MIRA INFORM REPORT

Report Date :

13.02.2014

IDENTIFICATION DETAILS

Name :	AERON COMPOSITE PRIVATE LIMITED
Registered Office :	Block No. 496/P, Shade "A", Tajpur Road, Sarkhaj Bavala Highway, Changodar, Taluka Sanand, Changodar, Ahmedabad – 382213, Gujarat
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	13.05.2011
Com. Reg. No.:	04-065419
Capital Investment / Paid-up Capital :	Rs. 13.000 Millions
CIN No.: [Company Identification No.]	U25209GJ2011PTC065419
TAN No.: [Tax Deduction & Collection Account No.]	AHMA10860D
PAN No.: [Permanent Account No.]	AAJCA5031D
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing and Trading of Fiber Glass Reinforce Plastic Products i.e. Cable Tray, Gratings, Pole, Structure Profiles, Handrails etc.
No. of Employees :	50 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (27)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 57000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. Reserves of the company seems to be low. However, trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some caution.

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

The worst is over for India’s economy with gross domestic product likely to expand 5 %to 5.5 % this year and more than 6 % in 2015, according to Moody’s Analytics. Concerns over the rupee and current account deficit are under control, said the agency. Ratings firm Crisil has forecast 6 % growth for 2014/15 up from the estimated 4.8 % for 2013/14.  Total economic growth, infrastructure bottlenecks and lack of transparency and consistency in foreign direct investment policies seem to have taken a toll on India’s attractiveness as an investment destination, says an Ernst & Young survey.  Projects with FDI component fell 16.4 % across the globe in 2012 from the previous year.  The drop in India was steeper at 21 %. State run carrier Air India is doling out free tickets to its 24000 employees, even as it expects to incur a loss of Rs 39000 mn this financial year and has a debt of Rs 350000 mn. 550000 number of jobs generated across India in 2013, a fall of 0.4 % as compared to with a year earlier. The National  Capital Region has a one-fourth share in total jobs created, according to a study by industry lobby group Assochem, Banks, real estate, automobile and telecommunications sectors are showing a rise of job creation. $ 805 mn investments by venture capital firms in India during 2013, registering a drop of about 18 % over the previous year. The Information Technology and IT-Enabled  Services Industry retained its status as the favourable venture capital investors in 2013. Pakistan has temporarily banned gold imports for the second time in six months, as it tries to stem smuggling into India. India’s import duty on gold is 10 % and curbs on purchases have dried up legal imports into what used to be the world’s biggest bullion buyers. The World Gold Council puts the amount smuggled into India at upto 200 tonnes in 2013. The Reserve Bank of India has proposed that unclaimed bank deposits estimated to be about Rs 35000 mn be used for education and awareness among depositors.  According to the plan, deposits that have not been claimed for at least 10 years will be transferred to the scheme.

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

Name :	Mr. Dilipbhai Ratilal Patel
Designation :	Director
Contact No.:	91-79-65258500
Date :	11.02.2014

LOCATIONS

Registered Office/ Factory :	Block No. 496/P, Shade "A", Tajpur Road, Sarkhaj Bavala Highway, Changodar, Taluka Sanand, Changodar, Ahmedabad – 382213, Gujarat, India
Tel. No.:	91-79-65258500/ 86565731
Mobile No.:	91-9979886882/ 9909988266 (Mr. Ravi Patel)
Fax No.:	91-79-26561238
E-Mail :	account@aeroncomposite.com info@aeroncomposite.com ravi@aeroncomposite.com gaurav@aeroncomposite.com chamakpaint@hotmail.com
Website :	www.aeroncomposite.com
Area :	9000 Yard
Location :	Owned

DIRECTORS

As on 30.09+.2013

Name :

Mr. Gaurav Kishorbhai Bhanvadiya

Designation :

Director

Address :

B-501, Aarsh, Near Kaladarshan Satelite, Ahmedabad – 380001, Gujarat, India

Date of Birth/Age :

11.12.1983

Qualification :

MBA

Date of Appointment :

13.05.2011

DIN No.:

03514308

Name :

Mr. Vishal Amrutlal Vachhani

Designation :

Director

Address :

F/9, Shilalekh Hindu Society, Opposite Police Stadium, Shahibaug, Ahmedabad – 380004, Gujarat, India

Date of Birth/Age :

04.11.1982

Qualification :

B. Tech

Date of Appointment :

13.05.2011

DIN No.:

03514301

Name :

Mr. Chirag Kirtibhai Padalia

Designation :

Director

Address :

Kirti, 83, Nutan Nagar, Kalawad Road, Rajkot – 360001, Gujarat, India

Date of Birth/Age :

23.10.1988

Qualification :

B. Tech

Date of Appointment :

13.05.2011

DIN No.:

03514314

Name :

Mr. Pankaj Shantilal Dadhaniya

Designation :

Director

Address :

A-901, 8^th Floor, Sepal Residency, Ashwamegh Bunglows-5, 132, Ring Road, Satellite, Ahmedabad – 380015, Gujarat, India

Date of Birth/Age :

21.02.1973

Qualification :

MBA

Date of Appointment :

13.05.2011

DIN No.:

02100802

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	U51102GJ2008PTC053840	A. INTERNATIONAL PRIVATE LIMITED	Director	08/05/2008	08/05/2008	Active	NO
2	U29190GJ2009PLC056203	A. INNOVATIVE INTERNATIONAL LIMITED	Director	24/02/2009	24/02/2009	Active	NO
3	U25209GJ2011PTC065419	AERON COMPOSITE PRIVATE LIMITED	Director	13/05/2011	13/05/2011	Active	NO

Name :

Mr. Dilipbhai Ratilal Patel

Designation :

Director

Address :

A-703, Prayag Residency, Near Pratishtha Appartment, Opposite Nima School, Bodakdev, Ahmedabad – 380054, Gujarat, India

Date of Birth/Age :

08.11.1954

Qualification :

B. Com

Date of Appointment :

13.05.2011

DIN No.:

00314623

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	U14101GJ1987PTC010036	ARTICO INNOVATION PRIVATE LIMITED	Director	07/10/1987	07/10/1987	-	Active	NO
2	U24110GJ1991PTC016497	CHAMAK POLYMERS PRIVATE LIMITED	Director	25/10/1991	25/10/1991	10/03/2011	Active	NO
3	U24117GJ1995PLC024710	CHAMAK PAINTCHEM LTD	Director	21/02/1995	21/02/1995	-	Active	NO
4	U25209GJ2011PTC065419	AERON COMPOSITE PRIVATE LIMITED	Director	13/05/2011	13/05/2011	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

Names of Shareholders	No. of Shares
Gaurav Kishorebhai Bhanvadiya	45500
Vishal Amrutlal Vachhani	106000
Chirag Kirtibhai Padalia	78000
Pankaj Shantilal Dadhaniya	136500
Dilipbhai Ratilal Patel	48000
Jyesh D. Patel	30000
Vishal D. Patel	30000
Bipinbhai Ratilal Patel	34000
Kantaben B. Patel	22500
Hemang B. Patel	50000
Pankajbhai R. Patel	75000
Pravinaben P. Patel	11500
Ravi P. Patel	50000
Alpeshbhai S. Dadhaniya	136500
Twinkle V Vachhani	25000
Shobhanaben A. Vachhani	25000
Anand K. Padalia	78000
Pravinaben K. Padalia	78000
Gautambhai K. Bhanvadiya	45500
Chandubhai R. Patel	45500
Prabhaben C. Patel	43500
Chirag C. Patel	37500
Payal C. Patel	10000
Manishaben D. Patel	18500
Tejal J. Patel	10000
Bipinbhai R. Patel	30000
Total	1300000

As on 30.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturing and Trading of Fiber Glass Reinforce Plastic Products i.e. Cable Tray, Gratings, Pole, Structure Profiles, Handrails etc.
Products :	· Pultruded Products FRP/GRP Gratings Light Poles and Utility Poles Cooling Tower Solutions FRP Epoxy Pultruded Profiles Piping System FRP Trefoil Clamps FRP/GRP Tanks FRP/GRP Luminaries
Exports :
Products :	· Handrails Ladder System Cooling Tower Tanks
Countries :	· Gulf Country UAE USA Malaysia
Imports :
Products :	Raw Material
Countries :	China
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Customers :

Wholesalers, Retailers and End Users

No. of Employees :

50 (Approximately)

Bankers :

· State Bank of India, Medium Enterprise Cell, Navrangpura Branch, Near Navrangpura Telephone Exchange, C. G. Road, Ahmedabad – 380009, Gujarat, India

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG TERM BORROWINGS
State Bank of India (Hypothecation of Plant and Machinery to be purchased from bank finance)	10.310	0.000
SHORT TERM BORROWINGS
Loans repayable on demand - From Banks
State Bank of India (Hypothecation of Stock, Book debt and all other current assets of the company)	15.615	0.000
Total	25.925	0.000

Banking Relations :	--
Auditors :
Name :	B. H. Mangarolia and Company Chartered Accountant
Address :	408, “Mahakant”, Opposite V S Hospitl, Ashram Road, Ahmedabad – 380006, Gujarat, India
Tel No.:	91-79-26578527/ 26576849
Email :	info@bhmangarolia.com
PAN No.:	AAWPM1650Q
Related Parties :	· Jal Agro Industries Chamak Paintchem Limited A Innovative International Limited A International Private Limited Chamak Polymers Private Limited Chamak Paint Industries Calcium Chemical Industries Artico Innovation Private Limited Chamak Lime Agency

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
1500000	Equity Shares	Rs.10/- each	Rs.15.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1300000	Equity Shares	Rs.10/- each	Rs.13.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012
I.              EQUITY AND LIABILITIES
(1) Shareholders' Funds
(a) Share Capital	13.000	0.100
(b) Reserves & Surplus	1.168	0.097
(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)	14.168	0.197
(3) Non-Current Liabilities
(a) Long-term borrowings	10.310	15.110
(b) Deferred tax liabilities (Net)	0.426	0.041
(c) Other long term liabilities	0.000	0.000
(d) Long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	10.736	15.151
(4) Current Liabilities
(a) Short term borrowings	15.615	1.251
(b) Trade payables	11.560	2.491
(c) Other current liabilities	5.612	1.527
(d) Short-term provisions	0.000	0.000
Total Current Liabilities (4)	32.787	5.269
TOTAL	57.691	20.617
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	10.962	4.743
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.020	0.020
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	3.631	0.158
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	14.613	4.921
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	15.900	6.887
(c) Trade receivables	12.274	6.810
(d) Cash and cash equivalents	9.237	0.733
(e) Short-term loans and advances	5.667	1.266
(f) Other current assets	0.000	0.000
Total Current Assets	43.078	15.696
TOTAL	57.691	20.617

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012
	SALES
		Income	60.204	8.298
		Other Income	0.259	0.952
		TOTAL (A)	60.463	9.250
Less	EXPENSES
		Cost of Materials Consumed	46.185	6.789
		Purchases of Stock-in-Trade	2.895	1.422
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(6.936)	(4.996)
		Employees benefits expense	3.786	2.036
		Other expenses	10.286	3.433
		TOTAL (B)	56.216	8.684
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		4.247	0.566
Less	FINANCIAL EXPENSES (D)		1.222	0.060
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		3.025	0.506
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.210	0.334
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		1.815	0.172
Less	TAX (H)		0.744	0.075
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		1.071	0.097
	EARNINGS IN FOREIGN CURRENCY
		Export of goods calculated on FOB basis	15.113	0.000
	TOTAL EARNINGS		15.113	0.000
	IMPORTS
		Capital Goods	1.381	0.000
	TOTAL IMPORTS		1.381	0.000
	Earnings / (Loss) Per Share (Rs.)		1.52	9.71

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012
PAT / Total Income	(%)	1.77	1.05
Net Profit Margin (PBT/Sales)	(%)	3.01	2.07
Return on Total Assets (PBT/Total Assets}	(%)	3.15	0.84
Return on Investment (ROI) (PBT/Networth)		0.13	0.87
Debt Equity Ratio (Total Debt/Networth)		1.83	83.05
Current Ratio (Current Asset/Current Liability)		1.31	2.98

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)
Share Capital	0.100	13.000
Reserves & Surplus	0.097	1.168
Share Application money pending allotment
Net worth	0.197	14.168
long-term borrowings	15.110	10.310
Short term borrowings	1.251	15.615
Total borrowings	16.361	25.925
Debt/Equity ratio	83.051	1.830

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)
Sales	8.298	60.204
		625.524

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)
Sales	8.298	60.204
Profit	0.097	1.071
	1.17%	1.78%

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	Yes
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last two years	Yes
12]	Profitability for last two years	Yes
13]	Reasons for variation <> 20%	-----
14]	Estimation for coming financial year	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
21]	Market information	-----
22]	Litigations that the firm / promoter involved in	-----
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	-----
26]	Buyer visit details	-----
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10378509	21/09/2012	47,000,000.00	STATE BANK OF INDIA	MEDIUM ENTERPRISE CELL, NAVRANGPURA BRANCH, NR. N AVRANGPURA TELEPHONE EXCHANGE, C.G.ROAD, AHMEDABAD - 380009, GUJARAT, INDIA	B58871013

UNSECURED LOANS

PARTICULAR	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG TERM BORROWINGS
Lons and advances from related parties	0.000	15.110
Total	0.000	15.110

CHANGE OF ADDRESS

The Registered office of the company has been shifted from, Block No.496/P, Shade-A, Tajpur Road, Sarkhej Balwa Highway, Changadar, Tal. Sanan, Changodar – 382213, Gujarat, India, to the present address w.e.f. 18.05.2011.

COMPANY OVERVIEW

The company, incorporated under the Companies Ad, 1956 vide CIN -U25209GJ2011PTC065419 having its registered office at 496/P, Shade "A", Tajpur Road, Sarkhej Bavla Highway, Changodar, Sanand Ahmedabad - 382213 Gujarat and engaged in Trading & Manufacturing of Fiber Glass Reinforce Plastic Products i.e. Cable Tray, Gratings, Pole, Structure Profiles, Handrails etc.

OPERATIONS

The company has achieved a turnover of Rs. 65.219 Millions (Prev. Year Rs. 8.767 Millions) and registered profit after tax of Rs.1.071 Millions (Prev. Year Rs. 0.097 Million). The turnover has been increased at remarkable height compared to previous year and the company has registered a handsome growth in Net Profit. The company will constantly try to achieve higher goal in the future

CONTINGENT LIABILITIES:

PARTICULARS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
Counter Guarantees given to the Banks In respect of various guarantees issued by The Bank to the third parties.	1.155	0.000
Total	1.155	0.000

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.62.13
UK Pound	1	Rs.102.25
Euro	1	Rs.84.72

INFORMATION DETAILS

Information Gathered by :	PRT
Report Prepared by :	MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		27

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.