MIRA INFORM REPORT

Report Date :

08.10.2012

IDENTIFICATION DETAILS

Name :	FALCON PUMPS PRIVATE LIMITED
Registered Office :	Survey No.39/4,Vavdi Industrial Area, B/H. Hotel Krishna Park, Gondal Road, N.H.8B, Rajkot – 360004, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	19.05.1997
Com. Reg. No.:	04-032360
Capital Investment / Paid-up Capital :	Rs.0.980 Million
CIN No.: [Company Identification No.]	U55101GJ1997PTC032360
TAN No.: [Tax Deduction & Collection Account No.]	RKTF00050B
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Submersible Pumps and Motors.
No. of Employees :	500 (Approximately) (In Office + In Factory)

RATING & COMMENTS

MIRA’s Rating :

Ba (51)

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

Maximum Credit Limit :	USD 590000
Status :	Satisfactory
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – 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.

INFORMATION PARTED BY

Name :	Mr. Hardik Vyas
Designation :	Senior Manager Exports
Contact No.:	91-9727700583
Date :	04.10.2012

LOCATIONS

Registered Office / Factory :	Survey No.39/4,Vavdi Industrial Area, B/H. Hotel Krishna Park, Gondal Road, N.H.8B, Rajkot – 360004, Gujarat, India
Tel. No.:	91-281-2370801/02/03/04/05
Fax No.:	91-281-2374422
E-Mail :	sales@falconpumps.in rpc.efiling@gmail.com info@falconpumps.in export@falconpumps.in
Website :	www.falconpumps.in
Area :	220000 Sq. Ft.
Location :	Owned

DIRECTORS

As on 30.09.2011

Name :	Mr. Kamalnayan Sojitra
Designation :	Director
Address :	Sadguru Tower, A-9, Opposite Wockhardt Hospital, Kalawad Road, Rajkot, Gujarat, India
Date of Appointment :	19.05.1997
DIN No.:	00643755

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	U55101GJ1997PTC032360	FALCON PUMPS PRIVATE LIMITED	Director	19/05/1997	19/05/1997	Active	NO
2	U91120GJ2011NPL067257	RAJKOT ENGINEERING TESTING AND RESEARCH CENTRE	Director	26/09/2011	26/09/2011	Active	NO

Name :	Mr. Bhargav Dhirajlal Suvagiya
Designation :	Director
Address :	Nilkanth Park, Block No. H-65, Behind Nilkanth Cinema, Rajkot- 360 002, Gujarat, India
Date of Appointment :	01.10.2009
DIN No.:	02850963

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	U55101GJ1997PTC032360	FALCON PUMPS PRIVATE LIMITED	Director	01/10/2009	01/10/2009	Active	NO
2	U25206GJ2009PTC056721	FALCON PIPES PRIVATE LIMITED	Director	30/06/2011	30/06/2011	Active	NO
3	U31300GJ2011PTC066707	FABTECH CABLES PRIVATE LIMITED	Director	09/08/2011	09/08/2011	Active	NO

Name :	Mr. Dhirajlal Laljibhai Suvagia
Designation :	Managing Director
Address :	Nilkanth Park, Block No. H-65, Behind Nilkanth Cinema, Rajkot- 360 002, Gujarat, India
Date of Birth/Age :	05.04.1961
Date of Appointment :	30.09.2010
DIN No.:	01197188
Name :	Mrs. Meeraben Kamalnayanbhai Sojitra
Designation :	Director
Address :	Sadguru Tower, A-9, Opposite Wockhardt Hospital, Kalawad Road, Rajkot, Gujarat, India
Date of Birth/Age :	26.02.1975
Date of Appointment :	30.09.2010
DIN No.:	03286497
Name :	Mrs. Bhavnaben Dhirajlal Suvagiya
Designation :	Director
Address :	Nilkanth Park, Block No. H-65, Behind Nilkanth Cinema, Rajkot- 360 002, Gujarat, India
Date of Birth/Age :	15.06.1963
Date of Appointment :	30.09.2010
DIN No.:	03286507

KEY EXECUTIVES

Name :	Mr. Hardik Vyas
Designation :	Senior Manager Exports

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Dhirajlal L. Suvagiya	2970
Kamalnayan R. Sojitra	1760
Bhargav D. Suvagiya	200
Dhirajlal L. Suvagya (HUF)	2870
Bhavnaben D. Suvagiya	500
Kamalnayan R. Sojitra (HUF)	1000
Miraben K. Sojitra	500
Total	9800

List of Allottees

As on 12.03.2012

Names of Shareholders	No. of Shares
Kamalnayan Ranchhodbhai Sojitra	70
Namrata Dhirajlal Suvagiya	130
Total	200

As on 30.09.2011

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Submersible Pumps and Motors.
Exports :
Products :	Submersible Pumps and Motors
Countries :	Asian Countries Gulf Countries Middle East African Countries
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

PRODUCTION STATUS

As on 31.03.2011

Particulars	Unit	Installed Capacity
Pumps and Electric Motors	Nos.	150000

GENERAL INFORMATION

Suppliers :

• Galaxy Pumping Private Limited

Customers :

End users

• Wallabh Agritech Private Limited

No. of Employees :

500 (Approximately) (In Office + In Factory)

Bankers :

• Bank of Baroda, Rajkot Main Branch, Bank of Baroda Building, Ground Floor, M. G. Road,, Rajkot - 360001, Gujarat, India

• Corporation Bank, SSI Branch J P Tower, Tagor Road, Rajkot - 360002, Gujarat, India

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Term Loans:
Bank of Baroda - Term Loan
Loan A/c No. 1213	0.000	1.384
Loan A/c No. 1214	1.210	2.170
Loan A/c No. 1414	12.094	0.000
Car Loans:
ICICI Bank Limited (Fiesta)	0.000	0.272
HDFC Bank Car Loan (Honda City)	0.871	0.000
HDFC Bank Car Loan (Innova)	0.871	0.000
HDFC Bank Car Loan (Wagno R)	0.358	0.000
Working Capital Facility:
BOB C.C. A/c -00076	104.489	59.725
Total	119.893	63.551
Unsecured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
From Shareholders, Directors and Director's Relative	20.927	3.283
From Others	0.000	10.810
Total	20.927	14.093

Banking Relations :	--
Auditors :
Name :	R.P.C. and Company Chartered Accountants
Address :	203-204, Race Course Plaza, Near Excise Custom Building, Race Course Ring Road, Rajkot – 360001, Gujarat, India
PAN No.:	AAJFR1869F
Related Parties :	Flotech Engineering Private Limited Fab Cable Corporation Sun Castings Micro Calibration Centre Falcon Marketing Falcon Pipes Private Limited Falcon Sales Corporation Raj Pump Service Centre Fair Deal

CAPITAL STRUCTURE

After 30.09.2011

Authorised Capital : Rs.5.000 Millions

Issued, Subscribed & Paid-up Capital : Rs.5.000 Millions

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.100/- each	Rs.1.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
9800	Equity Shares	Rs.100/- each	Rs.0.980 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		0.980	0.980	0.980
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		145.664	97.415	47.497
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		146.644	98.395	48.477
LOAN FUNDS
1] Secured Loans		119.893	63.551	43.102
2] Unsecured Loans		20.927	14.093	19.666
TOTAL BORROWING		140.820	77.644	62.768
DEFERRED TAX LIABILITIES		0.605	0.000	0.000
TOTAL		288.069	176.039	111.245
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		69.774	49.674	24.662
Capital work-in-progress		0.465	4.078	0.000
INVESTMENT		0.003	0.003	0.003
DEFERREX TAX ASSETS		0.000	0.037	0.502
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	206.712	223.995	124.465
	Sundry Debtors	92.394	63.789	31.597
	Cash & Bank Balances	25.247	1.515	2.950
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	58.413	62.150	23.719
Total Current Assets		382.766	351.449	182.731
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	129.929	189.349	82.610
	Other Current Liabilities	3.815	5.846	2.262
	Provisions	31.195	34.007	11.781
Total Current Liabilities		164.939	229.202	96.653
Net Current Assets		217.827	122.247	86.078
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		288.069	176.039	111.245

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	898.349	837.715	386.818
		Other Income
		TOTAL (A)	898.349	837.715	386.818
Less	EXPENSES
		Office Expenses	804.562	745.745	352.381
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)	804.562	745.745	352.381
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		93.787	91.970	34.437
Less	FINANCIAL EXPENSES (D)		15.008	8.850	6.398
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		78.779	83.120	28.039
Less/ Add	DEPRECIATION/ AMORTISATION (F)		5.857	4.361	3.372
	PROFIT BEFORE TAX (E-F) (G)		72.922	78.759	24.667
Less	TAX (H)		24.485	26.700	8.975
	PROFIT AFTER TAX (G-H) (I)		48.437	52.059	15.692
	Earnings Per Share (Rs.)		4942.55	NA	NA

Particulars	31.03.2012
Sales Turnover (Approximately)	1200.000

Expected Sales (2012-2013) : Rs.1750.000 Millions

The above information has been parted by Mr. Hardik Vyas.

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	5.39	6.21	4.06
Return on Total Assets (PBT/Total Assets}	(%)	31.07	28.24	20.33
Return on Investment (ROI) (PBT/Networth)		0.50	0.80	0.51
Debt Equity Ratio (Total Liability/Networth)		2.09	3.12	3.29
Current Ratio (Current Asset/Current Liability)		2.32	1.53	1.89

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	Yes
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 three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	-
14]	Estimation for coming financial year	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	Yes
18]	Major customers	Yes
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
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

NOTE:

The registered office address of the company has been shifted from “7 Parsana Society, 50 Feet Road, Rajkot, Gujarat, India” to the present address w.e.f.12.06.2008.

CONTINGENT LIABILITIES NOT PROVIDED FOR (As on 31.03.2011):

There was a search conducted by the excise authority and in result of the said search, the Central Excise and Customs Commissionerate, Rajkot has issued a show cause notice vide no. V.RJT-I/AR-IV/ADC/SCN-62/2006 dtd. 28.08.2006. In response to the same, the Company has deposit excise duty of Rs.2.000 Millions under protest and has given bank guarantee, issued by bank against bank deposited of Rs.2.830 Millions (included accrued interest upto 31.03.2011). This both amounts are shown under the head of Loans and Advances. The matter is pending with the appellate authority and both the payments are made under protest. However, if any, adverse decision comes, it will not remain as loans and advances but will be charged to profit and loss account but, at present no provision has been done for the said liability.

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U55101GJ1997PTC032360
Name of the company	FALCON PUMPS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Survey No.39/4,Vavdi Industrial Area, B/H. Hotel Krishna Park, Gondal Road, N.H.8B, Vavdi, Rajkot – 360004, Gujarat, India E-mail Id : rpc.efiling@gmail.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10160509
Type of charge	Book debts Movable property (not being pledge) Others (Stock OF Raw Material, WIP and Finished Goods)
Particular of charge holder	Bank of Baroda, Rajkot Main Branch, Bank of Baroda Building, Ground Floor, M. G. Road,, Rajkot - 360001, Gujarat, India E-mail id : rajkot@bankofbaroda.com
Nature of instrument creating charge	Supplemnetal composite agreement of hypothecation of goods, book-debts, moveable machinery & vehicles (dated. 29.09.2011)
Date of instrument Creating the charge	29/09/2011
Amount secured by the charge	Rs.171.641 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest As per sanction letter Terms of Repayment As per sanction letter Margin As per sanction letter Extent and Operation of the charge Bank's charge will remain operative till all the dues are repaid by the Company.
Date of instrument modifying the charge	04.08.2011
Particulars of the present modification	Modification in charge amount due to sanction of adhoc working capital limit of Rs.25.000 Millions.

TRADE REFERENCES:

• Galaxy Pumping Private Limited
• Wallabh Agritech Private Limited

FIXED ASSETS

• Land
• Factory Plot
• Factory Building
• Plant and Machinery
• Furniture
• Office Equipments
• Computer System
• Vehicles

PRESS RELEASE:

RAJKOT CAN BE A PUMP MAKING HUB IN INDIA : INDUSTRY

RAJKOT-UPCOMING PUMP MANUFACTURING DESTINATION

With over 350 units of pump manufacturing units already present in Rajkot, industry experts believe the can be hub of the pump industry in India. Showcasing its capability to act as a hub, the pump industry in Rajkot has been growing at the rate of over 100 per cent.

Moreover, out of 350 units, 30-40 units are large while rests of the units are work as small and medium scale units. "Rajkot has a cluster-based development in pump manufacturing and can soon overtake Ahmedabad. As of now the pump industry is working in an unorganised manner but day by day the industry is getting organised. The city also has potential to beat Coimbatore as production cycle in Rajkot very fast. Even availability of production material is easy and lower labor cost has been one of the major attraction to the city,"

The Rajkot pump industry has had a turnover of Rs.8000.000-10000.000 Millions and the city is third largest pump manufacture city in India after Coimbatore and Ahmedabad. The Rajkot-based 350 pump manufactuing units provide direct employment to the more than 10,000 people and indirect employment to over one lakh people.

The Energy Resources Institute (TERI) is planning to set up a Common Facility Center (CFC) for the growth of pump industry at Rajkot. The centre will provide testing facility of raw material and process, apart from offering R&D facilities here

"We are planning to start CFC at Rajkot as pump industry growing fast in this region. The CFC will provide R&D and testing facility to the small manufacturers of pump. We have begun the planning process for it and have asked for a detail project report (DPR) from the Gujarat Industrial and Technical Consultancy Organisation Limited (GITCO)," said Bharat Dawada, cluster manager of TERI. Meanwhile, according to Shri Kamalnayan Sojitra, Executive Director of Falcon Pump, the industry has been developing at such a pace in the city that it has attracted players from other industries. "Rajkot was well known for diesel engines but now some of the players from diesel engine industry have begun shifting to the pump industry," said Mr. Sojitra, who is also one of the members of Rajkot Engineering Association's Pump Committee. According to industry players, while currently there are 350 units active in pump manufacturing, by end of 2012, 100 new units are expected to be added to the number.

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.51.62
UK Pound	1	Rs.83.57
Euro	1	Rs.67.17

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	BSN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	7
--CREDIT LINES	1~10	5
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		51

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.