MIRA INFORM REPORT

Report No. :	336023
Report Date :	11.08.2015

IDENTIFICATION DETAILS

Name :	VIGIROM CHEMICALS PRIVATE LIMITED

Registered Office :	Chinmaya Apartment, Puttanna Road, Basavanagudi, Bangalore – 560004, Karnataka
Tel No.:	91-80-27837011

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	28.08.1995

Com. Reg. No.:	08-018653

Capital Investment / Paid-up Capital :	Rs. 10.352 Million

CIN No.: [Company Identification No.]	U24244KA1995PTC018653

IEC No.:	Not Available

TAN No.: [Tax Deduction & Collection Account No.]	BLRV00699G

PAN No.: [Permanent Account No.]	AAACV4824E

Legal Form :	Private Limited Liability Company

Line of Business :	The company is engaged in the business of perfume manufacturing, buying, selling, importing, exporting refining, distilling, extracting, preparing and dealing in all kinds of natural oils, extracts and perfumes.

No. of Employees :	Information declined by the management

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 68000

Status :	Moderate

Payment Behavior :	Slow but correct

Litigation :	Exist

Comments :	Vigirom Chem Private Limited is a Private Limited Company incorporated on 28 August 1995. It is having a moderate track record. It is classified as Indian Non-Government Company and is registered at Registrar of Companies, Bangalore. Its authorized share capital is Rs. 15.000 Million and its paid up capital is Rs. 10.352 Million. Directors of Vigirom Chem Private Limited are Vijayalakshmi Vijaykumar, Krishnamoorthy Vijaykumar, Shriram Vijayakumar and Rukmini Vijayakumar. The rating takes into consideration company’s modest net worth and low profitability of the company. However, trade relations are reported to be fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered normal 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 – March 31, 2015

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

India

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 31-03-2013.

INFORMATION DENIED BY

Name :	Mr. Rakshit
Designation :	Accounts Manager
Contact No.:	91-80-27837011
Date :	10.08.2015

LOCATIONS

Registered Office :	Chinmaya Apartment, Puttanna Road, Basavanagudi, Bangalore – 560004, Karnataka, India
Tel. No.:	91-80-30906826 / 28 / 31 / 32906831
Fax No.:	91-80-27828900
E-Mail :	Vijay@vigirom.com
Website :	http://www.vigirom.com

Corporate Office :	1 Puttanna Road, Basavangudi Bangalore – 560004, Karnataka, India
Tel. No.:	91-80-26604741/42/43
Fax No.:	91-80-26524702

Factory :	#55/A, Sakalavara Village, 17th K.M., Bhannerghatta Road, Bangalore – 560083, Karnataka, India
Tel. No.:	91-80-27837011/12/13/16
Fax No.:	91- 088-60075617
E-Mail :	sales@vigirom.com vijay@vigirom.com

DIRECTORS

AS ON 30.09.2014

Name :

Mrs. Vijayalakshmi Vijayakumar

Designation :

Managing Director

Address :

No.1 Chinmaya Apartments, Puttanna Road, Basavanagudi,, Bangalore - 560004, Karnataka, India

Date of Birth/Age :

30.10.1950

Date of Appointment :

28.08.1995

DIN No.:

00412306

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	U24244KA1995PTC018653	VIGIROM CHEM PRIVATE LIMITED	Managing director	01/04/2009	28/08/1995	-	Active	NO
2	U24246KA2005PTC036281	VIGIROM FLAVOURS AND FRAGRANCES (INDIA) PRIVATE LIMITED	Managing director	01/04/2009	10/05/2005	-	Active	NO

Name :

Mr. Krishnamoorthy Vijayakumar

Designation :

Managing Director

Address :

No.1, Chinmaya Apartment,, Puttanna Road, Basavanagudi, Bangalore - 560004, Karnataka, India

Date of Birth/Age :

28.08.1950

Date of Appointment :

28.08.1995

DIN No.:

00412430

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	U24244KA1995PTC018653	VIGIROM CHEM PRIVATE LIMITED	Managing director	28/08/1995	28/08/1995	-	Active	NO
2	U24246KA2005PTC036281	VIGIROM FLAVOURS AND FRAGRANCES (INDIA) PRIVATE LIMITED	Managing director	10/05/2005	10/05/2005	-	Active	NO
3	U85120KA2006PTC038963	NU HOSPITALS PRIVATE LIMITED	Director	01/04/2007	10/04/2006	31/03/2009	Active	NO
4	U85110KA2007PTC044021	Institut d'Expertise Clinique India Private Limited	Director	03/10/2007	03/10/2007	-	Active	NO
5	U33119KA2008PTC047257	DaVita Care (India) Private Limited	Director	29/06/2009	23/07/2008	20/05/2011	Active	NO
6	U74900KA2011PTC061481	AGRATAA ADVISORS PRIVATE LIMITED	Director	03/12/2011	03/12/2011	-	Active	NO

Name :

Mr. Shriram Vijayakumar

Designation :

Director

Address :

8, 80 Ft Road, Avalon Apartments 601, 4th Block, Kormangala, Bangalore - 560095, Karnataka, India

Date of Birth/Age :

04.10.1980

Date of Appointment :

01.01.2006

DIN No.:

00428025

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	U24244KA1995PTC018653	VIGIROM CHEM PRIVATE LIMITED	Director	01/01/2006	01/01/2006	-	Active	NO
2	U24246KA2005PTC036281	VIGIROM FLAVOURS AND FRAGRANCES (INDIA) PRIVATE LIMITED	Director	01/01/2006	01/01/2006	-	Active	NO
3	U85120KA2006PTC038963	NU HOSPITALS PRIVATE LIMITED	Whole-time director	22/04/2008	10/04/2006	31/03/2009	Active	NO
4	U85110KA2007PTC044021	Institut d'Expertise Clinique India Private Limited	Director	03/10/2007	03/10/2007	-	Active	NO
5	U33119KA2008PTC047257	DaVita Care (India) Private Limited	Managing director	01/06/2014	23/07/2008	-	Active	NO
6	U74900KA2011PTC061481	AGRATAA ADVISORS PRIVATE LIMITED	Director	03/12/2011	03/12/2011	-	Active	NO
7	U85100PN2011PTC138822	Express Clinics Private Limited	Nominee director	01/10/2014	01/10/2014	-	Active	NO

Name :

Mrs. Rukmini Vijayakumar

Designation :

Managing Director

Address :

# 1 Puttanna Road, Chinmaya Apartments, Basavanagudi, Bangalore - 560004, Karnataka, India

Date of Birth/Age :

06.11.1982

Date of Appointment :

01.01.2010

DIN No.:

02883991

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	U24244KA1995PTC018653	VIGIROM CHEM PRIVATE LIMITED	Managing director	01/01/2010	01/01/2010	-	Active	NO
2	U92400KA2014OPC077789	LshVa Art Private Limited (OPC)	Director	17/12/2014	-	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Rakshit
Designation :	Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders		No. of Shares
Krishnamoorthy Vijayakumar		1010000
Vijayalakshmi Vijayakumar		25000
Sreekantan Pradeep		10
Ranganathan Neela		10
Krishnaswamy Sudha		90
Vijayakumar Shriram		50
Vijayakumar Rukmini		50
Total		1035210

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 :	The company is engaged in the business of perfume manufacturing, buying, selling, importing, exporting refining, distilling, extracting, preparing and dealing in all kinds of natural oils, extracts and perfumes.

Products :	Aroma Chemicals Natural Aroma Raw Materials primarily Vanilla Patchouli and Davana

Brand Names :	Not Divulged

Agencies Held :	Not Divulged

Exports :	Not Divulged

Imports :	Not Divulged

Terms :	Not Divulged

PRODUCTION STATUS : NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

Information declined by the management

Bankers :

Bank Name	State Bank of India
Branch	SME J P Nagar Branch, 5th Phase, J P Nagar, Bangalore – 560078, Karnataka, 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

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings

Term loans From other parties, Directors, Shareholders, and Relatives	3.192	7.421
Short-term borrowings
Loans repayable on demand from banks (the company enjoys on overdraft loan from the State Bank of India, SSI Branch, J P Nagar, Bangalore for which a charge is created by the bank on its working stock which comprises of raw materials, finished goods, and packaging materials, factory building and on its debtors)	32.047	27.708
Total	35.239	35.129

Auditors :
Name :	Gowthama and Company Chartered Accountants
Address :	23/57, 41st Cross, East End, 'C' Main Road, 9th Block, Jayanagar, Bangalore – 560069, Karnataka, India
PAN. No.:	AANPG9369B

Memberships :	-----

Collaborators :	-----

Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

1500000	Equity Shares	Rs.10/- each	Rs. 15.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

1035210	Equity Shares	Rs.10/- each	Rs. 10.352 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	10.352	10.352	10.352
(b) Reserves & Surplus	13.649	13.125	11.808
(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)	24.001	23.477	22.160

(3) Non-Current Liabilities
(a) long-term borrowings	3.192	7.421	12.333
(b) Deferred tax liabilities (Net)	1.390	1.551	1.817
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.396	0.363	0.225
Total Non-current Liabilities (3)	4.978	9.335	14.375

(4) Current Liabilities
(a) Short term borrowings	32.047	27.708	28.807
(b) Trade payables	3.265	10.593	7.531
(c) Other current liabilities	0.665	0.499	0.429
(d) Short-term provisions	1.201	2.329	2.705
Total Current Liabilities (4)	37.178	41.129	39.472

TOTAL	66.157	73.941	76.007

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	25.508	22.575	23.965
(ii) Intangible Assets	0.000	0.000	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	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	25.508	22.575	23.965

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	6.711	13.050	14.000
(c) Trade receivables	18.041	17.588	18.821
(d) Cash and cash equivalents	3.374	4.730	3.721
(e) Short-term loans and advances	12.261	15.674	15.413
(f) Other current assets	0.262	0.324	0.087
Total Current Assets	40.649	51.366	52.042

TOTAL	66.157	73.941	76.007

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012

	TOTAL INCOME	78.386	77.193	68.386

Less	EXPENSES	77.344 (Including Depreciation Expenses)	73.618	66.356

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION INCLUDING DEPRECIATION		3.575	2.030

Less/ Add	DEPRECIATION/ AMORTISATION		1.721	1.546

	PROFIT/ (LOSS) BEFORE TAX	1.042	1.854	0.484

Less	TAX	0.517	0.538	1.861

	PROFIT/ (LOSS) AFTER TAX	0.525	1.316	(1.377)

	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	42.727	34.588	0.209
	TOTAL EARNINGS	42.727	34.588	0.209

	Earnings / (Loss) Per Share (Rs.)	5.07	12.71	(13.30)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA
Net cash flow from (used in) operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012

Return on Total Assets (PBT/Total Assets}	(%)	1.58	2.51	0.64

Return on Investment (ROI) (PBT/Networth)		0.04	0.08	0.02

Debt Equity Ratio (Total Debt /Networth)		1.47	1.50	1.86

Current Ratio (Current Asset/Current Liability)		1.09	1.25	1.32

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	10.352	10.352	10.352
Reserves & Surplus	11.808	13.125	13.649
Net worth	22.160	23.477	24.001

long-term borrowings	12.333	7.421	3.192
Short term borrowings	28.807	27.708	32.047
Total borrowings	41.140	35.129	35.239
Debt/Equity ratio	1.856	1.496	1.468

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)
Total Income	68.386	77.193	78.386
		21.782	1.545

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Total Income	68.386	77.193	78.386
Profit/Loss	(1.377)	1.316	0.525
	(2.01%)	1.70%	0.67%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	No
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	No
17	Details of sister concerns	No
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	No
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	No
32	Litigations that the firm/promoter involved in	Yes
33	Market information	---
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

INDEX OF CHARGES:

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	80020866	01/12/2009 *	40,800,000.00	STATE BANK OF INDIA	SME J P NAGAR BRANCH, 5TH PHASE, J P NAGAR,, BANG ALORE, Karnataka -560078, INDIA	A77484095

* Date of charge modification

OVERALL PERFORMANCE:

The company has recorded a Gross Turnover of Rs. 78.386 Million during the financial year ended 31^st March 2014 and a net profit of Rs. 0.525 Million for the said financial year.

BUSINESS:

The company is engaged in the business of perfume manufacturing, buying, selling, importing, exporting refining, distilling, extracting, preparing and dealing in all kinds of natural oils, extracts and perfumes and there is no change in the nature of business carried out by the company during the financial year.

LITIGATION DETAILS

Query on Case Number

Select Bench:

Bengaluru Bench

Select Case Type: MISC.CVL (Miscellaneous Case For Ci)

Enter Case Number: 11736

Select Case Year: 2011

Submit

CASE PENDING

High Court of Karnataka -Bengaluru Bench

MISC.CVL 11736/2011

Petitioner/Appnt. Name	M/S SHINGAR LIMITED		Respondent/Defnt. Name		M/S VIGIROM CHEM PVT LTD
Petnr./Appnt. Advocate	I GOPALA KRISHNA : M B KIRAN		Respnt./Defnt. Advocate
Date Filed	07/06/2011	Classification		District		Bengaluru City

Stage	PENDING FOR ADMISSON	Last Posted For
Last Action Taken		Last Date of Action	Next Hearing Date
Latest Order
Before Hon'ble Judge/s

Lower Court Details [Appeal from below case.]

Case No	Court Name	Order Dt
RFA 1590/2006	HC BANGALORE

FIXED ASSETS

Land
Building
Plant and Machinery
Furniture and Fixture
Vehicles
Factory Equipment

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. 63.76
UK Pound	1	Rs. 98.76
Euro	1	Rs. 69.88

INFORMATION DETAILS

Information Gathered by :	SPR

Analysis Done by :	RAS

Report Prepared by :	SANS

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILITY	1~10	2
--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	YES
--LITIGATION	YES/NO	YES
--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		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 unfavorable 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.

MIRA INFORM REPORT

1.58

0.04

1.47

1.09

Unit