MIRA INFORM REPORT

Report Date :

22.04.2013

IDENTIFICATION DETAILS

Name :	INDU CORPORATION PRIVATE LIMITED (PART-IX)

Registered Office :	Nishuvi, 4^th Floor, 75, Dr. Annie Besant Road, Worli, Mumbai – 400 018, Maharashtra

Country :	India

Financials (as on) :	31.03.2012

Date of Incorporation :	03.04.2006

Com. Reg. No.:	11-160932

Capital Investment / Paid-up Capital :	Rs.21.000 Millions

CIN No.: [Company Identification No.]	u27104mh2006ptc160932

TAN No.: [Tax Deduction & Collection Account No.]	MUMI07109E

PAN No.: [Permanent Account No.]	AABCI4951L

Legal Form :	Private Limited Liability Company

Line of Business :	Subject is in the business of distribution of steel and zinc, also engaged in trading in imported ferrous and non-ferrous metals and other commodities.

No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

Maximum Credit Limit :	USD 2050000

Status :	Satisfactory

Payment Behaviour :	Slow but correct

Litigation :	Clear

Comments :	Subject is a well established company having satisfactory track record. The company has recorded a better increase in its sales turnover. However, there appears dip in the profitability of the company. Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. 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

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

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Long Term Fund Based: BB+
Rating Explanation	Moderate risk of default.
Date	October, 2012

Rating Agency Name	ICRA
Rating	Short Term Fund Based: A4+
Rating Explanation	Minimal degree of safety it carry very high credit risk.
Date	October, 2012

Suspension Reason: Insufficient information to assess such rating.

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/ Head Office :	Nishuvi, 4^th Floor, 75, Dr. Annie Besant Road, Worli, Mumbai – 400 018, Maharashtra, India
Tel. No.:	91-22-43005100/ 24962034/ 41005300/ 24950465/ 24962032/ 43005105
Fax No.:	91-22-43005105/ 24950465
E-Mail :	mail@talojasteel.com info@inducorp.co.in
Website :	http://www.inducorporation.com
Area :	2500 sq. ft.
Location :	Owned

Warehouse :	Plot No.A-1, M.I.D.C. Taloja Industrial Area, Taloja, District Raigad – 410 208, Maharashtra, India
Tel. No.:	91-22-27412387/ 27411097
Fax No.:	91-22-27411097

DIRECTORS

As on 28.09.2012

Name :

Mr. Sevantilal Shantilal Kapashi

Designation :

Director

Address :

703, Pleasant Palace, 16, N.D. Road, Mumbai – 400 006, Maharashtra, India

Date of Birth/Age :

12.03.1935

Date of Appointment :

03.04.2006

PAN No.:

AADPK3641A

DIN No.:

00008435

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	U67120MH1985PTC036721	NISHUVI TRADING AND INVESTMENT PRIVATE LIMITED	Director	03/07/1985	03/07/1985	-	Active	NO
2	L51900MH1985PLC037452	KAPASHI COMMERCIAL LIMITED	Whole-time director	01/02/2010	11/09/1985	-	Active	NO
3	U65990MH1992PTC065170	SHREEJEE INVESTMENTS PRIVATE LIMITED	Director	31/01/1992	31/01/1992	22/09/2008	Active	NO
4	U27107MH1995PTC090193	TALOJA STEEL PRIVATE LIMITED	Director	04/07/1995	04/07/1995	-	Amalgamated	NO
5	U74999GJ1991PTC015740	INDRAMATI PROPERTIES AND CREDIT PRIVATE LIMITED	Director	21/03/1996	21/03/1996	02/12/2008	Active	NO
6	U50400MH1989PLC054707	RUNISHA COMMERCIAL LIMITED	Director	27/08/2001	27/08/2001	-	Amalgamated	NO
7	U27104MH2006PTC160932	INDU CORPORATION PRIVATE LIMITED (PART-IX)	Director	03/04/2006	03/04/2006	-	Active	NO

Name :

Mr. Indukumar Shantilal Kapashi

Designation :

Director

Address :

503, Pleasant Palace, 16, N.D. Road, Mumbai – 400 006, Maharashtra, India

Date of Birth/Age :

03.01.1936

Date of Appointment :

03.04.2006

PAN No.:

AADPK3605N

DIN No.:

00008413

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	L51900MH1985PLC037452	KAPASHI COMMERCIAL LIMITED	Whole-time director	01/02/2010	11/09/1985	-	Active	NO
2	U67120MH1985PTC036721	NISHUVI TRADING AND INVESTMENT PRIVATE LIMITED	Director	10/02/1988	10/02/1988	-	Active	NO
3	U27107MH1995PTC090193	TALOJA STEEL PRIVATE LIMITED	Director	04/07/1995	04/07/1995	-	Amalgamated	NO
4	U70102MH1989PLC053258	NASHIMA DEVELOPERS LIMITED	Director	19/07/1995	19/07/1995	-	Amalgamated	NO
5	U65990MH1992PTC065170	SHREEJEE INVESTMENTS PRIVATE LIMITED	Director	12/10/1999	12/10/1999	22/09/2008	Active	NO
6	U99999MH1994PTC081524	CHANDESHWARI TRADING AND FINANCE PRIVATE LIMITED	Director	30/09/2006	14/11/2005	09/01/2013	Active	NO
7	U27104MH2006PTC160932	INDU CORPORATION PRIVATE LIMITED (PART-IX)	Director	03/04/2006	03/04/2006	-	Active	NO

Name :

Mr. Paresh Sevantilal Kapashi

Designation :

Director

Address :

703, Pleasant Palace, 16, N.D. Road, Mumbai – 400 006, Maharashtra, India

Date of Birth/Age :

10.02.1966

Qualification :

B.E., MBA

Date of Appointment :

03.04.2006

PAN No.:

AADPK4862B

DIN No.:

00008486

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	U50400MH1989PLC054707	RUNISHA COMMERCIAL LIMITED	Director	20/12/1989	20/12/1989	-	Amalgamated	NO
2	L51900MH1985PLC037452	KAPASHI COMMERCIAL LIMITED	Director	11/06/1993	11/06/1993	-	Active	NO
3	U67120MH1985PTC036721	NISHUVI TRADING AND INVESTMENT PRIVATE LIMITED	Director	12/01/1994	12/01/1994	-	Active	NO
4	U27107MH1995PTC090193	TALOJA STEEL PRIVATE LIMITED	Managing director	04/07/1995	04/07/1995	-	Amalgamated	NO
5	U65990MH1992PTC065170	SHREEJEE INVESTMENTS PRIVATE LIMITED	Director	28/06/2002	28/06/2002	22/09/2008	Active	NO
6	U27104MH2006PTC160932	INDU CORPORATION PRIVATE LIMITED (PART-IX)	Director	03/04/2006	03/04/2006	-	Active	NO

Name :

Mr. Nimish Indubhai Kapashi

Designation :

Director

Address :

Shakuntala Building, (Pleasant Palace), Flat No.503, Narayan Dabholkar Road, Mumbai – 400 006, Maharashtra, India

Date of Birth/Age :

18.06.1970

Qualification :

B. Com

Date of Appointment :

03.04.2006

PAN No.:

AADPK3624K

DIN No.:

00073665

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	U50400MH1989PLC054707	RUNISHA COMMERCIAL LIMITED	Director	20/12/1989	20/12/1989	-	Amalgamated	NO
2	L51900MH1985PLC037452	KAPASHI COMMERCIAL LIMITED	Director	11/06/1993	11/06/1993	-	Active	NO
3	U67120MH1985PTC036721	NISHUVI TRADING AND INVESTMENT PRIVATE LIMITED	Director	12/01/1994	12/01/1994	-	Active	NO
4	U27107MH1995PTC090193	TALOJA STEEL PRIVATE LIMITED	Managing director	04/07/1995	04/07/1995	-	Amalgamated	NO
5	U65990MH1992PTC065170	SHREEJEE INVESTMENTS PRIVATE LIMITED	Director	28/06/2002	28/06/2002	22/09/2008	Active	NO
6	U27104MH2006PTC160932	INDU CORPORATION PRIVATE LIMITED (PART-IX)	Director	03/04/2006	03/04/2006	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 28.09.2012

Names of Shareholders		No. of Shares
Paresh S. Kapashi		399000
Nimish I. Kapashi		399000
Sevantilal S. Kapashi		409500
Indukumar S. Kapashi		409500
Sushila S. Kapashi		220500
Nitina I. Kapashi		220500
Nandini P. Kapashi		21000
Bhakti N. Kapashi		21000
Total		2100000

As on 28.09.2012

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

BUSINESS DETAILS

Line of Business :

Subject is in the business of distribution of steel and zinc, also engaged in trading in imported ferrous and non-ferrous metals and other commodities.

Products :

Item Code No. (ITC Code)	7214.10
Product Description	Other Bars and Rods of Iron or Non-Alloy not further worked then forged, hot rolled or not extruded, but including those
Item Code No. (ITC Code)	7901
Product Description	Other Bars and Rods of zinc not further worked then forged, hot rolled or not extruded, but including those

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Oriental Bank of Commerce Limited, Opera House Branch, Shreejee Chambers, Tata Road No.2, Opera House, Mumbai – 400 004, Maharashtra, India

· HDFC Bank Limited

· ICICI Bank Limited

Facilities :

Secured Loans	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
SHORT-TERM BORROWINGS
Working capital loans from banks (Secured by hypothecation of present and future stock, Stores , Book debt, outstanding monies, receivable claims, bills etc. and Personal Guarantee of Directors)	96.150	94.647
Loans taken for vehicles (Vehicle Purchased)	4.453	6.513
Total	100.603	101.160


Banking Relations :	--

Auditors :
Name :	Vinod K. Mehta and Company Chartered Accountants
Address :	B-5, 2^nd Floor, Satyam Shopping Centre, Ghatkopar (East), Mumbai – 400 077, Maharashtra, India
PAN No.:	AADFV6947N

Other Related Parties :	· Nishuvi Corporation, India · Nishuvi Trading and Investments Private Limited, India · Agrawal Trading Co., India · Steel Centre, India

CAPITAL STRUCTURE

As on 28.09.2012

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
2100000	Equity Shares	Rs.10/- each	Rs.21.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		21.000	20.000	20.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		491.491	418.714	335.436
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		512.491	438.714	355.436
LOAN FUNDS
1] Secured Loans		100.603	101.160	9.775
2] Unsecured Loans		0.000	0.000	245.488
TOTAL BORROWING		100.603	101.160	255.263
DEFERRED TAX LIABILITIES		1.148	1.565	2.356

TOTAL		614.242	541.439	613.055

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		264.456	259.590	266.804
Capital work-in-progress		0.000	0.000	0.000

INVESTMENT		16.010	19.811	17.379
DEFERRED TAX ASSETS		0.000	0.000	0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	302.041	208.922	165.495
	Sundry Debtors	1356.683	976.975	764.153
	Cash & Bank Balances	113.833	68.930	48.827
	Other Current Assets	17.914	0.611	0.117
	Loans & Advances	61.025	95.098	120.096
Total Current Assets		1851.496	1350.536	1098.688
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	14.973	31.721	40.859
	Other Current Liabilities	1495.919	1041.165	714.560
	Provisions	6.828	15.612	14.397
Total Current Liabilities		1517.720	1088.498	769.816
Net Current Assets		333.776	262.038	328.872

MISCELLANEOUS EXPENSES		0.000	0.000	0.000

TOTAL		614.242	541.439	613.055

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	7153.173	6036.009	4743.514
		Other Income	18.109	20.489
		TOTAL (A)	7171.282	6056.498	4743.514

Less	EXPENSES
		Office Expenses	7073.204	5866.670	4590.648
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)	7073.204	5866.670	4590.648

Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		98.078	189.828	152.866

Less	INTEREST & FINANCIAL EXPENSES (D)		26.404	58.868	39.292

	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		71.674	130.960	113.574

Less/ Add	DEPRECIATION/ AMORTISATION (F)		7.887	8.323	6.160

	PROFIT BEFORE TAX (E-F) (G)		63.787	122.637	107.414

Less	TAX (H)		20.010	39.359	36.293

	PROFIT AFTER TAX (G-H) (I)		43.777	83.278	71.121

	IMPORTS
		Trading Goods	NA	NA	1496.217
	TOTAL IMPORTS		NA	NA	1496.217

	Earnings Per Share (Rs.)		20.85	41.64	35.56

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	0.61	1.38	1.50

Net Profit Margin (PBT/Sales)	(%)	0.89	2.03	NA

Return on Total Assets (PBT/Total Assets}	(%)	3.01	7.62	7.87

Return on Investment (ROI) (PBT/Networth)		0.12	0.28	0.30

Debt Equity Ratio (Total Debt/Networth)		0.20	0.23	0.72

Current Ratio (Current Asset/Current Liability)		1.22	1.24	1.43

LOCAL AGENCY FURTHER INFORMATION

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	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	Yes
33) Voter ID No of Proprietor/Partner/Director, if available	No
34) External Agency Rating, if available	Yes

WORKING RESULT:

The Sales for the year ended 31^st March, 2012 amounted to Rs.7153.173 millions as compared to Rs.6036.009 millions in the previous year, registering growth of 18.51%. The Company earned the Net Profit of Rs.43.777 millions as compared to Rs.83.278 millions in the previous year registering reduction of about 47.43% as compared to previous year. Reduction in Profit is due to increase in fiancé cost.

Bankers Charges Report as per Registry

Corporate identity number of the company	u27104mh2006ptc160932
Name of the company	INDU CORPORATION PRIVATE LIMITED (PART-IX)
Address of the registered office or of the principal place of business in India of the company	Nishuvi, 4^th Floor, 75, Dr. Annie Besant Road, Worli, Mumbai – 400 018, Maharashtra, India E-Mail: mail@talojasteel.com
This form is for	Modification of charge
Charge identification number of the modified	10047705
Type of charge	Book Debts Movable Property (not being pledge) Others (Stocks, Spares, Receivables, etc.)
Particular of charge holder	Oriental Bank of Commerce Limited, Opera House Branch, Shreejee Chambers, Tata Road No.2, Opera House, Mumbai – 400 004, Maharashtra, India E-Mail: emailroc@rediffmail.com
Nature of description of the instrument creating or modifying the charge	Supplemental Agreement to Secure Credit / Loan Facilities.
Date of instrument Creating the charge	31.12.2012
Amount secured by the charge	Rs.1700.000 millions
Brief particulars of the principal terms a conditions and extent and operation of the charge	Rate of Interest: Interest rate such rate as agreed between the borrower company and the bank from time to time. Penal interest @ 2% p.a. over and above the normal interest rate in case of default Terms of Repayment: Repayment, as agreed between the borrower company and the bank from time to time. Margin: Margin Rate, as agreed between the borrower company and the bank from time to time. Extent and Operation of the charge: The Letter of Credit limit upto Rs.1700.000 millions [Sub-limit Cash Credit Rs.700.000 millions, and Bank Guarantee Rs.50.000 millions] sanctioned by the Bank is secured against Hypothecation of Stocks, Spares, receivables and other current assets of the company. Hypothecation of all the fixed assets of the company (other than Land and Building) including vehicles. Hypothecation charge over the goods in case of LC on DA basis etc. The Charge stands unaltered at Rs.1700.000 millions
Short particulars of the property charged	Hypothecation of Stocks, Spares, receivables and other current assets of the company. Hypothecation of all the fixed assets of the company (other than Land and Building) including unencumbered value of vehicles having WDV 22.851 millions as on 31.03.2012 Documents of title to goods in case of LC on DP basis. Hypothecation charge over the goods in case of LC on DA basis
Particulars of the present modification	The Letter of Credit limit upto Rs.1700.000 millions [Sub-limit Cash Credit Rs.700.000 millions, and Bank Guarantee Rs.50.000 millions] sanctioned by the Bank is secured against Hypothecation of Stocks, Spares, receivables and other current assets of the company. Hypothecation of all the fixed assets of the company (other than Land and Building) including vehicles. Hypothecation charge over the goods in case of LC on DA basis etc. The Charge stands unaltered at Rs.1700.000 millions

FIXED ASSETS

· Land

· Building

· Plant and Equipment

· Furniture and Fixtures

· Vehicles

· Office Equipment

· Computer

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 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.54.03
UK Pound	1	Rs.82.43
Euro	1	Rs.70.49

INFORMATION DETAILS

Report Prepared by :

SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		43

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

302.041

208.922

165.495

1356.683

976.975

764.153

113.833

68.930

48.827

17.914

0.611

0.117

61.025

95.098

120.096

1851.496

1350.536

1098.688

1495.919

1041.165

714.560

6.828

15.612

14.397

1517.720

1088.498

769.816

333.776

262.038

328.872

0.61

0.89

3.01

0.12

0.20

1.22

Unit