MIRA INFORM REPORT

Report Date :

06.05.2013

IDENTIFICATION DETAILS

Name :	EDMON TRADING PRIVATE LIMITED (w.e.f. 08.02.2011)
Formerly Known As :	ETAM FUTURE FASHIONS PRIVATE LIMITED (w.e.f. 20.08.2010) ETAM FUTURE FASHIONS LIMITED
Registered Office :	C-2601, Oberoi Garden III, Thakur Village, Kandivali (East), Mumbai – 400101, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	26.08.2006
Com. Reg. No.:	11-164092
Capital Investment / Paid-up Capital :	Rs. 255.080 Millions
CIN No.: [Company Identification No.]	U51909MH2006PTC164092
PAN No.: [Permanent Account No.]	AABCE6348B
Legal Form :	Private Limited Liability Company
Line of Business :	Trader of women lingerie and ready to wear apparel.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (28)

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

Maximum Credit Limit :	USD 260000
Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. Latest financial are not available. As per previous year financials it seems that the profitability of the company appears to be low. However, trade relations are reported as fair. Business is active. Payment terms are unknown. 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

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 :	C-2601, Oberoi Garden III, Thakur Village, Kandivali (East), Mumbai – 400101, Maharashtra, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	anil@anilgoyal.com

DIRECTORS

As on 29.09.2012

Name :

Mr. Anil Goyal

Designation :

Director

Address :

C-2601, Oberol Garden – III, Thakur Village, Kandivali (East), Mumbai – 400101, Maharashtra, India

Date of Birth/Age :

06.06.1962

Date of Appointment :

30.09.2010

DIN No.:

00019297

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	U65990MH1996PTC100638	BETTER EQUITY SERVICES PRIVATE LIMITED	Managing director	28-06-96	28-06-96	-	Active	NO
2	U72900MH2004PTC147054	LIFECYCLE INFOTECH PRIVATE LIMITED	Managing director	21-06-04	21-06-04	-	Active	NO
3	U72200MH2004PTC147410	OSIRIS INFOTECH PRIVATE LIMITED	Managing director	09-07-04	09-07-04	-	Active	NO
4	U72900MH2004PTC147601	NETSILIK SOFTWARE PRIVATE LIMITED	Managing director	20-07-04	20-07-04	-	Active	NO
5	L24115MH1988PLC048126	TULASEE BIO-ETHANOL LIMITED	Director	01-10-04	01-10-04	-	Active	NO
6	U72900MH2005PTC158084	OSIRIS SOFTWARE PRIVATE LIMITED	Managing director	16-12-05	16-12-05	-	Active	NO
7	L31909AP1988PLC008652	MIC ELECTRONICS LIMITED	Director	25-01-06	25-01-06	11-02-12	Active	NO
8	L17124RJ1997PLC013498	JAGJANANI TEXTILES LIMITED	Director	25-07-06	25-07-06	10-01-11	Under liquidation	NO
9	U72900MH2000PTC126786	EINFRATECH SYSTEMS INDIA PRIVATE LIMITED	Director	01-09-06	01-09-06	25-10-10	Active	NO
10	U72200MH2007PTC170062	OSIRIS IT PROJECTS PRIVATE LIMITED	Director	18-04-07	18-04-07	-	Active	NO
11	U72300MH2007PTC170118	OSIRIS E-INFRATECH PRIVATE LIMITED	Director	19-04-07	19-04-07	02-12-09	Active	NO
12	U74300MH2007PTC170448	OSIRIS DIGITAL MEDIA PRIVATE LIMITED	Director	30-04-07	30-04-07	-	Active	NO
13	U30000MH1987PTC042275	MICRO CLOUD COMPUTING PRIVATE LIMITED	Director	05-05-07	05-05-07	13-02-08	Active	NO
14	U51109WB1990PTC048559	G K TRADING PRIVATE LIMITED	Director	31-08-07	31-08-07	-	Active	NO
15	U74900MH2008PTC180431	TINTA MEDIA CREATIONS PRIVATE LIMITED	Director	25-03-08	25-03-08	-	Active	NO
16	U72200MH2008PTC182132	OSIRIS INFO SERVICES PRIVATE LIMITED	Director	12-05-08	12-05-08	02-12-09	Active	NO
17	U70102MH2008PTC182282	OSIRIS DEVELOPERS PRIVATE LIMITED	Director	16-05-08	16-05-08	-	Active	NO
18	U72200MH2008PTC182281	OSIRIS ONLINE PRIVATE LIMITED	Director	16-05-08	16-05-08	-	Active	NO
19	U14200GA2008PTC005781	ALLIANCE MINING AND INFRASTRUCTURE COMPANY PRIVATE LIMITED	Director	30-05-08	30-05-08	-	Active	NO
20	U45203MH2008PTC185269	ALLIANCE MEGACITY PRIVATE LIMITED	Director	31-07-08	31-07-08	-	Active	NO
21	U93000MH2008PTC185265	OSIRIS CORPORATE SERVICES PRIVATE LIMITED	Director	31-07-08	31-07-08	02-12-09	Active	NO
22	U74940TN2008PTC069494	ARIHANT TINTA MEDIYACOM PRIVATE LIMITED	Director	06-10-08	06-10-08	-	Active	YES
23	U14292MH2008PTC189086	RAIGAD MINES AND MINERALS PRIVATE LIMITED	Additional director	24-01-09	24-01-09	24-02-10	Active	YES
24	U71230MH2009PTC190751	OSIRIS PRISM INFRASOLUTION PRIVATE LIMITED	Director	05-03-09	05-03-09	-	Active	NO
25	U51909MH2006PTC164092	EDMON TRADING PRIVATE LIMITED	Director	30-09-10	01-10-09	-	Active	NO
26	U28920MH1991PTC061036	PANAMETRICS ENGINEERING PRIVATE LIMITED	Additional director	14-10-09	14-10-09	26-04-10	Active	NO
27	U45200MH1998PTC115957	PS CHAMANKAR PROPERTY DEVELOPERS PRIVATE LIMITED	Additional director	01-02-10	01-02-10	31-01-11	Active	NO
28	U74990MH2010PTC200300	OMEGA ENERGY PRIVATE LIMITED	Director	20-02-10	20-02-10	-	Active	NO
29	U51909WB2005PTC106663	SUNAYANA COMMERCIAL PRIVATE LIMITED	Director	19-03-10	19-03-10	-	Active	NO
30	L45400MH1992PLC070070	CHOICE INFRA VENTURES LIMITED	Director	30-09-10	15-04-10	07-05-11	Active	NO
31	U93000MH2010PTC202530	LIFECYCLE CAREER AVENUES PRIVATE LIMITED	Director	29-04-10	29-04-10	-	Active	NO
32	U67120WB1986PLC041233	AMBER CREDIT COMPANY LIMITED	Director	03-07-10	03-07-10	-	Active	NO
33	U51109WB2008PTC128504	TARUN MERCANTILES PRIVATE LIMITED.	Director	03-07-10	03-07-10	-	Active	NO
34	U51909WB2008PTC123268	SWATI VYAPAAR PRIVATE LIMITED	Director	03-07-10	03-07-10	-	Active	NO
35	U92100MH2010PTC210458	OSIRIS ENTERTAINMENT MEDIA PRIVATE LIMITED	Director	30-11-10	30-11-10	-	Active	NO
36	U74900MH2011PTC219082	OSIRIS MANAGEMENT IDEAS PRIVATE LIMITED	Director	24-06-11	24-06-11	-	Active	NO
37	U74120MH2011PTC219558	MICROGREEN CLEANTECH PRODUCTS PRIVATE LIMITED	Director	07-07-11	07-07-11	-	Active	NO
38	U74900MH2011PTC221879	ALLIANCE RESTAURANT AND BARS PRIVATE LIMITED	Director	11-09-11	11-09-11	-	Active	NO
39	U65999KA2011PTC060914	NOV TRUSTEESHIP SERVICES PRIVATE LIMITED	Director	18-12-12	01-11-11	-	Active	NO
40	U65900MH2011PTC223365	CNP BUSINESS ADVISORY SERVICES PRIVATE LIMITED	Director	19-12-12	01-11-11	-	Active	NO
41	U80904MH2012PTC227481	ACPD EDUCATION PRIVATE LIMITED	Director	28-02-12	28-02-12	-	Active	NO
42	U45203MH2012PTC231047	OSIRIS REALTY PRIVATE LIMITED	Director	15-05-12	15-05-12	-	Active	NO
43	U70101RJ2009PTC030333	MARUDHARA BUILDWELL PRIVATE LIMITED	Director	22-06-12	22-06-12	-	Active	NO
44	U80300MH2012NPL235910	ANIL GOYAL EDUCATION AND MEDICAL FOUNDATION	Director	18-09-12	18-09-12	-	Active	NO
45	U74120MH2013PTC241298	ACPD LEARNING PRIVATE LIMITED	Director	25-03-13	25-03-13	-	Active	NO
46	U74999MH2013PTC241812	BLUE BRICKS HOSPITALITY PRIVATE LIMITED	Director	09-04-13	09-04-13	-	Active	NO

Name :

Mrs. Karuna Goyal Anil

Designation :

Director

Address :

C-2601, Oberol Garden – III, Thakur Village, Kandivali (East), Mumbai – 400101, Maharashtra, India

Date of Birth/Age :

04.05.1960

Date of Appointment :

30.09.2010

DIN No.:

00019328

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	U67120MH1996PTC099605	CHAMATKAR FIN-STOCK PRIVATE LIMITED	Director	01-03-99	01-03-99	-	Active	NO
2	U72900MH2004PTC147054	LIFECYCLE INFOTECH PRIVATE LIMITED	Director	21-06-04	21-06-04	-	Active	NO
3	U72200MH2004PTC147410	OSIRIS INFOTECH PRIVATE LIMITED	Director	09-07-04	09-07-04	-	Active	NO
4	U72900MH2004PTC147601	NETSILIK SOFTWARE PRIVATE LIMITED	Director	05-09-05	05-09-05	-	Active	NO
5	U72900MH2005PTC158084	OSIRIS SOFTWARE PRIVATE LIMITED	Director	16-12-05	16-12-05	-	Active	NO
6	U45400MH2007PTC172073	BLUE SQUARE PROPERTIES PRIVATE LIMITED	Director	29-06-07	29-06-07	-	Active	NO
7	U72200MH2008PTC182132	OSIRIS INFO SERVICES PRIVATE LIMITED	Director	12-05-08	12-05-08	02-12-09	Active	NO
8	U70102MH2008PTC182282	OSIRIS DEVELOPERS PRIVATE LIMITED	Director	16-05-08	16-05-08	-	Active	NO
9	U51909MH2006PTC164092	EDMON TRADING PRIVATE LIMITED	Director	30-09-10	01-10-09	-	Active	NO
10	U67120WB1986PLC041233	AMBER CREDIT COMPANY LIMITED	Director	03-07-10	03-07-10	-	Active	NO
11	U92100MH2010PTC210458	OSIRIS ENTERTAINMENT MEDIA PRIVATE LIMITED	Director	30-11-10	30-11-10	-	Active	NO
12	U45203MH2012PTC231047	OSIRIS REALTY PRIVATE LIMITED	Director	15-05-12	15-05-12	-	Active	NO
13	U80300MH2012NPL235910	ANIL GOYAL EDUCATION AND MEDICAL FOUNDATION	Director	18-09-12	18-09-12	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2012

Names of Shareholders	No. of Shares
Indus-League Clothing Limited, India	4999999
Panah Realty Private Limited, India	12500000
Pantaloon Industries Limited, India	7508001
Manz Retail Private Limited, India	500000
Total	25508000

As on 29.09.2012

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Trader of women lingerie and ready to wear apparel.

GENERAL INFORMATION

No. of Employees :	Not Available
Bankers :	State Bank of Hyderabad, Nariman Point Branch, 11-C, Mittal Tower, 210, Nariman Point, Mumbai – 400021, Maharashtra, India Axis Bank Limited, Tardev, Mumbai – 400034, Maharashtra, India

Banking Relations :	--
Auditors :
Name :	Sureka Associates Chartered Accountants
Address :	C-2601, Oberoi Garden- III, Thakur Village, Kandivali (East), Mumbai – 400101, Maharashtra, India
PAN.:	AAMFS8201P

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
30000000	Equity Shares	Rs.10/- each	Rs.300.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
25508000	Equity Shares	Rs.10/- each	Rs.255.080 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		255.080	255.080	255.080
2] Share Application Money		0.000	0.000	1.920
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		(188.784)	(189.263)	(199.836)
NETWORTH		66.296	65.817	57.164
LOAN FUNDS
1] Secured Loans		0.000	0.000	3.862
2] Unsecured Loans		0.000	0.000	14.000
TOTAL BORROWING		0.000	0.000	17.862
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		66.296	65.817	75.026
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.559	0.873	4.572
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		52.020	52.020	0.020
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	15.273
	Sundry Debtors	7.350	109.563	94.538
	Cash & Bank Balances	6.221	8.714	1.415
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	36.573	9.300	21.749
Total Current Assets		50.144	127.577	132.975
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	36.402	114.622	52.923
	Other Current Liabilities	0.000	0.000	8.346
	Provisions	0.025	0.031	1.272
Total Current Liabilities		36.427	114.653	62.541
Net Current Assets		13.717	12.924	70.434
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		66.296	65.817	75.026

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income		227.054	134.355
		Future and Option	420.597	39.276	0.000
		Other Income		0.021	83.358
		TOTAL (A)	420.597	266.351	217.713
Less	EXPENSES
		Cost of Goods Sold			111.746
		Personnel Cost			31.561
		Operating and Administration Expenses			99.141
		TOTAL (B)			242.448
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)				(24.735)
Less	FINANCIAL EXPENSES (D)		NA	NA	3.995
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)				(28.730)
Less/ Add	DEPRECIATION/ AMORTISATION (F)				10.110
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)				(38.840)
Less	TAX (H)				0.328
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		0.479	10.572	(39.168)
	Earlier year provision w/off		NA	NA	0.000
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	(199.836)	(160.668)
	BALANCE CARRIED TO THE B/S		NA	NA	(199.836)
	Earnings / (Loss) Per Share (Rs.)		0.02	0.41	(7.83)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.11	3.97	(17.99)
Net Profit Margin (PBT/Sales)	(%)	NA	NA	(28.91)
Return on Total Assets (PBT/Total Assets}	(%)	NA	NA	(28.24)
Return on Investment (ROI) (PBT/Networth)		NA	NA	(0.68)
Debt Equity Ratio (Total Debt /Networth)		0.00	0.00	0.31
Current Ratio (Current Asset/Current Liability)		1.38	1.11	2.13

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	No
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	No
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	No
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

Note:

The registered office of the company has been shifted from Knowledge House, Shyam Nagar, Off Jogeshwari Vikhroli Link Road, Jogeshwari (East), Mumbai- 400060, Maharashtra, India to present address w.e.f.06.02.2011

BACKGROUND

Subject was incorporated on August 26, 2006 under the provisions of the Companies Act, 1956. The Company is engaged in the business of trading in women lingerie and ready to wear apparel.

FINANCIALS REVIEW

The Company has earned total income of Rs.420.597 Millions for year ended 31 March 2011 as against Rs.266.351 Millions for the year ended 31 March 2010. Net profits for the year ended 31 March 2011 was Rs.0.479 Million as against of Rs.10.572 Million for the year ended 31 March 2010.

COMMITMENTS AND CONTINGENT LIABILITIES (As on 31.03.2011)

Fixed Deposits with bank amounting to Rs. 0.560 Million and National Saving Certificates amounting to Rs.0.020 Million are under lien with Sales Tax Department.

FIXED ASSETS

• Office Equipments
• Building
• Computer Equipments
• Furniture Fixtures

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.53.95
UK Pound	1	Rs.83.81
Euro	1	Rs.70.50

INFORMATION DETAILS

Report Prepared by :

NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	5
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	2
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		28

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.