MIRA INFORM REPORT

Report Date :

02.03.2013

IDENTIFICATION DETAILS

Name :	AMEYA DYECHEM PRIVATE LIMITED
Registered Office :	“Ameya Towers”, Plot No. 10, Radhakrishna Cross Road, Next to PF Office, Akota Road, Vadodara – 390020, Gujarat
Country :	India
Financials (as on) :	31.03.2012 (Summarized Figures)
Date of Incorporation :	17.04.1996
Com. Reg. No.:	04-029354
Capital Investment / Paid-up Capital :	Rs.10.000 Millions (As on 31.03.2011)
CIN No.: [Company Identification No.]	U24231GJ1996PTC029354
TAN No.: [Tax Deduction & Collection Account No.]	BRDT00262D
PAN No.: [Permanent Account No.]	AABCA5865B
Legal Form :	Private Limited Liability Company
Line of Business :	Trader, Dealer and Importer of Industrial Special Chemicals.
No. of Employees :	140 (Approximately) [Office – 100 and In Branch – 40]

RATING & COMMENTS

MIRA’s Rating :

B (27)

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

Maximum Credit Limit :	USD 100000
Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The latest financials are not made available with the government department. As per previous year’s, the profitability of the company appears to be low. The external borrowing seems to be huge. However, trade relations are reported to be fair. Business is active. Payments are reported to be unknown. 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 – 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/ Head Office :	“Ameya Towers”, Plot No. 10, Radhakrishna Cross Road, Next to PF Office, Akota Road, Vadodara – 390020, Gujarat, India
Tel. No.:	91-265-2336141/ 42/ 43/ 390020
Mobile No.:	91-9998222111 (Mr. Bharat Bafna)
Fax No.:	91-265-2331494/ 2336141
E-Mail :	info@ameyaindia.com piyush.luktute@yahoo.com roshanishah@ameyaindia.com jayshreeakolkar@ameyaindia.com jmd@ameyaindia.com gopalrana@ameyaindia.com
Website:	www.ameyaindia.com
Area :	5000 sq. ft
Location :	Owned
Corporate Office :	No. # 3, Shanthi Nagar, Main Road, Korattur, Chennai-600080, Tamilnadu, India
Mobile No.:	91-9380017397 (Mr. Gopinath)
Warehouse 1 :	Jai Matadi Compound, Gala No. Q-52/ Q-53, Opposite To Rajlaxmi Compound, Kalaher Bhiwandi-421038, Maharashtra, India
Tel. No.:	91-2522-277150/ 645067
Fax No.:	91-9820382039 (Mr. Avinash)
Warehouse 2/ Branch Office :	# 8, 4^th ‘E’ Cross, Maruthi Nagar, Kamakshipalya, Magadi, Main Road, Bangalore-560079, Karnataka, India
Mobile No.:	91-9342692985 (Mr. Kiran Kumar)
Warehouse 3 :	C-41, Second Floor, Okhla Industrial Area, Phase –II, New Delhi, India
Warehouse 4 :	14/A, Sector “G” Near Bhawani Nagar, J.K Road, Bhopal-462023, India
Tel. No.:	91-755-3205015/ 4077141
Mobile No.:	91-9300660909 (Mr. Vijay Band)
New Delhi Branch Office :	F-90/34, Phase -1, Okhla Industrial Area, New Delhi – 110020, India
Tel. No.:	91-11-51615488/ 33446110/ 32536884
Fax No.:	91-11-51615488
E-Mail :	pankajarora@ameyaindia.com
Website:	www.ameyaindia.com
Mumbai Branch Office :	Shop Number 1, New Gokul Plaza, Thakur Complex, Kandivali – East, Mumbai - 400067, Maharashtra, India
Tel. No.:	91-22-39404034
Fax No.:	91-22-39404034
Telefax :	91-22-28702878
E-Mail :	manishpanchal@ameyaindia.com
Website:	www.ameyaindia.com
Surat Branch Office :	Opposite New Bombay Shopping Centre, Outside Sahara Darwaja Pur, Gujarat, India
Mobile No.:	91-9824090241
Bhopal Branch Office :	14 A, J K Road, Bhavani Nagar, Bhopal - 462021, Madhya Pradesh, India
Mobile No.:	91-9329630044
Tel No.:	91-755-3205015
Fax No.:	91-755-4077141
Website:	www.ameyaindia.com
E-Mail :	saurabhmalvia@ameyaindia.com
Faridabad Branch Office :	MCF-2580, Sector 23, Sanjay Colony, Faridabad (West), Gujarat, India
E-Mail:	pankajarora@ameyaindia.com
Website:	www.ameyaindia.com
Thane Branch Office :	Gala No.1 / 2, Ansuya Vaitee Complex, Old Agra Road , Near Maruti Compound Opposite to Hotel Ramdev,Village Kalher. Taluka-Bhiwandi, District Thane – 421302, India
Tel No.:	91-2522-645067
Fax No.:	91-2522- 277150

DIRECTORS

(AS ON 21.09.2012)

Name :

Mrs. Madhudevi Gautam Bafna

Designation :

Director

Address :

7, Matrimandir Co-Operative Housing Society, Opposite Iscon Temple, Gotri Road, Vadodara – 390007, Gujarat, India

Date of Birth/Age :

21.08.1967

Qualification :

Graduate

Date of Appointment :

07.11.2005

DIN No.:

01027552

Other Directorship :

CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
U24231GJ1996PTC029354	Ameya Dyechem Private Limited	Director	7/11/2005	17/04/1996	Active	NO
U17110GJ1999PLC036650	Sunrise Yarns and Fibers Limited	Director	19/11/2005	19/11/2005	Active	NO

Name :

Mr. Gautam Hirachand Bafna

Designation :

Director

Address :

7, Matrimandir Co-Operative Housing Society, Opposite Iscon Temple, Gotri Road, Vadodara – 390007, Gujarat, India

Date of Birth/Age :

04.06.1964

Qualification :

Graduate

Date of Appointment :

17.04.1996

DIN No.:

01917478

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 21.09.2012)

Names of Shareholders	No. of Shares
Gautam Hirachand Bafna	509600
Madanlal S. Phophalia	200
Laxmi Madanlal Phophalia	200
Kamal Somani	200
Ugamdevi Hirachand Bafna	200
Hirachand Bafna (HUF)	200
Gautam Bafna (HUF)	200
Hirachand M. Bafna	200
Madhu Gautam Bafna	282400
Santosh Bharat Bafna	200200
Nirmal M. Jain	200
Chananmal M Bafna (HUF)	200
Gunwati R Jariwala	200
Kamal M Dhoot (HUF)	200
Pratik K Somani	200
Radha K Somani	200
Sarita Ramavatar Lakhpati	200
Pukharaj M Phophalia (HUF)	200
Kokila H. Patel	200
Hashmukh D. Patel (HUF)	200
Mandanlal Pukharaj Phophalia (HUF)	200
Kamal M Somani (HUF)	200
Nawal Somani	200
Ramavta G Lakhpati (HUF)	200
Ramavtar Lakhpati	200
Rekha Vashi	200
Shakuntla Modi	200
Surajmal Madanlal Phophalia (HUF)	200
Umesh B. Vashi	200
Indr S. Moondra	200
Kamal M. Dhoot	200
National Granite	200
Lalita P. Mehta	200
Gautam Bafna Family Trust	200
Mosambidevi Amrutlal Shah	200
Hasmukh D. Patel	100
Nirmalkumar G. Gulechha and Sons HUF	100
Rajinder G. Gulechha and Sons HUF	100
Dhirajkumar G. Gulechha and Sons HUF	100
Tanya Gautam Bafna	1000
Total	1000000

(AS ON 30.09.2012)

Equity Shares Break – up

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Trader, Dealer and Importer of Industrial Special Chemicals.
Products :	· Silicones · Offset Printing Industry · Label Printing Industry · Web Offset Printing Industry · Coding and Labeling Solutions · Printing Plates · Information Technology · Biotechnology · Water Proofing · Water Treatment

GENERAL INFORMATION

No. of Employees :

140 (Approximately) [Office – 100 and In Branch – 40]

Bankers :

· State Bank of Indore

Alkapuri Branch, Vadodara, Gujarat, India

· Yes Bank Limited,

9^th Floor, Nehru Centre Discovery of India, Dr. Annie Besant Road, Worli, Mumbai – 400018, Maharashtra, India

· Axis Bank Limited

· Bank of India

· State Bank of Saurashtra

· ICICI Bank Limited

· HDFC Bank Limited

HDFC Bank Houses Senapati Bapat Marg, Lower Parel (West), Mumbai – 400013, Maharashtra, India

· Centurion Bank of Punjab Limited

Ground Floor, Productivity House, Productivity Road, Alkapuri, Vadodara – 390 007, Gujarat, India

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
ICICI Bank Car Loan (Secured by Hypothecation of Motor Car)	0.001	0.475
HDFC Bank Car Loan Secured by Hypothecation of Motor Car	0.000	0.138
Working Capital Term Loan from HDFC Bank Limited (Secured by Hypothecation of immovable and Current Assets of the Company and personal Guarantees and collateral securities of Assets of Directors)	9.786	19.423
Cash Credit from HDFC Bank Limited (Secured by Hypothecation of Immovable and Current Assets of the Company and personal Guarantees and collateral securities of Assets of Directors. This includes Rs. Nil by way of FCNR Loan (Previous Year Rs.45.628 Millions))	117.765	72.651
Term Loan from HDFC Bank Limited (Secured by Hypothecation of Immovable Assets of the company)	3.938	6.000
Total	131.490	98.687

Banking Relations :	--
Auditors :
Name :	K. H. Bhatt and Company Chartered Accountants
Address :	S/8, National Plaza, R C Dutt Toad, Alkapuri, Vadodara – 390007, Gujarat, India
Tel. No.:	91-265-2352553/ 2351736
Mobile No.:	91-9824079480
PAN.:	ABWPB6628C
Enterprises over which the Key Management Personnel alongwith their relatives have significant influence :	· Gautam Bafna Family Trust · Sunrise Yarn and Fibres Limited

CAPITAL STRUCTURE

(AS ON 31.03.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
1500000	Equity Shares	Rs.10/- each	Rs.15.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs.10.000 Millions

NOTE:

(Out of above shares, 4,00,000 shares have been allotted by way of Bonus Shares by Capitalisation)

FINANCIAL DATA

[all figures are in Rupees Millions]

SUMMARIZED FIGURES

Particulars	31.03.2012
Sources of Funds
Paid up Capital	10.000
Reserve and Surplus	26.942
Deferred Tax	0.545
Secured Loans	92.366
Unsecured Loans	42.039
Application of Funds
Net Fixed Assets	33.883
Investments	0.015
Net Current Assets	123.772
Deferred Tax	--
Misc. Expenditures	0.081
Turnover	484.473
Total Expenditure	480.835
Profit/ Loss Before Tax	3.638
Profit/ Loss After Tax	2.750
Earning per shares	2.17

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		10.000	10.000	4.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		24.773	20.407	18.385
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		34.773	30.407	22.385
LOAN FUNDS
1] Secured Loans		131.490	98.687	76.820
2] Unsecured Loans		37.431	58.207	65.245
TOTAL BORROWING		168.921	156.894	142.065
DEFERRED TAX LIABILITIES		1.073	0.871	0.659
TOTAL		204.767	188.172	165.109
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		37.541	37.419	23.154
Capital work-in-progress		0.000	0.000	3.940
INVESTMENT		0.015	0.015	0.015
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	76.547	74.489	89.024
	Sundry Debtors	141.596	152.586	131.276
	Cash & Bank Balances	20.166	1.661	2.346
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	11.419	11.189	10.176
Total Current Assets		249.728	239.925	232.822
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	71.277	80.975	85.846
	Other Current Liabilities	7.524	4.273	6.526
	Provisions	3.811	4.047	2.571
Total Current Liabilities		82.612	89.295	94.943
Net Current Assets		167.116	150.630	137.879
MISCELLANEOUS EXPENSES		0.095	0.108	0.121
TOTAL		204.767	188.172	165.109

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income from operations	495.144	476.131	412.983
		Other Income	16.220	9.610	10.167
		TOTAL (A)	511.364	485.741	423.150
Less	EXPENSES
		Cost of Sales	409.209	393.549	331.539
		Other Direct Cost	4.279	4.172	5.700
		Selling & Administrative Expenses	66.878	59.458	58.516
		TOTAL (B)	480.366	457.179	395.755
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		30.998	28.562	27.395
Less	FINANCIAL EXPENSES (D)		18.749	17.017	17.910
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		12.249	11.545	9.485
Less/ Add	DEPRECIATION/ AMORTISATION (F)		4.972	3.604	2.544
	PROFIT BEFORE TAX (E-F) (G)		7.277	7.941	6.941
Less	TAX (H)		2.329	2.335	2.655
	PROFIT AFTER TAX (G-H) (I)		4.948	5.606	4.286
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		19.406	18.385	14.334
Less	APPROPRIATIONS
		Transfer to General Reserve	0.000	4.000	0.000
		Dividend	0.500	0.500	0.200
		Tax on Dividend	0.081	0.085	0.034
	BALANCE CARRIED TO THE B/S		23.773	19.406	18.386
	Earnings Per Share (Rs.)		4.95	7.00	5.36

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.97	1.15	1.01
Net Profit Margin (PBT/Sales)	(%)	1.47	1.67	1.68
Return on Total Assets (PBT/Total Assets}	(%)	2.53	2.86	2.73
Return on Investment (ROI) (PBT/Networth)		0.21	0.26	0.31
Debt Equity Ratio (Total Debt/Networth)		4.86	5.16	6.35
Current Ratio (Current Asset/Current Liability)		3.02	2.69	2.43

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	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	No
10]	Designation of contact person	No
11]	Turnover of firm for last four years	Yes
12]	Profitability for last four years	Yes
13]	Reasons for variation <> 20%	-----
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	-----
22]	Litigations that the firm / promoter involved in	-----
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	-----
26]	Buyer visit details	-----
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	No
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

UNSECURED LOANS

Particulars	31.03.2011	31.03.2010
	(Rs. In Millions)
From Directors	0.868	0.701
From Shareholders	36.563	32.312
HSBC Bank Limited	0.000	25.194
Total	37.431	58.207

NOTE:

The situation of the registered office of the company was changed from A/1, Kashivishweshwar Township, Jetalpur Road, Vadodara - 390007, Gujarat to the present address w.e.f. 10.09.2009.

CONTINGENT LIABILITIES NOT PROVIDED FOR (AS ON 31.03.2011)

Bank Guarantee – Rs.9.084 Millions

Letter of Credit – Rs.41.640 Millions

Buyer’s Credit – Rs.10.833 Millions

FORM 8

Corporate identity number of the company	U24231GJ1996PTC029354
Name of the company	AMEYA DYECHEM PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	“Ameya Towers”, Plot No.10, Radhakrishna Cross Road, Next to PF Office, Akota Road, Vadodara – 390020, Gujarat, India Email Id : gopalrana@ameyindia.com
This form is for	Modification of Charge
Charge identification number	10077567
Type of charge	Immovable property
Particular of charge holder	HDFC Bank Limited, HDFC Bank Houses Senapati Bapat Marg, Lower Parel (West), Mumbai – 400013, Maharashtra, India CIN No.: L65920MH1994PLC080618 Email Id : RBBform8@hdfcbank.com
Nature of instrument creating charge	Letter Dated 19^th April 2012 issued from HDFC Bank Limited
Date of instrument Creating the charge	19.04.2012
Amount secured by the charge	Rs.199.900 Millions
Brief of the principal terms and conditions and extent and operation of the charge	Rate of interest : Interest at the rate as may be communicated by the Bank from time to time. Terms of Repayment : Working Capital facility shall payable On Demand Term Loan facility shall repayable in suitable installments Margin : As may be stipulated by the Bank from time to time Extent and operation of the charge : The Bank has confirmed that consequent to repayment of WCTL, Term Loan and PSR facility, the existing fund and non-fund based facilities of Rs. 251.750 Millions have since been reduced to Rs.199.900 Millions against the security of immovable properties of the Company as specified in item No.15.
Short particulars of the property charged (Including location of the property)	TPS No.1, FP No.24, Sub Plot No.10, Universal House, Near Akota Stadium, Akota Ta - District and Sub - Dist Baroda in state of Gujarat
Date of last modification prior to present modification	26/03/2012
Particulars of the present modification	The Bank has confirmed that consequent to repayment of WCTL, Term Loan and PSR facility, the existing fund and non-fund based facilities of Rs. 251.750 Millions have since been reduced to Rs.199.900 Million against the security of immovable properties of the Company.

FIXED ASSETS:

· Air Conditioner

· Car

· Air Cooler

· Cell Phone

· Digital Camera

· EPABX Systems

· Fax Machine

· Inverter

· Computer

· Fan

· Furniture

· Machinery

· Mobile instrument

· Scooter

· Tools and Equipments

· Water Cooler

· T .V

· Fire Extinguisher

· Projector

· Water cooler and purifier

· Metering Pump

· General Pump

· Spectrophotometer

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 records 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.54.48
UK Pound	1	Rs.82.72
Euro	1	Rs.71.27

INFORMATION DETAILS

Report Prepared by :

NIT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		27

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	-

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