MIRA INFORM REPORT

Report Date :

04.04.2012

IDENTIFICATION DETAILS

Name :	PRECISION RUBBER INDUSTRIES PRIVATE LIMITED [w.e.f. 15.07.2008]
Formerly Known As :	GDN RUBBERS PRIVATE LIMITED
Registered Office :	201 A, Poonam Chambers, Dr. A B Road, Worli, Mumbai-400018, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	23.01.2008
Com. Reg. No.:	11-178158
Capital Investment / Paid-up Capital :	Rs.17.089 Millions
CIN No.: [Company Identification No.]	U25190MH2008PTC178158
TAN No.: [Tax Deduction & Collection Account No.]	MUMG13086D
PAN No.: [Permanent Account No.]	AADCG0576B
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Aprons and Cots i.e. Apron, Texturising, Cots, Speciality Products.
No. of Employees :	500 [Approximately]

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

Maximum Credit Limit :	USD 470000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct. 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 – 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

INFORMATION PARTED BY

Name :	Ms. Madhuri
Designation :	Accounts Departments

LOCATIONS

Registered / Corporate Office :	201 A, Poonam Chambers, Dr. A B Road, Worli, Mumbai-400018, Maharashtra, India
Tel. No.:	91-22-40049750/40049751/40766444
Fax No.:	91-22-66605382/66605383
E-Mail :	barot@precitex.com sales@precitex.com richa@precitez.com richa@precitex.com
Website :	www.precitex.com
Indore Factory :	Palia Chouraha, Near Reoti Range, Sanwer Road, Indore-452003, Madhya Pradesh, India
Tel. No.:	91-731-3292923
Fax No.:	91-731-2722233
E-Mail :	indrfact@precitex.com
Umbergaon Factory :	A1 - 5, G.I.D.C., Umbergaon-396171, Gujarat, India
Tel. No.:	91-260 - 563 468 / 563 868
Fax No.:	91-260 - 562 868
E-Mail :	umb@precitex.com
Thane Factory / Sales and Marketing Office:	C-45, Road No.25, Wagle Industrial Estate, Thane-400604, Maharashtra, India
Tel. No.:	91-22-25822569/25830983/40766333
Fax No.:	91-22-25821778
E-Mail :	sales@precitex.com
Zonal Office 1 :	302, Harsha House, Karampura Commercial Complex, New Delhi-110015, India
Tel No.:	91-11-25920540/25920541
Fax No.:	91-11-25920540/25920541
Email:	delhi@precitex.com
Zonal Office 2 :	No. 62, T. Balan Nagar, Kovundampalayam, Coimbatore-641030, Tamilnadu, India
Tel No.:	91-422-4504152/4347152
Fax No.:	91-422-2454152
Email:	cbe@precitex.com

DIRECTORS

As on 16.09.2011

Name :

Mr. Ghansham T. Dembla

Designation :

Director

Address :

8/A, Hormazd Villa, Carmichael Road, Mumbai-400026, Maharashtra, India

Date of Birth/Age :

24.11.1934

Date of Appointment :

23.01.2008

Din No.:

00060361

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	U25200MH1971PTC015286	PRECISION BUSINESS PARK PRIVATE LIMITED	Director	18-08-71	18-08-71	Active	NO
2	U25190MH2008PTC178158	PRECISION RUBBER INDUSTRIES PRIVATE LIMITED	Director	23-01-08	23-01-08	Active	NO
3	U17291MH2011PTC216057	PRECISION YARNS PRIVATE LIMITED	Director	11-04-11	11-04-11	Active	NO

Name :

Mr. Niraj Ishwar Thakkar

Designation :

Director

Address :

1001, 10^th Floor, Grand Bay Apartments, 17 Hill Road, Bandra (West), Mumbai-400050, Maharashtra, India

Date of Birth/Age :

30.11.1970

Date of Appointment :

23.01.2008

Din No.:

00060388

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	U25200MH1971PTC015286	PRECISION BUSINESS PARK PRIVATE LIMITED	Director	01-03-07	16-04-96	-	Active	NO
2	U74140MH1996PTC099976	SWASTIK DISA DEVELOPERS PRIVATE LIMITED	Director	04-06-96	04-06-96	25-02-09	Active	NO
3	U36100MH1996PTC100073	ESTEE HOME FURNISHING INDUSTRIES PRIVATE LIMITED	Director	07-06-96	07-06-96	17-01-11	Active	NO
4	U25119GJ2000PTC038626	OM RUBBER INDUSTRIES PRIVATE LIMITED	Director	01-04-04	01-04-04	-	Active	YES
5	U91100MH1951GAT008683	ALL INDIA RUBBER INNDUSTRIES ASSOCIATION	Director	29-09-06	29-09-06	-	Active	NO
6	U25190MH2008PTC178158	PRECISION RUBBER INDUSTRIES PRIVATE LIMITED	Director	23-01-08	23-01-08	-	Active	NO

Name :

Mr. Diven Ghansham Dembla

Designation :

Director

Address :

8/A, Hormazd Villa, Carmichael Road, Mumbai-400026, Maharashtra, India

Date of Birth/Age :

27.12.1968

Date of Appointment :

23.01.2008

Din No.:

00060426

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	U25200MH1971PTC015286	PRECISION BUSINESS PARK PRIVATE LIMITED	Managing director	01-11-05	16-04-96	Active	NO
2	U99999MH1969NPL014319	INDIAN TEXTILE ACCESSORIES AND MACHINERY MANUFACTURERS' ASSOCIATION	Director	29-09-06	29-09-06	Active	NO
3	U25190MH2008PTC178158	PRECISION RUBBER INDUSTRIES PRIVATE LIMITED	Director	23-01-08	23-01-08	Active	NO

Name :

Mrs. Rovina Ghansham Dembla

Designation :

Director

Address :

8/A, Hormazd Villa, Carmichael Road, Mumbai-400026, Maharashtra, India

Date of Birth/Age :

04.08.1942

Date of Appointment :

07.01.2009

Din No.:

00064013

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	U25200MH1971PTC015286	PRECISION BUSINESS PARK PRIVATE LIMITED	Whole-time director	01-11-05	18-08-71	Active	NO
2	U25190MH2008PTC178158	PRECISION RUBBER INDUSTRIES PRIVATE LIMITED	Director	11-09-09	07-01-09	Active	NO

KEY EXECUTIVES

Name :	Ms. Madhuri
Designation :	Accounts Departments

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 16.09.2011

Names of Shareholders	No. of Shares
Ghanshyam T Dembla joint with Rovina Ghansham Dembla, Bhenoy G Dembla, Diven Ghansham Dembla	425348
Diven Ghansham Dembla joint with Ghanshyam T Dembla, Rovina Ghansham Dembla, Bhenoy G Dembla	257716
Rovina Ghansham Dembla joint with Ghanshyam T Dembla , Bhenoy G Dembla, Diven Ghansham Dembla	408236
Ghansham T Dembla HUF	36576
Niraj Ishwar Thakkar joint with Surbhi I Thakkar, Neha I Thakkar	76296
Ishwar Dhanjidas Thakkar HUF	91692
Minali N Thakkar joint with Niraj I Thakkar, Neha I Thakkar	1272
Niraj Ishwar Thakkar HUF	8
Surbhi I. Thakkar jointly with Niraj Ishwar Thakkar, Neha I. Thakkar	411756
Total	1708900

As on 16.09.2011

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Aprons and Cots i.e. Apron, Texturising, Cots, Speciality Products.

Products :

Product Description	Item Code
Aprons	401699.09
Cots	401699.01

Brand Names :

“PRECITEX”

Terms :

Selling :

L/C / Cash and Credit

Purchasing :

L/C / Credit

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Installed Capacity	Actual Production
Aprons	Nos.	33300000	34180440
Cots	Nos.	22200000	25591898

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

500 [Approximately]

Bankers :

Canara Bank, Worli Branch, Marthanda, Dr. Annie Besant Road, Worli, Mumbai-400018, Maharashtra, India

Facilities :

Secured Loan	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
Term Loan from Canara Bank, Mumbai [Against hypothecation of fixed assets and on a personal guarantee of directors]	11.268	10.667
Term Loan from Canara Bank, Mumbai [Against pledge of fixed deposits receipts only]	0.000	3.976
Term Loan from Other Bank / Finance Companies [Secured by hypothecation of motor cars financed and also guaranteed by the directors in their personal capacity]	4.057	2.832
Cash Credit from Canara Bank [Secured by hypothecation of stocks, stores and book debts and also guaranteed by directors in their personal capacity]	138.796	145.512
Total	154.121	162.987
Unsecured Loan
From Shareholders, Directors and their Relatives	73.850	73.850
Incorporate Loans	10.000	0.000
Total	83.850	73.850

Banking Relations :	--
Auditors :
Name :	A. Puri and Company Chartered Accountants
Address :	Flat No. 703, Building No. 2-C, Patiuputra Nagar, Oshiwara, Jogeshwari (West), Mumbai-400102, Maharashtra, India
Pan No.:	AAEPP7655A
Name :	S J Thakkar and Company Chartered Accountants
Address :	205, Doshi Chambers, 29, Nandal Jani Road, Poona Street, Danabunder, Mumbai-400009, Maharashtra, India
Tel. No.:	91-22-23778792

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs.10/- each	Rs.20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1708900	Equity Shares	Rs.10/- each	Rs.17.089 Millions

Note: Of the above shares:

a) 10000 Equity Shares are allotted as Fully Paid up for payment wholly in cash.

b) 417225 Equity Shares have been allotted as Fully Paid up to the Shareholders of Precision Rubber Industries Private Limited on the scheme of Demerger of the Thane Unit without payment being received in cash.

c) 1281675 fully paid up Equity Shares have been allotted by way of Bonus Shares by Capitalization of General Reserves.

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		17.089	17.089	4.272
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		102.659	91.596	92.970
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		119.748	108.685	97.242
LOAN FUNDS
1] Secured Loans		154.121	162.987	126.564
2] Unsecured Loans		83.850	73.850	83.850
TOTAL BORROWING		237.971	236.837	210.414
DEFERRED TAX LIABILITIES		5.588	6.242	5.457
TOTAL		363.307	351.764	313.113
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		75.182	54.216	55.531
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.010	0.010	0.010
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	193.837	184.361	172.342
	Sundry Debtors	104.261	98.484	65.900
	Cash & Bank Balances	34.573	65.647	25.604
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	80.193	64.358	70.462
Total Current Assets		412.864	412.850	334.308
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	38.567	40.080	15.860
	Other Current Liabilities	45.158	39.682	32.004
	Provisions	41.082	35.630	28.906
Total Current Liabilities		124.807	115.392	76.770
Net Current Assets		288.057	297.458	257.538
MISCELLANEOUS EXPENSES		0.058	0.080	0.034
TOTAL		363.307	351.764	313.113

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES INCOME (NET)		561.700	479.100	388.600
	PROFIT / (LOSS) BEFORE TAX		17.900	19.000	(9.300)
Less	TAX		5.500	4.800	0.900
	PROFIT / (LOSS) AFTER TAX		12.400	14.200	(10.200)
Add	PROVISION FOR DEFERRED TAX ASSETS		0.600	(0.800)	0.300
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1.200	(9.900)	0.000
Less	APPROPRIATIONS
		Transfer to General Reserve	1.200	0.300	0.000
		Proposed Dividend	1.700	1.700	0.000
		Corporate Tax on Proposed Dividend	0.300	0.300	0.000
	BALANCE CARRIED TO THE B/S		11.000	1.200	(9.900)
	EARNINGS IN FOREIGN CURRENCY
		For Value of Sale	164.673	133.741	112.077
		Reimbursement of Freight and Insurance	5.935	4.705	5.223
	TOTAL EARNINGS		170.608	138.446	117.300
	IMPORTS
		Raw Materials	68.485	67.266	78.952
		Plant and Machinery	0.228	0.000	0.045
		Stores & Spares	0.194	0.134	0.000
	TOTAL IMPORTS		68.907	67.400	78.997
	Earnings / (Loss) Per Share (Rs.)		8.32	2.06	--

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
Net Profit Margin (PBT/Sales)	(%)	3.19	3.97	(2.39)
Return on Total Assets (PBT/Total Assets}	(%)	3.67	4.07	(2.39)
Return on Investment (ROI) (PBT/Networth)		0.15	1.78	(0.10)
Debt Equity Ratio (Total Liability/Networth)		3.03	3.24	2.95
Current Ratio (Current Asset/Current Liability)		3.31	3.57	4.35

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS:

Particulars	31.03.2011 (Rs. in millions)	31.03.2010 (Rs. in millions)	31.03.2009 (Rs. in millions)
Sundry Creditors	38.567	40.080	15.860

Check List by Info Agents	Available in Report (Yes / No)
1) Year of Establishment	Yes
2) Locality of the firm	Yes
3) Constitutions of the firm	Yes
4) Premises details	Yes
5) Type of Business	Yes
6) Line of Business	Yes
7) Promoter’s background	--
8) No. of employees	Yes
9) Name of person contacted	Yes
10) Designation of contact person	Yes
11) Turnover of firm for last two years	Yes
12) Profitability for last three years	No
13) Reasons for variation <> 20%	No
14) Estimation for coming financial year	No
15) Capital in the business	No
16) Details of sister concerns	No
17) Major suppliers	No
18) Major customers	No
19) Payments terms	Yes
20) Export / Import details (if applicable)	No
21) Market information	--
22) Litigations that the firm / promoter involved in	--
23) Banking Details	Yes
24) Banking facility details	No
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	No
28) Incorporation details, if applicable	--
29) Last accounts filed at ROC	--
30) Major Shareholders, if available	--

CAPACITY EXPANSION:

During the year 2010-11, the increased capacity at the Indore Plant enabled the company to achieve sales of Rs.561.700 Millions which is an increase of Rs.82.600 Millions over the previous year 2009-10.

To meet the further demand of products the Board has decided to expand the capacity at the Umbergaon Plant. The total outlay in factory building and machinery is Rs.26.200 Millions which has been secured from Canara Bank with margin money. The capacity will increase by 10% and the same will be applicable from October 2011.

BANKERS CHARGES REPORT AS PER REGISTRY

This form is for	Modification of charge
Charge identification number of the modified	10185606
Corporate identity number of the company	U25190MH2008PTC178158
Name of the company	PRECISION RUBBER INDUSTRIES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	201 A, Poonam Chambers, Dr. A B Road, Worli, Mumbai-400018, Maharashtra, India
Type of charge	Book Debts Movable Property (not being pledge)
Particular of charge holder	Canara Bank, Worli Branch, Marthanda, Dr. Annie Besant Road, Worli, Mumbai-400018, Maharashtra, India
Email	arun.govil@gmail.com
Nature of description of the instrument creating or modifying the charge	Supplemental Common Hypothecation Agreement
Date of instrument Creating the charge	31.03.2010
Amount secured by the charge	Rs.211.380 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Interest@1% p.a. below BPLR presently 11% p.a. shall be charged at Monthly rests. Term Loan @1.50% p.a. over BPLR presently 13.50% p.a. shall be charged at Monthly rests. Terms of Repayment OCC/ODBD- On Demand. Term Loan- to be repaid in 32 Monthly installments of Rs.0.426 Millions each payable on 15th of every month. Term Loan II to be repaid in 60 Monthly installments of Rs.0.300 Millions each payable on 15th of every month. Margin Stocks- RM-25%, Semi Finished Goods-33% and Finished Goods-35% Book Debts-50% Extent and Operation of the charge Exclusive charge by way of Hypothecation of Stocks, Book Debts, Plant and Machinery both present and future of the Company Others Limits enhanced from Rs.15,03,80,099/- to Rs.21,13,80,099/-
Short particulars of the property charged	Hypothecation of Stocks of goods such as raw materials, Goods in process, finished and mfd goods and other items of Stocks in trade and stores, spares, components, machinery, Vehicles, Furniture and Fixtures and all other movable goods and properties and Book debts, Outstanding moneys, Bills, receivables, claims and bills etc. both present and future and all the plant and Machineries lying and Installed and to be installed in future at factory at Palia Chouraha, Near Reoti Rangers, Sanwer Road, Indore, M P and at A-1/5,GIDC, Umbargam, Dist. Valsad, Gujarat-396171or where else the same may be.
Date of latest modification prior to the present modification	18.01.2010
Particulars of the present modification	By present modification, Hypothecation of Stocks, Book Debts, Plant and Machinery has now increased from Rs.150.380 Millions to Rs.211.380 Millions to secure additional facility of Rs.61.000 Millions.

FIXED ASSETS:

· Freehold Land

· Factory Building

· Office Other Premises

· Plant and Machinery

· Office Equipments

· Furniture and Fixtures

· Computer System

· Vehicles

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No records exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.50.56
UK Pound	1	Rs.81.05
Euro	1	Rs.67.49

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	4
--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	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		43

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.