1. Summary Information

		Country	India
Company Name	PCM MARKETING PRIVATE LIMITED	Principal Name 1	Mr. Huzur Singh
Status	Moderate	Principal Name 2	Mr. Sutinder Singh
		Registration #	36-008970
Street Address	5-9-22/53, Adarsh Nagar, Hyderabad-500001, Telangana, India
Established Date	23.08.1988	SIC Code	--
Telephone#	91-40-23240490	Business Style 1	Distributor
Fax #	91-40-23240489	Business Style 2	-
Homepage	No	Product Name 1	Mobile Phones
# of employees	Not Divulged	Product Name 2	Readymade garments
Paid up capital	Rs. 54,000,000/-	Product Name 3	Consumer Electronics
Shareholders	Directors or relatives of directors – 100%	Banking	State Bank of India, Commercial Branch, Secunderabad, India
Public Limited Corp.	No	Business Period	26 Years
IPO	No	International Ins.	-
Public Enterprise	No	Rating	B (27)
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	1,988,341,000	Current Liabilities	478,233,000
Inventories	1,744,545,000	Long-term Liabilities	2,644,241,000
Fixed Assets	12,043,000	Other Liabilities	7,215,000
Deferred Assets	502,000	Total Liabilities	3,129,689,000
Invest& other Assets	-	Retained Earnings	561,742,000
		Net Worth	615,742,000
Total Assets	3,745,431,000	Total Liab. & Equity	3,745,431,000
Total Assets (Previous Year)	3,018,287,000
P/L Statement as of	31.03.2013		(Unit: Indian Rs.)
Sales	NA	Net Profit	62,986,000
Sales(Previous yr)	15,000,000,000 (Approximately)	Net Profit(Prev.yr)	100,956,000

MIRA INFORM REPORT

Report Date :

16.09.2014

IDENTIFICATION DETAILS

Name :	PCM MARKETING PRIVATE LIMITED
Registered Office :	5-9-22/53, Adarsh Nagar, Hyderabad-500001, Telangana
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	23.08.1988
Com. Reg. No.:	36-008970
Capital Investment / Paid-up Capital :	Rs. 54.000 Millions
CIN No.: [Company Identification No.]	U52520TG1988PTC008970
PAN No.: [Permanent Account No.]	AABCP3083C
Legal Form :	Private Limited Liability Company
Line of Business :	Distributor of Mobile Phones, Readymade Garments and Consumer Electronics
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

B (27)

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

Maximum Credit Limit :	USD 2470000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. External borrowings of the company seems to be huge during 2013. Trade relations are fair. Business is active. Payment terms are slow but correct. The company can be considered for business dealings with some cautions.

NOTES: -

On 2 June 2014, Telangana became the 29th state of India, consisting of the ten north-western districts of Andhra Pradesh with Hyderabad as its capital. The city of Hyderabad will continue to serve as the joint capital for Andhra Pradesh and the successor state of Telengana for a period of ten years. As a result of which both the state have their own registrar of Companies offices and the said subject is now transferred from Andhra Pradesh ROC to Telangana ROC.

.

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

As per the latest IMF study, the total weigh of emerging markets in the GDP of the world on a purchasing power parity basis has seen a sizeable shift. It highlights how as against 51 % in 2005, the emerging economies now account for close to 56 % of the global purchasing power GDP as per the latest survey. And with the emerging economies growing at a faster rate than their developed counterparts, there are every possibility that the their share goes up further in the coming years.  China may surpass the US over the next few years.

Politics and economics are very intricately connected. They tend to influence each other in ways that could be very complex and far-reaching. The prospects of the India’s economy have been seriously compromised due to political corruption. High inflation, poor standard of living are to a great extent a result of rampant corruption in the country. China on the other hand, seems to be facing diametrically opposite challenge. American hedge fund manager Jim Chanos has been keenly following the political and economic development in the dragon economy and has figured out something that is quite worrying. He is of the view that the Chinese economy could be heading toward trouble on account of new Chinese President Xi Jingping’s very aggressive anti-corruption drive. Chanos believes tat many things such as apartment sales, luxury products, etc. were largely bought with dirty money. And it is now beginning to impact consumption. This may indeed be bad news for an economy that is struggling to transition from an investment-driven export-oriented economy to a domestic consumption-driven economy.

A study published by Firstpost has revealed that asset classes like real estate and equities were the biggest beneficiaries of the liberalization policies.  A firm called Ciane Analytics studied returns from assets including equities, gold, fixed deposits, G-Secs and real estate since 1991. Real estate outperformed every other asset classes during the 23-year period with an annualized return of 20 % ! Equities came in second with annualized return of 15.5 % ! However, while these returns may seem mouthwatering, the fact is that the return from equities adjusted for inflation came down to just 7.1 %.

Some brief news are as under

. R-Power to buy Jaypee’s hydro assets

. Investors await justice in NSEL case

. India seeks MFN status from Pakistan ahead of meeting

. Ukrain’s clashes with rebels hinder MH17 crash investigation

. India exploring merger of state-owned hydro PSUs

..Higher costs weigh down profit growth to slowest in 9 quarters

..Wal-Mart to expand wholesale business in India

. GMR group moves to strengthen balance sheet

. Central Bank to sell 4 % stake to Life Insurance Corporation

. Tata Chemicals plans to raise up to Rs 10000 mn.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	BB = Long Term Rating (Suspended)
Rating Explanation	Moderate risk of default
Date	December 2013
Rating Agency Name	ICRA
Rating	A4 = Short Term Rating (Suspended)
Rating Explanation	Have minimal degree of safety and carry very high credit risk
Date	December 2013

Note: -

Reason for Suspension - The Suspension follows ICRA’s mobility to carry out a rating surveillance in the absence of the requisite information from the company

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 DENIED BY

Management non co – operative (91-40-44524452)

LOCATIONS

Registered Office :	5-9-22/53, Adarsh Nagar, Hyderabad-500001, Telangana, India
Tel. No.:	91-40-27849420
Fax No.:	91-40-55666090
E-Mail :	pchmarketing@satyam.net.in
Corporate Office :	5-9-1115/A, Kanchanjunga Complex, Gunfoundary, Hyderabad – 500001, Andhra Pradesh, India
Tel. No.:	91-40-44524452/ 27849420/ 55666090
Fax No.:	91-40-23240489
E-Mail:	pchhyd@pchmpl.com
Branch Office :	No.6, Ponnappa Street, Damodara Murthy Road, Kilpauk, Chennai – 600010, Tamilnadu, India
E-Mail:	chennai@pchmpl.com

DIRECTORS

As on: 25.09.2013

Name :

Mr. Huzur Singh

Designation :

Managing Director

Address :

5-9-1115/A, Kanchanjunga Complex, Klngkothi Road, Hyderabad – 500001, Andhra Pradesh, India

Date of Birth/Age :

15.11.1928

Qualification :

Graduate

Date of Appointment :

23.08.1988

PAN No.:

ATJPS7016E

DIN No.:

00482211

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	U52520AP1988PTC008970	PCH MARKETING PRIVATE LIMITED.	Managing director	23/08/1988	23/08/1988	Active	NO
2	U52331AP1995PTC020044	PUNJAB CROCKERY HOUSE PRIVATE LIMITED	Managing director	19/04/1995	19/04/1995	Active	NO

Name :

Mr. Sutinder Singh

Designation :

Director

Address :

5-9-1115/A, Kanchanjunga Complex, Klngkothi Road, Hyderabad – 500001, Andhra Pradesh, India

Date of Birth/Age :

17.09.1959

Qualification :

Graduate

Date of Appointment :

15.11.2004

PAN No.:

ACKPS9714P

DIN No.:

00482239

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	U52331AP1995PTC020044	PUNJAB CROCKERY HOUSE PRIVATE LIMITED	Director	19/04/1995	19/04/1995	Active	NO
2	U52520AP1988PTC008970	PCH MARKETING PRIVATE LIMITED.	Director	15/11/2004	15/11/2004	Active	NO
3	U64202AP2011PTC074475	MEE MOBILES AND COMMUNICATIONS PRIVATE LIMITED	Director	30/10/2011	30/10/2011	Active	NO
4	U72300AP1986PTC006590	CONTINENTAL CODINGS INTERNATIONAL PRIVATE LIMITED	Director	22/11/2011	22/11/2011	Active	NO
5	U52100AP2012PTC080061	FEATHER TOUCH MARKETING PRIVATE LIMITED	Director	30/03/2012	30/03/2012	Active	NO
6	U52100MH2012PTC229804	HIBISCUS RETAIL PRIVATE LIMITED	Additional director	26/11/2012	26/11/2012	Active	NO

Name :

Ms. Komal Singh

Designation :

Director

Address :

5-9-1115/A, Kanchanjunga Complex, Klngkothi Road, Hyderabad – 500001, Andhra Pradesh, India

Date of Birth/Age :

20.10.1967

Qualification :

Graduate

Date of Appointment :

04.01.1991

DIN No.:

00482262

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 25.09.2013

Names of Shareholders	No. of Shares
Sutinder Singh	33,000	6.11
Komal Singh	504,500	93.43
Huzur Singh	2,500	0.46
Total	540,000	100.00

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 :

Distributor of Mobile Phones, Readymade Garments and Consumer Electronics

GENERAL INFORMATION

No. of Employees :

Not Divulged

Bankers :

· Standard Chartered Bank, 6-3-1090, TSR Towers, Raj Bhavan Road, Somajiguda, Hyderabad - 500082, Andhra Pradesh, India (Tel No.: 91-40-23322657)

State Bank of India, Commercial Branch, Secunderabad, Ashoka My Home Chambers, S P Road, Secunderabad - 500003, Andhra Pradesh, India

The Hongkong and Sanghai Banking Corporation Limited, Apeejay Chambers, Behind New Excelsior Cinema, 3, Wallace Street, Fort, Mumbai-400001, Maharashtra, India

ING Vyasa Bank, Abid Road Branch, Hyderabad, Andhra Pradesh, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2013	As on 31.03.2012
LONG-TERM BORROWINGS
Rupee term loans from banks	0.000	323.067
SHORT TERM BORROWINGS
Loans repayable on demand from banks	2193.834	1621.223
Total	2193.834	1944.290

Banking Relations :	--
Auditors :
Name :	Gandhi and Gandhi Chartered Accountants
Address :	1002, Paigah Plaza, Bashreebagh, Hyderabad – 500063, Andhra Pradesh, India
PAN No.:	AABFG9298H

CAPITAL STRUCTURE

As on: 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
1,000,000	Equity Shares	Rs.100/- each	Rs. 100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
540,000	Equity Shares	Rs.100/- each	Rs. 54.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	54.000	54.000
(b) Reserves & Surplus	561.742	498.757
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	615.742	552.757
(3) Non-Current Liabilities
(a) long-term borrowings	450.407	564.929
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	450.407	564.929
(4) Current Liabilities
(a) Short term borrowings	2193.834	1621.223
(b) Trade payables	451.892	229.193
(c) Other current liabilities	26.341	45.601
(d) Short-term provisions	7.215	4.584
Total Current Liabilities (4)	2679.282	1900.601
TOTAL	3745.431	3018.287
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	12.043	9.584
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.502	0.359
(d) Long-term Loan and Advances	0.000	0.000
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	12.545	9.943
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	1744.545	1198.877
(c) Trade receivables	1839.236	1695.658
(d) Cash and cash equivalents	40.975	47.485
(e) Short-term loans and advances	0.000	0.000
(f) Other current assets	108.130	66.324
Total Current Assets	3732.886	3008.344
TOTAL	3745.431	3018.287

SOURCES OF FUNDS		31.03.2011
SHAREHOLDERS FUNDS
1] Share Capital		54.000
2] Share Application Money		0.000
3] Reserves & Surplus		397.801
4] (Accumulated Losses)		0.000
NETWORTH		451.801
LOAN FUNDS
1] Secured Loans		1238.577
2] Unsecured Loans		188.258
TOTAL BORROWING		1426.835
DEFERRED TAX LIABILITIES		0.0000
TOTAL		1878.636
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		10.465
Capital work-in-progress		0.000
INVESTMENT		46.311
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1100.979
	Sundry Debtors	1386.709
	Cash & Bank Balances	9.241
	Other Current Assets	0.359
	Loans & Advances	52.554
Total Current Assets		2549.842
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	698.212
	Other Current Liabilities	8.000
	Provisions	21.770
Total Current Liabilities		727.982
Net Current Assets		1821.860
MISCELLANEOUS EXPENSES		0.000
TOTAL		1878.636

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income		15000.000 (Approximately)
		Other Income		NA
		TOTAL	NA	NA	NA
Less	EXPENSES
		TOTAL	NA	NA	NA
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		105.742	155.548	109.344
Less/ Add	DEPRECIATION/ AMORTISATION		3.393	2.862	2.355
	PROFIT BEFORE TAX		102.349	152.686	106.989
Less	TAX		39.363	51.730	38.772
	PROFIT AFTER TAX		62.986	100.956	68.217
	Earnings Per Share (Rs.)		116.64	186.96	126.33

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Return on Total Assets (PBT/Total Assets}	(%)	2.73	5.06	4.18
Return on Investment (ROI) (PBT/Net worth)		0.16	0.28	0.24
Debt Equity Ratio (Total Debt/Networth)		4.29	3.95	3.16
Current Ratio (Current Asset/Current Liability)		1.39	1.58	3.50

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	54.000	54.000	54.000
Reserves & Surplus	397.801	498.757	561.742
Net worth	451.801	552.757	615.742
long-term borrowings	1426.835	564.929	450.407
Short term borrowings	?	1621.223	2193.834
Total borrowings	1426.835	2186.152	2644.241
Debt/Equity ratio	3.158	3.955	4.294

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

UNSECURED LOANS

UNSECURED LOANS	31.03.2013 (Rs. In Millions)
LONG-TERM BORROWINGS
Inter corporate deposits	100.000
Loan and advances from related parties	5.273
Others Loan and advance	345.134
Total	241.862

UNSECURED LOANS

UNSECURED LOANS	31.03.2012 (Rs. In Millions)
LONG-TERM BORROWINGS
Deposits from directors	4.462
Deposits from others	237.400
Total	241.862

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
2	10302354	08/07/2013 *	460,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA - 390015, GUJARAT, INDIA	B80794738
3	10206663	31/10/2012 *	1,600,000,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, SECUNDERABAD, ASHOKA MY HOME CHAMBERS, S P ROAD, SECUNDERABAD - 500003, ANDHRA PRADESH, INDIA	B62420229

* Date of charge modification

OPERATIONS:

The company had taken up distribution of Samsung cell phones during last financial and it has received an excellent response and the company was able to penetrate newer market. In order to continue the dominance in the market the board of directors decided to expand the operations in new territories. The board of directors is of the opinion that the company should become a strong leader in the market.

FIXED ASSETS:

· Plant and equipment

Furniture and fixtures

Vehicles

Motor vehicles

Office equipment

Computer equipment

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.60.99
UK Pound	1	Rs.99.09
Euro	1	Rs.79.03

INFORMATION DETAILS

Information Gathered by :	DPA
Analysis Done by :	RSM
Report Prepared by :	MTN

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	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		27

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

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

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

RATING EXPLANATIONS

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

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

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