MIRA INFORM REPORT

Report No. :	310321
Report Date :	28.02.2015

IDENTIFICATION DETAILS

Name :	ANAND MOTOR PRODUCTS PRIVATE LIMITED
Registered Office :	2686, Kashmiri Gate, New Delhi – 110006
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	01.12.1998
Com. Reg. No.:	55-097260
Capital Investment / Paid-up Capital :	Rs.44.900 Million
CIN No.: [Company Identification No.]	U25199DL1998PTC097260
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 :	Manufacturer and supplier of auto components.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 990000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject us is an established company having satisfactory track record. The management has reported rise in its turnover and profitability for the financial year 2013-14. The company seems to be in sound financial position. 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 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

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 :	2686, Kashmiri Gate, New Delhi – 110006, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	amp@amp-india.com
Website :	www.amp-india.com

DIRECTORS

AS ON 25.08.2014

Name :

Mr. Gurmeet Singh Anand

Designation :

Director

Address :

E-7, Pushpanjali Farms, Bijwasan, New Delhi – 110061, India

Date of Birth/Age :

01.10.1967

Date of Appointment :

01.12.1998

DIN No.:

00208125

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	U74899DL1988PTC031984	Anand Nvh Products Private Limited	Director	06/01/1997	06/01/1997	10/10/2008	Active	NO
2	U34300DL1997PTC090934	Kromex International Private Limited	Director	02/12/1997	02/12/1997	10/10/2008	Active	NO
3	U25199DL1998PTC097260	Anand Motor Products Private Ltd.	Director	01/12/1998	01/12/1998	-	Active	NO
4	U50300DL1999PTC099730	Amp Overseas Private Limited	Director	12/05/1999	12/05/1999	-	Active	NO
5	U45200DL2007PTC171694	Greenland Infratech Private Limited	Director	18/01/2008	18/01/2008	-	Strike off	NO
6	U45400DL2008PTC175123	K S Infotech Private Limited	Director	11/03/2008	11/03/2008	31/03/2014	Active	NO
7	U74120DL2008PTC175505	Ksshp Information Technologies Private Limited	Director	18/03/2008	18/03/2008	31/03/2014	Active	NO
8	U51502DL2007PTC163634	K. S. Automotive Private Limited	Director	30/09/2009	10/11/2008	01/08/2011	Active	NO
9	U34103DL2009PTC195418	Amp Motors Private Limited	Director	22/10/2009	22/10/2009	-	Active	NO
10	U40106HR2010PTC040927	Princeton Solar Power Private Limited	Director	20/07/2010	20/07/2010	-	Active	NO
11	U70109DL2012PTC231927	Amp Infratech Private Limited	Director	23/02/2012	23/02/2012	-	Active	NO
12	U50401DL2012PTC233933	Amp Bespoke Private Limited	Director	02/04/2012	02/04/2012	-	Active	NO
13	U70102DL2014PTC263040	Adobe Properties Private Limited	Director	03/01/2014	03/01/2014	-	Active	NO
14	U50400DL2014PTC269426	Amp Superbikes Private Limited	Director	25/07/2014	25/07/2014	-	Active	NO
15	U50401DL2014PTC270325	Amp Supercars Private Limited	Director	12/08/2014	12/08/2014	-	Active	NO

Name :

Mr. Inderjeet Kaur Anand

Designation :

Director

Address :

E-7, Pushpanjali Farms, Bijwasan, New Delhi – 110061, India

Date of Birth/Age :

15.08.1947

Date of Appointment :

03.11.2008

DIN No.:

00236639

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	U34300DL1997PTC090934	Kromex International Private Limited	Director	01/12/1997	01/12/1997	31/03/2014	Active	NO
2	U45202DL2003PTC118741	R.B. Farms And Estates Private Limited	Director	31/01/2003	31/01/2003	31/03/2014	Active	NO
3	U74899DL1988PTC031984	Anand Nvh Products Private Limited	Additional director	01/04/2012	08/04/2005	31/03/2014	Active	NO
4	U25199DL2003PTC119110	Anand Industrial Products Private Limited	Director	08/04/2005	08/04/2005	31/03/2014	Active	NO
5	U45201DL2005PTC135958	Niamat Estates Private Limited	Director	09/05/2005	09/05/2005	31/03/2014	Active	NO
6	U70101DL2005PTC139332	Brightday Properties Private Limited	Director	06/06/2006	06/06/2006	12/12/2007	Active	NO
7	U25199DL1998PTC097260	Anand Motor Products Private Ltd.	Additional director	03/11/2008	03/11/2008	-	Active	NO
8	U34103DL2009PTC195418	Amp Motors Private Limited	Additional director	24/10/2009	24/10/2009	-	Active	NO
9	U50300DL1999PTC099730	Amp Overseas Private Limited	Additional director	31/03/2014	31/03/2014	-	Active	NO
10	U70109DL2012PTC231927	Amp Infratech Private Limited	Director	29/09/2014	31/03/2014	-	Active	NO
11	U50401DL2012PTC233933	Amp Bespoke Private Limited	Director	29/09/2014	31/03/2014	-	Active	NO
12	U70102DL2014PTC263040	Adobe Properties Private Limited	Additional director	20/10/2014	20/10/2014	-	Active	NO
13	U50400DL2014PTC269426	Amp Superbikes Private Limited	Additional director	20/10/2014	20/10/2014	-	Active	NO

Name :

Mr. Raunaq Singh Anand

Designation :

Director

Address :

E-7, Pushpanjali Farms, Bijwasan, New Delhi – 110061, India

Date of Birth/Age :

23.06.1992

Date of Appointment :

02.01.2012

DIN No.:

05178388

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	U25199DL1998PTC097260	Anand Motor Products Private Ltd.	Director	02/01/2012	02/01/2012	-	Active	NO
2	U34103DL2009PTC195418	Amp Motors Private Limited	Director	19/01/2012	19/01/2012	-	Active	NO
3	U45202DL2003PTC118741	R.B. Farms And Estates Private Limited	Director	31/03/2014	31/03/2014	-	Active	NO
4	U50400DL2014PTC269426	Amp Superbikes Private Limited	Director	25/07/2014	25/07/2014	-	Active	NO
5	U50401DL2014PTC270325	Amp Supercars Private Limited	Director	12/08/2014	12/08/2014	-	Active	NO

MAJOR SHAREHOLDERS

AS ON 25.08.2014

Names of Shareholders	No. of Shares	% of Holding
Gurmeet Singh Anand	2993375	66.67
Inderjeet Kaur Anand	1166625	25.98
Raunaq Singh Anand	330000	7.35
Total	4490000	100.00

Equity Share Break up (Percentage of Total Equity)

AS ON 25.08.2014

Category	Percentage
Directors or relatives of Directors	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and supplier of auto components.
Products :	Auto Components
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Available
Imports :	Not Available
Terms :	Not Available

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

Not Available

Bankers :

· Syndicate Bank, 4,Bahadurshah Zafar Marg, I.P. Estate, New Delhi – 110002, India

· HDFC Bank Limited, HDFC Bank Housesenapati Bapat Marg, Lower Parel West, Mumbai – 400013, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2014 Rs. In Million	31.03.2013 Rs. In Million
Long Term Borrowings
Loans
~ Car Loan*	27.991	3.014
~ Term Loan**	87.366	0.000
Short Term Borrowings
Working Capital Loan
- PCFC- HDFC Bank Limited	65.821	52.711
Cash Credit
- HDFC Bank Limited*	0.000	6.339
Total	181.178	62.064

NOTE:

Long Term Borrowings

* Hire Purchase loans from banks are secured by way of hypothecation of the respective vehicles.

** Term Loan is secured against the land & building situated at Badli, the loan is taken as loan against property from a NBFC.

Short Term Borrowings

*Cash Credit facilities are secured by hypothecation of all current assets including stocks and book debts of the Company and collaterally secured by industrial property no.38KM milestone, NH-8 Khandsa, Gurgaon.

Banking Relations :	--
Financial Institution :	Kotak Mahindra Prime Limited, 36-38A Nariman Bhavan, 227, Nariman Point, Mumbai – 400021, Maharashtra, India
Auditors :
Name :	Lalit K Khanna Associates Chartered Accountants
Address :	74, Janpath, New Delhi – 110001, India
PAN No.:	AADFL1761G
Membership :	--
Enterprises where influence / control exist from whom transaction were made during the year :	Anand NVH Products Private limited AMP Motors Private Limited R.B. Farms and Estates Private limited AMP Property Private Limited

CAPITAL STRUCTURE

AS ON 25.08.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
7500000	Equity Shares	Rs.10/- each	Rs.75.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4490000	Equity Shares	Rs.10/- each	Rs.44.900 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	44.900	44.900	44.900
(b) Reserves & Surplus	303.731	277.477	269.788
(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)	348.631	322.377	314.688
(3) Non-Current Liabilities
(a) long-term borrowings	157.807	67.810	65.858
(b) Deferred tax liabilities (Net)	26.100	24.829	24.105
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	4.300	4.069	2.950
Total Non-current Liabilities (3)	188.207	96.708	92.913
(4) Current Liabilities
(a) Short term borrowings	65.821	59.050	0.000
(b) Trade payables	264.138	126.092	85.777
(c) Other current liabilities	8.809	7.452	65.729
(d) Short-term provisions	44.934	25.685	13.144
Total Current Liabilities (4)	383.702	218.279	164.650
TOTAL	920.540	637.364	572.251
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	300.320	277.258	251.981
(ii) Intangible Assets	0.538	0.618	0.772
(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	204.568	0.068	0.068
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	6.418	21.859	48.412
(e) Other Non-current assets	24.414	23.186	51.210
Total Non-Current Assets	536.258	322.989	352.443
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	108.362	115.641	77.977
(c) Trade receivables	149.594	125.229	116.187
(d) Cash and cash equivalents	11.289	18.706	13.572
(e) Short-term loans and advances	73.022	42.867	0.000
(f) Other current assets	42.015	11.932	12.072
Total Current Assets	384.282	314.375	219.808
TOTAL	920.540	637.364	572.251

PROFIT & LOSS ACCOUNT

	PARTICULARS				31.03.2014	31.03.2013	31.03.2012
	SALES
		Income			896.583	813.199	747.604
		Other Income			NA	NA	NA
		TOTAL			NA	NA	NA
Less	EXPENSES				NA	NA	NA
	PROFIT BEFORE EXCEPTIONAL & EXTRAORDINARY ITEMS & TAX				50.136	28.506	20.771
Less	EXCEPTIONAL ITEMS (PRIOR PERIOD ITEMS)				0.100	0.072	0.034
	PROFIT BEFORE EXTRAORDINARY ITEMS & TAX				50.036	28.434	20.737
Add	EXTRAORDINARY ITEMS				0.099	0.099	0.099
	PROFIT/(LOSS) BEFORE TAX				50.135	28.533	20.836
Less	TAX				12.082	9.045	5.386
	PROFIT/(LOSS) AFTER TAX				38.053	19.488	15.450
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD				245.379	239.539	224.089
Less	APPROPRIATIONS
			Provision for Proposed Dividend /DDT		11.699	11.699	0.000
			Transfer to General Reserve		3.805	1.949	0.000
	BALANCE CARRIED TO THE B/S				267.928	245.379	239.539
	FOB Value of Export Sales				642.137	489.429	344.694
	IMPORTS
				Raw Materials	21.894	16.301	10.724
				Capital Goods	0.000	6.335	2.764
	TOTAL IMPORTS				21.894	22.636	13.488
	Earnings Per Share (Rs.)				8.39	4.30	3.44

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin PAT / Sales	(%)	4.24	2.40	2.07
Return on Total Assets (PBT/Total Assets)	(%)	7.00	4.48	3.64
Return on Investment (ROI) (PBT/Networth)		0.14	0.09	0.07
Debt Equity Ratio (Total Debt /Networth)		0.64	0.39	0.21
Current Ratio (Current Asset/Current Liability)		1.00	1.44	1.34

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	44.900	44.900	44.900
Reserves & Surplus	269.788	277.477	303.731
Net worth	314.688	322.377	348.631
long-term borrowings	65.858	67.810	157.807
Short term borrowings	0.000	59.050	65.821
Total borrowings	65.858	126.860	223.628
Debt/Equity ratio	0.209	0.394	0.641

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
Sales	747.604	813.199	896.583
		8.774	10.254

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	Rs. In Million	Rs. In Million	Rs. In Million
Sales	747.604	813.199	896.583
Profit	15.450	19.488	38.053
	2.07%	2.40%	4.24%

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	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
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	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

OPERATING RESULTS

Subject’s turnover has increased from Rs. 813.199 Million in the financial year ended March 31, 2013 to Rs.896.583 Million in the current year which amounts to an increase of 10.25%. Subject will be constantly innovating its approach towards delivering customer satisfaction, increasing operational effectiveness and putting in its best effort to keep abreast with the latest development in the market resulting in increased turnover.

UNSECURED LOANS:

Particulars	31.03.2014 Rs. In Million	31.03.2013 Rs. In Million
Long Term Borrowings
Term loans
~ From Banks (Standard Chartered Bank)***	42.192	50.000
Deposits	0.000	5.400
Loans and Advances from
~ Directors	0.258	9.396
Total	42.450	64.796

NOTES:

Long Term Borrowings

*** Loan taken from SCB is secured by the property of another Company which is under the same management.

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10445555	18/07/2013	30,000,000.00	Kotak Mahindra Prime Limited	36-38a Nariman Bhavan,, 227, Nariman Point,, Mumbai, Maharashtra - 400021, India	B83303263
2	10423863	29/04/2013	100,000,000.00	Bajaj Finance Limited	Akurdi Pune-, Pune, Maharashtra - 411035, India	B74474032
3	10257207	14/10/2011 *	293,900,000.00	HDFC Bank Limited	HDFC Bank Housesenapati Bapat Marg, Lower Parel W, Mumbai, Maharashtra - 400013, India	B23375645
4	10191089	23/12/2009	47,500,000.00	Standard Chartered Bank	H-2, Connaught Place, Near Plaza, New Delhi, Delhi - 110001, India	A75420570

*Date of modification Charges

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Moulds

· Furniture and Fixture

· Electric Fittings

· Air Conditioner

· Computer

· EPABX Systems

· Fan

· Fax Machine

· Fire Extinguisher

· generator

· Office Equipments

· Pager and Telephone

· Software

· Tools and Equipments

· Trolly and Wheel

· Voltage Stabilizer

· Water Tank

· Water Cooler

· Weighing Scale

· Car

· Scooter

· Cycle

· Sign Board and Logo

· Design and Development

· Technical Knowhow

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.61.79
UK Pound	1	Rs.95.42
Euro	1	Rs.69.29

INFORMATION DETAILS

Analysis Done by :	SUC
Report Prepared by :	NKT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	4
--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		46

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.