MIRA INFORM REPORT

Report Date :

24.06.2013

IDENTIFICATION DETAILS

Name :	B L A INDUSTRIES PRIVATE LIMITED
Registered Office :	84, Makers Chambers III, Nariman Point, Mumbai - 400021, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	09.04.1964
Com. Reg. No.:	11-162314
Capital Investment / Paid-up Capital :	Rs. 64.905 Millions
CIN No.: [Company Identification No.]	U10200MH1964PTC162314
TAN No.: [Tax Deduction & Collection Account No.]	MUMB11301D
PAN No.: [Permanent Account No.]	AABCB3505D
Legal Form :	Private Limited Liability Company
Line of Business :	The Company is engaged in the Business of Coal Mining.
No. of Employees :	Not Available

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 2300000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an old and established company having a satisfactory track record. There appears an increase in the sales turnover as well as the net profitability of the company during 2011-2012. Financially the company seems to be strong and healthy. However, trade relations are fair. Business is active. Payment terms are reported to be regular 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 – 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	ICRA
Rating	Fund Based Limits = BBB+
Rating Explanation	Moderate degree of safety and moderate credit risk
Date	March 2013

Rating Agency Name	ICRA
Rating	Non Fund Based Limits = A2+
Rating Explanation	Strong degree of safety and low credit risk
Date	March 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 :	84, Makers Chambers III, Nariman Point, Mumbai-400021, Maharashtra, India
Tel. No.:	91-22-40600700
Fax No.:	91-22-40600799 / 40600705
E-Mail :	compsec@bla.co.in
Website :	http://www.bla.co.in

DIRECTORS

As on 29.09.2012

Name :

Mr. Anup Agarwalla

Designation :

Managing Director

Address :

55 Ameeta Gen J. Bhosale Marg, Mumbai – 400021, Maharashtra, India

Date of Birth/Age :

25.05.1969

Date of Appointment :

17.07.2002

PAN No.:

AEVPA3175P

DIN No.:

00056208

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	U74999MH1995PTC086413	BLAENERGY PRIVATE LIMITED	Director	14-03-95	14-03-95	30-03-12	Active	NO
2	U51909MH1974PTC148227	DIPCO EXTRACTION EXPORT HOUSE PRIVATE LIMITED	Director	17-07-02	17-07-02	30-03-12	Active	NO
3	U10200MH1964PTC162314	B L A INDUSTRIES PRIVATE LIMITED	Managing director	17-07-02	17-07-02	-	Active	NO
4	U23101MH2005PTC189826	BLA COKE PRIVATE LIMITED	Director	18-03-05	18-03-05	24-03-11	Active	NO
5	U27100MH2005PTC152082	MA KALI IRON AND STEEL COMPANY PRIVATE LIMITED	Director	21-03-05	21-03-05	23-03-09	Active	NO
6	U13100MH2005PTC152079	SHRI JAGANNATH METALLURGICAL COAL AND COKE PRIVATE LIMITED	Director	21-03-05	21-03-05	-	Active	NO
7	U13100MH2005PTC152078	OM MINING COMPANY PRIVATE LIMITED	Director	21-03-05	21-03-05	-	Active	NO
8	U13100MH2005PTC152081	BLA COAL MINING AND WASHERIES PRIVATE LIMITED	Director	21-03-05	21-03-05	-	Active	NO
9	U51109WB1996PLC080158	CASTRON MINING LIMITED	Director	26-09-05	26-09-05	-	Active	NO
10	U51220MH2005PTC153779	ADVAITA FOODS PRIVATE LIMITED	Director	29-09-07	22-01-06	-	Active	NO
11	U40102MH2006PTC165429	B L A CHHATTISGARH THERMAL POWER PRIVATE LIMITED	Director	08-11-06	08-11-06	-	Active	NO
12	U40102MH2006PTC165430	B L A POWER PRIVATE LIMITED	Managing director	14-02-08	08-11-06	-	Active	NO
13	U26943MH2006PTC166539	BLA CEMENT PRIVATE LIMITED	Director	27-12-06	27-12-06	-	Active	NO
14	U40109MH2008PTC178561	ADVAITA HOLDINGS PRIVATE LIMITED	Director	06-02-08	06-02-08	-	Active	NO
15	U67190MH2008PTC179228	B L A POWER HOLDING PRIVATE LIMITED	Director	21-02-08	21-02-08	-	Active	NO
16	U40101MH2008PTC183023	B L A RENEWABLE ENERGY PRIVATE LIMITED	Director	02-06-08	02-06-08	-	Active	NO
17	U67190MH2008PTC187993	CHINMAYA HOLDINGS PRIVATE LIMITED	Director	05-11-08	05-11-08	-	Active	NO
18	U40200HP2009PTC031066	B L A SHALVI HYDRO POWER PRIVATE LIMITED	Director	29-07-10	23-03-09	-	Active	NO
19	U51109WB1995PTC069277	CORBAL SUPPLIERS PRIVATE LIMITED	Director	25-03-09	25-03-09	01-10-09	Active	NO
20	U10200MH2009PTC191479	B L A COAL PRIVATE LIMITED	Director	31-07-10	03-04-09	-	Active	NO
21	U27101MH2009PLC194794	CHINMAYA STEEL AND POWER LIMITED	Director	30-09-10	08-08-09	-	Active	NO
22	U85100MH2009NPL195370	SEVA SAHAYOG FOUNDATION	Director	21-12-09	21-12-09	-	Active	NO
23	U40101HP2011PTC031757	ADVAITA HYDRO POWER PRIVATE LIMITED	Director	19-09-11	19-09-11	-	Active	NO

Name :

Mr. Kishore Vishwanath Mittal

Designation :

Director

Address :

Mittal Bhavan 62-A, Peddar Road, Mumbai – 400026, Maharashtra, India

Date of Birth/Age :

13.11.1962

Date of Appointment :

30.12.2006

DIN No.:

00076256

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	U70100MH1982PTC027326	RAMESHWAR ESTATES DEVELOPERS PRIVATE LIMITED	Director	05-12-85	05-12-85	-	Active	NO
2	U65990MH1982PTC027108	SUSMIT INVESTMENTS AND FINANCE PRIVATE LIMITED	Director	15-11-87	15-11-87	-	Active	NO
3	U26910MH1989PLC052421	KAMLA CERAMIC TILED LIMITED	Director	11-07-89	11-07-89	10-10-02	Active	NO
4	U51310MH1991PTC061615	AGANI EXPORTS PRIVATE LIMITED	Director	10-05-91	10-05-91	-	Active	NO
5	U51900MH1991PTC062204	VISHWADEEP EXPORTS PRIVATE LIMITED	Director	03-10-91	03-10-91	-	Active	NO
6	U51900MH1991PTC064280	SEALINK BOMBAY TRADING PRIVATE LIMITED	Director	03-12-91	03-12-91	-	Active	NO
7	U18101MH1992PTC065726	PUSHPAK HOSIERIES (EXPORTS) PRIVATE LIMITED	Director	04-03-92	04-03-92	-	Active	NO
8	U51900MH1991PTC064232	ANANYA EXPORTS PRIVATE LIMITED	Director	01-08-94	01-08-94	-	Active	NO
9	U28920MH1994PTC080470	NEERA ENGINEERING (EXPORT) PRIVATE LIMITED	Director	19-08-94	19-08-94	-	Active	NO
10	U74300MH2001PTC132903	BUSYBEE INDIA MARKET PENETRATION PRIVATE LIMITED	Director	07-10-02	07-10-02	-	Active	NO
11	U45200MH1990PTC056388	BRAHMA DEVELOPERS PRIVATE LIMITED	Director	28-03-05	28-03-05	-	Active	NO
12	U10200MH1964PTC162314	B L A INDUSTRIES PRIVATE LIMITED.	Director	30-12-06	19-10-06	-	Active	NO
13	U65922MH1992PTC066233	MEGA HOUSING AND FINANCE PRIVATE LIMITED	Additional director	05-10-07	05-10-07	-	Active	NO
14	U65922MH1993PTC070764	BLUE YELLOW HOUSING FINANCE PRIVATE LIMITED	Director	30-09-09	15-10-08	-	Active	NO
15	U67120MH1986PTC041109	CLICK INVESTMENT AND TRADING COMPANY PRIVATE LIMITED	Additional director	12-11-10	12-11-10	-	Active	NO
16	U70102MH2012PTC228161	TATTVA AND MITTAL LIFESPACES PRIVATE LIMITED	Director	14-03-12	14-03-12	-	Active	NO
17	AAA-0381	IM HOUSING LLP	Designated Partner	18-11-09	18-11-09	-	Active	NO
18	AAA-3607	AMETHYST PROJECTS LLP	Body corporate as Designated Partner	25-08-11	25-08-11	-	Active	NO
19	AAA-4092	BRICKBELL ENTERPRISES LLP	Designated Partner	21-07-11	21-07-11	-	Active	NO
20	AAB-4035	VGM PROJECTS LLP	Designated Partner	15-03-13	15-03-13	-	Active	NO
21	AAB-4851	VGM REALTY LLP	Designated Partner	25-04-13	25-04-13	-	Active	NO
22	AAB-5341	VGM REAL ESTATES DEVELOPERS LLP	Designated Partner	17-05-13	17-05-13	-	Active	NO

Name :

Mr. Sant Ram Mishra

Designation :

Additional Director

Address :

602, Amay Appartments, Opposite Prabhadevi Temple, Prabhadevi, Mumbai – 400025, Maharashtra, India

Date of Birth/Age :

14.03.1961

Date of Appointment :

31.12.2012

DIN No.:

03586577

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	U10100WB2011PTC166997	SWAYAMBHU CARBON MINING AND POWER PRIVATE LIMITED	Director	30-08-11	30-08-11	-	Active	NO
2	U10200MH1964PTC162314	B L A INDUSTRIES PRIVATE LIMITED	Whole-time director	31-12-12	31-12-12	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2012

Names of Shareholders	No. of Shares
Abha Dayanand. Agarwalla 230, A.J.C. Bose Road, Chitrakoot, Kolkata – 70002, West Bengal, India	17000
Anup Agarwalla 55 Ameeta Gen J. Bhosale Marg, Mumbai – 400021, Maharashtra, India	644300
Anup Agarwalla HUF 84, Maker Chambers III, Nariman Point, Mumbai – 400021, India	700625
Advaita Holdings Private Limited, Mumbai 84, Maker Chambers III, Nariman Point, Mumbai – 400021, India	3600100
Namrata Agarwalla 55 Ameeta Gen J. Bhosale Marg, Mumbai – 400021, Maharashtra, India	720975
Shreya Agarwalla 55 Ameeta Gen J. Bhosale Marg, Mumbai – 400021, Maharashtra, India	400000
Urmi Agarwalla 55 Ameeta Gen J. Bhosale Marg, Mumbai – 400021, Maharashtra, India	400000
Vibha Mittal Mittal bhavan 62-A, Peddar Roas, Mumbai – 400006, Maharashtra, India	7500
Total	6490500

As on 29.09.2012

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	55.47
Directors or relatives of Directors	44.53
Total	100.00

BUSINESS DETAILS

Line of Business :

The Company is engaged in the Business of Coal Mining.

Products :

· Metallurgical Coke

· Coal

Description of Product	ITC Code
Coal	2701

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· State Bank of India, Commercial Branch, N.G.N. Vaidya Marg,, Mumbai - 400023, Maharashtra, India

· ICICI Bank Limited, Landmarkrace Cource Circle, Alkapuri, Vadodara -390015, Gujarat, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
Short-Term Borrowings
Working capital loans from banks	139.198	123.408
Total	139.198	123.408

Banking Relations :	---
Auditors :
Name :	N A Shah Associates Chartered Accountants
Address :	B-41-45, Paragon Centre, Pandurang Budhkar Marg, Worli, Mumbai – 400013, Maharashtra, India
PAN No.:	AAAFN5380N
Associate :	· B L A Shalvi Hydro Power Private Limited · B L A Power Holding Private Limited · Chinmaya Holdings Private Limited · Advaita Holdings Private Limited
Subsidiary Company :	· Resources Central Private Limited · International Mineral Resource · B L A Power Private Limited

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
15000000	Equity Shares	Rs. 10/- each	Rs.150.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
6490500	Equity Shares	Rs.10/- each	Rs.64.905 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	64.905	66.720
(b) Reserves & Surplus	529.122	435.965
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	594.027	502.685
(3) Non-Current Liabilities
(a) long-term borrowings	61.855	72.724
(b) Deferred tax liabilities (Net)	61.211	31.767
(c) Other long term liabilities	96.362	141.133
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	219.428	245.624
(4) Current Liabilities
(a) Short term borrowings	139.198	123.408
(b) Trade payables	0.000	0.000
(c) Other current liabilities	127.265	79.658
(d) Short-term provisions	52.235	35.175
Total Current Liabilities (4)	318.698	238.241
TOTAL	1132.153	986.550
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	224.474	216.783
(ii) Intangible Assets	41.175	50.499
(iii) Capital work-in-progress	6.287	14.866
(iv) Intangible assets under development	0.893	0.246
(b) Non-current Investments	441.336	368.148
(c) Deferred tax assets (net)	28.878	31.698
(d) Long-term Loan and Advances	60.935	46.363
(e) Other Non-current assets	0.000	2.979
Total Non-Current Assets	803.978	731.582
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	146.871	114.828
(c) Trade receivables	89.312	119.295
(d) Cash and cash equivalents	6.615	5.562
(e) Short-term loans and advances	8.774	14.728
(f) Other current assets	76.603	0.555
Total Current Assets	328.175	254.968
TOTAL	1132.153	986.550

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		65.720
2] Share Application Money		0.000
3] Reserves & Surplus		346.586
4] (Accumulated Losses)		0.000
NETWORTH		412.306
LOAN FUNDS
1] Secured Loans		135.928
2] Unsecured Loans		36.949
TOTAL BORROWING		172.877
DEFERRED TAX LIABILITIES		0.000
TOTAL		585.183
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		261.429
Capital work-in-progress		19.475
INVESTMENT		269.993
DEFERREX TAX ASSETS		7.088
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	71.203
	Sundry Debtors	42.195
	Cash & Bank Balances	47.948
	Other Current Assets	0.000
	Loans & Advances	48.111
Total Current Assets		209.457
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	41.884
	Other Current Liabilities	56.501
	Provisions	83.874
Total Current Liabilities		182.259
Net Current Assets		27.198
MISCELLANEOUS EXPENSES		0.000
TOTAL		585.183

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	743.000	648.500	634.071
		Other Income	NA	NA	1.566
		TOTAL (A)	NA	NA	635.637
Less	EXPENSES
		Mining Expenses			196.733
		Personal Cost			151.779
		Other Expenses	NA	NA	104.908
		Exchange rate Difference (Net)			0.027
		Increase/(Decrease) in Stock			(7.465)
		TOTAL (B)	NA	NA	445.982
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		229.286	206.497	189.655
Less	FINANCIAL EXPENSES (D)		16.865	17.170	13.321
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		212.421	189.327	176.334
Less/ Add	DEPRECIATION/ AMORTISATION (F)		43.735	39.340	33.532
	PROFIT BEFORE TAX (E-F) (G)		168.686	149.987	142.801
Less	TAX (H)		56.220	51.891	50.993
	PROFIT AFTER TAX (G-H) (I)		112.466	98.096	91.808
	Prior period adjustment		0.033	(1.131)	0.000
	Income Tax adjustment relating to previous years		0.000	(5.332)	0.000
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		251.526	197.647	105.839
Less	APPROPRIATIONS
		Transfer to General Reserve	30.000	30.000	0.000
		Dividend	6.491	6.672	0.000
		Tax on Dividend	1.053	1.082	0.000
	BALANCE CARRIED TO THE B/S		326.481	251.526	197.647
	Earnings Per Share (Rs.)		17.33	14.70	13.97

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	15.14	15.13	14.44
Net Profit Margin (PBT/Sales)	(%)	NA	NA	22.52
Return on Total Assets (PBT/Total Assets}	(%)	25.76	26.24	30.33
Return on Investment (ROI) (PBT/Networth)		0.28	0.30	0.35
Debt Equity Ratio (Total Debt /Networth)		0.34	0.39	0.42
Current Ratio (Current Asset/Current Liability)		1.03	1.07	1.15

LOCAL AGENCY FURTHER INFORMATION

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

BUSINESS OPERATIONS:

The company has achieved the Production of 299432 MT during the year as compared to 297026 MT of washed coal during the previous year. The Company sold 288899 MT and achieved a Turnover of Rs.743.000 Millions during year as compared to 255452 MT amounting to Rs.648.500 Millions during the previous year.

UNSECURED LOAN

Rs. In Millions

Particular	As on 31.03.2012	As on 31.03.2011
Long-Term Borrowings
Intercorporate borrowings	20.080	7.999
Loans and advances from directors	41.775	64.725
Total	61.855	72.724

FIXED ASSETS

• Freehold Land
• Buildings
• Plant and machinery
• Vehicles
• Furniture and Fixtures
• Office Equipment
• Computer
• Software
• Mining Rights

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.59.35
UK Pound	1	Rs.92.11
Euro	1	Rs.78.59

INFORMATION DETAILS

Report Prepared by :

NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	4
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
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

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.