MIRA INFORM REPORT

Report Date :

17.07.2014

IDENTIFICATION DETAILS

Name :	ESKAY ELEVATORS (INDIA) PRIVATE LIMITED
Formerly Known As :	ESKAY ELEVATORS (INDIA) LIMITED
Registered Office :	Eskay House, At Eskay Resort, Opposite Yogi Nagar, Near Datta Mandir, Off. Linking Road, Borivali (West), Mumbai – 400091, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	05.09.1994
Com. Reg. No.:	11-080808
Capital Investment / Paid-up Capital :	Rs.4.000 Millions
CIN No.: [Company Identification No.]	U29150MH1994PTC080808
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of all types of Elevators.
No. of Employees :	180 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

Maximum Credit Limit :	USD 83000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. The rating takes into consideration company’s sound financial risk profile and fair profitability levels of the company. Trade relations are fair. Bushiness 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.

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2014.

INFORMATION PARTED BY

Name :	Ms. Archana Shah
Designation :	Chief Finance Officer
Contact No.:	91-22-61557000
Date :	16.07.2014

LOCATIONS

Registered Office :	Eskay House, At Eskay Resort, Opposite Yogi Nagar, Near Datta Mandir, Off. Linking Road, Borivali (West), Mumbai – 400091, Maharashtra, India
Tel. No.:	91-22-61557000 (30 Lines)
Fax No.:	91-22-61557070
E-Mail :	accounts@eskayelevators.com info@eskayelevators.com response@eskayelevators.com thakkar.p@eskaygroupindia.com
Website :	http://www.eskayelevators.com
Area :	7 Acres
Location :	Owned
Factory 1 :	89, Abitghar, Wada-Shahpur Road, Wada, District Thane, Maharashtra, India
Tel. No.:	91-2526-228086 / 87
Factory 2 :	Located At : Vasai, Thane, Maharashtra, India

DIRECTORS

As on 30.09.2013

Name :

Mr. Suresh Kanjibhai Turakhia

Designation :

Managing Director

Address :

Shanti Villa, At Eskay Resort, Opposite Yogi Nagar, Near Datta Mandir, Off. Linking Road, Borivali (West), Mumbai – 400091, Maharashtra, India

Date of Birth/Age :

07.08.1950

Date of Appointment :

05.09.1994

DIN No.:

00874216

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	U45202MH1990PTC057536	SHUBHASH BUILDERS PRIVATE LIMITED	Director	20/05/1991	20/05/1991	-	Dormant	NO
2	U18100MH1987PTC044917	NISHANTA BUILDERS PRIVATE LIMITED	Director	29/09/1992	29/09/1992	-	Strike off	NO
3	U29150MH1994PTC080808	ESKAY ELEVATORS (INDIA) Private LIMITED	Managing director	05/09/1994	05/09/1994	-	Active	NO
4	U92400MH1994PTC083362	ESKAY RESORTS INDIA Private LIMITED	Managing director	30/11/1994	30/11/1994	-	Active	NO
5	U45400MH2013PLC244435	ESKAY INFRA & REALTY LIMITED	Director	13/06/2013	13/06/2013	-	Active	NO

Name :

Mr. Christopher Savio Pereira

Designation :

Director

Address :

179, Waterfield Road, T.P.S.-3, Bandra (West), Mumbai – 400050, Maharashtra, India

Date of Birth/Age :

17.12.1983

Date of Appointment :

28.06.1995

DIN No.:

00478461

Name :

Mr. Karan Suresh Turakhiya

Designation :

Director

Address :

Shanti Villa, At Eskay Resort, Opposite Yogi Nagar, Near Datta Mandir, Off. Linking Road, Borivali (West), Mumbai – 400091, Maharashtra, India

Date of Birth/Age :

02.10.1980

Date of Appointment :

06.11.1998

DIN No.:

00881658

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	U18100MH1987PTC044917	NISHANTA BUILDERS PRIVATE LIMITED	Director	03/10/1998	03/10/1998	-	Strike off	NO
2	U92400MH1994PTC083362	ESKAY RESORTS INDIA Private LIMITED	Director	03/10/1998	03/10/1998	-	Active	NO
3	U29150MH1994PTC080808	ESKAY ELEVATORS (INDIA) Private LIMITED	Director	06/11/1998	06/11/1998	-	Active	NO
4	U29222MH2012PTC226468	Eastern Hemisphere Engineering Private Limited	Director	27/01/2012	27/01/2012	-	Active	NO
5	U45400MH2013PLC244435	ESKAY INFRA & REALTY LIMITED	Director	13/06/2013	13/06/2013	-	Active	NO

Name :

Mr. Jayesh Virjibhai Patel

Designation :

Director

Address :

B-1507/8, Yogi Paradise, 15 Floor, Off Eksar Road, yogi Nagara, Boriwali (West), Mumbai – 400092, Maharashtra, India

Date of Birth/Age :

15.09.1967

Date of Appointment :

24.09.2012

DIN No.:

05129547

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	U29150MH1994PTC080808	ESKAY ELEVATORS (INDIA) Private LIMITED	Director	24/09/2012	01/11/2011	-	Active	NO
2	U29222MH2012PTC226468	Eastern Hemisphere Engineering Private Limited	Director	27/01/2012	27/01/2012	-	Active	NO
3	U45400MH2013PLC244435	ESKAY INFRA & REALTY LIMITED	Director	13/06/2013	13/06/2013	-	Active	NO

KEY EXECUTIVES

Name :	Ms. Archana Shah
Designation :	Chief Finance Officer

MAJOR SHAREHOLDERS

As on 30.09.2013

Names of Shareholders	No. of Shares	% of Holding
Suresh Kanjibhai Turakhia	140000	35.00
Nisha Suresh Turakhia	120000	30.00
Karan Suresh Turakhiya	100000	25.00
Ekta Suresh Turakia	40000	10.00
Total	400000	100.00

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2013

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of all types of Elevators.
Imports :
Products :	Raw Material
Countries :	· China · Turkey
Terms :
Selling :	Depend
Purchasing :	Depend

GENERAL INFORMATION

Customers :

· Bhoomi Realtors

· Ekta Shelters Private Limited

· Unichem Laboratories Private Limited

· Unique Star Developers

· Rizvi Builders

· Atal Buildcon Private Limited

· St. Xavier's High School

· Harsh Developers

· Mayfair Housing Private Limited

· Jelnova Laboratories Private Limited

· Soni Associates

· CPS Color Private Limited

· Patel Group of Companies

· Pooja Constructions

· Rushi Group of Companies

· Ravi Group

· LEO Builders

· Mucchala Group

· Everest Builders

· Parle Properties

· Poonam Construction

· Pragati Associates

No. of Employees :

180 (Approximately)

Bankers :

· Punjab National Bank, Ganjawala Lane, Off S.V. Road,, Borivali (West), Mumbai, Maharashtra - 400103, India

· HDFC Bank Limited

Facilities :

SECURED LOANS	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Long Term Borrowings
HDFC Bank Limited (Secured against TATA 1109 Car)	0.000	0.174
Short Term Borrowings
Cash Credit With Punjab National Bank (Secured against hypothecation of wada factory and personal guarantee of directors)	39.982	27.602
Total	39.982	27.776

Banking Relations :	--
Financial Institutions :	GE Capital Transportation Financial Services Limited, Aifacs Building, 1, Rafi Marg, New Delhi - 110001, Delhi, India
Auditors :
Name :	Gokhale and Sathe Chartered Accountants
Address :	302/303, Udyog Mandir No. 1, 7-C, Bhagoji Keer Marg, Mumbai – 400016, Maharashtra, India
PAN No.:	AAAFG4990K
Sister Concern :	Eskay Resorts Private Limited

CAPITAL STRUCTURE

As on 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.10/- each	Rs.5.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
400000	Equity Shares	Rs.10/- each	Rs.4.000 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	4.000	4.000	4.000
(b) Reserves & Surplus	16.768	9.495	1.350
(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)	20.768	13.495	5.350
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.174	1.506
(b) Deferred tax liabilities (Net)	16.995	3.562	0.000
(c) Other long term liabilities	0.847	0.000	3.562
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	17.842	3.736	5.068
(4) Current Liabilities
(a) Short term borrowings	42.982	30.602	7.530
(b) Trade payables	67.092	47.339	42.556
(c) Other current liabilities	59.446	31.192	58.386
(d) Short-term provisions	0.000	0.399	0.000
Total Current Liabilities (4)	169.520	109.532	108.472
TOTAL	208.130	126.763	118.890
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	28.589	12.239	13.375
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.960	0.300	0.300
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.019	0.019	0.019
(c) Deferred tax assets (net)	0.000	0.653	0.540
(d) Long-term Loan and Advances	41.489	39.720	11.568
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	71.057	52.931	25.802
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	42.901	28.807	56.561
(c) Trade receivables	65.063	42.191	24.845
(d) Cash and cash equivalents	26.378	0.352	2.415
(e) Short-term loans and advances	2.731	2.482	9.267
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	137.073	73.832	93.088
TOTAL	208.130	126.763	118.890

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	252.314	236.625	167.146
		Other Income	1.627	0.943	2.066
		TOTAL	253.941	237.568	169.212
Less	EXPENSES		234.456	220.888	165.024
	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		19.485	16.680	4.188
Less	FINANCIAL EXPENSES		5.092	1.771	0.910
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		14.393	14.909	3.278
Less	DEPRECIATION/ AMORTISATION		3.903	2.596	2.780
	PROFIT/(LOSS) BEFORE TAX		10.490	12.313	0.498
Less	TAX		3.218	4.167	0.295
	PROFIT/(LOSS) AFTER TAX		7.272	8.146	0.203
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		9.496	1.350	1.147
	BALANCE CARRIED TO THE B/S		16.768	9.496	1.350
	Earnings Per Share (Rs.)		18.18	20.37	0.51

Particulars	31.03.2014
Sales Turnover (Approximately)	350.000

The above information has been parted by Ms. Archana Shah

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	2.86	3.43	0.12
Net Profit Margin (PBT/Sales)	(%)	4.16	5.20	0.30
Return on Total Assets (PBT/Total Assets}	(%)	5.06	9.79	0.42
Return on Investment (ROI) (PBT/Networth)		0.51	0.91	0.09
Debt Equity Ratio (Total Debt /Networth)		2.07	2.28	1.69
Current Ratio (Current Asset/Current Liability)		0.81	0.67	0.86

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	4.000	4.000	4.000
Reserves & Surplus	1.350	9.495	16.768
Net worth	5.350	13.495	20.768
long-term borrowings	1.506	0.174	0.000
Short term borrowings	7.530	30.602	42.982
Total borrowings	9.036	30.776	42.982
Debt/Equity ratio	1.689	2.281	2.070

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Sales	167.146	236.625	252.314
		41.568	6.630

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Sales	167.146	236.625	252.314
Profit	0.203	8.146	7.272
	0.12%	3.44%	2.88%

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 four 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	Yes
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

UNSECURED LOANS:

Particulars	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Short Term Borrowings
Loans and advances from related parties	3.000	3.000
Total	3.000	3.000

BUSINESS ACTIVITY:

During the year, the company’s net profit of Rs.7.272 Millions and now the directors are looking for increment in income to be received in the coming years. They assure their members that in the coming years the directors will strive hard to have more profits to the company.

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10334982	05/07/2012 *	40,000,000.00	Punjab National Bank	Ganjawala Lane, Off S.V. Road,, Borivali (West), Mumbai, Maharashtra - 400103, India	B44757417
2	10090278	29/02/2008	470,000.00	Ge Capital Transportation Financial Services Limited	Aifacs Building,, 1, Rafi Marg, New Delhi., Delhi - 110001, India	A33291386
3	90161088	10/10/2003 *	9,000,000.00	India Overseas Bank	Breach Candy Branch, Mumbai, Maharashtra - 400026, India	-
4	90160876	14/12/1995	10,000,000.00	Maharashtra State Financial Corp.	New Excelsior Building; 5;7;8;9;Th Floor, Mumbai, Maharashtra - 400001, India	-

*Date of modification Charges

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Computer

· Vehicles

· Furniture and Fixture

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.60.19
UK Pound	1	Rs.103.14
Euro	1	Rs.81.66

INFORMATION DETAILS

Information Gathered by :	PDT
Analysis Done by :	KAR
Report Prepared by :	VNT

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	4
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--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		43

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.