MIRA INFORM REPORT

Report No. :	309936
Report Date :	03.03.2015

IDENTIFICATION DETAILS

Name :	ESKAY-BEE INTERNATIONAL PRIVATE LIMITED
Registered Office :	304/305, Sahker Bhuwan, 340/348, Narsinatha Street, Masjid Bunder, Mumbai – 400009, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	03.10.1997
Com. Reg. No.:	11-111059
Capital Investment / Paid-up Capital :	Rs. 34.674 Milllion
CIN No.: [Company Identification No.]	U55100MH1997PTC111059
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 :	Importer and Trader of Plastic Raw Material
No. of Employees :	35 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (34)

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

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Management has failed to file its latest financials for the FY 2014, with the statutory authorities. As per available, the company possess a moderate financial profile marked by modest networth base along with high working capital intensive operations. Management has witnessed a healthy growth in its revenue, whereas reported a very low profit margin with minimal net profitability during financial minimal net profitability during financial year 2013. However, trade relations are seem to be fair. Business is active. Payment terms are reported as slow but correct. In view of experienced promoters amid lack of latest financial statements the company can be considered for business dealings with 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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

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 :	Ms. Shivani Surve
Designation :	Accountant
Contact No.:	91-22-40225555
Date :	28.02.2015

LOCATIONS

Registered Office :	304/305, Sahker Bhuwan, 340/348 Narsinatha Street, Masjid Bunder, Mumbai – 400009, Maharashtra, India
Tel. No.:	91-22-40225555
Fax No.:	Not Available
E-Mail :	eskaybeeint@gmail.com
Location :	Owned
Branch Office :	Located at : Silvasa, Daman
Warehouse :	Bhiwandi, Thane, Maharashtra, India

DIRECTORS

AS ON 24.08.2013

Name :

Mr. Kevin Minesh Shah

Designation :

Director

Address :

701/702, New Kailash Mansion, Derasar Lane, Ghatkoper (East), Mumbai – 400077, Maharashtra, India

Date of Birth/Age :

13.10.1987

Date of Appointment :

17.08.2010

DIN No.:

02490612

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	U51490MH1997PTC112109	DELUXE - KAARAN IMPORTS PRIVATE LIMITED	Director	12/02/2009	12/02/2009	10/09/2010	Active	NO
2	U55100MH1997PTC111059	ESKAY-BEE INTERNATIONAL PRIVATE LIMITED	Director	17/08/2010	17/08/2010	-	Active	NO
3	U65910MH2004PTC061159	AMEX LEASING AND FINANCE LIMITED	Additional director	15/02/2011	15/02/2011	-	Active	NO
4	U51109MH2011PTC212741	KOOKEY MULTITRADING PRIVATE LIMITED	Additional director	25/04/2011	25/04/2011	-	Active	NO

Name :

Mr. Kirti Ranchoddas Doshi

Designation :

Additional Director

Address :

Flat No. 62, 6^th Floor, Brij Kutir Co-operative Housing Society Limited, Rungta Lane, Nepean Sea Road, Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

17.05.1989

Date of Appointment :

02.12.2011

DIN No.:

01550857

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	U92110MH1992PLC066742	MAX FILM CONVERTORS (INDIA) LIMITED	Director	01/10/2004	01/10/2004	-	Amalgamated	NO
2	U92112MH2002PLC137690	MAX FLEX & IMAGING SYSTEMS LIMITED	Whole-time director	01/10/2010	01/04/2006	07/09/2011	Active	NO
3	U74300MH2004PTC144504	STERLING MEDIA PRIVATE LIMITED	Director	18/04/2006	18/04/2006	-	Amalgamated	NO
4	U74940MH2005PTC154788	MAX CONVERTORS PRIVATE LIMITED	Director	01/06/2006	01/06/2006	-	Amalgamated	NO
5	U74120MH2010PLC207491	MAX APOLLO FLEX DIGITAL LIMITED	Director	07/09/2010	07/09/2010	07/09/2011	Amalgamated	NO
6	U99999MH1990PTC055272	MAX SIGNAGE INDUSTRIES PRIVATE LIMITED	Director	27/09/2010	27/09/2010	07/09/2011	Active	NO
7	U55100MH1997PTC111059	ESKAY-BEE INTERNATIONAL PRIVATE LIMITED	Additional director	02/12/2011	02/12/2011	-	Active	NO
8	U51101MH2011PTC224662	GRIFFIN EVOTECH PRIVATE LIMITED	Director	07/12/2011	07/12/2011	-	Active	NO

Name :

Mr. Pankti Minesh Shah

Designation :

Additional Director

Address :

701, New Kailash Mansion, Derasar Lane, Ghatkoper East, Mumbai – 400077, Maharashtra, India

Date of Birth/Age :

17.05.1989

Date of Appointment :

02.12.2013

DIN No.:

03519757

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	U65910MH2004PTC061159	AMEX LEASING AND FINANCE LIMITED	Additional director	15/02/2011	15/02/2011	-	Active	NO
2	U51109MH2011PTC212741	KOOKEY MULTITRADING PRIVATE LIMITED	Additional director	25/04/2011	25/04/2011	-	Active	NO
3	U51109MH2011PTC216503	MAARI MULTITRADING PRIVATE LIMITED	Additional director	20/09/2011	20/09/2011	-	Active	NO
4	U74990MH2011PTC216559	Witteneia MULTITRADING PRIVATE LIMITED	Additional director	20/09/2011	20/09/2011	-	Active	NO
5	U55100MH1997PTC111059	ESKAY-BEE INTERNATIONAL PRIVATE LIMITED	Additional director	02/12/2013	16/08/2012	-	Active	NO
6	U51900MH1975PTC018723	BHA EXPORTS PRIVATE LIMITED	Additional director	15/08/2013	15/08/2013	-	Active	NO

Name :

Mr. Karan Minesh Shah

Designation :

Additional Director

Address :

702, New Kailash Mansion, Derasar Lane, Ghatkoper East, Mumbai – 400077, Mahrashtra, India

Date of Birth/Age :

10.12.1992

Date of Appointment :

16.08.2012

DIN No.:

06367109

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	U55100MH1997PTC111059	ESKAY-BEE INTERNATIONAL PRIVATE LIMITED	Additional director	16/08/2012	16/08/2012	-	Active	NO
2	U51900MH1975PTC018723	BHA EXPORTS PRIVATE LIMITED	Additional director	13/09/2013	13/09/2013	-	Active	NO
3	U51109MH2011PTC216503	MAARI MULTITRADING PRIVATE LIMITED	Additional director	01/10/2013	01/10/2013	-	Active	NO
4	U74990MH2011PTC216559	Witteneia MULTITRADING PRIVATE LIMITED	Additional director	01/10/2013	01/10/2013	-	Active	NO

KEY EXECUTIVES

Name :	Ms. Shivani Surve
Designation :	Accountant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 24.08.2013

Name of Shareholders	No. of Shares	Percentage of Holding
Kevin Minesh Shah	3,462,447	99.86
Pankti Minesh Shah	5,000	0.14
Total	3,467,447	100.00

AS ON 24.08.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Importer and Trader of Plastic Raw Material
Products :	Not Available
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Available
Imports :
Countries :	Taiwan Dubai South Arabia Korea China
Terms :
Selling :	Not Available
Purchasing :	Not Available

GENERAL INFORMATION

Suppliers :

Reference :	Formosa Plastics Corporation, Taiwan
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

Reference :	Midas Petrochem Private Limited – Mumbai, Maharashtra, 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

No. of Employees :

35 (Approximately)

Bankers :

Banker Name	State Bank of India
Branch Address	Nariman Point Branch, Mumbai, 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 Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Rs. 350.000 Million
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

SECURED LOANS	31.03.2013 (Rs. in Million)	31.03.2012 (Rs. in Million)
LONG TERM BORROWINGS
Rupee term loan from bank	170.305	2.901
Total	170.305	2.901

Auditors :
Name :	Milind Mehta and Company Chareted Accountants
Address :	Mumbai, Maharashtra, India
Memberships :	Not Available
Collaborators :	Not Available
Enterprises over which Key Managerial Personnel are able to exercise Significant Influence :	Kookey Multitrading Private Limited Writteneia Multi Trading Private Limited Kookey Multitrading Private Limited D P Private Limited DSC

CAPITAL STRUCTURE

AFTER 24.08.2013

Authorised Capital : Rs. 50.000 Million

Issued, Subscribed & Paid-up Capital : Rs. 47.253 Million

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
4000000	Equity Shares	Rs. 10/- each	Rs. 40.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3467447	Equity Shares	Rs. 10/- each	Rs. 34.674 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	34.674	27.700	20.000
(b) Reserves & Surplus	462.223	333.995	142.410
(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)	496.897	361.695	162.410
(3) Non-Current Liabilities
(a) long-term borrowings	278.776	4.009	7.410
(b) Deferred tax liabilities (Net)	0.997	0.435	0.273
(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)	279.773	4.444	7.683
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	886.792	597.083	622.702
(c) Other current liabilities	354.885	219.706	308.724
(d) Short-term provisions	39.895	19.360	15.334
Total Current Liabilities (4)	1281.572	836.149	946.760
TOTAL	2058.242	1202.288	1116.853
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	108.943	90.480	11.567
(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	0.511	0.511	11.296
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.744	0.714	3.816
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	110.198	91.705	26.679
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	883.520	806.588	637.997
(c) Trade receivables	737.881	438.794	386.069
(d) Cash and cash equivalents	42.148	166.694	5.154
(e) Short-term loans and advances	117.016	-303.977	36.515
(f) Other current assets	167.479	2.484	24.439
Total Current Assets	1948.044	1110.583	1090.174
TOTAL	2058.242	1202.288	1116.853

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	3543.799	2209.048	1425.027
		Other Income	17.469	6.055	5.828
		TOTAL (A)	3561.268	2215.103	1430.855
Less	EXPENSES
		TOTAL (B)	3446.593	2161.098	1390.433
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		114.675	54.005	40.422
Less	FINANCIAL EXPENSES (D)		43.233	9.505	0.258
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		71.442	44.500	40.164
Less/ Add	DEPRECIATION/ AMORTISATION (F)		5.646	1.131	0.355
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		65.796	43.369	39.809
Less	TAX (H)		30.662	12.888	13.386
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		35.134	30.481	26.423
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	245.065	28.024	63.857
	TOTAL EARNINGS		245.065	28.024	63.857
	IMPORTS
		Raw Materials	1814.765	1008.107	591.838
	TOTAL IMPORTS		1814.765	1008.107	591.838
	Earnings / (Loss) Per Share (Rs.)		10.13	8.79	7.62

Particulars	31.03.2014
Sales Turnover (Approxmiately)	5180.000

The above information has been parted by Mr. Shivani Surve (Accountant)

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Net Profit Margin PAT / Sales	(%)	0.99	1.38	1.85
Operating Profit Margin (PBDIT/Sales)	(%)	4.06	1.38	2.84
Return on Total Assets (PBT/Total Assets}	(%)	3.20	3.61	3.60
Return on Investment (ROI) (PBT/Networth)		0.13	0.12	0.25
Debt Equity Ratio (Total Debts/Networth)		0.56	0.01	0.05
Current Ratio (Current Asset/Current Liability)		1.52	1.33	1.15

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	20.000	27.700	34.674
Reserves & Surplus	142.410	333.995	462.223
Net worth	162.410	361.695	496.897
long-term borrowings	7.410	4.009	278.776
Short term borrowings	0.000	0.000	0.000
Total borrowings	7.410	4.009	278.776
Debt/Equity ratio	0.046	0.011	0.561

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	1425.027	2209.048	3543.799
		55.018	60.422

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	1425.027	2209.048	3543.799
Profit	26.423	30.481	35.134
	1.85%	1.38%	0.99%

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	No
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	Yes
26]	Buyer visit details	-------
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	No
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

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10430255	03/12/2014 *	300,000,000.00	Central Bank of India	Chandramukhi, Ground Floor, B.R. Patel Road, Nariman Point, Mumbai, Maharashtra - 400021, INDIA	C37273661
2	10426929	04/04/2013	189,600,000.00	Bank of India	Bank of India Building, Mezzanine Floor, 70/80, Mahatma Gandhi Road, Fort, Mumbai, Maharashtra - 400001, INDIA	B75550863
3	10345859	04/04/2013 *	267,600,000.00	Bank of India	Bank of India Building, Mezzanine Floor, 70/80, Mahatma Gandhi Road, Fort, Mumbai, Maharashtra - 400001, INDIA	B75552729
4	10293503	12/03/2014 *	355,000,000.00	State Bank of India	NARIMAN POINT BRANCH, DALAMAL HOUSE, JAMNALAL BAJAJ MARG, NARIMAN POINT, MUMBAI, Maharashtra - 400021, INDIA	C15180193
5	10141734	17/01/2009	20,750,000.00	BAJAJ AUTO FINANCE LTD	AKURDI PUNE-, PUNE, Maharashtra - 411035, INDIA	A56343619

* Date of charge modification

UNSECURED LOANS

PARTICULAR	31.03.2013 (Rs. in Million)	31.03.2012 (Rs. in Million)
LONG TERM BORROWINGS
Term loan from bank	108.471	1.108
Total	108.471	1.108

FIXED ASSETS

• Land
• Buildings
• Vehicles

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 records 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 records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs. 61.79
UK Pound	1	Rs. 95.42
Euro	1	Rs. 69.29

INFORMATION DETAILS

Information Gathered by :	GYT
Analysis Done by :	SUB
Report Prepared by :	JYO

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILITY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--CREDIT LINES	1~10	4
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		34

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	--

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.