MIRA INFORM REPORT

Report Date :

21.09.2012

IDENTIFICATION DETAILS

Name :	ZIEMANN INDIA PRIVATE LIMITED
Registered Office :	2^nd Floor, Connaught Place, CTS #28, Bund Garden Road, Pune – 411001, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	21.08.2007
Com. Reg. No.:	25-130591
Capital Investment / Paid-up Capital :	Rs.367.000 Millions
CIN No.: [Company Identification No.]	U29299PN2007FTC130591
TAN No.: [Tax Deduction & Collection Account No.]	PNEZ01914D
PAN No.: [Permanent Account No.]	AAACZ3001B
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Stainless Steel Tanks, Breweries Products.
No. of Employees :	275 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ca (13)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track. There appears huge accumulated losses recorded by the company. Profitability of the company is under pressure. However, trade relations are fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings on a secured trade terms and conditions.

NOTES :

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

ECGC Country Risk Classification List – 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, Connaught Place, CTS #28, Bund Garden Road, Pune – 411016, Maharashtra, India
Tel. No.:	91-20-66286100
Mobile No.:	91-9763729631 (Mr. Kailash)
Fax No.:	91-20-66286120
E-Mail :	nilesh.dharwadkar@ziemann.com kailash@gaikwad@gmail.com staphanie.schwing@ziemann.com mail@ziemann.com matthias.kirschner@ziemann.com
Website :	http://www.ziemann.com
Location :	Owned
Factory :	Gate No. 321/2, 322/1, 324/1 and 324/2 at post Kondapuri, Shiroli – 412209, Pune, Maharashtra, India

DIRECTORS

As on 23.06.2011

Name :

Mr. Klaus Albrecht Gehrig

Designation :

Director

Address :

Adolf – Wilhelm – Nefflen Weg 1/2, Steinheim, D71711, Germany

Date of Birth/Age :

11.07.1968

Date of Appointment :

21.08.2007

DIN No.:

01512817

Name :

Mr. Thomas Josef Rutka

Designation :

Managing director

Address :

Blumesntra Be 3 Heckfeld 97922, Lauda Konigshofen

Date of Birth/Age :

21.02.1964

Date of Appointment :

26.05.2011

DIN No.:

03534790

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	U74900PN2008FTC132477	Ziemann Insulations Private Limited	Director	23/06/2011	26/05/2011	-	Active	NO
2	U29299PN2007FTC130591	ZIEMANN INDIA PRIVATE LIMITED	Managing director	23/06/2011	26/05/2011	-	Active	NO

Name :

Mr. Marc Clauss

Designation :

Director

Address :

16C, Route de, Rimsdorf, Domfessel, F67430, France

Date of Birth/Age :

13.03.1954

Qualification :

B.COM, ACA, ACS.

Experience :

27 years

Date of Appointment :

21.08.2007

DIN No.:

01508906

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	U29299PN2007FTC130591	ZIEMANN INDIA PRIVATE LIMITED	Director	21/08/2007	21/08/2007	-	Active	NO
2	U74900PN2008FTC132477	Ziemann Insulations Private Limited	Director	22/07/2008	22/07/2008	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Nilesh Dharwadkar
Designation :	Secretary
Address :	923/2, CTS 945 Sadashiv Peth, Pune – 411030, Maharashtra, India
Date of Birth/Age :	17.08.1972
Date of Appointment :	17.03.2008
Pan No.:	AAZPD2213P

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 23.06.2011

Names of Shareholders	No. of Shares
A Ziemann GMBH, Germany	366861
Marc Clauss	139
TOTAL	367000

Equity Share Break up (Percentage of Total Equity)

As on 23.06.2011

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	99.96
Directors or relatives of Directors	0.04
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Stainless Steel Tanks, Breweries Products.

Products :

Item Code No.	Product Description
84384040	Brewery Machinery

GENERAL INFORMATION

No. of Employees :

275 (Approximately)

Bankers :

Douche Bank, Branch Aundhe, Pune, Maharashtra, India

Facilities :

(Rs. in Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
Rupee term loans others secured	139.292	102.925
Total	139.292	102.925
Note: Term loan from other than banks is secured by an exclusive first ranking charge by way of hypothecation on all future and present movable assets, other than current assets, which are financed by the borrower.
Unsecured Loan	As on 31.03.2011	As on 31.03.2010
Rupee term loans banks unsecured	427.134	247.574
Total	427.134	247.574

Banking Relations :	--
Financial Institution :	DEG – DEUTSCHE INVESTITIONS – UND ENTWICKLUNGSGESELLSCHAFT MBH, Kaemmergasse 22, Federal Republic of Germany, Colonge – 50676, Germany
Auditors :
Name :	Vinay Gupta and Associates Chartered Accountants
Address :	13, Central Lane, Babar Road, New Delhi – 110001, India
PAN.:	AAJPG4461G
Holding Company :	A. Ziemann GmbH, Ludwigsburg, Germany
Related Parties :	ZIemann +Bauer GmbH, Germany Ziemann France, SAS Ziemann Services, GmbH, Germany Ziemann Insulations Private Limited Ziemann BMS Maschinenfabrik GmbH

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.1000/- each	Rs.500.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
367000	Equity Shares	Rs.1000/- each	Rs.367.000 millions

Note: Of the above shares 366,861 Equity shares of Rs.1, 000/- each fully paid up are held by A. Ziemann GmbH, holding company.

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		367.000	367.000	367.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		(395.077)	(199.507)	(72.641)
NETWORTH		(28.077)	167.493	294.359
LOAN FUNDS
1] Secured Loans		139.292	102.925	0.000
2] Unsecured Loans		427.134	247.574	49.168
TOTAL BORROWING		566.426	350.499	49.168
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		538.349	517.992	343.527
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		425.844	469.115	424.316
Capital work-in-progress		0.475	0.049	8.522
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	232.527	63.670	27.865
	Sundry Debtors	192.739	2.413	40.973
	Cash & Bank Balances	22.671	12.451	18.812
	Other Current Assets	0.181	0.112	0.495
	Loans & Advances	131.776	79.947	56.731
Total Current Assets		579.894	158.593	144.876
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	330.871	89.684	222.554
	Other Current Liabilities	133.733	18.486	9.918
	Provisions	3.260	1.595	1.715
Total Current Liabilities		467.864	109.765	234.187
Net Current Assets		112.030	48.828	(89.311)
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		538.349	517.992	343.527

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	751.670	47.150	343.050
		Other Income	8.460	25.560	5.330
		TOTAL	760.130	72.710	348.380
Less	EXPENSES
		Office Expenses
		Administrative Expenses	902.790	157.080	412.770
		Advertising Expenses
		TOTAL	902.790	157.080	412.770
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		(142.660)	(84.370)	(64.390)
Less/ Add	DEPRECIATION/ AMORTISATION		52.830	42.490	6.220
	PROFIT / (LOSS) BEFORE TAX		(195.490)	(126.860)	(70.610)
Less	TAX		0.000	0.000	0.490
	PROFIT / (LOSS) AFTER TAX		(195.490)	(126.860)	(71.100)
	EARNINGS IN FOREIGN CURRENCY
		Export value of FOB Basis	23.062	20.486	NA
	TOTAL EARNINGS		23.062	20.486	NA
	IMPORTS
		Raw Materials, Stores & Spares	413.416	13.752	NA
		Capital Goods	3.649	55.531	NA
	TOTAL IMPORTS		417.065	69.283	NA
	Earnings / Loss Per Share (Rs.)		(532.89)	(345.68)	(241.29)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	(25.72)	(174.47)	(20.40)
Net Profit Margin (PBT/Sales)	(%)	(26.01)	(269.05)	(20.58)
Return on Total Assets (PBT/Total Assets}	(%)	(19.44)	(20.21)	(12.40)
Return on Investment (ROI) (PBT/Networth)		6.96	(0.75)	(0.23)
Debt Equity Ratio (Total Liability/Networth)		(36.84)	2.74	0.96
Current Ratio (Current Asset/Current Liability)		1.24	1.44	0.61

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	Yes
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 of the company has been shifted from 706, B Wing, 7^th Floor, ICC Trade Tower, Senapati Bapat Road, Pune, and Maharashtra, India to the present address w.e.f. 19.11.2007

OPERATION

Company during the year ended 31st March 2011 had achieved turnover of Rs.751.670 Millions. (FY09-10 Rs.47.150 Millions) which was 1494% of earlier turnover, Expenditure was Rs.902.790 Millions (FY09-10 Rs.157.080 Millions), Depreciation was Rs.52.830 Millions (FY09-10 Rs.42.490 Millions). Company had incurred net loss before tax of Rs.195.490 Millions (FY09-10 Rs.126.860 Millions). During the year Company had executed first turn key contract for setting up Green field brewery on its own at Chennai. Similarly, Company had also executed first its bottling contract for reputed customer at Taloja, Mumbai. Year 2011 was very promising year as Company’s order book position was good for whole of the year and orders worth of Rs. 493Mio yet to be executed in FY 2011-12. Company would focus more on the bottom line so that operations would be conducted in cost effective manners in years to come.

FIXED ASSETS

• Freehold Land
• Factory Buildings
• Plant and Machinery
• Furniture and Fixtures
• Office Equipment
• Electrical Installations
• Computer and Accessories
• Motor car

AS PER WEBSITE

PRESS RELEASE

HOLVRIEKA HOLDING B.V. takes over major parts of the ZIEMANN GROUP

HOLVRIEKA Holding B.V., a subsidiary of CIMC ENRIC Holdings Limited, is pleased to announce the successful completion of the takeover of the ZIEMANN operations in Ludwigsburg/Germany and the manufacturing facilities in Bürgstadt/Germany as well as of the sales offices in Miami/USA, Johannesburg/South Africa, Moscow/Russia,

Bangkok/Thailand, Hanoi/Vietnam and Sydney/Australia. These activities will be merged into a new company named “ZIEMANN International GmbH” registered in Ludwigsburg/Germany which is fully owned by HOLVRIEKA Holding B.V.

The Ziemann companies in Sarre Union/France, Pfatter/Germany, Pune/India and Porto Alegre/Brazil are not part of the agreement.

ZIEMANN is leading in designing, engineering and implementing turnkey projects for new breweries as well as in the expansion and modernization of existing breweries. ZIEMANN ensures true turnkey capabilities by using state-of-the-art and reliable technologies without compromise. In addition to brewhouse plants, ZIEMANN also produces tanks and is the world’s only supplier who manufactures both lauter tuns and mash filters.

CIMC ENRIC Holdings Limited and HOLVRIEKA Holding B.V. are strategic and financially strong partners for ZIEMANN with a long-term commitment.

With the acquisition of the ZIEMANN activities and the ZIEMANN brand, a well-known brand is added to the liquid food division of CIMC ENRIC Holdings Limited

ZIEMANN International GmbH will have an important role towards its customers. Consequently, the takeover will further support CIMC ENRIC’s significant growth ambitions.

As part of CIMC ENRIC’s business, ZIEMANN will benefit from the Group's competitive infrastructure and state-of-the-art manufacturing facilities in China, which will strengthen the market position. Mr Peter van der Burg and Mr. Ko Brink, Managing Directors of HOLVRIEKA Holding B.V., expect positive effects from the takeover: “We expect synergies to be achieved within all areas, including development, production, logistics, marketing and distribution.”

HOLVRIEKA and ZIEMANN are now uniquely positioned to provide their customers with the most comprehensive set of solutions available regarding tanks for liquid food and chemical business as well as new turnkey brewery projects, expansions, modernizations and upgrades of existing brewery plants. “Although ZIEMANN and HOLVRIEKA have separate histories, they have always shared a common objective: to ensure absolute customer satisfaction”, Peter van der Burg emphasizes. “We remain dedicated to this objective, now, that we are working together. The existing sales, service and support contacts of ZIEMANN remain unchanged”, Peter van der Burg points out. According to him, the takeover enables ZIEMANN to continue with new strength: “We take pride in our long-lasting customer relationships and our reputation as a company, on which you can rely. This will not change.”

ZIEMANN will continue working hard to earn the business and trust of its customers. Peter van der Burg stresses: “We want to personally thank all of our customers for their loyalty and support. We would be delighted to be also in the future the business partner of choice for breweries across the globe.”

If you have any questions, please do not hesitate to contact Mr Peter van der Burg directly (+49 7141 408 333).

BACKGROUND INFO CIMC ENRIC HOLDINGS LIMITED

CIMC ENRIC

In 2007, HOLVRIEKA Holding B.V. has been acquired by CIMC Group and in 2009 HOLVRIEKA became part of CIMC ENRIC Holdings Limited. Chairman of the CIMC ENRIC Holdings Limited is Mr. Zhao Qingsheng and General Manager Mr. Ghao Xiang.

CIMC ENRIC Holdings Limited (formerly known as Enric Energy Equipment Holdings Limited) is a company listed on the main board of the Hong Kong Stock Exchange (stock code: 3899). It is engaged in the design, development, manufacturing, engineering and sales of, and the provision of technical maintenance services for a wide spectrum of transportation, storage and processing equipment that is widely used in the energy, chemical and liquid food industries.

The Group strives to be a world-leading equipment manufacturer and provider of related project-engineering services in the energy, chemical and liquid food industries. In China, its production plants are located in Shijiazhuang and Langfang of Hebei province, Bengbu of Anhui province, Jingmen of Hubei province as well as Nantong and Zhangjiagang of Jiangsu province whereas in Europe, the production plants are located in the Netherlands, Denmark and Belgium.

CIMC ENRIC Holdings Limited employs a total workforce of 7,500 and is listed at the Hong Kong Stock Exchange (stock code: 3899) since 2005, with a market capitalization of HK$ 3.7 billion. CIMC ENRIC Holdings Limited announced its annual results for the year ended 31 December 2011 where turnover jumped 68% to RMB 6.7 billion. Profit attributable to equity shareholders surged 105% to RMB 567 million.

BACKGROUND INFO HOLVRIEKA GROUP

HOLVRIEKA

CIMC ENRIC

The HOLVRIEKA Group is principally engaged in the design, development, manufacturing and engineering of stainless steel process and storage tanks, according to customer specifications, for the energy, chemical and liquid food (including beer, fruit juice and milk) industries. The HOLVRIEKA Group provides factory-built tanks as well as tanks which are assembled at the customers' site, using factory-produced components.

The HOLVRIEKA Group consists of five production plants, which are located in Emmen and Sneek in the Netherlands, Randers in Denmark, Menen in Belgium and Nantong in China.

HOLVRIEKA products can be found all over the world.

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.54.34
UK Pound	1	Rs.87.91
Euro	1	Rs.70.57

INFORMATION DETAILS

Report Prepared by :

NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	--
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	2
--RESERVES	1~10	--
--CREDIT LINES	1~10	--
--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		13

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.