MIRA INFORM REPORT

Report Date :

22.03.2012

IDENTIFICATION DETAILS

Name :	POLYBOND (INDIA) PRIVATE LIMITED
Registered Office :	Rathi Chambers, 7, Deccan College Road, Pune – 411006, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	05.08.1983
Com. Reg. No.:	11-30558
Capital Investment / Paid-up Capital :	Rs.39.900 Millions
CIN No.: [Company Identification No.]	U25199MH1983PTC030558
PAN No.: [Permanent Account No.]	AABCP1261P
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturers of Rubber Parts and Rubber Hoses.
No. of Employees :	1000 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Maximum Credit Limit :	USD 970000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a well established company having satisfactory track. 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.

INFORMATION PARTED BY (General Details)

Name :	Mr. S. B. Purohit
Designation :	General Manager
Contact No.:	91-20-30517201
Date :	20.03.2012

LOCATIONS

Registered/ Corporate Office:	Rathi Chambers, 7, Deccan College Road, Pune – 411 006, Maharashtra, India.
Tel. No.:	91-20-30517201/ 26696820/ 30517218
Fax No.:	91-20-30517212
E-Mail :	polybond@pn2.vsnl.net.in info@rathigroup.com mkt.polybond@rathigroup.com sbpurohit@rathi.com adit@rathigroup.com
Website :	http://www.polybondindia.com
Area :	3000 Sq.fts
Location :	Owned by Directors
Factory 1 :	144/145, Alandi Markal Road, Village Dhanore, Taluka Khed, Pune – 412 105, Maharashtra, India
Tel. No.:	91-2135-302200
Fax No.:	91-2135-302386
Area :	34790 sq. mtrs
Location :	Owned by Company
Factory 2 :	1087, Pimple-Jagtap Road, Sanaswadi, Pune – 412 210, Maharashtra, India
Tel. No.:	91-2138-280995
Fax No.:	91-2138-280997
Area :	48000 Sq. fts.

DIRECTORS

(AS ON 18.08.2011)

Name :	Mr. Madhusudan Laxminarayan Rathi
Designation :	Chairman cum Managing Director
Address :	B4, Abhi Manshree Society, Pashan Road, Pune – 411 008, Maharashtra, India
Tel. No.:	91-20-5655705 (Res.)
Mobile No.:	91-98220 23264
Date of Birth/Age :	13.08.1940
Qualification :	B. Sc. Pune University ; DME, C Wadia Institute , Pune
Date of Appointment :	30.07.1999
E-Mail:	mlrathi@rathigroup.com
DIN No :	00084455
Name :	Mr. Adit Madhusadan Rathi
Designation :	Managing Director
Address :	B4, Abhi Manshree Society, Pashan Road, Pune – 411008, Maharashtra, India
Date of Birth/Age :	10.09.1970
Qualification :	B.Sc and Mechanical Engineer
Date of Appointment :	30.09.1996
E-Mail:	aditrathi@rathigroup.com
DIN No :	00084380
Name :	Mr. Arun Bhagwandas Toshniwal
Designation :	Director
Address :	16/4, Ishwar Bhavan, Churchgate, Mumbai – 400020, Maharashtra, India
Date of Birth/Age :	29.08.1942
Date of Appointment :	30.07.1999
DIN No :	00144662
Name :	Mrs. Priyanka Adit Rathi
Designation :	Director
Address :	B4, Abhi Manshree Society, Pashan Road, Pune – 411008, Maharashtra, India
Date of Birth/Age :	23.06.1972
Date of Appointment :	24.11.1997
E-Mail:	priyanka@rathigroup.com
DIN No :	00084668
Name :	Mr. George Joseph
Designation :	Whole-time Director
Address :	A-104, Windsor Estate, Ramwadi, Pune – Maharashtra, India
Date of Birth/Age :	14.05.1960
Date of Appointment :	01.10.2011
DIN No :	05136151

KEY EXECUTIVES

Name :	Mr. S. B. Purohit
Designation :	General Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 18.08.2011)

Names of Shareholders	No. of Shares (Equity)
Rathi L. Madhusudan Adit	723317
Rathi L. Madhusudan (Preeti Rathi Trust)	201172
Rathi L. Madhusudan	430966
Rathi M. Prema	324046
Rathi L Sunderabai	11367
Rsthi Adit Priyanka	55132
Vorwerk Autotech GmbH, Germany	194000
Total	1940000

(AS ON 31.08.2009)

Names of Shareholders	No. of Shares (Preference)
Rathi L. Madhusudan	2225
Rathi M. Preeti	525
Rathi M. Prema	1625
Rathi M. Adit	625
Total	5000
Rathi M. Prema	87000
Rsthi Adit Priyanka	16000
Rathi M. Adit	97000
Total	200000

(AS ON 30.09.2011)

Equity Shares Break – up

Category	Percentage
Bodies corporate	10.00
Directors or relatives of directors	90.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturers of Rubber Parts and Rubber Hoses.
Products :	v A V Mountings v Rubber Products
Exports :
Products :	Rubber Parts and Rubber Hoses
Countries :	· Europe · US
Imports :
Products :	Raw Materials
Countries :	· Malaysia · Thailand
Terms :
Selling :	Depends
Purchasing :	Depends

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Rubber Products	Nos.	NA	NA	27452197

GENERAL INFORMATION

Customers :

Wholesalers and Retailers

No. of Employees :

1000 (Approximately)

Bankers :

v State Bank of India,

Industrial Finance Branch, Tara Chambers, 2^nd Floor, Near Mariaai Police Chowky, Pune-Mumbai High Way, Wakdewadi, Pune-411003, Maharashtra, India

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Rupee Term Loans Banks Secured	19.920	14.845
Working Capital Loans Banks Secured	78.736	118.005
Other Debt Secured	27.982	18.260
Total	126.638	151.110
NOTE: · Buyers Credit and Other Loan
Unsecured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Other external commercial borrowings unsecured	8.629	8.327
Deposits related parties unsecured	59.701	43.935
Deferred sales tax loan unsecured	3.106	3.932
Other debt unsecured	1.469	1.475
Total	72.905	57.669
NOTE: · External Commercial Borowing from Vorwerk Autotech GMBH and Company · Deposits from Members and Inter Corporate Deposit · Interest free loan from WMDC · Security and Other Deposits

Banking Relations :	--
Auditors :
Name :	Kirtane and Pandit Chartered Accountant
Address :	Sangati, 73/2/2, Bhakti Marg, Off Law Collage Road, Pune-411004, Maharashtra, India
PAN No.:	AACFK3469M
Group Company :	· Rathi Transpower Private Limited · Lovejoy Finance Private Limited
Group Entity :	· Rathi Engineering Services
Associates Company :	· Rathi Polybond Pty Limited

CAPITAL STRUCTURE

(AS ON 31.03.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
1940000	Equity Shares	Rs. 10/- each	Rs. 19.400 millions
6000	6% Redeemable Non Cumulative Preference Shares	Rs.100/- each	Rs.0.600 million
200000	7% Redeemable Non Cumulative Preference Shares	Rs.100/- each	Rs.20.000 millions
	Total		Rs.40.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1940000	Equity Shares	Rs. 10/- each	Rs.19.400 millions
5000	6% Redeemable Non Cumulative Preference Shares	Rs.100/- each	Rs. 0.500 million
200000	7% Redeemable Non Cumulative Preference Shares	Rs.100/- each	Rs.20.000 millions
	Total		Rs.39.900 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		39.900	39.900	39.900
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		203.767	147.445	105.977
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		243.667	187.345	145.877
LOAN FUNDS
1] Secured Loans		126.638	151.110	145.204
2] Unsecured Loans		72.905	57.669	63.542
TOTAL BORROWING		199.543	208.779	208.746
DEFERRED TAX LIABILITIES		9.466	6.693	14.237
TOTAL		452.676	402.817	368.860
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		222.628	217.994	214.095
Capital work-in-progress		3.926	0.808	0.328
INVESTMENT		12.594	15.497	15.115
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	102.318	79.640	61.872
	Sundry Debtors	226.954	172.125	122.658
	Cash & Bank Balances	17.249	11.158	5.836
	Other Current Assets	11.292	2.254	0.000
	Loans & Advances	90.786	66.585	48.032
Total Current Assets		448.599	331.762	238.398
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	143.374	96.622	65.911
	Other Current Liabilities	42.495	35.553	21.058
	Provisions	49.202	31.069	12.730
Total Current Liabilities		235.071	163.244	99.699
Net Current Assets		213.528	168.518	138.699
MISCELLANEOUS EXPENSES		0.000	0.000	0.623
TOTAL		452.676	402.817	368.860

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	1095.940	722.854	645.879
		Other Income		9.034	(8.224)
		TOTAL	1095.940	731.888	637.655
Less	EXPENSES
		Cost of Materials		389.583	341.537
		Manufacturing Expenses		100.034	98.439
		Personal Expenses		75.415	65.658
		Increase/(Decrease) in Finished Goods		(15.111)	0.501
		Selling and Distribution Expenses		82.251	71.309
		Preliminary Expenses to W/Off		0.623	0.104
		TOTAL	NA	632.795	577.548
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION			99.093	60.107
Less	FINANCIAL EXPENSES			15.386	21.067
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION			83.707	39.040
Less/ Add	DEPRECIATION/ AMORTISATION		36.132	34.323	31.565
Less	PRIOR PERIOD ADJUSTMENT		NA	0.134	(1.978)
	PROFIT BEFORE TAX		79.972	49.250	9.453
Less	TAX		16.352	0.435	(18.779)
	PROFIT AFTER TAX		63.620	48.815	28.232
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		126.706	90.121	61.925
Less	APPROPRIATIONS
		Transfer to General Reserve	6.362	4.881	0.000
		Proposed Equity Dividend	4.850	4.850	0.000
		Preference Dividend	1.430	1.430	0.030
		Tax on Dividend	1.018	1.067	0.005
	BALANCE CARRIED TO THE B/S		176.666	126.708	90.122
	EARNINGS IN FOREIGN CURRENCY		637.115	461.632	NA
	IMPORTS
		Raw Materials, Components and Spares	143.670	78.578	NA
	TOTAL IMPORTS		143.670	78.578	NA
	Earnings Per Share (Rs.)		32.79	22.76	13.16

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	5.81	6.67	4.43
Net Profit Margin (PBT/Sales)	(%)	NA	6.81	1.46
Return on Total Assets (PBT/Total Assets}	(%)	11.91	8.96	2.09
Return on Investment (ROI) (PBT/Networth)		0.33	0.26	0.06
Debt Equity Ratio (Total Liability/Networth)		1.78	2.02	2.21
Current Ratio (Current Asset/Current Liability)		1.91	2.03	2.39

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS:

Particulars	31.03.2011	31.03.2010	31.03.2009
	(Rs. In Millions)
Sundry Creditors
Creditors due small micro enterprises	0.000	0.000	65.911
Creditors due others	143.374	96.622
Total	143.374	96.622	65.911

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	Yes
Type of Business	Yes
Line of Business	Yes
Promoter’s Background	-----
No. of Employees	Yes
Name of Person Contacted	Yes
Designation of Contact person	Yes
Turnover of Firm for last three years	No
Profitability for last three years	No
Reasons for variation <> 20%	-----
Estimation for coming financial year	No
Capital in the business	No
Details of sister concerns	No
Major Suppliers	No
Major Customers	No
Payments Terms	Yes
Export/ Imports Details (If applicable)	Yes
Market Information	-----
Litigations that the firm/ Promoters Involved in	-----
Banking details	Yes
Banking Facility Details	No
Conduct of the Banking Account	-----
Buyer visit details	-----
Financials, if provided	No
Incorporation details is applicable	-----
Last Accounts filed at ROC	-----
Major Shareholders, if available	-----

FINANCIAL AND OPERATIONAL PERFORMANCE:

In the year the Company was able to better its performance and registered a positive growth in top line and bottom line. Of the total sales revenue of 1095.94 Million achieved during the year, 49.31% is contributed by exports. Notwithstanding the rising cost of raw materials and escalation in other operating costs Company was able to maintain a Position the trend in Profits, primarily on account of efficient cost prudent financial management.

BUSINESS OF THE COMPANY:

The Company is one of the key players in the domestic industry. The Company manufactures a wide range of Products such as rubber moulded parts, rubber to metal bonded parts, anti vibration mountings and automotive hoses catering to auto and non auto industries .The Company’s Products are exported to most of the markets in Europe. The manufacturing activity is carried out at Alandi and Sanaswadi, Pune, Maharashtra.

OUTLOOK FOR THE FUTURE:

The domestic demand for Company’s Products is encouraging and holds promise. The export market even though still reeling under sluggish demand prevailing in the US and European markets holds promise as the Company is strategically placed to fulfill customer aspirations. However tightening of credit and resultant slowing down of the Indian economy may affect demand and lead to stagnation.

BACKGROUND

subject was founded in 1978 in Pune, India by the Rathi family, already having Interests in Chemicals, Process Equipment and Power Transmission products since 1956. Company is a major supplier to the Indian and European automotive and truck industry as well as the engine, construction and general engineering industry.

Polybond’s key product lines include

- Rubber Moulded Parts

- Rubber-Metal Bonded Parts

- Rubber-Plastic Parts

- Extruded Hoses

- Silicone Hoses

In the year 2006, Polybond formed a technical and equity alliance with Germany ’s ‘Vorwerk Autotec GmbH’ also engaged in designing and manufacturing of rubber components for the European car and Truck industry.

CONTINGENT LIABILITIES NOT PROVIDED FOR

Particulars	31.03.2011	31.03.2010
	(Rs. In Millions)
Bank Guarantees	1.473	1.489
Letter of Credit	50.152	36.261
Less Margin Money	16.939	10.296
Net Contingent Liability	33.214	25.964

FORM 8

Corporate identity number of the company	U25199MH1983PTC030558
Name of the company	POLYBOND (INDIA) PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Rathi Chambers, 7, Deccan College Road, Pune – 411 006, Maharashtra, India. info@rathigroup.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	80001382
Type of charge	Immovable property Book debts Movable Property Others: Stock in all its elements
Particular of charge holder	State Bank of India, Industrial Finance Branch, Tara Chambers, 2^nd Floor, Near Mariaai Police Chowky, Pune-Mumbai High Way, Wakdewadi, Pune-411003, Maharashtra, India sbi.08966@sbi.co.in
Nature of instrument creating charge	Supplemental Agreement of Hypothecation of Goods and Assets for increase in the over all limit (Form C.2-A), Letter regarding the grant of individual limits within the over all limit (FormC.5) and Supplemental Deed of Guarantee for increase in overall limit (Form C.4-A) all these documents constitutes a single charge against all the present and future current assets of the Borrower Company to cover the enhanced limit sanctioned by the Bank to the Borrower Company.
Date of instrument Creating the charge	05.05.2011
Amount secured by the charge	Rs.402.200 Millions
Brief of the principal terms and conditions and extent and operation of the charge	Rate of interest For CC limit: 3.75% above BR. i,e. 12.00% pa with monthly rests. For Corporate Loan: 5.75%above BR i.e.14.00%pa with monthly rests. For Term Loan (New): 4.25% pa above BR i.e. 12.50% pa with monthly rests. Terms of repayment DCC: On Demand. The tenor would be of 12 months. For Term Loan: The repayment will start form Jan 2012.The tenor would be of 49 months inclusive of Moratorium Period of 13 months. Apr 12 to Mar 13: 12monthly installments of Rs.2.080 millions each. Apr13 to Mar14: 12monthly installments of Rs.2.080 millions each. Apr14 to Mar15: 12monthly installments of Rs.2.080 millions each. Penal interest on default as per RBI Guidelines. Prepayment charge and commitment charges as per sanction letter duly acknowledged by the Company. Margin Stock in all its elements: 25% Book Debts (Cover Period 120 days): 25% For LC and BG: 15% For Term Loan:25% Extent and operation of the charge SBI IFB Pune will have first and exclusive charge against all the present and future current assets inclusive of book debts generated through commercial transactions and EM over land and building to be acquired out of Bank's finance with collateral security of factory L and B at Gat No.145 and at Gat No.1087/1088. Other The Company, by virtue of the Board Resolution passed on05/05/2011, has given assent to all the Terms and Conditions, Covenants, as provided in the Bank's Sanction Letter No. IFB / Credit/ AMT-V/SI/ DT2010-11 Dt. 9/3/11 have executed the related loan document(s)/Agreement(s) through the Director(s), who have received and signed the documents in physical form and who have been authorized to file eform-8 for modifications in the existing limits and in the nature and scope of the charge on agreed terms.
Short particulars of the property charged (Including location of the property)	All present and future current assets and records of book debts being maintained at Registered Office and at Works of the Company. Collateral Security: Company's L and B at Gat No.144 and Gat No.145 at Village Dhanore Tal, Khed District Pune. Collateral Security: Lease hold rights of Land at Gat No.1087 and 1088 at Pimple Jagatap Link Road at Po Sanswadi Taluka Shirur District Pune.
Whether any of the property or interest therein under reference is not registered in the name of the company. If yes, in whose name it is registers	Yes Collateral security in personal name of director.
Particulars of the present modification	By this present modification, the existing limit has been enhanced from Rs.289.600 Millions to Rs.402.200 Millions. (Total Fund Based Working Capital enhanced by Rs.20.000 Millions. New Term Loan of Rs.75.000 Millions has been granted and increase in BG Limit by Rs.17.500 Millions making the overall enhancement of Rs.112.600 Millions)

FIXED ASSETS:-

v Building

v Lab Equipment

v Computer

v Plant and Machinery

v Office Equipment

v Furniture and Fixture

v 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.50.59
UK Pound	1	Rs.80.34
Euro	1	Rs.67.14

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	6
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		48

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.