MIRA INFORM REPORT

Report Date :

24.09.2013

IDENTIFICATION DETAILS

Name :	SAFETEC HEALTHCARE AND HYGIENE PRIVATE LIMITED (w.e.f. 22.06.2009)
Formerly Known As :	SAFETEC DISPOSABLES PRIVATE LIMITED
Registered Office :	202/203, Span Land Mark, Andheri Kurla Road, Andheri (East), Mumbai-400093, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	04.03.1999
Com. Reg. No.:	11-118633
Capital Investment / Paid-up Capital :	Rs. 8.000 Millions
CIN No.: [Company Identification No.]	U33112MH1999PTC118633
TAN No.: [Tax Deduction & Collection Account No.]	MUMS25035D
PAN No.: [Permanent Account No.]	AADCS4265R
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Disposable Medical and Surgical Garments
No. of Employees :	300 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ca (12)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. There appears accumulated losses recorded by the company which has net worth of the company external borrowing of the company has increased in the year 2012 However, trade relations are fair. Business is active. Payment terms are slow. The company can be considered for business dealings on a safe and secured trade term 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

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.

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long term bank facilities BB-
Rating Explanation	Inadequate credit quality and high credit risk
Date	18 July 2013

Rating Agency Name	CARE
Rating	Short term bank facilities A4
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	18 July 2013

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 :	202/203, Span Land Mark, Andheri Kurla Road, Andheri (East), Mumbai-400093, Maharashtra, India
Tel. No.:	91-22-40543618 / 28380238
Mobile No.:	91-9371775620 (Mr. Pravin Kadam)
Fax No.:	91-22-28380240
E-Mail :	admin@safetechworld.com customercare@safetecworld.com rustech@vsnl.com
Website :	www.safetecworld.com
Location :	Owned
Factory :	Block-1, Plot No.13, 4^th Phase, MIDC Chakan, Nighoje, Pune-410501, Maharashtra, India
Tel. No.:	91-2135-323996

DIRECTORS

As on: 29.09.2012

Name :

Mr. Bipin Manilal Jhaveri

Designation :

Managing Director

Address :

701, 7^th Floor, 45, Tagore Road, Santacruz (West), Mumbai-400054, Maharashtra, India

Date of Birth/Age :

18.02.1937

Date of Appointment :

03.04.1999

DIN No.:

01280534

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	U33112MH1999PTC118633	SAFETEC HEALTHCARE & HYGIENE PRIVATE LIMITED	Managing director	03/04/1999	03/04/1999	-	Active	NO
2	U18101MH2000PTC125378	RUSTECH PRODUCTS PRIVATE LIMITED	Director	29/03/2000	29/03/2000	-	Active	NO
3	U27105MH2003PTC143676	Arena Products Private Limited	Director	26/12/2003	26/12/2003	-	Active	NO
4	U51900MH1996PTC098207	INTERLINKS MARINE ENTERPRISES PRIVATE LIMITED	Alternate director	03/10/2005	03/10/2005	-	Active	NO
5	U63090MH1982PTC028291	INTERLINKS MARINE PVT LTD	Alternate director	03/10/2005	03/10/2005	-	Active	NO
6	U24230MH1986PTC041116	FERICO PHARMA (INDIA) PVT LTD	Director	04/10/2005	04/10/2005	-	Active	NO
7	U51909PN2010PTC137705	PMS Safetec Medikal Private Limited	Director	04/11/2010	04/11/2010	-	Active	NO
8	U24100PN2011PTC138649	SAFETEC LABORATORIES PRIVATE LIMITED	Director	23/02/2011	23/02/2011	-	Active	NO
9	U21011PN2011PTC138897	NobleExchange Environment Solutions Private Limited	Director	17/03/2011	17/03/2011	11/06/2011	Active	NO

Name :

Ms. Bimal Bipin Jhaveri

Designation :

Director

Address :

701, 7^th Floor, 45, Tagore Road, Santacruz (West), Mumbai-400054, Maharashtra, India

Date of Birth/Age :

21.11.1964

Date of Appointment :

03.04.1999

DIN No.:

01280563

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	U33112MH1999PTC118633	SAFETEC HEALTHCARE & HYGIENE PRIVATE LIMITED	Managing director	03/04/1999	03/04/1999	-	Active	NO
2	U18101MH2000PTC125378	RUSTECH PRODUCTS PRIVATE LIMITED	Director	29/03/2000	29/03/2000	-	Active	NO
3	U27105MH2003PTC143676	Arena Products Private Limited	Director	26/12/2003	26/12/2003	-	Active	NO
4	U24230MH1986PTC041116	FERICO PHARMA (INDIA) PVT LTD	Director	04/10/2005	04/10/2005	-	Active	NO
5	U51909PN2010PTC137705	PMS Safetec Medikal Private Limited	Director	04/11/2010	04/11/2010	-	Active	NO
6	U24100PN2011PTC138649	SAFETEC LABORATORIES PRIVATE LIMITED	Director	23/02/2011	23/02/2011	-	Active	NO
7	U21011PN2011PTC138897	NobleExchange Environment Solutions Private Limited	Director	17/03/2011	17/03/2011	11/06/2011	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 29.09.2012

Names of Shareholders	No. of Shares
Jhaveri Bipin	724600
Jhaveri Bimal	75100
Jhaveri Nidhi	100
Jhaveri Bipin Manilal (HUF)	100
Jhaveri Jayant	100
TOTAL	800000

As on: 29.09.2012

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Disposable Medical and Surgical Garments

Products :

ITC CODE	PRODUCTS
6307.90	Face Mask-Medical Disposable
6201.00	Caps, Gowns, Apron, Coat, Shoe Cover and Other Medical Disposable Items

GENERAL INFORMATION

No. of Employees :

300 (Approximately)

Bankers :

• The Saraswat Cooperative Bank Limited, SME Nariman Point Branch, Mittal Court A Wing, 1^st Floor, Vidhan Bhavan Marg, Nariman Point, Mumbai-400021, Maharashtra, India

Facilities :

Secured Loan	31.03.2012 [Rs. in Millions]	31.03.2011 [Rs. in Millions]
Long Term Borrowing
Term Loan on Machinery A/C No 47798	0.920	2.267
Term Loan WCTL on Machinery A/C No 48105	1.301	2.893
Term Loan WCTL on Machinery A/C No 48224	1.631	1.853
Term Loan WCTL on Machinery A/C No 48164	1.973	2.987
Term Loan – New Project at chakan A/c No. 901105	30.607	0.000
Short Term Borrowing
Bank cash from the saraswat Co.op Bank Limited	20.269	17.313
Total	56.701	27.313

Banking Relations :	--
Auditors :
Name :	B B Lakdawala and Company Chartered Accountant
Address :	Shelton, 10^th N S Road, J V P D Scheme, Mumbai-400049, Maharashtra, India
Tel. No.:	91-22-26201767
Fax No.:	91-22-26236706
PAN No. :	AAAPL7669Q
Associates :	Jhaveri International Inchem Enterprises Universal Chemicals (India)

CAPITAL STRUCTURE

As on: 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs. 10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
800000	Equity Shares	Rs.10/- each	Rs. 8.000 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	8.000	2.505
(b) Reserves & Surplus	(23.945)	(0.861)
(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)	(15.945)	1.644
(3) Non-Current Liabilities
(a) long-term borrowings	36.432	10.000
(b) Deferred tax liabilities (Net)	0.290	0.294
(c) Other long term liabilities	68.557	23.922
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	105.279	34.216
(4) Current Liabilities
(a) Short term borrowings	46.456	30.818
(b) Trade payables	20.616	10.732
(c) Other current liabilities	0.000	0.000
(d) Short-term provisions	4.566	7.696
Total Current Liabilities (4)	71.638	49.246
TOTAL	160.972	85.106
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	15.906	17.141
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	43.702	1.227
(iv) Intangible assets under development	0.000	0.000
(v) Advance to machinery	1.048	1.048
(b) Non-current Investments	0.125	5.025
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	22.406	11.210
(e) Other Non-current assets	3.085	8.078
Total Non-Current Assets	86.272	43.729
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	25.401	21.792
(c) Trade receivables	18.488	10.874
(d) Cash and cash equivalents	0.450	0.322
(e) Short-term loans and advances	7.707	0.147
(f) Other current assets	22.654	8.242
Total Current Assets	74.700	41.377
TOTAL	160.972	85.106

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		2.505
2] Share Application Money		0.000
3] Reserves & Surplus		1.500
4] (Accumulated Losses)		(7.356)
NETWORTH		(3.351)
LOAN FUNDS
1] Secured Loans		84.898
2] Unsecured Loans		29.797
TOTAL BORROWING		114.695
DEFERRED TAX LIABILITIES		0.204
TOTAL		111.548
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		104.001
Capital work-in-progress		0.000
INVESTMENT		0.025
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	7.759
	Sundry Debtors	9.266
	Cash & Bank Balances	0.466
	Other Current Assets	5.929
	Loans & Advances	1.215
Total Current Assets		24.635
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	15.000
	Other Current Liabilities	0.000
	Provisions	2.113
Total Current Liabilities		17.113
Net Current Assets		7.522
MISCELLANEOUS EXPENSES		0.000
TOTAL		111.548

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	NA	92.781	73.909
		Other Income	NA	NA	NA
		TOTAL	NA	NA	NA
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	NA	87.786	82.325
	PROFIT/(LOSS) BEFORE TAX		(20.440)	7.590	(8.375)
Less	TAX		2.640	2.596	0.040
	PROFIT/(LOSS) AFTER TAX		(23.080)	4.994	(8.415)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(2.362)	(7.356)	1.059
	BALANCE CARRIED TO THE B/S		(25.442)	(2.362)	(7.356)
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	2.930	4.345	17.643
	TOTAL EARNINGS		2.930	4.345	17.643
	IMPORTS
		Raw Materials	5.883	0.000	9.696
		Goods purchase for trading	11.798	1.607	0.000
		Machinery	0.306	3.019	4.993
	TOTAL IMPORTS		17.987	4.626	14.689
	Earnings/(Loss) Per Share (Rs.)		(28.85)	Nil	Nil

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
Return on Total Assets (PBT/Total Assets}	(%)	(49.37)	20.83	(6.51)
Return on Investment (ROI) (PBT/Networth)		1.28	4.62	2.50
Debt Equity Ratio (Total Debt /Networth)		(5.20)	24.83	(34.23)
Current Ratio (Current Asset/Current Liability)		1.04	0.84	1.44

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	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	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	----------------------
22]	Litigations that the firm / promoter involved in	----------------------
23]	Banking Details	Yes
24]	Banking facility details	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

UNSECURED LOAN:

Particulars	31.03.2012 [Rs. in Millions]	31.03.2011 [Rs. in Millions]
Short Term Borrowing
Loan from others	26.187	13.505
Total	26.187	13.505

INDEX CHARGES:

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10291298	26/05/2011	67,500,000.00	The Saraswat Co-operative Bank Ltd	SME Nariman Point Branch,Mittal Court A Wing, 1st Floor, Vidhan Bhavan Marg, Nariman Point, Mumbai, Maharashtra - 400021, INDIA	B14666796
2	10251615	28/09/2010	2,000,000.00	The Saraswat Co-op Bank Ltd	Fort Branch, Fort, Mumbai, Maharashtra - 400001, INDIA	A98703465
3	10221414	21/04/2010	5,160,000.00	The Saraswat Cooperative Bank Ltd	Fort Branch, Fort, Mumbai, Maharashtra - 400001, INDIA	A85477867
4	10205513	22/01/2010	110,000,000.00	The Saraswat Co-op Bank Ltd	Fort Branch, Fort, Mumbai, Maharashtra - 400001, INDIA	A80167455
5	10191734	24/11/2009	2,000,000.00	The Saraswat Co-op Bank Ltd	Fort Branch, Fort, Mumbai, Maharashtra - 400001, INDIA	A74875907
6	10186692	26/05/2011 *	15,000,000.00	The Saraswat Co-operative Bank Ltd	SME Nariman Point Branch,Mittal Court A Wing, 1st Floor, Vidhan Bhavan Marg, Nariman Point, Mumbai, Maharashtra - 400021, INDIA	B15622814
7	10186701	30/10/2009	3,850,000.00	The Saraswat Co-op Bank Ltd	Fort Branch, Fort, Mumbai, Maharashtra - 400001, INDIA	A73522484
8	10178358	28/08/2009	5,000,000.00	The Saraswat Co-op Bank Ltd	Fort Branch, Fort, Mumbai, Maharashtra - 400001, INDIA	A69968568
9	10148043	06/03/2009	2,000,000.00	The Saraswat Co-op Bank Ltd	Fort Branch, Fort, Mumbai, Maharashtra - 400001, INDIA	A58725243
10	10089658	19/02/2008	150,000.00	The Saraswat Co-op Bank Ltd	Fort Branch, Fort, Mumbai, Maharashtra - 400001, INDIA	A33357575
11	10086501	24/12/2007	10,880,000.00	The Saraswat Co-op Bank Ltd	Fort Branch, Fort, Mumbai, Maharashtra - 400001, INDIA	A31820632
12	10055956	14/06/2007	800,000.00	The Saraswat Co-op Bank Ltd	Fort Branch, Fort, Mumbai, Maharashtra - 400001, INDIA	A16985418
13	10026459	06/10/2006	120,000.00	The Saraswat Co-op Bank Ltd	Fort Branch, Fort, Mumbai, Maharashtra - 400001, INDIA	A06537229
14	80040663	16/08/2012 *	30,000,000.00	The Saraswat Cooperative Bank Ltd	SME Nariman Point Branch,Mittal Court A Wing, 1st Floor, Vidhan Bhavan Marg, Nariman Point, Mumbai, Maharashtra - 400021, INDIA	B57584211

* Date of charge modification

FIXED ASSETS

• Land
• Air Conditioner
• Computer
• Electric Fittings
• Lab Equipment
• Furniture and Fixtures
• Plant and Machinery
• Office Equipments
• Electric Fittings
• Building Improvement

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.62.52
UK Pound	1	Rs.100.26
Euro	1	Rs.84.67

INFORMATION DETAILS

Report Prepared by :

ANK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	1
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	1
--LIQUIDITY	1~10	1
--LEVERAGE	1~10	1
--RESERVES	1~10	1
--CREDIT LINES	1~10	1
--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		12

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

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.