MIRA INFORM REPORT

Report Date :

19.03.2014

IDENTIFICATION DETAILS

Name :	INDICA INDUSTRIES PRIVATE LIMITED (w.e.f. 17.11.2011)
Formerly Known As :	INDICA CHEMICAL INDUSTRIES PRIVATE LIMITED
Registered Office :	A-4, Greater Kailash No. I, New Delhi – 110048
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	21.03.1984
Com. Reg. No.:	55-017752
Capital Investment / Paid-up Capital :	Rs.2.491 millions
CIN No.: [Company Identification No.]	U29299DL1984PTC017752
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Technical Products specializing in Noise, Vibration, Heat and Insulation Management for Industry specific applications.
No. of Employees :	100 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (27)

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

Maximum Credit Limit :	USD 3298000
Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. Management of the company has filed its financials of 2011, 2012 and 2013 with Government Department but the same could not be made available. Mr. Vikas, Accounts Executive has provided us with the general information and denied to disclose the financial details about the subject to us. As per available financial 2010, performance of the company is normal. Trade relation are fair. Business is active. In view of absence of financials payment terms are reported to be unknown. The company can be considered for business dealing with some caution

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 (GENERAL DETAILS)

Name :	Mr. Vikas
Designation :	Accounts Executive
Contact No.:	91-120-4347550
Date :	15.03.2014

LOCATIONS

Registered Office :	A-4, Greater Kailash No. I, New Delhi – 110 048, India
Tel. No.:	91-11-29233593
Fax No.:	Not Available
E-Mail :	info@indicaindustries.com indica1@airtelmail.in
Website :	http://www.indicaindustries.com
Location :	Owned
Head Office :	C-6, Sector-63, Noida – 201 301, Uttar Pradesh, India
Tel. No.:	91-120-4347550/ 51/ 52/ 53/ 54
Fax No.:	91-120-4347558
Factory :	Located at: · Delhi NCR (Units I, II and III) · Kotdwara (Units I, II and III) · Pune · Chennai · Bangalore

DIRECTORS

As on 30.09.2013

Name :

Mr. Sunil Sharma

Designation :

Managing Director

Address :

A-4, Greater Kailash No. I, New Delhi – 110 048, India

Date of Birth/Age :

14.12.1956

Qualification :

B.A. (Hons), MBA (USA)

Date of Appointment :

21.03.1984

DIN No.:

01591189

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	U29299DL1984PTC017752	INDICA INDUSTRIES PRIVATE LIMITED	Managing director	21/03/1984	21/03/1984	-	Active	NO
2	U25203DL2007PTC167334	INDICA PMC MANUFACTURING PRIVATE LIMITED	Director	23/08/2007	23/08/2007	-	Strike off	NO
3	U36900DL2011PTC216391	ISOFLEX-INDICA MANUFACTURING COMPANY PRIVATE LIMITED	Director	23/03/2011	23/03/2011	-	Active	NO
4	U29130DL2012PTC230471	INDICA AO AUTOMOTIVE PRIVATE LIMITED	Director	24/01/2012	24/01/2012	-	Active	NO

Name :

Mrs. Kamla Sharma

Designation :

Director

Address :

A-4, Greater Kailash No. I, New Delhi – 110 048, India

Date of Birth/Age :

07.11.1925

Date of Appointment :

03.06.1986

DIN No.:

01591213`

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	U29299DL1984PTC017752	INDICA INDUSTRIES PRIVATE LIMITED	Director	03/06/1986	03/06/1986	-	Active	NO
2	U25203DL2007PTC167334	INDICA PMC MANUFACTURING PRIVATE LIMITED	Director	23/08/2007	23/08/2007	-	Strike off	NO

Name :

Dr. Shiva Sharma

Designation :

Director

Address :

535, Heards Ferry Road, Atlanta GA303284720 USA

Date of Birth/Age :

02.03.1952

Date of Appointment :

23.05.1987

DIN No.:

01591299

Name :

Mr. Deepak Anand

Designation :

Director

Address :

16, Vasant Vihar, New Delhi – 110 057, India

Date of Birth/Age :

29.08.1949

Date of Appointment :

20.03.1987

DIN No.:

00011500

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	U29299DL1984PTC017752	INDICA INDUSTRIES PRIVATE LIMITED	Director	20/03/1987	20/03/1987	-	Active	NO
2	U29309AP1975PLC001936	UB ELECTRONIC INSTRUMENTS LIMITED	Director	07/06/2000	07/06/2000	-	Active	NO
3	U72300KA1995PTC018251	AJAX.COM PRIVATE LIMITED	Director	28/05/2001	28/05/2001	-	Active	NO
4	L24123KA1966PLC002036	MANGALORE CHEMICALS AND FERTILISERS LIMITED	Managing director	01/10/2012	27/04/2005	-	Active	NO
5	U85300DL1955NPL002999	THE FERTILISER ASSOCIATION OF INDIA.	Director	02/09/2005	02/09/2005	-	Active	NO
6	U24124KA2006PLC040312	MCF INTERNATIONAL LIMITED	Director	28/08/2006	28/08/2006	-	Amalgamated	NO
7	U29130DL2012PTC230471	INDICA AO AUTOMOTIVE PRIVATE LIMITED	Director	24/01/2012	24/01/2012	-	Active	NO
1	U29299DL1984PTC017752	INDICA INDUSTRIES PRIVATE LIMITED	Director	20/03/1987	20/03/1987	-	Active	NO

KEY EXECUTIVES

Name :	Kamal Chand Shah
Designation :	Secretary
Address :	KD-14B, Ashok Vihar, Phase-I, Delhi – 110 052, India
Date of Birth/Age :	17.10.1936
Date of Appointment :	19.10.1984
PAN No.:	AANPS1507P

MAJOR SHAREHOLDERS

As on 30.09.2013

Names of Shareholders	No. of Shares	% of Holding
Sunil Sharma	14350	57.61
Vaibhav Sharma	4000	16.06
Sukrit Sharma	5000	20.07
Jaikrishna Sharma	510	2.05
Kamla Sharma	430	1.73
Shiva Sharma	292	1.17
Sunder Anand	170	0.68
Deepak Anand	150	0.60
Rajendra Vaid	5	0.02
Total	24907	100.00

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2013

Category	Percentage
Directors or relatives of directors	99.63
Other top fifty shareholders	0.37
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Technical Products specializing in Noise, Vibration, Heat and Insulation Management for Industry specific applications.

Products :

Product Description	Item Code No. (ITC Code)
Perlite Filteraid,	380290.02
Expanded Perlite and	870899.00
Parts of Motor	841869.00
Vehicles, Refrigerator and Photocopier	900990.00

• Noise Vibration and Heat Management (NVH)
• Industrial Insulation
• Architecture and Interior Design
• Adhesives and Tapes

Exports :

Products :

Finished Goods

Countries :

Europe

Imports :

Products :

Raw Material

Countries :

Europe

Terms :

Selling :

L/C and Credit

Purchasing :

L/C and Credit

PRODUCTION STATUS [AS ON 31.03.2010]

Particulars	2009-10
Capacity:-
At Kotdwar
Product: Perlite Filter-aids and Expanded Perlite
Registered Capacity:	6000 MT
Production during the year:	3261 MT
At Noida
Foam Parts and Rubber Products
Registered Capacity:	117000000 Nos. (Aggregate)
Production during the year:	76496924 Nos.
At Noida-Export Oriented Unit
Foam Parts and Rubber Products
Registered Capacity:	49090000 Nos. (Aggregate)
Production during the year:	1653718 Nos.
At Pune
Foam Parts and Rubber Products
Registered Capacity:	44000000 Nos. (Aggregate)
Production during the year:	30766834 Nos.
At Chennai
Foam Parts and Rubber Products
Registered Capacity:	35400000 Nos. (Aggregate)
Production during the year:	23888439 Nos.
At Kotdwar-II
Light Weight Concrete Blocks
Registered Capacity:	10000 Nos. (Aggregate)
Production during the year:	344 Nos.
At Kotdwar-III
Foam Products
Registered Capacity:	10000000 Nos. (Aggregate)
Production during the year:	2033340 Nos.

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

100 (Approximately)

Bankers :

Canara Bank, Overseas Branch, B-39, First Floor, Connaught Circus, New Delhi – 110 001, India

Facilities :

Secured Loans	31.03.2010 (Rs. in Millions)	31.03.2009 (Rs. in Millions)
From Bank On Overdraft (Overdraft is secured by charge on plant, machinery, accessories, tools, other fixed assets, factory land and building etc. and stocks and are also secured by personal guarantee of some of the directors of the company.)	0.000	2.598
Total	0.000	2.598

Banking Relations :	--
Auditors :
Name :	H. Mitter and Company Chartered Accountants
Address :	A-2/6, Safdarjung Enclave, Africa Avenue, New Delhi – 110 066, India
PAN No.:	AADPM3350L

CAPITAL STRUCTURE

As on 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
200000	Equity Shares	Rs.100/- each	Rs.20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
24907	Equity Shares	Rs.100/- each	Rs.2.491 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		2.491	2.491	2.491
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		821.905	668.580	538.535
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		824.396	671.071	541.026
LOAN FUNDS
1] Secured Loans		0.000	2.598	2.699
2] Unsecured Loans		2.981	2.138	2.664
TOTAL BORROWING		2.981	4.736	5.363
DEFERRED TAX LIABILITIES		4.482	2.515	2.190
TOTAL		831.859	678.322	548.579
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		72.661	69.088	65.698
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		439.696	371.875	251.203
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	151.300	107.013	78.336
	Sundry Debtors	176.889	146.227	149.306
	Cash & Bank Balances	32.235	16.516	55.570
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	314.610	246.292	254.742
Total Current Assets		675.034	516.048	537.954
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	114.911	87.114	94.172
	Other Current Liabilities	9.263	12.217	11.044
	Provisions	231.358	179.358	201.060
Total Current Liabilities		355.532	278.689	306.276
Net Current Assets		319.502	237.359	231.678
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		831.859	678.322	548.579

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Turnover	769.600	662.175	698.586
		Other Income	NA	22.646	30.067
		TOTAL	NA	684.821	728.653
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	NA	509.020	535.939
	PROFIT / (LOSS) BEFORE TAX		207.300	175.801	192.714
Less	TAX		NA	42.623	47.062
	PROFIT / (LOSS) AFTER TAX		NA	133.178	145.652
	EARNINGS IN FOREIGN CURRENCY
		Commission Earnings	2.931	2.169	1.327
	TOTAL EARNINGS		2.931	2.169	1.327
	IMPORT VALUE		301.295	309.147	243.470
	Earnings / (Loss) Per Share (Rs.)		NA	5347.03	5847.84

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	NA	19.45	19.99
Net Profit Margin (PBT/Sales)	(%)	26.94	26.55	27.59
Return on Total Assets (PBT/Total Assets}	(%)	27.73	30.04	31.92
Return on Investment (ROI) (PBT/Networth)		0.25	0.26	0.36
Debt Equity Ratio (Total Debt/Networth)		0.00	0.71	0.99
Current Ratio (Current Asset/Current Liability)		1.90	1.85	1.76

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2008	31.03.2009	31.03.2010
	(INR in Mlns.)	(INR in Mlns.)	(INR in Mlns.)
Share Capital	2.491	2.491	2.491
Reserves & Surplus	538.535	668.580	821.905
Net worth	541.026	671.071	824.396
Secured Loans	2.699	2.598	0.000
Unsecured Loans	2.664	2.138	2.981
Total borrowings	5.363	4.736	2.981
Debt/Equity ratio	0.010	0.007	0.004

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2008	31.03.2009	31.03.2010
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Turnover	698.586	662.175	769.600
		-5.212	16.223

NET PROFIT MARGIN

Net Profit Margin	31.03.2008	31.03.2009	31.03.2010
	(INR in Mlns.)	(INR in Mlns.)	(INR in Mlns.)
Turnover	698.586	662.175	769.600
Profit Before Tax	192.714	175.801	207.300
	27.59%	26.55%	26.94%

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	No
17]	Major suppliers	No
18]	Major customers	No
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	No
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	No
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	31.03.2010 (Rs. in Millions)	31.03.2009 (Rs. in Millions)
From Directors (Includes balance due to directors in current accounts)	2.981	2.138
Total	2.981	2.138

PERFORMANCE:

The Company has achieved a turnover of Rs.769.600 millions as compared to Rs.662.200 millions in the previous year. There has been shortfall in turnover due to overall recession and hence lower capacity utilization of all their plants. Profit before tax increased from Rs.175.800 millions to Rs.207.300 millions. No dividend is recommenced. The economic conditions remain challenging and the Company’s conservative stance is vindicated.

CONTINGENT LIABILITIES (AS ON 31.03.2010):

(a) In respect of the guarantees given by the Bank on behalf of the company Rs.4.041 millions against which Rs.4.056 millions held with the bank as margin money.

(b) No provision has been made for Excise Duty, Customs and Sales Tax demands aggregating to Rs.3.041 millions which are being disputed in Appeal.

FIXED ASSETS:

· Leasehold Factory Land

· Freehold Land at Pune

· Factory Building

· Plant and Machinery

· Vehicles

· Furniture and Fixtures

· Capital WIP KOT-III

· Capital WIP C-157

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	80036218	21/09/2001 *	6,500,000.00	CANARA BANK	Overseas Branch, K.G. Marg, New Delhi, Delhi - 110001, India	-
2	80036219	12/12/2008 *	1,500,000.00	CANARA BANK	Overseas Branch, B-39, First Floor, Connaught Circus, New Delhi, Delhi - 110001, India	A53635215

*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 records 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.60.95
UK Pound	1	Rs.101.37
Euro	1	Rs.84.89

INFORMATION DETAILS

Information Gathered by :	PLK
Report Prepared by :	VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		27

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.