MIRA INFORM REPORT

Report Date :

23.11.2011

IDENTIFICATION DETAILS

Name :	CENTRAL CABLES LIMITED
Formerly Known As :	CENTRAL CABLES PRIVATE LIMITED
Registered Office :	5, Temple Road, Civil Lines, Nagpur – 440001, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	29.01.1981
Com. Reg. No.:	11-023772
Capital Investment / Paid-up Capital :	Rs.16.250 Millions
CIN No.: [Company Identification No.]	U31300MH1981PLC023772
TAN No.: [Tax Deduction & Collection Account No.]	NGPC00177C
PAN No.: [Permanent Account No.]	AAACC7036R
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Power Cables.
No. of Employees :	120 [Approximately]

RATING & COMMENTS

MIRA’s Rating :

B (29)

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

Maximum Credit Limit :	USD 1600000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Profitability of the company appears to be low. However trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings 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.

INFORMATION PARTED BY

Name :	Mr. Shashikant Lad
Designation :	Executive Director
Contact No.:	91-9822698468
Date :	23.11.2011

LOCATIONS

Registered Office :	5, Temple Road, Civil Lines, Nagpur – 440001, Maharashtra, India
Tel. No.:	91-712-2523054 / 2546468 / 2524359
Mobile No.:	91-9822698468 [Mr. Shashikant Lad]
Fax No.:	91-712-2536149
E-Mail :	s.m.lad@hotmail.com ccl@bom3.vsnl.net.in
Location :	Owned
Factory :	Plot No.EL-12, Electronic Zone, MIDC, Hingna Industrial Estate, Nagpur, Maharashtra, India
Tel. No.:	91-7104-237564 / 235374 / 235365
Fax No.:	91-7104-236819
Location :	Rented

DIRECTORS

AS ON 18.08.2011

Name :	Mr. Govinddas Govardhandas Daga
Designation :	Director
Address :	5 Temple Road, Civil Lines, Nagpur- 440001, Maharashtra, India
Date of Appointment :	29.014.1981
DIN No.:	00202975

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U31300MH1981PLC023772	CENTRAL CABLES LIMITED	Director	29-01-81	29-01-81	Active	NO
2	U14107MH1999PLC117776	CENTRAL COLLIERIES COMPANY LIMITED	Director	05-01-99	05-01-99	Active	YES
3	U27104MH2001PLC133576	GONDWANA ISPAT LIMITED	Director	30-09-06	30-09-06	Active	YES
4	U40108MH2001PLC132700	NAGPUR ENERGY AND INFRASTRUCTURE LIMITED	Director	30-09-06	30-09-06	Active	NO
5	U27100MH1999PLC122856	B S ISPAT LIMITED	Managing director	31-08-09	30-09-06	Active	YES
6	U13200MH2006PTC161123	NEIL HOLDING PRIVATE LIMITED	Director	14-02-07	14-02-07	Active	NO
7	U27107MH1990PLC056831	CCCL COMMERCIAL SERVICES LIMITED.	Director	17-03-08	17-03-08	Active	NO
8	U74999MH2008PTC182232	G D COMMERCIAL SERVICES PRIVATE LIMITED	Director	15-05-08	15-05-08	Active	YES
9	U74999WB2011PTC165109	GAJRAJ TRADECOM PRIVATE LIMITED	Director	19-07-11	19-07-11	Active	NO

Name :	Mr. Mohan Bindraban Agrawal
Designation :	Director
Address :	House No. 300, Opposite Hislop College, Chitnavis Marg, Civil Lines, Nagpur- 440001, Maharashtra, India
Date of Appointment :	30.01.1993
DIN No.:	01028558

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U27109AP1985PLC005935	ABHISHEK TRANSTEL LIMITED	Director	23-07-86	23-07-86	13-08-08	Active	NO
2	L27100MH1961PLC011936	BAJAJ STEEL INDUSTRIES LIMITED	Director	23-08-89	23-08-89	-	Active	NO
3	U31300MH1981PLC023772	CENTRAL CABLES LIMITED	Director	30-01-93	30-01-93	-	Active	NO
4	U27100MH1999PLC122856	B S ISPAT LIMITED	Director	31-08-09	31-10-03	-	Active	YES
5	U27100MH2004PTC147182	B S METAL PRIVATE LIMITED	Director	23-07-04	23-07-04	09-04-08	Active	NO
6	U27104AP1984PTC004517	GAUTAM ROLLING MILLS PRIVATE LIMITED	Director	30-09-05	30-09-05	25-02-08	Active	NO
7	U40102MH2007PLC170592	REAL ENERGY and INFRASTRUCTURE LIMITED	Director	26-04-10	04-05-07	01-07-11	Active	NO
8	U65920MH1995PTC094326	ROSE FISCAL SERVICES PRIVATE LIMITED	Director	05-11-07	05-11-07	-	Active	NO
9	U27200MH1982PTC027267	RAJESH STEEL INDUSTRIES PRIVATE LIMITED	Director	20-12-07	20-12-07	-	Active	NO
10	U74999MH2008PTC185560	GAUTAM ROLLING MILLS (NAGPUR) PRIVATE LIMITED	Director	07-08-08	07-08-08	-	Active	YES
11	U27100MH2008PLC185568	ABHISHEK STEELS (NAGPUR) LIMITED	Director	07-08-08	07-08-08	-	Active	YES
12	U45200MH2008PTC180611	VIDARBHA ENERGY AND INFRASTRUCTURE PRIVATE LIMITED	Director	25-08-09	01-07-09	-	Active	NO

Name :	Mr. Vimal Kishore Govinddas Kacholia
Designation :	Director
Address :	62 Usha, 161/ H-4, S.V. Road Ville, Parle (West), Mumbai, Maharashtra, India
Date of Appointment :	30.01.1993
DIN No.:	01004997

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U31300MH1981PLC023772	CENTRAL CABLES LIMITED	Director	30-01-93	30-01-93	Active	NO
2	U28910WB1995PTC069805	PAVITRA BELTING PRIVATE LIMITED	Managing director	23-05-95	23-05-95	Active	NO
3	U51909WB2001PTC092913	NISCHAL VYAPAAR PRIVATE LIMITED	Director	17-03-05	17-03-05	Active	NO

Name :	Mr. Shashikant Manubhai Lad
Designation :	Executive Director
Address :	255, Near Lal IMLI, Dharaskar Road, Itwari, Nagpur – 440002, Maharashtra, India
Date of Appointment :	10.05.1993
DIN No.:	00730584

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U31300MH1981PLC023772	CENTRAL CABLES LIMITED	Whole-time director	10-05-93	10-05-93	-	Active	NO
2	U27100MH1999PLC122856	B S ISPAT LIMITED	Director	30-05-05	30-05-05	25-12-07	Active	YES

Name :	Mr. Kishor Kumar Hira Lalji Daga
Designation :	Director
Address :	5 Temple Road, Civil Lines, Nagpur- 440001, Maharashtra, India
Date of Appointment :	31.10.1999
DIN No.:	00203163

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U31300MH1981PLC023772	CENTRAL CABLES LIMITED	Director	30-10-99	30-10-99	Active	NO
2	U31900MH2010PTC208282	LIME LITE RESOURCE PROVIDERS PRIVATE LIMITED	Director	27-09-10	27-09-10	Active	NO
3	U31400MH2011PTC211832	ECO FRIENDLY RESOURCES PRIVATE LIMITED	Director	05-01-11	05-01-11	Active	NO

Name :	Ms. Swarana Govinddas Daga
Designation :	Executive Director
Address :	Daga House, 5 Temple Road, Civil Lines, Nagpur- 440001, Maharashtra, India
Date of Appointment :	10.03.2009
DIN No.:	01186819
Date of Cessation :	01.09.2011

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U40108MH2001PLC132700	NAGPUR ENERGY AND INFRASTRUCTURE LIMITED	Director	30-09-06	30-09-06	-	Active	NO
2	U74999MH2008PTC182232	G D COMMERCIAL SERVICES PRIVATE LIMITED	Director	15-05-08	15-05-08	-	Active	YES
3	U27100MH1999PLC122856	B S ISPAT LIMITED	Director	31-08-09	05-02-09	01-09-11	Active	YES
4	U31300MH1981PLC023772	CENTRAL CABLES LIMITED	Whole-time director	01-10-09	10-03-09	01-09-11	Active	NO
5	U14107MH1999PLC117776	CENTRAL COLLIERIES COMPANY LIMITED	Director	12-03-09	12-03-09	-	Active	YES
6	U13200MH2006PTC161123	NEIL HOLDING PRIVATE LIMITED	Additional director	14-03-09	14-03-09	-	Active	NO
7	U27104MH2001PLC133576	GONDWANA ISPAT LIMITED	Additional director	31-03-09	31-03-09	-	Active	YES

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 18.08.2011

Names of Shareholders	No. of Shares
Govinddas Govardhandas Daga	761875
Vimal Kishore Govinddas Kacholia	2000

AS ON 18.08.2011

Equity Shares Break Up	Percentage
Bodies corporate	35.40
Directors or relatives of Directors	54.67
Other top fifty shareholders	9.86
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Power Cables.

Products :

Products Description	ITC Code No.
Electric Wires and Cable	8544

Terms :

Selling :

Cash, Credit

Purchasing :

Cash, Credit, Depend

GENERAL INFORMATION

Customers :

• NTPC and Corporate
• National Thermal Power Corporation Limited
• Coal India Limited
• Bharat Heavy Electricals Limited
• Maharashtra State Electricity Board
• Power Grid Corporation of India
• Indian Oil Corporation
• Tata Iron and Steel Company Limited
• Hindustan Petroleum
• Airport Authority of India Limited
• Steel Authority of India Limited
• Oil and Natural Gas Company
• Bhilai Steel Plant
• Rourkela Steel Plant
• Tamil Nadu Electricity Board

No. of Employees :

120 (Approximately)

Bankers :

• State Bank of India, Industrial Finance Branch, Amravati Road, Bharat Nagar, Nagpur - 440033, Maharashtra, India
• ICICI Bank Limited

Facilities :

Secured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Cash Credit Limit From State Bank of India, IFB Branch, Nagpur	31.760	22.645
(Secured by hypothecation of Stock, book debts and all over movable assets)
ICICI Bank Limited, (Car Loan)	0.051	0.231
Total	31.811	22.876
Unsecured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Sales Tax Reserve	71.152	63.940
D. C. V. L. Nagpur	0.030	0.029
Other Loan	24.006	33.306
Total	95.188	97.275

Banking Relations :	--
Auditors :
Name :	R G Nagarwala and Company Chartered Accountant
Address :	2^nd Floor, Maratha Mandir, Sitabuldi, Jhansi Rani Square, Nagpur – 440012, Maharashtra, India
Tel. No.:	91-712-2538605 / 2539690

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
4000000	Equity Shares	Rs.10/- each	Rs. 40.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1625000	Equity Shares	Rs.10/- each	Rs. 16.250 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		16.250	16.250	16.250
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		394.832	402.109	407.036
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		411.082	418.359	423.286
LOAN FUNDS
1] Secured Loans		31.811	22.876	61.543
2] Unsecured Loans		95.188	97.275	131.709
TOTAL BORROWING		126.999	120.151	193.252
DEFERRED TAX LIABILITIES		20.847	21.103	22.886
TOTAL		558.928	559.613	639.424
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		255.533	260.658	264.619
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.177	0.177	0.177
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	70.429	55.211	85.755
	Sundry Debtors	105.645	45.562	139.145
	Cash & Bank Balances	10.126	17.167	17.710
	Other Current Assets	20.368	20.470	20.417
	Loans & Advances	152.647	179.361	171.372
Total Current Assets		359.215	317.771	434.399
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	48.959	12.851	50.704
	Other Current Liabilities	3.066	2.175	2.562
	Provisions	3.972	3.967	6.505
Total Current Liabilities		55.997	18.993	59.771
Net Current Assets		303.218	298.778	374.628
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		558.928	559.613	639.424

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	310.744	155.999	327.396
		Other Income
		TOTAL (A)	310.744	155.999	327.396
Less	EXPENSES
		Raw Material Consumed	246.203	79.684	230.201
		Manufacturing Expenses	8.867	6.251	10.397
		Excise Duty	17.305	10.642	34.905
		Employee Cost	13.343	13.153	13.204
		Administrative Expenses	5.238	4.476	5.610
		Selling and other Expenses	8.394	6.242	17.046
		Net Increase / Decrease in Stock	(7.584)	19.924	(2.756)
		TOTAL (B)	291.766	140.372	308.607
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		18.978	15.627	18.789
Less	FINANCIAL EXPENSES (D)		10.560	7.790	10.711
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		8.418	7.837	8.078
Less/ Add	DEPRECIATION/ AMORTISATION (F)		8.081	7.537	6.875
	PROFIT BEFORE TAX (E-F) (G)		0.337	0.300	1.203
Less	TAX (H)		(0.136)	(1.663)	0.478
	PROFIT AFTER TAX (G-H) (I)		0.473	1.963	0.725
Add / Less	Prior Year’s Adjustments		(0.064)	0.185	(1.965)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		91.079	89.981	93.272
Less	APPROPRIATIONS
		Transfer to General Reserve	0.100	0.100	0.150
		Proposed Dividend	0.812	0.812	1.625
		Corporate Dividend tax	0.132	0.138	0.276
	BALANCE CARRIED TO THE B/S		90.444	91.079	89.981
	Earnings Per Share (Rs.)		0.13	1.21	0.45

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.15	1.26	0.22
Return on Total Assets (PBT/Total Assets}	(%)	0.05	0.05	0.17
Return on Investment (ROI) (PBT/Networth)		0.00	0.00	0.00
Debt Equity Ratio (Total Liability/Networth)		0.50	0.33	0.60
Current Ratio (Current Asset/Current Liability)		6.41	16.73	7.27

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS

(Rs. in millions)

PARTICULARS	31.03.2011	31.03.2010	31.03.2009
Sundry Creditors for Raw Materials	43.331	6.044	40.561
Sundry Creditors for Expenses	5.628	6.807	10.143
Total	48.959	12.851	50.704

Check List by Info Agents	Available in Report (Yes / No)
1. Year of Establishment	Yes
2. Locality of the firm	Yes
3. Constructions of the firm	Yes
4. Premises details	Yes
5. Type of Business	Yes
6. Line of Business	Yes
7. Promoter’s background	------
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	No
13. Reasons for variation <> 20%	No
14. Estimation for coming financial year	No
15. Capital in the business	Yes
16. Details of sister concerns	No
17. Major suppliers	No
18. Major customers	Yes
19. Payments terms	Yes
20. Export / Import details	No
21. Market information	------
22. Litigations that the firm / promoter involved	------
23. Banking Details	Yes
24. Banking facility details	No
25. Conduct of the banking account	------
26. Buyer visit details	------
27. Financials, if provided	No
28. Incorporation details, if applicable	------
29. Last accounts filed at ROC	------
30. Major Shareholders, if available	------

COMPANY PERFORMANCE:

The Company has achieved a turnover of Rs. 310.744 millions during the financial year 2010-11 as compared to Rs. 155.998 millions in the financial year 2009-10. Profit before tax during the financial year 2010-11 is Rs. 0.337 million as compared to Rs. 0.299 million during the financial year 2010-11. The reduction in PBT margin is due to various reasons including increased cost of raw material and low selling price as the market conditions are very competitive.

FORM 8

This form is for	Modification of charge
Charge identification number of the modified	80009580
Corporate identity number of the company	U31300MH1981PLC023772
Name of the company	CENTRAL CABLES LIMITED
Address of the registered office or of the principal place of business in India of the company	5 Temple Road, Civil Lines, Nagpur – 440001, Maharashtra, India
Type of charge	Immovable Property
Particular of charge holder	State Bank of India, Industrial Finance Branch, Amravati Road, Bharat Nagar, Nagpur - 440033, Maharashtra, India
Nature of description of the instrument creating or modifying the charge	Memorandum For Recording Extension of Mortgage By Deposit of Title Deeds
Date of instrument Creating the charge	23.10.2007
Amount secured by the charge	Rs.384.700 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest – Cash Credit: At SBAR I.E.12.75% p. a. With Monthly Rests Terms of Repayment – Cash Credit : On Demand Term Loan : As Per Repayment Schedule Margin – Raw Material: 25% Finished Goods: 33.33% Stock In Process: 40% Book Debts: 40% L.C/ BG: 10% Extent and Operation of the charge - The Charge Operate As Security On The Property Of The Company
Short particulars of the property charged	Equitable Mortgage F Plot No G-11, A-13 and El -12 Situated At Nagpur Industrial Area Within The Village Limits of Sonegaon (Seem) Nagpur. The Details of Properties Are As Per Annexure.
Particulars of the present modification	Extension of Equitable Mortgage To Cover Additional Credit Facilities of Rs. 73.400 millions. Thus Total Credit Facilities Stand At 384.700 millions. The Bifurcation of Credit Facilities Are As Under: A) Cash Credit Rs. 150.000 Millions B) Term Loan Rs. 14.700 Millions C) L/C Rs. 100.000 Millions D) B/S Rs. 120.000 Millions Total Rs. 384.700 Millions

TRADE REFERENCE:

• ONGC
• Tamilnadu Electricity Board

FIXED ASSETS:

· Land

· Factory Building

· Plant and Machinery

· Furniture and Fixtures

· Vehicles

· Office 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 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. 52.70
UK Pound	1	Rs. 82.44
Euro	1	Rs. 71.07

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--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	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		29

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.