MIRA INFORM REPORT

Report Date :

13.09.2013

IDENTIFICATION DETAILS

Name :	NOBEL HYGIENE LIMITED (w.e.f 01.01.2010)
Formerly Known As :	NOBEL HYGIENE PRIVATE LIMITED
Registered Office :	D-2 16, Sancoale, Zuari Nagar, Goa-403 726
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	13.11.2001
Com. Reg. No.:	11-003048
Capital Investment / Paid-up Capital :	Rs. 76.880 Millions
CIN No.: [Company Identification No.]	U24239GA2001PLC003048
TAN No.: [Tax Deduction & Collection Account No.]	BLRN02038B
PAN No.: [Permanent Account No.]	AABCN5081A
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of baby diapers and adult diapers and also engaged in trader of fabrics and textiles.
No. of Employees :	64 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (52)

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

Maximum Credit Limit :	USD 1179000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established and a reputed company having a good track record. It has achieved a healthy growth in its turnover and profits during 2012. Financial position is good. Trade relations are reported as decent. Business is active. Payments are reported to be regular and as per commitments. The company can be considered good for normal 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.

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. Manoj
Designation :	Office Executive
Contact No.:	91-22-42121314
Date :	11.09.2013

LOCATIONS

Registered Office :	D-2 16, Sancoale, Zuari Nagar, Goa-403 726, India
Tel. No.:	91-832-2556861/25568628/42121314
Fax No.:	91-832-2556861/42121316
E-Mail :	noble@vsnl.in nobelco@sancharnet.in
Website :	http://www.nobelhygiene.com
Corporate Office:	Unit No. 204, Thakur House (Antariksh), Makwana Road, Andheri (East), Mumbai – 400059, Maharashtra, India
Tel. No.:	91-22-28201381/ 28201382
Fax No.:	91-22-28201383
E-Mail :	noble@vsnl.in sales@nobelhygiene.com
Factory :	A–70, MIDC, Sinnar, Nashik – 422103, Maharashtra India

Note: As claimed by Mr. Manoj (Office Executive) that the registered office of the company has been closed down (D-2 16, Sancoale, Zuari Nagar, Goa-403 726, India) but same has not been in the Government Registry.

DIRECTORS

As on 29.09.2012

Name :	Mr. Kamal Manohardas Johari
Designation :	Director
Address :	101, Sunflower Building, Thakkarpark, Aram Socrd, Vakola, Santacruz (East), Mumbai-400 055, Maharashtra, India
Date of Birth/Age :	10.10.1960
Date of Appointment :	16.07.2012
DIN No.:	00785082
Name :	Mrs. Kamini Kamal Johari
Designation :	Director
Address :	101, Sunflower Building, Thakkarpark, Aram Socrd, Vakola, Santacruz (East), Mumbai-400 055, Maharashtra, India
Date of Birth/Age :	10.02.1962
Date of Appointment :	16.07.2012
DIN No.:	01309286
Name :	Mr. Manish Dharanendra Ladage
Designation :	Directors
Address :	Row No. 18, Vasant Vihar, Pokharan Road No. 2, Thane (West), Mumbai – 400601, Maharashtra, India
Date of Appointment :	30.09.2010
DIN No.:	00082178
Name :	Mr. Ramesh D. Tainwala
Designation :	Director
Address :	71-Kalpataru, Nutamn Laxmi Society, JVPD Scheme, Vile Parle, Mumbai-400 057, Maharashtra, India
Date of Birth/Age :	08.09.1959
Date of Appointment :	15.12.2003
DIN No.:	00234109
Name :	Mr. Bhupal Singh Verdia
Designation :	Director
Address :	17 Mani Vikas, T. H. Kataria Marg, Matunga Road, Mumbai – 400016, Maharashtra, India
Date of Appointment :	29.09.2012
DIN No.:	02258522

KEY EXECUTIVES

Name :	Mr. Manoj
Designation :	Office Executive

MAJOR SHAREHOLDERS

As on 29.09.2012

SHAREHOLDING DETAILS FILE ATTACHED.

Equity Share Break up (Percentage of Total Equity)

As on 29.09.2012

Category	Percentage
Bodies corporate	47.73
Directors or relatives of Directors	30.99
Other top fifty shareholders	19.39
Others	1.89
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of baby diapers and adult diapers and also engaged in trader of fabrics and textiles.

Products :

Product description	ITC No.
Baby Diapers	48184010
Adult Diapers	48184010

Brand Names :

FRIENDS and TEDDYY

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

GENERAL INFORMATION

Customers :

Others

No. of Employees :

64 (Approximately)

Bankers :

· Sate Bank of India, MIDC Andheri (East) Branch, Plot No B-1, Central Road, Andheri (East), Mumbai-400093, Maharashtra, India

· The North Kanara G.S B Co-operative Bank Limited, Samved, S.K Bole Road, Dadar, Mumbai-400028, Maharashtra, India

· Janakalyan Sahakari Bank Limited, 140, Vivek Darshan Sindhi Society, Opposite Bhakti Bhavan Chembur, Mumbai, Maharashtra, India

· HDFC Bank

· Standard Chartered Bank

Facilities :

Secured Loans	31.03.2012 Rs. In Millions	31.03.2011 Rs. In Millions
Long Term Borrowings
Rupee term loans from banks (hypothecation / Mortgage of Office Premises, Factory Land and Factory Building, Plant and Machinery and Personal Guarantee of Some of the Directors)	83.701	111.130
Loans taken for vehicles (Vehicle Loans from HDFC Bank Limited against hypothecation of respective vehicles)	1.973	1.389
Short Term Borrowings
Foreign currency term loans from banks	17.729	14.250
Working capital loans from banks	166.389	133.060
Total	269.792	259.829

Banking Relations :	--
Auditors :
Name :	Manish D Ladage and Company Chartered Accountant
Address :	D-2123-25, Oberoi Garden Estate, Chandivli Farms Road, Chandivli, Mumbai-400072, Maharashtra, India
Tel. No.:	91-22-28476411/28471399
Fax No.:	91-22-28476411/28474788
E-Mail :	manish@mastermindfinance.com
PAN.:	AAKPB8971F
Enterprises over which Key Managerial Personnel are able to exercise Significant Influence :	Fancy lnvestrade Private Limited Powerful lmpex Private Limited Galaxy Trading Company

CAPITAL STRUCTURE

After 29.09.2012

Authorised Capital : Rs. 215.000 Millions

Issued, Subscribed & Paid-up Capital : Rs. 157.833 Millions

As on 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
9000000	Equity Shares	Rs. 10/- each	Rs. 90.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
7868000	Equity Shares	Rs. 10/- each	Rs. 78.680 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	76.880	76.880
(b) Reserves & Surplus	185.389	85.165
(c) Money received against share warrants	9.000	9.000
(2) Share Application money pending allotment	23.400	0.000
Total Shareholders’ Funds (1) + (2)	294.669	171.045
(3) Non-Current Liabilities
(a) long-term borrowings	91.004	120.428
(b) Deferred tax liabilities (Net)	1.166	1.166
(c) Other long term liabilities	27.865	32.804
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	120.035	154.398
(4) Current Liabilities
(a) Short term borrowings	201.086	156.464
(b) Trade payables	53.564	38.719
(c) Other current liabilities	50.270	42.596
(d) Short-term provisions	31.375	18.126
Total Current Liabilities (4)	336.295	255.905
TOTAL	750.999	581.348
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	241.715	230.992
(ii) Intangible Assets	0.000	0.033
(iii) Capital work-in-progress	38.356	33.746
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	1.276	1.276
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	28.700	29.072
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	310.047	295.119
(2) Current assets
(a) Current investments	5.000	5.000
(b) Inventories	169.467	121.131
(c) Trade receivables	225.150	130.682
(d) Cash and cash equivalents	8.512	6.396
(e) Short-term loans and advances	32.823	21.957
(f) Other current assets	0.000	1.063
Total Current Assets	440.952	286.229
TOTAL	750.999	584.348

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		76.880
2] Share Application Money		0.000
3] Reserves & Surplus		47.129
4] (Accumulated Losses)		0.000
NETWORTH		124.009
LOAN FUNDS
1] Secured Loans		141.042
2] Unsecured Loans		2.232
TOTAL BORROWING		143.274
DEFERRED TAX LIABILITIES		1.166
TOTAL		268.449
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		26.444
Capital work-in-progress		109.087
INVESTMENT		1.276
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	60.623
	Sundry Debtors	65.671
	Cash & Bank Balances	4.891
	Other Current Assets	3.456
	Loans & Advances	26.355
Total Current Assets		160.996
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	24.573
	Other Current Liabilities	1.163
	Provisions	11.791
Total Current Liabilities		37.527
Net Current Assets		123.469
MISCELLANEOUS EXPENSES		8.173
TOTAL		268.449

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.03.2012	31.03.2011	31.03.2010
	SALES
			Income	762.338	451.582	298.224
			Other Income	.514	4.834	0.351
			TOTAL (A)	762.852	456.416	298.575
Less	EXPENSES
			Cost of materials consumed	503.821	339.917
			Changes in inventories of finished goods, work-in-progress and stock-in-trade	(28.687)	(27.445)
			Employee benefit expense	11.754	6.793
			Expenditure on production, transportation and other expenditure pertaining to E&P activities	2.517	0.964
			Other expenses	114.644	69.286
			TOTAL (B)	604.049	389.515	269.523
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			158.803	66.901	29.052
Less	FINANCIAL EXPENSES (D)			47.288	23.187	9.526
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			111.515	43.714	19.526
Less/ Add	DEPRECIATION/ AMORTISATION (F)			11.158	5.678	0.789
	PROFIT BEFORE TAX (E-F) (G)			100.357	38.036	18.737
Less	TAX (H)			0.134	0.000	4.733
	PROFIT AFTER TAX (G-H) (I)			100.223	38.036	14.004
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD			63.135	25.099	11.095
	BALANCE CARRIED TO THE B/S			163.358	63.135	25.099
	IMPORTS
		Capital Goods		3.610	66.796	0.000
		Raw Materials and Finished products		72.164	79.855	57.132
		Machinery (WIP)		0.000	0.000	73.586
		Fright		0.000	0.000	0.018
		Sample Material		0.000	0.000	0.023
	TOTAL IMPORTS			75.774	146.651	130.759
	Earnings Per Share (Rs.)			13.04	4.95	1.94

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	13.14	8.33	4.69
Net Profit Margin (PBT/Sales)	(%)	13.16	8.42	6.28
Return on Total Assets (PBT/Total Assets}	(%)	14.10	6.96	9.99
Return on Investment (ROI) (PBT/Networth)		0.34	0.22	0.15
Debt Equity Ratio (Total Debt /Networth)		0.99	1.62	1.16
Current Ratio (Current Asset/Current Liability)		1.31	1.12	4.29

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	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	No
21]	Market information	----------
22]	Litigations that the firm / promoter involved in	----------
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	----------
26]	Buyer visit details	----------
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

NOTE: Registered office of the company has been shifted from D-2 16, Sancoale, Zuari Nagar, Goa-403 726,

India to the present address but same has not been in the Government Registry.

UNSECURED LOANS:

Particulars	31.03.2012 Rs. In Millions	31.03.2011 Rs. In Millions
Long Term Borrowings
Rupee term loans	1.650	1.921
Rupee term loans from others	2.380	4.188
Intercorporate deposits	1.300	1.300
Deposits from others	0.000	0.500
Short Term Borrowings
Rupee term loans from others	2.299	0.000
Working capital loans	14.669	9.154
Total	22.298	17.063

CURRENT MATURITY OF LONG TERM BORROWINGS DETAIL:

(Rs. In Millions)

Particulars	31.03.2012	31.03.2011	31.03.2010
Current Maturity of Long Term Borrowings	35.197	33.842	NA
Total	35.197	33.842	NA

INDEX OF CHARGE:

Sr .No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10145181	08/08/2013 *	723,300,000.00	State Bank of India	MIDC, Andheri (East) Branch, Marol, Central Road, Andheri (East), Mumbai, Maharashtra - 400093, INDIA	B82018235
2	90065627	01/01/2003	3,000,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, CHEMBUR, MUMBAI, Maharashtra - 400071, INDIA	-

*Date of Modification Charge

REVIEW OF PERFORMANCE:

The Company has achieved significant growth during the last financial year. The year gone by has been a good year with company closing on increased profitability.

The Company achieved turnover of Rs. 762.300 Millions during the year under report as against Rs. 451.600 Millions during the previous year, representing an increase of 68.81%. The net profit after tax stood at Rs. 100.200 Millions compared to Rs. 38.000 Millions in earlier years.

Overall, 2011-12 has been a very rewarding year. Your Company emerged strong out of the global economic slowdown. The company was aggressive in its quest for new contacts, executed on its full strategy and maintained pricing discipline. This helped to deliver 67% revenue growth for the year along with overall performance.

FUTURE OUTLOOK:

The company is adding more geographies within India and also abroad in order to increase its distribution reach and in the current financial year is adding more distribution and sales force to eventually reach number of retail

FIXED ASSETS:

· Air Conditioner

· Aquaguard

· Computer

· Factory Equipments

· Factory Premises

· Factory Land

· Office Premises

· Handi (Machine)

· Reliance Mobile Phone

· Electrical Installation

· Website Development

NEWS:

MUMBAI, March 7, 2013

ACCESS INDIA FUND INVESTS $11.5 MN IN WORLD-CLASS DIAPER MANUFACTURING COMPANY

Nobel Hygiene, India's first and only world-class baby and adult diaper manufacturer, has received the first tranche of funding boost to the tune of $11.5 Mn through Access India Fund and its co-investors.

Nobel Hygiene Limited, headquartered in Mumbai, is a dominant market leader in the manufacture of adult diapers, a fast growth sunrise segment with growth rate of over 30% p.a. over the last 4 years in India. It also manufactures and markets baby diapers, a segment which has seen greater than 50% growth over the last 5 years.

Nobel's adult diapers are sold under the brand name 'Friends' and its baby diapers are sold under the brand name, 'Teddyy'. Kamal Kumar Johari, Managing Director, Nobel Hygiene Limited says, "Friends is now a 10-year-old brand and we are now well-recognised for the high quality of our products. Nobel Hygiene is the only Indian Company to have installed state-of-the-art European manufacturing lines. We continue to source our machinery and raw material from some of the best suppliers globally." The investment in Nobel Hygiene will be used to enhance as well as double its existing manufacturing capacity.

Achal Nath at Access India Fund says, "Diapers is one of the most interesting FMCG segments in India today. We expect to see significant sustained growth over the next 10 years given the low adoption rates and increasing disposable incomes. The adult diaper market in India, for example, is estimated at US$ 30 Mn as against the US$ 9 Bn global market (about 40% of the baby diapers market). The Chinese market even at US$ 300 Mn is still growing at 30% plus per annum. The Indian adult diaper segment has the potential to grow into a significantly large FMCG category with India having the second largest 65+ year's population in the world. Nobel's adult diaper brand is the only brand in its category with pan India distribution today." According to AC Nielsen, baby diapers were the fastest growth FMCG category in medium size Indian towns between May 2010 and May 2011 with 75% category growth.

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. 63.90
UK Pound	1	Rs. 100.47
Euro	1	Rs. 84.65

INFORMATION DETAILS

Information Gathered by :	NAY
Report Prepared by :	VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	7
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		52

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.