MIRA INFORM REPORT

Report Date :

08.06.2013

IDENTIFICATION DETAILS

Name :	PENGG USHA MARTIN WIRES PRIVATE LIMITED
Registered Office :	2A, Shakespeare Srani, Kolkata-700071, West Bengal
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	31.05.2006
Com. Reg. No.:	21-109694
Capital Investment / Paid-up Capital :	Rs.380.000 Millions
CIN No.: [Company Identification No.]	U27106WB2006PTC109694
TAN No.: [Tax Deduction & Collection Account No.]	CALP06744D
PAN No.: [Permanent Account No.]	AADCP9007G
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturers of Tempered round and shaped spring steel wires and all other types of steel wires
No. of employees:	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (36)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 1323132
Status :	Moderate
Payment Behaviour :	Slow but Correct
Litigation :	Clear
Comments :	Subject is a joint venture between Joh. Pengg AG, Austria and Usha Martin Limited, India. It is an established company having a moderate track record. There appears some accumulated losses recorded by the company. However, the company has performed well during the 2012 and slowly wiping out it losses. Financial position seems to be improving. Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. . The company can be considered for business dealings with some caution.

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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long Term Bank Facilities: BBB-
Rating Explanation	Having Moderate degree of safety regarding timely servicing of financial obligation. It carry moderate credit risk.
Date	January, 2013

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 :	2A, Shakespeare Srani, Kolkata-700071, West Bengal
Tel. No.:	91-033-39800300
Fax No.:	91-033-39800400
E-Mail :	kalyanc@ushamartin.co.in
Website :	www.wire-pengg.com
Factory :	Tatisilwal, Ranchi-835 103, Jharkhand, India
Tel. No.:	91-651-3053900
Fax No.:	91-651-3054180

DIRECTORS

AS ON 14.08.2012

Name :

Mr. Alexander Phillipp

Designation :

Director

Address :

St. Veiterstrasse 11, Graz A8045, Austria

Date of Birth/Age :

30.10.1966

Date of Appointment :

31.05.2006

DIN No.:

00698236

Name :

Mr. Ajay Jugran

Designation :

Director

Address :

L-3/33A, Ground Floor, DLF – II, Gurgaon – 122002, Haryana, India

Date of Birth/Age :

12.08.1965

Date of Appointment :

01.06.2006

DIN No.:

00094941

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	U74899DL2000PTC108944	WFI INDIA PRIVATE LIMITED	Director	20/12/2000	20/12/2000	-	Active	NO
2	U64203MH2001PLC137844	E-CONVERGENCE TECHNOLOGIES LIMITED	Director	06/02/2001	06/02/2001	29/03/2008	Active	NO
3	U74140DL2004PTC128443	PLUTOUS CAERUS ADVISORY PRIVATE LIMITED	Director	19/08/2004	19/08/2004	01/01/2010	Strike off	NO
4	U24230MH2004PTC148552	LIFEBRIDGE HEALTH AND BIOTECH PRIVATE LIMITED	Director	13/09/2004	13/09/2004	-	Strike off	NO
5	U72200DL2006PTC145235	TARTAMYA SOFTWARE PRIVATE LIMITED	Director	14/05/2011	23/01/2006	-	Active	NO
6	U27106WB2006PTC109694	PENGG USHA MARTIN WIRES PRIVATE LIMITED	Director	01/06/2006	01/06/2006	-	Active	NO
7	U22300DL2006PTC149723	GK CONTENT 4 MEDIA PRIVATE LIMITED	Director	14/06/2006	14/06/2006	-	Active	NO
8	U93090DL2006PTC151889	ASA Advisory Services Private Limited	Director	10/08/2006	10/08/2006	29/12/2009	Strike off	NO
9	U24119AP2006PTC068335	Excelex Biopolymers Private Limited	Director	12/09/2006	12/09/2006	25/01/2007	Active	NO
10	U85100DL2007PTC159815	Accretive Health Private Limited	Director	27/02/2007	27/02/2007	26/02/2008	Active	NO
11	U92120DL2007PTC160065	BUG PRODUCTIONS PRIVATE LIMITED	Director	02/03/2007	02/03/2007	15/11/2007	Active	NO
12	U31908DL2007PTC159814	BE ENGINEERING SERVICES INDIA PRIVATE LIMITED	Alternate director	07/07/2012	25/03/2007	-	Active	NO
13	U64201KA2007FTC041426	ZERO-SUM WIRELESS SOLUTIONS INDIA PRIVATE LIMITED	Alternate director	07/04/2007	07/04/2007	04/06/2008	Active	NO
14	U72300DL2007PTC162033	Lexite Solutions Private Limited	Director	13/04/2007	13/04/2007	29/12/2009	Active	NO
15	U74140DL2007PTC163548	AADIVIDYA PROUDYOGIKI PRIVATE LIMITED	Director	17/05/2007	17/05/2007	-	Active	NO
16	U28113DL2007PTC165536	OUTOTEC INDIA PRIVATE LIMITED	Director	05/07/2007	05/07/2007	29/11/2007	Active	NO
17	U45206DL2008PTC180466	Hydroconstruct GmbH India Private Limited	Director	04/07/2008	04/07/2008	-	Active	NO
18	U25203DL2008PTC182666	Sperry Wictor Adhesives India Private Limited	Alternate director	24/11/2008	24/11/2008	30/09/2010	Strike off	NO
19	U74120DL2008PTC185759	ASP KAUFIL INDIA PRIVATE LIMITED	Director	12/12/2008	12/12/2008	-	Active	NO
20	U74220WB2009PTC138197	INDIA DIGITAL ENTERTAINMENT PRIVATE LIMITED	Director	03/09/2009	03/09/2009	26/11/2010	Active	NO
21	U74999DL2003PTC121559	Santa Fe India Private Limited	Director	12/05/2010	12/05/2010	-	Active	NO
22	U74899DL2004PTC125939	Santa Fe Moving Services Private Limited	Director	12/05/2010	12/05/2010	-	Active	NO
23	U74140DL2011PTC226771	BINOCS HOLDOP PRIVATE LIMITED	Director	25/10/2011	25/10/2011	-	Under Process of Striking off	NO
24	U80302DL2011PTC229404	Binocs Healthcare Academy Private Limited	Director	28/12/2011	28/12/2011	-	Active	NO
25	U74990DL2012PTC235566	Samagra Waste Management Private Limited	Director	09/05/2012	09/05/2012	-	Active	NO
26	U63030DL2012PTC244977	Travelraga Holidays Private Limited	Director	16/11/2012	16/11/2012	18/03/2013	Active	NO

Top of Form

Bottom of Form

Name :

Mr. Ashok Kumar Somani

Designation :

Director

Address :

11/ A-6, Aasha Co- operative Society Limited, 93, deshpran Sasmal Road, Kolkata-700033, West Bengal, India

Date of Birth/Age :

09.08.1954

Date of Appointment :

28.01.2010

DIN No.:

00357550

OTHER DIRECTORSHIP:

Top of Form

Bottom of Form

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	U99999DL1987PLC028536	UM CABLES LIMITED	Director	08/03/1995	08/03/1995	-	Dormant	NO
2	U26932WB1987PLC091221	U M CABLES LIMITED	Director	08/03/1995	08/03/1995	-	Active	NO
3	U65993WB1982PLC035530	USHA MARTIN VENTURES LIMITED	Director	28/07/1999	28/07/1999	31/03/2007	Active	NO
4	U74210WB2006PLC108112	CCL USHA MARTIN STRESSING SYSTEMS LIMITED	Director	24/09/2009	16/02/2009	-	Active	NO
5	U27106WB2006PTC109694	PENGG USHA MARTIN WIRES PRIVATE LIMITED	Director	08/07/2010	28/01/2010	-	Active	NO
6	U74999WB2008PLC126847	Usha Martin Power & Resources Limited	Director	28/07/2011	24/11/2010	-	Active	NO

Name :

Mr. Rajesh Sharma

Designation :

Director

Address :

CD-147, 2^nd floor, Sector – 1, Salt –Lake City, kolkata, West Bengal – 700064

Date of Birth/Age :

12.03.1962

Date of Appointment :

13.07.2011

DIN No.:

03599361

OTHER DIRECTORSHIP:

Top of Form

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	U27106WB2006PTC109694	PENGG USHA MARTIN WIRES PRIVATE LIMITED	Director	14/08/2012	13/07/2011	-	Active	NO
2	U28999WB2003PLC095883	GUSTAV WOLF SPECIALITY CORDS LIMITED	Director	27/07/2012	13/08/2011	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 14.08.2012

Names of Shareholders		No. of Shares
Joh Pengg Ag, Austria	Equity	16200000
Usha Martin Limited, West Bengal, India	Equity	10800000
Total		27000000
Joh Pengg Ag, Austria	Preference	660000
Usha Martin Limited, West Bengal, India	Preference	440000
Total		1100000

Equity Share Break up (Percentage of total Equity)

AS ON 14.08.2012

Category	Percentage
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturers of Tempered round and shaped spring steel wires and all other types of steel wires
Products :	Tempered Round Shaped Spring Steel Wires All Other Types of Steel Wires.

PRODUCTION STATUS AS ON 31.03.2011

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Oil Tempered Wira	MT	NA	3600	3169.421
CO2 Wire	MT	NA	1800	150.358

GENERAL INFORMATION

Bankers :

• Punjab National Bank, 52A, Shakspeare Sarani, Kolkata-700 017, West Bengal, India
• Yes Bank Limited, 9^th Floor, Nehru Centre Discovery of India, Dr. Annie Besant Road, Worli, Mumbai – 400018, Maharasahtra, India

Facilities :

Secured Loans	31.03.2012 (Rs. In Millions)	31.03.2011 (Rs. In Millions)
Working Capital Loans from Banks (Working capital Loans from banks are secured by hypothication of inventories, book debts and receivables)	72.025	45.382
Long Term Borrowings: Term Loans From Banks
Yes Bank Limited	105.000	135.000
Deferred payment liabilities	0.000	0.000
Total	105	135
NOTE: 1, Term Loan repayment is to be done at each Qtr End in instalment of Rs 7.500 Millions upto 2012-13 thereafter Rs 8.750 Millions upto 2015-16. Rate of Interest as per agreement (Yes base rate+2.50% subject to cap of 12.50%) Repayment Schedule Date of Reayment Amount In Millions 30.06.2012 7.500 * 30.09.2012 7.500 * 31.12.2012 7.500 * 31.03.2013 7.500 * 30.06.2013 8.750 30.09.2013 8.750 31.12.2013 8.750 31.03.2014 8.750 30.06.2014 8.750 30.09.2014 8.750 31.12.2014 8.750 31.03.2015 8.750 30.06.2015 8.750 30.09.2015 8.750 31.12.2015 8.750 31.03.2016 8.750 Total 135.000 2.Term Loan from Bank is secured by hypothecation of movable assets, both present and future. *Amount classified under Other Current Liabilities

Banking Relations :	--
Auditors :
Name :	U. Narain and Company Chartered Accountant
Address :	301, Commerce Tower, Opposite. G.E.L. Church Complex, Main Road, Ranchi, Jarkhand-834001, India
Tel. No.:	91-651-2330305/2331814
Mobile No.:	91-651-2330305
Fax No.:	91-9431115338
E-Mail :	unarainco_ac@yahoo.com
PAN.:	AAASU2548M
Holding Company:	Joh Pengg Ag, Austria
Associate:	Usha Martin Limited Usha Martin Education and Solutions Limited

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
28000000	Equity Shares	Rs.10/- each	Rs.280.000 Millions
1200000	0.5% Redeemable Cumulative Preference Share	Rs.100/- each	Rs.120.000 Millions
	Total		Rs.400.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
27000000	Equity Shares	Rs.10/- each	Rs.270.000 Millions
1100000	0.5% Redeemable Cumulative Preference Share	Rs.100/- each	Rs.110.000 Millions
	Total		Rs.380.000 Millions

Note:

(i)(a) Equity shares-1,62,00,000 (Previous Year 1,62,00,000)

Shares are held by Joh Pengg AG and 1,08,00,000 (Previous Year 1,08,00,000)

Shares are held by Usha Martin Limited

(b) Redeemable Cumulative Pref Shares-6,60,000 (Previous Year 6,60,000) Shares are held by Joh Pengg AG and 4,40,000 (Previous Year 4,40,000)

Shares are held by Usha Martin Limited

(ii).Reconciliation of the number of shares outstanding at the begining and at the end of the reporting Period

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		380.000	380.000	380.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		(49.217)	(64.300)	(85.339)
NETWORTH		330.783	315.700	294.661
LOAN FUNDS
1] Secured Loans		177.025	180.382	191.071
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		177.025	180.382	191.071
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		507.808	496.082	485.732
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		406.879	360.192	378.081
Capital work-in-progress		13.174	26.079	3.594
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	99.799	92.782	47.241
	Sundry Debtors	96.530	84.131	32.577
	Cash & Bank Balances	0.665	0.364	1.702
	Other Current Assets	2.477	1.966	0.000
	Loans & Advances	45.857	44.291	39.908
Total Current Assets		245.328	223.534	121.428
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	92.336	70.583	9.636
	Other Current Liabilities	60.975	40.426	7.277
	Provisions	4.262	2.714	0.458
Total Current Liabilities		157.573	113.723	17.371
Net Current Assets		87.755	109.811	104.057
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		507.808	496.082	485.732

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income			155.362
		Other Income			1.599
		TOTAL (A)	396.034	304.571	156.961
Less	EXPENSES
		Office Expenses			(Including Depreciation and Financial)
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)	NA	NA	176.787
	PROFIT BEFORE TAX (E-F) (G)		15.084	21.038	(19.826)
Less	TAX (I)		--	--	--
	PROFIT AFTER TAX (G-I) (J)		15.084	21.038	(19.826)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(64.300)	(85.339)	(65.513)
	BALANCE CARRIED TO THE B/S		(49.217)	(64.300)	(85.339)

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	3.81	6.91	(12.63)
Net Profit Margin (PBT/Sales)	(%)	NA	NA	(12.76)
Return on Total Assets (PBT/Total Assets}	(%)	2.31	3.60	(3.97)
Return on Investment (ROI) (PBT/Networth)		0.04	0.07	(0.070)
Debt Equity Ratio (Total Debt/Networth)		0.53	0.57	0.71
Current Ratio (Current Asset/Current Liability)		1.55	1.96	6.99

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	Yes
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	No
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

REVIEW OF OPERATIONS:

During the year, the Company achieved net turnover of Rs.396.033 Millions as compared to Rs.304.571 Millions for the previous year.

The Company during the year achieved production of 4108.203 MT as against 3319.779 MT in the previous year.

BUSINESS OUTLOOK

Due to a massive structural change after the global economic meltdown in 2008, the global auto industry is expected to be ruled by automakers and suppliers based in the six major auto markets: China, India, Japan, Korea, Western Europe and the U.S. The automakers continue to shift their production facilities from high-cost regions such as North America and Europe to lower-cost regions such as China, India and South America.

According to a study by CSM Worldwide, China and South America together are projected to represent more than 50% of growth in global light vehicle production in the auto industry from 2008 to 2015.The Asian countries, especially China and India, are expected to account for 40% of growth in the auto industry over the next five to seven years. According to SIAM estimated growth of domestic auto market is expected in the range of 10- 12%.Have however considered a positive growth estimate of 60% in view of market and recent doubling of our installed capacity.

FORM 8

Corporate identity number of the company	U27106WB2006PTC109694
Name of the company	PENGG USHA MARTIN WIRES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	2A, Shakespeare Srani, Kolkata-700071, West Bengal
This form is for	Creation of Charge
Type of charge	Book Debts Movable Property Floating Charge Others (Current and Mvable Fixed Assets)
Particular of charge holder	Yes Bank Limited, 9^th Floor, Nehru Centre Discovery of India, Dr. Annie Besant Road, Worli, Mumbai – 400018, Maharasahtra, India
Nature of instrument creating charge	Deed of Hypothecation dated 28^th July, 2010 executed by the Company in favour of the Bank.
Date of instrument Creating the charge	28.07.2010
Amount secured by the charge	Rs. 162.500 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate Of Interest: At YES Bank Base Rate (7%) Plus interest Margin. Interest Margin: 2.50% Effective Rate of Interest:9.50 % per annum Interest Margin Reset: Annually but effective rate shall be capped at 12.50% per annum. Terms of Repayment: Term Loan Facility is repayable in 23 structured quarterly installments commencing from 30.09.2010 Margin: Nil Extent and Operation of the charge: Exclusive charge on all current and movable fixed assets of the borrower (Both present and future)
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Exclusive charge on Current Assets including stocks of raw material, semi finished & finished goods, stock & spares, bills receivables and book debts, (both present & future) located anywhere in India Exclusive charge on Movable Fixed Assets of Borrowers including Plant & Machinery (both present & future) located at Ranchi, Jharkhand (refer attached Deed of Hypothecation for details).

Fixed Assets:

Tangible Assets:

• Leasehold Land
• Building
• Plant and Machinery
• Electrical Installation
• Office Equipment
• Furniture and Fixture
• Vehicles

Intangible Assets:

• 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.56.74
UK Pound	1	Rs.88.53
Euro	1	Rs.75.20

INFORMATION DETAILS

Information Gathered by :	--
Report Prepared by :	SDA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--CREDIT LINES	1~10	4
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		36

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.