MIRA INFORM REPORT

Report Date :

18.01.2013

IDENTIFICATION DETAILS

Name :	NEWS PRINT TRADING AND DISTRIBUTING CORPORATION LIMITED
Registered Office :	229-231, Perin Nariman Street, 101, 1^st Floor, Fort, Mumbai – 400 021, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	08.09.1958
Com. Reg. No.:	11-011171
Capital Investment / Paid-up Capital :	Rs. 1.982 Millions
CIN No.: [Company Identification No.]	U51900MH1958PLC011171
TAN No.: [Tax Deduction & Collection Account No.]	MUMT09646A MUMT10876F
PAN No.: [Permanent Account No.]	AAACT1786B
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Importer and Exporter of Printing Papers.
No. of Employees :	21 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 71000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. 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 :	229-231, Perin Nariman Street, 101, 1st Floor, Fort, Mumbai – 400021, Maharashtra, India
Tel. No.:	91-22-22617272, 22617878, 22617299
Fax No.:	91-22-22611207
E-Mail :	ntdc@vsnl.com contact@newsprintindia.com mgassociates@vsnl.com accounts.ntdc@gmail.com
Website :	http://www.newsprintindia.com
Area :	2500 sq. ft
Location :	Owned
Factory :	Gala No.5/6, Tantia Industrial Estate, Sitaram Mill Compound, Lower Parel, Mambai, Maharashtra, India.
Tel. No.:	91-22-23098182
Area :	1500 sq. ft.
Location :	Owned
Branch Office 1 :	203, Bora Bazar Street, 1st Floor, Fort, Mumbai – 400001, Maharashtra, India.
Tel. No.:	91-22-22617299
Fax No.:	91-22-22611207
Area :	2000 sq. ft.
Location :	Owned
Branch Office 2 :	Ground Floor, Mapla House, 202, Bora Bazar Street, Fort, Mumbai – 400001, Maharashtra, India
Area :	1000 sq. ft.
Location :	Owned

DIRECTORS

As on 29.09.2012

Name :

Mr. Mulchand L. Shah

Designation :

Chairman

Address :

203, Bora Bazaar Street, Fort, Mumbai – 400 001, Maharashtra, India

Date of Birth/Age :

05.07.1944

Date of Appointment :

27.09.1990

DIN No.:

00134479

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U70100MH1987PTC042875	KALPANA PROPERTIES PRIVATE LIMITED	Director	12-03-87	12-03-87	-	Active	NO
2	U63090MH1990PTC055313	SHREE TEJ IMPEX AGENCY PRIVATE LIMITED	Director	02-02-90	02-02-90	18-02-10	Active	NO
3	U51900MH1958PLC011171	NEWS PRINT TRADING AND DISTRIBUTING CORPN LIMITED	Director	27-09-90	27-09-90	-	Active	NO
4	U21010MH1990PTC056972	SHREE TEJ ENTERPRISES PRIVATE LIMITED	Director	10-06-92	10-06-92	-	Active	NO
5	U70200MH1993PTC074226	SHREE GAJRAJ GRAH NIRMAN PRIVATE LIMITED	Director	29-09-93	29-09-93	24-09-08	Active	NO
6	U70102MH1994PTC083721	HINDTEJ LAND DEVELOPERS PRIVATE LIMITED	Director	14-12-94	14-12-94	-	Active	NO
7	U45200MH1995PTC091339	MANGALTEJ NIRMAN PRIVATE LIMITED	Director	03-08-95	03-08-95	-	Active	NO
8	U45200MH1995PTC091343	PARSHAVATEJ NIRMAN PRIVATE LIMITED	Director	03-08-95	03-08-95	-	Active	NO
9	U70100MH1995PTC092129	SHREE PARSHVATEJ ENTERPRISES PRIVATE LIMITED	Director	24-08-95	24-08-95	-	Active	NO
10	U45200MH1995PTC091789	MATRU TEJ ENTERPRISES PRIVATE LIMITED	Director	25-08-95	25-08-95	-	Active	NO
11	U70101MH1984PTC033967	SHREE BUONA CASA ESTATES PVT LTD	Director	03-11-95	03-11-95	-	Active	NO
12	U70200MH1995PTC094310	MIDTOWN REAL ESTATE DEVELOPERS PRIVATE LIMITED	Director	09-11-95	09-11-95	-	Active	NO
13	U45201MH1996PTC098351	RUSHABHTEJ HOUSING AND DEVELOPERS PRIVATE LIMITED	Director	22-03-96	22-03-96	-	Active	NO
14	U45200MH2003PTC143745	SHREEGAJRAJ HOUSING NIRMAN PRIVATE LIMITED	Director	12-03-05	12-03-05	-	Active	NO
15	U70102MH2007PTC170189	SHANTISUMANGAL ENTERPRISES PRIVATE LIMITED	Director	21-04-07	21-04-07	-	Active	NO

Name

Mr. Jayesh Mulchand Shah

Designation

Whole-time Director

Address

203, Bora Bazaar Street, Fort, Mumbai – 400 001, Maharashtra, India

Date of Birth

18.05.1968

Qualification

B. Com.

Date of Appointment :

01.04.2010

DIN No.:

00228868

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U70100MH1987PTC042875	KALPANA PROPERTIES PRIVATE LIMITED	Director	01-12-88	01-12-88	-	Active	NO
2	U51900MH1958PLC011171	NEWS PRINT TRADING AND DISTRIBUTING CORPN LIMITED	Whole-time director	01-04-10	29-09-89	-	Active	NO
3	U63090MH1990PTC055313	SHREE TEJ IMPEX AGENCY PRIVATE LIMITED	Director	12-06-90	12-06-90	18-02-10	Active	NO
4	U21010MH1990PTC056972	SHREE TEJ ENTERPRISES PRIVATE LIMITED	Director	22-06-90	22-06-90	-	Active	NO
5	U70102MH1994PTC083721	HINDTEJ LAND DEVELOPERS PRIVATE LIMITED	Director	14-12-94	14-12-94	-	Active	NO
6	U45200MH1995PTC091339	MANGALTEJ NIRMAN PRIVATE LIMITED	Director	03-08-95	03-08-95	-	Active	NO
7	U45200MH1995PTC091789	MATRU TEJ ENTERPRISES PRIVATE LIMITED	Director	25-08-95	25-08-95	-	Active	NO
8	U70101MH1984PTC033967	SHREE BUONA CASA ESTATES PVT LTD	Director	03-11-95	03-11-95	-	Active	NO
9	U45201MH1996PTC098351	RUSHABHTEJ HOUSING AND DEVELOPERS PRIVATE LIMITED	Director	22-03-96	22-03-96	-	Active	NO
10	U45200MH2003PTC143745	SHREEGAJRAJ HOUSING NIRMAN PRIVATE LIMITED	Director	30-12-03	30-12-03	-	Active	NO
11	U70102MH2007PTC170189	SHANTISUMANGAL ENTERPRISES PRIVATE LIMITED	Director	05-03-09	05-03-09	-	Active	NO

Name

Mr. Hitesh Mulchand Shah

Designation

Managing Director

Address

203, Bora Bazaar Street, Fort, Mumbai – 400 001, Maharashtra, India

Date of Birth

08.06.1970

Qualification

B. Com.

Date of Appointment

01.04.2010

DIN No.:

00154753

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U70100MH1987PTC042875	KALPANA PROPERTIES PRIVATE LIMITED	Director	01-12-88	01-12-88	-	Active	NO
2	U51900MH1958PLC011171	NEWS PRINT TRADING AND DISTRIBUTING CORPN LIMITED	Managing director	01-04-10	29-09-89	-	Active	NO
3	U63090MH1990PTC055313	SHREE TEJ IMPEX AGENCY PRIVATE LIMITED	Director	12-06-90	12-06-90	18-02-10	Active	NO
4	U21010MH1990PTC056972	SHREE TEJ ENTERPRISES PRIVATE LIMITED	Director	22-06-90	22-06-90	-	Active	NO
5	U70200MH1993PTC074226	SHREE GAJRAJ GRAH NIRMAN PRIVATE LIMITED	Director	12-12-94	12-12-94	-	Active	NO
6	U70100MH1995PTC092129	SHREE PARSHVATEJ ENTERPRISES PRIVATE LIMITED	Director	24-08-95	24-08-95	-	Active	NO
7	U70101MH1984PTC033967	SHREE BUONA CASA ESTATES PVT LTD	Director	03-11-95	03-11-95	-	Active	NO
8	U70200MH1995PTC094310	MIDTOWN REAL ESTATE DEVELOPERS PRIVATE LIMITED	Director	09-11-95	09-11-95	-	Active	NO
9	U45201MH1996PTC098351	RUSHABHTEJ HOUSING AND DEVELOPERS PRIVATE LIMITED	Director	22-03-96	22-03-96	-	Active	NO
10	U45200MH1995PTC091343	PARSHAVATEJ NIRMAN PRIVATE LIMITED	Director	02-12-96	02-12-96	-	Active	NO
11	U45200MH2003PTC143745	SHREEGAJRAJ HOUSING NIRMAN PRIVATE LIMITED	Director	29-09-07	16-02-06	-	Active	NO
12	U70102MH2007PTC170189	SHANTISUMANGAL ENTERPRISES PRIVATE LIMITED	Director	05-03-09	05-03-09	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2012

Names of Shareholders	No. of Shares
Mulchand Lalji Shah and Manjula Mulchand Shah	102000
Manjula Mulchand Shah and Mulchand Lalji Shah	18000
Jayesh M. Shah and Mulchand L. Shah	20650
Bijal Jayesh Shah	200
Hitesh Mulchand Shah and Mulchand Lalji Shah	34000
Rajesh Mulchand Shah and Mulchand Lalji Shah	19950
Manekchand S Bengani	100
Jayantilal Manilal Shah and Yagnesh Jayantilal Shah	500
Anilkumar Babulal Shah	50
Swaldas Kishanchand Munyal and Vishindas K Munyal and Asha V Munyal	100
Sakina Mohammedaram Hawa	50
J. P. Patel (Bom) Private Limited	100
Kantilal Mohanlal Parikh	50
Dhiraj A Shah and Meena D Shah	100
Arzoo Hitesh Shah and Hitesh Mulchand Shah	100
Shantilal S Shah	50
Abdullabhai F Kagalwala	400
Girdharilal Damodar Private Limited	100
Indravadan M Parikh	50
Krishnakumar L Ganantra	50
Mukesh K Sheth	100
Ramanand Kapoor	100
Ramesh P Chugani and Gauri R Chugani	50
Ramesh T Chiklikar	50
Vinod S Shah	50
Sheetal R Shah	200
Mulchand Lalji Shah HUF	50
Jayesh Mulchand Shah HUF	50
Hitesh Mulchand Shah HUF	50
Rajesh Mulchand Shah HUF	50
	197350

Equity Share Break up (Percentage of Total Equity)

As on 29.09.2012

Category	Percentage
Directors or relatives of Directors	98.96
Other top fifty shareholders	0.94
Total	100.00

BUSINESS DETAILS

Line of Business :	Importer and Exporter of Printing Papers.
Products :	§ Newsprint Paper § Mechanical Printing Paper

GENERAL INFORMATION

No. of Employees :

21 (Approximately)

Bankers :

· Union Bank of India, Bombay Samachar Marg, Mumbai – 400 023, Maharashtra, India · Bombay Mercantile Co-Operative Bank Limited, Foreign Exchange Division, Uttam House, 4^th Floor, P.D Mello Road, Carnac Bunder, Mumbai – 400001, Maharashtra, India · Bank of Baroda, Bori Bunder Branch, Mumbai – 400 001, Maharashtra, India · Citi Co-operative Bank Limited · Dena Bank · Cosmos Co-Operative Bank · Citi Bank

Banking Relations :	--
Auditors :
Name :	Rajeev Shah and Company Chartered Accountants
Address :	3/4, Behramji Mansion, 1^st Floor, 18, Homji Street, Sir P. M. Road, Fort, Mumbai – 400 001, Maharashtra, India
Tel. No.:	91-22-22665425 / 22659032 / 66369564
Fax No.:	91-22-22692847
E-Mail :	rajeevshahandco@eth.net
Pan No. :	AAAFR0196C
Related Parties :	· A.K. Papers and Company · Mulchand Lalji and Company · Mulchand Lalji Foundation

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.10/- each	Rs.5.000 millions

Issued, Subscribed and Paid-up Capital :

No. of Shares	Type	Value	Amount
197350	Equity Shares	Rs.10/- each	Rs.1.974 millions
239	Equity Shares Add: Forfeited Shares	Rs.35/- each	Rs.0.008 million
	Total		Rs.1.982 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		1.982	1.982	1.982
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		15.848	13.141	10.609
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		17.830	15.123	12.591
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		0.000	0.000	4.000
TOTAL BORROWING		0.000	0.000	4.000
DEFERRED TAX LIABILITIES		0.354	0.077	0.053
TOTAL		18.184	15.200	16.644
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		4.236	5.712	2.331
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.158	0.165	0.173
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.930
	Sundry Debtors	9.857	8.062	6.661
	Cash & Bank Balances	1.744	0.227	2.461
	Other Current Assets	0.000	2.064	0.509
	Loans & Advances	9.983	4.605	4.600
Total Current Assets		21.584	14.958	15.161
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	4.098	1.015	0.667
	Other Current Liabilities	3.547	4.496	0.101
	Provisions	0.149	0.124	0.253
Total Current Liabilities		7.794	5.635	1.021
Net Current Assets		13.790	9.323	14.140
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		18.184	15.200	16.644

PROFIT AND LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	32.162	28.772	25.708
		Other Income	0.484	0.191	5.227
		TOTAL (A)	32.646	28.963	30.935
Less	EXPENSES
		Cost of Goods sold	18.812	19.764	24.617
		Operating and other expenses	7.845	4.476	2.943
		TOTAL (B)	26.657	24.240	27.560
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		5.989	4.723	3.375
Less	FINANCIAL EXPENSES (D)		0.089	0.649	1.197
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		5.900	4.074	2.178
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.694	0.394	0.243
	PROFIT BEFORE TAX (E-F) (G)		5.206	3.680	1.935
Less	TAX (H)		2.498	1.148	0.671
	PROFIT AFTER TAX (G-H) (I)		2.708	2.532	1.264
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		12.945	10.413	9.149
	BALANCE CARRIED TO THE B/S		15.653	12.945	10.413
	EARNINGS IN FOREIGN CURRENCY
		Commission Received	10.843	5.627	2.647
	TOTAL EARNINGS		10.843	5.627	2.647
	Earnings Per Share (Rs.)		13.70	12.81	6.40

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	8.30	8.74	4.09
Net Profit Margin (PBT/Sales)	(%)	16.19	12.79	7.53
Return on Total Assets (PBT/Total Assets}	(%)	20.16	17.80	11.06
Return on Investment (ROI) (PBT/Networth)		0.29	0.24	0.15
Debt Equity Ratio (Total Liability/Networth)		0.44	0.37	0.40
Current Ratio (Current Asset/Current Liability)		2.77	2.65	14.85

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	No
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

OPERATIONS

During the year the company has earned total income of Rs. 32.645 millions as compared to Rs. 28.963 millions in the previous year. After providing for Depreciation, Interest and Tax, the net profit of the company stood at Rs. 2.708 millions as against Rs.2.532 millions in the previous year.

FIXED ASSETS

· Gala No 25

· Gala No E 13 and 14

· Furniture and Fixture

· Tempo

· Motor Car

· Motor Bike

· Office Equipment

· Fax Machine

· Air Conditioner

· Computer

· Cellular Phone

· Telephone

· Printer and Scanner

CMT REPORT (Corruption, Money Laundering and 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.54.64
UK Pound	1	Rs.87.46
Euro	1	Rs.72.65

INFORMATION DETAILS

Report Prepared by :

MRI

SCORE and 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	5
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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		46

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 and 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.