MIRA INFORM REPORT

Report No. :	350436
Report Date :	17.11.2015

IDENTIFICATION DETAILS

Name :	J P POLYMERS PRIVATE LIMITED
Registered Office :	Unit No. 601, Western Edge-I, Western Express Highway, Borivali (East), Mumbai-400066, Maharashtra
Tel. No.:	91-22-67895500/ 67895577
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	21.09.2004
Com. Reg. No.:	11-148732
Capital Investment / Paid-up Capital :	Rs. 2.746 Million
CIN No.: [Company Identification No.]	U24134MH2004PTC148732
IEC No.:	0304058912
TAN No.: [Tax Deduction & Collection Account No.]	MUMJ10410B
PAN No.: [Permanent Account No.]	AABCJ4550A
Legal Form :	Private Limited Liability Company
Line of Business :	Importer and Trader of Engineering Polymers.
No. of Employees :	35 (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

Maximum Credit Limit :	USD 368300
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Rating takes into consideration the sound financial risk profile of the company marked by adequate net worth base and comfortable gearing. Management has almost witnessed a stable revenue base, whereas reported a decline in its net profitability during FY14. However, trade relations are fair. Business is active. Payment terms are reported to be slow but 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

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. Devesh Lakhani
Designation :	Accountant
Contact No.:	91-22-67895555

LOCATIONS

Registered Office :	Unit No. 601, Western Edge-I, Western Express Highway, Borivali (East), Mumbai-400066, Maharashtra, India
Tel. No.:	91-22-67895500/ 67895577/ 44244424
Fax No.:	91-22-67895500
E-Mail :	accounts@jppolymers.in jiten.mathurea@jppolymers.in
Website :	www.jppolymers.in
Location :	Owned
Locality :	Commercial
Branch Office :	N. A. S B-9, Godown II, 5-B.90, Godown No.111, 5-B-6 B P, Near Biharimandi, NIT, Faridabad-121001, Haryana, India
Warehouse :	Survey No. 30, Building No. A-5, Gala No. 3 to 6, Ground Floor, Parasnath Complex, Padaji East, Valpada, Bhiwandi, Thane-421302, Maharashtra, India
Other Branch Offices :	Located at: · Mumbai · Bhiwandi · Bangalore · Chennai

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Jiten Prataprai Mathuria

Designation :

Director

Address :

A-1702, Panchsheel Heights, A and B CHS, Mahavir Nagar, Kandivali (West), Mumbai-400067, Maharashtra, India

Date of Birth/Age :

16.07.1973

Date of Appointment :

21.09.2004

PAN No.:

ABXPM9764B

DIN No.:

00297090

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	U24134MH2004PTC148732	J P POLYMERS PRIVATE LIMITED	Director	21-09-2004	21-09-2004	Active	NO
2	U25209MH2006PLC163933	NEXT POLYMERS LIMITED	Director	21-08-2006	21-08-2006	Active	NO
3	U74999MH2010PLC204184	J. P. PLASCHEM LIMITED	Director	17-05-2011	14-06-2010	Active	NO
4	AAE-6061	NEXT SOFTECH LLP	Designated Partner	20-08-2015	20-08-2015	Active	NO

Name :

Mr. Prataprai Pranjivandas Mathuria

Designation :

Director

Address :

A/1702, Panchsheel Heights, Mahavir Nagar, Kandivali (West), Mumbai- 400067, Maharashtra, India

Date of Birth/Age :

27.06.1943

Date of Appointment :

21.09.2004

PAN No.:

AAEPM5966D

DIN No.:

01240485

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	U24134MH2004PTC148732	J P POLYMERS PRIVATE LIMITED	Director	21-09-2004	21-09-2004	Active	NO
2	U74999MH2010PLC204184	J. P. PLASCHEM LIMITED	Director	14-06-2010	14-06-2010	Active	NO
3	U25209MH2006PLC163933	NEXT POLYMERS LIMITED	Director	30-09-2011	01-12-2010	Active	NO

Name :

Mr. Mita Jiten Mathuria

Designation :

Director

Address :

A/1702, Panchsheel Heights, Dahanukarwadi, Mahavir Nagar, Kandivali (West), Mumbai-400067, Maharashtra, India

Date of Birth/Age :

06.12.1974

Date of Appointment :

01.02.2006

PAN No.:

AKLPM5739P

DIN No.:

00742972

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	U24134MH2004PTC148732	J P POLYMERS PRIVATE LIMITED	Director	01-02-2006	01-02-2006	Active	NO
2	U74999MH2010PLC204184	J. P. PLASCHEM LIMITED	Director	24-07-2015	14-06-2010	Active	NO

KEY EXECUTIVES

Name :	Mr. Devesh Lakhani
Designation :	Accountant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Shareholders	No. of Shares
Jinten Prataprai Mathuria	111500
Prataprai Pranjivandas Mathuria	65000
Mita Jiten Mathuria	40000
Bharati P Mathuria	20000
Hemlata U Jain	38000
Girish Srinivasan Irny	100
Total	274600

AS ON 30.09.2014

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Importer and Trader of Engineering Polymers.

Products :

ITC Code No.	Product Descriptions
84807900	Plastic Granules
85171290	Mobile Phones and Cameras

Brand Names :

--

Agencies Held :

--

Exports :

Products :

--

Countries :

--

Imports :

Products :

Engineering Polymers

Countries :

· Singapore

· Korea

· China

· Japan

Terms :

Selling :

Cash, L/C and Cheque

Purchasing :

Cash, L/C and Cheque

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference:	Sumitomo Corporation, Singapore
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

Customers :

Wholesalers, Retailers and End Users

Reference:	Not Divulged
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

No. of Employees :

35 (Approximately)

Bankers :

Bank Name:	The Shamrao Vithal Co Operative Bank Limited
Branch:	47/A, S. M. House, Lourdes Colony, Orlem, Malad (West), Mumbai - 400064, 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 A/c Opening):	Not Divulged
Average Balance Maintained (Optional):	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan):	Cash Credit=Rs. 130.000 Million
Account Operation:	Not Divulged
Remarks:	Not Divulged

· Standard Chartered Bank

Standard Chartered Tower, 201B/1 Western Express Highway, Goregaon (East), Mumbai - 400063, Maharashtra, India

· The Hongkong and Shanghai Banking Corporation

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG-TERM BORROWINGS
Other loans and advances	0.000	45.851
SHORT TERM BORROWINGS
Working capital loans from banks	62.209	12.427
Loans repayable on demand	10.009	17.516
Total	72.218	75.794

Banking Relations :	--
Auditors :
Name :	C. M. Gabhawala and Company Chartered Accountants
Address :	42 Nanik Niwas DR DD Sathe Marg, Behind Girgaum Church, Mumbai-400004, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AAAFC1255D
Memberships :	--
Collaborators :	--
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives:	· Next Polymers Limited, India (U25209MH2006PLC163933) · J. P. Plaschem Limited, India (U74999MH2010PLC204184)

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs. 10/- each	Rs. 5.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
274600	Equity Shares	Rs. 10/- each	Rs. 2.746 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	2.746	2.746	2.746
(b) Reserves & Surplus	126.163	116.915	100.754
(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)	128.909	119.661	103.500
(3) Non-Current Liabilities
(a) Long-term borrowings	72.980	112.485	103.537
(b) Deferred tax liabilities (Net)	1.703	0.002	0.587
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	1.192	1.680	0.000
Total Non-current Liabilities (3)	75.875	114.167	104.124
(4) Current Liabilities
(a) Short term borrowings	72.218	29.943	127.731
(b) Trade payables	237.975	124.593	264.914
(c) Other current liabilities	12.546	21.593	26.809
(d) Short-term provisions	1.058	0.024	2.996
Total Current Liabilities (4)	323.797	176.153	422.450
TOTAL	528.581	409.981	630.074
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	86.688	88.973	6.712
(ii) Intangible Assets	0.096	0.143	0.186
(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	0.500	0.500	0.500
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	6.110	6.426	95.931
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	93.394	96.042	103.329
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	163.674	94.515	232.887
(c) Trade receivables	225.199	169.359	242.159
(d) Cash and cash equivalents	36.324	42.273	41.644
(e) Short-term loans and advances	2.705	1.895	7.836
(f) Other current assets	7.285	5.897	2.219
Total Current Assets	435.187	313.939	526.745
TOTAL	528.581	409.981	630.074

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Revenue from Operations	1015.257	1043.852
		Other Income	5.215	7.024
		TOTAL (A)	1020.472	1050.876	1335.448
Less	EXPENSES
		Purchases of Stock-in-Trade	945.691	757.422
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(69.159)	138.372
		Employees benefits expense	43.881	43.066
		Other expenses	63.344	59.034
		TOTAL (B)	983.757	997.894	1313.140
	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		36.715	52.982	(Including Financial and Depreciation Expenses)
Less	FINANCIAL EXPENSES (D)		17.345	26.837
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		19.370	26.145
Less/ Add	DEPRECIATION/ AMORTISATION (F)		5.322	2.926
	PROFIT BEFORE TAX (E-F) (G)		14.048	23.219	22.308
Less	TAX (H)		4.801	7.058	8.095
	PROFIT AFTER TAX (G-H) (I)		9.247	16.161	14.213
	IMPORTS
		Value of Imports on C.I.F. Basis	523.894	530.563	757.755
	TOTAL IMPORTS		523.894	530.563	757.755
	Earnings Per Share (Rs.)
	Basic		33.68	51.76	--
	Diluted		33.68	58.85	--

PARTICULARS	31.03.2015
Sales Turnover (Approximately)	1388.500

Expected Sales (2015-2016): Rs. 1800.000 Million

The above information has been parted by Mr. Devesh Lakhani (Accountant)

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	61.380	31.373	22.798

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	0.91	1.55	NA
Operating Profit Margin (PBDIT/Sales)	(%)	3.62	5.08	NA
Return on Total Assets (PBT/Total Assets}	(%)	2.66	5.67	3.54
Return on Investment (ROI) (PBT/Networth)		0.11	0.19	0.22
Debt Equity Ratio (Total Liability/Networth)		1.13	1.19	2.23
Current Ratio (Current Asset/Current Liability)		1.34	1.78	1.25

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	2.746	2.746	2.746
Reserves & Surplus	100.754	116.915	126.163
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	103.500	119.661	128.909
Long-term borrowings	103.537	112.485	72.980
Short term borrowings	127.731	29.943	72.218
Total borrowings	231.268	142.428	145.198
Debt/Equity ratio	2.234	1.190	1.126

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)
Total Income	1335.448	1050.876	1020.472
		(21.309)	(2.893)

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Total Income	1335.448	1050.876	1020.472
Profit	14.213	16.161	9.247
	1.06%	1.54%	0.91%

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	Yes
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	Yes
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
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	Yes
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	10542068	08/04/2015 *	20,000,000.00	THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMI TED	52/60, MAHATMA GANDHI ROAD, FORT, MUMBAI- 400001, MAHARAS HTRA, INDIA	C50795764
2	10512202	11/06/2015 *	350,000,000.00	THE SHAMRAO VITHAL CO-OPERATIVE BANK LTD. (SVC BAN K)	MALAD BRANCH, 47/A, S. M. HOUSE, LOURDES COLONY,, ORLEM, MALAD (WEST), MUMBAI- 400064 , MAHARASHTRA, INDIA	C57489619
3	10504866	11/12/2014 *	120,000,000.00	THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMI TED	52/60, MAHATMA GANDHI ROAD, FORT, MUMBAI- 400001, MAHARAS HTRA, INDIA	C43137199
4	10195834	05/01/2010	230,000,000.00	THE SHAMRAO VITHAL CO- OPERATIVE. BANK LIMI TED	47/A, S. M. HOUSE, LOURDES COLONY, ORLEM, MALAD ( WEST), MUMBAI- 400064, MAHARASHTRA, INDIA	A77013506
5	80002121	26/05/2012 *	240,000,000.00	THE SHAMRAO VITHAL CO-OPERATIVE BANK LIMITED	47/A, S. M. HOUSE, LOURDES COLONY, ORLEM,, MALAD WEST), MUMBAI,, MUMBAI- 400064, MAHARASHTRA, INDIA	B41915695

* Date of charge modification

UNSECURED LOANS

PARTICULARS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG-TERM BORROWINGS
Loans and advances from directors	58.758	60.074
Loans and advances from others	14.222	6.560
Total	72.980	66.634

REVIEW OF THE OPERATIONS:

During the year, the performance of the company remained encouraging inspite of the fact of steep increase in dollar rates and overall economic slowdown. The Company earned a total revenue of Rs. 1020.472 Million as against Rs. 1050.876 Million and net profit of Rs. 9.247 Million as against Rs. 16.161 Million. The directors look forward to better results during the next year.

FIXED ASSETS:

Tangible Assets

· Buildings

· Furniture and Fixtures

· Vehicles

· Office Equipment

· Computer Equipments

· Leasehold Improvements

· Other Equipments

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. 66.17
UK Pound	1	Rs. 100.66
Euro	1	Rs. 70.97

INFORMATION DETAILS

Information Gathered by :	GYT
Analysis Done by :	KIN
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	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	4
--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	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.