MIRA INFORM REPORT

Report Date :

18^th May, 2006

IDENTIFICATION DETAILS

Name :	DYNAMIX DAIRY INDUSTRIES LIMITED
Registered Office :	Conwood House, A. K. Vaidya Marg, Goregaon (East), Mumbai - 400 063, Maharashtra, India
Country:	India
Financials as on:	31.03.2005
Date of Incorporation :	11^th May, 1992
CIN No.:	U99999MH1992PLC066700
Com. Reg. No.:	11-66700
Legal Form :	Closely Held Public Limited Liability Company.
Line of Business :	Manufacturing of value added dairy products viz. Casein, Skimmed Milk Powder, Dairy Whitener, Cheese, Butter and Ghee. It also undertakes contract manufacturing in respect of certain products such as Butter, Ghee, Cheese, Fruit Juices, Curd, etc.

RATING & COMMENTS

MIRA’s Rating :

Ca

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :
Status :	Poor
Payment Behaviour :	Slow & Delayed
Litigation :	Unknown
Comments :	The Company is a part of medium sized Dynamix group who made good fortunes in real estate development. Subject could not make any headway and continue to incur heavy losses. Financial position is poor. Payments are slow and delayed. The company is a Sick Industry and could not repay the term loans to financial institutions in time. Subject can be considered for any business dealings on safe and secured trade terms and conditions.

LOCATIONS

Registered Office/ Head Office :	Conwood House, A. K. Vaidya Marg, Goregaon (East), Mumbai - 400 063, Maharashtra, India
Tel. No.:	91-22-2840 2304 /05 (13 lines)
Fax No.:	91-22-2842 1600/ 28421668
E-Mail :	info@dynamixdairy.com
Website :	http://www.dynamixdairy.com
Factory:	E-94, MIDC, Bhigwan Road, Baramati - 413 133, District Pune, Maharashtra
Tel. No.:	91-2112-243821-24
Fax No.:	91-2112-243710 / 243707

DIRECTORS

Name :	Mr. Krishnamurari Goenka
Designation :	Chairman
Address :	501, Kings Apartment, Juhu Tara Road, Mumbai-400049, Maharashtra, India
Date of Birth/Age :	06.12. 1936
Date of Appointment :	11.05. 1952
Name :	Mr. Gobind K. Daryanani
Designation :	Director
Address :	131/132, Madhuli, Dr. Annie Besant Road, Worli, Mumbai-400018, Maharashtra, India
Date of Birth/Age :	13.08.1936
Date of Appointment :	30.09.1992
Name :	Mr. Goenka K. Pramod
Designation :	Director
Address :	Janki Kutir, Vaibhav Society, Juhu Church Road, Mumbai-400049
Date of Birth/Age :	22.09.1967
Date of Appointment :	25.09.2003
Name :	Mr. Smoot G. Charles
Designation :	Director
Address :	4386, Squire Hill Circle, Green Bay, WI, U.S.A.
Date of Birth/Age :	06.05.1966
Date of Appointment :	14.01.2004
Name :	Mr. Newman E. Craig
Designation :	Director
Address :	3071, Mercedes Drive, Green Bay, WI, U.S.A.
Date of Birth/Age :	22.09.1967
Date of Appointment:	25.09.2003
Name :	Mr. Felder H. Helmut
Designation :	Director
Address :	425, Pine Street, Green Bay, WI, U.S.A.-54301
Date of Birth/Age :	06.05.1966
Date of Appointment :	14.01.2004

Name :	Mr. Roberts N Thomas
Designation :	Director
Address :	N8078, Serenity Drive, Crivitz, WI 54114, U.S.A.
Date of Birth/Age :	NA
Date of Appointment :	23.09.2005
Name :	Mr. R. M. Naidu
Designation :	Director
Address :	R-3, Midc, Jalochi, Baramati, Dist: Pune, Maharashtra
Date of Birth/Age :	13.03.1958
Date of Appointment :	04.05.2004

MAJOR SHAREHOLDERS

Names of Shareholders	No. of Shares
Mr, Krishna Murari Goenka	100
Mr. Gobind K. Daryanani	100
Mr. Pramod K Goenka	100
Mr. Pramod K Goenka Karta-HUF	100
Mrs. Bina Goenka	50
Mr. Pramod K Goenka	50
Mr. Pramod K Goenka	50
Mr. Gobind K. Daryanani	1108250
Mr. Ram K. Daryanani	1108250
Conwood Agencies Private Limited	100
Mr. Ziaullah Sheriff	100
Mr. Yunus Zia	100
Schreiber International Inc.	44686200
Dr. Jitendra Trivedi	2500
Dr. (Mrs.) Usha Trivedi	2500
Mr. Keyur Trivedi	2500
Mr. Dwij Trivedi	2500
Mr. Prakash Kumar Bajaj	1000
Mr. Subhash Sitaram Atole	200
Mr. Maruti Anantrao Jadhav	200
Mr. Chandrakant Kanoba Jadhav	200
Mr. Popatrao D. Lambhate	200
Mr. Bharat Appa Khandale	200
Mr. Namdro Manikrao Jagtap	200
Mr. Hanumant Bapurao Pisal	200
Mr. Mohan Raghunath Tambe	200
Mr. Shivaji Pandurang Zende	200
Mr. Uday Shinde	200
Mr. Vijay Lalchand Dhamejani	400
Mr. Prabhu Tontai	300
Mr. Vinod A. Jagasia	200
Mr. Ketan Vora	200
Mr. Bhanudas Patil	200
Mr. Ravindra Sitaram Pawar	400
Mr. Krishnan Subramanium	200
Mr. Dagadu namdeo Pansare	100
Mrs. Kusum Jangal Wagh	100
Mr. Dilip Shankarrao Balwan	100
Mr. Mahadev Chandarrao Dalavi	50
Mr. Niwriti D. Kedar	100
Mr. Bhagwan Eakanath Devkate	100
Mr. Bhalchandra baburao Shelar	50
Mr. Bajirao Sadhu Pawar	50
Mr. Rajendra Dattatray Saste	50
Mr. Suresh Arjun Mane	50
Mr. Shivaji Duldeo Takale	50
Mr. Hanumat Laxman Mahadik	50
Mr. Subhash Laxman Mahadik	50
Mr. Dadaso Dagadu Thorat	50
Mr. Nanasao Vitthal Kale	50
Mr. Hanumat Tukaram Kudale	50
Mr. Ganpat Tukaramn Kudale	50
Mr. Bhagwan Devba Kshirsagar	50
Mr. Kisan Anna Lakade	50
Mr. Bhimrao Jaywant Garadade	50
Mr. Popatrao Shiwalal Nikam	50
Mr. Popatrao Narayan Kachare	50
Mr. Haribhau Yashwant Takale	50
Mr. Appasao Nana Madane	50
Mr. Balasao Malhari Kolekar	50
Mr. Mahadeo Popatrao Nle	50
Mr. Dattatray Dhondiba Shinde	50
Mr. Sanjay Suresh Thorawe	50
Mr. Vijay Ganpat Gosavi	50
Mr. Tanaji Sahebrao Deokate	50
Mr. Hanumant Sahebrao Deokate	50
Mr. Balasao Nanasaheb Deokate	50
Mr. Devidas Atmaram Deokate	50
Mr. Bapu Shankarrao Bankar	50
Mr. Babanrao Sakharam Nikam	50
Mr. Mahendra Hanumantrao	50
Mr. Ankush Ramchandra Gawade	50
Mr. Shrirang Baban Gaikwad	50
Mr. Somnath Kisan Kedar	50
Mr. Popatrao Mahadeo Shinde	50
Mr. Balasao Damodar Bichkule	50
Mr. Mahadeo Baburao Nikam	50
Mr. Sitaram Anandrao Borkar	100
Mr. Ranjeet Sitaram Borkar	100
Mr. Mahadeo Jagannath Zargad	50
Mr. Manik Tukaram Rajgude	50
Mr. Dnyandeo Shankar Sargar	50
Mr. Mahadeo Shankar Sargar	50
Mr. Balaso Dagadu Kedar	50
Mr. Sunil Sitaram Borkar	100
Mr. Baban Dagadu Kedar	50
Mr. Hanumat Dinkar Zargad	50
Mr. Anandrao Pandurang Deokate	50
Mr. Bhivaji Bira Takale	50
Mr. Baban Kandiba Nikam	50
Mr. Dattatray Kondiba Nikam	50
Mr. Sopanrao Madhavrao Deokate	50
Mr. Sharad Dnyandeo Agawane	50
Mr. Manik Dagadu Bansode	50
Mr. Suresh Raghunath Nimbalkar	50
Mr. Gulab Bandu Balwand	50
Mr. Appaji Maruti Deokate	50
Mr. Mahadeo Gulab Balwand	50
Mr. Balaso Dagadu Deokate	50
Mr. Tulsidas Dagadu Deokate	50
Mr. Dattatray Jagannath Rajgude	50
Mr. Rajendra Bhanudas Zargad	50
Mr. Sukhadeo Bandu Devakar	50
Mr. Subhash Chandar gardade	50
Mr. Mahadeo Shivaji Ghule	50
Mr. Nivruti Bhiva Ghule	50
Mrs. Mandakini Anandrao	50
Mr. Kundlik Ganpatrao Raut	50
Mr. Samir Baldeo Bankar	50
Mrs. Vanita Kundlik Raut	50
Mr. Dattatray Buwaji Madane	50
Mr. Dattaray Vitthal Pansare	50
Mr. Digambar Vitthal Pansare	50
Mr. Sanjay Vitthal Pansare	50
Mr. Bapurao Nivruti nikam	50
Mr. Rambhau Baburao Masal	50
Mr. Dilip Dadadu Pansare	50
Mr. Somnath Arjun Mane	50
Mr. Jangal Nivruti Yale	100
Mr. Bhimrao Nivruti Yale	50
Mr. Tanaji Nivruti Gawade	100
Mr. Dyandeo Laxman Masal	50
Mrs. Maruti Anna Lakade	100
Mr. Bhanudas Krishna Yele	50
Mr. Vishwajit Abasaheb Jachak	100
Mr. Pitendra Abasaheb Jachak	100
Mr.Lalaso Rama Madane	50
Mr. Prakash Eakanath Yadav	50
Mr. Chandrakant Parbati Rajguru	50
Mr. Ashok Dinkar Deokate	50
Mr. Dattatray Shankar Keskar	50
Mrs. Surekha Dilip Balawand	100
Mr. Appaso Sitaram Salunke	100
Mr. Dilip Namdeo Gavade	50
Mr. Shivaji Ramchandra Lakade	50
Mr. Sampat Dadu Mane	50
Mr. Balasso Nivruti Wagh	50
Mr. Tulsiram Nivruti Wagh	50
Mr. Sanjay Uttamrao Sasane	50
Savita Chemicals limited	833300
Rosy Blue Investment Limited	1312500
Erie Foods International Inc.	1250000
Simco Limited	1000000
Mr. Dinesh Kumar Jain	2000
Eversmile Construction Company	30932260
Aditya Constructions & Developers	2217350
Batliwala & Karani Securities	208770
Rosy Blue Private Limited	1350000
Shivkumar Dalmia-HUF	186000
Surendrakumar Dalmia-HUF	186000
AshokKumar Dalmia-HUF	186000
Ms. Meghana S Dalmia	100000
Mrs. Rashmi Agarwal	526220
Mr. K.M. Goenka	100
Mr. Shivkumar Dalmia	94800
Mr. Surendrakumar Dalmia	152600
Mr. Ashokkumar Dalmia	94600
Babita Shahji Shete	200
Sahyadri Agro Produce & Dairy	58400
Total	87,616,200

BUSINESS DETAILS

Line of Business :

Manufacturing of value added dairy products viz. Casein, Skimmed Milk Powder, Dairy Whitener, Cheese, Butter and Ghee.

It also undertakes contract manufacturing in respect of certain products such as Butter, Ghee, Cheese, Fruit Juices, Curd, etc.

Products :

Butter, Ghee, Cheese, Fruit Juices, Curd, etc.

Item Code No.	Product Description
04-05-001	Butter
04-02-002	Skimmed milk Powder
04-05-003	Ghee

PRODUCTION STATUS

Particulars	Unit	Installed Capacity	Actual Production
Processed Cheese	MT	17914	2337
Casein/MPC 80	MT	3200	2833
Lactose	MT	3200	2679
Powders	MT	21600	13308
Butter & Ghee	MT	11520	8702
UHT Milk/Fl Milk/Juice	Ltr’000	43200	20924
Natural/Mozarella Cheese	MT	7200	2857
Dahi	MT	1000	905

GENERAL INFORMATION

No. of Employees :

200

Suppliers:

v Chino-Laxsons (India) Limited

v Kailash Salt Gringing Mill

v Precision Foils Private Limited

v Sapna Packaging

Bankers :

v Industrial Development Bank of India

v SICOM Limited

v Oriental Bank of Commerce

v Bank of Baroda

v Dena Bank

v IndusInd Bank

Facilities :

SECURED LOANS	31.03.2004
16% Secured, Redeemable, Non-Convertible Debentures of Rs. 0.100 million each redeemable at par in 24 quarterly instalments commencing from April1, 2002. (Secured by mortgage/charge on the immovable property of the company)
Loans from Banks: -
Cash Credit Facilities (Secured by hypothecation of stocks and pari-passu charge on current assets)	92.983
Term Loans (Secured by first pari-pasu charge on all present and future fixed and current assets)	0.500
Vehicle Loans (Secured by hypothecation of respective vehicle)	1.027
Interest Accrued on due	1.004
Other Loans (Secured by first pari-pasu charge on all present and future fixed and current assets)	641.918
Total	1236.929
UNSECURED LOANS
Loans and Advances from others	1.475

Banking Relations :	Unknown
Auditors :	S. R. Batliboi & Company Chartered Accountants
Address :	6^th Floor, Express Towers, Nariman Point, Mumbai – 400 021, Maharashtra
Associates/Subsidiaries :	v Bharat Timber Industries (Bombay) Private Limited v Consort Hotel Private Limited v Conwood Agencies Private Limited v Conwood Apartments & Resorts Private Limited v Conwood Builders Private Limited v Conwood Chemical Industries Private Limited v Conwood Housing Developers Private Limited v Conwood Investments Private Limited v Conwood Overseas Construction Company Private Limited v Conwood Prefab Private Limited v Conwood Properties Private Limited v Denswood Private Limited v Eversmile Construction Company Private Limited v Everta Private Limited v Excon Construction Systems (Gujarat) Private Limited v Excon Developers Private Limited v Hillside Construction Company Private Limited v International Gold (India) Limited v Metrcon Leather Industries Private Limited v Shehal Investments & Traders Private Limited v Span Builders Private Limited v Span Construction Company Private Limited v Tapasya Properties Private Limited SUBSIDIARIES v Dynamix Milk & Food Industries Limited

CAPITAL STRUCTURE

Authorised Capital :

No. of Shares	Type	Value	Amount
1,10,000,000	(A- Class) Equity Shares	Rs. 10 each	Rs.1100.000 millions
1,00,000,000	(B-Class) Equity Shares	Rs. 1/- each	Rs. 100.000 millions
	Total		Rs. 1200.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
87,616,200	Equity shares	Rs. 10/- each	Rs. 876.162 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2005	31.03.2004	31.03.2003
SHAREHOLDERS FUNDS
1] Share Capital	876.162	876.162	530.000
2] Reserves & Surplus	391.717	391.717	391.718
NETWORTH	1267.879	1267.879	921.718
LOAN FUNDS
1] Secured Loans	1239.927	1236.929	1205.364
2] Unsecured Loans	0.885	1.475	2.065
TOTAL BORROWING	1240.812	1238.404	1207.429
GRAND TOTAL	2508.692	2506.283	2129.147
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]	1340.212	1468.600	1471.377
Capital work-in-progress	15.481	27.421	78.923
Asset Retired from active use	5.981	28.556	30.820
INVESTMENTS	0.820	1.320	1.306
CURRENT ASSETS, LOANS & ADVANCES
Inventories	339.373	245.767	310.143
Sundry Debtors	198.059	73.168	226.125
Cash & Bank Balances	26.055	24.929	29.330
Loans & Advances	146.099	198.733	169.282
Total Current Assets	709.586	542.597	734.880
Less :
Current Liabilities	480.289	597.260	1056.810
Provisions	19.904	11.584	9.909
Total Current Liabilities	500.193	608.844	1066.719
Net Current Assets	209.393	(66.247)	(331.839)
MISCELLANEOUS EXPENSES	--	--	--
Profit and Loss Accounts	936.805	1046.633	878.560
GRAND TOTAL	2508.692	2506.283	2129.147

PROFIT & LOSS ACCOUNT

PARTICULARS	31.03.2005	31.03.2004	31.03.2003
Sales Turnover [including other income]	4004.914	2246.681	3748.900
Profit/(Loss) Before Tax	177.458	(129.073)	32.419
Provision for Taxation	-	0.000	3.007
Profit/(Loss) After Tax	177.458	(129.073)	29.412
Export Value	-	203.839	672.666
Import Value	-	116.849	143.031
Total Expenditure	4182.372	2375.754	3138.983

KEY RATIOS

PARTICULARS		31.03.2005	31.03.2004	31.03.2003
PAT / Total Income	(%)	4.43	(5.74)	0.78
Net Profit Margin (PBT/Sales)	(%)	4.55	(5.74)	0.86
Return on Total Assets (PBT/Total Assets}	(%)	8.57	6.41	1.46
Return on Investment (ROI) (PBT/Networth)		0.14	0.10	0.03
Debt Equity Ratio (Total Liability/Networth)		1.37	1.45	2.46
Current Ratio (Current Asset/Current Liability)		3.39	0.89	0.68

LOCAL AGENCY FURTHER INFORMATION

During the year your company has incurred capital expenditure of Rs. 25.400 millions which included installation of Bulk Coolers at different locations, which will enable the company to augment the milk product.

Your company is in the process of implementation of backward integration programme to ensure uninterrupted supply of milk at affordable prices so that the optimum capacity utilization of the plant is achieved.

Fixed Assets:

Freehold Land, Leasehold Land, Buildings, Plant & Machinery, Furniture & Fixtures & Vehicles

What started in 1995 as a committed vision to procure surplus cow milk from the farmers to produce value-added dairy products through superior technology and process is a world-class giant entity today. Presenting Dynamix Dairy Industries Ltd. - a fully integrated dairy company with processing capacity of 500,000 litres of cow milk per day. The products produced include, cheese, butter, ghee, dairy whitener, SMP, WMP, lactose, casein, whey protein concentrate, whey powder, baby food and UHT products

Located in Baramati near Bombay in Maharashtra State, India, DYNAMIX ensures the quality standards followed are indeed world-class. The technology is absolutely state-of-the-art with most of the equipment sourced from the best in the world. There’s in-house R & D and technical team to monitor every single aspect of production which follows GMP and HACCP. ISO 9002 certification process is also underway.

DYNAMIX has also set up hundreds of bulk cooling stations spread over 110 villages. A Demonstration Dairy Farm has been set up to educate milk producers in clean milk production, regulated feeding, disease control and genetic improvement of cows. There’s also a field extension service to provide artificial insemination, vaccination and treatment of sick animals

DYNAMIX is producing a range of international
quality Dairy Products which include :

Cheese

Butter & Ghee

SMP / WMP, Dairy Whitener & Infant food

Casein / Lactose & Whey Products

UHT Plain Milk, Flavoured Milk & Juices

All our products are Halal certified by IFANCA, U.S. and also comply to various international standards.

To ensure the quality of milk, DYNAMIX has set up hundreds of bulk cooling stations spread over 110 villages. A demonstration Dairy Farm has also been set up to educate milk producers.

Once we assure the quality of the milk received in the Plant, we further pre-process the milk in the Bactofuges imported from Westfalia Separators, Germany to render milk almost bacteria-free - the only plant in India and most of Asia to do so

The milk is now ready for further processing into value added dairy products. Cheese is produced in technical collaboration with Schreiber Foods, USA. The Cheddar Cheese Plant is imported from Damrow, USA the slice cheese line from Green Bay Machinery, USA, packaging lines from Germany.

We produce Casein of world class standard which is exported world -over. The technology and the Plant is provided by Westfalia Separators AG, Germany

Lactose and Whey Protein concentrate are produced in technical collaboration with Whey Systems, USA and Valio, Finland

DYNAMIX UHT Plant has been set up with Tetra Pak technology for processing Plain Milk, Flavoured Milk, Fruit Juices and Yoghurt Drinks.

Relentless R & D enables DYNAMIX to upgrade its products constantly and stringent Quality Control ensures that only products meeting the exacting standards reach the consumers. GMP and HACCP are being followed in our production facility making it truly international.

The Plant is fully automated with the complete system designed by Siemens in association with Tuchenhagen, USA and Ireland.

Profile/Chemicals:

Lactose of all grades for food, pharmaceutical and other categories. The company has dairy with State of the Art facilities at Baramati (Dist. Pune) manufacturing dairy products like Cheese, Milk Powders, Lactose, Casein, Protein concentrates, Ghee, Butter, UHT Milk, Juice. Dynamix Dairy Industries Ltd., is planning a massive expansion at the Baramati plant, which will take its processing capacity from one million litre per day to two million litre at a cost of around Rs.150 crore. Expansion of the network of the bulk cooling station at collection centres and upgrading the local breed by setting up a 300 acre Heifer farm at Baramati are also in the pipeline. Dynamix is processing and packing the Milkman brand of Britannia, Tropican juices, Nestle milk and curds, Lipton lemon tea and provides 100 per cent of the cheese used by the McDonalds chain. Dynamix has bagged the contract from Pepsi to process and pack Mango Slice in tetra paks. Dynamix is expected to break even this financial year and cross the Rs.300 crore turnover mark. It has accumulated losses of Rs.140 crore over the last six years. Dynamix has a blueprint to expand its milk collection network by setting up 500 bulk cooling centres across seven districts in Maharashtra

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 records 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.45.30
UK Pound	1	Rs.78.45
Euro	1	Rs.54.88

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	Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.	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

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