MIRA INFORM REPORT

Report Date :

20.02.2014

IDENTIFICATION DETAILS

Name :	VSFTQUILTS AND PILLOW PRIVATE LIMITED
Registered Office :	EN-12, Sector-V, Salt Lake City, Kolkata – 700 091, West Bengal
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	25.04.2006
Com. Reg. No.:	21-109074
Capital Investment / Paid-up Capital :	Rs.9.788 Millions
CIN No.: [Company Identification No.]	U74999WB2006PTC109074
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, producer, buyer, seller and trader of bedding, pillow, quilts and also to act as a home furnishing designer, seller and distributor of home furnishing item.
No. of Employees :	Information declined by the management.

RATING & COMMENTS

MIRA’s Rating :

B (26)

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

Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The company has incurred accumulated losses during the financial year 2013. Profitability of the company is under pressure. However, trade relations are fair. Business is active. Payment terms are slow. The company can be considered for business dealing 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 DENIED BY

Name :	Mr. S.S. Agarwal
Designation :	Office Executive
Contact No.:	91-33-30221503
Date :	17.02.2014

LOCATIONS

Registered Office :	EN-12, Sector-V, Salt Lake City, Kolkata – 700 091, West Bengal, India
Tel. No.:	91-33-40161000 / 30221503 / 04 / 05
Fax No.:	91-33-40161010 / 22133113
E-Mail :	vsft06@gmail.com

DIRECTORS

AS ON 30.09.2013

Name :

Mr. Ajay Kumar Mall

Designation :

Director

Address :

FD-142, Sector-III, Salt Lake City, Kolkata – 700 106, West Bengal, India

Date of Birth/Age :

23.10.1959

Date of Appointment :

30.09.2013

DIN No.:

00470184

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	L51109WB1983PLC037008	MALLCOM (INDIA) LIMITED	Managing director	01/04/2013	13/12/1983	-	Active	NO
2	U51109WB1988PTC044571	MINDI AGENCIES PRIVATE LIMITED	Director	20/11/1990	20/11/1990	18/05/2012	Active	NO
3	U52324WB1994PTC063663	SEMALL IMPEX PRIVATE LIMITED	Director	22/06/1994	22/06/1994	18/01/2011	Active	NO
4	U65929WB1996PTC080879	DESHNOKE INVESTMENTS & HOLDINGS PVT LTD	Director	12/08/1996	12/08/1996	-	Amalgamated	NO
5	U19201WB1998PTC086246	DELTMAL SAFETY SHOES PRIVATE LIMITED	Director	02/01/1998	02/01/1998	30/11/2010	Active	NO
6	U67120WB1991PLC050714	GOLDMOHUR FINVEST LIMITED	Director	30/09/1998	30/09/1998	-	Amalgamated	NO
7	U72900WB2000PTC091341	SIRIUS TECHNOLOGIES PRIVATE LIMITED	Director	13/03/2000	13/03/2000	11/08/2011	Active	NO
8	U51109WB2001PTC092909	TIMES FIBREFILL PRIVATE LIMITED	Director	16/02/2001	16/02/2001	16/01/2010	Active	NO
9	U19201WB2004PTC100923	DELTA PLUS (INDIA) PRIVATE LIMITED	Director	30/12/2004	30/12/2004	30/11/2010	Active	NO
10	U18101WB2005PTC104414	MALLCOM FASHION KNITTERS PRIVATE LIMITED	Director	28/07/2005	28/07/2005	-	Active	NO
11	U65993WB2006PTC110331	MALLCOM HOLDINGS PRIVATE LIMITED	Director	03/07/2006	03/07/2006	-	Active	NO
12	U51109WB1995PTC069828	ANMOL COMPONENT PRIVATE LIMITED	Director	05/12/2006	05/12/2006	-	Active	NO
13	U91100WB2007NPL117357	CALCUTTA LEATHER PRODUCTS & FOOTWEAR PARK	Director	20/07/2007	20/07/2007	17/07/2011	Active	NO
14	U19200WB2007PTC120303	MALLCOM SAFETY PRIVATE LIMITED	Director	08/11/2007	08/11/2007	-	Active	NO
15	U19115WB2008PTC122665	LEXOTIC EXPORTS PRIVATE LIMITED	Director	15/02/2008	15/02/2008	-	Active	NO
16	U19115WB2008PTC124854	TWO STAR TANNERY PRIVATE LIMITED	Director	10/04/2008	10/04/2008	-	Active	NO
17	U25209WB2002PTC166943	BEST SAFETY PRIVATE LIMITED	Director	25/05/2009	25/05/2009	25/05/2009	Active	NO
18	U67120WB1996PTC081091	KADAMBINI SECURITIES PRIVATE LIMITED	Director	30/06/2009	30/06/2009	-	Active	NO
19	U65922WB1996PTC080926	DNB EXIM PRIVATE LIMITED	Director	30/09/2011	15/06/2011	-	Active	NO
20	U36999WB2011PTC168896	MALLCOM SAFETY EQUIPMENT PRIVATE LIMITED	Director	25/10/2011	25/10/2011	-	Active	NO
21	U70101WB1996PTC080925	CHATURBUJH IMPEX PRIVATE LIMITED	Director	24/11/2011	24/11/2011	-	Active	NO
22	U74999WB2006PTC109074	VSFTQUILTS & PILLOW PRIVATE LIMITED	Director	30/09/2013	24/01/2013	-	Active	NO

Name :

Mr. Giriraj Mall

Designation :

Director

Address :

CF-228, Sector-I, Salt Lake City, Kolkata – 700 064, West Bengal, India

Date of Birth/Age :

28.11.1967

Date of Appointment :

30.09.2013

DIN No.:

01043022

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	U72900WB2000PTC091341	SIRIUS TECHNOLOGIES PRIVATE LIMITED	Director	13/03/2000	13/03/2000	Active	NO
2	U51109WB1988PTC044571	MINDI AGENCIES PRIVATE LIMITED	Director	09/10/2002	09/10/2002	Active	NO
3	U19200WB2007PTC120303	MALLCOM SAFETY PRIVATE LIMITED	Director	05/08/2008	05/08/2008	Active	NO
4	L51109WB1983PLC037008	MALLCOM (INDIA) LIMITED	Director	29/09/2010	07/08/2010	Active	NO
5	U36999WB2011PTC168896	MALLCOM SAFETY EQUIPMENT PRIVATE LIMITED	Director	25/10/2011	25/10/2011	Active	NO
6	U70101WB1996PTC080925	CHATURBUJH IMPEX PRIVATE LIMITED	Director	24/11/2011	24/11/2011	Active	NO
7	U74999WB2006PTC109074	VSFTQUILTS & PILLOW PRIVATE LIMITED	Director	30/09/2013	24/01/2013	Active	NO

Name :

Mr. Sharad Varma

Designation :

Director

Address :

76, Block E, New Alipore, Kolkata – 700 064, West Bengal, India

Date of Birth/Age :

25.05.1966

Date of Appointment :

25.04.2006

DIN No.:

00325873

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	U74210WB1985PTC039831	NORMAN STEWART & COMPANY PRIVATE LIMITED	Director	16/07/1991	16/07/1991	-	Active	NO
2	U51909WB1949PTC017490	B GHOSE & CO PRIVATE LIMITED	Director	16/07/1991	16/07/1991	-	Active	NO
3	U35111WB1997PTC084198	STOREWELL SHIPPING PRIVATE LIMITED	Director	02/05/1997	02/05/1997	04/01/2010	Active	NO
4	U70109WB1994PTC062790	PARAMOUNT LAND AND DEVELOPERS PRIVATE LIMITED	Director	26/05/1998	26/05/1998	-	Active	NO
5	U29266WB1993PTC059203	PINEWOOD EXIM PRIVATE LIMITED	Director	15/07/1999	15/07/1999	-	Active	NO
6	U17299WB2006PTC107162	VSFT YARN INDUSTRIES PRIVATE LIMITED	Director	09/01/2006	09/01/2006	14/10/2011	Active	NO
7	U74999WB2006PTC109074	VSFTQUILTS & PILLOW PRIVATE LIMITED	Director	25/04/2006	25/04/2006	-	Active	NO
8	U35111WB2006PLC110710	CENTURY STAR SHIPPING LIMITED	Director	21/07/2006	21/07/2006	-	Active	NO
9	U74992WB2007PTC115312	V. G. TWINLIFT SERVICES PRIVATE LIMITED	Director	25/04/2007	25/04/2007	-	Active	NO
10	U63032WB1992PTC057122	SONA SHIP MANAGEMENT PRIVATE LIMITED	Director	22/06/2007	22/06/2007	-	Active	NO
11	U51109WB2006PTC111857	ESARCO ENTERPRISES PRIVATE LIMITED	Director	08/05/2008	08/05/2008	27/01/2009	Active	NO
12	U63010WB2009PTC139839	ESARCO LOGISTICS PRIVATE LIMITED	Director	23/08/2011	23/08/2011	-	Active	NO
13	U27100WB2011PTC169586	GSW MINING & RECYCLING PRIVATE LIMITED	Director	18/11/2011	18/11/2011	-	Active	NO
14	U63090WB2013PTC198290	KAYESVI LOGISTICS PRIVATE LIMITED	Director	11/11/2013	11/11/2013	-	Active	NO

MAJOR SHAREHOLDERS

AS ON 30.09.2013

Names of Shareholders	No. of Shares	% of Holding
Mallcom Safety Equipment Private Limited	968800	98.98
Ajay Kumar Mall	5000	0.51
Giriraj Kumar Mall	5000	0.51
Total	978800	100.00

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2013

Category	Percentage
Bodies corporate	98.98
Directors or relatives of Directors	1.02
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, producer, buyer, seller and trader of bedding, pillow, quilts and also to act as a home furnishing designer, seller and distributor of home furnishing item.

GENERAL INFORMATION

No. of Employees :	Information declined by the management.
Bankers :	Vijaya Bank, N. S. Road Branch, A-1, Gillander House, 8, Netaji Subhas Road, Kolkata – 700 001, West Bengal, India

Banking Relations :	--
Auditors :
Name :	S. Jaykishan Chartered Accountants
Address :	12, HO- Chi Minh Sarani, Suite No. ‘2D’, ‘2E’, ‘2F’, 2^nd Floor, Kolkata – 700 071, West Bengal, India
Tel. No.:	91-33-40035801
Tel. No.:	91-33-40035832
E-Mail :	info@sjaykishan.com
PAN No.:	AASFS4445F
Enterprises over which Key Managerial Personnel have significant Influence:	· Mallcom Safety Equipment Private Limited · Mallcom (India) Limited · Spectra Fashion (Up to 25.01.2013) · B. Ghose and Company Private Limited · Normal Stewart and Company Private Limited

CAPITAL STRUCTURE

AS ON 30.09.2013

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
978800	Equity Shares	Rs.10/- each	Rs.9.788 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	9.788	9.788	7.760
(b) Reserves & Surplus	(3.175)	34.429	(4.469)
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	62.150
Total Shareholders’ Funds (1) + (2)	6.613	44.217	65.441
(3) Non-Current Liabilities
(a) long-term borrowings	86.559	0.000	39.811
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	86.559	0.000	39.811
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	18.250
(b) Trade payables	0.000	4.241	4.175
(c) Other current liabilities	17.966	82.625	5.738
(d) Short-term provisions	0.000	0.000	0.000
Total Current Liabilities (4)	17.966	86.866	28.163
TOTAL	111.138	131.083	133.415
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	64.292	105.949	105.949
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	21.126	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.048
Total Non-Current Assets	85.418	105.949	105.997
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	23.572	23.572	23.572
(c) Trade receivables	0.000	0.000	0.086
(d) Cash and cash equivalents	1.560	0.756	0.278
(e) Short-term loans and advances	0.455	0.176	0.200
(f) Other current assets	0.133	0.630	3.282
Total Current Assets	25.720	25.134	27.418
TOTAL	111.138	131.083	133.415

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income
		Other Income
		TOTAL	NA	NA	NA
Less	EXPENSES
		TOTAL	NA	NA	NA
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		NA	(9.774)	0.666
Less	DEPRECIATION/ AMORTISATION		NA	0.000	5.055
	PROFIT/(LOSS) BEFORE TAX		NA	(9.774)	(4.389)
Less	TAX		NA	0.000	0.000
	PROFIT/(LOSS) AFTER TAX		(37.604)	(9.774)	(4.389)
	Earnings Per Share (Rs.)		(38.42)	NA	NA

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Return on Total Assets (PBT/Total Assets}	(%)	0.00	(7.46)	(3.29)
Return on Investment (ROI) (PBT/Networth)		0.00	(0.22)	(0.07)
Debt Equity Ratio (Total Debt /Networth)		13.09	0.00	0.89
Current Ratio (Current Asset/Current Liability)		1.43	0.29	0.97

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Share Capital	7.760	9.788	9.788
Reserves & Surplus	(4.469)	34.429	(3.175)
Net worth	3.291	44.217	6.613
long-term borrowings	39.811	0.000	86.559
Short term borrowings	18.250	0.000	0.000
Total borrowings	58.061	0.000	86.559
Debt/Equity ratio	17.642	0.000	13.089

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	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	No
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:

· Registered office address of the company has been shifted from P 23/24, W C st, Kolkata – 700 001, West Bengal, India to the present address w.e.f. 24.01.2013

· No Charges Exist for Company

UNSECURED LOANS:

Particulars	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Long Term Borrowings
Loans and Advances from related parties	81.909	0.000
From others	4.650	0.000
Total	86.559	0.000

FIXED ASSETS:

· Leasehold Land

· Freehold Land

· Building on Leasehold Land

· Plant and Machinery

· Electrical Installation

· Furniture and Fixture

· Air Conditioner

· Security Equipment

· Computers

· Dipping Lime Machine

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.62.12
UK Pound	1	Rs.103.93
Euro	1	Rs.85.17

INFORMATION DETAILS

Information Gathered by :	JML
Report Prepared by :	NKT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	--
--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	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		26

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.