MIRA INFORM REPORT

Report Date :

18.03.2014

IDENTIFICATION DETAILS

Name :	ADO ADDITIVES TECHNOLOGIES PRIVATE LIMITED
Registered Office :	D-1, Basement, Acharya Niketan, Mayur Vihar, Phase I, New Delhi – 110 091
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	16.03.2005
Com. Reg. No.:	55-134055
Capital Investment / Paid-up Capital :	Rs.0.475 million
CIN No.: [Company Identification No.]	U24295DL2005PTC134055
TAN No.: [Tax Deduction & Collection Account No.]	DELA20881A
PAN No.: [Permanent Account No.]	AAFCA1329Q
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in the business of manufacturing Construction Chemicals.
No. of Employees :	20 (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 44000
Status :	Satisfactory
Payment Behaviour :	Slow but 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. Trade relations are fair. Business is active. Payment terms are reported to be slow but 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 – December 1, 2013

Country Name	Previous Rating (30.09.2013)	Current Rating (01.12.2013)
India	A1	A1

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

INDIAN ECONOMIC OVERVIEW

State-run banks hired nearly 300000 personnel including more than 94000 officers in the last four years, according to the Indian Banks Association. A study by trade lobby Assocham in September 2013 indicated that banks would need 800000 people in the next six years. It estimated that state-run lenders alone would hire 50000 people in 2013/14.

The Competition Commission of India plans to issue final orders within a broad time-frame of one year in matters where it decides to carry out detailed investigations. The number of complaints received by the watchdog which keeps tabs on unfair trade practices in the marketplace.

The government has detected custom tax evasion totaling around Rs 37920 mn in 14 states until December. Maharashtra topped the list of Rs 14190 mn followed by Andhra Pradesh at Rs 8140 mn, Gujarat Rs 5240 mn, Karnataka Rs 1670 mn and Tamilnadu Rs 1610 mn.

Connaught Place in New Delhi slipped four notches to become the world’s eighth most expensive office locations. London’s West End is the world’s most expensive office market.

There are 4.072 mn number of high value spenders under the scanner of the income tax department. The income tax department has information that they have made cash deposits announcing to Rs 1 mn or more in their savings bank accounts in the current financial year. It plans to check potential evasion before the closing of the financial year on March 31.

Estimated pharmaceutical sales in the country for 2016 is $ 27 bn. It is 14.4 per cent higher than a year ago. The life sciences and health care industry is up against challenges such as quality management, says a recent Deloitte report.

The gross non-performing assets of listed banks rose 35.2 % to Rs 2.43 lakh crore during the first three months of the financial year. In absolute terms, the 40 listed banks added Rs 3386 crore to their gross NPAs in nine months with the State Bank of India leading with the State Bank of India leading with an accretion of Rs 16610 crore.

The inflow of smuggled gold doubled in 2013 following restrictions to curb the supply from official channels to contain the current account deficit. China surpassed India in the demand for gold for the first time in 2013 due to liberalization of gold trading norms by its local governments.

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. Lalit Kumar
Designation :	Accountant
Contact No.:	91-11-22791121
Date :	14.03.2014

LOCATIONS

Registered Office/ Corporate Office :	D-1, Basement, Acharya Niketan, Mayur Vihar, Phase I, New Delhi – 110 091, India
Tel. No.:	91-11-22791121/ 1131/ 1151
Mobile No.:	91-9903162269 (Mr. Sanjib) 91-9810073849 (Mr. Sanjay)
Fax No.:	Not Available
E-Mail :	atpldelhi@gmail.com bansalarun@airtelmail.in
Website :	http://www.atplgroup.in
Factory :	Located at: · Sahibabad - Ghaziabad, Uttar Pradesh · Kolkata, West Bengal

DIRECTORS

AS ON 28.09.2013

Name :

Mr. Sanjib Shailendra Nath Parial

Designation :

Director

Address :

D-10, Lovely Apartments, Mayur Vihar, Phase-I, Delhi – 110 091, India

Date of Birth/Age :

15.03.1973

Date of Appointment :

16.03.2005

DIN No.:

00814988

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	U24295DL2005PTC134055	ADO ADDITIVES TECHNOLOGIES PRIVATE LIMITED	Director	16-03-2005	16-03-2005	-	Active	NO
2	U74900DL2009PTC192010	NANOENGITECH SYSTEMS PRIVATE LIMITED	Director	08-07-2009	08-07-2009	-	Active	NO
3	U24200WB2009PTC139495	ADO ADDITIVES MFG PRIVATE LIMITED	Director	18-11-2009	18-11-2009	-	Active	NO
4	U92412WB2012PTC187422	EKHON KOLKATA ENTERTAINMENT MEDIA PRIVATE LIMITED	Director	18-10-2012	18-10-2012	-	Active	NO

Name :

Mr. Sanjay Satya Pal Arora

Designation :

Director

Address :

619, Sector – 28, Gautam Budh Nagar, Noida – 201 301, Uttar Pradesh, India

Date of Birth/Age :

20.01.1965

Date of Appointment :

16.03.2005

DIN No.:

02656579

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	U24295DL2005PTC134055	ADO ADDITIVES TECHNOLOGIES PRIVATE LIMITED	Director	16-03-2005	16-03-2005	-	Active	NO
2	U74900DL2009PTC192010	NANOENGITECH SYSTEMS PRIVATE LIMITED	Director	08-07-2009	08-07-2009	-	Active	NO
3	U24200WB2009PTC139495	ADO ADDITIVES MFG PRIVATE LIMITED	Director	18-11-2009	18-11-2009	-	Active	NO

Name :

Mr. Prithvi Vikram Sen

Designation :

Director

Address :

The Palace, Junga District, Shimla – 171 002, Himachal Pradesh, India

Date of Birth/Age :

01.04.1970

Date of Appointment :

10.04.2005

DIN No.:

03640336

Name :

Mr. Abhinav Arora

Designation :

Director

Address :

619, Sector – 28, Gautam Budh Nagar, Noida – 201 301, Uttar Pradesh, India

Date of Birth/Age :

20.10.1992

Date of Appointment :

01.05.2012

DIN No.:

05271281

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	U24295DL2005PTC134055	ADO ADDITIVES TECHNOLOGIES PRIVATE LIMITED	Director	01-05-2012	01-05-2012	-	Active	NO
2	U74900DL2009PTC193984	MAPLE LEAF ELECTROVACS AND ACCESS SYSTEMS PRIVATE LIMITED	Director	17-02-2014	17-02-2014	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Lalit Kumar
Designation :	Accountant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 28.09.2013

Names of Shareholders	No. of Shares
Sanjay Arora	5000
Sanjib Parial	5000
Nanoengitech Systems Private Limited, India	37500
Total	47500

AS ON 28.09.2013

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	79.00
Directors or relatives of directors	21.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged in the business of manufacturing Construction Chemicals.
Products :	Admixtures Anchoring Cement Mortars Cementitious Grouts Coating and Sealants Curing Agent Epoxy Adhesives Mortar Admixture Mould Release Agent Surface Retarder Waterproofing Systems
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Suppliers :

• Amorphos Chemicals (Private) Limited-Group
• Ajay Silicate and Chemicals
• Broadways Chemtech Private Limited
• Dynamic Orbits Advisory Private Limited
• Ekam Chemicals
• Keshav Hichem Private Limited
• Prabhat Chemicals-Gurgaon
• Saffron Enterprises-Kolkata
• S.K. Trading Co.
• Sri Ram Service Station
• Sriyani Designers
• Tytan Organics (Private) Limited
• M.R Traders
• Gupta Traders
• Calco Syndicate-Karnal

Customers :

End Users

• Adycon Infrastructure (Private) Limited
• Afcons Infra Limited
• Ahluwalia Constructions
• Bhayan Builders Private Limited
• Continental Engg. Corp.
• C.K. Constructions
• DLF India
• Gammon India Limited
• Gangotri Enterprises
• Hercules Structural Systems
• JKM Group
• Krishna Conquest Construction (Private) Limited
• Krishna Construction Co. (Private) Limited
• Larsen and Toubro Limited
• Mahesh Enterprises
• Patel Engineering Limited
• Purvanchal Projects Private Limited
• Sun Nirman Infra Private Limited
• Supertech Constructions
• Unique Engineers, U.P.
• Vatika Group

No. of Employees :

20 (Approximately)

Bankers :

Indian Overseas Bank, Vanasthali Branch, I.P. Extension, New Delhi – 110 092, India

Facilities :

Cash Credit: Rs.5.000 millions (From Indian Overseas Bank)

Secured Loans	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
SHORT TERM BORRWINGS
Indian Overseas Bank – C/C	3.794	1.416
Indian Overseas Bank – Car loan	0.264	0.574
Indian Overseas Bank – Loan against FDR (Secured by first charge on stocks, book debts and other current assets of the company present and future)	1.643	0.000
Total	5.701	1.990

Banking Relations :	--
Auditors :
Name :	A.B. and Associates Chartered Accountants
Address :	L-201/202, Dua Complex, 24 Veer Savarkar Block, Shakarpur, Vikas Marg, Delhi – 110 092, India
PAN No.:	AAFPB5746B
Associates/Subsidiaries :	Ado Additives Mfg Private Limited Address: 2L,Gurudas Dutta Garden Lane, Kolkata – 700 067, West Bengal, India Line of business: Subject is engaged in the business of manufacturing Construction Chemicals. Tel. No.: 91-33-23587377/ 40017313 E-Mail: atplkolkata@gmail.com Website: www.atplgroup.in

CAPITAL STRUCTURE

AS ON 28.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.10/- each	Rs.0.500 million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
47500	Equity Shares	Rs.10/- each	Rs.0.475 million

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	0.475	0.475	0.475
(b) Reserves & Surplus	8.469	7.523	6.763
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	2.000	1.000	1.000
Total Shareholders’ Funds (1) + (2)	10.944	8.998	8.238
(3) Non-Current Liabilities
(a) Long-term borrowings	0.000	0.000	0.000
(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)	0.000	0.000	0.000
(4) Current Liabilities
(a) Short term borrowings	8.701	5.740	11.536
(b) Trade payables	57.569	31.621	12.357
(c) Other current liabilities	0.000	0.000	0.000
(d) Short-term provisions	2.337	0.826	0.870
Total Current Liabilities (4)	68.607	38.187	24.763
TOTAL	79.551	47.185	33.001
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1.357	1.491	1.367
(ii) Intangible Assets	0.000	0.000	0.000
(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	0.000
(c) Deferred tax assets (net)	0.056	0.045	0.023
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	1.413	1.536	1.390
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	5.671	4.622	9.593
(c) Trade receivables	70.232	37.815	20.404
(d) Cash and cash equivalents	1.992	1.919	0.866
(e) Short-term loans and advances	0.235	1.280	0.731
(f) Other current assets	0.008	0.013	0.017
Total Current Assets	78.138	45.649	31.611
TOTAL	79.551	47.185	33.001

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Revenue from operations (Net)	103.835	83.413	33.742
		Other Income	0.426	0.057	0.132
		TOTAL (A)	104.261	83.470	33.874
Less	EXPENSES
		Cost of materials consumed	87.194	70.927	24.907
		Change in inventories of finished goods and work in progress	0.662	(1.198)	0.996
		Other Direct manufacturing expenses	0.901	0.927	0.801
		Employee benefits expenses	1.567	1.399	1.016
		Other expenses	11.762	9.562	5.022
		TOTAL (B)	102.086	81.617	32.742
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		2.175	1.853	1.132
Less	FINANCIAL EXPENSES (D)		0.441	0.317	0.226
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1.734	1.536	0.906
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.316	0.379	0.233
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		1.418	1.157	0.673
Less	TAX (H)		0.471	0.397	0.224
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		0.947	0.760	0.449
	EARNINGS IN FOREIGN CURRENCY
		FOB value of Exports	0.000	0.183	0.000
	TOTAL EARNINGS		0.000	0.183	0.000
	Earnings / (Loss) Per Share (Rs.)		19.93	15.99	9.45

Expected Sales (2013-2014): Rs.150.000 millions

The above information has been parted by Mr. Lalit Kumar (Accountant).

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	0.91	0.91	1.33
Net Profit Margin (PBT/Sales)	(%)	1.37	1.39	1.99
Return on Total Assets (PBT/Total Assets}	(%)	1.78	2.45	2.04
Return on Investment (ROI) (PBT/Networth)		0.13	0.13	0.08
Debt Equity Ratio (Total Debt/Networth)		0.80	0.64	1.40
Current Ratio (Current Asset/Current Liability)		1.14	1.20	1.28

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns.)	(INR in Mlns.)	(INR in Mlns.)
Share Capital	0.475	0.475	0.475
Reserves & Surplus	6.763	7.523	8.469
Share Application money pending allotment	1.000	1.000	2.000
Net worth	8.238	8.998	10.944
long-term borrowings	0.000	0.000	0.000
Short term borrowings	11.536	5.740	8.701
Total borrowings	11.536	5.740	8.701
Debt/Equity ratio	1.400	0.638	0.795

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Revenue from operations (Net)	33.742	83.413	103.835
		147.208	24.483

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Revenue from operations (Net)	33.742	83.413	103.835
Profit	0.449	0.760	0.947
	1.33%	0.91%	0.91%

LOCAL AGENCY FURTHER INFORMATION

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	Yes
15) Capital in the business	Yes
16) Details of sister concerns	Yes
17) Major suppliers	Yes
18) Major customers	Yes
19) Payments terms	Yes
20) Export / Import details (if applicable)	No
21) Market information	--
22) Litigations that the firm / promoter involved in	--
23) Banking Details	Yes
24) Banking facility details	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

INDEX OF CHARGES:

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10266730	29/01/2013 *	5,000,000.00	INDIAN OVERSEAS BANK	VANASTHALI BRANCH, I P EXTENSION, NEW DELHI, DELHI - 110092, INDIA	B68361385
2	10004435	17/03/2006	285,000.00	BHARAT OVERSEAS BANK LIMITED	HS - 31, KAILASH COLONY MARKET, NEW DELHI, NEW DELHI, DELHI - 110048, INDIA	A00680330

* Date of charge modification

Unsecured Loans	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
SHORT TERM BORRWINGS
From Others
- Excel Marketing	0.125	0.125
- Arun Bansal	0.600	0.600
- Bharti Bansal	0.750	1.250
- Pritam Singh Rana	0.100	0.100
- Dimple Anand	0.100	0.100
- A.B. and Associates	0.675	1.575
- Aljnya Enterprises	0.500	0.000
- Amorphose Chemicals (Private) Limited	0.150	0.000
Total	3.000	3.750

FIXED ASSETS:

· Plant and Machinery

· Car

· Weighing Machine

· Invertor

· Mobile

· Sewing Machine

· Office Equipments

· Generator

· Computer (Laptop and Desktop)

· Computer Printer

· Motor-Cycle

· Furniture and Fixtures

· Air Conditioner

· Lab Equipments

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 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.102.22
Euro	1	Rs.85.23

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	5
--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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		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.