MIRA INFORM REPORT

Report Date :

07.06.2013

IDENTIFICATION DETAILS

Name :	PRECISION RUBBER INDUSTRIES PRIVATE LIMITED [w.e.f.15.07.2008]
Formerly Known As :	GDN RUBBERS PRIVATE LIMITED
Registered Office :	201 A, Poonam Chambers, Dr. Annie Beasant Road, Worli, Mumbai - 400018, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	23.01.2008
Com. Reg. No.:	11-178158
Capital Investment / Paid-up Capital :	Rs. 17.089 Millions
CIN No.: [Company Identification No.]	U25190MH2008PTC178158
TAN No.: [Tax Deduction & Collection Account No.]	MUMG13086D
PAN No.: [Permanent Account No.]	AADCG0576B
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Precitex brand of Aprons and Cots.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (31)

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

Maximum Credit Limit :	USD 267000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. It has incurred loss from its operations during 2012. The external borrowing appears to be huge. However, trade relations are reported as 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.

LOCATIONS

Registered / Corporate Office :	201 A, Poonam Chambers, Dr. Annie Beasant Road, Worli, Mumbai - 400018, Maharashtra, India
Tel. No.:	91-22-40049750/ 40049751/ 40766444
Fax No.:	91-22-66605382/ 66605383
E-Mail :	barot@precitex.com sales@precitex.com richa@precitez.com richa@precitex.com
Website :	www.precitex.com
Sales and Marketing Office:	C-45, Road No.25, Wagle Industrial Estate, Thane - 400604, Maharashtra, India
Tel. No.:	91-22-25822569/ 25830983/ 40766333
Fax No.:	91-22-25821778
E-Mail :	sales@precitex.com
Factory 1 :	Palia Chouraha, Near Reoti Range, Sanwer Road, Indore - 452003, Madhya Pradesh, India
Tel. No.:	91-731-3292923
E-Mail :	indrfact@precitex.com
Factory 2 :	A1 - 5, G.I.D.C., Umbergaon - 396171, Gujarat, India
Tel. No.:	91-260-2563468/ 2563868
Fax No.:	91-260-2562868
E-Mail :	umb@precitex.com
Zonal Office 1 :	302, Harsha House, Karampura Commercial Complex, New Delhi - 110015, India
Tel No.:	91-11-25920540/ 25920541
Fax No.:	91-11-25920540/ 25920541
Email:	delhi@precitex.com
Zonal Office 2 :	No. 62, T. Balan Nagar, Kovundampalayam, Coimbatore - 641030, Tamilnadu, India
Tel No.:	91-422-4504152/ 4347152
Fax No.:	91-422-2454152
Email:	cbe@precitex.com

DIRECTORS

AS ON 28.09.2012

Name :

Mr. Ghansham Dembla

Designation :

Director

Address :

8/A, Hormazd Villa, Carmichael Road, Mumbai - 400026, Maharashtra, India

Date of Birth/Age :

24.11.1934

Date of Appointment :

23.01.2008

DIN No.:

00060361

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	Company/ LLP Status	Defaulting status
1	U25200MH1971PTC015286	PRECISION BUSINESS PARK PRIVATE LIMITED	Director	18/08/1971	18/08/1971	Active	NO
2	U25190MH2008PTC178158	PRECISION RUBBER INDUSTRIES PRIVATE LIMITED	Director	23/01/2008	23/01/2008	Active	NO
3	U17291MH2011PTC216057	PRECISION YARNS PRIVATE LIMITED	Director	11/04/2011	11/04/2011	Active	NO

Name :

Mr. Niraj Ishwar Thakkar

Designation :

Director

Address :

1001, 10^th Floor, Grand Bay Apartments, 17 Hill Road, Bandra (West), Mumbai - 400050, Maharashtra, India

Date of Birth/Age :

30.11.1970

Date of Appointment :

23.01.2008

DIN No.:

00060388

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	U25200MH1971PTC015286	PRECISION BUSINESS PARK PRIVATE LIMITED	Director	01/03/2007	16/04/1996	-	Active	NO
2	U74140MH1996PTC099976	SWASTIK DISA DEVELOPERS PRIVATE LIMITED	Director	04/06/1996	04/06/1996	25/02/2009	Active	NO
3	U36100MH1996PTC100073	ESTEE HOME FURNISHING INDUSTRIES PRIVATE LIMITED	Director	07/06/1996	07/06/1996	17/01/2011	Active	NO
4	U25119GJ2000PTC038626	OM RUBBER INDUSTRIES PRIVATE LIMITED	Director	01/04/2004	01/04/2004	-	Active	YES
5	U91100MH1951GAT008683	ALL INDIA RUBBER INNDUSTRIES ASSOCIATION	Director	29/09/2006	29/09/2006	-	Active	NO
6	U25190MH2008PTC178158	PRECISION RUBBER INDUSTRIES PRIVATE LIMITED	Director	23/01/2008	23/01/2008	-	Active	NO
7	U17291MH2011PTC216057	PRECISION YARNS PRIVATE LIMITED	Additional director	08/05/2013	08/05/2013	-	Active	NO

Name :

Mr. Diven Ghansham Dembla

Designation :

Director

Address :

8/A, Hormazd Villa, Carmichael Road, Mumbai - 400026, Maharashtra, India

Date of Birth/Age :

27.12.1968

Date of Appointment :

23.01.2008

DIN No.:

00060426

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	Company/ LLP Status	Defaulting status
1	U25200MH1971PTC015286	PRECISION BUSINESS PARK PRIVATE LIMITED	Managing director	01/11/2005	16/04/1996	Active	NO
2	U99999MH1969NPL014319	INDIAN TEXTILE ACCESSORIES AND MACHINERY MANUFACTURERS' ASSOCIATION	Director	29/09/2006	29/09/2006	Active	NO
3	U25190MH2008PTC178158	PRECISION RUBBER INDUSTRIES PRIVATE LIMITED	Director	23/01/2008	23/01/2008	Active	NO
4	U17291MH2011PTC216057	PRECISION YARNS PRIVATE LIMITED	Additional director	08/05/2013	08/05/2013	Active	NO

Name :

Mrs. Rovina Ghansham Dembla

Designation :

Director

Address :

8/A, Hormazd Villa, Carmichael Road, Mumbai - 400026, Maharashtra, India

Date of Birth/Age :

04.08.1942

Date of Appointment :

11.09.2009

DIN No.:

00064013

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	Company/ LLP Status	Defaulting status
1	U25200MH1971PTC015286	PRECISION BUSINESS PARK PRIVATE LIMITED	Whole-time director	01/11/2005	18/08/1971	Active	NO
2	U25190MH2008PTC178158	PRECISION RUBBER INDUSTRIES PRIVATE LIMITED	Director	11/09/2009	07/01/2009	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 28.09.2012

Names of Shareholders	No. of Shares
Ghanshyam T Dembla joint with Rovina Ghansham Dembla, Bhenoy G Dembla, Diven Ghansham Dembla	425348
Rovina Ghansham Dembla joint with Ghanshyam T Dembla , Bhenoy G Dembla, Diven Ghansham Dembla	408236
Diven Ghansham Dembla joint with Ghanshyam T Dembla, Rovina Ghansham Dembla, Bhenoy G Dembla	257716
Ghansham T Dembla HUF	36576
Surbhi I. Thakkar jointly with Niraj Ishwar Thakkar, Neha I. Thakkar	411756
Niraj Ishwar Thakkar joint with Surbhi I Thakkar, Neha I Thakkar	76296
Minali N Thakkar joint with Niraj I Thakkar, Surbhi I Thakkar	1272
Niraj Ishwar Thakkar HUF	8
Ishwar Dhanjidas Thakkar HUF	91692
Total	1708900

AS ON 28.09.2012

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Precitex brand of Aprons and Cots.

Products/ Services :

ITC Code No.	Product Descriptions
401699.09	Aprons
401699.01	Cots

Brand Names :

“PRECITEX”

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Installed Capacity	Actual Production
Aprons	Nos.	33300000	34180440
Cots	Nos.	22200000	25591898

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Ø Canara Bank, Worli Branch, Marthanda Building, 84, Dr. Annie Besant Road, Worli, Mumbai - 400018, Maharashtra, India

Ø ICICI Bank Limited

Ø HDFC Bank Limited

Facilities :

Secured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
From Banks
Term Loan from Canara Bank, Mumbai [Against hypothecation of fixed assets and on a personal guarantee of directors]	23.934	11.268
ICICI Bank	1.352	0.763
Tata Capital Limited	0.000	0.061
HDFC Bank	0.324	0.000
Kotak Mahindra Prime Limited [Against hypothecation of Motor Cars and on a personal guarantee of directors]	0.549	1.493
Cash Credit from Canara Bank [Secured by hypothecation of stocks, stores and book debts and also guaranteed by directors in their personal capacity]	131.219	138.796
Canara Bank-Mumbai [Against pledge of fixed deposit receipts]	4.149	0.000
Total	161.527	152.381

Banking Relations :	--
Auditors :
Name :	A. Puri and Company Chartered Accountants
Address :	Flat No. 703, Building No. 2-C, Patliputra Nagar, Oshiwara, Jogeshwari (West), Mumbai – 400102, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AAEPP7655A

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
2,000,000	Equity Shares	Rs. 10/- each	Rs. 20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1,708,900	Equity Shares	Rs. 10/- each	Rs. 17.089 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		17.089	17.089	17.089
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		49.753	102.659	91.596
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		66.842	119.748	108.685
LOAN FUNDS
1] Secured Loans		161.527	152.381	162.987
2] Unsecured Loans		96.850	83.850	73.850
TOTAL BORROWING		258.377	236.231	236.837
DEFERRED TAX LIABILITIES		5.157	5.587	6.242
TOTAL		330.376	361.566	351.764
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		87.725	71.305	54.216
Capital work-in-progress		4.774	3.877	0.000
INVESTMENT		0.010	0.010	0.010
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	173.423	193.837	184.361
	Sundry Debtors	89.310	104.261	98.484
	Cash & Bank Balances	33.951	34.573	65.648
	Other Current Assets	0.036	0.058	0.000
	Loans & Advances	29.759	41.097	64.358
Total Current Assets		326.479	373.826	412.851
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	40.766	34.036	40.080
	Other Current Liabilities	47.846	51.430	39.682
	Provisions	0.000	1.986	35.631
Total Current Liabilities		88.612	87.452	115.393
Net Current Assets		237.867	286.374	297.458
MISCELLANEOUS EXPENSES		0.000	0.000	0.080
TOTAL		330.376	361.566	351.764

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income			479.100
		Other Income			N.A.
		TOTAL	509.000	565.100	N.A.
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	558.100	547.200	N.A.
	PROFIT BEFORE TAX		(49.100)	17.900	19.000
Less	TAX		4.237	5.505	4.800
	PROFIT AFTER TAX		(53.337)	12.395	14.200
	PROVISION FOR DEFERRED TAX		0.430	0.654	0.800
	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		10.994	1.171	9.900
	APPROPRIATIONS
		Proposed Dividend	0.000	1.789	1.700
		Corporate Tax on Proposed Dividend	0.000	0.277	0.300
		Transfer to General Reserve	0.000	1.240	0.300
	BALANCE CARRIED TO THE B/S		(41.913)	10.994	1.200
	EARNINGS IN FOREIGN CURRENCY
		For Value of Sales	167.038	164.673	133.741
		Reimbursement of Freight and Insurance	6.293	5.935	4.705
	TOTAL EARNINGS		173.331	170.608	138.446
	IMPORTS
		Raw Materials	100.631	68.485	67.266
		Plant and Machinery	0.000	0.228	0.000
		Stores and Spares	0.276	0.193	0.134
		Plant and Machinery [Capital work in progress]	3.801	0.000	0.000
	TOTAL IMPORTS		104.708	68.906	67.400
	Earnings Per Share (Rs.)		(31.21)	7.25	8.31

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	(10.48)	2.19	N.A.
Net Profit Margin (PBT/Sales)	(%)	N.A.	N.A.	3.97
Return on Total Assets (PBT/Total Assets}	(%)	(11.85)	4.02	4.07
Return on Investment (ROI) (PBT/Networth)		(0.73)	0.15	0.17
Debt Equity Ratio (Total Debt/Networth)		3.87	1.97	2.18
Current Ratio (Current Asset/Current Liability)		3.68	4.27	3.58

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	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	--
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

UNSECURED LOANS

Unsecured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
From Shareholders, Directors and their relatives	81.850	73.850
Inter Corporate	15.000	10.000
Total	96.850	83.850

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U25190MH2008PTC178158
Name of the company	PRECISION RUBBER INDUSTRIES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	201 A, Poonam Chambers, Dr. Annie Beasant Road, Worli, Mumbai - 400018, Maharashtra, India Email: barot@precitex.com
This form is for	Modification of charge
Charge identification number of the modified	10185606
Type of charge	Book debts Movable property (not being pledge)
Particular of charge holder	Canara Bank, Worli Branch, Marthanda Building, 84, Dr. Annie Besant Road, Worli, Mumbai - 400018, Maharashtra, India Email: arun.govil@gmail.com
Nature of description of the instrument creating or modifying the charge	Supplemental Common Hypothecation Agreement
Date of instrument Creating the charge	22.03.2013
Amount secured by the charge	Rs.237.500 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Interest@14.50% p.a. shall be charged (4.25% above Base Rate) Terms of Repayment OCC/ODBD- On Demand. Term Loan- as per Sanction Letter ILC/FLC- as per Sanction Letter Margin Stocks- RM-25%, Semi Finished Goods-33% and Finished Goods-35% Book Debts-50% Extent and Operation of the charge Exclusive charge by way of Hypothecation of Stocks, Book Debts, Plant and Machinery both present and future of the Company
Short particulars of the property charged	Hypothecation of Stocks of goods such as raw materials, Goods in process, finished and mfd. goods and other items of Stocks in trade and stores, spares, components, machinery, Vehicles, Furniture and fixtures and all other movable goods and properties and Book debts, Outstandings moneys, Bills, receivables, claims, bills etc. both present and future and all the plant and Machineries For Fresh TL and existing machineries lying and instaled and to be installed in future at factory at Palia Chouraha, Near Reoti Rangers, Sanwer Road, Indore, M.P. and at A-1/5,GIDC,Umbargam,District Valsad, Gujarat-396171.
Date of Modification	16.03.2012
Particulars of the present modification	By present modification, Hypothecation of Stocks, Book Debts, Plant and Machinery existing and new purchased has now increased to Rs.237.500 Millions.

FIXED ASSETS:

Ø Freehold land

Ø Factory Buildings

Ø Office / Other Premises

Ø Plant and Machinery

Ø Office Equipments

Ø Furniture and Fixture

Ø Computer Systems

Ø 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. 56.87
UK Pound	1	Rs. 87.65
Euro	1	Rs. 74.52

INFORMATION DETAILS

Report Prepared by :

BVA

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	4
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		31

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.