MIRA INFORM REPORT

Report No. :	308966
Report Date :	25.02.2015

IDENTIFICATION DETAILS

Name :	AVADH RUBBER PROP MADRAS ELASTOMERS LIMITED
Registered Office :	P. A. S Industrial Complex, Maramalai Nagar, Kanchipuram – 603209, Tamilnadu
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	23.07.1980
Com. Reg. No.:	18-008354
Capital Investment / Paid-up Capital :	Rs. 5.287 Millions
CIN No.: [Company Identification No.]	L25199TN1980PLC008354
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AACCM8669A
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of rubber and rubber to metal bonded components.
No. of Employees :	55 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (34)

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

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The company has failed to file its financials with government department after March 2013. As per available financials of year 2012-13 the company has reported drastic dip in its total revenue as well as net profitability. Further, short-term borrowing seems to be increasing. Trade relations are reported as fair. Business is active. Payment terms are reported to be usually 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

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.

INFORMATION PARTED BY

Name :	Mr. Santosh Gupta
Designation :	Finance Department
Contact No.:	91-522-2436219
Date :	21.02.2015

LOCATIONS

Registered Office :	P. A. S Industrial Complex, Maramalai Nagar, Kanchipuram – 603209, Tamilnadu, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	sgupta@avadhrubber.com arllko@satyam.net.in
Website :	http://www.avadhrubber.com
Factory 1 :	B – 12, Industrial Area, Amausi, Lucknow – 226008, Uttar Pradesh, India
Tel. No.:	91-522-2436219
Fax No.:	91-522-2438929
E-Mail :	info@avadhrubber.com
Branches :	Delhi Kolkata Chennai

DIRECTORS

AS ON 30.09.2013

Name :

Mr. Subhash Chandra Saraff

Designation :

Director

Address :

9/1 Lower Rowdon Strret, Kolkata – 700020, West Bengal, India

Date of Birth/Age :

14.06.1947

Date of Appointment :

23.07.1980

PAN No.:

ALBPS5555J

DIN No. :

00354969

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	L25199TN1980PLC008354	AVADH RUBBER PROP MADRAS ELASTOMERS LIMITED	Director	23/07/1980	23/07/1980	-	Active	NO
2	U74140WB1974PTC029667	PULLMAN ENGINEERING CO PVT LTD	Director	25/04/2013	24/09/1994	-	Active	NO
3	U25111UP1994PTC016974	CONCORD GLOBAL ENGINEERS PRIVATE LIMITED	Director	27/09/1994	27/09/1994	10/07/2013	Active	NO
4	U27106WB1995PTC073623	SUBHAMOTI EXPORTS PVT. LTD.	Director	23/08/1995	23/08/1995	-	Active	NO
5	U51909WB1970PTC027864	S.S. AGENCIES PVT LTD	Director	05/09/1996	05/09/1996	-	Active	NO
6	U19201TN1997PLC038844	SUMO AIRBOSS INDIA LIMITED	Director	14/08/1997	14/08/1997	-	Strike off	NO
7	U25191UP1990PLC012199	AVADH RUBBER LIMITED	Director	14/08/1999	14/08/1999	-	Amalgamated	NO
8	U29241WB1998PTC087270	SUMO PULLMAN PRIVATE LIMITED	Director	03/12/1999	03/12/1999	-	Active	NO
9	U65999WB1995PTC073391	SUBHAMOTI FINANCE PVT LTD	Director	18/01/2001	18/01/2001	-	Active	NO
10	U51909WB1996PTC079223	EMERALD TRACON PVT.LTD.	Director	26/06/2006	26/06/2006	-	Active	NO
11	L51909WB1983PLC035704	KAMAYANI ENGINEERING PRODUCTS LTD	Director	30/04/2007	30/04/2007	-	Active	NO
12	U28121DL2005PTC138082	BIHARIJI CYLINDERS PRIVATE LIMITED	Additional director	01/01/2010	01/01/2010	-	Active	NO
13	U70100CH2005PTC030897	RADIANT BUILDCON PRIVATE LIMITED	Additional director	20/12/2010	20/12/2010	-	Active	NO
14	U51101WB2009PTC132276	ATLANTIC TRADELINKS PRIVATE LIMITED	Director	21/10/2011	21/10/2011	-	Under Process of Striking off	NO

Name :

Mr. Abhishek Saraff

Designation :

Director

Address :

9/1 Lower Rowdon Strret, Kolkata – 700020, West Bengal, India

Date of Birth/Age :

23.04.1975

Date of Appointment :

01.07.2002

DIN No. :

00355289

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	U25191UP1990PLC012199	AVADH RUBBER LIMITED	Director	28/07/1994	28/07/1994	-	Amalgamated	NO
2	L51909WB1983PLC035704	KAMAYANI ENGINEERING PRODUCTS LTD	Director	23/09/1994	23/09/1994	-	Active	NO
3	U65999WB1995PTC073391	SUBHAMOTI FINANCE PVT LTD	Director	07/08/1995	07/08/1995	-	Active	NO
4	U51909WB1970PTC027864	S.S. AGENCIES PVT LTD	Director	05/09/1996	05/09/1996	-	Active	NO
5	U29241WB1998PTC087270	SUMO PULLMAN PRIVATE LIMITED	Director	04/06/1998	04/06/1998	-	Active	NO
6	U25111UP1994PTC016974	CONCORD GLOBAL ENGINEERS PRIVATE LIMITED	Director	28/01/2002	28/01/2002	10/07/2013	Active	NO
7	L25199TN1980PLC008354	AVADH RUBBER PROP MADRAS ELASTOMERS LIMITED	Director	01/07/2002	01/07/2002	-	Active	NO
8	U27106WB1995PTC073623	SUBHAMOTI EXPORTS PVT. LTD.	Director	01/07/2005	01/07/2005	-	Active	NO
9	U51909WB1996PTC079223	EMERALD TRACON PVT.LTD.	Director	26/06/2006	26/06/2006	-	Active	NO
10	U27100DL2011PLC222783	SUMO FORGE LIMITED	Director	25/07/2011	25/07/2011	-	Active	NO
11	U51101WB2009PTC132276	ATLANTIC TRADELINKS PRIVATE LIMITED	Director	21/10/2011	21/10/2011	-	Under Process of Striking off	NO

Name :

Mr. Rohit Srivastava

Designation :

Director

Address :

M-HIG-1/39, Ruchi Khand - I, Sharda Nagar, Lucknow – 226008, Uttar Pradesh, India

Date of Birth/Age :

15.09.1973

Date of Appointment :

16.04.2011

PAN No.:

AFFPA8283B

DIN No. :

02898970

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	U28121DL2005PTC138082	BIHARIJI CYLINDERS PRIVATE LIMITED	Additional director	01/01/2010	01/01/2010	-	Active	NO
2	L25199TN1980PLC008354	AVADH RUBBER PROP MADRAS ELASTOMERS LIMITED	Director	16/04/2011	16/04/2011	-	Active	NO
3	U27100DL2011PLC222783	SUMO FORGE LIMITED	Director	25/07/2011	25/07/2011	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Santosh Gupta
Designation :	Finance Department

MAJOR SHAREHOLDERS

As on 30.09.2013

Names of Shareholders	No. of Shares
Subhash Chandra Saraff	92527
Anjali Saraff	131810
Abhishek Saraff	90350
Pullman engineering Private Limited,	40000
Zoom Construction	52400
Subhash Chandra (HUF)	106580
H.K. Kumar	100
Ananta Narayana	100
B. Shamkaran	100
Naresh Chandra Sharma	100
Other Minority Shareholders	14588
Total	528655

As on 30.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	17.48
Directors or relatives of Directors	79.68
Other top fifty shareholders	2.84
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of rubber and rubber to metal bonded components.
Products :	Rubber Rubber to metal bonded components
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

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 :	Railway (Government)
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 :

55 (Approximately)

Bankers :

Banker Name	HDFC Bank Limited
Branch Address	HDFC Bank Housesenapati Bapat Marg, Lower Parel (West), Mumbai – 400013, Maharashtra, India
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 :

SECURED LOANS	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
LONG TERM BORROWINGS
Rupee term loans from banks	2.886	3.678
Total	2.886	3.678

Auditors :
Name :	Jain Seth and Company Chartered Accountants
Address :	12/1 Lindsay Street Kolkata, West Bngal, India
PAN No.:	AADFJ1065B
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

As on 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs.10/- each	Rs. 20.000 Millions

Issued & Subscribed Capital :

No. of Shares	Type	Value	Amount
534580	Equity Shares	Rs.10/- each	Rs. 5.346 Millions

Paid-up Capital :

No. of Shares	Type	Value	Amount
528655	Equity Shares	Rs.10/- each	Rs. 5.287 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	5.287	5.287	5.287
(b) Reserves & Surplus	376.454	353.910	310.024
(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)	381.741	359.197	315.311
(3) Non-Current Liabilities
(a) long-term borrowings	37.682	57.254	2.537
(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)	37.682	57.254	2.537
(4) Current Liabilities
(a) Short term borrowings	129.591	53.392	56.084
(b) Trade payables	213.846	113.771	110.479
(c) Other current liabilities	23.960	14.558	108.657
(d) Short-term provisions	0.000	0.000	0.000
Total Current Liabilities (4)	367.397	181.721	275.220
TOTAL	786.820	598.172	593.068
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	71.507	77.210	80.748
(ii) Intangible Assets	0.750	0.750	0.750
(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	21.917	21.917	21.917
(c) Deferred tax assets (net)	2.447	1.956	1.668
(d) Long-term Loan and Advances	1.761	1.740	4.155
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	98.382	103.573	109.238
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	186.203	139.745	132.954
(c) Trade receivables	150.255	103.451	85.465
(d) Cash and cash equivalents	8.948	18.581	94.475
(e) Short-term loans and advances	342.895	232.797	170.936
(f) Other current assets	0.137	0.025	0.000
Total Current Assets	688.438	494.599	483.830
TOTAL	786.820	598.172	593.068

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2013	31.03.2012	31.03.2011
	SALES
	Income	648.858	834.734	727.835
	Other Income	6.301	10.344	3.050
	TOTAL (A)	655.159	845.078	730.885
Less	EXPENSES
	Cost of Materials Consumed	454.975	578.907	473.917
	Purchases of Stock-in-Trade	0.000	0.000	0.000
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	9.180	(2.339)	12.445
	Employees benefits expense	35.655	31.898	15.897
	Other expenses	102.039	167.350	154.150
	TOTAL (B)	601.849	775.816	656.409
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	53.310	69.262	74.476
Less	FINANCIAL EXPENSES (D)	13.424	4.089	1.062
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	39.886	65.173	73.414
Less/ Add	DEPRECIATION/ AMORTISATION (F)	9.841	10.014	9.794
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	30.045	55.159	63.620
Less	TAX (H)	7.501	11.273	11.948
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	22.544	43.886	51.672
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	1.451	4.082	9.241
	TOTAL EARNINGS	1.451	4.082	9.241
	Earnings / (Loss) Per Share (Rs.)	42.64	83.01	97.74

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Net Profit Margin (PAT / Sales)	(%)	3.47	5.26	7.10
Operating Profit Margin (PBDIT/Sales)	(%)	8.22	8.30	10.23
Return on Total Assets (PBT/Total Assets}	(%)	3.94	9.60	11.17
Return on Investment (ROI) (PBT/Networth)		0.08	0.15	0.20
Debt Equity Ratio (Total Debt /Networth)		0.44	0.31	0.19
Current Ratio (Current Asset/Current Liability)		1.87	2.72	1.76

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	5.287	5.287	5.287
Reserves & Surplus	310.024	353.910	376.454
Net worth	315.311	359.197	381.741
long-term borrowings	2.537	57.254	37.682
Short term borrowings	56.084	53.392	129.591
Total borrowings	58.621	110.646	167.273
Debt/Equity ratio	0.186	0.308	0.438

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	727.835	834.734	648.858
		14.687	-22.268

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	727.835	834.734	648.858
Profit	51.672	43.886	22.544
	7.10%	5.26%	3.47%

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	No
17]	Major suppliers	No
18]	Major customers	Yes
19]	Payments terms	Yes
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

UNSECURED LOANS

PARTICULAR	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
LONG TERM BORROWINGS
Loans and advances from others	34.796	53.576
SHORT TERM BORROWINGS
Other loans and advances	129.591	53.392
Total	164.387	106.968

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10525754	19/07/2014	42,744,000.00	CAPITAL FIRST LIMITED	15th Floor, Tower -2, Indiabulls Finance Centre, Senapati Bapat Marg, Elphinstone, MUMBAI, Maharashtra - 400013, INDIA	C29549359
2	10326272	13/02/2014 *	190,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, Maharashtra - 400013, INDIA	B97343156

* Date of charge modification

FIXED ASSETS

• Land
• Buildings
• Office building
• Factory building
• Plant and equipment
• Factory equipments
• Furniture and fixtures
• Vehicles
• Motor vehicles
• Office equipment
• 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. 62.28
UK Pound	1	Rs. 96.21
Euro	1	Rs. 70.60

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	SUC
Report Prepared by :	TRU

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILITY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	4
--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		34

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.