MIRA INFORM REPORT

Report Date :

24.01.2012

IDENTIFICATION DETAILS

Name :	TRACTORS INDIA PRIVATE LIMITED
Registered Office :	1, Taratolla Road, Garden Reach, Kolkata-700 024, West Bengal
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	30.06.1995
Com. Reg. No.:	21-72501
Capital Investment / Paid-up Capital :	Rs.45.000 Millions
CIN No.: [Company Identification No.]	U29150WB1995PTC072501
TAN No.: [Tax Deduction & Collection Account No.]	CALT05207G
PAN No.: [Permanent Account No.]	AABCT1656K
Legal Form :	Private Limited Liability Company
Line of Business :	Trader and Importer of Capable Earth Moving Equipments.
No. of Employees :	600 [Approximately]

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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

Maximum Credit Limit :	USD 4500000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a subsidiary of TIL Limited, India. It is the results of demerger of dealership business of caterpillar carried out by TIL Limited. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – 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 :	Mr. Shantanu Bhattacharjee
Designation :	DGM Finance
Contact No.:	91-33-66332220

LOCATIONS

Registered Office :	1, Taratolla Road, Garden Reach, Kolkata-700 024, West Bengal, India
Tel No:	91-33-24694371/24693732
Fax No.:	91-33-24693761/24693731
E-Mail :	santanu.bhattacharjee@tilindia.com
Website :	www.til.ltd.com www.tilindia.com
Location :	Owned
Branch Office:	30 Branches all over India

DIRECTORS

As on 25.07.2011

Name :

Mr. Aloke Banerjee

Designation :

Directors

Address :

Flat No. 3A, 28 Shymananda Road, Kolkata- 700 025, West Bengal, India

Date of Birth/Age :

01.12.1954

Date of Appointment :

30.01.1999

Din No.:

00609491

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	U74140WB1986PTC040313	TIL INTERNATIONAL PRIVATE LIMITED	Director	12-01-97	12-01-97	Active	NO
2	U65993WB1986PTC040311	TIL FINANCE PRIVATE LIMITED	Director	12-01-97	12-01-97	Active	NO
3	U74140WB1986PTC040312	SPUNDISH ENGINEERS AND CREDIT PRIVATE LIMITED	Director	12-01-97	12-01-97	Active	NO
4	U65921WB1995PLC071510	SUMMIT EARTH MOVING EQUIPMENTS LIMITED	Director	30-01-99	30-01-99	Active	NO
5	U29150WB1995PLC072500	CRANES AND EQUIPMENTS INDIA LIMITED	Director	30-01-99	30-01-99	Active	NO
6	U29150WB1995PTC072501	TRACTORS INDIA PRIVATE LIMITED	Whole-time director	29-07-10	30-01-99	Active	NO
7	U19201WB1991PTC053292	YUTE ES-PECIAL INDIA PRIVATE LIMITED	Director	19-04-01	19-04-01	Strike off	NO

Name :

Mr. Sumit Mazumdar

Designation :

Managing Director

Address :

5 A and B, Arjun Enclave, 12 C Judges Court Road, Kolkata-700027, West Bengal, India

Date of Birth/Age :

11.02.1948

Date of Appointment :

01.04.2010

Din No.:

00116654

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	L74999WB1974PLC041725	TIL LIMITED	Managing director	01-06-09	01-06-94	Active	NO
2	U99999MH1974PTC017460	TIL LIMITED	Managing director	01-06-94	01-06-94	Not Available for eFiling	NO
3	U51109WB1996PTC077009	MARBELLOUS TRADING PRIVATE LIMITED	Director	25-09-06	25-09-06	Active	NO
4	U51109WB1995PTC068308	SALGURN MERCHANTS PRIVATE LIMITED	Director	18-12-06	18-12-06	Active	NO
5	U27109WB1996PTC079606	BP COMMODITIES PRIVATE LIMITED	Director	18-12-08	18-12-08	Active	NO
6	U52190WB2009PTC137548	SUBHMANGAL TRACOM PRIVATE LIMITED	Additional director	07-12-09	17-08-09	Active	NO
7	U51109WB2007PTC117014	ANSUYA AGENCIES PRIVATE LIMITED	Additional director	07-12-09	14-09-09	Active	NO
8	U02005WB1949PLC018363	PAHARPUR COOLING TOWERS LIMITED	Director	30-09-10	29-12-09	Active	NO
9	U29150WB1995PTC072501	TRACTORS INDIA PRIVATE LIMITED	Managing director	29-07-10	01-04-10	Active	NO
10	U91990WB1907GAP001754	THE BENGAL CLUB LIMITED	Director	05-04-11	05-04-11	Active	NO

Name :

Venkata Ramana Murthy Garigipati

Designation :

Whole Time Director

Address :

C-8/8194, Vasant Kunj, New Delhi-110070, India

Date of Birth/Age :

29.05.1957

Date of Appointment :

01.04.2010

Din No.:

02563864

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	U74140DL2010PTC200276	GARIGI CORPORATE SERVICES PRIVATE LIMITED	Director	16-03-10	16-03-10	20-03-10	Active	NO
2	U29150WB1995PTC072501	TRACTORS INDIA PRIVATE LIMITED	Whole-time director	29-07-10	01-04-10	-	Active	NO

Name :

Mr. Tridibesh Mukherjee

Designation :

Director

Address :

Northern Town, Jamshedpur-831001, Jharkhand, India

Date of Birth/Age :

13.10.1942

Date of Appointment :

30.03.2010

Din No.:

00004777

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	L27310WB1990PLC050000	TATA METALIKS LIMITED	Director	26-06-95	26-06-95	11-01-08	Active	NO
2	U24111JH1995PLC009020	JAMIPOL LIMITED	Director	12-10-99	12-10-99	28-12-07	Active	NO
3	L27100MH1907PLC000260	TATA STEEL LIMITED	Director	28-08-08	01-08-00	31-03-09	Active	NO
4	U00000WB2001PLC115841	MJUNCTION SERVICES LIMITED	Nominee director	07-01-02	07-01-02	29-12-07	Active	NO
5	U63090WB2002PLC094134	TM INTERNATIONAL LOGISTICS LIMITED	Nominee director	18-01-02	18-01-02	29-12-07	Active	NO
6	L24239MH1939PLC002893	TATA CHEMICALS LIMITED	Director	04-03-02	04-03-02	30-03-09	Active	NO
7	U23101WB2005PLC101608	HOOGHLY MET COKE AND POWER COMPANY LIMITED	Director	10-02-05	10-02-05	11-01-08	Amalgamated	NO
8	L74999WB1974PLC041725	TIL LIMITED	Director	28-07-09	04-06-09	-	Active	NO
9	U55101WB1983PLC036362	NICCO CORPORATION LIMITED	Director	16-09-09	10-08-09	-	Active	NO
10	U75142WB1967SGC026988	WEST BENGAL INDUSTRIAL DEVELOPMENT CORPN LIMITED	Additional director	30-12-09	30-12-09	-	Active	NO
11	L65993TN2004PLC052856	RANE (MADRAS) LIMITED	Director	19-07-10	18-01-10	-	Active	NO
12	L25209PN1961PLC012046	BHARAT FORGE LIMITED	Director	26-07-10	23-01-10	-	Active	NO
13	U29150WB1995PTC072501	TRACTORS INDIA PRIVATE LIMITED	Director	29-07-10	30-03-10	-	Active	NO
14	U85110KA1989PLC013224	TATA ADVANCED MATERIALS LIMITED	Director	18-08-11	10-06-11	-	Active	NO
15	L51109WB1974PLC029637	IFB INDUSTRIES LIMITED	Director	29-07-11	29-07-11	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Shantanu Bhattacharjee
Designation :	DGM Finance

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 25.07.2011

Names of Shareholders	No. of Shares
TIL Limited, India	4499980
Avijit Mazumdar	10
Sumit Mazumdar	10
Total	4500000

As on 25.07.2011

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	100.00

BUSINESS DETAILS

Line of Business :

Trader and Importer of Capable Earth Moving Equipments.

Products :

Product Description	Item Code
DG Sets	8502

GENERAL INFORMATION

No. of Employees :

600 [Approximately]

Bankers :

· HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai-400013, Maharashtra, India

· State Bank of India, Kolkata, West Bengal, India

· Bank of India

· Union Bank of India

· ING Vysya Bank Limited

· State Bank of Bikaner and Jaipur

· State Bank of Hyderabad

· Axis Bank Limited

· Citi Bank N.A.

Facilities :

Secured Loan	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
Cash Credit / Working Capital Demand Loans
Form Banks [Cash credit / working capital facilities from Consortium Bankers are secured by first pari passu charge by way of hypothecation on all the current assets of the company (namely Stocks, Bill Receivable and Book Debts, etc.) both present and future, excluding such movable as may be permissible by the said bankers from time to time and second pari passu charge on fixed assets of the company both movable and immovable, present and future, ranking after the mortgage and / or charge created and / or to be created by the company over such fixed assets in favour of its term lender/ prior charge holders for securing their respective Term Loan / Credit Facilities and also secured by a second pari passu charge on moveable and certain immoveable properties of the company holding company TIL Limited. Further for these facilities a Corporate Guarantee has been provided to the Consortium Bankers by TIL Limited.]	1167.628	0.000
Interest accrued and due	6.381	0.000
Term Loan
From Banks In Indian Rupee [Repayable within one year Rs.54.000 millions]	160.298	0.000
Interest accrued and due on term loans [Term loans are secured by first pari passu charge on the movable fixed assets of the company and its holding company TIL Limited, both present and future and by way of mortgage of certain immovable properties of TIL Limited and second pari passu charge on the current assets of the company, both present and future. Further for these facilities a corporate guarantee has been provided to the Consortium Bankers by TIL Limited]	1.674	0.000
Vehicles Loans From Banks	7.997	0.000
Total	1343.978	0.000
Unsecured Loan
From Banks (Short Term) In Foreign Currency	560.480	0.000
Total	560.480	0.000

Banking Relations :	--
Auditors :
Name :	K N Chatterjee and Company Chartered Accountants
Address :	P-36, India Exchange Place, Room No. 40, 2^nd Floor, Kolkata-700001, West Bengal, India
Pan No.:	AADFK7358L
Holding Company:	TIL Limited

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
7000000	Equity Shares	Rs.10/- each	Rs.70.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4500000	Equity Shares	Rs.10/- each	Rs.45.000 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		45.000	0.106	0.106
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		1104.021	0.000	0.000
4] (Accumulated Losses)		0.000	(0.051)	(0.036)
NETWORTH		1149.021	0.055	0.070
LOAN FUNDS
1] Secured Loans		1343.978	0.000	0.000
2] Unsecured Loans		560.480	0.000	0.015
TOTAL BORROWING		1904.458	0.000	0.015
DEFERRED TAX LIABILITIES		42.656	0.000	0.000
TOTAL		3096.135	0.055	0.085
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		824.309	0.000	0.000
Capital work-in-progress		7.850	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	2335.072	0.000	0.000
	Sundry Debtors	1329.865	0.000	0.000
	Cash & Bank Balances	0.625	0.011	0.012
	Other Current Assets	101.829	0.000	0.000
	Loans & Advances	125.594	0.048	0.067
Total Current Assets		3892.985	0.059	0.079
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1162.963
	Other Current Liabilities	343.662	0.004	0.002
	Provisions	122.384	0.000	0.000
Total Current Liabilities		1629.009	0.004	0.002
Net Current Assets		2263.976	0.055	0.077
MISCELLANEOUS EXPENSES		0.000	0.000	0.008
TOTAL		3096.135	0.055	0.085

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Sales and Services	8635.327	0.000	0.000
		Selling Commission Earned	198.420	0.000	0.000
		Rental From Machinery	186.398	0.000	0.000
		Other Income	29.419	0.000	0.000
		TOTAL (A)	9049.564	0.000	0.000
Less	EXPENSES
		Cost of Materials and Direct Manufacturing Expenses	7249.607	0.000	0.000
		Others Expenses	1143.557	0.015	0.009
		TOTAL (B)	8393.164	0.015	0.009
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		656.400	(0.015)	(0.009)
Less	FINANCIAL EXPENSES (D)		177.033	0.000	0.000
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		479.367	(0.015)	(0.009)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		141.390	0.000	0.000
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		337.977	(0.015)	(0.009)
Less	TAX (H)		147.406	0.000	0.000
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		190.571	(0.015)	(0.009)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(0.051)	(0.036)	0.000
	BALANCE CARRIED TO THE B/S		190.520	(0.051)	(0.009)
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	15.085	0.000	0.000
		Commission Earnings	175.682	0.000	0.000
	TOTAL EARNINGS		190.767	0.000	0.000
	IMPORTS
		Parts and Components	1160.969	0.000	0.000
		Machines (Trading Items)	2198.023	0.000	0.000
	TOTAL IMPORTS		3358.992	0.000	0.000
	Earnings / (Loss) Per Share (Rs.)		42.35	(1.42)	(0.86)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	2.11	0.00	0.00
Net Profit Margin (PBT/Sales)	(%)	3.91	0.00	0.00
Return on Total Assets (PBT/Total Assets}	(%)	7.16	(25.42)	(11.39)
Return on Investment (ROI) (PBT/Networth)		0.29	(0.27)	(0.13)
Debt Equity Ratio (Total Liability/Networth)		3.07	0.07	0.24
Current Ratio (Current Asset/Current Liability)		2.39	14.75	39.50

LOCAL AGENCY FURTHER INFORMATION

RESTRUCTURING OF BUSINESS:

With effect from 1^st April, 2010 (the appointed date), the dealership business of Caterpillar comprising construction and mining solutions and power systems solutions carried out by TIL Limited, the holding company has been de-merged as a going concern and vested in the company pursuant to the provision of sections 391 to 394 of the companies act, 1956 under a scheme of arrangement (the scheme) sanctioned by the hon’ble high court at Calcutta vide order dated 12^th July, 2010. In accordance with the scheme, the company has issued 4489430 equity shares of Rs.10/- each to TIL Limited at a premium of Rs.203.48 on every share, aggregating to Rs.958.396 millions

PERFORMANCE:

The company started is commercial operations with effect from 1^st April, 2010. Turnover including income from operation and other income for the year is Rs.9111.000 millions. the profit before tax is Rs.338.000 millions.

FINANCE:

The reserve and surplus of the company is Rs.1104.000 millions and the shareholder fund is Rs.1149.000 millions.

BANKERS CHARGES REPORT AS PER REGISTRY

This form is for	Creation of charge
Corporate identity number of the company	U29150WB1995PTC072501
Name of the company	TRACTORS INDIA PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	1, Taratolla Road, Garden Reach, Kolkata-700 024, West Bengal, India
Type of charge	Book Debts Movable Property (not being pledge) Floating Charge
Particular of charge holder	HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai-400013, Maharashtra, India
Email	ravee.mani@hdfcbank.com
Nature of description of the instrument creating or modifying the charge	Memorandum Relating To Hypothecation of Machinery And Hypothecation of Stocks and Book Debts Ahreement Both Dated 16.11.2011.
Date of instrument Creating the charge	16.11.2011
Amount secured by the charge	Rs.200.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Bank Base Rate+225 Bps Per Annum Terms of Repayment By way of 16 quarterly installments commencing from 30th June 2012 as follows- In financial year 2012-2013 inr five crores only thereafter In financial year 2013-2014 inr five crores only, thereafter In financial year 2014-2015 inr five crores only, thereafter In financial year 2015-2016 inr five crores only. Margin As specified by the bank from time to time Extent and Operation of the charge First Pari-passu Charge on the entire Moveable Plant and machinery , both present and future, being movable properties now stored at or being stored or which may hereinafter be brought into stored or at present installed at Taratolla Workshop, Sahibabad Factory or any at any other places elsewhere in India . Second Charge on the current assets, both present and future of the Company on pari-passu basis
Short particulars of the property charged	First Pari-passu Charge on the entire Moveable Plant and machinery , both present and future, being movable properties now stored at or being stored or which may hereinafter be brought into stored or at present installed at Taratolla Workshop, Sahibabad Factory or any at any other places elsewhere in India Second Pari-Passu charge on the entire Current Assets of the borrower(both present and future) on pari-passu basis with other Term Lenders (present and future)

CONTINGENT LIABILITIES IN RESPECT OF

Particulars	31.03.2011 (Rs. in millions)
Sales tax matters under dispute	0.976
Service tax matter under dispute	100.408
Excise duty matter under dispute	1.857
Bank guarantees outstanding	186.466
Capital commitment	1.651
Total	291.358

FIXED ASSETS:

· Leasehold Land

· Building

· Furniture and Fixtures

· Motor Vehicles and Motor Cycle

· Plant and Machinery

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 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.50.24
UK Pound	1	Rs.78.13
Euro	1	Rs.64.79

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		47

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.