MIRA INFORM REPORT

Report Date :

12.03.2012

IDENTIFICATION DETAILS

Name :	PEPSI FOODS PRIVATE LIMITED
Registered Office :	Village Channo, Patiala Sangrur Road, P O Bhavani Garh, Sangrur – 148026, Punjab
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	24.02.1989
Com. Reg. No.:	16-009114
Capital Investment / Paid-up Capital :	Rs.1854.061 Millions
CIN No.: [Company Identification No.]	U15419PB1989PTC009114
TAN No.: [Tax Deduction & Collection Account No.]	PTLP10084E PTLP10083D PTLP11276G
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in soft drinks concentrate, juice based concentrate and other allied items and also engaged in trading of rice and other agro products.
No. of Employees :	2000 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (60)

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 27400000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a part of Pepsi Cola Group, a joint multinational. It is a well established and a 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.

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 :	Village Channo, Patiala Sangrur Road, P O Bhavani Garh, Sangrur – 148026, Punjab, India
Tel. No.:	91-124-6355880/ 863
Fax No.:	91-124-6355861
E-Mail :	jaya.nagpal@pepsico.com
Website :	www.pepsiindia.co.in
Mailing Address :	B-3, DLF Corporate Park, S-Block, Phase III, Quatab Enclave, Gurgaon-122002, Haryana, India
Tel. No.:	91-124-2355863/880/ 91-124-2880699
Fax No.:	91-124-2355862
Area :	12000 sq. ft
Corporate Office :	LGF-54, World Trade Centre, Babar Road, New Delhi – 11001, India
Tel. No.:	91-11-23323021
Fax No.:	91-11-41522541

DIRECTORS

As on 30.09.2011

Name :

Mr. Vivek Bharati

Designation :

Director

Address :

5/43, Safdarjang Development Area, New Delhi-110016, India

Date of Birth/Age :

28.08.1955

Date of Appointment :

27.03.2008

DIN No.:

00035336

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	U74899DL1994PLC061080	APOLLO INTERNATIONAL LIMITED	Director	28/12/2005	28/12/2005	-	Active	NO
2	U15419PB1989PTC009114	PEPSI FOODS PRIVATE LIMITED	Director	29/09/2008	27/03/2008	-	Active	NO

Name :

Mr. Sanjay Kumar

Designation :

Whole-time director

Address :

A-021 Oakwood Estate, 2^nd Floor, DLF Phase II, Gurgaon-122002, Haryana, India

Date of Birth/Age :

30.03.1968

Date of Appointment :

30.09.2010

DIN No.:

00651681

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	U15549DL2003PTC122304	LEHAR FOODS PRIVATE LIMITED	Director	1/08/2006	1/08/2006	30/09/2010	Active	YES
2	U15419PB1989PTC009114	PEPSI FOODS PRIVATE LIMITED	Whole-time director	30/09/2010	30/09/2010	-	Active	NO

Name :

Mr. Pratik Rashmikant Pota

Designation :

Director

Address :

18A, Windsor Court, DLF, Phase-IV, Gurgaon-122002, Haryana, India

Date of Birth/Age :

20.10.1968

Date of Appointment :

02.05.2008

Date of Ceasing :

01.03.2012

DIN No.:

00751178

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	U15134DL2005PTC142295	ARADHANA CONVENIENCE FOODS PRIVATE LIMITED	Director	7/11/2005	7/11/2005	4/03/2008	Active	NO
2	U15549DL2003PTC122303	ARADHANA DRINKS AND BEVERAGES PRIVATE LIMITED	Additional director	28/03/2008	28/03/2008	2/05/2008	Active	NO
3	U15419PB1989PTC009114	PEPSI FOODS PRIVATE LIMITED	Director	29/09/2008	2/05/2008	1/03/2012	Active	NO

KEY EXECUTIVES

Name :	Ms. Jaya Nagpal
Designation :	Secretary
Address :	E-122, First Floor, Amar Colony, Lajpat Nagar-IV, New Delhi-110024, India
Date of Birth/Age :	02.08.1978
Date of Appointment :	01.11.2005
PAN No.:	ADGPN4076Q
Name :	Mr. Sunil Duggal
Designation :	EVP – Corporate Affairs
Name :	Dr. Susheel Sankhyan
Designation :	General Manager – Agricultural Research
Name :	Ms. Nutan Shetty
Designation :	Franchise Manager
Name :	Ms. Nupur Bhargava
Designation :	Staffing Director
Name :	Mr. Pavan Bhatia
Designation :	Region CPO
Name :	Mr. Praveen Someshwar
Designation :	Business Unit General Manager
Name :	Tanmaya Vats
Designation :	VP and Head, Global Value Innovation Centre
Name :	Ignatius Lobo
Designation :	VP HR – Sales Capability
Name :	Mr. Niteen Pradhan
Designation :	EVP I and S Operations
Name :	Mr. Atul Kalaria
Designation :	General Manager - IT
Name :	Mr. Deepak Iyer
Designation :	Market Unit General Manager
Name :	Mr. Bhaskar Choudhury
Designation :	EVP Engineering Projects
Name :	Ms. Geetu Verma
Designation :	Executive Director - Innovations PO1
Name :	Mr. Anil Sondhi
Designation :	Head Operations and Supply Chain NourishCo
Name :	Mr. Ranjit Kamath
Designation :	EVP Finance - North
Name :	Mr. Homi Battiwalla
Designation :	Director-Juice and Juices Drinks Business
Name :	Mr. Gaurav Mehta
Designation :	VP - Western
Name :	Mr. V Sakthivel Pandi
Designation :	End User Compute Lead
Name :	Mr. Zafar Malik
Designation :	Franchise Manager
Name :	Mr. PV Shanker
Designation :	Franchise Manager
Name :	Mr. Ashish Sen
Designation :	EVP Co Pack and Outsourcing
Name :	Mr. Kunal Sharma
Designation :	Country Manager - Sri Lanka/Nepal
Name :	Mitra Meghnad
Designation :	Chief Financial Officer
Name :	Mr. Sandeep Bhargava
Designation :	VP - CSD Quality
Name :	Mr. Ranabir Mitra
Designation :	Director Region Reporting
Name :	Mr. Pawan Kumar Sharma
Designation :	General Manager - Corporate Affairs
Name :	Mr. Vimal Katiyar
Designation :	VP - Plant Operations
Name :	Mr. Anshul Khanna
Designation :	VP Marketing - PC
Name :	Mr. Akash Malik
Designation :	VP - Aquafina Bulk
Name :	Mr. Prateek Sabharwal
Designation :	Country Manager - Bangladesh
Name :	Mr. Suchit Bansal
Designation :	Brand Manager - Slice and Aquafina
Name :	Mr. Rahul Khandelwal
Designation :	ZM Sales – J and K, Punjab and Himachal
Name :	Ms. Rachana Baral
Designation :	EVP – Compensation and Benefits
Name :	Ms. Kanchan Chehal
Designation :	Head HR Nourish Co India
Name :	Ms. Punita Lal
Designation :	General Manager - NourishCo
Name :	Mr. Ketan Vyas
Designation :	Technical Services Manager
Name :	Mr. Saurabh Saith
Designation :	ZM Sales - UP and UT
Name :	Mr. S Eswaramoorthy
Designation :	General Manager - Projects
Name :	Mr. Deepak Mathur
Designation :	EVP - Legal
Name :	Ms. Annie Kishen
Designation :	Head CSR
Name :	Mr. Samudra Bhattacharya
Designation :	Executive Director Sales
Name :	Kenny Abraham
Designation :	EVP – Sales Development
Name :	Mr. Prameet Kundoo
Designation :	Plant Manager
Name :	Ms. Sangeeta Gupta
Designation :	EVP – Consumer Insights
Name :	Mr. Samit Verma
Designation :	Head Sales IT
Name :	Ms. Priyanka Mookerjee
Designation :	Brand Manager Max
Name :	Mr. Vineet Sharma
Designation :	Sr. Brand Manager - 7 Up and Nimbooz
Name :	Mr. Sandeep Singh Arora
Designation :	EVP Category Marketing (Cola)
Name :	Mr. Rajeev Kumar Sinha
Designation :	EVP Manufacturing Operations
Name :	Ms. Priya Khanna
Designation :	General Manager - Consumer Insights
Name :	Mr. Srinivasan Thirumalai
Designation :	Technical Services Manager
Name :	Mr. Sreejit Nair
Designation :	Customer Development Manager - MT
Name :	Mr. Tejinder Khurana
Designation :	EVP – Franchise Operations
Name :	Mr. Varun Chawla
Designation :	VP National Sales - Bulk Water
Name :	Ms. Komal Anand
Designation :	EVP – Organized Trade
Name :	Ms. Ruchira Jain
Designation :	VP Consumer Insights
Name :	Mr. Nilesh Kulkarni
Designation :	General Manager - Projects
Name :	Ms. Hasneeta Matta
Designation :	VP - Taxation
Name :	Ms. Shalini Puchalapalli
Designation :	EVP - Supply Chain
Name :	Ms. Jayashree Roy
Designation :	VP PO1 Reporting
Name :	Ms. Alpana Kapur Titus
Designation :	EVP Marketing - Flavors
Name :	Mr. Raj Rishi Singh
Designation :	Customer Development Manager
Name :	Mr. Avinash Shenoy
Designation :	Customer Development Manager
Name :	Mr. Gopal Krishna Vlns Kasturi
Designation :	BU EHandS Manager
Name :	Mr. Kimsuka Narsimhan
Designation :	Chief Finance Officer India Region
Name :	Mr. Ashish Sood
Designation :	VP – Vendor Development and Supply Chain in DW
Name :	Mr. Manoj Kumbhat
Designation :	Chief Information Officer
Name :	Mr. Paresh Huria
Designation :	VP - Supply Chain
Name :	Mr. Jawahar Unmai Thomas
Designation :	VP-Manufacturing Excellence
Name :	Mr. Baburaj Neelakantan
Designation :	GM – Strategic Planning (Innovation)
Name :	Ms. Rashi Goel
Designation :	VP - Innovation and BD (Juices and Nutrition)
Name :	Mr. Rajiv Mathrani
Designation :	Brand Manager – Cola
Name :	Mr. Pradeep Wadhwa
Designation :	Head Corporate Communication
Name :	Ms. Madhumita Chakraborty
Designation :	General Manager - Consumer Insights
Name :	Ms. Pratibha Chhaya
Designation :	VP - Shoppers Insight
Name :	Mr. Manish Kumar
Designation :	Manager Sales - IT

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Jyoti Sagar	2
Pepsico Mauritius, Mauritius	185406090
Total	185406092

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2011

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	99.99
Other top fifty shareholders	0.01
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in soft drinks concentrate, juice based concentrate and other allied items and also engaged in trading of rice and other agro products.

PRODUCTION STATUS AS ON 31.03.2011

Particulars	Unit	Installed Capacity*	Actual Production
Soft drink -concentrates	weighted units	190000	177146

*Installed capacities are computed based on a single shift basis. These are as certified by the management, not verified by the auditors, it being a technical matter.

GENERAL INFORMATION

No. of Employees :

2000 (Approximately)

Bankers :

· ICICI Bank, Gurgaon, Haryana, India

· Citibank N. A., New Delhi, India

· State Bank of India, Sangrur, Punjab, India

· State Bank of India, Gurgaon, Haryana

· State Bank of India, Chandigarh, India

· Punjab National Bank, Sangrur, Punjab, India

Facilities :

Unsecured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Rupee term loans banks unsecured	186.686	0.000
Total	186.686	0.000

(A) Represents Overdraft

Banking Relations :	--
Auditors :
Name :	BSR and Company Chartered Accountants
Address :	Building No. 10, 8th Floor, Tower B, DLF Cyber City, Phase II, Gurgaon – 122022, Haryana, India
PAN.:	AAAFB9852F
Ultimate Company :	· PepsiCo Inc. [Trademark Owner] (control exists) [till May 24, 2010]
Holding Company :	· PepsiCo Mauritius Limited (effective May 25, 2010)
	·
Fellow subsidiaries :	· PepsiCo India Holdings Private Limited CIN No.: U15549HR1997PTC033754 · Aradhana Soft Drinks Company Private Limited CIN No.: U15541HR1997PTC033751 · Aradhana Foods and Juices Private Limited CIN No.: U74899DL2005PTC142296 · Aradhana Drinks and Beverages Private Limited CIN No.: U15549DL2003PTC122303 · PepsiCo World Trading Company, Inc. · Pepsi Cola International, Cork · Pepsi-Cola International Company of Uruguay S.R.L · PepsiCo (China), Limited · Pepsicola North America · Pepsi-Lipton International Limited
	·
Others :	· Pepsi Foods Employees Provident Fund Trust · Pepsi Foods Employees Superannuation Fund Trust

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
200000000	Equity Shares	Rs.10/- each	Rs.2000.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
185406100	Equity Shares	Rs.10/- each	Rs.1854.061 Millions

Of the above, 185,406,090 equity shares of Rs.10 each, which were held by Pepsi Co Inc., USA, the ultimate holding company are held by Pepsico Mauritius Limited thereby making it the current holding company. The ultimate holding company continues to be Pepsico Inc., USA.

Actual number of Shares issued is 185406092 however in order to avoid inconsistency in calculation number of shares is taken as 185406100 b) of the above two shares are held by individual

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		1854.061	1854.061	1854.061
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		5005.773	3491.467	2141.287
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		6859.834	5345.528	3995.348
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		186.686	0.000	82.286
TOTAL BORROWING		186.686	0.000	82.286
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		7046.520	5345.528	4077.634
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		274.823	256.788	263.333
Capital work-in-progress		13.086	4.235	0.013
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		73.985	57.965	71.659
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	648.997	641.661	428.369
	Sundry Debtors	3864.087	2867.047	4077.676
	Cash & Bank Balances	139.413	120.869	84.747
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	6420.335	5106.790	584.910
Total Current Assets		11072.832	8736.367	5175.702
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1239.833	1283.598	1164.558
	Other Current Liabilities	232.747	303.757	137.695
	Provisions	2915.626	2122.472	130.820
Total Current Liabilities		4388.206	3709.827	1433.073
Net Current Assets		6684.626	5026.540	3742.629
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		7046.520	5345.528	4077.634

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	7857.859	7548.201	5917.685
		Other Income	584.821	438.206	323.917
		TOTAL (A)	8442.680	7986.407	6241.602
Less	EXPENSES
		Operating Expenditure	5189.933	4909.598	4065.262
		Other Expenditure	935.711	992.123	2.463
		Prior Period Adjustments	0.000	(8.428)	0.000
		TOTAL (B)	6125.644	5893.293	4067.725
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		2317.036	2093.114	2173.877
Less	FINANCIAL EXPENSES (D)		3.427	1.930	86.972
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		2313.609	2091.184	1304.157
Less/ Add	DEPRECIATION/ AMORTISATION (F)		26.946	28.190	47.987
	PROFIT BEFORE TAX (E-F) (G)		2286.663	2062.994	1256.170
Less	TAX (H)		772.357	712.814	465.912
	PROFIT AFTER TAX (G-I) (I)		1514.306	1350.180	7980.258
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	487.326	384.461	359.423
		Other Earnings	5.043	4.969	3.362
	TOTAL EARNINGS		492.369	389.430	362.785
	IMPORTS
		Raw Materials	280.864	311.968	228.889
		Stores & Spares	0.329	0.192	0.240
		Capital Goods	4.191	4.088	6.517
	TOTAL IMPORTS		285.384	316.248	235.646
	Earnings Per Share (Rs.)		8.17	7.28	4.26

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	17.94	16.90	127.86
Net Profit Margin (PBT/Sales)	(%)	29.10	27.33	21.23
Return on Total Assets (PBT/Total Assets}	(%)	20.15	22.94	23.09
Return on Investment (ROI) (PBT/Networth)		0.33	0.39	0.31
Debt Equity Ratio (Total Liability/Networth)		0.67	0.69	0.38
Current Ratio (Current Asset/Current Liability)		2.52	2.35	3.61

LOCAL AGENCY FURTHER INFORMATION

Business

During the year, the turnover of the Company was around Rs.7857.859 Millions. The Company has made a net profit of Rs.1514.306 Millions as compared to Rs.1350.180 Millions in the last year.

Scheme of Amalgamation with PepsiCo India Holdings Private Limited

The Directors of the Company in their meeting held on 30th May, 2011 approved the Scheme of Amalgamation of your Company with PepsiCo India Holdings Private Limited. The Appointed Date as per the Scheme is 1 April 2010. The Company has filed the necessary petition with the Hon’ble High Court of Punjab and Haryana at Chandigarh for taking requisite approval for the Scheme of Amalgamation. The said petition is presently pending before the Hon’ble High Court of Punjab and Haryana.

Claims against the Company not acknowledged as debts (As on 31.03.2011):

- Excise matters – Rs.1070.161 Millions

- Sales tax matters – Rs.57.869 Millions

- Income tax Nil

- Others 8.675 Millions

FIXED ASSETS

• Building
• Plant and Machinery
• Office Equipment
• Furniture and Fixture
• 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.50.02
UK Pound	1	Rs.79.01
Euro	1	Rs.66.18

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	7
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	6
--RESERVES	1~10	7
--CREDIT LINES	1~10	7
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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		60

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.