MIRA INFORM REPORT

Report Date :

22.10.2013

IDENTIFICATION DETAILS

Name :	TIRUPATI JUTE INDUSTRIES LIMITED
Registered Office :	10 Dr Rajendra Prasadsarani, 2^nd Floor, Kolkata – 700001, West Bengal
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	13.06.1988
Com. Reg. No.:	21-044622
Capital Investment / Paid-up Capital :	Rs.29.461 Millions
CIN No.: [Company Identification No.]	U17119WB1988PLC044622
TAN No.: [Tax Deduction & Collection Account No.]	CALT02692E
PAN No.: [Permanent Account No.]	AABCT6471A
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	The Company Manufactures Jute Products such as Jute Bags and Hessian Cloth.
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 279500
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. There seems some dip in the turnover and profitability of the company during the year 2012. External borrowings of the company are also huge. Further the ratings also take into consideration the modest net worth and weak debt protection metrics. However, trade relations are reported as fair. Business is active. Payments are reported to be slow. 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

INDIAN ECONOMIC OVERVIEW

India’s current account deficit or CAD in April-June widened to 4.9 % of gross domestic product. High imports of gold and oil led to a worsening of the traqde deficit, resulting in CAD jumping to $ 21.8 billion to the latest quarter from $ 16.9 billion in the corresponding quarter of the previous financial year. The government aims to bring down CAD to 3.7 % or $ 70 billion, in 2013/14, from 4.8 % or $ 88.2 billion in 2012/13.

The finance ministry has started preparations for Budget 2014/15. With general elections scheduled to be held by May next year, there will only be an interim budget. The new government will present the fiscal Budget.

The Supreme Court has barred clinical trials for new drugs till a monitoring mechanism is put in place to protect the lives of people on which the drugs are tested.

Mumbai has been named the world’s second most honest city according to a survey on 15 cities worldwide by Readers’ Digest magazine. Finnish capital Helsinki bagged the top spot for the world’s most honest city while Lisbon, the capital of Portugal, proved to be the least honest.  The survey put hundreds of people to test in four continents to find out just how honest they were by dropping wallets and seeing how many would be returned.

3.7 % Growth of the core sector in August, a seven month high. This takes the overall growth in April-August this year to 2.3 % compared with 6.3 % in the corresponding period next financial year.

$19 million Estimated average spending by companies across the globe including India, on social media this year, according to a global study by information technology major Tata Consultancy Services. This will rise to $ 24 million in 2015.

Rising inflation, fewer employment avenues and dwindling earnings are taking a toll on the spending capacity in India. Over 72 % respondents from middle and lower middle income families would be forced to slash their Diwali expenditure by 40 % and on average spend nearly 25 % of their monthly salary on Diwali, according to a survey by Assochem.

Analysts believe the shutdown of the US government would have limited impact in sectors such as IT or tourism that are dependent on Visa clearances.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long term rating B+
Rating Explanation	High risk of default.
Date	November 8, 2012

Rating Agency Name	CRISIL
Rating	Short term rating A4
Rating Explanation	Minimal degree of safety. It carry high credit risk.
Date	November 8, 2012

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012

LOCATIONS

Registered Office :	10 Dr Rajendra Prasadsarani, 2^nd Floor, Kolkata – 700001, West Bengal, India
Tel. No.:	91-33-22421264
Fax No.:	91-33-22421264
E-Mail :	accounts@tirupatijute.com

DIRECTORS

As on: 28.09.2012

Name :

Mr. Ashok Kumar Mall

Designation :

Director

Address :

216 M. G. Road, Kolkata – 700007, West Bengal, India

Date of Birth/Age :

06.12.1956

Date of Appointment :

03.10.1997

PAN No. :

AEAPM5919E

DIN No. :

00342531

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	U65921WB1982PTC035558	SHREE VARDAAN IMPROVEMENTS PVT LTD	Director	15/12/1982	15/12/1982	-	Active	NO
2	U17119WB1988PLC044622	TIRUPATI JUTE INDUSTRIES LIMITED	Director	03/10/1997	03/10/1997	-	Active	NO
3	U45201WB1995PTC067143	VIVEKANAND CONSTRUCTION PVT.LTD.	Director	28/10/2002	28/10/2002	-	Active	NO
4	U26933WB1999PTC089537	STYLISH INTERLOCKING PAVERS PRIVATE LIMITED	Director	28/08/2007	28/08/2007	15/10/2007	Active	NO
5	U31109WB1938PTC009466	B H SMITH & CO PVT LTD	Director	26/03/2010	26/03/2010	-	Active	NO
6	U40102WB2010PLC155204	POWER ELECTRO-INFRA LIMITED	Director	30/11/2010	30/11/2010	-	Active	NO
7	U30007WB1991PLC051388	VAB ENTERPRISES LTD.	Director	16/12/2010	16/12/2010	-	Active	NO
8	U51909WB2012PTC179790	RASHIDHAN EXPORTS PRIVATE LIMITED	Director	22/05/2012	22/05/2012	-	Active	NO

Name :

Mr. Krishna Kumar Jhawar

Designation :

Director

Address :

Ba-2 , Flat No 7 , Salt Lake Po - Bidhan Nagar, Kolkata – 700064, West Bengal, India

Date of Birth/Age :

04.09.1952

Date of Appointment :

25.09.1998

Election Identity Card No. :

20 139 72158

DIN No. :

01308126

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	U17119WB1988PLC044622	TIRUPATI JUTE INDUSTRIES LIMITED	Director	25/09/1998	25/09/1998	-	Active	NO
2	U45400WB2008PTC127243	STYLISH INFRAPROJECTS PRIVATE LIMITED	Director	01/01/2010	01/01/2010	-	Active	NO
3	U30007WB1991PLC051388	VAB ENTERPRISES LTD.	Director	16/12/2010	16/12/2010	-	Active	NO

Name :

Mr. Ashok Kumar Srivastava

Designation :

Director

Address :

48 Indra Kumar Karnani Street ( Jackson Lane ), Kolkata – 700001, West Bengal, India

Date of Birth/Age :

05.01.1942

Date of Appointment :

23.10.2003

PAN No. :

AKOPS9309N

DIN No. :

00370006

Name :

Mr. Dilip Kumar Chowdhary

Designation :

Director

Address :

30 - Rameshwar Malia Lane, Howrah – 711101, West Bengal, India

Date of Birth/Age :

07.01.1959

Date of Appointment :

09.01.2012

PAN No. :

ACDPC4418P

DIN No. :

00595910

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	U45202WB1987PLC041710	PANCHDEEP CONSTRUCTIONS LIMITED.	Director	01/01/1987	01/01/1987	-	Active	NO
2	U52392WB1989PTC047980	TIRUPATI DATA PROCESSING PVT LTD	Director	07/12/1989	07/12/1989	-	Active	NO
3	U74210WB1990PTC048382	ENGINEERS AND ARCHITECTS INDIA PVT LTD	Director	13/02/1990	13/02/1990	-	Active	NO
4	U51226WB1987PTC042900	TIRUPATI BUSINESS PVT LTD	Director	31/05/1990	31/05/1990	-	Active	NO
5	U45201WB1997PTC084196	PANCHWATI NIRMAN PRIVATE LIMITED	Director	02/05/1997	02/05/1997	-	Active	NO
6	U63090WB1997PLC084996	CALCUTTA MUMBAI TRUCK TERMINAL LIMITED	Director	29/07/1997	29/07/1997	-	Active	NO
7	U70100WB2002PTC094901	UGRA TARA DEVELOPERS PRIVATE LIMITED	Director	15/07/2002	15/07/2002	-	Active	NO
8	U51909WB1996PTC079239	AKASHGANGA DEALCOMM PVT LTD	Director	25/01/2003	25/01/2003	-	Active	NO
9	U51909WB2001PTC094031	MILESTONE BUSINESS PRIVATE LIMITED	Director	23/11/2005	23/11/2005	-	Active	NO
10	U27320WB1992PTC055480	MADHOGARIA SCRAPS SUPPLY SYNDICATE PVT. LTD.	Director	28/07/2006	28/07/2006	20/11/2009	Active	NO
11	U51109WB1997PTC083786	RICH FIELD MERCANTILE PRIVATE LIMITED	Additional director	12/11/2007	12/11/2007	-	Active	NO
12	U55101OR1994PTC003555	PARADISE RESORTS PRIVATE LIMITED	Director	31/03/2008	31/03/2008	-	Strike off	NO
13	U70100WB2011PTC169069	RADIANT HIGHRISE PRIVATE LIMITED	Director	02/11/2011	02/11/2011	-	Active	NO
14	U17119WB1988PLC044622	TIRUPATI JUTE INDUSTRIES LIMITED	Director	09/01/2012	09/01/2012	-	Active	NO
15	U74900WB2013PTC193140	DHULAGARH INDUSTRIAL ESTATES PRIVATE LIMITED	Director	11/05/2013	11/05/2013	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 28.09.2012

Names of Shareholders	No. of Shares
Choudhary Ratan Ram	25100
Choudhary Kumar Dilip	10000
Tirupati Data Processing Private Limited, India	20000
Tirupati Business Private Limited, India	5000
Mangalam Commercial Private Limited, India	60000
Vedansh Traders Private Limited, India	97500
Jhawar Devi Nori	390000
Jhawar Rita	200000
Jhawar Lal Shankar	58000
Devi Chunia	22000
Choudhary Babu Sayam HUF	20000
Ratan Ram Choudhary HUF	23000
Choudhary Devi Pachi	22000
Choudhary Asha	30000
Choudhary Monjula	20000
Rameshwar Choudhary HUF	22500
Gopal Choudhary HUF	17500
Choudhary Jaganath	10000
H R Gobal Finance Ltd	220000
Mall Kumar Ashok	10000
Jhawar Kumar Rajesh	70000
S K Mall Commercial Services Private Limited, India	500000
Muskan Agencies and Trading Private Limited, India	121000
Ritika Commercial Company Private Limited, India	200
Choudhary Anand and Choudhary Amiresh	342070
Mall Kant Tushar	260
Jhawar Shreelekha	200000
Jhawar Devi Nirmala	200000
H R International Limited, India	230000
Total	2946130

As on: 28.09.2012

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	42.50
Directors or relatives of Directors	57.50
Total	100.00

BUSINESS DETAILS

Line of Business :

The Company Manufactures Jute Products such as Jute Bags and Hessian Cloth.

PRODUCTION STATUS AS ON (31.03.2011)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Jute Products	Oty in M.T.	NA	15000	11451

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· The Federal Bank Limited R N Mukherjee Road Branch, 1 R N Mukherjee Road, Kolkata - 700001, West Bengal, India

· West Bengal Industrial Development Corpn Ltd 5 Council House St., Kolkata - 700001, West Bengal, India

· United Bank of India Calcutta Branch, 4, N. C. Dutta sarani,, Kolkata - 700001, West Bengal, India

Facilities :

Secured Loan	31.03.2012 [Rs. in Millions]	31.03.2011 [Rs. in Millions]
Long Term Borrowing
Loan against vehicle (Secured against hypothecation of motor car)	1.697	1.093
Gold Loan (Secured against gold)	1.678	0.000
Federal Bank Term Loan (secured against equitable mortgage of factory land and floating charges on all fixed assets both present and future and personal guarantees of the directors as collateral security)	14.711	0.000
Short Term Borrowing
Cash and credit from
The Federal Bank (R. N. Mukherjee Branch) (Secured against hypothecation of stock and book debts and personal gurantee of the directors as collateral security)	65.619	89.889
Current Portion of long term Debt	0.000	0.000
Loan against Vehicle (Secured against hypothecation of motor car)	1.173	0.951
Gold Loan (Secured against gold)	0.809	0.000
Federal Bank Term Loan (secured against equitable mortgage of factory land and floating charges on all fixed assets both present and future and personal guarantees of the directors as collateral security)	5.600	0.000
Foreign Currency Demand Loan (secured against hypothecation of stock and book debts and personal guarantees of the directors as collateral security)	52.212	0.000
Total	143.499	91.933

Banking Relations :	--
Auditors :
Name :	B. Jain and Company Chartered Accountants
Address :	26, Strand Road, Kolkata – 700001, West Bengal, India
Mobile No.:	91-8981010996/30996/40996
E-Mail :	info@bjaingroup.com
PAN No. :	AADFB4131C

CAPITAL STRUCTURE

As on: 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
3000000	Equity Shares	Rs.10/- each	Rs.30.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2946130	Equity Shares	Rs.10/- each	Rs.29.461 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	29.461	29.461
(b) Reserves & Surplus	40.412	37.900
(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)	69.873	67.361
(3) Non-Current Liabilities
(a) long-term borrowings	91.447	71.639
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	91.447	71.639
(4) Current Liabilities
(a) Short term borrowings	125.413	90.840
(b) Trade payables	20.524	53.028
(c) Other current liabilities	15.108	12.271
(d) Short-term provisions	2.468	2.644
Total Current Liabilities (4)	163.513	158.783
TOTAL	324.833	297.783
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	84.593	73.860
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	84.593	73.860
(2) Current assets
(a) Current investments	5.511	0.000
(b) Inventories	180.950	173.000
(c) Trade receivables	22.030	28.624
(d) Cash and cash equivalents	9.256	8.477
(e) Short-term loans and advances	21.103	13.822
(f) Other current assets	1.390	0.000
Total Current Assets	240.240	223.923
TOTAL	324.833	297.783

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		29.461
2] Share Application Money		0.000
3] Reserves & Surplus		33.265
4] (Accumulated Losses)		0.000
NETWORTH		62.726
LOAN FUNDS
1] Secured Loans		84.113
2] Unsecured Loans		62.617
TOTAL BORROWING		146.730
DEFERRED TAX LIABILITIES		0.000
TOTAL		209.456
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		60.595
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	135.967
	Sundry Debtors	34.889
	Cash & Bank Balances	2.755
	Other Current Assets	0.000
	Loans & Advances	14.268
Total Current Assets		187.879
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	30.314
	Other Current Liabilities	3.332
	Provisions	5.372
Total Current Liabilities		39.018
Net Current Assets		148.861
MISCELLANEOUS EXPENSES		0.000
TOTAL		209.456

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	602.735	630.491	386.915
		Other Income	5.957	0.971	1.315
		TOTAL	608.692	631.462	388.230
Less	EXPENSES
		Raw material consumed	352.628	443.699
		Purchase of finished goods	4.851	0.000
		Manufacturing Expenses	58.930	57.066
		Selling Expenses	4.323	4.031
		Change in inventories	12.032	(20.300)
		Employee benefit Expenses	123.532	108.057
		Other Expenses	13.218	7.292
		TOTAL	569.514	599.845	364.375
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		39.178	31.617	23.855
Less	FINANCIAL EXPENSES		21.922	16.691	9.644
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		17.256	14.926	14.211
Less/ Add	DEPRECIATION/ AMORTISATION		11.352	8.228	7.446
	PROFIT BEFORE TAX		5.904	6.698	6.765
Less	TAX		3.392	2.063	1.606
	PROFIT AFTER TAX		2.512	4.635	5.159
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		37.900	33.265	28.106
	BALANCE CARRIED TO THE B/S		40.412	37.900	33.265
	Earnings Per Share (Rs.)		0.90	1.60	1.80

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	0.41	0.73	1.33
Net Profit Margin (PBT/Sales)	(%)	0.98	1.06	1.75
Return on Total Assets (PBT/Total Assets}	(%)	1.82	2.25	2.72
Return on Investment (ROI) (PBT/Networth)		0.08	0.10	0.11
Debt Equity Ratio (Total Debt /Networth)		3.10	2.41	2.34
Current Ratio (Current Asset/Current Liability)		1.47	1.41	4.81

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	No
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	Yes
34]	External Agency Rating, if available	Yes

UNSECURED LOAN:

Particulars	31.03.2012 [Rs. in Millions]	31.03.2011 [Rs. in Millions]
Long Term Borrowing
From bank and financial institution	40.291	25.469
From body corporate	33.070	45.077
Total	73.361	70.546

INDEX CHARGES:

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10195109	27/05/2011 *	214,500,000.00	THE FEDERAL BANK LIMITED	R N MUKHERJEE ROAD BRANCH, 1 R N MUKHERJEE ROAD, KOLKATA, West Bengal - 700001, INDIA	B15039324

* Date of charge modification

FIXED ASSETS:

· Air Conditioner

· Building

· Computer

· Factory Shed

· Furniture and Fixture

· Land

· Mobile Phone

· Office Equipment

· Plant and Machinery

· Tube Well

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.61.49
UK Pound	1	Rs.99.41
Euro	1	Rs.84.12

INFORMATION DETAILS

Report Prepared by :

ANK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
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	2
--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	NO
--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.