MIRA INFORM REPORT

Report Date :

09.11.2012

IDENTIFICATION DETAILS

Name :	RUSKIN TITUS INDIA PRIVATE LIMITED (w.e.f. 22.10.2012)
Formerly Known As :	CARYAIRE AIR SYSTEM COMPONENTS PRIVATE LIMITED
Registered Office :	2^nd Floor, C-434, Defense Colony, New Delhi-110024
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	22.03.2007
Com. Reg. No.:	55-161012
Capital Investment / Paid-up Capital :	Rs. 4.183 Millions
CIN No.: [Company Identification No.]	U45200DL2007PTC161012
TAN No.: [Tax Deduction & Collection Account No.]	DELC09516D
PAN No.: [Permanent Account No.]	AADCC0463B
Legal Form :	Private Limited Liability Company.
Line of Business :	Manufacturer of Air Distribution Products
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (27)

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

Maximum Credit Limit :	USD 530000
Status :	Moderate
Payment Behaviour :	Slow But Correct
Litigation :	Clear
Comments :	Subject is a 50:50 point venture with us based Tomkins Group Companies, Titus and Ruskin. It is well established company having moderate track. There appear huge accumulated losses recorded by the company. However, trade relations are reported to be fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some caution.

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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

LOCATIONS

Registered Office :	2^nd Floor, C-434, Defense Colony, New Delhi-110024, India
Tel. No.:	91-120-2580553 / 54 / 55 / 56
Fax No.:	91-120-2580557
E-Mail :	nwadhwa@caryaire.com

DIRECTORS

AS ON 31.08.2012

Name :	Mr. Anil Maheshwari
Designation :	Director
Address :	B-37, Sector-52, Noida, Uttar Pradesh, India
Date of Birth/Age :	26.03.1949
Date of Appointment :	22.03.2007
Date of Cessation :	07.09.2012
DIN No.:	00086998
Name :	Mr. Shami Bhardwaj
Designation :	Director
Address :	Flat No.902, Emperor-II, Supertech Emerald Court, Sector-93A, Noida, Uttar Pradesh, India
Date of Birth/Age :	17.12.1972
Date of Appointment :	22.03.2007
Date of Cessation :	07.09.2012
DIN No.:	00268508
Name :	Mr. Vineet Umesh Gupta
Designation :	Alternate Director
Address :	M/5/41, 325, Shastri Nagar, Naranpura, Ahmedabad, Gujarat, India
Date of Birth/Age :	20.01.1980
Date of Appointment :	29.06.2010
DIN No.:	01605008

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	U24119GJ2002PTC040778	ACME COLCHEM PRIVATE LIMITED	Director	24/05/2002	24/05/2002	Active	NO
2	U32109DL1995PTC211887	ROLASTAR PRIVATE LIMITED	Managing director	01/07/2011	01/08/2009	Active	NO
3	U45200DL2007PTC161012	RUSKIN TITUS INDIA PRIVATE LIMITED	Alternate director	29/06/2010	04/12/2009	Active	NO

Name :	Mr. Sanjay Mangal
Designation :	Director
Address :	EM-104, excel Apartments, 180, G T Road, Sahibadad, Ghaziabad, India
Date of Birth/Age :	01.04.1971
Date of Appointment :	27.09.2007
Date of Cessation :	07.09.2012
DIN No.:	01611319
Name :	Mr. Nitin Kaul
Designation :	Director
Address :	45, south Lodge, Circus Road, ST John’s Wood, NW8, 9ET, London
Date of Birth/Age :	11.08.1974
Date of Appointment :	27.09.2007
DIN No.:	01718619

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	L28991PN1961PLC139151	SCHRADER DUNCAN LIMITED	Director	13/08/2012	31/10/2006	Active	NO
2	U45200DL2007PTC161012	RUSKIN TITUS INDIA PRIVATE LIMITED	Director	27/09/2007	27/09/2007	Active	NO
3	U32109DL1995PTC211887	ROLASTAR PRIVATE LIMITED	Managing director	31/03/2009	19/02/2008	Active	NO
4	U74140DL2008FTC178776	TOMKINS CONSULTING SERVICES INDIA PRIVATE LIMITED	Director	29/05/2008	29/05/2008	Active	NO
5	U25192TN2002PTC049526	GATES UNITTA INDIA COMPANY PRIVATE LIMITED	Director	29/09/2012	05/01/2012	Active	YES
6	U74899DL1995PTC072863	GATES INDIA PRIVATE LIMITED	Director	29/09/2012	01/02/2012	Active	NO

Name :	Mr. Thomas Robert Edwards
Designation :	Director
Address :	3401, Ironhorse CT, Leawood Kansas, US
Date of Birth/Age :	23.10.1957
Date of Appointment :	27.09.2007
DIN No.:	01728955

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	U45200DL2007PTC161012	RUSKIN TITUS INDIA PRIVATE LIMITED	Director	27/09/2007	27/09/2007	Active	NO
2	U32109DL1995PTC211887	ROLASTAR PRIVATE LIMITED	Director	25/09/2008	19/02/2008	Active	NO

Name :	Mr. Jon David Muckley
Designation :	Director
Address :	3528, Monecito, Denton, USA
Date of Birth/Age :	26.06.1955
Date of Appointment :	24.09.2009
DIN No.:	02765719

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	U45200DL2007PTC161012	RUSKIN TITUS INDIA PRIVATE LIMITED	Director	24/09/2009	24/09/2009	Active	NO
2	U32109DL1995PTC211887	ROLASTAR PRIVATE LIMITED	Additional director	10/06/2010	10/06/2010	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 31.08.2012

Names of Shareholders	No. of Shares
Caryaire Equipments India Private Limited, India	2091630
Tomkins Mauritius Company Limited, Mauritius	2091630
TOTAL	4183260

AS ON 07.09.2012

Names of Allottees	No. of Shares
Tomkins Mauritius Company Limited, Mauritius	1945251
TOTAL	1945251

AS ON 12.09.2012

Names of Allottees	No. of Shares
Tomkins Mauritius Company Limited, Mauritius	1802579
TOTAL	1802579

AS ON 31.08.2012

Equity Shares Break Up	Percentage of Holding
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	50.00
Bodies corporate	50.00
TOTAL	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Air Distribution Products

PRODUCTION STATUS (AS ON : 31.03.2011)

Particulars	Unit	Actual Production
ADP	Nos.	182210
ACD	Nos.	689579

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Axis bank Limited, B-2, B-3, Sector-16, Noida-201301, Uttar Pradesh, India

Facilities :

Secured Loan

Rs. In Millions

31.03.2012

Rs. In Millions

31.03.2011

Long-Term Borrowings

Term Loans

- From Banks

6.794

13.038

Short-Term Borrowings

Loans repayable on demand

Cash credit facilities from bank

11.819

15.007

TOTAL

18.613

28.045

Unsecured Loan

Rs. In Millions

31.03.2012

Rs. In Millions

31.03.2011

Short-Term Borrowings

Loans from related parties

Caryaire Equipments India Private Limited

0.000

10.300

Loans from other than related parties

3.900

8.959

TOTAL

3.900

19.259

NOTES

Long-Term Borrowings

Term Loan from Banks (Secured)

Term Loan from Bank was taken during the Financial Year 2008-09 for part financing purchase of Plant and Machinery and carries interest @ 14% to 16% p.a. The Principal Amount is repayable as per the following schedule of repayment.

YEAR	NO. OF EMI	MONTHLY EMI	PRINCIPAL REPAID
2009-10	12	2.00	2.400
2010-11	12	3.00	3.600
2011-12	12	4.00	4.800
2012-13	12	5.25	6.300
2013-14	11	6.50	7.150
2013-14	1	7.50	0.750
	60		25.000

The Term Loan is primarily secured by way of 1^st Hypothecation charge over moveable fixed assets / plant and machinery excluding vehicles. The Term Loan is further secured by way of the following:

1. Charge over Current Assets of the Company

2. Collateral security by way of English Mortgage over the properties in the name of Caryaire Equipments India Private Limited

3. Corporate Guarantee of Caryaire Equipments India Private Limited and Tomkins Plc

4. Personal Guarantee of Mr. Anil Maheshwari and Mr. Shami Bhardwaj, being the Directors of the Company

Short-Term Borrowings

1. Other Loan and Advances- Cash Credit Facilities

Cash credit facility from Bank carries interest @ 14% to 16% p.a. and is primarily secured by way of 1^st hypothecation charge over Current Assets of the Company. Further the Cash Credit Facility is collaterally secured by way of following charges.

2. Loans and advances from related parties (Unsecured)

Loans and advances from Related Parties carry interest @ 12% p.a.

3. Loans and advances from other than related parties (Unsecured)

Loans and advances from other than related rarties carry interest @ 12% p.a. and are due to relatives of Director.

Banking Relations :	--
Auditors :
Name :	G C Sharda and Company Chartered Accountant
Address :	D-34, LGF, East Of Kailash, New Delhi-110065, India
PAN No.:	AAAFG4721C

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
4200000	Equity Shares	Rs.1/- each	Rs. 4.200 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4183260	Equity Shares	Rs.1/- each	Rs. 4.183 Millions

NOTES

(a) Reconciliation of the shares outstanding at the beginning and at the end of the reporting period

	31.03.2012
EQUITY SHARES	NUMBER	RS. IN MILLIONS
Shares Outstanding at the beginning of the Year	40,00,000	4.000
Add: Shares Issued during the year	1,83,260	0.183
Shares Outstanding at the end of the year	41,83,260	4.183

(b) Terms/ rights attached to equity shares

The company has only one class of equity shares having par value of Rs.1 per share. Each holder of equity shares is entitled to one vote per share. The company declares and pays dividends in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the share holders in the ensuing Annual General Meeting. In the event of liquidation of the company, the holders of equity shares will been titled to receive remaining assets of the company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

(c) Details of shareholders holding more than 5% shares in the company

	31.03.2012
EQUITY SHARES	NUMBER	% HOLDING IN THE
Caryaire Equipments India Private Limited	20,91,630	50%
Tomkins Mauritius Company Limited	20,91,630	50%
	41,83,260	100%

As per of the company including its register of shareholders/ members and other declarations received from shareholders regarding beneficial interest, the above shareholding represents both legal and beneficial ownerships of shares

AS ON 31.08.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
8050000	Equity Shares	Rs.1/- each	Rs. 8.050 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
7931090	Equity Shares	Rs.1/- each	Rs. 7.931 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		4.183	4.000	4.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		128.475	104.324	151.449
4] (Accumulated Losses)		0.000	0.000	(31.273)
NETWORTH		132.658	108.324	124.176
LOAN FUNDS
1] Secured Loans		18.613	28.045	40.057
2] Unsecured Loans		3.900	19.259	18.800
TOTAL BORROWING		22.513	47.304	58.857
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		155.171	155.628	183.033
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		78.032	89.828	102.194
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		24.870	16.095	3.985
Other Non-Current Assets		2.000	3.835	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	45.925	46.749	52.992
	Sundry Debtors	105.988	83.067	79.882
	Cash & Bank Balances	4.496	2.241	4.817
	Other Current Assets	0.923	2.363	0.000
	Loans & Advances	16.650	14.134	18.593
Total Current Assets		173.982	148.554	156.284
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	105.827	89.872	76.633
	Other Current Liabilities	17.010	12.460	2.678
	Provisions	0.876	0.352	0.145
Total Current Liabilities		123.713	102.684	79.456
Net Current Assets		50.269	45.870	76.828
MISCELLANEOUS EXPENSES		0.000	0.000	0.026
TOTAL		155.171	155.628	183.033

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	258.896	248.889	59.695
		Other Income	0.556	1.133	2.378
		TOTAL (A)	259.452	250.022	62.073
Less	EXPENSES
		Cost of Materials Consumed	151.594	151.747	0.000
		Purchase of Stock in Trade	0.000	0.132	0.000
		Changes In Inventories	4.968	2.867	0.000
		Manufacturing Expenses	43.500	45.993	0.000
		Employee Benefit Expenses	11.811	11.292	0.000
		Other Expenses	49.059	44.969	51.764
		Preliminary Expenses W/Off	0.000	0.000	0.013
		TOTAL (B)	260.932	257.000	51.777
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(1.480)	(6.978)	10.296
Less	FINANCIAL EXPENSES (D)		5.081	5.071	4.441
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(6.561)	(12.049)	5.855
Less/ Add	DEPRECIATION/ AMORTISATION (F)		14.133	14.874	15.325
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		(20.694)	(26.923)	(9.470)
Less	TAX (H)		(8.774)	(12.109)	(10.212)
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		(11.920)	(14.814)	0.742
	Prior Period (Expenses) / Income		0.167	(1.037)	0.000
	PROFIT / (LOSS) FOR THE PERIOD		(11.753)	(15.851)	--
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	NA	(32.015)
	BALANCE CARRIED TO THE B/S		NA	NA	(31.273)
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	43.644	44.795	35.625
	TOTAL EARNINGS		43.644	44.795	35.625
	IMPORTS
		Raw Materials	33.917	36.005	53.899
		Traded Goods	0.000	0.000	0.199
	TOTAL IMPORTS		33.917	36.005	54.098
	Earnings Per Share (Rs.)		(2.87)	(3.87)	--

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	(4.59)	(5.93)	1.20
Net Profit Margin (PBT/Sales)	(%)	(7.99)	(10.82)	(15.86)
Return on Total Assets (PBT/Total Assets}	(%)	(7.42)	(10.42)	(3.61)
Return on Investment (ROI) (PBT/Networth)		0.15	0.25	0.08
Debt Equity Ratio (Total Liability/Networth)		1.10	1.38	1.11
Current Ratio (Current Asset/Current Liability)		1.41	1.45	1.97

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	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	No
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
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
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

FIXED ASSETS

· Plant and Equipments

· Furniture and Fixtures

· Office Equipments

· Electrical Fittings

· Computers

· Dies and Moulds

· Gas Cylinder

· Computer Software

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. 54.44
UK Pound	1	Rs. 87.00
Euro	1	Rs. 69.47

INFORMATION DETAILS

Report Prepared by :

DPT

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	3
--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		27

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.