MIRA INFORM REPORT

Report Date :

19.10.2011

IDENTIFICATION DETAILS

Name :	RINAC INDIA LIMITED
Registered Office :	No.5, Saraswathi Nivas, Main Channel Road, Saraswathipuram, Ulsoor, Bangalore-560008, Karnataka
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	31.01.1994
Com. Reg. No.:	08-15169
Capital Investment / Paid-up Capital :	Rs. 104.574 Millions
CIN No.: [Company Identification No.]	U52334KA1994PLC015169
TAN No.: [Tax Deduction & Collection Account No.]	BLRR00790G
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Supplier of Cold Rooms and Refrigerated Facilities for Commercial use.
No. of Employees :	250 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (29)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 1100000
Status :	Moderate
Payment Behaviour :	Slow but Correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. There appears some accumulated losses recorded by the company. However, trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some cautions.

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 – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
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/ Corporate Office :	No.5, Saraswathi Nivas, Main Channel Road, Saraswathipuram, Ulsoor, Bangalore-560008, Karnataka, India
Tel. No.:	91-80-25542929/ 25542998/ 41132998 / 41132929
Fax No.:	91-80-25511750
E-Mail :	rinac@vsnl.com rilco@rinac.com
Website :	http://www.rinac.com
Central Admin. and Commercial Service Department :	Survey No. 128/1 and 128/2, Herohally Village, Vishwaneedam Post, Magadi Main Road, Byadarahalli, Bangalore – 560 091, Karnataka, India
Tel. No.:	91-80-65359823/24/25
Fax No.:	91-80-23588464
E-Mail :	rinaccacs@vsnl.net
Factory 1 :	Survey No: 2, Tavarekere Hobli, Marenahalli Village, Magadi Road, Bangalore South – 562 120, Karnataka, India
Tel. No.:	91-80-28434507 / 28434508 / 28430724 / 25
Fax No.:	91-80-28430490
E-Mail :	rinac_unit1@vsnl.net
Factory 2 :	Plot No. M-5, Additional Industrial Area, MIDC, Kundavali Village, Murbad-421401, Thane District, Maharashtra, India
Tel. No.:	91-2524-223618 / 223531
E-Mail :	rinacu5@rinac.com
Branch Office :	Located At : · Ahmedabad · Bangalore · Chandigarh · Chennai · Delhi · Goa · Hyderabad · Kochi · Mumbai · Kolkata · Pune · Secunderabad · Bangladesh

DIRECTORS

AS ON 29.09.2010

Name :	Mr. Balasubramanian Vaidyanathan Puthucode
Designation :	Managing Director
Address :	46/4, 1 Cross, Cambridge Layout Extension, Bangalore-560008, Karnataka, India
Date of Birth/Age :	10.05.1954
Date of Appointment :	01.04.2007
DIN No.:	00352321

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	U29191KA1990PTC011008	Modular Cold Rooms Private Limited	Managing director	19-06-90	19-06-90	Active	NO
2	U52334KA1994PLC015169	Rinac India Limited	Managing director	01-04-09	31-01-94	Active	NO

Name :	Mr. Sukumaran Parakkel
Designation :	Whole Time Director
Address :	361/1036, MM Layout, RT Nagar Post, Bangalore-560032, Karnataka, India
Date of Birth/Age :	23.07.1957
Date of Appointment :	13.06.2007
DIN No.:	00352296

Other Directorship:

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	U24130KA1985PTC007131	Polynate Foams Private Limited	Director	05-09-85	05-09-85	20-01-08	Active	NO
2	U52334KA1994PLC015169	Rinac India Limited	Whole-time director	01-04-09	05-04-95	-	Active	NO

Name :	Mr. Venkiteswaran Vaidyanathan Puthucode
Designation :	Director
Address :	29, 1 Cross Cambridge Layout Extension, Bangalore-560008, Karnataka, India
Date of Birth/Age :	15.05.1950
Date of Appointment :	13.06.2007
DIN No.:	01352094

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	U29191KA1990PTC011008	Modular Cold Rooms Private Limited	Director	19-06-90	19-06-90	Active	NO
2	U52334KA1994PLC015169	Rinac India Limited	Director	13-06-07	05-04-95	Active	NO

Name :	Mr. Anbu Thomas Samuel
Designation :	Director
Address :	7/1, 2^nd Cross, 8^th Main Hanumanthappa Layout, Sul Tanpalya, Bangalore-560032, Karnataka, India
Date of Birth/Age :	05.04.1954
Date of Appointment :	14.08.2006
DIN No.:	01402015

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	U52334KA1994PLC015169	Rinac India Limited	Director	14-08-06	14-08-06	Active	NO
2	U74999MH1963PTC012649	Stup Consultants Private Limited	Director	24-11-09	01-10-09	Active	NO

Name :	Mr. Vivekananda Subramanian
Designation :	Director
Address :	B-5/A GF, Kailash Colony, New Delhi – 110048, India
Date of Birth/Age :	28.12.1974
Date of Appointment :	18.06.2007
DIN No.:	00898919

Other Directorship:

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	U67190DL2005PTC141426	Avigo Capital Partners Private Limited	Director	11-09-07	20-12-06	-	Active	NO
2	U33111TN1987PTC014842	G.E.T. Power Private Limited	Director	19-06-07	06-02-07	14-07-11	Active	NO
3	U24120MH1982PLC026867	Privi Organics Limited	Director	30-01-09	09-02-07	13-10-10	Active	NO
4	U52334KA1994PLC015169	Rinac India Limited	Additional director	18-06-07	18-06-07	-	Active	NO
5	U74999TN2007PTC065481	KS Transmissions and Structurals Private Limited	Director	24-11-07	24-11-07	11-07-11	Active	NO
6	U31200TN2007PTC065576	KSA Energy and Control Automation Private Limited	Director	01-12-07	01-12-07	11-07-11	Active	NO
7	U40108AP2010PTC070806	Fourth Partner Energy Private Limited	Director	18-10-10	18-10-10	-	Active	NO

Name :	Mr. Manickam Krishnan
Designation :	Additional Director
Address :	15, 1^st Main Road, Kottugardens, Chennai-600085, Tamilnadu, India
Date of Birth/Age :	28.08.1942
Date of Appointment :	29.03.2010
DIN No.:	03059103

KEY EXECUTIVES

Name :	Ms. Akshara Bhat Lakshminarayana
Designation :	Manager
Address :	No.11, Sannidi, K V S Layout, Virupakshapura, Kodigehalli, Bangalore – 560097, Karnataka, India
Date of Birth/Age :	30.04.1966
Date of Appointment :	11.12.2006
PAN No.:	ADUPA7723M

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2010

Names of Shareholders	No. of Shares
P V Balasubramanian	799890
U Haridas	208708
P Sukumaran	408034
U Balakrishnan	195034
P V Venkiteswaran	451000
Polynate Foams Private Limited, India	78000
P Sivakumar	56500
Lakshmi Suresh	12500
Gracy Paul	12500
Shane Paul	12500
Girija Moorthy	8850
N Venkatachalam	13000
Kamala Narayanan	3750
Ms. Meenakshi Balan	8000
Narayanan T	6250
Anil Sudhakar Rao	12500
Nalini Sasidharan	105250
V K Menon	12500
P V Rugmani	25000
R Anish Simha	52900
Santha Haridas	136200
P V Parameswaran	265320

AS ON 29.09.2010

Names of Preference Shareholders	No. of Shares
Avigo Venture Investments Limited, India	809400
Avigo Trustee Company Private Limited, India	89934
Metmin Investments Holdings Limited, Mauritious	141369
Total	1040703

AS ON 26.10.2010

Names of Allottees	No. of Shares
Metmin Investments Holdings Limited, Mauritius	482717
Avigo Trustee Company Private Limited, New Delhi	449670
Aigo Venture Investments Limited, Mauritius	4047000
Total	4979387

AS ON 29.09.2010

Equity Shares Break Up	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	22.49
Bodies corporate	0.91
Directors or relatives of Directors	56.66
Other top fifty shareholders	19.51
Others	0.43
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Supplier of Cold Rooms and Refrigerated Facilities for Commercial use.

Products :

Item Code No. (ITC Code)	Product Description
9406.00	Prefab Rooms
7308.30	Insulated Doors
8418.00	Refrigeration Units

PRODUCTION STATUS AS ON 31.03.2010

Particulars	Unit	Installed Capacity	Actual Production
RPUF Panels	Sq. Mtrs	3049200	157274
GI/SS Doors	Nos.	8424	1204
EPS Panels	Sq. Mtrs	200000	10881
Refrigeration Systems	Nos.	936	470
Rock Wool Panel	Sq. Mtrs.	--	4738
Pre-Fab Rooms	Nos.	--	467

GENERAL INFORMATION

Customers :

• EIH Hotels
• Taj Mansingh
• The Claridges
• ITC
• MTR Foods
• Biocon
• Cipla Limited
• Carborandum Universal
• Flextronics Technologies
• Honey Well Technology Solutions
• CCL Flowers
• Florence Flora
• IDL Chemicals

No. of Employees :

250 (Approximately)

Bankers :

• Punjab National Bank, Large Corporate Branch, Centenary Building, No.28, M G Road, Bangalore-560001, Karnataka, India
• The Hong Kong and Shanghai Banking Corporation Limited, No. 7, MG Road, Bangalore – 560001, Karnataka, India

Facilities :

Secured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
From Banks
Term Loans [Secured against first charge on Plant and Machinery and Land and Building and Guaranteed by some Directors] (Due within 1 year Rs. 39.168 millions, Previous Year Rs. 32.640 millions)	92.561	128.108
Working Capital Loans [Secured against hypothecation of Stock, Debtors, Second Charge on Block of Fixed Assets excluding vehicles and Guaranteed by some Directors]	69.357	96.134
From Others
Hire Purchase Loans [Secured against hypothecation of Motor Cars] (Due within 1 year Rs. 0.771 million, P. Y. Rs. 0.767 million)	1.081	1.417
Total	162.999	225.659

Banking Relations :	--
Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	Deloitte Center, Anchorade II, 100/2, Richmond Road, Bangalore-560025, Karnataka, India

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
14000000	Equity Shares	Rs.10/- each	Rs. 140.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10457368	Equity Shares	Rs.10/- each	Rs. 104.574 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		104.574	106.814	106.814
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		228.540	226.300	274.318
4] (Accumulated Losses)		(39.429)	(48.783)	0.000
NETWORTH		293.685	284.331	381.132
LOAN FUNDS
1] Secured Loans		162.999	225.659	375.843
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		162.999	225.659	375.843
DEFERRED TAX LIABILITIES		0.000	0.000	1.765
TOTAL		456.684	509.990	758.740
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		368.223	370.285	508.405
Capital work-in-progress		1.186	6.755	5.655
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	224.474	155.730	213.342
	Sundry Debtors	258.894	210.873	191.096
	Cash & Bank Balances	30.734	19.086	38.433
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	70.655	115.032	75.731
Total Current Assets		584.757	500.721	518.602
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	416.734	278.398	199.291
	Other Current Liabilities	66.602	78.752	66.301
	Provisions	14.146	10.734	8.556
Total Current Liabilities		497.482	367.884	274.148
Net Current Assets		87.275	132.837	244.454
MISCELLANEOUS EXPENSES		0.000	0.113	0.226
TOTAL		456.684	509.990	758.740

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Net Sales	1023.818	822.407	586.683
		Service Income	93.948	106.707	76.332
		Other Income	4.696	9.643	3.734
		TOTAL (A)	1122.462	938.757	666.749
Less	EXPENSES
		Materials Consumed	752.800	634.637	423.440
		Personal Expenses	107.937	96.285	123.173
		Manufacturing and Administrative Expenses	211.180	187.561	144.531
		Exceptional Item	0.000	60.194	0.000
		(Increased) / Decreased in Stock	(7.445)	7.117	(38.425)
		TOTAL (B)	1064.472	985.794	652.719
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		57.990	(47.037)	14.030
Less	FINANCIAL EXPENSES (D)		29.422	35.370	34.098
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		28.568	(82.407)	(20.068)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		19.215	20.421	23.106
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		9.353	(102.828)	(43.174)
Less	TAX (H)		0.000	(6.027)	(6.738)
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		9.353	(96.801)	(36.436)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(48.783)	48.018	84.454
	BALANCE CARRIED TO THE B/S		(39.430)	(48.783)	48.018
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	131.266	10.591	2.786
	TOTAL EARNINGS		131.266	10.591	2.786
	IMPORTS
		Raw Materials and Components	110.411	57.186	35.865
		Capital Goods	0.000	0.000	20.571
	TOTAL IMPORTS		110.411	57.186	56.436
	Earnings / (Loss) Per Share (Rs.)		1.23	(17.67)	(6.12)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.83	(10.31)	(5.46)
Net Profit Margin (PBT/Sales)	(%)	0.91	(12.50)	(7.36)
Return on Total Assets (PBT/Total Assets}	(%)	0.98	(11.81)	(4.18)
Return on Investment (ROI) (PBT/Networth)		0.03	(0.36)	(0.11)
Debt Equity Ratio (Total Liability/Networth)		2.25	2.09	1.71
Current Ratio (Current Asset/Current Liability)		1.17	1.36	1.89

LOCAL AGENCY FURTHER INFORMATION

CONTINGENT LIABILITIES: (AS ON 31.03.2011)

• Claims against the company not acknowledged as debts Rs.89.476 Millions
• Demand relating to non-submission of Sales tax forms Rs.15.765 Millions

FORM 8

Corporate identity number of the company	U52334KA1994PLC015169
Name of the company	RINAC INDIA LIMITED
Address of the registered office or of the principal place of business in India of the company	No.5, Saraswathi Nivas, Main Channel Road, Saraswathipuram, Ulsoor, Bangalore-560008, Karnataka, India
This form is for	Modification of charge
Type of charge	Immovable property
Particular of charge holder	Punjab National Bank, Large corporate branch, M G Road, Bangalore – 560 001, Karnataka, India
Nature of instrument creating charge	No instrument was created, except the letter dated 14.06.2010 intimating the reduction of limits sanctioned.
Date of instrument Creating the charge	14.06.2010
Amount secured by the charge	Rs. 748.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest As may be prescribed by the Bank from time to time Terms of repayment As per sanction terms of the Bank and applicable to respective credit limits. Margin As per bank norms Extent and operation of the charge The charge shall operate to the extent of 748.000 millions plus interest, commission, costs, expenses and other charges thereon. The charge in favour of PNB shall rank as exclusive first charge in respect of term loans aggregating Rs.268.000 millions and second charge on working capital limits aggregating Rs.480.000 millions on pari passu basis with other working capital banker Other situate at (a) Sy No.9/2 and 8 and (b) Sy No.2 situated at Marenhalli, Tavarekere, Hobli, Bangalore south Taluk (c) Plot bearing Unit Nos 104,105 and 106 on First Floor, Bhagtani Enclave, Bhandup, West Mumbai (d) Property bearing Plot Nos. 20,21,30,31 Sector IV in Pant Nagar Industrial Area, Udamsingh Nagar, Uttaranchal (e) Premises bearing commercial unit No.24 situated on land bearing Old No.45/B and New No:164 on Sassoon Road, Mouje Ghorpadiv, Pune (f) Plot No.M5 in Thane.
Short particulars of the property charged (Including location of the property)	Extension of charge on following immovable’s properties created by extension of equitable mortgage comprising land with building and other structures
Charge identification number of the charge to be modified	80013021
Date of instrument modifying the charge	19.11.2008
Particulars of the present modification	By this modification, the Charge created on property bearing Plot Nos. 20,21,30,31 Sector IV in Pant Nagar Industrial Area, Udamsingh Nagar, Uttaranchal has been released. Other terms and conditions remain the same.

FIXED ASSETS:

• Freehold Land
• Leasehold land
• Office Building
• Plant and Machinery
• Electrical Installation
• Computer System
• Motor Vehicles
• Furniture and Fixtures

WEBSITE DETAILS:

PROFILE

Subject is an integrated engineering solutions company. Nothing excites us more than engineering end-to-end solutions for the cold chain and modular construction industries. They set no limits to curiosity, innovation, and ingenuity; constantly questioning perfection and asking ourselves ‘What if?’ and ‘Why not’ every day.

As a result, frontrunners in several industries come to them for total solutions in the cold chain and construction infrastructure. And they stay on for their domain expertise, technology leadership, service excellence, and customizing capabilities.

At Subject, no requirement is too difficult; no challenge too complicated. They believe that each customer needs a solution, unique to his need, environment, and aspirations. And, they revel in creating new possibilities that address each requirement perfectly.

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. 49.13
UK Pound	1	Rs. 77.58
Euro	1	Rs. 67.58

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	2
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		29

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.