MIRA INFORM REPORT

Report No. :	311218
Report Date :	12.03.2015

IDENTIFICATION DETAILS

Name :	PYRAMID PACKAGING PRIVATE LIMITED
Registered Office :	214, Veena Killedar Industrial Estate, 10/14, Pais Street, Byculla (W), Mumbai – 400011, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	05.01.1990
Com. Reg. No.:	11-054917
Capital Investment / Paid-up Capital :	Rs. 34.000 Million
CIN No.: [Company Identification No.]	U21010MH1990PTC054917
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 :	Subject is engaged in manufacture of corrugated boxes and sheets.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (32)

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 record. The company has taken huge external borrowing, which acts as threatening to the liquidity position of the company. However, trade relations are fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealing 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 – 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

EXTERNAL AGENCY RATING

Rating Agency Name	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	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 31-03-2014.

LOCATIONS

Registered Office :	214, Veena Killedar Industrial Estate, 10/14, Pais Street, Byculla (W), Mumbai – 400011, Maharashtra, India
Tel. No.:	91-22-23075042
Fax No.:	Not Available
E-Mail :	vijay_vyas@horizonpack.com kirti@horizonpack.com
Factory :	Plot No 230 Corner Harohalli Industrial Area 2nd Phase Harohalli obli Kanakapura Ramanagar Dist, Bangalore, India

DIRECTORS

As on 20.09.2014

Name :

Mr. Kirit Natvarlal Modi

Designation :

Director

Address :

2^nd, chanceller Court , A/88, Cermicheal Road, Bombay – 400026, Maharashtra, India

Date of Birth/Age :

09.03.1949

Date of Appointment :

01.12.2003

DIN No.:

00167607

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	U21017MH1990PTC055275	FORTUNE PACKAGING PRIVATE LIMITED	Director	31/01/1990	31/01/1990	-	Active	NO
2	U25202MH1999PTC121847	CORRUKRAFT PACKAGING PRIVATE LIMITED	Director	10/08/2000	10/08/2000	-	Active	NO
3	U51909MH1985PTC036605	INDPRO DISTRIBUTORS (BOMBAY) PVT LTD	Director	24/07/2001	24/07/2001	-	Active	NO
4	U21014MH2001PTC133116	HORIZON PACKS PRIVATE LIMITED	Director	20/08/2001	20/08/2001	-	Active	NO
5	U25209WB2002PTC095143	EVEREST LAMINATORS PRIVATE LIMITED	Director	01/12/2002	01/12/2002	-	Active	NO
6	U99999MH1969PTC014398	LAXMI BOARD AND PAPER MILLS Private Limited	Director	27/05/2003	27/05/2003	-	Active	NO
7	U21010MH1990PTC054917	PYRAMID PACKAGING PRIVATE LIMITED	Director	01/12/2003	01/12/2003	-	Active	NO
8	U21022HP2003PTC026023	COSY PACKAGERS PRIVATE LIMITED	Director	11/02/2004	11/02/2004	-	Active	NO
9	U21093HP2003PTC026412	MONAD TECHNOLOGIES PRIVATE LIMITED	Director	18/02/2005	18/02/2005	-	Active	NO
10	U93000MH2009NPL196517	INDIAN CORRUGATED CASE MANUFACTURERS ASSOCIATION	Director	16/10/2009	16/10/2009	-	Active	NO
11	U19202KA1989PTC010562	ESJAY PLASTOMERS PRIVATE LIMITED	Director	30/09/2011	14/07/2011	-	Active	NO
12	U21098MH2011PTC224280	SIGMA CORRU BOX PRIVATE LIMITED	Director	22/11/2011	22/11/2011	-	Active	NO
13	U21022KA2009PTC051161	JAGDAMBA CARTONS PRIVATE LIMITED	Additional director	27/12/2011	27/12/2011	-	Active	NO
14	U74999DL1980PTC122583	Securipax Packaging Private Limited	Director	18/09/2014	17/07/2014	-	Active	NO

Name :

Mr. Yogesh Jayantilal Mehta

Designation :

Director

Address :

67, Tenth Main, 13^th road, Malleshwaram – 560003, Karnataka ,India

Date of Birth/Age :

09.05.1955

Date of Appointment :

20.07.1993

DIN No.:

02411466

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	U21010MH1990PTC054917	PYRAMID PACKAGING PRIVATE LIMITED	Director	20/07/1993	20/07/1993	-	Active	NO
2	U21022KA2009PTC051161	JAGDAMBA CARTONS PRIVATE LIMITED	Additional director	27/12/2011	27/12/2011	-	Active	NO

Name :

Mr. Manoj Shah

Designation :

Director

Address :

Gunjpara Durg, Madhya Pradesh, India

Date of Birth/Age :

11.03.1971

Date of Appointment :

08.03.2001

DIN No.:

00487652

Name :

Mr. Sachin Kirit Modi

Designation :

Director

Address :

Q3/Q4, 17^th Floor, B Wing, Eden Hall, Dr. AB Road, Mumbai – 400018, Maharashtra, India

Date of Birth/Age :

31.12.1973

Date of Appointment :

02.04.2001

DIN No.:

00701561

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	U74950MH1993PTC072879	MOPRA PACKAGING PRIVATE LTD	Director	15/07/1993	15/07/1993	-	Active	NO
2	U21099PY1985PTC000356	SWATHI PACKERS PRIVATE LIMITED	Director	10/11/1995	10/11/1995	-	Active	NO
3	U25202MH1999PTC121847	CORRUKRAFT PACKAGING PRIVATE LIMITED	Director	10/08/2000	10/08/2000	-	Active	NO
4	U21010MH1990PTC054917	PYRAMID PACKAGING PRIVATE LIMITED	Director	02/04/2001	02/04/2001	-	Active	NO
5	U51909MH1985PTC036605	INDPRO DISTRIBUTORS (BOMBAY) PVT LTD	Director	24/07/2001	24/07/2001	-	Active	NO
6	U21014MH2001PTC133116	HORIZON PACKS PRIVATE LIMITED	Director	20/08/2001	20/08/2001	-	Active	NO
7	U21017MH1990PTC055275	FORTUNE PACKAGING PRIVATE LIMITED	Director	26/10/2001	26/10/2001	-	Active	NO
8	U25209WB2002PTC095143	EVEREST LAMINATORS PRIVATE LIMITED	Director	01/12/2002	01/12/2002	-	Active	NO
9	U21022HP2003PTC026023	COSY PACKAGERS PRIVATE LIMITED	Managing director	01/03/2013	11/02/2004	-	Active	NO
10	U21093HP2003PTC026412	MONAD TECHNOLOGIES PRIVATE LIMITED	Director	18/02/2005	18/02/2005	-	Active	NO
11	U19202KA1989PTC010562	ESJAY PLASTOMERS PRIVATE LIMITED	Director	30/09/2011	14/07/2011	-	Active	NO
12	U21098MH2011PTC224280	SIGMA CORRU BOX PRIVATE LIMITED	Director	22/11/2011	22/11/2011	-	Active	NO
13	U21022KA2009PTC051161	JAGDAMBA CARTONS PRIVATE LIMITED	Managing director	01/03/2013	25/02/2013	-	Active	NO
14	U74999DL1980PTC122583	Securipax Packaging Private Limited	Director	18/09/2014	17/07/2014	-	Active	NO

Name :

Mr. Swapnil Kirit Modi

Designation :

Director

Address :

17-B, Eden, Hall, Dr, AB Road, Worli, Mumbai – 400018, Maharashtra, India

Date of Birth/Age :

27.02.1980

Date of Appointment :

10.12.2012

DIN No.:

00701614

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	U19202KA1989PTC010562	ESJAY PLASTOMERS PRIVATE LIMITED	Director	01/04/2003	01/04/2003	-	Active	NO
2	U21022HP2003PTC026023	COSY PACKAGERS PRIVATE LIMITED	Director	11/02/2004	11/02/2004	-	Active	NO
3	U21093HP2003PTC026412	MONAD TECHNOLOGIES PRIVATE LIMITED	Director	18/02/2005	18/02/2005	-	Active	NO
4	U21010MH1990PTC054917	PYRAMID PACKAGING PRIVATE LIMITED	Director	10/12/2012	10/12/2012	-	Active	NO
5	U21022KA2009PTC051161	JAGDAMBA CARTONS PRIVATE LIMITED	Director	01/03/2013	01/03/2013	-	Active	NO
6	U21098MH2011PTC224280	SIGMA CORRU BOX PRIVATE LIMITED	Director	29/03/2014	29/03/2014	-	Active	NO

MAJOR SHAREHOLDERS

As on 20.09.2014

Names of Shareholders	No. of Shares
Kirit Natvarlal Modi	10
Nandini Kirit Modi	10
Kirit Natvarlal Modi	440
Nandini Kirit Modi	225373
Kirit Sachin modi	1250
Kirit Swapnil Modi	1250
Sachin Kirit Modi	111667
Total	340000
Total

As on 20.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged in manufacture of corrugated boxes and sheets.
Products :	· Packaging Sheet · Crinkle Paper · Wrapping Paper · Vci packaging paper · Sask Kraft paper · Gift wrapping material
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Available
Imports :	Not Available
Terms :	Not Available

PRODUCTION STATUS = NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

Not Available

Bankers :

· Citibank, N.A. Trent house, 2^nd Floor, G block, Plot no. C60, Bandra kurla complex, Bandra (East),Mumbai – 400051, Maharashtra, India

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Demand Loan
From Citi Bank - WCDL	85.000	50.000
Term Loan
From SIDBI	201.238	140.838
SHORT TERM BORROWING
Bank overdraft with Citi Bank due to over issue of cheque	19.720	18.532
Total	305.958	209.370

Auditors :
Name :	Rajesh K Jhunjhunwala and Company Chartered Accountants
Address :	Mercantile Building, "B" Block, 2nd Floor, 9/12, Lal Bazar Street, Kolkata – 700001, India
Tel. No.:	91-33-22130139
Mobile No.:	91-9831430350
E-Mail :	rtsameer@yahoo.co.in
PAN No.:	AAGFR8852B
Memberships :	Not Available
Collaborators :	Not Available
Company in which KMP/Relatives of KMP can exercise significant influence :	· Esjay Plastomers Private Limited · Alpha Entrepreneurs Private Limited · Jagdamba Cartons Private Limited · Fortune Packaging Private Limited

CAPITAL STRUCTURE

As on 20.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
350000	Equity Shares	Rs.100/- each	Rs. 35.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
340000	Equity Shares	Rs.100/- each	Rs. 34.000 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	34.000	34.000	34.000
(b) Reserves & Surplus	29.219	17.156	25.051
(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)	63.219	51.156	59.051
(3) Non-Current Liabilities
(a) long-term borrowings	429.172	343.747	175.748
(b) Deferred tax liabilities (Net)	20.118	19.063	0.873
(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)	449.290	362.810	176.621
(4) Current Liabilities
(a) Short term borrowings	19.720	18.532	2.058
(b) Trade payables	21.030	98.359	94.713
(c) Other current liabilities	15.176	9.818	5.030
(d) Short-term provisions	3.955	3.955	3.955
Total Current Liabilities (4)	59.881	130.664	105.756
TOTAL	572.390	544.630	341.428
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	356.539	366.808	213.274
(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	14.916	7.148	8.233
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	371.455	373.956	221.507
(2) Current assets
(a) Current investments	0.000	0.027	0.027
(b) Inventories	48.278	43.471	20.944
(c) Trade receivables	99.076	67.591	26.651
(d) Cash and cash equivalents	8.137	9.472	1.300
(e) Short-term loans and advances	36.401	45.190	24.876
(f) Other current assets	9.043	4.923	46.123
Total Current Assets	200.935	170.674	119.921
TOTAL	572.390	544.630	341.428

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES	NA	NA	NA
Less	EXPENSES	NA	NA	NA
	PROFIT/ (LOSS) BEFORE TAX	13.117	10.294	12.512
Less	TAX	1.054	18.190	4.127
	PROFIT/ (LOSS) AFTER TAX	12.063	(7.896)	8.385
	EARNINGS IN FOREIGN CURRENCY	1.119	0.000	0.000
	Earnings / (Loss) Per Share (Rs.)	35.48	(23.22)	24.66

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	2.29	1.89	3.66
Return on Investment (ROI) (PBT/Networth)		0.21	0.20	0.21
Debt Equity Ratio (Total Debt /Networth)		7.10	7.08	3.01
Current Ratio (Current Asset/Current Liability)		3.36	1.31	1.13

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	34.000	34.000	34.000
Reserves & Surplus	25.051	17.156	29.219
Net worth	59.051	51.156	63.219
long-term borrowings	175.748	343.747	429.172
Short term borrowings	2.058	18.532	19.720
Total borrowings	177.806	362.279	448.892
Debt/Equity ratio	3.011	7.082	7.101

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	No
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	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	----------------------
22]	Litigations that the firm / promoter involved in	----------------------
23]	Banking Details	Yes
24]	Banking facility details	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	No

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Loans and advances from related parties	141.934	151.446
Loans from other body corporate	1.000	1.463
Total	142.934	152.909

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10393630	13/12/2012	70,000,000.00	Small Industries Development Bank of India	SCO 145-145, 1st & 2nd Floor, Sector 17C, Chandigarh, Chandigarh - 160017, INDIA	B64754161
2	10298754	28/07/2011	142,500,000.00	Small Industries Development Bank of India	SCO 145-145, 1st & 2nd Floor, Sector 17C, Chandigarh, Chandigarh - 160017, INDIA	B17443946
3	10076679	30/08/2007	75,000,000.00	CITIBANK N.A	BANDRA KURLA COMPLEX, BANDRA (EAST), MUMBAI, Maharashtra - 400051, INDIA	A26098616
4	90237516	16/08/2013 *	392,500,000.00	CITIBANK N. A.	First International Financial Centre, 9th Floor,,  Plot No.C-54, C-55, G-Block, Bandra Kurla Complex , MUMBAI, Maharashtra - 400051, INDIA	B82771098
5	90225215	03/09/2002	20,000,000.00	CITIBANK N. A.	BANDRA KURLA COMPLEX, G-BLOCK, MUMBAI, Maharashtra - 400051, INDIA	-

* Date of charge modification

FIXED ASSETS

· Plant and Equipment

· Factory Building

· Land

· Office Premises

· Furniture and Fixture

· Vehicle

· Computer and Peripherals

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.62.75
UK Pound	1	Rs.94.60
Euro	1	Rs.67.10

INFORMATION DETAILS

Analysis Done by :	KAR
Report Prepared by :	ART

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILITY	1~10	4
--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	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		32

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.