MIRA INFORM REPORT

Report Date :

08.02.2012

Tel. No.:

91-1762-283001

IDENTIFICATION DETAILS

Name :	SPRAY ENGINEERING SUGARS LIMITED
Registered Office :	Plot No.25, Industrial Area, Phase-2, Chandigarh-160002, Uttar Pradesh
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	03.04.2006
Com. Reg. No.:	20-029976
Capital Investment / Paid-up Capital :	Rs. 14.750 Millions
CIN No.: [Company Identification No.]	U15420CH2006PLC029976
TAN No.: [Tax Deduction & Collection Account No.]	PTLS16184A
PAN No.: [Permanent Account No.]	AAJCS8555Q
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Supplier of Copper Sulphate, Nickel Sulphate etc.
No. of Employees :	80 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (26)

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

Maximum Credit Limit :	USD 310000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track. There appears some losses incurred by the company in the current year i.e., 2010-2011. Trade relations are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some cautions.

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)
India	A1	A1

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

INFORMATION PARTED BY

Name :	Mr. Sanjeev Mailk
Designation :	Managing Director
Contact No.:	91-9316034200
Date :	03.01.2012

LOCATIONS

Registered Office :	Plot No.25, Industrial Area, Phase-2, Chandigarh-160002, Uttar Pradesh, India
Tel. No.:	Not Available
Mobile No.:	91-9316034200 (Mr. Sanjeev Malik)
Fax No.:	Not Available
E-Mail :	Sanjeev.malik@sedl.in Sanjay.gupta@sedl.in
Factory :	Plot No B-2, Industrial Area, Focal Point, District S A S Nagar, Dera Bassi-140401, Punjab, India
Tel. No.:	91-1762-283001

DIRECTORS

AS ON 22.09.2011

Name :	Mr. Sanjeev Malik
Designation :	Managing Director
Address :	Flat No.402, GHS-106, Sector-20, Panchakula-134116, Haryana, India
Date of Birth/Age :	13.06.1967
Date of Appointment :	19.04.2010
DIN No.:	03053005
Name :	Mr. Vivek Varma
Designation :	Director
Address :	House No.485, Sector 8, Panchkula-134109, Haryana, India
Date of Birth/Age :	28.09.1966
Date of Appointment :	03.04.2006
DIN No.:	00032970

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	U15420MH2000PLC124792	SHREE SAIBABA SUGARS LIMITED	Director	01-12-04	01-12-04	15-09-06	Active	NO
2	U00000CH2004PLC027625	SPRAY ENGINEERING DEVICES LIMITED	Managing director	01-07-09	06-12-04	-	Active	NO
3	U45200CH1996PTC019216	MODLINE CONSTRUCTIONS PRIVATE LIMITED	Director	29-07-08	25-04-05	-	Active	NO
4	U45202CH2006PTC029652	SED ENGINEERS AND FABRICATORS PRIVATE LIMITED	Director	06-02-06	06-02-06	-	Active	NO
5	U27100HP2005PTC028397	GENIUS STEELS PRIVATE LIMITED	Director	24-02-06	24-02-06	-	Amalgamated	NO
6	U40108AP2001PTC037076	EN-PACK POWER PROJECTS PRIVATE LIMITED	Director	24-03-06	24-03-06	23-08-11	Active	NO
7	U15420CH2006PLC029976	SPRAY ENGINEERING SUGARS LIMITED	Director	03-04-06	03-04-06	-	Active	NO
8	U15421MH2000PLC130397	JAY MAHESH SUGAR INDUSTRIES LIMITED	Managing director	01-04-07	26-09-06	25-06-11	Active	NO
9	U01403CH2007PTC030679	IPRO SUGAR ENGINEERING PRIVATE LIMITED.	Nominee director	23-12-08	30-01-07	03-09-09	Active	NO
10	U40101PB2007PTC030986	PARADISE POWER GENERATION PRIVATE LIMITED	Director	29-07-08	19-02-08	07-06-10	Active	NO
11	U74990CH2008PLC031137	SUSTAINABLE ENVIRONMENT DEVELOPERS LIMITED	Director	18-03-08	18-03-08	-	Active	NO

Name :	Mr. Prateek Verma
Designation :	Director
Address :	House No.485, Sector 8, Panchkula-134109, Haryana, India
Date of Birth/Age :	08.01.1968
Date of Appointment :	03.04.2006
DIN No.:	00024740

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	U00000CH2004PLC027625	SPRAY ENGINEERING DEVICES LIMITED	Whole-time director	01-07-09	08-11-04	-	Active	NO
2	U15420MH2000PLC124792	SHREE SAIBABA SUGARS LIMITED	Director	01-12-04	01-12-04	20-09-06	Active	NO
3	U45200CH1996PTC019216	MODLINE CONSTRUCTIONS PRIVATE LIMITED	Director	29-07-08	25-04-05	-	Active	NO
4	U45202CH2006PTC029652	SED ENGINEERS AND FABRICATORS PRIVATE LIMITED	Director	02-04-07	06-02-06	-	Active	NO
5	U27100HP2005PTC028397	GENIUS STEELS PRIVATE LIMITED	Director	24-02-06	24-02-06	-	Amalgamated	NO
6	U40108AP2001PTC037076	EN-PACK POWER PROJECTS PRIVATE LIMITED	Director	24-03-06	24-03-06	23-08-11	Active	NO
7	U15420CH2006PLC029976	SPRAY ENGINEERING SUGARS LIMITED	Director	03-04-06	03-04-06	-	Active	NO
8	U15421MH2000PLC130397	JAY MAHESH SUGAR INDUSTRIES LIMITED	Director	26-09-06	26-09-06	25-06-11	Active	NO
9	U40101PB2007PTC030986	PARADISE POWER GENERATION PRIVATE LIMITED	Director	19-03-07	19-03-07	07-06-10	Active	NO
10	U74990CH2008PLC031137	SUSTAINABLE ENVIRONMENT DEVELOPERS LIMITED	Director	18-03-08	18-03-08	-	Active	NO

Name :	Mr. Sanjay Gupta
Designation :	Director
Address :	House No. 280, Sector 37A, Chandigarh-160036, Uttar Pradesh, India
Date of Birth/Age :	20.02.1967
Date of Appointment :	03.04.2006
DIN No.:	00024681

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	U00000CH2004PLC027625	SPRAY ENGINEERING DEVICES LIMITED	Whole-time director	01-07-09	08-11-04	-	Active	NO
2	U15420MH2000PLC124792	SHREE SAIBABA SUGARS LIMITED	Director	01-12-04	01-12-04	15-09-06	Active	NO
3	L15131HP1976PLC003703	SHIVALIK AGRO POLY PRODUCTS LIMITED	Director	01-01-05	01-01-05	-	Active	NO
4	U45200CH1996PTC019216	MODLINE CONSTRUCTIONS PRIVATE LIMITED	Director	29-07-08	25-04-05	-	Active	NO
5	U45202CH2006PTC029652	SED ENGINEERS AND FABRICATORS PRIVATE LIMITED	Director	06-02-06	06-02-06	-	Active	NO
6	U27100HP2005PTC028397	GENIUS STEELS PRIVATE LIMITED	Director	24-02-06	24-02-06	-	Amalgamated	NO
7	U15420CH2006PLC029976	SPRAY ENGINEERING SUGARS LIMITED	Director	03-04-06	03-04-06	-	Active	NO
8	U15421MH2000PLC130397	JAY MAHESH SUGAR INDUSTRIES LIMITED	Director	26-09-06	26-09-06	25-06-11	Active	NO
9	U01403CH2007PTC030679	IPRO SUGAR ENGINEERING PRIVATE LIMITED.	Nominee director	23-12-08	30-01-07	03-09-09	Active	NO
10	U40101PB2007PTC030986	PARADISE POWER GENERATION PRIVATE LIMITED	Director	29-07-08	19-02-08	25-06-10	Active	NO
11	U74990CH2008PLC031137	SUSTAINABLE ENVIRONMENT DEVELOPERS LIMITED	Director	18-03-08	18-03-08	-	Active	NO
12	U73100CH2008PTC031273	SPINOFF TECHNOPARK PRIVATE LIMITED	Director	18-06-08	18-06-08	-	Active	NO
13	U45209CH2008PTC031380	VINCERE EDUCATION AND INFRASTRUCTURES PRIVATE LIMITED	Director	23-09-08	23-09-08	-	Active	NO
14	U73100CH2008PTC031468	SYNKROM HEALTHCARE PRIVATE LIMITED	Director	24-12-08	24-12-08	-	Active	NO
15	U45209CH2010PTC032033	EIGENTUM INFRA PRIVATE LIMITED	Director	17-02-10	17-02-10	-	Active	NO
16	U73200CH2010PTC032221	ONIOSOME HEALTHCARE PRIVATE LIMITED	Director	11-05-10	11-05-10	31-03-11	Active	NO
17	U72900CH2010PTC032566	FIRE BOX ANIMATION STUDIOS PRIVATE LIMITED	Additional director	08-12-10	08-12-10	-	Active	NO
18	L24219HR1993PLC032195	SYSCHEM (INDIA) LIMITED	Director	30-09-11	31-08-11	28-12-11	Active	NO

Name :	Mr. Rajeev Chadha
Designation :	Director
Address :	Flat No.302, Maithreye Residency, 10 Amravathy Colony, Kausalya Estate, Karkhana, Secunderabad-500009, Andhra Pradesh, India
Date of Birth/Age :	18.06.1965
Date of Appointment :	01.04.2008
DIN No.:	00030373

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	U28113AP2001PTC036004	SIR VALVES PRIVATE LIMITED	Director	05-01-01	05-01-01	-	Active	NO
2	U40108AP2001PTC037076	EN-PACK POWER PROJECTS PRIVATE LIMITED	Director	31-07-01	31-07-01	-	Active	NO
3	U45200CH1996PTC019216	MODLINE CONSTRUCTIONS PRIVATE LIMITED	Director	25-04-05	25-04-05	-	Active	NO
4	U40101PB2007PTC030986	PARADISE POWER GENERATION PRIVATE LIMITED	Director	19-03-07	19-03-07	07-06-10	Active	NO
5	U00000CH2004PLC027625	SPRAY ENGINEERING DEVICES LIMITED	Whole-time director	14-08-08	25-09-07	-	Active	NO
6	U45202CH2006PTC029652	SED ENGINEERS AND FABRICATORS PRIVATE LIMITED	Director	07-07-08	01-04-08	-	Active	NO
7	U15420CH2006PLC029976	SPRAY ENGINEERING SUGARS LIMITED	Director	07-07-08	01-04-08	-	Active	NO
8	U74990CH2008PLC031137	SUSTAINABLE ENVIRONMENT DEVELOPERS LIMITED	Director	04-08-09	12-04-08	-	Active	NO
9	U15421MH2000PLC130397	JAY MAHESH SUGAR INDUSTRIES LIMITED	Director	21-07-08	22-04-08	25-06-11	Active	NO
10	U26100AP2008PTC060974	PARADISE GLASS INDUSTRIES PRIVATE LIMITED	Director	10-09-08	10-09-08	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 22.09.2011

Names of Shareholders	No. of Shares
Vivek Varma	1
Prateek Verma	1
Sanjay Gupta	1
Santosh Kumar	1
Mamta Verma	1
Sonata Verma	1
Spray Engineering Devices Limited, India	1474994
Total	1475000

AS ON 22.09.2011

Equity Shares Break Up	Percentage
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Supplier of Copper Sulphate, Nickel Sulphate etc.
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Actual Production
Various Chemicals	MT	3080

GENERAL INFORMATION

Suppliers :

· Samsung Chemicals

Customers :

· Reenu Pletes

No. of Employees :

80 (Approximately)

Bankers :

HDFC Bank, Dera Bassi Branch

Facilities :

Unsecured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Spray Engineering Devices Limited	39.681	1.145
Total	39.681	1.145
HDFC Bank Cash Credit Limit Rs. 2.000 Millions

Banking Relations :	--
Auditors :
Name :	A.K. Kalia and Associates Chartered Accountant
Address :	SCO 133-135, Sector 17-C, Chandigarh-160017, India
Tel. No.:	91-172-2701538 / 2701083
E-Mail :	akkfca@gmail.com
Pan No.:	ABAPK2905P
Holding Company :	Spray Engineering Devices Limited CIN No.:- U00000CH2004PLC027625
Subsidiaries :	Paradise Power Generation Private Limited CIN No.:- U40101PB2007PTC030986
Fellow Subsidiaries :	· SED Engineers and Fabricators Private Limited · Jay Mahesh Sugar Industries Limited · Sustainable Environment Developers Limited

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- each	Rs. 100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1475000	Equity Shares	Rs.10/- each	Rs. 14.750 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		14.750	14.750	14.750
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		63.011	67.567	67.410
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		77.761	82.317	82.160
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		39.681	1.145	3.749
TOTAL BORROWING		39.681	1.145	3.749
DEFERRED TAX LIABILITIES		0.052	0.000	0.000
TOTAL		117.494	83.462	85.909
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		82.965	80.248	80.256
Capital work-in-progress		63.858	0.000	0.000
INVESTMENT		0.000	0.100	0.407
DEFERREX TAX ASSETS		0.000	0.052	0.093
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	2.916	0.000	0.000
	Sundry Debtors	0.841	0.000	0.000
	Cash & Bank Balances	8.429	0.144	0.142
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	5.033	2.979	5.280
Total Current Assets		17.219	3.123	5.422
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	44.928	0.016	0.045
	Other Current Liabilities	1.620	0.045	0.183
	Provisions	0.000	0.000	0.041
Total Current Liabilities		46.548	0.061	0.269
Net Current Assets		(29.329)	3.062	5.153
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		117.494	83.462	85.909

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	13.700	38.938	92.490
		Other Income	0.017	0.000	0.000
		Sales of Share Units	0.000	0.337	0.185
		Miscellaneous Income	0.000	0.044	0.005
		TOTAL (A)	13.717	39.319	92.680
Less	EXPENSES
		Raw Material & Manufacturing Expenses	15.952	38.427	79.622
		Purchase of Share Units	0.000	0.307	0.180
		Personnel Expenses	1.479	0.110	1.213
		Administrative & Selling Expenses	3.172	0.223	3.261
		Decrease / (Increase) in Stocks	(2.548)	0.000	6.996
		TOTAL (B)	18.055	39.067	91.272
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(4.338)	0.252	1.408
Less	FINANCIAL EXPENSES (D)		0.035	0.001	0.000
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(4.373)	0.251	1.408
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.079	0.008	0.009
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		(4.452)	0.243	1.399
Less	TAX (H)		0.104	0.086	0.521
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		(4.556)	0.157	0.878
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		2.018	1.861	0.983
	BALANCE CARRIED TO THE B/S		(2.538)	2.018	1.861
	Earnings / (Loss) Per Share (Rs.)		(3.09)	0.11	0.67

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	(33.21)	0.40	0.95
Net Profit Margin (PBT/Sales)	(%)	(32.50)	0.62	1.51
Return on Total Assets (PBT/Total Assets}	(%)	(4.44)	0.29	1.63
Return on Investment (ROI) (PBT/Networth)		0.06	0.00	0.02
Debt Equity Ratio (Total Liability/Networth)		1.11	0.01	0.05
Current Ratio (Current Asset/Current Liability)		0.37	51.20	20.16

LOCAL AGENCY FURTHER INFORMATION

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	Yes
15. Capital in the business	Yes
16. Details of sister concerns	No
17. Major suppliers	Yes
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	Yes
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	------

REVIEW OF OPERATIONS

During the F.Y. 2010-11, the Company has started commercial production of its chemical and metal extraction business at its Factory located at Derabassi (Punjab). The company has achieved a turnover of Rs. 13.700 Millions from the said activity during the year. However, due to increase in Administration cost and staff cost, the company has incurred a loss of Rs. 4.500 Millions. In the current year, the Company is planning to commercialize poultry operations at its factory located at Hoshiarpur (Punjab). Both the units will definitely improve the top and bottom line of the company in the near future.

TRADE REFRENCES

· Reenu Pletes

· Samsung Chemicals

FIXED ASSETS

· Land

· Packing Machine

· Pumps and Motors

· Weightment Machine

· Furniture and Fixture

· Vehicles

· Plant and Machinery

· Lab Equipment

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. 48.91
UK Pound	1	Rs. 77.30
Euro	1	Rs. 64.11

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	--
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		26

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.