MIRA INFORM REPORT

Report Date :

03.07.2012

IDENTIFICATION DETAILS

Name :	ASK CHEMICALS FOUNDRY SOLUTION INDIA PRIVATE LIMITED (w.e.f. 24.02.2011)
Formerly Known As :	AJAY METACHEM SUD CHEMIE PRIVATE LIMITED
Registered Office :	Office No 9 and 10, 5^th Floor, Akshay Complex, Anudh, Pune – 411007, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	31.07.1973
Com. Reg. No.:	11-016721
Capital Investment / Paid-up Capital :	Rs. 9.983 Millions
CIN No.: [Company Identification No.]	U24231MH1973PTC016721
TAN No.: [Tax Deduction & Collection Account No.]	PNEA05295D
PAN No.: [Permanent Account No.]	AACCA0713D
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of chemicals, binders etc.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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

Maximum Credit Limit :	USD 1400000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered for business dealings at usual trade terms and conditions. Profit and Loss 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.

ECGC Country Risk Classification List – September 30, 2011

Country Name	Previous Rating (30.09.2011)	Current Rating (31.12.2011)
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 :	Office No 9 and 10, 5^th Floor Akshay Complex, Anudh, Pune – 411007, Maharashtra, India
Tel. No.:	91-20-25898882
Fax No.:	91-20-25898882
E-Mail :	yeshwant.pathak@ask-chemicals.com manish.sathe@ask-chemicals.com
Website :	www.ask-chemicals.com
Factory/ Head Office :	No. 72- 76, Mundwa, Main Road, Near Bharat Forge Limited, Pune - 411 036, Maharashtra, India
Factory :	Gate No 1211, 1212, 1213 and 1230 Part, Pune, Saswad Road, Wadki, Maharashtra, India Jamshedpur Delhi

DIRECTORS

AS ON 23.09.2011

Name :

Mr. Pratap Govind Pawar

Designation :

Managing director

Address :

S. No. 73 Off Baner Road, Near Pan Card Club Road , Behind Shroff Suyash, Building, Pune – 411045, Maharashtra, India

Date of Birth/Age :

15.10.1944

Qualification :

BE Civil

Experience :

42 Years

Date of Appointment :

09.11.2011

DIN No.:

00018985

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U22121PN1948PTC006177	SAKAL PAPERS PRIVATE LIMITED	Director	24-05-08	21-09-85	-	Active	NO
2	U99999DL1951PLC002023	THE INDIAN NEWSPAPER SOCIETY	Director	19-09-90	19-09-90	-	Active	NO
3	U63033PN1995PTC085824	INTERNATIONAL CONVENTIONS INDIA PRIVATE LIMITED	Director	16-03-07	22-02-95	-	Strike off	NO
4	L29112PN1978PLC088972	KIRLOSKAR INDUSTRIES LIMITED	Director	01-03-96	01-03-96	30-03-10	Active	NO
5	U27104MH1974PTC017447	UNITED METACHEM PRIVATE LIMITED	Director	15-04-96	15-04-96	06-12-11	Active	NO
6	U51398PN1996PTC100030	KARHA INFRASTRUCTURE PRIVATE LIMITED	Director	05-06-96	05-06-96	26-12-11	Active	NO
7	U65929MH1985PTC035452	PANHALA INVESTMENT PRIVATE LIMITED	Director	20-12-96	20-12-96	-	Active	NO
8	U72200PN1997PLC112531	ABHIJIT PAWAR MEDIA LIMITED	Director	18-12-97	18-12-97	-	Active	NO
9	L31300MH1967PLC016531	FINOLEX CABLES LIMITED	Director	09-09-98	09-09-98	-	Active	NO
10	U24231MH1973PTC016721	ASK CHEMICALS FOUNDRY SOLUTION INDIA PRIVATE LIMITED	Director	09-11-11	01-10-99	-	Active	NO
11	U65993PN1981PLC025916	P P HOLDINGS LIMITED	Director	03-10-01	03-10-01	-	Active	NO
12	L25209PN1961PLC012046	BHARAT FORGE LIMITED	Director	24-05-05	24-05-05	-	Active	NO
13	L34102PN1958PLC011172	FORCE MOTORS LIMITED	Director	30-09-06	30-09-06	-	Active	NO
14	U01122PN2007PTC131132	RAJGADH AGRO FARMS PRIVATE LIMITED	Director	14-12-07	14-12-07	-	Active	NO
15	U01122PN2007PTC131131	PASLE AGRO FARMS PRIVATE LIMITED	Director	14-12-07	14-12-07	-	Active	NO
16	U70102PN2007PTC131142	KARHA DEVELOPERS AND MINERS PRIVATE LIMITED	Director	17-12-07	17-12-07	-	Active	NO
17	U45202PN2008PTC131391	BHIMTHADI DEVELOPERS AND MINERS PRIVATE LIMITED	Director	07-02-08	07-02-08	-	Active	NO
18	U26940MH1987PLC043640	YOG INDUSTRIES LIMITED	Additional director	19-09-08	19-09-08	25-05-09	Active	NO
19	L29120PN2009PLC133351	KIRLOSKAR OIL ENGINES LIMITED	Director	09-07-10	30-03-10	-	Active	NO
20	U28999MH1969PTC014265	OJAS ENGINEERING PRIVATE LIMITED	Director	30-09-11	20-06-11	-	Active	NO
21	U65993MH1981PTC025915	A P HOLDINGS PRIVATE LIMITED	Whole-time director	01-10-11	01-10-11	-	Active	NO

Name :

Mr. Mahendra Singh Gurudev Singh Garcha

Designation :

Director

Address :

Plot No. 5 and 6, Flat No 401 and 501 S. No.132, Hissa No.1, Cosmopolitan Housing Society, Aundh, Pune – 411007, Maharashtra, India

Date of Birth/Age :

10.03.1964

Date of Appointment :

10.05.2008

DIN No.:

00018959

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U51311PN1996PTC017890	SAI LOGISTICS AND MATERIAL HANDLING PRIVATE LIMITED	Director	10-09-03	10-09-03	01-11-08	Active	NO
2	U45201PN2004PTC019040	ABJA DEVELOPERS PRIVATE LIMITED	Director	23-03-04	23-03-04	01-11-08	Active	NO
3	U45201PN2004PTC019791	GREEN ACRES BUILDERS PRIVATE LIMITED	Director	24-09-04	24-09-04	09-07-08	Active	NO
4	U99999MH1996PTC096035	ABJA CONSTRUCTIONS LIMITED	Director	18-11-05	18-11-05	01-11-08	Active	NO
5	U92120PN2007PTC129574	NEO TELEVISION PRIVATE LIMITED	Director	07-02-07	07-02-07	01-11-08	Active	NO
6	U24231MH1973PTC016721	ASK CHEMICALS FOUNDRY SOLUTION INDIA PRIVATE LIMITED	Director	22-07-08	10-05-08	-	Active	NO

Name :

Mr. Ramchandra Ganesh Kulkarni

Designation :

Whole-time director

Address :

S No. 57/ 2AB, Building ,Flat – 4, Maurya Vihar, Kothrud, Pune – 411027, Maharashtra, India

Date of Birth/Age :

11.04.1941

Date of Appointment :

06.06.2005

DIN No.:

00025033

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U27104MH1974PTC017447	UNITED METACHEM PRIVATE LIMITED	Director	30-01-89	30-01-89	06-12-11	Active	NO
2	U27104MH1993PTC072030	MAGNECO METACHEM (INDIA) PRIVATE LIMITED	Director	12-11-98	12-11-98	-	Active	NO
3	U24231MH1973PTC016721	ASK CHEMICALS FOUNDRY SOLUTION INDIA PRIVATE LIMITED	Whole-time director	06-06-05	06-06-05	-	Active	NO

Name :

Mr. Hans Jurgen Wernicke

Designation :

Director

Address :

Kardinal – Wendel - Street 75 a Wolfratshausen, Wolfratshausen - 82515

Date of Birth/Age :

09.06.1949

Date of Appointment :

24.05.2008

DIN No.:

02165332

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U24231MH1973PTC016721	ASK CHEMICALS FOUNDRY SOLUTION INDIA PRIVATE LIMITED	Director	22-07-08	24-05-08	Active	NO

Name :

Mr. Stefan Sommer

Designation :

Nominee director

Address :

Hardtbergweg 23, Kronberg im Taunus, Hessen, Germany - 61476

Date of Birth/Age :

29.07.1957

Date of Appointment :

03.03.2011

DIN No.:

03418611

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U24231MH1973PTC016721	ASK CHEMICALS FOUNDRY SOLUTION INDIA PRIVATE LIMITED	Nominee director	23-09-11	03-03-11	Active	NO

Name :

Mr. Thiemo Heinzen

Designation :

Nominee director

Address :

Brunnengasse 33, Hohenbrunn, Germany - 85662

Date of Birth/Age :

16.10.1965

Date of Appointment :

01.04.2011

DIN No.:

03454238

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U24231MH1973PTC016721	ASK CHEMICALS FOUNDRY SOLUTION INDIA PRIVATE LIMITED	Nominee director	23-09-11	01-04-11	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 23.09.2011

Names of Shareholders	No. of Shares
Pawar Govind Pratap	1250
Pawar Pratap Bharati	4680
Pawar Pratap Abhijit	9500
Pawar Abhijit Mrunalini	750
Pawar Abhijit Janhavi (Minor) Represented by Natural Guardian Mother MRS. Pawar Abhijit Mrunalini	5430
Pawar Abhijit Rahul (Minor) Represented by Natural Guardian Mother MRS. Pawar Abhijit Mrunalini	5430
Pawar Pratap Ashwini	15634
Tikekar Zakir Sachin (Minor) Represented by Natural Guardian Mother Pawar Pratap Ashwini	6240
Ask Chemicals Pte Limited,Singapore	50911
Total	99825

AS ON 23.09.2011

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]	51.00
Directors or relatives of directors	49.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of chemicals, binders etc.

Products :

ITC Code	Product Descriptions
3824.90	Foundry Fluxes

Export:

Countries

• Pakistan
• UAE
• Malaysia
• Thailand
• Nigeria
• Germany
• Iran
• Sri Lanka

Import

Products

Raw Material

Countries

• Korea
• Germany
• Japan
• China
• US

PRODUCTION STATUS AS ON (31.03.2010)

Class of Goods: Foundry Fluxes

Products/ Plant	Works	Licensed Capacity	Installed Capacity	Actual Production
Insulating Division	Mundhwa/ Jamshedpur	Not Specified	15600 MT	13218 MT
Steel Treatment	Wadki	Not Specified	10800 MT	5104 MT
Flux and Non Ferrous	Mundhwa	Not Specified	6000 MT	667 MT
Kotesand	Wadki	Not Specified	54000 MT	25747 MT
Resin	Mundhwa Wadki	Not Specified	6000 MT	3044 MT
Coating	Mundhwa	Not Specified	7200 MT	2515 MT

(In opinion of the Management the production figures are stated to the maximum details which can be derived as there are some products which are sold in numbers and the same cannot be stated in the above unit measurement i.e. MT)

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Bank of Baroda (Shivaji Nagar Branch) 1303, Jangali Maharaj Road, Shivaji Nagar, Pune – 411005, Maharashtra, India

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Working capital loans banks secured	135.246	44.403
Deposits secured	0.022	11.248
Total	135.268	55.651

Banking Relations :	--
Auditors :
Name :	Mohan Deshmukh and Company Chartered Accountants
Address :	555, Narayan Chambers, Narayan Peth, Pune – 411030, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AACFM1053F

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs. 100/- each	Rs. 10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
99825	Equity Shares	Rs. 100/- each	Rs. 9.983 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		9.983	9.983	9.983
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		354.950	345.434	218.582
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		364.933	355.417	228.565
LOAN FUNDS
1] Secured Loans		135.268	55.651	105.756
2] Unsecured Loans		0.000	0.000	22.000
TOTAL BORROWING		135.268	55.651	127.756
DEFERRED TAX LIABILITIES		0.000	0.000	0.915
TOTAL		500.201	411.068	357.236
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		167.126	126.081	135.520
Capital work-in-progress		4.756	5.838	23.206
INVESTMENT		0.065	0.065	0.570
DEFERREX TAX ASSETS		3.942	2.249	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	133.210	113.049	66.521
	Sundry Debtors	388.872	338.214	285.715
	Cash & Bank Balances	14.163	15.080	14.946
	Other Current Assets	169.706	155.997	110.027
	Loans & Advances	36.859	31.688	12.419
Total Current Assets		742.810	654.028	489.628
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	246.581	212.555	172.496
	Other Current Liabilities	9.058	11.051	26.464
	Provisions	162.859	153.587	92.728
Total Current Liabilities		418.498	377.193	291.688
Net Current Assets		324.312	276.835	197.940
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		500.201	411.068	357.236

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009
	SALES
		Income
		Other Income
		TOTAL	1365.138	1168.564
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	1167.469	1123.751
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		197.669	44.813
Less/ Add	DEPRECIATION/ AMORTISATION		25.275	22.566
	PROFIT BEFORE TAX		172.394	22.247
Less	TAX		45.542	8.733
	PROFIT AFTER TAX		126.852	13.514
	BALANCE CARRIED TO THE B/S		314.140	187.288
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Export	14.165	33.301
		Commission Received	0.076	0.058
	TOTAL EARNINGS		14.241	33.359
	IMPORTS
		Raw Materials	122.271	79.189
		Trading Goods	61.607	51.991
	TOTAL IMPORTS		183.878	131.180
	Earnings Per Share (Rs.)		1271.00	135.00

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	N.A.	9.29	1.16
Return on Total Assets (PBT/Total Assets}	(%)	N.A.	22.10	3.56
Return on Investment (ROI) (PBT/Networth)		N.A.	0.49	0.10
Debt Equity Ratio (Total Liability/Networth)		1.52	1.22	1.84
Current Ratio (Current Asset/Current Liability)		1.77	1.73	1.68

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	No
5. Type of Business	Yes
6. Line of Business	Yes
7. Promoter’s background	Yes
8. No. of Employees	No
9. Name of person contacted	No
10. Designation of contact person	No
11. Turnover of firm for last three years	Yes
12. Profitability for last two years	Yes
13. Reasons for variation <> 20%	--
14. Estimation for coming financial year	No
15. Capital in the business	Yes
16. Details of sister concerns	No
17. Major suppliers	No
18. Major customers	No
19. Payments terms	No
20. Export / Import details	Yes
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	Yes
28. Incorporation details, if applicable	Yes
29. Last accounts filed at ROC	Yes
30. Major Shareholders, if available	Yes

CONTINGENT LIABILITIES AS ON (31.03.2011)

1. Contingent Liabilities not provided for –

a. Guarantees given by the Company’s Bankers Rs.14.277 Millions

b. Claims made by Excise Authorities pending before various Appellate Authorities Rs.7.346 Millions

c. Assessment Dues claimed by Income Tax Authorities which are not acknowledged by the company is Rs. 8.623 Millions Assessment Year Amount (Rs.) 2007-08 Rs. 6.521 Millions 2006-07 Rs. 1.068 Millions 2005-06 Rs. 1.034 Millions Total Rs. 8.623 Millions Against these dues, amount deposited (under dispute) is Rs. 2.877 Millions

d. Letter of Credit outstanding Rs. 13.893 Millions

e. ‘C’ Forms not received amounting to Rs. 542.028 Millions till the date of signing of the Balance Sheet and the differential liability that may arise is Rs.63.750 Millions

FIXED ASSETS:

· Land (Free Hold )

· Land (Lease Hold )

· Bulding (Office)

· Bulding (Wadki-Office)

· Factroy Shed (Free Hold)

· Factory Shed (Wadki)

· Factory Shed

· Factrory Shed (Lease Hold)

· Temporary Shed

· Workers Shed

· Plant and Machinery

· Plant and Machinery (Wadki)

· Plant and Machinery ( R & D )

· Electrical Fittings and Fans

· Laboratory Equipment

· Office Equipment

· Other Equipment

· Laboratory Equipment ( R & D )

· Computers and Peripherals ( R & D )

· Computers and Peripherals

· Sap Lab

· Books

· Dead Stock and Furnitures

· Vehicles

· Software

· Work - In – Progress

· Work - In - Progress (DELHI)

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. 55.83
UK Pound	1	Rs. 87.41
Euro	1	Rs. 70.43

INFORMATION DETAILS

Report Prepared by :

BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		47

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

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.