MIRA INFORM REPORT

Report No. :	315738
Report Date :	03.04.2015

IDENTIFICATION DETAILS

Name :	AGRA CHAINS PRIVATE LIMITED
Registered Office :	14, Industrial Estate, Nunhai, Agra – 282006, Uttar Pradesh
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	11.04.1978
Com. Reg. No.:	20-004591
Capital Investment / Paid-up Capital :	Rs. 0.500 Million
CIN No.: [Company Identification No.]	U29221UP1978PTC004591
TAN No.: [Tax Deduction & Collection Account No.]	AGRA10739B
PAN No.: [Permanent Account No.]	AABCA3712B
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, buy, sell and deal in all kinds of chains, other than Industrial Chains, chain products and imitation Jewellery. Manufacturer, buy, sell and deal in all kinds of Handicrafts and watch-strips. Manufacturer, buy, sell and deal in all kinds of Ferrous and Non- Ferrous Wires.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Maximum Credit Limit :	USD 230000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Financial position of the company seems to be decent. Grade relations are fair. Business is active. Payment terms are reported to be usually correct. The company can be considered for business dealings at usual trade terms and conditions.

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	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	Not Available

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. Pankaj Jain
Contact No.:	91-562-2280870
Date :	02.04.2015

LOCATIONS

Registered Office :	14, Industrial Estate, Nunhai, Agra – 282006, Uttar Pradesh, India
Tel. No.:	91-562-2280870 / 71/ 72
Fax No.:	91-562-2280856
E-Mail :	cskapilverma@gmail.com acpt@acplexports.com taxation@acplexports.com
Factory :	132, Industrial Estate, Nunhai, Agra – 282006, Uttar Pradesh, India
Tel. No.:	91-562-3043800

DIRECTORS

As on: 30.09.2014

Name :

Mr. Mukesh Gupta

Designation :

Director

Address :

4341, Vijay Nagar Colony, Agra - 282004, Uttar Pradesh, India

Date of Birth/Age :

09.09.1950

Date of Appointment :

11.04.1978

DIN No.:

00117502

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	U29221UP1978PTC004591	AGRA CHAINS PRIVATE LIMITED	DIRECTOR	11/04/1978	11/04/1978	-	ACTIVE	NO
2	U29221UP1979PTC004766	AGRA MACHINE TOOLS PRIVATE LIMITED	DIRECTOR	01/06/1979	01/06/1979	-	ACTIVE	NO
3	U74120UP1996PTC019379	LALA RAM ENTERPRISES PRIVATE LIMITED	DIRECTOR	23/01/1996	23/01/1996	-	CONVERTED TO LLP AND DISSOLVED	NO
4	U36911UP2000PTC025260	ACPL FINDINGS PRIVATE LIMITED	DIRECTOR	30/03/2000	30/03/2000	-	ACTIVE	NO
5	U74899DL1995PTC064180	ACPL JEWELS PRIVATE LIMITED.	DIRECTOR	04/12/2000	04/12/2000	03/10/2012	ACTIVE	NO
6	U72400UP2007PTC033804	TROOP SOFTWARE PRIVATE LIMITED	DIRECTOR	27/08/2007	27/08/2007	-	ACTIVE	NO
7	U51109DL2008PTC175956	ACPL EXPORTS PRIVATE LIMITED	DIRECTOR	27/03/2008	27/03/2008	-	ACTIVE	NO
8	AAD-0073	LALA RAM ENTERPRISES LLP	DESIGNATED PARTNER	03/12/2014	03/12/2014	-	ACTIVE	NO

Name :

Mr. Sidharth Gupta

Designation :

Director

Address :

4341, Vijay Nagar Colony, Agra - 282004, Uttar Pradesh, India

Date of Birth/Age :

03.08.1979

Date of Appointment :

02.01.2009

DIN No.:

00117568

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	U74899DL1995PTC064180	ACPL JEWELS PRIVATE LIMITED.	DIRECTOR	09/06/2006	09/06/2006	-	ACTIVE	NO
2	U72400UP2007PTC033804	TROOP SOFTWARE PRIVATE LIMITED	DIRECTOR	27/08/2007	27/08/2007	-	ACTIVE	NO
3	U15490DL2007PTC168998	GOLDEN BIRD INTERNATIONAL PRIVATE LIMITED	DIRECTOR	05/10/2007	05/10/2007	-	ACTIVE	NO
4	U72300DL2008PTC179674	MANAGE CRITICAL IT SERVICES PRIVATE LIMITED	DIRECTOR	18/06/2008	18/06/2008	-	ACTIVE	NO
5	U29221UP1978PTC004591	AGRA CHAINS PRIVATE LIMITED	DIRECTOR	02/01/2009	02/01/2009	-	ACTIVE	NO
6	U51109DL2008PTC175956	ACPL EXPORTS PRIVATE LIMITED	DIRECTOR	02/02/2009	02/02/2009	-	ACTIVE	NO
7	AAB-5957	GOLDENBIRD MULTIPRODUCT LLP	DESIGNATED PARTNER	20/06/2013	20/06/2013	-	ACTIVE	NO

Name :

Mr. Dinesh Gupta

Designation :

Director

Address :

4341, Vijay Nagar Colony, Agra - 282004, Uttar Pradesh, India

Date of Appointment :

11.04.1978

DIN No.:

01379300

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	U29221UP1978PTC004591	AGRA CHAINS PRIVATE LIMITED	DIRECTOR	11/04/1978	11/04/1978	-	ACTIVE	NO
2	U29221UP1979PTC004766	AGRA MACHINE TOOLS PRIVATE LIMITED	DIRECTOR	01/06/1979	01/06/1979	-	ACTIVE	NO
3	U74120UP1996PTC019379	LALA RAM ENTERPRISES PRIVATE LIMITED	DIRECTOR	23/01/1996	23/01/1996	-	CONVERTED TO LLP AND DISSOLVED	NO
4	U36911UP2000PTC025260	ACPL FINDINGS PRIVATE LIMITED	DIRECTOR	30/03/2000	30/03/2000	-	ACTIVE	NO
5	U74899DL1995PTC064180	ACPL JEWELS PRIVATE LIMITED.	DIRECTOR	04/12/2006	04/12/2006	03/10/2012	ACTIVE	NO
6	U51109DL2008PTC175956	ACPL EXPORTS PRIVATE LIMITED	DIRECTOR	27/03/2008	27/03/2008	-	ACTIVE	NO
7	AAD-0073	LALA RAM ENTERPRISES LLP	DESIGNATED PARTNER	03/12/2014	03/12/2014	-	ACTIVE	NO

Name :

Mr. Abhishek Gupta

Designation :

Director

Address :

4341, Vijay Nagar Colony, Agra - 282004, Uttar Pradesh, India

Date of Birth/Age :

27.06.1983

Date of Appointment :

02.01.2009

DIN No.:

01681064

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	U15490DL2007PTC168998	GOLDEN BIRD INTERNATIONAL PRIVATE LIMITED	DIRECTOR	05/10/2007	05/10/2007	-	ACTIVE	NO
2	U29221UP1978PTC004591	AGRA CHAINS PRIVATE LIMITED	DIRECTOR	02/01/2009	02/01/2009	-	ACTIVE	NO
3	U51109DL2008PTC175956	ACPL EXPORTS PRIVATE LIMITED	DIRECTOR	02/02/2009	02/02/2009	-	ACTIVE	NO
4	U72300DL2008PTC179674	MANAGE CRITICAL IT SERVICES PRIVATE LIMITED	ADDITIONAL DIRECTOR	03/12/2014	03/12/2014	-	ACTIVE	NO
5	AAB-5957	GOLDENBIRD MULTIPRODUCT LLP	DESIGNATED PARTNER	20/06/2013	20/06/2013	-	ACTIVE	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.09.2014

Names of Shareholders	No. of Shares
Mukesh Gupta	950
Mukesh Gupta and Sons	250
Sandhya Gupta	50
Abhishek Gupta	1250
Dinesh Gupta	850
Dinesh Gupta and Sons	400
Sidharth Gupta	1250
Total	5000

Equity Share Break up (Percentage of Total Equity)

As on: 30.09.2014

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, buy, sell and deal in all kinds of chains, other than Industrial Chains, chain products and imitation Jewellery. Manufacturer, buy, sell and deal in all kinds of Handicrafts and watch-strips. Manufacturer, buy, sell and deal in all kinds of Ferrous and Non- Ferrous Wires.
Products :	----
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	Not Divulged

GENERAL INFORMATION

Suppliers :	· Gail Gas Limited, Gas · Carboni TMS, Italy · Alfa Innovative, Agra · Kaila Instrumentation, Agra · Glowel, New Delhi · World Mark Freight Logistics Private Limited, Delhi · S.B. Engineering, Noida · Overnite Express Limited, Agra · Speedman courier service, Agra · ACPL Exports Private Limited, Delhi
Customers :	· B.M. Vaibhav Creations Jaipur · Hariom Enterprises Agra · ACPL Products Private Limited, Noida · ACPL Exports Private Limited, Delhi · ACPL Exports Private Limited, Agra · Durga Traders · Narayan Brothers · ACPL Jewels Private Limited
No. of Employees :	Not Divulged
Bankers :	Canara Bank, Branch Belanganj, Agra - 282004, Uttar Pradesh, India

Auditors :
Name :	Manish Brij Garg and Company Chartered Accountants
Address :	56, Old Vjay Nagar, Agra-282004 Uttar Pradesh, India
Tel. No.:	91-562-2854060
Mobile No.:	91-9837590909
E-Mail :	camanishgargagra@gmail.com
PAN N Income-tax PAN of auditor or auditor's firm :	AALFM3301K
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	Not Divulged

CAPITAL STRUCTURE

As on 31.03.2014

Authorized Capital:

No. of Shares	Type	Value	Amount
5,000	Equity Shares	Rs.100/- each	Rs. 0.500 Million

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
5,000	Equity Shares	Rs.100/- each	Rs. 0.500 Million

FINANCIAL DATA

[all figures are in Rupees Million]

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	0.500	0.500	0.500
(b) Reserves & Surplus	79.978	74.392	68.528
(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)	80.478	74.892	69.028
(3) Non-Current Liabilities
(a) long-term borrowings	17.040	13.916	18.060
(b) Deferred tax liabilities (Net)	1.035	0.690	0.449
(c) Other long term liabilities	3.173	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	21.248	14.606	18.509
(4) Current Liabilities
(a) Short term borrowings	1.476	2.038	3.569
(b) Trade payables	1.343	3.486	0.724
(c) Other current liabilities	3.970	3.473	2.822
(d) Short-term provisions	2.300	2.400	2.800
Total Current Liabilities (4)	9.089	11.397	9.915
TOTAL	110.815	100.895	97.452
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	41.376	32.696	31.445
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.070	0.178	0.295
(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	0.000	0.000	0.000
(e) Other Non-current assets	0.361	0.266	0.382
Total Non-Current Assets	41.807	33.140	32.122
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	50.944	39.510	34.886
(c) Trade receivables	0.228	14.607	14.667
(d) Cash and cash equivalents	9.903	5.948	9.079
(e) Short-term loans and advances	1.938	2.197	1.489
(f) Other current assets	5.995	5.493	5.209
Total Current Assets	69.008	67.755	65.330
TOTAL	110.815	100.895	97.452

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Revenue from operations	161.369	144.937	137.394
		Other Income	0.517	0.249	0.163
		TOTAL (A)	161.886	145.186	137.557
Less	EXPENSES
		Cost of Materials Consumed	49.252	45.869	41.894
		manufacturing service cost	71.795	61.849	58.358
		selling and distributor expense	0.319	0.025	0.031
		Employees benefits expense	19.249	17.239	16.308
		administrative expenses	3.353	3.507	1.874
		Other expenses	1.642	1.507	2.948
		TOTAL (B)	145.610	129.996	121.413
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		16.276	15.190	16.144
Less	FINANCIAL EXPENSES (D)		2.534	1.974	2.330
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		13.742	13.216	13.814
Less/ Add	DEPRECIATION/ AMORTISATION (F)		5.427	4.781	5.054
	PROFIT BEFORE TAX (E-F) (G)		8.315	8.435	8.760
Less	TAX (H)		2.753	2.571	2.747
	PROFIT AFTER TAX (G-H) (I)		5.562	5.864	6.013
	Earnings Per Share (Rs.)		1112.32	1172.72	1202.69

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	3.45	4.05	4.38
Operating Profit Margin (PBIDT/Sales)	(%)	10.09	10.48	11.75
Return on Total Assets (PBT/Total Assets}	(%)	7.51	8.37	9.02
Return on Investment (ROI) (PBT/Networth)		0.10	0.11	0.13
Debt Equity Ratio (Total Debt /Networth)		0.23	0.21	0.31
Current Ratio (Current Asset/Current Liability)		7.59	5.94	6.59

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	0.500	0.500	0.500
Reserves & Surplus	68.528	74.392	79.978
Net worth	69.028	74.892	80.478
long-term borrowings	18.060	13.916	17.040
Short term borrowings	3.569	2.038	1.476
Total borrowings	21.629	15.954	18.516
Debt/Equity ratio	0.313	0.213	0.230

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)
Revenue from operations	137.394	144.937	161.369
		5.490	11.337

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Revenue from operations	137.394	144.937	161.369
Profit	6.013	5.864	5.562
	4.38%	4.05%	3.45%

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	No
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	No
17]	Major suppliers	Yes
18]	Major customers	Yes
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	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

FINANCIAL RESULTS:

The company has earned the profit of Rs. 8.315 Million (Profit before Tax)

UNSECURED LOAN

Particular	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
From Director Unsecured	7.486	6.757
From shareholder	4.389	2.474
from others	5.165	4.685
Short-term borrowings
Security deposits from supplier	1.476	2.038
Total	18.516	15.954

INDEX OF CAHREGS:

S. NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10432327	07/06/2013	7,200,000.00	CANARA BANK	BRANCH BELANGANJ, AGRA - 282004, UTTAR PRADESH, INDIA	B77613545
2	10396356	16/11/2012	6,875,000.00	CANARA BANK	BRANCH OFFICE BELANGANJ, BHAIRON BAZAAR, AGRA - 282004, UTTAR PRADESH, INDIA	B65668196

* Date of charge modification

FIXED ASSETS:

· Building

· Machinery

· Equipment

· Generator

· Vehicle

· Cycle

· Computer

· Furniture and Fixture

· Office Equipment

· Computer 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.62.59
UK Pound	1	Rs.92.46
Euro	1	Rs.67.51

INFORMATION DETAILS

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

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		48

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.