MIRA INFORM REPORT

Report No. :	318913
Report Date :	27.04.2015

IDENTIFICATION DETAILS

Name :	PRISM INDUSTRIES LIMITED
Formerly Known As :	PRISM DYES AND INTERMEDIATES LIMITED (w.e.f. 01.07.1996) PRISM DYES AND INTERMEDIATES PRIVATE LIMITED
Registered Office :	B/50, Shrnath Dham Duplex, Near Laxmi Colony, Urmi Road, Alkapuri, Vadodara – 390 007, Gujarat
Tel. No.:	91-8238086725
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	24.04.1992
Com. Reg. No.:	04-017501
Capital Investment / Paid-up Capital :	Rs.27.702 million
CIN No.: [Company Identification No.]	U24231GJ1992PLC017501
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 :	Manufacturer of Active Pharmaceutical Ingredients.
No. of Employees :	100 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ca (14)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Sick Unit
Payment Behaviour :	Slow and delayed
Litigation :	Clear
Comments :	Subject is declared as a sick company under Sick Industrial Companies’ Act 1985, in the year 2005. Management of the company is in the process of a turnaround for wiping off its accumulated losses. The company has reported an increase in its sales turnover and profitability during FY 2014. However, networth remains eroded. Business is active. Payments are reported to be slow and delayed. The company can be considered for normal business dealings on safe and secured 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 – 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

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

Name :	Mr. Kiritkumar Narshibhai Patel
Designation :	Director
Contact No.:	91-8238086725
Date :	23.04.2015

LOCATIONS

Registered Office :	B/50, Shrnath Dham Duplex, Near Laxmi Colony, Urmi Road, Alkapuri, Vadodara – 390 007, Gujarat, India
Tel. No. :	Not Available
Mobile No. :	91-8238086725 (Mr. Kiritkumar Narshibhai Patel) 91-9712934397 (Mr. Jay Hari Patel)
Fax No. :	Not Available
E-Mail :	prismindustries@yahoo.in kiritpatel2611@gmail.com
Website :	http://www.prismindustriesltd.com
Factory 1 :	Survey No.637/23/A1, Kalamsar, Taluka Khambhat, District Anand – 388 640, Khambhat, Gujarat, India
Factory 2 :	Plot No.283/1, IInd Phase, Degam Road, GIDC, Vapi – 396 195, Gujarat, India
Factory 3 :	Plot No.2115/A2, IIIrd Phase, GIDC Vapi, Gujarat, India

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Chandrakant Narsinhbhai Patel

Designation :

Director

Address :

B-11, Aakar Society, Pashabhai Park, Race Course, Vadodara – 390 007, Gujarat, India

Date of Birth/Age :

25.06.1966

Date of Appointment :

18.10.2000

DIN No.:

01888683

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	U24231GJ1994PTC023300	PRISM CHEMICALS PRIVATE LIMITED	Director	17/10/1994	17/10/1994	16/07/2014	Active	NO
2	U24231GJ1992PLC017501	PRISM INDUSTRIES LIMITED	Director	18/10/2000	18/10/2000	-	Active	NO

Name :

Mr. Vishnukumar Narsinhbhai Patel

Designation :

Director

Address :

1, Dwarkesh, Happy Home, Sai Baba Nagar, Behind Bhatia High School, Borivali (West), Mumbai – 400 092, Maharashtra, India

Date of Birth/Age :

31.03.1973

Date of Appointment :

01.05.1998

DIN No.:

01888718

Name :

Mr. Kiritkumar Narshibhai Patel

Designation :

Director

Address :

7, Vadi Co-Operative Society, GIDC, Valsad – 396 035, Gujarat, India

Date of Birth/Age :

26.11.1968

Date of Appointment :

24.04.1992

DIN No.:

01888725

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	U24231GJ1992PLC017501	PRISM INDUSTRIES LIMITED	Director	24/04/1992	24/04/1992	-	Active	NO
2	U24231GJ1994PTC023300	PRISM CHEMICALS PRIVATE LIMITED	Director	17/10/1994	17/10/1994	23/06/2009	Active	NO

Name :

Ms. Shailaben Chandrakant Patel

Designation :

Additional Director

Address :

TB/5, Vrundavan Estate, Pashabhai Patel Park, Race Course, Vadodara – 390 007, Gujarat, India

Date of Appointment :

14.03.2015

DIN No.:

02672574

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	U24231GJ1994PTC023300	PRISM CHEMICALS PRIVATE LIMITED	Director	23/06/2009	23/06/2009	-	Active	NO
2	U24231GJ1992PLC017501	PRISM INDUSTRIES LIMITED	Additional director	14/03/2015	14/03/2015	-	Active	NO

KEY EXECUTIVES

Name :	Lokesh Dave
Designation :	Practicing Company Secretary
Address :	A-11, Jyotikalash Society, Behind I.S.R.O., Satelite, Ahmedabad – 380 015, Gujarat, India
Tel. No.:	91-79-26921949
Mobile No.:	91-9974408309
E-Mail :	lokeshdave09@gmail.com

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Shareholders	No. of Shares
	Fully Paid Up @ Rs.100	Rs.80/- per share paid up
Chandrakant N. Patel	34008	38333
Vishnukumar N. Patel	25506	64167
Kiritkumar N. Patel	12753	55000
Raibaben N. Patel	4251	2500
Sailaben C. Patel	4251	71667
Ankeeta V. Patel	0	5833
Sima K. Patel	0	2500
Mukesh N. Patel	4251	0
Total	85020	240000

AS ON 30.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Directors or relatives of Directors	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Active Pharmaceutical Ingredients.

Products :

Item Code No. (ITC Code)	3049
Product Description	Quinine Sulphate
Item Code No. (ITC Code)	3049
Product Description	2 Mercepto 5 Methooxy-Benze Midazole

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Available

Imports :

Not Available

Terms :

Selling :

L/C, Cash and Credit

Purchasing :

L/C, Cash and Credit

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Kruti Enterprise, Mumbai
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 :

Wholesalers, Retailers and Manufacturer

Reference :	Aquatech Industries India Private Limited
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 :

100 (Approximately)

Bankers :

Banker Name	State Bank of India
Branch Address	Nathubhai Centre, Vadodara, Gujarat, India
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

· ICICI Bank Limited

· Bank of Baroda

· Oriental Bank of Commerce, Jash Chambers, Ground Floor, Sir P.M. Road, Fort, Mumbai – 400 001, Maharashtra, India

· Oriental Bank of Commerce, Malad (West) Branch, Vikas Chambers; Ground Floor; Link Road, Mumbai – 400 064, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG TERM BORROWINGS
From Banks
Term Loans
ICICI Bank Car Loan	0.000	298.802
State Bank of India	0.749
Family Credit Limited (Car Loan)	0.393
Bank of Baroda	(0.011)
From Other Parties
Term Loans
GIIC Term Loans (Secured against immovable assets of the company and personal guarantee of Directors)	298.597
Total	299.728	298.802

Banking Relations :	--
Auditors :
Name :	Rangwala and Company Chartered Accountants
Address :	305, Saakar-I, Opposite Nehru Bridge, Navrangpura, Ahmedabad – 380 009, Gujarat, India
Tel. No. :	91-79-26582671/ 40069620
Fax No. :	91-79-26583941
E-Mail :	rangwala_co@yahoo.com rangwala04@gmail.com
Website :	www.rangwalaco.in
PAN No.:	AAAFZ0698K
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

AS ON 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
350000	Equity Shares	Rs.100/- each	Rs.35.000 million

Issued & Subscribed Capital :

No. of Shares	Type	Value	Amount
325020	Equity Shares	Rs.100/- each	Rs.32.502 million

Paid-up Capital :

No. of Shares	Type	Value	Amount
85020	Equity Shares – A	Rs.100/- each	Rs.8.502 million
240000	Equity Shares – B	Rs.80/- each	Rs.19.200 million
	Total		Rs.27.702 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	27.702	27.702	27.702
(b) Reserves & Surplus	(294.801)	(302.331)	(304.378)
(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)	(267.099)	(274.629)	(276.676)
(3) Non-Current Liabilities
(a) Long-term borrowings	338.239	337.565	336.917
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	1.100	0.000
(d) Long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	338.239	338.665	336.917
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	67.483	56.746	47.005
(c) Other current liabilities	10.234	11.929	11.739
(d) Short-term provisions	2.034	0.543	1.148
Total Current Liabilities (4)	79.751	69.218	59.892
TOTAL	150.891	133.254	120.133
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	55.779	59.664	65.273
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	1.420	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)	1.194	1.280	1.265
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	56.973	62.364	66.538
(2) Current assets
(a) Current investments	0.075	0.075	0.075
(b) Inventories	7.102	37.954	16.407
(c) Trade receivables	78.611	25.158	30.964
(d) Cash and cash equivalents	0.316	0.207	0.125
(e) Short-term loans and advances	7.814	7.496	6.024
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	93.918	70.890	53.595
TOTAL	150.891	133.254	120.133

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Turnover (Net)	239.934	107.124	168.297
		Other Operating Revenue	17.086	20.567	18.728
		Other Income	8.829	0.159	0.086
		TOTAL	265.849	127.850	187.111
Less	EXPENSES
		Cost of materials consumed	181.946	121.272	141.794
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	24.569	(24.180)	10.807
		Manufacturing expenses	24.444	10.720	9.302
		Employee benefit expense	8.416	4.991	5.988
		Administrative and Selling expenses	9.588	5.103	6.671
		TOTAL	248.963	117.906	174.562
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		16.886	9.944	12.549
Less	FINANCIAL EXPENSES		0.828	0.254	0.244
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		16.058	9.690	12.305
Less/ Add	DEPRECIATION/ AMORTISATION		6.464	7.172	6.971
	PROFIT/ (LOSS) BEFORE TAX		9.594	2.518	5.334
Less	TAX		2.064	0.471	2.722
	PROFIT/ (LOSS) AFTER TAX		7.530	2.047	2.612
	Earnings / (Loss) Per Share (Rs.)		27.18	7.39	30.72

Particulars	31.03.2015
Sales Turnover (Approximately)	250.000

Expected Sales (2015-2016): Rs.300.000 million

The above information has been parted by Mr. Kiritkumar Narshibhai Patel (Director).

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	3.14	1.91	1.55
Operating Profit Margin (PBDIT/ Sales)	(%)	7.04	9.28	7.46
Return on Total Assets (PBT/Total Assets}	(%)	6.41	1.93	4.49
Return on Investment (ROI) (PBT/Networth)		(0.04)	(0.01)	(0.02)
Debt Equity Ratio (Total Debt/Networth)		(1.27)	(1.23)	(1.22)
Current Ratio (Current Asset/Current Liability)		1.18	1.02	0.89

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(INR in Million)	(INR in Million)	(INR in Million)
Share Capital	27.702	27.702	27.702
Reserves & Surplus	(304.378)	(302.331)	(294.801)
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	(276.676)	(274.629)	(267.099)
Long Term borrowings	336.917	337.565	338.239
Short Term borrowings	0.000	0.000	0.000
Total borrowings	336.917	337.565	338.239
Debt/Equity ratio	(1.218)	(1.229)	(1.266)

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(INR in Million)	(INR in Million)	(INR in Million)
Turnover (Net)	168.297	107.124	239.934
		(36.348)	123.978

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(INR in Million)	(INR in Million)	(INR in Million)
Turnover (Net)	168.297	107.124	239.934
Profit	2.612	2.047	7.530
	1.55%	1.91%	3.14%

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 four 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	Yes
18]	Major customers	Yes
19]	Payments terms	Yes
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	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

NOTE:

The registered address of the company has been shifted from Plot No.283/1, Degam Road, GIDC, Vapi – 396 195, Gujarat, India to the present address w.e.f. 13.02.2015.

UNSECURED LOANS

PARTICULARS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG TERM BORROWINGS
Other Loans and Advances
Loan from Directors and Relatives	38.511	37.663
Advance received against Sale of Unit II	0.000	1.100
Total	38.511	38.763

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	CHARGE HOLDER	ADDRESS	Service Request Number (SRN)
1	90095118	15/02/2000 *	43,500,000.00	GUJARAT INDUSTRIAL INVESTMENT CORPORATION LIMITED	UDYOG BHAVAN; 5TH FLOOR, BLOCK NO. 11-12; SECTOR NO.11, GANDHINAGR, GUJARAT - 382011, INDIA	-
2	90095117	04/02/2000 *	70,000,000.00	GUJARAT INDUSTRIAL INVESTMENT CORPORATION LIMITED	UDYOG BHAVAN; 5TH FLOOR, BLOCK NO. 11-12; SECTOR NO.11, GANDHINAGR, GUJARAT - 382011, INDIA	-
3	90095000	07/10/1997	70,000,000.00	BANK OF BARODA	INDUSTRIAL ESTATE, SOECL. SSI BRANCH; GIDC, VAPI, GUJARAT, INDIA	-
4	90094976	12/06/1997	9,500,000.00	GUJARAT INDUSTRIAL INVESTMENT CORPORATION LIMITED	CHUNIBHAI CHAMBERS, ASHRAM ROAD, AHMEDABAD, GUJARAT - 780009, INDIA	-

* Date of charge modification

FIXED ASSETS

· Freehold Land

· Air Conditioner

· Factory Building

· Furniture and Fixture

· Plant and Machinery

· Other Machinery

· Electric Installation

· Office Equipments

· Motor Vehicles

· Computers

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.63.40
UK Pound	1	Rs.95.42
Euro	1	Rs.68.49

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	SUC
Report Prepared by :	SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
-- PROFITABILITY	1~10	2
--LIQUIDITY	1~10	1
--LEVERAGE	1~10	1
--RESERVES	1~10	1
--CREDIT LINES	1~10	1
--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		14

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.