MIRA INFORM REPORT

Report Date :

28.11.2013

IDENTIFICATION DETAILS

Name :	GALIPOGLU HIDROMAS INDIA MANUFACTURING PRIVATE LIMITED
Registered Office :	Plot No.P49, 8^th Avenue, Domestic Tariff Area, Mahindra World City, Chengalpattu, Kancheepuram District – 603 002, Tamilnadu
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	29.06.2009
Com. Reg. No.:	18-072114
Capital Investment / Paid-up Capital :	Rs.157.399 millions
CIN No.: [Company Identification No.]	U29244TN2009FTC072114
TAN No.: [Tax Deduction & Collection Account No.]	CHEG10673F
PAN No.: [Permanent Account No.]	AADCG4935E
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in Manufacturing and/or Trading of Hydraulic and Telescopic Cylinders.
No. of Employees :	30 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (26)

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

Maximum Credit Limit :	USD 674000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is a relatively new company having a moderate track record. Management of the company has fail to file its financial for the year 2013 with the Government Department. The company has recorded accumulated losses from its operation during 2012. However, trade relations are improving. Business is active. Payments are reported to be slow. The company 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 (PARTIAL DETAILS)

Name :	Mr. Bose
Designation :	Senior Marketing Manager
Contact No.:	91-8754494872
Date :	25.11.2013

LOCATIONS

Registered Office/ Factory :	Plot No.P49, 8^th Avenue, Domestic Tariff Area, Mahindra World City, Chengalpattu, Kancheepuram District – 603 002, Tamilnadu, India
Tel. No.:	91-44-28120000
Mobile No.:	91-8754494872 (Mr. Bose)
Fax No.:	91-44-28120001
E-Mail :	sm.corporate@lawindia.com

DIRECTORS

AS ON 29.09.2012

Name :

Mehmet Yasar Gul

Designation :

Director

Address :

No.9, Akkonak Sokak, Meliksah Mahallesi, Meram, Konya, Turkey 42090

Date of Birth/Age :

28.06.1959

Date of Appointment :

30.09.2010

DIN No.:

02678841

Other Directorship:

S.No.	CIN/PIN	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	U29244TN2009FTC072114	GALIPOGLU HIDROMAS INDIA MANUFACTURING PRIVATE LIMITED	Director	30/09/2010	30/07/2009	-	Active	NO

Name :

Mr. Talip Gul

Designation :

Director

Address :

No.9, Akkonak Sokak, Meliksah Mahallesi, Meram, Konya, Turkey 42090

Date of Birth/Age :

02.08.1983

Date of Appointment :

30.09.2010

DIN No.:

02678832

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	U29244TN2009FTC072114	GALIPOGLU HIDROMAS INDIA MANUFACTURING PRIVATE LIMITED	Director	30/09/2010	30/07/2009	-	Active	NO

Name :

Kalyanchand Jhabakh

Designation :

Director

Address :

163, Kutchery Road, Mylapore, Chennai – 600 004, Tamilnadu, India

Date of Birth/Age :

12.02.1965

Date of Appointment :

29.06.2009

DIN No.:

00011697

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	U72200TN2006PTC059627	MERRILL TECHNOLOGY SERVICES INDIA PRIVATE LIMITED	Director	26/04/2006	26/04/2006	01/06/2009	Active	NO
2	U72200MH2006PTC235066	NAVIS INDIA TECHNOLOGIES PRIVATE LIMITED	Director	26/04/2006	26/04/2006	30/03/2012	Amalgamated	NO
3	U51909TN2005PTC056009	HARTING (INDIA) PRIVATE LIMITED	Director	03/10/2006	03/10/2006	01/06/2009	Active	NO
4	U72200PY2007PTC002080	HANGAR 17 INFORMATION AND COMMUNICATION TECHNOLOGIES PRIVATE LIMITED	Director	16/08/2007	16/08/2007	04/10/2007	Active	NO
5	U72200KA2007PTC044281	SIRIUS EMBEDDED SOFTWARE PRIVATE LIMITED	Director	02/11/2007	02/11/2007	21/02/2012	Active	NO
6	U72200TN2007PTC065617	ZUBAROO INFOSYSTEMS PRIVATE LIMITED	Director	04/12/2007	04/12/2007	-	Active	NO
7	U45200TN2008PTC066800	NOURINDIA ENGINEERS PRIVATE LIMITED	Director	13/03/2008	13/03/2008	04/04/2008	Active	NO
8	U72900PN2005PTC021548	CROSS COUNTRY INFOTECH PRIVATE LIMITED	Director	14/08/2008	05/05/2008	01/07/2009	Active	NO
9	U29299TN2008PTC069590	LEITWIND ELECTRONICS PRIVATE LIMITED	Director	17/10/2008	17/10/2008	03/02/2009	Active	NO
10	U32109TN2008PTC069996	HARTING MANUFACTURING INDIA PRIVATE LIMITED	Director	26/11/2008	26/11/2008	27/08/2012	Active	NO
11	U17120TN2008PTC070161	CRAF SHOE AND TEXTILES CONSULTING PRIVATE LIMITED	Director	12/12/2008	12/12/2008	-	Active	NO
12	U73100TN2009PTC071268	TEST AND RESEARCH INDIA PRIVATE LIMITED	Director	09/04/2009	09/04/2009	23/02/2010	Active	NO
13	U29244TN2009FTC072114	GALIPOGLU HIDROMAS INDIA MANUFACTURING PRIVATE LIMITED	Director	29/06/2009	29/06/2009	-	Active	NO
14	U74999TN2009PTC073872	INDOSPACE SKCL INDUSTRIAL PARK PRIVATE LIMITED	Director	10/12/2009	10/12/2009	02/04/2010	Active	NO
15	U72400TN2011PTC078696	ZEBRA TECHNOLOGIES INDIA PRIVATE LIMITED	Director	05/01/2011	05/01/2011	-	Active	NO
16	U72200TN2011PTC079692	MULTIBASIC TECHNOLOGY SERVICES INDIA PRIVATE LIMITED	Director	17/03/2011	17/03/2011	02/09/2011	Active	NO
17	U72900TN2011PTC080242	BEI BROADCAST ELECTRONICS INDIA PRIVATE LIMITED	Director	20/04/2011	20/04/2011	-	Active	NO
18	U72200AP2011FTC077152	REVEVOL TECHNOLOGIES INDIA PRIVATE LIMITED	Director	25/10/2011	25/10/2011	08/06/2012	Active	NO
19	U51900TN2012PTC088576	SCHWING STETTER SALES AND SERVICES PRIVATE LIMITED	Director	21/11/2012	21/11/2012	01/10/2013	Active	NO
20	U72200KA2013PTC067714	VIDYO SOFTWARE AND HARDWARE DEVELOPMENT INDIA PRIVATE LIMITED	Director	01/02/2013	01/02/2013	-	Active	NO
21	U24230TN2013FTC090912	NI CHEMIST PRIVATE LIMITED	Director	02/05/2013	02/05/2013	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Bose
Designation :	Senior Marketing Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2012

Names of Shareholders	No. of Shares
Galipoglu Hidromas Hidrolik Otomotive Sanayi ve Ticaret A.S., Turkey	19796476
Galipoglu Form Dis Ticaret A.S., Turkey	35068
Total	19831544

AS ON 26.10.2012

Names of Allottees	No. of Shares
Galipoglu Hidromas Hidrolik Otomotive Sanayi ve Ticaret A.S., Turkey	5071017
Galipoglu Proses Celik Boru Uretim Sanayi ve Ticaret A.S., Turkey	3420000
Total	8491017

AS ON 29.09.2012

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 Manufacturing and/or Trading of Hydraulic and Telescopic Cylinders.

Products :

Item Code No. (ITC Code)	8412
Product Description	Hydraulic Cylinders

Imports :

Countries :

Turkey

GENERAL INFORMATION

Suppliers :	Not Divulged
Customers :	Not Divulged
No. of Employees :	30 (Approximately)
Bankers :	· HDFC Bank Limited · The Hongkong and Shanghai Banking Corporation Limited

Banking Relations :	--
Auditors :
Name :	Shahu and Company Chartered Accountants
Address :	No.4, Old No.16, Pattabhiraman Sree, Konditope, Chennai – 600 079, Tamilnadu, India
Mobile No.:	91-9445319825/ 9043065791
PAN No.:	ABWPS7158L
Holding Company :	Galipoglu Hidromas Hidrolik Otomotive Sanayi ve Ticaret A.S., Turkey

CAPITAL STRUCTURE

AFTER 29.09.2012

Authorised Capital : Rs.500.000 millions

Issued, Subscribed & Paid-up Capital : Rs.384.738 millions

AS ON 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
45000000	Equity Shares	Rs.10/- each	Rs.450.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
19831544	Equity Shares	Rs.10/- each	Rs.198.315 millions

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
20000000	Equity Shares	Rs.10/- each	Rs.200.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
15739955	Equity Shares	Rs.10/- each	Rs.157.399 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	157.399	122.983
(b) Reserves & Surplus	(27.568)	0.000
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	38.645	0.000
Total Shareholders’ Funds (1) + (2)	168.476	122.983
(3) Non-Current Liabilities
(a) Long-term borrowings	0.000	0.000
(b) Deferred tax liabilities (Net)	5.697	0.000
(c) Other long term liabilities	0.000	0.000
(d) Long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	5.697	0.000
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000
(b) Trade payables	3.701	0.691
(c) Other current liabilities	26.685	28.627
(d) Short-term provisions	0.030	0.060
Total Current Liabilities (4)	30.416	29.378
TOTAL	204.589	152.361
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	80.507	60.646
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development or work-in-progress	74.016	82.825
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	2.233	0.532
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	156.756	144.003
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	26.023	0.000
(c) Trade receivables	0.000	0.000
(d) Cash and cash equivalents	1.119	0.734
(e) Short-term loans and advances	7.125	0.147
(f) Other current assets	13.566	7.477
Total Current Assets	47.833	8.358
TOTAL	204.589	152.361

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		36.124
2] Share Application Money		18.187
3] Reserves & Surplus		0.000
4] (Accumulated Losses)		0.000
NETWORTH		54.311
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		0.000
TOTAL BORROWING		0.000
DEFERRED TAX LIABILITIES		0.000
TOTAL		54.311
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		34.333
Capital work-in-progress		5.295
INVESTMENT		0.000
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000
	Sundry Debtors	0.000
	Cash & Bank Balances	7.642
	Other Current Assets	0.000
	Loans & Advances	4.980
Total Current Assets		12.622
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.000
	Other Current Liabilities	0.163
	Provisions	0.040
Total Current Liabilities		0.203
Net Current Assets		12.419
MISCELLANEOUS EXPENSES		2.264
TOTAL		54.311

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011
	SALES
		Net Sales/Income from operations	1.955	0.000
		Other Income	0.024	0.000
		TOTAL	1.979	0.000
Less	EXPENSES
		Office Expenses	19.485	5.032
		Administrative Expenses
		Advertising Expenses
		TOTAL	19.485	5.032
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		(17.506)	(5.032)
Less/ Add	DEPRECIATION/ AMORTISATION		4.365	0.096
	PROFIT / (LOSS) BEFORE TAX		(21.871)	(5.128)
Less	TAX		5.697	0.000
	PROFIT / (LOSS) AFTER TAX		(27.568)	(5.128)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		0.000	0.000
	BALANCE CARRIED TO THE B/S		(27.568)	0.000
	Earnings / (Loss) Per Share (Rs.)		(1.75)	(0.42)

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	(1393.03)	0.00	NA
Net Profit Margin (PBT/Sales)	(%)	(1118.72)	0.00	NA
Return on Total Assets (PBT/Total Assets}	(%)	(16.75)	(7.37)	NA
Return on Investment (ROI) (PBT/Networth)		(0.13)	(0.04)	NA
Debt Equity Ratio (Total Debt/Networth)		0.00	0.00	0.00
Current Ratio (Current Asset/Current Liability)		1.57	0.28	62.18

LOCAL AGENCY FURTHER INFORMATION

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 two 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)	Yes
21) Market information	--
22) Litigations that the firm / promoter involved in	--
23) Banking Details	Yes
24) Banking facility details	No
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) 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

Note:

No Charges Exist for Company.

Note:

The registered office of the company has been shifted from Plot No.49, 8^th Avenue, Duel Tariff Area, Mahindra World City, Chengelpattu – 603002, Tamilnadu to the present address w.e.f. 18.05.2012.

CORPORATE INFORMATION:

Subject was incorporated on 29^th June 2009 as per the provisions of the Companies Act, 1956. The Company is engaged in Manufacturing and/or Trading of Hydraulic and Telescopic Cylinders.

REVIEW OF OPERATIONS, OUTLOOK AND FINANCIAL RESULTS:

The Company is engaged in the setting up of the factory for manufacturing Hydraulic and telescopic cylinders, trading and exports of hydraulic pumps, valves, power take off, hydraulic lifts, etc. and manufacture of Hook lifts, body building trailers, garbage compactors and trailers and trading and exports of steel tubes, aluminium and alloy castings, iron castings etc.

The Company has just started earning revenue from the period ended 31.03.2012 as it was in the process of setting up of factory and the sales activities have just commenced. The Directors are hopeful to earn revenue on the operations becoming full-fledged and show better performance in the days to come.

FIXED ASSETS:

Tangible Assets

· Office Equipment

· Motor Car

· Furniture

· Land

· Computers

· Tools

· Plant and Machinery

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.62.36
UK Pound	1	Rs.101.11
Euro	1	Rs.84.68

INFORMATION DETAILS

Information Gathered by :	PLK
Report Prepared by :	SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	2
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		26

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.