MIRA INFORM REPORT

Report No. :	307939
Report Date :	13.02.2015

IDENTIFICATION DETAILS

Name :	ALLANZERS FIN NET LIMITED (w.e.f. 06.11.2007)
Formerly Known As :	KETAI INFRASTRUCTURE LIMITED (w.e.f. 26.03.2007) KETAI INFRASTRUCTURE PRIVATE LIMITED
Registered Office :	B-106, B Wing, 10^th Floor, Mittal Tower, Nariman Point, Mumbai-400021, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	18.06.1999
Com. Reg. No.:	11-145079
Capital Investment / Paid-up Capital :	Rs. 45.543 Millions
CIN No.: [Company Identification No.]	U45201MH1999PLC145079
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in the business of providing consulting services to customers
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (29)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 228674
Status :	Moderate
Payment Behaviour :	Slow But Correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The rating is constrained on account of company low reserves level and modest turnover of the company. However, trade relations are reported as fair. Business is active. Payments terms are reported to be slow but correct. The company can be considered for business dealings 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	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 31-03-2014.

LOCATIONS

Registered Office :	B-106, B Wing, 10^th Floor, Mittal Tower, Nariman Point, Mumbai-400021, Maharashtra, India
Tel. No.:	91-22-42327000
Mobile No.:	Not Available
Fax No.:	Not Available
E-Mail :	knovate@gmail.com

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Ravi Swaminathan Kumar

Designation :

Director

Address :

401, White House, N. Gamadia Road, Mumbai-400026, Maharashtra, India

Date of Birth/Age :

03.02.1956

Date of Appointment :

14.01.2003

DIN No.:

00581577

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	U99999MH1991PTC061052	PARAM PHARMA PRIVATE LIMITED	Director	08/04/1991	08/04/1991	-	Active	NO
2	U67100MH2000PLC145080	ALLANZERS FIN NET LIMITED(AMAL)	Director	09/03/2000	09/03/2000	-	Amalgamated	NO
3	U65993TN1999PTC066956	WINEVER ENERGY PRIVATE LIMITED	Director	29/09/2008	12/07/2000	-	Active	NO
4	U45201MH1999PLC145079	ALLANZERS FIN NET LIMITED	Director	14/01/2003	14/01/2003	-	Active	NO
5	U99999MH1993PTC070729	COOLMET CHEMICALS PRIVATE LIMITED	Director	03/03/2003	03/03/2003	-	Amalgamated	NO
6	U63022MH2005PTC160832	WINEVER INDUSTRIAL ENTERPRISES PRIVATE LIMITED	Director	08/02/2006	08/02/2006	-	Active	NO
7	U45200MH2005PLC154628	TVS INFRASTRUCTURE LIMITED	Alternate director	04/10/2012	30/04/2007	-	Active	NO
8	U32109MH1994PLC077921	ACE INVESTMENT SERVICES (INDIA) LIMITED	Director	30/09/2014	04/06/2007	-	Active	NO
9	U36100TN2008PTC067715	ADHWAIY INTERIOR DESIGNER AND SERVICES PRIVATE LIMITED	Director	13/05/2008	13/05/2008	30/09/2011	Active	NO
10	U51900MH1994PTC080369	GULBARGA TRADING AND INVESTMENT PRIVATE LIMITED	Director	30/09/2009	29/11/2008	01/03/2012	Active	NO
11	U92412MH2011PTC215317	FIVE PRO SPORTS MANAGEMENT PRIVATE LIMITED	Director	25/03/2011	25/03/2011	31/03/2013	Active	NO
12	U92412MH2011PTC215400	INDIAN CRICKET DUNDEE PRIVATE LIMITED	Director	28/03/2011	28/03/2011	31/03/2013	Active	NO
13	U51909MH2005PTC157368	ATLANTA MERCANTILE PRIVATE LIMITED	Director	29/09/2012	14/06/2011	-	Active	NO
14	U01122MH2007PTC252336	GOODWILL CULTIVATORS PRIVATE LIMITED	Director	29/09/2012	01/11/2011	-	Active	NO
15	U74999MH1922PLC000973	BOMBAY GYMKHANA LIMITED	Director	27/06/2013	27/06/2013	-	Active	NO
16	U70200MH2013PTC250229	GREENARCHES WAREHOUSING AND INDUSTRIAL INFRASTRUCTURE PRIVATE LIMITED	Director	20/11/2013	20/11/2013	-	Active	NO
17	U51909MH2008PTC180481	DAFFODIL E-MERCANTILE PRIVATE LIMITED	Additional director	07/10/2014	07/10/2014	-	Active	NO

Name :

Ms. Aditi Kumar

Designation :

Director

Address :

401, White House, N. Gamadia Road, Mumbai-400026, Maharashtra, India

Date of Birth/Age :

30.04.1983

Date of Appointment :

17.05.2014

DIN No.:

00954520

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	U99999MH1993PTC070729	COOLMET CHEMICALS PRIVATE LIMITED	Director	11/11/2005	11/11/2005	-	Amalgamated	NO
2	U67100MH2000PLC145080	ALLANZERS FIN NET LIMITED(AMAL)	Director	11/11/2005	11/11/2005	-	Amalgamated	NO
3	U65993TN1999PTC066956	WINEVER ENERGY PRIVATE LIMITED	Director	29/09/2014	11/11/2005	-	Active	NO
4	U45200MH2005PLC154628	TVS INFRASTRUCTURE LIMITED	Director	24/09/2007	11/10/2006	13/07/2010	Active	NO
5	U63022MH2005PTC160832	WINEVER INDUSTRIAL ENTERPRISES PRIVATE LIMITED	Director	09/04/2007	09/04/2007	21/06/2010	Active	NO
6	U45201MH1999PLC145079	ALLANZERS FIN NET LIMITED	Director	30/09/2014	28/04/2008	-	Active	NO
7	U01122MH2007PTC252336	GOODWILL CULTIVATORS PRIVATE LIMITED	Director	30/09/2008	09/05/2008	21/06/2010	Active	NO
8	U51909MH2005PTC157368	ATLANTA MERCANTILE PRIVATE LIMITED	Director	30/09/2008	09/05/2008	21/06/2010	Active	NO
9	U32109MH1994PLC077921	ACE INVESTMENT SERVICES (INDIA) LIMITED	Director	30/09/2014	15/12/2008	-	Active	NO
10	U51900MH1994PTC080369	GULBARGA TRADING AND INVESTMENT PRIVATE LIMITED	Director	30/09/2009	15/12/2008	21/06/2010	Active	NO

Name :

Ms. Meghna Ravi Kumar

Designation :

Director

Address :

401, White House, N. Gamadia Road, Mumbai-400026, Maharashtra, India

Date of Birth/Age :

12.05.1987

Date of Appointment :

14.11.2011

DIN No.:

02550750

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	U45200MH2005PLC154628	TVS INFRASTRUCTURE LIMITED	Director	28/09/2012	13/07/2010	-	Active	NO
2	U65993TN1999PTC066956	WINEVER ENERGY PRIVATE LIMITED	Director	29/09/2012	14/11/2011	-	Active	NO
3	U63022MH2005PTC160832	WINEVER INDUSTRIAL ENTERPRISES PRIVATE LIMITED	Director	29/09/2012	14/11/2011	-	Active	NO
4	U45201MH1999PLC145079	ALLANZERS FIN NET LIMITED	Director	29/09/2012	14/11/2011	-	Active	NO
5	U32109MH1994PLC077921	ACE INVESTMENT SERVICES (INDIA) LIMITED	Director	30/09/2014	17/05/2014	-	Active	NO

Name :

Ms. Rajshree Ravikumar

Designation :

Director

Address :

401, White House, N. Gamadia Road, Mumbai-400026, Maharashtra, India

Date of Birth/Age :

15.04.1966

Date of Appointment :

14.11.2011

DIN No.:

05117663

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	U45201MH1999PLC145079	ALLANZERS FIN NET LIMITED	Director	29/09/2012	14/11/2011	-	Active	NO
2	U63022MH2005PTC160832	WINEVER INDUSTRIAL ENTERPRISES PRIVATE LIMITED	Director	01/01/2014	14/11/2011	-	Active	NO
3	U65993TN1999PTC066956	WINEVER ENERGY PRIVATE LIMITED	Director	29/09/2012	14/11/2011	01/10/2012	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Name of Shareholders	No. of Shares	%age
Ravi Kumar S	2,025,465	44.47
Aditi Kumar	998,350	21.92
Meghna Kumar	998,350	21.92
Rajshree Ravikumar	250,000	5.49
Winever Industrial Enterprises Private Limited, India	10	0.00
Gulbarga Trading and Investement Private Limited, India	10	0.00
Such Techno Products Private Limited, India	232,000	5.09
Winever Energy Private Limited, India	110	0.00
Ace Investment Services (India) Limited, India	50,000	1.10
TOTAL	4,554,295	100.00

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2014

Category	Percentage
Bodies corporate	6.19
Directors or relatives of Directors	93.81
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged in the business of providing consulting services to customers
Products :	Not Available
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	Not Divulged

PRODUCTION STATUS NOT AVAILABLE – 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 :

Payment Behaviour	Market Goodwill	Overall
Not Divulged	Not Divulged	Not Divulged

Remark:

--

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 :

Product Quality	Delivery Behaviour	Overall
Not Divulged	Not Divulged	Not Divulged

Remark:

--

No. of Employees :

Not Available

Bankers :

Bank Name	Not Divulged
Branch	Not Divulged
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 :

Not Available

Banking Relations :
Auditors :
Name :	Anand Jain and Associates Chartered Accountants
Address :	46, Mulji Jetiha Building, 2^nd Floor, 187, Princess Street, Mumbai-400002, Maharashtra, India
Tel. No.:	91-22-22001747
Fax No.:	91-22-22001652
PAN N Income-tax PAN of auditor or auditor's firm :	ADAFL8838P
Memberships :	--
Collaborators :	--
Related Parties :	Param Pharma Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2014

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
4554295	Equity Shares	Rs.10/- each	Rs. 45.543 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

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	45.543	45.543	45.543
(b) Reserves & Surplus	34.493	34.172	33.973
(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)	80.036	79.715	79.516
(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	0.056	0.110	0.134
(c) Other current liabilities	0.000	0.000	0.000
(d) Short-term provisions	0.017	0.038	0.000
Total Current Liabilities (4)	0.073	0.148	0.134
TOTAL	80.109	79.863	79.650
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	0.384	0.451	0.531
(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	72.958	71.857	72.858
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	5.501	5.501	0.009
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	78.843	77.809	73.398
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	0.020	0.054	0.024
(d) Cash and cash equivalents	0.125	0.869	5.126
(e) Short-term loans and advances	1.121	1.131	0.252
(f) Other current assets	0.000	0.000	0.850
Total Current Assets	1.266	2.054	6.252
TOTAL	80.109	79.863	79.650

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	0.020	0.060	0.056
	Other Income	0.933	0.816	0.780
	TOTAL (A)	0.953	0.876	0.836
Less	EXPENSES
	Employee Benefits Expenses	0.060	0.076	0.077
	Other expenses	0.408	0.450	0.592
	TOTAL (B)	0.468	0.526	0.669
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	0.485	0.350	0.167
Less	FINANCIAL EXPENSES (D)	0.006	0.005	0.000
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	0.479	0.345	0.167
Less/ Add	DEPRECIATION/ AMORTISATION (F)	0.068	0.080	0.094
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	0.411	0.265	0.073
Less	TAX (I)	0.091	0.066	0.02
	PROFIT/ (LOSS) AFTER TAX (G-I) (J)	0.320	0.199	0.056
	Earnings / (Loss) Per Share (Rs.)	0.07	0.04	0.01

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	1600.00	331.67	100.00
Operating Profit Margin (PBITD/Sales)	(%)	2425.00	583.33	298.21
Return on Total Assets (PBT/Total Assets}	(%)	5.75	3.31	1.07
Return on Investment (ROI) (PBT/Networth)		0.01	0.00	0.00
Debt Equity Ratio (Total Debt /Networth)		0.00	0.00	0.00
Current Ratio (Current Asset/Current Liability)		17.34	13.88	46.66

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(INR in Mlns.)	(INR in Mlns.)	(INR in Mlns.)
Share Capital	45.543	45.543	45.543
Reserves & Surplus	33.973	34.172	34.493
Net worth	79.516	79.715	80.036
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

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Sales	0.056	0.060	0.020
		7.143	-66.667

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(INR)	(INR)	(INR)
Sales	0.056	0.060	0.020
Profit	0.056	0.199	0.320
	100.00%	331.67%	1600.00%

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	No
24]	Banking facility details	No
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

NOTE

Registered office of the company has been shifted from 34A, Walchand Hirachand Marg, Mezz Floor, Opposite Rex Chamber, Ballard Estate, Mumbai-400038, Maharashtra, India to the present address w.e.f. 25.08.2011

OPERATION

During the year the company did well. The company will achieve new heights in the ensuring year.

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 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.62.43
UK Pound	1	Rs.95.01
Euro	1	Rs.70.63

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	DPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	5
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	NO
--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		29

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.