MIRA INFORM REPORT

Report No. :	312830
Report Date :	16.03.2015

IDENTIFICATION DETAILS

Name :	SAHIB EQUIPMENTS PRIVATE LIMITED

Registered Office :	A-103, T.T.C. Industrial Area, M.I.D.C., Khairane, Near Reliance Silicone, Opposite Thane Belapur Road, Navi Mumbai – 400 706, Maharashtra

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	28.05.1997

Com. Reg. No.:	11-108288

Capital Investment / Paid-up Capital :	Rs.2.390 million

CIN No.: [Company Identification No.]	U28920MH1997PTC108288

IEC No.:	Not Available

TAN No.: [Tax Deduction & Collection Account No.]	Not Available

PAN No.: [Permanent Account No.]	Not Available

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacturer of Engineering Equipments.

No. of Employees :	50 (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

Maximum Credit Limit :	USD 56600

Status :	Moderate

Payment Behaviour :	Slow but correct

Litigation :	Clear

Comments :	Subject is an established company having moderate track record. The rating is constrained on account of company’s moderate operational risk profile marked by leverage capital structure and declining in top line growth of the company during 2014. 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

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 31-03-2014.

INFORMATION PARTED BY

Name :	Mr. Sameer Gore
Designation :	Senior Accountant
Contact No.:	91-22-41026009

LOCATIONS

Registered Office/ Factory :	A-103, T.T.C. Industrial Area, M.I.D.C., Khairane, Near Reliance Silicone, Opposite Thane-Belapur Road, Navi Mumbai – 400 706, Maharashtra, India
Tel. No. :	91-22-41026009/ 41026000/ 32470745
Mobile No. :	91-9820192805 (Mr. Swarndeep Singh)
Fax No. :	91-22-27686997
E-Mail :	sahibequipments@gmail.com sahibequipments@rediffmail.com swarandeepmatharu@gmail.com
Area :	Approximately 10000 sq. ft.
Location :	Owned

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Swarndeepsingh K. Matharu

Designation :

Director

Address :

2/101, NRI Complex, Farm Beach Road, Nerul, New Mumbai – 400 706, Maharashtra, India

Date of Appointment :

28.05.1997

DIN No. :

01941311

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	U28920MH1997PTC108288	SAHIB EQUIPMENTS PRIVATE LIMITED	Director	28/05/1997	28/05/1997	-	Active	NO
2	U29190MH2008PTC177786	GOBIND MECHANICALS PRIVATE LIMITED	Director	14/01/2008	14/01/2008	-	Active	NO
3	U74999MH2008PTC178076	GURU NANAK TUBES PRIVATE LIMITED	Director	21/01/2008	21/01/2008	-	Active	NO

Name :

Mr. Harbindersingh Kulwantsingh Matharu

Designation :

Director

Address :

D-607, Shreeji Height, Plot: 1, 1A, 1B, 1C, Palm Beach Road, Sector-46A, Nerul, Navi Mumbai – 400 706, Maharashtra, India

Date of Birth/Age :

31.05.1969

Date of Appointment :

15.03.2011

DIN No. :

03387623

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	U74999MH2008PTC178076	GURU NANAK TUBES PRIVATE LIMITED	Director	02/03/2011	02/03/2011	-	Active	NO
2	U29190MH2008PTC177786	GOBIND MECHANICALS PRIVATE LIMITED	Director	02/03/2011	02/03/2011	-	Active	NO
3	U28920MH1997PTC108288	SAHIB EQUIPMENTS PRIVATE LIMITED	Director	15/03/2011	15/03/2011	-	Active	NO

Name :

Mr. Kulwant Singh Matharu

Designation :

Director

Address :

E-608/609, Shreeji Heights Sec-46A, Plot-1, 1A/1B/1C Palm Beach Road, Nerul, Navi Mumbai – 400 706, Maharashtra, India

Date of Birth/Age :

26.01.1939

Date of Appointment :

15.03.2011

DIN No. :

03232114

Name :

Ginia Harbinder Matharu

Designation :

Director

Address :

3/103, Seawood Estates, NRI Complex, Sector - 54, 56, 58, Nerul (West), Navi Mumbai – 400 706, Maharashtra, India

Date of Appointment :

01.02.2001

DIN No. :

01941323

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	U28920MH1997PTC108288	SAHIB EQUIPMENTS PRIVATE LIMITED	Director	01/02/2001	01/02/2001	-	Active	NO
2	U29190MH2008PTC177786	GOBIND MECHANICALS PRIVATE LIMITED	Director	14/01/2008	14/01/2008	02/03/2011	Active	NO
3	U74999MH2008PTC178076	GURU NANAK TUBES PRIVATE LIMITED	Director	21/01/2008	21/01/2008	02/03/2011	Active	NO

Name :

Mr. Jatinder Swarandeep Matharu

Designation :

Director

Address :

E-608/609, Shreeji Heights, Palm Beach Road, Sector-46A, Nerul, Navi Mumbai – 400 706, Maharashtra, India

Date of Birth/Age :

21.10.1981

Date of Appointment :

15.03.2011

DIN No. :

01941315

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	U29190MH2008PTC177786	GOBIND MECHANICALS PRIVATE LIMITED	Director	14/01/2008	14/01/2008	02/03/2011	Active	NO
2	U74999MH2008PTC178076	GURU NANAK TUBES PRIVATE LIMITED	Director	21/01/2008	21/01/2008	02/03/2011	Active	NO
3	U28920MH1997PTC108288	SAHIB EQUIPMENTS PRIVATE LIMITED	Director	15/03/2011	15/03/2011	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Sameer Gore
Designation :	Senior Accountant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Shareholders	No. of Shares	Percentage of holding
Swarandeep Singh Matharu	60000	25.10
Ginia Matharu	27500	11.51
Jatinder Matharu	27500	11.51
Harbinder Matharu	60000	25.10
Kulwant Singh Matharu	57500	24.05
Talent Infoway Limited, India	2500	1.05
Dreamland Plaza Limited, India	3000	1.26
Pushpanjali Commodities Private Limited, India	1000	0.42
Total	239000	100.00

AS ON 30.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Directors or relatives of Directors	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Engineering Equipments.

Products :	Engineering Equipments Rolling Mill Machinery etc.

Brand Names :	Not Available

Agencies Held :	Not Available

Exports :	Not Available

Imports :
Products :	Raw Material
Countries :	Italy

Terms :
Selling :	Cash and Credit (30/ 60/ 90 days)

Purchasing :	Cash and Credit (30/ 60/ 90 days)

PRODUCTION STATUS (AS ON 31.03.2014):

Particulars	Unit	Actual Production
Rolls	Numbers	1868
Rolling Mill	Sets	133
Structure	MT	115.973

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
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 :

End Users and OEM’s

Reference :	Not Divulged
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 :

50 (Approximately)

Bankers :

Banker Name	Bank of India
Branch Address	Chakala Branch, Opposite Sangam Cinema, Sir M.V. Road, Andheri (East), Mumbai – 400 093, 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)	Cash Credit – Rs.35.000 million
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

The Thane Janata Sahakari Bank Limited, Gala No.1, Apsara Building, Plot No.51, Sector 17, Vashi, Navi Mumbai – 400 705, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG TERM BORROWINGS
Term Loan – Bank (The term loans from Thane Janata Sahakari Bank Limited are secured against the plant and machinery and other fixed assets of the company backed by collateral security of properties owned by the Directors. The loan is personally guaranteed by all the directors.)	32.995	15.265
SHORT TERM BORROWINGS
Cash Credit from Bank [Cash credit from Thane Janata Sahakari Bank Limited (P.Y. Bank of India) is secured by hypothecation of existing current assets of the company viz. stock of finished goods, bills receivable, book debts, tangible movable machineries, plant machineries, fixtures, fittings other installation, furniture etc. and all other moveable current assets both present and future. The loans are also supported with collateral security of the assets/ properties owned by the directors and personal guarantees. All the loans are repayable on demand]	13.009	12.403
Total	46.004	27.668

Banking Relations :	--

Auditors :
Name :	RCS and Associates Chartered Accountants
Address :	1307, Cosmos Tower, Sarovar Vihar Road, Navi Mumbai – 400 614, Maharashtra, India
PAN No.:	ANZPS4640L

Memberships :	Not Available

Collaborators :	Not Available

Associate Concern :	Technomech Engineering Gurunanak Tubes Private Limited

CAPITAL STRUCTURE

AS ON 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
250000	Equity Shares	Rs.10/- each	Rs.2.500 million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
239000	Equity Shares	Rs.10/- each	Rs.2.390 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	2.390	2.390	2.189
(b) Reserves & Surplus	17.410	16.439	15.475
(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)	19.800	18.829	17.664

(3) Non-Current Liabilities
(a) Long-term borrowings	32.995	15.265	1.262
(b) Deferred tax liabilities (Net)	3.185	2.836	2.675
(c) Other long term liabilities	1.469	2.700	1.200
(d) Long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	37.649	20.801	5.137

(4) Current Liabilities
(a) Short term borrowings	19.803	20.444	10.749
(b) Trade payables	45.587	51.869	43.510
(c) Other current liabilities	10.714	14.901	17.837
(d) Short-term provisions	0.868	0.981	0.747
Total Current Liabilities (4)	76.972	88.195	72.843

TOTAL	134.421	127.825	95.644

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	36.605	33.021	28.400
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	33.452	12.801	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	1.500	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	70.057	47.322	28.400

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	28.531	18.897	21.017
(c) Trade receivables	14.243	41.822	20.031
(d) Cash and cash equivalents	3.321	4.141	2.867
(e) Short-term loans and advances	13.497	12.763	21.481
(f) Other current assets	4.772	2.880	1.848
Total Current Assets	64.364	80.503	67.244

TOTAL	134.421	127.825	95.644

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	86.680	101.405	67.906
		Other Income
		TOTAL	86.680	101.405	67.906

Less	EXPENSES
		TOTAL	85.275	100.016	66.964

	PROFIT/ (LOSS) BEFORE TAX		1.405	1.389	0.942

Less	TAX		0.434	0.425	0.328

	PROFIT/ (LOSS) AFTER TAX		0.971	0.964	0.614

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		10.004	9.040	8.426

	BALANCE CARRIED TO THE B/S		10.975	10.004	9.040

	EARNINGS IN FOREIGN CURRENCY
		Income from Export Sales	0.456	10.330	0.000
	TOTAL EARNINGS		0.456	10.330	0.000

	Earnings / (Loss) Per Share (Rs.)		4.06	4.03	NA

Expected Sales (2014-2015): Rs.120.000 million

The above information has been parted by Mr. Sameer Gore (Senior Accountant).

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	1.39	1.21	0.98

Return on Investment (ROI) (PBT/Networth)		0.07	0.07	0.05

Debt Equity Ratio (Total Debt/Networth)		2.67	1.90	0.68

Current Ratio (Current Asset/Current Liability)		0.84	0.91	0.92

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(INR in Million)	(INR in Million)	(INR in Million)
Share Capital	2.189	2.390	2.390
Reserves & Surplus	15.475	16.439	17.410
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	17.664	18.829	19.800

Long Term borrowings	1.262	15.265	32.995
Short Term borrowings	10.749	20.444	19.803
Total borrowings	12.011	35.709	52.798
Debt/Equity ratio	0.680	1.896	2.667

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(INR in Million)	(INR in Million)	(INR in Million)
Total Income	67.906	101.405	86.680
		49.331	(14.521)

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(INR in Million)	(INR in Million)	(INR in Million)
Total Income	67.906	101.405	86.680
Profit	0.614	0.964	0.971
	0.90%	0.95%	1.12%

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	Yes
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	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
21]	Market information	-----
22]	Litigations that the firm / promoter involved in	-----
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	-----
26]	Buyer visit details	-----
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

CORPORATE INFORMATION:

Subject is a private limited company domiciled in India and incorporated under the provisions of the Companies Act, 1956.

The main activities of the company is supplier and manufacturer of equipments for rolling mill.

UNSECURED LOANS

PARTICULARS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
SHORT TERM BORROWINGS
Loan from
- Related Party	6.795	8.041
Total	6.795	8.041

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10506742	21/03/2014	114,500,000.00	TJSB SAHAKARI BANK LIMITED	GALA NO.1, APSARA BUILDING, PLOT NO.51, SECTOR 17, VASHI, NAVI MUMBAI, MAHARASHTRA - 400705, INDIA	C09674532
2	10008647	12/07/2008 *	35,100,000.00	BANK OF INDIA	CHAKALA BRANCH, OPPOSITE SANGAM CINEMA, SIR M. V. ROAD, ANDHERI (EAST), MUMBAI, MAHARASHTRA - 400093, INDIA	A43226745
3	90146369	14/12/2002	3,000,000.00	BANK OF INDIA	CHAKALA BRANCH, OPPOSITE SANGAMA CINEMA; SIR MV ROAD, MUMBAI, MAHARASHTRA - 400093, INDIA	-
4	90147918	18/04/2002	500,000.00	BANK OF INDIA	CHAKALA BRANCH, OPPOSITE SANGAMA CINEMA; SIR MV ROAD, MUMBAI, MAHARASHTRA - 400093, INDIA	-
5	90147474	20/06/2000	750,000.00	ANDHRA BANK	ANDHERI EAST, MUMBAI, MAHARASHTRA - 400093, INDIA	-

* Date of charge modification

CONTINGENT LIABILITIES (AS ON 31.03.2014):

a) Bank Guarantee given to Suppliers - Rs.3.837 million

b) Liabilities as may arise due to delayed/non-compliance of certain fiscal statutes - Amount unascertainable.

FIXED ASSETS

· Land

· Factory Shade

· Computers

· Office Equipments

· Plant and Machinery

· Furniture and Fixture

· Electric Installation

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.62.67
UK Pound	1	Rs.93.16
Euro	1	Rs.66.42

INFORMATION DETAILS

Information Gathered by :	PPT

Analysis Done by :	KAR

Report Prepared by :	SMN

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	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	--

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