MIRA INFORM REPORT

Report Date :

03.01.2012

IDENTIFICATION DETAILS

Name :	JYOTI CERAMIC INDUSTRIES PRIVATE LIMITED
Registered Office :	B/603, Parle Udyan Co-operative Housing Society Limited, 25, Park Road, Vile Parle (East), Mumbai-400057, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	28.06.1973
Com. Reg. No.:	11-016635
Capital Investment / Paid-up Capital :	Rs.4.800 Millions
CIN No.: [Company Identification No.]	U99999MH1973PTC016635
TAN No.: [Tax Deduction & Collection Account No.]	NSKJ00078B
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Technical Ceramic Milling and Grinding Application elements appliances
No. of Employees :	300 [Approximately]

RATING & COMMENTS

MIRA’s Rating :

A [67]

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 6610000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established and reputed company having fine track. Financial position of the company appears to be sound. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered good for normal business dealings at usual trade terms and conditions. Profit and Loss account for the year 2010-2011 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.

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

LOCATIONS

Registered Office :	B/603, Parle Udyan Co-operative Housing Society Limited, 25, Park Road, Vile Parle (East), Mumbai-400057, Maharashtra, India
E-Mail :	info@jyoticeramic.com
Website :	http://www.jyoticeramic.com
Area :	Owned
Head Office/ Factory :	Plot No. C -21, Nice, Satpur, Nashik-422007, Maharashtra, India
Tel. No.:	91-253-2350120/ 338/729/ 2351251
Fax No.:	91-253-2350023
Area :	8 Acres (Leased)
Overseas Sales Offices/ Distributors:	Europe, Russia and North African Countries Jyothi Ceramic GmbH Further Strasse 27, D 90429, Nurnberg, Germany
Tel. No.:	091128707038
Fax No.:	091128707035
Mobile No.:	016093856233
E-Mail :	sales@jyoticeramic.com
Overseas Sales Offices/ Distributors:	U.S.A, Canada and Mexico Techno Ceramic Inc. Makefield Executive Quarters, Suite 101 A, 301, Oxford Valley Road, Lower Makefield, PA 19067, U.S.A
Tel. No.:	215-369-2905
Fax No.:	215-369-2906
Toll Free:	888-5968426/ 877-5968426
E-Mail :	jcw@tcl-jyoti.com
For Ceramic Grinding Media :	Located at: · Australia and New Zealand · Turkey · Pakistan

DIRECTORS

As on 22.09.2011

Name :

Mr. Shyam Aildas Merani

Designation :

Managing Director

Address :

Jyoti Farm 463/2, Satpur – Ambad Link Road, Satpur, Nasik – 422007

Date of Birth/Age :

09.12.1937

Qualification :

S.S.C.

Date of Appointment :

01.07.1980

Previous Employment:

Jyoti Ceramic Industries (Partner)

DIN :

00143234

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	U99999MH1973PTC016635	JYOTI CERAMIC INDUSTRIES PRIVATE LIMITED	Managing director	1/7/1980	1/7/1980	Active	NO
2	U25209MH1996PTC098693	TITAN POLYMER PRODUCTS MANUFACTURING COMPANY PRIVATE LIMITED	Director	18/04/1996	18/04/1996	Active	NO
3	U65990MH1983PTC029371	MERANI INVESTMENT AND TRADING CO PRIVATE LIMITED	Director	15/01/2001	15/01/2001	Active	NO
4	U65993MH2006PTC163996	GREAT FORTUNE INVESTMENTS AND INFRASTRUCTURES PRIVATE LIMITED	Managing director	23/08/2006	23/08/2006	Active	NO

Name :

Mr. Deepak Aildas Merani

Designation :

Whole Time Director

Address :

C – 20, Nice Satpur, Nasik – 422007

Date of Birth/Age :

19.12.1954

Qualification :

Inter Science

Date of Appointment :

01.07.1980

Previous Employment:

Jyoti Ceramic Industries (Partner)

DIN :

00142984

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	U99999MH1973PTC016635	JYOTI CERAMIC INDUSTRIES PRIVATE LIMITED	Director	1/7/1980	1/7/1980	Active	NO
2	U65900MH1983PTC029362	ALCERA CERAMICS PRIVATE LIMITED	Director	21/02/1983	21/02/1983	Active	NO
3	U25209MH1996PTC098693	TITAN POLYMER PRODUCTS MANUFACTURING COMPANY PRIVATE LIMITED	Director	18/09/1996	18/09/1996	Active	NO
4	U65993MH2006PTC163996	GREAT FORTUNE INVESTMENTS AND INFRASTRUCTURES PRIVATE LIMITED	Director	23/08/2006	23/08/2006	Active	NO

Name :

Mr. Raju Shyam Merani

Designation :

Whole Time Director

Address :

C – 21, Nice Satpur, Nasik – 422007

Date of Birth/Age :

05.06.1963

Qualification :

Ceramic Engineer

Date of Appointment :

30.09.1990

DIN :

00143178

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	U99999MH1973PTC016635	JYOTI CERAMIC INDUSTRIES PRIVATE LIMITED	Director	30/09/1990	30/09/1990	Active	NO
2	U32100MH1982PTC028781	UNITECH ELECTRONICS PRIVATE LIMITED	Director	1/12/1992	1/12/1992	Active	NO
3	U65993MH2006PTC163996	GREAT FORTUNE INVESTMENTS AND INFRASTRUCTURES PRIVATE LIMITED	Director	23/08/2006	23/08/2006	Active	NO

Name :

Mr. Viraf Phiroz Deboo

Designation :

Director

Address :

Suraj Apartment, Flat 3, Boys Town School Road, Nashik-422002, Maharashtra, India

Date of Birth/Age :

14.04.1956

Qualification :

Graduate

Previous Employment:

01.12.2006

DIN :

01191387

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	U65993MH2006PTC163996	GREAT FORTUNE INVESTMENTS AND INFRASTRUCTURES PRIVATE LIMITED	Director	28/08/2006	28/08/2006	Active	NO
2	U99999MH1973PTC016635	JYOTI CERAMIC INDUSTRIES PRIVATE LIMITED	Director	1/12/2006	1/12/2006	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 22.09.2011

Names of Shareholders	No. of Shares
Shyam Aildas Merani	800
Kamala Shyam Merani	3600
Deepak Aildas Merani	1200
Shyam Aildas Merani (HUF)	2000
Deepak Aildas Merani (HUF)	2000
Mona Deepak Merani	2000
Raju Shyam Merani	1600
Merani Investment and TR, India	12000
Alcera Ceramic Private Limited, India	8800
Sam Trading Company, India	14000
Total	48000

As on 22.09.2011

Equity Share Break Up Category	Percentage
Bodies corporate	43.33
Directors or relatives of Directors	56.67
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Technical Ceramic Milling and Grinding Application elements appliances
Products :	v Zirconox v Duralox 92W v Zircoat v Igniters v Ceramic Electrical Heater Parts v Re-crystallised alumina and mullite v H.R.C. fuse bodies v Water faucet and tap parts v Aluma coat v Jyalucem v Soapstone Powder (Talc Powder) v China Clay v Calcined Allumina v Zirconium Oxide

GENERAL INFORMATION

No. of Employees :

300 [Approximately]

Bankers :

· Bank of Baroda, Nashik Main Branch, Gauri Shankar, M G Road, Nashik-422001, Maharashtra, India

· State Bank of India, Nasik Main Branch

· HDFC Bank

Facilities :

Secured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Bank of Baroda Nasik City CC Account	0.132	25.917
HDFC Over Draft Account	0.013	0.000
Packing Credit USD Account	30.886	0.000
Bank of Baroda Packing Credit	0.000	49.962
Total	31.031	75.879
Unsecured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Sales Tax Defferal Scheme Loan	14.353	11.069
Total	14.353	11.069

Banking Relations :	--
Auditors :
Name :	M H Joshi and Company Chartered Accountants
Address :	13/14, First Floor, Citco Centre, Vakilwasdi, Nashik-422001, Maharashtra, India
PAN :	AAPPJ1528B
Associates/Subsidiaries :	Great Fortune Investments and Infrastructures Private Limited U65993MH2006PTC163996

CAPITAL STRUCTURE

As on 22.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
48,000	Equity Shares “A”	Rs. 100/- each	Rs.4.800 Millions
2,000	Equity Shares “B”	Rs. 100/- each	Rs. 0.200 Million
	Total		Rs. 5.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
48,000	Equity Shares “A”	Rs. 100/- each	Rs. 4.800 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

Particulars		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		4.800	4.800	4.800
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		1648.950	1425.275	1208.606
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1653.750	1430.075	1213.406
LOAN FUNDS
1] Secured Loans		31.031	75.879	67.441
2] Unsecured Loans		14.353	11.069	11.279
TOTAL BORROWING		45.384	86.948	78.720
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		1699.134	1517.023	1292.126
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		195.432	156.494	160.314
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		1258.543	1170.426	977.264
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	54.616	54.934	71.360
	Sundry Debtors	84.123	91.539	76.208
	Cash & Bank Balances	30.265	44.759	12.014
	Other Current Assets	7.994	1.747	5.068
	Loans & Advances	153.555	89.838	74.310
Total Current Assets		330.553	282.817	238.960
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	14.569	11.039	12.656
	Other Current Liabilities	70.388	81.236	71.294
	Provisions	0.437	0.439	0.462
Total Current Liabilities		85.394	92.714	84.412
Net Current Assets		245.159	190.103	154.548
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1699.134	1517.023	1292.126

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009
	SALES
		Income	349.200	317.900
		Other Income	133.700	33.500
		TOTAL	482.900	351.400
Less	EXPENSES
		Office Expenses
		Administrative Expenses	211.424	198.984
		Advertising Expenses
		TOTAL	211.424	198.984
	PROFIT/[LOSS] BEFORE TAX, DEPRECIATION AND AMORTISATION		271.476	152.416
Less/ Add	DEPRECIATION/ AMORTISATION		17.694	17.696
	PROFIT / [LOSS] BEFORE TAX		253.782	134.720
Less	TAX		37.112	32.855
	PROFIT / [LOSS] AFTER TAX		216.670	101.865
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1190.340	1088.475
	BALANCE CARRIED TO THE B/S		1407.010	1190.340
	EARNINGS IN FOREIGN CURRENCY		175.057	202.214
	IMPORTS
		Raw Materials	36.146	40.999
		Capital Goods	2.875	2.387
		Consumables	2.188	0.511
	TOTAL IMPORTS		41.209	43.897
	Earnings/[Loss] Per Share (Rs.)		4513.96	-

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	NA	44.87	28.99
Net Profit Margin (PBT/Sales)	(%)	NA	72.67	42.38
Return on Total Assets (PBT/Total Assets}	(%)	NA	57.77	33.74
Return on Investment (ROI) (PBT/Networth)		NA	0.18	0.11
Debt Equity Ratio (Total Liability/Networth)		0.08	0.12	0.13
Current Ratio (Current Asset/Current Liability)		3.87	3.05	2.83

LOCAL AGENCY FURTHER INFORMATION

Note : The Registered office of the company has been shifted from 104, Shyamkamal, ‘C’ Building, 1^st Floor, Agarwal Market, Vile Parle (East), Mumbai-400057, Maharashtra, India to present address w.e.f. 04.11.2008

Bankers Charges Report as per Registry

This form is for	Modification of charge
Charge identification number of the modified	80047189
Corporate identity number of the company	U99999MH1973PTC016635
Name of the company	JYOTI CERAMIC INDUSTRIES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	104, Shyamkamal, ‘C’ Building, 1^st Floor, Agarwal Market, Vile Parle (East), Mumbai-400057, Maharashtra, India
Type of charge	Immovable Property Any Interest in immovable property
Particular of charge holder	Bank of Baroda, Nashik Main Branch, Gauri Shankar, M G Road, Nashik-422001, Maharashtra, India Email : bob3939@gmail.com
Nature of description of the instrument creating or modifying the charge	Supplemental Memorandum of Entry
Date of instrument Creating the charge	23.06.2008
Amount secured by the charge	Rs. 130.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest · This is an Equitable mortgage Cash Credit (Hypothecation of Stocks and book Debts) : 2.50% below BPLR i.e. 10.75% p.a. to be charged and paid monthly. · Packing credit/ FBP/FBD : 3.50% below BPLR i.e.9.75% p.a. at present upto – 180 Days · Import L/C ofr RMspares/ capital goods : as per bank rules · Bank Guarantee: Commission as per bank guidelines Terms of Repayment · This is an equitable mortgage. Cash Credit (Hypothecation of Stocks and book debts) : 12 months form the dated of sanction · Packing credit/ FBP/ FBD : 12 months from the date of sanction · Import L/C for RM/DA basis -90- days : Import L/C (For capital goods) : 12 months from the date of sanction · Bank Guarantee : 12 months from the date of sanction Margin · This is an Equitable mortgage : Cash Credit (Hypothecation of Stocks and book debts) : 25% on paid stocks and book debts. · Packing Credit/ FBP/ FBD : 10% (minimum) against export order · Bank Guarantee : 10% Extent and Operation of the charge This is an Equitable Mortgage the limits are revised and restructured follows · Cash Credit : Rs. 30.000 Millions (Increased form Rs. 20.000 Millions to Rs. 30.000 Millions) · Packing Credit : Rs. 50.000 Millions (increase form Rs. 10.000 Millions To Rs. 50.000 Millions) · L/C – Raw Material, Spares etc : Rs. 20.000 Millions (Increased from Rs. 10.000 Millions to Rs. 20.000 Millions · Import L/C (Fro capital goods ): Rs. 20.000 Millions (increased form Rs. 10.000 Millions to Rs. 20.000 Millions) · F. Bills is Satisfied · Total Rs. 130.000 Millions. The charge operates as a security for said limits
Short particulars of the property charged	All pieces and parcels of land bearing Plot No. 37/1,37/2, 37/1 part and 37/2 part adm 3950 sq. mtrs. 1855 sq, mtrs, 1880 sq. mtrs respectively situated in Nasik Industrial Area within the village limits of Satpur, and within the Nasik Municipal Corporations, Tal and Registration Sub District Nasik, District and Registration Districk Nasik and in the State of Maharashtra and also as per agreement
Particular of present modification	By current modification limits are revised and restructured from 75.000 millions to 130.000 millions as follows: CC : 30.000 millions [increased from 20.000 to 30.000 millions] Packing credit : 50.00 millions [increased from 10.000 to 50.000 millions] L/C –Raw Material, Spares etc. : 20.000 millions [increased from 10.000 to 20.000 millions] Import L/C [for capital goods] : 20.000 millions [increased from 10.000 to 20.000 millions] BG : 10.000 millions [reduced from 15.000 to 10.000 millions] F. Bills purchased / discounting is satisfied Total 130.000 millions. Immoveable property extended for enhanced limits.

Fixed Assets:

· Leasehold Land

· Freehold Land

· Building

· R and D Block

· Plant and Machinery

· R And D Machinery

· Electric Installation

· Material Handling Equipments

· Furniture and Fixture

· R and D Furniture and Fixture

· Office Equipments

· Vehicles

· EOU Assets

· Computer

WEBDETAILS

Company Profile

Subject is a family owned company, founded in 1970 in the new industrial town of NASHIK, located around 180 kms North East of Mumbai (Bombay).

Consistent commitment in maintaining high quality standards, customer satisfaction and innovative technology is the mission of the company. Over the period of around 4 decades the company has to its credit, development of many proprietary ceramic formulations in High Purity Aluminium and Zirconium Oxides, Forsterite, Steatite, Cordierite, Mullite etc.

Today even after meeting domestic demands the company exports around 70% of its production of technical ceramics to 52 global countries including USA, EUROPE, JAPAN, CHINA, S.KOREA, TAIWAN, AUSTRALIA, FAR AND SOUTH EAST ASIAN COUNTRIES.

They, at Jyoti Ceramic Industries have left no stone unturned in ensuring optimum quality controls and production efficiency by establishing two separate, futuristic ceramic manufacturing plants situated adjacent to each other. Each plant covers around 6000 Sqr.mtr. of floor space of world-class, modern construction spread over 8 acres of land surrounded by landscaped lush green gardens.

The manufacturing facilities comprise of the latest automatic and semi automatic production machines, microprocessor controlled gas fired high temperature kilns, slip houses equipped with battery of ball mills, high-speed bead mills and spray dryers for body preparation.

Both the plants are supported with modern engineering workshop equipped with C.N.C milling machines and milling centres, lathes, wire-cut E.D.M and traditional machines required for fabrication and construction of moulding tools and special purpose machines supported with CAD/CAM designing facilities.

In addition to the engineering workshop, the ceramic plants are supported by a state -of-the- art R and D laboratory. Built on around 600 sq.meters of floor space , the R and D Lab is equipped with the most modern, hi-tech testing equipments like S.E.M, A.A.S, X.R.D, TG/DTA,E.D.X.R.F, Laser particle size analyzer, cyclic salt spray analyzer, digital measuring microscope, and profile projectors and number of high temperature gas and electric sintering kilns, high and low pressure injection moulding machines etc.

With the support of experienced engineers, technicians, staff and excellent manufacturing infrastructure, the company has developed a range of prime products like ZIRCONOX - zirconium oxide ceramic micro-macro milling media , ZIRCOSIL - zirconium silicate ceramic micro milling beads, High Density High Alumina ceramic milling media and Wear Resistant Lining Tiles, Ballistic Armor Ceramics , Recrystallised High Purity Alumina ceramic pyrometry tubes, Bio-ceramic products, Zircon based high temperature resistant refractory coating compounds. Abrasion resistant coating compounds.

They, at Jyoti Ceramics continue to discover newer ceramic products to fulfill their responsibilities in the field and endeavor to deliver to the global market, cost effective world-class products.

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.53.29
UK Pound	1	Rs.82.66
Euro	1	Rs.68.90

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	8
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILIRY	1~10	8
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	8
--CREDIT LINES	1~10	8
--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		67

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.