MIRA INFORM REPORT

Report No. :	306077
Report Date :	04.02.2015

IDENTIFICATION DETAILS

Name :	MEENAKSHI UDYOG (INDIA) PRIVATE LIMITED

Registered Office :	Room No.3, Right Wing, 2^nd Floor, Alsamall, No.4, Montieth Road, Egmore, Chennai – 600 008, Tamilnadu, India

Country :	India

Financials (as on) :	31.03.2013

Date of Incorporation :	24.06.2004

Com. Reg. No.:	18-053555

Capital Investment / Paid-up Capital :	Rs.12.934 millions

CIN No.: [Company Identification No.]	U27106TN2004PTC053555

IEC No.:	Not Available

TAN No.: [Tax Deduction & Collection Account No.]	Not Available

PAN No.: [Permanent Account No.]	AADCM9365L

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacturer of Billets, Ingots, Beams, TMT, Scrap and by-products.

No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

Maximum Credit Limit :	USD 535000

Status :	Satisfactory

Payment Behaviour :	Usually Correct

Litigation :	Not Available

Comments :	Subject is an established company having satisfactory 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, general financial positon of the company seems to be sound and healthy. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. The company can be considered for business dealings at usual trade terms and condition.

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

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.

LOCATIONS

Registered Office :	Room No.3, Right Wing, 2^nd Floor, Alsamall, No.4, Montieth Road, Egmore, Chennai – 600 008, Tamilnadu, India
Tel. No. :	91-44-28593792
Fax No. :	91-44-28554007/ 28593791
E-Mail :	meenakshiudyogindia@gmail.com

Factory :	8, F. No.291 and 292, Hosur – 635 110, Tamilnadu, India

DIRECTORS

AS ON 30.09.2013

Name :

Mr. Salil Bansal

Designation :

Director

Address :

A4, Alsa Garden, No.72, Harrington Road, Chetpet, Chennai – 600 031, Tamilnadu, India

Date of Birth/Age :

20.04.1965

Date of Appointment :

24.06.2004

DIN No. :

00588083

PAN No.:

AFAPB7750B

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	U27101UP1994PTC016339	INDER STEELS PRIVATE LIMITED	Director	18-04-1994	18-04-1994	-	Active	NO
2	U27104UP2003PTC027540	MEENAKSHI RE-ROLLERS PRIVATE LIMITED	Whole-time director	29-09-2010	26-05-2003	-	Active	NO
3	U27106TN2004PTC053555	MEENAKSHI UDYOG (INDIA) PRIVATE LIMITED	Director	24-06-2004	24-06-2004	-	Active	NO
4	AAA-7704	MEENAKSHI METAL INDUSTRIES LLP	Designated Partner	23-05-2013	23-05-2013	-	Active	NO

Name :

Mr. Jayesh Agarwal

Designation :

Director

Address :

No.46, 4^th Cross Road, MKB Nagar, Chennai – 600 039, Tamilnadu, India

Date of Birth/Age :

09.09.1972

Date of Appointment :

24.06.2004

DIN No. :

00588087

PAN No.:

AADPA9118M

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	U27105TN1999PTC042208	METAL AND SCRAP TRADERS PRIVATE LIMITED	Director	05-04-1999	05-04-1999	-	Active	NO
2	U27106TN2004PTC053555	MEENAKSHI UDYOG (INDIA) PRIVATE LIMITED	Director	24-06-2004	24-06-2004	-	Active	NO
3	U13209TG2007PTC069060	PRAKASH FERROUS INDUSTRIES PRIVATE LIMITED	Director	26-12-2007	26-12-2007	-	Active	NO
4	U27100TN2008PTC067104	SHREE HARE KRISHNA SMELTERS AND ROLLERS PRIVATE LIMITED	Director	29-03-2008	29-03-2008	-	Active	NO
5	U74899DL1990PTC040204	SHAKUN FINMAN CONSULTANTS PRIVATE LIMITED	Director	20-08-2009	20-08-2009	-	Active	NO
6	U74899DL1991PTC043888	ADDWINGS SECMAN RESOURCES PRIVATE LIMITED	Director	20-08-2009	20-08-2009	-	Active	NO

Name :

Mr. Shailesh Agarwal

Designation :

Director

Address :

No.46, 4^th Cross Road, MKB Nagar, Chennai – 600 039, Tamilnadu, India

Date of Birth/Age :

24.08.1967

Date of Appointment :

24.06.2004

DIN No. :

00588088

PAN No.:

AAEPA3894J

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	U27105TN1999PTC042208	METAL AND SCRAP TRADERS PRIVATE LIMITED	Director	01-05-2000	01-05-2000	-	Active	NO
2	U27106TN2004PTC053555	MEENAKSHI UDYOG (INDIA) PRIVATE LIMITED	Director	24-06-2004	24-06-2004	-	Active	NO
3	U13209TG2007PTC069060	PRAKASH FERROUS INDUSTRIES PRIVATE LIMITED	Director	26-12-2007	26-12-2007	-	Active	NO
4	U27100TN2008PTC067104	SHREE HARE KRISHNA SMELTERS AND ROLLERS PRIVATE LIMITED	Director	29-03-2008	29-03-2008	-	Active	NO
5	U74899DL1990PTC040204	SHAKUN FINMAN CONSULTANTS PRIVATE LIMITED	Director	20-08-2009	20-08-2009	-	Active	NO

Name :

Mr. Kalpesh Agarwal

Designation :

Director

Address :

No.46, 4^th Cross Road, MKB Nagar, Chennai – 600 039, Tamilnadu, India

Date of Birth/Age :

01.01.1976

Date of Appointment :

24.06.2004

DIN No. :

00588096

PAN No.:

AAFPA6112L

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	U27105TN1999PTC042208	METAL AND SCRAP TRADERS PRIVATE LIMITED	Director	01-05-2000	01-05-2000	-	Active	NO
2	U27106TN2004PTC053555	MEENAKSHI UDYOG (INDIA) PRIVATE LIMITED	Director	24-06-2004	24-06-2004	-	Active	NO
3	U13209TG2007PTC069060	PRAKASH FERROUS INDUSTRIES PRIVATE LIMITED	Director	26-12-2007	26-12-2007	-	Active	NO
4	U27100TN2008PTC067104	SHREE HARE KRISHNA SMELTERS AND ROLLERS PRIVATE LIMITED	Director	29-03-2008	29-03-2008	-	Active	NO
5	U74899DL1991PTC043888	ADDWINGS SECMAN RESOURCES PRIVATE LIMITED	Director	20-08-2009	20-08-2009	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2013

Names of Shareholders		No. of Shares
Salil Bansal		66000
Shailesh Agarwal		55600
Jayesh Agarwal		44800
Kalpesh Agarwal		53200
Nikhil Bansal		228300
Nandita Bansal		62000
Anju Agarwal		38000
Suntax Products India (Private) Limited, India [Now SPMC Mines and Containers Private Limited]		41000
SPMC Commodities Private Limited, India		5000
Corporate Risk Appraisial and Management Private Limited, India		33000
SPMC Global Advisary Services Private Limited, India [Old name SPMC Consultants (Private) Limited]		40000
Addwings Corporate Solution Private Limited, India		16500
Midway Exim Private Limited, India		105500
Jayesh Agarwal - HUF		48000
Shailesh Agarwal - HUF		28000
Kalpesh Agarwal - HUF		30000
H.C. Agarwal - HUF		80000
Chinu Press and Prakashan (Private) Limited, India		48500
Ballabgarh Refractories Limited, India		5000
Top Tech Cables Private Limited, India		40000
Salil Bansal, Partner, partner of Meenakshi Steels, Chennai		106000
Jayesh Agarwal, Partner, partner of Meenakshi Steels, Chennai		110000
First Ideal Builders Private Limited, India		2000
Compose Equity Private Limited, India		3000
Core Equity Private Limited, India		3000
Earmark Constructions Private Limited, India		1000
Total		1293400

AS ON 30.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	27.00
Directors or relatives of Directors	73.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Billets, Ingots, Beams, TMT, Scrap and by-products.

Products :

Item Code No. (ITC Code)

Product Description

72061010

Ingots, Billets, Beams, TMT, Scrap

and by-products

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Available

Imports :

Not Available

Terms :

Not Available

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

Not Available

Bankers :

Banker Name	Axis Bank Limited
Branch Address	Corporate Banking Branch, Ground Floor, Karumuthu Nilayam, No.192, Anna Salai, Chennai – 600 002, Tamilnadu, India
Person Name (With Designation)	Not Available
Contact Number	Not Available
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

Bank of India, Egmore Branch, New No.56 (Old No. 17), CASA Major Road, Egmore, Chennai – 600 008, Tamilnadu, India

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG TERM BORROWINGS
Rupee term loans from banks (Charge on the entire movable assets belonging to the company present or future)	5.046	11.664
Rupee term loans from others (First and exclusive charge by way of mortgage over immovable property comprised of office)	67.965	88.994
SHORT TERM BORROWINGS
Loans repayable on demand from banks	196.795	157.081
Total	269.806	257.739

Banking Relations :	--

Auditors :
Name :	R.R. More and Company Chartered Accountants
Address :	356, Mint Street, II Floor, Sowcarpet, Chennai – 600 079, Tamilnadu, India
PAN No.:	AAJPM4999F

Memberships :	Not Available

Collaborators :	Not Available

Associates :	· Metal and Scrap Traders Private Limited, India (CIN No.: U27105TN1999PTC042208) · Shree Hare Krishna Smelters and Rollers Private Limited, India (CIN No.: U27100TN2008PTC067104) · HC Agarwal HUF · Shailesh Agarwal HUF · Jayesh Agarwal HUF · Kalpesh Agarwal HUF · Neeraj Agarwal HUF

Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	Meenakshi Industries

CAPITAL STRUCTURE

AS ON 30.09.2014

Authorised Capital : Rs.30.000 millions

Issued, Subscribed & Paid-up Capital : Rs.15.910 millions

AS ON 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
3000000	Equity Shares	Rs.10/- each	Rs.30.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1293400	Equity Shares	Rs.10/- each	Rs.12.934 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	12.934	12.934	12.819
(b) Reserves & Surplus	168.492	157.354	133.826
(c) Money received against share warrants	0.000	0.000	0.000

(2) Share Application money pending allotment	5.950	0.000	0.000
Total Shareholders’ Funds (1) + (2)	187.376	170.288	146.645

(3) Non-Current Liabilities
(a) Long-term borrowings	109.725	113.221	128.378
(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)	109.725	113.221	128.378

(4) Current Liabilities
(a) Short term borrowings	196.795	157.081	113.175
(b) Trade payables	56.667	28.331	33.685
(c) Other current liabilities	0.000	0.000	0.000
(d) Short-term provisions	22.407	14.728	20.023
Total Current Liabilities (4)	275.869	200.140	166.883

TOTAL	572.970	483.649	441.906

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	143.280	145.594	152.662
(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	143.280	145.594	152.662

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	275.095	220.781	168.302
(c) Trade receivables	101.196	58.790	72.946
(d) Cash and cash equivalents	3.044	0.880	4.955
(e) Short-term loans and advances	48.095	53.621	42.913
(f) Other current assets	2.260	3.983	0.128
Total Current Assets	429.690	338.055	289.244

TOTAL	572.970	483.649	441.906

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
SALES
	Income	1790.589	1763.036	1208.087
	Other Income	4.816	4.032
	TOTAL	1795.405	1767.068	1208.087

EXPENSES
	TOTAL	1764.182	1732.594	1175.412

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		31.223	34.474	32.675

DEPRECIATION/ AMORTISATION		15.043	16.161	18.252

PROFIT/ (LOSS) BEFORE TAX		16.179	18.313	14.423

TAX		5.053	6.170	4.617

PROFIT/ (LOSS) AFTER TAX		11.138	12.143	9.806

Earnings / (Loss) Per Share (Rs.)		8.61	9.39	NA

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Net Profit Margin (PAT/Sales)	(%)	0.62	0.69	NA

Return on Total Assets (PBT/Total Assets}	(%)	2.82	3.79	3.26

Return on Investment (ROI) (PBT/Networth)		0.09	0.11	0.10

Debt Equity Ratio (Total Debt/Networth)		1.64	1.59	1.65

Current Ratio (Current Asset/Current Liability)		1.56	1.69	1.73

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns.)	(INR in Mlns.)	(INR in Mlns.)
Share Capital	12.819	12.934	12.934
Reserves & Surplus	133.826	157.354	168.492
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	5.950
Net worth	146.645	170.288	187.376

Long Term borrowings	128.378	113.221	109.725
Short Term borrowings	113.175	157.081	196.795
Total borrowings	241.553	270.302	306.520
Debt/Equity ratio	1.647	1.587	1.636

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Total Income	1,208.087	1767.068	1795.405
		46.270	1.604

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Total Income	1,208.087	1767.068	1795.405
Profit	9.806	12.143	11.138
	0.81%	0.69%	0.62%

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	No
10]	Designation of contact person	No
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	Yes
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	No

NOTE:

The registered address of the company has been shifted from Alsamal No.19, 3^rd Floor, No.4, Montieth Road, Chennai – 600 008, Tamilnadu to the present address w.e.f. 01.04.2010.

UNSECURED LOANS

PARTICULAR	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG TERM BORROWINGS
Loans and advances from directors	36.714	12.563
Total	36.714	12.563

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10281807	18/09/2014 *	200,000,000.00	AXIS BANK LIMITED	CORPORATE BANKING BRANCH, NO.192 ANNA SALAI, CHENNAI, TAMINADU - 600002, INDIA	C34101576

* Date of charge modification

FIXED ASSETS

· Land

· Buildings

· Plant and Equipment

· Furniture and Fixtures

· Vehicles

· Office Equipment

· Computer 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

Analysis Done by :	KAR

Report Prepared by :	SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
-- PROFITABILITY	1~10	3
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		43

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.

MIRA INFORM REPORT

Unit