. However, networth appears to be satisfactory. 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

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	A2 [Packing Credit] A2 [Short Term]
Rating Explanation	Have strong degree of safety it carry low credit risk.
Date	June 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 / Corporate Office / Headquarter :	No. 4/36, Bharathi Street, Swarnapurai, Salem-636004, Tamilnadu, India
Tel. No.:	91-427-2448490 / 2447645 / 2346392 / 6
Fax No.:	91-427-2448744 / 2341531 / 2346304
E-Mail :	gtpgl@sancharnet.in / gtpglho@gmail.com
Website	http://www.gtpgranites.com
Factory 1 :	Unit 1, 151/1, Jagir Ammapalayam, Mamangam, Salem-636302, Tamilnadu, India
Tel. No.:	91-427-2341932/2340722/2340663
Fax No.:	91-427-2341531/2341099
E-Mail :	info@gtpgranites.com
Factory 2 :	Unit 2, 63/1C, Venkatachalapathy, Chetichavadi, Omalur, Salem-636012, Tamilnadu, India
Tel. No.:	91-427-2448733/445943
Fax No.:	91-427-2430256
E-Mail :	siva@gtpgranites.com

DIRECTORS

AS ON 30.09.2011

Name :

Mr. Sengoda Gounder Muthurajan

Designation :

Managing Director

Address :

134, Manickavasagam Street, Balaji Nagar, Fairlands, Salem – 636016, Tamilnadu, India

Date of Birth/Age :

03.08.1947

Date of Appointment :

02.09.1996

Din No.:

00047437

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	U85110TZ1971PTC000631	SRI GOKULAM HOSPITALS PRIVATE LIMITED	Director	26/04/1988	26/04/1988	Active	NO
2	U65921TZ1991PLC003149	G T P FINANCE LIMITED	Director	25/02/1991	25/02/1991	Active	NO
3	U27310TZ1991PTC003384	GTP EXPORTS PRIVATE LIMITED	Director	07/08/1991	07/08/1991	Active	NO
4	U14101TZ1991PTC003523	GTP CERAMICS PRIVATE LIMITED	Director	27/11/1991	27/11/1991	Active	NO
5	U14102TZ1990PLC002722	G T P GRANITES LIMITED	Managing director	02/09/2011	02/09/1996	Active	NO
6	U72200TN2007PLC065759	GTP INFOTECH SOLUTIONS LIMITED	Director	17/12/2007	17/12/2007	Active	NO
7	U40108TZ2012PTC018594	ASHOK WIND FARM PRIVATE LIMITED	Director	31/07/2012	31/07/2012	Active	NO
8	U40108TZ2012PTC018635	SMA WIND ENERGY PRIVATE LIMITED	Director	13/08/2012	13/08/2012	Active	NO
9	U40108TZ2012PTC018649	GTP WIND ENERGY PRIVATE LIMITED	Director	16/08/2012	16/08/2012	Active	NO

Name :

Kumaraswamy Kamalakannan

Designation :

Whole Time Director

Address :

1/367, Thirumalai Street, P and T Colony, Alagapuram, Salem – 636016, Tamilnadu, India

Date of Birth/Age :

30.07.1963

Date of Appointment :

02.09.1996

Din No.:

01824768

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	U14102TZ1990PLC002722	G T P GRANITES LIMITED	Whole-time director	01/10/2011	02/09/1996	Active	NO

Name :

Mr. Jebamani Jaya Singh

Designation :

Whole Time Director

Address :

16, Indira Nagar, Judge Road, Salem – 636 008, Tamilnadu, India

Date of Birth/Age :

11.12.1942

Date of Appointment :

20.07.1995

Din No.:

00047498

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	U14102TZ1990PLC002722	G T P GRANITES LIMITED	Whole-time director	01/10/2011	20/07/1995	Active	NO

Name :

Mr. R. Sivasubramnian

Designation :

Whole Time Director

Address :

3, Greenlands, Nagarmalai Road, Salem – 636016, Tamilnadu, India

Date of Birth/Age :

17.10.1956

Date of Appointment :

20.07.1995

Din No.:

01824835

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	U14102TZ1990PLC002722	G T P GRANITES LIMITED	Whole-time director	01/10/2011	20/07/1995	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
S. Muthurajan	3265948
K. Muthusamy	11
K. Kamalakannan	1011
S Manickam	1000
M. Baby Saroja	93500
Arora Trading Limited, Jersey	452978
M Ashokraj	1000
M Ramya	1000
TOTAL	3816448

AS ON 30.09.2011

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	12.00
Directors or relatives of directors	88.00
TOTAL	100.00

BUSINESS DETAILS

Line of Business :

Manufacturers, Quarry Owners and Exporters of Cut and Polished Granite, Slabs and Monuments.

PRODUCTION STATUS (As on 31.03.2010)

Particulars	Unit	Installed Capacity	Actual Production
Granite Monuments and Slabs	Qty / Sq. ft	326400	246297

GENERAL INFORMATION

No. of Employees :

1500 (Approximately)

Bankers :

• The Lakshmi Vilas Bank Limited, 62-63, Bazaar Street, Salem – 636 001, Tamilnadu, India
• State Bank of India, Siruthozhil Branch, 68, Cherry Road, Salem – 636 007 , Tamilnadu, India
• Punjab National Bank, 774, Oppanakkra Street, Coimbatore – 641 001, Tamilnadu, India
• The Karnataka Bank Limited

Facilities :

SECURED LOAN	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
From The Lakshmi Vilas Bank Limited
Packing credit limit	47.936	40.720
Post shipment credit	46.156	48.292
Term Loan	10.322	6.077
From The Karnataka Bank Limited
Packing credit limit	12.895	0.000
Post shipment credit	4.143	0.000
Term Loan (Secured by Equitable Mortgage of the immovable properties of the company and by hypothecation of stocks, consumables, spares, Plant and Machinery, book debts both present and future and guaranteed by the directors)	18.191	0.000
Hire Purchase Loan from Reliance Capital	7.864	0.333
TOTAL	147.507	95.422

Banking Relations :	--
Financial Institution :	Tata Capital Limited, One Forbes, Dr. V B Gandhi Marg, Fort, Mumbai-400001, Maharashtra, India Bajaj Finance Limited, Akurdi Pune, Pune-411035, Maharashtra, India
Auditors :
Name :	Bala and Sakthi Chartered Accountants
Address :	7AA, Ramakrishna Road, Sundaram Nursing Home Building, Salem – 636 004, Tamil Nadu, India
Tel. No.:	91-427-210676/212718
PAN NO:	AACFB2800R
Memberships :	IMMA – Indian Monument Manufactures Association AIGSA – All India Granite and Stone Association MBNA – Monument Builders of North America World Stonex
Associates/Subsidiaries :	GTP Finance Limited (U65921TZ1991PLC003149)

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
7000000	Equity Shares	Rs.10/- each	Rs.70.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3816448	Equity Shares	Rs.10/- each	Rs.38.164 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		38.164	38.164	38.164
2] Share Application Money		0.482	0.482	0.482
3] Reserves & Surplus		343.350	335.671	325.935
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		381.996	374.317	364.581
LOAN FUNDS
1] Secured Loans		147.507	95.422	92.368
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		147.507	95.422	92.368
DEFERRED TAX LIABILITIES		21.868	24.554	25.865
TOTAL		551.371	494.293	482.814
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		173.374	154.190	132.605
Capital work-in-progress		0.000	3.687	4.262
INVESTMENT		16.675	16.675	10.075
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	114.789	119.266	120.019
	Sundry Debtors	186.901	170.875	177.372
	Cash & Bank Balances	7.678	7.076	3.793
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	96.389	75.495	80.192
Total Current Assets		405.757	372.712	381.376
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	37.963	46.244	33.793
	Other Current Liabilities	5.849	5.088	5.793
	Provisions	0.623	1.639	5.918
Total Current Liabilities		44.435	52.971	45.504
Net Current Assets		361.322	319.741	335.872
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		551.371	494.293	482.814

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	390.984	426.314	432.104
		Income from Wind Power Generation	19.135	24.376	21.171
		Other Income	5.734	0.358	10.274
		TOTAL (A)	415.853	451.048	463.549
Less	EXPENSES
		Raw Material	189.589	193.543	203.104
		Consumables	39.449	37.177	33.637
		Power and Fuel	10.040	9.603	8.594
		Purchase for trading exports	11.830	24.547	46.761
		Employee remuneration and benefits	23.775	20.778	20.209
		Other Manufacturing Expenses	54.197	55.406	68.611
		Administrative Expenses	29.744	40.690	26.528
		Selling Expenses	30.445	28.744	31.590
		Net increase in Process Stock and Finished Goods	(4.802)	7.846	(7.021)
		TOTAL (B)	384.267	418.334	432.013
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		31.586	32.714	31.536
Less	FINANCIAL EXPENSES (D)		12.243	9.197	9.404
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		19.343	23.517	22.132
Less/ Add	DEPRECIATION/ AMORTISATION (F)		13.726	13.451	17.769
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		5.617	10.066	4.363
Less	TAX (H)		(2.062)	0.329	2.388
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		7.679	9.737	1.975
	Prior Period Items:
	Gratuity provision of earlier year reversed		0.000	0.000	0.732
	Quarry Development Expenditure W/off		0.000	0.000	0.000
	Income Tax for Earlier Years		0.001	0.001	0.000
	Wealth Tax for Earlier Years		0.000	0.000	0.186
	PROFIT AFTER ADJUSTMENT OF PRIOR PERIOD ITEMS		7.678	9.736	2.521
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		234.861	225.125	222.604
	BALANCE CARRIED TO THE B/S		242.539	234.861	225.125
	IMPORTS
		Polishing Material and Consumable Spares	8.106	9.080	0.000
		Material for Segment Manufacturing	4.560	2.699	0.000
		Machinery Spares	0.970	0.491	0.000
		Plant and Machinery	4.840	11.590	0.000
		Rough Granite Blocks	8.750	0.000	0.000
	TOTAL IMPORTS		27.226	23.860	0.000
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	367.221	400.426	399.927
	Earnings / (Loss) Per Share (Rs.)		2.01	2.55	0.66

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.85	2.16	0.43
Net Profit Margin (PBT/Sales)	(%)	1.44	2.36	1.01
Return on Total Assets (PBT/Total Assets}	(%)	0.97	1.91	0.85
Return on Investment (ROI) (PBT/Networth)		0.01	0.03	0.01
Debt Equity Ratio (Total Liability/Networth)		0.50	0.40	0.38
Current Ratio (Current Asset/Current Liability)		9.13	7.04	8.38

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	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	Yes
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	Yes

OPERATIONS:

The net profit for the year stood at Rs.7.678 millions after providing for interest, depreciation and tax.

BANKERS CHARGES REPORT AS PER REGISTRY

This form is for	Creation of charge
Corporate identity number of the company	U14102TZ1990PLC002722
Name of the company	G T P GRANITES LIMITED
Address of the registered office or of the principal place of business in India of the company	No. 4/36, Bharathi Street, Swarnapurai, Salem – 636 004, Tamilnadu, India
Type of charge	Movable Property (not being pledge)
Particular of charge holder	Tata Capital Limited, One Forbes, Dr. V B Gandhi Marg, Fort, Mumbai-400001, Maharashtra, India
Email	shailesh.rajadhyaksha@tatacapital.com
Nature of description of the instrument creating or modifying the charge	Loan cum Hypothecation cum Guarantee Agreement No. 7000114029 dated 21.05.2011
Date of instrument Creating the charge	21.05.2011
Amount secured by the charge	Rs.5.580 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Interest @ 10.87% per annum Terms of Repayment As mutually agreed between Tata Capital Limited and the Borrower from time to time Margin Rs 0.620 Million. Extent and Operation of the charge The loan together with all interest, costs, fees and expenses and all monies payable in terms of this Loan Agreement is secured by hypothecation of the Asset as specified in Annexure I to the Loan Agreement.
Short particulars of the property charged	Doosan 340 excavator

FIXED ASSETS:

• Land
• Building
• Plant and Machinery
• Electrical Installations
• Furniture and Fixture
• Vehicles
• Office Equipment
• Computer
• Miscellaneous Assets
• Wind Electric Generators

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.53.53
UK Pound	1	Rs.86.82
Euro	1	Rs.69.03

INFORMATION DETAILS

Report Prepared by :

TPT

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	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--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	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.