MIRA INFORM REPORT

Report Date :

24.11.2012

IDENTIFICATION DETAILS

Name :	EVERSHINE OLEOCHEM LIMITED (w.e.f. 13.07.2010)
Formerly Known As :	EVERSHINE OLEOCHEM PRIVATE LIMITED
Registered Office :	614, Tulsiani Chambers, Nariman Point, Mumbai – 400 021, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	29.01.1996
Com. Reg. No.:	11-096636
Capital Investment / Paid-up Capital :	Rs.132.600 Millions
CIN No.: [Company Identification No.]	U24110MH1996PLC096636
PAN No.: [Permanent Account No.]	AABCR5330E
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturing and Trading of Soap Products, Nutraceticals and Food Supplements Items and Cosmetics Variant.
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 544000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. The company has been successful in wiping off the accumulated losses of previous years. Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some cautions.

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 :	614, Tulsiani Chambers, Nariman Point, Mumbai – 400 021, Maharashtra, India
Tel. No.:	91-22-22042867
Fax No.:	Not Available
E-Mail :	rajesh_sagre@ruchigroup.com rl_gupta@ruchigroup.com

DIRECTORS

As on 30.09.2011

Name :

Mr. Dinesh Chandra Shahra

Designation :

Director

Address :

Sharda Building, Flat No.2-A Road, Church Gate, Mumbai – 400 020, Maharashtra, India

Date of Birth/Age :

14.07.1952

Qualification :

BE (Chemical Engineer)

Date of Appointment :

29.01.1996

DIN No.:

00533055

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	U74999MH1979PTC028051	Shahra Brothers Private Limited	Director	19-12-79	19-12-79	-	Active	NO
2	L15140MH1986PLC038536	Ruchi Soya Industries Limited	Managing director	07-01-11	07-01-86	-	Active	NO
3	L65990MH1984PLC033878	Ruchi Infrastructure Limited	Director	15-05-92	15-05-92	-	Active	NO
4	U51200MH1994PTC077085	Shahra Estate Private Limited	Director	15-03-94	15-03-94	-	Active	NO
5	U40105MP1994PLC008600	Ruchi Power Corporation Limited	Director	08-09-94	08-09-94	28-07-11	Active	NO
6	U27100MH1995PLC091905	Ruchi Integrated Steels (India) Limited	Director	17-08-95	17-08-95	28-07-11	Active	NO
7	U45200MH1996PTC096642	Ruchi Realty Private Limited	Director	29-01-96	29-01-96	06-03-09	Active	NO
8	U24110MH1996PLC096636	Evershine Oleochem Limited	Director	29-01-96	29-01-96	-	Active	NO
9	U15499MH1996PLC100016	Ruchi Worldwide Limited	Director	05-06-96	05-06-96	-	Active	NO
10	U85110KA1997PTC021887	Mangalore Liquid Impex Private Limited	Director	04-03-97	04-03-97	-	Active	NO
11	U40108MP1997PTC012379	Ruchi Multitrade Private Limited	Director	13-10-97	13-10-97	-	Active	NO
12	U15100MH2000NPL123976	Indian Vegetable Oil Processors Association Limited	Director	01-02-00	01-02-00	-	Active	NO
13	U51909MH2003PLC140402	Sunshine Oleochem Limited	Director	30-06-05	30-06-05	-	Amalgamated	NO
14	U15143MH2006PLC197062	Mac Oil Palm Limited	Additional director	28-03-07	28-03-07	29-09-07	Amalgamated	NO
15	U40102MH2007PTC176020	Ruchi Green Energy Private Limited	Director	20-11-07	20-11-07	-	Active	NO
16	U45200MH2005PTC155055	Brightstar Infrastructure Private Limited	Director	30-09-08	06-02-08	-	Active	NO
17	U45207MH2007PLC173442	Ruchi Realty Holdings Limited	Additional director	25-03-08	25-03-08	26-03-08	Active	NO
18	U45202MH2008PTC177745	Hightech Realties Private Limited	Director	02-04-08	02-04-08	-	Active	NO
19	U45400MH2008PTC177867	Spectra Realties Private Limited	Director	02-03-09	02-03-09	-	Active	NO
20	U74999DL2009PTC192620	Jafra Ruchi Cosmetics India Private Limited	Director	27-07-09	27-07-09	-	Active	NO
21	U74140HR2010PTC040510	Ifarm Venture Advisors Private Limited	Director	03-12-10	03-12-10	-	Active	NO
22	U74140HR2010PTC041774	Ifarm Equity Advisors Private Limited	Director	31-12-10	31-12-10	-	Active	NO
23	U70102MH2008PTC182409	Delite Ventures Private Limited	Director	10-05-11	10-05-11	-	Active	NO
24	U74992MH2011PTC224782	Saharsh Brokers Private Limited	Director	12-12-11	12-12-11	-	Active	NO

Name :

Mr. Vijay Kumar Jain

Designation :

Director

Address :

C-119, Ground Floor, Suncity, Sector – 54, Gurgaon – 122 002, Haryana, India

Date of Birth/Age :

03.10.1957

Qualification :

BSc (Physics Hons.)

Date of Appointment :

13.01.2010

DIN No.:

00098298

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U74899DL1978NPL009493	Indian Vanaspati Producers Association	Director	14-09-06	14-09-06	Active	NO
2	L15140MH1986PLC038536	Ruchi Soya Industries Limited	Whole-time director	30-09-09	27-07-09	Active	NO
3	U24110MH1996PLC096636	Evershine Oleochem Limited	Director	13-01-10	13-01-10	Active	NO
4	U51909MH2003PTC138972	Mrig Trading Private Limited	Director	20-01-10	20-01-10	Active	NO
5	U23209UR2004PLC032537	Uttaranchal Bio Fuels Limited	Director	01-10-10	01-10-10	Active	NO
6	L65990MH1984PLC033878	Ruchi Infrastructure Limited	Director	30-09-11	10-11-10	Active	NO
7	U15499MH1996PLC100016	Ruchi Worldwide Limited	Additional director	12-01-11	12-01-11	Active	NO

Name :

Mr. Ram Sarup Agarwal

Designation :

Director

Address :

H. No.727, Amarddeep Colony, C/O ABC, Rajpura – 140 401, Punjab, India

Date of Birth/Age :

01.01.1947

Qualification :

BE (Chemical Engineer)

Date of Appointment :

18.05.2010

DIN No.:

03067939

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U51909MH2003PLC140402	Sunshine Oleochem Limited	Director	18-05-10	18-05-10	Amalgamated	NO
2	U24110MH1996PLC096636	Evershine Oleochem Limited	Director	18-05-10	18-05-10	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Dinesh Shahra	1600
Suresh Shahra	100
Umesh Shahra	100
Nitesh Shahra	100
Sarvesh Shahra	7800
R.L. Gupta	100
Naveen Gupta	100
Dinesh Khandelwal	100
Dinesh Shahra (Trustee of Shiva Foundation)	13250000
Total	13260000

As on 30.09.2011

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing and Trading of Soap Products, Nutraceticals and Food Supplements Items and Cosmetics Variant.

Products :

Product Descriptions	ITC Code
Toilet Soap	340111
Food Supplements	330300
Cosmetic	330410

PRODUCTION STATUS (AS ON 31.03.2010)

INSTALLED CAPACITY

As reviewed during the year and certified by the management and relied by the auditors, being technical matter.

PRODUCT	Installed Capacity (MT per annum)
Toilet Soap	47520
Nutraceticals and Food Supplements	5000
Cosmetics Variant	6000

The Licensed capacity is not given as licensing has been abolished.

ACTUAL PRODUCTION

Particulars	Actual Production (Qty. in MT)
Toilet Soap	95.30
Nutraceticals and Food Supplements	0.57
Cosmetics Variant	0.16

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

State Bank of Mysoye, 579, Sunrise Towers, M.G. Road, Indore – 452 001, Madhya Pradesh, India

Facilities :

Secured Loan	31.03.2011 (Rs. In Millions)	31.03.2010 (Rs. In Millions)
Rupee term loans secured	167.513	156.818
Working capital loans banks secured	34.868	0.000
Total	202.381	156.818

Unsecured Loan	31.03.2011 (Rs. In Millions)	31.03.2010 (Rs. In Millions)
Rupee term loans unsecured	93.862	41.218
Total	93.862	41.218

Banking Relations :	--
Auditors :
Name :	Ashok Khasgiwala and Company Chartered Accountants
Address :	317, Chetak Centre, Annex, R.N.T. Marg, Indore – 452 001, Madhya Pradesh, India
Tel. No.:	91-731-2517341/ 4069301/ 2523134
E-Mail :	ashokkhasgiwala@yahoo.com
PAN No.:	AACFA7732P
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	Ruchi Soya Industries Limited, India CIN No.: L15140MH1986PLC038536 Sunshine Oleochem Limited, India CIN No.: U51909MH2003PLC140402

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
14000000	Equity Shares	Rs.10/- each	Rs.140.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
13260000	Equity Shares	Rs.10/- each	Rs.132.600 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		132.600	132.600	0.100
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		3.389	0.000	0.000
4] (Accumulated Losses)		0.000	(3.614)	0.000
NETWORTH		135.989	128.986	0.100
LOAN FUNDS
1] Secured Loans		202.381	156.818	0.000
2] Unsecured Loans		93.862	41.218	0.000
TOTAL BORROWING		296.243	198.036	0.000
DEFERRED TAX LIABILITIES		2.796	0.917	0.000
TOTAL		435.028	327.939	0.100
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		359.372	338.053	0.000
Capital work-in-progress		0.871	11.129	0.000
INVESTMENT		0.000	0.000	0.000
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	53.471	22.801	0.000
	Sundry Debtors	900.750	1.692	0.000
	Cash & Bank Balances	2.426	1.305	0.014
	Other Current Assets	0.558	0.000	0.000
	Loans & Advances	1.105	1.560	0.000
Total Current Assets		958.310	27.358	0.014
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	877.550	41.079	0.001
	Other Current Liabilities	3.801	7.720	0.004
	Provisions	2.355	0.043	0.000
Total Current Liabilities		883.706	48.842	0.005
Net Current Assets		74.604	(21.484)	0.009
MISCELLANEOUS EXPENSES		0.181	0.241	0.091
TOTAL		435.028	327.939	0.100

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Operating Revenue, Net	2631.988	1.808	0.000
		Other Income	1.410	0.020	0.000
		TOTAL (A)	2633.398	1.828	0.000
Less	EXPENSES
		Consumption materials changes inventories	2541.547	1.593	0.000
		Manufacturing service costs	4.730	0.190	0.000
		Employee related expenses	14.345	0.477	0.000
		Administrative selling other expenses	16.126	0.822	0.000
		TOTAL (B)	2576.748	3.082	0.000
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		56.650	(1.254)	0.000
Less	INTEREST FINANCIALCHARGES (D)		31.275	0.809	0.000
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		25.375	(2.063)	0.000
Less/ Add	DEPRECIATION/ AMORTISATION (F)		14.281	0.635	0.000
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		11.094	(2.698)	0.000
Less	TAX (H)		4.090	0.917	0.000
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		7.004	(3.615)	0.000
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(3.615)	0.000	0.000
	BALANCE CARRIED TO THE B/S		3.389	(3.615)	0.000
	EARNINGS IN FOREIGN CURRENCY		109.032	0.000	0.000
	IMPORTS
		Capital Goods	NA	45.121	0.000
	TOTAL IMPORTS		NA	45.121	0.000
	Earnings/ (Loss) Per Share (Rs.)		0.05	(0.27)	0.00

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.27	(197.76)	0.00
Net Profit Margin (PBT/Sales)	(%)	0.42	(149.23)	0.00
Return on Total Assets (PBT/Total Assets}	(%)	0.84	(0.74)	0.00
Return on Investment (ROI) (PBT/Networth)		0.08	(0.02)	0.00
Debt Equity Ratio (Total Liability/Networth)		8.68	1.91	0.05
Current Ratio (Current Asset/Current Liability)		1.08	0.56	2.80

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	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	No
30]	Major Shareholders, if available	Yes
31]	PAN of Proprietor/Partner/Director, if available	No
32]	Date of Birth of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U24110MH1996PLC096636
Name of the company	EVERSHINE OLEOCHEM LIMITED
Address of the registered office or of the principal place of business in India of the company	408, Tulsiani Chambers, Nariman Point, Mumbai – 400 021, Maharashtra, India E-Mail: rs_aggarwal@ruchigroup.com
This form is for	Creation of charge
Type of charge	Movable property (not being pledge) Floating charge
Particular of charge holder	State Bank of Mysoye, 579, Sunrise Towers, M. G. Road, Indore – 452 001, Madhya Pradesh, India E-Mail: indore@sbm.co.in
Nature of instrument creating charge	Joint deed of hypothecation executed on 12^th day of October, 2010 for securing overall limit (FB and NFB) up to Rs.355.000 Millions
Date of instrument Creating the charge	12.10.2010
Amount secured by the charge	Rs.355.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest 1% below SBMPLR, presently 11.25% (floating) against the applicable rate of 13%. Terms of Repayment 12 months Margin CC (Hypothecation):- 25% on stocks 40% on receivables (cover period-90 days) LC:- 10% by way TDR/STDRs duly lien noted/discharged BG:- 10% by way of TDR. 100% in case of disputed guarantees. Extent and Operation of the charge PRIMARY-First charge by way of hypothecation on current assets, COLLATERAL-Extension of scope of mortgage charge over land and building of the Company already mortgaged for their Term Loan. Extension of first charge on company's Fixed Assets (Present and future.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	PRIMARY-First charge by way of hypothecation over entire current assets, Bills under the LC, BL/RRs/MTRs/AW made out/endorsed in favour on the bank for purchase of raw material/stores, first charge over current assets of the company.

CONTINGENT LIABILITY NOT PROVIDED FOR:

Particulars	31.03.2011 (Rs. in Millions)	31.03.2010 (Rs. in Millions)
a) Estimated Value of contract remaining to be executed on capital account (Net of Advance)	0.000	6.753
b) Outstanding bank guarantee	0.000	0.000

FIXED ASSETS:

v Freehold Land

v Building

v Plant and Machinery

v Furniture and Fixture

v Vehicles

v Office Equipment

v Computer and Printers

v Lab Equipments

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.55.34
UK Pound	1	Rs.88.30
Euro	1	Rs.71.37

INFORMATION DETAILS

Report Prepared by :

TPT

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	NO
--AFFILIATION	YES/NO	YES
--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.