MIRA INFORM REPORT

Report No. :	350532
Report Date :	21.11.2015

IDENTIFICATION DETAILS

Name :	TAYAL COTTON PRIVATE LIMITED
Registered Office :	Plot No 100, CIDCO, N-4/F-1, Manuprabha, Guru Sahani Nagar, Garkheda, Aurangabad-431003, Maharashtra
Tel. No.:	91-240-2453285/ 86
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	18.07.2012
Com. Reg. No.:	11-233523
Capital Investment / Paid-up Capital :	Rs. 15.000 Million
CIN No.: [Company Identification No.]	U17290MH2012PTC233523
IEC No.:	0312082886
TAN No.: [Tax Deduction & Collection Account No.]	NSKT03544C
TIN No.:	27480978511
PAN No.: [Permanent Account No.]	AAECT3173G
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged into Manufacturing, Exporting, Ginning and Pressing of Cotton.
No. of Employees :	50 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (28)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 92400
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject was established in the year 2012 and it is subject is engaged into manufacturing, exporting, ginning and pressing of cotton. The company possesses sound operational performance and it has achieved decent revenue in its first year of business operations. Rating remain constrained on account of company’s limited track record of business operations marked by its moderate financial profile along with huge borrowings, low profit margins and weak debt coverage indicators. Rating also takes into account of fragmented and highly competitive nature of industry along with working capital nature of industry along with working capital nature of business operations and inherent to the seasonal nature of the cotton industry. Trade relations are reported as fair. Payments are reported to be slow but correct. In view of aforesaid, the company can be considered for business dealing with some caution.

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. Nitu Bhatt
Designation :	Accounts Head
Contact No.:	91-240-2453285
Date :	19.11.2015

LOCATIONS

Registered Office/ Factory 1 :	Plot No 100, CIDCO, N-4/F-1, Manuprabha, Guru Sahani Nagar, Garkheda, Aurangabad-431003, Maharashtra, India
Tel. No.:	91-240-2453285/ 86/ 87
Fax No.:	91-240-2453288
E-Mail :	pradeepfibers@yahoo.co.in tayalcottonabd@gmail.com
Location :	Owned
Locality :	Commercial
Factory 2 :	Gut No. 449, Dongargaon Road, Tq. Sillod, District Aurangabad, Maharashtra, India

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Pradeep Kumar Tayal

Designation :

Director

Address :

Plot No 370 And 371, N-3 Cidco, Aurangabad-431001, Maharashtra, India

Date of Birth/Age :

25.03.1963

Date of Appointment :

18.07.2012

PAN No.:

AATPT3583E

DIN No.:

01560810

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	U17110MH2004PTC148174	PRADEEP FIBERS PRIVATE LIMITED	Director	24/08/2004	24/08/2004	19/09/2013	Active	NO
2	U17290MH2012PTC233523	TAYAL COTTON PRIVATE LIMITED	Director	18/07/2012	18/07/2012	-	Active	NO
3	U74999HR2015PTC055819	WHITE PYRAMID MARBLES PRIVATE LIMITED	Director	19/06/2015	19/06/2015	-	Active	NO

Name :

Mr. Sunil Kumar Tayal

Designation :

Director

Address :

Pradeep Fibers, Plot No 133, N-3, Cidco,, Aurangabad- 431003, Maharashtra, India

Date of Birth/Age :

07.01.1965

Date of Appointment :

18.07.2012

PAN No.:

AATPT3579N

DIN No.:

02251244

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	U17110MH2004PTC148174	PRADEEP FIBERS PRIVATE LIMITED	Director	24/08/2004	24/08/2004	19/09/2013	Active	NO
2	U91110MH2004GAP148753	MADHYA BHARAT COTTON ASSOCIATION	Director	19/04/2005	19/04/2005	-	Active	NO
3	U15142MH2008PTC185167	NATRAJ COTTON PRIVATE LIMITED	Director	18/08/2008	18/08/2008	-	Active	NO
4	U91110MH1921NPL000940	COTTON ASSOCIATION OF INDIA	Director	30/12/2011	30/12/2011	30/09/2015	Active	NO
5	U17290MH2012PTC233523	TAYAL COTTON PRIVATE LIMITED	Director	18/07/2012	18/07/2012	-	Active	NO

Name :

Mr. Ankit Kumar Tayal

Designation :

Director

Address :

4, Durga Nagar, Indore-452001, Madhya Pradesh, India

Date of Birth/Age :

01.05.1986

Date of Appointment :

18.07.2012

DIN No.:

03557646

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	U17110MP2011PTC026337	PRADEEP COTTON PRIVATE LIMITED	Director	07/07/2011	07/07/2011	Active	NO
2	U17290MH2012PTC233523	TAYAL COTTON PRIVATE LIMITED	Director	18/07/2012	18/07/2012	Active	NO
3	U72900MH2012PTC238928	APPIKON SOFTWARE PRIVATE LIMITED	Director	18/12/2012	18/12/2012	Active	NO

Name :

Mr. Pravee Kumar Tayal

Designation :

Director

Address :

P No 370/371, Near Toddlers, School N-3, Cidco, Aurangabad-431001, Maharashtra, India

Date of Birth/Age :

11.03.1990

Date of Appointment :

01.03.2014

PAN No.:

AHJPT4795K

DIN No.:

03557680

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	U17110MP2011PTC026337	PRADEEP COTTON PRIVATE LIMITED	Director	07/07/2011	07/07/2011	Active	NO
2	U17290MH2012PTC233523	TAYAL COTTON PRIVATE LIMITED	Director	01/03/2014	01/03/2014	Active	NO
3	U74999HR2015PTC055819	WHITE PYRAMID MARBLES PRIVATE LIMITED	Director	19/06/2015	19/06/2015	Active	NO

KEY EXECUTIVES

Name :	Mr. Nitu Bhatt
Designation :	Accounts Head

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Shareholders	No. of Shares
Pradeep Kumar Tayal	120000
Anju Sunil Tayal	136000
Sunil Pushalal Tayal	136000
Manudevi Pushalal Tayal	136000
Veena Pradeep Tayal	45000
Chandadevi Kishore Tayal	77590
Ankit Tayal	45000
Kishore Pushalal Tayal (HUF)	67240
Pradeep Pushalal Tayal (HUF)	45000
Sunil Pushalal Tayal (HUF)	45000
Kishore Pushalal Tayal	45000
Pushalal Sarbulal Tayol	138000
Pushalal Sarbulal (HUF)	128000
Rishabh Tayal	136000
Pravee Tayal	64170
Anshul Tayal	136000
Total	1500000

AS ON 27.03.2015

Names of Alllottees	No. of Shares
Pradeep Kumar Tayal	50000
Anju Sunil Tayal	50000
Sunil Pushalal Tayal	100000
Veena Pradeep Tayal	100000
Chandadevi Kishore Tayal	100000
Kishore Pushalal Tayal (HUF)	50000
Pradeep Pushalal Tayal (HUF)	50000
Sunil Pushalal Tayal (HUF)	50000
Kishore Pushalal Tayal	105000
Pushalal Sarbulal Tayol	50000
Sarbulal Gangasahay (HUF)	50000
Rishabh Tayal	100000
Kunal Tayal	30000
Dipika Tayal	25000
Total	910000

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 :

Subject is engaged into Manufacturing, Exporting, Ginning and Pressing of Cotton.

Products :

ITC Code No.	Product Descriptions
47061000	Cotton Bales

Brand Names :

--

Agencies Held :

--

Exports :

Products :

Finished Goods

Countries :

· Pakistan

· United Arab Emirates

· Bangladesh

· China

· Taiwan

· Vietnam

· Indonesia

Imports :

Products :

--

Countries :

--

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

Customers :

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 :

50 (Approximately)

Bankers :

Bank Name:	Axis Bank Limited
Branch:	Sakar Building, Adalat Road, Kranti Chowk, Aurangabad – 431005, Maharashta, 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):	Not Divulged
Account Operation:	Not Divulged
Remarks:	Not Divulged

· State Bank of India

Adalat Road, Krantichowk, Aurangabad-431005, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
SHORT TERM BORROWINGS
Working capital loans from banks	100.248	0.000
Loans repayable on demand from banks	0.009	0.000
Total	100.257	0.000

Auditors :
Name :	Piyush Mandovra and Company Chartered Accountants
Address :	2 White Church Colony, Opposite Aykar Bhawan, Indore – 452001, Madhya Pradesh, India
Tel. No.:	91-2701600 to 603
E-Mail :	mandovra and associates@gmail.com
Income-tax PAN of auditor or auditor's firm :	ACRPM6638H
Memberships :	--
Collaborators :	--
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	· Pradeep Cotton Private Limited, India (U17110MP2011PTC026337) · Kunal Cotton Industry · Natraj Cotton Private Limited, India (U15142MH2008PTC185167) · Godwari Cotton Industries
Associates/ Subsidiaries (As claimed by the Management) :	Pradeep Fibers Private Limited

CAPITAL STRUCTURE

AFTER 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
2,500,000	Equity Shares	Rs. 10/- each	Rs. 25.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2,410,000	Equity Shares	Rs. 10/- each	Rs. 24.100 Million

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
1,500,000	Equity Shares	Rs. 10/- each	Rs. 15.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1,500,000	Equity Shares	Rs. 10/- each	Rs. 15.000 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	15.000	5.000
(b) Reserves & Surplus	17.332	0.169
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	32.332	5.169
(3) Non-Current Liabilities
(a) Long-term borrowings	57.680	0.305
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	57.680	0.305
(4) Current Liabilities
(a) Short term borrowings	100.257	0.000
(b) Trade payables	45.328	0.000
(c) Other current liabilities	3.095	0.043
(d) Short-term provisions	0.000	0.000
Total Current Liabilities (4)	148.680	0.043
TOTAL	238.692	5.517
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	0.960	0.000
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.025	0.025
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000
(e) Other Non-current assets	2.066	0.000
Total Non-Current Assets	3.051	0.025
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	125.614	0.000
(c) Trade receivables	90.105	0.000
(d) Cash and cash equivalents	12.789	0.250
(e) Short-term loans and advances	7.133	5.242
(f) Other current assets	0.000	0.000
Total Current Assets	235.641	5.492
TOTAL	238.692	5.517

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013
	SALES
		Income	1127.164	0.000
		Other Income	5.381	0.420
		TOTAL	1132.545	0.420
Less	EXPENSES
		Other expenses		0.148
		TOTAL	1127.946	0.148
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		(Including Depreciation expenses)	0.272
Less/ Add	DEPRECIATION/ AMORTISATION			0.028
	PROFIT BEFORE TAX		4.599	0.244
Less	TAX		1.436	0.075
	PROFIT AFTER TAX		3.163	0.169
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	353.172	0.000
	TOTAL EARNINGS		353.172	0.000
	Earnings Per Share (Rs.)		2.11	0.34

PARTICULARS	31.03.2015
Sales Turnover (Approximately)	1310.000

Expected Sales (2015-2016): Rs. 1500.000 Million

The above information has been parted by Mr. Nitu Bhatt (Accounts Head)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013
Current Maturities of Long term debt	0.000	0.000
Cash Generated from Operations	NA	NA
Net Cash Flow from (used in) Operations	(164.553)	(4.955)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	0.28	0.00
Return on Total Assets (PBT/Total Assets}	(%)	1.93	4.44
Return on Investment (ROI) (PBT/Networth)		0.14	0.05
Debt Equity Ratio (Total Debt/Networth)		4.88	0.06
Current Ratio (Current Asset/Current Liability)		1.58	127.72

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)
Share Capital	5.000	15.000
Reserves & Surplus	0.169	17.332
Money received against share warrants	0.000	0.000
Share Application money pending allotment	0.000	0.000
Net worth	5.169	32.332
Long-term borrowings	0.305	57.680
Short term borrowings	0.000	100.257
Total borrowings	0.305	157.937
Debt/Equity ratio	0.059	4.885

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)
Sales	0.000	1127.164

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)
Sales	0.000	1127.164
Profit	0.169	3.163
		0.28%

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	No
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 about two years and 8 months	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	Yes
29	Profitability for last about one years and 8 months	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	10471413	27/12/2013	115,000,000.00	AXIS BANK LIMITED	SAKAR BUILDING, ADALAT ROAD, KRANTI CHOWK, AURANGABAD- 431005, MAHARASHTRA, INDIA	B93965168

UNSECURED LOANS

PARTICULARS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG-TERM BORROWINGS
Intercorporate borrowings	10.165	0.000
Loans and advances from related parties	47.515	0.305
Total	57.680	0.305

OPERATIONS :

During the year, the Company has achieved turnover of Rs. 1127.164 Million in the first year of its operation. The company has able to export the goods produced and purchased. The company has earned profit of Rs. 3.163 Million after payment of taxes. The directors are committed to growth of the Company and will be able to manage the sizable amount of increase in the turnover and profitability in the years to come.

COMPANY INFORMATION :

Subject is a private limited Company, resident in India and incorporated under the provisions of the Companies Act,1956 on 18th day of July,2012. The Company engaged in the business of Cotton Ginning / Pressing, Oil Mill and Trading of Cotton related Business.

FIXED ASSETS:

Tangible Assets

· Land

· Buildings

· Plant and Equipment

· Furniture and Fixtures

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. 66.09
UK Pound	1	Rs. 101.04
Euro	1	Rs. 70.86

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	KAR
Report Prepared by :	IND

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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		28

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.