MIRA INFORM REPORT

Report No. :	355850
Report Date :	18.12.2015

IDENTIFICATION DETAILS

Name :	ACE METALS PRIVATE LIMITED
Registered Office :	19 AC market, 3^rd Floor, Tradeo Road, Mumbai – 4000034, Maharashtra
Tel. No.:	91-265-2314436
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	18.12.2006
Com. Reg. No.:	04-049594
Capital Investment / Paid-up Capital :	Rs.0.100 Million
CIN No.: [Company Identification No.]	U27101GJ2006PTC049594
IEC No.:	Not Applicable (As claimed by company management that company does not export and import)
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAHCA9485B
Legal Form :	Private Limited Liability Company
Line of Business :	Trading of aluminum products, steel, plate, rods, wire rods etc. [Confirmed by management]
No. of Employees :	10 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (41)

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

Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established private limited company incorporated in the year 2006. It has satisfactory track. The company has successfully wiped off its accumulated losses of preceding years in FY15. However, the networth position of minimal. Further, it has reported acceptable sales turnover and has recorded healthy cash accruals from its operations in the year under consideration. Trade relations are fair. Business is active. Payment terms are reported to be slow but correct. In view of improving financial position along with satisfactory response from its trade parties, the company can be considered for business dealings with usual 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 – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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 31-03-2015.

INFORMATION PARTED BY

Name :	Mr. Hiren Patel
Designation :	Director
Contact No.:	91-9867042863
Date:	18.12.2015

LOCATIONS

Registered Office :	19 AC market, 3^rd Floor, Tradeo Road, Mumbai – 4000034, Maharashtra, India
Tel. No.:	91-265-2314436
Mobile No.:	91-9867042863 (Mr. Hiren)
Fax No.:	91-265-2351457
E-Mail :	hiren@pankaj.co.in
Website :	www.pankaj.co.in
Area:	500 Sq. Ft.
Location :	Rented
Locality:	Industrial
Branch Office:	301, Aadi, Akota Stadium Road, Vadodara, Gujarat, India
Branch Office:	532, Arun Chamber, Next to AC Market, Tardeo, Mumbai – 400034, Maharashtra, India
Tel. No.:	91-22-23522462

DIRECTORS

AS ON 31.03.2015

Name :

Mr. Hitesh Harakchand Shah

Designation :

Director

Address :

504, Heera Panna Apartment, B/h Alkapuri Arcade, R C Dutt Road Alkapuri, Vadodara-390007, Gujarat, India

Date of Birth/Age :

27.07.1968

Qualification:

B.com

Date of Appointment :

18.12.2006

PAN No.:

AAGPS6421H

DIN No.:

00003547

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	U27100GJ1997PLC031852	PEL INDUSTRIES LIMITED	Director	06-01-2004	06-01-2004	15-11-2013	Active	NO
2	U51900MH1994PTC076782	UPBEAT TRADING PRIVATE LIMITED	Director	05-04-2006	05-04-2006	-	Active	NO
3	U27105GJ2006PTC049506	PANKAJ METAL CENTRE PRIVATE LIMITED.	Director	01-12-2006	01-12-2006	-	Active	NO
4	U27104GJ2006PTC049537	ALUCAST ENGINEERING PRIVATE LIMITED	Director	07-12-2006	07-12-2006	-	Active	NO
5	U27109GJ2006PTC049564	EUROPAN METALS PRIVATE LIMITED.	Director	12-12-2006	12-12-2006	-	Active	NO
6	U27101GJ2006PTC049594	ACE METALS PRIVATE LIMITED	Director	18-12-2006	18-12-2006	-	Active	NO

Name :

Mr. Jayesh Harakhchand Shah

Designation :

Director

Address :

61, Gokul, Walkeshwar, Mumbai - 400006, Maharashtra, India

Date of Birth/Age :

29.12.1965

Qualification:

M.S

Date of Appointment :

18.12.2006

PAN No.:

ACPPS8755H

DIN No.:

00003614

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	U27100GJ1997PLC031852	PEL INDUSTRIES LIMITED	Managing director	05-04-2012	06-03-1997	-	Active	NO
2	U27105GJ2006PTC049506	PANKAJ METAL CENTRE PRIVATE LIMITED	Director	01-12-2006	01-12-2006	-	Active	NO
3	U27104GJ2006PTC049537	ALUCAST ENGINEERING PRIVATE LIMITED	Director	07-12-2006	07-12-2006	-	Active	NO
4	U27109GJ2006PTC049564	EUROPAN METALS PRIVATE LIMITED	Director	12-12-2006	12-12-2006	-	Active	NO
5	U27101GJ2006PTC049594	ACE METALS PRIVATE LIMITED.	Director	18-12-2006	18-12-2006	-	Active	NO

Name :

Mr. Hiren Harakchand Shah

Designation :

Director

Address :

61, Gokul, Walkeshwar, Mumbai - 400006, Maharashtra, India

Date of Birth/Age :

23.10.1970

Date of Appointment :

18.12.2006

DIN No.:

01506187

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	U51900MH1994PTC076780	VOLITION TRADING PRIVATE LIMITED	Director	31-03-2005	31-03-2005	-	Active	NO
2	U27101GJ2006PTC049594	ACE METALS PRIVATE LIMITED	Director	18-12-2006	18-12-2006	-	Active	NO
3	U27100GJ1997PLC031852	PEL INDUSTRIES LIMITED	Director	29-09-2007	29-09-2007	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Amit
Designation :	Key Executive

MAJOR SHAREHOLDERS

AS ON 31.03.2015

Names of Shareholders	No. of Shares	%age holding
Hitesh Harakchand Shah	5000	50.00
Jayesh Harakchand Shah	5000	50.00
Total	10000	100.00

Equity Share Break up (Percentage of Total Equity)

AS ON 29.09.2014

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Trading of aluminum products, steel, plate, rods, wire rods etc. [Confirmed by management]
Products :	Aluminum Products Steel Plate Rods Wire Rods etc.
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Available
Imports :	Not Available
Terms :
Selling :	L\C, Cheque and Credit [30,60 Days]
Purchasing :	L\C, Cheque and Credit [30,60 Days]

PRODUCTION STATUS NOT AVAIALABLE

GENERAL INFORMATION

Suppliers :

Reference :

Nimit Steel and Alloys Private Limited

Name of the Person :

Mr. Akshay Bhansali [Director]

Contact No.:

91-22-42465401/ 900466960

Since How Long Known :

6 Years

Maximum Limit Dealt :

Not Available

Experience :

Payment Behaviour	Market Goodwill	Overall
Good	Good	Good

Remark:

As claimed by Mr. Akshay Bhansali (Director) that he is satisfied with subject company transaction.

Customers :

End Users and OEMs

Reference :

Pratibha Industries Limited

Name of the Person :

Mr. Vikas Kotian (Manager- Finance)

Contact No.:

91-9619499735

Since How Long Known :

3 Years

Maximum Limit Dealt :

Rs. 100.000 Million (Approximately)

Experience :

Payment Behaviour	Market Goodwill	Overall
Excellent	Excellent	Excellent

Remark:

As claimed by Mr. Vikas Kotian (Finance manager) that he is satisfied with subject company.

No. of Employees :

10 (Approximately)

Bankers :

Banker Name	Kotak Mahindra Bank Limited
Branch Address	Tardeo Road Mumbai, Maharashtra, India
Person Name (With Designation)	Not Available
Contact Number	91-22-23862285 (Ringing)
Name of Account Holder	Not Available
Account Number	Not Available
Account Since (Date/Year of Account Opening)	Not Available
Average Balance Maintained (If Possible)	Not Available
Credit Facilities Enjoyed (If any)	Not Available
Account Operation	Not Available
Remarks (If any)	Not Available

Banker Name	Bank of India
Branch Address	Tardeo Road Mumbai, Maharashtra, India
Person Name (With Designation)	Not Available
Contact Number	91-22-24944820/2494902 [Incorrect number] 22-23530187 [Ringing]
Name of Account Holder	Not Available
Account Number	Not Available
Account Since (Date/Year of Account Opening)	Not Available
Average Balance Maintained (If Possible)	Not Available
Credit Facilities Enjoyed (If any)	Not Available
Account Operation	Not Available
Remarks (If any)	Not Available

BANKING DETAILS (INFLOW) FOR PERIOD FROM 01.04.2015 TO 05.06.2015

(Rs. In Million)

MONTH	Bank of India	YES	KOTAK BANK	TOTAL
APRIL	-	-	-	-
MAY	-	-	-	-
JUN	-	0.050	-	0.050
JUL	-	-	-	-
AUG	-	0.030	-	0.030
SEP	-	206.411	-	206.411
OCT	-	165.667	-	165.667
NOV	-	276.528	-	276.528
DEC	-	263.923	-	263.923
JAN	-	-	-	-
FEB	69.863	150.536	-	220.399
MAR	199.028	95.688	-	294.716
Total	268.891	1158.833	-	1427.424

BANKING DETAILS (INFLOW) FOR THE PERIOD FROM 01.04.2015 TO 05.06.2015

(Rs. In Million)

MONTH	Bank of India	YES	KOTAK BANK	TOTAL
APRIL	330.764	-	-	330.764
MAY	209.067	-	0.025	209.092
JUN	22.032	-	-	22.032
Total	561.863	-	0.025	561.888

Auditors :
Name :	Vinesh Mehta and Company Chartered Accountants
Address :	202, Amit Complex, Opposite Panchratna Apartment, Subhanpura, Vadodara – 390023, Gujarat, India
PAN N Income-tax PAN of auditor or auditor's firm :	ADUPN3254H
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	Not Divulged

CAPITAL STRUCTURE

AS ON 31.03.2015

Authorised Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.10/- each	Rs.0.100 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.10/- each	Rs.0.100 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2015	31.03.2014	31.03.2013
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	0.100	0.100	0.100
(b) Reserves & Surplus	1.577	(0.046)	(0.040)
(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)	1.677	0.054	0.060
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	0.000	0.000	0.000
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	0.000	0.000	0.000
(c) Other current liabilities	220.447	0.010	0.009
(d) Short-term provisions	0.351	0.000	0.000
Total Current Liabilities (4)	220.798	0.010	0.009
TOTAL	222.475	0.064	0.069
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	0.000	0.000	0.000
(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	0.001	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	0.001	0.000	0.000
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	211.835	0.000	0.000
(d) Cash and cash equivalents	10.471	0.012	0.012
(e) Short-term loans and advances	0.000	0.052	0.055
(f) Other current assets	0.168	0.000	0.002
Total Current Assets	222.474	0.064	0.069
TOTAL	222.475	0.064	0.069

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2015	31.03.2014	31.03.2013
	SALES
	Income	1537.854	0.000	0.000
	Other Income	0.000	0.000	0.000
	TOTAL	1537.854	0.000	0.000
Less	EXPENSES
	Cost of Materials Consumed	1530.699	0.000	0.000
	Employees benefits expense	1.881	0.000	0.000
	Other expenses	0.228	0.004	0.006
	TOTAL	1532.808	0.004	0.006
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	5.046	(0.004)	(0.006)
Less	FINANCIAL EXPENSES	2.696	0.000	0.000
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	2.350	(0.004)	(0.006)
Less/ Add	DEPRECIATION/ AMORTISATION	0.000	0.002	0.002
	PROFIT/ (LOSS) BEFORE TAX	2.350	(0.006)	(0.008)
Less	TAX	0.726	0.000	0.000
	PROFIT/ (LOSS) AFTER TAX	1.624	(0.006)	(0.008)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	(0.046)	(0.040)	(0.0310)
	Balance Carried to the B/S	1.578	(0.046)	(0.039)
	Earnings / (Loss) Per Share (Rs.)	162.39	0.06	0.08

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA
Net cash from (used in) operation	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	0.11	NA	NA
Operating Profit Margin (PBIDT/Sales)	(%)	0.33	NA	NA
Return on Total Assets (PBT/Total Assets}	(%)	1.06	(9.38)	(11.59)
Return on Investment (ROI) (PBT/Networth)		1.40	(0.11)	(0.13)
Debt Equity Ratio (Total Debt /Networth)		0.00	0.00	0.00
Current Ratio (Current Asset/Current Liability)		1.01	6.40	7.67

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	0.100	0.100	0.100
Reserves & Surplus	(0.040)	(0.046)	1.577
Net worth	0.060	0.054	1.677
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

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	Yes
5	Buyer visit details	--
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	Yes
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)	Yes
16	No. of employees	Yes
17	Details of sister concerns	No
18	Major suppliers	Yes
19	Major customers	Yes
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 one year	Yes
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	--
33	Market information	--
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

NOTE: Registered office of the company has been shifted from 320 Sidharth Complex, R. C Dutt Road, Alkapuri, Vadodara, Gujarat, India to the present address w.e.f. 07.07.2009

PURCHASING AND SELLING DETAILS

FOR THE PERIOD FROM 01.04.2014 TO 31.03.2015 (Mumbai Depot.)

(Rs. In Million)

SALES				PURCHASE
Month	NET	VAT	TOTAL	NET	VAT	TOTAL
APRIL	-	-	-	-	-	-
MAY	-	-	-	-	-	-
JUN	-	-	-	-	-	-
JUL	-	-	-	-	-	-
AUG	35.637	1.782	37.419	48.654	2.433	51.087
SEP	177.869	8.893	186.762	166.130	8.307	174.437
OCT	238.952	11.948	250.899	238.462	11.923	250.385
NOV	138.346	6.917	145.263	138.038	6.902	144.940
DEC	346.736	17.337	364.073	345.121	17.256	362.377
JAN	171.274	8.564	179.838	170.804	8.540	179.344
FEB	340.281	27.926	368.207	339.489	27.862	367.352
MAR	84.083	4.204	88.288	83.999	4.200	88.199
Total	1533.178	87.571	1620.749	1530.697	87.423	1618.121

FOR THE PEROID FROM 01.04.2015 TO 05.06.2015

(Rs. In Million)

SALES DETAILS				PURCHASE DETAILS
Month	NET	VAT	TOTAL	NET	VAT	TOTAL
APRIL	199.364	9.968	209.332	199.028	9.951	208.980
MAY	232.400	11.620	244.020	231.833	11.592	243.425
JUN	181.417	9.071	190.488	69.619	3.481	73.100
Total	613.181	30.659	643.840	500.480	25.024	525.505

TRADE REFERENCES – LOCAL

• Pratibha Industries Limited
• Ess Dee Aluminium Limited
• Nisha Aluminium Private Limited
• Nimit Steel and Alooy Private Limited

INDEX OF CHARGES NO CHARGES EXIST FOR COMPANY

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 records 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.66.65
UK Pound	1	Rs.99.61
Euro	1	Rs.72.33

INFORMATION DETAILS

Information Gathered by :	KAM
Analysis Done by :	KIN
Report Prepared by :	GEET

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILITY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	2
--CREDIT LINES	1~10	5
--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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		41

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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