MIRA INFORM REPORT

Report Date :

15.02.2013

IDENTIFICATION DETAILS

Name :	MULTITEX FILTRATION ENGIENEERS LIMITED
Registered Office :	217 Hans Bhawanbahadur Singh Jaffar Marg, New Delhi - 110002
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	18.11.1982
Com. Reg. No.:	55-014716
Capital Investment / Paid-up Capital :	Rs.32.117 Millions
CIN No.: [Company Identification No.]	U74899DL1982PLC014716
TAN No.: [Tax Deduction & Collection Account No.]	DELM08634D
PAN No.: [Permanent Account No.]	AAACM4722G
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and supplier of all types of Industrial Filtration Equipments, Sterlisers, Air and Fluid Handling Equipments and Systems, Air and Water Filtration Equipments and to undertake and execute all types of turnkey projects in the above fields.
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 1500000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct and as per commitment. The company can be considered form normal business dealings at usual trade terms and condition.

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	BB+ (Term Loan)
Rating Explanation	Having moderate risk of default regarding timely servicing of financial obligation.
Date	September 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 / Head Office :	217, Hans Bhawan, Singh Zafar Marg, New Delhi-110002, India
Tel. No.:	91-11-23370923/23370479/23311275 / 23316779 / 23715882 / 23715923 / 23316028
Mobile No.:
Fax No.:	91-11-23370221/ 23722221
E-Mail :	multitex@bol.net.in multitex@multitexfilters.com mkjindal@hotmail.com
Factory 1:	A-89, Sector V, District Gautambudh Nagar, Noida-201301, Uttar Pradesh, India
Factory 2 :	A-96, Sector 58, Noida-201301, Uttar Pradesh, India
Factory 3 :	Surajpur, Near Greater Noida, Uttar Pradesh, India

DIRECTORS

As on: 29.09.2012

Name :	Mr. Adar Kumar Jain
Designation :	Whole-time director
Address :	181, Vaishali, Pitampura, New Delhi -110034, India
Date of Birth/Age :	18.01.1982
Date of Appointment :	01.02.2007
DIN No.:	00431371
Name :	Mrs. Kanchan Jain
Designation :	Whole-time director
Address :	181, Vaishali, Pitampura, New Delhi-110034, India
Date of Birth/Age :	14.01.2002
Date of Appointment :	23.02.2007
DIN No.:	00431428
Name :	Mr. Sanjay Jain
Designation :	Director
Address :	CD-19, Pitampura, New Delhi-110088, India
Date of Birth/Age :	16.02.1970
Date of Appointment :	02.08.2008
DIN No.:	00974324
Name :	Mr. Yashpal Malik
Designation :	Director
Address :	H-26, Sector-25, Noida-201301, India
Date of Birth/Age :	14.11.1947
Date of Appointment :	02.08.2008
DIN No.:	01204412
Name :	Mr. Amit Jain
Designation :	Whole-time director
Address :	181, Vaishali, Pitampura, New Delhi-110034, India
Date of Birth/Age :	24.12.2003
Date of Appointment :	01.02.2007
DIN No.:	01361926
Name :	Mr. Nitin Jain
Designation :	Whole Time Director
Address :	181, Vaishali, Pitampura, New Delhi-110034, India
Date of Birth/Age :	01.12.1995
Date of Appointment :	01.02.2007
DIN No.:	01361932
Name :	Mr. Paramjeet Singh Barsal
Designation :	Director
Address :	A-80/2, Hari Nagar, New Delhi-110064, India
Date of Birth/Age :	07.05.1947
Date of Appointment :	02.08.2008
DIN No.:	02123476

MAJOR SHAREHOLDERS

As on: 29.09.2012

Names Of Shareholders	No. Of Shares
Adarsh Jain	5862
Adar Kumar Jain	177975
Amit Jain	3638
Dinesh Jain	1850
Highsky Finance and Investment Private Limited, India	16200
Ak Jain Huf (Karta Ak Jain)	26500
Kanchan Jain	4905
Nitin Jain	16765
Nikita Jain	8625
Multitex Filters Limited, India	11750
Adhunik Systems Private Limited, India	875
Frenzy Products Private Limited, India	4000
M.S. Capital Management Services, India	1000
Mehram Exports Private Limited, India	1250
VIK Medtronics Private Limited, India	1250
Garima Gangwal	6000
Hiralal Jain	6375
Reed Engineering Industries Limited, India	13000
Worth Well Mettalican (P) Limited, India	5000
Ramakant Huf	250
Jolly Event Managers (P) Limited, India	250
Tips Retails Limited, India	250
Resorts Consortium India Limited, India	250
Skylight Distributor Private Limited, India	400
Desire Vincom Private Limited, India	300
Pushpanjali Hirise Private Limited, India	200
Uplink Vyapar Private Limited, India	500
Genuine Commodeal Private Limited, India	500
Kamdar Agriculture Private Limited, India	250
Udit Vyapaar Limited, India	250
Regency Vaults Limited, India	250
TCH Travels Private Limited, India	250
Webman Technologies Private Limited, India	250
Silverpoint Infratech	500
Snehsil Marketing Private Limited, India	300
Sugam Vinimay Private Limited, India	300
Panchmukhi Commo Trade (P) Limited, India	500
High Life Commo Trde Private Limited, India	250
Silver Toss Merchants Private Limited, India	250
Calvin Vanijya Private Limited, India	350
Prime Rose Com Mosales Private Limited, India	350
Ritudhara Market Lkg Private Limited, India	400
Kakrania Trading Private Limited, India	250
Ritfshwari Trading and Investment Private Limited, India	250
Pushpanjall Comm	500
Total	321170

Equity Share Break up (Percentage of Total Equity)

As on: 29.09.2012

Category	Percentage
Bodies corporate	19.51
Directors or relatives of Directors	80.49
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and supplier of all types of Industrial Filtration Equipments, Sterlisers, Air and Fluid Handling Equipments and Systems, Air and Water Filtration Equipments and to undertake and execute all types of turnkey projects in the above fields.

PRODUCTION STATUS As on (31.03.2012)

Particulars	Unit	Actual Production
Filters, Stainers, Skids and Mist Electronics etc.	Nos.	608
Filters Elements and Spares	Nos.	608654

GENERAL INFORMATION

Customers :

· Alstom

· L & T

· Reliance Industries Limited

· Lurgi

· HP

· Cairn

· UHDE

· Oil India Limited

· NTPC

· EIL

· Bharat Petroleum

· ABB

· Technip

· Gail

· Faudi

· Jacobs

· ONGC

· Siemens

· Stork

· Indago

No. of Employees :

Not Available

Bankers :

• State Bank of India, Noida, Uttar Pradesh, India
• Canara Bank, 5-A, Hearld House, Bahadur Shah Zafar Marg, New Delhi-110 002
• Bank of India, Bahadushah Zafar Marg Branch, 217, Hans Bhawan, Bahadushah Zafar Marg, Tilak Bridge, New Delhi-110002, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
Long Term Borrowing
Term Loan from bank
Secured by Industrial land, Building and Machinery of Gr. Noida unit and personal guarantee of directors	8.502	13.055
Secured by cars	2.538	0.480
Secured by Residential House of company and directors and personal guarantee of Directors	60.140	63.949
Term Loan from Others
Deferred Credit Payable For Purchase of Industrial plots (Secured by industrial Plots)	6.717	10.997
Short Term Borrowing	0	0
Loans Repayable on Demand	0	0
Cash Credit from bank Secured by all Current and Fixed Assets including stock in trade and book debt (Guarantee by Directors)	146.215	143.714
Bills Purchase From Bank	13.906	0.000
Total	238.018	232.195

Banking Relations :	--
Auditors :
Name :	Shashi Verma and Company Chartered Accountant
Address :	E-20, Lajpat Nagar III, New Delhi-110024, India
Tel. No.:	91-11-29845477/29832913
Fax No.:	91-11-29831814
PAN.:	AAYFS3792F
Enterprise over which a relative of Key Management Personnel (KMP) is able to exercise significant influence :	Multitex Filters Private Limited

CAPITAL STRUCTURE

As on: 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
600000	Equity Shares	Rs.100/- each	Rs.60.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
321170	Equity Shares	Rs.100/- each	Rs.32.117 Millions

Reconciliation of the number of shares outstanding at the beginning and at the end of the reporting period

(Rs. In Millions)

Particulars	31 March 2012
	Numbers	Amount
Shares Outstanding at the beginning of the period	316220	31.622
Shares Issued During The year	4950	0.495
Shares brought back During The year	--	--
Shares Outstanding at the end of the period	321170	32.117

Shares in the company held by each shareholder holding more than 5 percent shares

Name of Shareholder	31 March 2012
	No. of Shares held	% of holding
Adar Kumar Jain	177975	55
A.K. Jain HUF (Karta A.K. Jain)	26500	8
High Sky Finance and Investment Private Limited	16200	5

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		32.117	31.622	31.132
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		348.441	271.563	205.526
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		380.558	303.185	236.658
LOAN FUNDS
1] Secured Loans		238.018	232.195	270.953
2] Unsecured Loans		12.028	11.128	11.066
TOTAL BORROWING		250.046	243.323	282.019
DEFERRED TAX LIABILITIES		10.140	7.035	6.400
TOTAL		640.744	553.543	525.077
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		199.585	221.917	156.672
Capital work-in-progress		8.639	1.125	0.000
INVESTMENT		0.969	0.969	0.529
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	201.964	101.218	142.854
	Sundry Debtors	468.820	322.767	320.712
	Cash & Bank Balances	70.288	60.600	53.441
	Other Current Assets	40.800	65.327	0.000
	Loans & Advances	19.217	12.680	100.095
Total Current Assets		801.089	562.592	617.102
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	254.444	146.484	145.696
	Other Current Liabilities	100.974	71.025	82.442
	Provisions	14.120	15.551	21.088
Total Current Liabilities		369.538	233.060	249.226
Net Current Assets		431.551	329.532	367.876
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		640.744	553.543	525.077

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	883.735	871.772	1036.895
		Other Income	7.766	(0.017)	18.008
		TOTAL (A)	891.501	871.755	1054.903
Less	EXPENSES
		Cost of Material consumed	577.885	524.781	954.412
		Changes in inventories of finished goods work in progress and Stock in Trade	(87.399)	0.000
		Employee benefits expense	138.856	109.428
		Other Expenses	165.682	153.176
		TOTAL (B)	795.024	787.385	954.412
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		96.477	84.370	100.491
Less	FINANCIAL EXPENSES (D)		46.493	36.185	26.672
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		49.984	48.185	73.819
Less/ Add	DEPRECIATION/ AMORTISATION (F)		7.578	6.915	6.392
	PROFIT BEFORE TAX (E-F) (G)		42.406	41.270	67.427
Less	TAX (H)		14.533	13.743	23.445
	PROFIT AFTER TAX (G-H) (I)		27.873	27.527	43.982
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		145.116	117.588	73.606
	BALANCE CARRIED TO THE B/S		172.989	145.116	117.588
	EARNINGS IN FOREIGN CURRENCY		42.656	97.140	255.310
	IMPORTS
		C.I.F. Value of Import	67.489	34.176	114.851
	TOTAL IMPORTS		67.489	34.176	114.851
	Earnings Per Share (Rs.)		88.10	87.05	--

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	3.13	3.16	4.17
Net Profit Margin (PBT/Sales)	(%)	4.80	4.73	6.50
Return on Total Assets (PBT/Total Assets}	(%)	4.24	5.26	8.71
Return on Investment (ROI) (PBT/Networth)		0.11	0.14	0.28
Debt Equity Ratio (Total Debt/Networth)		0.66	0.80	1.19
Current Ratio (Current Asset/Current Liability)		2.17	2.41	2.48

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 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	Yes
17]	Major suppliers	No
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	Yes
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	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

UNSECURED LOAN:

Particulars	As on 31.03.2012	As on 31.03.2011
Long Term Borrowing
Loan with Long term maturities
From Related Parties	4.124	3.926
From Others	7.904	7.202
Total	12.028	11.128

CONTINGENT LIABILITIES NOT PROVIDED FOR IN THE ACCOUNTS:

Guarantee issued by the bankers on behalf of the company Rs.269.530 Millions (Previous Year Rs.225.953 Millions)

Dispute UP Entry Tax: Rs. 4.583 Millions (Previous Year Rs.5.010 Millions)

BANKERS CHARGES REPORT AS PER REGISTRY:

Corporate identity number of the company	U74899DL1982PLC014716
Name of the company	MULTITEX FILTRATION ENGINEERS LIMITED
Address of the registered office or of the principal place of business in India of the company	217, Hans Bhawan, Singh Zafar Marg, New Delhi-110002, India MKJINDAL@HOTMAIL.COM
This form is for	Creation of charge
Type of charge	Immovable property
Particular of charge holder	Canara Bank, 74, Janpath, New Delhi – 110001, India ca_rcg@yahoo.co.in
Nature of instrument creating charge	Letter evidencing Deposit of Title Deeds alongwith Schedule A and B dated 10.01.2012
Date of instrument Creating the charge	10.01.2012
Amount secured by the charge	Rs.525.800 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest As applicable to various credit facilities aggregating to Rs. 297.000 Millions granted by Canara Bank and that of Rs. 228.800 Millions granted by Bank of India. Terms of Repayment As applicable to various credit facilities aggregating to Rs. 297.000 Millions granted by Canara Bank and that of Rs. 228.800 Millions granted by Bank of India. Margin As applicable to various credit facilities aggregating to Rs. 297.000 Millions granted by Canara Bank and that of Rs. 228.800 Millions granted by Bank of India. Extent and Operation of the charge 100% Others To secure all amounts payable under various credit facilities aggregating to Rs. 297.000 Millions granted by Canara Bank and that of Rs. 228.800 Millions granted by Bank of India together with all interests, costs, charges, expenses, commission etc.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Equitable mortgage of immovable properties of the Company situated at Industrial Plot No. 28E, Sector- 1, Ecotech-I, Greater Noida (UP) admeasuring 9720.20 sq. meters together with all buildings, structures, fixtures, fittings, machineries standing/installed thereon and to be erected/installed and put up in future.

FIXED ASSETS:

• Land
• Building
• Flats
• Machinery
• Computer
• Air Conditioner
• Electrical Installation
• Generator
• Office Equipment
• Cycle
• Furniture and Fixtures
• Car
• Scooter

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 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.53.87
UK Pound	1	Rs.83.59
Euro	1	Rs.72.38

INFORMATION DETAILS

Report Prepared by :

RAJ

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	5
--PROFITABILIRY	1~10	5
--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.