MIRA INFORM REPORT

Report Date :

20.03.2013

IDENTIFICATION DETAILS

Name :	ELEKTROCRAFT (INDIA) PRIVATE LIMITED
Registered Office :	117, Bholabhagwan Industrial Estate, I B Patel Road, Goregaon (East), Mumbai – 400063, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	26.04.2002
Com. Reg. No.:	135654
Capital Investment / Paid-up Capital :	Rs.5.400 Millions
CIN No.: [Company Identification No.]	U31909MH2002PTC135654
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of laboratory equipments, pharma equipment, gear motors, gear box etc.
No. of Employees :	43 (Approximately) (In Office = 8 and In Factory = 35)

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 21000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. The company has incurred some loss in the current year i.e. (2011-2012). The financial strength of the company appears to be moderate. 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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
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

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

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 (GENERAL DETAILS)

Name :	Mr. Mukuandam
Designation :	Manager
Contact No.:	91-9892121728
Date :	28.02.2013

LOCATIONS

Registered Office :	117, Bholabhagwan Industrial Estate, I B Patel Road, Goregaon (East), Mumbai – 400063, Maharashtra, India
Tel. No.:	91-250-2457034/65218681/65218682
Mobile No.:	91-9223361465 (Mr. Anish Ramchandran) 91-9892121728 (Mr. Mukuandam)
Fax No.:	91-250-2457020/26854162
E-Mail :	eltekinfo@vsnl.com
Website :	www.eltekindia.com
Area :	750 sq.ft
Location :	Owned
Factory :	Plot No. 35, Sector II, The Vasia Taluka Industrial Co-operative Estate Limited, Gauraipada, Vasai (East), Thane – 401208, Maharashtra, India
Tel. No.:	91-250-6450346/6450347/6451867/6451860/6453103/6453104/6453105/6453106/2457034
Fax No.:	91--250-2457033/2455822
E-Mail :	sales@eltekindia.com
Area :	3000 sq.m
Location :	Owned

DIRECTORS

As on 29.09.2012

Name :

Mr. P Ramchandran

Designation :

Managing Director

Address :

16/A, Pushtikar Housing Society, Jogeshwari (West), Mumbai – 400102, Maharashtra, India

Date of Birth/Age :

67 Years

Qualification :

Electronic Engineer

Date of Appointment :

26.04.2002

DIN No.:

00203168

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	U28100MH1983PTC030594	ELTEK EQUIPMENT(BOMBAY) PRIVATE LIMITED	Managing director	09-08-83	09-08-83	-	Active	NO
2	U31909MH2002PTC135654	ELEKTROCRAFT (INDIA) PRIVATE LIMITED	Managing director	26-04-02	26-04-02	-	Active	NO
3	U33125MH2005PTC154943	ELTEK OVERSEAS PRIVATE LIMITED	Managing director	21-07-05	21-07-05	-	Active	NO

Name :

Mr. Vijayalakshmi Ramachandran

Designation :

Director

Address :

16/A, Pushtikar Housing Society, Jogeshwari (West), Mumbai – 400102, Maharashtra, India

Date of Birth/Age :

63 Years

Qualification :

Graduate

Date of Appointment :

26.04.2002

DIN No.:

00204978

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	U28100MH1983PTC030594	ELTEK EQUIPMENT(BOMBAY) PRIVATE LIMITED	Director	09-08-83	09-08-83	-	Active	NO
2	U31909MH2002PTC135654	ELEKTROCRAFT (INDIA) PRIVATE LIMITED	Director	26-04-02	26-04-02	-	Active	NO
3	U33125MH2005PTC154943	ELTEK OVERSEAS PRIVATE LIMITED	Director	21-07-05	21-07-05	-	Active	NO

Name :

Mr. Anup Ramachandran

Designation :

Director

Address :

16/A, Pushtikar Housing Society, Jogeshwari (West), Mumbai – 400102, Maharashtra, India

Date of Birth/Age :

35 Years

Qualification :

Electronic Engineer

Date of Appointment :

26.04.2002

DIN No.:

00205114

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	U31909MH2002PTC135654	ELEKTROCRAFT (INDIA) PRIVATE LIMITED	Director	26-04-02	26-04-02	-	Active	NO
2	U28100MH1983PTC030594	ELTEK EQUIPMENT(BOMBAY) PRIVATE LIMITED	Director	15-12-02	15-12-02	-	Active	NO
3	U33125MH2005PTC154943	ELTEK OVERSEAS PRIVATE LIMITED	Director	21-07-05	21-07-05	-	Active	NO

Name :

Mr. Ashish Ramachandran

Designation :

Director

Address :

16/A, Pushtikar Housing Society, Jogeshwari (West), Mumbai – 400102, Maharashtra, India

Date of Birth/Age :

28 Years

Qualification :

Graduate

Date of Appointment :

26.04.2002

DIN No.:

00205089

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	U31909MH2002PTC135654	ELEKTROCRAFT (INDIA) PRIVATE LIMITED	Director	26-04-02	26-04-02	-	Active	NO
2	U28100MH1983PTC030594	ELTEK EQUIPMENT(BOMBAY) PRIVATE LIMITED	Director	21-03-03	21-03-03	-	Active	NO
3	U33125MH2005PTC154943	ELTEK OVERSEAS PRIVATE LIMITED	Director	21-07-05	21-07-05	-	Active	NO

Name :

Mr. Anish Ramchandran

Designation :

Director

Address :

16/A, Pushtikar Housing Society, Jogeshwari (West), Mumbai – 400102, Maharashtra, India

Date of Birth/Age :

28 Years

Qualification :

Graduate

Date of Appointment :

26.04.2002

DIN No.:

00205038

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	U31909MH2002PTC135654	ELEKTROCRAFT (INDIA) PRIVATE LIMITED	Director	26-04-02	26-04-02	-	Active	NO
2	U28100MH1983PTC030594	ELTEK EQUIPMENT(BOMBAY) PRIVATE LIMITED	Director	21-03-03	21-03-03	-	Active	NO
3	U33125MH2005PTC154943	ELTEK OVERSEAS PRIVATE LIMITED	Director	21-07-05	21-07-05	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Mukuandam
Designation :	Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2012

Names of Shareholders	No. of Shares
P. Ramachandran	25550
Vijayalakshmi Ramachandran	9350
Anup Ramchandran	6600
Anish Ramachandran	6250
Ashish Ramachandran	6250
A. N. Hariharan	1
Janaki Hariharan	1
Saudamini Karunakaran	1
Menna Janardhan	1
Total	54004

As on 29.09.2012

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Exporter and Importer of laboratory equipments, pharma equipment, gear motors, gear box etc.
Products :	Centrifuges Stirrers Vortex Mixer Variable Speed Regulators
Exports :
Products :	Finished Goods
Countries :	Africa Malaysia Gulf Country
Terms :
Selling :	Cash
Purchasing :	Credit (60 Days)

GENERAL INFORMATION

Suppliers :

ION Eletrical Private Limited

Customers :

• Baba Automic Research Center
• Indian Institute of Science

No. of Employees :

43 (Approximately) (In Office = 8 and In Factory = 35)

Bankers :

Syndicate Bank, Goregaon East Branch, Plot No 3 and 4, Samant Estate, Goregaon (East), Mumbai, Maharashtra, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
Long Term Borrowing
Syndicate Bank Car Loan (Hypothecation Against Car)	0.264	0.362
Syndicate Bank OSI, Account 424 (Hypothecated against machinery and factory building)	2.468	4.519
Syndicate Bank O/D (Hypothecated against debtors and stocks)	4.435	4.850
Total	7.167	9.731

Banking Relations :	--
Auditors :
Name :	Jain Ambavat and Associates LLP Chartered Accountant
Address :	5-B Onlooker Building Ground Floor, 14, Sir P.M Road, Fort, Mumbai – 400001, Maharashtra, India
PAN.:	AAAFJ1780E
Sister Concern :	Elteck Equipment Private Limited Address: Plot No.45, Vasai, Gaurai Pada, Thane, Maharashtra, India Line of Business : Manufacturer of Electric Metal

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
75000	Equity Shares	Rs. 100/- each	Rs. 7.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
54004	Equity Shares	Rs. 100/- each	Rs. 5.400 Millions

Reconciliation of the number of share outstanding at the beginning and at the end of the reporting period

Particular	Number
Shares outstanding at the beginning of the year	20,996
Share issued during the year	--
Share bought back during the year	--
Share outstanding at the end of the year	20,996

Shareholder holding more than 5% share in the company

Name of Shareholder	No. of Share	% of Holding
P. Ramachandran	25,550	47.31%
Vijayalakshmi Ramachandran	9,350	17.31%
Anup Ramchandran	6,600	12.22%
Anish Ramachandran	6,250	11.57%
Ashish Ramachandran	6,250	11.57%

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		5.400	5.400	5.400
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.073	0.253	0.411
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		5.473	5.653	5.811
LOAN FUNDS
1] Secured Loans		7.167	9.731	8.120
2] Unsecured Loans		5.981	3.709	3.189
TOTAL BORROWING		13.148	13.440	11.309
DEFERRED TAX LIABILITIES		0.000	0.000	0.033
TOTAL		18.621	19.093	17.153
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		11.517	12.325	13.183
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.032	0.037	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	6.251	4.755	3.865
	Sundry Debtors	5.532	5.733	6.270
	Cash & Bank Balances	0.552	0.248	0.222
	Other Current Assets	1.304	0.237	0.522
	Loans & Advances	0.000	1.354	1.367
Total Current Assets		13.639	12.327	12.246
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	4.890	3.764	5.209
	Other Current Liabilities	1.506	1.386	2.523
	Provisions	0.171	0.446	0.544
Total Current Liabilities		6.567	5.596	8.276
Net Current Assets		7.072	6.731	3.970
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		18.621	19.093	17.153

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012
	SALES
		Income	23.738
		Other Income	0.333
		TOTAL (A)	24.071
Less	EXPENSES
		Cost of materials consumed	11.952
		Employee benefit Expenses	2.171
		Others Expenses	7.442
		TOTAL (B)	21.565
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		2.506
Less	FINANCIAL EXPENSES (D)		1.317
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1.189
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.054
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		0.135
Less	TAX (H)		0.315
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		(0.180)
	Earnings / (LOSS) Per Share (Rs.)		(3.00)

	PARTICULARS		31.03.2011	31.03.2010
	SALES
		Income	28.441	23.935
		Other Income	0.312	0.145
		TOTAL (A)	28.753	24.080
Less	EXPENSES
		Material Consumed	16.692	12.396
		Manufacturing and operating expenses	3.910	3.164
		Administrative and other expenses	5.983	5.814
		TOTAL (B)	26.585	21.374
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		2.168	2.706
Less	FINANCIAL EXPENSES (D)		1.202	1.179
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		0.966	1.527
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.193	1.283
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		(0.227)	0.244
Less	TAX (I)		(0.070)	0.076
	PROFIT / (LOSS) AFTER TAX (G-I) (J)		(0.157)	0.168
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		0.411	(0.153)
Add	DEFERRED TAX LIABILYT RECOGNIZED LAST YEAR WRITTEN BACK TO PROFIT AND LOSS ACCOUNT		0.000	0.245
Add	DEFERRED TAX LIABILITY DIFFERENCE ADJUSTED		0.000	0.042
Add	MAT TAX CREDIT RECOGNISED FOR FY 07-08		0.000	0.081
Add	MAT TAX CREDIT RECOGNISED FOR FY 08-09		0.000	0.028
	BALANCE CARRIED TO THE B/S		0.254	0.411
	Earnings / (LOSS) Per Share (Rs.)
	- Basic		(0.29)	0.31

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	(0.75)	(0.54)	0.70
Net Profit Margin (PBT/Sales)	(%)	0.57	(0.80)	1.02
Return on Total Assets (PBT/Total Assets}	(%)	0.54	(0.92)	0.96
Return on Investment (ROI) (PBT/Networth)		0.02	(0.04)	0.04
Debt Equity Ratio (Total Debt /Networth)		2.40	2.38	1.95
Current Ratio (Current Asset/Current Liability)		2.08	2.20	1.48

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	Yes
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	Yes
17]	Major suppliers	Yes
18]	Major customers	Yes
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
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

TRADE REFERENCES

• ION Eletrical Private Limited

• Baba Automic Research Center
• Indian Institute of Science

UNSECURED LOAN

Rs. In Millions

Particular	As on 31.03.2012	As on 31.03.2011
Long Term Borrowing
Anish Ramachandran	0.373	0.174
Anup Ramachandran	0.427	0.227
Ashish Ramachandran	0.466	0.266
Meena Janardhan	0.000	0.100
P. Janardharan	0.000	0.200
P. Ramachandran	1.829	0.622
Vijayalakshmi Ramachandran	2.586	1.245
Janki Hariharan	0.300	0.300
R. Mukundan	0.000	0.075
Rajesh Hariharan	0.000	0.500
Total	5.981	3.709

FIXED ASSETS:

• Computers
• Air conditioner
• Furniture and fixtures
• Machinery
• Typewriter
• Vehicle
• Office equipment
• Electrical fitting
• Factory premises
• Telephone system
• Bicycle
• Dies and patterns

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

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

2] Court Declaration :

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

3] Asset Declaration :

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

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

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

Charges or investigation registered against subject: None

7] Criminal Records

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

8] Affiliation with Government :

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

9] Compensation Package :

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

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

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

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

CONTRAVENTION

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.38
UK Pound	1	Rs.82.07
Euro	1	Rs.70.04

INFORMATION DETAILS

Information Gathered by :	NYN
Report Prepared by :	NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	--
--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
--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
-	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.