Summary Information

		Country	India
Company Name	R D WELD PRODUCTS PRIVATE LIMITED	Principal Name 1	Mr. Manoj Balwani
Status	Moderate	Principal Name 2	Mrs. Rashmi Balwani
		Registration #	11-106836
Street Address	A – 1, Guru Ashish, R C Marg, Chembur (East), Mumbai – 400071, Maharashtra
Established Date	25.03.1997	SIC Code	--
Telephone#	91-22-67358903	Business Style 1	Supplier
Fax #	91-22-67358999	Business Style 2	--
Homepage	www.rdweld.com	Product Name 1	Welding Consumables
# of employees	Not Available	Product Name 2	Welding Equipment
Paid up capital	Rs. 4902000/-	Product Name 3	Welding and Cutting Accessories
Shareholders	Directors or Relatives of Directors – 100%	Banking	Bank of Maharashtra
Public Limited Corp.	No	Business Period	16 Years
IPO	No	International Ins.	-
Public Enterprise	No	Rating	B (31)
Related Company
Relation	Country	Company Name	CEO
Related Party	India	Esteem Equipment	--
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2012		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	114,153,000	Current Liabilities	92,756,000
Inventories	93,107,000	Long-term Liabilities	69,477,000
Fixed Assets	31,100,000	Other Liabilities	39,685,000
Deferred Assets	0,000	Total Liabilities	201,918,000
Invest& other Assets	35,000	Retained Earnings	31,575,000
		Net Worth	36,477,000
Total Assets	238,395,000	Total Liab. & Equity	238,395,000
Total Assets (Previous Year)	190,279,000
P/L Statement as of	31.03.2012		(Unit: Indian Rs.)
Sales	442,632,000	Net Profit	6,098,000x
Sales(Previous yr)	381,884,000	Net Profit(Prev.yr)	6,640,000

MIRA INFORM REPORT

Report Date :

16.12.2013

IDENTIFICATION DETAILS

Name :	R D WELD PRODUCTS PRIVATE LIMITED
Registered Office :	A – 1, Guru Ashish, R C Marg, Chembur (East), Mumbai – 400071, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	25.03.1997
Com. Reg. No.:	11-106836
Capital Investment / Paid-up Capital :	Rs.4.902 Millions
CIN No.: [Company Identification No.]	U51909MH1997PTC106836
IEC No.:	0307027937
TAN No.: [Tax Deduction & Collection Account No.]	MUMR08369E
PAN No.: [Permanent Account No.]	AAACR4651D
Legal Form :	Private Limited Liability Company
Line of Business :	The company is engaged in supplying world class welding consumables, welding equipment, welding and cutting accessories.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (31)

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

Maximum Credit Limit :	USD 140000
Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The management have failed to file its latest financial with the government department. As per previous year record (i.e. 2012) there seems slight dip in the profitability of the company. However, trade relations are reported to be fair. Business is active. Payments are unknown. The company can be considered for business dealing 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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
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

The current downturn provides an opportunity to push ahead with reforms to accelerate growth, says the latest India Development Update report released by the World Bank. The report says that the adverse effects of rupee depreciation are likely to be offset by the gains in the exports performance due to improved external competitiveness. Since May this year, the local currency has depreciated substantially and fell to a record level of Rs 68.85 to a dollar on August, 28.

A stagflation like situation appears to have arisen as inflation jumped to an eight month high of 6.46 % for the month of September. It is up from 6.10 % in August. Growth continues to be muted with factory output plunging to 0.6 % in August. Onion prices have risen nearly 300 % from last September. Vegetables cost nearly 90 % more than they did last year. Wake up to the economic contribution of slum dwellers. They contribute more than 7.5 % to the country’s gross domestic product, according to a recent study conducted in 50 top cities.

136000 estimated number of jobs created during the second quarter of the current financial year. 50000 estimated number of additional jobs in the field of corporate social responsibility in the coming years.

The International Finance Corporation expects to come out with its rupee linked bonds issue before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple iPhone 5c (Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has been launched in India from 1^st November.

The Land Acquisition Act to provide just and fair compensation to farmers will come into force from January 1 next year, said Rural Development Minister Jairam Ramesh. The Act replaces a 119 year old registration. The Securities and Exchange Board of India has approved the trading of currency futures on the Bombay Stock Exchange. The exchange plans to launch the currency futures platform with advanced trading technology by the end of November.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Cash Credit=BB
Rating Explanation	Moderate risk of default.
Date	18.11.2013

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 :	A – 1, Guru Ashish, R. C Marg, Chembur (East), Mumbai – 400071, Maharashtra , India
Tel No. :	91-22-67358903
Fax No.:	91-22-67358999
E-Mail :	rdw@hotmail.com mukundpol@yahoo.co.in
Website :	www.rdweld.com
Corporate Office :	Unit No. 24, Majithyia Industrial Complex, W.T. Marg, Devnath, Chembur (West), Mumbai – 400088, Maharashtra, India
Tel No. :	91-22-67358989
Fax No. :	91-22-67358999
Administrative Office :	G -23 Municipal Market, Chembur Naka, Mumbai – 400071, Maharashtra, India
Tel. No.:	91-22-25282491 / 25282491
Fax No.:	91-22-25280645
	rdweld@hotmail.com
Area :	320 sq. ft.
Location :	Leased
Branches/ Marketing Office:	E - 3 and 4, MIDC Premises, Pfizer Road, Turbhe Naka, Navi Mumbai - 400705, Maharashtra, India
Tel. No.:	91-22-27631666 / 27615107 / 27683214
Fax No.:	91-22-27622922
Area :	1000 sq. ft.
Location :	Leased
Factory :	D-343, TTC Industrial Area, MIDC, Turbhe, Navi Mumbai - 400705, Maharashtra, India
Tel. No.:	91-22-27683214 / 65107234
Fax No.:	91-22-27622922
Area :	5000 sq. ft.
Location :	Owned

DIRECTORS

AS ON 24.09.2012

Name :

Mr. Manoj Radhakishan Balwani

Designation :

Director

Address :

G - Neelkantnilayam Society, 9^th Road, Sandhu Nagar, Chembur (East), Mumbai – 400071, Maharashtra, India

Date of Birth/Age :

01.07.1966

Date of Appointment :

25.03.1997

DIN No.:

00742112

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	U51909MH1997PTC106836	R.D WELDPRODUCTS PRIVATE LIMITED	Director	25/03/1997	25/03/1997	Active	NO
2	U51900MH2006PTC159557	LEAN FOODS PRIVATE LIMITED	Director	17/02/2006	17/02/2006	Active	NO
3	U74120MH2011PTC224014	Upper Crust Foods Private Limited	Director	17/11/2011	17/11/2011	Active	NO

Name :

Mrs. Rashmi Manoj Balwani

Designation :

Director

Address :

G - Neelkantnilayam Society, 9^th Road, Sandhu Nagar, Chembur (East), Mumbai – 400071, Maharashtra, India

Date of Birth/Age :

04.05.1967

Date of Appointment :

15.06.2007

DIN No.:

00733932

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	U11100MH1995PTC093988	ESTEEM GASES PRIVATE LIMITED	Director	27/10/1995	27/10/1995	Active	NO
2	U51900MH2006PTC159557	LEAN FOODS PRIVATE LIMITED	Director	17/02/2006	17/02/2006	Active	NO
3	U51909MH1997PTC106836	R.D WELDPRODUCTS PRIVATE LIMITED	Director	15/06/2007	15/06/2007	Active	NO
4	U74120MH2011PTC224014	Upper Crust Foods Private Limited	Director	17/11/2011	17/11/2011	Active	NO

Name :

Mr. Akshay Manoj Balwani

Designation :

Director

Address :

Row House G, Neelkanth Nilayam Co-Operative Society, D.K. Sandu Marg, 9^th Road, Chembur, Mumbai – 400071 Maharashtra, India

Date of Birth/Age :

23/06/1994

Date of Appointment :

01.07.2013

DIN No.:

06641564

KEY EXECUTIVES

Corporate Management Team :

· Madanlal Kochar · K. Rajkumar · Vishal Aggarwal · Tejas Shah · Prasad Dalvi

MAJOR SHAREHOLDERS

AS ON 24.09.2012

SHAREHOLDING DETAILS FILE ATTACHED

Equity Share Break up (Percentage of Total Equity)

AS ON 24.09.2012

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

The company is engaged in supplying world class welding consumables, welding equipment, welding and cutting accessories.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· The Saraswat Co-operative Bank Limited, Chembur Branch, Shri Sunder Co-operative Housing Society Limited, Plot No. 560, Sion Trombay Road, Chembur, Mumbai – 400071, Maharashtra, India

· Bank of Maharashtra, Worli Branch, Ready Money Terrace, Worli Naka, Dr. A B Road, Mumbai – 400018, Maharashtra, India

· HDFC Bank Limited

Facilities :

Particulars	31.03.2012 (Rs. In Millions)
Long Term Loans
Term Loan with Bank of Maharashtra	10.648
Other Loans	0.694
Short Term Loans
Working Capital Loans	15.115
Total	26.457

Particulars	31.03.2011 (Rs. In Millions)
Vehicle loan from HDFC Bank	2.741
Loan from Finance Company	0.580
Working Capital finance from bank of Maharashtra	54.768
Term Loan from Bank	2.533
Total	60.622

Banking Relations :	--
Auditors :
Name :	M.M. Pol and Company Chartered Accountants
Address :	106, Maitri Shopping Centre, V.N. Purav Marg, Chunabhatti, Sion, Mumbai – 400022, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AADPP3643F
Related Parties :	· Esteem Gases Private Limited · Akshay Enterprises · Esteem Equipments · Lean Foods Private Limited

CAPITAL STRUCTURE

AS ON 24.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs. 10/- each	Rs.5.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
490200	Equity Shares	Rs. 10/- each	Rs.4.902 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	4.902
(b) Reserves & Surplus	31.575
(c) Money received against share warrants	0.000
(2) Share Application money pending allotment	0.000
Total Shareholders’ Funds (1) + (2)	36.477
(3) Non-Current Liabilities
(a) long-term borrowings	54.362
(b) Deferred tax liabilities (Net)	4.913
(c) Other long term liabilities	0.000
(d) long-term provisions	8.633
Total Non-current Liabilities (3)	67.908
(4) Current Liabilities
(a) Short term borrowings	15.115
(b) Trade payables	79.878
(c) Other current liabilities	34.772
(d) Short-term provisions	4.245
Total Current Liabilities (4)	134.010
TOTAL	238.395
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	31.100
(ii) Intangible Assets	0.000
(iii) Capital work-in-progress	0.000
(iv) Intangible assets under development	0.000
(b) Non-current Investments	0.035
(c) Deferred tax assets (net)	0.000
(d) Long-term Loan and Advances	20.506
(e) Other Non-current assets	0.000
Total Non-Current Assets	51.641
(2) Current assets
(a) Current investments	0.000
(b) Inventories	93.107
(c) Trade receivables	85.382
(d) Cash and cash equivalents	5.070
(e) Short-term loans and advances	2.911
(f) Other current assets	0.284
Total Current Assets	186.754
TOTAL	238.395

SOURCES OF FUNDS		31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		4.902	4.902
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		25.477	18.838
4] (Accumulated Losses)		0.000	0.000
NETWORTH		30.379	23.740
LOAN FUNDS
1] Secured Loans		60.622	38.392
2] Unsecured Loans		21.650	20.943
TOTAL BORROWING		82.272	59.335
DEFERRED TAX LIABILITIES		5.490	4.538
TOTAL		118.141	87.613
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		38.051	32.922
Capital work-in-progress		0.000	0.000
INVESTMENT		0.035	0.035
DEFERREX TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	75.028	53.950
	Sundry Debtors	69.015	55.782
	Cash & Bank Balances	3.280	5.358
	Other Current Assets	0.000	0.000
	Loans & Advances	4.870	2.725
Total Current Assets		152.193	117.815
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	69.921	60.687
	Other Current Liabilities	0.071	0.068
	Provisions	2.146	2.404
Total Current Liabilities		72.138	63.159
Net Current Assets		80.055	54.656
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		118.141	87.613

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	442.632	381.884	276.454
		Other Income	2.109	3.225	4.173
		TOTAL (A)	444.741	385.109	280.627
Less	EXPENSES
		Trading and Operating Expenses	412.402	361.811	261.621
		TOTAL (B)	412.402	361.811	261.621
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		32.339	23.298	19.006
Less	FINANCIAL EXPENSES (D)		16.904	7.604	5.157
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		15.435	15.694	13.849
Less/ Add	DEPRECIATION/ AMORTISATION (F)		6.172	5.955	6.033
	PROFIT BEFORE TAX (E-F) (G)		9.263	9.739	7.816
Less	TAX (H)		3.165	3.099	2.604
	PROFIT AFTER TAX (G-H) (I)		6.098	6.640	5.212
Less	APPROPRIATIONS
		Transfer to General Reserve	0.610	0.664	0.521
	BALANCE CARRIED TO THE B/S		5.488	5.976	4.691
	IMPORTS
		Trading Goods	210.699	171.039	113.124
	Earnings Per Share (Rs.)		12.44	12.19	10.63

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	1.37	1.72	1.86
Net Profit Margin (PBT/Sales)	(%)	2.09	2.55	2.83
Return on Total Assets (PBT/Total Assets}	(%)	4.25	5.12	5.19
Return on Investment (ROI) (PBT/Networth)		0.25	0.32	0.33
Debt Equity Ratio (Total Debt /Networth)		1.90	5.08	5.16
Current Ratio (Current Asset/Current Liability)		1.39	2.11	1.87

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	Yes

UNSECURED LOANS:

Particulars	31.03.2012 (Rs. In Millions)
Long Term Borrowings
Loan from shareholders	43.021
Total	43.021

Particulars	31.03.2011 (Rs. In Millions)
Cylinder Deposits	7.302
Loan from Shareholders	14.348
Total	21.650

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10449587	25/09/2013 *	22,000,000.00	YES BANK LIMITED	9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA, DR. ANNIE BESANT ROAD, WORLI, MUMBAI - 400018, MAHARASHTRA, INDIA	B87393757
2	10313341	10/05/2011	5,000,000.00	BANK OF MAHARASHTA	WORLI BRANCH, READY MONEY TERRACE, DR A B ROAD, WORLI NAKA, MUMBAI - 400018, MAHARASHTRA, INDIA	B16136285
3	10240984	11/07/2013 *	117,900,000.00	BANK OF MAHARASHTA	READY MONEY TERRACE, WORLI NAKA, DR A.B. ROAD, WORLI, MUMBAI - 400018, MAHARASHTRA, INDIA	B83844563
4	10175990	26/07/2013 *	117,900,000.00		READY MONEY TERRACE, WORLI NAKA, DR A.B. ROAD, WORLI, MUMBAI - 400018, MAHARASHTRA, INDIA	B84830587
5	90151656	26/02/2005	340,000.00	SUNDARAM FINANCE LIMITED	NO. 21; PATULLOS ROAD, CHENNAI - 600002, TAMIL NADU, INDIA	-

* Date of charge modification

FIXED ASSETS:

· Shop

· Land

· Building

· Office Equipments

· Calculators

· Telephone – Equipment

· Fax Machine, EPBX etc

· Computers

· TVS-/ Epson Matrix Printer

· Xerox Machine

· Cellular Phone

· Air Conditioner- Hitachi

· Hitachi Window AC

· Refrigerator

· Honda Generator

· Electric Power Saver

· Solar System

· Furniture and Fixture

· Electric Fitting

· Steel Copper with Shelf

· Cylinders

· Volves

· Platform Scale

· Motor Cars

· Maruti

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.62.13
UK Pound	1	Rs.101.53
Euro	1	Rs.85.41

INFORMATION DETAILS

Report Prepared by :

NKT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--CREDIT LINES	1~10	3
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		31

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.