MIRA INFORM REPORT

Report Date :

02.10.2014

IDENTIFICATION DETAILS

Name :	PERMALI WALLACE PRIVATE LIMITED
Formerly Known As :	PERMALI WALLACE LIMITED
Registered Office :	Hoshangabad Road, Bhopal – 462011, Madhya Pradesh
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	17.08.1961
Com. Reg. No.:	10-000927
Capital Investment / Paid-up Capital :	Rs.30.000 Millions
CIN No.: [Company Identification No.]	U02001MP1961PTC000927
TIN No.:	23643602339
IEC No.:	1188003984
TAN No.: [Tax Deduction & Collection Account No.]	BPLP01367C
PAN No.: [Permanent Account No.]	AABCP7557R
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of wood based densifed impregnated laminates for Industrial and Engineering Applications.
No. of Employees :	250 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (29)

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

Maximum Credit Limit :	USD 623000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. Company has incurred loss from its operation in the year 2013. However, trade relations are fair. Business is active. Payment terms are slow but correct. The company can be considered for business dealings 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 – 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	ICRA
Rating	BB- (Term Loans)
Rating Explanation	Inadequate credit quality and higher credit risk.
Date	December 2013

Rating Agency Name	ICRA
Rating	A4 (Non Fund Based Facilities)
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	December 2013

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. D.R. Sharma
Designation :	Account Assistant
Contact No.:	91-755-25500085
Date :	30.09.2014

LOCATIONS

Registered Office/ Factory :	Hoshangabad Road, Bhopal – 462011, Madhya Pradesh, India
Tel. No.:	91-755-2550085/ 2552192/ 4272657/ 2555633/ 4203333/ 2552195/ 4049161/ 2601894/ 4049155
Fax No.:	91-755-2550504
E-Mail :	permali@vsnl.com permali@sancharnet.in info@permaliwallace.com sales@permaliwallace.com purchase@permaliwallace.com
Website :	http://www.permaliwallace.com
Area:	8 Acres
Location:	Owned

DIRECTORS

As on: 16.08.2013

Name :	Mr. Subhash Vithaldas
Designation :	Whole Time Director
Address :	Permali House, Hoshangabad Road, Bhopal – 462 011, Madhya Pradesh, India
Date of Birth/Age :	07.01.1946
Qualification :	B.Sc. and Specialized in Training in composite in U.K.
Date of Appointment :	01.11.1996
DIN No.:	00012684
Name :	Mr. Mahesh Vithaldas
Designation :	Whole Time Director
Address :	Permali House, Hoshangabad Road, Bhopal – 400 011, Madhya Pradesh, India
Date of Birth/Age :	30.03.1942
Date of Appointment :	01.04.2011
DIN No.:	00013014
Name :	Mr. Bankim Hamir
Designation :	Director
Address :	93, Ashutosh Co-operative Housing Society Limited, 38 A, Nepean Sea Road, Mumbai – 400 006, Maharashtra, India
Date of Birth/Age :	09.09.1947
Qualification :	B. Com.
Date of Appointment :	18.08.2004
DIN No.:	00045864

KEY EXECUTIVES

Name :	Mr. Sanjay Sharma
Designation :	Secretary
Address :	64-A, Annapurna Nagar, Indore – 452 009, Madhya Pradesh, India
Date of Birth/Age :	15.06.1973
Date of Appointment :	24.06.2006
PAN No.:	BDPPS0654F
Name :	Mr. D.R. Sharma
Designation :	Account Assistant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 16.08.2013

Names of Shareholders	No. of Shares
Vissanji Khimji & Company Private Limited	16225
BMD Chemicals Private Limited	10500
Bankim Hamir Panna Bankim	19950
Panna Bankim Bankim Hamir	6106
Bankim Hamir Panna Bankim Gauranji Manon Porech	1170
Nalin Karsondas Bankim Hamir	10377
Nalin Karsondas Nirmala Nalin	3008
Nirmala Nalin Nalin Karsondas	126000
Hina Chandrahas Hemen Chandrahas	18282
Chandrakant Vijaysinh Nirupama Chandrakant	144

Equity Share Break up (Percentage of Total Equity)

As on: 16.08.2013

Category	Percentage
Bodies corporate	8.91
Directors or relatives of directors	78.26
Other top fifty shareholders	12.83
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of wood based densifed impregnated laminates for Industrial and Engineering Applications.
Exports :
Products :	Finished Good
Countries :	· USA · Saudi Arabia · South Asia
Imports :
Products :	Raw Material
Countries :	Europe
Terms :
Selling :	Cash / Credit
Purchasing :	Cash / Credit

GENERAL INFORMATION

Suppliers :

· Arul Limited, Gujarat

· Hunts Men, Mumbai

Customers :

Wholesalers and Retailers

· Bharat Heavy Electrical Limited, Bhopal

· Crompton Cris Limited, Mumbai

No. of Employees :

250 (Approximately)

Bankers :

· Export-Import Bank of India, Centre One Building, Floor 21, World Trade Centre, Cuffe Parade, Mumbai - 400005, Maharashtra, India

· Bank of India, Sachivalaya Branch, M.P. Nagar Zone-I, Bhopal - 462011, Madhya Pradesh, India

· Union Bank of India

· State Bank of India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2013	As on 31.03.2012
LONG TERM BORROWINGS
Debentures	37.081	36.056
From Bank of India	19.845	20.220
From Union Bank of India	41.680	45.495
From MP Financials Corporation	41.109	44.147
From M.P Financial Corporation	72.000	0.000
From Assessment Council (TIFAC) FRP Bracket Assembly Project	2.269	3.917
From Tata Capital Financial Services Limited	0.629	0.000
SHORT TERM BORROWINGS
From Union Bank of India	37.133	39.727
From State Bank of India	34.889	33.895
From Bank of India	46.287	27.798
Total	332.922	251.255

Banking Relations :	--
Auditors :
Name :	Vidya and Company Chartered Accountants
Address :	Room No.316, 3^rd Floor, Centre Point, 21, Hemanta Basu Sarani, Kolkata – 700 001, West Bengal, India
Tel No.:	91-33-22133231/ 32
E-Mail :	vidya@cal3.vsnl.net.in
PAN No.:	AABFV8857D
Associates :	Western India Chemicals (Prop. BMD Chemicals Private Limited)

CAPITAL STRUCTURE

As on: 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
400000	Equity Shares	Rs.100/- each	Rs.40.000 Millions
100000	Preference Shares	Rs.100/- each	Rs.10.000 Millions
	Total		Rs.50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
300000	Equity Shares	Rs.100/- each	Rs.30.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	30.000	30.000	30.000
(b) Reserves & Surplus	125.929	147.781	113.828
(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)	155.929	177.781	143.828
(3) Non-Current Liabilities
(a) long-term borrowings	306.929	168.535	142.319
(b) Deferred tax liabilities (Net)	19.061	15.622	11.960
(c) Other long term liabilities	89.166	41.988	23.210
(d) long-term provisions	0.000	0.000	0.924
Total Non-current Liabilities (3)	415.156	226.145	178.413
(4) Current Liabilities
(a) Short term borrowings	128.470	117.370	86.292
(b) Trade payables	76.489	35.779	88.101
(c) Other current liabilities	83.118	85.132	42.521
(d) Short-term provisions	36.328	43.142	45.504
Total Current Liabilities (4)	324.405	281.423	262.418
TOTAL	895.490	685.349	584.659
ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	430.825	272.188	203.977
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	52.601	25.974	17.163
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.096	0.096	5.116
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	14.033	25.704	35.706
(e) Other Non-current assets	6.116	12.904	0.716
Total Non-Current Assets	503.671	336.866	262.678
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	179.371	173.572	145.197
(c) Trade receivables	142.728	104.364	84.736
(d) Cash and cash equivalents	20.418	23.502	38.074
(e) Short-term loans and advances	48.718	46.777	52.910
(f) Other current assets	0.584	0.268	1.064
Total Current Assets	391.819	348.483	321.981
TOTAL	895.490	685.349	584.659

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Revenue from operations	535.467	562.902	554.205
		Other Income	NA	NA	NA
		TOTAL (A)	NA	NA	NA
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)	NA	NA	NA
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		58.619	118.907	110.532
Less	FINANCIAL EXPENSES (D)		44.825	37.522	24.000
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		13.794	81.385	86.532
Less/ Add	DEPRECIATION/ AMORTISATION (F)		30.475	22.098	17.351
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		(16.681)	59.287	69.181
Less	TAX (H)		3.439	18.362	22.298
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		(20.120)	40.925	46.883
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		46.861	40.909	29.023
Less	APPROPRIATIONS
		Transfer to Debenture Redemption Reserve	0.000	3.000	3.000
		Proposed Dividend	1.500	6.000	6.000
		Tax on Dividend	0.232	0.973	0.997
		Transfer to Reserve	0.000	25.000	25.000
	BALANCE CARRIED TO THE B/S		25.009	46.861	40.909
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	110.608	123.706	73.607
	TOTAL EARNINGS		110.608	123.706	73.607
	IMPORTS
		Raw Materials		98.948	104.127
		Stores & Spares		0.964	0.328
		Capital Goods		28.856	21.491
	TOTAL IMPORTS		NA	128.768	125.946
	Earnings Per Share (Rs.)		(67.07)	136.42	156.28

Particulars	31.03.2014
Sales Turnover (Approximately)	550.000

Expected Sales (2014-15) : Rs.600.000 Millions

The above information has been parted by Mr. D.R. Sharma

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Return on Total Assets (PBT/Total Assets}	(%)	(1.98)	8.99	12.30
Return on Investment (ROI) (PBT/Networth)		(0.11)	0.33	0.48
Debt Equity Ratio (Total Debt/Networth)		2.79	1.61	1.59
Current Ratio (Current Asset/Current Liability)		1.21	1.24	1.23

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	30.000	30.000	30.000
Reserves & Surplus	113.828	147.781	125.929
Net worth	143.828	177.781	155.929
long-term borrowings	142.319	168.535	306.929
Short term borrowings	86.292	117.370	128.470
Total borrowings	228.611	285.905	435.399
Debt/Equity ratio	1.589	1.608	2.792

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	554.205	562.902	535.467
		1.569	(4.874)

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	554.205	562.902	535.467
Profit / (Loss)	46.883	40.925	(20.120)
	8.46%	7.27%	(3.76%)

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	Yes
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	Yes
18]	Major customers	Yes
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	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	Yes

UNSECURED LOAN

(Rs. In Millions)

Particular	As on 31.03.2013	As on 31.03.2012
LONG TERM BORROWINGS
From Shareholders	18.850	11.000
From Directors	46.000	5.500
From Related Parties	27.465	2.200
SHORT TERM BORROWINGS
From Directors	1.000	0.000
From Shareholders	5.592	6.795
From Body Corporate	1.820	1.820
From Related Parties	1.750	7.335
Total	102.477	34.650

CONTINGENT LIABILITIES

(Rs. In Millions)

Particular	As on 31.03.2013	As on 31.03.2012
Bill of Exchange discounted with bank	10.275	19.703
Bank guarantee furnished by company’s banker for due and faithful Performance of contracts/ Obligations against which the company has given guarantees	23.939	25.250
Central Excise duty demand in appeals before higher authorities	0.313	0.345
Property tax (Rs.2.032 Millions paid under protest)	3.502	3.502

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10420207	26/03/2013	76,000,000.00	MADHYA PRADESH FINANCIAL CORPORATION	FINANCE HOUSE, BOMBAY-AGRA ROAD, INDORE, MADHYA PRADESH - 452001, INDIA	B73325201
2	10244211	29/09/2010	35,000,000.00	KAMLESH G. PANDYA	COMMERCIAL UNION HOUSE, 9, WALLACE STREET FORT, MUMBAI, MAHARASHTRA - 400001, INDIA	A96263314
3	10241027	10/09/2010	252,500,000.00	UNION BANK OF INDIA CONSORTIUM	84, ZONE-II, M. P. NAGAR, BHOPAL, MADHYA PRADESH- 462011, INDIA	A95196382
4	10219613	10/09/2010 *	721,740,000.00	UNION BANK OF INDIA CONSORTIUM	84, ZONE-II, M. P. NAGAR, BHOPAL, MADHYA PRADESH- 462011, INDIA	A95199832
5	10189274	30/11/2009	15,000,000.00	KAMLESH G. PANDYA	COMMERCIAL UNION HOUSE, 9, WALLACE STREET FORT, MUMBAI, MAHARASHTRA - 400001, INDIA	A74660564
6	10066278	25/08/2007	30,000,000.00	MADHYA PRADESH FINANCIAL CORPORATION	FINANCE HOUSE, BOMBAY-AGRA ROAD, INDORE, MADHYA PRADESH - 452001, INDIA	A22046742
7	80015464	17/06/2005	10,298,000.00	TECHNOLOGY INFORMATION FORECASTING AND ASSESSMENT COUNCIL	TECHNOLOGY BHAVAN, SHAHEED JEET SINGH MARG, NEW DELHI, DELHI - 110016, INDIA	-
8	90210595	29/12/2003 *	10,000,000.00	SHRI C.C. SAKARDA AND SHRI VINAY KAMBOJ PERMALI WA  LLACE LTD	HOSHANGABAD ROAD, BHOPAL, MADHYA PRADESH, INDIA	-

* Date of charge modification

FIXED ASSETS

· Freehold Land

· Building

· Plant and Machinery

· Lab Equipments

· Office Equipments

· 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 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 Crie :

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.61.75
UK Pound	1	Rs.100.06
Euro	1	Rs.77.95

INFORMATION DETAILS

Information Gathered by :	DPA
Analysis Done by :	SUM
Report Prepared by :	NTH

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	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	4
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		29

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.