MIRA INFORM REPORT

Report Date :

17.10.2011

IDENTIFICATION DETAILS

Name :	RISHABH INFOPARK PRIVATE LIMITED

Registered Office :	Super A16 and A17, Thiru-Vi-Ka Industrial Estate, Guindy, Chennai – 600032, Tamilnadu

Country :	India

Financials (as on) :	30.06.2010

Date of Incorporation :	08.04.2005

Com. Reg. No.:	18-055915

Capital Investment / Paid-up Capital :	Rs.91.553 Millions

CIN No.: [Company Identification No.]	U45209TN2005PTC055915

TAN No.: [Tax Deduction & Collection Account No.]	CHER07574A

PAN No.: [Permanent Account No.]	AACCR9899K

Legal Form :	Private Limited Liability Company

Line of Business :	Providing software development services, information technology and IT enabled services to financial institutions, banks and other corporate / non corporate entities.

No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba [45]

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

Maximum Credit Limit :	USD 988000

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 – September 30, 2011

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

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

LOCATIONS

Registered Office :	Super A16 and A17, Thiru-Vi-Ka Industrial Estate, Guindy, Chennai – 600032, Tamilnadu, India
Tel. No.:	91-44-22500693
Fax No.:	91-44-22500181
E-Mail :	rroffic@yahoo.com
Website :	http://www.rr-industries.com

DIRECTORS

As on 24.11.2010

Name :

Mr. Ravi Shobana R

Designation :

Whole-time Director

Address :

54, Beach Road, Kalakshetra Colony, Chennai – 600090, Tamilnadu, India

Date of Birth/Age :

11.12.1975

Date of Appointment :

08.04.2005

DIN :

00120607

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	U18209TN1995PLC033283	R R TANNERIES LIMITED	Director	31/03/2005	31/03/2005	1/11/2007	Active	NO
2	U19119TN1993PLC024932	R.R.INDUSTRIES LIMITED	Director	30/06/2005	31/03/2005	-	Active	NO
3	U45209TN2005PTC055915	RISHABH INFOPARK PRIVATE LIMITED	Whole-time director	1/7/2005	8/4/2005	-	Active	NO
4	U45209TN2005PTC057287	HANUDEV INFOPARK PRIVATE LIMITED	Additional director	6/10/2010	25/08/2005	-	Active	NO
5	U65993TN2005PTC057873	HANUDEV INVESTMENTS PRIVATE LIMITED	Director	20/10/2005	20/10/2005	-	Active	NO
6	U45209TN2006PTC060382	RUDRADEV INFOPARK PRIVATE LIMITED	Director	29/06/2006	29/06/2006	30/12/2008	Active	NO
7	U45203TN2006PTC060591	RAGHAV TOWNSHIP PRIVATE LIMITED	Additional director	6/10/2010	19/07/2006	-	Active	NO
8	U45200TN2006PTC060906	RUDRADEV TOWNSHIP PRIVATE LIMITED	Additional director	6/10/2010	7/8/2006	-	Active	NO
9	U72900TN2006PTC060934	RAGHAV TECHPARK PRIVATE LIMITED	Additional director	6/10/2010	14/08/2006	-	Active	NO
10	U93090TN2006PTC060953	RUDRADEV AVIATION PRIVATE LIMITED	Additional director	6/10/2010	21/08/2006	-	Active	NO
11	U65991TN1986PTC012598	R R INFOPARK PRIVATE LIMITED	Director	30/09/2006	30/09/2006	1/10/2008	Active	NO
12	U45208TN2006PTC061252	HANUDEV CONSTRUCTIONS PRIVATE LIMITED	Director	4/10/2006	4/10/2006	-	Active	NO
13	U34103TN1960PTC004184	AUTO LINERS (MADRAS) PRIVATE LIMITED	Director	31/12/2007	31/12/2007	-	Active	NO
14	U74900TN2010PTC074294	RITHWIK BUILDING SERVICES PRIVATE LIMITED	Director	18/01/2010	18/01/2010	-	Active	NO

Name :

Mr. Niranjan Vyakarna Rao

Designation :

Additional Director

Address :

H - 9/3, Kambar Street, Kalakshetra Colony, Chennai – 600090, Tamilnadu, India

Date of Birth/Age :

28.06.1967

Date of Appointment :

02.12.2009

DIN :

02918882

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	U45209TN2005PTC055915	RISHABH INFOPARK PRIVATE LIMITED	Additional director	2/12/2009	2/12/2009	Active	NO
2	U45208TN2006PTC061252	HANUDEV CONSTRUCTIONS PRIVATE LIMITED	Additional director	2/12/2009	2/12/2009	Active	NO
3	U65993TN2005PTC057873	HANUDEV INVESTMENTS PRIVATE LIMITED	Additional director	2/12/2009	2/12/2009	Active	NO
4	U74900TN2010PTC074294	RITHWIK BUILDING SERVICES PRIVATE LIMITED	Additional director	15/09/2010	15/09/2010	Active	NO
5	U72300TN2011PTC079585	COMPLETE ENTERPRISE SOLUTIONS PRIVATE LIMITED	Director	10/3/2011	10/3/2011	Active	NO

Name :

Mr. Raman Ravi

Designation :

Director

Address :

54, Beach Road, Kalakshetra Colony, Chennai – 600090, Tamilnadu, India

Date of Birth/Age :

04.03.1965

Date of Appointment :

08.04.2005

DIN :

00120410

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	U65991TN1986PTC012598	R R INFOPARK PRIVATE LIMITED	Managing director	20/08/1987	20/08/1987	-	Active	NO
2	U19119TN1993PLC024932	R.R.INDUSTRIES LIMITED	Managing director	4/1/2010	27/04/1993	-	Active	NO
3	U18209TN1995PLC033283	R R TANNERIES LIMITED	Director	19/10/1995	19/10/1995	1/11/2007	Active	NO
4	U34103TN1960PTC004184	AUTO LINERS (MADRAS) PRIVATE LIMITED	Director	29/09/2005	2/1/2005	-	Active	NO
5	U45209TN2005PTC055915	RISHABH INFOPARK PRIVATE LIMITED	Director	8/4/2005	8/4/2005	-	Active	NO
6	U45209TN2005PTC057287	HANUDEV INFOPARK PRIVATE LIMITED	Director	25/08/2005	25/08/2005	8/10/2010	Active	NO
7	U65993TN2005PTC057873	HANUDEV INVESTMENTS PRIVATE LIMITED	Director	20/10/2005	20/10/2005	-	Active	NO
8	U45209TN2006PTC060382	RUDRADEV INFOPARK PRIVATE LIMITED	Director	29/06/2006	29/06/2006	-	Active	NO
9	U45203TN2006PTC060591	RAGHAV TOWNSHIP PRIVATE LIMITED	Director	19/07/2006	19/07/2006	8/10/2010	Active	NO
10	U45200TN2006PTC060906	RUDRADEV TOWNSHIP PRIVATE LIMITED	Director	7/8/2006	7/8/2006	8/10/2010	Active	NO
11	U72900TN2006PTC060934	RAGHAV TECHPARK PRIVATE LIMITED	Director	14/08/2006	14/08/2006	8/10/2010	Active	NO
12	U93090TN2006PTC060953	RUDRADEV AVIATION PRIVATE LIMITED	Director	21/08/2006	21/08/2006	8/10/2010	Active	NO
13	U45208TN2006PTC061252	HANUDEV CONSTRUCTIONS PRIVATE LIMITED	Director	4/10/2006	4/10/2006	17/11/2010	Active	NO
14	U74140TN2007PTC063010	TESSER TECHNOLOGY CONSULTING PRIVATE LIMITED	Director	29/09/2008	12/7/2007	-	Active	NO
15	U74140TN2007PTC063021	QUADRANT RISK MANAGEMENT (INDIA) SOLUTIONS PRIVATE LIMITED	Director	29/09/2008	12/7/2007	-	Active	NO
16	U45201TN2007PTC064289	THIRUNEERVANNAR TOWNSHIP PRIVATE LIMITED	Director	20/07/2007	20/07/2007	-	Active	YES
17	U74900TN2010PTC074294	RITHWIK BUILDING SERVICES PRIVATE LIMITED	Director	18/01/2010	18/01/2010	15/03/2011	Active	NO

Name :

Mr. Sudhakar Peravali

Designation :

Additional Director

Address :

Plot No.37, Flat No.102, 3^rd Phase, Kalyan Nagar, Hyderabad – 500018, Andhra Pradesh, India

Date of Birth/Age :

28.06.1963

Date of Appointment :

02.12.2009

DIN :

02483116

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	U30007AP1996PTC024865	REDDY COMPUTER MARKETING SOLUTIONS PRIVATE LIMITED	Managing director	21/04/2009	2/1/2009	Active	YES
2	U19119TN1993PLC024932	R.R.INDUSTRIES LIMITED	Director	3/12/2010	2/12/2009	Active	NO
3	U45208TN2006PTC061252	HANUDEV CONSTRUCTIONS PRIVATE LIMITED	Additional director	2/12/2009	2/12/2009	Active	NO
4	U45209TN2005PTC055915	RISHABH INFOPARK PRIVATE LIMITED	Additional director	2/12/2009	2/12/2009	Active	NO
5	U45209TN2005PTC057287	HANUDEV INFOPARK PRIVATE LIMITED	Additional director	2/12/2009	2/12/2009	Active	NO
6	U65993TN2005PTC057873	HANUDEV INVESTMENTS PRIVATE LIMITED	Additional director	2/12/2009	2/12/2009	Active	NO
7	U45200TN2006PTC060906	RUDRADEV TOWNSHIP PRIVATE LIMITED	Additional director	2/12/2009	2/12/2009	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 24.11.2010

Names of Shareholders		No. of Shares
Ravi Shobana R		73150
Raman Ravi		26400
RR Industries Limited, India		815000
Hanudev Investments Private Limited, India		978
Total		915528

As on 24.11.2010

Equity Share Break Up Category	Percentage
Bodies corporate	89.13
Directors or relatives of Directors	10.87
Total	100.00

BUSINESS DETAILS

Line of Business :

Providing software development services, information technology and IT enabled services to financial institutions, banks and other corporate / non corporate entities.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Indusind Bank Limited, 2401 Gen Thimmayya Road, Contonment, Pune - 411001, Maharashtra, India
Oriental Bank of Commerce, Mylapore, Chennai, Tamilnadu, India
Bank of Maharastra, Ashok Nagar Branch, Chennai, Tamilnadu, India
ING Vysya Bank Limited, South Mambalam Branch, Chennai, Tamilnadu, India
Lakshmi Vilas Bank Limited, Mylapore Branch, Chennai, Tamilnadu, India
HDFC Bank Limited
ICICI Bank Limited

Facilities :

Secured Loan [Rs. In million]	30.06.2010	30.06.2009
Lakshmi Vilas Bank Limited [Secured against furniture and fixtures]	-	17.495
Term Loan from OBC [Secured against land and building]	-	224.099
Term Loan from Bank of Maharashtra [Secured against building]	-	147.445
HDFC Car Loan [Secured against car]	-	0.207
ICICI Car Laon [Secured against car]	0.081	0.267
Vysya Rent RR V – I [secured against rent receivable and land and building]	62.401	68.675
Vysya Rent V – II [secured against rent receivable and land and building]	66.221	71.556
Religare Finvest Limited	59.112	-
Indus Ind Bank	600.000	-
Total	787.815	529.744

Unsecured Loan [Rs. In million]	180.894	186.143


Banking Relations :	--

Auditors :
Name :	KalyanaSundaram and Associates Chartered Accountants
Address :	31/14, Krishnaswamy Avenue, Luz, Mylapore, Chennai – 600004, Tamilnadu, India
PAN :	AAEFK3741J

Holding Company :	RR Industries Limited CIN : U19119TN1993PLC024932

Subsidiary Company :	Auto Liners [Madras] Private Limited CIN : U34103TN1960PTC004184

Fellow Subsidiaries :	Hanudev Investments Private Limited Hanudev Construction Private Limited Hanudev Infopark Private Limited Rudradev Aviation Private Limited Rudradev Township Private Limited Raghav Techpark Private Limited Raghav Township Private Limited Tesser Technology Consulting Private Limited Quadrant Risk Management (India) Solutions Private Limited

Other Related Party :	Raman Charitable Trust Hanudev Infotech

CAPITAL STRUCTURE

As on 24.11.2010

Authorised Capital :

No. of Shares	Type	Value	Amount

1,000,000	Equity Shares	Rs.100/- each	Rs.100.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

915,528	Equity Shares	Rs.100/- each	Rs.91.553 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

Particulars		30.06.2010	30.06.2009	30.06.2008
SHAREHOLDERS FUNDS
1] Share Capital		91.553	91.553	90.098
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		155.568	124.913	59.845
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		247.121	216.466	149.943
LOAN FUNDS
1] Secured Loans		787.815	529.744	529.531
2] Unsecured Loans		180.894	186.143	0.000
TOTAL BORROWING		968.709	715.887	529.531
DEFERRED TAX LIABILITIES		26.079	13.195	28.183

TOTAL		1241.909	945.548	707.657

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		634.247	597.876	539.968
Capital work-in-progress		0.000	0.000	0.000

INVESTMENT		355.259	41.349	35.087
DEFERREX TAX ASSETS		0.000	0.000	0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	3.632	0.000	0.000
	Sundry Debtors	0.000	0.000	0.000
	Cash & Bank Balances	47.279	0.998	1.750
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	257.390	388.330	192.229
Total Current Assets		308.301	389.328	193.979
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	26.840	48.572	44.973
	Other Current Liabilities	18.302	18.827	6.270
	Provisions	10.756	15.606	10.134
Total Current Liabilities		55.898	83.005	61.377
Net Current Assets		252.403	306.323	132.602

MISCELLANEOUS EXPENSES		0.000	0.000	0.000

TOTAL		1241.909	945.548	707.657

PROFIT & LOSS ACCOUNT

	PARTICULARS		30.06.2010	30.06.2009	30.06.2008
	SALES
		Income from IT Park	173.283	138.238	119.113
		Other Income	0.866	2.039	0.264
		TOTAL (A)	174.149	140.277	119.377

Less	EXPENSES
		Operating Expenses	21.479	10.703	0.763
		Administrative Expenses	11.299	4.767	2.498
		TOTAL (B)	32.778	15.470	3.261

	PROFIT/LOSS BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		141.371	124.807	116.116

Less	FINANCIAL EXPENSES (D)		68.128	49.236	51.299

	PROFIT/LOSS BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		73.243	75.571	64.817

Less/ Add	DEPRECIATION/ AMORTISATION (F)		19.005	16.560	16.079

	PROFIT / LOSS BEFORE TAX (E-F) (G)		54.238	59.011	48.738

Less	TAX (H)		23.583	[6.057]	24.583

	PROFIT / LOSS AFTER TAX (G-H) (I)		30.655	65.068	24.155

	Earnings Per Share (Rs.)		33.48	71.07	26.82

KEY RATIOS

PARTICULARS		30.06.2010	30.06.2009	30.06.2008
PAT / Total Income	(%)	17.60	46.38	20.23

Net Profit Margin (PBT/Sales)	(%)	31.30	42.69	40.92

Return on Total Assets (PBT/Total Assets}	(%)	5.75	5.98	6.64

Return on Investment (ROI) (PBT/Networth)		0.22	0.27	0.32

Debt Equity Ratio (Total Liability/Networth)		4.15	3.69	3.94

Current Ratio (Current Asset/Current Liability)		5.51	4.69	3.16

LOCAL AGENCY FURTHER INFORMATION

FINANCIAL HIGHLIGHTS:

The results for the year show a profit after tax of Rs.30.655 after providing for depreciation of Rs.19.005 millions.

OPERATIONS-AND FUTURE PLANS:

During the financial year 2009-2010, the Company has made additions to the existing IT Parks worth Rs.55.390 millions. The Company intends to take up construction works in important areas in Chennai.

Bankers Charges Report as per Registry

Corporate identity number of the company	U45209TN2005PTC055915
Name of the company	RISHABH INFOPARK PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Super A16 and A17 Thiru Vika Industrial Estate, Guindy, Chennai – 600032, Tamilnadu, India
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10227253
Type of charge	Immovable Property Other – Assignment of Receivables
Particular of charge holder	IndusInd Bank Limited, 2401 Gen Thimmayya Road, Contonment, Pune - 411001, Maharashtra, India
Nature of instrument creating charge	i) Memorandum of extension of equitable mortgage by Deposit of Title Deeds relating to immovable properties of the Company is enclosed herewith; and ii) Agreement for assignment of Lease Rentals.
Date of instrument Creating the charge	20.06.2011
Amount secured by the charge	Rs.773.000 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest - Any such rate as may be advised to the Company from time to time in respect of the credit facilities. Terms of Repayment - i) Lease Rental Discounting Limit I and II of Rs.660.000 millions - Repayable as per sanction terms; and ii) Lease Rental Discounting Limit III (New) of Rs.113.000 millions - Unless demanded earlier, the loan is repayable as per sanction terms. Margin - As may be prescribed by the Bank from time to time for the credit facilities. Extent and Operation of the charge - The Company created charge by way of extension of equitable mortgage by deposit of title deeds in respect of immovable properties of the Company and assignment of lease rentals of the premises of the Company to secure repayment of the credit facilities aggregating to Rs.773.000 millions granted to the Company together with interest, costs, charges and other dues any time hereafter may become due and owing to the bank in respect of credit facilities and interest and all the other costs thereto.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	EM of all those pieces and parcel of land situate being and lying at village Alandur (Adyar Village) in the registration District Chennai, Sub-District Adayar admeasuring 51216 sq. ft. Irrevocable hypothecation and assignment over lease rentals of the premises of the Company lying and situate at Plot No.A14-A17, Block No.6, Thiru Vi Ka Industrial Estate, Guindy, Chennai
Date of instrument modifying the charge	29.12.2010
Particulars of the present modification	By the present modification, an additional Lease Rental Discounting facility of Rs.113.000 millions granted thereby the aggregate credit facilities granted to the Company have been enhanced from Rs.660.000 millions to Rs.773.000 millions and the enhanced aggregate credit facilities are secured by extension of equitable mortgage by deposit of title deeds in respect of immovable properties of the Company and by way of assignment of lease rentals of the premises of the Company

FIXED ASSETS :

§ Land

§ Building

§ Plant and Machinery

§ Furniture and Fixtures

§ Computer

§ Transformer

§ Electrical Fittings

§ Elevator

§ Vehicles

§ Air Conditioner

§ Generator

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.49.06
UK Pound	1	Rs.77.41
Euro	1	Rs.67.72

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	5
--PROFITABILIRY	1~10	5
--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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		45

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.

MIRA INFORM REPORT

3.632

47.279

257.390

308.301

26.840

18.302

10.756

55.898

252.403

17.60

31.30

5.75

0.22

4.15

5.51

Unit