MIRA INFORM REPORT

Report Date :

25.05.2012

IDENTIFICATION DETAILS

Name :	CHIRIPAL POLY FILMS LIMITED
Registered Office :	109/110, Peninsula Centre, Dr. S.S. Rao Road, Parel, Mumbai – 400 012, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	31.08.2009
Com. Reg. No.:	11-195352
Capital Investment / Paid-up Capital :	Rs.17.871 millions
CIN No.: [Company Identification No.]	U17120MH2009PLC195352
IEC No.:	0810007266
PAN No.: [Permanent Account No.]	AADCC7403M
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer, Trader, Exporter and Importer of BOPP Films, Busbar Grade Film, Multi Layered Film, Clear BOPP Films, BOPP Metallized Films, BOPP Glossy Films.
No. of Employees :	Approximately 128 (In Office – 40, In Factory – 80, In Branch – 8)

RATING & COMMENTS

MIRA’s Rating :

B (26)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 1190000
Status :	Yet to Commence Business Activities
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Though the company was incorporated in the year 2009, it is yet to commence its commercial activities. The project of the company is under implementation. Payments are unknown. The company can be considered for business dealings on a secured 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

INFORMATION PARTED BY

Name :	Mr. Dilip Singh
Designation :	Manager (Purchase Department)
Contact No.:	91-9727768063
Date :	24.05.2012

LOCATIONS

Registered Office/ Branch Office :	109/110, Peninsula Centre, Dr. S.S. Rao Road, Parel, Mumbai – 400 012, Maharashtra, India
Tel. No.:	91-22-66604123
Mobile No.:	91-9727768063 (Mr. Dilip Singh)
Fax No.:	91-22-66604123
E-Mail :	dilipsingh@chiripalgroup.com cs.gen@chiripalgroup.com info@chiripalgroup.com
Website :	http://www.chiripalgroup.com
Location :	Owned
Corporate Office (Correspondence Address) :	Chiripal House, Shivranjani Cross Roads, Satellite, Ahmedabad – 380 015, Gujarat, India
Tel. No.:	91-79-26734660/ 2/ 3
Fax No.:	91-79-26768656
E-Mail :	dilipsingh@chiripalgroup.com
Location :	Owned
Factory :	Plot No.14, Vraj Integrated Textile Park, N.H. No.8, Kheda, Ahmedabad – Baroda Highway, Village Bidaj, Taluka and District Kheda – 397 420, Gujarat, India
Tel. No.:	91-79-26734660/ 2/ 3
Fax No.:	91-79-26768656
Location :	Owned

DIRECTORS

As on 30.09.2011

Name :

Mr. Jaiprakash Devkinandan Chiripal

Designation :

Director

Address :

10, Nandi Hill Society, Satellite Road, Ahmedabad - 380 013, Gujarat, India

Date of Birth/Age :

02.11.1959

Date of Appointment :

31.08.2009

DIN No.:

00155430

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	U25209GJ1999PTC036974	NPL Polymers Private Limited	Director	08-12-99	08-12-99	-	Active	NO
2	U40109GJ2000PTC037126	NPL Industries Private Limited	Director	04-01-00	04-01-00	-	Active	NO
3	U17119MH2001PLC132197	Nova Polyfilms Limited	Director	31-05-01	31-05-01	05-02-04	Strike off	NO
4	U80101GJ1988PLC010691	Shanti Educational Initiatives Limited	Director	15-07-03	15-07-03	-	Active	NO
5	U45300GJ2005PLC047423	Vraj Integrated Textile Park Limited	Director	01-03-06	01-03-06	-	Active	NO
6	U17110GJ1988PLC010634	Chiripal Industries Limited	Whole-time director	01-10-08	26-04-06	-	Active	NO
7	U45202GJ2006PTC049459	Safal Organisers Private Limited	Director	27-11-06	27-11-06	24-12-10	Active	NO
8	U70200GJ2007PLC051939	Ahmedabad Integrated Textile Park Limited	Director	10-10-07	10-10-07	-	Active	YES
9	U18109GJ2008PLC052724	Chiripal Lifestyle Limited	Director	24-01-08	24-01-08	-	Active	NO
10	U40108GJ2008PLC053994	Chiripal Energy Limited	Director	23-05-08	23-05-08	-	Active	NO
11	U74900GJ2009PTC055871	ATPA Swarnim Gujarat Enviro Private Limited	Director	09-01-09	09-01-09	-	Active	NO
12	U17120MH2009PLC195352	Chiripal Poly Films Limited	Director	31-08-09	31-08-09	-	Active	NO
13	U37200GJ2010NPL060003	Narol Textile Infrastructure and Enviro Management	Director	25-03-10	25-03-10	-	Active	NO
14	U80302GJ2011NPL065502	Shanti Polytechnic Foundation	Director	19-05-11	19-05-11	-	Active	NO

Name :

Mr. Jyotiprasad Devkinandan Chiripal

Designation :

Director

Address :

91, Basant Bahar Bunglow, Bopal, Ahmedabad – 380 058, Gujarat, India

Date of Birth/Age :

21.08.1953

Date of Appointment :

31.08.2009

DIN No.:

00155695

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	L23200GJ1993PLC020927	GSL Nova Petrochemicals Limited	Director	23-12-93	23-12-93	05-10-09	Active	NO
2	L17111GJ2003PLC043354	CIL Nova Petrochemicals Limited	Director	17-12-03	17-12-03	-	Active	NO
3	U17111GJ2004PLC044476	Nova Petrofils Limited	Director	19-07-04	19-07-04	25-08-07	Active	NO
4	U17110GJ1985PTC008206	Vishal Fabrics Private Limited	Managing director	01-10-08	20-07-04	-	Active	NO
5	U17110GJ1988PLC010634	Chiripal Industries Limited	Director	07-08-06	07-08-06	-	Active	NO
6	U24290GJ2007PTC050898	ELE Mints Private Limited	Director	21-05-07	21-05-07	-	Active	NO
7	U40108GJ2008PLC053994	Chiripal Energy Limited	Director	23-05-08	23-05-08	-	Active	NO
8	U17120MH2009PLC195352	Chiripal Poly Films Limited	Director	31-08-09	31-08-09	-	Active	NO
9	U92490GJ1996PTC029416	Basant Bahar Gymkhana Private Limited	Additional director	04-10-10	04-10-10	-	Active	NO
10	U45200GJ2011PLC065896	Chiripal Infrastructure Limited	Director	14-06-11	14-06-11	-	Active	NO
11	U80301GJ2012NPL068844	Shanti Innovation and Research Foundation	Director	02-02-12	02-02-12	-	Active	NO

Name :

Mr. Vedprakash Devkinandan Chiripal

Designation :

Director

Address :

11, Nandi Hill Society, Satellite Road, Ahmedabad - 380 013, Gujarat, India

Date of Birth/Age :

21.11.1951

Date of Appointment :

31.08.2009

DIN No.:

00290454

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	U17110GJ1988PLC010634	Chiripal Industries Limited	Managing director	01-10-08	26-06-94	-	Active	NO
2	L23200GJ1993PLC020927	GSL Nova Petrochemicals Limited	Director	29-09-97	29-09-97	05-10-09	Active	NO
3	L51909GJ1994PLC022719	Nandan Exim Limited	Director	11-08-03	11-08-03	-	Active	NO
4	L17111GJ2003PLC043354	CIL Nova Petrochemicals Limited	Director	17-12-03	17-12-03	-	Active	NO
5	U17111GJ2004PLC044476	Nova Petrofils Limited	Director	19-07-04	19-07-04	25-08-07	Active	NO
6	U18109GJ2008PLC052724	Chiripal Lifestyle Limited	Director	24-01-08	24-01-08	-	Active	NO
7	U40108GJ2008PLC053994	Chiripal Energy Limited	Director	23-05-08	23-05-08	-	Active	NO
8	U17120MH2009PLC195352	Chiripal Poly Films Limited	Director	31-08-09	31-08-09	-	Active	NO
9	U80301GJ2012NPL068844	Shanti Innovation and Research Foundation	Director	02-02-12	02-02-12	-	Active	NO
10	U15100GJ2012PTC069047	Vraj Mega Food Park Private Limited	Director	15-02-12	15-02-12	-	Active	NO
11	U70101RJ2012PTC038713	Nav Srajan Projects Private Limited	Director	27-04-12	27-04-12	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Dilip Singh
Designation :	Manager (Purchase Department)

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Jaiprakash D. Chiripal	66000
Vedprakash D. Chiripal	64000
Jyotiprasad D. Chiripal	64000
Vishal V. Chiripal	122000
Deepak J. Chiripal	122000
Rajesh Bindal	1000
Amit Bindal	1000
Brijmohan D. Chiripal	50000
Priyanka B. Agarwal	60000
Manjudevi J. Chiripal	250000
Nidhi J. Agarwal	75000
Ruchi B. Agarwal	65000
Ronak B. Agarwal	100000
Pritidevi B. Chiripal	100000
Urmiladevi J. Agarwal	120000
Savitridevi V. Chiripal	120000
Vineeta V. Chiripal	85000
Nitika D. Chiripal	85000
Desert Diamond General Trading LLC, U.A.E.	12977
Neelam Sharma	13462
Shyamsunder Sharma	4171
Bhushan Petrofils Private Limited, India	35000
Shanti Educational Initiatives Limited, India	5500
Chiripal Textile Mills Private Limited, India	30000
Dindayal Processors Private Limited, India	35000
Sparow Exports Private Limited, India	70000
Vijay Subham Contrade Private Limited, India	1000
Prakash Calender Private Limited, India	30000
Orange Mauritius Investment Limited, Republic of Mauritius	198000
Total	1985110

As on 30.09.2011

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]	11.52
Bodies corporate	10.40
Directors or relatives of directors	78.08
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Trader, Exporter and Importer of BOPP Films, Busbar Grade Film, Multi Layered Film, Clear BOPP Films, BOPP Metallized Films, BOPP Glossy Films.
Agencies Held :	v Constabe (Germany) v Vin Mark (U.A.E.) v Ineos Europe
Exports :
Countries :	U.A.E.
Imports :
Countries :	v Thailand v U.A.E. v Germany v Indonesia
Terms :
Selling :	L/C and Cash
Purchasing :	L/C and Cash

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Installed Capacity	Actual Production
BOPP Films, Busbar Grade Film, Multi Layered Film, Clear BOPP Films, BOPP Metallized Films, BOPP Glossy Films.	214 metric ton per month	80%

GENERAL INFORMATION

Suppliers :

v Reliance

Customers :

Wholesalers

No. of Employees :

Approximately 128 (In Office – 40, In Factory – 80, In Branch – 8)

Bankers :

v Punjab National Bank, Mid Corporate Branch, 12/14, Brady House, V.N. Road, Fort, Mumbai – 400 023, Maharashtra, India

v Oriental Bank of Commerce, Large Corporate Branch, 181-A, Maker Tower 'E', 18^th Floor, Cuffe Parade, Mumbai – 400 005, Maharashtra, India

v Oriental Bank of Commerce, Ahmedabad, Gujarat, India

v IDBI Bank Limited

v Axis Bank Limited

v The Kalupur Commercial Co-Operative Bank Limited

Facilities :

Cash Credit – Rs.250.000 millions (Punjab National Bank)

Cash Credit – Rs.150.000 millions (Oriental Bank of Commerce, Ahmedabad)

Secured Loans	31.03.2011 Rs. In Millions	31.03.2010 Rs. In Millions
Tata Capital Limited (Secured against Vehicle)	0.611	0.000
Total	0.611	0.000

Unsecured Loans	31.03.2011 Rs. In Millions	31.03.2010 Rs. In Millions
Inter Corporate Loans	44.973	0.100
Total	44.973	0.100

Banking Relations :	--
Auditors :
Name :	G.K. Choksi and Company Chartered Accountants
Address :	“Madhuban”, Near Madaipur Underbridge, Ellisbridge, Ahmedabad – 380 006, Gujarat, India
Tel. No.:	91-79-30012009
E-Mail :	info@gkcco.com
Income-tax PAN of auditor or auditor's firm :	AAAFG7623H
Enterprises over which key management personnel exercise significant influence :	v Vraj Integrated Textile Park Limited v Chiripal Industries Limited

CAPITAL STRUCTURE

As on 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
3000000	Equity Shares	Rs.10/- each	Rs.30.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1985110	Equity Shares	Rs.10/- each	Rs.19.851 millions

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
3000000	Equity Shares	Rs.10/- each	Rs.30.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1787110	Equity Shares	Rs.10/- each	Rs.17.871 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		17.871	15.500
2] Share Application Money		44.710	43.157
3] Reserves & Surplus		234.908	0.043
4] (Accumulated Losses)		0.000	0.000
NETWORTH		297.489	58.700
LOAN FUNDS
1] Secured Loans		0.611	0.000
2] Unsecured Loans		44.973	0.100
TOTAL BORROWING		45.584	0.100
DEFERRED TAX LIABILITIES		0.066	0.000
TOTAL		343.139	58.800
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1.873	0.006
Capital work-in-progress		216.479	1.075
INVESTMENT		8.171	5.716
DEFERRED TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000
	Sundry Debtors	0.584	0.584
	Cash & Bank Balances	102.569	0.340
	Other Current Assets	0.000	0.000
	Loans & Advances	30.178	55.420
Total Current Assets		133.331	56.344
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	16.016	3.658
	Other Current Liabilities	0.475	0.503
	Provisions	0.224	0.180
Total Current Liabilities		16.715	4.341
Net Current Assets		116.616	52.003
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		343.139	58.800

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010
	SALES
		Commission Income	0.882	0.649
		Other Income	0.003	0.000
		TOTAL	0.885	0.649
Less	EXPENSES
		Administrative and Other Expenses	0.359	0.386
		Employees’ Cost and Benefits	0.205	0.040
		TOTAL	0.564	0.426
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		0.321	0.223
Less/ Add	DEPRECIATION/ AMORTISATION		0.085	0.000
	PROFIT BEFORE TAX		0.236	0.223
Less	TAX		0.109	0.181
	PROFIT AFTER TAX		0.127	0.042
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		0.042	0.000
	BALANCE CARRIED TO THE B/S		0.169	0.042
	Earnings Per Share (Rs.)		0.78	0.03

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010
PAT / Total Income	(%)	14.35	6.47
Net Profit Margin (PBT/Sales)	(%)	26.67	34.36
Return on Total Assets (PBT/Total Assets}	(%)	0.17	0.40
Return on Investment (ROI) (PBT/Networth)		0.00	0.00
Debt Equity Ratio (Total Liability/Networth)		0.21	0.08
Current Ratio (Current Asset/Current Liability)		7.98	12.98

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	Yes
9) Name of person contacted	Yes
10) Designation of contact person	Yes
11) Turnover of firm for last two 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	Yes
17) Major suppliers	Yes
18) Major customers	No
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	Yes
28) Incorporation details, if applicable	Yes
29) Last accounts filed at ROC	Yes
30) Major Shareholders, if available	Yes

PERFORMANCE:

During the year, the total income generated was Rs.0.884 million as compared to the total income of Rs.0.648 million over the previous year and the Net profit after Tax was Rs.0.127 million as compared to previous year’s profit of Rs.0.042 million. However, the Directors would like to state that the Company is implementing the project and commercial activities are yet to commence and the Directors expect to implement the project during the current year.

Bankers Charges Report as per Registry

Corporate identity number of the company	U17120MH2009PLC195352
Name of the company	CHIRIPAL POLY FILMS LIMITED
Address of the registered office or of the principal place of business in India of the company	109/110, Peninsula Centre, Dr. S.S. Rao Road, Parel, Mumbai – 400 012, Maharashtra, India E-Mail: cs.gen@chiripalgroup.com
This form is for	Creation of charge
Type of charge	Immovable Property Others (Subservient Charge on all fixed assets)
Particular of charge holder	Punjab National Bank, Mid Corporate Branch, 12/14, Brady House, V.N. Road, Fort, Mumbai – 400 023, Maharashtra, India E-Mail: pnbbradyhouse@rediffmail.com
Nature of description of the instrument creating or modifying the charge	Supplemental Joint Deed of Hypothecation by way of Subservient Charge dated 03.02.2012.
Date of instrument Creating the charge	03.02.2012
Amount secured by the charge	Rs.1100.000 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest: BR + 3% = (presently 13.75 with monthly rests) as per respective sanction by member banks. Terms of Repayment: One year subject to renewal as per respective sanction by member banks. Margin: For Fund Based: 25% on stock 25% on book debts For Non Fund Based: 10% as per respective sanction by member banks. Extent and Operation of the charge: The hypothecation charge by way of subservient charge on pari passu basis over all fixed assets to member banks as per second schedule of Supplemental Joint Deed of Hypothecation by way of Subservient Charge dated 03.02.2012.
Short particulars of the property charged	The description of hypothecated assets by way of Subservient Charge to be set up at Plot No.14, Vraj Integrated Textile Park Limited, N.H. No.8, Ahmedabad-Baroda Highway, Village Bidaj, Taluka and District: Kheda - 397420 (Gujarat).

TRADE REFERENCES:

v Reliance

FIXED ASSETS:

Tangible Assets

v Office Equipments

v Computer

v Furniture

v Vehicle

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 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.56.29
UK Pound	1	Rs.88.25
Euro	1	Rs.70.82

INFORMATION DETAILS

Report Prepared by :

SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	2
--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		26

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.