MIRA INFORM REPORT

Report Date :

16.07.2014

IDENTIFICATION DETAILS

Name :	VAJRA RUBBER PRODUCTS PRIVATE LIMITED (w.e.i. 10.1.2011)
Formerly Known As :	VAJRA RUBBER PRODUCTS
Registered Office :	X11/371 A Pyngodekonathukunnu, Irinjalakuda, Thichur – 680123, Kerala
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	16.10.1989
Com. Reg. No.:	09-005500
Capital Investment / Paid-up Capital :	Rs. 6.819 Millions
CIN No.: [Company Identification No.]	U25191KL1989PTC005500
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Rubber Products.
No. of Employees :	200 (Approximetly)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 370000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. General financial position of the company seems to be sound and healthy. Profitability of the company is fair. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. The company can be considered for business dealings at usual trade terms and condition.

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, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
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

N E W S

The economy grew 4.7 %in 2013/14, marking a second straight year of sub-5 % growth – the worst slowdown in more than a quarter of a century. The data was below an official estimate of 4.9 % annual growth and compared with 4.5 % in the last fiscal year. However, the current account deficit narrowed sharply to $ 32.4 billion at 1.7 % of gross domestic product, in 2013/14 from a record high of $ 98.8 billion or 4.7 %, the year before.A sharp fall in gold imports due to restrictions on overseas purchases and muted import of capital goods helped shrink the current account deficit.

Online retailer Flipkart has acquired fashion portal Myntra as it prepares to battle with the rapidly expanding India arm of the global e-commerce giant Amazon. The company raised $ 210 million from Russian Investment firm DST Global which has also invested in companies like Facebook, Twitter and Alibaba Group.

General Motors will start exporting vehicles from its Talegaon plant near Pune in the second half of 2014. GM was one of the few global carmakers that was using its India plant only for the domestic market.

Google has overtaken Apple as the world’s top brand in terms of value, according to global market research agency Millward Brown. Google’s brand value shot up 40 % in a year to $ 158.84 billion. The top 10 of the 100 slots were dominated by US companies.

Infosys lost another heavy weight when B G Srinivas, a board member put in his papers. He is the third CEO-hopeful to quit after Chairman N R Narayana Murthy’s return to the company – Ashok Vemuri and V Balakrishnan being the other two.While Vemuri went on to lead IGate, Balakrishnan joined politics.

Naresh Goyal – promoted Jet Airways posted biggest quarterly loss – Rs 2153.37 crore – in the three months ended March 31, mainly because it has been offering discounts to passengers to fill planes.

William S Pinckney – Chairman and CEO of Amway India was arrested by the Andhra Pradesh Police in connection with a complaint against the direct selling firm. This is the second time that he has been taken into custody. A year, ago the Kerala Police had arrested Pinckney and two company directors on charges of financial irregularities.

China has told its state-owned enterprises to sever links with American consulting firms after the United States charged five Chinese military officers wih hacking US companies. China’s action which targets consultancies like McKinsey & Co. and the Boston Consulting Group, sterns from fears that the first are providing trade secrets to the US governments.

India has emerged as a country with some of the highest unregistered businesses in the world. Indonesia has the maximum number of shadow businesses, says a study of 68 countries by Imperial College Business School in London.

Pfizer has abandoned its attempt to buy AstraZeneca for nearly $ 118 billion after the latter refused an offer of 55 pounds a share.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Long Term Loan Facilities = BBB -
Rating Explanation	Moderate degree of safety and moderate credit risk
Date	September 2013

Rating Agency Name	ICRA
Rating	Short Term Loan Non Fund based facilities = A3
Rating Explanation	Moderate degree safety and high credit risk
Date	September 2013

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. Sachindranath P.S.
Designation :	Director
Contact No.:	91-9446506227
Date :	12.07.2014

LOCATIONS

Registered Office / Factory Address:	X11/371 A Pyngodekonathukunnu, Irinjalakuda, Thichur – 680123, Kerala, India
Tel. No.:	91-480-2860402
Mobile No.:	91-9446506227 (Mr. Sachindranath P.S.)
Fax No.:	91-480-2867380
E-Mail :	contact@vajrarubberproducts.com

DIRECTORS

AS ON 27.09.2013

Name :

Mr. Sachindranathan P. S.

Designation :

Managing Director

Address :

Vrindavan Manakkalap, Padi Konathukunnu, Irinjalakuda, Thrissur – 680123, Kerala, India

Date of Birth/Age :

02.05.1947

Date of Appointment :

23.09.2005

DIN No.:

01958369

Voter ID No.:

ZLK03A5827

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	U25191KL1989PTC005500	VAJRA RUBBER PRODUCTS Private Limited	Managing director	01/10/2008	23/09/2005	-	Active	NO
2	U25200KL2012PTC032107	VR COMPOSITES PRIVATE LIMITED	Director	07/09/2012	07/09/2012	-	Active	NO

Name :

Mr. Gsabareenath

Designation :

Whole-time Director

Address :

Sabari Nivas, Madathumpadi, Mala Thrissur – 680733, Kerala, India

Date of Birth/Age :

17.04.1970

Date of Appointment :

23.09.2005

DIN No.:

00833756

Voter ID No.:

KL10062393597

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	U25191KL1989PTC005500	VAJRA RUBBER PRODUCTS Private Limited	Whole-time director	01/10/2008	23/09/2005	-	Active	NO
2	U25200KL2012PTC032107	VR COMPOSITES PRIVATE LIMITED	Director	07/09/2012	07/09/2012	-	Active	NO

Name :

Mr. Kannan P. S.

Designation :

Whole-time Director

Address :

Vrindavan Manakkalap, Padi Konathukunnu, Irinjalakuda, Thrissur – 680123, Kerala, India

Date of Birth/Age :

16.01.1976

Date of Appointment :

26.08.2008

DIN No.:

02341488

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	U25191KL1989PTC005500	VAJRA RUBBER PRODUCTS Private Limited	Whole-time director	01/10/2008	26/08/2008	-	Active	NO
2	U25200KL2012PTC032107	VR COMPOSITES PRIVATE LIMITED	Director	07/09/2012	07/09/2012	-	Active	NO
3	AAC-3602	SACHINDRA RUBBER PLUS LLP	Designated Partner	10/06/2014	10/06/2014	-	Active	NO

Name :

Mr. Prasanth P. S.

Designation :

Whole-time Director

Address :

Vrindavan Manakkalap, Padi Konathukunnu, Irinjalakuda, Thrissur – 680123, Kerala, India

Date of Birth/Age :

22.03.1978

Date of Appointment :

26.08.2008

DIN No.:

02341564

Voter ID No.:

ZLK0145185

Name :

Ms. Girja Sachindranath

Designation :

Director

Address :

Vrindavan Manakkalap, Padi Konathukunnu, Irinjalakuda, Thrissur – 680123, Kerala, India

Date of Birth/Age :

17.02.1949

Date of Appointment :

30.09.2004

DIN No.:

02208805

Voter ID No.:

KL10062123676

Name :

Mr. Cody W Johnson

Designation :

Director

Address :

S/O Jams E Johnson League City, Texas – 77573, USA

Date of Birth/Age :

25.03.1972

Date of Appointment :

22.05.2008

DIN No.:

02223259

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 27.09.2013

Names of Shareholders	No. of Shares
Sachindranath P S	82500
Karthikyan Prabha	15000
Karthikyan K.	46000
Sidharthan P R	15000
Sajeesh S	7500
Girija sachindranath	24000
G Sabareenath	10000
Kannan P S	87790
Prasanth P S	72500
Krishnaprasad	1000
Gopal Henaveny	1000
Adharsh P J	15900
Jothi Arya	9400
Geetaa Atulkothari	10000
Core Polymer Moulder Limited (USA Houston)	276333

AS ON 27.09.2013

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	40.52
Directors or relatives of directors	43.80
Other top fifty shareholders	15.68
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Rubber Products.
Exports :
Products :	Rubber Products
Countries :	· America · Australia · Insaland · Gulf Country
Terms :
Selling :	Cash and Advance Payment
Purchasing :	Cash and Advance Payment

GENERAL INFORMATION

Customers :

· Wholesalers

· Retailers

No. of Employees :

200 (Approximetly)

Bankers :

State Bank of India, Irinjalakuda Branch, Irinjalkuda, Thrissur – 680121, Kerala, India

Facilities :

Secured Loans	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
Long Term Borrowing
State Bank of India
Term Loan – A/C No. 30922736653		1.932
Term Loan for car 31574799326 /7-1-2011	0.464	0.648
Term Loan A/C No. - 31914814605	9.819	3.375
Tata Finance Limited	0.000	0.010
Short Term Borrowing
Loans repayable on demand:
Commercial Branch – A/C No. 31064316261	12.664	21.458
From banks A/C No. - 30415370025	0.000	0.908
Total	22.947	28.331

Banking Relations :
Auditors :
Name :	Vasu and Sivaram Chartered Accountant
Address :	Chartered Accountants, Pazhayanadakavu. Thrissur – 680001, Kerala, India
PAN No.:	AABFV9905G

CAPITAL STRUCTURE

AS ON :27.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
900000	Equity Shares	Rs. 10/- each	Rs. 9.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
681923	Equity Shares	Rs. 10/- each	Rs. 6.819 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	6.819	6.199	7.143
(b) Reserves & Surplus	85.846	38.557	35.063
(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)	92.665	44.756	42.206
(3) Non-Current Liabilities
(a) long-term borrowings	10.783	6.752	28.132
(b) Deferred tax liabilities (Net)	2.028	1.901	1.252
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	7.259	3.750	4.648
Total Non-current Liabilities (3)	20.070	12.403	34.032
(4) Current Liabilities
(a) Short term borrowings	12.664	35.446	15.717
(b) Trade payables	9.543	22.330	10.371
(c) Other current liabilities	39.272	43.694	15.097
(d) Short-term provisions	1.273	2.733	2.414
Total Current Liabilities (4)	62.752	104.203	43.599
TOTAL	175.487	161.362	119.837
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	61.783	56.053	49.367
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	4.273	2.989	1.329
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	1.000	1.000	1.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	2.978	1.442	1.356
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	70.034	61.484	53.052
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	20.434	30.801	12.231
(c) Trade receivables	38.574	52.846	37.171
(d) Cash and cash equivalents	37.022	3.704	8.332
(e) Short-term loans and advances	8.187	8.591	5.071
(f) Other current assets	1.236	3.936	3.980
Total Current Assets	105.453	99.878	66.785
TOTAL	175.487	161.362	119.837

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		TOTAL	235.000 (Approximetly)	155.000 (Approximetly)	NA
Less	EXPENSES
		TOTAL	NA	NA	NA
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		35.959	22.568	21.290
Less/ Add	DEPRECIATION/ AMORTISATION		5.290	5.708	4.611
	PROFIT / (LOSS) BEFORE TAX		30.669	16.860	16.679
Less	TAX		10.048	5.770	5.649
	PROFIT / (LOSS) AFTER TAX		20.621	11.090	11.030
	EARNINGS IN FOREIGN CURRENCY		US$ 2600812 AUD$ 449980 EURO 84660	US$ 2939581	US$ 2724780
	Earnings / (Loss) Per Share (Rs.)		32.13	17.89	15.44

Particulars	31.3.2014
Sales Turnover	230.000

The above information has been parted by Mr. Sachindranath P. S.

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Return on Total Assets (PBT/Total Assets}	(%)	18.02	10.71	14.19
Return on Investment (ROI) (PBT/Networth)		0.33	0.38	0.40
Debt Equity Ratio (Total Debt /Networth)		0.25	0.94	1.04
Current Ratio (Current Asset/Current Liability)		1.68	0.96	1.53

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	7.143	6.199	6.819
Reserves & Surplus	35.063	38.557	85.846
Net worth	42.206	44.756	92.665
long-term borrowings	28.132	6.752	10.783
Short term borrowings	15.717	35.446	12.664
Total borrowings	43.849	42.198	23.447
Debt/Equity ratio	1.039	0.943	0.253

YEAR-ON-YEAR GROWTH

Year on Year Growth		31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales		155.000	235.000
		#DIV/0!	51.613

NET PROFIT MARGIN

Net Profit Margin		31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales		155.000	235.000
Profit		11.090	20.621
		7.15%	8.77%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	------------------------
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	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	Yes
34]	External Agency Rating, if available	Yes

UNSECURED LOANS:

Particular	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
Long Term Borrowing
Loan from Others	0.500	0.787
Export Packing Credit From SBI – A/C No. 30130787925	0.000	13.080
Total	0.500	13.867

Result of Operations

It is heartening to note that the sales revenue of the company has reached to Rs. 235.000 Millions from Rs. 155.000 Millions in the previous year registering a 51.61% growth. As in last Year, the major contribution to the increased sale has been from the export operations, which has moved to Rs. 166.000 Million from Rs. 143.200 Millions.

As compared to the previous year the domestic sales turnover has increased by 408%, the export sales increased by 16%. The Increased in export sales and interstate sales has lead to an increase in gross profit by nearly 33%

The Company’s profitability has significantly increased with the net profit after tax rising to Rs. 20.622 Millions as compared to Rs. 11.090 Millions in previous year. The net profit after tax has shoot up by 86% from previous year. The net profit as a percentage to sales revenue being 8.77% compared to 7.15% in previous year.

The Earings Per Shares for the financial year is Rs. 32.13 Compared to Rs. 17.89 per share in the previous year.

INDEX CHARGES:

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10264506	06/01/2011	1,145,000.00	STATE BANK OF INDIA	P B NO.32, IRINJALAKUDA BRANCH, THRISSUR, Kerala  - 680121, INDIA	B04803979
2	90021210	28/10/2005	2,800,000.00	STATE BANK OF INDIA	IRINJALAKUDA BRANCH, THRISSUR, Kerala, INDIA	-
3	90020958	27/02/2004	2,832,000.00	STATE BANK OF INDIA	IRINJALAKUDA BRANCH, THRISSUR, Kerala, INDIA	-
4	90020948	03/09/2003	525,000.00	STATE BANK OF INDIA	IRINJALAKUDA BRANCH, THRISSUR, Kerala, INDIA	-
5	90020927	28/10/2005 *	452,750.00	STATE BANK OF INDIA	IRINJALAKUDA BRANCH, THRISSUR, Kerala, INDIA	-
6	90020904	23/08/2011 *	94,345,000.00	STATE BANK OF INDIA	IRINJALAKUDA BRANCH, IRINJALKUDA, THRISSUR, Kerala - 680121, INDIA	B21010350

FIXED ASSETS

· Land and Land Development

· Compound wall

· Building

· Electrical Installation

· Machinery

· Furniture

· Dics, tools and equipments

· Office equipment

· Computer

· Water supply

· Cycle

· Computer Software

· Motor Vehicle

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

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

2] Court Declaration :

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

3] Asset Declaration :

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

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

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

Charges or investigation registered against subject: None

7] Criminal Records

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

8] Affiliation with Government :

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

9] Compensation Package :

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

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

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

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

CONTRAVENTION

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs. 60.21
UK Pound	1	Rs. 102.79
Euro	1	Rs. 81.95

INFORMATION DETAILS

Information Gathered by :	SVA
Analysis Done by :	KAR
Report Prepared by :	TRU

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		45

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.