MIRA INFORM REPORT

Report No. :	329641
Report Date :	01.07.2015

IDENTIFICATION DETAILS

Name :	SPECTRUM INTERNATIONL PRIVATE LIMITED

Registered Office :	511, Lotus House, 5^th Floor 33 – A, New Marine Lines, Mumbai - 400 020, Maharashtra
Tel. No.:	91-22-66315801

Country :	India

Financials (as on) :	30.09.2013

Date of Incorporation :	07.02.1991

Com. Reg. No.:	11-060155

Capital Investment / Paid-up Capital :	Rs.10.000 Million

CIN No.: [Company Identification No.]	U51900MH1991PTC060155

IEC No.:	0392069385

TAN No.: [Tax Deduction & Collection Account No.]	MUMP06223A

PAN No.: [Permanent Account No.]	AAACS5715M

Legal Form :	Private Limited Liability Company

Line of Business :	Trader and Exporter of Textile Item of all types of Yarns, Grey and Finished Fabric, Bedsheets, Shirting, Suiting Cotton Bales etc.

No. of Employees :	100 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (28)

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

Maximum Credit Limit :	USD 125000

Status :	Moderate

Payment Behaviour :	Slow but correct

Litigation :	Clear

Comments :	Subject is an old and established company incorporated during 1991 having a moderate track record. Management of the company has not filed its latest financial of Sept 2014 with the government department. As per available financial of Sept 2013, profitability of the company seems low, borrowings recorded by the company are huge. However, trade relations are reported as 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 – March 31, 2015

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

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 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 31-03-2013.

INFORMATION PARTED BY

Name :	Mr. Ashwin Chauhan
Designation :	Accounts and Finance Manager
Contact No.:	91-22-66315801
Date :	30.06.2015

LOCATIONS

Registered Office :	511, Lotus House, 5^th Floor 33 – A, New Marine Lines, Mumbai - 400 020, Maharashtra, India
Tel. No.:	91-22-66315801/ 66247777
Fax No.:	91-22-66315809/ 66247709
E-Mail :	ashwinc@amitgroup.com ashwin.chauhan@amitgroup.com abshah@amitgroup.com gajanan@amitgroup.com jatin@amitgroup.com
Website :	http://www.thegreenacre.com
Location :	Owned

Branch Office 1:	No. 1, Ratna Sarita, Jintan Road, Surendra Nagar, Gujarat – 363 002, India
Location :	Owned

Branch Office 2:	29/2/, Jalaram Ward Block, Pandurna, District – Chhindwara, Madhya Pradesh, India

Branch Offices:	Located at : · Rajasthan · Madhya Pradesh · Odisha

DIRECTORS

AS ON 30.12.2013

Name :

Mr. Parantap Priyakant Dave

Designation :

Director

Address :

9, Bharat Mahal, 37, Lajpatrai Road, Vile- Parle (West), Mumbai - 400056, Maharashtra, India

Date of Birth/Age :

29.04.1961

Date of Appointment :

01.11.2006

DIN No.:

00019472

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	U74140MH1989PTC052009	DHANIPA MANAGEMENT SERVICES PVT LTD	Director	06/06/1989	06/06/1989	-	Active	NO
2	L32109MH1986PLC040353	MULTI ARC INDIA LIMITED	Alternate director	30/10/2007	26/07/2001	03/06/2008	Active	YES
3	U74999GJ2005PLC047344	MULTI ARC COATING AND STRAPS LIMITED	Director	22/07/2006	30/01/2006	30/10/2007	Active	YES
4	U51900MH1991PTC060155	SPECTRUM INTERNATIONL PRIVATE LIMITED	Director	01/11/2006	01/11/2006	-	Active	NO
5	U74899DL1973PLC006950	MAS SERVICES LTD	Director	27/09/2008	30/10/2007	-	Active	NO
6	L80101MH2006PLC163028	TREE HOUSE EDUCATION & ACCESSORIES LIMITED	Director	30/09/2009	13/08/2008	-	Active	NO
7	U01403MH2008PTC188810	SAJEEV AGRI PRIVATE LIMITED	Director	11/12/2008	11/12/2008	-	Active	NO
8	U74900MH2010PTC198331	CAPVITAL ADVISORS PRIVATE LIMITED	Director	02/01/2010	02/01/2010	-	Active	NO
9	U74999MH2000PTC128531	SANKALP SIDDHI CORPORATE ADVISORY PRIVATE LIMITED	Director	03/09/2012	29/12/2011	-	Active	NO
10	U74120MH2012PTC231035	A3 ENTERPRISES PRIVATE LIMITED	Additional director	25/10/2012	25/10/2012	18/02/2013	Active	NO
11	L31909DN1993PLC000056	SARLA PERFORMANCE FIBERS LIMITED	Director	27/09/2014	27/09/2014	-	Active	NO

Name :

Mr. Amit Bharat Shah

Designation :

Director

Address :

223-B, 22nd Floor , Maker Tower-B, Cuffe Parade, Mumbai - 400005, Maharashtra, India

Date of Birth/Age :

16.11.1974

Date of Appointment :

01.04.2006

PAN No.:

AAEPS9683B

DIN No.:

00292794

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	Company/ LLP Status	Defaulting status
1	U17119GJ1991PTC015914	AMIT GREEN ACRE PRIVATE LIMITED	Director	01/07/2002	01/07/2002	Active	NO
2	U51900MH1991PTC060155	SPECTRUM INTERNATIONL PRIVATE LIMITED	Director	01/04/2006	01/04/2006	Active	NO
3	U17111MH1998PTC135139	RAJPAL COTTON INDUSTRIES PRIVATE LIMITED	Whole-time director	28/09/2007	28/09/2007	Active	NO
4	U01403MH2008PTC188810	SAJEEV AGRI PRIVATE LIMITED	Director	11/12/2008	11/12/2008	Active	NO

KEY EXECUTIVES

Name :	Mr. Ashwin Chauhan
Designation :	Accounts and Finance Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.12.2013

NOTE: SHAREHOLDING DETAILS FILE ATTACHED

AS ON 30.12.2013

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	99.98
Other top fifty shareholders	0.02
Total	100.00

BUSINESS DETAILS

Line of Business :

Trader and Exporter of Textile Item of all types of Yarns, Grey and Finished Fabric, Bedsheets, Shirting, Suiting Cotton Bales etc.

Products :

ITC Code No.

Product Descriptions

99861112

Cotton Yarn, Cotton Bales, Cotton Seeds. Organic Fabric, Organic Canvas, Organic Towel, Organic Bags, Organic Seeds Oil, Organic Shirt, Small Pouches, Big Pouches.

Brand Names :

Agencies Held :

Exports :

Products :

Finished Goods

Countries :

Sri Lanka
Pakistan

· Bangladesh

· France

· China

· Indonesia

Imports :

Terms :

Selling :

Cheque and Credit

Purchasing :

Cheque and Credit

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference:	Not Divulged
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

Customers :

Manufacturer

Reference:	Not Divulged
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

No. of Employees :

100 (Approximately)

Bankers :

Bank Name:	State Bank Of India
Branch:	Vashi-Turbhe Branch, Devgiri Complex, Phase Ii, Sector - 19, Vashi, Navi Mumbai - 400703, Maharashtra, India
Person Name (With Designation):	Not Divulged
Contact Number:	Not Divulged
Name Of Account Holder:	Not Divulged
Account Number:	Not Divulged
Account Since (Date/ Year Of A/C Opening):	Not Divulged
Average Balance Maintained (Optional):	Not Divulged
Credit Facilities Enjoyed (Cc/Od/Term Loan):	Working Capital = Rs. 110.000 Million
Account Operation:	Not Divulged
Remarks:	Not Divulged

· Centurion Bank Of Punjab Limited, Durga Niwasm G. Road, Panaji, Goa - 403001, Goa, India

· Bank Of India, Mumbai Corporate Banking Branch, 70/80; M. G. Road, Bombay, Maharashtra - 400023, India

Facilities :

SECURED LOANS	30.09.2013 (Rs. In Million)	30.09.2012 (Rs. In Million)
SHORT TERM BORROWINGS
Working capital loans from banks (Credit facilities granted is secured by way of hypothecation of charges over current assets and collateral securities of assets of directors/ their concern.)	49.278	48.148
Loans taken for fixed assets (Loan for Car is secured by way of Hypothecation of respective Vehicles)	1.502	0.045
Total	50.780	48.193

Banking Relations :	--

Financial Intuition :	3i Infotech Trusteeship Services Limited, 3^rd to 6^th Floor, International Infotech Park, Tower No. 5, Vashi Railway Station Complex, Vashi, Navi Mumbai – 400703, Maharashtra, India

Auditors :
Name :	Timbadia and Associates Chartered Accountants
Address :	31, Sarraswati Bhavan, Ganjawala Lane, Borivali – (West), Mumbai - 400092, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AAAPT3710G

Associates:	· Amit Green Acre Private Limited, India [U17119GJ1991PTC015914] · Rajpal Cotton Industries Private Limited, India [U17111MH1998PTC135139] · KT Cimpex Private Limited, India [U24239MH2001PTC131972] · Amni Cotton Private Limited, India [ U17121MH2001PTC132537] · Sajeev Agri Private Limited, India [U01403MH2008PTC188810] · Pammi Agro Private limited [U17121MH1990PTC055801] · Pushti Investments Private Limited

CAPITAL STRUCTURE

AS ON 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount

1,000,000	Equity Shares	Rs. 10/- each	Rs. 10.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

1,000,000	Equity Shares	Rs. 10/- each	Rs. 10.000 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	30.09.2013	30.09.2012	30.09.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	10.000	10.000	10.000
(b) Reserves & Surplus	33.772	23.263	19.582
(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)	43.772	33.263	29.582

(3) Non-Current Liabilities
(a) Long-term borrowings	13.516	16.214	16.211
(b) Deferred tax liabilities (Net)	0.207	0.040	0.038
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	1.235	0.961	0.777
Total Non-current Liabilities (3)	14.958	17.215	17.026

(4) Current Liabilities
(a) Short term borrowings	72.780	77.193	68.081
(b) Trade payables	47.110	63.350	20.434
(c) Other current liabilities	13.960	6.358	9.729
(d) Short-term provisions	0.000	0.000	0.000
Total Current Liabilities (4)	133.850	146.901	98.244

TOTAL	192.580	197.379	144.852

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	6.765	4.796	3.605
(ii) Intangible Assets	0.000	0.000	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	0.000	0.000	0.000
Total Non-Current Assets	6.765	4.796	3.605

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	3.358	18.901	13.820
(c) Trade receivables	80.400	90.613	29.171
(d) Cash and cash equivalents	4.024	11.417	20.169
(e) Short-term loans and advances	0.000	0.000	0.000
(f) Other current assets	98.033	71.652	78.087
Total Current Assets	185.815	192.583	141.247

TOTAL	192.580	197.379	144.852

PROFIT & LOSS ACCOUNT

	PARTICULARS		30.09.2013	30.09.2012	30.09.2011

	TOTAL REVENUE FROM OPERATIONS (A)		1783.159	1204.797	956.814

Less	EXPENSES
		TOTAL (B)	NA	NA	NA

	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		40.943	21.362	18.559

Less	FINANCIAL EXPENSES (D)		27.672	15.755	10.377

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		13.271	5.607	8.182

Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.788	0.525	0.416

	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		12.483	5.082	7.766

Less	TAX (H)		1.974	1.401	0.940

	PROFIT / (LOSS) AFTER TAX (G-H) (I)		10.509	3.681	6.826

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		22.263	18.582	11.756

	BALANCE CARRIED TO THE B/S		32.772	22.263	18.582

	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Exports	465.806	288.803	16.313

	Earnings Per Share (Rs.)		10.51	3.68	6.83

PARTICULARS	30.09.2016 (Estimated)	30.09.2015 (Estimated)	30.09.2014 (Estimated)

Sales Turnover (Approximately)	4500.000	3900.000	1600.000
	(Due to more production)

The above information has been parted by Mr. Ashwin Chauhan (Accounts and Finance Manager)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	30.09.2013	30.09.2012	30.09.2011
Current Maturities of Long term debt	NA	NA	NA

Cash generated from operations	NA	NA	NA

KEY RATIOS

PARTICULARS		30.09.2013	30.09.2012	30.09.2011
Net Profit Margin (PAT / Sales)	(%)	0.59	0.31	0.71

Operating Profit Margin (PBDIT/Sales)	(%)	2.30	1.77	1.94

Return on Total Assets (PBT/Total Assets}	(%)	6.48	2.57	5.36

Return on Investment (ROI) (PBT/Networth)		0.29	0.15	0.26

Debt Equity Ratio (Total Liability/Networth)		1.97	2.81	2.85

Current Ratio (Current Asset/Current Liability)		1.39	1.31	1.44

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	30.09.2011	30.09.2012	30.09.2013
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	10.000	10.000	10.000
Reserves & Surplus	19.582	23.263	33.772
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	29.582	33.263	43.772

Long-term borrowings	16.211	16.214	13.516
Short term borrowings	68.081	77.193	72.780
Total borrowings	84.292	93.407	86.296
Debt/Equity ratio	2.849	2.808	1.971

YEAR-ON-YEAR GROWTH

Year on Year Growth	30.09.2011	30.09.2012	30.09.2013
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Total Revenue from Operations	956.814	1204.797	1783.159
		25.918	48.005

NET PROFIT MARGIN

Net Profit Margin	30.09.2011	30.09.2012	30.09.2013
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Total Revenue from Operations	956.814	1204.797	1783.159
Profit	6.826	3.681	10.509
	0.71%	0.31%	0.59%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	Yes
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	Yes
16	No. of employees	Yes
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	Yes
28	Estimation for coming financial year	Yes
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	No
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10325351	05/12/2013 *	111,200,000.00	STATE BANK OF INDIA	VASHI-TURBHE BRANCH, DEVGIRI COMPLEX, PHASE II, SECTOR 19, VASHI, NAVI MUMBAI - 400703 , MAHARASHTRA, INDIA	B92990357
2	90152433	08/01/1998 *	8,700,000.00	BANK OF INDIA	MUMBAI CORPORATE BANKING BRANCH, 70/80; M. G. ROAD, BOMBAY - 400023, MAHARASHTRA, INDIA	-
3	90152833	07/01/1998 *	2,000,000.00	BANK OF INDIA	MUMBAI CORPORATE BANKING BRANCH, M. G. ROAD, BOMBAY - 400023,MAHARASHTRA, INDIA	-

* Date of charge modification

UNSECURED LOANS

PARTICULARS	30.09.2013 (Rs. In Million)	30.09.2012 (Rs. In Million)
LONG-TERM BORROWINGS
Deposits from shareholders	13.516	16.214

SHORT TERM BORROWINGS
Deposits from shareholders	22.000	29.000

Total	35.516	45.214

FIXED ASSETS:

· Buildings

· Plant and Equipment

· Other plant and Equipment

· Furniture and Fixtures

· Vehicles

· Office Equipment

· Computer Equipment’s

· Other Equipment’s

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.63.75
UK Pound	1	Rs.100.12
Euro	1	Rs.71.20

INFORMATION DETAILS

Information Gathered by :	SUV

Analysis Done by :	DIV

Report Prepared by :	ARC

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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		28

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