MIRA INFORM REPORT

Report No. :	305324
Report Date :	04.02.2015

IDENTIFICATION DETAILS

Name :	MAXGROW TRADE SOLUTIONS LIMITED (w.e.f. 30.10.2014)
Formerly Known As :	MAXGROW TRADE SOLUTIONS PRIVATE LIMITED
Registered Office :	Natural Height Complex, 1C, Building No.5, Phase I, VIP Road, Opposite Haldiram (Airport), Kolkata – 700 052, West Bengal
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	05.08.2008
Com. Reg. No.:	21-128225
Capital Investment / Paid-up Capital :	Rs.96.000 millions
CIN No.: [Company Identification No.]	U51909WB2008PLC128225
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAFCM6876Q
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject in engaged in trading of commodities primarily edible oils, soap and metal scrap.
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 444000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. As per registrar of companies the date of balance sheet (i.e. financial filed) is shown as 31.03.2014 but the documents related to financials are not available from any source. As per available financial of 2013, the rating is constrained on account of company’s moderate financial risk profile marked by low reserves and thin profitability margins of the company However, trade relations are fair. Business is active. Payments are reported to be slow but correct. 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	CARE
Rating	Long Term Bank Facilities: BB+
Rating Explanation	Inadequate credit quality and high credit risk.
Date	15.05.2014

Rating Agency Name	CARE
Rating	Short Term Bank Facilities: A4+
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	15.05.2014

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 DECLINED BY

Name :	Mr. Pawan
Designation :	Accounts Executive
Contact No.:	91-22-66067000
Date :	02.02.2015

LOCATIONS

Registered Office :	Natural Height Complex, 1C, Building No.5, Phase I, VIP Road, Opposite Haldiram (Airport), Kolkata – 700 052, West Bengal, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	maxgrowindia@gmail.com info@maxgrow.in
Website :	http://www.maxgrow.in
Location :	Owned
Locality :	Commercial
Admin Office :	14-A, Paper Box Estate, Mahakali Caves Road, Andheri (East), Mumbai – 400 093, Maharashtra, India
Tel. No.:	91-22-66067000/ 26879677/ 26879688
Fax No.:	91-22-66067070

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Rahul Kumar Saraf

Designation :

Director

Address :

Flat No.1205/1206, Building No.14-C, Sierra Tower, Lokhandwala Township, Akruli Road, Kandivali Road, Kandivali (East), Mumbai – 400 101, Maharashtra, India

Date of Birth/Age :

07.08.1984

Date of Appointment :

05.08.2008

PAN No.:

AXWPS8240B

DIN No.:

01494992

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	U51225MH2008PTC178046	IMEXGO PRIVATE LIMITED	Director	18-12-2014	21-01-2008	-	Active	NO
2	U51909WB2008PLC128225	MAXGROW TRADE SOLUTIONS LIMITED	Director	05-08-2008	05-08-2008	-	Active	NO
3	U92412MH2011PTC218177	BLACK PEPPER ENTERTAINMENT PRIVATE LIMITED	Director	01-06-2011	01-06-2011	17-06-2013	Active	NO
4	U14107RJ2012PTC037505	RBS MINING PRIVATE LIMITED	Director	02-01-2012	02-01-2012	02-07-2014	Active	NO
5	U27310MH2013PTC241232	SOUTH ASIAN OLEO-CHEMICALS PRIVATE LIMITED	Director	21-03-2013	21-03-2013	-	Active	NO
6	U51101WB1992PTC055769	PAMAJ TRADE COMPANY PRIVATE LIMITED	Director	03-04-2013	03-04-2013	26-08-2013	Active	NO
7	U15312WB2005PTC103273	BINODINI RICE MILL PRIVATE LIMITED	Director	17-01-2014	17-01-2014	14-11-2014	Active	NO
8	U74999WB2012PTC180891	EXPRO ADVISORY SERVICES PRIVATE LIMITED	Director	27-11-2014	27-11-2014	-	Active	NO

Name :

Ms. Roshni Rajendra Shah

Designation :

Director

Address :

93, Madhuli, Dr. Annie Besant Road, Worli, Mumbai – 400 018, Maharashtra, India

Date of Birth/Age :

11.06.1984

Date of Appointment :

30.09.2014

PAN No.:

BANPS1876G

DIN No.:

01909213

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	U51225MH2008PTC178046	IMEXGO PRIVATE LIMITED	Director	21-10-2013	21-01-2008	14-01-2015	Active	NO
2	U51909WB2008PLC128225	MAXGROW TRADE SOLUTIONS LIMITED	Director	30-09-2014	05-08-2008	-	Active	NO
3	U92412MH2011PTC218177	BLACK PEPPER ENTERTAINMENT PRIVATE LIMITED	Director	17-06-2013	17-06-2013	-	Active	NO

Name :

Mr. Rajendra Prasad Saraf

Designation :

Director

Address :

Flat No.1205/1206, Building No.14-C, Sierra Tower, Lokhandwala Township, Akruli Road, Kandivali Road, Kandivali (East), Mumbai – 400 101, Maharashtra, India

Date of Birth/Age :

15.02.1954

Date of Appointment :

01.04.2009

PAN No.:

AUHPS2647C

DIN No.:

02729545

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	U51909WB2008PLC128225	MAXGROW TRADE SOLUTIONS LIMITED	Director	01-04-2009	01-04-2009	-	Active	NO
2	U51225MH2008PTC178046	IMEXGO PRIVATE LIMITED	Director	07-02-2011	07-02-2011	14-01-2015	Active	NO
3	U92412MH2011PTC218177	BLACK PEPPER ENTERTAINMENT PRIVATE LIMITED	Director	01-06-2011	01-06-2011	07-09-2011	Active	NO
4	U27310MH2013PTC241232	SOUTH ASIAN OLEO-CHEMICALS PRIVATE LIMITED	Director	21-03-2013	21-03-2013	-	Active	NO
5	U15312WB2005PTC103273	BINODINI RICE MILL PRIVATE LIMITED	Director	17-01-2014	17-01-2014	14-11-2014	Active	NO

KEY EXECUTIVES

Name :	Mr. Pawan
Designation :	Accounts Executive

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Shareholders	No. of Shares	Percentage of Holding
Rahul Kumar Saraf	1768000	15.91
Rajendra Prasad Saraf	875000	7.88
Roshni Saraf	3700000	33.30
Kiran Devi Saraf	2592500	23.33
Bikash Saraf	1810000	16.29
Dinesh Choudhary	57500	0.52
Rahul Saraf (HUF)	177500	1.60
Rajendra Saraf (HUF)	130000	1.17
Total	11110500	100.00

AS ON 30.09.2014

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	83.71
Other top fifty shareholders	16.29
Total	100.0

BUSINESS DETAILS

Line of Business :

Subject in engaged in trading of commodities primarily edible oils, soap and metal scrap.

Products :

Item Code No. (ITC Code)	15119010
Product Description	RBD Palm Oil

Brand Names :

Not Available

Agencies Held :

Not Available

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
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

Reference :	Not Divulged
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 :

Information declined by the Management.

Bankers :

Banker Name	Bank of India
Branch Address	Andheri (West) Branch, Bank of India Building, Ground Floor, 28, S. V. Road, Andheri (West), Mumbai – 400058, Maharashtra, India
Person Name (With Designation)	Not Divulged
Contact Number	91-22-26718565 (Ringing)
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

· Bank of Baroda, Nitin Niwas, M G Road, Vile Parle [East], Mumbai – 400 057, Maharashtra, India

· Kotak Mahindra Bank Limited, 36-38A, Nariman Bhavan, 227,D, Nariman Point, Mumbai – 400 021, Maharashtra, India

· Citi Bank

· IDBI Bank Limited

· ICICI Bank Limited

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG-TERM BORROWINGS
Rupee term loans from banks	0.000	6.215
Term loans from others	10.380	0.000
SHORT TERM BORROWINGS
Working capital loans from banks	0.000	184.482
Term loans from banks	222.485	0.000
Total	232.865	190.697

Banking Relations :	--
Auditors :
Name :	B.N. Kedia and Company Chartered Accountants
Address :	201, Neelkanth Commercial Centre, Sahar Road, Chakala, Andheri (East), Mumbai – 400 099, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AABFB4343G
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
12000000	Equity Shares	Rs.10/- each	Rs.120.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
11110500	Equity Shares	Rs.10/- each	Rs.111.105 millions

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- each	Rs.100.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
9600000	Equity Shares	Rs.10/- each	Rs.96.000 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1) Shareholders' Funds
(a) Share Capital	96.000	89.000	60.000
(b) Reserves & Surplus	59.288	38.914	3.429
(c) Money received against share warrants	0.000	0.000	1.500
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	155.288	127.914	64.929
(3) Non-Current Liabilities
(a) long-term borrowings	17.670	6.405	5.030
(b) Deferred tax liabilities (Net)	0.280	0.000	0.000
(c) Other long term liabilities	0.000	15.380	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	17.950	21.785	5.030
(4) Current Liabilities
(a) Short term borrowings	222.485	184.482	44.092
(b) Trade payables	108.737	137.709	16.524
(c) Other current liabilities	43.488	16.757	0.976
(d) Short-term provisions	6.944	3.445	1.610
Total Current Liabilities (4)	381.654	342.393	63.202
TOTAL	554.892	492.092	133.161
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	12.821	26.650	0.438
(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	0.046	0.046	0.046
(c) Deferred tax assets (net)	0.000	0.060	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	12.867	26.756	0.484
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	339.448	318.209	56.491
(c) Trade receivables	107.155	93.997	62.321
(d) Cash and cash equivalents	85.693	42.687	7.696
(e) Short-term loans and advances	7.877	10.443	6.169
(f) Other current assets	1.852	0.000	0.000
Total Current Assets	542.025	465.336	132.677
TOTAL	554.892	492.092	133.161

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES AND OTHER INCOME (Including Excise Duty)		2447.329	1186.132	637.641
Less	EXPENSES
		TOTAL	2401.872	1167.329	632.376
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		45.457	18.803	5.265
Less	FINANCIAL EXPENSES		23.906	9.077	1.380
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		21.551	9.726	3.885
Less/ Add	DEPRECIATION/ AMORTISATION		1.322	0.302	0.194
	PROFIT/ (LOSS) BEFORE TAX		20.229	9.424	3.691
Less	TAX		6.855	2.940	1.165
	PROFIT/ (LOSS) AFTER TAX		13.374	6.484	2.526
	Earnings/ (Loss) Per Share (Rs.)		1.39	0.73	0.42

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Return on Total Assets (PBT/Total Assets}	(%)	3.65	1.92	2.77
Return on Investment (ROI) (PBT/Networth)		0.13	0.07	0.06
Debt Equity Ratio (Total Debt/Networth)		1.55	1.49	0.76
Current Ratio (Current Asset/Current Liability)		1.42	1.36	2.10

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	60.000	89.000	96.000
Reserves & Surplus	3.429	38.914	59.288
Money received against share warrants	1.500	0.000	0.000
Net worth	64.929	127.914	155.288
Long-term borrowings	5.030	6.405	17.670
Short term borrowings	44.092	184.482	222.485
Total borrowings	49.122	190.887	240.155
Debt/Equity ratio	0.757	1.492	1.547

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales and Other Income (Including Excise Duty)	637.641	1186.132	2447.329
		86.019	106.329

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales and Other Income (Including Excise Duty)	637.641	1186.132	2447.329
Profit	2.526	6.484	13.374
	0.40%	0.55%	0.55%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	Yes
10]	Designation of contact person	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	No
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	Yes
24]	Banking facility details	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	No
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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

PERFORMANCE OUTLINE

The company has reported a gross turnover of Rs.2447.300 millions, which is the highest turnover ever achieved by the Company since its incorporation compared to Rs.1186.100 millions in the immediately preceding previous year registering a growth of more than double turnover over the previous year.

The Company earned a net profit after tax of Rs.13.374 millions for the financial year ended 31^st March, 2013 as compared to the profit after tax of Rs.6.484 millions in the immediately preceding previous year.

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10460336	16/11/2013	165,000,000.00	BANK OF BARODA	NITIN NIWAS, M G ROAD, VILEPARLE EAST, MUMBAI, MAHARASHTRA - 400057, INDIA	B89595573
2	10273877	14/10/2014 *	375,000,000.00	BANK OF INDIA	ANDHERI (WEST) BRANCH, BANK OF INDIA BUILDING, GROUND FLOOR, 28, S. V. ROAD, ANDHERI (WEST), MUMBAI, MAHARASHTRA - 400058, INDIA	C37449733

* Date of charge modification

UNSECURED LOANS

Particulars	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG-TERM BORROWINGS
Loans and advances from related parties	0.000	0.064
Other loans and advances	7.290	0.126
Total	7.290	0.190

FIXED ASSETS:

· Buildings

· Office Building

· Plant and Equipment

· Other Plant and Equipment

· Furniture and Fixtures

· Vehicles

· Motor Vehicles

· Office Equipment

· Computer Equipments

· Other Equipments

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.61.74
UK Pound	1	Rs.92.71
Euro	1	Rs.69.94

INFORMATION DETAILS

Information Gathered by :	HNA
Analysis Done by :	KAR
Report Prepared by :	SMN

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	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		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

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.