MIRA INFORM REPORT

1. Summary Information

		Country	India
Company Name	B. R. ELASTICS (INDIA) PRIVATE LIMITED	Principal Name 1	Mr. Balasubramaniam Rathinavelu
Status	Satisfactory	Principal Name 2	Mr. Balasubramaniam Viswanathan
		Registration #
Street Address	S. F. No. 26/27 Karaiputhur Village, Park School Road, Palladam Main Road, Tirupur – 641605, Tamilnadu, India
Established Date	03.06.2008	SIC Code	--
Telephone#	91-421-6530065	Business Style 1	Manufacturer of Elastic
Fax #	91-421-2214075	Business Style 2	--
Homepage	--	Product Name 1	--
# of employees	Not Available	Product Name 2	--
Paid up capital	Rs.33,800,000	Product Name 3	--
Shareholders	Balasubramaniam Nadanasabapathy 202750	Banking	Dhanlaxmi Bank Limited
Public Limited Corp.	--	Business Period	5 years
IPO	---	International Ins.	-
Public Enterprise	---	Rating	Ba (45)
Related Company
Relation --	Country --	Company Name	--
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2012		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	68,258,000	Current Liabilities	62,763,000
Inventories	27,175,000	Long-term Liabilities	80,670,000
Fixed Assets	89,578,000	Other Liabilities	13,000
Deferred Assets	--	Total Liabilities	143,446,000
Invest& other Assets	--	Retained Earnings	7,765,000
		Net Worth	41,565,000
Total Assets	185,011,000	Total Liab. & Equity	185,011,000
Total Assets (Previous Year)	174,827,000
P/L Statement as of	31.03.2012		(Unit: Indian Rs.)
Sales	240,459,000	Net Profit	1,963,000
Sales(Previous yr)	238,014,000	Net Profit(Prev.yr)	756,000

MIRA INFORM REPORT

Report Date :

30.11.2013

IDENTIFICATION DETAILS

Name :	B. R. ELASTICS (INDIA) PRIVATE LIMITED

Registered Office :	S. F. No. 26/27 Karaiputhur Village, Park School Road, Palladam Main Road, Tirupur – 641605, Tamilnadu

Country :	India

Financials (as on) :	31.03.2012

Date of Incorporation :	03.06.2008

Com. Reg. No.:	014517

Capital Investment / Paid-up Capital :	Rs.33.800 Millions

CIN No.: [Company Identification No.]	U25199TZ2008PTC014517

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacturer of Elastic

No. of Employees :	Not Available

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 166260

Status :	Satisfactory

Payment Behaviour :	Slow but Correct

Litigation :	Clear

Comments :	Subject is an established company having a satisfactory track. Management of the company has fail to filed its financial for the year 2013. As per available financial (2012), the overall financial position of the company appears to be satisfactory. Trade relations are reported as fair. Business is active. Payment are reported to be slow but correct. 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 – June 30, 2012

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

India

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

INDIAN ECONOMIC OVERVIEW

India’s current account deficit or CAD in April-June widened to 4.9 % of gross domestic product. High imports of gold and oil led to a worsening of the traqde deficit, resulting in CAD jumping to $ 21.8 billion to the latest quarter from $ 16.9 billion in the corresponding quarter of the previous financial year. The government aims to bring down CAD to 3.7 % or $ 70 billion, in 2013/14, from 4.8 % or $ 88.2 billion in 2012/13.

The finance ministry has started preparations for Budget 2014/15. With general elections scheduled to be held by May next year, there will only be an interim budget. The new government will present the fiscal Budget.

The Supreme Court has barred clinical trials for new drugs till a monitoring mechanism is put in place to protect the lives of people on which the drugs are tested.

Mumbai has been named the world’s second most honest city according to a survey on 15 cities worldwide by Readers’ Digest magazine. Finnish capital Helsinki bagged the top spot for the world’s most honest city while Lisbon, the capital of Portugal, proved to be the least honest. The survey put hundreds of people to test in four continents to find out just how honest they were by dropping wallets and seeing how many would be returned.

3.7 % Growth of the core sector in August, a seven month high. This takes the overall growth in April-August this year to 2.3 % compared with 6.3 % in the corresponding period next financial year.

$19 million Estimated average spending by companies across the globe including India, on social media this year, according to a global study by information technology major Tata Consultancy Services. This will rise to $ 24 million in 2015.

Rising inflation, fewer employment avenues and dwindling earnings are taking a toll on the spending capacity in India. Over 72 % respondents from middle and lower middle income families would be forced to slash their Diwali expenditure by 40 % and on average spend nearly 25 % of their monthly salary on Diwali, according to a survey by Assochem.

Analysts believe the shutdown of the US government would have limited impact in sectors such as IT or tourism that are dependent on Visa clearances.

RBI DEFAILTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAILTERS’ 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 :	S. F. No. 26/27 Karaiputhur Village, Park School Road, Palladam Main Road, Tirupur – 641605, Tamilnadu, India
Tel. No.:	91-421-6530065
Fax No.:	91-421-2214075
E-Mail :	brelastics@vsnl.net

DIRECTORS

AS ON 14.09.2012

Name :

Mr. Balasubramaniam Rathinavelu

Designation :

Director

Address :

No.6, Ganga Nagar, 1^st Street, Tirupur – 641602, Coimbatore, India

Date of Birth/Age :

19.08.1977

Date of Appointment :

03.06.2008

DIN No.:

01637225

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	U18101TZ2007PTC014023	CLIFTON EXPORT PRIVATE LIMITED	Director	15/11/2007	15/11/2007	-	Active	NO
2	U25199TZ2008PTC014517	B.R.ELASTICS (INDIA) PRIVATE LIMITED	Managing director	03/06/2008	03/06/2008	-	Active	NO

Name :

Mr. Balasubramaniam Viswanathan

Designation :

Director

Address :

No.6, Ganga Nagar, 1^st Street, Tirupur – 641602, Coimbatore, India

Date of Birth/Age :

02.12.1971

Date of Appointment :

03.06.2008

DIN No.:

01637061

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	U18101TZ2007PTC014023	CLIFTON EXPORT PRIVATE LIMITED	Director	15/11/2007	15/11/2007	-	Active	NO
2	U25199TZ2008PTC014517	B.R.ELASTICS (INDIA) PRIVATE LIMITED	Director	03/06/2008	03/06/2008	-	Active	NO

Name :

Mr. Balasubramaniam Bharath

Designation :

Director

Address :

No.26 Kongu Nagar, 1^st Street, Tirupur – 641602, Coimbatore, India

Date of Birth/Age :

12.06.1979

Date of Appointment :

03.06.2008

DIN No.:

01637134

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	U18101TZ2007PTC014023	CLIFTON EXPORT PRIVATE LIMITED	Director	15/11/2007	15/11/2007	-	Active	NO
2	U25199TZ2008PTC014517	B.R.ELASTICS (INDIA) PRIVATE LIMITED	Director	03/06/2008	03/06/2008	-	Active	NO

Name :

Mr. Balasubramaniam Nadanasabapathy

Designation :

Director

Address :

No.6, Ganga Nagar, 1^st Street, Tirupur – 641602, Coimbatore, India

Date of Birth/Age :

10.04.1974

Date of Appointment :

03.06.2008

DIN No.:

01637084

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	U18101TZ2007PTC014023	CLIFTON EXPORT PRIVATE LIMITED	Managing director	15/11/2007	15/11/2007	-	Active	NO
2	U25199TZ2008PTC014517	B.R.ELASTICS (INDIA) PRIVATE LIMITED	Director	03/06/2008	03/06/2008	-	Active	NO
3	U18109TZ2009PTC015669	CLIFTON TRENDS PRIVATE LIMITED	Director	11/12/2009	11/12/2009	-	Active	NO

Name :

Mr. Krishnakumar Balasubramaniam

Designation :

Director

Address :

No.26 Kongu Nagar, 1^st Street, Tirupur – 641602, Coimbatore, India

Date of Birth/Age :

18.04.1982

Date of Appointment :

03.06.2008

DIN No.:

01637147

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	U18101TZ2007PTC014023	CLIFTON EXPORT PRIVATE LIMITED	Director	15/11/2007	15/11/2007	-	Active	NO
2	U25199TZ2008PTC014517	B.R.ELASTICS (INDIA) PRIVATE LIMITED	Director	03/06/2008	03/06/2008	-	Active	NO

Name :

Mr. Nachi Muthu Mudaliar Balasubramaniam

Designation :

Director

Address :

No.26 Kongu Nagar, 1^st Street, Tirupur – 641602, Coimbatore, India

Date of Birth/Age :

01.12.1946

Date of Appointment :

03.06.2008

DIN No.:

01637036

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	U25199TZ2008PTC014517	B.R.ELASTICS (INDIA) PRIVATE LIMITED	Director	03/06/2008	03/06/2008	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 14.09.2012

Names of Shareholders		No. of Shares
Balasubramaniam Rathinavelu		113250
Balasubramaniam N		750
Balasubramaniam Viswanathan		750
Balasubramaniam Nadanasabapathy		202750
Bharat B		19750
Krishnakumar Balasubramaniam		750
Total		338000

LIST OF ALLOTTEES AS ON 27.09.2012

Names of Shareholders		No. of Shares
Balasubramaniam Nadanasabapathy		352000
Balasubramaniam Rathinavelu		10000
Total		362000

LIST OF ALLOTTEES AS ON 30.10.2012

Names of Shareholders		No. of Shares
Balasubramaniam Nadanasabapathy		200000
Total		200000

AS ON 14.09.2012

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Elastic

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Dhanlaxmi Bank Limited, No 318 Sri Muthu Plaza, Avanashi Road, Tirupur,, Tirupur - 641604, Tamil Nadu, India

· State Bank of India Overseas Branch, 131, Ms Puram, Uthukuli Road,, Tirupur - 641601, Tamil Nadu, India

Facilities :

SECURED LOAN

Rs. In Millions

31.03.2012

Rs. In Millions

31.03.2011

Long Term

Term Loans Prom banks

Term Loan A/c No. 012356300000054 - Dhanlaxmi Term Loan A/c No. 012356300000065 - Dhanlaxmi Term Loan A/c No. 012356300000079 - Dhanlaxmi Term Loan A/c No. 012356300000113 - Dhanlaxmi

2.427

4.853

2.781

2.617

4.497

7.263

5.152

Short Term

Loans repayable on demand

From banks

CC A/c N'o.012310100001220 - Dhanalaxmi

Bill Discount - Dhanalaxmi

Dhanlaxmi Bank Loan A/c

Kotak Mahirtdra Prime Ltd- Loan No. l

Kotak Mahindra Prime Ltd- Loan No.2

Reliance Capital Ltd

ICICI Bank Ltd CV Loans 5

SBI Factors and Commercial Services P Ltd

HDFC Bank Loan(BMW)

HDFC Bank Loan(VoIvo

Tata Capital Ltd

Tata Motors Finance Ltd

25.274

32.950

2.082

0.269

0.263

3.226

0.000

1.801

1.956

0.000

0.167

27.097

31.406

0.000

0.462

0.401

3.817

0.009

4.998

0.000

0.188

0.441

TOTAL

80.669

85.733

NOTE:

Details of security for the secured Long-term fc short-term borrowings

Particulars	Nature of security
Loans repayable on demand From banks: Dhanalaxmi Bank - CC	Hypothecation of stocks of raw materials, semi finished goods and finished goods with 25% margin and Book Debts(90 days) / Receivables (90 days) with 25% margin, (not covered under supply Bill Discounting)
Dhanalaxmi Bank - Bills Discounting	Receivable under the bills discounted with 10% Margin
Dhanlaxmi Bank -Term Loan	Hypothecation of Fixed Assets of the company including Plant & Machinery purchased out of the term loan taken over (Value as on 31.03.2010)

Financial Institutions:	Sbi Factors And Commercial Services Private Limited, Chamber Towers, III Floor, 8 /372, Avanashi Road, Coimbatore - 641018, Tamil Nadu, India


Banking Relations :	--

Auditors :
Name :	T Senthil Chartered Accountant
Address :	Udayar Building Room No 167, Lakshmi Nagar, Tirupur 641601, Tamilnadu, India

Associates/Subsidiaries :	NA

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.100/- each	Rs.50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
338000	Equity Shares	Rs.100/- each	Rs.33.800 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	33.800	33.800
(b) Reserves & Surplus	7.765	4.536
(c) Money received against share warrants	0.000	0.000

(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	41.565	38.336

(3) Non-Current Liabilities
(a) long-term borrowings	12.678	16.912
(b) Deferred tax liabilities (Net)	0.013	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	12.6911	16.912

(4) Current Liabilities
(a) Short term borrowings	67.992	68.821
(b) Trade payables	55.189	45.638
(c) Other current liabilities	7.574	3.199
(d) Short-term provisions	0.000	1.921
Total Current Liabilities (4)	130.755	119.579

TOTAL	185.011	174.827

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets
(ii) Intangible Assets
(iii) Capital work-in-progress
(iv) Intangible assets under development	89.578	64.402
(b) Non-current Investments
(c) Deferred tax assets (net)
(d) Long-term Loan and Advances
(e) Other Non-current assets
Total Non-Current Assets	89.578	64.402

(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	27.175	10.051
(c) Trade receivables	44.781	53.668
(d) Cash and cash equivalents	2.318	1.857
(e) Short-term loans and advances	21.087	44.706
(f) Other current assets	0.072	0.143
Total Current Assets	95.433	110.425

TOTAL	185.011	174.827

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011
	SALES
		TOTAL	240.459	238.014

Less	EXPENSES
		TOTAL	237.217	235.347

	PROFIT BEFORE TAX		3.242	2.667

Less	TAX		1.279	1.911

	PROFIT AFTER TAX		1.963	0.756

	Earnings Per Share (Rs.)		5.81	7.89

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011
PAT / Total Income	(%)	0.82	0.32

Net Profit Margin (PBT/Sales)	(%)	NA	NA

Return on Total Assets (PBT/Total Assets}	(%)	1.75	1.53

Return on Investment (ROI) (PBT/Networth)		0.08	0.07

Debt Equity Ratio (Total Debt/Networth)		1.94	2.24

Current Ratio (Current Asset/Current Liability)		0.73	2.88

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	No
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three 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	No
17]	Major suppliers	No
18]	Major customers	No
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	Yes
25]	Conduct of the banking account	----------------------
26]	Buyer visit details	No
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	No
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	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

VIEW INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10266734	02/05/2013 *	164,400,000.00	DHANLAXMI BANK LIMITED	No 318 Sri Muthu Plaza,, Avanashi Road, Tirupur,, Tirupur, Tamil Nadu - 641604, INDIA	B74317322
2	10252232	26/10/2010	4,000,000.00	Reliance Commercial Finance Private Limited	570, Rectifier House, Naigaum Cross Road, Next to Royal Industrial Estate, Wadala, Mumbai, Maharash tra - 400031, INDIA	A99574451

FIXED ASSETS:

· Air Conditioner

· Building

· Compressor

· Computer

· Electrical Fittings

· Fire Safety Equipment

· Furniture and Fittings

· Lab Equipment

· Plant and Machinery

· Telephone

· Vehicle – Two Wheeler

· UPS and Stablizer

· Vehicle Car

· Vehicle BMW

· Vehicle Swift

· Vehicle Trnx

· Vehicle Volvo

· Transformer

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.39
UK Pound	1	Rs.102.06
Euro	1	Rs.84.97

INFORMATION DETAILS

Information Gathered by :	--

Report Prepared by :	SDA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	4
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
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.

MIRA INFORM REPORT

Unit