MIRA INFORM REPORT

Report Date :

04.09.2013

IDENTIFICATION DETAILS

Name :	CHIRAG ICE FACTORY PRIVATE LIMITED
Registered Office :	D-29/ 12, TTC M.I.D.C Industrial Area, Sanpada, Vashi, Navi Mumbai – 400 705, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	21.06.1990
Com. Reg. No.:	11-056949
Capital Investment/ Paid-up Capital:	Rs.2.000 Millions
CIN No.: [Company Identification No.]	U99999MH1990PTC056949
TAN No.: [Tax Deduction & Collection Account No.]	MUMC13791B
PAN No.: [Permanent Account No.]	AAACC6626K
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing of Ice Making Plants, Conducting Charges, Commissioning and Service Charges.
No. of Employees:	50 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 118000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Trade relation are fair. Business is active. Payment terms are usually correct. The company can be considered for business dealing at usual trade terms and condition.

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

We are living in a world where volatility and uncertainty have become the New Normal. We saw a change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once powerful countries in Europe are now fighting for bankruptcy. We have taken growth in the developing part of the world for granted but economic growth in China and India has begun to slow. Companies that were synonymous with their product categories just a few years ago are now no longer in existence. Kodak, the inventor of the digital camera had to wind up its operations, HMV, the British entertainment retailing company and Borders, once the second largest bookstore have shut down due to their inability to evolve their business models with the changing time. Readers’ Digest, Thomson Register are no more !

There is another megatrend happening. The World order is changing as economic power shifts from West to East. According to McKinsey study, it took Britain more than 100 years to double its economic output per person during its industrial revolution and the US later took more than 50 years to do the same. More than a century later, China and India have doubled their GDP per capital in 12 and 18 years respectively. By 2020, emerging Asia will become the world’s largest consuming block, overtaking North America.

The years after the outbreak of the global financial crisis, the world economy continues to remain fragile. The Indian economy demonstrated remarkable resilience in the initial years of the contagion but finally lost ground last year. GDP growth slowed down. Currency has been weakening. There is a marked deceleration in agriculture, industry and services. Dampening sentiment led to a cut-back in investment as well as private consumption expenditure.  Inflation remained at high levels fuelled by the pressure from the food and fuel sectors. The large fiscal and current account deficit s continued to cause grave concern. It is imperative that India regains its growth trajectory of 8-9 % sooner than later. This is crucially important given the need to create gainful livelihood opportunities for the millions living in poverty as also the large contingent of young people joining the job market every year.

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 (GENERAL DETAILS)

Name :	Mr. Sachin Shinde
Designation :	Accounts
Contact No.:	91-22-27612500
Date :	03.09.2013

LOCATIONS

Registered Office :	D-29/ 12, TTC M.I.D.C Industrial Area, Sanpada, Vashi, Navi Mumbai – 400705, Maharashtra, India
Tel. No.:	91-22-22841703 / 37631378 / 65131986
Fax No.:	91-22-27614801
E-Mail :	rustom@icelings.com sdvhm@yahoo.com accounts@icelings.com
Web Site:	www.icelings.net
Location :	Owned
Head Office :	C-105/2, Pawane, Navi Mumbai – 400705, Maharashtra, India
Tel. No.:	91-22-27612500 / 3300
Factory:	Plot No. R -389, MIDC, Rabale, Navi Mumbai – 700701, Maharashtra, India

DIRECTORS

As on 29.09.2012

Name :

Mrs. Perlene Rustom Irani

Designation :

Director

Address :

T-15, Cusrow Baug, S.B. Singh Road, Colaba, Mumbai – 400005, Maharashtra, India

Date of Birth/Age :

18.12.1965

Date of Appointment :

08.09.2003

DIN No.:

00003139

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	U29191MH1995PTC089638	PARTYTIME ICE PRIVATE LIMITED	Director	13/02/1996	13/02/1996	-	Active	NO
2	U63023MH1996PTC104258	IRANI ICE ASSOCIATES PRIVATE LIMITED	Director	02/12/1996	02/12/1996	04/10/2006	Active	NO
3	U99999MH1990PTC056949	CHIRAG ICE FACTORY PRIVATE LIMITED	Director	08/09/2003	08/09/2003	-	Active	NO
4	U70100MH2005PTC150660	MEHERBAI PROPERTIES PRIVATE LIMITED	Director	14/01/2005	14/01/2005	-	Active	NO
5	U45200MH2006PTC161096	MEHERABAD DEVELOPERS PRIVATE LIMITED	Director	12/04/2006	12/04/2006	-	Active	NO
6	U29191MH2004PTC149431	PROMETHEAN SPENTA TECHNOLOGIES PRIVATE LIMITED	Additional director	20/06/2012	20/06/2012	28/01/2013	Active	NO

Name :

Mr. Rustom Boman Irani

Designation :

Director

Address :

T-15, Cusrow Baug, S.B. Singh Road, Colaba, Mumbai – 400005, Maharashtra, India

Date of Birth/Age :

29.05.1966

Date of Appointment :

01.09.2005

DIN No.:

00003159

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	U29191MH1995PTC089638	PARTYTIME ICE PRIVATE LIMITED	Director	23/09/1995	23/09/1995	-	Active	NO
2	U63023MH1996PTC104258	IRANI ICE ASSOCIATES PRIVATE LIMITED	Director	02/12/1996	02/12/1996	-	Active	NO
3	U63020MH1996PTC104342	REFRIGERATED DISTRIBUTORS PRIVATE LIMITED	Director	27/03/2003	27/03/2003	-	Active	NO
4	U29191MH2004PTC149431	PROMETHEAN SPENTA TECHNOLOGIES PRIVATE LIMITED	Director	05/11/2004	05/11/2004	-	Active	NO
5	U99999MH1990PTC056949	CHIRAG ICE FACTORY PRIVATE LIMITED	Director	01/09/2005	01/09/2005	-	Active	NO
6	U45200MH2006PTC161096	MEHERABAD DEVELOPERS PRIVATE LIMITED	Director	12/04/2006	12/04/2006	-	Active	NO
7	U91200KL1970NPL002301	SEA FOOD EXPORTERS ASSOCIATION OF INDIA	Director	30/09/2009	30/09/2009	-	Active	NO
8	U29220MH2013PTC240243	THERMAL ENERGY SERVICE SOLUTIONS PRIVATE LIMITED	Director	07/02/2013	07/02/2013	-	Active	NO

Name :

Mr. Anant Gopal Mhatre

Designation :

Director

Address :

D-1, Satguru Apartment, Gokul Nagar, Thane (West), Thane – 400607, Maharashtra, India

Date of Birth/Age :

01.06.1942

Date of Appointment :

01.09.2005

DIN No.:

00067299

Name :

Mr. Tanaji Shivram Thorat

Designation :

Director

Address :

Rohini Niwas BNO.15, RNO.468, 1^st Floor, Vikhroli (East), Mumbai – 400083, Maharashtra, India

Date of Birth/Age :

01.01.1959

Date of Appointment :

01.09.2005

DIN No.:

00069260

KEY EXECUTIVES

Name :	Mr. Sachin Shinde
Designation :	Accounts

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2012

Names of Shareholders	No. of Shares
Perlene Rustom Irani	11000
Michael P Pinto	9000
Total	20000

As on 29.09.2012

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	45.00
Directors or relatives of Directors	55.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturing of Ice Making Plants, Conducting Charges, Commissioning and Service Charges.
Exports :
Products :	Conducting Charges, Commissioning and Service Charges.
Countries :	South Africa
Imports :
Products :	Raw Material
Countries :	· China Korea
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

50 (Approximately)

Bankers :

· Bank of India, Ahmedabad Large Corporate Banking Branch, Second Floor, BOI Building Bandra, Ahmedabad – 380001, Gujarat, India

· Punjab National Bank, Vashi Branch, Mumbai, Maharashtra, India

Facilities :

Working Capital : Rs. 7.500 Millions

SECURED LOANS	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
LONG TERM BORROWINGS
Term Loan from Banks for:
Plant and Machinery	4.715	5.174
Windmill	8.229	10.575
Vehicle Loan from Banks	0.841	1.048
SHORT TERM BORROWINGS
Overdraf Balance with Bank	0.000	3.480
Total	13.785	20.277
Note : Term Loan for Plant and Machinery from Bank is secured by way of equitable mortgage of Plant and Machinery and Immovable property situated at D-29/12 Turbhe, Navi Mumbai and carries interest @ 14% per annum. The loan is repayable in 60 monthly installments of Rs. 93.400/- each alongwith / inclusive of interest from the date of loan. Further, the loan has been secured by personal guarantees of Mr. Rustom Irani and Mrs. Perlene Irani, Directors of the Company. Term Loan for Windmill from Bank is secured by way of equitable mortgage of Windmill Immovable property situated at Village Sakri, Dist. Dhule, Maharashtra and carries interest @ 14% per annum. The loan is repayable in 60 monthly installments of Rs. 5,00,000/- each alongwith! inclusive of interest from the date of loan. Further, the loan has been secured by personal guarantees of Mr. Rustcrn Irani and Mrs Perlene Irani, Directors of the Company. Vehicle Loan from Bank is secured by way of hypothecation of vehicle The Term Loans carries interest @ 5.5% per annum. The loan is repayable in 36 monthly installments of Rs. 13,994/- each alongwith / inclusive of interest from the date of loan.

Banking Relations :	--
Auditors :
Name :	Vinayaka and Company Chartered Accountants
Address :	306, Churchgate Chambers, 5, New Marine Lines, Mumbai – 400020, Maharashtra, India
Tel. No/Fax No.:	91-22-66355818 / 66100734
E-Mail :	bvrr04@gmail.com
PAN No.:	AABPB5892N
Parent Company :	Party Time Ice Private Limited

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.100/- each	Rs.5.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
20000	Equity Shares	Rs.100/- each	Rs.2.000 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	2.000	2.000
(b) Reserves & Surplus	27.512	22.565
(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)	29.512	24.565
(3) Non-Current Liabilities
(a) long-term borrowings	13.785	16.797
(b) Deferred tax liabilities (Net)	5.405	7.093
(c) Other long term liabilities	0.135	0.135
(d) long-term provisions	0.879	0.697
Total Non-current Liabilities (3)	20.204	24.722
(4) Current Liabilities
(a) Short term borrowings	8.041	9.529
(b) Trade payables	18.209	12.392
(c) Other current liabilities	56.925	28.691
(d) Short-term provisions	0.056	0.026
Total Current Liabilities (4)	83.231	50.638
TOTAL	132.947	99.925
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	56.202	61.055
(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	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	4.171	4.117
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	60.373	65.172
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	31.877	22.717
(c) Trade receivables	15.986	7.166
(d) Cash and cash equivalents	4.432	0.260
(e) Short-term loans and advances	20.279	4.610
(f) Other current assets	0.000	0.000
Total Current Assets	72.574	34.753
TOTAL	132.947	99.925

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		2.000
2] Share Application Money		0.000
3] Reserves & Surplus		19.189
4] (Accumulated Losses)		0.000
NETWORTH		21.189
LOAN FUNDS
1] Secured Loans		34.650
2] Unsecured Loans		1.048
TOTAL BORROWING		35.699
DEFERRED TAX LIABILITIES		7.510
TOTAL		64.397
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		54.024
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	9.554
	Sundry Debtors	4.444
	Cash & Bank Balances	0.320
	Other Current Assets	0.000
	Loans & Advances	13.187
Total Current Assets		27.505
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	15.331
	Other Current Liabilities	1.289
	Provisions	0.512
Total Current Liabilities		17.132
Net Current Assets		10.373
MISCELLANEOUS EXPENSES		0.000
TOTAL		64.397

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income			101.311
		Other Income			8.513
		TOTAL (A)		75.008	109.824
Less	EXPENSES
		Cost of Goods Consumed			74.273
		Employee cost			6.247
		Administrative expenses			3.822
		Selling and Distribution expenses			6.960
		TOTAL (B)		64.286	91.302
				(Including
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		NA	Financial Expeneses)	18.522
Less	FINANCIAL EXPENSES (D)				4.107
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			10.722	14.415
Less/ Add	DEPRECIATION/ AMORTISATION (F)			7.042	7.426
	PROFIT BEFORE TAX (E-F) (G)			3.680	6.989
Less	TAX (H)			0.304	4.458
	PROFIT AFTER TAX (G-H) (I)		4.947	3.376	2.531
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		16.043	12.667	10.136
	BALANCE CARRIED TO THE B/S		2.990	16.043	12.667
	EARNINGS IN FOREIGN CURRENCY		NA	NA	69.584
	IMPORTS
		Raw Materials	NA	NA	11.980
	Earnings Per Share (Rs.)		247.35	168.80	126.57

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	NA	4.50	2.30
Net Profit Margin (PBT/Sales)	(%)	NA	NA	6.90
Return on Total Assets (PBT/Total Assets}	(%)	NA	3.68	8.57
Return on Investment (ROI) (PBT/Networth)		NA	0.15	0.33
Debt Equity Ratio (Total Debt/Networth)		0.74	1.07	1.68
Current Ratio (Current Asset/Current Liability)		0.87	0.69	1.61

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 two 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	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
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	No

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10231110	28/05/2010	30,000,000.00	BANK OF INDIA	AHMEDABAD LARGE CORPORATE BANKING BRANCH, 2ND FLOOR, BANK OF INDIA BUILDING BHADRA, AHMEDABAD - 380001, GUJARAT, INDIA	A90055799
2	10164423	13/06/2009	30,000,000.00	BANK OF INDIA	AHMEDABAD LARGE CORPORATE BANKING BRANCH, 2ND FLOOR, BANK OF INDIA BUILDING BHADRA, AHMEDABAD - 380001, GUJARAT, INDIA	A64862899
3	10089248	07/02/2008	50,000,000.00	PUNJAB NATIONAL BANK	FORESHORE ROAD BRANCH, RAHEJA CHAMBERS, NARIMAN POINT, MUMBAI - 400021, MAHARASHTRA, INDIA	A33132051
4	10076097	03/11/2007	35,000,000.00	PUNJAB NATIONAL BANK	FORESHORE ROAD BRANCH, RAHEJA CHAMBERS, NARIMAN POINT, MUMBAI - 400021, MAHARASHTRA, INDIA	A27281112

UNSECURED LOANS

PARTICULARS	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. In Millions)
SHORT TERM BORROWINGS
Loan from Related Parties	8.041	6.049
Total	8.041	6.049
Note: Unsecured loan from related party is interest free and repayable on demand.

FIXED ASSETS

Land for Windmill

Freehold Land at Uran

Factory Land at Turbhe

Factory Buiding

Computer

Plant and Machinery

Electrical Fittings

Furniture and Fixtures

Office Equipment

Vehicles

Wind Tubine Generatior K-96

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.66.89
UK Pound	1	Rs.103.95
Euro	1	Rs.88.10

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	6
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		46

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.