MIRA INFORM REPORT

Report Date :

04.11.2014

IDENTIFICATION DETAILS

Name :	P. R. ROLLING MILLS PRIVATE LIMITED
Registered Office :	S-707, Road No – 6, VKI Area, Jaipur – 302013, Rajasthan
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	09.05.1997
Com. Reg. No.:	17-013713
Capital Investment / Paid-up Capital :	Rs. 9.600 Millions
CIN No.: [Company Identification No.]	U27107RJ1997PTC013713
PAN No.: [Permanent Account No.]	AABCP4072F
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Iron and Steel.
No. of Employees :	300 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Status :	Satisfactory
Payment Behaviour :	Usually 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. Profitability of the company is fair. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. The company can be considered for business dealings 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 – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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

Verdict Implications : Apex court order may alter coal import dynamics. Traders go slow on talks over coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.

Recent arrest of the Chennai head of the Registrar of Companies, the ministry of corporate affairs arm that ensures that companies file all the information required by the Companies Act is the latest manifestation of a messy fight between a father and his adopted son for the control of Rs 40000 mn business empire. The Central Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10 lakhs as bribe from M A M Ramaswamy, a CBI official said.

Central Bureau of Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.

Infosys maintains revenue guidance. COO Rao says attrition still an area of concern and it would take a few more quarters to bring down levels to 13-15 %.

DHL  to invest Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its e-commerce business model for the Asia-Pacific region.

Blackstone may buy stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.

Kingfisher Airlines Ltd grounded in October 2012 under the weight of heavy debt and accumulated losses, recently approached the Delhi high court for relief in two separate cases. The airline challenged a notice by Punjab & National Bank alleging that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to comply with the requirements under the listing agreements with the Stock Exchanges.

OnMobile likely to sack another 300 employees. The lay-offs follow a spate of senior-level exits over the past two years, starting with of its founder. The overall lay-offs could number around 600 and are driven by the need to cut costs, says a former employee.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long term rating: “BBB” (Suspended)
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	17.07.2014

Rating Agency Name	CRISIL
Rating	Short term rating: “A3+” (Suspended)
Rating Explanation	Moderate degree of safety and high credit risk.
Date	17.07.2014

Reason for Suspension: Absence of adequate information.

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. Lokesh
Designation :	Finance Head
Contact No.:	91-141-2330132
Date :	01.11.2014

LOCATIONS

Registered Office/ Factory :	S-707, Road No – 6, VKI Area, Jaipur – 302013, Rajasthan, India
Tel. No. :	91-141-2330132/ 3293214
Fax No. :	91-141-2330155
E-Mail :	pratap_jp1@sancharnet.in

DIRECTORS

As on 29.09.2014

Name :

Mr. Praveen Chand Maheshwari

Designation :

Managing Director

Address :

C-5, SJS Highway, Bani Park, Jaipur – 302016, Rajasthan, India

Date of Birth/Age :

16.04.1968

Date of Appointment :

01.10.2010

PAN No.:

ACFPM8678M

DIN No. :

00231684

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	U70200PB1992PLC012535	DARSHANA JAIN ESTATES LIMITED	Director	17-09-1992	17-09-1992	05-03-2009	Active	NO
2	U17116PB1934PTC000139	AMRITSAR RAYON AND SILK MILLS PRIVATE LIMITED	Director	09-06-1993	09-06-1993	25-04-2014	Active	NO
3	U27201RJ1979PLC001907	PRATAP RAJASTHAN COPPER FOILS AND LAMINATES LIMITED	Director	09-01-1995	09-01-1995	-	Active	NO
4	U27107RJ1997PTC013713	P.R. ROLLING MILLS PRIVATE LIMITED	Managing director	01-10-2010	09-05-1997	-	Active	NO
5	L27107RJ1977PLC001733	PARTAP RAJASTHAN SPECIAL STEELS LIMITED	Director	24-05-2001	24-05-2001	23-12-2008	Active	NO
6	U65910RJ1983PLC019702	STATUS LEASING AND FINANCE LIMITED(TRANSFER.FROM NCT OF DELHI	Director	27-03-2002	27-03-2002	01-07-2008	Active	NO
7	U67120RJ1995PTC010983	ATISHAY SECURITIES PRIVATE LIMITED	Director	11-05-2006	11-05-2006	19-05-2008	Active	NO
8	U45201RJ2007PTC024990	FRIENDS BUILDESTATES PRIVATE LIMITED	Director	12-09-2007	12-09-2007	-	Active	NO
9	U65999RJ1998PTC014682	RAJASTHAN CRAFTS AND CREATIONS PRIVATE LIMITED	Director	21-06-2010	21-06-2010	-	Active	NO

Name :

Mr. Rajeev Maheshwari

Designation :

Managing Director

Address :

C-5, Jai Singh Highway, Bani Park, Jaipur - 302016, Rajasthan, India

Date of Birth/Age :

16.06.1970

Date of Appointment :

01.04.2013

PAN No.:

ACFPM8679L

DIN No. :

00906571

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	U27107RJ1997PTC013713	P.R. ROLLING MILLS PRIVATE LIMITED	Managing director	01-04-2013	09-05-1997	-	Active	NO
2	U65999RJ1998PTC014682	RAJASTHAN CRAFTS AND CREATIONS PRIVATE LIMITED	Director	06-03-1998	06-03-1998	-	Active	NO
3	U65910RJ1983PLC019702	STATUS LEASING AND FINANCE LIMITED(TRANSFER.FROM NCT OF DELHI	Director	27-03-2002	27-03-2002	-	Active	NO
4	L27107RJ1977PLC001733	PARTAP RAJASTHAN SPECIAL STEELS LIMITED	Director	27-08-2008	27-08-2008	24-03-2014	Active	NO
5	U27109RJ1979PTC001909	RAJASTHAN STEEL ROLLING MILLS PRIVATE LIMITED	Director	28-08-2008	28-08-2008	-	Active	NO
6	U27201RJ1979PLC001907	PRATAP RAJASTHAN COPPER FOILS AND LAMINATES LIMITED	Director	16-09-2014	26-09-2008	-	Active	NO

Name :

Mr. Arvind Sood

Designation :

Whole-time Director

Address :

20-3-129/6, Shiva Jyothi Nagar, Ward No-20, Tirupati - 517507, Andhra Pradesh, India

Date of Birth/Age :

27.02.1944

Date of Appointment :

29.09.2012

PAN No.:

AFEPS6663L

DIN No. :

00814177

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	Company/ LLP Status	Defaulting status
1	U27107RJ1997PTC013713	P.R. ROLLING MILLS PRIVATE LIMITED	Whole-time director	29-09-2012	01-01-2002	Active	NO

KEY EXECUTIVES

Name :	Mr. Lokesh
Designation :	Finance Head

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2014

Names of Shareholders	No. of Shares	Percentage of Holding
Praveen Maheshwari	365880	38.11
Rajeev Maheshwari	248120	25.85
Ekta Maheshwari	270000	28.13
Disha Maheshwari	76000	7.92
Total	960000	100.00

As on 29.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Iron and Steel.

Products :

Item Code No. (ITC Code)	Product Description
72165000	Special Steel Rolled Products

Exports :

Products :

Finished Goods

Countries :

Srilanka

Terms :

Selling :

Cash, Advance Payment and Cheque

Purchasing :

Cash, Advance Payment and Cheque

GENERAL INFORMATION

Customers :

Wholesalers, Retailers and End Users

No. of Employees :

300 (Approximately)

Bankers :

Andhra Bank, K-13, Ashok Marg, C-Scheme, Jaipur - 302001, Rajasthan, India

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
LONG TERM BORROWINGS
Rupee term loans from banks	17.536	5.219
Foreign currency term loans from banks	0.000	27.881
Rupee term loans from others (Against Hypothecation of Cars and Mobile Crane)	1.414	0.000
Other loans and advances, others	6.697	8.979
SHORT TERM BORROWINGS
Loans repayable on demand from banks	225.290	0.000
Loans and advances from others	0.000	223.856
Total	250.937	265.935

NOTE

LONG TERM BORROWINGS

From "Andhra Bank" (Secured by hypothecation of assets created out of Bank Finance Above loan is additionally secured by Collateral Securities of EM of factory Land & Building situated at S-707 Road No.6, VKI Area, Jaipur owned by Rajasthan Steel Rolling Mills Private Limited, Personal Gaurantee of Directors Praveen Maheshwari and Mr. Rajeev Maheshwari Corporate Gaurantee of Rajasthan Steel Rolling Mills Private Limited

SHORT TERM BORROWINGS

Hypotheciation of WIP, RM, FG And Book Debts, Above loan is additionally secured by Collateral Securities of EM of factory Land and Building situated at S-707 Road No.6, VKI Area, Jaipur owned by Rajasthan Steel Rolling Mills Private Limited, Personal Gaurantee of Directors Praveen Maheshwari and Mr. Rajeev Maheshwari corporate guarantee of Rajasthan steel roling mills Private Limited

Banking Relations :	--
Auditors :
Name :	Girdhari and Associates Chartered Accountants
Address :	B-31, Ganesh Nagar, Sodala, Jaipur, Rajasthan, India
Income-tax PAN of auditor or auditor's firm :	AFMPS7396L
Associate :	Status Leasing and Finance Limited
Subsidiary Company :	Rajasthan Steel Rolling Mills Private Limited CIN No.: U27109RJ1979PTC001909

CAPITAL STRUCTURE

As on 02.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
1,000,000	Equity Shares	Rs.10/- each	Rs. 10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
960,000	Equity Shares	Rs.10/- each	Rs. 9.600 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	9.600	9.600	9.600
(b) Reserves & Surplus	466.222	442.567	440.029
(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)	475.822	452.167	449.629
(3) Non-Current Liabilities
(a) long-term borrowings	25.647	42.079	55.507
(b) Deferred tax liabilities (Net)	29.365	29.388	26.693
(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)	55.012	71.467	82.200
(4) Current Liabilities
(a) Short term borrowings	242.110	231.547	195.003
(b) Trade payables	138.237	211.930	133.301
(c) Other current liabilities	31.711	26.180	24.785
(d) Short-term provisions	31.677	14.028	30.979
Total Current Liabilities (4)	443.735	483.685	384.068
TOTAL	974.569	1007.319	915.897
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	391.514	413.012	365.987
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	25.012	15.787	36.402
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	2.152	2.152	1.400
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	3.799	3.799	2.893
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	422.477	434.750	406.682
(2) Current assets
(a) Current investments	93.642	107.060	88.798
(b) Inventories	163.699	195.005	183.030
(c) Trade receivables	174.705	158.896	146.922
(d) Cash and cash equivalents	12.783	42.476	14.397
(e) Short-term loans and advances	107.263	69.132	76.068
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	552.092	572.569	509.215
TOTAL	974.569	1007.319	915.897

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	2360.000	1950.000	2500.000
		Other Income	NA	NA	NA
		TOTAL	NA	NA	NA
Less	EXPENSES
		TOTAL	NA	NA	NA
	PROFIT/ (LOSS) BEFORE TAX		NA	NA	NA
Less	TAX		NA	NA	NA
	PROFIT/ (LOSS) AFTER TAX		37.600	16.486	55.375
	EARNINGS IN FOREIGN CURRENCY		60.156	20.190	15.189
	Earnings / (Loss) Per Share (Rs.)		39.17	17.17	57.68

Particulars	31.03.2014
Sales Turnover (Approximately)	2360.000

Expected Sales (2014-2015): Rs. 2000.000 Millions

The above information has been parted by Mr. Lokesh (Finance Head).

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	1.59	0.85	2.22
Debt Equity Ratio (Total Debt/Networth)		0.56	0.61	0.56
Current Ratio (Current Asset/Current Liability)		1.24	1.18	1.33

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	9.600	9.600	9.600
Reserves & Surplus	440.029	442.567	466.222
Net worth	449.629	452.167	475.822
long-term borrowings	55.507	42.079	25.647
Short term borrowings	195.003	231.547	242.110
Total borrowings	250.510	273.626	267.757
Debt/Equity ratio	0.557	0.605	0.563

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	2500.000	1950.000	2360.000
		(22.000)	21.026

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	2500.000	1950.000	2360.000
Profit	55.375	16.486	37.600
	2.22%	0.85%	1.59%

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 four 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	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	Yes

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10507627	11/06/2014	20,000,000.00	ANDHRA BANK	BRIJ ANUKAMPA BUILDING, ASHOK MARG, C-SCHEME, JAIPUR, RAJASTHAN - 302001, INDIA	C10240083
2	10486808	07/03/2014	33,000,000.00	ANDHRA BANK	BRIJ ANUKAMPA BUILDING, ASHOK MARG, C-SCHEME, JAIPUR, RAJASTHAN - 302001, INDIA	C01131382
3	10477926	31/01/2014	120,000,000.00	ICICI BANK LIMITED	SHREEJI TOWER C-99, C-SCHEME, AHINSA CIRCLE, JAIPUR, RAJASTHAN - 302001, INDIA	B96513916
4	10342210	10/02/2012	140,000,000.00	ICICI BANK LIMITED	SHREEJI TOWER C-99, C-SCHEME, AHINSA CIRCLE, JAIPUR, RAJASTHAN - 302001, INDIA	B35033448
5	10190342	30/11/2009	55,000,000.00	ANDHRA BANK	K-13,ASHOK MARG, C-SCHEME, JAIPUR, RAJASTHAN - 302001, INDIA	A75275867
6	10136875	03/02/2012 *	300,000,000.00	ANDHRA BANK	K-13, ASHOK MARG, C-SCHEME, JAIPUR, RAJASTHAN - 302001, INDIA	B33447301

* Date of charge modification

UNSECURED LOANS

PARTICULAR	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
SHORT TERM BORROWINGS
Loans and advances from others	16.820	0.000
Other loans and advances, others	0.000	7.691
Total	16.820	7.691

FIXED ASSETS

Tangible Assets

· Land

· Buildings

· Plant and Equipment

· Furniture and Fixtures

· Vehicles

· Motor Vehicles

· Office Equipment

· Computer Equipments

· Other Equipments

· Plantations

· Mines Quarries

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.61.41
UK Pound	1	Rs.98.06
Euro	1	Rs.76.67

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	KAR
Report Prepared by :	MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		48

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.