MIRA INFORM REPORT

Report No. :	321829
Report Date :	09.05.2015

IDENTIFICATION DETAILS

Name :	BOROCHEMIE (INDIA) PRIVATE LIMITED
Registered Office :	40-44A, Dheeraj Heritage, 4th Floor, S. V. Road, Santacruz (West), Mumbai – 400054, Maharashtra
Tel. No.:	91-22-26603166/ 26603373/ 26603168
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	06.05.1999
Com. Reg. No.:	11-119753
Capital Investment / Paid-up Capital :	Rs. 9.800 Million
CIN No.: [Company Identification No.]	U51900MH1999PTC119753
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 :	Trader of Borochemie products.
No. of Employees :	9 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

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

Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are fair. Business is active. Payment terms are reported as slow but correct. The company can be considered for business dealings at usual trade terms and conditions.

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	“SE 1A”
Rating Explanation	High financial strength and highest performance capability.
Date	December 2014

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2014.

INFORMATION PARTED BY

Name :	Ms. Monika
Designation :	Account Department
Contact No.:	91-22-26603166
Date :	23.04.2015

LOCATIONS

Registered Office :	40-44A, Dheeraj Heritage, 4th Floor, S. V. Road, Santacruz (West), Mumbai – 400054, Maharashtra
Tel. No.:	91-22-26603166/ 26603373/ 26603168
Fax No.:	91-22-26601960
E-Mail :	marketing@borochem.net
Location :	Owned
Head Office :	803, Habtown Solaris, 8th Floor, N. S. Phadke Marg, Near East West Flyover Andheri (E), Mumbai-400069, Maharashtra, India
Tel. No.:	91-22-61509696
Fax No.:	91-22-61509600

DIRECTORS

As on: 30.09.2014

Name :

Mr. Alakh Natvarlal Shah

Designation :

Director

Address :

B/7, Parishram C.H. Society, Flat No. 31, 3rd Floor,, Khira Nagar, S.V. Road, Santacruz - W, Mumbai - 400054, Maharashtra, India

Date of Birth/Age :

25.08.1948

Date of Appointment :

26.11.2004

Voter ID No

F8293890

DIN No.:

00089100

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	U24110MH1979PTC021038	ROOP RASAYAN INDUSTRIES PRIVATE LIMITED	Managing director	06/03/1979	06/03/1979	-	Active	NO
2	U51900MH1999PTC119753	BOROCHEMIE (INDIA) PRIVATE LIMITED	Director	26/11/2004	26/11/2004	-	Active	NO
3	U24100MH2007PTC170487	Raj Borax Private Limited	Director	01/05/2007	01/05/2007	-	Active	NO
4	AAA-4508	ALGIR CHEMICALS LLP	Designated Partner	18/04/2011	18/04/2011	-	Active	NO

Name :

Mr. Girish Dinesh Mehta

Designation :

Director

Address :

4, Jai Ghanshyam Krupa C.H.S., 15, Lajpatrai Road, Vile Parle West, Mumbai - 400056, Maharashtra, India

Date of Birth/Age :

28.05.1959

Date of Appointment :

30.09.2000

Voter ID No

F4200654

DIN No.:

00093758

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	U51900MH1999PTC119753	BOROCHEMIE (INDIA) PRIVATE LIMITED	Director	30/09/2000	30/09/2000	-	Active	NO
2	U24110MH1979PTC021038	ROOP RASAYAN INDUSTRIES PRIVATE LIMITED	Whole-time director	01/12/2004	01/12/2004	-	Active	NO
3	U24100MH2007PTC170487	Raj Borax Private Limited	Director	01/05/2007	01/05/2007	-	Active	NO
4	AAA-4508	ALGIR CHEMICALS LLP	Designated Partner	18/04/2011	18/04/2011	-	Active	NO

Name :

Mr. Suresh Balchandra Shukla

Designation :

Director

Address :

25-A, Besant Street, Santacruz - West, Mumbai-400054, Maharashtra, India

Date of Birth/Age :

23.05.1932

Date of Appointment :

26.09.2008

Voter ID No

G 0600620

DIN No.:

00093903

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	U24110MH1979PTC021038	ROOP RASAYAN INDUSTRIES PRIVATE LIMITED	Director	06/03/1979	06/03/1979	-	Active	NO
2	U24100MH2007PTC170487	Raj Borax Private Limited	Director	01/05/2007	01/05/2007	-	Active	NO
3	U51900MH1999PTC119753	BOROCHEMIE (INDIA) PRIVATE LIMITED	Director	26/09/2008	26/09/2008	-	Active	NO
4	U74990MH2011PTC215861	ADIV Pure Nature Products Private Limited	Director	06/04/2011	06/04/2011	-	Active	NO

Name :

Mr. Naresh Balchandra Shukla

Designation :

Director

Address :

4, 1st Floor, Jay Ghanshyam Kripa 15-16, Lajpatrai St., Vile Parle - West, Mumbai - 400056, Maharashtra, India

Date of Birth/Age :

06.09.1949

Date of Appointment :

30.09.2000

Voter ID No

E9452103

DIN No.:

00093992

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	U51900MH1999PTC119753	BOROCHEMIE (INDIA) PRIVATE LIMITED	Director	30/09/2000	30/09/2000	-	Active	NO
2	U24110MH1979PTC021038	ROOP RASAYAN INDUSTRIES PRIVATE LIMITED	Director	30/09/2008	15/02/2008	-	Active	NO

Name :

Mr. Ismail Enes Algan

Designation :

Director

Address :

Korupark Sokak Korupark Sitesi, A Blok Daire 1 Suadiye, Kadikoy Istanbul, 34726, Turkey

Date of Birth/Age :

09.17.1954

Date of Appointment :

30.09.2000

Voter ID No

TR-T 788588

DIN No.:

00164640

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	U51900MH1999PTC119753	BOROCHEMIE (INDIA) PRIVATE LIMITED	Director	30/09/2000	30/09/2000	-	Active	NO
2	U24100MH2007PTC170487	Raj Borax Private Limited	Director	26/09/2008	27/11/2007	-	Active	NO

Name :

Mr. Ahmet Korkut Yakal

Designation :

Director

Address :

Erguvan Sk, Akdag Apt N 4 D 3 K 2, Fenerbahce, Istanbul, 34726, Turkey

Date of Birth/Age :

29.04.1951

Date of Appointment :

30.09.2000

Voter ID No

G0600620

DIN No.:

01321645

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	U51900MH1999PTC119753	BOROCHEMIE (INDIA) PRIVATE LIMITED	Director	30/09/2000	30/09/2000	-	Active	NO
2	U24100MH2007PTC170487	Raj Borax Private Limited	Director	26/09/2008	27/11/2007	-	Active	NO

KEY EXECUTIVES

Name :	Ms. Monika
Designation :	Account Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.09.2014

Names of Shareholders	No. of Shares
Sun Arise Limited, Hong Kong	249984
Alakh Natvarlal Shah	244992
Girish Dinehschandra Mehta	244992
Ismal Enes Algan	120000
Ahmet Korkut Yakal	120000
Total	979968

Equity Share Break up (Percentage of Total Equity)

As on: 30.09.2014

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	25.51
Directors or relatives of Directors	74.49
Total	100.00

BUSINESS DETAILS

Line of Business :	Trader of Borochemie products.
Products :	Borochemie products
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	Not Divulged

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

9 (Approximately)

Bankers :

Bank of India, Santacruz Branch, Solitaire; S.V. Road; Santacruz (West), Mumbai - 400054, Maharashtra, India

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Short-term borrowings
Working capital loan payable on demand from banks	25.679	19.772
Buyers credit	14.322	32.973
Total	40.001	52.745

• Cash credit facility is secured against primary security of stock and book debts of the company.
• Buyer’s credit facility is secured against primary security of fixed deposit of the company.
• The both facilities are secured by collateral security on Industrial galas at vasai of the company. It is further secured by collateral security of Office premises owned by Roop Rasayan industries Private Limited.

Auditors :
Name :	R. R. Shah and Associates Chartered Accountants
Address :	T-1, 6th Floor, Sunbeam Chambers, 7, Vithaldas Thackersy Marg, New Marine Lines, Mumbai-400020, Maharashtra, India
PAN N Income-tax PAN of auditor or auditor's firm :	AAAFR2388A
Memberships :	Not Available
Collaborators :	Not Available
Enterprises Owned or Significantly In fluently management personal of their relatives (31.03.2013):	Raj Borax Limited Rasayan Industries Private Limited Borochemie International Pte Limited Algir Chemical LLP Asian Agro Chemicals Corporation

CAPITAL STRUCTURE

As on 31.03.2014

Authorized Capital:

No. of Shares	Type	Value	Amount
5,000,000	Equity Shares	Rs.10/- each	Rs. 50.000 Million

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
979,968	Equity Shares	Rs.10/- each	Rs. 9.800 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	9.800	9.800	9.800
(b) Reserves & Surplus	21.447	14.750	6.027
(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)	31.247	24.550	15.827
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.784
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(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)	0.000	0.000	0.784
(4) Current Liabilities
(a) Short term borrowings	61.881	75.197	6.520
(b) Trade payables	42.214	39.084	26.756
(c) Other current liabilities	1.072	3.597	6.057
(d) Short-term provisions	0.000	3.609	2.481
Total Current Liabilities (4)	105.167	121.487	41.814
TOTAL	136.414	146.037	58.425
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	3.958	4.980	5.761
(ii) Intangible Assets	0.122	0.082	0.017
(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)	0.296	0.262	0.188
(d) Long-term Loan and Advances	1.129	1.294	0.994
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	5.505	6.618	6.960
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	25.259	49.121	23.777
(c) Trade receivables	51.043	53.649	15.200
(d) Cash and cash equivalents	12.680	34.567	8.247
(e) Short-term loans and advances	2.257	2.082	4.241
(f) Other current assets	39.670	0.000	0.000
Total Current Assets	130.909	139.419	51.465
TOTAL	136.414	146.037	58.425

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	660.919	560.195	228.056
		Other Income	14.535	15.232	2.803
		TOTAL	675.454	575.427	230.859
Less	EXPENSES		657.573	559.197	224.005
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		17.881	16.230	6.854
Less/ Add	DEPRECIATION/ AMORTISATION		1.133	1.284	1.628
	PROFIT BEFORE TAX		16.748	14.946	5.226
Less	TAX		5.465	5.076	1.687
	PROFIT AFTER TAX		11.283	9.870	3.539
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		12.425	4.702	2.677
Less	APPROPRIATIONS
		Transfer to General Reserve	1.200	1.000	0.375
		Proposed Dividend	0.000	0.980	0.980
		Interium Dividend	3.920	0.000	0.000
		Tax on Dividend	0.666	0.167	0.159
	BALANCE CARRIED TO THE B/S		17.922	12.425	4.702
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	456.992	342.921	1.260
	TOTAL EARNINGS		456.992	342.921	1.260
	IMPORTS
		Raw Materials	568.252	522.366	197.054
	TOTAL IMPORTS		568.252	522.366	197.054
	Earnings Per Share (Rs.)		11.51	10.07	3.61

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	1.71	1.76	1.55
Return on Total Assets (PBT/Total Assets}	(%)	12.30	10.25	8.97
Return on Investment (ROI) (PBT/Networth)		0.54	0.61	0.33
Debt Equity Ratio (Total Debt /Networth)		1.98	3.06	0.46
Current Ratio (Current Asset/Current Liability)		1.24	1.15	1.23

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	9.800	9.800	9.800
Reserves & Surplus	6.027	14.750	21.447
Net worth	15.827	24.550	31.247
long-term borrowings	0.784	0.000	0.000
Short term borrowings	6.520	75.197	61.881
Total borrowings	7.304	75.197	61.881
Debt/Equity ratio	0.461	3.063	1.980

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	228.056	560.195	660.919
		145.639	17.980

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	228.056	560.195	660.919
Profit	3.539	9.870	11.283
	1.55%	1.76%	1.71%

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	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	Yes
34]	External Agency Rating, if available	Yes

ACTIVITIES OF THE COMPANY:

Sales of the company is increased to Rs. 675.400 million in the year 2013-14 compared to Rs. 675.400 Million in the year 2012-13. Similarly the profit after Tax for the year is increased to Rs. 11.300 Million for the year 2013-14 compered to Rs. 9.900 Million in the last year 2012-13.

UNSECURED LOAN

Particular	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Short-term borrowings
From Director	21.880	22.452
Total	21.880	22.452

INDEX OF CAHREGS:

S. NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	90140866	20/05/2014 *	115,000,000.00	Bank of India	SANTACRUZ BRANCH, GREEN BUNGLOW, SOLITAIRE, S.V. ROAD, SANTACRUZ (WEST), MUMBAI - 400054, MAHARASHTRA, INDIA	C07009103
2	90143267	17/06/2004 *	800,000.00	BANK OF INDIA	SANTACRUZ (W) BRANCH, MUMBAI - 400054, MAHARASHTRA, INDIA	-

* Date of charge modification

FIXED ASSETS:

• Factory Building
• Office Equipment
• Computer Hardware
• Furniture and Fixture
• Vehicle
• Computer software

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.64.05
UK Pound	1	Rs.99.04
Euro	1	Rs.71.76

INFORMATION DETAILS

Information Gathered by :	KMN
Analysis Done by :	SUB
Report Prepared by :	MTN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--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	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		44

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.