L.C.D INTEREST CALCULATION METHOD

MDR STEEL TUBES & PIPES INDUSTRIES L.L.C.
Statement of LCD-HSBC Discounting
Sr.	Party Name	Chq No.	Due Date	Amount	Discounted Date				Days		Rate of  Interest	Interest Amount
1	Al Rabih Steel Co LLC	463431	09/04/12	85,660.68	28/02/12				41		9.25%	890.05
2	Al Rabih Steel Co LLC	463525	09/05/12	81,480.25	28/02/12				71		9.25%	1,466.09
3	Al Rabih Steel Co LLC	463527	11/05/12	81,480.25	28/02/12				73		9.25%	1,507.38
4	Al Rabih Steel Co LLC	463526	14/05/12	81,480.25	28/02/12				76		9.25%	1,569.33
5	Keraida Building Mater	909835	16/05/12	131,042.00	28/02/12				78		9.25%	2,590.32
6	Al Rabih Steel Co LLC	463528	17/05/12	81,480.25	28/02/12				79		9.25%	1,631.28
7	Keraida Building Mater	909836	22/05/12	131,042.00	28/02/12				84		9.25%	2,789.58
8	Sydney Metals Tr. Est.,	5903	29/05/12	11,274.00	28/02/12				91		9.25%	260.00
9	Ali Baba Steel Tr.	452577	18/05/12	70,753.00	28/02/12				80		9.25%	1,434.44
10	Ali Baba Steel Tr.	452576	03/05/12	78,676.50	28/02/12				65		9.25%	1,296.01
11	Technique Steel Co	3698	28/04/12	35,664.00	28/02/12				60		9.25%	542.29
12	Technique Steel Co	3699	17/05/12	39,528.00	28/02/12				79		9.25%	791.37
	Grand Total Amount			579,459.75								11,335.29
	Bank Interest as per Mdr Steel											11,335.29
	Bank Interest as per HSBC Bank											11,335.29
	Difference											0.00