MIRA INFORM REPORT

Report No. :	314803
Report Date :	02.04.2015

IDENTIFICATION DETAILS

Name :	PREMIER INDIA BEARINGS LIMITED
Registered Office :	407 and 413, Marshall House, 25 Strand Road, Kolkata, West Bengal – 700001, India
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	03.10.1988
Com. Reg. No.:	21 - 045316
Capital Investment / Paid-up Capital :	Rs. 58.540 Million
IEC No.:	Not Available
CIN No.: [Company Identification No.]	U27109WB1988PLC045316
PAN No.: [Permanent Account No.]	AABCP5416D
VAT RC No.:	19490229013
CST No.	19490229207
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Distributor of Bearings and Allied Products.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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. The rating takes into consideration long track record of the company in the bearing trading business supported by sound financial base and fair liquidity profile of the company. Trade relations are fair. Business is active. Payments are reported to be usually correct. The company can be considered for business dealings at usual trade terms and condition.

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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Cash Credit Limit “BBB-”
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	March, 2014

Rating Agency Name	ICRA
Rating	Letter of credit A3
Rating Explanation	Moderate degree of safety and higher credit risk.
Date	March, 2014

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

Name :	Mr. Mohan
Designation :	Chief Accounts Officer
Contact No.:	91-332102392
Date :	30.03.2015

LOCATIONS

Registered Office/ Head Office :	407 and 413, Marshall House, 25 Strand Road, Kolkata, West Bengal – 700001, India
Tel. No.:	91-33-22300640/22301926
Fax No.:	91-33-22485745
E-Mail :	mltater@rediffmail.com pibl@vsnl.com
Branches/ Located At :	Northern Region Chandigarh, Punjab Ludhiana Punjab Gurgaon, Haryana Guwahati, Assam Jamshedpur, Jharkhand Western Region Mumbai, Maharashtra Nashik, Maharashtra Gandhidham, Kutch Ernakulam, Kochi Chennai, Tamilnadu Hosur, Tamilnadu Kattoor, Coimbatore Bengaluru, Karnataka Hospet, Karnataka

DIRECTORS

As on 30.09.2014

Name :

Mr. Chain Roop Chandalia

Designation :

Director

Address :

25 Strand Road, Kolkata, West Bengal – 700001, India.

Date of Birth/Age :

03.02.1956

Date of Appointment :

27.04.1989

DIN No.:

00190294

PAN No.:

ABYPC1969R

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	U27109WB1988PLC045316	PREMIER INDIA BEARINGS LTD	Director	27/04/1989	27/04/1989	-	Active	NO
2	U33112WB1988PTC045092	HI-TECH BEARINGS PRIVATE LIMITED	Director	18/03/1991	18/03/1991	-	Active	NO
3	U29130WB2002PTC095291	ZKL BEARINGS (INDIA) PRIVATE LIMITED	Director	02/06/2003	02/06/2003	-	Active	NO
4	U51109WB1991PTC053967	CRYSTAL BEARINGS PRIVATE LIMITED	Director	10/07/2003	10/07/2003	-	Active	NO
5	U51909WB2002PTC095064	SILVERSON DEALERS PRIVATE LIMITED	Director	09/12/2003	09/12/2003	15/12/2008	Active	NO
6	U65993WB1994PTC062045	MKS CREDIT & FINANCE PRIVATE LIMITED	Director	02/07/2006	02/07/2006	-	Active	NO
7	U65993WB1994PTC062044	VITRAG CREDIT & FINANCE PRIVATE LIMITED	Director	02/07/2006	02/07/2006	-	Active	NO
8	U52110WB2006PTC111012	ZKL INDIA PRIVATE LIMITED	Director	29/07/2006	29/07/2006	-	Strike off	NO
9	U51109WB2007PTC112599	CARCO SEALS INDIA PRIVATE LIMITED	Director	16/01/2007	16/01/2007	-	Strike off	NO
10	U67120WB1996PTC081589	VIKRAM FINVEST PRIVATE LIMITED	Director	21/04/2008	21/04/2008	-	Active	NO
11	U51909WB2004PTC100397	SOUND SUPPLIERS PRIVATE LIMITED	Director	25/05/2011	25/05/2011	-	Active	NO
12	U51900WB2006PTC107911	ADINATH DISTRIBUTORS PRIVATE LIMITED	Director	30/08/2011	30/08/2011	-	Active	NO
13	U70101WB2005PTC101913	RAJMANI PROPERTIES PRIVATE LIMITED	Director	02/01/2012	02/01/2012	-	Active	NO

Name :

Mr. Surendra Kumar Choraria

Designation :

Director

Address :

25 Strand Road, Kolkata, West Bengal – 700001, India.

Date of Birth/Age :

31.05.1955

Date of Appointment :

30.01.1989

DIN No.:

00190327

PAN No.:

ACLPC2103K

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	U27109WB1988PLC045316	PREMIER INDIA BEARINGS LTD	Director	30/01/1989	30/01/1989	-	Active	NO
2	U33112WB1988PTC045092	HI-TECH BEARINGS PVT LTD	Director	06/05/1991	06/05/1991	-	Active	NO
3	U45201WB1994PTC062238	TIRUMALA CARETAKER PVT LTD	Director	01/04/1996	01/04/1996	18/10/2012	Active	NO
4	U51909WB2002PTC095064	SILVERSON DEALERS PRIVATE LIMITED	Director	09/12/2003	09/12/2003	15/12/2008	Active	NO
5	U51109WB1991PTC053967	CRYSTAL BEARINGS PVT LTD	Director	24/05/2004	24/05/2004	-	Active	NO
6	U29130WB2002PTC095291	ZKL BEARINGS (INDIA) PRIVATE LIMITED	Director	24/05/2004	24/05/2004	-	Active	NO
7	U65993WB1994PTC062045	MKS CREDIT & FINANCE PVT LTD	Director	02/07/2006	02/07/2006	-	Active	NO
8	U65993WB1994PTC062044	VITRAG CREDIT & FINANCE PVT. LTD.	Director	02/07/2006	02/07/2006	-	Active	NO
9	U52110WB2006PTC111012	ZKL INDIA PRIVATE LIMITED	Director	29/07/2006	29/07/2006	-	Strike off	NO
10	U51109WB2007PTC112599	CARCO SEALS INDIA PRIVATE LIMITED	Director	16/01/2007	16/01/2007	-	Strike off	NO
11	U67120WB1996PTC081589	VIKRAM FINVEST PRIVATE LIMITED	Director	21/04/2008	21/04/2008	-	Active	NO
12	U51109WB2008PTC122170	MASTERMIND VYAPAAR PRIVATE LIMITED	Director	24/08/2010	24/08/2010	-	Active	NO
13	U51909WB2004PTC100397	SOUND SUPPLIERS PRIVATE LIMITED	Director	25/05/2011	25/05/2011	-	Active	NO
14	U51900WB2006PTC107911	ADINATH DISTRIBUTORS PRIVATE LIMITED	Director	30/08/2011	30/08/2011	-	Active	NO

Name :

Mr. Vijay Kumar Sethia

Designation :

Director

Address :

41, Armenian Street, Madras, - 600001. Tamilnadu, India.

Date of Birth/Age :

30.11.1957

Date of Appointment :

27.04.1989

DIN No.:

01538886

PAN No.:

AADPV8972D

KEY EXECUTIVES

Name :	Mr. Mohan
Designation :	Accountant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

NOTE: SHAREHOLDING DETAILS FILE ATTACHED.

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	87.39
Directors or relatives of Directors	5.82
Other top fifty shareholders	6.79
Total	100.00

BUSINESS DETAILS

Line of Business :	Distributor of Bearings and Allied Products.
Products :	Bearings Allied Products
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	Not Divulged
Purchasing :	Not Divulged

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

No. of Employees :

Not Divulged

Bankers :

Banker Name :	HDFC Bank Limited
Branch Address :	HDFC Bank Housesenapati Bapat Marg, Lower Parel W, Mumbai - 400013, Maharashtra, India
Facilities :	Not Divulged
Person Name :	Not Divulged
Contact No.:	Not Divulged
Report :	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

(Rs. In Millions)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
Long Term Borrowing
Rupee Term Loans From Bank ( Term Loan From HDFC Bank is secured by hypothecation of entire Land and Building situated at B-XX1-14651- Dholewal Chowk, Ludhina – 141 003 in the name of the company.	3.253	8.942
Term Loan From Others (Term Loan From HDB Financial Services Limited is secured by hypothecation of flat situated at 35 Ballygunge Park, Kolkata – 700 019 In the name of the Director Of the Company	16.771	21.036
Long – Term Maturities of Finance Lease Obligations (Finance Lease Obligations are secured by hypothecation of Vehicles)	0.000	0.802
Total	20.024	30.780

Auditors :
Name :	V. K. Patawari and Company Chartered Accountant
Address :	33, Brabourne Road, 3^rd Floor, Kolkata – 700001, West Bengal, India
PAN No.:	AAFFV4830L
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	Hi-Tech Bearings Private Limited CIN No.: U33112WB1988PTC045092 Crystal Bearings Private Limited CIN No.: U51109WB1991PTC053967

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
6000000	Equity Shares	Rs.10/- each	Rs. 60.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5854014	Equity Shares	Rs.10/- each	Rs. 58.540 Million

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	58.540	58.540	58.540
(b) Reserves & Surplus	116.316	107.464	101.239
(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)	174.856	166.004	159.779
(3) Non-Current Liabilities
(a) long-term borrowings	20.024	31.002	3.113
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	13.387	12.220	10.037
Total Non-current Liabilities (3)	33.411	43.222	13.150
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	392.025	264.675	194.667
(c) Other current liabilities	182.811	134.617	105.682
(d) Short-term provisions	0.115	0.401	0.085
Total Current Liabilities (4)	574.951	399.693	300.434
TOTAL	783.218	608.919	473.363
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	43.844	42.204	20.420
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	23.347	16.771	19.164
(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)	6.480	6.077	4.602
(d) Long-term Loan and Advances	8.210	7.383	6.636
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	81.881	72.435	50.822
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	140.596	106.851	83.426
(c) Trade receivables	522.441	381.760	322.290
(d) Cash and cash equivalents	29.689	41.433	12.514
(e) Short-term loans and advances	8.611	6.440	4.311
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	701.337	536.484	422.541
TOTAL	783.218	608.919	473.363

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	1463.432	1392.120	1197.212
	Other Income	0.680	0.729	1.100
	TOTAL (A)	1464.112	1392.849	1198.312
Less	EXPENSES
	Purchases of Stock-in-Trade	1343.668	1277.933	1085.401
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(33.745)	(23.426)	(1.363)
	Employees benefits expense	49.430	42.259	32.711
	Other expenses	70.110	68.361	58.612
	TOTAL (B)	1429.463	1365.127	1175.361
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	34.649	27.722	22.951
Less	FINANCIAL EXPENSES (D)	14.329	12.313	10.348
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	20.320	15.409	12.603
Less/ Add	DEPRECIATION/ AMORTISATION (F)	6.890	6.037	5.426
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	13.430	9.372	7.177
Less	TAX (I)	4.579	3.147	2.660
	PROFIT/ (LOSS) AFTER TAX (G-I) (J)	8.851	6.225	4.517
	Earnings / (Loss) Per Share (Rs.)	1.51	1.06	0.77

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin PAT / Sales	(%)	0.60	0.45	0.38
Operating Profit Margin (PBDIT/Sales)	(%)	2.37	1.99	1.92
Return on Total Assets (PBT/Total Assets}	(%)	1.78	1.60	1.60
Return on Investment (ROI) (PBT/Networth)		0.08	0.06	0.04
Debt Equity Ratio (Total Debt /Networth)		0.11	0.19	0.02
Current Ratio (Current Asset/Current Liability)		1.22	1.34	1.41

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	58.540	58.540	58.540
Reserves & Surplus	101.239	107.464	116.316
Net worth	159.779	166.004	174.856
long-term borrowings	3.113	31.002	20.024
Short term borrowings	0.000	0.000	0.000
Total borrowings	3.113	31.002	20.024
Debt/Equity ratio	0.019	0.187	0.115

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	1197.212	1392.120	1463.432
		16.280	5.123

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	1197.212	1392.120	1463.432
Profit	4.517	6.225	8.851
	0.38%	0.45%	0.60%

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	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	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	No

UNSECURED LOAN

(Rs. In Millions)

PARTICULAR	As on 31.03.2014	As on 31.03.2013
Long Term Borrowing
Loans Repayable On Demand From Others	0.000	0.222
Total	0.000	0.222

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10359826	04/06/2012	13,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W  , MUMBAI, Maharashtra - 400013, INDIA	B41281759
2	80034144	05/05/2009 *	248,500,000.00	BANK OF BARODA	International Business Branch, 4, India Exchange  Place, KOLKATA, West Bengal - 700001, INDIA	A63324800
3	80034135	18/12/2008 *	70,000,000.00	BANK OF BARODA	INTERNATIONAL BUSINESS BRANCH, 4 INDIA EXCHANGE P  ALACE, KOLKATA, West Bengal - 700001, INDIA	A54153713
4	80034143	05/05/2009 *	248,500,000.00	BANK OF BARODA	International Business Branch, 4, India Exchange  Place, KOLKATA, West Bengal - 700001, INDIA	A63324610

* Date of charge modification

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.62.59
UK Pound	1	Rs.92.45
Euro	1	Rs.67.51

INFORMATION DETAILS

Information Gathered by :	DPA
Analysis Done by :	KAR
Report Prepared by :	JYTK

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	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	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		45

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.