MIRA INFORM REPORT

Report Date :

07.01.2014

IDENTIFICATION DETAILS

Name :	INDU CORPORATION PRIVATE LIMITED (PART-IX)
Registered Office :	Nishuvi, 4^th Floor, 75, Dr. Annie Besant Road, Worli, Mumbai – 400 018, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	03.04.2006
Com. Reg. No.:	11-160932
Capital Investment / Paid-up Capital :	Rs. 21.000 Millions
CIN No.: [Company Identification No.]	u27104mh2006ptc160932
TAN No.: [Tax Deduction & Collection Account No.]	MUMI07109E
PAN No.: [Permanent Account No.]	AABCI4951L
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is in the business of distribution of steel and zinc, also engaged in trading in imported ferrous and non-ferrous metals and other commodities.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

B (32)

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

Maximum Credit Limit :	USD 84000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. Profit margins of the company seems to be low. However, trade relations are fair. Business is active. Payment terms are slow but correct. The company can be considered for business dealing 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 – September 30, 2013

Country Name	Previous Rating (30.06.2013)	Current Rating (30.09.2013)
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 narrowed in the quarter ended September as government measures to curb imports, especially gold, kicked in.  The current account deficit, the excess of a country’s imports of goods and services over exports, narrowed to $ 5.2 billion from $ 21 billion in the year ago period, according to provisional Reserve Bank of India data. Finance Minister P. Chidambaram said the CAD for the year will be less than $ 60 billion or 3 per cent of GDP and the latest data suggests the government may achieve the target.

India was ranked 94^th among the world’s most corrupt nations list. Denmark and New Zealand topped as the cleanest while Somalia emerged as the most corrupt.

India’s services sector activity witnessed a moderate improvement in November over the previous month, even while indicating the fifth successive monthly contraction, according the HSBC survey.

$53 million estimated losses suffered by India due to phishing attacks during the third quarter, according to a study by RSA. India ranks fourth in the list of nations hit by phishing attacks. The US remained at the top of the charts. Phishing is the process of acquiring information such as user names, passwords and credit card details by sending e-mails disguised as official mails.

Rs.4080 million worth of mobile-phone-based transactions by July 2013 compared to Rs.260 million in September, 2012, according to Deloitte report. The number of transactions has shot up from 94000 to 701000.

India aims to earn Rs.400000 million from the bandwidth auction set for January. The merger and acquisition guidelines, cleared by a group of ministers, will be out before the auction begins so that players can make informed decisions on the auctions.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long term rating: “BB+”
Rating Explanation	Moderate risk of default and high credit risk.
Date	04.09.2013

Rating Agency Name	CRISIL
Rating	Short term rating: “A4+”
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	04.09.2013

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.

INFORMATION DECLINED

MANAGEMENT NON-COOPERATIVE (Tel. No.: 91-22-24962034)

LOCATIONS

Registered Office/ Head Office :	Nishuvi, 4^th Floor, 75, Dr. Annie Besant Road, Worli, Mumbai – 400018, Maharashtra, India
Tel. No.:	91-22-43005100/ 24962034/ 41005300/ 24950465/ 24962032/ 43005105
Fax No.:	91-22-43005105/ 24950465
E-Mail :	mail@talojasteel.com info@inducorp.co.in bhaskar.gandhi@gmail.com
Website :	http://www.inducorporation.com
Area :	2500 sq. ft.
Location :	Owned
Warehouse :	Plot No.A-1, M.I.D.C. Taloja Industrial Area, Taloja, District Raigad – 410208, Maharashtra, India
Tel. No.:	91-22-27412387/ 27411097
Fax No.:	91-22-27411097

DIRECTORS

As on 30.09.2013

Name :

Mr. Indukumar Shantilal Kapashi

Designation :

Director

Address :

503, Pleasant Palace, 16, N.D. Road, Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

03.01.1936

Date of Appointment :

03.04.2006

PAN No.:

AADPK3605N

DIN No.:

00008413

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	L51900MH1985PLC037452	KAPASHI COMMERCIAL LIMITED	Whole-time director	01/02/2010	11/09/1985	-	Active	NO
2	U67120MH1985PTC036721	NISHUVI TRADING AND INVESTMENT PRIVATE LIMITED	Director	10/02/1988	10/02/1988	-	Active	NO
3	U27107MH1995PTC090193	TALOJA STEEL PRIVATE LIMITED	Director	04/07/1995	04/07/1995	-	Amalgamated	NO
4	U70102MH1989PLC053258	NASHIMA DEVELOPERS LIMITED	Director	19/07/1995	19/07/1995	-	Amalgamated	NO
5	U65990MH1992PTC065170	SHREEJEE INVESTMENTS PRIVATE LIMITED	Director	12/10/1999	12/10/1999	22/09/2008	Active	NO
6	U99999MH1994PTC081524	CHANDESHWARI TRADING AND FINANCE PRIVATE LIMITED	Director	30/09/2006	14/11/2005	09/01/2013	Active	NO
7	U27104MH2006PTC160932	INDU CORPORATION PRIVATE LIMITED (PART-IX)	Director	03/04/2006	03/04/2006	-	Active	NO
8	U01400MH2007PTC174648	PARINEE INFRA - AGRO PRIVATE LIMITED	Director	30/09/2013	17/05/2013	-	Active	NO

Name :

Mr. Sevantilal Shantilal Kapashi

Designation :

Director

Address :

703, Pleasant Palace, 16, N.D. Road, Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

12.03.1935

Date of Appointment :

03.04.2006

PAN No.:

AADPK3641A

DIN No.:

00008435

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	U67120MH1985PTC036721	NISHUVI TRADING AND INVESTMENT PRIVATE LIMITED	Director	03/07/1985	03/07/1985	-	Active	NO
2	L51900MH1985PLC037452	KAPASHI COMMERCIAL LIMITED	Whole-time director	01/02/2010	11/09/1985	-	Active	NO
3	U65990MH1992PTC065170	SHREEJEE INVESTMENTS PRIVATE LIMITED	Director	31/01/1992	31/01/1992	22/09/2008	Active	NO
4	U27107MH1995PTC090193	TALOJA STEEL PRIVATE LIMITED	Director	04/07/1995	04/07/1995	-	Amalgamated	NO
5	U74999GJ1991PTC015740	INDRAMATI PROPERTIES AND CREDIT PVT LTD	Director	21/03/1996	21/03/1996	02/12/2008	Active	NO
6	U50400MH1989PLC054707	RUNISHA COMMERCIAL LIMITED	Director	27/08/2001	27/08/2001	-	Amalgamated	NO
7	U27104MH2006PTC160932	INDU CORPORATION PRIVATE LIMITED (PART-IX)	Director	03/04/2006	03/04/2006	-	Active	NO
8	U01400MH2007PTC174648	PARINEE INFRA - AGRO PRIVATE LIMITED	Director	30/09/2013	17/05/2013	-	Active	NO

Name :

Mr. Paresh Sevantilal Kapashi

Designation :

Director

Address :

703, Pleasant Palace, 16, N.D. Road, Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

10.02.1966

Qualification :

B.E., MBA

Date of Appointment :

03.04.2006

PAN No.:

AADPK4862B

DIN No.:

00008486

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	U50400MH1989PLC054707	RUNISHA COMMERCIAL LIMITED	Director	20/12/1989	20/12/1989	-	Amalgamated	NO
2	L51900MH1985PLC037452	KAPASHI COMMERCIAL LIMITED	Director	11/06/1993	11/06/1993	-	Active	NO
3	U67120MH1985PTC036721	NISHUVI TRADING AND INVESTMENT PRIVATE LIMITED	Director	12/01/1994	12/01/1994	-	Active	NO
4	U27107MH1995PTC090193	TALOJA STEEL PRIVATE LIMITED	Managing director	04/07/1995	04/07/1995	-	Amalgamated	NO
5	U65990MH1992PTC065170	SHREEJEE INVESTMENTS PRIVATE LIMITED	Director	28/06/2002	28/06/2002	22/09/2008	Active	NO
6	U27104MH2006PTC160932	INDU CORPORATION PRIVATE LIMITED (PART-IX)	Director	03/04/2006	03/04/2006	-	Active	NO

Name :

Mr. Nimish Indubhai Kapashi

Designation :

Director

Address :

Pleasant Palace, Flat No.503, 5^th Floor, Narayan Dabholkar Road, Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

18.06.1970

Qualification :

B. Com

Date of Appointment :

03.04.2006

PAN No.:

AADPK3624K

DIN No.:

00073665

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	U70102MH1989PLC053258	NASHIMA DEVELOPERS LIMITED	Director	30/08/1989	30/08/1989	-	Amalgamated	NO
2	L51900MH1985PLC037452	KAPASHI COMMERCIAL LIMITED	Director	11/06/1993	11/06/1993	-	Active	NO
3	U67120MH1985PTC036721	NISHUVI TRADING AND INVESTMENT PRIVATE LIMITED	Director	12/01/1994	12/01/1994	-	Active	NO
4	U27107MH1995PTC090193	TALOJA STEEL PRIVATE LIMITED	Managing director	04/07/1995	04/07/1995	-	Amalgamated	NO
5	U65990MH1992PTC065170	SHREEJEE INVESTMENTS PRIVATE LIMITED	Director	28/06/2002	28/06/2002	22/09/2008	Active	NO
6	U99999MH1994PTC081524	CHANDESHWARI TRADING AND FINANCE PRIVATE LIMITED	Director	30/09/2006	14/11/2005	09/01/2013	Active	NO
7	U27104MH2006PTC160932	INDU CORPORATION PRIVATE LIMITED (PART-IX)	Director	03/04/2006	03/04/2006	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

Names of Shareholders	No. of Shares
Paresh S. Kapashi	399000
Nimish I. Kapashi	399000
Sevantilal S. Kapashi	409500
Indukumar S. Kapashi	409500
Sushila S. Kapashi	220500
Nitina I. Kapashi	220500
Nandini P. Kapashi	21000
Bhakti N. Kapashi	21000
Total	2100000

As on 30.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is in the business of distribution of steel and zinc, also engaged in trading in imported ferrous and non-ferrous metals and other commodities.

Products :

Item Code No. (ITC Code)	Product Description
7214.10	Other Bars and Rods of Iron or Non-Alloy not further worked then forged, hot rolled or not extruded, but including those
7901	Other Bars and Rods of zinc not further worked then forged, hot rolled or not extruded, but including those

GENERAL INFORMATION

No. of Employees :

Not Divulged

Bankers :

· Oriental Bank of Commerce, Opera House Branch, Shreejee Chambers, Tata Road No.2, Opera House, Mumbai – 400004, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
SHORT TERM BORROWINGS
Working capital loans from banks (Working capital loan is secured by Hypothecation of present and futures stock, stores,book debts, o/s monies, receivable claims, bills etc.)	423.113	96.150
Total	423.113	96.150

Banking Relations :	--
Auditors :
Name :	Vinod K. Mehta and Company Chartered Accountants
Address :	B-5, 2^nd Floor, Satyam Shopping Centre, Ghatkopar (East), Mumbai – 400 077, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AADFV6947N
Related Party:	· Steel Centre Nishuvi Corporation Nishuvi Trading and Investments Private Limited Agrawal Trading Company

CAPITAL STRUCTURE

As on 31.03.2013

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
2100000	Equity Shares	Rs.10/- each	Rs. 21.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1) Shareholders' Funds
(a) Share Capital	21.000	21.000	20.000
(b) Reserves & Surplus	509.707	491.491	418.714
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	530.707	512.491	438.714
(3) Non-Current Liabilities
(a) Long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.656	1.148	1.565
(c) Other long term liabilities	356.591	264.634	254.873
(d) Long-term provisions	6.199	5.125	0.000
Total Non-current Liabilities (3)	363.446	270.907	256.438
(4) Current Liabilities
(a) Short term borrowings	423.996	100.603	101.160
(b) Trade payables	763.997	1246.258	31.721
(c) Other current liabilities	9.010	4.841	786.292
(d) Short-term provisions	0.000	0.000	15.613
Total Current Liabilities (4)	1197.003	1351.702	934.786
TOTAL	2091.156	2135.100	1629.938
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	280.177	264.456	259.590
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	15.903	16.010	19.811
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	2.207	2.168	22.245
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	298.287	282.634	301.646
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	333.069	302.041	208.922
(c) Trade receivables	1258.085	1356.683	976.975
(d) Cash and cash equivalents	70.403	113.833	68.930
(e) Short-term loans and advances	99.475	48.365	72.853
(f) Other current assets	31.837	31.544	0.612
Total Current Assets	1792.869	1852.466	1328.292
TOTAL	2091.156	2135.100	1629.938

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	8458.562	7153.173	6036.009
		Other Income	8.374	18.119	20.489
		TOTAL (A)	8466.936	7171.292	6056.498
Less	EXPENSES
		TOTAL (B)	8265.252	6941.143	5866.670
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		201.684	230.149	189.828
Less	INTEREST & FINANCIAL EXPENSES (D)		165.021	158.475	58.868
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		36.663	71.674	130.960
Less/ Add	DEPRECIATION/ AMORTISATION (F)		9.215	7.887	8.323
	PROFIT BEFORE TAX (E-F) (G)		27.448	63.787	122.637
Less	TAX (H)		9.232	20.010	39.359
	PROFIT AFTER TAX (G-H) (I)		18.216	43.777	83.278
	Earnings Per Share (Rs.)		8.67	20.85	41.64

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	0.22	0.61	1.38
Net Profit Margin (PBT/Sales)	(%)	0.32	0.89	2.03
Return on Total Assets (PBT/Total Assets}	(%)	1.32	3.01	7.62
Return on Investment (ROI) (PBT/Networth)		0.05	0.12	0.28
Debt Equity Ratio (Total Debt/Networth)		0.80	0.20	0.23
Current Ratio (Current Asset/Current Liability)		1.50	1.37	1.42

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	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

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10047705	31/12/2012 *	1,700,000,000.00	ORIENTAL BANK OF COMMERCE	OPERA HOUSE BRANCH, SHREEJI CHAMBERS, TATA ROAD NO. 2, OPERA HOUSE, MUMBAI - 400004, MAHARASHTRA, INDIA	B66855560
2	90159155	10/03/2003	25,000,000.00	GLOBAL TRUST BANK LIMITED	15; MAKER CHAMBER, NARIMAN POINT, MUMBAI - 400021, MAHARASHTRA, INDIA	-
3	90157479	29/04/2000	10,000,000.00	GLOBAL TRUST BANK LIMITED	15; MAKER CHAMBER, NARIMAN POINT, MUMBAI - 400021, MAHARASHTRA, INDIA	-
4	90158776	03/10/1996	15,000,000.00	GLOBAL TRUST BANK LIMITED	MAKAR CHAMBERS 111, NARIMAN POINT, MUMBAI, MAHARA SHTRA - 400021, INDIA	-
5	90156198	26/05/2007 *	240,000,000.00	ORIENTAL BANK OF COMMERCE	SHREEJEE CHAMBERS, TATA ROAD NO. 2, GIRGAUM, MUMBAI - 400004, MAHARASHTRA, INDIA	-
6	90156163	20/10/1995 *	17,540,000.00	GLOBAL TRUST BANK LIMITED	15; MAKER CHAMBER, NARIMAN POINT, MUMBAI - 400021, MAHARASHTRA, INDIA	-

* Date of charge modification

UNSECURED LOANS

PARTICULAR	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
SHORT TERM BORROWINGS
Loans taken for vehicles	0.883	4.453
Total	0.883	4.453

WORKING RESULT:

The Sales for the year ended 31st March, 2013 amounted to Rs. 8458.562 Millions as compared to Rs. 7153.173 Millions in the previous year, registering growth of 18.25%. The Company earned the Net Profit of Rs.18.216 Millions as compared to Rs. 43.777 Millions in the previous year registering reduction of about 58.39% as compared to previous year. Reduction in Profit is due to increase in fiancé cost and purchase cost of materials.

FIXED ASSETS

v Tangible Assets

Buildings

Plant and Equipment

Furniture and Fixtures

Vehicles

Computer Equipments

Other Equipments

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.62.33
UK Pound	1	Rs.101.99
Euro	1	Rs.84.62

INFORMATION DETAILS

Information Gathered by :	HTL
Report Prepared by :	MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	3
--CREDIT LINES	1~10	4
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	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		32

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

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