MIRA INFORM REPORT

Report No. :	348256
Report Date :	03.11.2015

IDENTIFICATION DETAILS

Name :	PARLE ELIZABETH TOOLS PRIVATE LIMITED
Registered Office :	Plot No.9, Gala No.2, 102 and 202, Rajvidesh Building, Prime Industrial Complex, Sativali Road, Waliv, Vasai Road (East), Thane – 401 208, Maharashtra
Tel. No.:	91-250-6456838
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	27.06.2008
Com. Reg. No.:	11-184067
Capital Investment / Paid-up Capital :	Rs. 1.308 Million
CIN No.: [Company Identification No.]	U51504MH2008PTC184067
IEC No.:	0308053222
TAN No.: [Tax Deduction & Collection Account No.]	PNEP12532C
PAN No.: [Permanent Account No.]	AAECP7357A
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Exporter and Importer of Pharma Tooling, Pharma Machinery Solutions, Packaging Machinery Solutions, Food and Beverage Machinery.
No. of Employees :	250 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Maximum Credit Limit :	USD 600000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is a private limited company incorporated in the year 2008, having satisfactory track. Elizabeth Carbide Die Co. Inc, USA holds 50% stake in the company and 37.50% hold by Parle Global Technologies Private Limited, India. Rating takes into consideration the strong financial risk profile of the company marked by adequate networth base and comfortable gearing in FY14. Further he company has reported significant increase in sales turnover and net profit along with decent profit margin of nearly 6.89% in the year under consideration. General financial position of the company reported to be sound and healthy. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. The company can be considered for business dealings with 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 31-03-2015.

INFORMATION PARTED BY

Name :	Mr. Vivek Patil
Designation :	Senior Executive Finance
Contact No.:	91-250-6456838
Date :	02.11.2015

LOCATIONS

Registered Office :	Plot No.9, Gala No.2, 102 and 202, Rajvidesh Building, Prime Industrial Complex, Sativali Road, Waliv, Vasai Road (East), Thane – 401 208, Maharashtra, India
Tel. No.:	91-250-6456838
Fax No.:	91-250-2452842
E-Mail :	finance@parleglobal.com
Website :	http://www.parle-elizabeth.com
Ahmedabad Unit :	10/407, New Ahmedabad Industrial Estate, Opposite Intas Biopharmaceuticals, Sarkhej-Bavla Road, Village: Moraiya, Taluka-Sanand, Ahmedabad – 382 213, Gujarat, India
Ahmedabad 2^nd Unit :	9-10, Ratnamani Estate, Opposite Chehar Mata Mandir, B/H. Bharat.Weigh Bridge, Sarkhej – Bavla Highway, Changodar, Ahmedabad – 382 213, Gujarat, India
Branch Office :	V-205, Venus Parkland, Near Vejalpur Bus Stand, Vejalpur, Ahmedabad, Gujarat, India

DIRECTORS

AS ON 10.09.2014

Name :

Mr. Mahendra Rajmal Mehta

Designation :

Managing Director

Address :

702, Prangan, TPS V, 15, Malviya Road, Vile Parle (East), Mumbai – 400 057, Maharashtra, India.

Date of Birth/Age :

26.12.1972

Date of Appointment :

07.07.2008

DIN No.:

00266038

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	U24239MH1983PTC031397	PARLE GLOBAL TECHNOLOGIES PRIVATE LIMITED	Director	01-04-1995	01-04-1995	-	Active	NO
2	U29297MH2005PTC158506	PARLE TOOLS INTERNATIONAL PRIVATE LIMITED	Director	30-12-2005	30-12-2005	-	Amalgamated	NO
3	U51504MH2008PTC184067	PARLE ELIZABETH TOOLS PRIVATE LIMITED	Managing director	07-07-2008	27-06-2008	-	Active	NO
4	U29253MH2013PTC242037	PARLE KOVAI MACHINERY PRIVATE LIMITED	Director	18-04-2013	18-04-2013	-	Active	NO
5	U72900MH2013PTC244705	CNCTIMES PRIVATE LIMITED	Director	20-06-2013	20-06-2013	-	Active	NO
6	U29253MH2014PTC258985	PARLE LEEPACK MACHINERY PRIVATE LIMITED	Director	30-10-2014	30-10-2014	-	Active	NO

Name :

Mr. Rajmal Lavji Mehta

Designation :

Director

Address :

702, Prangan, TPS V, 15, Malviya Road, Vile Parle (East), Mumbai – 400 057, Maharashtra, India.

Date of Birth/Age :

14.04.1947

Date of Appointment :

07.07.2008

DIN No.:

00265958

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	U24239MH1983PTC031397	PARLE GLOBAL TECHNOLOGIES PRIVATE LIMITED	Managing director	01-11-2006	21-11-1983	-	Active	NO
2	U29297MH2005PTC158506	PARLE TOOLS INTERNATIONAL PRIVATE LIMITED	Director	30-12-2005	30-12-2005	-	Amalgamated	NO
3	U51504MH2008PTC184067	PARLE ELIZABETH TOOLS PRIVATE LIMITED	Director	07-07-2008	27-06-2008	-	Active	NO
4	U29253MH2013PTC242037	PARLE KOVAI MACHINERY PRIVATE LIMITED	Director	18-04-2013	18-04-2013	-	Active	NO
5	U29253MH2014PTC258985	PARLE LEEPACK MACHINERY PRIVATE LIMITED	Director	30-10-2014	30-10-2014	-	Active	NO

Name :

Mr. Alokchandra Abinashchandra Gupta

Designation :

Director

Address :

Flat No 2, 1^st Floor, Rasbh Avan, Plot No.159, Sector 28, Vashi, Navi Mumbai – 400 703, Maharashtra, India

Date of Birth/Age :

30.08.1965

Date of Appointment :

23.06.2009

DIN No.:

00764478

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	U24299GJ1987PLC009942	RUBAMIN LIMITED	Director	23-08-2007	01-09-2006	01-01-2008	Active	NO
2	U24119DL2005PTC203507	J AND K PIGMENTS PRIVATE LIMITED	Director	10-08-2007	16-01-2007	01-01-2008	Amalgamated	NO
3	U51504MH2008PTC184067	PARLE ELIZABETH TOOLS PRIVATE LIMITED	Director	23-06-2009	07-07-2008	-	Active	NO
4	U01120MP1996PTC010571	INDUS EXIMTECH PRIVATE LIMITED	Director	16-03-2009	16-03-2009	-	Active	NO
5	U26929MP2010PTC023473	BAAN ADHESIVES PRIVATE LIMITED	Director	30-04-2010	30-04-2010	-	Active	NO

Name :

Mr. David Donald Keefer

Designation :

Director

Address :

412, Arden Drive, Monro Ville, 15146, U.S.A.

Date of Birth/Age :

18.09.1948

Date of Appointment :

23.06.2009

DIN No.:

02261308

KEY EXECUTIVES

Name :	Mr. Vivek Patil
Designation :	Senior Executive Finance

MAJOR SHAREHOLDERS

AS ON 10.09.2014

Names of Shareholders	No. of Shares	%age holding
Rajmal Lavji Mehta	8172	6.25
Mahendra Rajmal Mehta	8172	6.25
Elizabeth Carbide Die Co. Inc, USA	65379	50.00
Parle Global Technologies Private Limited , India	49035	37.50
Total	130758	100.00

AS ON 09.10.2014

Names of Allottees	No. of Shares
Elizabeth Carbide Die Co. Inc, USA	12474
Rajmal Lavji Mehta	1559
Mahendra Rajmal Mehta	1559
Parle Global Technologies Private Limited , India	9356
Total	24948

Equity Share Break up (Percentage of Total Equity)

AS ON 10.09.2014

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	50.00
Bodies corporate	37.50
Directors or relatives of Directors	12.50
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Exporter and Importer of Pharma Tooling, Pharma Machinery Solutions, Packaging Machinery Solutions, Food and Beverage Machinery.
Products :	Pharma Tooling Pharma Machinery Solutions Packaging Machinery Solutions Food and Beverage Machinery.
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :
Products :	Finished Goods
Countries :	USA Russia
Imports :
Products :	Raw Material
Countries :	USA
Terms :
Selling :	Depend
Purchasing :	Depend

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 :

End Users and Others

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 :

250 (Approximately)

Bankers :

• Bank of Baroda, Vile Parle (West) Branch, Samaiya Sadan, Mumbai, Maharashtra, India

Banker Name	HDFC Bank Limited
Branch Address	HDFC Bank Housesenapati Bapat Marg, Lower Parel W, Mumbai - 400013, 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)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Auditors :
Name :	M.L. Sharma and Company Chartered Accountants
Address :	Maheshwari Sadan, Behind Parasmani Mall, Jayendra Ganj, Gwalior – 474 009, Madhya Pradesh, India
Tel. No.:	91-751-2320120
E-Mail :	spect2576@rediffmail.com
PAN N Income-tax PAN of auditor or auditor's firm :	ACLPG8637Q
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

After 10.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
200000	Equity Shares	Rs.10/- each	Rs.2.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
155706	Equity Shares	Rs.10/- each	Rs.1.557 Million

AS ON 10.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
200000	Equity Shares	Rs.10/- each	Rs.2.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
130758	Equity Shares	Rs.10/- each	Rs.1.308 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	1.308	1.308	0.800
(b) Reserves & Surplus	198.779	161.968	99.312
(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)	200.087	163.276	100.112
(3) Non-Current Liabilities
(a) long-term borrowings	42.875	32.159	68.707
(b) Deferred tax liabilities (Net)	12.327	9.252	6.362
(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)	55.202	41.411	75.069
(4) Current Liabilities
(a) Short term borrowings	50.774	59.235	19.667
(b) Trade payables	96.563	62.762	54.061
(c) Other current liabilities	41.862	28.765	35.320
(d) Short-term provisions	32.479	18.569	5.200
Total Current Liabilities (4)	221.678	169.332	114.248
TOTAL	476.967	374.018	289.429
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	185.072	154.561	122.452
(ii) Intangible Assets	7.007	3.672	3.311
(iii) Capital work-in-progress	3.557	0.475	14.410
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	13.575	10.000	10.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	5.788	5.227	3.065
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	214.999	173.935	153.238
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	95.910	58.622	46.334
(c) Trade receivables	99.329	89.318	62.863
(d) Cash and cash equivalents	11.983	21.417	8.385
(e) Short-term loans and advances	54.746	30.726	18.608
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	261.968	200.083	136.190
TOTAL	476.967	374.018	289.428

PROFIT & LOSS ACCOUNT

PARTICULARS	31.03.2014	31.03.2013	31.03.2012
SALES
Gross Turnover/ Receipts	536.156	456.252	291.025
Other Income	NA	NA	NA
TOTAL	NA	NA	NA
EXPENSES	NA	NA	NA
PROFIT/ (LOSS) BEFORE TAX	55.528	45.691	8.031
TAX	18.531	15.022	4.372
PROFIT/ (LOSS) AFTER TAX	36.960	31.591	4.676
APPROPRIATIONS
Transfer to General Reserve	1.000	1.000	1.000
Total (M)	1.000	1.000	1.000
Earnings / (Loss) Per Share (Rs.)	282.65	241.59	35.76

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
Net cash flow from (used in) operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	12.08	12.57	3.03
Return on Investment (ROI) (PBT/Networth)		0.28	0.28	0.08
Debt Equity Ratio (Total Debt /Networth)		0.47	0.56	0.88
Current Ratio (Current Asset/Current Liability)		1.18	1.18	1.19

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	0.800	1.308	1.308
Reserves & Surplus	99.312	161.968	198.779
Net worth	100.112	163.276	200.087
long-term borrowings	68.707	32.159	42.875
Short term borrowings	19.667	59.236	50.774
Total borrowings	88.374	91.395	93.649
Debt/Equity ratio	0.883	0.560	0.468

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)
Gross Turnover/ Receipts	291.025	456.252	536.156
		56.774	17.513

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Gross Turnover/ Receipts	291.025	456.252	536.156
Profit	4.676	31.591	36.960
	1.61%	6.92%	6.89%

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	No
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 three 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

TURNOVER AND PROFIT:

During the Year ended 31.03.2014 Gross Turnover/Receipts achieved is Rs. 536.156 Million. The increased demand can be attributed to increase in exports and increased demand in domestic market. The decision of the Company to optimize the product mix, better capacity utilization and strengthening of marketing channel resulted in improvement in sales. Profit after tax Rs. 36.960 Million.

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10530415	13/10/2014	40,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA	C33111634
2	10513937	08/08/2014	156,390,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA	C15670987
3	10240291	08/08/2014 *	285,890,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA	C15669781

* Date of charge modification

FIXED ASSETS

Tangible Assets

· Plant and Machinery

· Revaluation - Plant and Machinery

· Electrical Installations

· Air Conditioner

· Generator

· Tools and Equipment

· Vehicle

· Office Equipment

· Computers

· Furniture and Fixtures

Intangible Assets

· 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 records 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.65.47
UK Pound	1	Rs.101.06
Euro	1	Rs.72.21

INFORMATION DETAILS

Information Gathered by :	SUP
Analysis Done by :	KIN
Report Prepared by :	SUJ

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	6
--PROFITABILITY	1~10	6
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		48

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.