MIRA INFORM REPORT

Report Date :

14.11.2013

IDENTIFICATION DETAILS

Name :	BAKA LIFTEC (INDIA) PRIVATE LIMITED (w.e.f. 19.09.2001)
Formerly Known As :	BEAVER FILTERS PRIVATE LIMITED
Registered Office :	No 52, J P Nagar, Industrial Area, 3^rd Phase, Bangalore – 560078, Karnataka
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	14.07.1986
Com. Reg. No.:	08-007697
Capital Investment / Paid-up Capital :	Rs.15.000 Millions
CIN No.: [Company Identification No.]	U34300KA1986PTC007697
TAN No.: [Tax Deduction & Collection Account No.]	BLRB03349D
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Material Handling Equipments, Battery Operated Pallet Trucks, Battery Operated Pallet Trucks, Battery Operated Stackers, etc.
No. of Employees :	100 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (28)

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

Maximum Credit Limit :	USD 40000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. There appears some accumulated losses recorded by the company. However, trade relations are fair. Business is active. Payment terms are slow but correct. The compay can be considered for business dealing 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

INDIAN ECONOMIC OVERVIEW

The current downturn provides an opportunity to push ahead with reforms to accelerate growth, says the latest India Development Update report released by the World Bank. The report says that the adverse effects of rupee depreciation are likely to be offset by the gains in the exports performance due to improved external competitiveness. Since May this year, the local currency has depreciated substantially and fell to a record level of Rs 68.85 to a dollar on August, 28.

A stagflation like situation appears to have arisen as inflation jumped to an eight month high of 6.46 % for the month of September. It is up from 6.10 % in August. Growth continues to be muted with factory output plunging to 0.6  % in August. Onion prices have risen nearly 300 % from last September. Vegetables cost nearly 90 % more than they did last year. Wake up to the economic contribution of slum dwellers. They contribute more than 7.5 % to the country’s gross domestic product, according to a recent study conducted in 50 top cities.

136000 estimated number of jobs created during the second quarter of the current financial year. 50000 estimated number of additional jobs in the field of corporate social responsibility in the coming years.

The International Finance Corporation expects to come out with its rupee linked bonds issue before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple iPhone 5c (Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has been launched in India from 1^st November.

The Land Acquisition Act to provide just and fair compensation to farmers will come into force from January 1 next year, said Rural Development Minister Jairam Ramesh. The Act replaces a 119 year old registration. The Securities and Exchange Board of India has approved the trading of currency futures on the Bombay Stock Exchange. The exchange plans to launch the currency futures platform with advanced trading technology by the end of November.

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. Hari Krishna
Designation :	Dumin Business Communication
Contact No.:	91-9341264672
Date :	07.11.2013

LOCATIONS

Registered Office :	No 52, J P Nagar, Industrial Area, 3^rd Phase, Bangalore – 560078, Karnataka, India
Tel. No. :	91-80-27832661/ 26582543
Fax No. :	91-80-27831962/ 26583544
E-Mail :	accounts.baka@gmail.com info@bakalifetecindia.com
Website :	www.bakalifetechindia.com www.baka.de
Factory :	No. 8-B, Bommasandra Industrial Area, Bangalore – 560099, Karnataka, India
Tel. No. :	91-80-27832661/ 27835096
Fax No. :	91-80-27831906
E-Mail :	bakalift@vsnl.net bakalift@dataone.in

DIRECTORS

As on 28.09.2012

Name :

Subrato Haldar

Designation :

Director

Address :

No.6, Koramangala 2nd Block, Hosur Road, Bangalore – 560068, Karnataka, India

Date of Birth/Age :

26.05.1936

Date of Appointment :

14.07.1986

DIN No. :

01024507

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	U29199KA1982PTC004871	BEAVER AUTOMOTIVE PRIVATE LIMITED	Managing director	09/08/1982	09/08/1982	Active	NO
2	U34300KA1986PTC007697	BAKA LIFTEC (INDIA) PRIVATE LIMITED	Director	14/07/1986	14/07/1986	Active	NO
3	U02720KA1995PTC019300	KRAFT-HYDROTEC PRIVATE LIMITED	Director	20/09/1996	20/09/1996	Active	NO

Name :

Piya Haldar

Designation :

Director

Address :

No.6, Koramangala 2nd Block, Hosur Road, Bangalore – 560068, Karnataka, India

Date of Birth/Age :

28.11.1972

Date of Appointment :

01.06.2005

DIN No. :

01647681

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	U02720KA1995PTC019300	KRAFT-HYDROTEC PRIVATE LIMITED	Director	01/12/1995	01/12/1995	Active	NO
2	U34300KA1986PTC007697	BAKA LIFTEC (INDIA) PRIVATE LIMITED	Director	01/06/2005	01/06/2005	Active	NO
3	U29199KA1982PTC004871	BEAVER AUTOMOTIVE PRIVATE LIMITED	Director	01/06/2005	01/06/2005	Active	NO

Name :

Madhu Chhanda Haldar

Designation :

Director

Address :

No.6, Koramangala 2nd Block, Hosur Road, Bangalore – 560068, Karnataka, India

Date of Birth/Age :

22.06.1944

Date of Appointment :

05.10.2009

DIN No. :

01647694

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	U02720KA1995PTC019300	KRAFT-HYDROTEC PRIVATE LIMITED	Director	01/12/1995	01/12/1995	Active	NO
2	U29199KA1982PTC004871	BEAVER AUTOMOTIVE PRIVATE LIMITED	Director	05/10/2009	05/10/2009	Active	NO
3	U34300KA1986PTC007697	BAKA LIFTEC (INDIA) PRIVATE LIMITED	Director	05/10/2009	05/10/2009	Active	NO

KEY EXECUTIVES

Name :	Mr. Hari Krishna
Designation :	Dumin Business Communication

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 28.09.2012

Names of Shareholders	No. of Shares
Subrato Haldar	40690
M S Satish Kumar	701
R Balasubramanyam	701
K Sriranga	8
P B Haldar	1000
Anima Roy Chowdhury	300
Madhuchanda Haldar	3000
Shankar Roy Chowdhury	300
Piya Haldar	1000
Meghana Haldar	1000
Mekhola Haldar	1000
Dola Haldar	300
Beaver Automotive Private Limited, India	100000
Total	150000

Allottees as on 23.05.2013

Names of Shareholders	No. of Shares
D Bader Sohne GmbH, Germany	5302
Norbert Kurz	5302
Total	10604

As on 28.09.2012

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	66.67
Directors or relatives of Directors	32.46
Other top fifty shareholders	0.87
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Material Handling Equipments, Battery Operated Pallet Trucks, Battery Operated Pallet Trucks, Battery Operated Stackers, etc.

Products :

Item Code No. (ITC Code)	Product Description
8427-0000	Material Handling Equipments

· Battery Operated Pallet Trucks

· Battery Operated Stackers

· Battery Operated Counter Weight Stackers

· Battery Operated Die Loaders

· Hydraulic Hand Pallet Trucks

· Hebel Rollers

· Scissor Lift Tables

· Hydraulic Lift Tables

· Manual Hydraulic Stackers

· Semi Electric Stackers

· AC Operated Flame Proof Semi Electric Stackers

Exports :

Products :

· Battery Operated Pallet Trucks

· Battery Operated Stackers

· Battery Operated Counter Weight Stackers

· Battery Operated Die Loaders

· Hydraulic Hand Pallet Trucks

· Hebel Rollers

· Scissor Lift Tables

Countries :

USA

Imports :

Products :

Raw Material

Countries :

Germany

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Actual Production
Battery Operated Stacker – EGV/EGI/EGGT	Nos.	47
Hand/Drum/Cylinder Trolley	Nos.	1
High Lift Stacker- M60, M38 & MT46	Nos.	44
Hydraulic Hand Pallet Truck – GH	Nos.	578
Ferrous Waste and Scrap of Iron	Nos.	5307
Scissor Lift Table	Nos.	4
Battery Operated Pallet Truct – EGU	Nos.	12
Manual / Semi Electric Stacker	Nos.	29
Hebel Roller	Nos.	90
Lifting Platform AC Operated	Nos.	20
Hydraulic Lift Table	Nos.	2
CTB Drive Stand and Parts	Nos.	157
Spartk Plug Tester	Nos.	16
Tow Truck	Nos.	0

GENERAL INFORMATION

Customers :

End users

No. of Employees :

100 (Approximately)

Bankers :

Axis Bank Limited, Corporate Banking Branch, Express Building, 2^nd Floor, No.1, Queen's Road, Bangalore - 560001, Karnataka, India

Facilities :

SECURED LOANS	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
SHORT TERM BORROWINGS
Working capital loan from banks (Secured by primary charge on the entire current assets and collateral charged on Equitable mortgage of land and building, personal guarantee of directors, corporate guarantee of the holding company.)	19.403	3.137
Term loan from bank	19.000	5.200
Less: Current maturities of Long term Debt	16.463	0.000
Total	21.940	8.337

Banking Relations :	--
Auditors :
Name :	Mohan and Sridhar Chartered Accountants
Address :	#27, "Sri Nilaya", 2nd Floor, 10th Cross, Margosa Road, Malleswaram, Bangalore – 560003, Karnataka, India
Tel. No. :	91-80-23440931/ 23315335
E-Mail :	ms@msca.in
Income-tax PAN of auditor or auditor's firm :	AABFM1149F
Holding Company :	Beaver Automotive Private Limited
Associtaes :	Beaver Sales International
Companies in which directors are interested :	Kraft-Hydrotec Private Limited

CAPITAL STRUCTURE

After 28.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
175000	Equity Shares	Rs.100/- each	Rs. 17.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
160604	Equity Shares	Rs.100/- each	Rs. 16.060 Millions

As on 28.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
150000	Equity Shares	Rs.100/- each	Rs. 15.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
150000	Equity Shares	Rs.100/- each	Rs. 15.000 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	15.000	15.000
(b) Reserves & Surplus	(5.040)	(6.907)
(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)	9.960	8.093
(3) Non-Current Liabilities
(a) long-term borrowings	3.115	7.236
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.050	0.050
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	3.165	7.286
(4) Current Liabilities
(a) Short term borrowings	23.085	14.781
(b) Trade payables	14.569	12.248
(c) Other current liabilities	21.131	4.903
(d) Short-term provisions	0.217	0.187
Total Current Liabilities (4)	59.002	32.119
TOTAL	72.127	47.498
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	17.908	13.652
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.150	0.150
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	1.071	0.986
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	19.129	14.788
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	18.476	14.881
(c) Trade receivables	19.876	14.464
(d) Cash and cash equivalents	1.443	1.330
(e) Short-term loans and advances	13.203	2.035
(f) Other current assets	0.000	0.000
Total Current Assets	52.998	32.710
TOTAL	72.127	47.498

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		15.000
2] Share Application Money		8.236
3] Reserves & Surplus		0.571
4] (Accumulated Losses)		(9.187)
NETWORTH		14.620
LOAN FUNDS
1] Secured Loans		7.300
2] Unsecured Loans		7.708
TOTAL BORROWING		15.008
DEFERRED TAX LIABILITIES		0.000
TOTAL		29.628
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		13.815
Capital work-in-progress		0.000
INVESTMENT		0.150
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	18.435
	Sundry Debtors	16.864
	Cash & Bank Balances	1.710
	Other Current Assets	0.000
	Loans & Advances	3.088
Total Current Assets		40.097
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	19.090
	Other Current Liabilities	5.026
	Provisions	0.318
Total Current Liabilities		24.434
Net Current Assets		15.663
MISCELLANEOUS EXPENSES		0.000
TOTAL		29.628

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income
		Other Income
		TOTAL	90.743	72.116	56.857
Less	EXPENSES
		TOTAL	88.876	70.407	54.919
	PROFIT/ (LOSS) BEFORE TAX		1.867	1.709	1.938
Less	TAX		0.000	0.000	0.000
	PROFIT/ (LOSS) AFTER TAX		1.867	1.709	1.938
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(7.478)	(9.187)	(11.125)
	BALANCE CARRIED TO THE B/S		(5.611)	(7.478)	(9.187)
	IMPORTS
		Raw Materials/ Components/ Spares	NA	16.949	15.337
	TOTAL IMPORTS		NA	16.949	15.337
	Earnings / (Loss) Per Share (Rs.)		12.45	11.39	31.09

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	2.06	2.37	3.41
Return on Total Assets (PBT/Total Assets}	(%)	2.59	3.61	3.59
Return on Investment (ROI) (PBT/Networth)		0.19	0.21	0.13
Debt Equity Ratio (Total Debt/Networth)		2.63	2.72	1.03
Current Ratio (Current Asset/Current Liability)		0.92	1.02	1.64

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 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

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10365906	03/06/2013 *	53,000,000.00	AXIS BANK LIMITED	CORPORATE BANKING BRANCH, EXPRESS BUILDING, 2ND FLOOR, NO.1, QUEEN'S ROAD, BANGALORE - 560001, KARNATAKA, INDIA	B77365484
2	10355205	21/03/2012	20,000,000.00	AXIS BANK LIMITED	CORPORATE BANKING BRANCH, EXPRESS BUILDING, 2ND FLOOR, NO.1, QUEEN'S ROAD, BANGALORE - 560001, KARNATAKA, INDIA	B39465117

* Date of charge modification

UNSECURED LOANS

PARTICULAR	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
LONG TERM BORROWINGS
Loans and Advances from Related Parties
Inter-company borrowings	0.060	0.060
Directors	2.482	2.482
Other Loans and Advances	0.573	4.695
SHORT TERM BORROWINGS
Term Loan From Banks	0.812	0.309
Loans and Advances from Related Parties in which the Directors of their relatives are Directors or Partners	0.333	6.134
Total	4.260	13.680

CORPORATE INFORMATION

The company was incorporated on 14^th July, 1986 with the main objective of carrying out the business of manufacturing of Material Handling Equipments.

FINANCIAL RESULTS, OPERATIONS AND OUTLOOK FOR FUTURE

During the year, the Company has achieved a turnover of Rs.89.259 Millions as compared to the turnover for the last year of Rs.71.184 Millions, thus achieving a growth of about 25%. The profit before tax was Rs.1.867 Millions as compared to that of Rs.1.708 Millions for the previous year. The Directors are hopeful of achieving better results during the current financial year.

FIXED ASSETS

· Land

· Building

· Plant and Machinery

· Electrical Installation

· Office Equipments

· Computers

· Furniture and Fixtures

· Jigs, Dyes and Moulds

· Vehicle

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 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.63.65
UK Pound	1	Rs.101.17
Euro	1	Rs.85.55

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--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		28

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.