MIRA INFORM REPORT

Report No. :	304547
Report Date :	27.01.2015

IDENTIFICATION DETAILS

Name :	ALASKA FABTECH PRIVATE LIMITED

Registered Office :	#SCF -64, Amrik Singh Road, Bathinda – 151001, Punjab

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	04.08.2011

Com. Reg. No.:	16-036346

Capital Investment / Paid-up Capital :	Rs.22.800 Millions

CIN No.: [Company Identification No.]	U17290PB2011PTC035346

TIN No.:	Not Available

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, Exporter and Importer of Terry Towels.

No. of Employees :	300 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ca (18)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate

Payment Behaviour :	Slow but delayed

Litigation :	Clear

Comments :	Subject is an established company having moderate track record. The rating is constrained on account of delay by AFPL in servicing its term loan and delay was caused by the company’s weal liquidity and moderate financial risk profile of the company. Business is active. Payments are reported to be slow but delayed. The company can be considered for business dealings on safe and secured 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

Rating Agency Name	CRISIL
Rating	Long Term Rating = D
Rating Explanation	Instruments with this rating are in default or expected to be in default on maturity.
Date	22.09.2014

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2014.

INFORMATION PARTED BY

Name :	Mr. Pramood Dalmia
Designation :	Vice President
Contact No.:	91-9988808800
Date :	22.01.2015

LOCATIONS

Registered Office :	#SCF -64, Amrik Singh Road, Bathinda – 151001, Punjab, India
Tel. No.:	91-1762-282409
Mobile No.:	91-9988808800 (Mr. Pramod Dalmia)
Fax No.:	Not Available
E-Mail :	dalmiabathinda@gmail.com Info@alaskafabtech.com md@alaskafabtech.com director@alaskafabtech.com achal@alaskafabtech.com manish@alaskafabtech.com vicepresident@alaskafabtech.com accounts@alaskafabtech.com purchase@alaskafabtech.com sales@alaskafabtech.com
Website :	http://www.alaskafabtech.com

Factory :	Near Hansa Industrial Park, Village Kuranwala, Barwala Road, Dera Bassi - 140507, Punjab, India
Tel. No.:	91-1762-282409 / 285409
Fax No.:	91-1762-285409

DIRECTORS

As on 30.09.2013

Name :

Mr. Suresh Kumar

Designation :

Director

Address :

184, Veer Colony, Amrik Singh Road,, Bhatinda - 151001, Punjab, India

Date of Birth/Age :

15.03.1959

Date of Appointment :

26.06.2014

DIN No.:

00251596

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	U52190PB2001PTC024566	AMAR MARKETING AND SERVICES PRIVATE LIMITED	Director	03/06/2014	03/08/2001	-	Active	NO
2	U24111PB1993PTC013688	NEW AGE MANUFACTURING CO. PRIVATE LIMITED	Director	15/12/2005	15/12/2005	30/03/2012	Active	NO
3	U45202CH2006PTC029643	SHREE BALAJI INFRATEC INVEST PRIVATE LIMITED	Director	03/02/2006	03/02/2006	-	Active	NO
4	U17110HP2003PLC026490	SHIVOM COTSPIN LIMITED	Director	20/05/2006	20/05/2006	07/06/2008	Active	NO
5	U15140HR1989PLC030556	PARTAP SPINTEX LIMITED	Director	22/05/2006	22/05/2006	24/03/2009	Active	NO
6	U17114PB2006PLC030769	PUNJAB SPINTEX LIMITED	Managing director	26/12/2006	26/12/2006	-	Active	NO
7	U55101PB1997PTC020141	SILVER STAR HOTELS PRIVATE LIMITED	Director	17/11/2007	17/11/2007	-	Active	NO
8	U15400PB2009PTC033241	ALASKA FRESH AND GREENS PRIVATE LIMITED	Director	16/06/2014	15/09/2009	-	Active	NO
9	U24100JK2003PLC002277	APEX FIBRE INDIA LIMITED	Director	20/09/2010	20/09/2010	17/03/2011	Active	NO
10	U74140PB2010PTC034352	AGS INVESTMENT CONSULTANTS PRIVATE LIMITED	Director	08/10/2010	08/10/2010	31/12/2014	Active	NO
11	U17111PB1997PLC020118	A B COTSPIN INDIA LIMITED	Director	15/12/2010	15/12/2010	05/07/2011	Active	NO
12	U17290PB2011PTC035346	ALASKA FABTECH PRIVATE LIMITED	Director	26/06/2014	04/08/2011	-	Active	NO
13	U17115PB1965PLC002589	INDIAN COTTON ASSOCIATION LIMITED	Director	24/09/2011	24/09/2011	24/09/2012	Active	NO

Name :

Mr. Shankar Bansal

Designation :

Director

Address :

House No. 196, Ward No.1, Lona Factory Street, Mandi Dabwali, Sirsa - 125104, Haryana, India

Date of Birth/Age :

15.08.1982

Date of Appointment :

04.08.2011

DIN No.:

03585258

Other Directorship:

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

U17290PB2011PTC035346

ALASKA FABTECH PRIVATE LIMITED

Director

04/08/2011

Active

U45202CH2006PTC029643

SHREE BALAJI INFRATEC INVEST PRIVATE LIMITED

Director

29/09/2012

02/06/2012

Active

KEY EXECUTIVES

Name :	Mr. Pramood Dalmia
Designation :	Vice President

MAJOR SHAREHOLDERS

As on 30.09.2013

Names of Shareholders		No. of Shares
Suresh Kumar		347500
Alka Rani Suresh Kumar		60000
Shankar Bansal		247500
AGS Investment and Consultants Private Limited, India		400000
Amar Marketing and Services Private Limited, India		125000
Srinder Mphan Bansal		37500
Priyanka Bansal		62470
Anju Bansal		275000
Ahok Kumar Bansal		225000
Hanung Toyes and Textiles Limited, India		375000
Nimmy Gargi		37500
Srinder Kumar Gargi		25000
Symbolic Finance and Investment Private Limited, India		62500
Kansal Art Corporation		10
Kataria Construction Company, India		10
Rama Traders		10
Total		2280000

As on 05.12.2014

Names of Allottees		No. of Shares
Suresh Kumar		250000
Anchal Gupta		287500
Alka Rani Suresh Kumar		37500
Shankar Bansal		130000
Priyanka Bansal		85000
Total		790000

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2013

Category	Percentage
Bodies corporate	42.21
Directors or relatives of Directors	35.86
Other top fifty shareholders	21.93
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Exporter and Importer of Terry Towels.

Products :	Terry Towels

Brand Names :	--

Agencies Held :	--

Exports :
Products :	Finished Goods
Countries :	UK Germany Australia UAE Dubai

Imports :
Products :	Machinery
Countries :	Germany

Terms :
Selling :	Cash and Credit

Purchasing :	Cash and Credit

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Tex trend Asia Limited, USA
Vardhman Yarns and Threads Limited
A K Enterprises
Aar Veer Enterprises
Aeshna Industries
Agarwal Industrial Agencies
Atul Enterprises
Austin Packaging
Dipti Printers
Goel Printer
JMD Print Media

Customers :

Reference :	Pratap Spentex Limited, Punjab, 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

No. of Employees :

300 (Approximately)

Bankers :

Oriental Bank of Commerce, SCO : 810 NAC Manimajra, UT Chandigarh, Chandigarh - 160101, India
Bank of Baroda, Sector 17 B, Chandigarh - 160017, India

Facilities :

SECURED LOANS	31.03.2014 Rs. In Millions	31.03.2013 Rs. In Millions
LONG TERM BORROWINGS
Oriental Bank of Commerce – SEE	76.657	87.894
Bank of Baroda	34.732	42.366
HDFC Vehicle Loan	0.042	0.197
SHORT TERM BORROWINGS
Cash Credit from Oriental Bank of Commerce	27.287	26.270
Cash Credit from Bank of Baroda	17.816	44.970
Bank of Baroda – Packing Credit	26.089	0.000
Axis Bank – OD Limit	17.454	0.000
Bills Discounted from banks	6.562	8.983
Buyers credit from Bank Of Baroda	26.416	26.307
Total	233.055	236.987


Auditors :
Name :	Arvind Singla and Associates Chartered Accountants
Address :	12-A, Cresent Chamber, SCO 85-86, IInd Floor, Sector 17-D, Chandigarh – 160017, India
Tel. No.:	91-172-4668621 / 4015187
E-Mail :	arvindsinglaca@gmail.com
PAN No.:	AANFA2422R

Memberships :	--

Collaborators :	--

Associate Concern :	Punjab Spintex Limited Amar Marketing and Services Private Limited BringKhera Balagi Filling Station

CAPITAL STRUCTURE

After 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

10000000	Equity Shares	Rs.10/- each	Rs.100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

3070000	Equity Shares	Rs.10/- each	Rs.30.700 Millions

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

10000000	Equity Shares	Rs.10/- each	Rs.100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

2280000	Equity Shares	Rs.10/- each	Rs.22.800 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	22.800	22.800	10.300
(b) Reserves & Surplus	70.992	68.925	30.589
(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)	93.792	91.725	40.889

(3) Non-Current Liabilities
(a) long-term borrowings	156.290	146.768	78.424
(b) Deferred tax liabilities (Net)	1.896	0.600	0.050
(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)	158.186	147.368	78.474

(4) Current Liabilities
(a) Short term borrowings	121.624	106.530	34.351
(b) Trade payables	124.516	67.628	70.161
(c) Other current liabilities	32.178	31.405	2.151
(d) Short-term provisions	0.487	0.326	0.213
Total Current Liabilities (4)	278.805	205.889	106.876

TOTAL	530.783	444.982	226.239

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	256.688	268.008	0.779
(ii) Intangible Assets	0.034	0.042	0.044
(iii) Capital work-in-progress	0.000	0.000	80.671
(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	0.529	0.595	0.396
Total Non-Current Assets	257.251	268.645	81.890

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	131.681	107.406	37.446
(c) Trade receivables	58.841	15.443	52.615
(d) Cash and cash equivalents	42.558	29.322	51.996
(e) Short-term loans and advances	38.452	16.370	0.423
(f) Other current assets	0.000	7.796	1.869
Total Current Assets	271.532	176.337	144.349

TOTAL	528.783	444.982	226.239

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	511.455	238.225	114.596
		Other Income	0.598	2.179	0.074
		TOTAL (A)	512.053	240.404	114.670

Less	EXPENSES
		Cost of Materials Consumed	399.205	228.360	123.450
		Purchase of Stock-in-trade	0.879	(15.811)	0.000
		Changes in Inventories of finished goods, work-in-progress and stock-in-trade	(16.118)	(46.610)	(25.146)
		Employee Benefits Expenses	29.008	17.901	1.887
		Other Expenses	58.988	29.143	13.338
		TOTAL (B)	471.962	212.983	113.529

	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		40.091	27.421	1.141

Less	FINANCIAL EXPENSES (D)		24.293	19.654	0.154

	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		15.798	7.767	0.987

Less	DEPRECIATION/ AMORTISATION (F)		11.634	6.054	0.135

	PROFIT/(LOSS) BEFORE TAX (E-F) (G)		4.164	1.713	0.852

Less	TAX (H)		2.098	0.876	0.263

	PROFIT/(LOSS) AFTER TAX (G-H) (I)		2.066	0.837	0.589

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1.426	0.589	0.000

	BALANCE CARRIED TO THE B/S		3.492	1.426	0.589

	Earnings / (Loss) Per Share (Rs.)		0.91	1.48	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	0.40	0.35	0.51

Operating Profit Margin (PBDIT/Sales)	(%)	7.84	11.51	1.00

Return on Total Assets (PBT/Total Assets}	(%)	0.79	0.38	0.59

Return on Investment (ROI) (PBT/Networth)		0.04	0.02	0.02

Debt Equity Ratio (Total Debt /Networth)		2.96	2.76	2.76

Current Ratio (Current Asset/Current Liability)		0.97	0.86	1.35

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	10.300	22.800	22.800
Reserves & Surplus	30.589	68.925	70.992
Share Application money pending allotment	0.000	0.000	0.000
Net worth	40.889	91.725	93.792

Long Term borrowings	78.424	146.768	156.290
Short Term borrowings	34.351	106.530	121.624
Total borrowings	112.775	253.298	277.914
Debt/Equity ratio	2.758	2.761	2.963

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	114.596	238.225	511.455
		107.882	114.694

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	114.596	238.225	511.455
Profit	0.589	0.837	2.066
	0.51%	0.35%	0.40%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	-----------
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	Yes
18]	Major customers	Yes
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
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	Yes

UNSECURED LOANS:

Particulars	31.03.2014 Rs. In Millions	31.03.2013 Rs. In Millions
LONG TERM BORROWINGS
Loans from directors	5.570	8.811
Intercorporate Loan	39.289	7.500
Total	44.859	16.311

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10518827	24/07/2014	1,127,000.00	ORIENTAL BANK OF COMMERCE	SCO 810 , NAC, MANIMAJRA, CHANDIGARH, CHANDIGARH - 160101, INDIA	C19783554
2	10433135	15/05/2013	72,500,000.00	ORIENTAL BANK OF COMMERCE	SCO :810 NAC MANIMAJRA, UT CHANDIGARH, CHANDIGARH, CHANDIGARH - 160101, INDIA	B78004231
3	10433136	15/05/2013	170,000,000.00	ORIENTAL BANK OF COMMERCE	SCO :810 NAC MANIMAJRA, UT CHANDIGARH, CHANDIGARH, CHANDIGARH - 160101, INDIA	B78004611
4	10391456	04/12/2012	45,000,000.00	BANK OF BARODA	SECTOR 17B, CHANDIGARH, CHANDIGARH - 160017, INDIA	B63925796
5	10391466	04/12/2012	50,000,000.00	BANK OF BARODA	SECTOR 17B, CHANDIGARH, CHANDIGARH - 160017, INDIA	B63929418
6	10351539	05/04/2012 *	27,500,000.00	ORIENTAL BANK OF COMMERCE LIMITED	SCO 810, MANIMAJRA, CHANDIGARH - 160101, INDIA	B38453973
7	10351556	05/04/2012 *	120,000,000.00	ORIENTAL BANK OF COMMERCE LIMITED	SCO 810, MANIMAJRA, CHANDIGARH, CHANDIGARH - 160101, INDIA	B38455143

*Date of modification Charges

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Computer

· Vehicles

· Furniture and Fixture

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.61.49
UK Pound	1	Rs.92.16
Euro	1	Rs.69.62

INFORMATION DETAILS

Information Gathered by :	DIP

Analysis Done by :	KAR

Report Prepared by :	VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILITY	1~10	2
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	2
--RESERVES	1~10	2
--CREDIT LINES	1~10	2
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO

TOTAL		18

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