MIRA INFORM REPORT

Report Date :

27.08.2013

IDENTIFICATION DETAILS

Name :	AMBUJA INTERMEDIATES LIMITED (w.e.f. 19.09.2011)
Formerly Known As :	AMBUJA INTERMEDIATES PRIVATE LIMITED (w.e.f. 25.07.2005) AMBUJA INTERMEDIATE PRODUCTS PRIVATE LIMITED
Registered Office :	A/901, Nar Narayan Complex, Near Navrangpura Bus Stop, Off C.G. Road, Navrangpura, Ahmedabad – 380009, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	10.08.1988
Com. Reg. No.:	04-011091
Capital Investment / Paid-up Capital :	Rs. 61.000 Millions
CIN No.: [Company Identification No.]	U24231GJ1988PLC011091
TAN No.: [Tax Deduction & Collection Account No.]	AHMA02216E
PAN No.: [Permanent Account No.]	AACCA1236B
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Dyestuff.
No. of Employees :	Information Denied by Management

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 1000000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Latest financials i.e. 2011-12 are missing from government department. From the available financials of 2011. It seems that the company is progressing well. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitment. 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.

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	CARE
Rating	BBB- Long Term Bank Facilities
Rating Explanation	Moderate degree of safety. It carry moderate credit risk.
Date	30.01.2012

Rating Agency Name	CARE
Rating	A3 : Short Term Bank Facilities
Rating Explanation	Moderate degree of Safety. It carry higher credit risk.
Date	30.01.2012

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 DENIED BY

Name :	Mr. Rajeev
Designation :	Accountant
Contact No.:	91-79-26427576

LOCATIONS

Registered Office/ Registered Headquarter Office :	A/901, Nar Narayan Complex, Near Navrangpura Bus Stop, Off C.G. Road, Navrangpura, Ahmedabad – 380009, Gujarat, India
Tel. No.:	91-79-26427576/ 26427666
Fax No.:	91-79-26426694
E-Mail :	grshah@ambujaindia.com ambujaintermediates@gmail.com ahm@ambujaindia.com tradelink@icenet.co.in
Website :	www.ambujaindia.com
Corporate Office/ Branch Office :	133, Bhandari Street, Null Bazar, Mumbai – 400004, Maharashtra, India
Tel. No.:	91-22-42127777/ 23867792/ 23857141/ 23800058/ 23824143
Fax No.:	91-22-23809797
E-Mail :	ambuja@bom3.vsnl.net.in admin@ambujaindia.com
Factory :	Chemical Complex Unit 1, 2, 3 and 4 Survey No.1152, Chhatral – Mehsana State Highway, Near Milton Laminates, Village Rajpur, Taluka Kadi, District Mehsana – 382740, Gujarat, India
Tel. No.:	91-2764-278403/ 278404
Fax No.:	91-2764-278415
E-Mail :	works@ambujaindia.com

DIRECTORS

AS ON 30.07.2012

Name :	Mr. Paragbhai Amarabhai Makwana
Designation :	Director
Address :	A-202, Parijat Jeevan Sahar CHS, Opposite Hotel Suresha Tarun Bharat, Chakala, Andheri (East), Mumbai – 400099, Maharashtra, India
Date of Birth/Age :	14.11.1947
Date of Appointment :	19.09.2011
DIN No.:	00051227
Name :	Mr. Gambhirmal Ramanlal Shah
Designation :	Whole-time director
Address :	6, Jadav Bhuvan, 32, Dr. Ailson Street, V P Road, Mumbai – 400004, Maharashtra, India
Date of Birth/Age :	01.04.1958
Date of Appointment :	10.08.1998
DIN No.:	00137528
Name :	Mr. Mahendrabhai Mohanlal Patel
Designation :	Whole-time director
Address :	16 Vishnu Hari Apartment, 18 Pushpkunj Society, Kanakaria, Ahmedabad – 380022, Gujarat, India
Date of Birth/Age :	22.12.1956
Date of Appointment :	19.11.1999
DIN No.:	00137602
Name :	Mr. Lalit Tilokchand Shah
Designation :	Managing director
Address :	14/C, 7 Khanderao Block, Khotachi Wadi V P Road, Mumbai – 400004, Maharashtra, India
Date of Birth/Age :	01.12.1973
Date of Appointment :	10.07.1999
DIN No.:	00144685
Name :	Mr. Satyanarayan Bhaverlal Ajmera
Designation :	Director
Address :	Dr. Ajmera Clinic Shraddhavilla, Opposite Friend SO, Jawaharchawk Sabarmati, Ahmedabad – 380005, Gujarat, India
Date of Birth/Age :	08.01.1952
Date of Appointment :	19.09.2011
DIN No.:	03609798
Name :	Mr. Harinderpal Singh Kochar
Designation :	Director
Address :	B-8-61, Goyal Intercity, Drive In Road, Ahmedabad – 380054, Gujarat, India
Date of Birth/Age :	06.08.1953
Date of Appointment :	19.09.2011
DIN No.:	03609845
Name :	Mr. Jitendra Kantilal Shah
Designation :	Director
Address :	14/C, 7 Khanderao Block, Khotachi Wadi, V P Road, Mumbai – 400004, Maharashtra, India
Date of Birth/Age :	10.12.1975
Date of Appointment :	25.08.2008
DIN No.:	00144772
Name :	Mr. Rajeshkumar Ramanlal Shah
Designation :	Director
Address :	3rd Floor, Room No.6, Jadav Mansion , 32, Dr Wilson Street, Mumbai – 400004, Maharashtra, India
Date of Birth/Age :	01.06.1968
Date of Appointment :	25.08.2008
DIN No.:	00262041
Name :	Mr. Bhargav Kumar Kirit Kumar Patel
Designation :	Director
Address :	4, Sundarvan Soc, Shahalam, Mani Nagar, Ahmedabad – 380028, Gujarat India
Date of Birth/Age :	12.01.1975
Date of Appointment :	25.08.2008
DIN No.:	01874663

KEY EXECUTIVES

Name :	Ms. Samita Arora
Designation :	Secretary
Address :	C-73, Vishal Residency, Opposite Devpriya Bunglow II, Anandnagar To Ramdev Nagar, Satelite, Ahmedabad – 380015, Gujarat, India
Date of Appointment :	01.09.2011

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

SHAREHOLDING DETAILS FILE ATTACHED

AS ON 30.07.2012

EQUITY SHARE BREAK UP (PERCENTAGE OF TOTAL EQUITY)

Category	Percentage
Bodies corporate	2.35
Directors or relatives of directors	97.65
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Dyestuff.

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Licensed Capacity	Installed Capacity	Production Own
Dyes and Dye-Intermediates	M.T.	N.A.	6,140.000	2,698.650

Note:

Installed Capacity is assessed by the management and being a technical matter accepted by the Auditors as correct.

Production includes 1.005 M.T. of Dyes and Dye-Intermediates produced on job-work basis with out-side parties.

GENERAL INFORMATION

No. of Employees :

Information Denied by Management

Bankers :

• Bank of India, Ahmedabad Corporate Banking Branch, 2^nd Floor, Bank of India Building, Bhadra, Ahmedabad – 380 001, Gujarat, India
• Bank of India, Ahmedabad Mid Corporate Branch 1st Floor, Bank of India Building Swastik Cross Roads Navrangpura, Ahmedabad - 380009, Gujarat, India

Facilities :

Secured Loan	31.03.2011 [Rs. in Millions]	31.03.2010 [Rs. in Millions]
Rupee term loans banks secured (Bank of India)	116.149	116.770
Working capital loans banks secured (Including of Buyer’s Credit Rs.27.733 millions; previous year Rs.22.752 millions)	262.571	255.603
Hire purchase installment payable secured [Reliance Capital Limited (Against Vehicle) Rs.0.342 million)]	0.000	0.416
Total	378.720	372.789

Unsecured Loan	31.03.2011 [Rs. in Millions]	31.03.2010 [Rs. in Millions]
From Shareholders, Directors and Relatives	15.545	8.725
Total	15.545	8.725

Banking Relations :	--
Auditors :
Name :	Shah Kantilal and Company Chartered Accountants
Address :	806, Mauryansh Elanza, Near Parekh S Hospital, Shyamal Cross Road, Satellite Ahmedabad – 380 015, Gujarat, India
PAN No.:	AAMFS3865K
Associate Concerns :	Ambuja Metal Industries Private Limited, India (CIN No.: U27310GJ1979PTC003535) Ambuja Solvex Private Limited, India (CIN No.: U15141GJ2004PTC044285) Nenava Metal Corporation, India

CAPITAL STRUCTURE

AS ON 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
20000000	Equity Shares	Rs.10/- each	Rs. 200.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
12325000	Equity Shares	Rs.10/- each	Rs. 123.250 Millions

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
11000000	Equity Shares	Rs.10/- each	Rs.110.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
6100000	Equity Shares	Rs.10/- each	Rs.61.000 Millions

(Out of above 3050000 Equity shares allotted as fully paid-up by way of bonus shares by way of capitalisation of Share premium and General Reserve)

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		61.000	30.500	30.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		232.892	228.641	211.314
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		293.892	259.141	241.814
LOAN FUNDS
1] Secured Loans		378.720	372.789	280.143
2] Unsecured Loans		15.545	8.725	15.000
TOTAL BORROWING		394.265	381.514	295.143
DEFERRED TAX LIABILITIES		57.973	58.936	55.679
TOTAL		746.130	699.591	592.636
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		348.013	345.621	367.120
Capital work-in-progress		7.879	1.302	0.649
INVESTMENT		0.735	0.698	0.944
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	113.765	118.120	86.483
	Sundry Debtors	279.011	258.289	101.324
	Cash & Bank Balances	8.505	9.230	8.147
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	62.797	77.020	69.671
Total Current Assets		464.078	462.659	265.625
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	43.233	91.597	24.583
	Other Current Liabilities	0.000	0.000	0.000
	Provisions	31.342	19.092	17.119
Total Current Liabilities		74.575	110.689	41.702
Net Current Assets		389.503	351.970	223.923
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		746.130	699.591	592.636

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	1206.056	1042.881	939.984
		Other Income	38.496	45.487	40.724
		TOTAL (A)	1244.552	1088.368	980.708
Less	EXPENSES
		Consumption Materials Changes Inventories	828.922	731.917
		Manufacturing Service Cost	179.992	181.628	922.312
		Employee Related Expenses	23.338	21.121
		Administrative Selling and Other Expenses	73.428	44.212
		Research Development Expenditure	1.784	1.338
		Prior Period Items	(0.566)	(0.745)
		TOTAL (B)	1106.898	979.471	922.312
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		137.654	108.897	58.396
Less	FINANCIAL EXPENSES (D)		41.764	38.066	39.594
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		95.890	70.831	18.802
Less/ Add	DEPRECIATION/ AMORTISATION (F)		35.701	36.120	37.594
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		60.189	34.711	(18.792)
Less	TAX (H)		19.538	12.356	(5.671)
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		40.651	22.355	(13.121)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		186.737	171.909	191.639
Less	APPROPRIATIONS
		Interim Dividend (including Tax on Dividend)	5.335	4.282	5.352
		Transfer to General Reserve	4.500	2.500	0.000
	BALANCE CARRIED TO THE B/S		216.987	186.737	171.909
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	693.934	563.696	614.249
	TOTAL EARNINGS		693.934	563.696	614.249
	IMPORTS
		Raw Materials	137.531	143.427	119.377
		Stores & Spares	11.314	0.000	2.243
	TOTAL IMPORTS		148.845	143.427	121.62
	Earnings Per Share (Rs.)		13.14	7.09	(4.71)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	3.27	2.05	(1.34)
Net Profit Margin (PBT/Sales)	(%)	4.99	3.33	(2.00)
Return on Total Assets (PBT/Total Assets}	(%)	7.41	4.29	(2.97)
Return on Investment (ROI) (PBT/Networth)		0.20	0.13	(0.07)
Debt Equity Ratio (Total Liability/Networth)		1.60	1.90	1.39
Current Ratio (Current Asset/Current Liability)		6.22	4.17	6.37

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	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	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	No
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U24231GJ1988PLC011091
Name of the company	AMBUJA INTERMEDIATES LIMITED
Address of the registered office or of the principal place of business in India of the company	A/901, Nar Narayan Complex, Near Navrangpura Bus Stop, Off C.G. Road, Navrangpura, Ahmedabad – 380 009, Gujarat, India tradelink@icenet.co.in
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	80034289
Type of charge	Book debts Movable property (not being pledge) Floating charge
Particular of charge holder	Bank of India, Ahmedabad Mid Corporate Branch 1st Floor, Bank of India Building Swastik Cross Roads Navrangpura, Ahmedabad - 380009, Gujarat, India mcb.ahmedabad@bankofindia.co.in
Nature of instrument creating charge	Fourth supplemental deed of hypothecation executed by the company in favour of bank to secure the modified, revised and increased fund based and non fund based total aggregate limits of Rs. 524.300 Millions
Date of instrument Creating the charge	20.03.2012
Amount secured by the charge	Rs. 524.300 Millions
Brief of the principal terms and conditions and extent and operation of the charge	Rate of interest CC - 3.50% + BR PRSNTLY 14.25% p. a. monthly rests, EPC / PCFC STR CHNL - as applicable TL - 4% + BR PRSNTLY 14.75% p. a. monthly rest LC - BYR CRD - BK GUA - as per bank/ fedai rules Terms of repayment Cash Credit - stocks and book debts - on demand/annual review EPC / PCFC / FBP / FCBD / DP - DA 180 days- on demand / annual review STAR CHNL - on demand/annual review TM LN VI - 24 quarterly installment commenced from July 2008 TM LN VII - 24 quarterly installment commenced from July 2009 TM LN VIII - 24 quarterly installment commenced from J December 2011 LC / BYRS CRDT / BK GUA - on demand / annual review Margin Cash Credit - Stocks - 25% Cash Credit - Book Debts - Upto 90 Days - 30% 91 TO 120 DAYS - 50% EPC / PCFC / FBP / FCBD / DP - DA 180 Days – 10 Extent and operation of the charge First and exclusive hypo ch on all tangible movable property like plant and machinery, stock of material, book debts and other movable assets of the company to secure modified, revised and increased FB and NFB aggregate limits of Rs. 524.300 Millions alongwith interest, additional interest, penal interest, liquidated damages, costs, charges and commission and such other amt due to the bank from time to time of what so ever nature Others Revised limits as per annexure Working capital limits – Rs. 240.000 Millions Term loans - Rs.104.300 Millions Non FB limits - Rs. 80.000 Millions Total AGG FB + NFB - Rs. 524.300 Millions
Short particulars of the property or assets charged (including complete address and location of the property)	All plant and machineries and equipment of the company whether installed or not and whether lying loose or in cases situated at Mouje Rajpur, Taluka Kadi, District Mehasana, Gujarat or Else All stock of raw mat semi fin and fin goods etc both present and future lying or stored at fact prem at Mouje Rajpur, Taluka Kadi, District Mehasana, Gujarat or Else All the book debts, outstanding, money receivables, claims bills both present and future
Date of last modification prior to the present modification	09.03.2011
Particulars of the present modification	Bank has granted add CC stock / book debt LIM Rs. 5 0.00 Millions, TM LN VI, VII and VIII LIM are revised on repayment and thereby tot max AGG LIM are modified, revised and increased FM Rs. 501.000 Millions to Rs. 524.300 Millions. Thus first and excl hypo CH on all movable property being plant and machineries, stock of material, book debts and all other movable assets has been extended and will operate for Rs 524.300 Millions w. e. f. 20.03.2012.

CONTINGENT LIABILITIES NOT PROVIDED FOR:

Particulars	31.03.2011 (Rs. in millions)	31.03.2010
Letters of Credit and Bank Guarantee issued by the Bank on behalf of the Company (Against fixed deposits of Rs.7.476 millions)	26.862	53.822
Sales Tax against which the Company has preferred an Appeal	4.269	1.524
Income Tax against which the Company has preferred the Appeals	0.051	7.632
Export Obligation against Advance for Material Purchase	0.237	0.000

FIXED ASSETS:

· Freehold Land

· Leasehold Land

· Building

· Plant and Machinery

· Wind Mill

· Office Equipment

· Furniture and Fixtures

· 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 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 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. 64.23
UK Pound	1	Rs. 100.00
Euro	1	Rs. 85.93

INFORMATION DETAILS

Information Gathered by :	PJA
Report Prepared by :	TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		45

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
-	NB	New Business	-

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

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