MIRA INFORM REPORT

Report Date :

24.10.2013

IDENTIFICATION DETAILS

Name :	DOSHI CONSULTANTS PRIVATE LIMITED
Registered Office :	401-City Centre, M.G. Road, Indore - 452011, Madhya Pradesh
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	02.08.1996
Com. Reg. No.:	10-011066
Capital Investment / Paid-up Capital :	Rs. 22.500 Millions
CIN No.: [Company Identification No.]	U74210MP1996PTC011066
TAN No.: [Tax Deduction & Collection Account No.]	BPLD00645B
Legal Form :	Private Limited Liability Company
Line of Business :	Providing Engineering Consultancy Services.
No. of Employees :	70 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 186000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Profit and sales turnover of the company appears to be decent. Overall fundamental of the company appears to be sound and healthy. Trade relations are fair. Business is active. Payment terms are usually correct. The company can be considered for 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 – 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

India’s current account deficit or CAD in April-June widened to 4.9 % of gross domestic product. High imports of gold and oil led to a worsening of the traqde deficit, resulting in CAD jumping to $ 21.8 billion to the latest quarter from $ 16.9 billion in the corresponding quarter of the previous financial year. The government aims to bring down CAD to 3.7 % or $ 70 billion, in 2013/14, from 4.8 % or $ 88.2 billion in 2012/13.

The finance ministry has started preparations for Budget 2014/15. With general elections scheduled to be held by May next year, there will only be an interim budget. The new government will present the fiscal Budget.

The Supreme Court has barred clinical trials for new drugs till a monitoring mechanism is put in place to protect the lives of people on which the drugs are tested.

Mumbai has been named the world’s second most honest city according to a survey on 15 cities worldwide by Readers’ Digest magazine. Finnish capital Helsinki bagged the top spot for the world’s most honest city while Lisbon, the capital of Portugal, proved to be the least honest.  The survey put hundreds of people to test in four continents to find out just how honest they were by dropping wallets and seeing how many would be returned.

3.7 % Growth of the core sector in August, a seven month high. This takes the overall growth in April-August this year to 2.3 % compared with 6.3 % in the corresponding period next financial year.

$19 million Estimated average spending by companies across the globe including India, on social media this year, according to a global study by information technology major Tata Consultancy Services. This will rise to $ 24 million in 2015.

Rising inflation, fewer employment avenues and dwindling earnings are taking a toll on the spending capacity in India. Over 72 % respondents from middle and lower middle income families would be forced to slash their Diwali expenditure by 40 % and on average spend nearly 25 % of their monthly salary on Diwali, according to a survey by Assochem.

Analysts believe the shutdown of the US government would have limited impact in sectors such as IT or tourism that are dependent on Visa clearances.

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. Deepak Patidar
Designation :	Assistant Accountant
Contact No.:	91-731-4011555
Date :	23.10.2013

LOCATIONS

Registered/ Head Office :	401-City Centre, M.G. Road, Indore - 452011, Madhya Pradesh, India
Tel. No.:	91-731-2541457/ 4011555
Fax No.:	91-731-2538443/ 4011577
E-Mail :	doshicon@bom4.vsnl.in doshicon@hotmail.com doshicon@sancharnet.in doshiconindore@yahoo.com doshi.consultants@rediffmail.com doshicon@doshiconsultants.co.in project@doshicon.com
Website :	http://www.doshiconsultants.co.in
Location :	Owned
Branch Offices :	Located at: · Mumbai Ahmedabad Vadodara

DIRECTORS

AS ON 29.09.2012

Name :

Mr. Bharat Kumar Doshi

Designation :

Managing director

Address :

81/4, Vallabh Nagar, Indore - 452001, Madhya Pradesh, India

Date of Birth/Age :

21.03.1961

Date of Appointment :

30.09.2010

DIN No.:

00041045

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	U74210MP1996PTC011066	DOSHI CONSULTANTS PRIVATE LIMITED	Managing director	30/09/2010	01/07/1997	Active	NO
2	L51397MH2002PLC136652	SYNCOM HEALTHCARE LIMITED	Director	28/05/2008	28/05/2008	Active	NO
3	U29253MH2010PTC201457	DCPL INTERNATIONAL PRIVATE LIMITED	Director	30/03/2010	30/03/2010	Active	NO

Name :

Kirti Kumar Doshi

Designation :

Managing director

Address :

81/4, Vallabh Nagar, Indore - 452001, Madhya Pradesh, India

Date of Birth/Age :

17.12.1954

Date of Appointment :

30.09.2010

DIN No.:

00041184

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	U74210MP1996PTC011066	DOSHI CONSULTANTS PRIVATE LIMITED	Managing director	30/09/2010	01/07/1997	Active	NO
2	U74200MP2013PTC030325	GREEN LABS ENGINEERING CONSULTANTS PRIVATE LIMITED	Director	19/03/2013	19/03/2013	Active	NO

Name :

Mr. Sharad Kumar Doshi

Designation :

Whole-time director

Address :

81/4, Vallabh Nagar, Indore - 452001, Madhya Pradesh, India

Date of Birth/Age :

08.11.1952

Date of Appointment :

01.07.1997

DIN No.:

00040855

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	U74210MP1996PTC011066	DOSHI CONSULTANTS PRIVATE LIMITED	Whole-time director	01/07/1997	01/07/1997	Active	NO
2	U24233MP2005PTC017860	DCPL LIFE SCIENCE PRIVATE LIMITED	Director	10/08/2005	10/08/2005	Active	NO

Name :

Mr. Harsh Kumar Doshi

Designation :

Whole-time director

Address :

81/4, Vallabh Nagar, Indore - 452001, Madhya Pradesh, India

Date of Birth/Age :

26.07.1963

Date of Appointment :

01.07.1997

DIN No.:

00041135

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	U74210MP1996PTC011066	DOSHI CONSULTANTS PRIVATE LIMITED	Whole-time director	01/07/1997	01/07/1997	Active	NO
2	U24233MP2005PTC017860	DCPL LIFE SCIENCE PRIVATE LIMITED	Director	10/08/2005	10/08/2005	Active	NO
3	U70101MP2012PTC029256	B H I INFRASTRUCTURE PRIVATE LIMITED	Director	21/09/2012	21/09/2012	Active	NO

Name :

Mr. Siddharth Doshi

Designation :

Director

Address :

81/4, Vallabh Nagar, Indore - 452001, Madhya Pradesh, India

Date of Birth/Age :

21.06.1986

Date of Appointment :

30.09.2010

DIN No.:

02861232

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	U74210MP1996PTC011066	DOSHI CONSULTANTS PRIVATE LIMITED	Director	30/09/2010	16/02/2010	Active	NO
2	U29253MH2010PTC201457	DCPL INTERNATIONAL PRIVATE LIMITED	Director	30/03/2010	30/03/2010	Active	NO

Name :

Mr. Shubham Doshi

Designation :

Director

Address :

81/4, Vallabh Nagar, Indore - 452001, Madhya Pradesh, India

Date of Birth/Age :

31.12.1981

Date of Appointment :

30.09.2010

DIN No.:

02922360

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	U74210MP1996PTC011066	DOSHI CONSULTANTS PRIVATE LIMITED	Director	30/09/2010	16/02/2010	Active	NO

Name :

Mr. Luv Doshi

Designation :

Director

Address :

81/4, Vallabh Nagar, Indore - 452001, Madhya Pradesh, India

Date of Birth/Age :

25.02.1983

Date of Appointment :

01.01.2012

DIN No.:

02931607

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	U74210MP1996PTC011066	DOSHI CONSULTANTS PRIVATE LIMITED	Director	01/01/2012	16/02/2010	Active	NO
2	U74200MP2013PTC030325	GREEN LABS ENGINEERING CONSULTANTS PRIVATE LIMITED	Director	19/03/2013	19/03/2013	Active	NO

KEY EXECUTIVES

Name :	Mr. Deepak Patidar
Designation :	Assistant Accountant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2012

Names of Shareholders	No. of Shares
Kirti Kumar Doshi	393750
Bharat Kumar Doshi	450000
Sharad Kumar Doshi	168750
Mgrsn Kumar Doshi	168750
Pratibha Doshi	112500
Ketan Doshi	112500
Luv Doshi	112500
Hansa Doshi	112500
Siddarth Doshi	112500
Heena Doshi	56250
Neeru Doshi	56250
Knubham Doshi	112500
Neha Doshi	56250
Sanka Doshi	56250
Ronak Doshi	112500
Rishabh Doshi	56250
Total	2250000

AS ON 29.09.2012

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

BUSINESS DETAILS

Line of Business :	Providing Engineering Consultancy Services.
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Customers :

Other

· Ice Cream Factory

Bharat Parenterals Limited

Hindustan Latex Limited

Cipla

Ranbaxy

Zydus Cadila

Neclife

Vins

Ipca

Alkem

Serum

Intas

Shelys

No. of Employees :

70 (Approximately)

Bankers :

· ICICI Home Finance Company Limited, ICICI Bank Towers, Bandra-Kurla, Complex, Mumbai - 400051, Maharashtra, India

HDFC Bank Limited

Facilities :

SECURED LOANS	31.03.2012 (Rs. In Millions)	31.03.2011 (Rs. In Millions)
LONG-TERM BORROWINGS
ICICI Bank Car Loan	0.537	0.781
Total	0.537	0.781

Banking Relations :	--
Auditors :
Name :	Narendra Jain and Company Chartered Accountants
Address :	170/12, R.N.T Marg Film Colony, Ravindra Natya Grah, Indore – 452001, Madhya Pradesh, India
Tel. No.:	91-731-2526105/ 2520160
Fax No.:	91-731-2520160
E-Mail :	taruntalks@gmail.com
Income-tax PAN of auditor or auditor's firm :	AAFFN5564M

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
4,750,000	Equity Shares	Rs. 10/- each	Rs. 47.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2,250,000	Equity Shares	Rs. 10/- each	Rs. 22.500 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	22.500	22.500
(b) Reserves & Surplus	23.970	16.298
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	46.470	38.798
(3) Non-Current Liabilities
(a) long-term borrowings	1.847	1.581
(b) Deferred tax liabilities (Net)	2.513	2.440
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	4.360	4.021
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000
(b) Trade payables	10.809	11.877
(c) Other current liabilities	1.700	1.227
(d) Short-term provisions	3.277	2.851
Total Current Liabilities (4)	15.786	15.955
TOTAL	66.616	58.774
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	22.893	23.725
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	12.120	12.783
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	35.013	36.508
(2) Current assets
(a) Current investments	3.857	3.757
(b) Inventories	0.000	0.000
(c) Trade receivables	11.326	8.064
(d) Cash and cash equivalents	7.645	3.282
(e) Short-term loans and advances	0.000	0.000
(f) Other current assets	8.775	7.163
Total Current Assets	31.603	22.266
TOTAL	66.616	58.774

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		22.500
2] Share Application Money		0.000
3] Reserves & Surplus		15.160
4] (Accumulated Losses)		0.000
NETWORTH		37.660
LOAN FUNDS
1] Secured Loans		0.393
2] Unsecured Loans		0.800
TOTAL BORROWING		1.193
DEFERRED TAX LIABILITIES		2.130
TOTAL		40.983
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		24.121
Capital work-in-progress		0.000
INVESTMENT		15.108
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000
	Sundry Debtors	7.682
	Cash & Bank Balances	1.366
	Other Current Assets	0.000
	Loans & Advances	5.302
Total Current Assets		14.350
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	9.471
	Other Current Liabilities	3.125
	Provisions	0.000
Total Current Liabilities		12.596
Net Current Assets		1.754
MISCELLANEOUS EXPENSES		0.000
TOTAL		40.983

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Revenue from operation	68.600	41.520
		Other Income	1.461	2.417
		TOTAL (A)	70.061	43.937	52.052
Less	EXPENSES
		Employee benefit Expenses	30.614	26.235
		Other Expenses	22.907	11.098
		TOTAL (B)	53.521	37.333	37.966
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		16.540	6.604	(Including Financial and Depreciation)
Less	FINANCIAL EXPENSES (D)		0.086	0.094
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		16.454	6.510
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.474	1.331
	PROFIT BEFORE TAX (E-F) (G)		14.980	5.179	14.086
Less	TAX (H)		7.308	3.993	8.852
	PROFIT AFTER TAX (G-H) (I)		7.672	1.186	5.234
	Earnings Per Share (Rs.)		4.57	1.69	2.33

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	10.95	2.70	10.06
Net Profit Margin (PBT/Sales)	(%)	21.84	12.47	NA
Return on Total Assets (PBT/Total Assets}	(%)	27.49	11.26	36.61
Return on Investment (ROI) (PBT/Networth)		0.32	0.13	0.37
Debt Equity Ratio (Total Debt/Networth)		0.04	0.04	0.03
Current Ratio (Current Asset/Current Liability)		2.00	1.40	1.14

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	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	Yes
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	No

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10124056	12/06/2008	2,050,000.00	ICICI HOME FINANCE COMPANY LIMITED	ICICI BANK TOWERS, BANDRA-KURLA, COMPLEX, MUMBAI - 400051, MAHARASHTRA, INDIA	A42933630
2	10052911	10/05/2007	1,900,000.00	ICICI BANK	ICICI BANK TOWERS, BANDRA-KURLA, COMPLEX, MUMBAI - 400051, MAHARASHTRA, INDIA	A15820673

UNSECURED LOANS

UNSECURED LOANS	31.03.2012 (Rs. In Millions)	31.03.2011 (Rs. In Millions)
LONG-TERM BORROWINGS
Loans and Advances from related parties	1.310	0.800
Total	1.310	0.800

OPERATING PERFORMANCE:

The Company earned the profit of Rs 7.672 Millions during the year as against previous year’s profit Rs 1.186 Millions. However the Company has been able to increase the reserves from Rs.16.298 Millions to Rs. 23.970 Millions this year.

TRADE REFERENCE:

Ice Cream Factory

Bharat Parenterals Limited

Hindustan Latex Limited

FIXED ASSETS:

· Furniture and Fixture

Computer and Printer

Fax Machine

Office Equipments and Air Conditioner

Vehicles

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. 61.53
UK Pound	1	Rs. 99.75
Euro	1	Rs. 84.75

INFORMATION DETAILS

Information Gathered by :	NAY
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--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
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		48

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.