MIRA INFORM REPORT

Report Date :

07.05.2011

IDENTIFICATION DETAILS

Name :	LAFARGE INDIA PRIVATE LIMITED (w.f.e. 25.05.1999)
Formerly Known As :	INFRA CEMENT INDIA LIMITED
Registered Office :	Bakhtawar, 14^th Floor, 229, Nariman Point, Mumbai – 400021, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	08.02.1999
Com. Reg. No.:	11-118229
Paid-up Capital :	Rs.4156.963 millions
CIN No.: [Company Identification No.]	U26940MH1999PTC118229
TAN No.: [Tax Deduction & Collection Account No.]	MUML03158B
PAN No.: [Permanent Account No.]	AAACL4159L
Legal Form :	Private Limited Liability Company
Line of Business :	Produces and sells Portland Slag Cement, Ordinary Portland Cement and Portland Pozzolana Cement.

RATING & COMMENTS

MIRA’s Rating :

A (64)

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 67894992
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established company having fine track. Available information indicates high financial responsibility of the company. 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 business dealing 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 (GENERAL DETAILS)

Name :	Mr. Rajiv Chandan
Designation :	Finance Controller
Contact No.:	91-22-66306510

LOCATIONS

Registered Office :	229, 14^th Floor, Bakhtawar, Nariman Point, Mumbai-400021, Maharashtra, India.
Tel. No.:	91-22-66306511
Fax No.:	91-22-66306510
E-Mail :	chandra.dhar@in.lafarge.com
Website :	www.lafarge-india.com
Area:	2500sq.fts
Location:	Owned
Regional Sales Office :	Locate at: v West Bengal v Chatisgarh v Jharkhand v Bihar v Orissa v North East
Factory :	Located at: v Sonadih, District Raipur, Chhattisgarh v Jojobera, District Singhbhum, Jharkhand v Arasmeta District Janjir – Champa, Chhattisgarh v Mejia District Bankura, West Bengal

DIRECTORS

AS ON 17.08.2010

Name :	Mr. Deepak Prakash
Designation :	Director
Address :	9 Darbhanga Mansion 12 Camchael Road, Mumbai – 400026, Maharashtra, India
Date of Birth/Age :	18.10.1944
Date of Appointment :	01.07.2005
Name :	Mr. Uday Chander Khanna
Designation :	Director
Address :	Flat 502, 5^th Floor, Bakhtwar, opposite Colaba Post Office, Mumbai – 400055, Maharashtra, India
Date of Birth/Age :	01.12.1949
Date of Appointment :	01.07.2005
Name :	Mr. Venkateshwaran Narayanan
Designation :	Directors
Address :	Flat No. 19, The Manor,1 Cenotaph Road, 2^nd Street, Teynampet, Chennai- 600 018, Tamil Nadu, India
Date of Birth/Age :	29.01.1938
Date of Appointment :	14.04.2003
Name :	Mrs. Shaobha Singh Thakur
Designation :	Directors
Address :	1161, Abdul Court, Flat No. 20, 7^th Floor, Suryavanshi Marg, Dadar, Mumbai- 400 028, Maharashtra, India
Date of Birth/Age :	26.08.1929
Date of Appointment :	14.04.2003
Name :	Mrs. Priya Mohan Sinha
Designation :	Directors
Address :	B- 787, Sushant Lok –I, Gurgaon, India
Date of Birth/Age :	15.08.1940
Date of Appointment :	16.04.2003
Name :	Mr. Jean Desazars De Mantgailhard
Designation :	Directors
Address :	17, Boulevard, Delessert 75016, Paris, France
Date of Birth/Age :	26.07.1952
Date of Appointment :	16.04.2003
Name :	Mr. Isidoro D Montgallhad
Designation :	Director
Address :	60 Boulevard bineau Neuly Surseine - 922200
Date of Birth/Age :	07.02.1959
Date of Appointment :	22.11.2007
Name :	Mr. Kumarapuram Venkitachalaiyer Ganesan
Designation :	Directors
Address :	Flat No.3, 1A, Palm Place, Ballygunge Park Road, Calcutta- 700 019, West Bengal, India
Date of Birth/Age :	15.11.1938
Date of Appointment :	08.04.2004
Name :	Mr. Bruno Lafont
Designation :	Directors
Address :	21, Boulevard, Montmorency- 75116, Paris, France
Date of Birth/Age :	08.06.1956
Date of Appointment :	03.10.2003
Name :	Mr. Marin Kreigner
Designation :	Director
Address :	No.7 Jalan Balau Damansara Heights 50490 Kuala Lampur Malaysia
Date of Birth/Age :	06.09.1961
Date of Appointment :	07.03.2002

KEY EXECUTIVES

Name :	Mr. Rajiv Chandan
Designation :	Company Secretary and Chief of Legal
Address :	Bakhtawar, 14^th Floor, 228 Nariman Point, Mumbai – 400021, Maharashtra, India
Date of Birth/Age :	03.10.1977
Date of Appointment :	16.03.2009

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

Names of Shareholders (As on 17.08.2010)	No. of Shares
Financiere Lafarge	262561269
National Securities Depositories Limited (Beneficiary A/C: Housing Development Finance Corporation Limited	13333334
National Securities Depositories Limited (Beneficiary A/C: Housing Development Finance Corporation Limited	10000002
National Securities Depositories Limited (Beneficiary A/C: Financiere Lafarge	129801733
Total	415696338

AS ON 17.08.2010

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	94.39
Public Financial Companies	5.61
Total	100.00

BUSINESS DETAILS

Line of Business :

Produces and sells Portland Slag Cement, Ordinary Portland Cement and Portland Pozzolana Cement.

Products :

Item Code No. (ITC Code)	252300
Product Description	Cement

GENERAL INFORMATION

Bankers :

Deutsche Bank Ag, Deutsche Bank House Hazariman Somani Marg, Fort, Mumbai - 400001, Maharashtra, India

Facilities :

Secured Loan	Rs. In Millions 31.03.2010	Rs. In Millions 31.03.2009
Term Loans from Scheduled Banks	200.000	1400.000
External Commercial Borrowing	7304.208	8125.160
Cash Credit Accounts	27.990	70.711
Total	7532.198	9595.871

Notes:

1. Term Loans from Banks are secured by immovable and movable assets related to Sonadih cement plant (Line 1) and movable assets related to Jojobera cement plant.
2. Secured by movable and immovable assets of second line clinkerisation unit at Sonadih cement plant and immovable and movable assets of cement grinding unit at Mejia cement plant
3. Secured by hypothecation of the Company's inventory and receivables.

Banking Relations :

-

Auditors :

Name :

S R Batliboi and Associates

Chartered Accountants

Address :

22, Camac Street, Block C, 3^rd Floor, Kolkata- 700 016, West Bengal India

Tel. No.:

91-33-66153400

Fax No.:

91-33-22817750

Holding Company:

Financiere Lafarge

Subsidiaries :

v LI cement Private Limited

CIN NO.: U74899DL2000PTC104100

v LI Eastern Private Limited

CIN NO.: U26942ML2006PTC008200

v Arasmeta Coal Mining Company Private Limited

CIN NO.: U10100MH2005PTC151613

v Lafarge Rajasthan Cement Limited (Formerly known as GKW Cement Limited)

CIN NO.: U26959WB1999PLC089065

Fellow Subsidiary

Companies :

v Lafarge North America Corporate

v PT Semen Andalas Indo

v Lafarge Umium Mining Private Limited

v Lafarge Asia SDN BDH

v Lafarge Boral Gypsum

v Lafarge Phillipines

v Lafarge China

v Lafarge Surma

v Lafarge Cement Joint Venture Company, Vietnam

v Lafarge Cement Services (Philippines) Inc.

v Iligan Cement Corporation, Philippines

v Lafarge Canada Inc.

v Lafarge Boral Gypsum India Private Limited

v Lafarge-Aggregates and Concrete India Private Limited

v Centre Technique Inter-Unites Du Groupe Lafarge

v Chilanga Cement, ZAMBIA

v Lafarge Chongquingng Cement Company Limited

v Lafarge Int. Services Singapore Private Limited

v Cementia Trading Ag

v Heracles Cement Company Limited

v Lafarge Mexico

Associate Company :

Arasmeta Capative Power Company Private Limited

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
200000000	Equity Shares	Rs.10/- each	Rs.20000.000 millions
100000000	Equity Shares	Rs.10/- each	Rs.10000.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
415696338	Equity Shares	Rs.10/- each	Rs.4156.963 millions

Of the above:

392,363,002 (Previous year: 392,363,002 ) Equity shares are held by Financiere Lafarge, the Holding Company

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.3.2010	31.12.2008	31.12.2007
SHAREHOLDERS FUNDS
1] Share Capital		4156.963	4156.963	4156.963
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		12816.785	5881.119	5881.119
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		16973.748	10038.082	10038.082
LOAN FUNDS
1] Secured Loans		7532.198	9595.871	9595.871
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		7532.198	9595.871	9595.871
DEFERRED TAX LIABILITIES		0.000	0.000	1047.000
TOTAL		26087.542	20680.953	20680.953
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		16525.494	9520.498	9520.498
Capital work-in-progress		4285.225	7672.785	7672.785
INVESTMENT		391.405	717.225	717.225
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1412.215	1447.740	1447.740
	Sundry Debtors	403.953	395.259	395.259
	Cash & Bank Balances	6109.914	6298.573	6298.573
	Other Current Assets	171.749	94.645	0.000
	Loans & Advances	3630.026	3642.045	3763.270
Total Current Assets		11727.857	11878.262	11904.842
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	4211.555	3388.702	796.643
	Other Current Liabilities	2050.573	1881.048	4480.943
	Provisions	580.311	3838.067	3856.811
Total Current Liabilities		6842.439	9107.817	9134.397
Net Current Assets		5669.582	2770.445	2770.445
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		26087.542	20680.953	20680.953

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.3.2010	31.12.2008	31.12.2007
	SALES
		Income	30.422	23.474	16.891
		Other Income	0.686	0.426	0.336
		TOTAL (A)	31.108	23.900	17.227
Less	EXPENSES
		TOTAL (B)	19.478	14.968	11.708
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		11.629	8.933	5.519
Less	FINANCIAL EXPENSES (D)		0.000	0.000	0.000
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		11.629	8.933	5.519
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.240	0.940	0.711
	PROFIT BEFORE TAX (E-F) (G)		10.389	7.993	4.808
Less	TAX (I)		3.846	3.036	1.241
	PROFIT AFTER TAX (G-I) (J)		6.543	4.957	3.567
	IMPORTS
		Components & Spares	150.031	103.368	103.368
		Capital Goods	679.088	549.894	549.894
	TOTAL IMPORTS		829.119	653.262	653.262
	Earnings Per Share (Rs.)		15.74	8.58	--

KEY RATIOS

PARTICULARS		31.3.2010	31.12.2008	31.12.2007
PAT / Total Income	(%)	21.03	20.74	21.12
Net Profit Margin (PBT/Sales)	(%)	34.15	34.05	28.14
Return on Total Assets (PBT/Total Assets}	(%)	0.04	0.04	22.18
Debt Equity Ratio (Total Liability/Networth)		0.85	1.86	1.87
Current Ratio (Current Asset/Current Liability)		1.71	1.30	0.21

LOCAL AGENCY FURTHER INFORMATION

Performance Review

In 2009-10 (15 months), the Company has continued to deliver robust performance with substantial growth in top line and bottom line at the backdrop of higher realizations and increased volumes supported by recent capacity expansion of 1 MT.

During the period (15 months), Production and Sales Volume of cement were at 7,851 KT and 7,797 KT respectively, underpinned by an additional 1.0 MT capacity commissioned at Mejia Cement Plant (March'2009) Like for like comparison:

Net Sales Increased by 39% and Ex-Shipping price increasing by 11%.

Operating Profits (EBIT) grew by 66%.

Profit Before Tax increased by 59%.

Profit After Tax increased by 39%.

Future Outlook

The Indian economic growth continues to remain strong as evident by the high GDP growth of past few quarters. The economic growth In 2010-11 is expected to be above 8% as against a robust 7.4% in previous year. The improving demand in new housing projects and investments in infrastructure indicate that cement demand IS likely to remain strong in the future. However, estimated Capacity addition about 7-8 MT in 2010-11 in Eastern markets may cause pressure on realisations.

The Company IS now accelerating development of greenfield projects and has commenced work on building the 2.6 MT new cement plant in Rajasthan. The ongoing 1.0 MT capacity expansion project at Jojobera is likely to be commissioned in 2010-11.

Bankers Charges Report as per Registry

Name of the company	Modification of Charges by a company registered in India (Pursuant to Section 135)
Presented By	LAFARGE INDIA PRIVATE LIMITED
1) Date and description of instrument creating the change	Mr. Rajiv Chandan Vice President(Legal) and Company Secretary
2) Amount secured by the charge/amount owing on the securities of charge	No instrument was executed but on the 24^th day of April, 2001 joint mortgage was created by the Company jointly in favour of (a) Deutsche Bank AG in its capacity as Debenture Trustees (“the Trustees”) for the holders of Secured Redeemable Non-Convertible Debentures of the aggregate nominal value of Rs. 2500.000 millions (now reduce to 1650.000 millions) (b) Standard Chartered Bank (“SCB”) for its rupee term loan of Rs.600.000 millions and (c) Credit Lyonnais (“CL”) for its rupees 500.000 millions By deposit of title deeds with Deutsche Bank, acting for itself as Trustees and as agent of SCB and CL in respect of the Company’s immovable properties pertaining to its cement unit situated at P.O. Gopalnagar, Dist- Janjgir Champa in the state of Chhatisgarh, more particularly described in the Annexure to Form 13 field in this regard in order to create security thereon as and by way of joint equitable mortgage by deposit of title deeds.
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	Company’s immovable properties pertaining to its cement unit situated at Arasmeta P.O. Gopalnagar, Dist-Janjgir Champa in the state of Chhatisgarh,
4) Gist of the terms and conditions and extent and operation of the charge.	The Loan together with all interest, additional interest, liquidated damages, commitment charges and expenses and other moneys payable thereon by the company to SCB is now secured by the joint equitable mortgage by deposit of title deeds in respect of the Company’s immovable properties pertaining to its cement unit situated at P.O. Gopalnagar, Dist- Janjgir Champa in the state of Chhatisgarh ( more particularly described in the Annexure to Form 13 field in this regard ) together with all building and structures thereon and all plant and machinery attached to the earth or permanently fastened to anything attached to the earth.
5) Name and Address and description of the person entitled to the charge.	STANDARD CHARTERED BANK 23-25, Mahatma Gandhi Road, Fort, Mumbai – 400001.
6) Date and brief description of instrument modifying the charge	No instrument was executed but the company has released partially the charge on the land situated at Village “Gondadih” (more particularly described in the Annexure enclosed herewith) from the total pari passu charge created in favour of its Cement unit situated at P.O. Gopalnagar, Dist – Janjgir Champa in the State of Chhatisgarh. Dated 11^th Feb. 2005.
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.	FIRST MODIFICATION The Company’s immovable properties to its cement unit situated at Arasemta P.O. Gopalnager, Dist – Janjgir Champa in the state of Chhatisgarh hitherto mortgaged in favour of Secured Redeemable Non Convertible Debentures of 2500.000 millions (now reduced to 1650.000 millions ) SCB for Rupee Term Loan of 600.000 millions & CL for Rupee Term Loan Rs. 500.000 millions now being further mortgaged by creating a pari passu charge in favour of The Hongkong and Shanghai Banking Corporation Limited (HSBC) for securing Rupee Term Loan of Rs. 500.000 millions from HSBC, by deposit of title deeds by way of constructive delivery with Deutsche Bank and Deutsche Bank acting for itself as Trustees and as agent for SCB, CL & HSBC in respect of the aforesaid immovable properties. (Registered vide serial No. 121 dated 16.8.04) PRESENT MODIFICATION Dated 11^th Feb, 2005 No instrument was executed, but the company has released partially the charge on the land situated at Village “Gondadih” from the total pari passu charge created in favour of its lenders and debenture holders on its immovable properties pertaining to its Cement unit situated at P.O. Gopalnagar, District Jangir Champa in the State of Chattisgarh.

This form is for	Creation of charge
Corporate identity number of the company	U26940MH1999PTC118229
Name of the company	LAFARGE INDIA PRIVATE LIMITED.
Type of charge	Immovable Property Floating Charge
Particular of charge holder	IL and FS trust company Limited , IL and FS Financial Centre Plot No. 022 G Block Bandra Kurla Complex, Bandra (East), Mumbai- 400 051, Maharashtra, India
Date of instrument Creating the charge	04.01.2008
Amount secured by the charge	Rs.5518.926 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Six Months JPY LIBOR per annum Terms of Repayment The Borrower shall repay all the Loans outstanding as at the end of the Availability period by eight unequal semi-annual installments on repayment dates as per Facility Agreement dated 07.03.2007. Margin 0.5% per annum Extent and Operation of the charge Interest, additional interest, compound interest, commitment charges, costs, charges, expenses and other monies payable by the company to the participating institutions /banks respectively under their respective loan agreement/ Letters of Sanction/ Memorandum of terms and conditions as amended from time to time.
Short particulars of the property charged	Both Moveable and Immovable properties situated at (a) the second line clinkerisation unit located at Sonadih Cement Plant, PO Raseda, Via Baloda Bazar, Raipur 493 332, India; and (b) the cement grinding unit at Mejia, PS- Gangajalghati, PO Durlavpur, Dist - Bankura, WB, India excluding Bankers' Goods of the Borrower secured in favour of the Working Capital Facilities lenders as per Facility Agreement dated 07.03.07.

FIXED ASSETS:

v Goodwill

v Land

v Quarry Development

v Building and Roads

v Plant and Machinery

v Railway sidings and Locomotives

v Furniture Fixtures and office Equipments

v Vehicles

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.44.78
UK Pound	1	Rs.73.42
Euro	1	Rs.65.27

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	8
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	7
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	7
--RESERVES	1~10	7
--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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		64

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.