MIRA INFORM REPORT

Report Date :

04.10.2011

IDENTIFICATION DETAILS

Name :	IFB AUTOMOTIVE PRIVATE LIMITED
Registered Office :	Plot No Industrial Sector – 5, 1 East Kolkata Township, Tiljala, Kolkata – 700107, West Bengal
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	12.04.1989
Com. Reg. No.:	21-46693
Capital Investment / Paid-up Capital :	Rs. 50.800 millions
CIN No.: [Company Identification No.]	U29130WB1989PTC046693
TAN No.: [Tax Deduction & Collection Account No.]	BLRR00487E
PAN No.: [Permanent Account No.]	AABCI2766H
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacture of fine blanked automotive components, seating systems, door systems and automotive motors.
No. of Employees :	Not Available

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 8200000
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 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 :	Plot No Industrial Sector – 5, 1 East Kolkata Township, Tiljala, Kolkata – 700107, West Bengal, India
Tel. No.:	91-33-24428286
Fax No.:	91-33-24421003
E-Mail :	info@ifbassl.com mahesh@itbassl.com jpatnaikassociates@gmail.com anwar@ifbautomotive.com
Website :	http://www.ifbautomotive.com http://www.ifbassl.com
Corporate Office / Factory :	# 16, Visveswariah Industrial Estate, 1st Main Road, Off Whitefield Road, Mahadevpura, Bangalore - 560 048, India
Tel. No.:	91-80-39884450
Fax No.:	91-80-39842778
E-Mail :	info@ifbassl.com
Website :	http://www.ifbautomotive.com
Location :	Owned
Head office :	14, Taratala Road, Kolkata – 700 088, West Bengal, India
Tel. No.:	91-33-24014917
Fax No.:	91-33-24015479
E-Mail :	ifbassl@vsnl.com
Website :	http://www.ifbassl.com
Branch Office :	901-903, International Trade Tower, Nehru Place, New Delhi – 110 019 58^th KM Stone, Delhi-Jaipur Highway, Village Binola, Gurgaon – 122 413, Haryana, India Tel. No. – 91-124-3209399/499 Fax No. – 91-124-3209006

DIRECTORS

AS ON: 23.07.2010

Name :	Mr. Bijon Nag
Designation :	Chairman
Address :	4^th Floor, The Residency, 39 Humayun Kabir Sarani, Kolkata – 700 053, West Bengal, India
Date of Birth/Age :	16.08.1942
Qualification :	Mechanical Engineer
Other Directorships :	IFB Industries Limited
Date of Appointment :	12.04.1989
Election ID No :	WB-23-150-00937
DIN No :	00756995

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	L51109WB1974PLC029637	IFB Industries Limited	Whole-time director	01/06/2007	01/04/1975	-	Active	NO
2	L01409WB1982PLC034590	IFB Agro Industries Limited	Director	19/02/1982	19/02/1982	-	Active	NO
3	U29130WB1989PTC046693	IFB Automotive Private Limited	Director	12/04/1989	12/04/1989	-	Active	NO
4	U36109WB1992PTC054141	Autoliv Safety Systems India Private Limited	Director	05/03/1992	05/03/1992	05/11/2007	Amalgamated	NO
5	U99999DL1959PLC176013	Automotive Component Manufacturers Association Of India	Director	06/09/2007	06/09/2007	-	Active	NO
6	U74999DL2010PTC210739	Maruti Insurance Broking Private Limited	Nominee director	24/11/2010	24/11/2010	-	Active	NO

Name :	Mr. Bikramjit Nag
Designation :	Director
Address :	4^th Floor, The Residency, 39 Humayun Kabir Sarani, Kolkata – 700 053, West Bengal, India
Date of Birth/Age :	27.09.1973
Date of Appointment :	06.12.2000
DIN No :	00827155

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U63040WB1991PLC051003	Travel Systems Limited	Director	03/04/1996	03/04/1996	-	Active	NO
2	L01409WB1982PLC034590	IFB Agro Industries Limited	Whole-time director	27/01/2010	14/10/1997	-	Active	NO
3	U36109WB1992PTC054141	Autoliv Safety Systems India Private Limited	Director	22/06/1999	22/06/1999	05/11/2007	Amalgamated	NO
4	U29130WB1989PTC046693	IFB Automotive Private Limited	Director	06/12/2000	06/12/2000	-	Active	NO
5	L51109WB1974PLC029637	IFB Industries Limited	Managing director	31/10/2008	31/10/2008	-	Active	NO

Name :	Mr. Dulal Kumar Battacharya
Designation :	Director
Address :	112-B, Block -B, SNS, Arcade Airport Road, Bangalore – 560017, Karnataka, India
Date of Birth/Age :	05.12.1940
Date of Appointment :	06.12.2000
DIN No :	00883454

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U18101KA1999PTC024724	Eco Crystal Private Limited	Director	04/02/1999	04/02/1999	-	Active	NO
2	U29130WB1989PTC046693	IFB Automotive Private Limited	Director	06/12/2000	06/12/2000	-	Active	NO

Name :	Mr. Siddhartha Chatterjee
Designation :	Director
Address :	79/2/1/2 Raja Naba, Krishna Street, Kolkata – 700005, West Bengal India
Date of Birth/Age :	07.01.1968
Date of Appointment :	18.08.2003
DIN No :	00818528

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U29130WB1989PTC046693	IFB Automotive Private Limited	Director	18/08/2003	18/08/2003	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Araz Anwar Ali
Designation :	Secretary
Address :	1A, Alamar Court, 242/271, Lloyda Road, Royapettah, Chennai-600014, Tamil Nadu, India
Date of Birth/Age :	20.04.1981
Date of Appointment :	22.10.2010
PAN No :	AGHPA7203N

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 23.07.2010

Names of Shareholders	No. of Shares
Mr. Bikramjit Nag	1
Mr. Dulal Kumar Battacharya	1
IFB Agro Industries Limited, India	955998
Nurpur Gases Private Limited, India	1660000
Asansol Bottling and Packing Company Private Limited, India	2464000
Total	5080000

AS ON 23.07.2010

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacture of fine blanked automotive components, seating systems, door systems and automotive motors.

GENERAL INFORMATION

Customers :	Maruti Udyog Limited Mahindra and Mahindra Ford Hyundai Tata Motors General Motors Honda Toyota FIAT BEHR India Tata Johnson Controls Tata Toyo Hanil Lear India Private Limited Subros Krishna Maruti Limited BSL TS Tech · Sanden Vikas
Bankers :	State Bank of India, Industrial Finance Branch, Bangalore – 560 025, Karnataka Bank of India, Corporate Banking Branch, 25/1, Skip House, Museum Road, Bangalore – 560001 ICICI Bank limited, Landmarkrace Cource Circle, Alkapuri, Baroda-390015, Gujarat, India
Banking Relations :	--
Auditors :
Name :	B S R And Company Chartered Accountant
Address :	Maruthi Info-Tech Centre, 11-12/1, Inner Ring Road, Koramangala, Bangalore – 560071, Karnataka, India
Associates :	· Nurpur Gases Private Limited · IFB Industries Limited · Asansol Bottling and Packaging Company Private Limited · IFB Agro Industries Limited (from 06.11.2009)
Subsidiaries :	· Thai Autotive and Appliances Limited (From 12.12.2008) · Global Automotive And Appliances Pte. Limited (from 21.11.2008)

CAPITAL STRUCTURE

As On : 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
5500000	Equity Shares	Rs. 10/- each	Rs. 55.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5080000	Equity Shares	Rs. 10/- each	Rs. 50.800 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		50.800	50.800	50.800
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		2008.241	1768.738	1699.255
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		2059.041	1819.538	1750.055
LOAN FUNDS
1] Secured Loans		0.000	0.000	15.565
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		0.000	0.000	15.565
DEFERRED TAX LIABILITIES		42.048	36.413	48.101
TOTAL		2101.089	1855.951	1813.721
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		542.400	577.987	591.228
Capital work-in-progress		11.958	27.733	30.954
INVESTMENT		1117.888	902.748	870.798
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	198.700	157.537	232.862
	Sundry Debtors	492.973	406.447	415.312
	Cash & Bank Balances	351.881	331.065	138.080
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	255.810	199.941	285.786
Total Current Assets		1299.364	1094.990	1072.040
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	753.940	624.406	716.638
	Other Current Liabilities	71.179	79.207
	Provisions	45.402	43.894	34.661
Total Current Liabilities		870.521	747.507	751.299
Net Current Assets		428.843	347.483	320.741
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		2101.089	1855.951	1813.721

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	3097.588	2665.505	3930.700
		Other Income	201.614	107.192
		TOTAL (A)	3299.202	2772.697	3930.700
Less	EXPENSES
		Cost of Materials	2450.042	2107.248
		Increase/(Decrease) in Finished Goods	(65.671)	18.527	2452.200
		Administrative Expenses	532.223	511.171
		TOTAL (B)	2916.594	2636.946	2452.200
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		382.608	135.751	1478.500
Less	FINANCIAL EXPENSES (D)		0.891	1.405	5.200
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		381.717	134.346	1473.300
Less/ Add	DEPRECIATION/ AMORTISATION (F)		57.579	57.795	87.000
	PROFIT BEFORE TAX (E-F) (G)		324.138	76.551	1386.300
Less	TAX (H)		84.635	7.068	296.200
	PROFIT AFTER TAX (G-H) (I)		239.503	69.483	1090.100
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1768.738	1699.255	609.100
	BALANCE CARRIED TO THE B/S		2008.241	1768.738	1699.200
	EARNINGS IN FOREIGN CURRENCY
		Fob Value of Export	1730.100	1143.700	1959.700
	TOTAL EARNINGS		1730.100	1143.700	1959.700
	IMPORTS
		Raw Materials	16497.900	40610.700
	TOTAL IMPORTS		16497.900	40610.700
	Earnings Per Share (Rs.)		47.15	13.68	68.63

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	7.25	2.50	15.49
Net Profit Margin (PBT/Sales)	(%)	10.56	3.26	35.26
Return on Total Assets (PBT/Total Assets}	(%)	17.59	4.57	83.34
Return on Investment (ROI) (PBT/Networth)		0.15	0.04	0.79
Debt Equity Ratio (Total Liability/Networth)		0.42	0.41	0.43
Current Ratio (Current Asset/Current Liability)		1.49	1.46	1.42

LOCAL AGENCY FURTHER INFORMATION

Automobile Industry :

Indian automobile industry has metamorphosed into a great industry since the first car ran on the streets of Bombay in 1898. Today, automobile sector in India is one of the key sectors of the economy in terms of the employment. Directly and indirectly it employs more than 10 million people and if we add the number of people employed in the auto component and auto ancillary industry then the number goes even higher. Indian automobile industry has also become an out sourcing hub for automobile companies worldwide, as indicated by the upward swing in automobile exports from the country. Today, GM, Ford, Hyundai, Honda, Mitsubishi and Toyota have set up their manufacturing units in India. Due to rapid economic growth and higher disposable income it is believed that the success story of the Indian automobile industry is just beginning. Factors influencing the growth of the auto industry include sales incentives, introduction of new models as well as variants and easy availability of low cost finance with comfortable repayment options continued to increase demand and sales of automobiles

The cumulative production data for April-March 2010 shows production growth of 25.76 percent over same period last year. Passenger vehicles production crossed 2 million and two wheelers production crossed 10 million. Passenger Vehicles segment during April-March 2010 grew at 25.57 percent over same period last year. Passenger Cars grew by 25.10 percent, Utility Vehicles grew by 20.88 percent and Multi Purpose Vehicles grew by 40.94 percent in this period.

Auto Component market

The Indian auto component industry is one of India's sunrise industries with tremendous growth prospects. From a low-key supplier providing components to the domestic market alone, the industry has emerged as one of the key auto components centres in Asia and is today seen as a significant player in the global automotive supply chain. India is now a supplier of a range of high-value and critical automobile components to global auto makers such as General Motors, Toyota, Ford and Volkswagen, amongst others. Lacking the required infrastructure, the Indian auto component manufacturing industry falls way behind the major global players in terms of production capacities. Due to this fact, it also lags behind other nations in getting large manufacturing orders. Or even if it manages to get one, it ranges below the $10 mn mark annually, which is considered a mere figure as per the automotive industry standards. Though striving to better its standards, the Indian auto component manufacturing industry has registered a robust growth in the recent past. The three main factors providing impetus to this industry are the ever increasing domestic automobile industry (two-wheelers, commercial vehicles and passenger cars), the aftermarket sales and servicing industry and the outsourcing of component manufacturing to India and China by the global titans to cut down on their cost of productivity and thereby laughing all the way to the banks. To improve upon the auto component industry in India, the need of the hour is to focus on its competitiveness, learn the best manufacturing practices, be quality conscious and at the same time inculcate a prompt delivery culture.

As per an Automotive Component Manufacturers Association of India (ACMA) report, the turnover of the auto component industry was estimated at over US$ 19.1 billion in 2008- 09. The industry's turnover is likely to touch US$ 40 billion by 2015-16. The potential compounded annual growth rate (CAGR) of the auto component industry is estimated to be 11 per cent in the period 2008-15. Exports from the auto component industry is estimated to be worth US$ 3.8 billion in 2008-09, recording a rise of 8 per cent over the previous fiscal, according to an ACMA report

Performance during the year:

Within the ambit of above scenario the Company experienced sales growth of 16% to reach a gross turnover of Rs.309cr, where as the overall domestic Passenger Vehicle market registered a phenomenal growth of 25.76% over the same period last year. The key reasons for the growth in sale are set out below.

• High production by the car manufacturer.

• New launches like Xylo, Linea, Nano, Indica Vista and Manza, Beat...etc

• Capturing of Zen Estilo businesses

• Increase volume of power window motor in Motor Division.

They recorded revenues and PBT during the Year ended March 10 of Rs. 324.100 millions (9.82% millions and Rs.76.500 millions, (2.75 %) for previous year. Operating Expenses for the year ended March, 2010 has remained same at 51.07 cr. In absolute term but in % terms it has reduced by 2.52 % as against previous year.

Future Outlook:

After recording an impressive growth in the last few years, the Global Automobile industry was under deep recession due to global financial crisis of the economy and high financing costs and now the recession is receding. Although we expect to record double digit growth in sales revenue, their profitability will be under pressure due to steep increase in input costs, especially steel. We are trying to mitigate the impact by company wide efforts in cost reduction, VA/VE activity & focusing on newer customers/products. They are also trying to pass on the increase in raw material cost to the customer.

Subsidiary Company:

During the year the company has invested in M/s Global Automotive And Appliances Limited, a wholly owned subsidiary company registered in Singapore under the local laws for investment in setting up of manufacturing facility of fine blanking components in Thailand, under the name M/s Thai Automotive And Appliances Limited,. During the year company invested USD 21,90,000.

Form : 8

Corporate identity number of the company	U29130WB1989PTC046693
Name of the company	IFB AUTOMOTIVE PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Plot No Industrial Sector – 5, 1 East Kolkata Township, Tiljala, Kolkata – 700107, West Bengal, India
This form is for	Modification of charge
Type of charge	Book debts Floating charge
Particular of charge holder	ICICI BANK LIMITED, LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA – 390015, Gujarat, India
Nature of instrument creating charge	Deed of Hypothecation dated November 03 2010
Date of instrument Creating the charge	03/11/2010
Amount secured by the charge	Rs. 250.000 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest : As per sanctioned terms stipulated by the bank. Terms of repayment : As stipulated in the sanction letter. Margin : As stipulated in the sanction letter. Extent and operation of the charge : First charge by way of hypothecation of the Companys entire stocks of raw materials, semi-finished and finished goods, consumable stores and spares and such other moveables including book-debts, bills whether documentary or clean, outstanding monies, receivables, both present and future, in a form and manner satisfactory to the Bank, ranking pari passu with other participating banks, if any. Other : NA
Short particulars of the property charged (Including location of the property)	First charge by way of hypothecation of the Companys current assets in a form and manner satisfactory to the Bank, ranking pari passu with other participating banks, if any.

Fixed Assets

v Land

v Building

v Plant and Machinery

v Furniture and Fixtures

v Motor Vehicles

v Computers

MILESTONES

1989: IFB Automotive Seating and Systems, Bangalore established

1989: launched Seat Recliner

1995: Launched Seat Slider

1995:Launched Window Regulator

1999: Launched Blower Motor

2000: Launched Radiator and Condenser Motor

2003: Launched Door and Other Latches

2003: R and D Centre, Bangalore established

2004: Launched Anti Pinch Regulator

2004: Launched Door Module

2005: Launched High Strength Recliner and Slider

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. 49.42
UK Pound	1	Rs. 76.72
Euro	1	Rs. 65.85

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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		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.