MIRA INFORM REPORT

Report Date :

14.09.2011

IDENTIFICATION DETAILS

Name :	MAGOTTEAUX INDUSTRIES PRIVATE LIMITED

Registered Office :	410,4^TH Floor, Surya Kiran Building, 19 Kasturba Gandhi Marg, New Delhi – 110001, Delhi

Country :	India

Financials (as on) :	31.12.2010

Date of Incorporation :	25.08.1994

Com. Reg. No.:	55-113702

Capital Investment / Paid-up Capital :	Rs.286.017 Millions

CIN No.: [Company Identification No.]	U27109DL1994PTC113702

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacturer and Marketer of 'wear resistant' castings which are supplied to renowned companies in Cement, Utility (Thermal Power Generation) and Mining Sector.

No. of Employees :	Not Available

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 500852

Status :	Moderate

Payment Behaviour :	Slow

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. 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 – June 30, 2010

Country Name

Previous Rating

(01.04.2010)

Current Rating

(30.06.2010)

India

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

LOCATIONS

Registered Office :	410, 4^th Floor, Surya Kiran Building, 19, Kasturba Gandhi Marg, New Delhi-110001, India
Tel. No.:	91-11-23313781/ 82/83
Fax No.:	91-11-23313784
E-Mail :	Mukesh.gupta@magotteaux.com / gyanendra.nath@magotteaux.com / info@magotteouxindia.com
Website :	www.magotteaux.com

Works :	Rajkot-Gondal Highway, P. O. Kangashiyali, Rajkot – 360002, Gujarat, India
Tel. No.:	91-281-2782832 / 2782633
Fax No.:	91-281-2782635
E-Mail :	plant.rajkot@magotteauxindia.com / rajkot@mogotteauxinindia.com

Branch 1 :	314, 3^rd Floor, Lal Ganga Shopping mall, G. E. Road, Besides Telephone Exchange, Raipur – 492001, Chhattisgarh, India
Tel. No.:	91-771-4061393
Fax No.:
E-Mail :	Branch.raipur@magotteauxindia.com

Branch 2 :	411, 4^th Fllor, Maheshwari Chembers, 6-3-680, Erranmanzil, Samjiguda, Hyderabad – 500082, India
Tel. No.:	91-40-23395765 / 23311219
E-Mail :	Branch.hyderabad@magotteauxindia.com

DIRECTORS

As on 21.06.2011

Name :	Mr. Rajeev Dhawan
Designation :	Director
Address :	J-1870, 1st Floor, C.R. Park, New Delhi – 110019, Delhi, India
Date of Birth/Age :	28.11.1961
Date of Appointment :	18.04.2000
DIN No.:	00112101

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	U27109DL1994PTC113702	MAGOTTEAUX INDUSTRIES PRIVATE LIMITED	Director	18-04-00	18-04-00	-	Active	NO

Name :	Mr. Benard Mcp Goblet
Designation :	Director
Address :	299, Avenue De Ter Vuren, Bruxelles,1150, Belgium
Date of Birth/Age :	25.04.1958
Date of Appointment :	24.03.2006
DIN No.:	00726145

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	U27109DL1994PTC113702	MAGOTTEAUX INDUSTRIES PRIVATE LIMITED	Director	24-03-06	24-03-06	-	Active	NO

Name :	Mr. Sebastien G V Dossogne
Designation :	Director
Address :	Rue Marcel Royer No.11, Abolens, 4280, Belgium
Date of Birth/Age :	14.07.1971
Date of Appointment :	04.09.2007
DIN No.:	02007762

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	U27109DL1994PTC113702	MAGOTTEAUX INDUSTRIES PRIVATE LIMITED	Director	04-09-07	04-09-07	-	Active	NO

Name :	Mr. Jean M C R D Xhenseval
Designation :	Director
Address :	64, Rue De La Loignerie, Chaudfontaine, 4050, Belgium
Date of Birth/Age :	31.07.1957
Date of Appointment :	04.09.2007
DIN No.:	02039227

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
1	U27109DL1994PTC113702	MAGOTTEAUX INDUSTRIES PRIVATE LIMITED	Director	04-09-07	04-09-07	-	Active

Name :	Mr. Gyanendra Nath
Designation :	Additional Director
Address :	Fortune Tower, 2^nd Floor, Rommet Plant Bhubneshwar
Date of Birth/Age :	01.01.1965
Date of Appointment :	15.02.2011
DIN No.:	01398638

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	U27109OR2004PLC009683	T S Alloys Limited	Whole-time director	14-03-07	14-03-07	23-09-08	Active	NO
2	U27109DL1994PTC113702	MAGOTTEAUX INDUSTRIES PRIVATE LIMITED	Director	21-06-11	15-02-11	-	Active	NO

KEY EXECUTIVES

Name :	Mr. jayanti Sharma
Designation :	Secretary
Address :	C-162, IIIrd Floor, West Patel Nagar, New Delhi-110008, India
Date of Appointment :	08.11.2008

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 21.06.2011

Names of Shareholders		No. of Shares
Rajeev Dhawan		10
Magotteaux International S.A., Belgium		2860162

Total		2860172

Equity Share Break up (Percentage of Total Equity)

As on 30.06.2011

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	99.99
Directors or relatives of Directors	0.01
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Marketer of 'wear resistant' castings which are supplied to renowned companies in Cement, Utility (Thermal Power Generation) and Mining Sector.

Products :

Item Code Number	Product Description
73259920	Alloy Steel and Iron Castings

Other Products :

Crushing Parts
Crushers
Dredging Parts
Grinding Parts
Heat Resistant Parts
Optimization Tools
Tube Mills Internals
Vertical Mills Internals

PRODUCTION STATUS

As on 31.12.2010

Licensed Capacity	Installed Capacity
6000	8600

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

ICIC Bank, New Delhi, Delhi, India

ICICI Bank Limited, landmark Race Course Circle, Alkapuri, Baroda – 390015, Gujarat, India

ING Bank, Belgium

BNP Bank

HDFC Bank

Facilities :

Secured Loan	As on 31.12.2010 (Rs. in Millions)	As on 31.12.2009 (Rs. in Millions)
Loan from Banks
A) Long Term Loan
- Rupee Term Loans	0.000	8.312
B) Short Terms Loan
- Cash Credit Facilities	133.097	92.016
- Interest accrued and due	0.383	0.175
Total	133.480	100.503
Notes : 1) Rupee Term Loan is secured by stand by letter of credit (SBLC) from ING Bank, Belgium) Repayment Terms Term Loans aggregating Rs.NIL (Previous Year (Rs.8.312 Millions) are repayable within one year 2) Cash Credit Facility with BNP Bank and HDFC Bank are secured by stand By letter of Credit Arranged by Holding Company Magotteaux International S.A., Belgium (Previous year – Cash Credit Facilities were secured by first pari-passu charge on all the current assets of the company, both present and future Further secured by all fixed assets including equitable mortgage of land and building) (Previous year-Cash Credit Facilities with ICICI bank was futher secured by SBLC from fortis ank and leeter of compfort from Holding Company magotteaux International S.A. Belgium)
Unsecured Loan	As on 31.12.2010 (Rs. in Millions)	As on 31.12.2009 (Rs. in Millions)
- External Commercial Borrowings (ECB Loans) Magotteaux International S.A. Belgium	196.221	200.784
- Plant and machinery Finance Lease	0.484	0.668
Total	196.705	201.452
Notes : (The ECb Loans have been availed under the automatic route permitted under local law, Repayment of these loans have been extended and will commence after December 31,2011)


Banking Relations :	--

Auditors :
Name :	Price Waterhouse Chartered Accountant
Address :	Building 8, 7^th Floor and 8^th Floor, Tower B DLF Cyber City, Gurgaon – 122002, Haryana, India
PAN.:	AAEFP3641G

Holding Company As on 31.12.2009 :	Mogtteaux International S.A. Belgium

Ultimate holding Company As on 31.12.2009 :	Industri Kapital (IK)

Subsidiaries (As on 31.12.2009 :	· Magotteaux Group SA · Magotteaux Financial Center (MFC) Belgium · Magotteaux Company Limited · Magotteaux Alloyed Materials Suzhou Company Limited · Magotteaux Japan Company Limited · Magotteaux Singapore PTE Limited · Magotteaux (Australia) Pty. Limited · Magotteaux BVI Limited · Magotteaux Ltda, Chill · Magotteaux Andino S.A · Proacer (JV) Chilli · Magotteaux Brasil LtdA · Magolin · Comigam Limited · New Canadian Company · Magotteaux Inc. · Magotteaux SA de CV · Magotteaux Services Limited, Cyprus · Magotteaux Pty. RSA · Magotteaux Great Britain Limited · Magotteaux Navarra S.A · Matotteaux Viloria SL · Soregam SA · Magotteaux SA · Magolux SA · Carapole SA · MAgotteaux Liege SA · Slegten Sa · Magotteaux SA (Aubrives) · Magotteaux Italia SA · Magotteaux Pulaski Inc · Ceramag SA · Megaceram SA · Magotteaux France SAS

CAPITAL STRUCTURE

As on 31.12.2010

Authorised Capital :

No. of Shares	Type	Value	Amount

1360000	Equity Shares	Rs.100/- each	Rs.136.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

1320116	Equity Shares	Rs.100/- each	Rs.132.011 Millions

Notes

Of the above, 1320106 Equity Shares are held by the holding company, Magotteaux International S.A, Belgium (Previous year 1320106 Equity Shares)

After 21.06.2011

Authorised Capital :

No. of Shares	Type	Value	Amount

4000000	Equity Shares	Rs.100/- each	Rs.400.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

2860172	Equity Shares	Rs.100/- each	Rs.286.017 Millions

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		132.011	132.011	132.011
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		10.985	37.804	10.985
4] (Accumulated Losses)		(17.783)	0.000	(7.055)
NETWORTH		125.213	169.815	135.941
LOAN FUNDS
1] Secured Loans		133.480	100.503	157.151
2] Unsecured Loans		196.705	201.452	128.345
TOTAL BORROWING		330.185	301.955	285.496
DEFERRED TAX LIABILITIES		22.790	18.366	14.392

TOTAL		478.188	490.136	435.829

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		336.125	290.569	197.998
Capital work-in-progress		3.676	44.269	49.643

INVESTMENT		0.003	0.003	0.003
DEFERREX TAX ASSETS		0.000	0.000	0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	144.253	152.197	146.415
	Sundry Debtors	136.750	123.981	147.065
	Cash & Bank Balances	0.842	11.193	21.399
	Other Current Assets	16.935	15.709	15.405
	Loans & Advances	65.902	64.598	35.909
Total Current Assets		364.682	367.678	366.193
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	170.635	124.294	146.038
	Other Current Liabilities	13.128	47.594	8.379
	Provisions	42.535	40.495	23.591
Total Current Liabilities		226.298	212.383	178.008
Net Current Assets		138.384	155.295	188.185

MISCELLANEOUS EXPENSES		0.000	0.000	0.000

TOTAL		478.188	490.136	435.829

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.12.2010	31.12.2009	31.12.2008
	SALES
		Sales
		Other Income
		TOTAL (A)	610.970	668.060	593.460

Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		Prior Period Adjustment	0.800	3.780
		TOTAL (B)	603.770	571.700	544.390

Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		7.200	96.360	49.070

Less	FINANCIAL EXPENSES (D)		20.580	23.410	14.200

	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(13.380)	72.950	34.870

Less/ Add	DEPRECIATION/ AMORTISATION (F)		26.800	18.590	15.240

	PROFIT BEFORE TAX (E-F) (G)		(40.180)	54.360	19.630

Less	TAX (I)		4.420	20.470	10.540

	PROFIT AFTER TAX (G-I) (J)		(44.600)	33.890	9.090

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		26.810	(7.050)	(16.140)

	LOSS CARRIED TO THE B/S		(17.780)	0.000	(7.050)

	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	192.784	277.752	218.934
		Commission Earnings
		Other Earnings
	TOTAL EARNINGS		192.784	277.752	218.934

	Earnings Per Share (Rs.)

KEY RATIOS

PARTICULARS		31.12.2010	31.12.2009	31.12.2008
PAT / Total Income	(%)	(7.30)	5.07	1.53

Return on Total Assets (PBT/Total Assets}	(%)	(5.73)	8.26	3.48

Return on Investment (ROI) (PBT/Networth)		(0.32)	0.32	0.14

Debt Equity Ratio (Total Liability/Networth)		4.44	3.03	3.41

Current Ratio (Current Asset/Current Liability)		1.61	1.73	2.06

LOCAL AGENCY FURTHER INFORMATION

Note:

The Register Office of the company has been shifted from Basement, Cabin No. – K, Om Business Centre, B-3, Sarita Complex, Near Samara Building, C G Road, Navrangpura, Ahmedabad-380009, Gujarat, India to present address w.e.f. 19.11.2001

Contingent Liabilities:

The following are the details of contingent liabilities, the outflow of which is uncertain at this stage:

(A) Demands form Sales Tax Authorities amounting to Rs.0.083 Million (previous year Rs.0.083 Million)

(B) Liability in respect of non receipt of Form C (sales Tax) : Rs.8.960 Millions (Previous year Rs.6.668 Millions)

The amount shown in the item (a) and (b) represents the best possible estimate arrived at on the basis of available information. The uncertainties and possible reimbursement are dependent on outcome of the different legal processes which have been invoked by the company or the claimants as the case may be and therefore cannot be predicted accurately. The company engages professional advisor to protect its interest and has been advised that it has strong legal position against such dispute. The amount shown in item (c) represents guarantees given in the normal course of the company’s operations and are not expected to result in any loss to the company on the basis of beneficiaries fulfilling their ordinary commercial obligations.

FORM 8

Corporate identity number of the company	U27109DL1994PTC113702
Name of the company	MAGOTTEAUX INDUSTRIES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	410, 4th Floor, Surya Kiran Building 19, Kasturba Gandhi Marg, New Delhi – 110001, Delhi India Email Id : mukesh.gupta@magotteaux.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10043997
Type of charge	Immovable property Book debts Movable property Others (Entire current assets and all fixed assets)
Particular of charge holder	ICICI Bank Limited, Landmark Race Cource Circle, Alkapuri, Baroda – 390015, Gujarat, India
Nature of instrument creating charge	Note of amendment
Date of instrument Creating the charge	21.07.2009
Amount secured by the charge	Rs.220.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest Interest on CC: IBAR+CC Premia-1.75% WCDL: IBAR+6MTP - 1.55% EPC/FUBD / FBP: IBAR - 2.5% + term premia PSCFC/ PCFC: 1.0% above London Inter Bank Offer Rate (LIBOR) Terms of repayment On demand Margin CC: Uniform margin of 25% against all components of inventory & book debts (cover period for book debts 120 days) BG: 100% cash margin on Guarantees covering disputed liabilities. Nil in all other cases LC: Nil Extent and operation of the charge First pari-passu charge on following: 1. Entire current assets incl stocks & movables, both present & future. 2. All fixed assets including EM of factory land & building located at 45/1, 45/2, Rajkot- Gondal Road, P.O. Kangashiyali, Near T.B. Hospital, Rajkot, Gujarat 3. WCl limits of Rs.80 Millions secured by Standby LC from Fortis Bank, Belgium 4. WC limits of Rs.100.0 Millions shall also be secured by Letter of Comfort from the ultimate parent company- Magotteaux International Participation S.A. Others Total limits stand at Rs.220 Millions, comprised of CC (secured by SBLC) Rs.140 Millions, WCDL Rs.80 Millions, EPC/PCFC Rs.20 Millions, FBP/PSCFC (sub limit of EPC/PCFC) Rs.20 Millions, BG Rs.60 Millions, LC (sub limit of BG) Rs.20 Millions.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	First pari-passu charge on entire current assets including raw material, stock in progress, stores & spares, finished goods and such other movables including book debts, bills, both present and future First pari-passu charge on all fixed assets including equitable mortgage of factory land & building located at 45/1, 45/2, Rajkot- Gondal Road, P.O. Kangashiyali, Near T.B. Hospital, Rajkot, Gujrat Working capital limits of Rs.80.0 Millions (FB Rs.60.0 Millions and NFB Rs.20.0 Millions) will continue to be secured by Standby Letter of Credit from Fortis Bank, Belgium WC limits of Rs.100 Millions (FBL of Rs.80 Millions and NFB Limits of Rs.20 Millions excl derivatives to be secured by Letter of Comfort from ultimate holding company Magotteaux International Participation S.A,Belgium
Date of instrument modifying the charge	04.03.2008
Particulars of the present modification	Total limits stand at Rs.220 Millions, comprised of CC (secured by SBLC) Rs.140 Millions, WCDL Rs.80 Millions, EPC/PCFC Rs.20 Millions, FBP/PSCFC (sub limit of EPC/PCFC) Rs.20 Millions, BG Rs.60 Millions, LC (sub limit of BG) Rs.20 Millions. Terms and conditions has been changed as follows: Interest on CC: IBAR+CC Premia-1.75% WCDL: IBAR+6MTP - 1.55% EPC/FUBD / FBP: IBAR - 2.5% + term premia PSCFC/PCFC: 1.0% above London Inter Bank Offer Rate (LIBOR)

FIXED ASSETS

Land
Machinery
Fixtures

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.47.81
UK Pound	1	Rs.75.16
Euro	1	Rs.65.11

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	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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		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.

MIRA INFORM REPORT

144.253

136.750

0.842

16.935

65.902

364.682

170.635

13.128

42.535

226.298

138.384

(7.30)

(5.73)

(0.32)

4.44

1.61

Unit