MIRA INFORM REPORT

Report Date :

28.07.2014

IDENTIFICATION DETAILS

Name :	MODERN PREFAB SYSTEMS PRIVATE LIMITED
Registered Office :	MTM Complex, Jonapur Mehrauli, New Delhi – 110047, Delhi
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	06.03.1997
Com. Reg. No.:	55-85643
Capital Investment / Paid-up Capital :	Rs.40.000 Millions
CIN No.: [Company Identification No.]	U51432DL1997PTC085643
TAN No.: [Tax Deduction & Collection Account No.]	DELM05175C DELM08642E
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of prefabricated modular insulated re-locatable structures.
No. of Employees :	120 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

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

Maximum Credit Limit :	USD 790000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. There is an improvement in sales and profit as compared to previous year. Rating also takes into consideration working capital intensive operations. However, trade relations are reported to be fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealing at usual trade terms and conditions.

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	CRISIL
Rating	Long term rating=BB-
Rating Explanation	Inadequate credit quality and high credit risk.
Date	13.03.2014

Rating Agency Name	CRISIL
Rating	Short term rating=A4+
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	13.03.2014

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 :	Mr. Yogesh Sharma
Designation :	Assistant Finance Manager
Contact No.:	91-124-4343700
Date :	28.07.2014

LOCATIONS

Registered Office :	MTM Complex, Jonapur Mehrauli, New Delhi – 110047, India
Tel No. :	91-11-6807646
Fax No. :	91-11-6802096
E-Mail :	modern_prefab@yahoo.com
Website :	www.modernprefabsystems.com
Factory :	Plot No. 273,274 Sector – 7, IMT Manesar District Gurgaon – 122050, Haryana, India
Tel. No.:	91-124-4343700
Fax No.:	91-124-2291193 / 4343743
E-Mail :	info@modernprefabsystems.com

DIRECTORS

AS ON 30.09.2013

Name :

Mr. Subhash Kapoor

Designation :

Director

Address :

Triveni Gardens, Gadaipur, Mehrauli, New Delhi – 110030, Delhi, India

Date of Birth/Age :

25.09.1943

Date of Appointment :

01.04.1998

DIN No.:

00287700

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	U74899DL1983PTC017063	MODERN FLOORING PRIVATE LIMITED	Director	05/12/1987	05/12/1987	-	Active	NO
2	U74899DL1994PTC056888	PEBBLES CONSTRUCTIONS PRIVATE LIMITED	Director	12/01/1994	12/01/1994	-	Active	NO
3	U51432DL1997PTC085643	MODERN PREFAB SYSTEMS PRIVATE LIMITED	Director	01/04/1998	01/04/1998	-	Active	NO
4	U72300DL2008PTC175156	Modern Infratel Private Limited	Director	11/03/2008	11/03/2008	10/05/2010	Active	NO

Name :

Mr. Aditya Kapoor

Designation :

Director

Address :

Triveni Gardens, Gadaipur, Mehrauli, New Delhi – 110030, Delhi, India

Date of Birth/Age :

12.11.1970

Date of Appointment :

06.03.1997

DIN No.:

00287747

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	U51432DL1997PTC085643	MODERN PREFAB SYSTEMS PRIVATE LIMITED	Director	06/03/1997	06/03/1997	-	Active	NO
2	U74899DL1994PTC056888	PEBBLES CONSTRUCTIONS PRIVATE LIMITED	Director	16/04/1998	16/04/1998	-	Active	NO
3	U72300DL2008PTC175156	Modern Infratel Private Limited	Director	11/03/2008	11/03/2008	10/05/2010	Active	NO
4	U45400DL2009PTC189730	INTERMODAL BUILDING SYSTEMS PRIVATE LIMITED	Director	23/05/2009	23/05/2009	20/06/2013	Active	NO
5	U52100DL2014PTC268784	Road Consultants Private Limited	Director	10/07/2014	10/07/2014	-	Active	NO
6	AAA-8039	PREFAB STEEL DESIGN SOLUTIONS LLP	Designated Partner	17/02/2012	17/02/2012	-	Active	NO

Name :

Mrs. Aruna Kapoor

Designation :

Director

Address :

Triveni Gardens, Gadaipur, Mehrauli, New Delhi – 110030, Delhi, India

Date of Birth/Age :

12.09.1947

Date of Appointment :

01.04.2003

DIN No.:

00287718

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	U74899DL1983PTC017063	MODERN FLOORING PRIVATE LIMITED	Director	01/05/1988	01/05/1988	-	Active	NO
2	U74899DL1994PTC056888	PEBBLES CONSTRUCTIONS PRIVATE LIMITED	Director	12/01/1994	12/01/1994	-	Active	NO
3	U51432DL1997PTC085643	MODERN PREFAB SYSTEMS PRIVATE LIMITED	Director	01/04/2003	01/04/2003	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Yogesh Sharma
Designation :	Assistant Finance Manager

MAJOR SHAREHOLDERS

AS ON 30.09.2013

Names of Shareholders	No. of Shares	% of Holding
Aditya Kapoor – Aruna Kapoor	780000	19.50
Aruna Kapoor – Aditya Kapoor	780000	19.50
Subhash Kapoor	1440000	36.00
Aditya Kapoor	750000	18.75
Aruna Kapoor	250000	6.25
Total	4000000	100.00

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2013

Category	Percentage
Directors or relatives of Directors	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of prefabricated modular insulated re-locatable structures.
Products :	Prefabricated Structures
Exports :
Countries :	Zambia

GENERAL INFORMATION

Suppliers :

Steel Authority of India

Customers :

Delhi Metro Rail Corporation

No. of Employees :

120 (Approximately)

Bankers :

· Small Industrial Development Bank of India (SIDBI), Head Office, SIDBI Tower, 15 Ashok Marg, Lucknow – 226001, Uttar Pradesh, India

· Union Bank of India, Aurobindo Marg, Yusuf Sarai, New Delhi – 110066, Delhi, India

· JSC VTB BANK, Lobby Mazzanine Floor, The Taj Mahal Hotel, 1, Man Singh Road, New Delhi – 110011, Delhi, India

Facilities :

SECURED LOANS	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Long Term Borrowings
Term loans from banks and financial institutions	12.290	23.970
Term loans from other parties	2.093	2.093
Short Term Borrowings
Working capital loans from banks	273.201	207.743
From other financial institutions	47.961	0.000
Total	335.545	233.806

Banking Relations :	--
Auditors :
Name :	Arora Gupta and Goel Chartered Accountant
Address :	G-15, LGF, NDSE-II, New Delhi – 110049, India
Pan No.:	AAAFA7190F
Related Parties :	· Floor India Tiles · Modern Tiles and Marble · Prefab Steel Design Solutions LLP · Pebble Construction Private Limited · Sunil Rai and Company Private Limited

CAPITAL STRUCTURE

AS ON 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
4000000	Equity Shares	Rs.10/- each	Rs.40.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4000000	Equity Shares	Rs.10/- each	Rs.40.000 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	40.000	40.000	40.000
(b) Reserves & Surplus	157.802	60.161	43.327
(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)	197.802	100.161	83.327
(3) Non-Current Liabilities
(a) long-term borrowings	42.483	55.663	23.262
(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)	42.483	55.663	23.262
(4) Current Liabilities
(a) Short term borrowings	321.162	207.743	192.862
(b) Trade payables	143.307	68.986	30.816
(c) Other current liabilities	44.053	66.325	44.704
(d) Short-term provisions	4.524	3.343	2.514
Total Current Liabilities (4)	513.046	346.397	270.896
TOTAL	753.331	502.221	377.485
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	190.693	107.880	104.338
(ii) Intangible Assets	1.838	0.132	0.073
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	2.877
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	1.824	0.859	5.820
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	194.355	108.871	113.108
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	241.713	137.941	71.654
(c) Trade receivables	254.865	197.852	145.153
(d) Cash and cash equivalents	36.558	33.250	38.955
(e) Short-term loans and advances	25.369	23.920	7.400
(f) Other current assets	0.471	0.387	1.215
Total Current Assets	558.976	393.350	264.377
TOTAL	753.331	502.221	377.485

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.03.2013	31.03.2012	31.03.2011
	SALES
		Income
		Other Income
		TOTAL		783.013	752.199	764.716
Less	EXPENSES
		TOTAL		741.407	716.129	742.467
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			41.606	36.070	22.249
Less	DEPRECIATION/ AMORTISATION (F)			15.686	13.139	12.795
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)			25.920	22.931	9.454
Less	TAX (H)			8.105	6.097	4.213
	PROFIT/(LOSS) AFTER TAX (G-H) (I)			17.815	16.834	5.241
	IMPORTS
			Components	0.000	0.164	0.000
			Capital Goods	10.829	1.377	0.597
	TOTAL IMPORTS			10.829	1.541	0.597
	Earnings Per Share (Rs.)			4.45	NA	NA

Particulars	31.03.2014
Sales Turnover (Approximately)	820.000

The above information has been parted by Mr. Yogesh Sharma (Assistant Finance Manager)

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	2.28	2.24	0.69
Return on Total Assets (PBT/Total Assets}	(%)	3.44	4.57	2.52
Return on Investment (ROI) (PBT/Networth)		0.13	0.23	0.11
Debt Equity Ratio (Total Debt /Networth)		1.84	2.63	2.59
Current Ratio (Current Asset/Current Liability)		1.09	1.14	0.98

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	40.000	40.000	40.000
Reserves & Surplus	43.327	60.161	157.802
Net worth	83.327	100.161	197.802
long-term borrowings	23.262	55.663	42.483
Short term borrowings	192.862	207.743	321.162
Total borrowings	216.124	263.406	363.645
Debt/Equity ratio	2.594	2.630	1.838

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	764.716	752.199	783.013
		(1.637)	4.097

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	764.716	752.199	783.013
Profit	5.241	16.834	17.815
	0.69%	2.24%	2.28%

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 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	Yes
18]	Major customers	Yes
19]	Payments terms	No
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	Yes

UNSECURED LOANS:

Particulars	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Long Term Borrowings
Loans and advances from related parties	28.100	29.600
Total	28.100	29.600

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10295449	26/09/2013 *	70,000,000.00	JSC-VTB BANK	LOBBY MAZZANINE FLOOR, THE TAJ MAHAL HOTEL, 1, MAN SINGH ROAD, NEW DELHI, DELHI - 110011, INDIA	B87103792
2	10283419	06/05/2011	7,500,000.00	SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA (SIDBI)	VIDEOCON TOWER,GROUND FLOOR,E-1,RANI JHANSI ROAD, JHANDEWALAN EXTENSION, NEW DELHI, DELHI - 110055, INDIA	B11817574
3	10114212	11/06/2008	16,000,000.00	SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA (SIDBI)	NEW DELHI BRANCH OFF., GRD. FLOOR, VIDEOCON TOWER, E-1 RANI JHANSI RD., JHANDEWALAN EXTN., NEW DELHI, DELHI - 110055, INDIA	A42535484
4	10050378	27/05/2014 *	546,800,000.00	UNION BANK OF INDIA	YUSUF SARAI BRANCH, C-1, GREEN PARK EXTENSION,, NEW DELHI, DELHI - 110016, INDIA	C07009970
5	10050303	27/05/2014 *	546,800,000.00	UNION BANK OF INDIA	YUSUF SARAI BRANCH, C-1, GREEN PARK EXTENSION,, NEW DELHI, DELHI - 110016, INDIA	C07009814
6	10043669	05/03/2007	33,000,000.00	SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA (SIDBI)	HEAD OFFICE, SIDBI TOWER,, 15 ASHOK MARG, LUCKNOW, UTTAR PRADESH - 226001, INDIA	A12657987

*Date of modification Charges

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Furniture and Fixture

· Vehicles

· Office Equipment

· Ancillary Equipment

· Computer Hardware

· Electrical Installments

· Site Equipment

· Computer Software

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.60.14
UK Pound	1	Rs.102.22
Euro	1	Rs.81.02

INFORMATION DETAILS

Information Gathered by :	PDT
Analysis Done by :	SUM
Report Prepared by :	NKT

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	4
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	4
--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		42

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.