MIRA INFORM REPORT

Report No. :	316323
Report Date :	22.04.2015

IDENTIFICATION DETAILS

Name :	FOAM MATTINGS INDIA LIMITED
Registered Office :	VIII/530 Civil Station Ward, Alleppey – 388012 Kerala
Tel No :	91-477-2251172 / 2254081 / 2263948
Country :	India
Financials (as on) :	31.03.2009
Date of Incorporation :	18.12.1978
Com. Reg. No.:	09-003029
Capital Investment / Paid-up Capital :	Rs. 51.523 Million
CIN No.: [Company Identification No.]	U17214KL1978SGC003029
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturing, Exporting of Versatile Covers, Coco Rugs, Coir Mats Spun Jute floor furnishing.
No. of Employees :	200 (Approximately)

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 260000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is a Government of Kerala undertaking company. It is an established company having moderate track record. The management has not filed its financial record with government department since 2011. Further as per the registrar of companies the date of balance sheet (i.e. financial filed) is show as 31.03.2010 but documents related to financial from 2010 to 2014 are not available from any source. Rating is constrained on account of absence of latest financial information and highly competitive nature of business segment. However, the company receives strong financial and managerial support from government of Kerala. As per the status in the registrar of companies business appears to be active. Payments are reported to be slow. In view of strong government support, the company can be considered for business dealing with some caution.

NOTES :

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

ECGC Country Risk Classification List – 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 PARTED BY (General Detail)

Name :	Mr. Viraman Nair
Designation :	Director
Contact No.:	91-9947547550
Date :	14.04.2015

LOCATIONS

Registered Office :	VIII/530 Civil Station Ward, Alleppey – 388012 Kerala, India
Tel. No.:	91-477-2251172 / 2254081
Mobile No.:	91-9847547550 (Mr. Vikraman Nair)
Fax No.:	91-477-22551654
E-Mail :	familalpy@gmail.com
Location :	Owned
Factory :	PB No. 4619, Beach Road, Alappuzha – 688012, Kerala, India

DIRECTORS

As on : 25.09.2014

Name :

Mr. Satyaraj N.

Designation :

Managing Director

Address :

32/291 A Nandanam Changanessery, Alappusha – 686101, Kerala, India

Date of Birth/Age :

21.05.1959

Date of Appointment :

10.09.2007

DIN No.:

02698299

Name :

Ms. Rani Goerge

Designation :

Director

Address :

Rasmi TC/14/463, Bakery Junktion Thycavd P.O, Thiru Vananthapuram, Kerala – 695114, India

Date of Appointment :

10.09.2007

DIN No.:

00789500

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	U65910KL1998SGC012160	KERALA STATE POWER AND INFRASTRUCTURE FINANCE CORPORATION LIMITED	Director	17/08/2006	17/08/2006	06/02/2008	Active	NO
2	U17233KL1969SGC002235	THE KERALA STATE COIR CORPN LTD	Director	10/09/2007	10/09/2007	-	Active	NO
3	U17214KL1978SGC003029	FOAM MATTINGS INDIA LIMITED	Nominee director	10/09/2007	10/09/2007	-	Active	YES
4	U63040KL1965SGC002120	Kerala Tourism Development Corporation Limited	Director	23/06/2011	23/06/2011	24/06/2013	Active	NO
5	U55101KL1989SGC005461	Kerala Tourism Infrastructure Limited	Director	03/08/2011	03/08/2011	24/06/2013	Active	NO
6	U55102KL1995SGC009189	BEKAL RESORTS DEVELOPMENT CORPORATION LIMITED	Director	25/02/2012	25/02/2012	13/01/2014	Active	NO
7	U80220KL2012NPL030883	Kerala Academy for Skills Excellence	Director	17/11/2012	17/11/2012	-	Active	NO
8	U91990KL2002NPL015838	NORKA-ROOTS (SEC 25 COMPANY)	Director	26/03/2013	26/03/2013	-	Active	NO
9	U29291KL2014SGC036029	KERALA STATE COIR MACHINERY MANUFACTURING COMPANY LIMITED	Director	30/01/2014	30/01/2014	-	Active	NO

Name :

Mr. Kunnath Raghavan Bhageeradhan

Designation :

Chairman Cum Managing Director

Address :

9/130 Padinjarekotha, Parambu, Mararikulam, Alappuzha – 688549, Kerala, India

Date of Birth/Age :

10.07.1962

Date of Appointment :

02.03.2007

DIN No.:

01957543

Name :

Ms. Syamla K.

Designation :

Direcor

Address :

729/9 Uthradam, Kulasekhapuram, Vattiyoorkvv, Thiru Vananthapuram – 695013, Kerala, India

Date of Birth/Age :

12.03.1961

Date of Appointment :

31.01.2009

DIN No.:

Other Directorship :

Name :

Mr. N. R. Baburaj

Designation :

Director

Address :

Nediya Parambu, Perumbalam, Alappuzha - 6861401, Kerala, India

Date of Birth/Age :

16.05.1962

Date of Appointment :

03.01.2007

DIN No.:

02491373

Name :

Mr. Kamaladharan Narayanavelli Padmannabhan

Designation :

Director

Address :

Narayanaveli, 640/6, Muhamma, Alappuzha – 688525, Kerala, India

Date of Birth/Age :

30.03.1947

Date of Appointment :

03.01.2007

DIN No.:

02682515

Name :

Mr. Mathew Varghese

Designation :

Director

Address :

Vengapally House, Kaliyar P.O, Idukki, Kerala, India

Date of Birth/Age :

01.01.1952

Date of Appointment :

02.02.2007

DIN No.:

02611790

Name :

Mr. Madanan Kavarial

Designation :

Director

Address :

CC 11/1171 (A), Pavithram Kavadiyar, Nandanecode P.O, Thiru Vananthapuram – 695013, Kerala, India

Date of Birth/Age :

28.09.1959

Date of Appointment :

02.07.2008

DIN No.:

01763482

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	U91990KL1988SGC004978	KERALA STATE WOMEN"S DEVELOPMENT CORPORATION LIMITED	Director	09/08/2001	09/08/2001	14/01/2002	Active	YES
2	U17233KL1969SGC002235	THE KERALA STATE COIR CORPN LTD	Director	02/07/2008	02/07/2008	-	Active	NO
3	U17214KL1978SGC003029	FOAM MATTINGS INDIA LIMITED	Nominee director	02/07/2008	02/07/2008	-	Active	YES
4	U29291KL2014SGC036029	KERALA STATE COIR MACHINERY MANUFACTURING COMPANY LIMITED	Director	30/01/2014	30/01/2014	-	Active	NO

Name :

Mr. Changanpalli Padinharethil Kunhalan Gurukkal

Designation :

Director

Address :

Changampalli House, Chellor, P.O Pazhoor, Kuttipuram Malapuram, Kerala, India

Date of Birth/Age :

20.02.2050

Date of Appointment :

20.11.2006

DIN No.:

01897685

Name :

Mr. N.S. George

Designation :

Director

Address :

Kaduvile Veedu, Komalapuram, Alappuzha, Kerala, India

Date of Birth/Age :

01.01.1950

Date of Appointment :

02.02.2007

DIN No.:

02545870

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	U17214KL1978SGC003029	FOAM MATTINGS INDIA LIMITED	Nominee director	02/02/2007	02/02/2007	02/01/2012	Active	YES
2	U51909KL2003PLC016246	MARARI MARKETING LIMITED	Director	30/09/2011	26/03/2011	-	Active	NO

Name :

Mr. Sugathan Raman

Designation :

Director

Address :

Raj Bhavan, 8 Adhinadu Thekku, Kattilkadavu P.O, Karunagappally Kollam, Kerala, India

Date of Birth/Age :

23.06.1993

Date of Appointment :

20.11.2006

DIN No.:

0270304

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on : 25.09.2014

Names of Shareholders	No. of Shares	%age
Governor of Kerala	515220	100.00
Dr. K. Madanan	10	0.00
Total		100.00

As on : 25.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Government (Central and State)	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturing, Exporting of Versatile Covers, Coco Rugs, Coir Mats Spun Jute floor furnishing.
Products :	Coir Fiber Garden Artiles Coir Foam Bed Dutch Mat Natural Bleach Combination Bci Bleach Stencilled Mats Coir Panama Natural Fringed Thin Jute Printed Rug Coco Rugs Coir Carpet Coir Geo-Textiles Fibre Door Mats Fibre Printed Mat Sisal Boucle Area Rug
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :
Products :	Finished Goods
Countries :	USA Europe
Imports :	Not Divulged
Terms :
Selling :	Cash
Purchasing :	Cash

GENERAL INFORMATION

Suppliers :

• Abirami Industries
• Envirochem Lab Private Limited
• HI Stack Industries
• Greaves Limited
• Hindustan Petrileum Corporation Limited
• Kunjappan VR
• State Farming Corporation of Kerala Limited
• Thermax Limited
• Innovation India Rubber Chemicals Private Limited
• State Farmine Corporation of kerala Limited
• Tharath Traders
• TG Polymers and Company
• MPP Cor Works
• Lakshami Industrial Chemicals
• Lakshami Trading Comapny

Customers :

• Common Wealth India Limited
• Conti Polymers
• Flomic Logistics Private Limited
• KSJE Limited
• Indian Institute of Management
• Mahavir Traders
• Mathai PT Construction Company Private Limited
• Reliance Brands Private Limited
• Birla Corporation Limited
• One and Omly Kanuhura Limited
• Tattan Stores
• Tex Import
• Aravind Murjani Brands Private Limited
• Autocast Limited
• Excel Glasses Limited
• Flomic Logistics Private Limited
• Kerala Minerals and Metals Limited
• Kochin Refinries Limited
• Quilon Hotels and Resorts Private Limited

No. of Employees :

200 (Approximately)

Bankers :

Banker Name	State Bank of India
Branch Address	Not Divulged
Person Name (With Designation)	Not Divulged
Contact Number	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
Banker Name	Union Bank of India

Auditors :
Name :	S. Suresh and Associates Chartered Accountants
Address :	Sadanand Nivas, Thekkeveedu, Chandanakkavu, Alleppey – 688009, Kerala, India
Tel. No.:	91-477-226124
Mobile No.:	91-9447225741
E-Mail :	sureshkumathea@yahoo.co.in
PAN No.:	APMPS0369H
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

As on : 25.09.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
550000	Equity Shares	Rs.100/- each	Rs.55.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
515230	Equity Shares	Rs.100/- each	Rs.51.523 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2009	31.03.2008	31.03.2007
SHAREHOLDERS FUNDS
1] Share Capital		51.523	51.523	51.523
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		38.956	44.163	42.344
4] (Accumulated Losses)
NETWORTH		90.479	95.686	93.837
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		0.000	0.000	0.000
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		90.479	95.686	93.837
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		21.888	24.186	26.521
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	35.182	32.849	32.775
	Sundry Debtors	10.474	12.390	10.465
	Cash & Bank Balances	53.764	52.010	49.813
	Other Current Assets	0.000	0.000	0
	Loans & Advances	14.663	10.184	9.555
Total Current Assets		114.083	107.433	102.608
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.000	0.000	0.000
	Other Current Liabilities	44.154	33.370	32.503
	Provisions	1.339	2.563	2.787
Total Current Liabilities		45.493	35.933	35.290
Net Current Assets		68.590	71.500	67.316
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		90.478	95.686	93.837

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2009	31.03.2008	31.03.2007
	SALES
	Income	29.649	69.744	46.028
	Other Income	27.921	5.029	5.291
	TOTAL (A)	57.570	74.773	51.319
Less	EXPENSES
	Purchases		35.598	22.725
	Manufacturing Expenses		9.910	8.045
	Payments and Amenities to Employee		10.554	8.878
	Office and Administration Expenses		0.763	0.822
	Interest and Financial Charges		0.343	0.406
	Selling and Distribution Expenses		4.020	2.503
	Travelling Expenses		0.098	0.160
	Rent, Rates and Taxes		5.348	0.476
	Legal and Professional Services Charges		0.303	0.282
	Insurance		0.268	0.500
	Advertisement and Sales Promotion		0.519	0.626
	Directors Sitting Fee and Board Meeting		0.028	0.007
	Repairs and Maintenance		1.489	1.138
	Miscellaneous Expenses		0.488	0.530
	Exchange Loss		0.283	0.197
	TOTAL	NA	70.012	47.295
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		4.760	4.023
Less/ Add	DEPRECIATION/ AMORTISATION		2.910	3.208
	PROFIT/ (LOSS) BEFORE TAX		1.850	0.815
Less	TAX
	PROFIT/ (LOSS) AFTER TAX	(5.207)	1.850	0.815
	Earnings / (Loss) Per Share (Rs.)	(10.11)	3.59	1.58

Particulars	31.03.2014	31.03.2013
Sales Turnover (Approximately)	145.000	120.000

Expected Sales (2014-15) : Rs. 200.000 Million

The above information has been parted by Mr. Vikraman Nair (Director)

KEY RATIOS

PARTICULARS		31.03.2009	31.03.2008	31.03.2007
Net Profit Margin (PAT/Sales)	(%)	(17.56)	2.65	1.77
Operating Profit Margin (PBDIT / Sales)	(%)	NA	6.82	8.74
Return on Total Assets (PBT/Total Assets}	(%)	NA	1.95	0.88
Return on Investment (ROI) (PBT/Networth)		NA	0.02	0.01
Current Ratio (Current Asset/Current Liability)		2.51	2.99	2.91

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2007	31.03.2008	31.03.2009
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	51.523	51.523	51.523
Reserves & Surplus	42.313	44.163	38.956
Net worth	93.836	95.686	90.479
long-term borrowings	0.000	0.000	0.000
Short term borrowings	0.000	0.000	0.000
Total borrowings	0.000	0.000	0.000
Debt/Equity ratio	0.000	0.000	0.000

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2007	31.03.2008	31.03.2009
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	51.319	74.773	57.570
		45.702	(23.007)

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	51.319	74.773	57.570
Profit	0.815	1.850	(5.207)
	1.59%	2.47%	(9.04%)

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	Yes
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter’s background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	-------------
14]	Estimation for coming financial year	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
20]	Export / Import details (if applicable)yes	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

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	90018234	07/05/2001	2,500,000.00	UNION BANK OF INDIA	OVERSEAS BRANCH, ERNAKULAM, Kerala, INDIA	-
2	90015327	22/04/1981	1,000,000.00	UNION BANK OF INDIA	ALLEPPEY, ALLEPPEY, Kerala, INDIA	-

* Date of charge modification

FIXED ASSETS

• Air conditioners
• Bicycle
• Compound Wall
• Computer
• Diesal Tank
• Electricity Fitting
• Forklift
• Factory Building
• Furniture and Fitting
• Generator
• Laboratory Equipments
• Land
• Looms
• Motorr Vehicle
• Office Building
• Office Equipments
• Plant and Machinery
• Power Looms
• Super Phones
• Tools and Equipments
• Time recording machine
• Transformer
• Tube well
• TV

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.62.92
UK Pound	1	Rs.93.57
Euro	1	Rs.67.34

INFORMATION DETAILS

Information Gathered by :	KMN
Analysis Done by :	KAR
Report Prepared by :	SUJ

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILITY	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	NO
--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		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

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