1. Summary Information

		Country	India
Company Name	GUPTA H.C. OVERSEAS (INDIA) PRIVATE LIMITED	Principal Name 1	Mr. Gopal Gupta
Status	Satisfactory	Principal Name 2	Mr. Abhay Gupta
		Registration #	20-035071
Street Address	425, Near Tube Well Colony, Bypass Road, Agra – 282007, Uttar Pradesh, India
Established Date	25.04.2008	SIC Code	--
Telephone#	91-562-4017900/ 2601500	Business Style 1	Manufacturer
Fax #	91-562-2600300	Business Style 2	Exporter
Homepage	http://www.guptaoverseas.com	Product Name 1	Ladies Leather Foot Wear
# of employees	Not Available	Product Name 2	--
Paid up capital	Rs.105,008,000/-	Product Name 3	--
Shareholders	Directors or relatives of directors -100%	Banking	Bank of India
Public Limited Corp.	NO	Business Period	6 Years
IPO	NO	International Ins.	-
Public Enterprise	NO	Rating	Ba (46)
Related Company
Relation	Country	Company Name	CEO
--	--	--	--
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2013		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	492,489,000	Current Liabilities	262,203,000
Inventories	220,117,000	Long-term Liabilities	451,479,000
Fixed Assets	341,803,000	Other Liabilities	21,589,000
Deferred Assets	7,700,000	Total Liabilities	735,271,000
Invest& other Assets	000	Retained Earnings	221,830,000
		Net Worth	326,838,000
Total Assets	1,062,109,000	Total Liab. & Equity	1,062,109,000
Total Assets (Previous Year)	808,584,000
P/L Statement as of	31.03.2013		(Unit: Indian Rs.)
Sales	2,055,357,000	Net Profit	82,071,000
Sales(Previous yr)	1,635,834,000	Net Profit(Prev.yr)	39,609,000

MIRA INFORM REPORT

Report Date :

03.05.2014

IDENTIFICATION DETAILS

Name :	GUPTA H.C. OVERSEAS (INDIA) PRIVATE LIMITED
Registered Office :	425, Near Tube Well Colony, Bypass Road, Agra – 282007, Uttar Pradesh
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	25.04.2008
Com. Reg. No.:	20-035071
Capital Investment / Paid-up Capital :	Rs.105.008 Millions
CIN No.: [Company Identification No.]	U74900UP2008PTC035071
TAN No.: [Tax Deduction & Collection Account No.]	AGRG10907B
PAN No.: [Permanent Account No.]	AADCG1250E
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Ladies Leather Foot Wear.
No. of Employees :	500 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 1310000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Company has performed well. Overall financial position of the company is decent. Trade relations are reported to be fair. Business is active. Payments are reported to be usually 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

US investment bank Goldman Sachs  has upgraded its outlook on Indian markets as it expects positive impact of the election cycle.

India’s economy may grow 4.7 % in the current financial year, lower than the official estimate of 4.9 %, Fitch Rating said. The global rating agency expects the economy to pick up in the next two financial years.

Global ratings agency Standard & Poor said increasing focus by India Inc on lowering debt is likely to improve their credit profiles.

Singapore (1.1 million Indian tourists in 2012), Thailand (one million), the United Arab Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred holidays hotspots for Indians. The total figure is expected to increase to 1.93 million by 2017, according to the latest Eurmonitor international report.

There is a $29.34 bn outward foreign direct investment by domestic companies between April and January of 2013/14 which has seen some signs of recovery according to a Care Ratings report.

There are 264 number of new companies being set up every day on average during 2014. Most of them are registered in Mumbai. India had 1.38 million registered companies at the end of January, 2014.

Twitter like messaging service Weibo Corporation has filed to raise $ 500 million via a US initial public offering. Alibaba, which owns a stake in Weibo is expected to raise about $ 15 billion New York this year in the highest profile Internet IPO since Facebook’s in 2012.

Bharti Airtel has raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at a coupon rate of three per cent and maturing in 2020. This is the largest ever bond offering by an Indian company in Swiss Francs. Bharat Petroleum Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98 % coupon rate in February.

Indian Oil Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex at its almost complete Paradip refinery in Odhisha in three to four years. The company board is set to consider the setting up of a 700000 tonne per annum polypropylene plant at an estimated cost at Rs.3150 crore.

Global chief information officers at gathering in Bangalore in April to meet Indian startups at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in the making.

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. Gopal Gupta
Designation :	Director
Contact No.:	91-9837065456
Date :	17.04.2014

LOCATIONS

Registered Office :	425, Near Tube Well Colony, Bypass Road, Agra – 282007, Uttar Pradesh, India
Tel. No.:	91-562-4017900/ 2601500
Fax No.:	91-562-2600300
E-Mail :	info@guptaoverseas.com companyconsultants@rediffmail.com nirbhaymittal@rediffmail.com
Website :	http://www.guptaoverseas.com
Location :	Owned (Commercial)
Factory :	C-12 and C-13, Industrial Area, UPSIDC, Agra, Uttar Pradesh, India

DIRECTORS

As on: 30.09.2013

Name :	Mr. Gopal Gupta
Designation :	Director
Address :	P-8, Lawyers Colony, Agra - 282005, Uttar Pradesh, India
Date of Birth/Age :	04.08.1956
Qualification :	B. Sc
Experience :	35 Years
Date of Appointment :	25.04.2008
PAN No.:	ABEPG8906G
DIN No.:	01615266
Name :	Mr. Abhay Gupta
Designation :	Director
Address :	O-9, Lawyers Colony, Bypass Road, Agra - 282005, Uttar Pradesh, India
Date of Birth/Age :	02.06.1964
Qualification :	B.Com
Experience :	28 Years
Date of Appointment :	25.04.2008
PAN No.:	AFPPG9756H
DIN No.:	02070564
Name :	Mr. Chetan Gupta
Designation :	Director
Address :	P-8, Lawyers Colony, Dayal Bagh, Bypass Road, Agra - 282005, Uttar Pradesh, India
Date of Birth/Age :	07.08.1981
Qualification :	B.B.M., Diploma in footwear designing from Italy
Experience :	8 Years
Date of Appointment :	25.04.2008
PAN No.:	AFAPG1332E
DIN No.:	02070596
Name :	Mr. Ajay Gupta
Designation :	Director
Address :	O-9, Lawyers Colony, Agra - 282005, Uttar Pradesh, India
Date of Birth/Age :	07.01.1961
Qualification :	B.Com
Experience :	29 Years
Date of Appointment :	25.04.2008
PAN No.:	ABEPG8907H
DIN No.:	02098510
Name :	Mr. Rishi Gupta
Designation :	Director
Address :	P-8, Lawyers Colony, PO Dayal Bagh, PS, New Agra - 282005, Uttar Pradesh, India
Date of Birth/Age :	10.09.1983
Qualification :	B.B.M., Diploma in footwear designing from Italy
Experience :	5 Years
Date of Appointment :	24.11.2008
PAN No.:	AGFPG6649C
DIN No.:	02418088

KEY EXECUTIVES

Name :	Mr. Pankaj Agarwal
Designation :	Secretary
Date of Birth/Age :	25.01.1986
Date of Appointment :	17.12.2011
PAN No.:	AKBPA3531B

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.09.2013

Names of Shareholders	No. of Shares
Gopal Gupta	3000000
Abhay Gupta	5000000
Bina Gupta	1000000
Ajay Gupta	500000
Chetan Gupta	400000
Ritu Gupta	210000
Akshta Gupta	90000
Arpit Gupta	100
H.C Gupta (HUF)	100
Rishi Gupta	300000
H.C Gupta	100
Sushila Gupta	100
Gopal Gupta (HUF)	100
Abhay Gupta (HUF)	100
Ajay Gupta (HUF)	100
Kapil Gupta	100
Total	10500800

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 and Exporter of Ladies Leather Foot Wear.

Products :

Product Description	ITC Code
Shoes (pairs)	64069910
Bags(No.)	64059000

Exports :

Products :

Finished Goods

Countries :

• Germany
• France
• USA

Terms :

Selling :

L/C and Credit

Purchasing :

L/C and Credit

GENERAL INFORMATION

Customers :

Retailers and End Users

No. of Employees :

500 (Approximately)

Bankers :

• Bank of India, Agra Mid Corporate Branch, 49-50, Sulabh Puram, Sikandra Bodla Road, Agra – 282007, Uttar Pradesh, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2013	As on 31.03.2012
Long Term Borrowing
Rupee term loans from banks (Secured against mortgage, hypothecation of factory building, land, plant and machinery and first charge on all assets of the company)	1.667	12.857
Short Term Borrowing
Loans repayable on demand from banks (secured against hypothecation of Company’s stock of raw material ,stock in progress finished goods and guaranteed by directors and second pari pasu charge on fixed asset of the company)	386.423	344.104
Total	388.090	356.961

Banking Relations :	--
Auditors :
Name :	Sahib P. Satsangee and Company Chartered Accountants
Address :	63, Nehru Nagar, Agra - 282002, Uttar Pradesh, India
Tel. No.:	91-562-3293796/ 2520053
Fax No.:	91-562-2520053
Income-tax PAN of auditor or auditor's firm :	ABTPS6332H

CAPITAL STRUCTURE

As on: 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
15000000	Equity Shares	Rs.10/- each	Rs.150.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10500800	Equity Shares	Rs.10/- each	Rs.105.008 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	105.008
(b) Reserves & Surplus	221.830
(c) Money received against share warrants	0.000
(2) Share Application money pending allotment	0.000
Total Shareholders’ Funds (1) + (2)	326.838
(3) Non-Current Liabilities
(a) long-term borrowings	65.056
(b) Deferred tax liabilities (Net)	0.000
(c) Other long term liabilities	0.000
(d) long-term provisions	0.000
Total Non-current Liabilities (3)	65.056
(4) Current Liabilities
(a) Short term borrowings	386.423
(b) Trade payables	206.578
(c) Other current liabilities	55.625
(d) Short-term provisions	21.589
Total Current Liabilities (4)	670.215
TOTAL	1,062.109
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	341.803
(ii) Intangible Assets	0.000
(iii) Capital work-in-progress	0.000
(iv) Intangible assets under development	0.000
(b) Non-current Investments	0.000
(c) Deferred tax assets (net)	7.700
(d) Long-term Loan and Advances	6.833
(e) Other Non-current assets	0.000
Total Non-Current Assets	356.336
(2) Current assets
(a) Current investments	0.000
(b) Inventories	220.117
(c) Trade receivables	280.303
(d) Cash and cash equivalents	43.362
(e) Short-term loans and advances	61.385
(f) Other current assets	100.606
Total Current Assets	705.773
TOTAL	1,062.109

SOURCES OF FUNDS		31.03.2012	31.03.2011
SHAREHOLDERS FUNDS
1] Share Capital		105.008	105.008
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		139.758	100.148
4] (Accumulated Losses)		0.000	0.000
NETWORTH		244.766	205.156
LOAN FUNDS
1] Secured Loans		356.961	412.815
2] Unsecured Loans		40.215	43.458
TOTAL BORROWING		397.176	456.273
DEFERRED TAX LIABILITIES		0.000	0.000
TOTAL		641.942	661.429
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		385.250	378.246
Capital work-in-progress		0.000	39.965
INVESTMENT		0.000	0.000
DEFERREX TAX ASSETS		1.800	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	242.455	246.948
	Sundry Debtors	93.644	227.586
	Cash & Bank Balances	23.752	15.456
	Other Current Assets	26.353	0.000
	Loans & Advances	35.330	78.691
Total Current Assets		421.534	568.681
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	98.110	265.453
	Other Current Liabilities	54.064	34.605
	Provisions	14.468	25.405
Total Current Liabilities		166.642	325.463
Net Current Assets		254.892	243.218
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		641.942	661.429

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	2055.357	1635.834	1832.843
		Other Income	NA	NA	NA
		TOTAL (A)	NA	NA	NA
Less	EXPENSES
		Raw Material Consumed
		Shoes/Retail Purchase
		Manufacturing and Other Expenses
		Payment to and for employees
		Research and Development Expenses
		Administrative Expenses
		Selling and Distribution Expenses
		Preliminary Expenses
		Increase/ (Decrease) in Stock
		TOTAL (B)	NA	NA	NA
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)
Less	FINANCIAL EXPENSES (D)
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)
Less/ Add	DEPRECIATION/ AMORTISATION (F)
	PROFIT BEFORE TAX (E-F) (G)		81.512	60.778	78.171
Less	TAX (H)		(0.559)	21.169	39.722
	PROFIT AFTER TAX (G-H) (I)		82.071	39.609	38.449
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		125.756	91.147	56.698
Less	APPROPRIATIONS
		Transfer to General Reserve	0.000	5.000	5.000
	BALANCE CARRIED TO THE B/S		207.827	125.756	90.147
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings			1631.729
		Exchange rate difference			7.542
	TOTAL EARNINGS		2010.944	1631.042	1624.187
	TOTAL IMPORTS		NA	NA	140.636
	Earnings Per Share (Rs.)		7.82	3.77	5.30

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Net Profit Margin (PBT/Sales)	(%)	3.97	3.72	NA
Return on Total Assets (PBT/Total Assets}	(%)	7.73	7.53	8.26
Return on Investment (ROI) (PBT/Networth)		0.25	0.25	0.38
Debt Equity Ratio (Total Debt/Networth)		1.38	1.62	2.22
Current Ratio (Current Asset/Current Liability)		1.05	2.53	1.75

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

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)
Sales	1,832.843	1,635.834	2,055.357
		(10.749)	25.646

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Sales	1,832.843	1,635.834	2,055.357
Profit After Tax	38.449	39.609	82.071
	2.10%	2.42%	3.99%

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	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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

UNSECURED LOAN

(Rs. In Millions)

Particular	As on 31.03.2013	As on 31.03.2012
Long Term Borrowing
Loans and advances from directors	41.223	17.312
Loans and advances from others	22.166	22.903
Total	63.389	40.215

PREAMBLE – 2013

The Leather industry went through challenging times in 2013 after a heady performance in 2012. While it benefited from vibrant growth of the national economy and the governments continued thrust on leather Development, the industry had to content with a Second Largest Footwear exporter after China. Today Footwear export accounts for 45.05% share in India out of total leather and leather product export. The Leather industry holds a prominent place in the Indian Economy. This sector is known for its consistency in high export earnings and it is among the top ten foreign exchange earners for the country.

The company ended the year 2013 relatively increase in terms of growth in sales. However the successful commissioning of expansion in technology and hardly efforts, This Year the company has shown remarkable sales, achieved first time in over decades.

FUTURE PROSPECTUS

They are known to be manufacturer and exporter of high fashion and reliable footwear. Company has entered with an upstream portfolio. They are growing higher than other previous year and this will boost our confidence in the prospects for further growth in the upcoming year. Directors have clear vision to confine the position and to build a brand image of the Company on international level. In the line of the said perspective, they have a planned and definite strategy to enter into new established markets of developed countries as Germany, France, and U.S. etc.

AWARDS

The company has won the prestigious - NIRYAT SHREE AWARD - from the president of India during the year.

The company has also won First prize in the CLE Design Award 2013 for Best Shoe Design - Trendy under industry scheme.

FIXED ASSETS:

• Land
• Buildings
• Factory Building
• Plant and Equipment
• Furniture and Fixtures
• Vehicles

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

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

2] Court Declaration :

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

3] Asset Declaration :

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

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

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

Charges or investigation registered against subject: None

7] Criminal Records

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

8] Affiliation with Government :

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

9] Compensation Package :

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

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

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

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

CONTRAVENTION

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.21
UK Pound	1	Rs.101.68
Euro	1	Rs.84.46

INFORMATION DETAILS

Information Gathered by :	PLK
Analysis Done by :	SUM
Report Prepared by :	SNT

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	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		45

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
-	NB	New Business	-

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.