MIRA INFORM REPORT

Report Date :

23.03.2011

IDENTIFICATION DETAILS

Name :	REGENT GRANITO (INDIA) LIMITED
Registered Office :	C - 304, Ganesh Meridian, Opposite High Court, S. G Highway, Ahmedabad - 380 061, Gujarat
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	10.10.2003
Com. Reg. No.:	04-43039
CIN No.: [Company Identification No.]	U26933GJ2003PLC043039
TAN No.: [Tax Deduction & Collection Account No.]	AHMR02678E/ AHMR02372G
PAN No.: [Permanent Account No.]	AACCR5441B
Legal Form :	A Closely held Public Limited Liability Company
Line of Business :	Manufacturer of Ceramics.

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

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

Maximum Credit Limit :	USD 900000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal 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 – April 1, 2010

Country Name	Previous Rating (31.12.2009)	Current Rating (01.04.2010)
India	A1	A1

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

INFORMATION DECLINED BY

Name :	Mr. Bharat
Designation :	Accounts Department

LOCATIONS

Registered Office/ Factory 1 :	C - 304, Ganesh Meridian, Opposite High Court, S. G Highway, Ahmedabad - 380 061, Gujarat, India
Tel. No.:	91-79-40027286/ 40035429/ 40027286
Fax No.:	91-79-40035430
E-Mail :	madendrapatel_regent@yahoo.com reg_bank@yahoo.com rgil_account@yahoo.com info@regentgranito.com regent_ho@yahoo.com regent_tejas@yahoo.com
Website :	http://www.regentgranito.com
Head Office / Factory 2 :	Block No 355, Opposite GEB Substation, Near Sabar Dairy At and P.O. Hajipur, Himatnagar N.H. No.8, District Sabarkantha – 383 120, Gujarat, India
Tel. No.:	91-2772-226247 / 48 / 226466 / 67 / 226377
Fax No.:	91-2772-226247/ 226248 / 226249 / 226468
Email :	sales@regentgranito.com
Area :	24 Acre
Location :	Owned
Branch Office :	Located at: · Ahmedabad · Indore · Bangalore · Jaipur · Bhuvneshwar · Kolkata · Cochin · Lucknow · Calicut · Mumbai · Chennai · Mohali · Coimbatore · Nagpur · Delhi · Pune · Dehradun · Secundrabad · Goa · Vijaywada · Hubli

DIRECTORS

As on 10.09.2010

Name :	Mr. Kacharabhai Rajabhai Patel
Designation :	Managing Director
Address :	At – Rampur Nava, Post Ganthiyol, Ta-Idar, District – Sabarkantha, Rampur Nava – 383 410, Gujarat, India
Date of Birth/Age :	15.04.1966
Date of Appointment :	01.09.2009
DIN or Income-tax PAN :	00075029
Name :	Mr. Tejas Sureshchandra Gandhi
Designation :	Whole Time Director
Address :	C – 202, Chinmay Tower, Abhishek Row House, Vishrnu Bunglow, Memnagar, Ahmedabad – 380 052, Gujarat, India
Date of Birth/Age :	04.03.1972
Date of Appointment :	16.01.2006
DIN or Income-tax PAN :	00048130
Name :	Mr. Ramanbhai Keshabhai Patel
Designation :	Whole Time Director
Address :	At – Narsinhpura, Post – Kukadiya, Tauka- Idar, District – Sabarkantha, Narshinpura – 383 430, Gujarat, India
Date of Birth/Age :	01.06.1951
Date of Appointment :	01.09.2009
DIN or Income-tax PAN :	00048159
Name :	Mr. Shailesh Maganlal Patel
Designation :	Managing Director
Address :	At and Post Badoli, Idar, Sabarkantha – 383 430, Gujarat, India
Date of Birth/Age :	20.07.1975
Date of Appointment :	01.09.2009
Name :	Mr. Mukeshkumar Purushottam Patel
Designation :	Whole Time Director
Address :	At and Post Badoli, Idar, Sabarkantha – 383 410, Gujarat, India
Date of Birth/Age :	05.02.1969
Date of Appointment :	01.05.2008
Name :	Mr. Mahendrakumar Girdharbhai Patel
Designation :	Additional Director
Address :	At and Post Badoli, Idaar, Sabarkantha – 383 410, Gujarat, India
Date of Birth/Age :	08.10.1969
Date of Appointment :	01.04.2008
Name :	Mr. Dipakkumar Keshubhai Patel
Designation :	Director
Address :	Laxmanpura, Goral, Taluka – Idar, S.K. Idar – 383 430, Gujarat, India
Date of Birth/Age :	01.07.1978
Date of Appointment :	15.04.2008
DIN or Income-tax PAN :	01456602
Name :	Mr. Shantilal Ramabhai Patel
Designation :	Director
Address :	Hajipura, Himatnagar, Sabarkantha, Himatnagar – 383 120, Gujarat, India
Date of Birth/Age :	11.09.1954
Date of Appointment :	15.04.2008
DIN or Income-tax PAN :	02260031

KEY EXECUTIVES

Name :	Ms. Urmi Dhansuklal Shah
Designation :	Secretary
Address :	BB/17, Sanskrdeep Apartment, Opposite Suryavashi Tower, Vastrapur, Ahmedabad, Gujarat, India
Date of Birth/Age :	26.07.1981
Date of Appointment :	31.05.2009

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 10.09.2010

Names of Shareholders	No. of Shares
Kacharabhai Rajabhai Patel	153725
Ramanbhai Keshabhai Patel	87500
Hasmukhbhai Mohanbhai Patel	161865
Jasubhai Ramabhai Patel	122000
Shantubhai Ramabhai Patel	173780
Pravinaben Sureshchandra Gandhi	123000
Becharbhai Kodarbhai Patel	1000
Harsidhbhai Girishbhai Bhavasar	83000
Maheshbhai Sankabhai Patel	82000
Punjabhai Amichandbhai Patel	56500
Rajabhai Talasibhai Patel	69230
Pritiben Bhupendrabhai Doshi	20500
Jethabhai Moghabhai Patel	207568
Vinaben Mamilal Bhavsar	81000
Jayeshkumar Kesharbhai Patel	71568

As on 10.09.2010

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	3.41
Directors or relatives of directors	30.07
Other top fifty shareholders	66.52
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Ceramics.

Products :

Item Code No. (ITC Code)	69010030
Product Description	Vitrified Tiles

• Soluble Salt Vitrified Tiles
• Double Charge Vitrified Tiles
• Plain Coloured Vitrified Tiles

Matt Finish Vitrified Tiles

Terms :

Selling :

L/C, Cash and Credit

Purchasing :

L/C, Cash and Credit

PRODUCTION STATUS (As on 31.03.2010)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Vitrified Tiles	Boxes	10500 Per Day	10500 Per Day	2248935

GENERAL INFORMATION

Customers :

Wholesalers, Retailers, Dealers, End Users, Buildings and Distributors

No. of Employees :

600 (In office – 15, In factory – 585)

Bankers :

· State Bank of India, Commercial Branch, 3^rd Floor, Paramsiddhi Complex, Opposite V.S. Hospital, Ellisbridge, Ahmedabad – 380 006, Gujarat, India

· ICICI Bank Limited

· Axis Bank Limited

· HDFC Bank Limited

· Oriental Bank of Commerce

Facilities :

Secured Loan	(As on 31.03.2010) Rs. in millions	(As on 31.03.2009) Rs. in millions
Term Loan – Hypothecation of Plant and Machinery etc.
SBI Term Loan 30842755122	23.455	0.000
SBI Term Loan 10301061253	0.000	27.316
SBI Term Loan 10301057043	15.103	1.537
SBI Term Loan -30111077792	82.554	109.199
Vehicle Loan	1.122	1.184
Working Capital Loans
From Bank
SBI CC Himatnagar	2.104	7.910
SBI CC Ahmedabad	216.972	175.243
Total	341.310	322.389

Unsecured Loan	(As on 31.03.2010) Rs. in millions	(As on 31.03.2009) Rs. in millions
From Bank / Finance Company	6.091	13.716
From Corporates	12.600	17.764
From Shareholders	18.668	5.144
From Trade Deposits	3.163	7.882
From Directors	6.114	3.315
From Others	29.765	22.458
Total	76.401	70.279

Banking Relations :	-
Financial Institution :	Reliance Consumer Finance Private Limited, 570, Rectifier House, Naigaum Cross Road, Next to Royal Industrial Estate, Wadala, Mumbai - 400031, Maharashtra, India
Auditors :
Name :	K.K. Patel and Associates Chartered Accountants
Address :	F-51, 2^nd Floor, Akash Ganga Complex, Near S.T. Stand, Himatnagar – 383 001, Gujarat, India
Tel. No.:	91-2772-240499
Mobile No.:	91-9898044121
E-Mail :	kamleshpatel74@hotmail.com
Associates/Subsidiaries :	Classic Microtek Private Limited Address: Near to Regent Granito Line of Business: Manufacturer of Raw Material for Polishing tiles.

CAPITAL STRUCTURE

As on 10.09.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
8500000	Equity Shares	Rs.10/- each	Rs.85.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
8400000	Equity Shares	Rs.10/- each	Rs.84.000 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		84.000	84.000	84.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		141.825	113.994	98.422
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		225.825	197.994	182.422
LOAN FUNDS
1] Secured Loans		341.310	322.389	346.418
2] Unsecured Loans		76.401	70.279	30.454
TOTAL BORROWING		417.711	392.668	376.872
DEFERRED TAX LIABILITIES		23.395	19.054	25.003
TOTAL		666.931	609.716	584.297
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		286.837	288.192	307.602
Capital work-in-progress		9.104	9.104	0.000
INVESTMENT		0.030	0.030	0.030
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	329.513	259.534	200.890
	Sundry Debtors	140.660	104.523	104.204
	Cash & Bank Balances	15.826	14.890	8.636
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	47.245	35.390	51.162
Total Current Assets		533.244	414.337	364.892
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	128.259	84.312	68.649
	Other Current Liabilities	0.000	0.000	0.000
	Provisions	34.500	18.554	21.074
Total Current Liabilities		162.759	102.866	89.723
Net Current Assets		370.485	311.471	275.169
MISCELLANEOUS EXPENSES		0.475	0.919	1.496
TOTAL		666.931	609.716	584.297

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	921.775	870.516	659.230
		Other Income	2.396	7.834	5.545
		TOTAL (A)	924.171	878.350	664.775
Less	EXPENSES
		Trading Purchase – Import	0.000	11.479	0.000
		Manufacturing and Other Expenses	863.417	781.976	603.304
		Increase/(Decrease) in Finished Goods	(67.100)	(37.456)	(52.345)
		TOTAL (B)	796.317	755.999	550.959
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		127.854	122.351	113.816
Less	FINANCIAL EXPENSES (D)		42.701	51.471	29.451
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		85.153	70.880	84.365
Less/ Add	DEPRECIATION/ AMORTISATION (F)		43.258	45.690	39.809
	PROFIT BEFORE TAX (E-F) (G)		41.895	25.190	44.556
Less	TAX (H)		14.064	9.618	20.160
	PROFIT AFTER TAX (G-H) (I)		27.831	15.572	24.396
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		97.994	82.442	58.026
	BALANCE CARRIED TO THE B/S		125.825	97.994	82.442
	IMPORTS
		Raw Materials	8.497	33.708	35.874
		Stores & Spares	33.975	27.453	30.690
		Capital Goods	29.548	9.425	89.755
	TOTAL IMPORTS		72.020	70.586	156.319
	Earnings Per Share (Rs.)		3.43	1.85	2.90

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	3.01	1.77	3.67
Net Profit Margin (PBT/Sales)	(%)	4.55	2.89	6.76
Return on Total Assets (PBT/Total Assets}	(%)	3.63	3.59	6.63
Return on Investment (ROI) (PBT/Networth)		0.19	0.13	0.24
Debt Equity Ratio (Total Liability/Networth)		2.57	2.50	2.56
Current Ratio (Current Asset/Current Liability)		3.28	4.03	4.07

LOCAL AGENCY FURTHER INFORMATION

Details of Sundry Creditors:

Particulars	31.03.2010 (Rs. in millions)	31.03.2009 (Rs. in millions)	31.03.2008 (Rs. in millions)
Sundry Creditors
For Raw Material and Stores	92.148	61.640	46.615
For Expenses	34.411	22.312	18.921
For Imp Raw Material	0.442	0.000	1.485
Creditors for Capital Goods
For Building	0.066	0.359	1.382
For Ind. Plant and Machinery	1.191	0.000	0.247

OPERATION

Despite of global recession, during the year the Company has achieved a turnover of Rs.921.775 millions as against Rs.870.516 millions in the previous year registering a growth of 5.88%. During the year the Company has earned Net Profit of Rs.27.831 millions as against the Net Profit of Rs.15.572 millions in the previous year. During the year the Company has installed polishing line to maintain production capacity and minimize break down loss and Hot Air Gas Stove to save the fuel cost. Barring unforeseen circumstances.

Bankers Charges Report as per Registry

Name of the company	REGENT GRANITO (INDIA) LIMITED
Presented By	Shri Manubhai B Patel
Date and description of instrument creating the change	Agreement for Hypothecation of Goods and Assets dated 22.09.2004.
Amount secured by the charge/amount owing on the securities of charge	Rs.135.000 millions
Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given	Hypothecation of entire plant and machinery, equipment accessories, electrification, tools and other movables, Furniture, Fixtures and Fittings and office equipment, both present and future, stock of raw material, semi finished goods, finished goods, stores and spares, packing material being, lying or stored at factory premises of the company at Block No. 355, Village Hajipur, Taluka Himatnagar, District Sabarkantha (Gujarat), stock in transit and stock maintained at godowns / branches of the company anywhere in India or any part of the country as well as hypothecation of receivables and other current assets of the company.
Name and Address and description of the person entitled to the charge.	State Bank of India Commercial Branch, Ahmedabad, Gujarat, India
Date and brief description of instrument modifying the charge	Nil
Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.	Nil

Corporate identity number of the company	U26933GJ2003PLC043039
Name of the company	REGENT GRANITO (INDIA) LIMITED
Address of the registered office or of the principal place of business in India of the company	Block No 355, Opposite GEB Substation, Near Sabar Dairy At and P. O. Hajipur, Himatnagar N.H. No.8, District Sabarkantha -383 120, Gujarat, India
This form is for	Creation of charge
Charge identification number of the modified	Immovable property
Type of charge	Book Debts Movable Property Floating Charge
Particular of charge holder	Reliance Consumer Finance Private Limited, 570, Rectifier House, Naigaum Cross Road, Next to Royal Industrial Estate, Wadala, Mumbai - 400031, Maharashtra, India
Nature of description of the instrument creating or modifying the charge	Mortgage Deed dated 26th August 2010 for creation of charge over immovable property of the company situated at Unit No. C/304, Ganesh Meridian, Opposite Amiraj Farm, Nr. New Gujarat High Court, S. G. Highway, Ahmedabad-380060
Date of instrument Creating the charge	28.06.2010
Amount secured by the charge	Rs.7.150 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest 11% per annum floating Rate of Interest on the Mortgage Loan of Rs.7.150 millions Terms of Repayment Mortgage Loan of Rs.7.150 millions repayable in 180 Monthly installment of Rs.0.081 millions Margin NIL Extent and Operation of the charge Exclusive First charge on immovable property of the company situated at Unit No. C/304, Ganesh Meridian, Opposite Amiraj Farm, Near New Gujarat High Court, S. G. Highway, Ahmedabad
Short particulars of the property charged	Charge Created on the Immovable Property bearing Unit No. C/304 admeasuring 2751 Sq.Ft. Super Buildup as a Member of Modinagar Co-operative Housing Society Ltd., Part -1 Known as "GANESH MERIDIAN " Situated at Land bearing survey no. 200/1+2+3, 203/1+2+ 280+ 281/1+2+3, 282/1+2 277/1+2+3, 278/1 279 being final plot no. 70/3 of TPS 28 of Mouje Sola Taluka Dascroi in the Registration District of Ahmedabad & Sub-District of Ahmedabad-2 (Wadaj)

Trade References

· Euro Ceramic – Junagardh

· Vilas Steel Private Limited – Nadiad

· Sunshine Vitrified Tiles, Surat

FIXED ASSETS

· Factory Building

· Plant and Machinery

· Gasifier

· Computer

· Furniture and Fixture

· Vehicle

· Office Equipments

· Electric Installation

· Land

WEBSITE DETAILS

PROFILE

Today subject is renowned as a Brand to reckon within Building Material Industries, it has imprinted a niche that is simply irresistible.  In a class of its own, Regent becomes the style status of everyone from the connoisseurs to the discerning home maker.  Established in the year of 2004, located at Himatnagar, Gujarat (India), subject has got a Hi-Tech Plant, 70 Kms away from Ahmedabad. 

This modern imported Plant has capacity to produce approx. 14000 Sq.mtrs. of Vitrified Tiles every day.  The latest look of Vitrified Tiles are the result of latest technology sourced by Regent.  Regent has also received ISO 9001-2000 for its perfect super quality management across its Organization.

Subject has started manufacturing 605mm X 605mm size of Vitrified Tiles in 2004, equipped by 4280 M.T. Hydraulic Press, longest Kiln at that time and superior polishing machine.  The Company has expanded its manufacturing capacity by installing one of the most pioneering technologies to produce 990mm X 990mm and Worlds’ biggest slab size tile 2100mm X 1000mm. Subject has further developed and designed Hydraulic Press PH6200 and longest roller Klin, which is 200mtr. Long and 48 head polishing lines maintain multi-layer fast drying machine imported from SACMI, Italy.

The solid and homogenous texture meets the highest standard and technical specification. Subject Vitrified Tiles are challenging to chemicals, abrasion, fire and stains, easy to maintain and ensures hygienic surroundings.  Subject implies the best technologies from different parts of Globe available for Ceramic Industries. 

Subject is a one stop source for Tiles due to its vast range of incompatible varieties and wide option in colour shades, design and size. They utilize the finest of the materials available and assure quality, luster, superior polished surface, preferred functionality and durability. 

Subject Vitrified Tiles are designed to be used as rough-N-tough conditions.  A self imposed high standard of quality consciousness, adequate stock levels, a strictly service parameter and exposure to international designs have made subject ready to give the market with the best in Vitrified Tiles now and in the coming days. 

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 records 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.44.97
UK Pound	1	Rs.73.34
Euro	1	Rs.63.98

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		49

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.