MIRA INFORM REPORT

Report No. :	321255
Report Date :	08.05.2015

IDENTIFICATION DETAILS

Name :	PRIME COMFORT PRODUCTS PRIVATE LIMITED
Registered Office :	10, Executive Club Road, Opposite Mission Hospital, Village Chandan Hola, Mehrauli, New Delhi – 110074
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	09.11.2009
Com. Reg. No.:	195870
Capital Investment / Paid-up Capital :	Rs. 16.649 Million
CIN No.: [Company Identification No.]	U74900DL2009PTC195870
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 and Importer of Polyester and Polyether PU Foam
No. of Employees :	40 Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 720000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. Financial position of the company seems to be decent. Trade relations are reported as fair. Business is active. Payment terms are reported to be usually correct and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions. Note: As per indirect source i.e, CRISIL has suspended the rating dated on July 28, 2014 due to company is yet to provide adequate information to enable CRISIL to assess prime’s ability to service its debt. However, the rating is considered on the basis of latest financial for the year 2014 provided with us.

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	CRISIL
Rating	Long Term Rating: “D” (Suspended)
Rating Explanation	Expected to be in default.
Date	28.07.2014

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 31-03-2014.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Mr. Amit Saxena
Designation :	Finance Head
Contact No.:	91-20-3044700
Date :	05.05.2015

LOCATIONS

Registered Office :	10, Executive Club Road, Opposite Mission Hospital, Village Chandan Hola, Mehrauli, New Delhi – 110074
Tel. No. :	Not Available
Fax No. :	Not Available
E-Mail :	csnitikajain@gmail.com, amitsaxena@primecomfort.com
Website :	www.prime.comforts.com
Factory :	No.2B/2, Echotech-3, UdyogKendra, Greater Noida – 201306, Uttar Pradesh, India
Tel. No. :	91-120-3044738/3044734/3044700
Fax No. :	91-120-3044702

DIRECTORS

As on 26.09.2014

Name :

Mr. Praduman Patel

Designation :

Director

Address :

C-2, First Floor, Greater Kailash, Enclave -1, New Delhi - 110048, India

Date of Birth/Age :

30.08.1964

Date of Appointment :

09.11.2009

PAN No. :

AJHPP2206P

DIN No. :

00116756

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	U74899DL1971PTC005679	SHEELA FOAM PRIVATE LIMITED	Director	01-04-1996	01-04-1996	20-12-2009	Active	NO
2	U74899DL1999PTC102553	RG PILLOW (INDIA) PRIVATE LIMITED	Director	26-11-1999	26-11-1999	30-10-2009	Amalgamated	NO
3	U25206DL2006PTC152496	WOODBRIDGE FOAM PRIVATE LIMITED	Director	26-08-2006	26-08-2006	29-10-2009	Active	NO
4	U55101DL2009PTC188841	RUDRAKSHBEADS GARDEN AND RESORTS PRIVATE LIMITED	Director	25-03-2009	25-03-2009	-	Active	NO
5	U74900DL2009PTC195870	PRIME COMFORT PRODUCTS PRIVATE LIMITED	Director	09-11-2009	09-11-2009	-	Active	NO
6	U36100TG2013PTC090592	FORTUNE FOAM PRIVATE LIMITED	Additional director	11-08-2014	11-08-2014	-	Active	NO

Name :

Mr. Renu Patel

Designation :

Director

Address :

C-2, Greater Kailash - I, New Delhi - 110048, India

Date of Birth/Age :

04.11.1955

Date of Appointment :

09.11.2009

PAN No. :

AJHPP2207P

DIN No. :

00116931

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	U74899DL1990PTC041853	RANGOLI RESORTS PRIVATE LIMITED	Director	24-06-1997	24-06-1997	18-02-2013	Active	NO
2	U74899DL1996PTC082937	POLYFLEX MARKETING PRIVATE LIMITED	Director	30-09-2004	30-09-2004	30-10-2009	Active	NO
3	U55101DL2009PTC188841	RUDRAKSHBEADS GARDEN AND RESORTS PRIVATE LIMITED	Director	25-03-2009	25-03-2009	-	Active	NO
4	U74900DL2009PTC195870	PRIME COMFORT PRODUCTS PRIVATE LIMITED	Director	09-11-2009	09-11-2009	-	Active	NO

Name :

Mr. Suresh Kumar Malik

Designation :

Director

Address :

S-127, Greater Kailash Part II, New Delhi - 110048, India

Date of Birth/Age :

30.08.1954

Date of Appointment :

31.03.2014

DIN No. :

00955385

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U74899DL1994PTC059072	TUCANS FINLEASE PRIVATE LIMITED	Director	17-05-1994	17-05-1994	Active	NO
2	U74900DL2009PTC195870	PRIME COMFORT PRODUCTS PRIVATE LIMITED	Director	31-03-2014	31-03-2014	Active	NO

Name :

Mr. Ramni Malik

Designation :

Director

Address :

S-127, Greater Kailash Part II, New Delhi - 110048, India

Date of Birth/Age :

24.02.1953

Date of Appointment :

31.03.2014

DIN No. :

00971537

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U74899DL1994PTC059072	TUCANS FINLEASE PRIVATE LIMITED	Additional director	16-08-2010	17-05-1994	Active	NO
2	U74900DL2009PTC195870	PRIME COMFORT PRODUCTS PRIVATE LIMITED	Director	31-03-2014	31-03-2014	Active	NO

Name :

Mr. Rohan Patel

Designation :

Director

Address :

10 Executive Club Road, Mehrauli, New Delhi, 110074, INDIA

Date of Birth/Age :

17.09.1986

Date of Appointment :

01.12.2012

PAN No. :

ASJPP8428L

DIN No. :

02874359

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U51109DL1997PTC085174	AVISKAR MARAKETING PRIVATE LIMITED	Director	08-12-2009	08-12-2009	Active	NO
2	U74900DL2009PTC195870	PRIME COMFORT PRODUCTS PRIVATE LIMITED	Director	01-12-2012	01-12-2012	Active	NO

Name :

Mr. Krish Patel

Designation :

Director

Address :

C-2, Greater Kailash, Enclave -1, New Delhi - 110048, Delhi, India

Date of Birth/Age :

18.11.1988

Date of Appointment :

01.12.2012

DIN No. :

02874369

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U51109DL1997PTC085174	AVISKAR MARAKETING PRIVATE LIMITED	Director	08-12-2009	08-12-2009	Active	NO
2	U74900DL2009PTC195870	PRIME COMFORT PRODUCTS PRIVATE LIMITED	Director	01-12-2012	01-12-2012	Active	NO

Name :

Mr. Himanshu Chandulal Patel

Designation :

Director

Address :

16, Samkeet Bunglows, B/H - Hotel Grand Bhagwati, S.G Road Bodakdev, Ahemedabad-380054, Gujarat, India

Date of Birth/Age :

22.04.1953

Date of Appointment :

31.03.2014

PAN No. :

ACTPP8270L

DIN No. :

06910596

KEY EXECUTIVES

Name :	Mr. Amit Saxena
Designation :	Finance Head

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 26.09.2014

Names of Shareholders	No. of Shares	Percentage of Holding
Praduman Patel	673143	40.43
Renu Patel	241572	14.51
Krish Patel	91887	5.52
Rohan Patel	162828	9.78
Aviskar Marketing Private Limited, India	391000	23.48
Himanshu Chandulal Patel	100000	6.01
Praduman Patel HUF	4500	0.27
Total	1664930	100.00

Allottee as on 26.03.15

Name of Allottee	No of Shares
Aviskar Marketing Private Limited, India	245335
Total	245335

As on 26.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	23.00
Other top fifty shareholders	77.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Importer of Polyester and Polyether PU Foam
Products :	· Polyester PU Foam · Foam Mattress · Foam Pillows · Foam Sheet, etc
Brand Names :	--
Agencies Held :	--
Exports :
Products :	Not Divulged
Countries :	Not Divulged
Imports :
Products :	Raw Material
Countries :	· Singapore · Japan · Korea · China
Terms :
Selling :	Cash L/C and Credit
Purchasing :	Cash L/C and Credit

GENERAL INFORMATION

Suppliers :

Reference:	Overseas Polymer Private Limited, Mumbai
Name of the Person (with Designation):	Not Divulged
Contact Number:	Not Divulged
Since How Long Known:	Not Divulged
Maximum Limit Dealt:	Not Divulged
Experience :	Not Divulged
Remarks :	Not Divulged

Customers :

Wholesalers, Retailers and Manufacturer

Reference:	Atishay Coirfoam Private Limited, Haryana
Name of the Person (with Designation):	Not Divulged
Contact Number:	Not Divulged
Since How Long Known:	Not Divulged
Maximum Limit Dealt:	Not Divulged
Experience :	Not Divulged
Remarks :	Not Divulged

No. of Employees :

40 (Approximately)

Bankers :

Bank Name:	Union Bank of India
Branch:	F-14/15, Connaught Place, New Delhi-11001, India
Name of the Person (with Designation):	Not Divulged
Contact Number:	Not Divulged
Name of Account Holder:	Not Divulged
Account Number:	Not Divulged
Account Since (Date/ Year of A/c Opening):	Not Divulged
Average Balance Maintained (Optional):	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan):	Not Divulged
Account Operation:	Not Divulged
Remarks: Not Divulged

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG TERM BORROWINGS
Rupee Term Loan From Bank	102.927	138.645
Other Loan and advance, other	77.804	0.000
Total	180.731	138.645

Banking Relations :	--
Auditors :
Name :	Raj Kumar and Associates Chartered Accountants
Address :	4435/7, First Floor, Ansari Road, Daryaganj, New Delhi-110002, India
Income-tax PAN of auditor or auditor's firm :	AAAFR9008B
Memberships :	--
Collaborators :	--
Associates/Subsidiaries :	--

CAPITAL STRUCTURE

After 26.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs. 50.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1910265	Equity Shares	Rs.10/- each	Rs. 19.103 Million

As on 26.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs. 50.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1664930	Equity Shares	Rs.10/- each	Rs. 16.649 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	16.649	16.649	7.050
(b) Reserves & Surplus	233.622	200.336	94.722
(c) Money received against Share Warrants	0.000	0.000	0.000
(2) Share Application Money Pending Allotment	0.000	0.000	95.993
Total Shareholders’ Funds (1) + (2)	250.271	216.985	197.765
(3) Non-Current Liabilities
(a) Long-term Borrowings	216.32	228.25	204.427
(b) Deferred Tax Liabilities (Net)	14.979	10.381	4.817
(c) Other Long Term Liabilities	3.450	3.450	3.750
(d) Long-Term Provisions	0.000	0.000	0.000
Total Non-Current Liabilities (3)	234.749	242.081	212.994
(4) Current Liabilities
(a) Short term Borrowings	172.244	155.595	121.367
(b) Trade Payables	143.029	105.265	117.863
(c) Other Current Liabilities	16.292	27.122	12.022
(d) Short-Term Provisions	22.432	11.778	5.688
Total Current Liabilities (4)	353.997	299.760	256.940
TOTAL	839.017	758.826	667.699
II. ASSETS
(1) Non-Current Assets
(a) Fixed Assets
(i) Tangible Assets	376.395	371.648	363.605
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital Work-in-progress	0.000	0.000	0.000
(iv) Intangible Assets under Development	0.000	0.000	0.000
(b) Non-Current Investments	0.000	0.000	0.000
(c) Deferred Tax Assets (net)	0.000	0.000	0.000
(d) Long-Term Loan and Advances	0.000	0.000	0.000
(e) Other Non-Current Assets	0.049	0.098	0.147
Total Non-Current Assets	376.444	371.746	363.752
(2) Current Assets
(a) Current Investments	1.500	1.500	1.500
(b) Inventories	233.481	175.71	138.619
(c) Trade Receivables	163.072	164.443	125.328
(d) Cash and Cash Equivalents	3.614	6.704	6.557
(e) Short-Term Loans and Advances	14.478	5.005	4.615
(f) Other Current Assets	46.428	33.718	27.328
Total Current Assets	462.573	387.080	303.947
TOTAL	839.017	758.826	667.699

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	NA	931.355	714.441
		Other Income	NA	0.466	0.449
		TOTAL	NA	931.821	714.890
Less	EXPENSES		NA	901.094	NA
	PROFIT/ (LOSS) BEFORE TAX		47.533	30.727	NA
Less	TAX		17.098	11.680	NA
	PROFIT/ (LOSS) AFTER TAX		30.435	19.047	3.101
	BALANCE CARRIED TO THE B/S		30.435	19.047	3.101
	Earnings / (Loss) Per Share (Rs.)		18.28	11.44	4.40

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	NA	2.05	0.43
Return on Total Assets (PBT/Total Assets}	(%)	5.67	4.05	NA
Return on Investment (ROI) (PBT/Networth)		0.19	0.14	NA
Debt Equity Ratio (Total Debt/Networth)		1.55	1.77	1.65
Current Ratio (Current Asset/Current Liability)		1.31	1.29	1.18

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	7.050	16.649	16.649
Reserves & Surplus	94.722	200.336	233.622
Net worth	101.772	216.985	250.271
Long-term borrowings	204.427	228.250	216.320
Short term borrowings	121.366	155.595	172.244
Total borrowings	325.793	383.845	388.564
Debt/Equity ratio	3.201	1.769	1.553

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	Yes
15]	Capital in the business	No
16]	Details of sister concerns	Yes
17]	Major suppliers	Yes
18]	Major customers	Yes
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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10545134	30/12/2014	95,000,000.00	IDBI BANK LIMITED	RETAIL ASSET CENTRE, FIRST FLOOR, 54, RING ROAD, LAJPAT NAGAR, NEW DELHI - 110024, INDIA	C41468836
2	10541783	15/12/2014	315,000,000.00	UNION BANK OF INDIA	14/15 F, CONNAUGHT PLACE, NEW DELHI, NEW DELHI - 110001, INDIA	C39835186
3	10217892	10/11/2014 *	364,700,000.00	UNION BANK OF INDIA	F-14/15, CONNAUGHT PLACE BRANCH, NEW DELHI, NEW DELHI - 110001, INDIA	C34495580

* Date of charge modification

UNSECURED LOANS

PARTICULARS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG TERM BORROWINGS
Rupee Term Loans From Other	0.000	54.065
Loans and Advances From Director	35.589	35.540
SHORT TERM BORROWINGS
Working Capital Loan From Bank	172.244	155.595
Total	207.833	245.200

FIXED ASSETS

· Plant and Machinery

· Building

· Furniture and Fixture

· Office Equipment

· Vehicle

· Computer

· Generator

· Electrical 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. 63.88
UK Pound	1	Rs. 97.21
Euro	1	Rs. 72.51

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	RAS
Report Prepared by :	IND

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--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		46

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.