MIRA INFORM REPORT

Report Date :

15.02.2012

IDENTIFICATION DETAILS

Name :	MAKWELL ORGANICS PRIVATE LIMITED
Registered Office :	A-506, Bhaveshwar Plaza, Opposite Shreyas Cinema, LBS Marg, Ghatkopar, Mumbai – 400 086, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	13.10.1988
Com. Reg. No.:	11-049205
Capital Investment / Paid-up Capital :	Rs. 0.500 Million
CIN No.: [Company Identification No.]	U24100MH1988PTC049205
TAN No.: [Tax Deduction & Collection Account No.]	MUMM09250D
PAN No.: [Permanent Account No.]	AABCM2758B
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Chemicals.
No. of Employees :	70 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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

Maximum Credit Limit :	USD 256000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having fine track. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions. Profit and loss account of the company for the current year is not available.

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. Somnath
Designation :	Chartered Accountant
Contact No.:	91-22-25004848
Date :	15.02.2012

LOCATIONS

Registered Office/ Factory :	A-506, Bhaveshwar Plaza, Opposite Shreyas Cinema, LBS Marg, Ghatkopar, Mumbai – 400 086, Maharashtra, India
Tel. No.:	91-22-25004848
Fax No.:	91-22-25004800
E-Mail :	makwell@vsnl.com vishal@makwellgroup.com somnath@makwellgroup.com hiren@makwellgroup.com
Website :	www.makwellgroup.com
Location :	Owned
Warehouse :	Located at: v Bhiwandi, Maharashtra, India

DIRECTORS

As on 30.09.2011

Name :

Mr. Kishore Nemchand Thakker

Designation :

Director

Address :

10, Natraj, R.B. Mehta Marg, Ghatkopar (East), Mumbai – 400 077, Maharashtra, India

Date of Birth/Age :

04.03.1944

Date of Appointment :

13.10.1988

DIN No.:

00300652

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	U24100MH1988PTC049205	Makwell Organics Private Limited	Director	13-10-88	13-10-88	Active	NO
2	U25209MH1992PTC070204	Makwell Plastisizers Private Limited	Director	29-12-92	29-12-92	Active	NO
3	U24100MH2006PTC161442	R-Brands Lifestyle Private Limited	Director	30-09-08	31-08-08	Active	NO

Name :

Mr. Shasikant Nemchand Thakker

Designation :

Director

Address :

1307, Saihyadri, Neelkanth Vally, Rajawadi, Ghatkopar (East), Mumbai – 400 077, Maharashtra, India

Date of Birth/Age :

29.05.1938

Date of Appointment :

13.10.1988

DIN No.:

00300693

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	U24100MH1988PTC049205	Makwell Organics Private Limited	Director	13-10-88	13-10-88	-	Active	NO
2	U25209MH1992PTC070204	Makwell Plastisizers Private Limited	Director	29-12-92	29-12-92	-	Active	NO
3	U51900MH1998NPL116590	Bombay Kariana Colour and Chemical Merchants' Association	Director	21-09-98	21-09-98	-	Active	NO
4	U36028MH1982PLC028091	Antop Hill Warehousing Company Limited	Director	21-10-00	21-10-00	24-09-11	Active	NO
5	U91100MH2009NPL193005	Mumbai Colour and Chemical Merchants Association	Director	04-06-09	04-06-09	-	Active	NO

Name :

Mr. Vishal Shashikant Thakker

Designation :

Director

Address :

1307, Sahyadri, Neelkanth Vally, Rajawadi, Ghatkopar (East), Mumbai – 400 077, Maharashtra, India

Date of Birth/Age :

16.07.1974

Qualification :

Graduate

Date of Appointment :

30.08.1997

DIN No.:

01408345

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	U24100MH1988PTC049205	Makwell Organics Private Limited	Director	30-08-97	30-08-97	Active	NO
2	U25209MH1992PTC070204	Makwell Plastisizers Private Limited	Director	16-01-99	16-01-99	Active	NO
3	U45201MH2007PTC168262	Neelkanth Sahyadri Builders Private Limited	Director	29-09-07	16-04-07	Active	NO
4	U70101MH2006PTC165119	Neelkanth Rameshwar Realtors Private Limited	Director	29-09-07	30-04-07	Active	NO

Name :

Mr. Amresh Kishor Thakker

Designation :

Director

Address :

10, Natraj, R.B. Mehta Marg, Ghatkopar (East), Mumbai – 400 077, Maharashtra, India

Date of Birth/Age :

21.02.1972

Qualification :

Graduate

Date of Appointment :

30.08.1997

DIN No.:

01501203

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	U25209MH1992PTC070204	Makwell Plastisizers Private Limited	Director	29-12-92	29-12-92	Active	NO
2	U24100MH1988PTC049205	Makwell Organics Private Limited	Director	30-08-97	30-08-97	Active	NO

Name :

Mr. Hiren Shashikant Thakker

Designation :

Director

Address :

1307, Sahyadri, Neelkanth Vally, 7^th Road, Rajawadi, Ghatkopar (East), Mumbai – 400 077, Maharashtra, India

Date of Birth/Age :

14.11.1965

Qualification :

Graduate

Date of Appointment :

13.10.1988

DIN No.:

01272661

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	U24100MH1988PTC049205	Makwell Organics Private Limited	Director	13-10-88	13-10-88	Active	NO
2	U25209MH1992PTC070204	Makwell Plastisizers Private Limited	Director	29-12-92	29-12-92	Active	NO
3	U70101MH2006PTC165119	Neelkanth Rameshwar Realtors Private Limited	Director	29-09-07	01-02-07	Active	NO

Name :

Mr. Zubin Kishor Thakker

Designation :

Director

Address :

10, Natraj, R.B. Mehta Marg, Ghatkopar (East), Mumbai – 400 077, Maharashtra, India

Date of Birth/Age :

11.04.1974

Date of Appointment :

30.08.1997

DIN No.:

00300594

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	U24100MH1988PTC049205	Makwell Organics Private Limited	Director	30-08-97	30-08-97	Active	NO
2	U25209MH1992PTC070204	Makwell Plastisizers Private Limited	Director	16-01-99	16-01-99	Active	NO
3	U24100MH2006PTC161442	R-Brands Lifestyle Private Limited	Director	30-09-10	09-09-10	Active	NO

KEY EXECUTIVES

Name :	Mr. Somnath
Designation :	Chartered Accountant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Shasikant Nemchand Thakker	10000
Kishore Nemchand Thakker	10000
Prafulla Shashikant Takker	2500
Indimati Kishore Thakker	5000
Hiren Shashikant Thakker	2500
Amresh Kishor Thakker	5000
Kaushika Ashok Vora	2500
Mita Hiren Thakker	2500
Vishal Shashikant Thakker	5000
Zubin Kishore Thakker	5000
Total	50000

As on 30.09.2011

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Chemicals.
Products :	v Chlorinated Paraffin v Epoxidised Soyabean Oil (Esbo)
Exports :
Products :	Chemicals
Countries :	v Turkey v Europe
Imports :
Countries :	v China v Europe
Terms :
Selling :	Credit (30/ 60 days)
Purchasing :	Credit (30/ 60 days)

PRODUCTION STATUS (AS ON 31.03.2009)

Particulars	Installed Capacity	Actual Production
Epoxy Plastisizers	3600 MT p.a.	3600 MT p.a.

GENERAL INFORMATION

Customers :

Wholesalers and Manufacturer

No. of Employees :

70 (Approximately)

Bankers :

v ICICI Bank Limited, Landmark Race Cource Circle, Alkapuri, Baroda – 390 015, Gujarat, India

v HDFC Bank Limited

v Bank of Baroda

v Citibank N.A., Trent House, 2^nd Floor, G Block, Plot No.C60, Bandra Kurla Complex, Bandra (East), Mumbai – 400 051, Maharashtra, India

Facilities :

Secured Loans	31.03.2011 Rs. in Millions	31.03.2010 Rs. in Millions
Citi Bank O/D A/c	(14.901)	1.180
Working Capital Demand loan from Citibank	10.000	0.000
ICICI Bank O/D A/c	10.767	0.000
Citi Bank Baharin	20.342	3.682
Total	26.208	4.862

Unsecured Loans	31.03.2011 Rs. in Millions	31.03.2010 Rs. in Millions
Short Term Unsecured Loans
From Directors	31.308	22.808
From Family Members	17.512	13.712
Interest accrued on Short Term Unsecured Loans
From Directors	0.000	0.000
From Family Members	0.001	0.049
Total	48.821	36.569

Banking Relations :	--
Auditors :
Name :	Subodh Vora and Company Chartered Accountants
Address :	307, Bhaveshwar Complex, Opposite Vidhyavihar Railway Station, Vidyavihar (West), Mumbai – 400 086, Maharashtra, India
Tel. No. :	91-22-67983500/ 67983550
Fax No. :	91-22-25148595
E-Mail :	subodh@scvora.com
Income-tax PAN of auditor or auditor's firm :	AABPV7681F
Associates/Subsidiaries :	Makwell Plastisizers Private Limited Address: A-506, Bhaveshwar Plaza, LBS Marg, Ghatkopar, Mumbai – 400 086, Maharashtra, India Line of Business: Manufacturer and Exporter of Plastisizers and Additives.

CAPITAL STRUCTURE

As on 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.10/- each	Rs. 0.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.10/- each	Rs. 0.500 Million

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		0.500	0.500	0.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		63.478	37.420	20.444
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		63.978	37.920	20.944
LOAN FUNDS
1] Secured Loans		26.208	4.862	(1.206)
2] Unsecured Loans		48.821	36.569	33.566
TOTAL BORROWING		75.029	41.431	32.360
DEFERRED TAX LIABILITIES		1.163	0.425	0.389
TOTAL		140.170	79.776	53.693
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		15.521	9.342	7.226
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	58.254	27.223	29.038
	Sundry Debtors	106.915	51.407	36.337
	Cash & Bank Balances	0.377	0.547	2.088
	Other Current Assets	29.748	9.963	1.838
	Loans & Advances	0.086	0.126	0.117
Total Current Assets		195.380	89.266	69.418
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	46.418	8.910	19.756
	Other Current Liabilities	1.601	0.508	0.501
	Provisions	22.712	9.414	2.694
Total Current Liabilities		70.731	18.832	22.951
Net Current Assets		124.649	70.434	46.467
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		140.170	79.776	53.693

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009
	SALES
		Income	340.069	291.412
		Other Income	0.010	0.333
		TOTAL (A)	340.079	291.745
Less	EXPENSES
		Raw Material Consumption	285.919	248.290
		Materials Manufacturing and Operating Expenses	7.882	5.376
		Administrative Expenses	12.412	20.496
		Increase/Decrease in Stock of Finished Goods	0.710	4.814
		TOTAL (B)	306.923	278.976
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		33.156	12.769
Less	FINANCIAL EXPENSES (D)		5.598	4.363
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		27.558	8.406
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.191	0.734
	PROFIT BEFORE TAX (E-F) (G)		26.367	7.672
Less	TAX (H)		9.355	2.565
	PROFIT AFTER TAX (G-H) (I)		17.012	5.107
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		20.444	15.337
	BALANCE CARRIED TO THE B/S		37.456	20.444
	EARNINGS IN FOREIGN CURRENCY		16.457	5.647
	Earnings Per Share (Rs.)		340.25	102.14

Particulars	31.03.2011
Sales Turnover (Approximately)	670.000

Expected Sales (2011-2012): Rs.900.000 millions

The above information has been parted by Mr. Somnath (Chartered Accountant).

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	NA	5.00	1.75
Net Profit Margin (PBT/Sales)	(%)	NA	7.75	2.63
Return on Total Assets (PBT/Total Assets}	(%)	NA	26.74	10.01
Return on Investment (ROI) (PBT/Networth)		NA	0.69	0.37
Debt Equity Ratio (Total Liability/Networth)		2.28	1.59	2.64
Current Ratio (Current Asset/Current Liability)		2.76	4.74	3.02

LOCAL AGENCY FURTHER INFORMATION

Details of Sundry Creditors:

Particulars	31.03.2011 (Rs. in millions)	31.03.2010 (Rs. in millions)	31.03.2009 (Rs. in millions)
Sundry Creditors	46.418	8.910	19.756

Check List by Info Agents	Available in Report (Yes / No)
1) Year of Establishment	Yes
2) Locality of the firm	Yes
3) Constitutions 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 one year	Yes
12) Profitability for last three years	No
13) Reasons for variation <> 20%	--
14) Estimation for coming financial year	Yes
15) Capital in the business	Yes
16) Details of sister concerns	Yes
17) Major suppliers	No
18) Major customers	No
19) Payments terms	Yes
20) Export / Import details (if applicable)	Yes
21) Market information	--
22) Litigations that the firm / promoter involved in	--
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	--

FORM 8:

Corporate identity number of the company	U24100MH1988PTC049205
Name of the company	MAKWELL ORGANICS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	A-506, Bhaveshwar Plaza, Opposite Shreyas Cinema, LBS Marg, Ghatkopar, Mumbai – 400 086, Maharashtra, India E-Mail: makwell@vsnl.com
This form is for	Modification of charge
Charge identification number of the modified	10266408
Type of charge	Immovable Property
Particular of charge holder	CIN No.: L65190GJ1994PLC021012 ICICI Bank Limited, Landmark Race Cource Circle, Alkapuri, Baroda – 390 015, Gujarat, India E-Mail: shanthi.venkatesan@icicibank.com
Nature of description of the instrument creating or modifying the charge	Modification to Memorandum of Entry executed on 26^th September 2011 to extend pari passu charge in favor of ICICI Bank Limited for Rs.50.000 millions, in addition to the existing charge of Rs.60.000 millions of Citi Bank.
Date of instrument Creating the charge	26.09.2011
Amount secured by the charge	Rs.50.000 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest: As per sanction Terms of Repayment: On demand Margin: As per sanction Extent and Operation of the charge: In addition to the original charge created by hypothecation date 01.02.2011 on movable assets and book debts this charge will be on Plot No.57/D/A, 1^st Phase, GIDC Vapi Village Vapi, Taluka Pardi, District - Valsad, ranking pari passu with CITIBANK NA to the extent of Rs. 6.0 Crore.
Short particulars of the property charged	This modification of charge will be on Plot No.57/D/A, 1^st Phase, GIDC Vapi Village Vapi, Taluka Pardi, District - Valsad, ranking pari passu with CITIBANK NA to the extent of Rs.60.000 millions.
Particulars of the present modification	In addition to the original charge created by hypothecation date 01.02.2011 on movable assets and book debts this charge will be on Plot No.57/D/A, 1^st Phase, GIDC Vapi Village Vapi, Taluka Pardi, District - Valsad, ranking pari passu with CITIBANK NA to the extent of Rs.60.000 millions. However the earlier charge on current assets for Rs.50.000 millions on pari passu with CITIBANK NA will remain the same

Corporate identity number of the company	U24100MH1988PTC049205
Name of the company	MAKWELL ORGANICS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	A-506, Bhaveshwar Plaza, LBS Marg, Ghatkopar, Mumbai – 400 086, Maharashtra, India E-Mail: makwell@vsnl.com
This form is for	Creation of charge
Type of charge	Book Debts Movable Property (not being pledge)) Others (on stock of raw materials and other current assets)
Particular of charge holder	CIN No.: L65190GJ1994PLC021012 ICICI Bank Limited, Landmark Race Cource Circle, Alkapuri, Baroda – 390 015, Gujarat, India E-Mail: nabha.nirody@icicibank.com
Nature of description of the instrument creating or modifying the charge	Deed of Hypothecation was executed for Rs.50.000 millions on 1^st February 2011 for creation of charge on stock and other Current Assets of the company
Date of instrument Creating the charge	01.02.2011
Amount secured by the charge	Rs.50.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest : As per sanction terms Terms of Repayment : On demand Margin : As per sanction terms Extent and Operation of the charge : First charge by way of hypothecation of the Company’s entire stocks of raw materials, semi-finished and finished goods, consumable stores and spares and such other movables including book-debts, bills whether documentary or clean, outstanding monies, receivables, both future and present, in a form and manner satisfactory to the Bank, ranking pari passu with other participating banks Others : Deed of Hypothecation was executed for Rs.50.000 millions on 1^st February 2011 for creation of charge on Current Assets of the company
Short particulars of the property charged	Stocks of raw materials, semi-finished, finished goods, consumable stores, spares, such other movables including book-debts, bills whether documentary or clean, outstanding monies, receivables

FIXED ASSETS:

v Land (Leasehold)

v Factory Building

v Plant and Machinery (Epoxy)

v Weight Bridge

v Pollution Management System

v Computer / Printer

v Motor Car Swift

v Pump

v Air Conditioners

v Electrical Installation

v Scooter

v Mobile Phone

v Office Furniture and Fixtures

v Weigh Scale

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.49.33
UK Pound	1	Rs.77.41
Euro	1	Rs.64.84

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		50

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.