MIRA INFORM REPORT

Report Date :

02.04.2014

IDENTIFICATION DETAILS

Name :	IMA-PG INDIA PRIVATE LIMITED (w.e.f 01.04.2010)
Formerly Known As :	PRECISION GEARS LIMITED
Registered Office :	Plot No. R-677 , M.I.D.C., T.T.C. Industrial Area, Thane Belapur Road, Rabale, Navi Mumbai – 400701, Maharashtra
Country :	India
Financials (as on) :	31.12.2012
Date of Incorporation :	23.03.1961
Com. Reg. No.:	11-011958
Capital Investment / Paid-up Capital :	Rs.17.852 Millions
CIN No.: [Company Identification No.]	U27100MH1961PTC011958
TAN No.: [Tax Deduction & Collection Account No.]	MUMP15667B
PAN No.: [Permanent Account No.]	AAACP6442Q
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacture of Rotary Motion, Vacuum Forming and Blister Packing Machines.
No. of Employees :	400 (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 2152000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Management of the company has filed its latest financial (i.e. December 2013), but the same could not be made available from the government department. As per the available financial of (December 2012) the financial position of the company seems good. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitment. The company can be considered normal 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 – December 1, 2013

Country Name	Previous Rating (30.09.2013)	Current Rating (01.12.2013)
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 for the fiscal third quarter ended September 2013 narrowed to $4.2 billion or 0.9 % of the gross domestic product from $31.9 billion or 6.5 % of GDP a year earlier, thanks to a pick-up in exports and moderation in gold imports. Manufacturing activity and new orders in India showed their strongest growth in a year in February. The news comes as a relief after data showed Asia’s third largest economy grew by a slower-than-expected 4.7 % annually in the three months through December. The HSBC Manufacturing Purchasing Managers’ Index which gauges the business activity of India’s factories but not its’ utilities, rose to 52.5 in February, its highest in a year from 51.4 in January. Overall new orders for factory goods which rose to a one-year high of 54.9 contributed to the surge. China has emerged as India’s biggest trading partner in the current financial year replacing the United Arab Emirates and pushing it to the third spot. India-China trade has reached $49.5 billion with a 8.7 % share in India’s total trade. The US comes second at $46 billion with 8.1 % share during the first nine months of the current financial year.

The Reserve Bank of India has granted an additional nine months to the public to exchange currency notes printed before 2005 including Rs 500 and Rs 1,000 denominations, pushing the deadline to January 1, 2015. A day before dates for the Lok Sabha polls were announced, the government decided to hike interest rates on fixed deposit schemes offered by post offices up to 0.2 per cent. The new rates will be effective April, 1. The Supreme Court will resume hearing on March, 11 Nokia’s appeal against a ruling over transferring ownership of its local mobile phones plant which is the subject of a tax dispute to Microsoft Corp.

In the last days of the current Government, another scam has surfaced. The defence ministry has ordered a probe into Hindustan Aeronautics Limited’s contracts from Britain’s Rolls-Royce Holdings worth at least $ 1.2 billion. The Central Bureau of Investigation will look into allegations that over $80 million was paid in kickbacks in a deal signed in 2011. India has asked Boeing Co. to find a solution for problems with state-owned Air India’s 787 Dreamliners. The aircraft has experienced a series of malfunctions since its debut in 2011.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	SME – 1
Rating Explanation	Highest credit quality.
Date	October 2012

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 DENIED BY

Name :	Mr. Saroj Pal
Designation :	Account Department
Contact No.:	91-22-67179000
Date :	01.04.2014

LOCATIONS

Registered Office / Factory 1 :	Plot No. R-677 , M.I.D.C., T.T.C. Industrial Area, Thane Belapur Road, Rabale, Navi Mumbai – 400701, Maharashtra, India
Tel. No. :	91-22-67179000
Fax No. :	91-22-27600888 / 27600889
E-Mail :	secretarial@imapg.com sales@imapg.com
Website :	http://www.imapg.com
Factory 2 :	Plot No. R-696, M.I.D.C., T.T.C. Industrial Area, Thane Belapur Road, Rabale, Navi Mumbai – 400701, Maharashtra, India
Sales Office :	Located At: Ø Pune Ø Goa Ø Bangalore Ø Kolkata Ø Hyderabad Ø Delhi Ø Baddi Ø Indore

DIRECTORS

As on 07.03.2014

Name :

Mr. Satish Gopal Rao

Designation :

Whole-time Director

Address :

Le Papeyon, Plot No.101, Mount Mary Road, Bandra (West) Mumbai-400050, Maharashtra, India

Date of Birth/Age :

26.08.1945

Date of Appointment :

01.01.2010

DIN No. :

00282519

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	U24100MH1982PTC028801	EXPO COLORPACKS PRIVATE LIMITED	Director	03/06/1983	03/06/1983	-	Active	NO
2	U27100MH1961PTC011958	IMA-PG INDIA PRIVATE LIMITED	Whole-time director	01/01/2010	03/10/1997	-	Active	NO
3	U63040MH2005PTC158265	BALLAL JYOTI TRAVELS PRIVATE LIMITED	Director	12/02/2011	12/02/2011	-	Active	NO
4	U74900MH2012PTC236915	STARGO CONSULTING PRIVATE LIMITED	Director	17/10/2012	17/10/2012	-	Active	NO

Name :

Mr. Mahadevan Gopalakrishnan Iyer

Designation :

Managing Director

Address :

No.5, Shoba Co-operative Housing Society Limited , 5^th Road, Chembur, Mumbai – 400071, Maharashtra, India

Date of Birth/Age :

09.09.1965

Date of Appointment :

23.04.2008

DIN No. :

01878492

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	U27100MH1961PTC011958	IMA-PG INDIA PRIVATE LIMITED	Managing director	23/04/2008	14/10/2007	Active	NO
2	U74900MH2011FTC224073	IMA INDUSTRIES INDIA PRIVATE LIMITED	Director	18/11/2011	18/11/2011	Active	NO

Name :

Andrea Malagoli

Designation :

Director

Address :

Via Archirola 38, 41100 Modena, 41100, Italy

Date of Birth/Age :

30.09.1965

Date of Appointment :

28.06.2008

DIN No. :

02241152

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	U27100MH1961PTC011958	IMA-PG INDIA PRIVATE LIMITED	Director	28/06/2008	23/04/2008	Active	NO

Name :

Sergio Marzo

Designation :

Director

Address :

V Somalia 47 D, Forlia FO, 47100, Italy

Date of Appointment :

16.03.2012

DIN No. :

03521984

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	U27100MH1961PTC011958	IMA-PG INDIA PRIVATE LIMITED	Director	16/03/2012	13/05/2011	Active	NO

Name :

Pierluigi Tampieri

Designation :

Director

Address :

VIA Toscanini 49, Imola BO, 40026, Italy

Date of Birth/Age :

05.02.1958

Date of Appointment :

27.07.2011

DIN No. :

03525259

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	U27100MH1961PTC011958	IMA-PG India Private Limited	Director	16/03/2012	27/07/2011	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Saroj Pal
Designation :	Account Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 07.03.2014

Names of Shareholders	No. of Shares
IMA S.P.A	178515
IMA S.P.A- Pecchioli Giovanni	01
IMA S.P.A- Castiglione Gaetano	01
IMA S.P. A- Marzo Sergio	01
IMA S.P. A- Zella Stefano	01
Mr. Satish Rao(BeneficialOwner of IMA S.p.A Italy)	01
IMA S.P. A-Baldani Andrea	01
Total	178521

As on 07.03.2014

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	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacture of Rotary Motion, Vacuum Forming and Blister Packing Machines.

GENERAL INFORMATION

No. of Employees :

400 (Approximately)

Bankers :

• The Hongkong and Shanghai Banking Corporation Limited, 52/60, Mahatma Gandhi Road, Fort, Mumbai- 400001, Maharashtra, India
• Axis Bank Limited Corproate Banking Branch, Axis House, Groumnd Floor, Bombay Dyeing Mill Compound, P.B. Marg, Worli, Mumbai - 400025, Maharashtra, India

Facilities :

SECURED LOANS	31.12.2012 (Rs. In Millions)	31.12.2011 (Rs. In Millions)
LONG TERM BORROWINGS
IMA S.p.a. A/C	72.560	0.000
SHORT TERM BORROWINGS
From bank – The Hongkong and Shanghai Banking Corporation Limited	2.677	0.000
PCFC/ Packing Credit	24.303	0.000
Total	99.540	0.000

Banking Relations :	--
Auditors :
Name :	B.M. Chatrath and Company Chartered Accountants
Address :	Centre Point, 4th floor, room No. 440, 21, Hemanta Basu, Sarani, Kolkata – 700001, West Bengal, India
Tel. No. :	91-33-22484575 / 4667 / 6810 / 6798
Fax No. :	91-33-22489934
E-Mail :	bmccal@airtelmail.in bmccal@dataone.in
Website :	www.bmchatrath.com
PAN No. :	AACFB7576N

CAPITAL STRUCTURE

As on 31.12.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
200000	Equity Shares	Rs.100/- each	Rs.20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
178521	Equity Shares	Rs.100/- each	Rs.17.852 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.12.2012	31.12.2011
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	17.852	17.852
(b) Reserves & Surplus	520.289	443.940
(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)	538.141	461.792
(3) Non-Current Liabilities
(a) long-term borrowings	72.560	0.000
(b) Deferred tax liabilities (Net)	(36.061)	(23.922)
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	16.639	16.521
Total Non-current Liabilities (3)	53.138	(7.401)
(4) Current Liabilities
(a) Short term borrowings	26.980	0.000
(b) Trade payables	200.503	175.851
(c) Other current liabilities	158.921	86.755
(d) Short-term provisions	70.659	57.905
Total Current Liabilities (4)	457.063	320.511
TOTAL	1048.342	774.902
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	135.657	86.189
(ii) Intangible Assets	7.248	3.688
(iii) Capital work-in-progress	59.105	42.610
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	15.500	5.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	60.743	52.971
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	278.253	190.458
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	306.677	251.620
(c) Trade receivables	271.717	214.926
(d) Cash and cash equivalents	153.110	97.304
(e) Short-term loans and advances	38.585	20.594
(f) Other current assets	0.000	0.000
Total Current Assets	770.089	584.444
TOTAL	1048.342	774.902

SOURCES OF FUNDS		31.12.2010
SHAREHOLDERS FUNDS
1] Share Capital		17.852
2] Share Application Money		0.000
3] Reserves & Surplus		369.004
4] (Accumulated Losses)		0.000
NETWORTH		386.856
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		0.000
TOTAL BORROWING		0.000
DEFERRED TAX LIABILITIES		0.000
TOTAL		386.856
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		89.664
Capital work-in-progress		0.890
INVESTMENT		10.000
DEFERRED TAX ASSETS		17.567
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	198.763
	Sundry Debtors	172.770
	Cash & Bank Balances	85.228
	Other Current Assets	0.000
	Loans & Advances	71.278
Total Current Assets		528.039
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	116.822
	Other Current Liabilities	68.961
	Provisions	73.521
Total Current Liabilities		259.304
Net Current Assets		268.735
MISCELLANEOUS EXPENSES		0.000
TOTAL		386.856

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.12.2012	31.12.2011	31.12.2010
	SALES
	TOTAL		955.630	795.320	716.030
Less	EXPENSES
	TOTAL		824.170	677.680	612.830
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		131.460	117.640	103.200
Less	FINANCIAL EXPENSES		0.940	0.570	0.310
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		130.520	117.070	102.890
Less/ Add	DEPRECIATION/ AMORTISATION		16.540	16.360	17.800
	PROFIT/ (LOSS) BEFORE TAX		113.980	100.710	85.090
Less	TAX		37.630	25.770	32.150
	PROFIT/ (LOSS) AFTER TAX		76.350	74.940	52.940
	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		318.280	250.840	203.200
	APPROPRIATIONS
		Transfer to General Reserve	7.630	7.490	5.290
	BALANCE CARRIED TO THE B/S		387.000	318.280	250.840
	EARNINGS IN FOREIGN CURRENCY		369.052	360.550	250.840
	Earnings / (Loss) Per Share (Rs.)		427.68	419.78	296.55

KEY RATIOS

PARTICULARS		31.12.2012	31.12.2011	31.12.2010
PAT / Total Income	(%)	7.99	9.42	7.39
Return on Total Assets (PBT/Total Assets}	(%)	11.70	13.85	13.77
Return on Investment (ROI) (PBT/Networth)		0.21	0.22	0.22
Debt Equity Ratio (Total Debt/Networth)		0.18	0.00	0.00
Current Ratio (Current Asset/Current Liability)		1.68	1.82	2.04

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.12.2011	31.12.2012
	(Rs. In Millions)	(Rs. In Millions)
Share Capital	17.852	17.852
Reserves & Surplus	443.940	520.289
Net worth	461.792	538.141
long-term borrowings	0.000	72.560
Short term borrowings	0.000	26.980
Total borrowings	0.000	99.540
Debt/Equity ratio	0.000	0.185

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.12.2010	31.12.2011	31.12.2012
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	716.030	795.320	955.630
		11.074	20.157

NET PROFIT MARGIN

Net Profit Margin	31.12.2010	31.12.2011	31.12.2012
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	716.030	795.320	955.630
Profit	52.940	74.940	76.350
	7.39%	9.42%	7.99%

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	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	No
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

NOTE:

The registered address of the company has been shifted form G-1, Everest Building, 156 Tardeo Road, Mumbai – 400034, Maharashtra India to the present address w.e.f. 22.05.2007

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10410310	09/12/2013 *	70,000,000.00	AXIS BANK LIMITED	CORPROATE BANKING BRANCH,AXIS HOUSE, GR FLOOR, BOMBAY DYEING MILL COMPOUND,P.B. MARG,WORLI, MUMBAI, Maharashtra - 400025, INDIA	B92184076
2	90238551	06/01/2009 *	120,000,000.00	THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED	52/60, MAHATMA GANDHI ROAD,, MUMBAI, Maharashtra - 400001, INDIA	A54437843
3	90241310	24/10/2011 *	127,000,000.00	THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED	52/60 MAHATMA GANDHI ROAD, FORT, MUMBAI, Maharashtra - 400001, INDIA	B23791155

*Date of Modifications

FIXED ASSETS

• Freehold Land
• Leasehold Land
• Building –Factory
• Plant and Machinery
• Computers
• Electrical Installation
• Vehicles
• Office Equipment
• Furniture and Fixture

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.60.10
UK Pound	1	Rs.99.85
Euro	1	Rs.82.58

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	ANK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
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	5
--LEVERAGE	1~10	5
--RESERVES	1~10	7
--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
DEFAULTER
--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.