MIRA INFORM REPORT

Report Date :

15.01.2014

IDENTIFICATION DETAILS

Name :	VAISHVIK FOODS PRIVATE LIMITED
Registered Office :	S No. 166, Nanded Phata, Pune Sinhgad Road, Pune-411016, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	18.01.2008
Com. Reg. No.:	11-131298
Capital Investment / Paid-up Capital :	Rs.119.895 Millions
CIN No.: [Company Identification No.]	U15490PN2008PTC131298
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Food and Exporter of Fresh Vegetables.
No. of Employees :	45 [Approximately]

RATING & COMMENTS

MIRA’s Rating :

B (28)

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

Maximum Credit Limit :	USD 599600
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. Reserves of the company appears to be low. Borrowings of the company also seems to be increasing over years. However, trade relations are reported as fair. Business is active. Payments terms are reported to be slow but correct. The company can be considered for business dealings with some cautions. NOTE: Latest profit and loss of the company is not available.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
India	A1	A1

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

INDIAN ECONOMIC OVERVIEW

India’s current account deficit narrowed in the quarter ended September as government measures to curb imports, especially gold, kicked in.  The current account deficit, the excess of a country’s imports of goods and services over exports, narrowed to $ 5.2 billion from $ 21 billion in the year ago period, according to provisional Reserve Bank of India data. Finance Minister P. Chidambaram said the CAD for the year will be less than $ 60 billion or 3 per cent of GDP and the latest data suggests the government may achieve the target.

India was ranked 94^th among the world’s most corrupt nations list. Denmark and New Zealand topped as the cleanest while Somalia emerged as the most corrupt.

India’s services sector activity witnessed a moderate improvement in November over the previous month, even while indicating the fifth successive monthly contraction, according the HSBC survey.

$53 million estimated losses suffered by India due to phishing attacks during the third quarter, according to a study by RSA. India ranks fourth in the list of nations hit by phishing attacks. The US remained at the top of the charts. Phishing is the process of acquiring information such as user names, passwords and credit card details by sending e-mails disguised as official mails.

Rs.4080 million worth of mobile-phone-based transactions by July 2013 compared to Rs.260 million in September, 2012, according to Deloitte report. The number of transactions has shot up from 94000 to 701000.

India aims to earn Rs.400000 million from the bandwidth auction set for January. The merger and acquisition guidelines, cleared by a group of ministers, will be out before the auction begins so that players can make informed decisions on the auctions.

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 :	Ms. Smita
Designation :	Accounts Executive
Contact No.:	91-20-24391881
Date :	13.01.2014

LOCATIONS

Registered Office :	S No. 166, Nanded Phata, Pune Sinhgad Road, Pune-411016, Maharashtra, India
Tel. No.:	91-20-24391881/ 24392372/ 24390444
Fax No.:	91-20-24390700
E-Mail :	accounts@eatwell.co.in info@
Website :	http://www.eatwell.co.in
Location :	Owned
Factory :	Located at Shirwal, Pune, Maharashtra, India

DIRECTORS

AS ON 30.09.2013

Name :

Mr. Vikas Dattatray Dangat

Designation :

Director

Address :

FL12, Swagat Classic Gokhale Road, Model Colony, Shivaji Nagar, Pune-411016, Maharashtra, India

Date of Birth/Age :

18.11.1965

Date of Appointment :

18.01.2008

Din No.:

01763131

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	U29299PN2001PTC016003	S V ROBOTICS AND AUTOMATION INDIA PRIVATE LIMITED	Director	28/03/2001	28/03/2001	-	Active	NO
2	U29299PN2002PTC017250	ULTRA PRECISION SPINDLES PRIVATE LIMITED	Director	28/08/2002	28/08/2002	14/06/2012	Active	NO
3	U29299PN2002PTC017394	BETT SV MODULAR (INDIA) PRIVATE LIMITED	Director	30/10/2002	30/10/2002	-	Under liquidation	NO
4	U29299PN2005PTC021660	NEXGEN DRYING SYSTEMS PRIVATE LIMITED	Director	09/12/2005	09/12/2005	-	Active	NO
5	U15490PN2008PTC131298	VAISHVIK FOODS PRIVATE LIMITED	Director	18/01/2008	18/01/2008	-	Active	NO
6	U29299PN2001PTC016309	S.V.MODULAR CONVEYORS PRIVATE LIMITED	Director	30/09/2008	15/03/2008	-	Active	NO
7	U73100PN2009PTC133491	RAGHULEELA INNOVATIVE TECHNOLOGY ( R & D ) CENTER PRIVATE LIMITED	Director	10/02/2009	10/02/2009	-	Active	NO
8	U45200PN2012PTC144416	VARDH INFRA REALTORS PRIVATE LIMITED	Director	17/08/2012	17/08/2012	-	Active	NO

Name :

Mrs. Vidula Dattatray Ghodke

Designation :

Director

Address :

58/546, Gokhale Nagar, Pune-411016, Maharashtra, India

Date of Birth/Age :

03.06.1972

Date of Appointment :

18.01.2008

Din No.:

01879811

Name :

Mr. Shekhar Raghunath Kale

Designation :

Director

Address :

6, Deshmukh Colony, Satara-415001, Maharashtra, India

Date of Birth/Age :

27.04.1968

Date of Appointment :

18.01.2008

Din No.:

00939890

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	U74140MP2007PTC019334	TRIPLE PEE SOLUTIONS PRIVATE LIMITED	Director	06/03/2007	06/03/2007	Active	NO
2	U15490PN2008PTC131298	VAISHVIK FOODS PRIVATE LIMITED	Director	18/01/2008	18/01/2008	Active	NO
3	U73100PN2009PTC133491	RAGHULEELA INNOVATIVE TECHNOLOGY ( R & D) CENTER PRIVATE LIMITED	Director	10/02/2009	10/02/2009	Active	NO
4	U33110MH2012PTC230149	KLAZ MEDICO EQUIPMENTS PRIVATE LIMITED	Director	24/04/2012	24/04/2012	Active	NO

Name :

Mr. Rahul Shrikant Palange

Designation :

Director

Address :

202, Amar Preet Vaidvadi, Hadapsar, Pune-411003, Maharashtra, India

Date of Birth/Age :

12.12.1985

Date of Appointment :

01.01.2010

Din No.:

02897299

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	U15490PN2008PTC131298	VAISHVIK FOODS PRIVATE LIMITED	Director	30/09/2010	01/01/2010	Active	NO

Name :

Mr. Balu Kailas Giri

Designation :

Director

Address :

Building CFL, 306, S. No. 122, 1, DSK, Saptsur, Dhyari, Pune-411041, Maharashtra, India

Date of Birth/Age :

09.08.1964

Date of Appointment :

01.01.2010

Din No.:

02897339

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	U15490PN2008PTC131298	VAISHVIK FOODS PRIVATE LIMITED	Director	30/09/2010	01/01/2010	Active	NO

KEY EXECUTIVES

Name :	Ms. Smita
Designation :	Accounts Executive

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2013

Names of Shareholders	No. of Equity Shares	No. of Preferences Shares
Vidula Ghodke	500000	--
Shekhar Kale	300	--
Santosh Gosavi	5000	--
Rahul Palange	300000	--
Balu Kailas Giri	300	--
Vikas Dangat	4194400	1819680
Nexgen Drying Systems Private Limited, India	--	200000
Rajesh Mandlik	--	1000000
Atul Arun Kale	--	24000
Avinash Dangat	--	240000
Dattatray Dangat	--	240000
Ghule	--	40000
Manohar Mohite	--	240000
Nanda Dangat	--	240000
Nanda Ghodke	--	270000
Pradeep Waghela	--	500000
Pranav Dangat	--	10000
Prashant Benke	--	240000
Rahul Palange	--	141000
Suresh Dhoble	--	240000
S V Modular Conveyors Private Limited, India	--	525000
Vaishali Dangat	--	271500
Vidula Ghodke	--	168320
Vijaya Dangat	--	240000
Vinayak Ghodke	--	340000
TOTAL	5000000	6989500

AS ON 30.09.2013

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	99.90
Other top fifty shareholders	0.10
TOTAL	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Food and Exporter of Fresh Vegetables.
Exports :
Products :	Finished Goods
Countries :	UK
Imports :
Products :	Machinery
Countries :	· Spain · Philippines
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

45 [Approximately]

Bankers :

The Saraswat Co-operative Bank Limited, C-2, Kohinoor Estate, Co-operative Housing Society, Plot No. 12, Mula Road, Sangamwadi, Pune-411003, Maharashtra, India

Facilities :

Secured Loan	As on 31.03.2013 [Rs. in Millions]	As on 31.03.2012 [Rs. in Millions]
Long Term Borrowings
Rupee term loans from banks	86.452	31.727
Short Term Borrowings
Term loans from banks	36.104	9.584
TOTAL	122.556	41.311

Banking Relations :	--
Auditors :
Name :	Paresh K. Shah and Company Chartered Accountants
Address :	“Prestige Point”, Office # 76 and 89, 2^nd Floor, 283, Shukrawar Peth, Opposite Chinchechi, Talim, Pune-411002, Maharashtra, India
Tel. No.:	91-20-30424212
E-Mail :	paresh@pareshkshahandco.com
PAN No:	AAJFT2190D
Related Parties :	· Global Interiors and Exteriors · Nexgen Drying Systems Private Limited · S V Robotics And Automation India Private Limited [U29299PN2001PTC016003] · S.V. Modular Conveyors Private Limited [U29299PN2001PTC016309]

CAPITAL STRUCTURE

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs.50.000 Millions
10000000	Preferences Shares	Rs.10/- each	Rs.100.000 Millions
	TOTAL		Rs.150.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs.50.000 Millions
6989500	Preferences Shares		Rs.69.895 Millions
	TOTAL		Rs.119.895 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	119.895	10.000	5.000
(b) Reserves & Surplus	29.838	4.193	1.942
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.178	0.000	0.000
Total Shareholders’ Funds (1) + (2)	149.911	14.193	6.942
(3) Non-Current Liabilities
(a) long-term borrowings	93.337	74.109	17.147
(b) Deferred tax liabilities (Net)	1.797	0.292	0.372
(c) Other long term liabilities	20.185	7.639	2.643
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	115.319	82.040	20.162
(4) Current Liabilities
(a) Short term borrowings	36.104	9.584	0.000
(b) Trade payables	5.195	2.787	3.429
(c) Other current liabilities	12.584	4.458	9.305
(d) Short-term provisions	0.820	0.829	0.504
Total Current Liabilities (4)	54.703	17.658	13.238
TOTAL	319.933	113.891	40.342
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	90.290	8.158	8.139
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	154.021	75.265	13.023
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.026	0.026	0.001
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	15.196	13.886	2.201
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	259.533	97.335	23.364
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	19.828	5.891	4.965
(c) Trade receivables	23.342	2.927	7.274
(d) Cash and cash equivalents	2.512	1.982	0.087
(e) Short-term loans and advances	6.255	3.761	2.700
(f) Other current assets	8.463	1.995	1.952
Total Current Assets	60.400	16.556	16.978
TOTAL	319.933	113.891	40.342

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011
	SALES
		Income
		Other Income
		TOTAL	71.368	36.534
Less	EXPENSES
		TOTAL	66.587	33.423
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		4.781	3.111
Less/ Add	DEPRECIATION/ AMORTISATION		1.187	1.019
	PROFIT / (LOSS) BEFORE TAX		3.594	2.092
Less	TAX		1.343	0.622
	PROFIT / (LOSS) AFTER TAX		2.251	1.470
	Earnings / (Loss) Per Share (Rs.)		0.19	--

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	NA	3.15	4.02
Return on Total Assets (PBT/Total Assets}	(%)	NA	13.15	7.65
Return on Investment (ROI) (PBT/Networth)		NA	0.25	0.30
Debt Equity Ratio (Total Debt/Networth)		0.86	5.90	2.47
Current Ratio (Current Asset/Current Liability)		1.10	0.94	1.28

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 two years	Yes
12]	Profitability for last two 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	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]	PAN of Proprietor/Partner/Director, if available	No
32]	Date of Birth of Proprietor/Partner/Director, if available	Yes
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	10394717	14/12/2012	8,900,000.00	THE SARASWAT CO-OPERATIVE BANK LIMITED	C-2, KOHINOOR ESTATE CO-OPERATIVE HOUSING SOCIETY, PLOT NO. 12, MULA ROAD SANGAMWADI, PUNE - 411003, MAHARASHTRA, INDIA	B65082018
2	10384337	03/12/2012 *	1,100,000.00	THE SARASWAT CO-OPERATIVE BANK LIMITED	C-2, KOHINOOR ESTATE CO-OPERATIVE HOUSING SOCIETY, PLOT NO. 12, MULA ROAD SANGAMWADI, PUNE - 411003, MAHARASHTRA, INDIA	B64435183
3	10384344	30/03/2013 *	1,200,000.00	THE SARASWAT CO-OPERATIVE BANK LIMITED	C-2, KOHINOOR ESTATE CO-OPERATIVE HOUSING SOCIETY, PLOT NO. 12, MULA ROAD SANGAMWADI, PUNE - 411003, MAHARASHTRA, INDIA	B73022725
4	10384336	29/10/2012 *	47,700,000.00	THE SARASWAT CO-OPERATIVE BANK LIMITED	C-2, KOHINOOR ESTATE CO-OPERATIVE HOUSING SOCIETY, PLOT NO. 12, MULA ROAD SANGAMWADI, PUNE - 411003, MAHARASHTRA, INDIA	B62338843
5	10326277	09/05/2013 *	42,500,000.00	THE SARASWAT CO-OPERATIVE BANK LIMITED	C-2, KOHINOOR ESTATE CO-OPERATIVE HOUSING SOCIETY, PLOT NO. 12, MULA ROAD SANGAMWADI, PUNE - 411003, MAHARASHTRA, INDIA	B75248450
6	10326282	12/12/2011	4,800,000.00	THE SARASWAT CO-OPERATIVE BANK LIMITED	C-2, KOHINOOR ESTATE CO-OPERATIVE HOUSING SOCIETY, PLOT NO. 12, MULA ROAD SANGAMWADI, PUNE - 411003, MAHARASHTRA, INDIA	B29018025
7	10326278	12/12/2011	20,700,000.00	THE SARASWAT CO-OPERATIVE BANK LIMITED	C-2, KOHINOOR ESTATE CO-OPERATIVE HOUSING SOCIETY, PLOT NO. 12, MULA ROAD SANGAMWADI, PUNE - 411003, MAHARASHTRA, INDIA	B29017787
8	10326280	12/12/2011	25,900,000.00	THE SARASWAT CO-OPERATIVE BANK LIMITED	C-2, KOHINOOR ESTATE CO-OPERATIVE HOUSING SOCIETY, PLOT NO. 12, MULA ROAD SANGAMWADI, PUNE - 411003, MAHARASHTRA, INDIA	B29017910
9	10316787	20/10/2011	795,000.00	THE SARASWAT CO - OPERATIVE BANK LIMITED	2ND FLOOR, F.C.ROAD BRANCH, RASEC, GANESHWADI, OPP . VAISHALI HOTEL SHIVAJI NAGAR, PUNE - 411004, MAHARASHTRA, INDIA	B24980302
* Date of charge modification

Unsecured Loan	As on 31.03.2013 [Rs. in Millions]	As on 31.03.2012 [Rs. in Millions]
Long Term Borrowings
Loans and advances from directors	5.337	37.266
Loans and advances from others	1.548	5.116
TOTAL	6.885	42.382

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.61.52
UK Pound	1	Rs.101.47
Euro	1	Rs.84.11

INFORMATION DETAILS

Information Gathered by :	PLK
Report Prepared by :	TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
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
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		28

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.