MIRA INFORM REPORT

Report Date :

23.09.2014

IDENTIFICATION DETAILS

Name :	FLAVORITE TECHNOLOGIES PRIVATE LIMITED (w.e.f. 08.04.2011)
Formerly Known As :	FLAVORITE PPM TECHNOLOGIES PRIVATE LIMITED (w.e.f. 12.12.2008) FLAVORITE FOODS AND SERVICES PRIVATE LIMITED
Registered Office :	Khasra No.50/1, Patwari Halka No.28, Village Tillor Khurd, Indore – 452020, Madhya Pradesh
Country :	India
Financials (as on) :	31.12.2013
Date of Incorporation :	11.08.1997
Com. Reg. No.:	10-012211
Capital Investment / Paid-up Capital :	Rs.1.210 Millions
CIN No.: [Company Identification No.]	U15495MP1997PTC012211
TAN No.: [Tax Deduction & Collection Account No.]	BPLF00156C
PAN No.: [Permanent Account No.]	AAACF5536H
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of food processing machinery.
No. of Employees :	60 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Rating reflects above average financial risk profile marked by sound liquidity position and improvement in performance of the company. Trade relations are reported to be fair. Business is active. Payment terms are reported to be usually correct. The company can be considered for business dealing at usual trade terms and conditions.

NOTES:

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – 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.

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. Sachin
Designation :	Accounts Executive
Contact No.:	91-8878111150
Date :	22.09.2014

LOCATIONS

Registered Office :	Khasra No.50/1, Patwari Halka No.28, Village Tillor Khurd, Indore – 452020, Madhya Pradesh, India
Tel. No.:	Not Available
Mobile No.:	91-8878111150 / 8878111160 (Mr. Sachin) 91-9425052469 (Mr. Vinod)
Fax No.:	Not Available
E-Mail :	accounts@flavoritetechnologies.com sales@flavoritetechnologies.com raman@flavoritetechnologies.com
Website :	www.flavoritetechnologies.com
Corporate Office :	638, Ushanagar Extension, Annapurna Road, Indore – 452001, Madhya Pradesh, India
Tel. No.:	91-731-4046509

DIRECTORS

AS ON 16.05.2014

Name :

Mr. James Mclauchlan Strang

Designation :

Managing Director

Address :

No 2 Vassi Concord, Queensland, Cleveland, 4163, Australia

Date of Birth/Age :

10.03.1943

Date of Appointment :

27.03.2012

DIN No.:

00590122

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	U29253TN2004PTC052353	HEAT AND CONTROL (SOUTH ASIA) PRIVATE LIMITED	Director	19/01/2004	19/01/2004	-	Active	NO
2	U15495MP1997PTC012211	Flavorite Technologies Private Limited	Managing director	27/03/2012	16/04/2011	-	Active	NO

Name :

Mr. Raman Dhoot

Designation :

Director

Address :

310-A, Gumasta Nagar, Indore – 452001, Madhya Pradesh, India

Date of Birth/Age :

03.01.1966

Date of Appointment :

11.08.1997

DIN No.:

00019601

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	U15495MP1997PTC012211	Flavorite Technologies Private Limited	Director	11/08/1997	11/08/1997	-	Active	NO
2	U51109MP2005PTC018033	FORTE TEKNIKS PRIVATE LIMITED	Director	14/10/2005	14/10/2005	31/10/2008	Active	NO
3	U01542MP2006PTC018505	ABLE TECHNOTRADE PRIVATE LIMITED	Director	27/03/2006	27/03/2006	24/08/2007	Active	NO
4	U74140MP2013PTC031583	DEALSTRIKERS ADVISORS INDIA PRIVATE LIMITED	Director	11/11/2013	11/11/2013	-	Active	NO

Name :

Mr. David Allan Tambyah

Designation :

Director

Address :

No 4, Littler Street, Queensland, Sunnybank, 4109, Australia

Date of Birth/Age :

07.10.1960

Date of Appointment :

20.08.2011

DIN No.:

00593360

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	U29253TN2004PTC052353	HEAT AND CONTROL (SOUTH ASIA) PRIVATE LIMITED	Director	04/08/2006	04/08/2006	-	Active	NO
2	U15495MP1997PTC012211	Flavorite Technologies Private Limited	Director	20/08/2011	16/04/2011	-	Active	NO

Name :

Mr. Pradeep Dhadwaiwale

Designation :

Director

Address :

8, Madhuban Colony, Indore – 452001, Madhya Pradesh, India

Date of Birth/Age :

09.12.1963

Date of Appointment :

11.08.1997

DIN No.:

00019637

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	U15495MP1997PTC012211	Flavorite Technologies Private Limited	Director	11/08/1997	11/08/1997	-	Active	NO
2	U51109MP2005PTC018033	FORTE TEKNIKS PRIVATE LIMITED	Director	14/10/2005	14/10/2005	31/10/2008	Active	NO
3	U01542MP2006PTC018505	ABLE TECHNOTRADE PRIVATE LIMITED	Director	27/03/2006	27/03/2006	24/08/2007	Active	NO

Name :

Mr. Andrew Anthony Caridis

Designation :

Director

Address :

No 31, Madera Ave, San Carlos California, 94070, United States of America

Date of Birth/Age :

01.06.1921

Date of Appointment :

20.08.2011

DIN No.:

02706755

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	U29253TN2004PTC052353	HEAT AND CONTROL (SOUTH ASIA) PRIVATE LIMITED	Director	19/01/2004	19/01/2004	-	Active	NO
2	U15495MP1997PTC012211	Flavorite Technologies Private Limited	Director	20/08/2011	16/04/2011	-	Active	NO

Name :

Mr. Anthony Andrew Caridis

Designation :

Director

Address :

3403 Haskins Drive, Belmont California, 94002, United States of America

Date of Birth/Age :

04.08.1948

Date of Appointment :

20.08.2011

DIN No.:

02807326

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	U29253TN2004PTC052353	HEAT AND CONTROL (SOUTH ASIA) PRIVATE LIMITED	Director	19/01/2004	19/01/2004	-	Active	NO
2	U15495MP1997PTC012211	Flavorite Technologies Private Limited	Director	20/08/2011	16/04/2011	-	Active	NO

Name :

Mr. Manoj Paul

Designation :

Director

Address :

NO. 4-B Pettukoil Towers, No.190-B, EVR High Road, Kilpauk, Chennai – 600010, Tamilnadu, India

Date of Birth/Age :

15.02.1966

Date of Appointment :

16.04.2011

DIN No.:

02824766

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	U15495MP1997PTC012211	Flavorite Technologies Private Limited	Nominee director	16/04/2011	16/04/2011	-	Active	NO
2	U15122MH2011NPL220555	AGRO & FOOD PROCESSING EQUIPMENTS & TECHNOLOGY PROVIDERS ASSOCIATION OF INDIA	Director	05/08/2011	05/08/2011	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Sachin
Designation :	Accounts Executive

MAJOR SHAREHOLDERS

AS ON 16.05.2014

Names of Shareholders	No. of Shares
Heat and Control (South Asia) Private Limited, India	121040
Mr. Manoj Paul	1
Total	121041

Equity Share Break up (Percentage of Total Equity)

AS ON 16.05.2014

Category	Percentage
Bodies corporate	99.99
Directors or relatives of Directors	0.01
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of food processing machinery.
Brand Name :	Flavorite
Exports :
Products :	Finish Goods
Countries :	· Bangladesh · Zimbabwe
Imports :
Products :	Raw Material
Countries :	· Denmark · UK · USA
Terms :
Selling :	L/C, Cash and Credit
Purchasing :	L/C, Cash and Credit

GENERAL INFORMATION

Customers :	Others
No. of Employees :	60 (Approximately)
Bankers :	· Citi Bank, Main Branch, Race Corse, Indore, Madhya Pradesh, India · The State Bank of Indore, University Campus, Indore, Madhya Pradesh, India · Union Bank of India, Siyaganj Branch, Indore, Madhya Pradesh, India

Banking Relations :	--
Auditors :
Name :	Fadnis and Gupte Chartered Accountants
Address :	B14-Ratlam Kothi, Kanchan Bagh Main Road, Indore – 452001, Madhya Pradesh, India
Tel. No.:	91-731-2514448 / 2527715
Fax No.:	91-731-2528730
E-Mail :	fng@sancharnet.in
PAN No.:	AAAFF3285G
Holding Company :	Heat and Control (South Asia) Private Limited

CAPITAL STRUCTURE

AS ON 16.05.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
200000	Equity Shares	Rs.10/- each	Rs.2.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
121041	Equity Shares	Rs.10/- each	Rs.1.210 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.12.2013	31.12.2012	31.12.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	1.210	1.210	1.210
(b) Reserves & Surplus	118.388	91.904	76.190
(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)	119.598	93.114	77.400
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.374
(b) Deferred tax liabilities (Net)	5.653	5.644	4.128
(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)	5.653	5.644	4.502
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.697
(b) Trade payables	11.420	5.965	14.331
(c) Other current liabilities	55.142	22.891	20.879
(d) Short-term provisions	0.895	0.408	4.361
Total Current Liabilities (4)	67.457	29.264	40.268
TOTAL	192.708	128.022	122.170
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	81.265	60.212	42.188
(ii) Intangible Assets	0.357	0.595	0.000
(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	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.408	0.419	0.427
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	82.030	61.226	42.615
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	54.668	25.736	22.574
(c) Trade receivables	2.365	3.373	14.637
(d) Cash and cash equivalents	43.773	34.378	37.187
(e) Short-term loans and advances	9.827	3.238	3.791
(f) Other current assets	0.045	0.071	1.366
Total Current Assets	110.678	66.796	79.555
TOTAL	192.708	128.022	122.170

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.12.2013	31.12.2012	31.12.2011
	SALES
		Income	162.896	135.699	114.063
		Other Income	3.158	4.742	16.862
		TOTAL (A)	166.054	140.441	130.925
Less	EXPENSES
		Cost of Materials Consumed	94.084	74.592	66.615
		Changes in Inventories of finished goods, work-in-progress and stock-in-trade	(16.029)	(2.096)	(7.962)
		Employee Benefits Expenses	20.543	16.927	9.657
		Other Expenses	20.043	18.671	15.850
		TOTAL (B)	118.641	108.094	84.160
	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		47.413	32.347	46.765
Less	FINANCIAL EXPENSES (D)		0.015	0.077	0.894
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		47.398	32.270	45.871
Less	DEPRECIATION/ AMORTISATION (F)		7.320	7.290	3.756
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)		40.078	24.980	42.115
Less	TAX (H)		13.594	9.266	14.578
	PROFIT/(LOSS) AFTER TAX (G-H) (I)		26.484	15.714	27.537
	Earnings in Foreign Currency - Export of Goods		31.598	0.344	18.288
	CIF Value of Imports - Raw Material		11.136	4.922	4.588
	Earnings Per Share (Rs.)		218.80	129.82	227.50

Particulars	31.03.2014
Sales Turnover (Approximately)	200.000

Expected Sales (2014-2015): Rs.300.000 Millions

The above information has been parted by Mr. Sachin (Accounts Executive)

KEY RATIOS

PARTICULARS		31.12.2013	31.12.2012	31.12.2011
PAT / Total Income	(%)	15.95	11.19	21.03
Net Profit Margin (PBT/Sales)	(%)	24.60	18.41	36.92
Return on Total Assets (PBT/Total Assets}	(%)	20.80	19.51	34.47
Return on Investment (ROI) (PBT/Networth)		0.34	0.27	0.54
Debt Equity Ratio (Total Debt /Networth)		0.00	0.00	0.01
Current Ratio (Current Asset/Current Liability)		1.64	2.28	1.98

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.12.2011	31.12.2012	31.12.2013
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Share Capital	1.210	1.210	1.210
Reserves & Surplus	76.190	91.904	118.388
Net worth	77.400	93.114	119.598
long-term borrowings	0.374	0.000	0.000
Short term borrowings	0.697	0.000	0.000
Total borrowings	1.071	0.000	0.000
Debt/Equity ratio	0.014	0.000	0.000

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.12.2011	31.12.2012	31.12.2013
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Sales	114.063	135.699	162.896
		18.968	20.042

NET PROFIT MARGIN

Net Profit Margin	31.12.2011	31.12.2012	31.12.2013
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Sales	114.063	135.699	162.896
Profit	27.537	15.714	26.484
	24.14%	11.58%	16.26%

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	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	No
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

NOTE: Registered office address of the company has been shifted from 141-A, Electronic Complex, Paradeshipura, Indore – 452010, Madhya Pradesh, India to the present address w.e.f. 09.04.2011

NO CHARGES EXIST FOR COMPANY.

FIXED ASSETS:

· Freehold Land

· Factory Buildings

· Plant and Machinery

· Office Equipments

· Computers

· Furniture and Fixtures

· Vehicles

· Software

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.60.81
UK Pound	1	Rs.100.06
Euro	1	Rs.78.47

INFORMATION DETAILS

Information Gathered by :	HTL
Analysis Done by :	SUM
Report Prepared by :	NKT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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		46

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.