MIRA INFORM REPORT

Report Date :

09.12.2014

IDENTIFICATION DETAILS

Name :	HABASIT IAKOKA PRIVATE LIMITED (w.e.f.22.01.1996)
Formerly Known As :	IAKOKA BELTRANS PRIVATE LIMITED
Registered Office :	P.B. No. 3215, Goldwins, Civil Aerodrome Post, Coimbatore – 641014, Tamilnadu
Country :	India
Financials (as on) :	31.12.2013
Date of Incorporation :	15.10.1992
Com. Reg. No.:	18-004072
Capital Investment / Paid-up Capital :	Rs. 9.000 Millions
CIN No.: [Company Identification No.]	U05110TZ1992PTC004072
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	CMBH03020D
PAN No.: [Permanent Account No.]	AAACH5149Q
Legal Form :	Private Limited Liability Company.
Line of Business :	Manufacturer, Importer and Exporter of polysters, polyamide or any other synthetic fabrics leather.
No. of Employees :	Information declined by the management.

RATING & COMMENTS

MIRA’s Rating :

Ba (54)

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

Maximum Credit Limit :	USD 2600000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having good track record. Fundamentals of the company is decent. Financial position of the company is strong and healthy. Trade relations reported to be fair. Business is active. Payment terms are reported to be regular and as per commitment. The company can be considered normal for business dealing 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 – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

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 31-03-2014.

INFORMATION DENIED BY

Name :	Mr. K. Veluswamy
Designation :	Not Divulged
Contact No.:	91-9842988814
Date :	06.12.2014

LOCATIONS

Registered Office :	P.B. No. 3215, Goldwins, Civil Aerodrome Post, Coimbatore – 641014, Tamilnadu, India
Tel. No.:	91-422-2627879/ 2628421
Mobile No.:	91-9842988814 (Mr. K. Veluswamy)
Fax No.:	91-422-2627214
E-Mail :	habasit.iakoka@habasit.com
Website :	http://www.habasitiakoka.com
Branch Office :	C-2, Ghatkopar Industrial Estate, L.B.S. Marg, Ghatkopar (West), Mumbai – 400086, Maharashtra, India
Tel No.:	91-22-25002464
Mobile No.:	91-22-25002465
Fax No.:	91-22-25002466
E-Mail :	iakoka.mumbai@habasit.com
Website :	http://www.habasitiakoka.com

DIRECTORS

As On 10.06.2014

Name :

N. Subramaniam

Designation :

Managing Director

Address :

Nanjappan. 2/356A, Kulathur, Venkittapuram Post, Civil Aerodrome Via, Coimbatore – 641014, Tamilnadu, India

Date of Birth/Age :

27.06.1948

Date of Appointment :

15.10.1992

DIN No.:

00657972

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	U05110TZ1992PTC004072	HABASIT IAKOKA PRIVATE LIMITED	Managing director	15/10/1992	15/10/1992	-	Active	NO
2	U29130TZ2007PTC013844	ROSSI GEARMOTORS (INDIA) PRIVATE LIMITED	Managing director	01/10/2009	06/07/2007	20/09/2011	Active	NO

Name :

D.E. Udwadia

Designation :

Director

Address :

Erachshaw Rustomji Udwadia, Empress Court, 142, M-Karve Road, Mumbai – 400020, Maharashtra, India

Date of Birth/Age :

27.09.1939

Date of Appointment :

14.03.1996

DIN No.:

00009755

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	L24231KA1979PLC003563	ASTRAZENECA PHARMA INDIA LIMITED	Director	11/07/1979	11/07/1979	-	Active	NO
2	L61000MH1978PLC020435	ITD CEMENTATION INDIA LIMITED	Director	09/02/1983	09/02/1983	-	Active	NO
3	U67120MH1973PTC016844	J M FINANCIAL AND INVESTMENT CONSULTANCY SERVICES PRIVATE LIMITED	Director	01/10/1984	01/10/1984	26/08/2014	Active	NO
4	L85190MH1947PLC005963	WYETH LIMITED	Director	10/01/1985	10/01/1985	26/08/2014	Active	NO
5	L99999MH1863PLC000002	BOMBAY BURMAH TRADING CORPORATION LIMITED	Director	13/08/2014	28/01/1986	-	Active	NO
6	L35999TN1962PLC004792	SUNDARAM -CLAYTON LIMITED	Director	02/12/1987	02/12/1987	24/06/2009	Active	NO
7	U27109WB1931PLC007010	EUREKA FORBES LTD	Director	08/02/1989	08/02/1989	27/07/2012	Active	NO
8	U65991MH1994PTC078880	JM FINANCIAL TRUSTEE COMPANY PRIVATE LIMITED	Director	07/11/1994	07/11/1994	-	Active	NO
9	L22122TN1970PLC005795	MPS LIMITED	Director	22/05/2014	29/11/1994	-	Active	NO
10	U05110TZ1992PTC004072	HABASIT IAKOKA PRIVATE LIMITED	Director	14/03/1996	14/03/1996	-	Active	NO
11	U20103MH1971PTC015441	JEHANGIR LENTIN ESTATES PRIVATE LIMITED	Director	11/01/1999	11/01/1999	25/06/2008	Active	NO
12	U65192MH1995PLC092522	JM FINANCIAL INSTITUTIONAL SECURITIES LIMITED	Director	31/08/2000	31/08/2000	30/01/2012	Active	NO
13	L15400GJ1990PLC014265	ADF FOODS LIMITED	Director	13/09/2000	13/09/2000	21/10/2010	Active	NO
14	U73100KA1998PLC030671	AVESTHAGEN LIMITED	Director	12/04/2002	12/04/2002	07/11/2008	Active	NO
15	L32202KA1949PLC032923	ABB India Limited	Director	21/07/2005	21/07/2005	-	Active	NO
16	U67120MH1962PLC012283	IRD MECHANALYSIS LIMITED	Director	28/10/2005	28/10/2005	13/06/2014	Active	NO
17	U65990MH1990PTC055279	QUANTUM ADVISORS PRIVATE LIMITED	Director	07/11/2005	07/11/2005	-	Active	NO
18	U73100KA2005PTC035887	AVESTA NORDIC RESEARCH PRIVATE LIMITED	Director	21/09/2006	29/05/2006	25/06/2008	Active	NO
19	L67120MH1986PLC038784	JM FINANCIAL LIMITED	Director	07/09/2006	01/06/2006	-	Active	NO
20	L24120TG1961PLC000892	COROMANDEL INTERNATIONAL LIMITED	Director	18/07/2006	18/07/2006	21/07/2009	Active	NO
21	U72200TN2004PLC054408	MPS TECHNOLOGIES LIMITED	Director	04/06/2007	22/01/2007	22/04/2008	Amalgamated	NO
22	L99999MH1995PLC089008	DCB BANK LIMITED	Director	18/09/2009	27/01/2007	14/01/2014	Active	NO
23	L07010KA2004PLC033412	NITESH ESTATES LIMITED	Director	17/07/2007	27/03/2007	21/02/2013	Active	NO
24	U29130TZ2007PTC013844	ROSSI GEARMOTORS (INDIA) PRIVATE LIMITED	Director	06/07/2007	06/07/2007	-	Active	NO
25	L34103TN2004PLC054667	WABCO INDIA LIMITED	Director	01/04/2014	07/05/2008	-	Active	NO
26	U51109MH2008PTC180143	CONSERVATION CORPORATION OF INDIA PRIVATE LIMITED	Additional director	25/12/2008	25/12/2008	-	Amalgamated	NO
27	U55101MH2008PTC186772	CONSERVATION CORPORATION OF INDIA PRIVATE LIMITED	Director	24/07/2009	09/04/2009	-	Active	NO
28	U74140MH1993PTC071100	EDELMAN INDIA PRIVATE LIMITED	Director	19/02/2010	19/02/2010	26/11/2010	Active	NO
29	U74140MH1984PLC033397	JM FINANCIAL PRODUCTS LIMITED	Director	10/08/2012	14/05/2012	-	Active	NO
30	U17253MH2012FTC231579	SCA Hygiene Products India Private Limited	Director	28/05/2012	28/05/2012	-	Active	NO
31	U74999MH1922PLC000973	BOMBAY GYMKHANA LIMITED	Director	27/09/2013	27/09/2013	-	Active	NO
32	U29290MH1973PLC016413	CONCAST (INDIA) LIMITED	Director	11/09/2014	13/06/2014	-	Active	NO

Name :

Andrea Volphi

Designation :

Director

Address :

Giovanni Volpi, Legnano N.4, Coniugato, Milano, 20121, Italy

Date of Birth/Age :

21.07.1961

Date of Appointment :

16.03.2011

DIN No.:

03445807

Name :

Seng Chun Tan

Designation :

Director

Address :

Cheng Tiock Tan, Apartment Block 312A, Anchorvale Lane #17-52, Singapore 541312

Date of Birth/Age :

11.04.1968

Date of Appointment :

05.02.2014

DIN No.:

06800907

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 10.06.2014

Names of Shareholders	No. of Shares	Percentage of Holding
Habasit Holding AG	899900	99.99
Habasit AG	100	0.01
Total	900000	100.00

As on 10.06.2014

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 :	Manufacturer, Importer and Exporter of polysters, polyamide or any other synthetic fabrics leather.
Products :	Not Available
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	Not Available
Purchasing :	Not Available

GENERAL INFORMATION

Suppliers :	Not Divulged
Customers :	Not Divulged
No. of Employees :	Information declined by the management.
Bankers :	Canara Bank, Industrial Finance Branch, R.S. Puram, Coimbatore – 641002, Tamilnadu, India

Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountant
Address :	Shanmugha Manram, 41, Race Course, Coimbatore – 641018, Tamilnadu, India
PAN No.:	AACFD3771D
Memberships :	--
Collaborators :	--
Holding Company :	Habasit America (Suwanee) Habasit Far East Private Limited. Habasit Hungaria Kf Habasit Italiana Spa Habasit Nippon Company Limited Habasit America Habasit America (Middletown) Habasit Rossi Limited Habasit Canada Limited Habasit AB Habasit Gmbh-Germany Habasit Netherlands B.V Habasit France S A S Habasit GMBH- Austria Habasit East Asia Limited Habasit America (Reading) Habasit Rossi GMBH Habasit Apac Logistics Hub Habasit Kayis San. Ve Tic. Limited St Habasit Polska Sp.Z.O.O Habasit Gmbh Eppertshausen Rossi Gear Motors India Private Limited
Related Parties :	Habasit (UK) Limited Habasit Gmbh-Germany Habasit AG Habasit America- Suwanee Habasit Canada Limited Habasit America- Middltown Habasit East Asia Limited Habasit Far East Pte Limited Habasit Gmbh-Austria Habasit Italiana SPA Habasit Hispanica S.A Habasit Nippon Company Limited Habasit Rossi Limited Habasit France S A S Habasit Kayis San. Ve Tic. Limited St Habasit Netherlands B.V Habasit Polska Sp.Z.O.O Habasit Apac Logistics Hub

CAPITAL STRUCTURE

As On 10.06.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
1,000,000	Equity Shares	Rs. 10/- each	Rs. 10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
900,000	Equity Shares	Rs. 10/- each	Rs. 9.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.12.2013	31.12.2012	31.12.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	9.000	9.000	9.000
(b) Reserves & Surplus	923.709	892.617	733.490
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	932.709	901.617	742.490
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	1.857	3.548	2.941
(c) Other long term liabilities	9.894	9.894	10.780
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	11.751	13.442	13.721
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	163.607	102.538	80.672
(c) Other current liabilities	5.277	5.019	5.634
(d) Short-term provisions	163.522	11.859	21.216
Total Current Liabilities (4)	332.406	119.416	107.522
TOTAL	1276.866	1034.475	863.733
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	98.329	102.593	104.360
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	1.682	0.894	2.129
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	23.235	23.235	23.235
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	1.331	1.417	1.294
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	124.577	128.139	131.018
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	324.979	267.315	282.999
(c) Trade receivables	148.444	149.894	103.537
(d) Cash and cash equivalents	619.839	448.106	318.846
(e) Short-term loans and advances	20.173	13.939	13.814
(f) Other current assets	38.854	27.082	13.519
Total Current Assets	1152.289	906.336	732.715
TOTAL	1276.866	1034.475	863.733

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.12.2013	31.12.2012	31.12.2011
	SALES
		Income	843.279	692.506	470.006
		Other Income	55.024	45.152	25.973
		TOTAL (A)	898.303	737.658	495.979
Less	EXPENSES
		Cost of Materials Consumed	396.724	309.754	211.195
		Purchases of Stock-in-Trade	23.202	12.450	4.957
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(0.519)	(11.264)	(17.615)
		Employees benefit expenses	86.363	66.994	50.835
		Other expenses	112.199	97.374	72.888
		TOTAL (B)	617.969	475.308	322.260
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		280.334	262.350	173.719
Less	FINANCIAL EXPENSES (D)		0.000	0.000	0.000
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		280.334	262.350	173.719
Less/ Add	DEPRECIATION/ AMORTISATION (F)		11.244	11.495	7.528
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		269.090	250.855	166.191
Less	TAX (H)		90.584	81.268	54.714
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		178.506	169.587	111.477
	Earnings / (Loss) Per Share (Rs.)		198.34	188.43	123.86

KEY RATIOS

PARTICULARS		31.12.2013	31.12.2012	31.12.2011
Net Profit Margin PAT / Sales	(%)	21.17	24.49	23.72
Operating Profit Margin (PBDIT/Sales)	(%)	33.24	37.88	36.96
Return on Total Assets (PBT/Total Assets}	(%)	21.49	24.83	19.82
Return on Investment (ROI) (PBT/Networth)		0.29	0.28	0.22
Debt Equity Ratio (Total Liability/Networth)		0.00	0.00	0.00
Current Ratio (Current Asset/Current Liability)		3.47	7.59	6.81

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.12.2011	31.12.2012	31.12.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	9.000	9.000	9.000
Reserves & Surplus	733.490	892.617	923.709
Net worth	742.490	901.617	932.709
long-term borrowings	0.000	0.000	0.000
Short term borrowings	0.000	0.000	0.000
Total borrowings	0.000	0.000	0.000
Debt/Equity ratio	0.000	0.000	0.000

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.12.2011	31.12.2012	31.12.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	470.006	692.506	843.279
		47.340	21.772

NET PROFIT MARGIN

Net Profit Margin	31.12.2011	31.12.2012	31.12.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	470.006	692.506	843.279
Profit	111.477	169.587	178.506
	23.72%	24.49%	21.17%

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	No
9]	Name of person contacted	Yes
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	No
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: The register office of the company has shifted from 24C 100 Feet Scheme Road Ramkrishna Nagar, New Sidhapudur, Coimbatore – 641044, Tamilnadu, India to the present address w.e.f.01.04.2006.

INDEX OF CHARGES

No Charges Exist For The Company.

FIXED ASSETS

• Freehold Land
• Buildings
• Leasehold Improvements
• Plant and Machinery
• Furniture and Fixtures
• Office Equipment
• Vehicles

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs. 61.93
UK Pound	1	Rs. 96.37
Euro	1	Rs. 76.10

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	SUM
Report Prepared by :	JYO

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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		54

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.