MIRA INFORM REPORT

Report Date :

06.04.2013

IDENTIFICATION DETAILS

Name :	ITW INDIA LIMITED (w.e.f October 2005)
Formerly Known As :	ITW SIGNODE INDIA LIMITED (w.e.f 30.01.1992) NAGARJUNA SIGNODE LIMITED
Registered Office :	Level 1, Lotus Plaza, 732/1, Mehrauli Gurgaon Road, Sector 14, Gurgaon – 122001, Haryana
Country :	India
Financials (as on) :	31.03.2012 (Profit and Loss Account)
Date of Incorporation :	30.11.1979
Com. Reg. No.:	05-038643
Capital Investment / Paid-up Capital :	Rs. 135.465 Millions (As on 31.03.2011)
CIN No.: [Company Identification No.]	U32301HR1979PLC038643
TAN No.: [Tax Deduction & Collection Account No.]	RTKI01677E
PAN No.: [Permanent Account No.]	AAAC14550Q
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	The Subject is engaged in the business of industrial packaging, polymers and fluids, automotive components, insulation, testing equipments etc
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (53)

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

Maximum Credit Limit :	USD 20000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established and reputed company having fine track record. Balance Sheet statement of the company is not available. However, there seems a growth in the turnover and profitability of the company during the current year. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitment. The company can be considered normal for business dealings at usual trade terms and condition.

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 :	Level 1, Lotus Plaza, 732/1, Mehrauli Gurgaon Road, Sector 14, Gurgaon – 122001, Haryana, India
Tel. No.:	91-124-3020601
Fax No.:	91-124-3020603
E-Mail :	psengupta@itw.com jvalentine@itw.com phooda@itw.com
Website :	www.itwsignodeindia.co.in www.itw.com
Factory 1 :	Survey No. 25/2/C, Near Dange Chowk Octroi Post, Tathawade Gram Panchayat, Taluka – Mulshi, District : Pune - 411 033 ,Maharashtra, India
Tel. No.:	91-20-65105104
E-Mail :	info@itwindia.com
Factory 2 :	Plot No.13, Sec-2, IIE-Pantnagar, U.S. Nagar 263145, Uttarakhand, India
Tel. No.:	91-5944-250221 (BSNL) 91-5944-645012 (Tata)
Factory 3 :	Rudraram Village, Patancheru Mandal, Medak District-502 329, Andhra Pradesh, India
Tel. No.:	91 8455 305085/220002/226101
Factory 4 :	Survey No.263 Surangi Village, Silvassa – 396240, UT of Dadra and Nagar Haveli India
Tel. No.:	91 260 2699291/92/2699293
Sales and Service Network :	Located at: Bangalore Bhilai Chennai Hyderabad Jamshedpur Kolkata Mumbai Navi Mumbai New Delhi Rourkela Vadodara Visakhapatnam
Tools, Spares and Service Center :	No.9, KSSP Warehousing Complex, Door No. 7-2-1740, Sanathnagar, Hyderabad – 500018, India
Tel No.:	91-40-64534002
Fax No.:	91-40-23811667
Automotive Unit :	995/2/1, Dingrawadi, Near Kalyani Sharp Pune Nagar Road, Tal-Shirur Distt. Pune – 412207, Maharashtra, India

DIRECTORS

As on: 29.09.2012

Name :	Mr. Ravi Venkata Siva Ramakrishna
Designation :	Chairman –Cum – Managing Director
Address :	Plot No. 24, Huda Layout Road 2, Banjara Hills, Hyderabad – 500033, Andhra Pradesh, India
Date of Birth/Age :	10.03.1956
Qualification :	Graduate in Engineering in Chemical Technology from Birla Institute of Technology and Science, Pilani and PGDM form IIM Ahmedabad
Date of Appointment :	19.05.1995
DIN No.:	00009421
Name :	Ms. Pinkey Kataria Hooda
Designation :	Whole-time director
Address :	House No. 1526, Near Government Girls High School, Gurgaon Village, Gurgaon – 122001, Haryana, India
Date of Birth/Age :	08.09.1976
Qualification :	Lawyer
Date of Appointment :	20.05.2011
DIN No.:	02711168
Name :	Mr. Rohit Gupta
Designation :	Whole Time Director
Address :	C-1/1448, Vasant Kunj, New Delhi – 110070, Delhi, India
Date of Birth/Age :	20.05.1968
Qualification :	Chartered Accountant
Date of Appointment :	11.10.2010
DIN No.:	00322010
Name :	Leanne Misao Ono Lee
Designation :	Director
Address :	2141, Manor Lane, Park Ridge, Illinois – 60068, USA
Date of Birth/Age :	31.10.1962
Date of Appointment :	07.06.2011
DIN No.:	03537624
Name :	Ms. Mary Ann Spiegel
Designation :	Director
Address :	595 s. Rexbl VD, Elmhurst, Illinois - 60126
Date of Birth/Age :	24.05.1964
Date of Appointment :	29.09.2012
DIN No.:	05161638
Name :	Ms. Uma Devaguptapu
Designation :	Whole-time director
Address :	Plot No. 81, A/C, Unit D MLA Colony, Road No. 12, Banjara Hills, Hyderabad – 500034, Andhra Pradesh, India
Date of Birth/Age :	15.10.1959
Qualification :	Degree in Economics and P.G degree in Personnel Management and Industrial Relations from Tata Institute of Social Sciences, Mumbai, and Law degree from Bombay
Date of Appointment :	29.09.2012
DIN No.:	05136697

KEY EXECUTIVES

Name :	Pinkey Kataria
Designation :	Company Secretary
Address :	House No 1526, Near Government Girls High School, Gurgaon Villa, Gurgaon – 122001, Haryana, India
Date of Birth/Age :	08.09.1976
Qualification :	Lawyer
Date of Appointment :	05.05.2010
PAN No.:	ABNPH7002B
Name :	Mr. R .V. S. Ramakrishna
Designation :	Executive Chairman
Date of Birth/Age :	55 Years
Qualification :	BE (Hons), Chemical Engineering
Experience :	32 Years
Date of Appointment :	30.04.1982
Name :	Mr. M. Prabhakar
Designation :	General Manager - MEA
Date of Birth/Age :	51 Years
Qualification :	M. Tech
Experience :	28 Years
Date of Appointment :	09.05.1996

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 29.09.2012

Names of Shareholders	No. of Shares
Illinois Tool Works Inc., - USA	6350
Illinois Tool Works Inc., - USA	362
Illinois Tool Works Inc., - USA	29
Anita Khandelwal	3
Sonal D Shah	2
R Sunitha Reddy	2
Rama Krupa Mulpury	2
Nagasiromani Dandamudi	2
Chandmal Chhajed	2
Madhusudana Rao Dandamudi	2
Manoj Bagadia	2
Podile Gita Vani	1
ITW PMI Investments Inc. – Willington	1
Hobart Corporation – USA	1
Bharat Bhushan Sahny	1
Wilsonart International – USA	1
Geera Finance Limited, India	1
ITW Universal LLC – USA	1
M Bhawarlal Jain	1
Dandamudi Krishan Rao	1
Swan Securities Private Limited – India	1
Kailashben Kiritbhai Shah	1
Priyadarshi Ramprasad Shukla	1
Krishnarao Annarao Lokapur	1
Amita Nitesh Thakkar	1
Priya Dhawal Thakkar	1
Total	6773

Equity Share Break up (Percentage of Total Equity)

As on: 29.09.2012

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	99.59
Bodies corporate	0.03
Other top fifty shareholders	0.038
Total	100.00

BUSINESS DETAILS

Line of Business :

The Subject is engaged in the business of industrial packaging, polymers and fluids, automotive components, insulation, testing equipments etc

PRODUCTION STATUS As on 31.03.2011

Particulars	Unit	Installed Capacity	Actual Production
Tensional steel strapping	Tonnes	30000	27550
Strapping seals	1,000 Nos.	72000	53921
Industrial packaging machines	Nos.	1280	1155
Cold rolled steel strips	Tonnes	34800	27984
Corrosion control products	Tonnes	4200	3877
Non-destructive testing Equipment	Nos.	550	95
Non-destructive testing Accessories	Nos.	700	-
Plastic strapping	Tonnes	11800	5973
Plastic Moulded Items	Tonnes	3866	771
Insulation Jacketing	Tonnes	6200	2041
Edge Protective products	Tonnes	17250	4466
Plastic Embossed Sheets	Lac Sq. Mtrs.	13	-
Mima Lite	Tonnes	720	190

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Not Available

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2011
Finance lease obligation long-term secured	27.993
Total	27.993

Banking Relations :	--
Financial Institution:	Life Insurance Corporation of India Yogakshema Jeevan Bima Marg, Bombay - 400021, Maharashtra, India
Auditors :
Name :	Deloitte Haskings and Sells Chartered Accountant
Address :	1-8-384 and 385, 3^rd Floor, Gowra Grand, S. P. Road, Begumpet, Secunderabad – 500003, Andhra Pradesh, India
Tel. No.:	91-40-40312600
Fax No.:	91-40-40312714
PAN.:	AACFD3771D
Holding Company As on 31.03.2011 :	Illinois Tool Works, Inc., USA
Subsidiary company As on 31.03.2011 :	Strapex India Limited
Others As on 31.03.2011:	· AOC Hi-Tech Limited, Korea · Brevetti Signode Labea Spa, Spain · Click Commerce, United Kingdom · Devcon Limited, Netherlands · Forkardt Deutschland Gmbh, Germany · Foster Refrigerator, United Kingdom · ITW Hobart Brothers Company, United States · Hobart Brothers Company, Germany · Hobart GmbH, Germany · ITW Industrial Packaging, Australia · ITW Industrial Products Trading (Sanghai) Company, China · ITW Instron, United Kingdom · Instron Singapore PTE, Singapore · ITW Insulation Systems (Taiwan) · Interlashing S.R.L, Italy · Itw Insulation Systems Fze, United Arab Emirates · ITW Insulation Systems, Houston, United State · ITW Automotive GmBH, Germany · ITW Litec France S.A.S, France · ITW Automotive Italia Divisions Lys Fusion Srl, Italy · ITW Automotive products GmBh, Germany · ITW Automotive Products GmBH and Company, Germany · ITW Mikalor Automotive, Spain · ITW Miller Electric Manufacturing Company, United State · ITW Automotive products GmBh-Germany · ITW Mima, France · ITW Baillay –Combte, France

CAPITAL STRUCTURE

As on: 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
25000	Equity Shares	Rs.2000/- each	Rs. 500.000 Millions

Issued

No. of Shares	Type	Value	Amount
8936	Equity Shares	Rs.2000/- each	Rs. 178.720 Millions

Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
6773	Equity Shares	Rs.2000/- each	Rs. 135.460 Millions

As on: 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
25000	Equity Shares	Rs. 20000/- each	Rs. 500.000 Millions

Issued :

No. of Shares	Type	Value	Amount
8936	Equity Shares	Rs. 20000/- each	Rs. 178.720 Millions

Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
6773	Equity Shares	Rs. 20000/- each	Rs. 135.460 Millions
	Add: Forfeited shares		Rs. 0.005 Million
	Total		Rs. 135.465 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		135.465	135.465
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		5421.179	4463.350
4] (Accumulated Losses)		0.000	0.000
NETWORTH		5556.644	4598.815
LOAN FUNDS
1] Secured Loans		27.993	30.447
2] Unsecured Loans		25.558	25.558
TOTAL BORROWING		53.551	56.005
DEFERRED TAX LIABILITIES		62.045	38.486
TOTAL		5672.240	4693.306
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1245.134	1156.156
Capital work-in-progress		67.031	74.326
INVESTMENT		50.165	55.525
DEFERREX TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	995.406	765.521
	Sundry Debtors	1763.006	1450.910
	Cash & Bank Balances	1752.767	1410.228
	Other Current Assets	18.316	0.000
	Loans & Advances	645.480	589.166
Total Current Assets		5174.975	4215.825
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	456.229	426.917
	Other Current Liabilities	381.738	229.759
	Provisions	27.098	151.850
Total Current Liabilities		865.065	808.526
Net Current Assets		4309.910	3407.299
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		5672.240	4693.306

NOTE: Balance Sheet For The Year 2012 Is Not Available, Only Profit And Loss Account Is Available.

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011
	SALES
		Income	8989.880	7606.051
		Other Income	300.664	195.874
		TOTAL (A)	9290.544	7801.925
Less	EXPENSES
		Cost of materials consumed	3620.932	3171.468
		Purchases of stock-in-trade	1512.595	1089.444
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(67.343)	(140.429)
		Employee benefit expense	1300.272	997.867
		Other expenses	1099.976	1058.137
		TOTAL (B)	7466.432	6176.487
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1824.112	1625.438
Less	FINANCIAL EXPENSES (D)		6.814	4.628
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1817.298	1620.810
Less/ Add	DEPRECIATION/ AMORTISATION (F)		194.315	154.255
	PROFIT BEFORE TAX (E-F) (G)		1622.983	1466.555
Less	TAX (H)		551.090	508.726
	PROFIT AFTER TAX (G-H) (I)		1071.893	957.829
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		5294.063	4336.234
	BALANCE CARRIED TO THE B/S		6365.956	5294.063
	EARNINGS IN FOREIGN CURRENCY
		FOB value of traded goods exported	841.496	714.642
	TOTAL EARNINGS		841.496	714.642
	IMPORTS
		Raw Materials	299.177	331.172
		Stores & Spares	567.601	41.401
		Capital Goods	54.664	146.255
	TOTAL IMPORTS		921.442	518.828
	Earnings Per Share (Rs.)		1.58	1.41

	PARTICULARS		31.03.2010
	SALES
		Income	6514.904
		Other Income	241.002
		TOTAL (A)	6755.906
Less	EXPENSES
		Material costs	3807.345
		Employee costs	841.202
		Other expenses	647.351
		TOTAL (B)	5295.898
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1460.008
Less	FINANCIAL EXPENSES (D)		1.018
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1458.990
Less/ Add	DEPRECIATION/ AMORTISATION (F)		112.855
	PROFIT BEFORE TAX (E-F) (G)		1346.135
Less	TAX (I)		483.301
	PROFIT AFTER TAX (G-I) (J)		862.834
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		3473.400
	BALANCE CARRIED TO THE B/S		4336.234
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	863.809
		Commission	1.415
		Other Earnings	42.783
	TOTAL EARNINGS		908.007
	IMPORTS
		Raw Materials and components	277.779
		Stores, Spares and loose tools	8.250
		Traded Goods	240.505
		Capital Goods	259.518
	TOTAL IMPORTS		786.052
	Earnings Per Share (Rs.)		127.393

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	11.54	12.27	12.77
Net Profit Margin (PBT/Sales)	(%)	18.05	19.28	20.66
Return on Total Assets (PBT/Total Assets}	(%)	NA	25.28	25.06
Return on Investment (ROI) (PBT/Networth)		NA	0.32	0.29
Debt Equity Ratio (Total Debt /Networth)		NA	0.01	0.01
Current Ratio (Current Asset/Current Liability)		NA	5.98	5.21

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	----------------------
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	----------------------
22]	Litigations that the firm / promoter involved in	----------------------
23]	Banking Details	No
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	No

NOTE:

The Registered Office of the has been shifted from the 3^rd Floor, Merchant Towers, #5 Road NO. 4, Banjara Hills, Hyderabad – 500034, Andhra Pradesh, India to the present address w.e.f. 19.12.2008

EXPORTS

Exports during the financial year were Rs 714.600 Millions as against Rs 863.800 Millions in the previous financial year, a decrease of 17.27%.

UNSECURED LOAN

(Rs in Millions)

Particular	As on 31.03.2011
Deferred sales tax loan unsecured	25.558
Total	25.558

CONTINGENT LIABILITIES AS ON 31.03.2011

(a) As at March 31, 2011, the aggregate of contingent liabilities in respect of excise, customs, service tax, sales tax and other claims against the Company are Rs.177.107 Millions which may arise in the event such cases or appeals are decided against the Company.

(b) As at March 31, 2011, the income-tax authorities have claimed Rs.13.018 Millions from the Company against various past assessments. All the cases are pending at various stages of appeal and the decisions are awaited. The Company has been legally advised that they have a good chance of succeeding in these appeals.

FIXED ASSETS:

• Freehold land
• Leasehold land
• Buildings
• Leasehold improvements
• Plant and machinery
• Moulds
• Furniture, fixtures and other equipment
• Motor 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 governmen 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. 54.88
UK Pound	1	Rs. 83.54
Euro	1	Rs. 70.90

INFORMATION DETAILS

Report Prepared by :

UDS

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--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
--DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		53

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.