MIRA INFORM REPORT

Report Date :

12.03.2011

IDENTIFICATION DETAILS

Name :	JAQUAR AND COMPANY PRIVATE LIMITED
Formerly Known As :	JAQUAR AND COMPANY LIMITED
Registered Office :	C - 20, S.M.A. Co-Operative Industrial Estate Limited, G T Karnal Road, New Delhi - 110 033
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	01.10.1983
Com. Reg. No.:	55-16665
CIN No.: [Company Identification No.]	U52110DL1983PTC016665
TAN No.: [Tax Deduction & Collection Account No.]	DELJ04600B
PAN No.: [Permanent Account No.]	AAACJ2324F
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporters of Bath Fittings and Accessories.

RATING & COMMENTS

MIRA’s Rating :

Aa (66)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 8000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established and a reputed company having fine track. Financial position of the company appears to be sound. Directors are reported to be experienced and respectable businessmen. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered normal for 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 :	C – 20, S.M.A. Co-Operative Industrial Estate Limited, G T Karnal Road, New Delhi - 110 033, India
Tel. No.:	91 – 11 – 2746 4808 / 4809
Fax No.:	91 – 11 – 2724 0388
E-Mail :	jaquar@indiabuildnet.com jaquar@bol.net.in support@jaquar.com accounts@jaquar.com
Website :	http://www.jaquar.com
Area :	Leased
Location :	Industrial
Head Office :	D-28 S. M. A., Co-operative Industrial Estate, G. T. Karnal Road, New Delhi 110 033.
Tel. No.:	91-11-27464808 to 17
Fax No.:	91-11-27466808/27240388
E-Mail :	jaquar@vsnl.com
Location :	Industrial
Corporate Office :	306, Udyog Vihar, Phase-II, Gurgaon India
Tel. No.:	91-124-4746800 (60 Lines)
Fax No.:	91-124-2346531-32
E-Mail :	support@jaquar.com service@jaquar.com
Branches :	Located at: Ahmedabad Bangalore Bhopal Bhubaneswar Chandigarh Chennai Cochin Delhi Guwahati Hyderabad Indore Jaipur Jammu Jamshedpur Kolkatta Lucknow Ludhiana Mumbai Pune Siliguri Surat

DIRECTORS

(AS ON 30.09.2009)

Name :	Mr. Sri Krishan Mehra
Designation :	Director
Address:	5, Flag Staff Road, Civil Lines, Delhi – 110 054, India
Date of Birth/Age :	15.12.1956
Date of Appointment :	22.03.1984
Name :	Mr. Rajesh Mehra
Designation :	Director
Address:	5, Flag Staff Road, Civil Lines, Delhi – 110 054, India
Date of Birth/Age :	04.09.1958
Date of Appointment :	01.02.1996
Name :	Mr. Ajay Mehra
Designation :	Director
Address:	5, Flag Staff Road, Civil Lines, Delhi – 110 054, India
Date of Birth/Age :	27.06.1962
Date of Appointment :	01.04.2003
Name :	Mr. Bharat Bhushan Duggal
Designation :	Director
Address:	A – 5B/449, Paschim Vihar, Delhi – 110 054, India
Date of Birth/Age :	18.11.1955
Date of Appointment :	07.03.2005
Name :	Mr. Ved Bandhu Aggarwal
Designation :	Director
Address:	A – 2/85, Rajouri Garden, Delhi – 110 028, India
Date of Birth/Age :	28.01.1948
Date of Appointment :	07.03.2005

ADDITIONAL DIRECTOR

(AS ON 01.10.2009)

Name :	Mr. Parichay Mehra
Designation :	Additional Director
Address:	5, Flag Staff Road, Civil Lines, Delhi – 110 054, India
Date of Birth/Age :	24.12.1982
Date of Appointment :	01.10.2009

KEY EXECUTIVES

Name :	Mr. Baldev Singh Kashtwal
Designation :	Company Secretary
Address :	Flat No. 136-B, First Floor, Pocket-B, Dilshad Garden, Delhi 110 095, India
Tel No. :	91-11-22127199
Mobile :	91-9811298944
Email :	bskashtwal@indiatimes.com

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 30.09.2009)

Names of Shareholders	No. of Shares
S.K. Mehra	31081
Rajesh Mehra	32096
Ajay Mehra	31066
Ajay Mehra and Sons (HUF), Delhi, India	1250
Deepika Mehra	31476
Kanav Mehra	1800
Ranvir Raj Mehra	1202
N L Mehra and Sons (HUF), Delhi, India	1304
Malti Mehra	32615
Nishi Mehra	32141
Parinay Mehra	1155
Rajesh Mehra and Sons (HUF), Delhi, India	1322
Parichay Mehra	1451
Parakh Sehgal	1630
S K Mehra and Sons (HUF), Delhi, India	1590
Sabhyata Mehra	1864
Santosh Mehra	1011
KRA Leasing Limited, Delhi, India	90007
G R Sales Limited, New Delhi, India	10000
Essco Sanitations Limited, Delhi, India	54350
SMG Enterprises Private Limited, Delhi, India	1150
Gulsher	800
Joginder Singh	31
Mikky Khosla	101
Inder Singh Malhotra	26
Pal Singh	4
Renu Chopra	11
Total	362534

(AS ON 30.09.2009)

Category	Percentage
Bodies Corporate	42.89
Directors or relatives of the Directors	56.87
Other top fifty shareholders	0.24
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporters of Bath Fittings and Accessories.

Products :

ITC Code	84818020
Product Description	Bath Fittings and Accessories

Brand Names :

“JAQUAR”

Exports :

Countries :

· United States

· Australia

· Denmark

· France

· Italy Hong Kong

· Spain

· Singapore through its Distributors.

GENERAL INFORMATION

Customers :

Wholesalers and Retailers

No. of Employees :

200

Bankers :

· Punjab National Bank.

· ANZ Grindlays Bank

· Standard Chartered Bank,

Credit Risk Control, Narain Manzil, 23, Barakhamba Road, New Delhi 110 001, India

· Citi Bank NA,

Jeevan Vihar, 3 Sansad Marg, New Delhi 110 001, India

· HDFC Bank Limited,

HDFC Bank House, Senapati Bapart Marg, Lower Parel (West), Mumbai-400013, Maharashtra, India

Facilities :

Secured Loans :	31.03.2010 Rs. in Millions
Term Loan Against hypothecation of Cars)	--
Bank Overdraft	4.955
Total	4.955

Unsecured Loans :	31.03.2010 Rs. in Millions
From Directors	12.200
From Inter Group Companies	28.650
Security Deposits from Dealers	4.808
Total	45.658

Banking Relations :	--
Auditors :
Name :	Daleep Bhatia and Company Chartered Accountants
Address :	19, Vasant Enclave, Rao Tula Marg, New Delhi 110 057, India
Tel. No.:	91-11-26151888/ 26154255/ 26147624
Mobile No.:	91-11-26151888
Pan No :	AACFD8623J
E-Mail :	daleepbhatia@rediffmail.com daleepbhatia19@yahoo.com
Subsidiary Company:	M G C Enterprises Private Limited U74899DL1982PTC013177
Associate Companies :	v G R Sales (Private) Limited v KRA Leasing Limited v SMG Enterprises (Private) Limited v Essco Sanitations (Private) Limited v Saniplus Overseas (Private) Limited v Prompt Capital and Finser (Private) Limited v Jaquar Mercantile v Essco Sanitations v Sanraj Farms (Private) Limited

CAPITAL STRUCTURE

(AS ON 30.09.2010)

Authorised Capital :

No. of Shares	Type	Value	Amount
400000	Equity Shares	Rs.100/- each	Rs.40.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
362534	Equity Shares	Rs.100/- each	Rs.36.253 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		36.253	19.753	19.753
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		1954.094	1376.359	1058.183
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1990.347	1396.112	1077.936
LOAN FUNDS
1] Secured Loans		4.955	50.425	4.347
2] Unsecured Loans		45.658	47.795	30.727
TOTAL BORROWING		50.613	98.220	35.074
DEFERRED TAX LIABILITIES		102.356	51.700	32.000
TOTAL		2143.316	1546.032	1145.010
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1280.323	1143.831	838.100
Capital work-in-progress		57.260	76.844	25.363
INVESTMENT		246.263	93.795	139.479
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	767.032	482.258	574.726
	Sundry Debtors	486.539	402.914	366.011
	Cash & Bank Balances	304.452	32.847	35.397
	Other Current Assets	185.393	229.185	196.048
	Loans & Advances	460.512	506.036	418.477
Total Current Assets		2203.928	1653.240	1590.659
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	897.028	789.375	967.945
	Other Current Liabilities	288.108	240.904	267.314
	Provisions	459.322	391.399	213.332
Total Current Liabilities		1644.458	1421.678	1448.591
Net Current Assets		559.470	231.562	142.068
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		2143.316	1546.032	1145.010

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income		5108.220	4912.892
		Other Business Receipts	NA	NA	11.329
		Other Income		NA	4.323
		TOTAL (A)	NA	NA	4928.544
Less	EXPENSES
		Manufacturing and Trading Expenses			4034.560
		Personnel Expenses			186.040
		Administrative Expenses	NA	NA	101.343
		Selling and Distribution Expenses			372.291
		Increase/(Decrease) in Finished Goods			(193.451)
		TOTAL (B)	NA	NA	4500.783
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		NA	548.601	427.761
Less	FINANCIAL EXPENSES (D)		NA	0.000	17.897
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		NA	548.601	409.864
Less/ Add	DEPRECIATION/ AMORTISATION (F)		NA	50.911	41.109
	PROFIT BEFORE TAX (E-F) (G)		Na	497.690	368.755
Less	TAX (H)		NA	179.513	137.667
	PROFIT AFTER TAX (G-H) (I)		(0.019)	318.177	231.088
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		--	1010.403	779.315
	BALANCE CARRIED TO THE B/S		--	1328.580	1010.403
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	157.265	140.944	134.085
	TOTAL EARNINGS		157.265	140.944	134.085
	Earnings Per Share (Rs.)		2048	1610.75	1169.86

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	NA	NA	4.69
Net Profit Margin (PBT/Sales)	(%)	NA	9.74	7.51
Return on Total Assets (PBT/Total Assets}	(%)	NA	17.79	15.18
Return on Investment (ROI) (PBT/Networth)		NA	0.36	0.34
Debt Equity Ratio (Total Liability/Networth)		0.85	1.09	1.38
Current Ratio (Current Asset/Current Liability)		1.34	1.16	1.10

LOCAL AGENCY FURTHER INFORMATION

PERFORMANCE:

The company has loss of Rs.0.019 Million. The Performance of the company is not satisfactory and directors tried to improve the performance of the company in the current year.

Bankers Charges Report as per Registry

Name of the company	JAQUAR AND COMPANY LIMITED
Presented By	Mr. Ajay Mehra, Director
1) Date and description of instrument creating the change	Loan agreement dated December 08, 2004
2) Amount secured by the charge/amount owing on the securities of charge	Total working capital facility Rs.92.500 Millions
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given	First charge vide equitable mortgage on property situated at 6^th Floor, Esat Towers, 25, Barakhamba Road, Connaught Place, New Delhi – 110 001, by deposit of title deeds.
4) Gist of the terms and conditions and extent and operation of the charge.	· Repayable on demand · Cash credit @ 10.00% p.a · Other interest rates as per RBI mandated rates specified from time to time
5) Name and Address and description of the person entitled to the charge.	CITI bank N.A, Jeevan Vihar, 3 Sansad Marg, New Delhi – 110 001, India
6) Date and brief description of instrument modifying the charge	NA
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.	NA

Corporate identity number of the company	U52110DL1983ULL016665
Name of the company	JAQUAR AND COMPANY PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	C - 20, S.M.A. Co-Operative Industrial Estate Limited, G T Karnal Road, New Delhi - 110 033, India
This form is for	Creation of Charge
Type of charge	Book Debts Movable Property Floating Charge
Particular of charge holder	HDFC Bank Limited, HDFC Bank House, Senapati Bapart Marg, Lower Parel (West), Mumbai-400013, Maharashtra, India mukesh.todi@hdfcbank.com
Nature of instrument creating charge	Letter of hypothecation and book debts
Date of instrument Creating the charge	07.12.2009
Amount secured by the charge	Rs.10.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest As mutually agreed terms Terms of Repayment As agreed in sanction terms Margin As agreed in sanction terms Extent and Operation of the charge Firs pari-passu charge on all the current assets including stock and book debts of company both present and future
Short particulars of the property charged	Firs pari-passu charge on all the current assets including stock and book debts of company both present and future

FIXED ASSETS

· Land

· Factory Building

· Office Building

· Furniture and Fixture

· Plant and Machinery

· Office Equipment

· Computer

· Capital work in process

· Vehicles

AS PER WEBSITE DETAILS

History

The early beginnings

The Jaquar saga began in 1960, when a determined Mr NL Mehra decided to start a bath fittings business. However, this industry was still at a very nascent stage in India and the technology to make high quality bath fittings did not exist in the country. But he simply followed his instincts and took the plunge with an entrepreneurial spirit and a passion to excel as his only resources.

Little did he know that some day, he would not only be hailed as a pioneer in the field but would continue to give it future direction in the decades to come.

The birth of Essco

Mr. N L Mehra launched a company, which he named Essco Sanitations and began to manufacture quality taps. This marked the first phase of the Jaquar saga. Single-minded in his purpose, his sole aim was to manufacture bath fittings of a consistently high quality. His approach was distinctly customer-centric and he offered hitherto unparalleled customer services. As it happened, he was very successful in his endeavours. Essco steadfastly became known for its high quality, a fact that generated tremendous brand equity for the Company.

In many ways, Essco laid the foundations for greater things to come. For one, it firmly set the benchmarks for stringent quality standards in all products. Among its biggest achievements was the fact that it succeeded in establishing unparalled goodwill in the market, in terms of relationships with its customers and the trade. Many of those links remain as strong today - almost half a decade later.

Jaquar is launched

As he steered Essco to a top position in the domestic market, Mr. Mehra gained a penetrating insight into the bath fittings industry and its future. He set about to create another company to meet India's requirements of products which were in step with the latest design and technology principles of international markets.

In 1986, Jaquar and Company Limited was formed.

The rest is history

Today, the Jaquar Group as a whole has emerged the undisputed market leader in the field of bath fittings in India. Heralded as a torchbearer of change through its policy of continuous innovation and upgradation of technology, Jaqar has completely revolutionized the way the bath fittings industry used to function in India.

The Company has built strong alliances and relationships with international market leaders in the field such as:

In 1936, A. O. Smith developed and patented a process to glass-line water heaters.

Today, A.O. Smith Water Products Company; the largest water heater manufacturer in North America, has gained the respect and support of home owners, contractors, architects and specifying engineers in over 60 countries by providing innovative technologies and energy efficient solutions.

Based on feedback from numerous focus group studies conducted throughout India and an endless number of hours of market researh, A.O. Smith and Jaquar have formed a partnership; utilising their individual strengths, to provide the A.O. Smith-Jaquar Elite Series for consumers who are demanding an endless supply of style and comfort.

Another distinguished collaborator of Jaquar is Aquis, the leading name in sensor taps and other sensor-controlled products. A pioneer in the sensor technology, Aquis commands 95% share of the sensor-controlled products reaching discerning consumers in India.

Docol has built success in Brazil, it is a pioneer in technological advances in Brazil and Latin America. In 1976, after extensive research and testing, it was the first to introduce a silent operation flush valve, free from water hammer and with low consumption of water, all in a single body construction and with a great variety of finishes. It was also the first to release basin pillar taps and valves with automatic shutoff in South America. It was also the first to launch a vandal-resistant line of fixtures and the first to offer a complete product line for Dry Wall constructions, in addition to other innovative solutions.

Jaquar Lighting Division has enamoured many and is sure to carve a niche with its elegant designs and chic styling. Partnered by globally renowned organizations and internationally acclaimed lighting goods companies known for their innovative ideas and sophisticated designs, Jaquar is all set to light up your lives and become a capable and expert provider of quality and designer lighting goods across price-points to corporate, commercial and residential segments. Partnering with international player Artemide from Italy.

Jaquar intends to turn your home and office into an anviable masterpiece

Established in 1986, Jaquar has emerged as the undisputed leader in quality bath fittings in India. The keywords of progress and development at the Jaquar house are evolution, innovation and up gradation

With its immense penetration into the domestic and overseas markets, Jaquar is poised to take a giant leap forward to explore new dimensions. With this pursuit, Jaquar has spread its wings and joined hands with a German firm, Horst Breuer GmbH and Co., a member of the MASCO Group of Companies, USA.

Based in Neuweid on the Rhine in Germany, committed to the philosophy: "Showering and More! More quality, more functionality, more service,... simply more showering culture!" Breuer has set standards for itself.

Jaquar and Breuer bring 'Liveable' Trends for your bathrooms.

Glass Idromassaggio was established in 1990 by a group of businessmen, who were absolutely convinced that the hydromassage systems, at that time for the few, would become popular. This far-sighted hunch laid the bases for constant development.

Encouraged by growing public approval, Glass became a joint stock company and built today?s head office and facilities in Oderzo, which over the years have been extended from the initial 7,000 m2 to the current 22,000 m2.

After a decade distinguished by an exponential increase in sales both in Italy and abroad, in 2000 Glass Idromassaggio S.p.A. became part of the Masco group. This American multinational includes many well-known European brands, such as Hansgrohe, Hueppe, Damixa, Thermic plus another 30 companies, making it one of the foremost manufacturing groups of bathroom fixtures and fittings in the world. Being able to exploit group synergies has enabled Glass to increase its penetration of the European markets.

Founded in 1947, the Siamp group is based since its early days in the Principality of Monaco.Toilet seat covers, tanks, mechanisms, float valves, evacuations, suspended sanitaries, covering, care and ventilation solutions: Siamp designs, manufactures and distributes a wide range of products and systems for the restroom space

Global partner of the leading ceramic manufacturers and hundreds of distributors, Siamp is in permanent contact with an ever growing market.

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.45.21
UK Pound	1	Rs.72.54
Euro	1	Rs.62.43

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILIRY	1~10	8
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	7
--RESERVES	1~10	8
--CREDIT LINES	1~10	7
--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		66

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.