MIRA INFORM REPORT

Report No. :	320995
Report Date :	05.05.2015

IDENTIFICATION DETAILS

Name :	ROLL TUBES LIMITED
Registered Office :	63/2, City Centre, Room No. 321-323, Kanpur – 208001, Uttar Pradesh
Tel. No.:	91-512-2305419/ 2331438
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	09.12.1985
Com. Reg. No.:	20-007573
Capital Investment / Paid-up Capital :	Rs. 26.916 Million
CIN No.: [Company Identification No.]	U27104UP1985PLC007573
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAACR6625B
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Exporter of ERW Steel Pipe and Tubes and Swaged type Steel Tubular Poles.
No. of Employees :	50 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (34)

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

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The rating is constrained on account of company’s moderate financial risk profile and low profitability margins of the company. However, trade relations are fair. Business is active. Payments are reported to be 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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Cash Credit = BB
Rating Explanation	Inadequate-credit-quality and high credit risk.
Date	November 2014

Rating Agency Name	ICRA
Rating	Non-fund based facilities = A4
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	November 2014

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 31-03-2014.

INFORMATION PARTED BY

Name :	Mr. Sanjay Shukla
Designation :	General Manager
Contact No.:	91-8808481662
Date :	02.05.2015

LOCATIONS

Registered Office :	63/2, City Centre, Room No. 321-323, Kanpur – 208001, Uttar Pradesh, India
Tel. No.:	91-512-2305419/ 2331438
Mobile No.:	91-8808481662 [Mr. Sanjay Shukla]
Fax No.:	91-512-2305419
E-Mail :	contactur@rolltubes.com rolltubesltd@yahoo.co.in sanjay.shukla303@rediffmail.com
Website :	http://www.rolltubes.com
Location :	Owned
Factory :	55/1, Harsinghpur, Bindki Road, Chaudgra, District Fatepur, Uttar Pradesh, India
Tel No.:	91-5181-251101
Fax No.:	91-5181-251101
Location :	Owned

DIRECTORS

AS ON 30.09.2014

Name :

Radha Kishan Agarwal

Designation :

Managing Director

Address :

27, M.G. Marg, Cantt, Kanpur – 208004, Uttar Pradesh, India

Date of Birth/Age :

01.07.1954

Date of Appointment :

27.06.2013

DIN No.:

00298415

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	U51395UP1985PLC007528	CARPO ELECTRONIKS LIMITED	Director	19/11/1985	19/11/1985	16/06/2010	Active	NO
2	L22219UP1975PLC004105	PREMIER PIPES LIMITED.	Director	01/01/1989	01/01/1989	08/04/2009	Active	NO
3	U15412UP1998PTC023753	OM BAKERIES PRIVATE LIMITED	Director	05/08/1998	05/08/1998	-	Active	NO
4	U25201UP1993PTC015433	QUALITY INDIA PRIVATE LIMITED	Director	03/07/2004	03/07/2004	15/10/2010	Active	NO
5	U74899HR1988PLC047180	KUNDAN ISPAT LIMITED	Director	08/02/2008	08/02/2008	-	Active	NO
6	U27104UP1985PLC007573	ROLL TUBES LIMITED	Managing director	27/06/2013	01/11/2012	-	Active	NO

Name :

Umang Agarwal

Designation :

Director

Address :

House No. 972, Sector 15, Faridabad – 121007, Harayana, India

Date of Birth/Age :

22.01.1964

Date of Appointment :

19.09.2011

DIN No.:

00680220

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	U65993HR2002PTC044914	SUNITA STOCKTRADE PRIVATE LIMITED	Director	13/05/2002	13/05/2002	-	Active	NO
2	U74899HR1971PLC047179	ASSOCIATED STRIPS LTD.	Director	15/09/2003	15/09/2003	17/08/2013	Active	NO
3	U74899HR1988PLC047180	KUNDAN ISPAT LIMITED	Director	15/09/2003	15/09/2003	-	Active	NO
4	U74999HR2004PTC047181	SUNCHIT PACK-TRADE PRIVATE LIMITED	Director	12/05/2004	12/05/2004	-	Active	NO
5	U51501DL2009PLC186703	RADHA MADHAV EXIM LIMITED	Director	04/02/2009	04/02/2009	-	Active	NO
6	U51909DL2007PTC158856	HANUMAN TRADELINK PRIVATE LIMITED	Director	15/02/2010	15/02/2010	-	Active	NO
7	U27104UP1985PLC007573	ROLL TUBES LIMITED	Director	29/09/2011	09/10/2010	-	Active	NO
8	U51101DL2007PTC158796	MAA SANTOSHI TRADELINK PRIVATE LIMITED	Director	15/05/2012	15/05/2012	-	Strike off	NO
9	AAC-4317	TRADESEA XPORT LLP	Designated Partner	04/07/2014	04/07/2014	-	Active	NO

Name :

Mr. Rajiv Jain

Designation :

Managing Director

Address :

H-2/1, Kidwai Nagar, Kanpur – 208011, Uttar Pradesh, India

Date of Birth/Age :

22.01.1964

Qualification :

Post Graduate

Experience :

30 Years

Date of Appointment :

27.06.2013

DIN No.:

00340798

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	U27104UP1985PLC007573	ROLL TUBES LIMITED	Managing director	27/06/2013	09/12/1985	-	Active	NO
2	U51109UP1990PLC011787	QUALITY STEEL PRODUCTS LIMITED	Director	01/02/2006	01/02/2006	07/05/2010	Active	NO

Name :

Mr. Raj Kumar Jain

Designation :

Director

Address :

H-2/1, Kidwai Nagar, Kanpur – 208011, Uttar Pradesh, India

Date of Birth/Age :

28.08.1939

Date of Appointment :

15.04.1975

DIN No.:

00586538

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	L22219UP1975PLC004105	PREMIER PIPES LIMITED.	Director	15/04/1975	15/04/1975	08/04/2009	Active	NO
2	U27104UP1985PLC007573	ROLL TUBES LIMITED	Director	20/06/2013	01/11/2012	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Gopal Kanodiaja
Designation :	Finance Manager
Name :	Mr. Sanjay Shukla
Designation :	General Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

NOTE: SHAREHOLDING DETAILS FILE ATTACHED

AS ON 30.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	45.45
Directors or relatives of Directors	48.76
Other top fifty shareholders	5.79
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of ERW Steel Pipe and Tubes and Swaged type Steel Tubular Poles.
Brand Names :	QST/Roll/Classic
Agencies Held :	--
Exports :
Products :	Finished Goods
Countries :	· Bangladesh · Bhutan
Imports :	Not Available
Terms :
Selling :	Cash and Credit
Purchasing :	Cash

PRODUCTION STATUS (AS ON 31.03.2014)

Particulars	Installed Capacity	Actual Production
Manufacturer of ERW Steel pipe and tubes and Swaged type Steel Tubular Poles	35000 M.T./Annum	25000

GENERAL INFORMATION

Suppliers :

Reference :	Steel Authority of India Limited – Kanpur, Uttar Pradesh, India
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

Manufacturer

Reference :	Uttar Pradesh Power Corporation Limited, Uttar Pradesh, India
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

No. of Employees :

50 (Approximately)

Bankers :

Banker Name	State Bank of India
Branch Address	Phool Bagh Branch, Phool Bagh, Kanpur - 208001, Uttar Pradesh, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Rs. 74.500 Million
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Banker Name	State Bank of India
Branch Address	Overseas Branch, 15/54-B, Virendra Smriti Complex, Civil Lines, Kanpur - 208001, Uttar Pradesh, India
Person Name (With Designation)	Mr. Shailendra Kumar
Contact Number	91-9335130426
Name of Account Holder	Roll Tubes Limited
Account Number	10553582449
Account Since (Date/Year of Account Opening)	1987
Average Balance Maintained (If Possible)	Rs. 40.000 Million
Credit Facilities Enjoyed (If any)	Cash Credit Rs. 33.500 Million
Account Operation	Satisfactory
Remarks (If any)	Mr. Shailendra informed that the company having satisfactory record with banker.

Facilities :

SECURED LOANS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
LONG TERM BORROWINGS
Term loan (Term Loan from Kotak Mahindra (P) Limited is secured by way of hypothecation of car bearing Regn. No. UP-78-CZ-0021)	0.370	0.642
SHORT TERM BORROWINGS
State Bank of India (Cash Credit) (Working capital loan are secured by whole of the stock of hot Rolled Strips in coils and skelps and all articles manufactured there from stored in the borrowers godown or premises at village Harsinghpur, Bindki Road, Fatehpur alongwith the first charge over book debts and fixed assets of the company and other current assets of the company including personal guarantee of all directors.)	35.103	27.834
Total	35.473	28.476

Auditors :
Name :	Agarwal Kasera and Company Chartered Accountants
Address :	26/56, “Kasera Bhawan”, Birhana Road, Kanpur – 208001, Uttar Pradesh, India
Tel. No.:	91-512-2377992/ 2379980
Fax No.:	91-512-2377992
PAN No.:	AABFA5561H
Memberships :	--
Collaborators :	--
Associates/Subsidiaries :	Sunita Stock Trade Private Limited

CAPITAL STRUCTURE

AS ON 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
4,000,000	Equity Shares	Rs. 10/- each	Rs. 40.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2,691,600	Equity Shares	Rs. 10/- each	Rs. 26.916 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	26.916	26.916	26.916
(b) Reserves & Surplus	37.887	34.171	33.800
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	1.100
Total Shareholders’ Funds (1) + (2)	64.803	61.087	61.816
(3) Non-Current Liabilities
(a) long-term borrowings	5.782	12.467	12.324
(b) Deferred tax liabilities (Net)	0.148	0.202	0.113
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	5.930	12.669	12.437
(4) Current Liabilities
(a) Short term borrowings	35.103	27.834	30.139
(b) Trade payables	14.537	14.732	28.780
(c) Other current liabilities	42.588	16.066	8.490
(d) Short-term provisions	0.000	0.000	0.000
Total Current Liabilities (4)	92.228	58.632	67.409
TOTAL	162.961	132.388	141.662
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	7.432	8.361	8.054
(ii) Intangible Assets	0.059	0.072	0.083
(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	0.000	0.000	2.100
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	5.264	4.495	5.031
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	12.755	12.928	15.268
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	70.486	64.974	61.104
(c) Trade receivables	59.307	40.052	42.581
(d) Cash and cash equivalents	16.475	10.327	11.393
(e) Short-term loans and advances	0.156	0.668	1.054
(f) Other current assets	3.782	3.439	10.262
Total Current Assets	150.206	119.460	126.394
TOTAL	162.961	132.388	141.662

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Revenue from Operations	778.508	584.818	495.232
		Other Income	4.989	1.457	1.242
		TOTAL (A)	783.497	586.275	496.474
Less	EXPENSES
		Cost of Materials Consumed	705.095	547.453	460.517
		Purchases of Stock-in-Trade	2.590	0.617	4.494
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(4.502)	(7.760)	(5.852)
		Employees benefits expense	6.667	5.893	6.127
		Other expenses	58.793	32.548	24.211
		TOTAL (B)	768.643	578.751	489.497
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		14.854	7.524	6.977
Less	FINANCIAL EXPENSES (D)		8.063	5.005	3.695
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		6.791	2.519	3.282
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.249	1.091	0.948
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		5.542	1.428	2.334
Less	TAX (H)		1.826	1.057	0.855
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		3.716	0.371	1.479
	Earnings / (Loss) Per Share (Rs.)		1.38	0.14	0.55

Expected Sales (2014-2015): Rs. 1000.000 Million

The above information has been parted by Mr. Sanjay Shukla [General Manager]

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin PAT / Sales	(%)	0.48	0.06	0.30
Operating Profit Margin (PBDIT/Sales)	(%)	1.91	1.29	1.41
Return on Total Assets (PBT/Total Assets}	(%)	3.40	1.08	1.67
Return on Investment (ROI) (PBT/Networth)		0.09	0.02	0.04
Debt Equity Ratio (Total Debt/Networth)		0.63	0.66	0.69
Current Ratio (Current Asset/Current Liability)		1.63	2.04	1.88

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particulars	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	26.916	26.916	26.916
Reserves & Surplus	33.800	34.171	37.887
Share Application money pending allotment	1.100	0.000	0.000
Net worth	61.816	61.087	64.803
Long-term borrowings	12.324	12.467	5.782
Short term borrowings	30.139	27.834	35.103
Total borrowings	42.463	40.301	40.885
Debt/Equity ratio	0.687	0.660	0.631

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	495.232	584.818	778.508
		18.090	33.120

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	495.232	584.818	778.508
Profit	1.479	0.371	3.716
	0.30%	0.06%	0.48%

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	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
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	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	Yes
18]	Major customers	Yes
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
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

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	90268866	28/12/1994	6,800,000.00	U.P.FINANCIAL CORPORATION; CIVIL LINES;	KANPUR, KANPUR, UTTAR PRADESH, INDIA	-
2	90268605	27/03/1991	16,500,000.00	THE GOVERNOR OF UTTAR PRADESH	U.P.F.C. S. ASHOK MARG ALLAHABAD, ALLAHABAD, UTTAR PRADESH, INDIA	-
3	90268397	04/01/2014 *	150,100,000.00	STATE BANK OF INDIA	OVERSEAS BRANCH, 15/54-B, VIRENDRA SMRITI COMPLEX, CIVIL LINES, KANPUR, UTTAR PRADESH - 208001, INDIA	C19736685
4	90271222	27/03/1993 *	12,000,000.00	STATE BANK OF INDIA;	PANAL ROAD BRANCH, KANPUR, KANPUR, UTTAR PRADESH, INDIA	-
5	90268396	17/05/1990 *	4,200,000.00	PRADEMIYA INDUSTRIAL & INDUSTRIAL CORPORATION OF U.P.LTD;	RANA PRATAP MARG LUCKNOW, LUCKNOW, UTTAR PRADESH, INDIA	-
6	90268394	17/05/1990 *	1,735,000.00	PIEUP MORI MAHAL;	RANA PRATAP MARG LUCKNOW, LUCKNOW, UTTAR PRADESH -  226001, INDIA	-

* Date of charge modification

UNSECURED LOANS

PARTICULARS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
LONG TERM BORROWINGS
Loan/Deposits from related parties (The Amount represents the money brought in pursuance to stipulation of bank)	5.412	11.825
Total	5.412	11.825

TRADE REFERENCES

· Bansal Pipe Store, Latouche Road, Kanpur, Maharashtra, India

· Vishal Tubes, Latouche Road, Kanpur, Maharashtra, India

FIXED ASSETS

· Land

· Building

· Plant and Machinery

· Furniture and Fixture

· Electrical Fitting

· Motor Car

· Computer

· 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. 63.58
UK Pound	1	Rs. 97.99
Euro	1	Rs. 70.53

INFORMATION DETAILS

Information Gathered by :	KMN
Analysis Done by :	KAR
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILITY	1~10	3
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		34

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.