1. Summary Information

		Country	India
Company Name	BHILOSA INDUSTRIES PRIVATE LIMITED	Principal Name 1	Mr. Rameshchandra Tejraji Jain
Status	Good	Principal Name 2	Mr. Kumarpal Rameshchandra Jain
		Registration #	54-000365
Street Address	Survey No. 14/1/2, Village Rakholi, Silvassa-396230, Dadar Nagar Haveli
Established Date	01.06.1988	SIC Code	--
Telephone#	91-22-67441226	Business Style 1	Manufacturer
Fax #	91-22-22838615	Business Style 2	Exporter
Homepage	--	Product Name 1	Polyester Textured Yarn
# of employees	Not Available	Product Name 2	--
Paid up capital	Rs.605,695,000/-	Product Name 3	--
Shareholders	Directors or relatives of directors 100.00%	Banking	State Bank of India
Public Limited Corp.	No	Business Period	25 Years
IPO	No	International Ins.	-
Public Enterprise	No	Rating	A (65)
Related Company
Relation	Country	Company Name	CEO
--	--	--	--
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2012		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	4,885,400,000	Current Liabilities	2,582,700,000
Inventories	2,602,100,000	Long-term Liabilities	8,457,000,000
Fixed Assets	8,907,700,000	Other Liabilities	924,900,000
Deferred Assets	000	Total Liabilities	11,964,600,000
Invest& other Assets	1,838,500,000	Retained Earnings	5,663,400,000
		Net Worth	6,269,100,000
Total Assets	18,233,700,000	Total Liab. & Equity	18,233,700,000
Total Assets (Previous Year)	14,283,400,000
P/L Statement as of	31.03.2012		(Unit: Indian Rs.)
Sales	23,919,000,000	Net Profit	1,563,600,000
Sales(Previous yr)	17,428,800,000	Net Profit(Prev.yr)	1,384,600,000

MIRA INFORM REPORT

Report Date :

25.03.2013

IDENTIFICATION DETAILS

Name :	BHILOSA INDUSTRIES PRIVATE LIMITED [w.e.f. 02.02.2007]
Formerly Known As :	BHILOSA TEX-N-TWIST PRIVATE LIMITED
Registered Office :	Survey No. 14/1/2, Village Rakholi, Silvassa-396230, Dadar Nagar Haveli
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	01.06.1988
Com. Reg. No.:	54-000365 [New] 11-047555 [Old]
Capital Investment / Paid-up Capital :	Rs.605.695 Millions
CIN No.: [Company Identification No.]	U18101DN1988PTC000365 [New] U18101MH1988PTC047555 [Old]
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Polyester Textured Yarn.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

A (65)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 25000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having fine track record. It has recorded better growth in its operations during 2012. Financial position of the company appears to be sound. Trade relations are reported as decent. Business is active. Payments are reported to be regular and as per commitments. The company can be considered good for normal 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	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

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	AA – [Long Term Bank Facilities]
Rating Explanation	High degree of safety and very low credit risk.
Date	08.02.2012

Rating Agency Name	CARE
Rating	A1 + [Short Term Bank Facilities]
Rating Explanation	Very strong degree of safety and lowest credit risk.
Date	08.02.2012

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 :	Survey No. 14/1/2, Village Rakholi, Silvassa-396230, Dadar Nagar Haveli, India
Tel. No.:	91-22-67441226
Fax No.:	91-22-22838615
E-Mail :	pradeepa@bhilosa.com
Head Office :	74/75, Free Press Building, 7^th Floor, Nariman Point, Mumbai-400021, Maharashtra, India
Tel. No.:	91-22-67441200/ 2283 8611/ 2283 8612
Fax No.:	91-22-22838615
E-Mail :	exports@bhilosa.com
Factory 1 :	90/91 Danu Udyog Industrial Estate, Piparia, Silvassa (U.T.), India
Factory 2 :	Survey 17/1/4 and 6, Rakholi, Silvassa (U.T.), India
Factory 3 :	Survey 14/1/1 and 15/1/2, Rakholi, Silvassa (U.T.), India
Factory 4 :	Survey 14/1/2 Rakholi, Silvassa (U.T.), India
Factory 5 :	Survey 37 and 46/1/3/1 Rakholi, Silvassa (U.T.), India

DIRECTORS

AS ON 29.09.2012

Name :

Mr. Rameshchandra Tejraji Jain

Designation :

Chairman Cum Managing Director

Address :

Pushpak Apartment, 18^th Floor, Flat No. 182, Indrashan Society, 31- Altamount Road, Mumbai-400026, Maharashtra, India

Date of Birth/Age :

22.06.1948

Date of Appointment :

01.06.1988

DIN No.:

01327431

Other Directorship :

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U18101DN1988PTC000365	BHILOSA INDUSTRIES PRIVATE LIMITED	Managing director	1/6/1988	1/6/1988	Active	NO
2	U17120MH1972GAT016028	ASSOCIATION OF SYNTHETIC FIBRE INDUSTRY	Nominee director	16/03/2011	16/03/2011	Active	NO

Name :

Mr. Kumarpal Rameshchandra Jain

Designation :

Director

Address :

Pushpak Apartment, 18^th Floor, Flat No. 182, Indrashan Society, 31- Altamount Road, Mumbai-400026, Maharashtra, India

Date of Birth/Age :

04.04.1975

Date of Appointment :

03.05.1993

DIN No.:

01003673

Other Directorship :

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U18101DN1988PTC000365	BHILOSA INDUSTRIES PRIVATE LIMITED	Director	3/5/1993	3/5/1993	Active	NO
2	U17100MH1993PTC072270	BHILOSA SYNTHETICS PRIVATE LIMITED	Director	4/6/1993	4/6/1993	Amalgamated	NO
3	U17120MH1972GAT016028	ASSOCIATION OF SYNTHETIC FIBRE INDUSTRY	Nominee Director	16/03/2011	16/03/2011	Active	NO

KEY EXECUTIVES

Name :	Mr. Pradeep Kumar Agrawal
Designation :	Secretary
Address :	B-402, Rekha Retreat, Shanti Park, Mira Road (East), Thane-401107, Maharashtra, India
Date of Birth/Age :	12.02.1968
Date of Appointment :	01.11.2006

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2012

Names of Shareholders	No. of Shares
Rameshchandra Jain	11570290
Manjula Jain	2024535
Kumarpal Jain Jointly with Ramneshchandra Jain	4622160
Sandeep Jain Jointly with Ramneshchandra Jain	2052170
Rameshchandra Jain Jointly with Manjula Jain	4482335
Chetna Jain Jointly with Manjula Jain	292000
Kumarpal Jain Jointly with Manjula Jain	450000
Sandeep Jain Jointly with Manjula Jain	300000
Rameshchandra T Jain HUF	225000
Kumarpal Jain	7201010
Madhavi Jain	1775000
Sandeep Jain	1825000
Rameshchandra Jain	4125000
Sandeep Jain	822500
Hirvi Jain	1677500
Kumarpal Jain	17125000
TOTAL	60569500

AS ON 29.09.2012

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Polyester Textured Yarn.

Products :

Item Code No. (ITC Code)	54023300
Product Description	Texturised Yarn
Item Code No. (ITC Code)	39076090
Product Description	Polyester Chips
Item Code No. (ITC Code)	54024600
Product Description	Partially Oriented Yarn

PRODUCTION STATUS [AS ON 31.03.2012]

Particulars	Unit	Installed Capacity	Actual Production
Partially Oriented Yarn/FDY	MTs.	221550	155004.89
Polyester Chips	MTs.	180000	109998.535
Texturised Yarn	Spindles	40512	131788.293
Looms	Nos.	12	--
Fabrics	MTs.	--	--
Waste	MTs.	--	3996.264

NOTE: Installed capacities are taken as certified by the management.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

• State Bank of India, Industrial Finance Branch, The Arcade, 2^nd Floor, World Trade Center, Cuff Parade, Mumbai-400005, Maharashtra, India.
• Industrial Development Bank of India, IDBI Tower, WTC Complex, Cuffe Parade, Colaba, Mumbai-400005, Maharashtra, India
• Axis Bank Limited, Ground Floor, Atlanta Building, Nariman Point, Mumbai-400021, Maharashtra, India
• Bank of Maharashtra, Mittal Chambers, Nariman Point, Mumbai-400021, Maharashtra, India
• CITI Bank
• Corporation Bank, Bharat House, No. 104, Ground Floor, M.S. Marg, Mumbai-400023, Maharashtra, India
• ING Vysya Bank Limited
• State Bank of Patiala
• HDFC Bank Limited
• Bank of India

Facilities :

Secured Loan	As on 31.03.2012 [Rs. in Millions]	As on 31.03.2011 [Rs. in Millions]
Term Loan From Banks	3417.500	2491.300
Term Loans From Others	2124.900	2218.900
Working Capital Loans From Banks	2752.300	1942.000
TOTAL	8294.700	6652.200

Banking Relations :	--
Auditors :
Name :	Sanghvi and Sanghvi Chartered Accountant
Address :	10, LA Citadelle, 2^nd Floor, 99, Maharshi Karve Road, Mumbai – 400020, Maharashtra, India
PAN No:	AACFS2693D

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
80000000	Equity Shares	Rs.10/- each	Rs.800.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
60569500	Equity Shares	Rs.10/- each	Rs.605.695 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		605.700	580.700	543.200
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		5663.400	3824.100	2177.000
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		6269.100	4404.800	2720.200
LOAN FUNDS
1] Secured Loans		8294.700	6652.200	2434.400
2] Unsecured Loans		162.300	161.900	3504.100
TOTAL BORROWING		8457.000	6814.100	5938.500
DEFERRED TAX LIABILITIES		883.900	737.600	438.200
TOTAL		15610.000	11956.500	9096.900
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		8907.700	7839.800	5156.600
Capital work-in-progress		1099.600	19.900	1358.500
INVESTMENT		738.900	41.500	1.500
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	2602.100	2022.300	1603.000
	Sundry Debtors	2994.800	2580.100	1592.300
	Cash & Bank Balances	333.800	212.300	495.700
	Other Current Assets	54.600	0.000	0.000
	Loans & Advances	1502.200	1567.500	1070.400
Total Current Assets		7487.500	6382.200	4761.400
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1489.800	1114.500	2038.600
	Other Current Liabilities	1092.900	1027.100	70.400
	Provisions	41.000	185.300	74.400
Total Current Liabilities		2623.700	2326.900	2183.400
Net Current Assets		4863.800	4055.300	2578.000
MISCELLANEOUS EXPENSES		0.000	0.000	2.300
TOTAL		15610.000	11956.500	9096.900

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	23919.000	17428.800	9101.000
		Other Income	74.200	117.000	66.600
		TOTAL (A)	23993.200	17545.800	9167.600
Less	EXPENSES
		TOTAL (B)	20882.800	14805.000	7608.500
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		3110.400	2740.800	1559.100
Less	FINANCIAL EXPENSES (D)		386.700	360.400	279.700
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		2723.700	2380.400	1279.400
Less/ Add	DEPRECIATION/ AMORTISATION (F)		462.800	369.800	238.100
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		2260.900	2010.600	1041.300
Less	TAX (H)		697.300	626.000	327.900
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		1563.600	1384.600	713.400
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	1104.400	1446.600	873.400
	IMPORTS
		Raw Materials	NA	NA	4175.600
		Stores & Spares	NA	NA	0.500
		Capital Goods	NA	NA	1163.000
		Others	NA	NA	64.200
	TOTAL IMPORTS		NA	NA	5403.300
	Earnings / (Loss) Per Share (Rs.)		25.81	--	18.14

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	6.51	7.89	7.78
Net Profit Margin (PBT/Sales)	(%)	9.45	11.54	11.44
Return on Total Assets (PBT/Total Assets}	(%)	13.79	14.14	10.50
Return on Investment (ROI) (PBT/Networth)		0.36	0.45	0.38
Debt Equity Ratio (Total Debt/Networth)		1.35	1.55	2.18
Current Ratio (Current Asset/Current Liability)		2.85	2.74	2.18

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	No
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]	PAN of Proprietor/Partner/Director, if available	No
32]	Date of Birth of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

Unsecured Loan	As on 31.03.2012 [Rs. in Millions]	As on 31.03.2011 [Rs. in Millions]
Loans and Advances From Related Parties	135.100	94.800
Other Loan and Advances	27.200	67.100
TOTAL	162.300	161.900

BANKERS CHARGES REPORT AS PER REGISTRY

This form is for	Modification of charge
Charge identification number of the modified	10386183
Corporate identity number of the company	U18101DN1988PTC000365
Name of the company	BHILOSA INDUSTRIES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Survey No. 14/1/2, Village Rakholi, Silvassa-396230, Dadar Nagar Haveli, India
Type of charge	Book Debts Movable Property [not being pledge] Immovable Property Others
Particular of charge holder	Axis Bank Limited, Ground Floor, Atlanta Building, Nariman Point, Mumbai-400021, Maharashtra, India Email: shilpa.mehta@axisbank.com
Nature of description of the instrument creating or modifying the charge	Memorandum of Deposit of Title Deeds.
Date of instrument Creating the charge	02.11.2012
Amount secured by the charge	Rs.350.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest As per sanction letter and/or as stipulated by bank from time to time Terms of Repayment As per sanction letter and/or as stipulated by bank from time to time Margin As per sanction letter and/or as stipulated by bank from time to time Extent and Operation of the charge As per sanction letter and/or as stipulated by bank from time to time Others As per sanction letter and/or as stipulated by bank from time to time
Short particulars of the property charged	Hypothecation of all the present and future 1. Inventory, book debts and current assets of the Company on first pari passu charge with other Working Capital Lenders of the Company. 2. Fixed Assets of the Company incl. Plant and Machinery and other movable assets of the Company on Second Pari Passu charge basis with other Working Capital Lenders of the Company. Detail of address and location of the Properties Equitable Mortgage on the immovable properties on second charge on pari passu charge basis.
Particulars of the present modification	By present modification additional security was given to bank by creation of Joint Equitable Mortgage on Immovable Properties of the Company as on second pari passu charge basis with other working capital lenders.

FIXED ASSETS:

• Land
• Building
• Electric Fittings
• Plant and Machinery
• Furniture
• Office Equipments
• Vehicles
• Computer 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.54.34
UK Pound	1	Rs.82.55
Euro	1	Rs.70.10

INFORMATION DETAILS

Report Prepared by :

TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	8
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILIRY	1~10	8
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	8
--CREDIT LINES	1~10	6
--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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		65

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.