MIRA INFORM REPORT

Report No. :	349246
Report Date :	16.11.2015

IDENTIFICATION DETAILS

Name :	INTERNATIONAL COIL LIMITED
Registered Office :	A-21/24, Naraina Industrial Area, Phase – II, New Delhi - 110028
Tel. No.:	91-11-25201967
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	02.07.2004
Com. Reg. No.:	55-127325
Capital Investment / Paid-up Capital :	Rs. 50.000 Million
CIN No.: [Company Identification No.]	U29192DL2004PLC127325
IEC No.:	0506061680
TAN No.: [Tax Deduction & Collection Account No.]	DELI06241E
PAN No.: [Permanent Account No.]	AABCI4267R
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Exporter of Air Conditioning Machineries and Heat Transfer Coils.
No. of Employees :	235 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (41)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 656000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject was incorporated on 2^nd July, 2014. It is engaged into business of manufacturing of air conditioning machineries and heat transfer coils. It has satisfactory track record. The company has incurred loss from its operations during FY2014. However, the company possesses decent profile marked by adequate networth base along with fair liquidity. Trade relations are fair. Business is active. Payments are slow but correct. The company can be considered for business dealings at usual trade terms and conditions.

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, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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

NOT AVAILABLE

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 31-03-2015.

INFORMATION PARTED BY

Name :	Mr. Kishor Kumar
Designation :	General Finance Manager
Contact No.:	91-124-4956000
Date :	10.11.2015

LOCATIONS

Registered Office :	A-21/24, Naraina Industrial Area, Phase – II, New Delhi – 110028, India
Tel. No.:	91-11-25701967/ 41417720/ 25701968/ 25891231/ 21
Fax No.:	91-11-25893126
E-Mail :	info@icl-tech.com
Website :	http://www.icl-tech.com
Factory :	7^th Floor, Building 9B, Cyber City, DLF Phase 3, Gurgaon - 122002, Haryana, India
Tel. No.:	91-124-4956000
Fax No.:	91-124-4956022
Branch Offices :	Located at: · Ahmedabad · Bangalore · Hyderabad · Chennai · Mumbai

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Sucha Singh Sehra

Designation :

Managing director

Address :

Villa No. 26, Tatvam Villa, Vipul World, Sector-48, Gurgaon - 122101, Haryana, India

Date of Birth/Age :

06.02.1935

Qualification :

B. Com

Date of Appointment :

07.05.2011

PAN No.:

ALRPS0169E

DIN No.:

00378222

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	U74899DL1971PTC005752	UNIAIRE PVT LTD	Director	18-08-1971	18-08-1971	-	Active	NO
2	U74899DL1984PTC018757	COIL COMPANY PRIVATE LIMITED	Managing director	20-07-1984	20-07-1984	30-06-2009	Active	NO
3	U29191DL1998PTC097318	MULTITHERM (INDIA) PRIVATE LIMITED.	Director	04-12-1998	04-12-1998	-	Active	NO
4	U29192DL2004PLC127325	INTERNATIONAL COIL LIMITED	Managing director	07-05-2011	02-07-2004	-	Active	NO
5	U40300DL2012PTC232869	ICL RUNH POWER PRIVATE LIMITED	Director	14-03-2012	14-03-2012	-	Active	NO

Name :

Mr. Paramjeet Singh Sehra

Designation :

Whole-time director

Address :

Villa No. 26, Tatvam Villa, Sector-48, Gurgaon - 122101, Haryana, India

Date of Birth/Age :

10.01.1971

Qualification :

B. Com

Date of Appointment :

07.05.2011

PAN No.:

AJSPP1574F

DIN No.:

00378247

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	Company/ LLP Status	Defaulting status
1	U74899DL1984PTC018757	COIL COMPANY PRIVATE LIMITED	Director	31-05-1993	31-05-1993	Active	NO
2	U29191DL1998PTC097318	MULTITHERM (INDIA) PRIVATE LIMITED	Director	04-12-1998	04-12-1998	Active	NO
3	U74899DL1971PTC005752	UNIAIRE PRIVATE LIMITED	Director	11-03-2002	11-03-2002	Active	NO
4	U29192DL2004PLC127325	INTERNATIONAL COIL LIMITED	Whole-time director	07-05-2011	02-07-2004	Active	NO
5	U65993DL1992PLC049072	BIGUR FINANCE LIMITED	Director	16-07-2010	16-07-2010	Active	NO
6	U40300DL2012PTC232869	ICL RUNH POWER PRIVATE LIMITED	Director	14-03-2012	14-03-2012	Active	NO
7	U74120DL2015PTC284873	IC GREEN SOLUTIONS PRIVATE LIMITED	Director	04-09-2015	04-09-2015	Active	NO

Name :

Mr. Amardeep Singh

Designation :

Whole-time director

Address :

J - 9/ 11, Rajouri Garden, New Delhi - 110027, Delhi, India

Date of Birth/Age :

18.05.1968

Qualification :

B. Com

Date of Appointment :

07.05.2011

PAN No.:

AAKPS1792B

DIN No.:

00383269

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	Company/ LLP Status	Defaulting status
1	U29191DL1998PTC097318	MULTITHERM (INDIA) PRIVATE LIMITED.	Director	04-12-1998	04-12-1998	Active	NO
2	U29192DL2004PLC127325	INTERNATIONAL COIL LIMITED	Whole-time director	07-05-2011	02-07-2004	Active	NO
3	U74899DL1984PTC018757	COIL COMPANY PRIVATE LIMITED	Whole-time director	01-04-2009	01-04-2009	Active	NO

Name :

Mr. Jagjit Singh

Designation :

Director

Address :

J-9/55C, Rajouri Garden, New Delhi - 110027, Delhi, India

Date of Birth/Age :

05.08.1960

Qualification :

B. Com

Date of Appointment :

25.09.2013

PAN No.:

AMAPS9288C

DIN No.:

00642565

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	Company/ LLP Status	Defaulting status
1	U32109DL1999PTC101894	SHUR KUT HEAT TRANSFERS PRIVATE LIMITED	Director	08-10-1999	08-10-1999	Active	NO
2	U29192DL2004PLC127325	INTERNATIONAL COIL LIMITED	Director	25-09-2013	19-08-2013	Active	NO

KEY EXECUTIVES

Name :	Mr. Kishor Kumar
Designation :	General Finance Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Shareholders	No. of Shares
Sucha Singh	300000
Paramjeet Singh	125000
Amardeep Singh	25000
Harjinder Kaur	5000
Dilraj Kaur	5000
Surrender Kaur	5000
Jasneet Kaur	5000
Jagjit Singh	25000
Harleen Kaur	5000
Total	500000

AS ON 30.09.2014

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Air Conditioning Machineries and Heat Transfer Coils.

Products :

ITC Code No.	Product Descriptions
84189100	Chilled Water Coils
84189100	Air Cooling Unit
84189100	Air Cool Fluid Cooler

Brand Names :

--

Agencies Held :

--

Exports :

Products :

Finished Goods

Countries :

· European Countries

· USA

Imports :

Products :

Raw Material

Countries :

· China

Terms :

Selling :

Cheque and Credit

Purchasing :

Cheque and Credit

PRODUCTION STATUS (AS ON 31.03.2014)

Particulars	Unit	Actual Production
Chilled Water Coils	Nos.	492
Air Cool Fluid Cooler	Nos.	280
Air Cooling Unit	Nos.	339

GENERAL INFORMATION

Suppliers :

Reference:	Not Divulged
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

Customers :

End Users

Reference:	Not Divulged
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

No. of Employees :

235 (Approximately)

Bankers :

Bank Name:	Indian Overseas Bank
Branch:	Rajouri Garden Branch, F-100, Bali Nagar, New Delhi - 110015, Delhi, 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 A/c Opening):	Not Divulged
Average Balance Maintained (Optional):	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan):	Not Divulged
Account Operation:	Not Divulged
Remarks:	Not Divulged

· Punjab and Sind Bank

E Block, Rajouri Garden, New Delhi, New Delhi - 110027, Delhi, India

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG-TERM BORROWINGS
Rupee term loans from banks	64.571	119.713
Rupee term loans from others	163.613	119.927
Other loans and advances	5.806	6.249
SHORT TERM BORROWINGS
Term loans from banks	210.270	307.799
Working capital loans from banks	33.010	0.000
Deposits	6.782	9.583
Other loans and advances	33.300	0.000
Total	517.352	563.271

Banking Relations :	--
Auditors :
Name :	R.S. Bajaj and Company Chartered Accountants
Address :	402, Chiranjiv Tower, 43, Nehru Place, New Delhi – 110019, India
Income-tax PAN of auditor or auditor's firm :	AAFPB4349A
Memberships :	--
Collaborators :	--
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
500,000	Equity Shares	Rs. 100/- each	Rs. 50.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
500,000	Equity Shares	Rs. 100/- each	Rs. 50.000 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	50.000	10.000	10.000
(b) Reserves & Surplus	179.782	248.433	246.487
(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)	229.782	258.433	256.487
(3) Non-Current Liabilities
(a) Long-term borrowings	283.471	268.570	114.618
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(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)	283.471	268.570	114.618
(4) Current Liabilities
(a) Short term borrowings	314.532	337.382	274.122
(b) Trade payables	259.879	231.992	352.580
(c) Other current liabilities	111.953	79.891	86.408
(d) Short-term provisions	128.800	128.800	126.500
Total Current Liabilities (4)	815.164	778.065	839.610
TOTAL	1328.417	1305.068	1210.715
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	275.458	288.032	101.563
(ii) Intangible Assets	1.194	0.861	1.298
(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	7.364	7.655	7.655
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	163.811	163.875	336.569
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	447.827	460.423	447.085
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	337.721	287.135	249.264
(c) Trade receivables	290.995	338.617	263.323
(d) Cash and cash equivalents	56.605	46.302	78.838
(e) Short-term loans and advances	174.485	160.569	154.046
(f) Other current assets	20.784	12.022	18.159
Total Current Assets	880.590	844.645	763.630
TOTAL	1328.417	1305.068	1210.715

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Revenue from Operations	812.237	794.960	1048.521
		Other Income	58.943	2.923	6.543
		TOTAL (A)	871.180	797.883	1055.064
Less	EXPENSES
		Cost of Materials Consumed	288.043	319.392	490.227
		Purchases of Stock-in-Trade	264.732	132.462	176.607
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	6.471	(24.682)	(10.408)
		Direct Expenses	--	--	113.806
		Employees benefits expense	104.167	103.669	107.334
		Other expenses	187.871	191.560	85.288
		TOTAL (B)	851.284	722.401	962.854
	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		19.896	75.482	92.210
Less	FINANCIAL EXPENSES (D)		72.516	53.277	36.757
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(52.620)	22.205	55.453
Less/ Add	DEPRECIATION/ AMORTISATION (F)		16.030	17.960	17.562
	PROFIT BEFORE TAX (E-F) (G)		(68.650)	4.245	37.891
Less	TAX (H)		0.000	2.300	13.500
	PROFIT AFTER TAX (G-H) (I)		(68.650)	1.945	24.391
	EARNINGS IN FOREIGN CURRENCY
		Sales Export	52.509	197.895	7.959
		Commission Received	6.768	51.124	6.033
		Other Income	0.000	40.211	5.559
	TOTAL EARNINGS		59.277	289.230	19.551
	IMPORTS
		Purchase & Spares	156.320	153.605	265.221
	Earnings Per Share (Rs.)		(137.3)	19.45	243.91

PARTICULARS	31.03.2015
Sales Turnover (Approximately)	630.000

Expected Sales (2015-2016): Rs.800.000 Million

The above information has been parted by Mr. Kishor Kumar [General Finance Manager]

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

PARTICULARS	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA
Net Cash flow from (used in) Operations	57.137	6.983	64.972

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	(8.45)	0.24	2.33
Operating Profit Margin (PBDIT/Sales)	(%)	2.45	9.50	8.79
Return on Total Assets (PBT/Total Assets}	(%)	(5.20)	0.33	3.15
Return on Investment (ROI) (PBT/Networth)		(0.30)	0.02	0.15
Debt Equity Ratio (Total Liability/Networth)		2.60	2.34	1.52
Current Ratio (Current Asset/Current Liability)		1.08	1.09	0.91

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	10.000	10.000	50.000
Reserves & Surplus	246.487	248.433	179.782
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	256.487	258.433	229.782
Long-term borrowings	114.618	268.570	283.471
Short term borrowings	274.122	337.382	314.532
Total borrowings	388.740	605.952	598.003
Debt/Equity ratio	1.516	2.345	2.602

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	1048.521	794.960	812.237
		-24.183	2.173

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	1048.521	794.960	812.237
Profit/ (Loss)	24.391	1.945	(68.650)
	2.33%	0.24%	-8.45%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	Yes
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	Yes
16	No. of employees	Yes
17	Details of sister concerns	No
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	Yes
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	No
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10493828	05/09/2014 *	160,000,000.00	HARYANA STATE INDUSTRIAL & INFRASTRUCTURE DEVELOPM  ENT CORPORATION LIMITED	C-13 & 14, INSTITUTIONAL AREA, SECTOR 6 PANCHKULA, HARYANA, HARYANA - 134108, INDIA	C20036380
2	10319709	03/02/2012 *	467,500,000.00	ING VYSYA BANK LIMITED	55, GROUND FLOOR, WEST AVENUE ROAD,, PUNJABI BAGH, NEW DELHI, DELHI - 110026, INDIA	B35946680
3	10142264	14/02/2009	250,000,000.00	PUNJAB & SIND BANK	E BLOCK, RAJOURI GARDEN, NEW DELHI, NEW DELHI, DE  LHI - 110027, INDIA	A56843360
4	10083314	26/11/2007	20,000,000.00	INDIAN OVERSEAS BANK	RAJOURI GARDEN BRANCH, A-6 RAJOURI GARDEN, NEW DELHI, DELHI - 110027, INDIA	A30500425
5	10083308	27/12/2014 *	990,000,000.00	INDIAN OVERSEAS BANK	RAJOURI GARDEN BRANCH, F100, BALI NAGAR, NEW DELHI, DELHI - 110015, INDIA	C41022500
6	10055535	30/05/2007	12,675,000.00	INDIAN OVERSEAS BANK	RAJOURI GARDEN BRANCH, A-6,RAJOURI GARDEN, NEW DELHI, DELHI - 110027, INDIA	A16608085

* Date of charge modification

UNSECURED LOANS

PARTICULARS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG-TERM BORROWINGS
Rupee term loans from others	49.481	22.681
SHORT TERM BORROWINGS
Loans and advances from related parties	31.170	20.000
Total	80.651	42.681

CONTINGENT LIABILITIES [AS ON 31.03.2014]:

Contingent liabilities not provided for in respect of guarantees given by the banks on behalf of the company as on 31.03.2014 is Rs. 84.141 Million (Rs. 72.731 Million).

FIXED ASSETS:

· Land

· Buildings

· Plant and equipment

· Furniture and fixtures

· Vehicles

· Office equipment

· Computer equipments

· Other equipments

· Books periodicals

· Computer software

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. 66.14
UK Pound	1	Rs. 100.55
Euro	1	Rs. 71.26

INFORMATION DETAILS

Information Gathered by :	SVA
Analysis Done by :	RAS
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		41

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.