MIRA INFORM REPORT

Report Date :

13.07.2013

IDENTIFICATION DETAILS

Name :	DANBLOCK BRAKES INDIA PRIVATE LIMITED
Registered Office :	Suite No. 311, Vardhman Diamond Plaza, D.B. Gupta Road, Paharganj, New Delhi - 110055, India
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	30.07.2007
Com. Reg. No.:	55-166422
Capital Investment / Paid-up Capital :	Rs.564.571 Millions
CIN No.: [Company Identification No.]	U51504DL2007PTC166422
TAN No.: [Tax Deduction & Collection Account No.]	DELD10024A
PAN No.: [Permanent Account No.]	AACCD6739N
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Brake Pads for cars and commercial vehicles.
No. of Employees :	1500 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (30)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 2500000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a subsidiary of Mat Holding Inc of USA engaged in manufacturing of disk brake pads. It is an established company having moderate track. The company has successfully wiped off its accumulated losses from the profits earned during 2012. The financial strength is moderate due to low reserves. However, trade relations are fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some caution.

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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
India	A1	A1

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

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.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Not .Divulged
Designation :	Account Executive
Contact No.:	91-130-3059044
Date :	09.07.2013

LOCATIONS

Registered Office / Factory 1 :	Suite No. 311, Vardhman Diamond Plaza, D.B. Gupta Road, Paharganj, New Delhi - 110055, India
Tel. No.:	91-130-3059044
Fax No.:	91-130-3059059/110055
E-Mail :	abi@danblockbrakesinindia.com vinod.duhoon@matholdingsinc.com dbi@danblockbrakesindia.com rbbform8@hdfcbank.com pkjain@roulundsbraking.com
Website :	http://www.danblockbrakesindia.com
Location :	Rented
Factory 2 :	Village Joshi Chohan P.O. Bahalgarh, Gt Road, Sonepat - 131021, Haryana, India
Tel. No.:	91-130-3059057 / 58/ 2110115
Fax No.:	91-130-3059059
Location :	Owned
Factory 2 :	Village Ashamabad, P.O. Bahalgarh, District – Sonepati, Haryana, India

DIRECTORS

As on 20.09.2012

Name :

Mr. Mr. Pradeep Kumar Jain

Designation :

Managing Director

Address :

A-56, Sector – 26, Gautam Buddha Naagr, Noida – 201301, Uttar Pradesh, India

Date of Birth/Age :

06.04.1958

Date of Appointment :

20.09.2012

DIN No :

0035214

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	U25191DL1997PTC086779	ROULUNDS BRAKING INDIA PRIVATE LIMITED	Managing director	25/09/1997	25/09/1997	01/09/2012	Active	NO
2	U34300DL2006PTC146923	ALLIANCE FRICTION TECHNOLOGY PRIVATE LIMITED	Director	28/02/2006	28/02/2006	01/09/2012	Active	NO
3	U34300DL2006FTC154863	MENETA AUTOMOTIVE COMPONENTS PRIVATE LIMITED	Director	18/10/2006	18/10/2006	01/09/2012	Active	NO
4	U51504DL2007PTC166422	DANBLOCK BRAKES INDIA PRIVATE LIMITED	Managing director	20/09/2012	30/07/2007	-	Active	NO
5	U29253DL2007PTC167549	BRAKE PARTS INDIA PRIVATE LIMITED	Director	30/08/2007	30/08/2007	24/11/2008	Active	NO
6	U29248DL2007PTC168330	SARVODYA AUTOTECH PRIVATE LIMITED	Director	18/09/2007	18/09/2007	-	Active	NO
7	U34300DL2011FTC213212	MAT BRAKES INDIA PRIVATE LIMITED	Director	01/02/2011	01/02/2011	-	Active	NO

Name :

Mr. Christpher Watson

Designation :

Director

Address :

2514, Saddleridger Road, Pulaski - 24301, USA

Date of Birth/Age :

10.08.1962

Date of Appointment :

30.09.2008

DIN No :

01191277

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	U25191DL1997PTC086779	ROULUNDS BRAKING INDIA PRIVATE LIMITED	Director	26/10/2006	26/10/2006	-	Active	NO
2	U34300DL2006PTC146923	ALLIANCE FRICTION TECHNOLOGY PRIVATE LIMITED	Director	26/10/2006	26/10/2006	-	Active	NO
3	U51504DL2007PTC166422	DANBLOCK BRAKES INDIA PRIVATE LIMITED	Director	30/09/2008	18/08/2007	-	Active	NO
4	U74140DL2009FTC193291	MAT INDIA TECHNOLOGIES PRIVATE LIMITED	Director	18/08/2009	18/08/2009	-	Active	NO
5	U34300DL2011FTC213212	MAT BRAKES INDIA PRIVATE LIMITED	Director	01/02/2011	01/02/2011	-	Active	NO

Name :

Mr. George Michael Ruhl

Designation :

Director

Address :

7, Rutgers Courts, Hawthron Woods, Illinois - 60047, USA

Date of Birth/Age :

06.06.1955

Date of Appointment :

30.07.2007

DIN No :

01418887

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	U34300DL2006PTC146923	ALLIANCE FRICTION TECHNOLOGY PRIVATE LIMITED	Director	11/05/2007	11/05/2007	-	Active	NO
2	U51504DL2007PTC166422	DANBLOCK BRAKES INDIA PRIVATE LIMITED	Director	30/07/2007	30/07/2007	-	Active	NO
3	U29253DL2007PTC167549	BRAKE PARTS INDIA PRIVATE LIMITED	Director	30/08/2007	30/08/2007	01/02/2008	Active	NO
4	U25191DL1997PTC086779	ROULUNDS BRAKING INDIA PRIVATE LIMITED	Director	11/09/2010	18/02/2010	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Sumit Kumar
Designation :	Secretary
Address :	65 – B, LIG Flats, Rampura, Near Lawrence Road, New Delhi – 110035, India
Date of Birth/Age :	05.10.1984
Date of Appointment :	03.01.2009
PAN NO.:	AFQPC8630R

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 20.09.2012

Names of Shareholders	No. of Shares
Mat Holdings Inc., USA	5640710
GRI Engineering and Development LLC., USA	5000
Total	5645710

Equity Share Break up (Percentage of Total Equity)

As on 20.09.2012

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Brake Pads for cars and commercial vehicles.

Products :

Product Description	ITC Code
Disk Brake Pads	6813

Exports :

Products :

Brake Pads for cars and commercial vehicles

Countries :

USA

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

PRODUCTION STATUS (As on 31.03.2011)

Particulars	Unit	Installed Capacity	Actual Production
Disk Brake Pads	Sets	9600000	6586988

Note:

Installed Capacity is as certified by the management and relied upon by the auditors, being a technical matter.

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

1500 (Approximately)

Bankers :

• HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (west), Mumbai -400013, Maharashtra, India

· Yes Bank Limited, 9^th Floor, Nehru Center, Discovery of India, Dr. Annie bezant Road, Worli, Mumbai – 400018, Maharashtra, India

Facilities :

Secured Loan	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
Long-term Borrowings
Foreign currency term loans from banks	80.677	108.104
Short-term borrowings
Working capital loans from banks	482.593	501.531
Total	563.270	609.635

Banking Relations :	--
Auditors :
Name :	Haribhakti and Company Chartered Accountants
Address :	3^rd Floor, 52-B, Okhla Industrial Estate, Phase III, New Delhi-110020, Delhi, India.
PAN N Income-tax PAN of auditor or auditor's firm	AAAFH2010F
Holding Company:	MAT Holdings Inc, United States
Fellow Subsidiary Companies:	· GRI Engineering and Development LLC, United States · Roulunds Braking India Private Limited, India CIN: U25191DL1997PTC086779 · Roulunds Braking Holding ApS, Denmark · MAT India Trading Company Private Limited · MAT India Technologies Private Limited, India CIN: U74140DL2009FTC193291 · MAT Brakes India Private Limited, India CIN: U34300DL2011FTC213212 · Affinia MAT India Braking Private Limited, India (upto Dec 3, 2010) CIN: U29253DL2007PTC167549
Enterprises under common control of an individual:	· Meneta Automotive Components Private Limited, India CIN: U34300DL2006FTC154863 · Meneta A/s, Denmark · Dalian Luyou Machinery Company Limited, China · Hangzhou Hongyuan Machinery Manufacturing Company Limited, China

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
6000000	Equity Shares	Rs.100/- each	Rs.600.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5645710	Equity Shares	Rs.100/- each	Rs.564.571 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	564.571	564.571
(b) Reserves & Surplus	68.302	(30.702)
(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)	632.873	533.869
(3) Non-Current Liabilities
(a) long-term borrowings	303.208	297.358
(b) Deferred tax liabilities (Net)	39.322	42.541
(c) Other long term liabilities	1.720	1.060
(d) long-term provisions	4.489	3.472
Total Non-current Liabilities (3)	348.739	344.431
(4) Current Liabilities
(a) Short term borrowings	482.593	501.531
(b) Trade payables	202.241	342.125
(c) Other current liabilities	169.142	106.102
(d) Short-term provisions	0.724	0.344
Total Current Liabilities (4)	854.700	950.102
TOTAL	1836.312	1828.402
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	859.439	868.392
(ii) Intangible Assets	1.254	2.207
(iii) Capital work-in-progress	1.478	9.490
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	13.258	42.541
(d) Long-term Loan and Advances	44.781	29.312
(e) Other Non-current assets	4.500	4.500
Total Non-Current Assets	924.710	956.442
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	699.997	655.112
(c) Trade receivables	73.565	146.971
(d) Cash and cash equivalents	45.443	6.784
(e) Short-term loans and advances	92.592	63.077
(f) Other current assets	0.005	0.016
Total Current Assets	911.602	871.960
TOTAL	1836.312	1828.402

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		564.571
2] Share Application Money		0.000
3] Reserves & Surplus		0.000
4] (Accumulated Losses)		(86.075)
NETWORTH		478.496
LOAN FUNDS
1] Secured Loans		64.079
2] Unsecured Loans		481.366
TOTAL BORROWING		545.445
DEFERRED TAX LIABILITIES		0.000
TOTAL		1023.941
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		619.239
Capital work-in-progress		74.388
INVESTMENT		0.000
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	517.065
	Sundry Debtors	48.978
	Cash & Bank Balances	31.406
	Other Current Assets	0.150
	Loans & Advances	40.051
Total Current Assets		637.650
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	304.634
	Other Current Liabilities	1.733
	Provisions	0.969
Total Current Liabilities		307.336
Net Current Assets		330.314
MISCELLANEOUS EXPENSES		0.000
TOTAL		1023.941

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
SALES
	Income	2713.410	2067.980	907.393
	Other Income	3.390	21.980	38.338
	TOTAL	2716.800	2089.960	945.731
EXPENSES
	Increase / (Decrease) in Finished Goods	(48.810)	(14.220)	(100.280)
	Other Expenses	2632.770	2048.720	1058.270
	TOTAL	2583.960	2034.500	957.990
PROFIT / (LOSS) BEFORE TAX		132.840	55.460	(12.259)
TAX		33.840	0.009	0.053
PROFIT / (LOSS) AFTER TAX		99.000	55.370	(12.312)
PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(30.700)	(86.070)	(73.762)
BALANCE CARRIED TO THE B/S		68.300	(30.700)	(86.074)
EARNINGS IN FOREIGN CURRENCY
	Export Earnings	2698.661	2059.994	907.397
TOTAL EARNINGS		2698.661	2059.994	907.394
IMPORTS
	Raw Materials	1400.283	1130.038	772.044
	Capital Goods	15.465	47.364	32.642
	Others	10.819	14.505	3.603
TOTAL IMPORTS		1426.567	1191.907	808.289
Earnings / (Loss) Per Share (Rs.)		23.28	9.81	(2.33)

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	3.64	2.65	(1.30)
Net Profit Margin (PBT/Sales)	(%)	4.90	2.68	(1.35)
Return on Total Assets (PBT/Total Assets}	(%)	7.29	3.12	(1.92)
Return on Investment (ROI) (PBT/Networth)		0.21	0.10	(0.03)
Debt Equity Ratio (Total Debt /Networth)		1.24	1.50	1.14
Current Ratio (Current Asset/Current Liability)		1.07	0.92	2.07

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	Yes
9]	Name of person contacted	No
10]	Designation of contact person	Yes
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	No
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
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	No

BUSINESS PERFORMANCE

It is the fifth year of operation of the Company and there is increase in the sales by Rs. 639.000 Million (31%) during the year 2011-12. The Company has incurred profit amounting to Rs. 99 Million during the year and has recovered past losses in this year. The directors are continuously looking for avenues for future growth.

UNSECURED LOAN

PARTICULARS	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
Long-term Borrowings
Other external commercial borrowings	222.531	189.254
Total	222.531	189.254

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U51504DL2007PTC166422c
Name of the company	DANBLOCK BRAKES INDIA PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	110, 1^st Floor, Rishab Corporate Tower, 16, Community Centre, Karkarduma, Delhi-110092, India vinod.duhoon@matholdingsinc.com
This form is for	Creation of charge
Type of charge	· Book debts · Movable property (not being pledge) · Floating charge · Ist Pari Pasu charge on CA and MFA
Particular of charge holder	CIN: L65190MH2003PLC143249 Yes Bank Limited, 9^th Floor, Nehru Center, Discovery of India, Dr. Annie bezant Road, Worli, Mumbai – 400018, Maharashtra, India delhicadmidoffice@yesbank.in
Nature of instrument creating charge	Deed of Hypothecation date 26.03.2012 for creating First PP charge on Current and Movable Fixed assets
Date of instrument Creating the charge	26.03.2012
Amount secured by the charge	Rs.200.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest As may be mutually agreed between bank & the Company time to time Terms of Repayment CC/WCDL - Payable on demand PCFC/BG/BC –NA Margin CC/WCDL - 25% of (book debts < 90 days plus stocks less creditors) Extent and Operation of the charge First Pari passu charge on entire current assets and movable fixed assets located anywhere in India as detailed in DOH.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	First Pari passu charge on entire current assets and movable fixed assets located anywhere in India as detailed in DOH attached

CONTINGENT LIABILITIES:

(Rs. in millions)

PARTICULARS	31.03.2012	31.03.2011
Gurantees given by bankers to the government departments	22.500	9.000

FIXED ASSETS

Tangible assets

· Land

· Buildings

· Plant and equipment

· Furniture and fixtures

· Vehicles

· Office equipment

· Computer equipments

Intangible assets

· Computer software

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.59.90
UK Pound	1	Rs.90.88
Euro	1	Rs.78.32

INFORMATION DETAILS

Information Gathered by :	PLV
Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		30

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.