MIRA INFORM REPORT

Report Date :

20.05.2013

IDENTIFICATION DETAILS

Name :	LINDE ENGINEERING INDIA PRIVATE LIMITED (w.e.f. 18.12.2007)
Formality Known As :	LINDE PROCESS TECHNOLOGIES INDIA PRIVATE LIMITED
Registered Office :	806, Meghdoot 94, Nehru Place, New Delhi – 110 019
Country :	India
Financials (as on) :	31.12.2011
Date of Incorporation :	11.11.1987
Com. Reg. No.:	55-29740
Capital Investment / Paid-up Capital :	Rs.5.000 Millions
CIN No.: [Company Identification No.]	U64203DL1987PTC029740
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in the business of Engineering and Construction in the Oil and Gas Sector and Infrastructure Sector.
No. of Employees :	50 [Approximately]

RATING & COMMENTS

MIRA’s Rating :

A (65)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 3690000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an old and a well established company with good track. Financial position of the company is good. Trade relations are reported as fair. Business is active. Payments are regular and as per commitments. The company can be considered good for normal business dealings under usual trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – June 30, 2012

Country Name	Previous Rating (31.03.2012)	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

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	AA [Long Term]
Rating Explanation	Having high degree of safety regarding timely regarding of financial obligation. It carry very low credit risk.
Date	15.10.2012

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.

INFORMATION PARTED BY

Name :	Mr. Vivek Agrawal
Designation :	Account Manager
Contact No.:	91-9099986109

LOCATIONS

Registered Office :	806, Meghdoot 94, Nehru Place, New Delhi – 110 019, India
Tel. No. :	91-11-26431054
E-Mail :	rajendra.pawar@linde-le.com info@jpku.com smrati.pawar@linde-le.com
Website :	http://www.linde-india.com/
Corporate Office :	Linde House, Opposite Vuda Office, VIP Road, Karelibaug, Vadodara-390 018, Gujarat, India
Tel. No. :	91-265-3056789
Fax No. :	91-265-2335213 / 2461757
E-Mail :	vivek.agrawal@linde-le.com sales@linde-le.com
Area :	Big Area = (Ground + 3 Floor)
Location :	Leased
Regional Office :	Mumbai: 02, Lokesh Co-operative Housing Society, Plot No. 27, Sector 15, Koperkhairne, Navi Mumbai – 400709, Maharashtra, India Tel. No.: 91-22-27542699 E-Mail : veegeec@vsnl.com Kochi: ‘Neethi Neekethan’ Warriam Road, Errnakulam, Kochi – 682016, Kerala, India Tel No.: 91-484-2355664 E-mail: chitturs@yahoo.com

DIRECTORS

AS ON 22.05.2012

Name :

Dr. Rainhart Vogel

Designation :

Managing Director

Address :

Dresden, Gustav-Freytag_str18, Dresden, 01277, Germany

Date of Birth/Age :

16.02.1961

Date of Appointment :

04.11.2009

DIN No. :

02883845

Name :

Mr. Juergon Nowicki

Designation :

Director

Address :

Thalerweg 21, 82041, Oberhaching, Germany, 82041, Germany

Date of Birth/Age :

04.01.1964

Date of Appointment :

22.05.2012

DIN No. :

05312658

Name :

Dr. Samir Serhan

Designation :

Director

Address :

AM Hochwald 30, 82319, Straberg-82319, Germany

Date of Birth/Age :

03.07.1961

Date of Appointment :

13.05.2010

DIN No. :

02885325

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	U64203DL1987PTC029740	LINDE ENGINEERING INDIA PRIVATE LIMITED	Director	13/05/2010	04/11/2009	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 22.05.2012

Names of Shareholders	No. of Shares
AG Linde, Germany	49980
Commercium Immobilien, Germany	20
TOTAL	50000

AS ON 22.05.2012

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in the business of Engineering and Construction in the Oil and Gas Sector and Infrastructure Sector.

GENERAL INFORMATION

No. of Employees :

50 [Approximately]

Bankers :

· Canara Bank, Moosapet X Road, Specialized SSI Branch, Kukatpally, Hyderabad-500072, Andhra Pradesh, India

· Deutsche Bank, Mumbai Fort Branch

Facility: OD – 50.000 millions

Bank Guarantee: 780.000 Millions

· Standard Chartered Bank, Vadodara Branch

Bank Guarantee: 1000.000 Millions

· Citi Bank, Vadodara Branch, Gujarat, India

Facilities :

Secured Loan	As on 31.12.2011 [Rs. in Millions]	As on 31.12.2010 [Rs. in Millions]
Working Capital Loan From Banks	39.189	0.000
TOTAL	39.189	0.000

Banking Relations :	--
Auditors :
Name :	BSSR and Company Chartered Accountants
Address :	1^st Floor, Lodha Excelus Apolllo Mills Compound, N.M. Joshi Marg, Mahalaxmi, Mumbai-400011, Maharashtra, India
PAN No:	AAKFB4430H
Holding Company :	Linde AG, Germany
Fellow Subsidiaries :	· Linde KCA Dresden GmbH (Linde KCA) · Selas-Linde GMBH · Linde Kryotechnik AG · BOC India Limited · Linde Process Plants, Inc. · Linde Engineering Middle East LLC · Linde Engineering (Hangzhou) Company Limited

CAPITAL STRUCTURE

AS ON 22.05.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.100/- each	Rs.10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.100/- each	Rs.5.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.12.2011	31.12.2010	31.12.2009
SHAREHOLDERS FUNDS
1] Share Capital		5.000	5.000	5.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		918.730	516.682	493.952
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		923.730	521.682	498.952
LOAN FUNDS
1] Secured Loans		39.189	0.000	0.000
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		39.189	0.000	0.000
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		962.919	521.682	498.952
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		246.925	86.016	71.315
Capital work-in-progress		7.646	139.169	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		28.547	43.167	31.167
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	20.906	40.090	26.309
	Sundry Debtors	504.674	655.229	649.469
	Cash & Bank Balances	389.944	615.142	146.570
	Other Current Assets	782.947	1.055	6.413
	Loans & Advances	442.657	314.797	240.086
Total Current Assets		2141.128	1626.313	1068.847
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	942.042	362.529	220.270
	Other Current Liabilities	360.252	833.079	331.305
	Provisions	159.033	177.375	120.802
Total Current Liabilities		1461.327	1372.983	672.377
Net Current Assets		679.801	253.330	396.470
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		962.919	521.682	498.952

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.12.2011	31.12.2010	31.12.2009
	SALES
	Income from Engineering Services and Equipment Supply
		- Domestic		56.348	12.575
		- Exports		421.430	294.261
		Contract Revenue	3382.120	1574.948	1412.710
		Other Income	NA	93.265	130.681
		TOTAL (A)	NA	2145.991	1850.227
Less	EXPENSES
		Project Supplies and Expenses		1053.984	977.069
		Employee Remuneration and Benefits	NA	711.720	461.133
		Operating and General Expenses		283.861	158.585
		(Increase) / Decrease in inventory		(13.781)	(18.281)
		TOTAL (B)	NA	2035.784	1578.506
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			110.207	271.721
Less	FINANCIAL EXPENSES (D)			5.558	3.927
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		634.960	104.649	267.794
Less/ Add	DEPRECIATION/ AMORTISATION (F)		59.230	33.644	27.942
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		575.730	71.005	239.852
Less	TAX (H)		173.680	(10.030)	74.421
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		402.050	81.035	165.431
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		482.820	468.196	404.714
Less	APPROPRIATIONS
		Interim Dividend Paid	0.000	50.000	73.000
		Corporate Dividend Tax	0.000	8.305	12.406
		Transfer to General Reserve	0.000	8.103	16.543
	BALANCE CARRIED TO THE B/S		884.870	482.823	468.196
	EARNINGS IN FOREIGN CURRENCY
		Engineering Services – Export	NA	1027.681	278.517
		Engineering Materials – Export	NA	83.429	374.837
		Others	NA	7.065	8.728
	TOTAL EARNINGS		NA	1118.175	662.082
	Earnings / (Loss) Per Share (Rs.)		8041.00	1621.00	3309.00

KEY RATIOS

PARTICULARS		31.12.2011	31.12.2010	31.12.2009
PAT / Total Income	(%)	NA	3.78	8.94
Net Profit Margin (PBT/Sales)	(%)	17.02	3.45	13.95
Return on Total Assets (PBT/Total Assets}	(%)	24.11	4.15	21.04
Return on Investment (ROI) (PBT/Networth)		0.62	0.14	0.48
Debt Equity Ratio (Total Debt/Networth)		0.04	0.00	0.00
Current Ratio (Current Asset/Current Liability)		1.47	1.18	1.59

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	Yes
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 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	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	No
30]	Major Shareholders, if available	Yes
31]	PAN of Proprietor/Partner/Director, if available	No
32]	Date of Birth 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

BACKGROUND:

Subject (the company) is a company incorporated in India and registered under the Companies Act, 1956. The Company is a wholly owned subsidiary of Linde AG, Germany. The Company is primarily engaged in the business of engineering and Construction in the oil and gas sector and infrastructure sector.

OPERATIONS:

During the year, orders amounting to 3382.120 millions Indian rupees were completed as against 2052.730 millions Indian rupees for the previous year. Order booking for domestic projects has been comparatively lower than last year. This was due to delay in decision by several customers, in line with the economic scenario in India. At the same time, the Company has substantial proposals in pipeline, some of which should materialize in 2012. There are promising orders of engineering outsourcing services for export and use outside India, primarily from Linde AG. The Company has enhanced its engineering capacity further to cope up with increase in the likely order intake of its engineering and other services for export and use outside India. The Company has learnt the complete spectrum of EPC activities with commissioning of Hydrogen plant in 2010, progressing formidably in Sulfur recovery block in 2011 and crude oil storage facility for execution in 2012.

FUTURE OUTLOOK:

The company is making every effort to secure further orders from Indian industry as well as overseas bodies for detail engineering, global procurement and project execution. The business prospects have started showing positive signs for growth in Indian as well as global industries and directors expressed keen interest to take necessary action to achieve the required growth of the company.

CONTINGENT LIABILITIES:

Particulars	31.12.2011 [Rs. in millions]	31.12.2010 [Rs. in millions]
Claims against the company not acknowledged as debt: Sales tax matters	20.575	0.000
Claims against the company not acknowledged as debt: Income-tax matters	17.140	0.000
Guarantees given by Bank on behalf of the Company for execution and performance of contracts (note a) Note a: During the previous year ended 31 December 2010, the Company had disclosed guarantees given by Bank on behalf of the Company for execution and performance of contracts. However, the same is not required to be disclosed per guidance under schedule VI to the Companies Act, 1956. Accordingly, the same have not been disclosed in respect of the current year ended 31 December 2011.	0.000	860.264
TOTAL	37.715	860.264

FIXED ASSETS:

· Computer Software

· Leasehold Improvement

· Office Equipments

· Electrical Equipments and Installation

· Computer Hardware

· Vehicles

NEWS:

LINDE INVESTS IN CROP SCIENCE AS CHALLENGE TO FOOD SECURITY INTENSIFIES

Munich, 13 May 2013 – Linde Gases, a division of the Linde Group, today announced the launch of its Crop Science business. The re-energized product and service offering – previously referred to as its "fumigants" business – is recognition of Linde's renewed commitment to combating the increasing challenges facing the world food supply chain.

Tomorrow also marks the opening of Linde's new plant in the Czech Republic, which will manufacture the group's latest environmentally friendly fumigant. The new fumigant, to be marketed as EDN^®, will be used to limit the impact of pests and disease on timber and in agriculture.¹

Global research by the Department of Agriculture and Food in Australia has confirmed that a third of the world's food supply is lost or wasted – enough to feed over two billion people. Over half of this food loss is attributable to destruction by crop pests. There are an estimated 70,000 species of crop pests responsible for over 1.4 trillion US dollars of economic losses each year, and as crop pests are predicted to outpace the growth of environmental pests and animal diseases over the next 20 years, this problem will only intensify.

Leading Linde's Crop Science program, gas applications manager, Chris Dolman, said, "Unwanted and harmful organisms are an increasingly global and complex problem, ranging from microorganisms such as bacteria and moulds to arthropods such as insects and spiders, to specific types of plants."

The issue of crop pests is further aggravated by population growth. Predications around food production indicate that food growth will need to increase by 70 to 100 percent over the next 30 years to meet demand.²
Globalization and the movement of people and goods also create new opportunities for pests: entry into new geographical regions, the finding of new vectors, hosts and environments, and the development of new genetic combinations.

With these challenges in mind, Linde's newly formed Crop Science business will offer innovative fumigant products to protect both food produce itself and the producer's investment, while allowing for genuine sustainable agriculture. The products are highly effective substitutes for the universal – and now mainly banned component – Methyl bromide (MBr), which has for some time been the global standard for fumigation. Linde's fumigant product range is considerably more environmentally friendly and comprises of naturally occurring active ingredients that degrade to earth-friendly metabolites. The fumigant range also fully complies with UN Directives, such as the Montreal Protocol, and has no known global warming potential.

Dolman added, "The move to strengthen our Crop Science business reinforces Linde's commitment to food security and to help protect the global food supply chain. Linde has always played a pioneering role in innovative gas technologies and has a strong heritage in environmental care and scientific research. It is well placed to lead the way with innovative solutions for crop protection."

Linde's innovative Crop Science product range includes VAPORMATE™ and EDN™. Linde also has a dedicated team to ensure farmers and producers select the most appropriate fumigant product to meet their needs and to comply with local regulatory requirements. Further information can be found at http://cropscience.linde-gas.com In recognition of Linde's dedicate to sustainabilty performance, in September 2012 the Group was added to the Dow Jones Sustainability Indexes (DJSI World). Analysts at the Sustainable Asset Management Group (SAM) recognized in particular the Group's activities in the areas of climate change, environmental management systems and risk and crisis management.³

ABOUT THE LINDE GROUP:

The Linde Group is a world-leading gases and engineering company with around 62,000 employees in more than 100 countries worldwide. In the 2012 financial year, Linde generated revenue of EUR 15.280 bn. The strategy of the Group is geared towards long-term profitable growth and focuses on the expansion of its international business with forward-looking products and services. Linde acts responsibly towards its shareholders, business partners, employees, society and the environment – in every one of its business areas, regions and locations across the globe. The company is committed to technologies and products that unite the goals of customer value and sustainable development.

LINDE HAS DECIDED TO CALL AND REDEEM EUR 400 M UNDATED SUBORDINATED BOND

Munich, 06 May 2013 – The Linde Group has decided to call and redeem the EUR 400 m Undated Subordinated Bond issued by Linde Finance B.V. in 2003 and guaranteed by Linde AG at its nominal amount. Call and Redemption of the bond shall be made in accordance with the terms and conditions of the Bond on July 3, 2013.

"Our solid financial position and strong equity base allow us to redeem the subordinated bond on its first call date," said Georg Denoke, member of the Executive Board and CFO of Linde AG. "This decision marks no change in our conservative financing strategy of long-term orientation and safeguarding liquidity. Any future plans for our other outstanding subordinated instruments' call options will be done on a case-by-case basis."

ABOUT THE LINDE GROUP:

The Linde Group is a world-leading gases and engineering company with around 62,000 employees in more than 100 countries worldwide. In the 2012 financial year, Linde generated revenue of EUR 15.280 bn. The strategy of the Group is geared towards long-term profitable growth and focuses on the expansion of its international business with forward-looking products and services. Linde acts responsibly towards its shareholders, business partners, employees, society and the environment – in every one of its business areas, regions and locations across the globe. Linde is committed to technologies and products that unite the goals of customer value and sustainable development.

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.54.89
UK Pound	1	Rs.83.65
Euro	1	Rs.70.57

INFORMATION DETAILS

Report Prepared by :

TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	8
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	7
--RESERVES	1~10	7
--CREDIT LINES	1~10	7
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		65

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.