MIRA INFORM REPORT

Report Date :

28.03.2013

IDENTIFICATION DETAILS

Name :	SYNCO INDUSTRIES LIMITED
Registered Office :	26/28 Old Hanuman Lane, Mohan Niwas IInd Floor, Mumbai – 400002, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	15.03.1982
Com. Reg. No.:	11-026663
Capital Investment / Paid-up Capital :	Rs. 35.845 Millions
CIN No.: [Company Identification No.]	U17110MH1982PLC026663
TAN No.: [Tax Deduction & Collection Account No.]	08222651490
PAN No.: [Permanent Account No.]	AAACS5548J
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of wide range of shot blasting machine, pollution control system, etc.
No. of Employees :	50 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (27)

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

Maximum Credit Limit :	USD 57000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. There appears huge accumulated losses recorded by the company. However, the company has performed well and achieved sizeable profit in the year 2012. Trade relations are reported to be fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with great 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

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long Term Rating = B
Rating Explanation	Having high risk of default regarding timely servicing of financial obligation.
Date	February 2013

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. Trideep Raj Bhandari
Designation :	Director
Contact No.:	91-9414194987
Date :	05.03.2013

LOCATIONS

Registered Office :	26/28 Old Hanuman Lane, Mohan Niwas IInd Floor, Mumbai – 400002, Maharashtra, India
Tel. No.:	91-22-22412994
Mobile No.:	91-9414194987 (Mr. Trideep Raj Bhandari)
Fax No.:	Not Available
E-Mail :	syncogroup@gmail.com trb@synco.co.in maii@synco.co.in
Website :	www.synco.in
Location :	Owned
Corporate Office / Factory :	No.16- A- III, Heavy Industrial Area, Jodhpur - 342 003, Rajasthan, India
Tel. No.:	91-291-27444029/2742077
Fax No.:	91-291-2742557

DIRECTORS

As on 03.09.2012

Name :

Mr. Tribhuwan Raj Bhandari

Designation :

Managing Director

Address :

Gulab Vatika, Paota 'B' Road, Jodhpur – 342010, Rajasthan, India

Date of Birth/Age :

24.08.1955

Date of Appointment :

15.03.1982

DIN No.:

00409633

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	U17110MH1982PLC026663	SYNCO INDUSTRIES LIMITED	Managing director	15-03-82	15-03-82	-	Active	NO
2	U67120MH1983PLC029236	SUN CITY HOLDINGS AND TRADING LIMITED	Director	02-02-83	02-02-83	25-05-11	Active	NO
3	U17120MH1981PTC024524	KIR-TEX PRIVATE LIMITED	Director	24-06-92	24-06-92	25-05-11	Active	NO
4	U18101RJ1992PTC007075	BANI ORIENTAL CREATIONS PRIVATE LIMITED	Director	04-12-92	04-12-92	25-05-11	Active	NO
5	U17120MH1983PTC030686	SHAILENDRA TEXTILES PRIVATE LIMITED	Director	30-12-98	30-12-98	25-05-11	Active	NO

Name :

Mr. Sudeep Raj Bhandari

Designation :

Director

Address :

Gulab Vatika, Paota 'B' Road, Jodhpur – 342010, Rajasthan, India

Date of Birth/Age :

13.11.1981

Date of Appointment :

19.07.2010

DIN No.:

03088027

Name :

Mr. Trideep Raj Bhandari

Designation :

Director

Address :

Gulab Vatika, Paota 'B' Road, Jodhpur – 342010, Rajasthan, India

Date of Birth/Age :

02.11.1985

Date of Appointment :

25.05.2011

DIN No.:

03538003

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 03.09.2012

Names of Shareholders	No. of Shares
Johari Lai Sane	7700
Tribhuwan Raj B	509140
Sarita Bhandari	17740
Lad kanwar	10500
Johari Lai Sancheti(	7700
Tribhuwan Raj Bhanda	166400
Bhagwati Devi Pariha	160
Rajendra Singh Jain	80
Lakh pat Raj Jain	80
Kewal Chand Sancheti	80
Ramratan Sharma	80
Bhanwar Lai	160
Pokar Ram Jakhar	160
Paras Dayama	160
Paras Dayama	160
Nand Lai Tatiya	160
Hira Lai Tatiya	160
Mool Chand Tatiya	160
Dasrath Raj Lodha	160
Seema Bhandari	160
Bhikam Chand	320
DilipMehta	160
Sunder Das	320
Madan Chand Kankariy	80
Inder Kanwar	80
Gautam Chand Kankari	80
Raj Kumari	80
Anil Kankaria	80
Manju Kankaria	80
Bhag Chand Kankariya	80
Sunil Kankariya	80
Syad Ansari	160
Asha Bhandari	320
Ashok Maheshwari	160
Bhera Ram Sen	320
S X Mutha	160
Saman Khan	160
Shiv Prakash Vaidya	80
Sandeep Loonker	160

As on 03.09.2012

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	94.00
Other top fifty shareholders	1.99
Others	4.01
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of wide range of shot blasting machine, pollution control system, etc.

Products :

• Portable Blasting Machine
• Airless Blasting Machines
• Shot Blasting Machines
• Dry Ice Pressing Machines
• Metal Spray Coating Systems
• Metal Spray Guns
• Plasma Spray Coating Services
• Ventilation Systems
• Abrasive Blasting Media
• Vacuum Blasting Machine
• Tailor Made Machines (For Specific Application)
• Special Purpose Machine
• Shot Blasting Rooms
• Coating Services
• Wear Plates
• Abrasive Recovery for Shot Blasting
• Air Pollution Control Equipment
• Paint Booths
• Spare Parts for Shot Blasting

Product Description	ITC Code
Rapeseed / Mustard Oil	15149000
Solvent Extracted Oil	15162000
Deoiled Cake	2306

Terms :

Selling :

Cash/ Credit

Purchasing :

Cash/ Credit

PRODUCTION STATUS (As on 31.03.2011)

Particulars	Unit	Installed Capacity
Solvent Extraction Plant	Tons	120000
Edible Oil Refinery	Tons	15000
COB for Oil Mill	Tons	10000

Particulars	Unit	Actual Production
Solvent Extraction Plant	Tons	75000
Oil Mill on single pass basis	Tons	85500

GENERAL INFORMATION

Customers :

Retailers and End Users

No. of Employees :

50 (Approximately)

Bankers :

Union Bank of India Limited, Main Branch Takiya Chand Shah, Sojati Gate, Jodhpur - 342003, Rajasthan, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
Long Term Borrowing
Tat Capita Financial Services Limited (Loan Account No. 3120892) Secured by first charge over the Land and Building of the Company s Engineering Division situated at 16-A (m) Heavy Industrial Area. Jodhpur (Raj.)- 342003.Loan is also secured by personal guarantee of all the Directors of the Company Loan is repayable in 36 monthly installments. There is no default in repayment of loan as on the Balance Sheet date	4.357	10.647
Tat Capita Financial Services Limited (Loan Account No. 3246248) Secured by first charge over the Land and Building of the Company's Engineering Division situated ii 16-A (mi) Heavy Industrial Area: Jodhpur – 342003, Rajasthan and Property of Directors situated at 660. Residency Road. Jodhpur Loan is also secured by personal guarantee of all the Directors of the Company. Loan is repayable in 120 monthly installments There is no default in repayment of loan as on the balance Sheet date	35.569	0.000
Short Term Borrowing
Working Capital Loans From Union Bank of India (Secured by first charge over the Land, Building and Plant and Machinery of Company s Oil Division situated at SP-I RIICO Industrial Area, Sheoganj and Plant and Machinery of Company's Engineering Division situated at 16-A (iii) Heavy Industrial Area, Jodhpur Working Capital loan is so secured by Hypothecation of present and future stock of raw materials, stock in process, finished goods and book-debts of Company's both the divisions Loan is also secured by persona guarantee of all the Directors of the Company	28.769	0.000
Total	68.695	10.647

Banking Relations :	--
Auditors :
Name :	Mehra Anil and Associates Chartered Accountants
Address :	2-E, Surya Rath, Panchwati, Ahmedabad – 380006, Gujarat,
PAN.:	AAAPM5021L

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- each	Rs.100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3598800	Equity Shares	Rs.10/- each	Rs.35.988 Millions
	Less: Calls in arrears – by others		Rs.0.143 Millions
	Total		Rs.35.845 Millions

The Reconciliation of the number of shares outstanding is set out below:

Particular	31.03.2012
Number of Shares outstanding as at the beginign of the year	3598800
Add Number of Shares allotted as fully paid up Bonus share during the year.	NIL
Add: Number of Shares allotted during the year as fully paid up pursuant to a contract without payment being received in Cash	NIL
Add Number of Shares allotted to employees pursuantto ESOPs/ESPs	NIL
Add Number of Shares allotted for cash pursuant to public issue	NIL
Sub Total	3598800
Less: Number of Shares bought back during the year	NIL
Number of Shares outstanding at the end of the year	3598800

Company's Share Capital consists of Equity Shares only and there is no rights, preferences and restrictions attached on such shares including restrictions on the distribution of dividends and the repayment of Capital

Company is not a subsidiary/Associate of any Company, as such no Share of the Company is held by its holding Company or us ultimate holding Company including shares hled by or by subsidiary or associates of the holding Company or the ultimate holding Company

The details of Shareholders holding more than 5% shares:

Name of Shareholder	No of Share	% of held
Trideep Raj Bhandari	509140	14.15%
Sunil and Company	2610900	72.55%

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		35.845	35.845	35.845
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.000	0.000	1.771
4] (Accumulated Losses)		(21.401)	(32.455)	(19.761)
NETWORTH		14.444	3.390	17.855
LOAN FUNDS
1] Secured Loans		68.695	10.647	0.000
2] Unsecured Loans		20.961	35.961	58.399
TOTAL BORROWING		89.655	46.608	58.399
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		104.100	49.998	76.254
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		25.997	31.455	35.596
Capital work-in-progress		0.000	0..000	0.000
INVESTMENT		0.000	1.129	1.129
DEFERREX TAX ASSETS		0.892	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	32.145	27.536	33.756
	Sundry Debtors	56.875	33.182	13.963
	Cash & Bank Balances	7.739	10.983	6.092
	Other Current Assets	0.524	0.425	6.821
	Loans & Advances	12.720	3.321	2.880
Total Current Assets		110.003	75.447	63.512
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	2.285	19.108	10.856
	Other Current Liabilities	27.520	37.538	13.127
	Provisions	2.987	1.387	0.000
Total Current Liabilities		32.792	58.033	23.983
Net Current Assets		77.211	17.414	39.529
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		104.100	49.998	76.254

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	335.882	302.627	202.052
		Other Income	4.207	3.279	4.401
		TOTAL (A)	340.089	305.906	206.453
Less	EXPENSES
		Cost of Material Consumed	241.808	246.025
		Purchases of Traded goods	23.456	19.494
		Change in Inventories of Finished Goods, Work in – Progress and Stock-in-Trade	(1.462)	(2.706)	197.868
		Employee benefits Expenses	10.115	7.893
		Other Expenses	40.771	35.895
		TOTAL (B)	314.688	306.601	197.868
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		25.401	(0.695)	8.585
Less	FINANCIAL EXPENSES (D)		10.682	8.540	6.778
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		14.719	(9.235)	1.807
Less/ Add	DEPRECIATION/ AMORTISATION (F)		4.557	4.597	4.558
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		10.162	(13.832)	(2.751)
Less	TAX (H)		(0.892)	0.634	0.000
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		11.054	(14.466)	(2.751)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(34.226)	(19.760)	(41.307)
Add	Depreciation Adjustment		0.000	0.000	24.298
	BALANCE CARRIED TO THE B/S		NA	(34.226)	(19.760)
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	2.721	0.740	1.788
	TOTAL EARNINGS		2.721	0.740	1.788
	IMPORTS
		Goods-in-trade	4.788	7.565	2.573
	TOTAL IMPORTS		4.788	7.565	2.573
	Earnings / (Loss) Per Share (Rs.)		3.08	(4.04)	NA

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	3.25	(4.73)	(1.33)
Net Profit Margin (PBT/Sales)	(%)	3.03	(4.57)	(1.36)
Return on Total Assets (PBT/Total Assets}	(%)	7.47	(12.94)	(2.78)
Return on Investment (ROI) (PBT/Networth)		0.70	(4.08)	(0.15)
Debt Equity Ratio (Total Debt /Networth)		6.21	13.75	3.27
Current Ratio (Current Asset/Current Liability)		3.35	1.30	2.65

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	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	Yes

REVIEW OF OPERATIONS

During the year Company recorded better performance as compared to previous year in terms of Revenue Which during the year was Rs.338.433 Millions as compared to previous year's revenue of Rs 304.183 Millions in terms of Profits, performance of the Company has improved substantially The PBT for the Current year is Rs 10.162 Millions as against a Loss of Rs.13.832 Millions during the previous year This performance was primarily due to extra ordinary improvement in the working of the Company's Engineering division

(a) Oil Division

During the Period, the turnover of this division was Rs.260.554 Millions as compared to the turnover of Rs.264.793 Millions during previous year. This division reported a Loss of Rs 2.263 Millions as against a Loss of Rs.8.583 Millions during the previous year Company's this division requires renovation of the agent plant which suffers from frequent break-downs resulting in low capacity utilization and higher than normal utility consumption The Company proposes to expand and renovate this division during the year subject to availability of resources

(b) Engineering Division

During the period, the turnover of this division was Rs.77.880 Millions as compared to Rs 39.390 Millions during previous year PBT of this division was Rs.12.425 Millions in comparison to previous year Loss of Rs 5.249 Millions. This division has good orders in hand and it is expected to show an even more improved performance during current year.

UNSECURED LOAN

Rs. In Millions

Particular	As on 31.03.2012	As on 31.03.2011
Long Term Borrowing
Loans and advances from related paries (Loan from Associate Concerns in which Directors are substantially interested. No repayment schedule is fixed for the said loans. However, as per the views of the management about Rs.15.000 Millions shall be repaid within 12 months from the reporting date.)	20.961	35.961
Total	20.961	35.961

FIXED ASSETS

• Building
• Plant and Machinery
• Vehicles
• Furniture and Fixtures
• Office Equipments
• Computer

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.54.27
UK Pound	1	Rs.82.49
Euro	1	Rs.69.88

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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		27

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.