MIRA INFORM REPORT

Report Date :

08.11.2014

IDENTIFICATION DETAILS

Name :	PRIME INTERNATIONAL INDIA PRIVATE LIMITED
Registered Office :	723/2, M B T Road Cross Ranipet, Vellore-632401, Tamilnadu
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	19.08.2004
Com. Reg. No.:	18-054022
Capital Investment / Paid-up Capital :	Rs.25.000 Millions
CIN No.: [Company Identification No.]	U19129TN2004PTC054022
TAN No.: [Tax Deduction & Collection Account No.]	CHEP06822E
PAN No.: [Permanent Account No.]	AADCP3461E
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Exporter and Importer of Finished Leather.
No. of Employees :	300 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

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

Maximum Credit Limit :	USD 851100
Status :	Satisfactory
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Rating reflects sound financial risk profile marked by decent liquidity position of the company. Trade relations are reported to be fair. Business is active. Payments 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 slowly 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.

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 (GENERAL DETAILS)

Name :	Mr. Dunai
Designation :	Accounts Department
Contact No.:	91-44-45410653
Date :	08.11.2014

LOCATIONS

Registered Office/ Factory :	723/2, M B T Road Cross Ranipet, Vellore - 632401, Tamilnadu, India
Tel. No.:	91-4172-274016 / 17
Fax No.:	91-4172-272433
E-Mail :	balaji@prime-international.in tannery@prime_international.in
Corporate Office:	9, VGP Square, 1 Cross Street, SI, Thomas Mount, Chennai - 600016, Tamilnadu, India
Tel. No.:	91-44-22313332
Fax No.:	91-44-22313331
E-Mail :	info@prime.international.in
Factory:	29, SIDCO Industrial Estate, Ranipet - 632403, Tamilnadu, India
Tel. No.:	91-4172-247275

DIRECTORS

As on 30.07.2014

Name :

Mr. Srinivasan Krishnamoorthy

Designation :

Director

Address :

New No. 105, Old No. 51, Sathya Dev Avenue, MRC Nagar, R.A. Puram, Chennai-600028, Tamilnadu, India

Date of Birth/Age :

16.12.1968

Date of Appointment :

19.08.2004

DIN No.:

00219637

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	U19129TN2004PTC054022	PRIME INTERNATIONAL INDIA PRIVATE LIMITED	Managing director	19/08/2004	19/08/2004	-	Active	NO
2	U51909TN2006PTC060127	SCINTAN INDIA PRIVATE LIMITED	Director	07/06/2006	07/06/2006	-	Active	NO
3	U51909TN2006PTC060133	PASUMI ENTERPRISES PRIVATE LIMITED	Director	07/06/2006	07/06/2006	-	Strike off	NO
4	U72900TN2006PTC061593	Globalution Shoes Private Limited	Director	27/11/2006	27/11/2006	21/10/2011	Active	NO
5	U19119TN2007PTC065758	SPG PENTAWASH CHENNAI PRIVATE LIMITED	Director	17/12/2007	17/12/2007	-	Strike off	NO
6	U19100TN2011PTC082234	CRISTINA TANNERY INDIA PRIVATE LIMITED	Director	07/09/2011	07/09/2011	-	Active	NO

Name :

Mr. Nandkumar Ganapathi

Designation :

Director

Address :

20/1, Anna Avenue, Ranipet, Northarcot-632403, Tamilnadu, India

Date of Birth/Age :

29.07.1957

Date of Appointment :

19.08.2004

DIN No.:

00202094

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	U19129TN2000PTC044244	SRINALA LEATHERS INDIA PRIVATE LIMITED	Director	24/02/2000	24/02/2000	07/09/2011	Active	NO
2	U19129TN2004PTC054022	PRIME INTERNATIONAL INDIA PRIVATE LIMITED	Director	19/08/2004	19/08/2004	-	Active	NO
3	U51909TN2006PTC060127	SCINTAN INDIA PRIVATE LIMITED	Director	28/07/2008	01/04/2008	-	Active	NO
4	U19100TN2011PTC082234	CRISTINA TANNERY INDIA PRIVATE LIMITED	Director	07/09/2011	07/09/2011	-	Active	NO

Name :

Mr. Paolo Balducci

Designation :

Director

Address :

Castelfranco Di Sotto (PI), Alessandro Volta 8, Italy-56022

Date of Birth/Age :

22.07.1960

Date of Appointment :

19.08.2004

DIN No.:

01712278

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	U19129TN2004PTC054022	PRIME INTERNATIONAL INDIA PRIVATE LIMITED	Director	19/08/2004	19/08/2004	-	Active	NO
2	U51909TN2006PTC060127	SCINTAN INDIA PRIVATE LIMITED	Director	27/09/2006	27/09/2006	-	Active	NO
3	U72900TN2006PTC061593	Globalution Shoes Private Limited	Director	26/03/2007	26/03/2007	29/10/2011	Active	NO

KEY EXECUTIVES

Name :	Mr. Dunai
Designation :	Accounts Department

MAJOR SHAREHOLDERS

As on 30.07.2014

Names of Shareholders	No. of Shares	% of Holding
Srinivasan Krishnamoorthy	1083333	43.33
Nandkumar Ganapathi	416667	16.67
Iris SRL, Italy	1000000	40.00
Total	2500000	100.00

Equity Share Break up (Percentage of Total Equity)

As on 30.07.2014

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	40.00
Directors or relatives of Directors	60.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Exporter and Importer of Finished Leather.

Products :

Description of product	ITC Code
Cow Goat Buff Finished Upper Leather	41131000

Exports :

Products :

Finished Goods

Countries :

China

Imports :

Products :

Raw Material

Countries :

• Italy
• Argentina

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

GENERAL INFORMATION

Suppliers :

MNC Enterprise, West Bengal, India

Customers :

Stella International Trading, Taiwan

No. of Employees :

300 (Approximately)

Bankers :

• ICICI Bank Limited, 3^rd to 6^th Floor, International Infotech Park, Tower No. 5, Vashi Railway Station Complex, Vashi, Navi Mumbai-400703, Maharashtra, India
• State Bank of India, Commercial Branch, Wallajapet - 626132, Tamilnadu, India

Facilities :

SECURED LOANS	31.03.2014 Rs. In Millions	31.03.2013 Rs. In Millions
LONG TERM BORROWINGS
Rupee term loans from banks	2.902	30.189
Other external commercial borrowings	16.591	0.000
Loans taken for fixed assets	1.323	0.000
SHORT TERM BORROWINGS
Rupee term loans from banks	0.000	154.766
Loans repayable on demand	62.256	0.000
Total	83.072	184.955

Banking Relations :	--
Auditors :
Name :	ASA and Associates Chartered Accountants
Address :	No,39,1st Main Road, R A Puram, Chennai – 600028, Tamilnadu, India
PAN No.:	AAAFA4690A
Enterprises owned or significantly influenced by Key Management Personnel or their Relatives :	Iris Srl, Italy Scintan India Private Limited CIN No.: U51909TN2006PTC060127 Cristina Tannery India Private Limited CIN No.: U19100TN2011PTC082234 Conceria Antiba Spa, Italy

CAPITAL STRUCTURE

As on 30.07.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
2500000	Equity Shares	Rs.10/- each	Rs.25.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2500000	Equity Shares	Rs.10/- each	Rs.25.000 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	25.000	25.000	25.000
(b) Reserves & Surplus	272.909	217.185	167.126
(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)	297.909	242.185	192.126
(3) Non-Current Liabilities
(a) long-term borrowings	20.816	30.189	35.065
(b) Deferred tax liabilities (Net)	4.220	2.359	3.926
(c) Other long term liabilities	0.000	0.000	5.678
(d) long-term provisions	3.337	2.682	2.019
Total Non-current Liabilities (3)	28.373	35.230	46.688
(4) Current Liabilities
(a) Short term borrowings	62.256	154.766	96.451
(b) Trade payables	120.601	108.728	99.268
(c) Other current liabilities	56.504	44.445	51.846
(d) Short-term provisions	5.118	5.005	11.712
Total Current Liabilities (4)	244.479	312.944	259.277
TOTAL	570.761	590.359	498.091
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	179.526	160.996	147.602
(ii) Intangible Assets	0.442	0.964	1.516
(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	62.812	54.744	46.966
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	7.524	7.784	8.296
(e) Other Non-current assets	1.543	1.543	5.000
Total Non-Current Assets	251.847	226.031	209.380
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	191.498	240.590	127.087
(c) Trade receivables	73.341	72.007	73.011
(d) Cash and cash equivalents	17.859	12.845	66.961
(e) Short-term loans and advances	1.565	8.814	5.502
(f) Other current assets	34.651	30.072	16.150
Total Current Assets	318.914	364.328	288.711
TOTAL	570.761	590.359	498.091

PROFIT & LOSS ACCOUNT

PARTICULARS			31.03.2014	31.03.2013	31.03.2012
SALES
	Income
	Other Income
	TOTAL		1275.563	1308.874	1510.003
EXPENSES			NA	NA	NA
DEPRECIATION/ AMORTISATION			19.301	20.398	19.976
PROFIT/(LOSS) BEFORE TAX			131.527	125.648	139.944
TAX			44.694	42.289	44.833
PROFIT/(LOSS) AFTER TAX			84.972	84.926	98.667
EARNINGS IN FOREIGN CURRENCY
		Export Earnings	1007.334	1110.404	1320.233
TOTAL EARNINGS			1007.334	1110.404	1320.233
IMPORTS
		Raw Materials	1.543	9.423	NA
		Chemicals	19.418	37.367	NA
		Components and spare parts	0.000	0.000	NA
		Capital Goods	9.895	13.140	NA
TOTAL IMPORTS			30.856	59.930	NA
Earnings / (Loss) Per Share (Rs.)			33.99	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	6.66	6.49	6.53
Return on Total Assets (PBT/Total Assets}	(%)	25.89	23.46	31.02
Return on Investment (ROI) (PBT/Networth)		0.44	0.52	0.73
Debt Equity Ratio (Total Debt /Networth)		0.28	0.76	0.68
Current Ratio (Current Asset/Current Liability)		1.30	1.16	1.11

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	25.000	25.000	25.000
Reserves & Surplus	167.126	217.185	272.909
Share Application money pending allotment	0.000	0.000	0.000
Net worth	192.126	242.185	297.909
Long Term borrowings	35.065	30.189	20.816
Short Term borrowings	96.451	154.766	62.256
Total borrowings	131.516	184.955	83.072
Debt/Equity ratio	0.685	0.764	0.279

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	1,510.003	1,308.874	1,275.563
		(13.320)	(2.545)

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	1,510.003	1,308.874	1,275.563
Profit	98.667	84.926	84.972
	6.53%	6.49%	6.66%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	-----------
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	Yes
18]	Major customers	Yes
19]	Payments terms	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	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

COMPANY PROFILE:

The company is established in 1998 and having its registered office at 723/2 ,M.B.T. Road Cross, Ranipet-63240, Vellore, Tamilnadu. The company has been established on 19 th Aug, 2004 pursuant to the registration of the Joint Stock Company under part IX of the Companies Act, 1956 and is in the business of manufacturing and supplying of leathers with a production capacity of 15 Million Sq. Ft of Leathers annually. Products are marketed at Asia, Middle East and Europe. It owns two units of tannery at Ranipet and is equipped with the latest machinery of its kind. Every stage of processing goes through rigorous quality checks and controls. Equipped with the state of the art machinery, supported by Italian technology and managed by technicians who have mastered the science of leather making, this center brings out the best of the products.

FUTURE PROSPECTS

- The Company has taken multiple steps to improve performance and to restore the confidence in the minds of all the stake holders of the company viz., shareholders, bankers and business partners.

- The proactive steps taken by the company in the last year has already started to yield results evidenced by getting into operating level profits for the year 2013-14.

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10514551	28/07/2014	22,600,000.00	ICICI Bank Limited	Landmarkrace Cource Circle, Alkapuri, Baroda, Gujarat - 390015, India	C16185928
2	10483041	27/05/2014 *	6,700,000.00	ICICI Bank Limited	Landmarkrace Cource Circle, Alkapuri, Baroda, Gujarat - 390015, India	C09341678
3	10483032	27/05/2014 *	10,000,000.00	ICICI Bank Limited	Landmarkrace Cource Circle, Alkapuri, Baroda, Gujarat - 390015, India	C09343252
4	10483024	27/05/2014 *	13,000,000.00	ICICI Bank Limited	Landmarkrace Cource Circle, Alkapuri, Baroda, Gujarat - 390015, India	C09268152
5	10483026	27/05/2014 *	15,000,000.00	ICICI Bank Limited	Landmarkrace Cource Circle, Alkapuri, Baroda, Gujarat - 390015, India	C09266883
6	10483038	27/05/2014 *	22,000,000.00	ICICI Bank Limited	Landmarkrace Cource Circle, Alkapuri, Baroda, Gujarat - 390015, India	C09340191
7	10483036	27/05/2014 *	100,000,000.00	ICICI Bank Limited	Landmarkrace Cource Circle, Alkapuri, Baroda, Gujarat - 390015, India	C09270422
8	10316901	28/07/2014 *	416,000,000.00	ICICI Bank Limited	Landmarkrace Cource Circle, Alkapuri, Baroda, Gujarat - 390015, India	C16187171
9	10064084	02/09/2010 *	207,100,000.00	ICICI Bank Limited	3rd To 6th Floor, International Infotech Park, Tower No. 5, Vashi Railway Station Complex, Vashi, Navi Mumbai, Maharashtra - 400703, India	A97227276

*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 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 :	DIP
Analysis Done by :	SUM
Report Prepared by :	VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
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	6
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	6
--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		49

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.