MIRA INFORM REPORT

Report Date :

26.07.2013

IDENTIFICATION DETAILS

Name :	INDUSS FOOD PRODUCTS AND EQUIPMENTS LIMITED
Registered Office :	238/B, Acharaya J C Bose Road, Kolkata – 700 020, West Bengal
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	26.05.1987
Com. Reg. No.:	21-031664
Capital Investment / Paid-up Capital :	Rs.8.500 millions
CIN No.: [Company Identification No.]	L35204WB1987PLC031664
PAN No.: [Permanent Account No.]	AAACI7443N
Legal Form :	Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturer of Power Boiler Plants for rice industries.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 188000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. 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. Note: Company’s shares are not traded on BSE in the last 30 days.

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 DECLINED

Management non-cooperative

(Tel. No.: 91-33-22878503)

LOCATIONS

Registered Office :	238/B, Acharaya J C Bose Road, Kolkata – 700 020, West Bengal, India
Tel. No.:	91-33-22878503/ 9266/ 1962/ 22802743
Fax No.:	91-33-22871874/ 8246
E-Mail :	induss@vsnl.com info@indussgroup.com
Branch Office :	Located at: · Burdwan, West Bengal · Tamilnadu · Haryana · Karnataka · Punjab · Maharashtra · Uttar Pradesh · Andhra Pradesh · Gujarat · Orissa · Chattisgarh · Jharkhand

DIRECTORS

As on 28.09.2012

Name :

Mrs. Shanti Swarup Aggarwal

Designation :

Managing Director

Address :

Flat No.31, Tivou Court, Ballygung Circular Road, Kolkata – 700 019, West Bengal, India

Date of Birth/Age :

05.09.1951

Qualification :

Graduate

Date of Appointment :

01.09.2012

DIN No.:

00322011

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	L35204WB1987PLC031664	INDUSS FOOD PRODUCTS AND EQUIPMENTS LIMITED	Managing director	01/09/2012	26/05/1987	-	Active	NO
2	L85110KA1993PLC013875	OVOBEL FOODS LIMITED	Managing director	30/09/2010	11/01/1993	-	Active	NO
3	U74210KA1996PTC020074	OVOBEL ESTATES PRIVATE LIMITED	Director	15/03/1996	15/03/1996	-	Active	NO
4	U74140WB1994PLC063414	GAMUT INFOSYSTEMS LIMITED	Director	03/04/2000	03/04/2000	28/02/2009	Active	NO
5	U91990WB2000NPL092732	TIVOLI COURT SERVICES	Director	21/12/2000	21/12/2000	-	Active	NO
6	U15205WB2004PTC100452	PRESTIGE ICE CREAMS PRIVATE LIMITED	Director	19/11/2004	19/11/2004	-	Active	NO
7	U85300WB1909GAP001932	THE SATURDAY CLUB LIMITED	Director	23/09/2011	23/09/2011	-	Active	NO

Name :

Mr. Madhusudhan Mishra

Designation :

Director

Address :

P - 218, Lake Terrace Extension, Kolkata – 700 029, West Bengal ,India

Date of Birth/Age :

16.07.1947

Qualification :

Graduate

Date of Appointment :

05.08.1987

DIN No.:

00573407

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	L35204WB1987PLC031664	INDUSS FOOD PRODUCTS AND EQUIPMENTS LIMITED	Director	05/08/1987	05/08/1987	-	Active	NO
2	L25199OR1988PLC002144	POLAR PHARMA INDIA LIMITED	Director	20/01/2004	20/01/2004	20/12/2012	Active	NO

Name :

Mr. Sohanlal Chopra

Designation :

Director

Address :

15, Nafar Chandra Das Road, Behala, Kolkata – 700 034, West Bengal, India

Date of Birth/Age :

14.04.1939

Qualification :

Graduate

Date of Appointment :

28.09.2011

DIN No.:

03183091

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	L35204WB1987PLC031664	INDUSS FOOD PRODUCTS AND EQUIPMENTS LIMITED	Director	28/09/2011	03/12/2010	-	Active	NO

Name :

Mr. Nandan Kumar Basu

Designation :

Director

Address :

Basudhara, Vivekananda Road, Pirbirhata, Burdwan – 713 103, West Bengal, India

Date of Birth/Age :

06.11.1948

Qualification :

Post Graduate

Date of Appointment :

30.01.2010

DIN No.:

02449375

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	L35204WB1987PLC031664	INDUSS FOOD PRODUCTS AND EQUIPMENTS LIMITED	Director	30/01/2010	09/02/1998	-	Active	NO
2	U70102WB2009PTC132130	DURGAPUR YOUNG ESTATES PRIVATE LIMITED	Director	01/02/2010	01/02/2010	-	Under Process of Striking off	NO
3	U15412WB1993PLC060191	ANMOL BISCUITS LIMITED	Director	26/08/2010	03/04/2010	24/06/2013	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2012

MAJOR SHAREHOLDERS DETAILS ATTACHED

AS ON 29.09.2012

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	6.12
Directors or relatives of directors	66.82
Other top fifty shareholders	27.06
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Power Boiler Plants for rice industries.

Products :

ITC Code No.	Products Description
8437	Rice Mill Machinery
105	Modern Feeds

· Paddy Dryer Plant

· Parboiling Rice Plant

· Boilers

· Rice Mill Equipment

· Rice Engineering Machinery

· Rice Equipments

GENERAL INFORMATION

Customers :

· Sirus Industries, Andhra Pradesh, India

· Ankit Industries, West Bengal, India

· Bhadreshwar Rice Mills, West Bengal, India

· Shubham Paddy, Andhra Pradesh, India

No. of Employees :

Not Divulged

Bankers :

Andhra Bank, Chowringhee Branch, 58, Chowringhee Road, Kolkata – 700 071, West Bengal, India

Facilities :

Secured Loans	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
LONG-TERM BORROWINGS
Rupee term loans from others	4.980	7.905
SHORT-TERM BORROWINGS
Rupee term loans from banks	21.553	24.462
Rupee term loans from others	0.169	0.319
Commercial paper	18.886	12.124
Total	45.588	44.810

Banking Relations :	--
Auditors :
Name :	Chopra and Company Chartered Accountants
Address :	133, Canning Street, Kolkata – 700 001, West Bengal, India
Tel. No.:	91-33-22421718/ 6029
Fax No.:	91-33-22426676
E-Mail :	mail@chopracompany.com achpra@cal3.vsnl.net.in
PAN No.:	AACFC1527A

CAPITAL STRUCTURE

As on 29.09.2012

Authorized Capital:

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs.10/- each	Rs.20.000 millions

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
850000	Equity Shares	Rs.10/- each	Rs.8.500 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	8.500	8.500
(b) Reserves & Surplus	38.481	34.508
(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)	46.981	43.008
(3) Non-Current Liabilities
(a) Long-term borrowings	4.980	7.905
(b) Deferred tax liabilities (Net)	4.629	3.849
(c) Other long term liabilities	0.000	0.000
(d) Long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	9.609	11.754
(4) Current Liabilities
(a) Short term borrowings	44.108	41.405
(b) Trade payables	84.490	70.162
(c) Other current liabilities	41.022	57.455
(d) Short-term provisions	2.202	1.100
Total Current Liabilities (4)	171.822	170.122
TOTAL	228.412	224.884
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	54.565	54.406
(ii) Intangible Assets	2.065	0.472
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	9.978	9.978
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	66.608	64.856
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	58.965	63.661
(c) Trade receivables	62.663	56.757
(d) Cash and cash equivalents	6.781	3.703
(e) Short-term loans and advances	33.395	35.907
(f) Other current assets	0.000	0.000
Total Current Assets	161.804	160.028
TOTAL	228.412	224.884

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		8.500
2] Share Application Money		0.000
3] Reserves & Surplus		32.183
4] (Accumulated Losses)		0.000
NETWORTH		40.683
LOAN FUNDS
1] Secured Loans		54.456
2] Unsecured Loans		1.837
TOTAL BORROWING		56.293
DEFERRED TAX LIABILITIES		2.938
TOTAL		99.914
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		54.472
Capital work-in-progress		0.000
INVESTMENT		9.978
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	68.944
	Sundry Debtors	61.218
	Cash & Bank Balances	2.468
	Other Current Assets	0.000
	Loans & Advances	27.237
Total Current Assets		159.867
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	77.243
	Other Current Liabilities	46.807
	Provisions	0.353
Total Current Liabilities		124.403
Net Current Assets		35.464
MISCELLANEOUS EXPENSES		0.000
TOTAL		99.914

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Revenue from operations	475.497	470.361	456.266
		Other Income	6.987	9.455	8.647
		TOTAL (A)	482.484	479.816	464.913
Less	EXPENSES
		Cost of materials consumed	349.449	347.776	452.109
		Purchases of stock-in-trade	24.494	24.199
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	1.246	(3.532)
		Employee benefit expenses	43.614	47.251
		Other Expenses	48.972	51.642
		Depletion expenses	0.887	0.887
		TOTAL (B)	468.662	468.223	452.109
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		13.822	11.593	12.804
Less	FINANCIAL EXPENSES (D)		5.030	4.652	5.480
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		8.792	6.941	7.324
Less/ Add	DEPRECIATION/ AMORTISATION (F)		2.937	2.958	3.155
	PROFIT BEFORE TAX (E-F) (G)		5.855	3.983	4.169
Less	TAX (H)		1.881	1.658	1.285
	PROFIT AFTER TAX (G-H) (I)		3.974	2.325	2.884
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		31.013	28.688	25.804
	BALANCE CARRIED TO THE B/S		34.987	31.013	28.688
	EARNINGS IN FOREIGN CURRENCY		84.509	184.303	NA
	Earnings Per Share (Rs.)		4.67	2.73	3.39

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	0.82	0.48	0.62
Net Profit Margin (PBT/Sales)	(%)	1.23	0.85	0.91
Return on Total Assets (PBT/Total Assets}	(%)	2.68	1.85	1.94
Return on Investment (ROI) (PBT/Networth)		0.12	0.09	0.10
Debt Equity Ratio (Total Debt/Networth)		1.04	1.14	0.72
Current Ratio (Current Asset/Current Liability)		0.94	0.94	1.29

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	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	No
17) Major suppliers	No
18) Major customers	Yes
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

Unsecured Loans	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
SHORT-TERM BORROWINGS
Inter-corporate borrowings	3.500	4.500
Total	3.500	4.500

PERFORMANCE OF THE COMPANY

The Turnover of the company during the year has marginally increased by Rs.5.135 millions as compared to previous year.

The company has been able to sustain the previous year’s performance during the year as mention above and have been able to marginally increase the profit on account of efficiency in manufacturing and administration cost along with economy in raw material consumption. The company has made a profit of Rs.3.974 millions as against profit of Rs.2.325 millions. Earnings per share has also been achieved at Rs.4.67 against Rs.2.73 in last year.

Rice Mill Division

The entire profit (before Tax) of Rice Mill division, Rs.6.152 millions, is attributed to modernization of plants and also increase in trading of spares.

The company was successful in exporting these machines to Pakistan and Bangladesh and Iran.

Hatchery Division

Since this Division was running into losses, the Company decided to discontinue the operations under this division.

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/ Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10391617	16/11/2012	23,200,000.00	Andhra Bank	Chowringhee Branch, 58, Chowringhee Branch, Kolkata, West Bengal - 700071, India	B63988976
2	10368342	22/06/2012	23,200,000.00	Andhra Bank	Chowringhee Branch, 58, Chowringhee Road, Kolkata, West Bengal - 700071, India	B44822419
3	10346446	13/02/2012	10,000,000.00	Andhra Bank	Chowringhee Branch, 58, Chowringee Road, Kolkata, West Bengal - 700071, India	B36628568
4	10291273	21/05/2011	8,000,000.00	Andhra Bank	Chowringhee Branch, 58, Chowringhee Road, Kolkata, West Bengal - 700071, India	B14659304
5	10192448	16/11/2009	30,000,000.00	Andhra Bank	Chowringhee Branch, 58, Chowringhee Road, Kolkata, West Bengal - 700071, India	A76119676
6	10133757	24/11/2008	2,130,000.00	Andhra Bank	Chowringhee Branch, 58, Chowringhee Road, Kolkata, West Bengal - 700071, India	A52843869
7	10098272	27/03/2008	4,800,000.00	Andhra Bank	Chowringhee Branch, 58, Chowringhee Road, Kolkata, West Bengal - 700071, India	A36270882
8	10076014	12/10/2007	16,971,000.00	Andhra Bank	Chowringhee Branch, 58,Chowringhee Road, Kolkata, West Bengal - 700071, India	A26635649
9	10066684	23/08/2007	3,400,000.00	Andhra Bank	Chowringhee Branch, 58,Chowringhee Road, Kolkata, West Bengal - 700071, India	A22509616
10	10058579	31/01/2011 *	12,000,000.00	Andhra Bank	Chowringhee Branch, 58, Chowringhee Road, Kolkata, West Bengal - 700071, India	B06669634
11	90255434	03/01/2013 *	26,200,000.00	Andhra Bank	Chowringhee Branch, 58, Chowringhee Road, Kolkata, West Bengal - 700071, India	B66791872
12	90256645	29/04/2005	13,500,000.00	West Bengal Financial Corporation	12A; Netaji Subhas Road, Kolkata, West Bengal - 700 001, India	-
13	90255176	10/06/2003	1,000,000.00	Andhra Bank	58; Chowringhee Road, Calcutta, West Bengal - 700071, India	-
14	90255175	02/06/2003	19,000,000.00	Andhra Bank	58; Chowringhee Road, Calcutta, West Bengal - 700071, India	-
15	90255151	07/01/2003	2,500,000.00	Andhra Bank	58; Chowringhee Road, Calcutta, West Bengal - 700071, India	-
16	90255145	13/12/2002	2,000,000.00	Andhra Bank	58; Chowringhee Road, Calcutta, West Bengal - 700071, India	-
17	90254036	13/06/2001	1,672,560.00	Magma Leasing Limited	Magna House, 24; Park Street, Kolkata, West Bengal - 700016, India	-
18	90255904	16/10/1998	16,316,000.00	Andhra Bank	58; Chowringhee Road, Calcutta, West Bengal - 700071, India	-
19	90255603	04/11/1991 *	1,975,000.00	West Bengal Financial Corporation	12A; Netaji Subhas Road, Calcutta, West Bengal - 700001, India	-

* Date of charge modification

FIXED ASSETS:

· Land

· Factory Building

· Plant and Machinery

· Computer Machinery

· Air Conditioner

· Office Equipments

· Motor Cycle

· Furniture and Fixtures

· Electric Installation

· Refrigeration

· Pollution Control Equipments

· Photo Copier Machine

· Motor Car

· Software

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.58.94
UK Pound	1	Rs.90.47
Euro	1	Rs.77.87

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	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--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	NO
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		45

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.