MIRA INFORM REPORT

Report No. :	324770
Report Date :	30.05.2015

IDENTIFICATION DETAILS

Name :	SYNPOL PRODUCTS PRIVATE LIMITED
Registered Office :	77, Guj Vepari Mahamandaludyogik Vasapet Limited, Odhav, Ahmedabad – 382415, Gujarat
Tel. No.:	91-79-22901564
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	11.12.1973
Com. Reg. No.:	04-002440
Capital Investment / Paid-up Capital :	Rs. 3.000 Million
CIN No.: [Company Identification No.]	U24299GJ1973PTC002440
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	AHMS00166F
PAN No.: [Permanent Account No.]	AADCS9255P
Legal Form :	Private Limited Liability Company.
Line of Business :	Manufacturer and Exporter of an Extensive Array of Amino Resins, Polyamide resins Epoxy Hardeners etc.
No. of Employees :	150 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba(54)

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

Maximum Credit Limit :	USD 920000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an old and well-established company having fine track record. The company has recorded a better growth in its sales turnover during 2014. Profit of the company seems to be good. There are no external borrowings recorded by the company. Financial position of the company seems to be healthy. Trade relations are fair. Business is active. Payment terms are regular and as per commitments. The company can be considered good 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 – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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.

INFORMATION PARTED BY

Name :	Mr. Given Shah
Designation :	Admin
Contact No.:	91-79-22901564
Date :	28.05.2015

LOCATIONS

Registered Office :	77, Guj Vepari, Mahamandaludyogik Vasapet Limited, Odhav, Ahmedabad – 382415, Gujarat, India
Tel. No.:	91-79-22901564/22901565
Fax No.:	91-79-22901566
E-Mail :	synpol@synpolproduts.com
Website :	http://www.synpolproducts.com
Factory 2 :	31-A/107, G. V. M. S. Audyogic Vasahat Limited, Odhav, Ahmedabad - 382415, Gujarat, India
Tel. No.:	91-79-22901564/ 65
Fax No.:	91-79-2290156/ 22901245
Mumbai Office:	D-101, Koteshwar Palace, Kole Dongari, Lane No. 4, Andheri (East), Mumbai – 400069, Maharashtra, India
Tel. No.:	91-22-26843527/ 26843463
Fax No.:	91-22-26820404
E-Mail :	mumbai@synpolproducts.com

DIRECTORS

As on 24.09.2014

Name :

Mr. Vinod Jesukhlal Kothari

Designation :

Chairman and Managing Director

Address :

5, Unique Park, Nandi Hills, Opposite ISRO Gate, Satelute Road, Ahmedabad – 380015, Gujarat, India

Date of Birth/Age :

09.07.1934

Date of Appointment :

11.12.1973

DIN No.:

00169308

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	U24299GJ1973PTC002440	SYNPOL PRODUCTS PRIVATE LIMITED	Managing director	11-12-1973	11-12-1973	-	Active	NO
2	U31200DD1993PTC001892	BHARAT RESINS PRIVATE LIMITED	Director	19-03-1993	19-03-1993	-	Active	NO

Name :

Mr. Vinay Ladharam Joshi

Designation :

Director

Address :

1502, Tivoli Center, Avenue, Hiranandani Gardens, Powai, Mumbai – 400076, Maharashtra, India

Date of Birth/Age :

21.04.1947

Date of Appointment :

11.12.1973

DIN No.:

00043600

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	U24299GJ1973PTC002440	SYNPOL PRODUCTS PRIVATE LIMITED	Director	11-12-1973	11-12-1973	-	Active	NO
2	U31200DD1993PTC001892	BHARAT RESINS PRIVATE LIMITED	Managing director	01-04-2012	19-03-1993	-	Active	NO

Name :

Mr. Parag Prabhashanker Joshi

Designation :

Director

Address :

Sector-5, Bungalow No.5, Kalhaar Bungalows, Shilaj, Ahmedabad – 380058, Gujarat, India

Date of Birth/Age :

03.01.1967

Date of Appointment :

03.07.2007

DIN No.:

01685969

Name :

Mr. Manish Prabhashanker Joshi

Designation :

Director

Address :

Sector-5, Bungalow No.5, Kalhaar Bungalows, Shilaj, Ahmedabad – 380058, Gujarat, India

Date of Birth/Age :

25.08.1968

Date of Appointment :

29.09.2007

DIN No.:

00046020

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	U31200DD1993PTC001892	BHARAT RESINS Private Limited	Director	19-03-2006	19-03-2006	-	Active	NO
2	U24299GJ1973PTC002440	SYNPOL PRODUCTS PRIVATE LIMITED	Director	29-09-2007	03-07-2007	-	Active	NO

Name :

Mr. Jesal Kirit Kothari

Designation :

Director

Address :

10, Ashni Co-operative Housing Society, Behind Aristo Ville, Satellite Road, Ahmedabad – 380015, Gujarat, India

Date of Birth/Age :

20.04.1979

Date of Appointment :

29.09.2007

DIN No.:

01685983

Name :

Ms. Sujata Vinod Kothari

Designation :

Director

Address :

5, Unique Park, Nandi Hills, Opposite JSRo Gate, Satelute Road, Ahmedabad – 380015, Gujarat, India

Date of Birth/Age :

29.09.1973

Date of Appointment :

29.09.2007

DIN No.:

02389614

Name :

Mrs. Hira Prabhashanker Joshi

Designation :

Director

Address :

Sector-5, Bungalow No.5, Kalhaar Bungalows, Shilaj, Ahmedabad – 380058, Gujarat, India

Date of Birth/Age :

02.10.1942

Date of Appointment :

29.09.2007

DIN No.:

01715503

Name :

Mr. Vikram Harsukh Kothari

Designation :

Director

Address :

10, Mount Eminence, 4^th Floor, Off. Naoroji Gamadia Road, Mumbai – 400076, Maharashtra, India

Date of Birth/Age :

29.10.1958

Date of Appointment :

29.09.2009

DIN No.:

00601155

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	U33130MH1990PTC058429	SOORYA CONTROLS PRIVATE LIMITED	Director	08-10-1990	08-10-1990	-	Active	NO
2	U65990MH1992PTC066358	SESHA INNDVATIONS PRIVATE LIMITED	Director	13-04-1992	13-04-1992	-	Strike off	NO
3	U24299GJ1973PTC002440	SYNPOL PRODUCTS PRIVATE LIMITED	Director	29-09-2009	29-11-2008	-	Active	NO
4	U31200DD1993PTC001892	BHARAT RESINS PRIVATE LIMITED	Director	30-06-2009	30-03-2009	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Given Shah
Designation :	Admin

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 24.09.2014

NOTE: SHAREHOLDING DETAILS FILE ATTABHED.

Equity Share Break up (Percentage of Total Equity)

As on 24.09.2014

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of an Extensive Array of Amino Resins, Polyamide resins Epoxy Hardeners etc.
Products :	· Resins Products · Polyamide Resins · Acrylic Resins · Polyvinyl Butyral Resins · Epoxy Resins Reactive Diluents · Ketone Formaldehyde Resins · Hardeners and Accelerators
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :
Products :	· Amino · Poymide Resins · Acrylic · Alkyd · Phenolic Resins
Countries :	· Canada · UAE · China · Sri Lanka · Bangladesh · Pakistan
Imports :
Products :	Raw Material
Countries :	USA Canada Germany China
Terms :
Selling :	Cheque and Credit
Purchasing :	Cheque and Credit

PRODUCTION STATUS NOT AVAILABLE

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 :

Retailers and End Users

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 :

150 (Approximately) )

Bankers :

Bank Name	State Bank of India
Branch	GVMSAV Limited, Odhav Branch, Odhav,, Ahmedabad - 382415, Gujarat, 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)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Financial Institution:	Indian Oil Corporation Limited, Navdeep Ashram Road, Ahmedabad - 380009, Gujarat, India
Auditors :
Name :	Vijay Shah and Company Chartered Accountants
Address :	201, Samruddhi Building, Opposite Old Gujarat High Court, Ahmedabad – 380014, Gujarat, India
PAN N Income-tax PAN of auditor or auditor's firm :	AACFV6045L
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	· Bluebell Polymers Private Limited · Superbond Adhesive Industries · Bharat Resins Limited

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
200000	Equity Shares	Rs.100/- each	Rs. 20.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
30000	Equity Shares	Rs.100/- each	Rs.3.000 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	3.000	3.000	3.000
(b) Reserves & Surplus	319.250	251.636	211.279
(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)	322.250	254.636	214.279
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	1.091	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	7.419	6.761	4.993
Total Non-current Liabilities (3)	7.419	7.852	4.993
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	23.634	22.901	20.697
(c) Other current liabilities	7.445	7.997	10.059
(d) Short-term provisions	5.565	12.645	11.995
Total Current Liabilities (4)	36.644	43.543	42.751
TOTAL	366.313	306.031	262.023
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	67.914	81.996	24.027
(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	2.124	3.784	3.784
(c) Deferred tax assets (net)	4.028	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	13.650
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	74.066	85.780	41.461
(2) Current assets
(a) Current investments	134.889	12.502	83.921
(b) Inventories	51.011	43.388	39.662
(c) Trade receivables	68.536	65.769	56.507
(d) Cash and cash equivalents	19.617	79.844	24.171
(e) Short-term loans and advances	18.099	18.590	16.218
(f) Other current assets	0.095	0.158	0.083
Total Current Assets	292.247	220.251	220.562
TOTAL	366.313	306.031	262.023

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	436.457	382.409	351.291
	Other Income	14.178	13.041	7.957
	TOTAL (A)	450.635	395.450	359.248
Less	EXPENSES
	Cost of Materials Consumed	235.771	221.347	202.681
	Purchases of Stock-in-Trade	2.283	3.475	4.181
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	0.493	(3.017)	(3.345)
	Employees benefits expense	34.873	34.894	27.471
	Other expenses	55.738	50.576	47.025
	TOTAL (B)	329.158	307.275	278.013
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	121.477	88.175	81.235
Less	FINANCIAL EXPENSES (D)	0.016	0.036	0.018
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	121.461	88.139	81.217
Less/ Add	DEPRECIATION/ AMORTISATION (F)	14.358	14.483	4.548
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	107.103	73.656	76.669
Less	TAX (H)	33.182	22.307	24.005
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	73.921	51.349	52.664
	IMPORTS
	Raw Materials	46.619	37.878	31.847
	TOTAL IMPORTS	46.619	37.878	31.847
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD (K)	179.606	146.750	105.832
Less	APPROPRIATIONS
	Transfer to General Reserve	11.007	7.500	7.500
	Dividend	3.000	9.000	9.000
	Tax on Dividend	0.509	1.529	1.460
	Total (M)	14.516	18.029	17.960
	Balance Carried to the B/S (J+K+L-M)	236.213	179.606	146.750
	Earnings / (Loss) Per Share (Rs.)	2464	1712	1765

Particulars	31.03.2015
Sales Turnover (Approximately)	450.000

The above information has been parted by Mr. Giren Shah (Admin)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	16.94	13.43	14.99
Operating Profit Margin (PBIDT/Sales)	(%)	27.83	23.06	23.12
Return on Total Assets (PBT/Total Assets}	(%)	29.74	24.37	29.69
Return on Investment (ROI) (PBT/Networth)		0.33	0.29	0.36
Debt Equity Ratio (Total Debt /Networth)		0.00	0.00	0.00
Current Ratio (Current Asset/Current Liability)		7.98	5.06	5.16

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	3.000	3.000	3.000
Reserves & Surplus	211.279	251.636	319.250
Net worth	214.279	254.636	322.250
long-term borrowings	0.000	0.000	0.000
Short term borrowings	0.000	0.000	0.000
Total borrowings	0.000	0.000	0.000
Debt/Equity ratio	0.000	0.000	0.000

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	351.291	382.409	436.457
		8.858	14.134

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	351.291	382.409	436.457
Profit	52.664	51.349	73.921
	14.99%	13.43%	16.94%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	Yes
16	No. of employees	Yes
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	No
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last four years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	No
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	80027499	08/06/2010 *	27,000,000.00	STATE BANK OF INDIA	GVMSAV LTD,ODHAV BRANCH,, ODHAV,, AHMEDABAD, GUJA  RAT - 382415, INDIA	A88322136
2	90111062	08/06/2010 *	27,000,000.00	STATE BANK OF INDIA	GVMSAV LTD,ODHAV BRANCH,, ODHAV,, AHMEDABAD, GUJA  RAT - 382415, INDIA	A88322102

* Date of charge modification

FIXED ASSETS

• Land
• Building
• Plant and Machinery
• Furniture and Fixture
• Office Equipments
• Computer
• Vehicles

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No 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.63.76
UK Pound	1	Rs.97.80
Euro	1	Rs.69.91

INFORMATION DETAILS

Information Gathered by :	SUV
Analysis Done by :	RAS
Report Prepared by :	GTA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	7
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		54

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.