MIRA INFORM REPORT

Report No. :	309536
Report Date :	26.02.2015

IDENTIFICATION DETAILS

Name :	RATHI VESSELS AND SYSTEMS PRIVATE LIMITED
Registered Office :	1162/2, Shivaji Nagar, Pune – 411005, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	21.08.2008
Com. Reg. No.:	11-132660
Capital Investment / Paid-up Capital :	Rs.45.000 Million
CIN No.: [Company Identification No.]	U29299PN2008PTC132660
TIN No.:	Not Available
IEC No.:	3109006073
TAN No.: [Tax Deduction & Collection Account No.]	PNER10399E
PAN No.: [Permanent Account No.]	AAECR1029B
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Supplier of Process Equipment’s.
No. of Employees :	65 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (31)

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. Management has reported loss for the year 2013-14. Short term borrowing seems to have increased considerably. However, trade relations are fair. Business is active. Payment 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

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 :	Ms. Shilpa
Designation :	Deputy Manager – Accounts
Contact No.:	91-20-25666273
Date :	24.02.2015

LOCATIONS

Registered Office / Head Office :	1162/2, Shivaji Nagar, Pune – 411005, Maharashtra, India
Tel. No.:	91-20-25666273
Fax No.:	91-20-25666276
E-Mail :	ceo@rathivessels.com ganesh@rathivessels.com salesmumbai@rathivessels.com salesdelhi@rathivessels.com saleschennai@rathivessels.com salesvizag@rathivessels.com salesahmedabad@rathivessels.com
Website :	http://www.rathivessels.com
Area :	1500 Sq. Ft.
Location :	Owned
Factory 1 :	Plot No. 10, 3rd Floor, "Sai-Icon", Baner Road, Pune – 411007, Maharashtra, India
Tel. No.:	91-20-25666745 / 46 / 47
Fax No.:	91-20-25666744
E-Mail :	sales@rathivessels.com
Factory 2 :	Plot 292, Sector No. 7, PCNTDA, Bhosari, Pune – 411026, Maharashtra, India
Marketing Offices :	Located at: Mumbai Delhi · Chennai

DIRECTORS

As on 30.09.2014

Name :

Mr. Ajay Balkrishna Rathi

Designation :

Director

Address :

60 Baner Road, Aundh, Pune – 411007, Maharashtra, India

Date of Birth/Age :

28.07.1956

Date of Appointment :

21.08.2008

DIN No.:

00018614

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	U24118MH1975PLC018631	RIECO INDUSTRIES LIMITED	Managing director	01/09/2009	21/07/1991	-	Active	NO
2	U65999PN1982PTC026383	BALKRISHNA RATHI FINANCE PRIVATE LIMITED	Director	30/09/1998	30/09/1998	-	Active	NO
3	U51909PN1999PLC014039	RATHI BROTHERS POONA LIMITED	Director	01/10/1999	01/10/1999	-	Active	NO
4	U51909PN2000PLC015170	RATHI BROTHERS CALCUTTA LIMITED	Director	01/08/2000	01/08/2000	-	Active	NO
5	U51909PN2000PLC015169	RATHI BROTHERS MADRAS LIMITED	Director	01/08/2000	01/08/2000	-	Active	NO
6	U51909PN2002PLC016869	RATHI BROTHERS DELHI LIMITED	Director	01/04/2002	01/04/2002	-	Active	NO
7	U13000PN1998PTC013000	RATHI MIXERS PRIVATE LIMITED	Managing director	30/08/2003	30/08/2003	-	Active	NO
8	U24100PN2008PTC132573	RATHI ENTERPRISES PRIVATE LIMITED	Director	06/08/2008	06/08/2008	-	Active	NO
9	U29299PN2008PTC132660	RATHI VESSELS AND SYSTEMS PRIVATE LIMITED	Director	21/08/2008	21/08/2008	-	Active	NO
10	U17119MH1940PTC003210	RATHI BROTHERS PRIVATE LIMITED	Additional director	20/12/2013	20/12/2013	-	Active	NO

Name :

Mr. Suresh Bhikaji Deshpande

Designation :

Director

Address :

612/7 Flat No. B/2 601, Gagan Vihar Market Yard, Pune – 411037, Maharashtra, India

Date of Birth/Age :

01.06.1949

Date of Appointment :

24.09.2009

DIN No.:

00405565

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	U29299PN1992PLC066655	NASHIK SILK INDUSTRIES LIMITED	Director	06/12/2006	06/12/2006	17/07/2009	Active	NO
2	U29299PN2008PTC132660	RATHI VESSELS AND SYSTEMS PRIVATE LIMITED	Director	24/09/2009	19/08/2009	-	Active	NO

Name :

Mr. Vikas Rameshlal Bhatia

Designation :

Director

Address :

T-03/1103, SN 183 203/1A, Baner,, Kapil Malhar, Intelligent H / Baner,, Pune - 411045, Maharashtra, India

Date of Appointment :

17.09.2014

DIN No.:

01056616

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	U74910PN2005PTC130521	INFINITUM EXECUTIVE SEARCH PRIVATE LIMITED	Managing director	22/07/2005	22/07/2005	-	Active	NO
2	U15549PN2007PTC130971	SUMERU BEVERAGES PRIVATE LIMITED	Director	10/11/2007	10/11/2007	-	Active	NO
3	U74900KA2012PTC063540	SURF2BUY ONLINE PRIVATE LIMITED	Director	16/04/2012	16/04/2012	-	Active	NO
4	U24118MH1975PLC018631	RIECO INDUSTRIES LIMITED	Director	17/09/2014	17/09/2014	-	Active	NO
5	U29299PN2008PTC132660	RATHI VESSELS AND SYSTEMS PRIVATE LIMITED	Director	17/09/2014	17/09/2014	-	Active	NO
6	U13000PN1998PTC013000	RATHI MIXERS PRIVATE LIMITED	Director	26/09/2014	26/09/2014	-	Active	NO

KEY EXECUTIVES

Name :	Ms. Shilpa
Designation :	Deputy Manager – Accounts

MAJOR SHAREHOLDERS

As on 30.09.2014

Names of Shareholders	No. of Shares
Rathi Enterprises Private Limited, India	2374999
Ajay B Rathi	1
Rathi Brothers Private Limited, India	125000

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2014

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Supplier of Process Equipment’s.

Products :

Product Description	Item Code No. (ITC Code)
Vessels	84198910

Brand Names :

--

Agencies Held :

--

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Selling :

Cash and Credit (30 Days, 60 Days and 90 Days)

Purchasing :

Cash and Credit (30 Days, 60 Days and 90 Days)

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Praj Industries Limited, Pune, Maharashtra, India
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Remark :	Not Divulged

Customers :

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

No. of Employees :

65 (Approximately)

Bankers :

• Vijaya Bank, Vinayak Nivas, 1206/A-32, Shirole Road, Opposite Sambhaji Park, Pune - 411004, Maharashtra, India
• Bank of Maharashtra

Facilities :

Cash Credit = Rs.145.000 Million (Vijaya Bank)

SECURED LOANS	31.03.2014 Rs. In Million	31.03.2013 Rs. In Million
LONG TERM BORROWINGS
Vijaya Bank Term Loan No.1	0.000	2.152
Vijaya Bank Term Loan No.3	3.979	5.494
Vijaya Bank Term Loan No.21	0.388	0.000
SHORT TERM BORROWINGS
Working Capital Borrowing From Vijaya Bank	170.603	150.769
Total	174.970	158.415

Auditors :
Name :	Amarendra Athalya and Company Chartered Accountants
Address :	Office No.9. 2nd Floor, Chitralekha Chambers, 129 Ideal Colony, Paud Road, Pune – 411038, Maharashtra, India
Tel. No.:	91-20-25443943
E-Mail :	ahatca@gmail.com
PAN No.:	ABWPA4607J
Memberships :	--
Collaborators :	--
Sister Concern :	Not Divulged

CAPITAL STRUCTURE

After 31.03.2014

Authorised Capital : Rs.77.500 Million

Issued, Subscribed & Paid-up Capital : Rs.77.500 Million

As on 31.03.2014

Authorised Capital :

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

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2500000	Equity Shares	Rs.10/- each	Rs.25.000 Million
	Add: Share Application money		Rs.20.000 Million
	Total		Rs.45.000 Million

FINANCIAL DATA

[all figures are in Rupees Million]

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	45.000	25.000	25.000
(b) Reserves & Surplus	29.353	37.390	33.492
(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)	74.353	62.390	58.492
(3) Non-Current Liabilities
(a) long-term borrowings	36.867	50.146	57.362
(b) Deferred tax liabilities (Net)	3.799	3.799	2.700
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	(2.736)	(1.734)	0.631
Total Non-current Liabilities (3)	37.930	52.211	60.693
(4) Current Liabilities
(a) Short term borrowings	170.603	150.769	124.407
(b) Trade payables	157.530	183.149	116.693
(c) Other current liabilities	30.790	20.175	25.461
(d) Short-term provisions	2.547	2.375	1.379
Total Current Liabilities (4)	361.470	356.468	267.940
TOTAL	473.753	471.069	387.125
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	39.882	35.949	25.458
(ii) Intangible Assets	3.307	5.660	8.293
(iii) Capital work-in-progress	5.102	2.753	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	3.936	3.106	3.406
(e) Other Non-current assets	18.905	19.743	12.331
Total Non-Current Assets	71.132	67.211	49.488
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	203.145	186.945	133.151
(c) Trade receivables	183.647	176.155	166.121
(d) Cash and cash equivalents	0.233	1.393	15.820
(e) Short-term loans and advances	6.500	31.477	18.427
(f) Other current assets	9.096	7.888	4.118
Total Current Assets	402.621	403.858	337.637
TOTAL	473.753	471.069	387.125

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income
		Other Income
		TOTAL	331.200	377.100	413.780
Less	EXPENSES		332.000	371.410	398.250
	PROFIT/(LOSS) BEFORE TAX		(0.800)	5.690	15.530
Less	TAX		0.000	1.790	5.020
	PROFIT/(LOSS) AFTER TAX		(0.800)	3.900	10.510
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		35.390	31.490	20.980
	BALANCE CARRIED TO THE B/S		34.590	35.390	31.490
	Earnings / (Loss) Per Share (Rs.)		(0.32)	NA	NA

Expected Sales (2014-2015): Rs.40.000 Million

The above information has been parted by Ms. Shilpa

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	(0.17)	1.21	4.01
Return on Investment (ROI) (PBT/Networth)		(0.01)	0.09	0.27
Debt Equity Ratio (Total Debt /Networth)		2.79	3.22	3.11
Current Ratio (Current Asset/Current Liability)		1.11	1.13	1.26

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	Rs. In Million	Rs. In Million	Rs. In Million
Share Capital	25.000	25.000	45.000
Reserves & Surplus	33.492	37.390	29.353
Share Application money pending allotment	0.000	0.000	0.000
Net worth	58.492	62.390	74.353
Long Term borrowings	57.362	50.146	36.867
Short Term borrowings	124.407	150.769	170.603
Total borrowings	181.769	200.915	207.470
Debt/Equity ratio	3.108	3.220	2.790

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	Rs. In Million	Rs. In Million	Rs. In Million
Total Income	413.780	377.100	331.200
		(8.865)	(12.172)

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	Rs. In Million	Rs. In Million	Rs. In Million
Total Income	413.780	377.100	331.200
Profit	10.510	3.900	(0.800)
	2.54%	1.03%	(0.24%)

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	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	Yes
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	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	No

UNSECURED LOANS:

Particulars	31.03.2014 Rs. In Million	31.03.2013 Rs. In Million
LONG TERM BORROWINGS
Loans and advances from related parties
Intercorporate deposits	32.500	42.500
Total	32.500	42.500

WORKING OF THE COMPANY

Total income amounted Rs.331.200 Million during the financial year 2013-14 as against Rs.377.100 Million achieved during the previous year 2012-2013. The overall income decreased by 12% for the year. The loss during the financial year 2013-14 aggregated to Rs.0.800 Million as against a profit of Rs.3.900 Million achieved during the previous financial year 2013-12. During the year, profits declined due to slowdown in Indian Economy, increase in finance cost, rise in utility costs, rupee depreciation and high inflationary trends prevailing in both domestic and international markets.

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10484324	25/02/2014	3,885,000.00	Vijaya Bank	Vinayak Nivas, 1206/A-32,, Shirole Road, Opp Sambhaji Park,, Pune, Maharashtra - 411004, India	C00246561
2	10484330	08/02/2014	15,000,000.00	Vijaya Bank	Vinayak Nivas, 1206/A-32,, Shirole Road, Opp Sambhaji Park, Pune, Maharashtra - 411004, India	C00257501
3	10302225	02/06/2012 *	283,756,000.00	Vijaya Bank	Vinayak Nivas, 1206/A-32, Shirole Road, Opp Sambhaji Park, Pune, Maharashtra - 411004, India	B42048280

*Date of modification Charges

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Computer

· Vehicles

· Furniture and Fixture

NEWS:

SUDARSHAN CHEMICAL INDUSTRIES LIMITED TO ACQUIRE RATHI VESSELS AND SYSTEMS PRIVATE LIMITED

Posted On: 2014-10-05 04:44:33 

The Board of Directors of Sudarshan Chemical Industries Limited at its meeting held on September 29, 2014, has approved the proposal to acquire the business of Industrial Mixers of Rathi Vessels and Systems Private Limited (RVSPL) as a going concern on slump sale basis for a total consideration of Rs.25.000 Million. The consideration was worked out on the basis of valuation recommended by E and Y. The Legal Due Diligence was carried out by M/s. Crawford Bayley & Co. The Audit Committee after due consideration of the business prospects as also considering the interest of minority shareholders, approved a total consideration of Rs.25.000 Million. The acquisition will be effective from October 01, 2014. The consideration of Rs.25.000 Million s will be brought in by shareholders of RVSPL as ICDs / FDs in Sudarshan.

RVSPL is owned by Rathi Family (promoters of Sudarshan) and has been in business for the last 6 years. RVSPL manufacturers Industrial Mixers for varied applications. The turnover of RVSPL for the year ended March 31, 2014 is approximately Rs.330.000 Million.

The acquisition of Industrial Mixers business of RVSPL is expected to add value to all stakeholders of the Company as the Company operates in a segment which has got good potential for growth.

Shares of SUDARSHAN CHEMICAL INDUSTRIES LIMITED. was last trading in BSE at Rs.109 as compared to the previous close of Rs.109.6. The total number of shares traded during the day was 6623 in over 517 trades.

The stock hit an intraday high of Rs. 113.7 and intraday low of 109. The net turnover during the day was Rs. 735842.

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.62.05
UK Pound	1	Rs.96.03
Euro	1	Rs.70.43

INFORMATION DETAILS

Information Gathered by :	PPT
Analysis Done by :	SUC
Report Prepared by :	VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILITY	1~10	1
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	4
--RESERVES	1~10	2
--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		31

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.