MIRA INFORM REPORT

Report Date :

30.01.2013

IDENTIFICATION DETAILS

Name :	THAKKARSONS ROLL FORMING PRIVATE LIMITED
Registered Office :	601-602, Siddharth Arcade, Above HSBC Bank, L.T. Road, Borivali (West), Mumbai – 400 092, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	04.01.1990
Com. Reg. No.:	11-054868
Capital Investment / Paid-up Capital :	Rs.6.080 millions
CIN No.: [Company Identification No.]	U27107MH1990PTC054868
TAN No.: [Tax Deduction & Collection Account No.]	MUMT08931G MUMT03227A
PAN No.: [Permanent Account No.]	AAACT1518R
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Metal Crash Barriers for Highway Safety (Guardrails) and Cold Roll Formed Sections.
No. of Employees :	Approximately 45 (In Office – 15, In Factory – 30)

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 177000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. There appears slight dip in profitability during the current year. However, general financial position of the company seems to be good. 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 for business dealings at usual trade terms and condition. Note: Banker denied to disclose any detail.

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	CRISIL
Rating	Long Term Loan: BB-
Rating Explanation	Having moderate risk of default regarding timely servicing of financial obligation.
Date	October 19, 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 PARTED BY

Name :	Mr. Prabhakar Dubey
Designation :	Accounts Manager
Contact No.:	91-9823718717
Date :	29.01.2013

LOCATIONS

Registered Office/ Head Office :	601-602, Siddharth Arcade, Above HSBC Bank, L.T. Road, Borivali (West), Mumbai – 400 092, Maharashtra, India
Tel. No.:	91-22-28992174/ 28984630/ 28993246/ 28336391
Mobile No.:	91-9823718717 (Mr. Prabhakar Dubey)
Fax No.:	91-22-28993048/ 28980095
E-Mail :	prabhakar@metcrafindia.com netcraft@vsnl.com mkgt@metcraftindia.com kaushikt@metcraftindia.com
Area :	2000 sq ft
Location :	Owned
Factory :	Plot No.4 and 5, Survey No.39/2, 39/4, 40, 41/2, Near Pai Office, Haiyali Village, Palghar, Thane, Maharashtra, India
Tel. No.:	91-252-5250234/ 5523144
Area :	5000 sq ft
Location :	Owned

DIRECTORS

As on 29.09.2012

Name :	Mr. Devang Kishore Thakkar
Designation :	Director
Address :	603, 4 Marble Arc, TPS Road, Borivali (West), Mumbai – 400 092, Maharashtra, India
Date of Birth/Age :	01.09.1966
Qualification :	Diploma in Mechanical Engineering
Date of Appointment :	04.01.1990
DIN No.:	00001785
Name :	Mr. Jubin Kishore Thakkar
Designation :	Director
Address :	143, Vasukamal Tower, Devidas Extension Road, Borivali (West), Mumbai – 400 092, Maharashtra, India
Date of Birth/Age :	12.09.1970
Qualification :	CA
Date of Appointment :	04.01.1990
DIN No.:	00001822
Name :	Mrs. Mansi Devang Thakkar
Designation :	Director
Address :	1204, Kent Tower, Factory Lane, Borivali (West), Mumbai – 400 092, Maharashtra, India
Date of Birth/Age :	15.06.1967
Qualification :	Post Graduate
Date of Appointment :	12.01.2006
DIN No.:	01587349

KEY EXECUTIVES

Name :	Ms. Deepa Bajaj
Designation :	Practicing Company Secretaries
Address :	B-507, Koldongri Cooperative Housing Society, Sahar Road, Andheri (East), Mumbai – 400 099, Maharashtra, India
E-Mail:	dipa.bajaj@gmail.com
Name :	Mr. Prabhakar Dubey
Designation :	Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2012

Names of Shareholders	No. of Shares
Devang Kishore Thakkar	33470
Jubin Kishore Thakkar	1120
Manisha Bhavin Thakkar	1200
Bhavin Kishore Thakkar	5080
Mansi Devang Thakkar	4770
Sushila Kishore Thakkar	15160
Total	60800

As on 29.09.2012

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Metal Crash Barriers for Highway Safety (Guardrails) and Cold Roll Formed Sections.

Products :

Product Description	ITC Code
M.S. Galvanised Angles, Shapes and Sections	7216.99
Cold Rolled Formed Sections	7308.90

Exports :

Products :

v M.S. Galvanised Angles, Shapes and Sections

v Cold Rolled Formed Sections

Countries :

v Gulf Countries

Imports :

Products :

v Raw Materials

Countries :

v China

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Licensed Capacity	Installed Capacity	Actual Production
M.S. Galvanised Structural Sections	Not Applicable	5000 MT per annum	3812.37 MT

GENERAL INFORMATION

Suppliers :

v Steel Authority of India Limited

v Tata Steel Limited

Customers :

End Users

v Larsen and Toubro Limited

v Mahindra and Mahindra Limited

No. of Employees :

Approximately 45 (In Office – 15, In Factory – 30)

Bankers :

Canara Bank, Lovely House, Midland Building, J.N. Road, Santacruz (East), Mumbai – 400 055, Maharashtra, India (Tel. No.: 91-22-26124725)

Facilities :

Cash Credit – Rs.50.000 millions and LC – Rs.60.000 millions (From Canara Bank)

Secured Loans	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
LONG TERM BORROWINGS
TERM LOANS:
Motor car loan from Bank	1.761	1.468
SHORT TERM BORROWINGS
Loans repayable on demand
Working Capital from Canara Bank	52.637	23.344
Total	54.398	24.812

Notes:

LONG TERM BORROWINGS

(i) Details of terms of repayment for the other long-term borrowings and security provided in respect of the secured long-term borrowings:

Particulars	security*	Repayment Schedule (Rs. in millions)
		2013-14	2014-15	2015-16	2016-17
Motor car loan from bank	Secured	0.502	0.562	0.550	0.148

(ii) Note on Security and Guarantee provided

a) Motor car loans are Secured by way of hypothecation of Motorcar purchased there against

SHORT TERM BORROWINGS

(i) Details of security for the secured short-term borrowings:

Working capital from bank is secured by way of hypothecation of stocks and book-debts and further secured by way of charge over the immovable properties and other fixed assets and personal guarantee of directors.

Banking Relations :	--
Auditors :
Name :	Surya Associates Chartered Accountants
Address :	103,Deepika, Plot No.37, Gokhale Road, Kandivali (West), Mumbai – 400 067, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AARFS6853Q
Enterprises over which key management personnel and their relatives are able to exercise significant influence :	v Metcraft Steel Private Limited (Formerly Metcraft Engineering Corporation) v Metform Corporation v Metframe Corporation v Metcraft Engineering Private Limited v Colour Roof (India) Limited v KLT Automotive and Tubular Products Limited

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
200000	Equity Shares	Rs.100/- each	Rs.20.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
60800	Equity Shares	Rs.100/- each	Rs.6.080 millions

Reconciliation of the number of shares and amount outstanding at the beginning and at the end of the reporting period:

Particulars	As at 31^st March, 2012
	Number of shares	Amount (Rs. in millions)
Equity shares with voting rights
Equity Shares at the Beginning of the year	34800	3.480
Addition during the year	26000	2.600
Deduction during the year	0	0.000
Equity Shares at the End of the year	60800	6.080

Details of shares held by each shareholder holding more than 5% shares of the Company

Class of shares	Name of shareholder	As at 31^st March, 2012
		Number of shares	%age of holding
Equity	Devang K. Thakkar	33470	55.05
Equity	Sushila K. Thakar	15160	24.93
Equity	Bhavin K. Thakkar	5080	8.36
Equity	Mansi D. Thakkar	4770	7.85

Terms/Rights attached to equity shares:

The Company has only one class of share capital namely Equity Share capital having face value of Rs.10/- per share.

(a) In respect of every equity share voting right shall be in the same proportion as the capital paid-up on such equity share bears to the total paid up equity capital of the Company

(b) The dividend if any proposed by the Board of Directors is subject to the approval of the shareholders in the ensuring Annual General Meeting, except in case of Interim dividend.

(c) In the event of liquidation, the shareholders of equity shares are eligible to receive the remaining assets of the company after distribution of all preferential amounts, in proportion to their shareholdings.

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		6.080	3.480	3.480
2] Share Application Money Pending Allotment		0.000	8.444	8.444
3] Reserves & Surplus		38.104	28.328	24.485
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		44.184	40.252	36.409
LOAN FUNDS
1] Secured Loans		54.398	24.812	25.193
2] Unsecured Loans		8.794	8.794	8.794
TOTAL BORROWING		63.192	33.606	33.987
DEFERRED TAX LIABILITIES		0.609	0.873	1.157
TOTAL		107.985	74.731	71.553
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		14.608	15.058	14.694
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		4.844	4.135	3.446
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	70.393	39.670	28.106
	Sundry Debtors	87.184	67.526	42.502
	Cash & Bank Balances	25.034	17.969	14.998
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	15.556	14.996	26.160
Total Current Assets		198.167	140.161	111.766
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	97.189	74.969	52.186
	Other Current Liabilities	11.658	7.989	5.611
	Provisions	0.787	1.665	0.556
Total Current Liabilities		109.634	84.623	58.353
Net Current Assets		88.533	55.538	53.413
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		107.985	74.731	71.553

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Revenue from operations (net)	336.162	209.971	217.698
		Other Income	2.237	0.982	2.277
		TOTAL (A)	338.399	210.953	219.975
Less	EXPENSES
		Cost of materials consumed	274.930	167.440	166.152
		Changes in inventories of finished goods, work-in-progress	(9.156)	(7.440)	(5.169)
		Employee benefits expense	13.384	9.588	8.176
		Other expenses	39.867	26.354	35.705
		TOTAL (B)	319.025	195.942	204.864
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		19.374	15.011	15.111
Less	FINANCIAL EXPENSES (D)		11.278	7.208	6.350
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		8.096	7.803	8.761
Less/ Add	DEPRECIATION/ AMORTISATION (F)		2.481	2.038	1.711
	PROFIT BEFORE TAX (E-F) (G)		5.615	5.765	7.050
Less	TAX (H)		1.689	1.922	1.848
	PROFIT AFTER TAX (G-H) (I)		3.926	3.843	5.202
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		11.360	10.017	7.315
Less	APPROPRIATIONS
		Transfer to General Reserve	2.500	2.500	2.500
	BALANCE CARRIED TO THE B/S		12.786	11.360	10.017
	EARNINGS IN FOREIGN CURRENCY
		On Export of goods (FOB basis)	0.000	0.000	16.450
	TOTAL EARNINGS		0.000	0.000	16.450
	IMPORTS
		Raw Materials	3.017	0.000	0.000
	TOTAL IMPORTS		3.017	0.000	0.000
	Earnings Per Share (Rs.)		64.58	110.43	149.48

Expected Sales (2012-2013): Rs.400.000 millions

The above information has been parted by Mr. Prabhakar Dubey (Accounts Manager).

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	1.16	1.82	2.36
Net Profit Margin (PBT/Sales)	(%)	1.67	2.75	3.24
Return on Total Assets (PBT/Total Assets}	(%)	2.64	3.71	5.57
Return on Investment (ROI) (PBT/Networth)		0.13	0.14	0.19
Debt Equity Ratio (Total Liability/Networth)		3.91	2.94	2.54
Current Ratio (Current Asset/Current Liability)		1.81	1.66	1.92

LOCAL AGENCY FURTHER INFORMATION

Details of Sundry Creditors:

Particulars	31.03.2012 (Rs. in millions)	31.03.2011 (Rs. in millions)	31.03.2010 (Rs. in millions)
Sundry Creditors
- Acceptances	36.289	30.712	52.186
- Trade Payables Other than Acceptances	60.900	44.257
Total	97.189	74.969	52.186

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

Unsecured Loans	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
LONG TERM BORROWINGS
Deferred sales tax liability	5.568	5.568
Loans and advances from related parties (From Director)	3.226	3.226
Total	8.794	8.794

CONTINGENT LIABILITIES:

Particulars	31.03.2012 (Rs. in millions)	31.03.2012 (Rs. in millions)
Guarantees Issued by Banks	13.218	1.181

Bankers Charges Report as per Registry

Corporate identity number of the company	U27107MH1990PTC054868
Name of the company	THAKKARSONS ROLL FORMING PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	601-602, Siddharth Arcade, Above HSBC Bank, L.T. Road, Borivali (West), Mumbai – 400 092, Maharashtra, India E-Mail: prabhakar@metcraftindia.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	90240966
Type of charge	Immovable property Any interest in immovable property Book debts Movable property (not being pledge)
Particular of charge holder	Canara Bank, Lovely House, Midland Building, J.N. Road, Santacruz (East), Mumbai – 400 055, Maharashtra, India E-Mail: managercb0111@canarabank.com
Nature of instrument creating charge	a. Supplemental Common Hypothecation Agreement b. Fifth Simple Mortgage Deed for Running limits
Date of instrument Creating the charge	27.03.2012
Amount secured by the charge	Rs.142.000 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest OCC/ODBD - 14.75% p.a. (floating)-Base rate + 4% (Present Base rate is 10.75%) ILC/BG - Commission as applicable Terms of Repayment As may be determined by the bank from time to time. Margin OCC/ODBD - 25% stock, 40% BD ILC/BG - 25% Extent and Operation of the charge To secure due repayment of credit facilities aggregating Rs.142.000 millions, together with cost, charges, interest, expenses thereof, granted by the Bank, to the Company. Others OCC/ODBD - Additional limits of Rs.22.500 millions making total facilities of Rs.65.000 millions (Sublimit for ODBD - Rs.35.000 millions) ILC/BG - Additional limits of Rs.37.500 millions making total facilities of Rs.60.000 millions Forward Contract - Existing limits of Rs.17.000 millions ------------------------------------------------------------------------- Total facilities - Rs.142.000 millions (CDB of Rs.2.500 Millions and FDB of Rs.2.500 millions have been paid off)
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Prime Security- Hypothecation of stock and book debts Rs.107.196 Millions as per ABS 31/3/11 Plant and Machinery, Equipments, etc Collateral - Land, Building and other fixed assets of the company situated at Sub Plots 4 and 5, Survey No.39/2, 4, 40 and 41/2 Aiyali Village, Taluka Palghar, District Thane (Value Rs.34.366 millions valuation13.1.12 Immoveable property being Survey No.510 (part) adm, 40 R situated at Village Chinchghar, Taluka Wada, standing in the name of Thakkarsons Metal Processors (Value 8.376 Millions per valuation dated 13.1.12) Immoveable property being Gat/Survey No.207 (part) admn. 50 R situated at village Chonsai, Tal.Wada, District Thane standing in the name of Metcraft Engineering Corporation (Value Rs.6.000 millions) Pledge of KDR of Face Value Rs.1.500 millions (presently valued at Rs.2.235 millions) Personal Guarantee of Devang Thakkar, Jubin K. Thakkar, and Mansi D. Thakkar Corporate Guarantee of Thakkarsons Metal Processors and Metcraft Engineering Corporation NW Rs.37.095 millions as per ABS 31/3/10
Date of instrument modifying the charge	31.07.2011
Particulars of the present modification	By the present modification, the charge shall hold good to secure additional facilities of Rs.45.000 millions. Hence the aggregate facilities secured by the charge have been enhanced to Rs.142.000 millions (being OCC/ODBD - Rs.65.000 Millions (additional limits of Rs.22.500 millions) (Sublimit for ODBD - Rs.35.000 Millions), ILC/BG - Rs.60.000 millions (additional limits of Rs.37.500 millions), and Forward Contract of Rs.17.000 millions.) (CDB Rs.2.500 millions and FDB Rs.2.500 millions have been paid off) Hence the overall charge stands modified to Rs.142.000 millions.

TRADE REFERENCES:

v Steel Authority of India Limited

v Tata Steel Limited

v Larsen and Toubro Limited

v Mahindra and Mahindra Limited

FIXED ASSETS:

Tangible Assets

v Land and Site Development

v Buildings

v Plant & Equipment

v Electrical Installation

v Vehicles

v Furniture and Fixtures

Intangible Assets

v Computer Software

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.53.70
UK Pound	1	Rs.84.35
Euro	1	Rs.72.21

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	SMN

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	YES
--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.