MIRA INFORM REPORT

Report No. :	301353
Report Date :	10.01.2015

IDENTIFICATION DETAILS

Name :	RAVESHIA COLOURS PRIVATE LIMITED

Formerly Known As :	QUINA COLOURS PRIVATE LIMITED

Registered Office :	11^th Floor, Casablanca, Plot No.130, Opposite Sujoy Hospital, Gulmohar Cross Road No.10,Vile Parle (West), Mumbai – 400 049, Maharashtra

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	17.01.2001

Com. Reg. No.:	11-130482

Capital Investment / Paid-up Capital :	Rs.12.700 Millions

CIN No.: [Company Identification No.]	U24221MH2001PTC130482

IEC No.:	Not Available

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 of Chrome Pigments.

No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (54)

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

Maximum Credit Limit :	USD 36000

Status :	Good

Payment Behaviour :	Regular

Litigation :	Clear

Comments :	Subject is an established company having good track record. Fundamentals of the company is decent. Financial position of the company is strong and healthy. Trade relation reported to be fair. Business is active. Payment terms are reported to be regular and as per commitment. The company can be considered normal 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 – September 30, 2014

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

India

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 DEFAULTER’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTER’ 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 :	11^th Floor, Casablanca, Plot No.130, Opposite Sujoy Hospital, Gulmohar Cross Road No.10,Vile Parle (West), Mumbai – 400 049, Maharashtra, India
Tel. No.:	91-22-26212222, 23, 24, 25
Fax No.:	91-22-26212226
E-Mail :	info@raveshia.com raveshia@vsnl.com
Website :	www.raveshia.com

Factory :	Plot No.123, G.I.D.C., Vapi – 396 195, Gujarat, India
Tel. No.:	91-260-2422996/ 2432218
Fax No.:	91-260-2432218

DIRECTORS

As on. 30.09.2014

Name :

Mr. Manoj Laxmidas Raveshia

Designation :

Director

Address :

Shital Building, 2^nd Floor, N.S. Road No.1, JVPD, Scheme, Vile Parle (West), Mumbai – 400 056, Maharashtra, India

Date of Birth/Age :

02.03.1961

Date of Appointment :

17.01.2001

DIN No.:

00035296

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	U51100MH1975PTC018735	SUJAY HOSPITAL KPRIVATE LIMITED	Director	01/10/1983	01/10/1983	-	Active	NO
2	U17200MH1975PLC018604	RAVESHIA PIGMENTS LIMITED	Director	17/09/1996	17/09/1996	-	Active	NO
3	U24221MH2001PTC130482	RAVESHIA COLOURS PRIVATE LIMITED	Director	17/01/2001	17/01/2001	-	Active	NO
4	U24110MH1988PTC048682	SUDISH CHEMICALS PVT LTD	Director	01/04/2008	01/04/2008	-	Active	NO
5	U24100MH1974PTC017805	GOMATI CHEMICALS PRIVATE LIMITED	Director	18/10/2008	18/10/2008	-	Active	NO
6	U55100MH1999PTC120667	H P I HOTELS AND PROPERTIES PRIVATE LIMITED	Director	03/04/2010	03/04/2010	-	Active	NO
7	U72900MH2012PTC233203	RAVESHIA INFORMATION SERVICES PRIVATE LIMITED	Director	10/07/2012	10/07/2012	-	Active	NO

Name :

Mr. Piyush Jaisukh Raveshia

Designation :

Director

Address :

502, Vasundhara, Janki Kutir, Juhu Church, Vile Parle (West), Mumbai – 400 049, Maharashtra, India

Date of Birth/Age :

12.03.1963

Date of Appointment :

17.01.2007

DIN No.:

00035387

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	U51100MH1975PTC018735	SUJAY HOSPITAL KPRIVATE LIMITED	Director	01/09/1993	01/09/1993	-	Active	NO
2	U17200MH1975PLC018604	RAVESHIA PIGMENTS LIMITED	Director	17/09/1996	17/09/1996	-	Active	NO
3	U63020MH1999PTC119380	HANSRAJ PRAGJI WAREHOUSING PRIVATE LIMITED	Director	28/01/2006	28/01/2006	-	Active	NO
4	U24221MH2001PTC130482	RAVESHIA COLOURS PRIVATE LIMITED	Director	17/01/2007	17/01/2007	-	Active	NO
5	U24110MH1988PTC048682	SUDISH CHEMICALS PVT LTD	Director	01/04/2008	01/04/2008	-	Active	NO
6	U24100MH1974PTC017805	GOMATI CHEMICALS PRIVATE LIMITED	Director	18/10/2008	18/10/2008	-	Active	NO
7	U55100MH1999PTC120667	H P I HOTELS AND PROPERTIES PRIVATE LIMITED	Director	03/04/2010	03/04/2010	-	Active	NO
8	U52100MH2011PTC222287	ORBYMART MARKETING PRIVATE LIMITED	Director	22/09/2011	22/09/2011	-	Active	NO

Name :

Mr. Naresh Jaisukh Raveshia

Designation :

Director

Address :

Shital Building, 2^nd Floor, N.S. Road No.1, JVPD, Scheme, Vile Parle (West), Mumbai – 400 056, Maharashtra, India

Date of Birth/Age :

09.12.1958

Date of Appointment :

17.01.2001

DIN No.:

00035972

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	U51100MH1975PTC018735	SUJAY HOSPITAL KPRIVATE LIMITED	Director	01/10/1983	01/10/1983	-	Active	NO
2	U17200MH1975PLC018604	RAVESHIA PIGMENTS LIMITED	Director	17/09/1996	17/09/1996	-	Active	NO
3	U67120MH1995PTC091126	COSPAR FINVEST PRIVATE LIMITED	Director	28/01/1997	28/01/1997	13/11/2014	Active	NO
4	U24221MH2001PTC130482	RAVESHIA COLOURS PRIVATE LIMITED	Director	17/01/2001	17/01/2001	-	Active	NO
5	U55100MH1999PTC120667	H P I HOTELS AND PROPERTIES PRIVATE LIMITED	Director	10/03/2006	10/03/2006	-	Active	NO
6	U24110MH1988PTC048682	SUDISH CHEMICALS PVT LTD	Director	17/07/2008	17/07/2008	-	Active	NO
7	U24100MH1974PTC017805	GOMATI CHEMICALS PRIVATE LIMITED	Director	18/10/2008	18/10/2008	-	Active	NO
8	U52100MH2011PTC222287	ORBYMART MARKETING PRIVATE LIMITED	Director	22/09/2011	22/09/2011	-	Active	NO
9	U63020MH1999PTC119380	HANSRAJ PRAGJI WAREHOUSING PRIVATE LIMITED	Director	29/09/2012	07/03/2012	-	Active	NO

Name :

Mr. Divyesh Jaisukh Raveshia

Designation :

Director

Address :

Shital, N.S. Road No.1, JVPD Scheme, Vile Parle (West), Mumbai – 400056, Maharashtra, India

Date of Birth/Age :

16.11.1964

Date of Appointment :

30.09.2014

DIN No.:

00044157

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	U67120MH1995PTC091126	COSPAR FINVEST PRIVATE LIMITED	Director	28/01/1997	28/01/1997	13/11/2014	Active	NO
2	U17200MH1975PLC018604	RAVESHIA PIGMENTS LIMITED	Director	30/04/1998	30/04/1998	-	Active	NO
3	U55100MH1999PTC120667	H P I HOTELS AND PROPERTIES PRIVATE LIMITED	Director	06/07/1999	06/07/1999	-	Active	NO
4	U51100MH1975PTC018735	SUJAY HOSPITAL KPRIVATE LIMITED	Director	06/12/2002	06/12/2002	-	Active	NO
5	U24221MH2001PTC130482	RAVESHIA COLOURS PRIVATE LIMITED	Director	30/09/2014	01/09/2014	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders		No. of Shares
Naresh J. Reveshia		101600
Heena N. Raveshia		88900
Veerali N. Raveshia		63500
Abhiraj N. Raveshia		63500
Manoj Laxmidas Raveshia		101600
Neepa Manoj Raveshia		88900
Krish M. Raveshia		63500
Manank M. Raveshia		63500
Piyush J. Raveshia		101600
Suchita P. Raveshia		88900
Jaini P. Raveshia		63500
Dhwani P. Raveshia		63500
Divyesh J. Raveshia		101600
Mithula D. Raveshia		88900
Siddh D. Raveshia		63500
Dhimit D. Raveshia		63500
Total		1270000

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Chrome Pigments.

Products :	Chrome Pigments

Brand Names :	Not Available

Agencies Held :	Not Available

Exports :
Products :	Not Available
Countries :	Not Available

Imports :
Products :	Not Available
Countries :	Not Available

Terms :
Selling :	Not Available

Purchasing :	Not Available

PRODUCTION STATUS [AS ON 31.03.2014]

Particulars	Unit	Installed Capacity	Actual Production
Pigments and Oxides	M.T.	4200	3088.775

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

Not Available

Bankers :

Banker Name	HDFC Bank Limited
Branch Address	HDFC Bank House, Senapati Bapat Marg, Lower Parel W, Mumbai – 400 013, Maharashtra, India
Person Name (With Designation)	Not Available
Contact Number	Not Available
Name of Account Holder	Not Available
Account Number	Not Available
Account Since (Date/Year of Account Opening)	Not Available
Average Balance Maintained (If Possible)	Not Available
Credit Facilities Enjoyed (If any)	Not Available
Account Operation	Not Available
Remarks (If any)	Not Available

Banker Name	IDBI Bank Limited
Branch Address	Concord; R.C. Dutt Road, Alkapuri, Vadodra – 390 007, Gujarat, India
Person Name (With Designation)	Not Available
Contact Number	Not Available
Name of Account Holder	Not Available
Account Number	Not Available
Account Since (Date/Year of Account Opening)	Not Available
Average Balance Maintained (If Possible)	Not Available
Credit Facilities Enjoyed (If any)	Not Available
Account Operation	Not Available
Remarks (If any)	Not Available

Facilities :

Not Available

Auditors :
Name :	Atin S. Mehta and Company Chartered Accountants
Address :	Kaustubh Ground Floor, Tilak Road, Ghatkopar (East), Mumbai – 400 077, Maharashtra, India
Mobile No.:	91-9869129001
PAN No.:	AAEPM8787C

Memberships :	Not Available

Collaborators :	Not Available

Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

As on. 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

1500000	Equity Shares	Rs. 10 per Share	Rs.15.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

1270000	Equity Shares	Rs. 10 per Share	Rs.12.700 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	12.700	12.700	12.700
(b) Reserves & Surplus	840.729	753.237	753.237
(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)	853.429	765.937	765.937

(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.531	0.817	0.817
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	55.409	63.048	63.048
Total Non-current Liabilities (3)	55.940	63.865	63.865

(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	5.112	4.820	4.820
(c) Other current liabilities	18.501	11.707	11.707
(d) Short-term provisions	48.082	25.463	25.463
Total Current Liabilities (4)	71.695	41.990	41.990

TOTAL	981.064	871.792	871.792

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	36.051	39.073	39.604
(ii) Intangible Assets	0.477	0.531	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	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	412.841	388.435	388.435
Total Non-Current Assets	449.369	428.039	428.039

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	53.313	42.230	42.230
(c) Trade receivables	139.421	162.506	162.506
(d) Cash and cash equivalents	26.493	32.441	32.441
(e) Short-term loans and advances	1.018	0.647	0.648
(f) Other current assets	311.450	205.929	205.928
Total Current Assets	531.695	443.753	443.753

TOTAL	981.064	871.792	871.792

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	TOTAL INCOME		687.179	621.231	649.789

Less	EXPENSES		553.888	506.123	489.546

	PROFIT BEFORE TAX		133.291	115.108	160.243

Less	TAX		45.563	23.005	32.404

	PROFIT AFTER TAX		87.728	92.103	127.839

	EARNINGS IN FOREIGN CURRENCY
		F.O.B. Value of Exports	475.999	447.993	494.491
	TOTAL EARNINGS		475.999	447.993	494.491

	IMPORTS
		Raw Materials and Others	261.415	256.589	227.227
	TOTAL IMPORTS		261.415	256.589	227.227

	Earnings Per Share (Rs.)		6.91	72.52	100.64

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin PAT / Total Income	(%)	12.77	14.83	19.67

Net Profit Margin (PBDIT/Total Income)		19.40	18.53	24.66

Return on Total Assets (PBT/Total Assets}	(%)	13.59	13.20	18.38

Return on Investment (ROI) (PBT/Networth)		0.16	0.15	0.21

Current Ratio (Current Asset/Current Liability)		7.42	10.57	10.57

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	12.700	12.700	12.700
Reserves & Surplus	753.237	753.237	840.729
Net worth	765.937	765.937	853.429

long-term borrowings	0.000	0.000	0.000
Short term borrowings	0.000	0.000	0.000
Total borrowings	0.000	0.000	0.000
Debt/Equity ratio	0.000	0.000	0.000

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	649.789	621.231	687.179
		(4.395)	10.616

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	649.789	621.231	687.179
Profit	127.839	92.103	87.728
	19.67%	14.83%	12.77%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	No
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	No
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

Note:

The registered office of the company has been shifted from Plot No.25, Gulmohor Road, Opposite Reliance Web World, JVPD Scheme, Road No.1, Juhu, Mumbai – 400 049, Maharashtra to the present address w.e.f. 01.01.2013.

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10099227	06/11/2007	50,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W , MUMBAI, Maharashtra - 400013, INDIA	A36397818
2	10073450	28/04/2009 *	57,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W , MUMBAI, Maharashtra - 400013, INDIA	A63522445

* Date of charge modification

FIXED ASSETS :

Tangible Assets

· Air Conditioner

· Computer

· Electrical Installation

· Plant and Machinery

· Furniture and Fixture

· GIDC Land

· Laboratory Equipment

· Motor Cycle

· Motor Car

· Office Equipment/ Mobile

· Gas Connection

· Housing Quarter

· Civil Work

Intangible Assets

· Technology Fees

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.63.44
UK Pound	1	Rs.95.98
Euro	1	Rs.75.27

INFORMATION DETAILS

Analysis Done by :	SUM

Report Prepared by :	SPR

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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		54

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.

MIRA INFORM REPORT

Unit