MIRA INFORM REPORT

Report Date :

18.07.2011

IDENTIFICATION DETAILS

Name :	INTERNATIONAL CONVEYORS LIMITED
Registered Office :	10, Middleton Row, Kolkata-700071, West Bengal
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	18.06.1973
Com. Reg. No.:	21-028854
Capital Investment / Paid-up Capital :	Rs. 67.500 millions
CIN No.: [Company Identification No.]	L21300WB1973PLC028854
Legal Form :	A Public Limited Liability Company. The company’s shares are listed on the Stock Exchanges.
Line of Business :	The recognition of the Company as India’s largest public Company engaged in the efficient transfer of mineral deposits from their respective underground mines to pit heads is the evidence of this.

RATING & COMMENTS

MIRA’s Rating :

Ba (52)

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

Maximum Credit Limit :	USD 2200000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an old and established company having fine track record. Financial position of the company is good. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered good for normal 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 – April 1, 2010

Country Name	Previous Rating (31.12.2009)	Current Rating (01.04.2010)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

LOCATIONS

Registered Office :	10, Middleton Row, Kolkata-700071, West Bengal, India
Tel. No.:	91-33-22296033 / 22291768 / 22293744
E-Mail :	icltd@vsnl.net
Website :	www.iclbelting.com
Works :	E-39, M.I.D.C., Industrial Area,Chikalthana, Aurangabad-431210, Maharashtra, India
Tel. No.:	91-240-2485248
Fax No.:	91-240-2484358
E-Mail :	admin@iclbelting.com
Marketing Office :	ICL America Limited, 692, Scranton Avenue, East Rockaway, New York-11518, USA
Tel. No.:	91-516-8848528
Fax No.:	91-516-7069199
E-Mail :	iclamerica@optonline.net

DIRECTORS

AS ON 31.03.2010

Name :	Mr. M. P. Jhunjhunwala
Designation :	Director
Name :	Mr. L. K. Tibrawala
Designation :	Director
Name :	Mr. A Hussain
Designation :	Director
Name :	Mr. R Dalmia
Designation :	Director
Name :	Mr. J S Vanzara
Designation :	Director
Name :	Mr. R K Dabriwala
Designation :	Managing Director

KEY EXECUTIVES

Name :	Ms. Alka Malpani
Designation :	Company Secretary

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 31.03.2011

Category of Shareholder	Total No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	19350986	28.67
Bodies Corporate	8571320	12.70
Sub Total	27922306	41.37
(2) Foreign
Individuals (Non-Residents Individuals / Foreign Individuals)	7974000	11.81
Total shareholding of Promoter and Promoter Group (A)	35896306	53.18
(B) Public Shareholding
(1) Institutions
Foreign Institutional Investors	26202400	38.82
Sub Total	26202400	38.82
(2) Non-Institutions
Bodies Corporate	950135	1.41
Individuals
Individual shareholders holding nominal share capital up to Rs.0.100 million	2961294	4.39
Individual shareholders holding nominal share capital in excess of Rs.0.100 million	1380878	2.05
Any others (Specify)	108987	0.16
Non Resident Indian	105703	0.16
Clearing Members	3284	--
Sub Total	5401294	8.00
Total Public shareholding (B)	31603694	46.82
Total (A)+(B)+(C)	67500000	100.00

BUSINESS DETAILS

Line of Business :

The recognition of the Company as India’s largest public Company engaged in the efficient transfer of mineral deposits from their respective underground mines to pit heads is the evidence of this.

PRODUCTION STATUS AS ON 31.03.2010

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
PVC Fire Resistant Antistatic Solid Woven	Mtrs.	700800	700800	349330
Coal Conveyor Belting including Food	--	--	--	--
Conveyor Belting V- Belts	Nos.	420000	--	--

GENERAL INFORMATION

Customers :

· South Eastern Coalfields Limited

· Western Coalfields Limited

· Mahanadi Coalfields Limited

· Eastern

· Coalfields Limited

· Bharat Coking Coal Limited

· Central Coalfields Limited

· The Singareni Collieries Company Limited

· IISCO

· Jayaswal Neco Industrial Limited

· Monnet Ispat and Energy Limited

· Uranium Corporation of India Limited

Bankers :

· State Bank of India

Facilities :

Secured Loan	Rs. In Millions 31.03.2010	Rs. In Millions 31.03.2009
From Banks
Term Loan	10.319	57.666
Working Capital Facility
Indian Currency	195.961	140.239
Foreign Currency	46.515	0.000
Car Loan	2.756	1.261
Total	255.551	199.166
Unsecured Loan	Rs. In Millions 31.03.2010	Rs. In Millions 31.03.2009
Interest free Sales Tax loan from
The State Industrial and Investment Corporation of Maharashtra Limited	9.176	10.790
Loan from body corporate	0.000	2.500
Total	9.176	13.290

Banking Relations :	--
Auditors :
Name :	Lodha and Company Chartered Accountant
Address :	14, Government Place East, Kolkata-700069, West Bengal, India
Associates :	· R. C. A. Limited · Faridabad Investment Company Limited · International Belting Limited

CAPITAL STRUCTURE

AS ON 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
98000000	Equity Shares	Rs.1/- each	Rs. 98.000 Millions
20000	Preference Shares	Rs. 10/- each	Rs. 2.000 millions
	Total		Rs. 100.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
67500000	Equity Shares	Rs.1/- each	Rs. 67.500 Millions

Note :

Of the above shares :

1. Of the above shares :

i) 40,00,000 equity shares of Re.1/- were allotted as fully paid-up bonus shares during year ended 31.03.1995 by capitalisation of reserves.

ii) 80,00,000 equity shares of Re.1/- were allotted as fully paid-up bonus shares during year ended 31.03.1996 by capitalisation of reserves.

iii) 3,37,50,000 equity shares of Re.1/- were allotted as fully paid-up bonus shares during the year by capitalisation of reserves.

2. The face value of equity shares of Rs.10/- each has been sub divided into the face value of Re.1/- per equity share with effect from December 11, 2009.

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		67.500	33.750	24.000
2] Share Application Money		0.000	0.000	0.0000
3] Reserves & Surplus		499.626	419.499	175.256
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		567.126	453.249	199.256
LOAN FUNDS
1] Secured Loans		255.551	199.166	270.526
2] Unsecured Loans		9.176	13.290	12.193
TOTAL BORROWING		264.727	212.456	282.719
DEFERRED TAX LIABILITIES		1.182	2.203	1.484
TOTAL		833.035	667.908	483.459
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		148.882	169.059	203.416
Capital work-in-progress		34.235	35.695	26.346
INVESTMENT		40.012	25.259	20.759
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	61.367	61.680	57.249
	Sundry Debtors	189.444	200.916	154.497
	Cash & Bank Balances	19.464	7.852	5.515
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	443.029	270.766	121.728
Total Current Assets		713.304	541.214	338.989
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	86.331	91.703	71.097
	Other Current Liabilities	5.260	5.923	5.888
	Provisions	11.807	5.693	29.066
Total Current Liabilities		103.398	103.319	106.051
Net Current Assets		609.906	437.895	232.938
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		833.035	667.908	483.459

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	878.863	703.551	638.560
		Other Income	23.047	9.845	15.218
		TOTAL (A)	901.910	713.396	653.778
Less	EXPENSES
		Increase / (Decrease) in Stock	0.837	10.059	(19.994)
		Material Manufacturing and Other Expenses	458.723	403.586	409.978
		Payments to and Provisions for the Employees	47.768	32.700	34.010
		Administrative Expenses	122.496	142.716	77.874
		TOTAL (B)	629.824	589.061	501.868
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		272.086	124.335	151.910
Less	FINANCIAL EXPENSES (D)		21.533	33.690	33.371
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		250.553	90.645	118.539
Less/ Add	DEPRECIATION/ AMORTISATION (F)		44.843	53.421	65.921
Less	PROVISION FOR LOSSES ON DERIVATIVE TRANSACTION		0.000	0.000	23.451
	PROFIT BEFORE TAX (E-F) (G)		205.710	37.224	29.167
Less	TAX (I)		76.079	9.589	2.817
	PROFIT AFTER TAX (G-I) (J)		129.631	27.635	26.350
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		3.153	6.210	10.476
Less	APPROPRIATIONS
		Transfer to General Reserve	99.896	25.000	25.000
		Interim Dividend	3.375	0.000	0.000
		Proposed Dividend	10.125	4.866	4.800
		Tax on Dividend	2.255	0.826	0.816
	BALANCE CARRIED TO THE B/S		17.133	3.153	6.210
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	529.062	495.303	NA
	TOTAL EARNINGS		529.062	495.303	NA
	IMPORTS
		Raw Materials	175.486	215.823	NA
		Capital Goods	8.340	3.570	NA
		Others	7.177	7.735	NA
	TOTAL IMPORTS		191.003	227.128	NA
	Earnings Per Share (Rs.)		1.92	--	--

QUARTERLY RESULTS

(Rs. In Millions)

PARTICULARS	30.06.2010	30.09.2010	31.12.2010	31.03.2011
Net Sales	171.500	175.900	190.500	245.600
Total Expenditure	144.600	152.400	185.800	215.800
PBIDT (Excl OI)	26.900	23.500	4.700	29.800
Other Income	5.200	6.200	9.800	8.100
Operating Profit	32.100	29.700	14.500	37.900
Interest	5.700	7.600	8.800	10.400
Exceptional Items	0.000	0.000	0.000	0.000
PBDT	26.400	22.100	5.700	27.500
Depreciation	9.400	9.600	11.700	8.300
Profit Before Tax	17.000	12.500	(6.000)	19.200
Tax	4.900	4.700	(1.300)	7.000
Provisions and contingencies	0.000	0.000	0.000	0.000
Profit After Tax	12.100	7.800	(4.700)	12.200
Extraordinary Items	0.000	0.000	0.000	0.000
Prior Period Expenses	0.000	0.000	0.000	0.000
Other Adjustments	0.000	0.000	0.000	0.000
Net Profit	12.100	7.800	(4.700)	12.200

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	14.37	3.87	4.03
Net Profit Margin (PBT/Sales)	(%)	23.41	5.29	4.57
Return on Total Assets (PBT/Total Assets}	(%)	23.86	5.24	5.38
Return on Investment (ROI) (PBT/Networth)		0.36	0.08	0.15
Debt Equity Ratio (Total Liability/Networth)		0.65	0.70	1.96
Current Ratio (Current Asset/Current Liability)		6.90	5.24	3.20

LOCAL AGENCY FURTHER INFORMATION

FINANCIAL REVIEW

2008-09 vs 2009-10

The following numbers reflect a significant improvement in the Company’s performance:

· Total income increased 25.62% from Rs. 718.400 millions to Rs. 902.461 millions

· EBIDTA rose 118.83% from Rs. 124.336 millions to Rs. 272.087 millions

· Net worth grew 25.12% from Rs. 453.249 millions to Rs. 567.126 millions

· PAT rose 369.07% from Rs. 27.636 millions to Rs. 129.632 millions

· Cash profit increased 115.25% from Rs. 81.057 millions to Rs. 174.475 millions

REVENUE ANALYSIS

Net sales increased 24.92% from Rs. 703.551 millions in 2008-09 to Rs. 878.863 millions in 2009-10 owing to an increase in off take, especially in the international markets. EBIDTA increased 118.83% from Rs. 124.336 millions to Rs. 272.087 millions over the period. The proportion of ‘other income’ in the Company’s total income increased marginally from 1.40% to 2.56%, reflecting that revenues were principally derived through the Company’s core business.

COST ANALYSIS

Total costs increased from Rs. 589.059 millions in 2008-09 to Rs. 629.822 millions in 2009-10 owing to business growth; inflation was controlled through operational efficiency, economies of scale and cost control. Consequently, total costs (excluding interest and depreciation), as a proportion of total income, declined from 84.96% to 69.96%.

OPERATIONS

The Company’s operation during the year was satisfactory. The turnover of the Company including the excise duty for the year amounted to Rs. 902.461 millions (Previous year Rs. 718.400 millions)

FUTURE PROSPECTS

The Directors are of the opinion that both domestic as well as export would grow in the coming years but there would be price pressure due to higher competition in the market. The Company is well placed in both the markets.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

SEGMENT–WISE AND PRODUCT-WISE PERFORMANCE

The segment wise and product wise performance of the Company are given in the notes to accounts for the year ended March 31, 2010.

OUTLOOK

Over the years, the Company has maintained a firm and steady growth. The recognition of the Company as India’s largest public Company engaged in the efficient transfer of mineral deposits from their respective underground mines to pit heads is the evidence of this.

FINANCIAL PERFORMANCE

During the year, the Company recorded net sales of Rs. 878.900 millions in 2009-10 as compared to Rs. 703.600 millions in 2008-09 on account of an increase in off take especially in the international markets. The Company derived 36.23% of its sales from within India. Exports constituted 63.77%. Operating margins improved significantly due to close management of costs during the year. Profit before tax were at Rs. 205.700 millions and Profit after tax were at Rs. 129.600 millions for the year ended March 31, 2010 as compared to Rs. 37.200 millions and Rs. 27.600 millions respectively for the financial year ended March 31, 2009.

During the current financial year the Equity Shares of Rs.10/- each have been sub-divided into Equity Shares of Re.1/- each. The shareholder funds increased by Rs. 3,37,50,000 due to issue of Bonus shares of Re.1/- each in the ratio of 1:1. This has led to the strengthening of the Balance Sheet.

AUDITED FINANCIAL RESULTS FOR THE PERIOD ENDED MARCH 31, 2011

(Rs. in millions)

Sr. No.	Particular	Unaudited	Audited
		3 Months Ended 31.03.2011	Year Ended 31.03.2011
1.	Gross Sales / Income
	a. Net Sales / Income from Operations (Net of Excise and Discounts)	243.900	780.600
	b. Other Operating Income	1.700	2.900
	Total Income (a+b)	245.600	783.500
2.	Expenditure
	a) (Increase) / Decrease in Stock in Trade and Work In Process	4.900	(5.100)
	b) Consumption of Raw Materials (Net)	143.300	474.300
	c) Purchase of Traded Goods	9.800	19.900
	d) Employee Cost	15.300	57.900
	e) Depreciation	8.300	39.000
	f) Other Expenditure	42.500	151.600
	g) Total Expenditure (a to f)	224.100	737.600
3.	Profit From Operations before Other Income, Interest and Exceptional Items (1-2)	21.500	45.900
4.	Other Income	8.100	29.300
5.	Profit Before Interest and Exceptional Items (3+4)	29.600	75.200
6.	Interest	10.400	32.500
7.	Profit After Interest but before Exceptional Items (5-6)	19.200	42.700
8.	Exceptional Items	--	--
9.	Profit from Ordinary Activities before Tax (7+8)	19.200	42.700
10.	Tax Expense	7.000	15.300
11.	Net Profit from Ordinary Activities after Tax (9-10)	12.200	27.400
12.	Extraordinary Item (net of expense)	--	--
13.	Net Profit for the period (11-12)	12.200	27.400
14.	Paid-up Equity Share Capital (Face Value of Rs.10/- Each)	67.500	67.500
15.	Reserves Excluding Revaluation Reserve	--	515.300
16.	Basic and Diluted Earning Per Share (EPS) (Rs.)-Not Annualised
	a) Basic and diluted EPS before extraordinary items	0.18	0.41
	b) Basic and diluted EPS after extraordinary items	0.18	0.41
17.	Public Shareholding
	-Number of Shares	31603694	31603694
	- Percentage of Shareholding	46.82%	46.82%
18.	Promoters and Promoter Group Shareholding
	a) Pledged/Encumbered
	- Number of Shares	Nil	Nil
	- Percentage of Shares (as a % of the Total Shareholding of promoter and promoter group)	Nil	Nil
	- Percentage of Shares (as a % of the Total Share Capital of the Company)	Nil	Nil
	b) Non Encumbered
	- Number of Shares	35896306	35896306
	- Percentage of Shares (as a % of the Total Shareholding of Promoter and Promoter Group)	100%	100%
	- Percentage of Shares (as a % of the Total Share Capital of the Company)	53.18%	53.18%

SEGMENT WISE REVENUE, RESULTS AND CAPITAL EMPLOYED UNDER CLAUSE 41 OF LISTING AGREEMENT

(Rs. in millions)

Sl. No.	Particulars	3 Month Ended	Year Ended
		31.03.2011	31.03.2011
		(Un-audited)	(Audited)
1	Segment Revenue
	Conveyor Belts	226.900	733.300
	Wind Energy	3.900	20.300
	Trading Goods	13.100	27.000
	Unallocated	1.700	2.900
	Total	245.600	783.500
	Less : Inter Segment Revenue (Net of Excise)	--	--
	Net Sales / Income from Operation	245.600	783.500
2	Segment Results (Net Profit(+)/Loss(-) before Tax & Interest from each Segment)
	Conveyor Belts	23.400	60.500
	Wind Energy	(1.800)	(2.800)
	Trading Goods	2.800	6.800
	Total	24.400	64.500
	Less :Interest	10.400	32.500
	Less : Other Unallocable Expenditure net off Un-allocable	(5.200)	(10.700)
	Total Profit before Tax	19.200	42.700
3	Capital Employed (Segment Assets - Segment Liabilities)
	Conveyor Belts	386.300	386.300
	Wind Energy	60.600	60.600
	Trading Goods	12.400	12.400
	Unallocated	123.500	123.500
	Total	582.800	582.800

Notes:

1. The above results have been reviewed by the Audit Committee and have been approved by Board of Directors at its meeting held on May 28, 2011.

2. Previous year’s figures have been regrouped / rearranged wherever necessary.

3. The company had no investor complaint pending as at January 1, 2011, the company has not received any investor complaint during the quarter and there are no unresolved investor complaint as at March 31, 2011.

WEB SIDE DETAILS

PROFILE

Subject was incorporated in 1973 by two Kolkata (INDIA) based entrepreneurs - Mr. R.K. Dabriwala and Mr. Anver Hussain. Commercial production in Aurangabad plant started in 1979.

Subject is an ISO 9001:2008 certified company, accredited by Bureau Veritas. It enjoys around 45% share of the Indian underground PVC mine conveyor belt market. Purchases in India are made through global and domestic tenders and subject has demonstrated time and again its global competitiveness.

Besides manufacturing for Indian market, Subject also manufactures and exports large volume of PVC Belts to USA, Canada, South Africa and Australia as per the fire resistant anti static standards for fire hazardous application of the respective countries.

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 records 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.44.52
UK Pound	1	Rs.71.90
Euro	1	Rs.62.97

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--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	YES
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		52

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.