MIRA INFORM REPORT

Report Date :

08.04.2013

IDENTIFICATION DETAILS

Name :	RIGHT TIGHT FASTNERS PRIVATE LIMITED
Registered Office :	3/D, Anand Nagar, Forjett Street, Mumbai – 400 036, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	01.05.1979
Com. Reg. No.:	11-021250
Capital Investment / Paid-up Capital :	Rs. 172.500 Millions
CIN No.: [Company Identification No.]	U28991MH1979PTC021250
TAN No.: [Tax Deduction & Collection Account No.]	MUMR14786C
PAN No.: [Permanent Account No.]	AAAFR3274M
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturers of Internal and External threaded Speciality Fasteners.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (54)

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

Maximum Credit Limit :	USD 1600000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well-established and reputed company having fine track record. General financial position is satisfactory. Trade relations are fair. Business is active. Payments are reported as usually correct as per commitments. The company can be considered good for normal business dealings.

NOTES :

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

ECGC Country Risk Classification List – June 30, 2012

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

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

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

EXTERNAL AGENCY RATING

Rating Agency Name	Crisil
Rating	Cash Credit (BBB)
Rating Explanation	Moderate degree of safety. It carry moderate credit risk
Date	March 2012

Rating Agency Name	Crisil
Rating	Letter of Credit (A3+)
Rating Explanation	Moderate degree of safety. It carry higher credit risk
Date	March 2012

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

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

LOCATIONS

Registered Office :	3/D, Anand Nagar, Forjett Street, Mumbai – 400 036, Maharashtra
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	suranaaj@yahoo.co.in milindgujar@rediffmail.com rightfast@sancharnet.in
Website :	http://www.rtfpl.com
Factory :	F-46/47, MIDC Satpur, Nashik – 422 007, Maharashtra, India
Tel. No.:	91-253-2350786 / 2350787 / 2353786
Fax No.:	91-253-2351786/ 787/ 788
E-Mail :	right@sancharnet.in righttight@eth.net

DIRECTORS

As on : 29.09.2012

Name :

Mrs. Rajenderkaur Balwantsingh Chhabra

Designation :

Director

Address :

B-34 Nice, Satpur, Nashik – 422 007, Maharashtra, India

Date of Birth/Age :

12.10.1940

Date of Appointment :

01.05.1979

Pan No :

ADDPC7216J

DIN No.:

00289684

Name :

Mr. Amarjeetsingh B Chhabra

Designation :

Director

Address :

B-34 Nice, Satpur, Nashik – 422 007, Maharashtra, India

Date of Birth/Age :

03.11.1970

Pan No:

AAEPC3541Q

Date of Appointment :

14.12.1994

DIN No.:

00289802

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U28991MH1979PTC021250	RIGHT TIGHT FASTNERS PRIVATE LIMITED	Director	14/12/1994	14/12/1994	-	Active	NO
2	U51420MH2005PTC152448	SHREE BALAJI ZINCALLOYS PRIVATE LIMITED	Director	06/04/2005	06/04/2005	-	Active	NO
3	U27200MH1971PTC015143	CASTWEL FOUNDIRES PRIVATE LIMITED	Director	26/07/2005	26/07/2005	-	Active	NO
4	U72501MH2011PTC225025	RIGHT TECHNO FORCE PRIVATE LIMITED	Director	16/12/2011	16/12/2011	-	Active	NO

Name :

Mr. Balbirsingh B Chhabra

Designation :

Chairman cum Managing Director

Address :

B-34 Nice, Satpur, Nashik – 422 007, Maharashtra, India

Date of Birth/Age :

20.07.1960

Date of Appointment :

01.05.1979

Pan No:

ADDPC7217K

DIN No.:

00309800

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U28991MH1979PTC021250	RIGHT TIGHT FASTNERS PRIVATE LIMITED	Director	01/05/1979	01/05/1979	-	Active	NO
2	U27200MH1971PTC015143	CASTWEL FOUNDIRES PRIVATE LIMITED	Director	26/07/2005	26/07/2005	-	Active	NO
3	U91990MH2007NPL174059	NASHIK ENGINEERING CLUSTER	Director	12/09/2007	12/09/2007	-	Active	NO
4	U72501MH2011PTC225025	RIGHT TECHNO FORCE PRIVATE LIMITED	Director	16/12/2011	16/12/2011	-	Active	NO

Name :

Mr. Amolaksingh B Chhabra

Designation :

Director

Address :

B-34 Nice, Satpur, Nashik – 422 007, Maharashtra, India

Date of Birth/Age :

30.04.1965

Date of Appointment :

14.12.1994

Pan No :

AAEPC3542P

DIN No.:

00309833

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U28991MH1979PTC021250	RIGHT TIGHT FASTNERS PRIVATE LIMITED	Director	14/12/1994	14/12/1994	-	Active	NO
2	U27200MH1971PTC015143	CASTWEL FOUNDIRES PRIVATE LIMITED	Director	26/07/2005	26/07/2005	-	Active	NO
3	U36100MH2005PTC155794	SAMAKSH INTERIORS PRIVATE LIMITED	Director	31/08/2005	31/08/2005	-	Strike off	NO
4	U51504MH2008PTC180616	SHREEJI COATERS PRIVATE LIMITED	Director	28/03/2008	28/03/2008	-	Active	NO
5	U72501MH2011PTC225025	RIGHT TECHNO FORCE PRIVATE LIMITED	Director	16/12/2011	16/12/2011	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on : 29.09.2012

Names of Shareholders	No. of Shares
Rajinderkaur Balwantsingh Chhabra	238150
Amarjeetsingh B Chhabra	452900
Balbirsingh Balwantsingh Chhabra	482800
Amolaksingh B Chhabra	438150
Sardarni Inderpal Kaur B Chhabra	20000
Sardarni Sonia B Chabra	20000
Ritu Amarjeetsingh Chhabra	20000
Ashmeetkaur Amolksingh Chhabra	22000
Jasneetkaur Dilpreet Gulati	22000
Kirankaur Balwantsingh Chhabra	9000
Total	1725000

Equity Share Break up (Percentage of Total Equity)

As on : 29.09.2012

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturers of Internal and External threaded Speciality Fasteners.
Products :	· Standard Hex Nuts · Standard Hex Thin Nuts · Nyloc Nuts

GENERAL INFORMATION

Customers :

· Tata Motors

· Ashok Leyland

· John Deere Tractors

· Piaggio

· Johnson

· Bailey

· ACE

· Greaves

No. of Employees :

Not Available

Bankers :

· State Bank of India, Satpur Industrial Branch, Satpur, Nashik – 422007, Maharashtra, India

· ICICI Bank Limited, India

Facilities :

Secured Loan	As on 31.03.2012 (Rs. in Millions)	As on 31.03.2011 (Rs. in Millions)
Long term Secured Loan (Against Vehicles)	173.953	165.354
Loans repayable on demand (Secured by charge on all stocks, receivable, and other current assets of the company)	176.826	120.978
Total	350.779	286.332

Auditors :
Name :	J J Samtani and Company Chartered Accountants
Address :	18-A/31, Manish Kaveri, Off J P Road, Four Bunglows, Andheri (West), Mumbai – 400 053, Maharashtra, India
Tel. No.:	91-22-66781055/ 26354010
Related Parties :	· Shree Balaji Zincalloys Private Limited, India · Shreeji Coaters Private Limited, India

CAPITAL STRUCTURE

As on : 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs. 100/-each	Rs. 200.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1725000	Equity Shares	Rs. 100/-each	Rs. 172.500 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		172.500	133.100	123.200
2] Share Application Money		0.000	20.700	0.000
3] Reserves & Surplus		247.290	113.521	47.040
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		419.790	267.321	170.240
LOAN FUNDS
1] Secured Loans		350.779	286.332	162.232
2] Unsecured Loans		24.667	26.767	34.726
TOTAL BORROWING		375.446	313.099	196.957
DEFERRED TAX LIABILITIES		20.073	0.000	0.000
TOTAL		815.309	580.420	367.197
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		569.343	259.207	234.118
Capital work-in-progress		43.379	146.234	23.977
INVESTMENT		1.061	1.062	0.063
DEFERRED TAX ASSETS		0.000	2.630	1.490
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	262.413	144.894	81.008
	Sundry Debtors	248.154	135.921	88.111
	Cash & Bank Balances	29.469	21.555	1.133
	Other Current Assets	29.768	21.992	11.370
	Loans & Advances	29.414	111.455	42.227
Total Current Assets		599.218	435.817	223.849
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	225.221	79.609	0.000
	Other Current Liabilities	61.358	13.733	91.277
	Provisions	111.113	171.188	25.023
Total Current Liabilities		397.692	264.530	116.300
Net Current Assets		201.526	171.287	107.549
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		815.309	580.420	367.197

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	NA	NA	NA
		Other Income	NA	NA	NA
		TOTAL	NA	NA	NA
Less	EXPENSES
		TOTAL	NA	NA	NA
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		NA	169.388	103.802
Less	FINANCIAL EXPENSES		NA	29.938	15.596
Less	EXCHANGE LOSS/ GAIN		NA	0.000	0.254
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		NA	139.450	87.952
Less/ Add	DEPRECIATION/ AMORTISATION		NA	37.209	30.573
	PROFIT BEFORE TAX		NA	102.241	57.379
Less	TAX		NA	35.760	19.510
	PROFIT AFTER TAX		NA	66.481	37.869
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	39.799	13.911
Less	APPROPRIATIONS
	Dividend		NA	0.000	9.900
	Dividend Distribution Tax		NA	0.000	1.682
	Income tax/fringe Benefits Tax Paid		NA	0.000	0.399
	BALANCE CARRIED TO THE B/S		NA	106.280	39.799
	Earnings per share (Rs.)		NA	0.00	0.00

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	NA	0.00	0.00
Net Profit Margin (PBT/Sales)	(%)	NA	0.00	0.00
Return on Total Assets (PBT/Total Assets}	(%)	NA	14.71	12.53
Return on Investment (ROI) (PBT/Networth)		NA	0.38	0.34
Debt Equity Ratio (Total Debt /Networth)		0.89	1.17	1.15
Current Ratio (Current Asset/Current Liability)		1.51	1.65	1.93

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last two years	No
12]	Profitability for last two years	Yes
13]	Reasons for variation <> 20%	--------------------
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	--------------------
18]	Major customers	Yes
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	--------------------
22]	Litigations that the firm / promoter involved in	--------------------
23]	Banking Details	Yes
24]	Banking facility details	No
25]	Conduct of the banking account	---------------------
26]	Buyer visit details	---------------------
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

UNSECURED LOANS:

Particulars	31.03.2012 Rs in Millions	31.03.2011 Rs in Millions
Long term borrowings:
Deposits from Directors	1.217	1.577
Others	23.449	25.190
Total	24.667	26.767

Bankers Charges Report as per Registry:

Corporate identity number of the company	U28991MH1979PTC021250
Name of the company	RIGHT TIGHT FASTNERS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	3/D, Anand Nagar, Forjett Street, Mumbai – 400 036, Maharashtra, India Email: pns1012@gmail.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	90241374
Type of charge	Book Debts Movable property (not being pledge)
Particular of charge holder	State Bank of India Satpur Industrial Branch, Satpur, Nashik – 422 102, Maharashtra, India Email: jivansangle@yahoo.com
Nature of instrument creating charge	Supplemental Agreement of Hypothecation of Goods and Assets for Increase in the Overall Limit.
Date of instrument Creating the charge	15.02.2012
Amount secured by the charge	Rs. 594.700 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest: Working Capital: 340 bps above Base Rate, effective rate 13.40% as against 600 bps above Base Rate, effective rate 16.00%. Term Loan (III,IV,V,&VI ):As per prevailing interest rates. Terms of payments: 1) Working Capital : Repayable on Demand, subject to review every 12 months. 2) Term Loan (III, IV, V, VI and VII) : As per existing terms and conditions. Margin: Raw Material : 25%, SIP: 40%, Finished Goods: 33.33%, Book Debts: 30%, Cover Period: 60 days and Letter of Credit 15%. Extend and operation of the charge: First and exclusive charge by way of hypothecation of all the present and future stocks of Raw Material, SIP, Finished Goods, stores and spares, goods in transit, outstanding moneys, book debts / receivables, and movable Plant & Machinery and Tools. Others: 2THS
Short particulars of the property or asset(s) charged (including complete address and location of the property)	1) Stocks of Raw Material, SIP, Finished Goods, stores and spares, goods in transit, outstanding moneys, Book Debts / receivables located at place or places of business. 2) Movable Plant and Machinery and Tools located at place or places of business.
Date of instrument modifying the charge	22.03.2011
Particulars of the present modification	Earlier the charge was created of Rs.521.1 Millions, now by this present modification the total limit is increased to Rs.594.7 Millions. (DCC Rs.2.000 Millions, SLC Rs.25.000 Millions, Term Loan-III Rs.7.6 millions, Term Loan IV Rs.14.8 Millions, Term Loan V Rs.28.000 Millions, Term Loan VI Rs.188.000 Millions, Term Loan VII Rs.69.900 Millions and Letter of Credit Rs.60.000 Millions, Credit Conversion Factor of Forward Contract Rs.1.400 Millions.)

Web Details:

A light that shines through the ever growing, ever-evolving group that subject started in 1979, company has gained unquestionable supremacy in the wide range of fasteners. Subject, with accreditation of ISO / TS 16949 : 2002, enjoys the reputation for producing the widest range of critical application fasteners for automobile, 2 wheelers, agricultural tractor, Heavy Engineering Equipments, Chemical Industry, Military and customized products. The company's manufacturing plant spread over 10,000 sq. mts. with production facilities of 2000 metric tonnes per annum, manned by a dedicated team of employees working in perfect harmony, supplying over 500 items to about 200 customers.

Subject has installed sophisticated and precision machines and instruments to ensure production of superior quality fasteners. Keeping in mind the competitive and growing needs of customer, Subject is always on the look-out for expansion and modernization.

Products:

As a result of continuous and manifold improvement in work practices, Subject has strongly aimed at excellent quality at amicable prices through upgradation from removing metal to moving metal.

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] 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. 54.88
UK Pound	1	Rs. 83.54
Euro	1	Rs. 70.90

INFORMATION DETAILS

Report Prepared by :

NIS

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	7
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		54

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.