1. Summary Information

		Country	India
Company Name	HINDUSTAN PLATINUM PRIVATE LIMITED	Principal Name 1	Mr. Shashikant Sajanlal Choksi
Status	Good	Principal Name 2	Mr. Abhay Sajanlal Choksi
		Registration #	11-12143
Street Address	C 122, TTC Industrial Area, Pawane, Navi Mumbai – 400703, Maharashtra, India
Established Date	04.10.1961	SIC Code	--
Telephone#	91-22-27683006 Extn. 329	Business Style 1	Manufacturers
Fax #	91-22-27630413/ 27619398/99	Business Style 2	-
Homepage	http://www.hp.co.in	Product Name 1	metals products
# of employees	Not Available	Product Name 2	-
Paid up capital	Rs.42,740,000/-	Product Name 3	-
Shareholders	Directors or relatives of directors 99.998 Bodies corporate 0.002%	Banking	Bank of Baroda
Public Limited Corp.	No	Business Period	51 Years
IPO	No	International Ins.	-
Public Enterprise	No	Rating	Ba (53)
Related Company
Relation	Country	Company Name	CEO
	Choksi Investments Private Limited
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2011		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	931,645,000	Current Liabilities	719,756,000
Inventories	906,210,000	Long-term Liabilities	766,056,000
Fixed Assets	943,060,000	Other Liabilities	273,752,000
Deferred Assets	0,000	Total Liabilities	1,759,564,000
Invest& other Assets	3,687,000	Retained Earnings	982,298,000
	2784,602,000	Net Worth	1025,038,000
Total Assets		Total Liab. & Equity	2784,602,000
Total Assets (Previous Year)	2807,923, 0000
P/L Statement as of	31.03.2011		(Unit: Indian Rs.)
Sales	6429,378,000	Net Profit	260,281,000
Sales(Previous yr)	4785,869,000	Net Profit(Prev.yr)	215,326,000

MIRA INFORM REPORT

Report Date :

11.06.2012

IDENTIFICATION DETAILS

Name :	HINDUSTAN PLATINUM PRIVATE LIMITED
Registered Office :	C 122, TTC Industrial Area, Pawane, Navi Mumbai – 400703, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	04.10.1961
Com. Reg. No.:	11-012143
Capital Investment/ Paid-up Capital:	Rs.42.740 Millions
CIN No.: [Company Identification No.]	U74999MH1961PTC012143
TAN No.: [Tax Deduction & Collection Account No.]	MUMH00234D
PAN No.: [Permanent Account No.]	AAACH1111J
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturers of Precious Metals Products
No. of Employees:	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (53)

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

Maximum Credit Limit :	USD 410000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established company having fine track. Trade relations are reported to be fair. Business is active. Payments are reported to be regular 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

LOCATIONS

Registered Office/Factory :	C 122, TTC Industrial Area, Pawane, Navi Mumbai – 400703, Maharashtra, India
Tel. No.:	91-22-27683006 Extn. 329
Fax No.:	91-22-27630413/ 27619398/99
E-Mail :	info@hp.co.in
Website :	http://www.hp.co.in

DIRECTORS

As on 19.12.2011

Name :

Mr. Shashikant Sajanlal Choksi

Designation :

Managing Director

Address :

58 – Manglika, Presidency Society, 7^th N S Road, JVPD Scheme, Vile Parle (West), Mumbai - 400049

Date of Birth/Age :

27.11.1938

Qualification:

Under Graduate

Date of Appointment :

08.11.1971

Din No.:

00526472

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	U74999MH1961PTC012143	HINDUSTAN PLATINUM PRIVATE LIMITED	Managing director	8/11/1971	8/11/1971	-	Active	NO
2	U67120MH1976PTC019207	CHOKSI INVESTMENT PRIVATE LIMITED	Director	6/9/1976	6/9/1976	-	Active	NO

Name :

Mr. Ashok Sajanlal Choksi

Designation :

Whole-time Director

Address :

221- A, Grand Paradi, Dadi Seth Hill, August Kranti Marg, Mumbai - 400036

Date of Birth/Age :

24.05.1947

Qualification:

SSC

Date of Appointment :

17.07.1980

Din No.:

00526715

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	U74999MH1961PTC012143	HINDUSTAN PLATINUM PRIVATE LIMITED	Managing director	1/12/2011	17/07/1980	-	Active	NO

Name :

Mr. Abhay Sajanlal Choksi

Designation :

Whole-time Director

Address :

222-A, Grand Paradi, Dadi Seth Hill, August Kranti Marg, Mumbai – 400036

Date of Birth/Age :

10.12.1948

Qualification:

SSC

Date of Appointment :

17.07.1980

Din No.:

00526769

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	U74999MH1961PTC012143	HINDUSTAN PLATINUM PRIVATE LIMITED	Whole-time director	17/07/1980	17/07/1980	-	Active	NO
2	U40108MH2003PTC142293	Pink Ginger Arts Private Limited	Director	15/09/2008	15/09/2008	-	Active	NO

Name :

Mr. Vikram Sajanlal Choksi

Designation :

Whole-time Director

Address :

20 Mangal President Society, 7^th N.S. Road, JVPD Scheme, Vile Parle (West), Mumbai - 400049

Date of Birth/Age :

24.04.1953

Qualification:

PH.D

Date of Appointment :

17.07.1980

Din No.:

00526890

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	U74999MH1961PTC012143	HINDUSTAN PLATINUM PRIVATE LIMITED	Whole-time director	17/07/1980	17/07/1980	-	Active	NO
2	U93000MH2003PTC142518	SOS MEDIA PRIVATE LIMITED	Director	6/10/2003	6/10/2003	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 19.12.2011

Names of Shareholders	No. of Shares
Shashikant S. Choksi HUF	120060
Shashikant S. Choksi	243080
Shashikant S. Choksi Bharti S. Choksi	12030
Bharti S. Choksi Shashikant S. Choksi	294300
Bharti S. Choksi	19140
Ashish S. Choksi Bharti S Choksi	108930
Ashish S. Choksi Shashikant S Choksi	14120
Suruchi A Choksi Ashish S Choksi	68560
Vishwas S. Choksi Shashikant S Choksi Bharti S ChoksI	175250
Vishwas s. Choksi bharti s choksI	13030
Ashok s. Choksi	161240
Gautam a. Choksi	413660
Tanu g. Choksi Gautam A Choksi	280060
Gautam a. Choksi huf	213440
Gtc power Private Limited, India	100
Abhay s. Choksi HUF	96740
Abhay s. Choksi	287360
Abhay s. Choksi madhulika a choksi	65880
Madhulika a. Choksi abhay s choksi	227100
Gaurav a. Choksi abhay S. Choksi madhulika a choksi	95710
Siddharth a. Choksi abhay S. Choksi Madhulika A Choksi	295710
Vikram s. Choksi HUF	213700
Vikram s. Choksi	174410
Vikram s. Choksi Pallavi V Choksi	39290
Pallavi v. Choksi	128680
Pallavi v. Choksi Vikram A Choksi	85020
Vardhaman V. Choksi Vikram S. Choksi Pallavi V Choksi	213700
Rushabh V Choksi	213700
Total	4274000

As on 19.12.2011

Equity Shares Break - up

Category	Percentage
Directors or relatives of directors	99.998
Bodies corporate	0.002
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturers of Precious Metals Products

Products/Services :

Product Description	Item Code (ITC Code)
Chemical Catalyst and Compounds of Precious Metals	381512.01
Electrical Contact Made of Silver and Silver Alloys	853810.09
Job Work Charges	NA

PRODUCTION STATUS (As on 31.03.2011)

Particulars	Unit	Installed Capacity	Actual Production
Precious Metal Items: Platinum and its Alloy Products, Electrical Contacts, Wire Gauze Catalysts, Precious Metal Compounds & Catalysts, Spinnerettes, Bushings, Targets, Stirrers, Jewellery Alloys etc.	KGS	106665	121937
Power Generation	KWH	14418	NA

Note: Installed Capacity being of a Technical Nature is not verified by the Auditors and is as certified by the Management

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Industrial Development Bank of India, IDBI Tower, Cuff Parade, Mumbai-4000005, Maharashtra, India

· Bank of Baroda, Worli Branch, Mumbai-400018, Maharashtra, India.

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

Facilities :

Rs.in Millions

Secured Loan	As on 31.03.2011	As on 31.03.2010
Rupee term loans financial institutions secured	(A)49.146	75.179
Foreign currency loans banks secured	(B)512.571	619.415
Total	561.717	694.594

Foot Notes:

(A) From Banks (Wind Power Project) (Amount due within12 months Rs. 25.832.Millions.(Previous .Year Rs.25.832 Millions)

(B) Cash Credit I Packing Credit in Foreign Currency From Consortium of Bankers 512.206Millions : Interest Accrued and Due 0.365 Millions

Rs.in Millions

Secured Loan	As on 31.03.2011	As on 31.03.2010
Loans directors unsecured	(A)204.275	306.640
Interest accrued due other debt unsecured	0.064	0.000
Total	204.339	306.640

Foot Notes:

From Directors, Shareholders and Relatives (Amount due within12 months Rs. 58.900 Millions. (Previous Year Rs.56.723 Millions

Banking Relations :	--
Auditors :
Name :	Natvarlal Vepari and Company Chartered Accountant
Address :	Oricon House, 4^th Floor, 12 K. Dubash Marg, Mumbai-400023, Maharashtra, India.
Tel. No.:	91-22-66315851
Fax No.:	91-22-66315852
E-Mail :	nve@nvc.in
PAN No.:	AAAFN2322E
Subsidiaries :	Hindustan Platinum International Limited (Formerly Epsilon limited)
Associates/	· Choksi Investments Private Limited · Choksi Contacts Private Limited · Panache Engineers Private Limited · GTC Powers Private Limited

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
50000000	Equity Share	Rs.10/- Each	Rs.500.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4274000	Equity Share	Rs.10/- Each	Rs.42.740 Millions

Note:

1) 3,800,000 Equity Shares of Rs. 10/- each, are allotted as fully paid up by way of bonus shares by capitalization of the General Reserves.

2)1,068,500 Equity Shares extinguished under Buy Back Scheme during the Previous Year.

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		42.740	42.740	47.252
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		982.298	794.903	746.480
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1025.038	837.643	793.732
LOAN FUNDS
1] Secured Loans		561.717	694.594	701.637
2] Unsecured Loans		204.339	306.640	170.166
TOTAL BORROWING		766.056	1001.234	871.803
DEFERRED TAX LIABILITIES		180.971	193.029	217.280
TOTAL		1972.065	2031.906	1882.815
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		943.060	924.038	974.228
Capital work-in-progress		3.687	4.657	3.504
INVESTMENT		0.000	42.664	42.664
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	906.210	1108.132	704.224
	Sundry Debtors	791.920	513.574	283.791
	Cash & Bank Balances	7.016	37.002	0.992
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	132.709	177.856	117.616
Total Current Assets		1837.855	1836.564	1106.623
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	618.287	664.416	184.936
	Other Current Liabilities	101.469	94.267	49.607
	Provisions	92.781	17.334	9.661
Total Current Liabilities		812.537	776.017	244.204
Net Current Assets		1025.318	1060.547	862.419
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1972.065	2031.906	1882.815

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES AND JOB WORK CHARGES		6429.378	4785.869	3968.462
	Other Income		17.663	7.787	23.150
	Total		6447.041	4739.656	3991.612
Less	EXPENSES		6027.818	4490.081	NA
	PROFIT BEFORE TAX		419.223	303.575	257.587
Less	TAX		158.942	88.249	94.185
	PROFIT AFTER TAX		260.281	215.326	163.402
Add	SHORT PROVISIONS FOR EARLIER YEARS INCOME TAX :		(5.826)	(1.047)	0.000
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		34.218	20.902	13.973
Less	APPROPRIATIONS
		Transfer to General Reserve	30.000	194.606	150.000
		Dividend	57.699	5.129	5.670
		Tax on Dividend	9.360	0.852	0.803
		Corporate dividend tax for previous year	0.000	0.376	0.000
	BALANCE CARRIED TO THE B/S		191.614	34.218	20.902
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings			1028.951
		Commission Earnings			12.711
		Other Earnings			27.376
	TOTAL EARNINGS		1936.470	1696.743	1069.038
	Earnings Per Share (Rs.)		59.54	46.84	34.58

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	4.04	4.54	4.09
Net Profit Margin (PBT/Sales)	(%)	6.52	6.34	6.49
Return on Total Assets (PBT/Total Assets}	(%)	14.91	10.99	12.38
Return on Investment (ROI) (PBT/Networth)		0.40	0.36	0.32
Debt Equity Ratio (Total Liability/Networth)		1.54	2.12	1.40
Current Ratio (Current Asset/Current Liability)		2.26	2.36	4.53

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report [Yes/No]
Year of Establishment	Yes
Locality of the Firm	Yes
Constitution of the firm	Yes
Premises details	No
Type of Business	Yes
Line of Business	Yes
Promoters background	Yes
No. of Employees	No
Name of Person Contacted	No
Designation of contact person	No
Turnover of firm for last three years	Yes
Profitability for last three years	Yes
Reasons for variation <> 20%	-
Estimation for coming financial year	No
Capital the business	Yes
Details of sister concerns	Yes
Major Suppliers	No
Major Customers	No
Payment Terms	No
Export / Import Details [If Applicable]	No
Market Information	-
Litigations that the firm / promoter involved in	-
Banking Details	Yes
Banking Facility Details	Yes
Conduct of the banking account	-
Buyer visit details	-
Financials, if provided	Yes
Incorporation details, if applicable	Yes
Last accounts filed at ROC	Yes
Major Shareholders, if applicable	Yes

OPERATIONAL PERFORMANCE:

Sales and Job-work charges of the Company have increased to Rs.6429.378 Millions from Rs.4785.869 Millions The Operating profit before tax for the current year shows a increase from Rs.303.576 Millions to Rs.419.223 Millions an increaseofRs.115.647 Millions over the previous year. The Directors informed that the increase in profitability, is mainly attributed to, increase in Job-Work charges. The performance of the Company for the current year is expected to be good. The Company expects to increase sales turnover and job-work charges, consequently improving the profitability, provided the same is not affected by unforeseen contingencies. The Company plans to decrease production losses and increase recovery efficiencies by replacing certain old processes and equipments with newer technologies and by improving operational performance.

Contingent Liability:

Particular	31.03.2011
Estimated amount of contracts remaining to be executed on Capital Account and not provided for in accounts. In respect of Demands under Disputes	3.711
Excise Duty	93.121
Income Tax (Rs. 20,652,748/- Paid / Refund adjusted under protest)	22.004
In respect of Precious Metals taken on lease Counter Guarantees given by the Company to its bankers for guarantees given by them to the Company's customers (None invoked).
i) Inland	1347.829
ii) Foreign	72.347
Corporate Guarantee in favor of bank on behalf of its subsidiary	66.975
Bills discounted with Bank	141.681
Unexpired Inland Letters of Credit	21.000
Unexpired Foreign Letters of Credit	851.922

FIXED ASSETS:

• Leasehold Land
• Buildings
• Plant and Machinery
• Wind Turbine Converter
• Computer
• Dies
• Furniture and Fixtures
• Vehicles

AS PER WEBSITE DETAILS:

PROFILE:

Subject, established in 1961, is a manufacturer of precious metals products having industrial applications across a broad spectrum of industries. Armed with technical partnerships with world leaders in the field, such as Engelhard-CLAL, Corning Incorporated of USA, dmc² (formerly, Degussa-Huls), Germany and Chugai Electric Industrial Company, Japan, commitment to quality and customer-driven research enables them to constantly meet the customers' requirements and to constantly strive to exceed it.

In accepting responsibility as a manufacturer whose components are critical to the manufacturing processes of other industries, Hindustan Platinum ensures stringent quality control at all levels of manufacturing starting right with purity of raw material, for which we have state of the art in-house refining facilities.

A quest for perfection and precision has resulted in technologies that are continuously evolving. With a customer base in USA, Europe, UK and Asia, the world is its market. Moreover, diminished entry and exit barriers due to our having custom-bonded manufacturing premises and a custom bonded warehouse ensures smooth movement of goods and timely delivery. It approach, therefore, is truly global.

MAKING HISTORY

1952 Founded

1961 Equity collaboration with Heraeus

1976 Equity collaboration with Heraeus ends. Becomes family held

1984 Collaboration with Chugai of Japan for Electrical Contacts

1985 Collaboration with Engelhard Corporation for Catchment Gauzes

1994 Collaboration with Chugai renewed

1994 Collaboration with Degussa for Knitted Gauzes.

1996 Collaboration with Engelhard - CLAL for Sputter Targets

1997 Collaboration with Corning Inc. for Stirrers and other Platinum Components

1998 Collaboration Engelhard-CLAL for Bushings and Feeder Systems

1999 Commissioning of our plant in New Bombay

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.55.36
UK Pound	1	Rs.85.64
Euro	1	Rs.69.21

INFORMATION DETAILS

Report Prepared by :

BYI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		53

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.