MIRA INFORM REPORT

Report Date :

20.07.2012

IDENTIFICATION DETAILS

Name :	PAREKH INTEGRATED SERVICES PRIVATE LIMITED (w.e.f. 06.10.2003)
Formerly Known As :	BOMBAY ANKOOSH INDUSTRIES PRIVATE LIMITED
Registered Office :	C/o, Parekh Prints, 1^st Floor, IIT Bhatti, Italian Textile Compound, Goregaon – East, Mumbai - 400063, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	18.02.1992
Com. Reg. No.:	11 – 65482
Capital Investment / Paid-up Capital :	Rs.39.604 Millions
CIN No.: [Company Identification No.]	U51900MH1992PTC065482
TAN No.: [Tax Deduction & Collection Account No.]	MUMP15203G
PAN No.: [Permanent Account No.]	AADCP1503F
Legal Form :	Private Limited Liability Company
Line of Business :	Providing Warehousing Solutions
No. of Employees :	Information declined by the management.

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 1000000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. The company is doing well. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal for 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.

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 :	C/o, Parekh Prints, 1^st Floor, IIT Bhatti, Italian Textile Compound, Goregaon – East, Mumbai - 400063, Maharashtra, India
Tel. No.:	91-22-24935087/ 40177100/ 40177101
Fax No.:	91-22-24953297/ 30042029/ 30042063/ 40177111
E-Mail :	usha.das@pispl.in
Website :	http://www.pispl.in http://www.parekhcorp.com
Admin./ Correspondence Office :	Near Shinrai Tovota Showroom, 35 Dr. E. Moses Road, Off Worli Naka, Worli, Mumbai – 400018, Maharashtra, India
Region Office :	Northern Region Okhla Industrial Area, C-40, Phase II, New Delhi- 110020, India Tel No.: 91-11-42904290/ 91 Fax No.: 91-11-42904207 Eastern Region 100A, Kabi Sukanta Sarani, Kolley Biscuits Complex, Kolkata-700085, West Bengal, India Tel No.: 91-33-66082101/ 66082102 Fax No.: 91-33- 66082114 Southern Region 117/ 3D and 3C, Padmavathi Gardens, Numbal, Velappanchavadi (P.O), Tiruverkadu, Chennai – 600077, Tamilnadu, India Tel No.: 91-44- 30442100/ 101 Fax No.: 91-44- 30442102 Western Region G-4, Rajalaxmi Commercial, Complex, Opposite Hanuman Bus Stop, Kalher, Thane – Bhiwandi Road, Thane – 421302, Maharashtra, India Tel No.: 91-2522-306165 Fax No.: 91-2522-306168

DIRECTORS

(AS ON 20.08.2011)

Name :

Mr. Vikram Himatlal Parekh

Designation :

Director

Address :

1/A, Cosmopolis.21, L.D Ruparel Marg, Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

10.10.1949

Date of Appointment :

21.02.1992

DIN No.:

00419452

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	U65990MH1962PTC012356	FISALCON PRIVATE LIMITED	Director	25/02/1984	25/02/1984	-	Active	NO
2	U37100MH1984PTC034250	UNI RECYCLER PVT LTD	Director	11/10/1984	11/10/1984	-	Active	NO
3	U70101MH1962PTC012323	SHYAM ESTATES PRIVATE LIMITED	Director	30/09/1991	30/09/1991	-	Active	NO
4	U51900MH1992PTC065482	PAREKH INTEGRATED SERVICES PRIVATE LIMITED	Director	21/02/1992	21/02/1992	-	Active	NO
5	U51900MH1993PTC075218	ELIAN TRADING COMPANY P LTD	Director	1/12/1993	1/12/1993	14/04/2007	Active	NO
6	U51900MH1995PTC084964	MULTI-LINE BUSINESS SOLUTIONS PRIVATE LIMITED	Director	25/01/1995	25/01/1995	-	Active	NO
7	U24239MH1999NPL122621	ALL INDIA PHARMACEUTICAL DISTRIBUTORS AND CLEARING AND FORWARDING AGENTS ORGANIS	Director	11/11/1999	11/11/1999	-	Strike off	NO
8	U24231DL1984PLC226859	NIPA CHEMICALS LIMITED	Director	1/2/2002	1/2/2002	31/01/2011	Active	NO
9	U24230MH1986PLC040602	KOPRAN LABORATORIES LIMITED	Director	21/07/2005	21/07/2005	20/12/2011	Active	NO
10	U51900MH1993PTC075434	PAREKH MERCANTILE PRIVATE LIMITED	Director	12/4/2006	12/4/2006	-	Active	NO
11	U63013DL2003PTC120241	CAREX CARGO FORWARDERS PRIVATE LIMITED.	Director	1/4/2007	1/4/2007	19/02/2010	Active	NO
12	U70100MH2005PLC153538	DHARAMTAR INFRASTRUCTURE LIMITED	Director	30/09/2009	5/1/2009	-	Active	NO
13	U65999MH2006PTC158616	SHINRAI INSURANCE BROKING SERVICES PRIVATE LIMITED	Director	28/07/2010	22/06/2010	-	Active	NO
14	U63030TN2010PLC077122	SUNDARAM PAREKH WAREHOUSING SERVICES LIMITED	Director	30/05/2011	14/10/2010	-	Active	NO
15	U63040MH2011PTC224294	I P INTEGRATED SERVICES PRIVATE LIMITED	Director	23/11/2011	23/11/2011	-	Active	NO

Name :

Mr. Mukesh Mahendra Kumar Maniar

Designation :

Director

Address :

A/7,3^rd Floor, Tulsi Villa, 27, Bajaj Road, Vile Parle (West), Mumbai

Date of Birth/Age :

20.06.1961

Date of Appointment :

01.03.2005

DIN No.:

00419712

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	U51900MH1982PLC027365	MORGANITE TRADING COMPANY LIMITED	Director	26/11/1992	26/11/1992	-	Active	NO
2	U51900MH1993PTC075434	PAREKH MERCANTILE PRIVATE LIMITED	Director	20/04/1994	20/04/1994	-	Active	NO
3	U51900MH1993PTC075218	ELIAN TRADING COMPANY PRIVATE LIMITED	Director	15/07/1994	15/07/1994	2/11/2010	Active	NO
4	U51900MH1995PTC084964	MULTI-LINE BUSINESS SOLUTIONS PRIVATE LIMITED	Director	25/01/1995	25/01/1995	-	Active	NO
5	U74900MH1986PTC041039	SHREE NIRMAL MAINTENANCE AND LOGISTICS PRIVATE LIMITED	Director	1/3/2005	1/3/2005	-	Active	NO
6	U51900MH1992PTC065482	PAREKH INTEGRATED SERVICES PRIVATE LIMITED	Director	1/3/2005	1/3/2005	-	Active	NO
7	U63013DL2003PTC120241	CAREX CARGO FORWARDERS PRIVATE LIMITED.	Director	1/4/2007	1/4/2007	19/02/2010	Active	NO
8	U65999MH2006PTC158616	SHINRAI INSURANCE BROKING SERVICES PRIVATE LIMITED	Director	28/07/2010	22/06/2010	-	Active	NO
9	U63030TN2010PLC077122	SUNDARAM PAREKH WAREHOUSING SERVICES LIMITED	Director	30/05/2011	14/10/2010	-	Active	NO
10	U65990MH1962PTC012356	FISALCON PRIVATE LIMITED	Director	20/08/2011	5/4/2011	-	Active	NO
11	U63040MH2011PTC224294	I P INTEGRATED SERVICES PRIVATE LIMITED	Director	23/11/2011	23/11/2011	-	Active	NO

Name :

Mr. Sandeep Aggarwal

Designation :

Director

Address :

House No. 174, Sector – 31, Faridabad – 121008, Haryana, India

Date of Birth/Age :

23.03.1963

Date of Appointment :

29.09.2010

DIN No.:

01543751

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	U63013DL2003PTC120241	CAREX CARGO FORWARDERS PRIVATE LIMITED	Director	1/4/2007	1/4/2007	19/02/2010	Active	NO
2	U51900MH1992PTC065482	PAREKH INTEGRATED SERVICES PRIVATE LIMITED	Director	29/09/2010	15/05/2010	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Prashant Narker
Designation :	Accountant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 20.08.2011)

Names of Shareholders	No. of Shares
UNI Recyclers Private Limited, India	395990
Sujata Parekh Kumar (Nominee of UNI Recyclers Private Limited, India)	1
Vikram Himatlal Parekh (Nominee of UNI Recyclers Private Limited, India)	1
Parekh Distributors, Mumbai, India	2
Sevantilal Jivanlal Parekh	1
Sarala Sevantilal Parekh	1
Sujata Parekh Kumar	1
Sevantilal Jivanlal Parekh, Sarla Sevantilal Parekh jointly with Vikram Himsatlal Parekh (Trustee of Sunil Parekh Family Trust)	1
Nimish Vikram Parekh	1
Vikram Himatlal Parekh	10
D M Kothri	1
D M Kothri HUF	1
Indu Kothri	1
Sonal Choksey	1
Satish Choksey	1
Satish Choksey HUF	1
Gulab Jain	1
Jayshree Surana	1
Rama Rasik Parekh	1
R B Merchant As Karta of R B Merchant HUF	1
Indu Ravindra Merchant	1
Ravindra B. Merchant	1

(AS ON 30.09.2011)

Equity Shares Break – up

Category	Percentage
Bodies corporate	99.98
Directors or relatives of directors	0.01
Other top fifty shareholders	0.01
Total	100.00

BUSINESS DETAILS

Line of Business :

Providing Warehousing Solutions

GENERAL INFORMATION

No. of Employees :

Information declined by the management.

Bankers :

v HDFC Bank Limited,

HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai – 400013, Maharashtra, India

v ABN Amro Bank N.V.,

71/72, 7^th Floor, Sakhar Bhavan, Nariman Point, Mumbai – 400021, Maharashtra, India

v ICICI Bank Limited,

ICICI Towers, Bandra Kurla Complex, Mumbai – 4000051, Maharashtra, India

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Working Capital Loans Banks Secured	39.544	129.254
Total	39.544	129.254
Unsecured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
From Others	529.211	367.611
Total	529.211	367.611

Banking Relations :	--
Auditors :
Name :	S.K. Loonker and Company Chartered Accountant
Address :	11/13, Botawala Building, 2^nd Floor, Room No.5, Horniman Circle, Fort, Mumbai – 400 023, Maharashtra, India
Pan No.:	AACPL3732H
Tel No :	91-22-2573313
PAN.:	AACPL3732H
Holding Company :	UNI Recyclers Private Limited, India CIN No: U37100MH1984PTC034250
Enterprises where Key Management Personnel having significant influence or control :	· Parekh Mercantile Private Limited · Morganite Trading Company Private Limited · Parekh Distributors · Fisalcon Private Limited · Parekh Family Trust · Elian Trading Company Limited · Parekh Integrated Services Private Limited
Associates :	· Shinrai Toyota · United Shippers Limited · Sundaram Parekh Warehousing Limited · I P Integrated Services Private Limited · Practical Financial Services Private Limited

CAPITAL STRUCTURE

(AS ON 31.03.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
400000	Equity Shares	Rs.100/- Each	Rs.40.000 Millions
5000	3% Cumulative Redeemable Preference share	Rs.100/- Each	Rs. 0.500 Million
	Total		Rs.40.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
396042	Equity Shares	Rs.100/- Each	Rs.39.604 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		39.604	39.604	39.604
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		220.525	151.752	25.699
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		260.129	191.356	65.303
LOAN FUNDS
1] Secured Loans		39.544	129.254	48.854
2] Unsecured Loans		529.211	367.611	235.289
TOTAL BORROWING		568.755	496.865	284.143
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		828.884	688.221	349.446
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		144.236	79.871	54.432
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		85.582	14.449	14.450
DEFERREX TAX ASSETS		0.246	0.459	0.649
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	55.445	12.138	16.255
	Sundry Debtors	2006.061	1300.615	725.148
	Cash & Bank Balances	272.263	53.395	116.590
	Other Current Assets	84.384	67.625	46.035
	Loans & Advances	287.640	198.277	6.884
Total Current Assets		2705.793	1632.050	910.912
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	2003.910	919.772	560.425
	Other Current Liabilities	70.534	36.627	30.613
	Provisions	32.529	82.209	39.959
Total Current Liabilities		2106.973	1038.608	630.997
Net Current Assets		598.820	593.442	233.880
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		824.884	688.221	349.446

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Sales and Other Income	1175.221	910.789	503.327
		TOTAL	1175.221	910.789	503.327
Less	EXPENSES
		TOTAL	1057.190	726.062	438.169
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		118.031	184.727	65.158
Less/ Add	DEPRECIATION/ AMORTISATION		27.555	15.802	27.246
	PROFIT BEFORE TAX		90.476	168.925	37.912
Less	TAX		21.704	42.872	26.428
	PROFIT AFTER TAX		68.772	126.053	11.484
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		151.752	25.699	13.707
	BALANCE CARRIED TO THE B/S		220.524	151.752	25.191
	EARNINGS IN FOREIGN CURRENCY		91.075	90.982	83.684
	Earnings Per Share (Rs.)		173.65	318.28	28.99

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	5.85	13.84	2.28
Return on Total Assets (PBT/Total Assets}	(%)	3.17	9.87	3.93
Return on Investment (ROI) (PBT/Networth)		0.35	0.88	0.58
Debt Equity Ratio (Total Liability/Networth)		10.29	8.02	14.01
Current Ratio (Current Asset/Current Liability)		1.28	1.57	1.44

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	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 three 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	Yes
17) Major suppliers	No
18) Major customers	No
19) Payments terms	No
20) Export / Import details (if applicable)	No
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	Yes
28) Incorporation details, if applicable	Yes
29) Last accounts filed at ROC	Yes
30) Major Shareholders, if available	Yes

CHANGE OF ADDRESS:

Registered office of the company has been shifted from 1^st Floor, Udyog Bhavan, 29, Walchand Hirachand Marg, Ballard Estate, Mumbai – 400001, Maharashtra, India to the Present Address w.e.f. 06.12.2010

OPERATIONS:

The company has shown growth prospects in all sectors in which the company is dealing. The year has been the challenging one and inspite of competition from local and international Market the company has achieved turnover of 56951MT. as against 65868 M.T. of Polymer Division in previous year. The income consists mainly of commission from Reliance Ind. Limited

During the year, Company has registered good growth in the business of Soda Ash, Bauxite, sulpher and Met coke. Company has also shown tremendous growth in C and F, and consignment sales agency of the multinational Cos by expanding its business activity in various parts of the country. During the year, The Company has achieved growth of 51 % in sales of Alcon i. e. from Rs 2530.000 Millions during financial 2009-10 to Rs.382.000 Millions.

CONTINGENT LIABILITIES

Particulars	31.03.2011 (Rs. In Millions)	31.03.2010 (Rs. In Millions)
Bills of exchange discounted with Banks	48.127	16.217
Bank Guarantee Provided	71.967	61.779

FORM: 8

This form is for	Modification of charge
Charge identification number of the modified	10086610
Corporate identity number of the company	U51900MH1992PTC065482
Name of the company	PAREKH INTEGRATED SERVICES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	United India Building, 2^nd Floor, Sir P M Road, Fort, Mumbai – 400001, Maharashtra, India
Type of charge	Movable Property (not being pledge)
Particular of charge holder	HDFC Bank Limited, HDFC Bank House Senapati Bapat Marg, Lower Parel (West), Mumbai – 400013, Maharashtra, India CIN No.: L65920MH1994PLC080618 Email : s.krishnan@hdfcbank.com
Nature of description of the instrument creating or modifying the charge	Memorandum Relating to Hypothecation of Machinery.
Date of instrument Creating the charge	29.05.2009
Amount secured by the charge	Rs. 296.500 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Interest at such rate/s as may be determined by the Bank from time to time. Terms of Repayment Repayable on demand Margin Company shall at all times during the continuance of this security maintain a sufficient amount to provide the margin of security as may from time to time advised by the Bank. Extent and Operation of the charge Hypothecation by way of First Charge on Company's Plant and Machinery, to secure as a continuing security, together with interest, costs, charges, expenses and other moneys due and payable by the Company to the Bank.
Short particulars of the property charged	All the movable Plant and Machinery both present and future consisting of Plant and Machinery, Office Equipments, Computers etc. being movable properties now stored at or being stored or which may hereafter be brought into or stored at or at present installed at Worli, Bhiwandi and various other location
Date of latest modification prior to the present modification	26.03.2008
Particulars of the present modification	By present modification, the Company has created an additional security over its Plant and Machinery to secure the credit facilities of Rs.296.500 Millions granted by the Bank to the Company.

FIXED ASSETS:

Ø Plant and Machinery

Ø Office Equipment

Ø Electrical Installations

Ø Computers

Ø Furniture and Fixtures

Ø Motor Car

Ø Trucks

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.55.38
UK Pound	1	Rs.86.75
Euro	1	Rs.68.06

INFORMATION DETAILS

Report Prepared by :

SDA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		46

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.