MIRA INFORM REPORT

1. Summary Information

		Country	India
Company Name	WALPLAST PRODUCTS PRIVATE LIMITED	Principal Name 1	Mr. Bhavesh Chandra Chattopadhyaya
Status	Satisfactory	Principal Name 2	Mr. Ashok Nagardas Mehta
		Registration #	11-147149
Street Address	Rainbow Plot No 13, Sector 24, Turbhe, Navi Mumbai- 400705, Maharashtra, India
Established Date	25.06.2004	SIC Code	--
Telephone#	Not Available	Business Style 1	Manufacturer
Fax #	Not Available	Business Style 2	Exporter
Homepage	Not Available	Product Name 1	Cement Putty
# of employees	250 (Approximately)	Product Name 2	Wall Putty
Paid up capital	Rs. 20,000,000/-	Product Name 3	Tile Adhesive Water Proof Plaster
Shareholders	--	Banking	HDFC Bank Limited
Public Limited Corp.	NO	Business Period	8 Years
IPO	NO	International Ins.	--
Public Enterprise	NO	Rating	Ba (46)
Related Company
Relation	Country	Company Name	CEO
Enterprises in which key management personnel have control :	--	Alive Ceramics Private Limited	--
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2012		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	242,896,000	Current Liabilities	171,239,000
Inventories	97,397,000	Long-term Liabilities	160,390,000
Fixed Assets	174,992,000	Other Liabilities	15,926,000
Deferred Assets	0,000	Total Liabilities	347,555,000
Invest& other Assets	503,000	Retained Earnings	148,233,000
		Net Worth	168,233,000
Total Assets	515,788,000	Total Liab. & Equity	515,788,000
Total Assets (Previous Year)	396,799,000
P/L Statement as of	31.03.2012		(Unit: Indian Rs.)
Sales	2,038,778,000	Net Profit	26,992,000
Sales(Previous yr)	1,521,128,000	Net Profit(Prev.yr)	47,361,000

MIRA INFORM REPORT

Report Date :

15.02.2013

IDENTIFICATION DETAILS

Name :	WALPLAST PRODUCTS PRIVATE LIMITED

Registered Office :	Rainbow Plot No 13, Sector 24, Turbhe, Navi Mumbai- 400705, Maharashtra

Country :	India

Financials (as on) :	31.03.2012

Date of Incorporation :	25.06.2004

Com. Reg. No.:	11-147149

Capital Investment / Paid-up Capital :	Rs. 20.000 Millions

CIN No.: [Company Identification No.]	U14106MH2004PTC147149

PAN No.: [Permanent Account No.]	AAACW5337R

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacturer and Exporter of Cement Putty, Wall Putty, Tile Adhesive Water Proof Plaster, Ready Mix Plaster.

No. of Employees :	250 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 673000

Status :	Satisfactory

Payment Behaviour :	Usually correct

Litigation :	Clear

Comments :	Subject is an established company having satisfactory track record. There appears some dip in the profitability of the company. However, networth appears to be satisfactory. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions.

NOTES :

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

ECGC Country Risk Classification List – June 30, 2012

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

India

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

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	BBB (fund based facility)
Rating Explanation	The moderate credit quality. It carries higher than average credit risk.
Date	December 2011

Rating Agency Name	ICRA
Rating	(A3+) Non fund based facility
Rating Explanation	The moderate credit quality. It carry higher credit risk.
Date	December 2011

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 :	Rainbow Building, Plot No. 13, Sector- 24, Near Sanpada Railway Station, Navi Mumbai- 400705, Maharashtra, India
Tel. No.:	91-22-41418282
Fax No.:	91-22-41418200
E-Mail :	nilesh.kapadia@walplast.com
Website :	http://www.walplast.com

Corporate Office :	Located at : Navi Mumbai

Factory 1 :	Vapi, Gujarat, India

Factory 2 :	Taloja and Turbhe, Maharashtra, India

Factory 3 :	Behror, Rajasthan, India

Factory 4 :	Raipur, Chhattisgarh, India

DIRECTORS

As on 29.09.2012

Name :

Mr. Bhavesh Chandra Chattopadhyaya

Designation :

Director

Address :

Erose Garden,Block -111, 80 Ground Floor, suraj Kund Road, Faridabad- 121009, Haryana, India

Date of Birth/Age :

16.10.1947

Date of Appointment :

26.02.2010

DIN No.:

01895497

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	U45201AS2008PTC008596	UNIVERSAL INFRABUILD PRIVATE LIMITED	Director	10/08/2009	14/02/2008	Active	NO
2	U14106MH2004PTC147149	WALPLAST PRODUCTS PRIVATE LIMITED	Director	26/02/2010	26/02/2010	Active	NO

Name :

Mr. Ashok Nagardas Mehta

Designation :

Director

Address :

Rainbow Plot No. 42, Pestom Sagar, Chembur, Mumbai- 400089, Maharashtra, India

Date of Birth/Age :

14.11.1948

Date of Appointment :

25.06.2004

DIN No.:

00113783

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	U51432MH1988PTC046897	ARISTO SALES AGENCY PRIVATE LIMITED	Director	06/04/1988	06/04/1988	Active	NO
2	U51432MH2002PTC135661	ALIVE CERAMICS PRIVATE LIMITED	Director	26/04/2002	26/04/2002	Active	NO
3	U51432MH2003PTC140415	VITROLINE MARKETING PRIVATE LIMITED	Director	12/05/2003	12/05/2003	Active	NO
4	U14106MH2004PTC147149	WALPLAST PRODUCTS PRIVATE LIMITED	Director	25/06/2004	25/06/2004	Active	NO
5	U26960MH2010PTC209654	MIRAJ DRYMIX PRIVATE LIMITED	Director	01/11/2010	01/11/2010	Active	NO

Name :

Mr. Kaushal Ashok Mehta

Designation :

Director

Address :

Rainbow Plot No. 42, Pestom Sagar, Chembur, Mumbai- 400089, Maharashtra, India

Date of Birth/Age :

02.07.1981

Date of Appointment :

25.06.2004

DIN No.:

00113826

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	U51432MH1988PTC046897	ARISTO SALES AGENCY PRIVATE LIMITED	Director	06/04/1988	06/04/1988	Active	NO
2	U51432MH2002PTC135661	ALIVE CERAMICS PRIVATE LIMITED	Director	26/04/2002	26/04/2002	Active	NO
3	U51432MH2003PTC140415	VITROLINE MARKETING PRIVATE LIMITED	Director	12/05/2003	12/05/2003	Active	NO
4	U14106MH2004PTC147149	WALPLAST PRODUCTS PRIVATE LIMITED	Director	25/06/2004	25/06/2004	Active	NO
5	U26960MH2010PTC209654	MIRAJ DRYMIX PRIVATE LIMITED	Director	01/11/2010	01/11/2010	Active	NO

Name :

Ms. Asha Ashok Mehta

Designation :

Director

Address :

Rainbow Plot No. 42, Pestom Sagar, Chembur, Mumbai- 400089, Maharashtra, India

Date of Birth/Age :

10.08.1955

Date of Appointment :

25.06.2004

DIN No.:

00113834

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	U51432MH1988PTC046897	ARISTO SALES AGENCY PRIVATE LIMITED	Director	06/04/1988	06/04/1988	Active	NO
2	U51432MH2002PTC135661	ALIVE CERAMICS PRIVATE LIMITED	Director	26/04/2002	26/04/2002	Active	NO
3	U51432MH2003PTC140415	VITROLINE MARKETING PRIVATE LIMITED	Director	12/05/2003	12/05/2003	Active	NO
4	U14106MH2004PTC147149	WALPLAST PRODUCTS PRIVATE LIMITED	Director	25/06/2004	25/06/2004	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2012

Names of Shareholders		No. of Shares
Ashok Nagardas Mehta		44400
Asha Ashok Mehta		27100
Kaushal Ashok Mehta		31300
Ashok Nagardas Mehta (HUF)		27200
Rachana M. Parekh		12000
Alive Ceramics Private Limited		58000
Total		200000

Equity Share Break up (Percentage of Total Equity)

As on 29.09.2012

Category	Percentage
Bodies corporate	29.00
Directors or relatives of Directors	57.40
Others	13.60
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Cement Putty, Wall Putty, Tile Adhesive Water Proof Plaster, Ready Mix Plaster.

Products :	Plasto Shine Plasto Fill Plasto Tile Plasto Proof Plasto Grey Plasto Premium Plasto Seal

PRODUCTION STATUS (As on 31.03.2011)

Particulars	Production Kgs.
Plasto Shine	17989780
Plasto Fill	38585
Plasto Tile	53045
Plasto Proof	50915
Plasto Grey	102880
Plasto Premium	69745
Plasto Seal	20870
Plasto Coarse	542160
Cement Putty	43248866
Ready Mix Plaster	3664960
Silco Plast	57400

GENERAL INFORMATION

No. of Employees :

250 (Approximately)

Bankers :

HDFC Bank Limited, HDFC Bank House Senapati Bapat Marg, Lower Parel (W), Mumbai- 400013, Maharashtra, India
Shamrao Vithal Cooperative Bank Limited, Vashi Branch, Jaymangal Oil Comp., Near APMC II., Sector 19, Plot No 48 and 49 Phase II, Vasi, Turbhe, Navi Mumbai- 400705, Maharashtra, India
Bank of India, Turbhe Branch, Urbhe, Vashi, Navi Mumbai- 400705, Maharashtra, India

Facilities :

Secured Loan		31.03.2011 (Rs. in Millions)
Loans taken for Fixed assets secured
Loans taken for other fixed secured		57.416
Total		57.416

Banking Relations :	--

Auditors :
Name :	Dilip Kapadia and Company Chartered Accountants
Address :	Room No. 2, Baburao Chawl, Bachani Nagar Cross Road, Daftary Road, Mulund (E) , Mumbai, Maharashtra, India
PAN No.:	ADUPK4157H

Enterprises in which key management personnel have control :	Alive Ceramics Private Limited (CIN No : U51432MH2002PTC135661) Aristo Sales Agency Private Limited Miraj Drymix Private Limited (CIN No : U26960MH2010PTC209654) Vitroline Marketing Private Limited Aristo Sales Agency Viwa Drymix Private Limited

CAPITAL STRUCTURE

As on 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount

225000	Equity Shares	Rs. 100/- each	Rs. 22.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

200000	Equity Shares	Rs. 100/- each	Rs. 20.000 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		20.000	20.000	20.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		148.233	121.241	73.884
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		168.233	141.241	93.884
LOAN FUNDS
1] Secured Loans			57.416	28.371
2] Unsecured Loans			6.287	5.031
TOTAL BORROWING		160.390	63.703	33.402
DEFERRED TAX LIABILITIES		2.905	1.569	2.368

TOTAL		331.528	206.513	129.654

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		174.992	136.599	86.665
Capital work-in-progress		0.000	0.000	0.000

INVESTMENT		0.503	0.502	0.503
DEFERRED TAX ASSETS		0.000	0.000	0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	97.397	62.866	43.996
	Sundry Debtors	163.033	93.065	36.605
	Cash & Bank Balances	10.887	9.464	10.061
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	68.976	94.303	59.187
Total Current Assets		340.293	259.698	149.849
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	144.662	85.699	36.242
	Other Current Liabilities	26.577	37.185	28.488
	Provisions	13.021	67.402	42.633
Total Current Liabilities		184.260	190.286	107.363
Net Current Assets		156.033	69.412	42.486

MISCELLANEOUS EXPENSES		0.000	0.000	0.000

TOTAL		331.528	206.513	129.654

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income
		Other Income
		TOTAL	2038.778	1521.128	864.315

Less	EXPENSES
		TOTAL	1998.544	1449.797	815.118

	PROFIT BEFORE TAX		40.234	71.331	49.197

Less	TAX		13.242	23.970	16.756

	PROFIT AFTER TAX		26.992	47.361	32.441

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		121.241	73.884	41.460

Less	APPROPRIATIONS
		Fringe Benefit Tax	0.000	0.004	0.017
	BALANCE CARRIED TO THE B/S		148.233	121.241	73.884

	Earnings Per Share (Rs.)		134.96	--	--

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	1.32	3.11	3.75

Return on Total Assets (PBT/Total Assets}	(%)	7.81	18.00	20.80

Return on Investment (ROI) (PBT/Networth)		0.24	0.51	0.52

Debt Equity Ratio (Total Debt/Networth)		0.95	0.45	0.36

Current Ratio (Current Asset/Current Liability)		1.85	1.36	1.40

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	No
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: The registered office of the company has been shifted from Plot No D-314 TTC Industrial Estate MIDC Turbhe, Navi Mumbai- 400705, Maharashtra, India to the present address w.e.f. 01.03.2007.

UNSECURED LOAN

Particulars		31.03.2011 (Rs. in Millions)
Loans directors unsecured		1.170
Other debt unsecured		5.117
Total		6.287

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U14106MH2004PTC147149
Name of the company	WALPLAST PRODUCTS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Rainbow Plot No 13, Sector 24 Turbhe, Navi Mumbai- 400705, Maharashtra, India
This form is for	Creation of Charge
Type of charge	Immovable property Any interest in immovable property
Particular of charge holder	Citi Bank N.A. , 8^th Floor, Nirlon Knowledge park, Block No. B-7, Off western Express Highway, Goregaon (E), Mumbai- 400063, Maharashtra, India
Nature of instrument creating charge	Loan Agreement
Date of instrument Creating the charge	05.09.2012
Amount secured by the charge	Rs. 27.300 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Rate of Interest @ 10.60% Terms of Repayment The Loan to be repayable in MMR 180 Months of Rs. 0.303 Million starting from 01/10/2012 and ending on 01/09/2027. Margin As may be stipulated by the Bank from time to time. Extent and Operation of the charge Repayment of loan Rs. 27.300 Millions only together with interest, fees, costs, charges and expenses and all other amounts payable to the Bank shall be secured by way of first exclusive charge by way of mortgage in favour of the Bank over the property and any other securities as may be acceptable to the Bank. Others The Borrower shall be liable to furnish additional security, as decided by the Bank, to the Bank in the event of value of the primary security deteriorates substantially or does not adequately cover the loan or any outstanding under the loan.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Flat No. 2701, 27th Floor, 'B1' wing, Godrej Platinum, Godrej Enclave Garden, Pirojsha Nagar, Vikroli (E) Mumbai - 400 079.

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. 53.85
UK Pound	1	Rs. 84.43
Euro	1	Rs. 72.40

INFORMATION DETAILS

Report Prepared by :

RJT

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	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		46

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

97.397

163.033

10.887

0.000

68.976

340.293

144.662

26.577

13.021

184.260

156.033

Unit