MIRA INFORM REPORT

Report Date :

22.07.2013

Tel. No.:	91-294-2526615/2650266/2650267
Fax No.:	91-294-2525515/2650268

IDENTIFICATION DETAILS

Name :	SUDAY MINERALS AND CHEMICALS PRIVATE LIMITED (w.e.f. 06.05.2008)
Formerly Known As :	EDEN POLYMERS PRIVATE LIMITED
Registered Office :	T-5, Panoramic Apartment, Fatehnagar Road, Dewali, Udaipur – 313001, Rajasthan
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	12.08.2005
Com. Reg. No.:	17-021144
Capital Investment / Paid-up Capital :	Rs. 5.165 Millions
CIN No.: [Company Identification No.]	U25191RJ2005PTC021144
TAN No.: [Tax Deduction & Collection Account No.]	JDHS08946A
PAN No.: [Permanent Account No.]	AALCS9434N
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Minerals and Chemicals.
No. of Employees :	15 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (26)

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

Maximum Credit Limit :	USD 54000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is a company having moderate track record. Profitability of the company appears to be low. However, trade relations are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some caution.

NOTES :

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

ECGC Country Risk Classification List – 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

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.

INFORMATION PARTED BY

Name :	Mr. Gopal Agarwal
Designation :	Director
Contact No.:	91-9414157615
Date :	03.07.2013

LOCATIONS

Registered Office / Factory :	T-5, Panoramic Apartment, Fatehsagar Road, Dewali, Udaipur – 313001, Rajasthan, India
Tel. No.:	91-294-2526615 / 2420395 / 2650266 / 2650267
Mobile No.:	91-9414157615 (Mr. Gopal Agarwal)
Fax No.:	91-294-2525515 / 2650268
E-Mail :	sundaymineral@gmail.com nenawati.nenawati@gmail.com
Website :	http://www.sudaymineral.com
Location :	Owned

DIRECTORS

As on 30.09.2012

Name :

Mr. Sunil Chhajed

Designation :

Director

Address :

26-27/4, New Fatehpura, Udaipur – 313001, Rajasthan, India

Date of Birth/Age :

47 Years

Qualification :

Graduate

Date of Appointment :

27.03.2008

DIN No.:

01600483

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	U14102RJ2004PTC019531	DEEPAK MINERAL GRINDERS PVT.LTD.(TRANSFERRED FROM NCT OF DELHI)	Director	27/07/2004	27/07/2004	-	Active	NO
2	U14219RJ2005PTC021162	UDAY MICRONS PRIVATE LIMITED	Director	17/08/2005	17/08/2005	17/10/2012	Active	NO
3	U25191RJ2005PTC021144	SUDAY MINERALS AND CHEMICALS PRIVATE LIMITED	Director	27/03/2008	27/03/2008	-	Active	NO

Name :

Ms. Seema Agrawal

Designation :

Additional Director

Address :

T-5 Panaromic Appartment, Dewali, Udaipur - 313001, Rajasthan, India

Date of Appointment :

30.09.2011

DIN No.:

02321213

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	U14106RJ2004PTC019055	MEWAR MICRONS PRIVATE LIMITED	Director	01/03/2004	01/03/2004	-	Active	NO
2	U14107RJ2010PTC031918	MUMAL MICRONS PRIVATE LIMITED	Director	25/05/2010	25/05/2010	-	Active	NO
3	U14219RJ2005PTC021162	UDAY MICRONS PRIVATE LIMITED	Director	30/09/2011	15/07/2011	-	Active	NO
4	U14102RJ2004PTC019531	DEEPAK MINERAL GRINDERS PVT.LTD.(TRANSFERRED FROM NCT OF DELHI)	Director	30/09/2011	15/07/2011	-	Active	NO
5	U25191RJ2005PTC021144	SUDAY MINERALS AND CHEMICALS PRIVATE LIMITED	Director	30/09/2011	15/07/2011	-	Active	NO
6	U14106RJ2009PTC028356	ARAVALI MINROCKS PRIVATE LIMITED	Director	02/01/2012	02/01/2012	-	Active	NO
7	U14200RJ2012PTC041096	SARVODAY MICRONS PRIVATE LIMITED	Director	21/12/2012	21/12/2012	-	Active	NO

Name :

Mr. Gopal Agarwal

Designation :

Director

Address :

T-5 Panaromic Appartment, Dewali, Udaipur - 313001, Rajasthan, India

Date of Birth/Age :

15.05.1963

Qualification :

Graduate

Date of Appointment :

25.10.2011

DIN No.:

01036973

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	U14106RJ2004PTC019055	MEWAR MICRONS PRIVATE LIMITED	Director	01/03/2004	01/03/2004	-	Active	NO
2	U14102RJ2004PTC019531	DEEPAK MINERAL GRINDERS PVT.LTD.(TRANSFERRED FROM NCT OF DELHI)	Director	25/10/2011	27/07/2004	-	Active	NO
3	U14219RJ2005PTC021162	UDAY MICRONS PRIVATE LIMITED	Director	25/10/2011	17/08/2005	-	Active	NO
4	U25191RJ2005PTC021144	SUDAY MINERALS AND CHEMICALS PRIVATE LIMITED	Director	25/10/2011	27/03/2008	-	Active	NO
5	U14106RJ2010PTC031227	ARAVALI MICROFILLERS PRIVATE LIMITED	Director	13/03/2010	13/03/2010	-	Active	NO
6	U14106RJ2009PTC028356	ARAVALI MINROCKS PRIVATE LIMITED	Director	24/03/2010	24/03/2010	-	Active	NO
7	U14107RJ2010PTC031918	MUMAL MICRONS PRIVATE LIMITED	Director	25/05/2010	25/05/2010	-	Active	NO
8	U55101RJ2010PTC033370	GRAND MERIDIAN INN PRIVATE LIMITED	Director	23/11/2010	23/11/2010	12/05/2011	Active	NO
9	U14107RJ2011PTC035090	PENTA ROCKS PRIVATE LIMITED	Director	06/05/2011	06/05/2011	-	Active	NO
10	U14200RJ2012PTC039202	ONE MICRONS PRIVATE LIMITED	Director	14/06/2012	14/06/2012	-	Active	NO

Name :

Mrs. Mamta Chhjed

Designation :

Director

Address :

26-27/4, New Fatehpura, Udaipur - 313001, Rajasthan, India

Date of Birth/Age :

14.03.1966

Date of Appointment :

25.10.2011

DIN No.:

05107951

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	U14102RJ2004PTC019531	DEEPAK MINERAL GRINDERS PVT.LTD.(TRANSFERRED FROM NCT OF DELHI)	Director	25/10/2011	25/10/2011	-	Active	NO
2	U25191RJ2005PTC021144	SUDAY MINERALS AND CHEMICALS PRIVATE LIMITED	Director	25/10/2011	25/10/2011	-	Active	NO
3	U14200RJ2012PTC041096	SARVODAY MICRONS PRIVATE LIMITED	Director	21/12/2012	21/12/2012	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2012

Names of Shareholders	No. of Shares
Gopal Agarwal	166750
Sunil Chhajed	166750
Mamta Chhajed	11500
Seema Agarwal	11500
Tushar India Private Limited, India	12000
Ethik Traders Private Limited, India	14000
Agarwal Trading Private Limited, India	10000
Softage Trading Private Limited, India	30000
Sensetive Trading Private Limited, India	30000
Britex Footwear Private Limited, India	30000
Avivapaper and Pulp Private Limited, India	26000
Raj Kumar Bansal	8000
Total	516500

As on 30.09.2012

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	29.00
Directors or relatives of Directors	71.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Minerals and Chemicals.
Products :	· Talc Powder · Soap Stone Powder · Calcium Carbonate · Calcite Powder · Dolomite Powder · Marble Powder · China Clay Powder · Kaolin Powder · Quartz Or Silica Grains and Powder · Feldspar Powder · Limestone Powder · Ground Calcium Carbonate (GCC) · Precipitated Calcium Carbonate (PCC) · French Chalk Powder
Terms :
Selling :	L/C, Cash and Credit (30 days)
Purchasing :	L/C, Cash and Credit (30 days)

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	31.03.2011
Installed/Licenced	MT	12000
Actual Production	MT	0

GENERAL INFORMATION

Customers :

Wholesalers and OEM’s

No. of Employees :

15 (Approximately)

Bankers :

State Bank of Bikaner and Jaipur, Mewar Industrial Area, Udaipur - 313001, Rajasthan, India

Facilities :

Secured Loans	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
Long term borrowings
Rupee Term loan SBBJ (Secured against mortgage of Immovable properties all current assets of the company in addition of personal guarantee of directors	5.433	7.843
Current maturity of long term debts
Rupee Car Loan from Bank	1.311	0.000
Bank Over Draft from SBBJ	0.859	2.410
Rupees Term Loan From SBBJ	1.133	1.190
Total	8.736	11.443

Banking Relations :	--
Auditors :
Name :	Nenawati and Associates Chartered Accountants
Address :	14/15 Brij Vihar, Pulla, Udaipur – 303001, Rajasthan, India
Tel. No. :	91-294-2415333
PAN No. :	AADFN7761N

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
800000	Equity Shares	Rs. 10/- each	Rs. 8.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
516500	Equity Shares	Rs.10/- each	Rs. 5.165 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	5.165	3.565
(b) Reserves & Surplus	8.309	1.441
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	13.474	5.006
(3) Non-Current Liabilities
(a) long-term borrowings	6.918	9.328
(b) Deferred tax liabilities (Net)	0.099	0.044
(c) Other long term liabilities	3.754	1.735
(d) long-term provisions	0.739	0.739
Total Non-current Liabilities (3)	11.510	11.846
(4) Current Liabilities
(a) Short term borrowings	3.303	3.600
(b) Trade payables	13.748	6.505
(c) Other current liabilities	0.308	0.208
(d) Short-term provisions	0.519	0.551
Total Current Liabilities (4)	17.878	10.864
TOTAL	42.862	27.716
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	31.094	16.487
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	0.594	0.419
(e) Other Non-current assets	5.338	0.000
Total Non-Current Assets	37.026	16.906
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	0.413	0.046
(c) Trade receivables	4.612	9.537
(d) Cash and cash equivalents	0.234	0.391
(e) Short-term loans and advances	0.437	0.470
(f) Other current assets	0.140	0.366
Total Current Assets	5.836	10.810
TOTAL	42.862	27.716

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		0.100
2] Share Application Money		6.450
3] Reserves & Surplus		0.645
4] (Accumulated Losses)		0.000
NETWORTH		7.195
LOAN FUNDS
1] Secured Loans		13.836
2] Unsecured Loans		0.000
TOTAL BORROWING		13.836
DEFERRED TAX LIABILITIES		0.044
TOTAL		21.075
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		17.762
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.095
	Sundry Debtors	11.131
	Cash & Bank Balances	1.557
	Other Current Assets	0.000
	Loans & Advances	0.778
Total Current Assets		13.561
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	9.264
	Other Current Liabilities	0.000
	Provisions	1.472
Total Current Liabilities		10.736
Net Current Assets		2.825
MISCELLANEOUS EXPENSES		0.488
TOTAL		21.075

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	63.887	52.770	46.366
		Other Income	NA	0.049	0.000
		TOTAL (A)	NA	52.819	46.366
Less	EXPENSES
		Raw Materials Consumed			29.598
		Manufactuing Expenses			7.827
		Administration & Selling Expenses			4.492
		TOTAL (B)	63.332	51.848	41.917
			(Including	(Including
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		Financial expenses and	Financial expenses and	4.449
			Depreciation)	Depreciation)
Less	FINANCIAL EXPENSES (D)				1.362
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)				3.087
Less/ Add	DEPRECIATION/ AMORTISATION (F)				2.278
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		0.632	0.971	0.809
Less	TAX (H)		0.164	0.175	0.164
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		0.468	0.796	0.645
	Earnings / (Loss) Per Share (Rs.)		0.91	NA	NA

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	NA	1.51	1.39
Net Profit Margin (PBT/Sales)	(%)	0.99	1.84	1.74
Return on Total Assets (PBT/Total Assets}	(%)	1.47	3.50	2.58
Return on Investment (ROI) (PBT/Networth)		0.05	0.19	0.11
Debt Equity Ratio (Total Debt/Networth)		0.76	2.58	1.92
Current Ratio (Current Asset/Current Liability)		0.33	1.00	1.26

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	Yes
10]	Designation of contact person	Yes
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	No
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
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 F-283, Bhamasha Industrial Area, Kalabwas, Udaipur – 313001, Rajasthan, India to the present address

OPERATIONS

The company has completely set up the mineral processing unit and commenced production .The company achieved good target of sales and earned handsome profit.

UNSECURED LOANS

Particulars	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. In Millions)
Long term borrowings
Secured from Directors	1.485	1.485
Total	1.485	1.485

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U25191RJ2005PTC021144
Name of the company	SUDAY MINERALS AND CHEMICALS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	T-5, Panoramic Apartment, Fatehnagar Road, Dewali, Udaipur – 313001, Rajasthan, India E-mail: nenawati.nenawati@gmail.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10138419
Type of charge	Immovable property Book debts Movable property (not being pledge)
Particular of charge holder	State Bank of Bikaner And Jaipur, Mewar Industrial Area, Udaipur - 313001, Rajasthan, India
Nature of instrument creating charge	Agreement of loan cum hypothecation Guarantee agreement Letter of arrangement
Date of instrument Creating the charge	11.05.2013
Amount secured by the charge	Rs. 7.500 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest 300BPS above base rate i.e. 13.15% p.a. with monthly rest Terms of Repayment Repayable on demand Margin 25% on raw materials,finished goods,semi finished goods,consumables ,stores and spares 50% on domestic receiables Extent and Operation of the charge Hypothecation on entire stockof raw materials,semi finished goods,finished goods,stores and spares,consumables,book debts and first charge on entire fixed and current assests of the company EM of factory land and building located at F 293-294 Bhamasha Industrial Area ,Kaladwas, Udaipur
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Factory land and building located at F 293-294 Bhamasha Industrial Area ,Kaladwas,Udaipur EM ON House No 108 First Floor Shailbhadra Nagar(Samta Nagar),Bedla Road, Udaipur in the name of Gopalagrwal, Director
Date of instrument modifying the charge	16.02.2012
Particulars of the present modification	The existing credit limit extended from 5.000 millions to 7.500 millions

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.59.80
UK Pound	1	Rs.91.03
Euro	1	Rs.78.52

INFORMATION DETAILS

Information Gathered by :	JML
Report Prepared by :	MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	2
--CREDIT LINES	1~10	2
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		26

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

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.