MIRA INFORM REPORT

Report Date :

12.01.2012

IDENTIFICATION DETAILS

Name :	PAM-GLATT PHARMA TECHNOLOGIES PRIVATE LIMITED
Registered Office :	1001, Dalamal House, 10^th Floor, Nariman Point, Mumbai – 400 021, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	17.12.1996
Com. Reg. No.:	11-104558
Capital Investment / Paid-up Capital :	Rs.15.000 millions
CIN No.: [Company Identification No.]	U29251MH1996PTC104558
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Exporter and Importer of Pharmaceutical Equipments.
No. of Employees :	320 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (65)

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 2645000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established 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.

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. Enish Kumar Singh
Designation :	Assistant Manager
Contact No.:	91-7738360175
Date :	11.01.2012

LOCATIONS

Registered Office :	1001, Dalamal House, 10^th Floor, Nariman Point, Mumbai – 400 021, Maharashtra, India
Tel. No.:	91-22-30089444/ 45/ 22872557
Mobile No.:	91-7738360175 (Mr. Enish Singh)
Fax No.:	91-22-22872560/ 22872557
E-Mail :	viren.shah@acg-world.com info@acg-world.com enish.singh@acg-world.com
Website :	www.acg-world.com
Location :	Owned
Factory :	Gat No.1100, 1109 and 1116/1, Shirwal, Taluka Khandala, Satara – 412 801, Maharashtra, India
Location :	Owned
Marketing Office :	Sr. No.14, 16, Jankar Estate, J.M. Compound, Mira-Bhayandar Road, Kashimira, Thane District - 401 104, Maharashtra, India
Tel. No.:	91-22-28557200
Fax No.:	91-22-28117770
E-Mail :	sales.pamglatt@acg-world.com

DIRECTORS

As on 15.09.2010

Name :

Mr. Ajit Daljit Singh

Designation :

Director

Address :

A1, Brighton, No.1, Rungta Lane, Napeansea Road, Mumbai – 400 026, Maharashtra, India

Date of Birth/Age :

20.11.1941

Date of Appointment :

17.12.1996

DIN No.:

00915347

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	U29100MH1972PTC016053	ACG Ajas Components Private Limited	Director	07-10-72	07-10-72	-	Active	NO
2	U01110MH1971GAP015467	SCI-Tech Centre	Director	15-03-74	15-03-74	-	Active	NO
3	U73100MH1981ULT023930	Emell Audhowagik Samshodhan Nigam Private Limited	Director	28-02-81	28-02-81	-	Strike off	NO
4	U24235MH1988PTC048924	Custom Capsules Private Limited	Director	23-09-88	23-09-88	-	Active	NO
5	U24239MH1972PTC015632	ACG Pam Pharma Technologies Private Limited	Director	01-11-88	01-11-88	-	Active	NO
6	U27299MH1987PTC044041	ACG Pampac Machines Private Limited	Director	01-11-88	01-11-88	-	Active	NO
7	U74120MH1983NPL031696	Ajas Agrovet Foundation	Director	01-04-94	01-04-94	-	Active	NO
8	U29251MH1996PTC104558	Pam-Glatt Pharma Technologies Private Limited	Director	17-12-96	17-12-96	-	Active	NO
9	U24239MH1983PTC031336	ACG Arts and Properties Private Limited	Director	28-09-99	28-09-99	-	Active	NO
10	U28129MH2003PTC139916	Packshield India Private Limited	Director	07-04-03	07-04-03	-	Active	NO
11	U45200MH2004PTC149770	ACG Pharmapack Private Limited	Director	01-12-04	01-12-04	-	Active	NO
12	U45200MH1994PTC077466	ACG Real Estate Private Limited	Director	11-03-05	11-03-05	-	Active	NO
13	U24239MH1961PTC012061	ACG Associated Capsules Private Limited	Whole-time director	01-04-05	01-04-05	-	Active	NO
14	U91120MH1965GAP013389	Organisation of Pharmaceutical Producers Of India	Director	23-09-06	23-09-06	-	Active	NO
15	U72200GJ2008PTC055122	Viztek Technologies Private Limited	Director	26-09-08	26-09-08	21-07-09	Active	NO
16	U29219MH2009PTC190634	Pam IndTech Machines Private Limited	Director	25-03-09	25-03-09	-	Active	NO
17	U72300MH2009PTC192362	ACG Inspection Systems Private Limited	Director	22-06-09	22-06-09	-	Active	NO
18	U74999MH2008NPL185159	International Wine and Food Society	Director	01-08-09	01-08-09	-	Active	NO
19	U29268MH2009PTC196714	ACG Korsch Compression Technologies Private Limited	Director	28-10-09	28-10-09	-	Under Process of Striking off	NO
20	U70102MH2010PTC198368	Orind Estates Private Limited	Director	12-04-10	12-04-10	-	Active	NO
21	U70109MH2010PTC199305	Evita Estates Private Limited	Director	12-04-10	12-04-10	-	Active	NO
22	U51909MH2010PTC201509	Adhikar Trading Private Limited	Director	12-05-10	12-05-10	-	Active	NO
23	U51909MH2010PTC202502	Jeet Mercantile Private Limited	Director	14-05-10	14-05-10	-	Active	NO
24	U74210MH2010PTC204129	Nainital Engineers Private Limited	Director	26-07-10	26-07-10	-	Active	NO

Name :

Mr. Jasjit Daljit Singh

Designation :

Director

Address :

2B, Swapna Lok, L. Jagmohandas Marg, Napeansea Road, Mumbai – 400 036, Maharashtra, India

Date of Birth/Age :

03.04.1943

Date of Appointment :

17.12.1996

DIN No.:

00901470

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	U29100MH1972PTC016053	ACG Ajas Components Private Limited	Director	07-10-72	07-10-72	-	Active	NO
2	U24239MH1972PTC015632	ACG Pam Pharma Technologies Private Limited	Director	02-12-72	02-12-72	-	Active	NO
3	U01110MH1971GAP015467	SCI-Tech Centre	Director	12-07-76	12-07-76	-	Active	NO
4	U73100MH1981ULT023930	Emell Audhowagik Samshodhan Nigam Private Limited	Director	28-02-81	28-02-81	-	Strike off	NO
5	U74120MH1983NPL031696	Ajas Agrovet Foundation	Director	29-12-83	29-12-83	-	Active	NO
6	U27299MH1987PTC044041	ACG Pampac Machines Private Limited	Director	09-07-87	09-07-87	-	Active	NO
7	U24235MH1988PTC048924	Custom Capsules Private Limited	Director	23-09-88	23-09-88	-	Active	NO
8	U29251MH1996PTC104558	Pam-Glatt Pharma Technologies Private Limited	Director	17-12-96	17-12-96	-	Active	NO
9	U24239MH1983PTC031336	ACG Arts And Properties Private Limited	Director	01-10-98	01-10-98	-	Active	NO
10	U28129MH2003PTC139916	Packshield India Private Limited	Director	07-04-03	07-04-03	-	Active	NO
11	U45200MH2004PTC149770	ACG Pharmapack Private Limited	Director	01-12-04	01-12-04	-	Active	NO
12	U45200MH1994PTC077466	ACG Real Estate Private Limited	Director	11-03-05	11-03-05	-	Active	NO
13	U24239MH1961PTC012061	ACG Associated Capsules Private Limited	Managing director	01-04-05	01-04-05	-	Active	NO
14	U72200GJ2008PTC055122	Viztek Technologies Private Limited	Director	26-09-08	26-09-08	21-07-09	Active	NO
15	U29219MH2009PTC190634	Pam IndTech Machines Private Limited	Director	25-03-09	25-03-09	-	Active	NO
16	U72300MH2009PTC192362	ACG Inspection Systems Private Limited	Director	22-06-09	22-06-09	-	Active	NO
17	U29268MH2009PTC196714	ACG Korsch Compression Technologies Private Limited	Director	28-10-09	28-10-09	-	Under Process of Striking off	NO
18	U70102MH2010PTC198368	Orind Estates Private Limited	Director	12-04-10	12-04-10	-	Active	NO
19	U70109MH2010PTC199305	Evita Estates Private Limited	Director	12-04-10	12-04-10	-	Active	NO
20	U51909MH2010PTC201509	Adhikar Trading Private Limited	Director	12-05-10	12-05-10	-	Active	NO
21	U51909MH2010PTC202502	Jeet Mercantile Private Limited	Director	14-05-10	14-05-10	-	Active	NO
22	U74210MH2010PTC204129	Nainital Engineers Private Limited	Director	26-07-10	26-07-10	-	Active	NO
23	U91990MH2010NPL211312	W P Organisation (Mumbai Chapter)	Director	23-12-10	23-12-10	10-01-11	Active	NO

Name :

Mr. Jagmohan Chamanlal Chopra

Designation :

Director

Address :

4^th Floor, 42, Tower B, 95/ 96/ 97, Cuffe Parade, Colaba, Mumbai – 400 005, Maharashtra, India

Date of Birth/Age :

17.11.1933

Date of Appointment :

15.09.2010

DIN No.:

00901556

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	U24239MH1972PTC015632	ACG Pam Pharma Technologies Private Limited	Director	29-09-06	29-09-06	Active	NO
2	U24239MH1961PTC012061	ACG Associated Capsules Private Limited	Additional director	01-10-06	01-10-06	Active	NO
3	U74140MH2010PTC203111	EH Advisors and Consultants Private Limited	Director	13-05-10	13-05-10	Active	NO
4	U74140MH2010PTC203113	AE Advisors Private Limited	Director	13-05-10	13-05-10	Active	NO
5	U29251MH1996PTC104558	Pam-Glatt Pharma Technologies Private Limited	Director	15-09-10	20-07-10	Active	NO

Name :

Mr. Groschel Dieter Klaus

Designation :

Director

Address :

Kaisersteabe 003, D-79400, Kander-Riedlingen, Germany

Date of Birth/Age :

15.01.1959

Date of Appointment :

04.05.1999

KEY EXECUTIVES

Name :	Mr. Enish Kumar Singh
Designation :	Assistant Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 15.09.2010

Names of Shareholders	No. of Shares
Ajit Daljit Singh	8
Jasjit Daljit Singh	7
Pam Indtech Machine Private Limited, India	52485
ACG Arts and Properties Private Limited, India	22500
Glatt GmbH, Germany	75000
Total	150000

As on 15.09.2010

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	50.00
Bodies corporate	49.99
Directors or relatives of directors	0.01
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Exporter and Importer of Pharmaceutical Equipments.

Products :

Item Code No. (ITC Code)	8419.10
Product Description	Fluid Bed Processor

Exports :

Products :

Fluid Bed Processor

Countries :

v Bangladesh

v Sri Lanka

v Nigeria

Imports :

Products :

Raw Materials

Countries :

Germany

Terms :

Selling :

L/C (90 days)

Purchasing :

L/C (90 days)

PRODUCTION STATUS (AS ON 31.03.2010)

Particulars	2009-10
a) Licensed Capacity	Not Applicable
b) Installed Capacity	Not Applicable
c) Production
Machines	117 Nos.

GENERAL INFORMATION

Suppliers :	v Auto Components, Germany
Customers :	Pharmaceutical Industries v Revnex (BD) Limited v Metrix
No. of Employees :	320 (Approximately)
Bankers :	v Axis Bank Limited, Credit Management Centre, Unit No.6, Corporate Park, Sion Trombay Road, Chembur, Mumbai – 400 071, Maharashtra, India v Axis Bank Limited, Western Zonal Office, Fortune 2000, 'C' Wing, Bandra Kurla Complex, Mumbai – 400 051,Maharashtra, India v Standard Chartered Bank, 90, M G Road, Fort, Mumbai – 400 001, Maharashtra, India
Facilities :	LC – Rs.100.000 millions (Standard Chartered Bank) LC – Rs.100.000 millions (Axis Bank Limited, Bandra)

Banking Relations :	--
Auditors :
Name :	B.K. Khare and Company Chartered Accountants
Address :	706/708, Sharda Chambers, New Marine Lines, Mumbai – 400 020, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AAAFB0265E
Associate Company :	v Glatt GmbH v Glatt Maschinen-und Apparatebau AG
Companies over which directors have significant influence or control :	v Ajas Components Private Limited v Associated Capsules Private Limited v Custom Capsules Private Limited v Pam Pharmaceuticals and Allied Machinery Company Limited v Reflections v Scitech Centre v Amil Enterprises v Extra Hands

CAPITAL STRUCTURE

After 15.09.2010

Authorised Capital : Rs.40.000 millions

Issued, Subscribed & Paid-up Capital : Rs.27.500 millions

As on 15.09.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
400000	Equity Shares	Rs.100/- each	Rs.40.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
150000	Equity Shares	Rs.100/- each	Rs.15.000 millions

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
150000	Equity Shares	Rs.100/- each	Rs.15.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
150000	Equity Shares	Rs.100/- each	Rs.15.000 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		15.000	15.000	15.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		646.168	433.443	280.703
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		661.168	448.443	295.703
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.110
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		0.000	0.000	0.110
DEFERRED TAX LIABILITIES		3.597	2.297	2.662
TOTAL		664.765	450.740	298.475
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		64.817	67.317	63.132
Capital work-in-progress		10.730	0.104	0.000
INVESTMENT		180.040	207.559	81.599
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	62.920	101.567	48.408
	Sundry Debtors	172.011	167.234	115.036
	Cash & Bank Balances	49.378	2.419	5.030
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	281.244	144.207	270.535
Total Current Assets		565.553	415.427	439.009
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	72.349	101.592	90.016
	Other Current Liabilities	71.616	126.233	45.043
	Provisions	12.410	11.842	150.206
Total Current Liabilities		156.375	239.667	285.265
Net Current Assets		409.178	175.760	153.744
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		664.765	450.740	298.475

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Sales (Net)	1098.792	849.769	557.367
		Income from Services & Other Income	65.244	43.785	20.428
		TOTAL	1164.036	893.554	577.795
Less	EXPENSES
		Office Expenses	847.441	662.601	447.989
		Administrative Expenses
		Advertising Expenses
		TOTAL	847.441	662.601	447.989
	PROFIT BEFORE TAX		316.595	230.953	129.806
Less	TAX		103.869	78.213	45.297
	PROFIT AFTER TAX		212.726	152.740	84.509
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		433.443	280.703	196.194
	BALANCE CARRIED TO THE B/S		646.169	433.443	280.703
	EARNINGS IN FOREIGN CURRENCY
		Commission Income	7.953	2.943	0.434
		FOB Value of Exports	210.031	317.211	41.279
	TOTAL EARNINGS		217.984	320.154	41.713
	IMPORTS
		Raw Materials	202.681	169.237	84.849
		Capital Goods	0.000	0.000	0.000
	TOTAL IMPORTS		202.681	169.237	84.849
	Earnings Per Share (Rs.)		1418.20	1018.27	563.39

Particulars	31.03.2011
Sales Turnover (Approximately)	1320.000

Expected Sales (2011-2012): Rs.1500.000 millions

The above information has been parted by Mr. Enish Kumar Singh (Assistant Manager).

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	18.27	17.09	14.63
Net Profit Margin (PBT/Sales)	(%)	28.81	27.18	23.29
Return on Total Assets (PBT/Total Assets}	(%)	50.22	47.84	25.85
Return on Investment (ROI) (PBT/Networth)		0.48	0.52	0.44
Debt Equity Ratio (Total Liability/Networth)		0.24	0.53	0.97
Current Ratio (Current Asset/Current Liability)		3.62	1.73	1.54

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) 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 three years	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	--
17) Major suppliers	Yes
18) Major customers	Yes
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	--

Details of Sundry Creditors:

Particulars	31.03.2010 (Rs. in millions)	31.03.2009 (Rs. in millions)	31.03.2008 (Rs. in millions)
Sundry Creditors	72.349	101.592	90.016

OPERATIONS:

The total income for the year amounted to Rs.1164.036 millions as compared to Rs.893.554 millions in the previous year registering an increase of approximately 23% over the previous year. After providing for tax, the Company has earned a Net Profit of Rs.212.726 millions. Adding thereto the profit from the previous year of Rs.433.443 millions, balance of Rs.646.168 millions has been carried to the Balance Sheet.

CONTINGENT LIABILITY: (AS ON 31.03.2010)

(a) Performance Bank Guarantees to customers Rs.22.955 millions

(b) Other Guarantees Rs.6.770 millions

(c) In respect of Income Tax matters under appeal NIL

(d) In respect of Sales Tax matters under appeal Rs.7.288 millions

(e) On Account of Capital Commitments Rs.103.781 millions

TRADE REFERENCES:

v Revnex (BD) Limited

v Metrix

v Auto Components, Germany

FIXED ASSETS

Intangible Assets

v Technical Know how

v SAP – Licence Fees

Other Assets

v Freehold Land

v Plant and Machinery

v Computers

v Furniture & Fixtures

v Office Equipments

v Vehicles

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.51.75
UK Pound	1	Rs.80.00
Euro	1	Rs.65.99

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	8
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	6
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	6
--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		65

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.