MIRA INFORM REPORT

Report Date :

24.06.2011

IDENTIFICATION DETAILS

Name :	CONTINENTAL ENGINES LIMITED
Registered Office :	22, Commercial Complex, Malcha Marg, Chankya Puri, New Delhi-110021
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	16.06.1996
Com. Reg. No.:	55-81210
Capital Investment / Paid-up Capital :	Rs.50.125 Millions
CIN No.: [Company Identification No.]	U34300DL1996PLC081210
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer, Exporter and Importer of Alloy Cylinder.
No. of Employees :	More than 850 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (62)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 6300000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having fine track. Financial position of the company appears to be sound. 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

INFORMATION PARTED BY

Name :	Mr. Arvind S
Designation :	General Manager in Sales Department
Contact No.:	91-9582261458
Date :	20.06.2011

LOCATIONS

Registered Office :	22, Commercial Complex, Malcha Marg, Chankya Puri, New Delhi-110021, India
Tel. No.:	91-11-26114516
Mobile No.:	91-9582261458 (Mr. Arvind S)
Fax No.:	91-11-26111779
E-Mail :	baxy@baxy.com
Website :	http://www.orientalindia.com http://www.baxy.com
Area :	2500 sq. ft. (Owned)
Factory 1 :	Plot No. 240 and 241, Phase- IV, Udyog Vihar, Guargaon-122003, Haryana, India
Tel. No.:	91-124-4608902/ 4107064/ 65
Fax No.:	91-124-4608919
E-Mail :	4500 sq. ft. (Owned)

DIRECTORS

As on 20.09.2010

Name :	Mr. Amarjit Singh Bakshi
Designation :	Managing Director
Address :	9, Green Avenue, Vasant Kunj, New Delhi-110070, India
Date of Birth/Age :	29.05.1944
Date of Appointment :	16.08.1996
Din No.:	00034902
Name :	Mr. Karna Singh Mehta
Designation :	Director
Address :	C-70, Panchsheel Enclave, New Delhi-110070, India
Date of Birth/Age :	15.01.1946
Date of Appointment :	19.07.2007
Din No.:	00128166
Name :	Mr. Avinash Prakash Gandhi
Designation :	Director
Address :	C-2/14, Safdarjung Development Area, New Delhi-110016, India
Date of Birth/Age :	01.10.1948
Date of Appointment :	06.10.2005
Din No.:	00161107
Name :	Mr. Anil Airi
Designation :	Director
Address :	B-5, Nizammudin East, New Delhi-110013, India
Date of Birth/Age :	29.09.1965
Date of Appointment :	19.07.2007
Din No.:	00180444
Name :	Mr. Dalbir Singh
Designation :	Director
Address :	D-206, Defence Colony, New Delhi-110024, India
Date of Birth/Age :	12.06.1945
Date of Appointment :	26.12.2007
Din No.:	02036992
Name :	Mr. Sanjit Bakshi
Designation :	Director
Address :	4, Kautilya Marg, Chankya Puri, New Delhi-110021, India
Date of Birth/Age :	03.06.1945
Date of Appointment :	06.10.2005
Din No.:	00020852
Name :	Mr. S P S Sawhney
Designation :	Director
Address :	D-143, Fateh Nagar, Near Tilak Nagar, New Delhi, India
Date of Birth/Age :	11.11.1944
Date of Appointment :	23.10.2009
Din No.:	02839579
Name :	Mr. Keshav Pathak
Designation :	Whole Time Director
Address :	S-515, Greater Kailash II, New Delhi, India
Date of Birth/Age :	19.07.1953
Date of Appointment :	29.03.2010
Din No.:	03023158
Name :	Mr. Jagdip Singh
Designation :	Director
Address :	A-9/13C, Vasant Vihar, New Delhi-110057, India
Date of Birth/Age :	05.11.1944
Date of Appointment :	29.03.2010
Din No.:	00022579

KEY EXECUTIVES

Name :	Mr. Ujjwal Chakraborty
Designation :	Company Secretary
Address :	C-1264, Sushant Lok-1, Gurgaon-122002, Haryana, India
Date of Birth/Age :	18.01.1978
Date of Appointment :	13.08.2010
Pan No.:	AGGPC1749Q
Name :	Mr. Gaurav Arora
Designation :	Company Secretary
Address :	House No. 316, Sector 5, Gurgaon-122002, Haryana, India
Date of Birth/Age :	15.03.1977
Date of Appointment :	01.03.2007
Pan No.:	AGIPA1391E

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 20.09.2010

Names of Shareholders	No. of Shares
Amarjit Singh Bakshi	2512403
Amrita Bakshi	2500015
A S Bakshi (HUF)	10
H K Bakshi	5
Sanam	10
Shiv Bakshi	10
Simran Bakshi	9
Total	5012462

As on 20.09.2010

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

BUSINESS DETAILS

Line of Business :

Manufacturer, Exporter and Importer of Alloy Cylinder.

Products :

Product Description	Item Code
Automotive Cylinder Head Dies Manifold	87089900

Exports :

Products :

Engines

Countries :

• USA
• China
• Israel
• Italy
• UK
• Saudi Arabia

Imports :

Products :

Aluminium

Countries :

• Singapore
• Japan

Terms :

Selling :

L/C/ Cash and Credit (30 days)

Purchasing :

L/C/ Cash and Credit (30 days)

PRODUCTION STATUS (AS ON 31.03.2010)

Particulars	Licensed Capacity and Installed Capacity as certified by the management on three shift basis*
Auto Engine Components* (Nos.)	750000
Ferrous and Non-Ferrous Alloy Castings (MT)	10000
Vehicles / Three Wheelers (Nos.)	50000
Welding Set and Pump Set (Nos.)	300000
Silent Gensets (Nos.)	60000
Powertrain/ Gearboxes (Nos.)	50000

Cylinder Heads/ Cylinder Blocks/ Transmissions Cases/ Crank Cases/ Manifolds/ Brake Discs.

Note: The installed production capacity as above in respect of Auto Engine Components viz Cylinder Heads/ Cylinder Blocks/ Transmission Cases/ Crank cases includes that for brake discs, manifolds and other engine auto parts that are inter-changeable as the machine hour capacity available with the company can be utilized for any of the products. (As certified by the management and relied upon by the auditors being a technical matter.)

Particulars	Actual Productions
Auto Engine Components (Nos.)	571656
Ferrous and Non-Ferrous Alloy Castings (MT)*	4748.85
Vehicles / Three Wheelers (Nos.)	11
Welding Set and Pump Set (Nos.)	1
Silent Gensets (Nos.)	1
Powertrain/ Gearboxes (Nos.)	40

Note: *Includes castings used for captive consumption.

GENERAL INFORMATION

Customers :

End Users and OEM’s

No. of Employees :

More than 850 (Approximately)

Bankers :

• Canara Bank, Prime Corporate Branch-II, 2^nd Floor, World Trade Tower, Barakhamba Lane, New Delhi-110001, India

• HDFC Bank, Community Centre Road, Pitampura
• Lord Krishna Bank Limited, K-2 Chaudhary Building, Connaught Place, New Delhi – 110 001

• Corporation Bank, Industrial Finance Branch, H T House, K.G. Marg, New Delhi-110001, India

Facilities :

Secured Loan	As on 31.03.2010 (Rs. in Millions)	As on 31.03.2009 (Rs. in Millions)
Long term loan
Term loans form banks	515.331	578.227
Interest accrued and due thereon	2.741	2.493
Term loans for vehicles Banks	1.600	3.943
Deferred sales tax	0.091	0.091
Short term loans	0	0
Working capital facilities form banks	0	0
Cash credit with scheduled bank	14.741	0.000
Bill discounting	65.696	77.716
Packing credit	142.264	122.367
Total	742.464	784.837
Unsecured Loan
Long term loan for vehicles
Banks	25.000	0.000
Total	25.000	0.000

Notes:

• Includes

a) Rs.90.000 millions (previous year Rs.120.000 millions) secured by way of exclusive charge by way of hypothecation of specific plant and machinery purchase out of the said loans situated at its machining division at Bhiwadi.

b) Rs.194.244 millions (previous year Rs.201.496 millions) secured by way of exclusive charge by way of hypothecation of specific plant and machinery purchase out of the said loans situated at its auto engine division at Roorkes/ Gurgaon. These are further secured by way of an equitable mortgage of land and building at Village Munldyaki, District Roorkes, Uttrakhand.

c) Rs.233.827 millions (previous year Rs.256.731 millions) secured by way of exclusive charge by way of hypothecation of specific plant and machinery purchased out of the said loans situated at its machining division at Bhiwadi. These are further secured by way of an equitable mortgage of land and building at 88-A, Industrial Area, Bhiwadi, District Alwar, Rajasthan.

• Term loan for vehicle is secured by hypothecation of specific cars acquired form said loans.

• Includes of Rs.0.091 millions (previous year Rs.0.091 millions) secured against assets of the foundry division of the company and the erstwhile Bakshi Steels Limited, since amalgamated with the company, under the Rajasthan Sales Tax new deferment scheme, 1989 and are repayable in len half yearly installments that commenced form September 2003.

• Includes

a) Rs. Nil (Previous year Rs.1.772 millions) of packing credit and Rs. Nil (Previous year Rs.27.782 millions) of bill discounting facilities are secured by way of hypothecation of stock in trade both present and future including stock of raw material, work in progress, spares and stores and finished goods and movable properties including movable properties including plant and machinery, machinery spare tools, accessories and other movable both present and future and first pari passu charge created on land and building of the foundry division at Bhiwadi machining division at Gurgaon.

b) Rs. 65.696 millions (Previous year Rs.49.933 millions) of bill discounting facilities Rs.14.741 millions (Previous year nil) of cash credit facilities and Rs.142.264 millions (Previous year Rs.120.595 millions) of packing credit secured by way of hypothecation of stock in trade both present and future, present and future book debts, outstanding monies, receivable, claims due or which may at any time become due and first pari passu charge created/ to be created on the entire fixed assets both present and future of the company other than exclusively charged under term loans and an equitable mortgage on a pari passu first charge basis along with the lenders for term loans created/ to be created on land and building by way of deposit of title deeds of the properties of the foundry division at Bhiwadi and machining division at Gurgaon.

Banking Relations :	--
Financial Institution:	The Hongkong and Shanghai Banking Corporation Limited, Birla House, 25, Barakhamba Road, New Delhi-110001, India
Auditors :
Name :	Price Waterhouse Chartered Accountant
Address :	DLF Cyber City, Building No. 7, Gurgaon-122002, Haryana, India
Collaborators :	Oriental Structural Engineers Private Limited (OSE) Bakshi Steels Limited: L.P.Castings Limited: Bombay Builders (India) Private Limited
Associates/Subsidiaries :	Inter Motor BV Tizara Estate Limited (U45200DL2007PLC158564) Bhiwadi Estate Limited (U45200DL2007PLC158861)

CAPITAL STRUCTURE

As on 20.09.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
7500000	Equity Shares	Rs.10/- each	Rs.75.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5012462	Equity Shares	Rs.10/- each	Rs.50.125 Millions

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		50.125	50.125	50.125
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		1539.364	1404.726	1145.852
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1589.489	1454.851	1195.977
LOAN FUNDS
1] Secured Loans		742.464	784.837	787.748
2] Unsecured Loans		25.000	0.000	0.000
TOTAL BORROWING		767.464	784.837	787.748
DEFERRED TAX LIABILITIES		0.000	42.154	17.317
TOTAL		2356.953	2281.842	2001.042
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1291.917	1276.331	1105.846
Capital work-in-progress		54.903	156.272	132.963
INVESTMENT		27.459	30.305	30.305
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	236.510	238.765	207.775
	Sundry Debtors	731.470	672.189	606.016
	Cash & Bank Balances	170.127	126.394	122.862
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	333.181	286.373	211.722
Total Current Assets		1471.288	1323.721	1148.375
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	305.239	369.193
	Other Current Liabilities	112.265	43.023	351.353
	Provisions	71.110	92.571	65.094
Total Current Liabilities		488.614	504.787	416.447
Net Current Assets		982.673	818.934	731.928
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		2356.953	2281.842	2001.042

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	1869.144	2317.681	2201.233
		Income From Services	0.000	50.673	84.763
		Other Income	54.768	70.702	64.013
		TOTAL (A)	1923.912	2439.056	2350.009
Less	EXPENSES
		Material, Manufacturing and Operating Expenses	1071.742	1372.341	1318.461
		Personnel Expenses	283.069	262.406	232.937
		Selling and Administrative Expenses	195.331	244.517	139.940
		TOTAL (B)	1550.142	1879.264	1691.338
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		373.770	559.792	658.671
Less	FINANCIAL EXPENSES (D)		103.364	109.208	78.464
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		270.406	450.584	580.207
Less/ Add	DEPRECIATION/ AMORTISATION (F)		157.397	144.193	108.360
	PROFIT BEFORE TAX (E-F) (G)		113.009	306.391	471.847
Less	TAX (H)		(42.155)	26.991	(6.807)
	PROFIT AFTER TAX (G-H) (I)		155.164	279.400	478.654
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		362.933	132.059	379.321
Less	APPROPRIATIONS
		Transfer to General Reserve	15.600	28.000	696.594
		Dividend	17.544	17.544	25.062
		Tax on Dividend	2.982	2.982	4.260
	BALANCE CARRIED TO THE B/S		481.971	362.933	132.059
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	1512.047	2090.040	1917.544
	IMPORTS
		Raw Materials	314.341	320.083	294.691
		Stores & Spares	16.532	23.158	11.769
		Capital Goods	9.064	177.934	111.354
		Machining Spares	2.125	0.000	0.000
	TOTAL IMPORTS		342.062	521.175	417.814
	Earnings Per Share (Rs.)		30.98	55.74	95.79

Particulars	31.03.2011
Sales Turnover (Approximately)	2500.000

The above information has been parted by Mr. Arvind S.

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	8.07	11.45	20.37
Net Profit Margin (PBT/Sales)	(%)	6.05	13.22	21.44
Return on Total Assets (PBT/Total Assets}	(%)	4.09	11.78	20.93
Return on Investment (ROI) (PBT/Networth)		0.07	0.21	0.39
Debt Equity Ratio (Total Liability/Networth)		0.79	0.89	1.00
Current Ratio (Current Asset/Current Liability)		3.01	2.62	2.75

LOCAL AGENCY FURTHER INFORMATION

CONTINGENT LIABILITIES:

Particular	As on 31.03.2010 (Rs. in Millions)	As on 31.03.2009 (Rs. in Millions)
i) Bank Guarantee	78.785	162.110
ii) In respect of Excise Duty*	24.833	50.576
iii) In respect to Sales Tax*	22.515	4.696
Total	126.133	217.382

Note: *The amounts shown in the item (ii) and (iii) represent the best possible estimates arrived at on the basis of available information. The uncertainties and possible reimbursements are dependent on the outcome of the different legal processes which have been invoked by the company or the claimants as the case may be and therefore cannot be predicted accurately.

Bankers Charges Report as per Registry

This form is for	Creation of charge
Corporate identity number of the company	U34300DL1996PLC081210
Name of the company	CONTINENTAL ENGINES LIMITED
Address of the registered office or of the principal place of business in India of the company	22, Commercial Complex, Malcha Marg, Chankya Puri, New Delhi-110021, India
Type of charge	Immovable Property Movable Property (not being pledge)
Particular of charge holder	Canara Bank, Prime Corporate Branch-II, 2^nd Floor, World Trade Tower, Barakhamba Lane, New Delhi-110001, India
Email	crmgrcb1942@canarabank.com
Nature of description of the instrument creating or modifying the charge	Deed of Hypothecation RE: Machinery and Term Loan Agreement dated 02.05.2011, Letter evidencing deposit of title deeds and Pronote
Date of instrument Creating the charge	02.05.2011
Amount secured by the charge	Rs.400.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Base Rate + 4.25% p.a. presently 13.75% p.a. (Floating). Interest payable at monthly rests as and when due Terms of Repayment 4 quarterly installments of Rs. 10.000 Millions each in first year and 16 quarterly installments of Rs. 22.500 Millions each in the next four years, commencing after 2 years from the date of 1st disbursement. Margin 33.83% (Say 34%) Extent and Operation of the charge First Pari Passu Charge Others The above is to secure Term Loan of Rs. 400.000 Millions with sub limit FCLR (TL) Euro 6.25 Million (not to exceed Rs. 400.000 Millions ) and FLC (DA/DP) Capital Goods- ST of Rs. 200.000 Millions granted to the company together with interest, costs, expenses and other charges etc.
Short particulars of the property charged	I) Exclusive charge on the assets to be created out of the Term Loan. Exclusive Charge on Plant and Machinery (As specified in Annexure-II of Deed of Hypothecation RE: Machinery) situated at plot no. 88A II) Industrial Area, Bhiwadi (Raj.) and Factory at Village Mundiyaki and Dhaiyaki, Tehsil Roorkee, Haridwar, Uttrakand. EMT on all that piece and parcel of land and building existing and/or to be III) constructed thereon situated at Plot no. 88 A, Industrial Area, Bhiwadi admeasuring 25000 sq. meters and Village Mundiyaki and Dahiyaki, Tehsil Pargana, Manglour, Roorkee, Haridwar IV) Uttrakhand together with easementary and appurtenants thereto.

Fixed Assets:

• Land Freehold
• Land Leasehold
• Leasehold Improvements
• Building
• Plant and Machinery and Equipments
• Furniture and Fixtures and Office Equipments
• Vehicles
• Computer
• Software
• Technical Know-How

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.44.93
UK Pound	1	Rs.72.09
Euro	1	Rs.64.21

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	7
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	8
--CREDIT LINES	1~10	6
--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
TOTAL		62

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.