MIRA INFORM REPORT

Report No. :	308561
Report Date :	20.02.2015

IDENTIFICATION DETAILS

Name :	RITCO LOGISTICS PRIVATE LIMITED
Registered Office :	31, Transport Centre, Rohtak Road, Punjabi Bagh, New Delhi – 110035
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	23.08.2001
Com. Reg. No.:	55-112167
Capital Investment / Paid-up Capital :	Rs. 134.394 Millions
CIN No.: [Company Identification No.]	U60221DL2001PTC112167
TAN No.: [Tax Deduction & Collection Account No.]	DELR05517B
PAN No.: [Permanent Account No.]	AACCR0305G
Legal Form :	Private Limited Liability Company
Line of Business :	Providing Cargo Shipping Services
No. of Employees :	250 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

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

Maximum Credit Limit :	USD 820000
Status :	Satisfactory
Payment Behaviour :	Slow But Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. The company has reported low profitability. However, general position of the company seems to be fair. Trade relations are fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered for business dealing at 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 – 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	ICRA
Rating	Long term ratings : BBB-
Rating Explanation	Moderate degree of safety moderate credit risk
Date	September, 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 PARTED BY

Name :	Mr. Vikram Choudhary
Designation :	DGM in Finance
Contact No.:	91-9810631200
Date :	17.02.2015

LOCATIONS

Registered Office :	31, Transport Centre, Rohtak Road, Punjabi Bagh, New Delhi – 110035, India
Tel. No.:	91-124-4702300
Mobile No.:	91-9810631200 (Mr. Vikram Choudhary)
Fax No.:	Not Available
E-Mail :	msc@ritcogroup.com
Website :	www.ritcogroup.com
Location :	Owned
Corporate Office :	336, Phase-II, Udyog Vihar, Gurgaon – 122006, Haryana, India
Tel. No.:	91-124-4702300 / 124-4702301
Fax No.:	91-124-4702310 / 124-4702320
NOTE : 150 Branches all over India

DIRECTORS

As on 30.09.2014

Name :

Mr. Manmohan Pal Singh Chadha

Designation :

Director

Address :

A-28, Rosewood City, Sector – 49, Gurgaon, 122001, Haryana, India

Date of Birth/Age :

16.09.1970

Date of Appointment :

23.08.2001

PAN No.:

AAAPC3656J

DIN No.:

01763805

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	U74899DL1988PTC030750	RITCO LEASING AND FINANCE PVT LTD	Director	16-02-1989	16-02-1989	-	Active	NO
2	U60231DL1996PTC081863	RITCO KIRTI ASSOCIATES PRIVATE LIMITED	Director	11-09-1996	11-09-1996	-	Amalgamated	NO
3	U60221DL2001PTC112167	RITCO LOGISTICS PRIVATE LIMITED	Director	23-08-2001	23-08-2001	-	Active	NO
4	U70101DL2004PTC125478	UCHIT REALTORS PRIVATE LIMITED	Director	20-10-2004	20-10-2004	-	Active	NO
5	U18101DL2003PTC119395	RITCO CHARLIE RETAILS PRIVATE LIMITED	Director	25-08-2006	25-08-2006	-	Active	NO
6	U18204DL2007PTC162501	FORMULA ONE FASHIONS PRIVATE LIMITED	Director	24-04-2007	24-04-2007	21-11-2011	Active	NO
7	U51909HR2010PTC041145	MHSN Marketplace Online Private Limited	Director	03-09-2010	03-09-2010	-	Active	NO
8	U70200DL2011PTC218852	JATINDER PAL BUILDERS PRIVATE LIMITED	Additional director	04-10-2011	04-10-2011	-	Active	NO
9	U45400DL2007PTC166491	GURU PROPTECH PRIVATE LIMITED	Additional director	17-11-2011	17-11-2011	12-03-2014	Active	NO
10	U45201DL2012PTC231433	P B TECHNOBUILD PRIVATE LIMITED	Additional director	06-11-2012	06-11-2012	-	Active	NO
11	U70102DL2013PTC260402	LEMON REAL ESTATE DEVELOPERS PRIVATE LIMITED	Director	20-11-2013	20-11-2013	-	Active	NO
12	U70109DL2014PTC264555	REPUTED REAL ESTATE PRIVATE LIMITED	Additional director	21-02-2014	21-02-2014	-	Active	NO
13	U70109DL2014PTC266660	REJOY REAL ESTATE PRIVATE LIMITED	Additional director	15-04-2014	15-04-2014	-	Active	NO

Name :

Mr. Harjinder Singh Chadha

Designation :

Director

Address :

D 1/5, Rahouri Garden, New Delhi – 110027, India

Date of Birth/Age :

27.04.1963

Date of Appointment :

23.08.2001

PAN No.:

AALPC6332L

DIN No.:

02694039

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	U74899DL1988PTC030750	RITCO LEASING AND FINANCE PVT LTD	Director	25-02-1988	25-02-1988	-	Active	NO
2	U60221DL2001PTC112167	RITCO LOGISTICS PRIVATE LIMITED	Director	23-08-2001	23-08-2001	-	Active	NO
3	U18101DL2003PTC119395	RITCO CHARLIE RETAILS PRIVATE LIMITED	Director	13-03-2003	13-03-2003	-	Active	NO
4	U70101DL2004PTC125478	UCHIT REALTORS PRIVATE LIMITED	Director	04-11-2004	04-11-2004	-	Active	NO
5	U18204DL2007PTC162501	FORMULA ONE FASHIONS PRIVATE LIMITED	Director	24-04-2007	24-04-2007	21-11-2011	Active	NO
6	U51909HR2010PTC041145	MHSN MARKETPLACE ONLINE PRIVATE LIMITED	Director	03-09-2010	03-09-2010	24-02-2014	Active	NO

Name :

Mr. Sanjeev Kumar Elwadhi

Designation :

Director

Address :

Flat No.V-240, 2^nd Floor, Rajouri Garden, New Delhi – 110027, India

Date of Birth/Age :

02.11.1968

Date of Appointment :

23.08.2001

PAN No.:

AAAPE4754B

DIN No.:

02694204

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	U60221DL2001PTC112167	RITCO LOGISTICS PRIVATE LIMITED	Director	23-08-2001	23-08-2001	-	Active	NO
2	U18101DL2003PTC119395	RITCO CHARLIE RETAILS PRIVATE LIMITED	Director	13-03-2003	13-03-2003	-	Active	NO
3	U70101DL2004PTC125478	UCHIT REALTORS PRIVATE LIMITED	Director	04-11-2004	04-11-2004	01-04-2010	Active	NO
4	U51909HR2010PTC041145	MHSN MARKETPLACE ONLINE PRIVATE LIMITED	Director	03-09-2010	03-09-2010	24-02-2014	Active	NO

Name :

Mr. Narinder Pal Singh Chadha

Designation :

Director

Address :

D 1/5, Rahouri Garden, New Delhi – 110027, India

Date of Birth/Age :

03.11.1971

Date of Appointment :

23.08.2001

PAN No.:

AAAPC3644C

DIN No.:

02694227

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	U60221DL2001PTC112167	RITCO LOGISTICS PRIVATE LIMITED	Director	23-08-2001	23-08-2001	-	Active	NO
2	U70101DL2004PTC125478	UCHIT REALTORS PRIVATE LIMITED	Director	13-04-2007	13-04-2007	-	Active	NO
3	U51909HR2010PTC041145	MHSN MARKETPLACE ONLINE PRIVATE LIMITED	Director	03-09-2010	03-09-2010	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Vikram Choudhary
Designation :	DGM in Finance

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders	No. of Shares
Manmohan Pal Singh Chadha	4414935
Harjinder Singh Chadha	2541483
Sanjeev Kumar Elwadhi	1959050
Narinder Pal Singh Chadha	2220100
Mandeep Kaur	17750
Rasleen Kaur	750
Darshan Kaur	135750
M.P.S. Chadha (HUF)	15000
Hardeep Kaur Chadha	200750
Jasreet Kaur	35000
Joginder Kaur	99650
Ritco Leasing and Fincae Private Limited	1599200
Harjinder Singh Chadha (HUF)	100000
Shyam Sunder Elwadhi	100000
Total	13439418

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2014

Category	Percentage
Bodies corporate	0.12
Directors or relatives of Directors	99.87
Other top fifty shareholders	0.01
Total	100.00

BUSINESS DETAILS

Line of Business :	Providing Cargo Shipping Services
Products :	Cargo Shipping
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	Not Divulged

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

250 (Approximately)

Bankers :

· HDFC Bank Limited, HDFC Bank House senapati Bapat Marg, Lower Parel W, Mumbai - 400013, Maharashtra, India

· ICICI Bank Ltd, "Landmark" Alkapuri, Race Course Road, Vadodara - 390001, Gujarat, India

· Citibank Na, Jeevan Vihar, 3 Sansad Marg, New Delhi - 110001, Delhi, India

· Yes Bank Limited, 9th Floor, Nehru Centre, Discovery Of India, Dr. Annie Besant Road, Worli,, Mumbai - 400018, Maharashtra, India

Facilities :

Secured Loan	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
Long-term Borrowings
Term loans from banks	23.152	39.495
Rupee term loans from others	6.133	10.372
Working capital loans from banks	402.962	352.567
Loans and advances from related parties	0.462	8.610
Other loans and advances	10.000	0.000
Total	442.709	411.044

Auditors :
Name :	J S Dua and Company Chartered Accountants
Address :	101, First Floor, Satyam Cinema Building, Patal Nagar, New Delhi – 110028, India
PAN N Income-tax PAN of auditor or auditor's firm :	AACFJ0615Q
Memberships :	Not Divulged
Collaborators :	Not Divulged
Associates/Subsidiaries:	Rajdhani Interstate Transport Private Limited

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
15000000	Equity Shares	Rs.10/- each	Rs.150.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
13439418	Equity Shares	Rs.10/- each	Rs.134.394 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	134.394	69.100	69.100
(b) Reserves & Surplus	151.992	143.572	138.496
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	57.524	50.000
Total Shareholders’ Funds (1) + (2)	286.386	270.196	257.596
(3) Non-Current Liabilities
(a) long-term borrowings	29.285	49.867	64.684
(b) Deferred tax liabilities (Net)	0.178	(0.680)	0.000
(c) Other long term liabilities	0.045	2.186	4.335
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	29.508	51.373	69.019
(4) Current Liabilities
(a) Short term borrowings	413.424	361.177	352.075
(b) Trade payables	25.150	124.707	88.802
(c) Other current liabilities	90.838	66.203	30.607
(d) Short-term provisions	2.954	5.060	2.285
Total Current Liabilities (4)	532.366	557.147	473.769
TOTAL	848.260	878.716	800.384
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	179.494	196.271	217.230
(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	0.642
(d) Long-term Loan and Advances	13.871	14.783	6.042
(e) Other Non-current assets	7.529	2.880	7.014
Total Non-Current Assets	200.894	213.934	230.928
(2) Current assets
(a) Current investments	0.000	0.000	4.214
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	572.670	607.943	497.560
(d) Cash and cash equivalents	42.824	37.774	44.676
(e) Short-term loans and advances	12.590	9.986	12.299
(f) Other current assets	19.282	9.079	10.707
Total Current Assets	647.366	664.782	569.456
TOTAL	848.260	878.716	800.384

PROFIT & LOSS ACCOUNT

PARTICULARS	31.03.2014	31.03.2013	31.03.2012
SALES
Income
Other Income
TOTAL	2547.355	2334.775	2122.630
EXPENSES	2511.089	2294.714	2091.027
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	36.266	40.061	31.603
DEPRECIATION/ AMORTISATION	24.010	32.247	21.381
PROFIT/ (LOSS) BEFORE TAX	12.256	7.814	9.530
TAX	3.837	2.737	3.075
PROFIT/ (LOSS) AFTER TAX	8.419	5.077	6.455
Earnings / (Loss) Per Share (Rs.)	0.63	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	1.44	0.89	1.19
Return on Investment (ROI) (PBT/Networth)		0.04	0.03	0.04
Debt Equity Ratio (Total Debt /Networth)		1.55	1.52	1.62
Current Ratio (Current Asset/Current Liability)		1.22	1.19	1.20

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	69.100	69.100	134.394
Reserves & Surplus	138.496	143.572	151.992
Net worth	207.596	212.672	286.386
long-term borrowings	64.684	49.867	29.285
Short term borrowings	352.075	361.177	413.424
Total borrowings	416.759	411.044	442.709
Debt/Equity ratio	2.008	1.933	1.546

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Income	2122.630	2334.775	2547.355
		9.994	9.105

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Income	2122.630	2334.775	2547.355
Profit	6.455	5.077	8.419
	0.30%	0.22%	0.33%

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	Yes
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	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	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	Yes
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 B-26-30, Suneja Tower-I, District Centre, Janak Puri, New Delhi – 110058, India to the present address w.e.f. 02.08.2006

OPERATIONS

The Company’s gross turnover for the year was Rs. 2547.355 Millions in comparison to the previous year’s Rs. 2334.775 Millions. However due to tight Market Scenario the net profit after tax for the year was Rs. 8.419 Millions in comparison to previous years Rs. 5.077 Millions.

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10416510	16/06/2014 *	337,500,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, Maharashtra - 400013, INDIA	C09491317
2	10190397	10/09/2014 *	200,000,000.00	YES BANK LIMITED	9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA, DR.ANNIE BESANT ROAD, WORLI, MUMBAI, Maharashtra - 400018, INDIA	C32821712
3	10172159	26/08/2009	49,850,000.00	RELIANCE CAPITAL LTD	"H" BLOCK 1ST FLOOR, Dhirubhai Ambani Knowledge City, Koparkhairne, Navi Mumbai, Maharashtra - 400710, INDIA	A68331404

FIXED ASSETS

· Land

· Buildings

· Plant and Equipment

· Furniture and Fixtures

· Vehicles

· Office Equipment

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.25
UK Pound	1	Rs.95.57
Euro	1	Rs.71.01

INFORMATION DETAILS

Information Gathered by :	SVA
Analysis Done by :	SUC
Report Prepared by :	KVT

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	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	5
--RESERVES	1~10	4
--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		42

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	--

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