MIRA INFORM REPORT

Report Date :

26.10.2012

IDENTIFICATION DETAILS

Name :	ANIL NUTRIENTS LIMITED (w.e.f. 08.04.2009)

Formerly Known As :	ANIL NUTRIENTS PRIVATE LIMITED (w.e.f. 09.02.2009) AAHAR PRODUCTS PRIVATE LIMITED (w.e.f. 23.08.2006) AAHAR OIL AND FEEDS PRIVATE LIMITED SASHIN CHEMICALS PRIVATE LIMITED

Registered Office :	1, Pandurang Society, Judges Bunglow Road, Badakdev, Ahmedabad-380054, Gujarat

Country :	India

Financials (as on) :	31.03.2011

Date of Incorporation :	04.01.2000

Com. Reg. No.:	04-037132

Capital Investment / Paid-up Capital :	Rs. 10.000 Millions

CIN No.: [Company Identification No.]	U23209GJ2000PLC037132

TAN No.: [Tax Deduction & Collection Account No.]	AHMA03910E

PAN No.: [Permanent Account No.]	AAGCS5565F

Legal Form :	A Closely Held Public Limited Liability Company.

Line of Business :	Trader of Maize

No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (33)

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

Maximum Credit Limit :	USD 45000

Status :	Moderate

Payment Behaviour :	Slow

Litigation :	Clear

Comments :	Subject is an established company having moderate track. Financial position of the company is not healthy. It has achieved some growth in its sales turnover during 2011. Trade relations are reported as fair. Business is active. Payments are reported to be slow. 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

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 :	1, Pandurang Society, Judges Bunglow Road, Badakdev, Ahmedabad-380054, Gujarat, India
Tel. No.:	91-79-22203222
Fax No.:	91-79-22200731
E-Mail :	Investor.relations@anil.co.in

DIRECTORS

AS ON 29.09.2011

Name :	Mr. Dipal Piyushbhai Palhiwala
Designation :	Director
Address :	16, Ashwamegh-07, Satellite Road, Ahmedabad-380015, Gujarat, India
Date of Birth/Age :	28.11.1968
Date of Appointment :	30.05.2011
DIN No.:	0053650

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	Date of cessation	Company/ LLP Status	Defaulting status
1	U24230GJ1995PLC025716	MAPS ENZYMES LIMITED	Whole-time director	03/05/1995	03/05/1995	31/12/2007	Active	NO
2	U24119GJ2006PTC048314	MICRO BIO SEARCH PRIVATE LIMITED	Director	25/05/2006	25/05/2006	31/12/2007	Active	YES
3	U51909GJ1993PLC019894	ANIL BIOPLUS LIMITED	Director	23/08/2010	18/01/2010	-	Active	NO
4	U52300GJ2010PTC061067	ASCENT LIFESTYLE PRIVATE LIMITED	Director	11/06/2010	11/06/2010	-	Active	NO
5	U73200GJ2011PTC064359	ISHAAN BIO PRIVATE LIMITED	Director	11/03/2011	11/03/2011	-	Active	NO
6	U24230GJ2010PLC059622	ANIL LIFE SCIENCES LIMITED	Director	16/08/2011	24/05/2011	-	Active	NO
7	U23209GJ2000PLC037132	ANIL NUTRIENTS LIMITED	Director	29/09/2011	30/05/2011	-	Active	NO
8	U13204GJ2004PLC043954	ANIL MINES AND MINERALS LIMITED	Director	27/09/2012	01/11/2011	-	Active	NO
9	U60910GJ1998PLC034969	ASCENT KNOWLEDGE SOLUTIONS LIMITED	Director	29/09/2012	01/11/2011	-	Active	NO
10	U74110GJ1995PLC028364	ANIL HOSPITALITY VENTURES LIMITED	Director	27/09/2012	01/11/2011	-	Active	NO
11	U51100GJ1998PLC034972	ANIL TECHNOPLUS LIMITED	Director	29/09/2012	01/11/2011	-	Active	NO

Name :	Mr. Amol Shripal Sheth
Designation :	Director
Address :	Plot No.96/6, village Koteshwar, District Gandhinagar-382424, Gujarat, India
Date of Birth/Age :	21.05.1968
Date of Appointment :	08.10.2002
DIN No.:	00025357

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	Date of cessation	Company/ LLP Status	Defaulting status
1	U91110MH1955GAT009658	THE ALL INDIA STARCH MANUFACTURERS' ASSOCIATION PRIVATE LIMITED	Nominee director	19/10/1955	19/10/1955	-	Active	NO
2	U65910GJ1982PTC005321	AGALLOCHUN INVESTMENTS PRIVATE LIMITED	Director	11/09/1987	11/09/1987	-	Active	NO
3	U25202GJ1990PLC014594	AMOL PACKIN LIMITED	Director	06/11/1990	06/11/1990	-	Strike off	NO
4	U65910GJ1981PTC004198	NAIMESH TRADING PRIVATE LIMITED	Director	26/08/1994	26/08/1994	-	Active	NO
5	U51909GJ1993PLC019894	ANIL BIOPLUS LIMITED	Director	16/01/1995	16/01/1995	-	Active	NO
6	L15490GJ1993PLC019895	ANIL LIMITED	Managing director	18/10/2011	15/06/1995	-	Active	NO
7	U74110GJ1995PLC028364	ANIL HOSPITALITY VENTURES LIMITED	Director	24/01/2009	08/12/1995	15/06/2011	Active	NO
8	U51100GJ1997PTC033228	BHARTI CONSUMER MARKETING PRIVATE LIMITED	Director	06/04/1998	06/04/1998	-	Active	NO
9	U65990GJ1982PTC005347	AUGHT INVESTMENTS PRIVATE LIMITED	Director	01/06/1998	01/06/1998	-	Active	NO
10	U65910GJ1982PTC005334	RAHIL MARKETING PRIVATE LIMITED	Director	01/06/1998	01/06/1998	-	Active	NO
11	U51100GJ1994PLC021689	AGRANIL MARKETING LIMITED	Director	28/09/2011	02/07/1998	-	Active	NO
12	U51100GJ1998PLC034972	ANIL TECHNOPLUS LIMITED	Director	24/01/2009	16/11/1998	30/06/2011	Active	NO
13	U60910GJ1998PLC034969	ASCENT KNOWLEDGE SOLUTIONS LIMITED	Director	30/09/2011	18/10/2001	-	Active	NO
14	U23209GJ2000PLC037132	ANIL NUTRIENTS LIMITED	Director	08/10/2002	08/10/2002	-	Active	NO
15	U51109GJ2004PLC043524	ANIL TRADECOM LIMITED	Director	28/01/2004	28/01/2004	30/12/2006	Active	NO
16	U13204GJ2004PLC043954	ANIL MINES AND MINERALS LIMITED	Additional director	01/11/2011	13/04/2004	11/09/2012	Active	NO
17	U45201GJ2009PLC056491	ANIL INFRAPLUS LIMITED	Director	31/03/2009	31/03/2009	-	Active	NO
18	U24230GJ2010PLC059622	ANIL LIFE SCIENCES LIMITED	Director	17/02/2010	17/02/2010	30/05/2011	Active	NO
19	U29100GJ2011PTC064252	AAHNA SOLAR PRIVATE LIMITED	Director	04/03/2011	04/03/2011	21/05/2012	Active	NO
20	U67100GJ2012PTC072039	AMOHA ENTERPRISE PRIVATE LIMITED	Director	19/09/2012	19/09/2012	-	Active	NO
21	U67100GJ2012PTC072038	ADELLA ENTERPRISE PRIVATE LIMITED	Director	19/09/2012	19/09/2012	-	Active	NO
22	U67100GJ2012PTC072037	ABNER ENTERPRISE PRIVATE LIMITED	Director	19/09/2012	19/09/2012	-	Active	NO

Name :	Mr. Anurag Kothawala
Designation :	Director
Address :	4, Ambience 8, Navyug Co-Operative Housing Society Limited, Near State Bank of India, Ambawadi, Ahmedabad-380015, Gujarat, India
Date of Birth/Age :	11.01.1965
Date of Appointment :	30.05.2011
Date of Cessation :	07.11.2011
DIN No.:	00059037

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2011

Names of Shareholders	No. of Shares
Samprati sheth	100
Shalihadra Sheth	100
Asmita Sheth	2000
Shripal Sheth	10000
Payal Sheth	2000
Girishbhai Patel	10000
Parul S Patel	10000
Sakuntala Patel	10000
Agranil Marketing Limited, India	230000
Rahil Marketing Private Limited, India	12000
Aught Investments Private Limited, India	241800
Bharti Consumer Marketing Private Limited, India	232000
Agallochun Investments Private Limited, India	240000
TOTAL	1000000

AS ON 29.09.2011

Equity Shares Break Up	Percentage of Holding
Bodies corporate	95.58
Directors or relatives of Directors	1.40
Other top fifty shareholders	3.02
TOTAL	100.00

BUSINESS DETAILS

Line of Business :

Trader of Maize

Products :

· Feed

· Maize

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Union Bank of India, C U Shah Chambers, Near Gujarat Vidhyapith, Ahmedabad-380014, Gujarat, India

Facilities :

Secured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
HDFC Verna Car Loan	0.000	0.050

TOTAL	0.000	0.050

Unsecured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Anil Mines and Minerals Limited	66.212	0.000

TOTAL	66.212	0.000


Banking Relations :	--

Auditors :
Name :	Prahlad L Patel and Company Chartered Accountant
Address :	1^st and 2^nd Floor, Sun Complex, Near Stadium Circle, C G Road, Ahmedabad-380009, Gujarat, India
Tel. No.:	91-79-26562070
PAN No.:	AAMPP2304C

Associates :	· Agranil Marketing Limited · Anil Products Limited · Anil Mines Minerals Limited

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount

1000000	Equity Shares	Rs.10/- each	Rs. 10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

1000000	Equity Shares	Rs.10/- each	Rs. 10.000 Millions

AS ON 27.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount

5000000	Equity Shares	Rs.10/- each	Rs. 50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

1000000	Equity Shares	Rs.10/- each	Rs. 10.000 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		10.000	10.000	0.700
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		1.357	0.000	0.000
4] (Accumulated Losses)		0.000	(21.948)	(31.329)
NETWORTH		11.357	(11.948)	(30.629)
LOAN FUNDS
1] Secured Loans		0.000	0.050	0.334
2] Unsecured Loans		66.212	0.000	0.355
TOTAL BORROWING		66.212	0.050	0.689
DEFERRED TAX LIABILITIES		0.591	0.102	0.000

TOTAL		78.160	(11.796)	(29.940)

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		11.516	12.292	13.069
Capital work-in-progress		0.000	0.000	0.000

INVESTMENT		12.785	12.785	3.515
DEFERREX TAX ASSETS		0.000	0.000	0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	7.206	14.382	85.894
	Sundry Debtors	141.815	96.820	36.772
	Cash & Bank Balances	7.302	56.209	4.473
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	33.811	12.500	23.595
Total Current Assets		190.134	179.911	150.734
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	129.849	215.629	143.800
	Other Current Liabilities	0.548	1.107	53.433
	Provisions	5.878	0.048	0.025
Total Current Liabilities		136.275	216.784	197.258
Net Current Assets		53.859	(36.873)	(46.524)

MISCELLANEOUS EXPENSES		0.000	0.000	0.000

TOTAL		78.160	(11.796)	(29.940)

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	342.070	356.137	385.149
		Other Income	0.038	0.104	1.693
		TOTAL	342.108	356.241	386.842

Less	EXPENSES
		Materials	296.934	271.136	221.254
		Purchase for Trading Activity	1.969	36.110	140.827
		Stores, Power Fuel, Repairs, Employees Emoluments and Other Expenses	12.318	16.032	24.009
		Increase / Decrease in Stock	0.515	22.806	1.403
		TOTAL	311.736	346.084	387.493

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		30.372	10.157	(0.651)

Less/ Add	DEPRECIATION/ AMORTISATION		0.777	0.776	0.765

	PROFIT / (LOSS) BEFORE TAX		29.595	9.381	(1.416)

Less	TAX		6.289	0.000	0.000

	PROFIT / (LOSS) AFTER TAX		23.306	9.381	(1.416)

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(21.948)	(31.329)	(29.913)

	BALANCE CARRIED TO THE B/S		1.358	(21.948)	(31.329)

	Earnings Per Share (Rs.)		23.31	--	--

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	6.81	2.63	(0.37)

Net Profit Margin (PBT/Sales)	(%)	8.65	2.63	(0.37)

Return on Total Assets (PBT/Total Assets}	(%)	14.68	4.88	(0.86)

Return on Investment (ROI) (PBT/Networth)		2.61	0.79	0.05

Debt Equity Ratio (Total Liability/Networth)		17.88	(18.16)	(6.46)

Current Ratio (Current Asset/Current Liability)		1.40	0.83	0.76

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	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

Registered office has been shifted from 301, Aniket C G Road, Navrangpura, Ahmedabad-380009, Gujarat, India to the present address w.e.f. 16.05.2011

FORM 8

Corporate identity number of the company	U23209GJ2000PLC037132
Name of the company	ANIL NUTRIENTS LIMITED
Address of the registered office or of the principal place of business in India of the company	1, Pandurang Society, Judges Bunglow Road, Badakdev, Ahmedabad-380054, Gujarat, India
This form is for	Creation of charge
Type of charge	· Book debts · Movable property (not being pledge) · Others
Particular of charge holder	Union Bank of India, C U Shah Chambers, Near Gujarat Vidhyapith, Ahmedabad-380014, Gujarat, India
Nature of instrument creating charge	Composite Hypothecation Deed of FUDBP (DA - 90 Days), FDBP under LC/Contract W/W Packing Credit.
Date of instrument Creating the charge	13.06.2012
Amount secured by the charge	Rs. 250.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest FUDBP/FDBP AND PC as Applicable, Subject to the change in the Bank Rate of the Bank or as per the directives of the Reserve Bank of India Terms of repayment The Working Capital Limits / advance are repayable on demand Margin FUDBP/FDBP - NIL PC - 10% Extent and operation of the charge First charge by way of Hypothecation of Goods and Book Debts of Agro Division of the Company in favour of the bank to secure Fund Based Facilities (FUDBP) and FDBP under LC/Contract facility of Rs. 250.000 Millions and sub-limit by way of EPC of Rs. (250.000 Millions).
Short particulars of the property charged (Including location of the property)	All the goods, stocks, raw materials of Agro Division of the borrower, both present and future, whether lying loose or at site or in transit or at the borrower's factory premises, warehouses and godowns at Sokhada District, Vadodara or anywhere else. All the present and future book debts, outstanding monies, receivables, claims, bills, contracts, securities, investments, rights, and assets of the Agro Division of the Borrower. Any advanced made to the borrower or any one or more of them whether alone or jointly on any current account or otherwise for any liability on bills discounted or held by the Bank

FIXED ASSETS

· Building

· Computers

· Electrical Installation

· Motor Bike

· Dead Stock

· Plant and Machinery

· Furniture

· Motor Cycle

· Motor Car

· Electronic Weighting Scale

· Panasonic Fax Machine

· Water Softing Plant

· Fire Exingorhn System

· Yo Bike

· Mobile Phone

· Land

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. 53.63
UK Pound	1	Rs. 86.17
Euro	1	Rs. 69.74

INFORMATION DETAILS

Report Prepared by :

DPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	2
--CREDIT LINES	1~10	3
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		33

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.

MIRA INFORM REPORT

7.206

141.815

7.302

0.000

33.811

190.134

129.849

0.548

5.878

136.275

53.859

6.81

8.65

14.68

2.61

17.88

1.40

Unit