MIRA INFORM REPORT

Report Date :

12.03.2013

IDENTIFICATION DETAILS

Name :	RAJHANS ALLOYS PRIVATE LIMITED
Registered Office :	Plot No. 3985, GIDC ,Phase III, Village Dared, Jamnagar – 361004, Gujarat
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	28.10.2009
Com. Reg. No.:	04-058453
Capital Investment / Paid-up Capital :	Rs.46.933 Millions
CIN No.: [Company Identification No.]	U27109GJ2009PTC058453
TAN No.: [Tax Deduction & Collection Account No.]	RKTR02705D/ RKTR02558D
PAN No.: [Permanent Account No.]	AAECR5124M
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Trader of Copper, Alloy and Brass
No. of Employees :	Not Available

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 85000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. There appears some losses recorded by the company. The external borrowing seems to be huge. However, trade relations are reported to be 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 – 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

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	B- (Long Term Rating)
Rating Explanation	Having high risk of default regarding timely servicing of financial obligation.
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 :	Plot No. 3985, GIDC, Phase III, Village Dared, Jamnagar – 361004, Gujarat, India
Tel. No.:	91-288-2560111
Fax No.:	Not Available
E-Mail :	info@jainandmaharishi.com accounts@rajhans.com

DIRECTORS

As on: 28.09.2012

Name :

Mr. Ramniklal Keshavji Shah

Designation :

Director

Address :

“Sonil”, summair Club Road, Jamnagar - 361005, Gujarat, India

Date of Birth/Age :

10.02.1942

Date of Appointment :

28.10.2009

DIN No.:

00004242

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	U51909GJ1986PTC008619	SONIL MARKETING AND SERVICES PRIVATE LIMITED	Director	11/04/1986	11/04/1986	-	Active	NO
2	U21010MH1980PTC022509	VAIBHAV PAPER BOARDS PRIVATE LIMITED	Director	21/06/2011	03/08/1995	-	Active	NO
3	U28910MH1987PTC043138	RAJHANS METALS PRIVATE LIMITED	Director	01/10/1998	01/10/1998	17/10/2008	Active	NO
4	U92120GJ1988PTC010376	SONIL VALVES PRIVATE LIMITED	Director	01/11/2002	01/11/2002	-	Active	NO
5	U34300GJ2004PTC045160	SONIL VENTILFABRIK PRIVATE LIMITED	Director	16/12/2004	16/12/2004	-	Active	NO
6	U27109GJ2009PTC058453	RAJHANS ALLOYS PRIVATE LIMITED	Director	28/10/2009	28/10/2009	-	Active	NO

Name :

Mr. Milan Chandulal Dodhia

Designation :

Director

Address :

Milan, Opposite Jolly Bunglow, Summair Club Road, Jamnagar - 361005, Gujarat, India

Date of Birth/Age :

12.08.1961

Date of Appointment :

28.10.2009

DIN No.:

00158730

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	U28910MH1987PTC043138	RAJHANS METALS PRIVATE LIMITED	Managing director	03/04/2007	03/04/2007	-	Active	NO
2	U27109GJ2009PTC058453	RAJHANS ALLOYS PRIVATE LIMITED	Director	28/10/2009	28/10/2009	-	Active	NO

Name :

Mr. Kailashchandra Laxminarayan Mandawewala

Designation :

Director

Address :

Flat No.402,Ashutosh Apartments, Nirban Road, Opposite Guruduttatreya Temple, Jamnagar - 361008, Gujarat, India

Date of Birth/Age :

04.08.1943

Date of Appointment :

28.10.2009

DIN No.:

00660684

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	U51900MH1982PTC027533	ARUN IMPEX PRIVATE LIMITED	Director	01/04/1984	01/04/1984	-	Active	NO
2	U17110MH1990PTC057606	AYUSH SYNTHETICS PRIVATE LIMITED	Director	15/01/1993	15/01/1993	-	Active	NO
3	U35115GJ1991PTC015792	SUVIDHA MARINE PRIVATE LIMITED	Director	24/07/1993	24/07/1993	-	Active	NO
4	U28910MH1987PTC043138	RAJHANS METALS PRIVATE LIMITED	Director	01/10/1998	01/10/1998	-	Active	NO
5	U27109GJ2009PTC058453	RAJHANS ALLOYS PRIVATE LIMITED	Director	28/10/2009	28/10/2009	-	Active	NO

Name :

Mr. Nirav Jayendra Dodhia

Designation :

Director

Address :

Jasmine, Opposite Joly Bunglow, Jamnagar - 361005, Gujarat, India

Date of Birth/Age :

06.06.1982

Date of Appointment :

01.08.2011

DIN No.:

02781912

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	U27109GJ2009PTC058423	INAC BRASS PRIVATE LIMITED	Director	23/10/2009	23/10/2009	-	Active	NO
2	U27109GJ2009PTC058453	RAJHANS ALLOYS PRIVATE LIMITED	Director	01/08/2011	01/08/2011	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 28.09.2012

Names of Shareholders	No. of Shares
Anuradha K. Mandawewala	96875
Arun R. Mandawewala	96875
Atul / Jyoti Shah	312500
Atulkumar Motichand Shah	312500
Chandrakant H. Savla	10000
Chandulal Raichand HUF	85000
Chandulal Raichand Shah	30000
Darshak C. Savla	30000
Darshan Nitin Savla	130000
Dhirajlal Karamshi Dodhia	25000
Dhirajlal Karamshi Dodhia HUF	85000
Girdharilal L. Mandawewala	96875
Hansa Dhirajlal Dodhia	270000
Harshil Dirajlal Dodhia	135000
Harshil Dirajlal Dodhia HUF	10000
Himesh R. Shah (HUF)	50000
Himesh Ramaniklal Shah	80000
Jasmin J. Dodhia (HUF)	150000
Jayendra K. Dodhia (HUF)	60000
Jayendra K. Dodhia	30000
Kailashchandra L. Mandawewala	96875
Kamalkumar L. Mandawewala	96875
Kumudben J. Dodhia	80000
Lilavantiben R. Shah	200000
Manisha Jasmin Dodhia	100000
Milan Chandulal Dodhia	300000
Milan Chandulal Dodhia (HUF)	90000
Minakshi Sonil Shah	50000
Navinchandra Nemchand Savla	127500
Nilesh Mohanlal Savla	130000
Nirav Jayendra Dodhia	70000
Nirav Jayendra Dodhia HUF	70000
Nitin Mohanlal Savla	127500
Parth Milan Shah	30000
Rajvee Shrenik Dodhia	20000
Rakhee Nirav Dodhia	150000
Ramaniklal K. Shah	215000
Rupal Himesh Shah	50000
Sarojben C. Savla	10000
Savitaben Velji	10000
Shrenik Chandulal Dodhia	70000
Shrenik Chandulal Dodhia (HUF)	100000
Siddharth Navinchandra Savla	130000
Sonil Ramaniklal Shah	80000
Sonil Ramaniklal Shah (HUF)	50000
Sushilaben Navinchandra Savla	130000
Sushilkumar G. Mandawewala	96875
Sweta Harshil Dodhia	30000
Vishal K. Mandawewala	96875
Vivek K. Mandawewala	96875
Total	5000000

Equity Share Break up (Percentage of Total Equity)

As on: 28.09.2012

Category	Percentage
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	6.25
Directors or relatives of directors	93.75
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Trader of Copper, Alloy and Brass

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· State Bank of India, Near Digvijay Plot Police Station Gate, Besides Oswal Hospital, Digvijay Plot, Jamnagar - 361005, Gujarat, India

· ICICI Bank Limited

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
Long Term Borrowings
Term Loan from SBI	69.600	80.400
Car Loan from SBI	0.798	0.000
Short Term Borrowings
S.B.I. E.C.B. Loan	12.914	0.000
S.B.I. E.P.C. Loan	29.991	0.000
S.B.I. F.C.D.L. Loan	51.156	0.000
S.B.I. Cash Credit	75.971	0.000
Total	240.430	80.400

Notes:

TERM LOAN FROM SBI

(a) Term Loan from SBI is primarily secured by hypothecation of plant and machineries and equitable mortgage of factory building and collaterally secured by equitable mortgage of plot no. 3985 at GIDC Phase III at Dared, Jamnagar standing in the name of the company and bank's own term deposit receipt in the name of the company.

(b) It is also secured by personal gaurantee given by some of the directors of the company and corporate gaurantee given by Rajhans Metals Private Limited

(c) The term loan is repayable in 83 monthly installments (including 5 months moratorium period). Repayment has been started from April 2011. and total repayment upto end of the year is Rs.3.456 Millions

(d) The interest rate of term loan is 4.90% over base rate and as at 31st March, 2012 base rate is 9% hence effective rate is 13.90%.

CAR LOAN FROM SBI

(e) Car Loan from SBI is secured against hypothecation of Motor Car purchased out of loan amount

(f) Car Loan is repayablein 87 monthly installments of Rs.0.016 Million. Repayment was started from 14.03.2012

(g) The interest rate of term loan is 1.25%. over base rate and as at 31st March, 2012 base rate is 11.25%, hence effective rate is 13.90%.

TRUCK LOAN FROM ICICI

(h) Truck Loan from ICICI is secured against hypothecation of Truck purchased out of loan amount

(i) Truck Loan is repayable in 24 monthly installments of Rs.0.028 Million. Repayment was started from 22.05.2011.

(j) The interest rate of term loan is 11.25%.

Banking Relations :	--
Auditors :
Name :	Maharshi and Company Chartered Accountant
Address :	“Aparna”, Behind Jeevandeep Hospitals, Off Indira Road, Limda Lane, Jamnagar-361001, Gujarat, India
Tel. No.:	91-288-2665023/ 2665024/ 2662637/ 2542491/ 2542492
Fax No.:	91-288-2661612
E-Mail :	info@jainandmaharishi.com
PAN No.:	AAPFM6568E
Relatives of Key Managerial Persons :	· Rajhans Metals Private Limited · Rajlaxmi Metals Private Limited
Enterprises owned or significantly influenced by key personal management or their relatives :	· Rajhans Metals Private Limited · INAC Brass Private Limited · Rajlaxmi Metals Private Limited · Arun Impex Private Limited · Rajhans Enterprise

CAPITAL STRUCTURE

As on: 28.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs.50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs.50.000 Millions

As on: 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs.50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4693300	Equity Shares	Rs.10/- each	Rs.46.933 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		46.933	0.100	0.100
2] Share Application Money		0.000	40.177	4.950
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		(25.555)	(0.606)	0.000
NETWORTH		21.378	39.671	5.050
LOAN FUNDS
1] Secured Loans		240.430	80.400	0.000
2] Unsecured Loans		257.763	63.515	0.000
TOTAL BORROWING		498.193	143.915	0.000
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		519.571	183.586	5.050
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		172.802	17.892	0.000
Capital work-in-progress		7.038	154.945	5.551
INVESTMENT		7.000	5.000	0.000
DEFERREX TAX ASSETS		12.041	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	197.419	0.437	0.000
	Sundry Debtors	110.912	0.000	0.000
	Cash & Bank Balances	0.265	2.086	0.179
	Other Current Assets	4.333	0.053	0.000
	Loans & Advances	52.519	17.201	0.000
Total Current Assets		365.448	19.777	0.179
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	26.840	3.217	0.669
	Other Current Liabilities	1.677	0.062	0.016
	Provisions	16.241	10.749	0.000
Total Current Liabilities		44.758	14.028	0.685
Net Current Assets		320.690	5.749	(0.506)
MISCELLANEOUS EXPENSES		0.000	0.000	0.005
TOTAL		519.571	183.586	5.050

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	632.273
		Other Income	0.721
		TOTAL (A)	632.994	0.000	0.000
Less	EXPENSES
		Purchase of Traded goods	67.316
		Cost of materials consumed	580.564
		Changes in inventories of finished goods work-in-progress	(105.051)
		Employee benefits expense	5.707
		Other expenses	53.788
		TOTAL (B)	602.324	0.000	0.000
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		30.670
Less	FINANCIAL EXPENSES (D)		43.102
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(12.432)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		24.679
	PROFIT BEFORE TAX (E-F) (G)		(37.111)
Less	TAX (H)		(12.041)
	PROFIT AFTER TAX (G-H) (I)		(25.070)
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	156.394	0.000	0.000
	TOTAL EARNINGS		156.394	0.000	0.000
	IMPORTS
		Capital Goods	0.000	19.596	0.000
	TOTAL IMPORTS		0.000	19.596	0.000
	Earnings Per Share (Rs.)		5.34	NA	NA

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	(3.96)	0.00	0.00
Net Profit Margin (PBT/Sales)	(%)	(5.87)	0.00	0.00
Return on Total Assets (PBT/Total Assets}	(%)	(6.89)	0.00	0.00
Return on Investment (ROI) (PBT/Networth)		(1.74)	0.00	0.00
Debt Equity Ratio (Total Debt/Networth)		23.30	3.63	0.00
Current Ratio (Current Asset/Current Liability)		8.16	1.41	0.26

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	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

UNSECURED LOAN

(Rs. In Millions)

	As on 31.03.2012	As on 31.03.2011
Long Term Borrowings
Inter Corporate Deposit	86.056	63.515
Unsecured Loan	17.325	0.000
Short Term Borrowings
Inter Corporate Deposit	154.382	0.000
Total	257.763	63.515

NOTE

Registered office has been shifted from 21/3, Shankar Tekri, Udyognagar, Jamnagar - 361004, Gujarat, India to the present address w.e.f. 08.03.2011

FORM 8

Corporate identity number of the company	U27109GJ2009PTC058453
Name of the company	RAJHANS ALLOYS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Plot No.3985, GIDC Phase III, Village Dared, Jamnage-361004, Gujarat, India E-mail: info@jainandmaharishi.com
This form is for	Modification of charge
Charge identification number of the charge to be modified	10273755
Type of charge	Immovable Property
Particular of charge holder	State Bank of India, Near Digvijay Plot Police Station Gate, Besides Oswal Hospital, Digvijay Plot, Jamnagar-361005, Gujarat, India E-mail: sbi.60087@sni.co.in
Nature of instrument creating charge	Letter of Renewal of Term Loan and Working Capital Agreement Dated 14.05.2012.
Date of instrument Creating the charge	14.05.2012
Amount secured by the charge	Rs. 254.500 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Margin A Fund Based Limits Raw Materials : Imported - 20%. Raw Materials : Indigenous - 20% Semi-Finished Goods - 20% Finished Goods - 20% Components/ Consumable/ Spares - 20% Domestic Receivables - 30% Export Packing Credit - 10% Term Loan - 61.53% B Non-Fund Based Limits Letters of Credit/ Buyers Credit - 25% By Way Of Bank's TDR Bank Guarantees - 25% Cash or TDR For Norma Cases. - 100% In case of guarantees issued for disputed cases/matters.
Short particulars of the property charged (Including location of the property)	Factory Land and building situated on plot no.3985 of land bearing RS No. 13 paiki Admeasuring total 12553.77 aq Mt situated at GIDC Phase III, within village limits of Dared Taluka and District Jamnagar

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.54.29
UK Pound	1	Rs.81.09
Euro	1	Rs.70.61

INFORMATION DETAILS

Report Prepared by :

VRN

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.