MIRA INFORM REPORT

Report No. :	328537
Report Date :	29.06.2015

IDENTIFICATION DETAILS

Name :	ORACLE GRANITO LIMITED
Registered Office :	206, Dev Arc, 2^nd Floor, Near Fun Republic, Opposite Big Bazar, S.G. Road, Ahmedabad – 380015, Gujarat
Tel. No.:	91-2772-239833
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	04.08.2003
Com. Reg. No.:	04-042718
Capital Investment / Paid-up Capital :	Rs. 68.459 Million
CIN No.: [Company Identification No.]	U14102GJ2003PLC042718
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAACO6238P
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Vitrified Tiles.
No. of Employees :	410 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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

Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject was incorporated on August 2003 is an established company having satisfactory track record OGL is engaged in the manufacturing of vitrified tiles of various design and sizes. The rating derive strength from the vast experience of the promoters of Oracle Granito Limited (OGL) in the ceramic tile business, its established marketing and distribution network, comfortable capacity utilization levels and moderate capital structure as well as debt serving parameters. The rating, however, constrained by the high working capital intensity of its operations, fluctuation of its margins to volatile input prices, high leverage and its presence in the highly competitive tile manufacturing industry which has close linkages to the inherently cyclical real estate sector. However, trade relation is fair. Business is active. Payments terms are reported to be usually correct. In view of established market position as well track record backed by moderate operation performance, the company can be considered for business dealings with usual trade terms and conditions. Note: During 8^th February 2013, the company had proposed a Scheme of arrangement in the nature of demerger of unit II of Oracle Granito Limited into M/S Riwasa Tiles Limited (Formally Known as Riwasa Tiles Private Limited.), And, further the nature of Amalgamation of M/S. Robinson Exim and Finance limited with M/S Oracle Granito Limited under section 391-394 of the companies Act. “Hon’ble High Court of Gujarat” has sanctioned the scheme under its arrangement. Due to this process there are structural change in the financial statement of the subject company.

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	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

Rating Agency Name	ICRA
Rating	BBB -
Rating Explanation	Moderate degree of safety. It carry moderate credit risk.
Date	December, 2014

Rating Agency Name	ICRA
Rating	Short term A3 -
Rating Explanation	Moderate Degree of Safety. It Carry Higher Credit Risk
Date	December, 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 31-03-2013.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Mr. Jayantibhai Patel
Designation :	Director
Contact No.:	91-2772-239833
Date :	25.06.2015

LOCATIONS

Registered Office :	206, Dev Arc, 2^nd Floor, Near Fun Republic, Opposite Big Bazar, S.G. Road, Ahmedabad – 380015, Gujarat, India
Tel. No.:	2772-239833
Mobile No.:	91- 9825801396 (Mr. Pragnesh Patel)
Fax No.:	91- 2772-239832
E-Mail :	jayanti@maruito.co.in marbito_branch@hotmail.com
Website :	www.oraclegranito.com
Area :	1000 sq ft
Location :	Rented
Corporate Office :	Malbito Display Studio, G-10, Mourya Arcade, Science City Road, Opposite Sola Police Chowky, Ahmedabad, Gujarat, India
Area :	1000 sq ft
Location :	Rented
Head Office/ Factory :	Block No. 286, Gadhoda Village, Sabar Dairy- Talod Road, Dist : Sabarkantha, Himatnagar - 383 001, Gujarat, India
Tel. No.:	91-2772-239831/239833/239834/239835
Fax No.:	91-2772-239832
E-Mail :	sales@oraclemarbito.com info@oraclemarbito.com
Area :	8 lac sq ft
Location :	Owned

DIRECTORS

As on 30.09.2014

Name :

Mr. Ashwinkumar Maganbhai Patel

Designation :

Managing Director

Address :

At-Pruthvipura, Post-Ankola, Ta – Idar, District – Sabarkantha, Pruthvipura – 383 430, Gujarat, India

Date of Birth/Age :

21.02.1972

Qualification :

B.E. (Electronics)

Date of Appointment :

01.11.2014

PAN No.:

AFTPP5511M

DIN No.:

00160536

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	U24110GJ1987PTC009685	AJITA SIL-CHEM PRIVATE LIMITED	Director	14/08/2002	14/08/2002	11/04/2009	Active	NO
2	U14102GJ2003PLC042718	ORACLE GRANITO LIMITED	Managing director	01/11/2014	01/09/2003	-	Active	NO

Name :

Mr. Pragnesh Sankarbhai Patel

Designation :

Whole Time Director

Address :

Umiya Parivar Soc., Mahavirnagar, Himatnagar – 383 001, Gujarat, India

Date of Birth/Age :

31.08.1981

Qualification :

BBA

Date of Appointment :

01.11.2014

PAN No.:

AHKPP4200E

DIN No.:

00160631

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	U14102GJ2003PLC042718	ORACLE GRANITO LIMITED	Whole-time director	01/11/2014	04/08/2003	-	Active	NO

Name :

Mr. Vinodkumar Maganlal Patel

Designation :

Director

Address :

At-Pruthivipura, Post-Ankola, Ta – Idar, District – Sabarkantha, Pruthivipura – 383 410, Gujarat, India

Date of Birth/Age :

23.10.1967

Qualification :

B.Com

Date of Appointment :

01.04.2006

PAN No.:

AJCPP4421B

DIN No.:

00161154

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	U24110GJ1987PTC009685	AJITA SIL-CHEM PRIVATE LIMITED	Director	14/08/2002	14/08/2002	05/03/2009	Active	NO
2	U14102GJ2003PLC042718	ORACLE GRANITO LIMITED	Director	01/04/2006	01/04/2006	-	Active	NO
3	U74999DL1990NPL038848	INDIAN COUNCIL OF CERAMIC TILES AND SANITARYWARE	Director	25/06/2007	25/06/2007	01/05/2014	Active	NO
4	U26914GJ2007PLC052480	CENGRES TILES LIMITED	Director	28/12/2007	28/12/2007	02/04/2009	Active	NO

Name :

Mr. Jayantibhai Valjibhai Patel

Designation :

Director

Address :

Ganesh Ceramics, College Road, Motipura, Himatnagar – 383 001, Gujarat, India

Date of Birth/Age :

01.06.1964

Qualification :

B.Com

Date of Appointment :

01.04.2006

PAN No.:

ABEPP8719N

DIN No.:

00160309

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	U17110GJ1992PLC017462	ROBINSON EXIM AND FINANCE LIMITED	Director	02/09/2003	02/09/2003	-	Amalgamated	NO
2	U14102GJ2003PLC042718	ORACLE GRANITO LIMITED	Director	01/04/2006	01/04/2006	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

Shareholding Details File Attached

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2014

Category	Percentage
Directors or relatives of Directors	34.12
Other top fifty shareholders	58.11
Others	7.77
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Vitrified Tiles.

Products :

Item Code No.	Product Description
69079010	Vitrified Ceramic Tiles

Brand Names :

Not Divulged

Agencies Held :

Not Divulged

Exports :

Not Divulged

Imports :

Products :

Raw Material

Countries :

China

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

• Sabarmati Gas Limited
• Bharani Chemicals

Customers :

End Users

No. of Employees :

410 (Approximately)

Bankers :

• State Bank of India Corporate Finance Branch, 58, Shrimali Society, Navarangpura, Ahmedabad – 380 009, Gujarat, India
• Oriental bank of Commerce – Neel Kamal Building, Opposite Sales India, Ashram Road, Ahmedabad – 380009, Gujarat, India

Bank Name	Bank of Baroda
Branch	Corporate Financial Services Branch, 1st/2nd Floor, Bank of Baroda Towers, Near Law Garden, Ellisbridge, Ahmedabad – 380006, Gujarat, 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 Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Short-term borrowings
Borrowing	297.254	265.221
Total	297.254	265.221

Auditors :
Name :	Sunil Poddar and Company Chartered Accountants
Address :	301-305, Vrajbhumi Complex, Near Prathana Flat, B/h Shilp Building, Off C.G. Road, Navarangapura, Ahmedabad – 380 009, Gujarat, India
Tel. No.:	91-79-26402893/ 26431097
Fax No.:	91-79-26462614
PAN N Income-tax PAN of auditor or auditor's firm :	ABEFS3044F
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	Not Divulged

CAPITAL STRUCTURE

After 30.09.2014

Authorised Capital : Rs.92.500 Million

Issued, Subscribed & Paid-up Capital : Rs.7.190 Million

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
9250000	Equity Shares	Rs.10/- each	Rs. 92.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
6845910	Equity Shares	Rs.10/- each	Rs. 68.459 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	68.459	68.459	68.259
(b) Reserves & Surplus	131.408	124.268	351.899
(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)	199.867	192.727	420.158
(3) Non-Current Liabilities
(a) long-term borrowings	27.435	38.561	144.109
(b) Deferred tax liabilities (Net)	14.746	17.874	51.176
(c) Other long term liabilities	83.851	80.527	111.451
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	126.032	136.962	306.736
(4) Current Liabilities
(a) Short term borrowings	297.254	265.221	326.294
(b) Trade payables	90.298	133.449	148.314
(c) Other current liabilities	107.240	120.493	129.454
(d) Short-term provisions	27.598	23.256	21.164
Total Current Liabilities (4)	522.390	542.419	625.226
TOTAL	848.289	872.108	1352.120
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	231.295	255.586	580.622
(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	33.353
(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	2.337	3.152	3.292
(e) Other Non-current assets	0.000	0.000	1.839
Total Non-Current Assets	233.632	258.738	619.106
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	271.425	254.142	312.526
(c) Trade receivables	251.039	274.936	334.538
(d) Cash and cash equivalents	25.714	22.047	21.851
(e) Short-term loans and advances	60.445	62.183	63.147
(f) Other current assets	6.034	0.062	0.952
Total Current Assets	614.657	613.370	733.014
TOTAL	848.289	872.108	1352.120

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Revenue from Operation	1094.615	1112.816	1530.110
		Other Income	8.649	8.657	4.041
		TOTAL	1103.264	1121.473	1534.151
Less	EXPENSES
		Cost of Materials Consumed	216.085	231.723	372.282
		Purchases of Stock-in-Trade	145.767	128.336	74.721
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(9.365)	6.692	(1.752)
		Employees benefits expense	35.979	39.666	55.548
		Other expenses	596.749	606.239	875.676
		TOTAL	985.215	1012.656	1376.475
Less	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		118.049	108.817	157.676
Less	FINANCIAL EXPENSES		54.460	52.054	72.187
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		63.589	56.763	85.489
Less/ Add	DEPRECIATION/ AMORTISATION		52.536	47.655	67.816
	PROFIT/(LOSS) BEFORE TAX		11.053	9.108	17.673
Less	TAX		3.914	3.300	6.133
	PROFIT/(LOSS) AFTER TAX		7.139	5.808	11.540
	Earnings Per Share (Rs.)		1.04	0.85	1.69

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	20.061	42.902	0.000
Cash generated from operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	0.65	0.52	0.75
Operating Profit Margin (PBIDT/Sales)	(%)	10.78	9.78	10.30
Return on Total Assets (PBT/Total Assets}	(%)	1.30	1.04	1.34
Return on Investment (ROI) (PBT/Networth)		0.06	0.05	0.04
Debt Equity Ratio (Total Debt /Networth)		1.62	1.58	1.12
Current Ratio (Current Asset/Current Liability)		1.18	1.13	1.17

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	68.259	68.459	68.459
Reserves & Surplus	351.899	124.268	131.408
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	420.158	192.727	199.867
long-term borrowings	144.109	38.561	27.435
Short term borrowings	326.294	265.221	297.254
Total borrowings	470.403	303.782	324.689
Debt/Equity ratio	1.120	1.576	1.625

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	1530.110	1112.816	1094.615
		(27.272)	(1.636)

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	1530.110	1112.816	1094.615
Profit	11.540	5.808	7.139
	0.75%	0.52%	0.65%

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	Yes
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	Yes
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%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	Yes
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

UNSECURED LOAN

Unsecured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Borrowing	16.860	24.635
Borrowing	10.574	13.926
Total	27.434	38.561

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10569478	28/04/2015	1,688,570.00	ICICI BANK LIMITED	Landmarkrace Cource Circle, Alkapuri, Baroda, Gujarat - 390015, India	C53671731
2	10504576	24/06/2014	20,000,000.00	BANK OF BARODA	Corporate Financial Services, 1st / 2nd Floor,, Bank Of Baroda Tawers, Nr. Law Garden, Ellisbridge,  Ahmedabad, Gujarat - 380006, India	C07688492
3	10452149	30/08/2014 *	538,300,000.00	BANK OF BARODA	Corporate Financial Services Branch, 1st/2nd Floor, Bank Of Baroda Towers, Nr. Law Garden, Ellis Bridge, Ahmedabad, Gujarat - 380006, India	C19095686
4	10414027	30/08/2014 *	538,300,000.00	BANK OF BARODA	Corporate Financial Services Branch, 1st/2nd Floor, Bank of Baroda Towers, Nr. Law Garden, Ellisbridge, Ahmedabad, Gujarat - 380006, INDIA	C19095074

FIXED ASSETS

• Factory Building WIP
• Office Building
• Computer
• Office Equipment
• Vehicle
• Scooter
• Electric Installation
• Feeder Machine
• Furniture and Fixture
• Laboratory Equipment
• Land
• Plant and Machinery
• Wind Mill

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.63.91
UK Pound	1	Rs.100.40
Euro	1	Rs.70.41

INFORMATION DETAILS

Information Gathered by :	KAM
Analysis Done by :	KSH
Report Prepared by :	PJA

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	5
--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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		47

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.