MIRA INFORM REPORT

Report Date :

29.07.2013

IDENTIFICATION DETAILS

Name :	MUDHRA FINE BLANC PRIVATE LIMITED
Registered Office :	28/1, Musiri Subramaniam Road, Mylapore, Chennai - 600004, Tamilnadu
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	12.05.2006
Com. Reg. No.:	18-059822
Capital Investment / Paid-up Capital :	Rs.64.342 Millions
CIN No.: [Company Identification No.]	U34300TN2006PTC059822
PAN No.: [Permanent Account No.]	AAECM6512C
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of highly engineered precision auto components.
No. of Employees :	100 (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 717000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. It has been incurring loss from its operations past some years. However, trade relations are reported as fair. Business is active. Payment terms are 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

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	BB+ (Long Term Rating)
Rating Explanation	Moderate risk of default.
Date	February 19, 2013

Rating Agency Name	CRISIL
Rating	A4+ (Short Term Rating)
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	February 19, 2013

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 :	Mr. Barthasarathy
Designation :	Finance Manager
Contact No.:	91-44-24992114
Date :	25.07.2013

LOCATIONS

Registered Office/ Corporate Office :	28/1, Musiri Subramaniam Road, Mylapore, Chennai - 600004, Tamilnadu, India
Tel. No.:	91-44-24992114/ 24671210
Fax No.:	91-44-24985465
E-Mail :	rt@mudhra.in finance@mudhra.in
Website :	http://www.mudhra.in
Area :
Location :	Owned
Fine Blanking Plant :	B 39-40, SIPCOT Industrial Park, Irungattukotta, Chennai – 602105,Tamilnadu, India
Tel. No.:	91-44-47193092
Conventional Stamping Plant :	DP 73-74, SIDCO Industrial Estate, Thirumazhisai, Chennai – 602107, Tamilnadu, India

DIRECTORS

As on: 14.07.2012

Name :

Mr. Thiagarajan

Designation :

Director

Address :

28/2, Musiri Subramaniarn Road, Mylapore, Chennai -600004, Tamilnadu, India

Date of Birth/Age :

07.06.1945

Date of Appointment :

12.05.2006

PAN No.:

AACPT6416D

DIN No.:

00078980

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	U52599TN1995PTC030155	MUDHRA PRESSINGS PRIVATE LIMITED	Director	10/02/1995	10/02/1995	-	Amalgamated	NO
2	U74999TN2004NPL053816	CHENNAI AUTO ANCILLARY INDUSTRIAL INFRASTRUCTURE UPGRADATION COMPANY	Director	26/07/2004	26/07/2004	-	Active	NO
3	U91990TN2005NPL057693	THIRUMAZHISAI INDUSTRIAL ESTATE MANUFACTURERS ASSOCIATION	Director	28/09/2005	28/09/2005	-	Active	NO
4	U34300TN2006PTC059828	MUDHRA AUTO COMPONENTS PRIVATE LIMITED	Director	12/05/2006	12/05/2006	-	Strike off	NO
5	U34300TN2006PTC059822	MUDHRA FINE BLANC PRIVATE LIMITED	Director	12/05/2006	12/05/2006	-	Active	NO

Name :

Mrs. Rajeswari Thyagarajan

Designation :

Director

Address :

28/2, Musiri Subramaniarn Road, Mylapore, Chennai -600004, Tamilnadu, India

Date of Birth/Age :

13.04.1949

Date of Appointment :

12.05.2006

PAN No.:

ADUPR0788D

Passport No.:

Voter ID No.:

DIN No.:

00079048

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	U52599TN1995PTC030155	MUDHRA PRESSINGS PRIVATE LIMITED	Director	28/09/1998	28/09/1998	-	Amalgamated	NO
2	U34300TN2006PTC059828	MUDHRA AUTO COMPONENTS PRIVATE LIMITED	Director	12/05/2006	12/05/2006	-	Strike off	NO
3	U34300TN2006PTC059822	MUDHRA FINE BLANC PRIVATE LIMITED	Director	12/05/2006	12/05/2006	-	Active	NO
4	U01403TN2009PTC071398	DHANYA AGRO FARMS PRIVATE LIMITED	Director	22/04/2009	22/04/2009	-	Active	NO

Name :

Mr. Surojit Mukherjee

Designation :

Director

Address :

28/2, Musiri Subramaniarn Road, Mylapore, Chennai -600004, Tamilnadu, India

Date of Birth/Age :

13.05.1972

Date of Appointment :

12.05.2006

PAN No.:

AGLPM0825C

DIN No.:

00079068

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	U52599TN1995PTC030155	MUDHRA PRESSINGS PRIVATE LIMITED	Director	08/09/2005	08/09/2005	-	Amalgamated	NO
2	U34300TN2006PTC059828	MUDHRA AUTO COMPONENTS PRIVATE LIMITED	Director	12/05/2006	12/05/2006	-	Strike off	NO
3	U34300TN2006PTC059822	MUDHRA FINE BLANC PRIVATE LIMITED	Managing director	12/05/2006	12/05/2006	-	Active	NO

Name :

Mr. Periasamy Ramesh Rajah

Designation :

Director

Address :

Yerkaud Road, Kondanaykanpatti, Salem – 636008, Tamilnadu, India

Date of Birth/Age :

13.07.1959

Date of Appointment :

12.09.2011

DIN No.:

00516244

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	L70101TZ1931PLC002124	THE SAVAMALAI ESTATES LIMITED	Director	25/06/1987	25/06/1987	-	Active	NO
2	U65993TN1977PLC070246	MURUGAPPA HOLDINGS LIMITED	Director	27/09/2000	27/09/2000	09/02/2012	Active	NO
3	U65910KA1996PTC021230	RAJAH COFFEE PRIVATE LIMITED	Managing director	10/07/2003	10/07/2003	-	Active	NO
4	U01117KA1981PTC004556	RAMESH EXPORTS PRIVATE LIMITED	Managing director	01/08/2003	01/08/2003	-	Active	NO
5	U34300TN2006PTC059822	MUDHRA FINE BLANC PRIVATE LIMITED	Director	12/09/2011	03/09/2011	-	Active	NO
6	U01132TN2011PLC079800	PARRY AGRO INDUSTRIES LIMITED	Director	27/07/2012	03/03/2012	-	Active	NO

Name :

Claudio Malvestiti

Designation :

Director

Address :

Vedano AL Lambro, VIA Gramsci 24, Italy

Date of Birth/Age :

25.05.1951

Date of Appointment :

12.09.2011

DIN No.:

03591368

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	U34300TN2006PTC059822	MUDHRA FINE BLANC PRIVATE LIMITED	Director	12/09/2011	03/09/2011	-	Active	NO

Name :

Luca Redaelli Giuseppe

Designation :

Director

Address :

Besana IN Brianza VIA Santa Caterina 21, Italy

Date of Birth/Age :

19.11.1969

Date of Appointment :

12.09.2011

DIN No.:

03591375

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	U34300TN2006PTC059822	MUDHRA FINE BLANC PRIVATE LIMITED	Director	12/09/2011	03/09/2011	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Barthasarathy
Designation :	Finance Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 14.07.2012

Names of Shareholders	No. of Shares
S. Thiagarajan	1197115
Rajeswari Thyagarajan	1158410
Surojit Mukherjee	272825
Gowri Thiagarajan	86700
Anusha Pradeep	140322
V. Anandram	40000
Ernesto Malvestiti S.p.A, Italy	2895372
Industria Meccanica Di Arosio S.p.A, Italy	643416
Total	6434160

Equity Share Break up (Percentage of Total Equity)

As on: 14.07.2012

Category	Percentage
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	55.00
Directors or relatives of directors	44.38
Other top fifty shareholders	0.62
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of highly engineered precision auto components.
Terms :
Selling :	L/C and Credit
Purchasing :	L/C and Credit

PRODUCTION STATUS (As on: 31.03.2012)

Particulars	Installed Capacity	Actual Production
Push Rod	2100000	1711102
Shims	11800000	10422670
PBP	5100000	3371924
Others	2000000	1.029567

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

100 (Approximately)

Bankers :

Indian Overseas Bank, Large Advances Branch, SIPCOT Industrial Park, Irungattukottai, Kancheepuram - 602105, Tamilnadu, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
LONG TERM BORROWINGS
Rupee term loans from banks	77.739	77.739
Rupee term loans from others	2.641	3.423
Loans taken for fixed assets	1.547	1.321
SHORT TERM BORROWINGS
Working capital loans from banks	70.170	71.677
Total	152.097	154.160

Banking Relations :	--
Auditors :
Name :	Sukumar and Associates Chartered Accountants
Address :	# 29, (Old #7), Devadi Street, (Off Kutchery Road), Mylapore, Tamilnadu, India
PAN No.:	AANFS9673C
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	Ernesto Malvestiti s.p.a

CAPITAL STRUCTURE

As on: 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
6500000	Equity Shares	Rs.10/- each	Rs.65.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
6434160	Equity Shares	Rs.10/- each	Rs.64.342 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	64.342	28.199
(b) Reserves & Surplus	114.994	-3.222
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.050	21.238
Total Shareholders’ Funds (1) + (2)	179.386	46.215
(3) Non-Current Liabilities
(a) long-term borrowings	81.927	82.483
(b) Deferred tax liabilities (Net)	41.678	37.338
(c) Other long term liabilities	7.934	8.999
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	131.539	128.820
(4) Current Liabilities
(a) Short term borrowings	70.170	71.677
(b) Trade payables	46.957	38.718
(c) Other current liabilities	25.582	108.029
(d) Short-term provisions	0.000	0.000
Total Current Liabilities (4)	142.709	218.424
TOTAL	453.634	393.459
ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	231.695	236.590
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	24.290	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000
(e) Other Non-current assets	8.312	2.204
Total Non-Current Assets	264.297	238.794
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	102.163	93.752
(c) Trade receivables	54.140	25.821
(d) Cash and cash equivalents	9.771	6.902
(e) Short-term loans and advances	23.263	28.190
(f) Other current assets	0.000	0.000
Total Current Assets	189.337	154.665
TOTAL	453.634	393.459

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		20.527
2] Share Application Money		8.600
3] Reserves & Surplus		0.000
4] (Accumulated Losses)		(18.491)
NETWORTH		10.636
LOAN FUNDS
1] Secured Loans		175.686
2] Unsecured Loans		0.050
TOTAL BORROWING		175.736
DEFERRED TAX LIABILITIES		26.648
TOTAL		213.020
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		149.445
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	33.768
	Sundry Debtors	19.637
	Cash & Bank Balances	2.279
	Other Current Assets	1.082
	Loans & Advances	8.193
Total Current Assets		64.959
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	26.028
	Other Current Liabilities	5.751
	Provisions	0.000
Total Current Liabilities		31.779
Net Current Assets		33.180
MISCELLANEOUS EXPENSES		30.395
TOTAL		213.020

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		GROSS INCOME	401.613	342.026	NA
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	NA	NA
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		44.029	41.991
Less	FINANCIAL EXPENSES		28.654	34.707	NA
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		15.375	7.284
Less/ Add	DEPRECIATION/ AMORTISATION		13.162	12.476
	PROFIT/ (LOSS) BEFORE TAX		2.213	(5.192)
Less	TAX		4.341	6.003
	PROFIT/ (LOSS) AFTER TAX		(2.128)	(11.195)	(6.057)
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	USD 40507	UDS 64762	2.905
	TOTAL EARNINGS		USD 40507	UDS 64762	2.905
	IMPORTS
		Raw Materials	89.918	59.840
		Capital Goods	10.896	0.000
	TOTAL IMPORTS		100.814	59.840	NA
	Earnings/ (Loss) Per Share (Rs.)		0.33	(4.24)	(285.80)

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
Return on Total Assets (PBT/Total Assets}	(%)	0.52	(1.32)	NA
Return on Investment (ROI) (PBT/Networth)		0.01	(0.11)	NA
Debt Equity Ratio (Total Debt/Networth)		0.85	3.34	16.52
Current Ratio (Current Asset/Current Liability)		1.33	0.71	2.04

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	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last two 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)	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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10107433	24/08/2010 *	109,925,000.00	INDIAN OVERSEAS BANK	LARGE ADVANCES BRANCH, SIPCOT INDUSTRIAL PARK, IRUNGATTUKOTTAI, KANCHEEPURAM, TAMILNADU - 602105,  INDIA	A94293669
2	10030385	18/09/2012 *	325,200,000.00	INDIAN OVERSEAS BANK	LARGE ADVANCES BRANCH, SIPCOT INDUSTRIAL PARK, IRUNGATTUKOTAI, KANCHEEPURAM, TAMILNADU - 602105, INDIA	B60064680
3	90294228	31/08/2005	644,000.00	SUNDARAM FINANCE LIMITED	NO. 21; PATULLOS ROAD, CHENNAI, TAMILNADU - 600002, INDIA	-
4	90293682	21/02/1997	4,256,000.00	GOVERNMENT OF TAMILNADU	TERRITORIAL ASSISTANT, COMMISSIONER OF COMMERCIAL  TAXES, CHENNAI, TAMILNADU, INDIA	-

FIXED ASSETS

Tangible Assets

• Land
• Buildings
• Plant and Equipment
• Furniture and Fixtures
• Office Equipment
• Vehicles

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.58.91
UK Pound	1	Rs.90.68
Euro	1	Rs.78.22

INFORMATION DETAILS

Information Gathered by :	PLK
Report Prepared by :	VRN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	-
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	4
--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
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.