MIRA INFORM REPORT

Report Date :

17.05.2012

IDENTIFICATION DETAILS

Name :	DHOOT TRANSMISSION PRIVATE LIMITED
Registered Office :	Gut No.312, Nanekarwadi, Chakan, Tq. Khed, District Pune, Chakan – 410 501, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	28.04.1998
Com. Reg. No.:	11 - 131629 (New) 11 - 114660 (Old)
Capital Investment / Paid-up Capital :	Rs.82.260 Millions
CIN No.: [Company Identification No.]	U31300PN1998PTC131629 U31300MH1998PTC114660
TAN No.: [Tax Deduction & Collection Account No.]	NSKD00994A
PAN No.: [Permanent Account No.]	AABCD1207C
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturers of Insulated Wire and Cable.
No. of Employees :	650 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 1300000
Status :	Satisfactory
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well-established and reputed company having satisfactory track. Directors are reported as experienced and respectable businessmen. Trade relations are reported as fair. Business is active. Payments are 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

LOCATIONS

Registered/ Marketing Office and Plant :	Gut No.312, Nanekarwadi, Chakan, Tq. Khed, District Pune, Chakan – 410 501, Maharashtra, India
Tel. No.:	91-2135-329246
Fax No.:	91-2135-286499
E-Mail :	accounts@dhoottransmission.com
Website :	http://www.dhoottransmission.com http://www.dhoottransmission.co.in
Corporate Office, Marketing Office & Plant :	15, Km. Stone, Gut No. 100, Farola, Paithan Road, Aurangabad – 431137, Maharashtra, India.
Tel. No.:	91-2431-251446/ 251776
Fax No.:	91-2431-251574
E-Mail :	dtplfarola@dhoottransmission.com
Plant & Marketing Office :	M- 169, MIDC, Industrial Area, Waluj, Aurangabad - 431136. Maharashtra India.
E-Mail :	contact@dhoottransmission.com
Factory :	Plot No.176, Sector -4, IMT, Manesar, Gurgaon, Haryana, India
Branch Office :	Plot No.7-B, Sector 9, IIE, Pantnagar, Rudrapur (Udhamsingh Nagar), Uttaranchal – 263153, India
Overseas Office :	UK Marketing Office Streets Northen LLP, Halifax House, 30-34 George Street, Hull, Humberside, HU1 3AJ, UK Email:- dhootuk@dhoottransmission.com

DIRECTORS

(AS ON 30.09.2011)

Name :

Mr. Rahul Radhavallabh Dhoot

Designation :

Director

Address :

Mangalam, Vishrambaug Colony, Aurangabad – 431 001, Maharashtra, India

Date of Birth/Age :

05.03.1973

Date of Appointment :

28.04.1998

DIN No.:

00273337

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	U34103MH1986PTC040202	DHOOT MOTORS PRIVATE LIMITED	Director	19/04/1995	19/04/1995	31/07/2008	Active	NO
2	U65900MH1995PTC090752	DHOOT MOTOR FINANCE AND LEASING PRIVATE LIMITED	Managing director	18/07/1995	18/07/1995	-	Strike off	NO
3	U31300PN1998PTC131629	DHOOT TRANSMISSION PRIVATE LIMITED	Director	28/04/1998	28/04/1998	-	Active	NO
4	U65993PN1985PTC037309	GANGAPUR ESTATE TRADING AND INVESTMENT COMPANY PRIVATE LIMITED	Director	1/9/2001	1/9/2001	-	Strike off	NO
5	U29300MH2005PTC153678	DHOOT ELECTROMECHANICAL PRIVATE LIMITED	Director	1/6/2005	1/6/2005	-	Active	NO
6	U52100PN2008PTC132790	RATHI COMMERCIAL VENTURES PRIVATE LIMITED	Director	18/09/2008	18/09/2008	19/08/2009	Active	NO

Name :

Mrs. Kiranbai Radhavallabh Dhoot

Designation :

Director

Address :

Mangalam, Vishrambaug Colony, Aurangabad – 431 001, Maharashtra, India

Date of Birth/Age :

02.12.1946

Date of Appointment :

25.03.2003

DIN No.:

01200758

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	U31300PN1998PTC131629	DHOOT TRANSMISSION PRIVATE LIMITED	Director	25/03/2003	25/03/2003	Active	NO
2	U50100MH2005PTC156010	DHOOT DISTRIBUTORS PRIVATE LIMITED	Director	13/09/2005	13/09/2005	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 30.09.2011)

Names of Shareholders	No. of Shares
Radhavallabh Ramnath Dhoot	92160
Rahul Radhavallabh Dhoot	652630
Kiranbai Radhavallabh Dhoot	46800
Anupama Rahul Dhoot	13400
Radhavallabh Ramnath Dhoot (HUF)	17600
Mangalam Coils Private Limited, India	10
Total	822600

(AS ON 15.03.2012)

Names of Allotee	No. of Shares Allotted
Rahul Radhavallabh Dhoot	10600

(AS ON 30.09.2011)

Equity Shares Break – up

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturers of Insulated Wire and Cable.
Products :	v Automotive Wire Harness v Cables v Enameled Copper Wire v Power Cords

GENERAL INFORMATION

No. of Employees :

650 (Approximately)

Bankers :

· ING Vysya Bank Limited,

H.No.25 to 30, I Floor, Nirala Bazaar, P.B. No.9, Aurangabad – 431 001, Maharashtra, India

· Corporation Bank,

Industrial Finance Branch No.14, Pune-Mumbai Road, Wakdewadi, Pune – 411 003, Maharashtra, India

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Rupee term loans banks secured	76.133	31.840
Rupee term loans financial institutions secured	0.000	46.400
Rupee term loans others secured	3.148	3.198
Working capital loans banks secured	188.008	141.597
Loans taken for vehicles secured	27.383	12.026
Total	294.672	235.061
Unsecured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Deposits related parties unsecured	0.268	0.268
Total	0.268	0.268

Banking Relations :	--
Financial Institutions :	· SICOM Limited, Nirmal Building, 1^st Floor, Nariman Point, Mumbai – 400021, Maharashtra, India
Auditors :
Name :	M R Hundiwala and Company Chartered Accountants
Address :	1/2, Decent Enclave, Beside Shehnai Mangal Karyalay, Dargah Road, Aurangabad, Maharashtra, India
PAN No.:	AAGHP4071G
Subsidiaries :	v Dhoot Transmission (UK) Limited
Associates :	v Mangalam Coils Private Limited v Dhoot Motors Private Limited v Dhoot Electromechnical Private Limited v Dhoot Distributors Private Limited v Dhoot Motors (Jalgaon) Private Limited v Dhoot Motors v Radhavallabh Dhoot and Company v Raaj Autotech Private Limited

CAPITAL STRUCTURE

(AS ON 30.09.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.100/- each	Rs.100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
833200	Equity Shares	Rs.100/- each	Rs.83.320 Millions

(AS ON 31.03.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.100/- each	Rs.100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
822600	Equity Shares	Rs.100/- each	Rs.82.260 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		82.260	40.000	40.000
2] Share Application Money		5.000	8.100	0.000
3] Reserves & Surplus		229.534	166.919	115.926
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		316.794	215.019	155.926
LOAN FUNDS
1] Secured Loans		294.672	235.061	204.739
2] Unsecured Loans		0.268	0.268	0.268
TOTAL BORROWING		294.940	235.329	205.007
DEFERRED TAX LIABILITIES		0.000	35.258	28.319
DEFERRAL OF SALES TAX		34.807	35.361	35.361
TOTAL		646.541	520.967	424.613
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		368.622	327.201	317.161
Capital work-in-progress		43.997	0.000	1.820
INVESTMENT		0.704	0.491	0.257
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	184.507	140.468	119.472
	Sundry Debtors	486.319	362.642	129.815
	Cash & Bank Balances	5.398	3.260	2.158
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	94.193	61.594	33.196
Total Current Assets		770.417	567.964	284.641
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	455.568	327.675	154.367
	Other Current Liabilities	17.767	17.698	11.850
	Provisions	63.864	29.316	13.049
Total Current Liabilities		537.199	374.689	179.266
Net Current Assets		233.218	193.275	105.375
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		646.541	520.967	424.613

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	GROSS TURNOVER		NA	1793.318	1297.493
	PROFIT BEFORE TAX		NA	85.657	45.421
Less	TAX		NA	29.985	17.001
	PROFIT AFTER TAX		101.372	55.672	28.420
Less	APPROPRIATIONS
		Dividend	NA	4.680	0.936
	BALANCE CARRIED TO THE B/S		NA	50.992	27.484
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	NA	91.734	44.247
	TOTAL EARNINGS		NA	91.734	135.981
	IMPORTS
		Raw Materials	NA	103.193	55.570
		Capital Goods and Spare Parts and Components	NA	27.777	42.265
	TOTAL IMPORTS		NA	130.970	97.835
	Earnings Per Share (Rs.)		124.95	69.59	--

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
Return on Total Assets (PBT/Total Assets}	(%)	NA	9.57	4.72
Return on Investment (ROI) (PBT/Networth)		NA	0.26	0.18
Debt Equity Ratio (Total Liability/Networth)		2.63	2.84	2.46
Current Ratio (Current Asset/Current Liability)		1.43	1.51	1.59

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

NOTE:

The company changed its registered office from Dhoot Motors, Adalat Road, Aurangabad-431001, Maharashtra to Maharashtra and having a new Company Registration Number 131629, of Pune R.O.C. was obtained w.e.f. 15.09.2007.

OPERATIONS:

The company is going to be awarded with export excellence 2008-09 as star performer by EEPC sponsored by Ministry of Commerce and amp; Industries, Govt of India. The award ceremony will be held in the first week of November 2011.

The company has started commissioning new unit situated at A-1/4, Five Star MIDC Shendra, Aurangabad having admeasuring about 24000 sq meter. The said units will be operational in the near future.

The Company has achieved extra ordinary financial results during the year. The Company has earned turnover of Rs 2772.204 Millions during the year showing growth of 54% and thereby has been able to achieve 79% greater profit before tax.

Further, during the year the Company has sold land situated at No.182 (part) 178 (part) 196 (part) situated at Village Limbejalgoan Tq-Gangapur. The Company has earned profit amounting to Rs.33,12,254.42 out of this transaction.

The Company has setup new unit at Plot No.176, Sector -4, IMT, Manesar, Gurgaon Haryana for manufacturing of wiring harness in the year.

The Company has been able to accumulate good amount of reserves and amp; surpluses over a period of time resulting into availability of ample funds. The Company has allotted 4,00,000 bonus shares during the year and has capitalized the profits of last few years.

The sales turnover for the year is net of sales return and sales deductions.

Contingent Liabilities: (As on 31.03.2011)

· In respect of Guarantee issued by bank Rs.0.155 Million in favour of Sales tax authorities (Previous Year Rs. 0.055 Million)

· The Details of the dispute is as under:

Name of the Statute	Nature of Dues	Amount	Period to which the amount relates	Forum where the dispute is pending	Particulars of the Dispute (as represented by The management)
Employees Provident Fund Act and Miscellaneous Provisions Act, 1952	Contributions to Provident Fund	Rs.6.671 Millions	February - 06 January - 10	Aurangabad Bench of Bombay High Court	Note No.1

Note-01. Regional Provident Fund Commissioner had made claim of Provident Fund on the Job-work charges paid to outsider party. The company has challenged this in Honourable High Court, Bombay Bench at Aurangabad in W.P.P. 6793/11 of 2011. The management is confident that the claim made by the Provident Fund Commissioner is erroneous. Matter is pending in the High Court.

· EPCG export obligation under EPCG licence scheme of Rs.18.934 Millions (Previous Year Rs.33.261 Millions)

· Corporate Guarantee issued in favour of Mangalam Coils Private Limited for Rs.40.000 Millions Only (previous year Rs.30.000 Millions) and on account of Mortgage of Land (2 H 6 LR) at Gut No.102, Farola, Aurangabad owned by the company.

· Additional Tax or Duty, Interest or Penalty as may be levied by any revenue authority during the course of assessments under respective law.

Form 8

Corporation identity number or foreign company registrations number of the company	U31300PN1998PTC131629
Name of the company	DHOOT TRANSMISSION PRIVATE LIMITED
Address	Gut No.312, Nanekarwadi, Chakan, Tq. Khed, District Pune, Chakan – 410 501, Maharashtra, India accounts@dhoottransmission.com
This Form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10046960
Type of Charges	Book debts Movable property (not being pledge)
Particular of the charge holder	Corporation Bank Industrial Finance Branch, No.14, Pune. Mumbai Rd, Wakdewadi, Pune – 411003, Maharashtra, India cb502@corpbank.co.in
Nature or description of the instrument creating charge	Fourth Supplemental Common Deed Of Hypothecation Of Movable/Assets/Book Debts.
Date of the instrument creating charge	21/08/2011
Amount Secure by the charge	Rs.574.200 Millions
Brief of the principal terms and conditions and extent and operation of the charge	Rate of interest CC: 14.75% p.a [Base rate + 4.10% (present BR = 10.65%); TL I, II, III, V: 15.15% p.a [Base rate + 4.50% (present BR = 10.65%)]; TL IV- 15.00% p.a [Base rate + 4.35% (present BR = 10.65%)] Terms of repayment As per Sanction Letter. Margin As per Sanction Letter. Extent and operation of the charge Exclusive first charge by way of hypothecation of inventory comprising of stock of RM, WIP, FG, stores and spares and BD/ Receivables, P&M and other movable assets situated/stored/lying at 1. Gut No 312, Hissa 1 to 4, Nanekar Wadi, Chakan, Tal Khed, Dist Pune 2. M-169, MIDC, Waluj, Aurangabad. 3. Gut No 100, Farola, Paithan Road, Aurangabad. 4. Plot No A-1/4, Shendra Five Star Industrial Area, Kumbephal, Aurangabad. Others: The Total Facilities of Rs.574.200 Millions which comprises of:- CC 330.000 BE under LC 50.000 Import/Inland LC 30.000 TL I 9.100 TL II 8.600 TL III 39.000 TL IV 17.500 TL V 90.000
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Exclusive first charge by way of hypothecation of inventory comprising of stock of RM, WIP, FG, stores and spares and BD/ Receivables, P&M and other movable assets situated/stored/lying at 1.Gut No 312, Hissa 1 to 4, Nanekar Wadi, Chakan, Tal Khed, Dist Pune 2. M-169, MIDC, Waluj, Aurangabad. 3. Gut no 100, Farola, Paithan Road, Aurangabad. 4. Plot No A-1/4, Shendra Five Star Industrial Area, Kumbephal, Aurangabad.
Date of last modification prior to the present modification	11/05/2010
Particulars of the present modification	By Present Modification the Credit Facilities enhanced/ revised/ renewed/ modified to Rs.574.200 Millions against Hypothecation of stock of RM, WIP, FG, stores and spares and BD/ Receivables, P&M and other movable assets situated/stored/lying at the property at 1.Gut no 312, Hissa 1 to 4, Nanekar Wadi, Chakan, Tal Khed, District Pune 2. M-169, MIDC, Waluj, Aurangabad. 3. Gut No 100, Farola, Paithan Road, Aurangabad. 4. Plot No A-1/4, Shendra Five Star Industrial

FIXED ASSETS:

· Lands

· Factory Buildings and Site Development

· Office Building

· Guest House

· Plant and Machinery

· Vehicles

· Furniture and Fixtures

· Other Assets

WEBSITE DETAILS:

HISTORY

Subject was established in year 1999 by Mr. Rahul Dhoot. Today subject is manufacturers of automotive, appliance wiring harness and power cords with turnover of Rs.1650 Millions. The company employees about 650 People. The company has recently started manufacturing of copper wires The company supplies to India and overseas market.

The organisation strives to produce excellent and cost effective products. Professional management, a stern eye for quality and result oriented innovation has enabled subject to amass enviable clientele all over the globe within a short span of time.

PROFILE:

For over eight years, subject has its presence in Indian automotive and appliance market. Subject has established its identity as a potential quality supplier for its range of products and has become the preferred choice of OEMs.

Subject has the best manufacturing technology and strong Research & Development Team to provide end-to-end cost effective and reliable solutions to its customers. DTPL has acquired and preserved knowledge, created world-class design, prototyping, process validation and manufacturing infrastructure to meet the customers’ expectations.

The company is accredited with TS 16949. The company’s work culture is in line with TPM and Lean Manufacturing concepts and leading towards business excellence.

Subject is a major supplier to Bajaj Auto, Piaggio, Royal Enfield, AEPL, John Deere, Videocon, Electrolux, Haier, Whirlpool, Force Motors, Varroc, Ideal Boilers etc.

The company manufactures following products

v Automotive Wire Harness

v Enamelled Copper Wire

v Power Cords

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.54.29
UK Pound	1	Rs.86.60
Euro	1	Rs.68.87

INFORMATION DETAILS

Report Prepared by :

NIT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		45

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.