MIRA INFORM REPORT

Report Date :

30.11.2013

IDENTIFICATION DETAILS

Name :	MITTAL PIGMENTS PRIVATE LIMITED
Registered Office :	217, Gali No. 2, Guru Ram Das Nagar, Laxmi Nagar, East, Delhi – 110 092
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	24.04.1991
Com. Reg. No.:	55-220756
Capital Investment / Paid-up Capital :	Rs.23.686 Millions
CIN No.: [Company Identification No.]	U24117DL1991PTC220756
IEC No.:	1394000189
TAN No.: [Tax Deduction & Collection Account No.]	JDHM04580C
PAN No.: [Permanent Account No.]	AABCM1418N
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Zinc Oxide, Lead Oxide, Antimony Trioxide/triacetate, etc.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (29)

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

Maximum Credit Limit :	USD 830000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. Profit margin of the company is low. However, trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. 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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INDIAN ECONOMIC OVERVIEW

The current downturn provides an opportunity to push ahead with reforms to accelerate growth, says the latest India Development Update report released by the World Bank. The report says that the adverse effects of rupee depreciation are likely to be offset by the gains in the exports performance due to improved external competitiveness. Since May this year, the local currency has depreciated substantially and fell to a record level of Rs 68.85 to a dollar on August, 28.

A stagflation like situation appears to have arisen as inflation jumped to an eight month high of 6.46 % for the month of September. It is up from 6.10 % in August. Growth continues to be muted with factory output plunging to 0.6 % in August. Onion prices have risen nearly 300 % from last September. Vegetables cost nearly 90 % more than they did last year. Wake up to the economic contribution of slum dwellers. They contribute more than 7.5 % to the country’s gross domestic product, according to a recent study conducted in 50 top cities.

136000 estimated number of jobs created during the second quarter of the current financial year. 50000 estimated number of additional jobs in the field of corporate social responsibility in the coming years.

The International Finance Corporation expects to come out with its rupee linked bonds issue before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple iPhone 5c (Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has been launched in India from 1^st November.

The Land Acquisition Act to provide just and fair compensation to farmers will come into force from January 1 next year, said Rural Development Minister Jairam Ramesh. The Act replaces a 119 year old registration. The Securities and Exchange Board of India has approved the trading of currency futures on the Bombay Stock Exchange. The exchange plans to launch the currency futures platform with advanced trading technology by the end of November.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA (Suspended)
Rating	[ICRA] B+
Rating Explanation	Bank Limit High risk of Default
Date	2012

Rating Agency Name	ICRA (Suspended)
Rating	[ICRA] A4
Rating Explanation	Minimal degree of safety. It carry very high credit risk
Date	2012

NOTE:

Reason for Suspended: Inability to carry out a rating in absence of the requisite information from the company.

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 :	217, Gali No. 2, Guru Ram Das Nagar, Laxmi Nagar, East Delhi, Delhi – 110092, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	ramesh@mittalpigments.com info@mittalpigments.com priyank4aug@yahoo.com
Website :	http://www.mittalpigments.com

DIRECTORS

AS ON 30.09.2013

Name :

Ms. Ladli Prasad Mathur

Designation :

Director

Address :

180, Pratap Nagar, Kota – 324 009, Rajasthan, India

Date of Birth/Age :

15.03.1930

Date of Appointment :

01.12.2006

DIN No.:

01049409

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	U24117DL1991PTC220756	MITTAL PIGMENTS PRIVATE LIMITED	Director	01/12/2006	01/12/2006	-	Active	NO
2	U24119DL2005PTC203507	J AND K PIGMENTS PRIVATE LIMITED	Director	30/09/2009	20/07/2009	-	Amalgamated	NO
3	U24117RJ1996PTC011544	R.G.PIGMENTS PRIVATE LIMITED	Director	29/09/2010	20/10/2009	-	Active	NO
4	U24119DL1991PTC221352	CHEM COLOUR (INDIA) PRIVATE LIMITED	Director	30/09/2010	20/10/2009	-	Active	NO
5	U01122RJ2008PTC027414	HADOTI BIOFUEL PRIVATE LIMITED	Director	01/05/2010	01/05/2010	-	Active	NO
6	U67120WB1992PTC056018	NASEEB HOLDINGS PRIVATE LIMITED	Director	27/10/2010	27/10/2010	-	Active	NO
7	U67120WB1992PTC056019	MAHAVAT HOLDINGS PRIVATE LIMITED	Director	28/10/2010	28/10/2010	-	Active	NO
8	U24119DL2005PLC203501	JAMMU PIGMENTS LIMITED	Director	29/09/2012	27/02/2012	16/08/2013	Active	NO

Name :

Mr. Ramesh Kumar Agarwal

Designation :

Director

Address :

126, Opposite Traffic Garden, Shakti Nagar, Kota – 324 009, Rajasthan, India

Date of Birth/Age :

01.07.1957

Date of Appointment :

24.04.1991

DIN No.:

00293312

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	U24117DL1991PTC220756	MITTAL PIGMENTS PRIVATE LIMITED	Director	24/04/1991	24/04/1991	-	Active	NO
2	U52311KL1995PTC015747	SHAMBHU TRADERS PRIVATE LIMITED	Director	29/09/1995	29/09/1995	18/05/2007	Active	NO
3	U24114RJ1995PTC010818	SHAMBHU TRADERS PRIVATE LIMITED	Director	29/09/1995	29/09/1995	-	Not Available for eFiling	NO
4	U24117RJ1996PTC011544	R.G.PIGMENTS PRIVATE LIMITED	Director	07/02/1996	07/02/1996	-	Active	NO
5	U24117RJ1996PTC011543	AGARWAL PIGMENTS PRIVATE LIMITED	Director	01/04/1997	01/04/1997	-	Active	NO
6	U65993RJ1995PTC010357	PACIFIC INFIN PRIVATE LIMITED	Director	15/03/2001	15/03/2001	-	Active	NO
7	U24117RJ1991PTC005939	ARDENT BUILDERS AND STORAGE PRIVATE LIMITED	Director	21/01/2003	21/01/2003	-	Active	NO
8	U27203RJ1999PTC015652	CHAMBAL ALUMS PRIVATE LIMITED	Director	01/09/2003	01/09/2003	-	Active	NO
9	U34103RJ1995PTC010713	SWASTIK LIFT AND SHIFT PRIVATE LIMITED	Director	05/11/2003	05/11/2003	20/01/2012	Active	NO
10	U24224RJ2004PTC018932	R R PIGMENTS PRIVATE LIMITED	Director	30/01/2004	30/01/2004	-	Active	NO
11	U52190DL2005PTC220754	HIMALAYAN SALES (INDIA) PRIVATE LIMITED	Director	14/03/2005	14/03/2005	-	Active	NO
12	U70101RJ2005PTC020896	KOTA BUILDERS PRIVATE LIMITED	Director	10/06/2005	10/06/2005	-	Active	NO
13	U24119DL2005PLC203501	JAMMU PIGMENTS LIMITED	Managing director	01/02/2013	29/08/2005	-	Active	NO
14	U24119DL2005PTC203507	J AND K PIGMENTS PRIVATE LIMITED	Director	30/08/2005	30/08/2005	-	Amalgamated	NO
15	U24119DL2005PTC213514	JAMMU METCHEM PRIVATE LIMITED	Director	15/01/2007	15/01/2007	-	Amalgamated	NO
16	U01403JK2009PTC002963	VAISHNODEVI PIGMENTS PRIVATE LIMITED	Director	06/01/2009	06/01/2009	-	Active	NO
17	U01122RJ2008PTC027414	HADOTI BIOFUEL PRIVATE LIMITED	Director	01/05/2010	01/05/2010	-	Active	NO
18	U45201RJ2010PTC032717	OCEAN REALSTRUCTURE PRIVATE LIMITED	Director	05/09/2010	05/09/2010	31/05/2013	Active	NO
19	U67120WB1992PTC056018	NASEEB HOLDINGS PRIVATE LIMITED	Director	27/10/2010	27/10/2010	-	Active	NO
20	U67120WB1992PTC056019	MAHAVAT HOLDINGS PRIVATE LIMITED	Director	28/10/2010	28/10/2010	-	Active	NO
21	U13200JK2009PTC002966	VAISHNODEVI METALS AND FABRICATORS PRIVATE LIMITED	Director	12/12/2011	12/12/2011	-	Active	NO

Name :

Mrs. Asha Devi Mittal

Designation :

Additional Director

Address :

126, Shakti Nagar, Kota – 324 009, Rajasthan, India

Date of Birth/Age :

29.10.1956

Date of Appointment :

30.09.2013

DIN No.:

00293713

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	Company/ LLP Status	Defaulting status
1	U24119DL1991PTC221352	CHEM COLOUR (INDIA) PRIVATE LIMITED	Director	02/06/2003	02/06/2003	Active	NO
2	U27203RJ1999PTC015652	CHAMBAL ALUMS PRIVATE LIMITED	Director	17/11/2004	17/11/2004	Active	NO
3	U24119DL2005PTC213514	JAMMU METCHEM PRIVATE LIMITED	Director	30/08/2005	30/08/2005	Amalgamated	NO
4	U24119DL2005PLC203501	JAMMU PIGMENTS LIMITED	Director	29/05/2009	29/05/2009	Active	NO
5	U52190DL2005PTC220754	HIMALAYAN SALES (INDIA) PRIVATE LIMITED	Director	30/09/2013	20/07/2013	Active	NO
6	U24117DL1991PTC220756	MITTAL PIGMENTS PRIVATE LIMITED	Additional director	30/09/2013	30/09/2013	Active	NO

MAJOR SHAREHOLDERS

AS ON 30.09.2013

Names of Shareholders	No. of Shares
Priyanka Agarwal	100
Ritika Agarwal	1300
Ramesh Kr. And Sons (HUF) Karta Ramesh Kumar	10
Shambhu Traders Private Limited	11980
Asha Devi Mittal	5100
Ramesh Kumar Agarwal	73000
Naseeb Holding Private Limited	11710
Mahavat Holding Private Limited	16850
Jammu Pigments Private Limited	116805
Total	236855

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2013

Category	Percentage
Bodies corporate	66.43
Directors or relatives of Directors	33.57
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Zinc Oxide, Lead Oxide, Antimony Trioxide/triacetate, etc.

Products :

ITC Code	Product Descriptions
78011000	Lead Ingot
28241010	Lead Oxide
28170010	Zinc Oxide

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Oriental Bank of Commerce, Indra Vihar Branch, Kota, Rajasthan, India

Facilities :

SECURED LOANS	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Long Term Borrowings
Term loan from Banks	17.567	1.733
Short Term Borrowings
Term loan from Bank	78.389	40.694
Foreign currency term loan from Bank	277.850	281.116
Total	373.806	323.543

Banking Relations :	--
Auditors :
Name :	B. Vishal and Company Chartered Accountants
Address :	15, Raghukul, UIT Plots, B/H Gumanpura Police Station, Jhalawar Road, Kota – 324 007, Rajasthan, India
Tel. No.:	91-744-2362144/ 4300
Fax No.:	91-744-2364300
E-Mail :	badri_va@bsnl.in
PAN No.:	AADFV3265D

CAPITAL STRUCTURE

AS ON 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
250000	Equity Shares	Rs. 100/- each	Rs.25.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
236855	Equity Shares	Rs. 100/- each	Rs.23.686 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	23.686	23.686	16.364
(b) Reserves & Surplus	184.052	177.390	90.612
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	207.738	201.076	106.976
(3) Non-Current Liabilities
(a) long-term borrowings	111.268	159.801	54.834
(b) Deferred tax liabilities (Net)	1.640	1.398	1.019
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	112.908	161.199	55.853
(4) Current Liabilities
(a) Short term borrowings	356.239	322.042	124.906
(b) Trade payables	496.527	298.655	292.414
(c) Other current liabilities	3.698	2.959	2.618
(d) Short-term provisions	3.062	2.410	1.540
Total Current Liabilities (4)	859.526	626.066	421.478
TOTAL	1180.172	988.341	584.307
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	30.325	27.730	21.872
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	27.228	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.994	0.994	0.994
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	1.547	1.524	0.608
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	60.094	30.248	23.474
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	327.377	197.289	155.980
(c) Trade receivables	378.779	227.132	186.830
(d) Cash and cash equivalents	146.273	239.692	79.107
(e) Short-term loans and advances	101.194	113.355	138.395
(f) Other current assets	166.455	180.625	0.521
Total Current Assets	1120.078	958.093	560.833
TOTAL	1180.172	988.341	584.307

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income
		Other Income
		TOTAL	2028.369	1694.174	1336.127
Less	EXPENSES
		TOTAL	2014.907	1681.838	1328.575
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		13.462	12.336	7.552
Less	DEPRECIATION/ AMORTISATION		3.691	3.306	2.379
	PROFIT/(LOSS) BEFORE TAX		9.771	9.030	5.173
Less	TAX		3.109	2.794	1.598
	PROFIT/(LOSS) AFTER TAX		6.662	6.236	3.575
	Earnings Per Share (Rs.)		28.13	26.32	NA

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	0.33	0.37	0.27
Return on Total Assets (PBT/Total Assets}	(%)	0.85	0.92	0.89
Return on Investment (ROI) (PBT/Networth)		0.05	0.04	0.05
Debt Equity Ratio (Total Debt /Networth)		2.25	2.40	1.68
Current Ratio (Current Asset/Current Liability)		1.30	1.53	1.33

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)	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	Yes

UNSECURED LOANS:

Particulars	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Long Term Borrowings
Term loan from Banks	8.103	158.068
Loans and Advances from related parties	85.598	0.000
Short Term Borrowings
Term loan from others	0.000	0.232
Total	93.701	158.300

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10398256	30/11/2012	55,000,000.00	STATE BANK OF BIKANER AND JAIPUR	INDUSTRIAL ESTATE BRANCH, AERODROME CIRCLE, KOTA - 324007, RAJASTHAN, INDIA	B66271305
2	10261477	22/12/2010	588,000.00	STATE BANK OF BIKANER & JAIPUR	A-3, INDUSTRIAL ESTATE BRANCH, KOTA - 324007, RAJASTHAN, INDIA	B03620564
3	10187249	23/10/2009	1,170,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI - 400013, MAHARASHTRA, INDIA	A74114182
4	90073979	14/02/2013 *	300,000,000.00	STATE BANK OF BIKANER AND JAIPUR	A-3, INDUSTRIAL ESTATE, KOTA - 324007, RAJASTHAN, INDIA	B70828728
5	90073912	19/06/2003 *	11,000,000.00	STATE BANK OF BIKANER AND JAIPUR	I. ESTATE, KOTA, RAJASTHAN, INDIA	-
6	90074495	19/04/1993	6,400,000.00	STATE BANK OF BIKANER AND JAIPUR	I. ESTATE, KOTA, RAJASTHAN, INDIA	-

* Date of charge modification

FIXED ASSETS:

· Land and Buildings

· Plant and Machinery

· Vehicle

· Furniture and Fixtures

· Office Equipment

· Computer

· Capital WIP

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.62.39
UK Pound	1	Rs.102.06
Euro	1	Rs.84.98

INFORMATION DETAILS

Report Prepared by :

NKT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	4
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		29

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.