MIRA INFORM REPORT

Report Date :

11.10.2011

IDENTIFICATION DETAILS

Name :	SEMPERTRANS-NIRLON PRIVATE LIMITED
Registered Office :	Plot No.21/1, MIDC Dhatav, Roha, Raigad – 402110, Maharashtra
Country :	India
Financials (as on) :	31.12.2010
Date of Incorporation :	24.01.2000
Com. Reg. No.:	11-123800
Capital Investment / Paid-up Capital :	Rs.230.769 Millions
CIN No.: [Company Identification No.]	U24200MH2000PTC123800
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Conveyor Belts
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 2250000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. There appears some dip in the profitability of the company due to intensified competition pressure and rise in raw material prices. However, trade relations are reported as fair. Business is active. Payments are reported to be usually correct 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.21/1, MIDC Dhatav, Roha, Raigad – 402110, Maharashtra, India.
Tel. No.:	91-2194-263671 / 263578 / 263579 / 264466 / 264468
Fax No.:	91-2194-263672
E-Mail :	info@sepertransnirlon.com snl.roha@sancharnet.in
Website :	www.sempertransnirlon.com
Marketing Office :	Nirlon Complex, Pahadi Village, Goregoan (East), Mumbai – 400063, Maharashtra, India.
Tel. No.:	91-22-26850234/35/36
Fax No.:	91-22-26850035
E-Mail :	snplmarketing@rediffmail.com snlmumbai@rediffmail.com
Website.:	http://www.sempertransnirlon.com
Branches 1 :	57, F, Purnadas Road, Golpark, Kolkata – 700029, West Bengal, India
Tel. No.:	91-33-24657902/24657904
Fax No.:	91-33-24657904
E-Mail :	snlkolkata@vsnl.net
Branches 2 :	73, Sardar Patel Road, Guindy, Chennai – 600032, Tamilnadu, India
Tel. No.:	91-44-22301351
Fax No.:	91-44-22301350
E-Mail :	snlchennai@vsnl.net
Branches 3 :	D – 1/209, Virat Bhawan, Commercial Complex, Mukherjee Nagar, New Delhi – 110009, Delhi, India.
Tel. No.:	91-11-27654206
Fax No.:	91-11-27654207
E-Mail :	nirlonlimited@yahoo.com nirlondelhi@rediffmail.com

DIRECTORS

AS ON 30.06.2011

Name :

Mr. Rainhold Zellner

Designation :

Non – Executive Director

Address :

Habsburgergasse, 1/17, 1010, Wien, Austria

Date of Birth/Age :

16.01.1947

Date of Appointment :

28.10.2000

DIN :

02924772

Name :

Mr. Gerhard Klingenbrunner

Designation :

Non – Executive Director

Address :

Josef Schoeffel – Gasse 53, 3400- Klosterneuburg, Austria

Date of Birth/Age :

07.06.1956

Date of Appointment :

28.10.2000

DIN :

02721944

Name :

Mr. Francios Ronfard

Designation :

Non – Executive Director

Address :

08 Rue Maxime, 95000 Neuville Sur Oise France

Date of Birth/Age :

05.11.1952

Date of Appointment :

28.10.2000

DIN :

02519974

Name :

Mr. Bertrand Heckel

Designation :

Non – Executive Director

Address :

45, Avenue Junot 75018 Paris 18, France

Date of Birth/Age :

03.02.1962

Date of Appointment :

04.06.2008

DIN :

02691992

Name :

Mr. Rahul V Sagar

Designation :

Director

Address :

Kumaram, 10, Worli Sea face, Mumbai – 400018, Maharashtra, India

Date of Birth/Age :

28.05.1971

Date of Appointment :

15.09.2010

DIN :

00388980

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U25209MH1972PLC016110	NYLOC STRAPPINGS LIMITED	Director	28/09/1996	28/09/1996	Active	NO
2	L17120MH1958PLC011045	NIRLON LIMITED	Whole-time director	1/7/2009	25/06/2006	Active	NO
3	U65990MH1975PTC018175	MANISHA TRADING AND INVESTMENTS PRIVATE LIMITED	Additional director	1/7/2010	1/7/2010	Active	NO
4	U24200MH2000PTC123800	SEMPERTRANS-NIRLON PRIVATE LIMITED	Director	15/09/2010	15/09/2010	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.06.2011

Names of Shareholders	No. of Shares
Semperit Aktiengesellschaft Holding, Austria	23076899
Semperit Technische Produkte Gesellschaft M.B.H., Austria	1
TOTAL	23076900

AS ON 30.06.2011

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Conveyor Belts

Products :

ITEM CODE NO.	PRODUCT DESCRIPTION
40101200	Conveyor Belting

PRODUCTION STATUS AS ON 31.12.2010

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Conveyor Belt	M.Tons	-	-	7963.18

GENERAL INFORMATION

No. of Employees :	Not Available
Bankers :	State Bank of India, Commercial Branch, N.G.N. Vaidya Marg, Mumbai – 400023, Maharashtra, India
Facilities :	--

Banking Relations :	--
Auditors :
Name :	Desai and Bhagtaney Chartered Accountants
Address :	C/202, Twin Arcade, Military Road, Marol Maroshi, Andheri (East), Mumbai – 400059, Maharashtra, India
Tel. No.:	91-22-6938559 / 6923751
Fax No.:	91-22-6915330
E-Mail :	dnb1@vsnl.com
Holding Company :	Semperit Aktiengesellschaft Holding, Austria
Associates/Fellow Subsidiaries :	Semperit AG Holding Semperit Industrial Products Inc. Semperit Industrial Products Pte Limited Semperit Technische Produkte Gmbh Sempertrans France Belting Technology

CAPITAL STRUCTURE

AS ON 31.12.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
25,000,000	Equity Shares	Rs. 10/- each	Rs.250.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
23,076,900	Equity Shares	Rs. 10/- each	Rs.230.769 millions

Note : Of the above 5999980 equity shares of Rs.10/- each have been issued for consideration other than for cash

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.12.2010	31.12.2009	31.12.2008
SHAREHOLDERS FUNDS
1] Share Capital		230.769	230.769	230.769
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		333.300	332.764	214.720
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		564.069	563.533	445.489
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		0.000	0.000	0.000
DEFERRED TAX LIABILITIES		9.307	13.898	10.622
TOTAL		573.376	577.431	456.111
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		184.156	207.723	155.179
Capital work-in-progress		0.000	0.262	70.456
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	150.483	102.547	82.686
	Sundry Debtors	359.867	258.186	205.234
	Cash & Bank Balances	68.472	141.108	70.967
	Material In Transit	1.351	12.106	0.736
	Loans & Advances	37.768	48.032	37.235
Total Current Assets		617.941	561.979	396.858
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	206.764	177.535	138.172
	Other Current Liabilities	12.736	7.440	17.590
	Provisions	9.221	7.558	10.620
Total Current Liabilities		228.721	192.533	166.382
Net Current Assets		389.220	369.446	230.476
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		573.376	577.431	456.111

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.12.2010	31.12.2009	31.12.2008
	REVENUE		1293.580	1163.070	951.490
Less	EXPENSES		1284.980	982.910	843.550
	PROFIT BEFORE TAX		8.600	180.160	107.940
Less	TAX		8.060	62.120	40.380
	PROFIT AFTER TAX		0.540	118.040	67.560
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		332.760	214.720	147.150
	BALANCE CARRIED TO THE B/S		333.300	332.760	NA
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	170.765	153.374	78.339
	TOTAL EARNINGS		170.765	153.374	78.339
	IMPORTS		203.358	141.394	108.729
	Earnings Per Share (Rs.)		0.02	5.12	2.93

KEY RATIOS

PARTICULARS		31.12.2010	31.12.2009	31.12.2008
PAT / Total Income	(%)	0.04	10.15	7.10
Return on Total Assets (PBT/Total Assets}	(%)	1.07	23.41	19.55
Return on Investment (ROI) (PBT/Networth)		0.02	0.32	0.24
Debt Equity Ratio (Total Liability/Networth)		0.41	0.34	0.37
Current Ratio (Current Asset/Current Liability)		2.70	2.92	2.38

LOCAL AGENCY FURTHER INFORMATION

OPERATIONS AND FUTURE OUTLOOK

The Production increased to 7983 tones in 2010. The sales also increased due to the higher production. The EBIT was close to breakeven due to intensified competition pressure and extraordinary strong rise in raw material prices. Also the company had to cope with the limited availability of a number of key raw materials.

Following a difficult 2^nd half year 2010 the company has major sales price increase. As a result of which the order book for 2011 is looking healthy.

FORM 8

Corporate identity number of the company	U24200MH2000PTC123800
Name of the company	SEMPERTRANS-NIRLON PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Plot No 21 M I D C, Dhatav Roha, Raigad – 402110, Maharashtra, India
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	90143601
Type of charge	Book Debts Movable Property
Particular of charge holder	State Bank Of India, Commercial Branch, N.G.N. Vaidya Marg, Fort, Mumbai – 400023, Maharashtra, India kamalax_saraf@hotmail.com
Nature of instrument creating charge	A) Third Supplemental Agreement Of Hypothecation Of Goods And Assets For Increase In The Overall Limit B) Letter Regarding The Grant Of Individual Limits Within The Overall Limit Both The Above Agreements Constitute Single Modification.
Date of instrument Creating the charge	25.10.2010
Amount secured by the charge	105.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest : Cash Credit/Wcdl : 4.75% P. A. Above Br I.E.12.25% P. A. Epc/Ebd : 1.25% Above Br (7.50%) I. E. 8.75% P. A. Bookdebts/Ddp/Letter Of Credit/Bank Guarantee : Card Rate Terms of Repayment : as per sanction terms Margin : Raw materials : 25% Stocks in process : 35% Finished goods : 25% Stores and spares : 50% Bookdebts (upto 90 days) : 40% Extent and Operation of the charge: Cash Credit/Wcdl : Rs. 15.000 Millions Epc/Ebd : Rs. (15.000 Millions) Bookdebts :Rs. (15.000 Millions) Demand Draft Purchase : Rs. (5.000 Millions) Total Fund Based : Rs. 15.000 Millions Letter Of Credit : Rs. 50.000 Millions Bank Guarantee :Rs. 40.000 Millions Total Non Fund Based :Rs. 90.000 Millions Total Fb + Nfb :RS. 105.000 Millions Others : not applicable
Short particulars of the property charged	Hypothecation Of Current Assets Present And Future Bookdebts And Receivables.
Date of instrument modifying the charge	07.04.2008
Particulars of the property charged	The Original Charge Was Created On 11.10.2001 For Rs.25.000 Millions 1stly Modified On 7.4.2004 For Rs.65.000 Millions 2ndly Modified On 7.4.2008 For Rs. 90.000 Millions Now By The Present modification Date- 25.10.2010 The Limit Has Been Increased From Rs. 90.000 Millions To Rs. 105.000 Millions

FORM 8

Name of the company	SEMPERTRANS NIRLON PRIVATE LIMITED
Presented By	Mr. Kunal Sagar - Director Sempertrans Nirlon Private Limited
1) Date and description of instrument creating the change	Agreement of Hypothecation of Goods and Assets dated 11^th October, 2001.
2) Amount secured by the charge/amount owing on the securities of charge	Rs.25.000 millions charge already registered on 13.11.2001 by No. 25
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	Hypothecation of Current assets, present and future, book debts and receivables.
4) Gist of the terms and conditions and extent and operation of the charge.	Old Sub-Limits (Charge created on 13.11.2001 vide s.l.no. 25) DDP (cheque / drafts) Rs.5.000 millions BG Rs.20.000 millions (Margin 10%)
5) Name and Address and description of the person entitled to the charge.	State Bank of India Commercial Branch, NGN Vaidya Marg, Mumbai – 400 023, Maharashtra, India
6) Date and brief description of instrument modifying the charge	Following agreements and letters dated 7^th April, 2004. Supplemental Agreement of Loan for increase in the overall limit Supplemental Agreement of Hypothecation of Goods and Assets for increase in the overall limit Letter regarding the grant of Individual Limits within the overall limit (All three documents constitute the single charge)
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.	Sub Limits DDP (cheque / drafts) Rs.5.000 millions Interest at the rate 14.5% p.a. EPC/PCFC Rs.20.000 millions EBD (within EPC) (Rs.20.000 millions) Total FBL Rs.25.000 millions LC Rs.20.000 millions BG Rs.20.000 millions Total NFBL Rs.40.000 millions Total FBL + NFBL Rs.65.000 millions Interest at the rate (as per RBI Bank Rate) Margin : EPC : 10% L/C : 10% BG : 10% (100% for guarantees for disputed nature).

FORM 8

Corporate identity number of the company	U24200MH2000PTC123800
Name of the company	SEMPERTRANS NIRLON LIMITED
Address of the registered office or of the principal place of business in India of the company	Plot No. 21, MIDC Dhatav, Roha, Raigad – 402 110, Maharashtra, India
This form is for	Modification of charge
Type of charge	· Book debts · Movable property (not being pledge)
Particular of charge holder	State Bank of India Commercial Branch, NGN Vaidya Marg, Mumbai – 400 023, Maharashtra, India
Nature of instrument creating charge	· Fifth supplemental agreement of loan for increase in the overall limit (Form C.1-A) · Supplemental agreement of hypothecation of goods and assets for increase in the overall limit (Form C.2-A) · Letter regarding the grant of individual limits within the overall limit (Form C.5) All constitute single modification.
Date of instrument Creating the charge	07.04.2008
Amount secured by the charge	Rs.90.000 millions
Brief of the principal terms an conditions and extent and operation of the charge	· Rate of interest Cash Credit / WCDL : At 1.50% above SBAR, ER. 14.25% p.a. with monthly rests. Export Credit : EPC/PCFC/EBD : 3% below SBAR i.e. 9.25% p.a. upto 180 days 1.75% below SBAR i.e. 10.50% p.a. beyond 180 days, upto 365 days. · Terms of repayment As per sanction terms · Margin Raw Materials : 25% Stock in Process : 35% Finished Goods : 25% Stores and Spares : 50% Book Debts (Upto 90 days) : 40% Letter of Credit : 10% Bank Guarantee – Regular : 10% Disputed : 100% · Extent and operation of the charge As per sanction terms · Others Not Applicable
Particulars of the property charged	Hypothecation of entire goods, movables, book debts, receivables (present and future)
Particulars of the present modification	The original charge was created on 11.10.2001 for Rs.25.000 millions, 1stly modified on 07.04.2004 for Rs.65.000 millions. Now by the present modification dated 07.04.2008 the limit increased from Rs.65.000 millions to Rs.90.000 millions. The extended limits are as follows : Cash Credit / WCDL : Rs.15.000 millions Export Credit / EPC / PCFC/EBD : (Rs.15.000 millions) DDP : (Rs.5.000 millions) L/C # : Rs.45.000 millions B/G # : Rs.30.000 millions # Full interchangeability permitted between BG to L/C Limit.

FIXED ASSETS

• Free Hold Land
• Leasehold Land
• Factory Building
• Residential Buildings
• Plant and Machinery
• Electrical Installation
• Factory Equipment
• Furniture and Fixture
• Computers
• Office Equipments
• Vehicles

Web Details

Profile

Subject is a Joint Venture company incorporated in November 2000, between SEMPERIT AG HOLDING of Austria and NIRLON LIMITED of India. SEMPERTRANS is the Conveyor Belting operation of SEMPERIT group.

M/s Nirlon was a pioneer in India in the manufacture of Nylon yarns. Nirlon has also got a V-Belt unit near to the Conveyor Belt unit at Roha, 120 Kms south of Mumbai, both of which commenced production in 1978. M/s Nirlon achieved a leading position in the field of Rubber Conveyor Belting, with their in-house availability of fabrics for belt production.

M/s Semperit AG Holding is based in Austria and has a presence globally, with four major activities, namely surgical gloves, Rubber moulded products, Rubber hoses and Rubber conveyor Belts (Both steel cord and synthetic fabric reinforced) with plants located in various parts of the world. Sempertrans is one of the largest manufacturers of Conveyor Belts in Europe with customer base spanning all over the world. M/s Sempertrans has two conveyor belt manufacturing facilities in Poland and France. The third plant subject is the manufacturer of Conveyor Belts in India.

This association, with the rich experience of Nirlon in supplying high Quality Conveyor Belting to all segments  including Steel, Thermal Power, Mining, Port and Cement for the last two decades  combined with latest technological knowhow of the Semperit group resulted in upgradation of the Plant and machineries to produce high quality Textile reinforced Conveyor Belt with brand name SEMPERTRANS NIRLON.

Subject offers conveyor belts with latest technology to give global quality solutions in conveyor system and now also offers an increased range of products including steel cord belting from the manufacturing facilities in Europe.

SEMPERIT AG HOLDING, AUSTRIA is one of the largest manufacturers of Industrial Rubber Products. Group consists of Four major divisions.

• SEMPERFLEX: Industrial Hoses , Hydraulic Hoses Rubber Sheetings
• SEMPERFORM: Moulded Rubber Products
• SEMPERMED: Surgical Gloves
• SEMPERTRANS: Conveyor Belts

Today subject is the largest Exporter of Conveyor Belts in India, exporting approximately 1200 tonnes annually to USA, Europe and Gulf Countries. Subject is also one of the largest suppliers to the both public and private user markets of conveyor Belts in India.

Subject has a customer base of 400 customers across India, with a sale of Rs.650 millions. One fifth of Subject’s sale is to the United States and Western Europe. Subject currently manufactures and sells approximately 4500 tonnes of conveyor belts to private and state users internationally.

Sempertrans France Belting Technology (SFBT)  located in Paris, France and Sempertrans Belachatow (STB) in Poland– produces and sells both Steel cord and Fabric Belts worth 50 million Euros each annually

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.49.07
UK Pound	1	Rs.76.65
Euro	1	Rs.66.16

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		45

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.