MIRA INFORM REPORT

Report Date :

16.08.2012

IDENTIFICATION DETAILS

Name :	IND SPHINX PRECISION LIMITED
Registered Office :	Plot No. 28, Sector – V, Parwanoo-173220, Himachal Pradesh
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	13.01.1987
Com. Reg. No.:	06-007235
Capital Investment / Paid-up Capital :	Rs.22.046 Millions
CIN No.: [Company Identification No.]	U29309HP1987PLC007235
IEC No.:	2288002859
TAN No.: [Tax Deduction & Collection Account No.]	PTLI10292C
PAN No.: [Permanent Account No.]	AABCS9437R
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Exporter of PCB Drills, Bits, PCB Router Bits, and Tools for Precision Mechanics.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

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

Maximum Credit Limit :	USD 780000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. There appears some improvement in the sales turnover and profitability during 2011. There appears huge external borrowings by the company. However, trade relations are reported as improving. Business is active. Payments are reported to be usually correct. The company can be considered 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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

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

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	B+ (Term Loan)
Rating Explanation	High Risk
Date	17.08.2011

Rating Agency Name	CRISIL
Rating	B+ (Cash Credit)
Rating Explanation	High Risk
Date	17.08.2011

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

LOCATIONS

Registered Office / Head Office :	Plot No. 28, Sector – V, Parwanoo 173220, Himachal Pradesh
Tel. No.:	91-1792-232860 / 232960 / 234458, 234459
Fax No.:	91-1792-232898
E-Mail :	sunil_taneja@indsphinx.com customerfocus@indsphinx.com
Website :	http://www.indsphinx.com
Continental Europe Office:	Ind – Sphinx Europe Gmbh, Josef-Bayer-Strasse 3 88250, Weingarten, Germany
Tel. No.:	49-751-5601589 0
Fax No.:	49-751-791509 410

DIRECTORS

As on 13.09.2011

Name :

Mr. Sunil Taneja

Designation :

Director

Address :

HIG – 58, Sector – 4, parwanoo , Himachal Pradesh, India

Date of Birth/Age :

29.01.1958

Qualification :

B Mechanical

Date of Appointment :

13.01.1987

DIN No.:

00231787

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U29309HP1987PLC007235	IND SPHINX PRECISION LIMITED	Managing director	13/01/1987	13/01/1987	-	Active	NO
2	U70100PB2005PTC028667	BHAVYA REALTORS PRIVATE LIMITED	Director	30/09/2008	02/05/2008	10/11/2010	Active	NO
3	U29246HP1997PLC020020	HELIX PRECISION LIMITED	Director	25/09/2009	03/10/2008	-	Active	NO
4	U74900CH2012PTC033536	SABRE SKILLING PRIVATE LIMITED	Director	03/02/2012	03/02/2012	-	Active	NO

Name :

Mrs. Kavita Taneja

Designation :

Whole time Director

Address :

HIG – 58, Sector – 4, parwanoo , Himachal Pradesh, India

Date of Birth/Age :

31.08.1962

Qualification :

B A (Arts)

Date of Appointment :

13.01.1987

DIN No.:

00231930

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U29309HP1987PLC007235	IND SPHINX PRECISION LIMITED	Whole-time director	13/01/1987	13/01/1987	-	Active	NO
2	U29246HP1997PLC020020	HELIX PRECISION LIMITED	Director	29/05/1997	29/05/1997	-	Active	NO

Name :

Mr. Makarand Chaurey

Designation :

Director

Address :

H1537, GF Chitranjan Park, New Delhi, Idnia

Date of Birth/Age :

02.03.1962

Date of Appointment :

27.06.2003

DIN No.:

00234606

Name :

Mr. Sukhinderpal Singh Sodhi

Designation :

Director

Address :

546, Sector 16D, Chandigarh, India

Date of Birth/Age :

16.10.1958

Date of Appointment :

10.08.1995

DIN No.:

01418859

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U32109CH1990PTC010407	SEQURE ENTERPRISES PRIVATE LIMITED	Director	24/05/1990	24/05/1990	-	Active	YES
2	U29309HP1987PLC007235	IND SPHINX PRECISION LIMITED	Director	10/08/1995	10/08/1995	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 13.09.2011

Names of Shareholders	No. of Shares
Kavita Taneja	306940
Sunil Taneja	1009290
S S Sodhi	1350
Preciturn Private Limited, India	5000
Helix Precision Limited, India	90000
Charu Goyal	91350
Nivika Taneja	20000
Ronuk Taneja	14045
Indra Taneja	84484
Gertrud Klaeuster	582147
Total	2204606

Equity Share Break up (Percentage of Total Equity)

As on 13.09.2011

Category	Percentage
Bodies corporate	4.31
Directors or relatives of Directors	95.69
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of PCB Drills, Bits, PCB Router Bits, and Tools for Precision Mechanics.

PRODUCTION STATUS (31.03.2010)

Particulars	Unit	Licensed Capacity	Installed Capacity*	Actual Production**
PCB Drills, Routers etc	Nos	De-Licensed Industry	9827700	54493400
Tools for Micromachining	Nos	--	720000	201512

Note:

* In Terms of 1mm dia.

** In Terms of Nos. of assorted sizes

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

State Bank of India, Sector – 1, Parwanoo – 173220, Himachal Pradesh, India

Facilities :

(Rs. in Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
Term loans from banks:	0.000	0.000
State Bank of India	0.000	0.000
Rupee Loans	64.108	156.400
Foreign Currency Loan	64.863	0.000
Working Capital From Bank	85.615	86.268
Interest Accrued and Due	0.000	0.000
Term Loan	0.347	1.531
Total	214.933	244.199
Note: 1. Term loans from SBI are secured by way of first charge on fixed assets of the company both present and fufre and second charge of all other moveable properties along with personal guarantee of two directors. 2. Working capital facilities from SBI are secured by way of hypothecation of raw materials, semi-finished goods and book debts and second charge on fixed assets of the company and personal guarantee of two directors.
Unsecured Loan	As on 31.03.2011	As on 31.03.2010
Fixed Deposits	7.800	8.800
Loan From Bank	0.140	0.899
Other Loans	2.028	2.819
Interest Accrued and Due	0.000	0.464
Total	9.968	12.982

Banking Relations :	--
Auditors :
Name :	Kansal Single and Associates Chartered Accountants
Address :	SCO 80-81, 4^th Floor, Sector – 17C, Chandigarh – 160017, India
Tel. No.:	91-172-5078401-02
Fax No.:	91-172-5072903
Website:	www.cakansalsingle.com
PAN.:	AAAFK9144R
Subsidiaries :	IND-Sphinx Europe GmbH

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
3000000	Equity Shares	Rs.10/- each	Rs.30.000 Millions
150000	Preference Shares	Rs.100/- each	Rs.15.000 Millions
	Total		Rs.45.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2204606	Equity Shares	Rs.10/- each	Rs.22.046 Millions

Note:

Of the above 500204 shares were alloled as bonus share by capitalisation of general and capital redemption reserve

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		22.046	22.046	22.046
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		173.440	156.848	155.070
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		195.486	178.894	177.116
LOAN FUNDS
1] Secured Loans		214.933	244.199	272.481
2] Unsecured Loans		9.968	12.982	17.818
TOTAL BORROWING		224.901	257.181	290.299
DEFERRED TAX LIABILITIES		26.421	25.426	23.568
TOTAL		446.808	461.501	490.983
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		262.395	285.113	311.132
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		11.804	6.134	3.428
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	101.891	97.014	108.305
	Sundry Debtors	109.035	92.752	73.883
	Cash & Bank Balances	4.418	5.197	5.906
	Other Current Assets	1.169	1.091	1.105
	Loans & Advances	20.649	16.291	21.095
Total Current Assets		237.162	212.345	210.294
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	33.859	22.431	17.100
	Other Current Liabilities	1.657	3.012	3.204
	Provisions	29.037	16.648	13.567
Total Current Liabilities		64.553	42.091	33.871
Net Current Assets		172.609	170.254	176.423
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		446.808	461.501	490.983

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	302.860	245.004	221.764
		Miscellaneous Income	12.543	11.032	4.956
		TOTAL (A)	315.403	256.036	226.720
Less	EXPENSES
		Raw Material Consumed	87.422	72.171	61.438
		Consumable Stores	29.930	19.825	15.982
		Manufacturer Expenses	33.000	22.035	22.686
		Personnel Expenses	54.066	49.138	48.029
		Administrative Expenses	16.229	13.935	11.284
		Selling Expenses	17.054	7.920	9.830
		Increase/(Decrease) in Stocks	(9.658)	(2.089)	(7.506)
		TOTAL (B)	228.043	182.935	161.743
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		87.360	73.101	64.977
Less	FINANCIAL EXPENSES (D)		31.411	37.038	32.573
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		55.949	36.063	32.404
Less/ Add	DEPRECIATION/ AMORTISATION (F)		25.075	27.730	30.259
	PROFIT BEFORE TAX (E-F) (G)		30.874	8.333	2.145
Less	TAX (H)		9.265	3.146	1.290
	PROFIT AFTER TAX (G-H) (I)		21.609	5.187	0.855
	TAXATION OF EARLIER YEARS		0.000	0.000	(0.034)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		61.500	58.887	58.066
Less	APPROPRIATIONS
		Dividend	3.968	2.204	0.000
		Tax on Dividend	0.651	0.370	0.000
	BALANCE CARRIED TO THE B/S		78.490	61.500	58.887
	EARNINGS IN FOREIGN CURRENCY
		Direct	NA	143.390	139.250
		Deemed Exports (Net of Duties)	NA	10.380	19.616
	TOTAL EARNINGS		NA	153.770	158.866
	IMPORTS
		Raw Materials	NA	57.596	64.165
		Stores & Spares	NA	18.570	16.654
	TOTAL IMPORTS		NA	76.166	80.819
	Earnings Per Share (Rs.)		9.80	2.35	0.39

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	6.85	2.03	0.38
Net Profit Margin (PBT/Sales)	(%)	10.19	3.40	0.97
Return on Total Assets (PBT/Total Assets}	(%)	13.01	3.92	1.02
Return on Investment (ROI) (PBT/Networth)		0.16	0.05	0.01
Debt Equity Ratio (Total Liability/Networth)		1.48	1.67	1.83
Current Ratio (Current Asset/Current Liability)		3.67	5.04	6.21

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	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	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
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	Yes
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	PAN of Proprietor/Partner/Director, if available	No
32]	Date of Birth of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

WORKING RESULTS AND GENERAL REVIEW

Sales increased by 24.56% over the last year. Domestic sales improved by 31.91% whereas Export sales increased by 20.15%. PBIDT increased by 19.51%.whereas NP Increased by416.60%

Global slowdown affected the operations of the company badly but effects were contributed with cost cuttings and efficient operations. Positive effects of new project were marginalised by this slowdown. On the other hand interest cost of new project has put heavy pressure on the financials and working of the company resulting into lower net profit However, new project has improved the average realisation per pc and the directors are confident once present slowdown is over the company is will reap the fruits of this new project.

CURRENT PERFORMANCE

Gross current year Sales for the first five months is Rs.134.083 Millions against Rs.133.441 Millions in the corresponding month of previous year showing a increase of 0.48%, whereas nos. of pes sold are 2.498 Millions against 2.839 Millions showing decrease of 12.01% in above referred period.

They are increasing customer base with focus on value added products and are confident of brighter future

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U29309HP1987PLC007235
Name of the company	IND SPHINX PRECISION LIMITED
Address of the registered office or of the principal place of business in India of the company	Plot No. 28, Sector – V, Parwanoo-173220, Himachal Pradesh, India Email: sunil_taneja@indsphinx.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	80025472
Type of charge	Immovable property Book debts Movable property (not being pledge)
Particular of charge holder	State Bank of India, Sector – 1, Parwanoo – 173220, Himachal Pradesh, India Email: sbi.06403@sbi.co.in
Nature of instrument creating charge	Supplemental aggrement of loan for increase in overall limit (form C.1A). Supplemental aggrement of hypopthecation of goods and assets(Form C.2A) Supplemental deed of guarantee for increase in overall limit (form C.4 A). Letter regarding the grant of individual limits within overall limits (form C.5). Sanction letter.
Date of instrument Creating the charge	12.11.2011
Amount secured by the charge	Rs.269.400 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest C.C HYP: @5% above base rate. T.L-2: 3.50% bove base rates. T.L 3: 4.25% above base rate. T.L 4: 6.10% above base rate Corp. loan: 6.00% above base rate. Flc/Bg/ forward contract: as per agreement. Terms of Repayment CC hyp.(on demnad). Term loans: as per existing agreement. Flc/Bg/ forward contract: as per agreement. Corporate loan: as per agreement Margin Cash credit: Raw material(domestic & imported): 25% Stock in progress: 25% Finished goods: 25% Consumables( domestic and imported: 40% Receivables domestic( cover 90 days): 40% Receivables export: nil Foreign letter of credit: 15% Bank guarantee: 25% Forward contract: 2% Extent and Operation of the charge 100%
Short particulars of the property or asset(s) charged (including complete address and location of the property)	A)Primary Security: W.C/ corp loan: IST hypothecation Charge over all current assets (present and future), consisting of raw material, consumables stores, work in process, finished goods, book debts, bills etc. SME car loan: hypothecation of the vehicle purchased. Bank’s agree to be got noted in the books of registration authority and registration certificate. Term loan/ fcnrb-tl: ist hyp. Charge on entire fixed assets(present and future) and following: Em of plot measuring 3382 sq mtrs khasra no 62/2 of 0-04-52 hectare and khewat/ khatoni no 24 min/57 contd iv Khasra No 59,60,61 Of 0-29-30 Hec out of 0-06-70 hectare in khewat/ khatoni no 22 min/ 51 khasra no 62 and building thereon having covered area of 30200 sq ft at vill ambbotal, teh kasauli, parwanoo(hp) B) Collateral security: 1) em of h.no 222 sec-11, chandigarh with plot measuring 50 sq. yards and building tereon having covered area 6000 sq ft. 2) Pledge of 90000 shares of Ind Sphinx Precision Limited held by helix precision ltd. 3) EM of leasehold rights of plot no 27 mea 495.07 sq mtrs and building thereon at industrial area, sector-5 parwanoo, HP 4) EM of leasehold rights of plot no 28 measuring 677.47 sq mtrs and building thereon haiving covered area of 20000 sq. ft at industrial area, sec-5, parwanoo, (HP). 5) EM OF H.NO HIG-58 with plot measuring 300 sq mtrs and building thereon having covered area of 3900 sq ft. at Sector-4, Parwanoo, (HP) 6) Extension of charge on the entire fixed assets of the company.
Particulars of the present modification	The total financial limits are increased to Rs. 263.100 Millions. this amt of Rs 263.100 Millions IS biffurcated as follows: CC HYP : 97.000 Millions Term Loans: 123.900 Millions A) Total Fund Based: 230.900 Millions LC(foreign): 17.500 Millions letter of comfort : 20.000 Millions B) Total Non Fund Based: 37.500 Millions C) Forward Contract: 1.000 Millions (indebtness equivalent to 2% of total limit of Rs.50.000 Millions Total (A+B+C) = Rs.269.400 Millions

FIXED ASSETS:

· Land And Site Development,

· Building,

· Office Equipment,

· Plant And Machinery,

· Computers,

· Furniture And Fixtures,

· Electrical Installations,

· Shop Floor Equipments,

· Q. C. Equipments,

· Vehicles And

· Capital Work In Progress.

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.55.64
UK Pound	1	Rs.87.31
Euro	1	Rs.68.81

INFORMATION DETAILS

Report Prepared by :

KVT

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	4
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		42

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.