MIRA INFORM REPORT

Report Date :

07.10.2013

IDENTIFICATION DETAILS

Name :	COOKSON INDIA PRIVATE LIMITED
Registered Office :	C/o S.P. Chatterjee and Company, 10, Old Post Office Street, Room No.15A, Kolkata – 700 001, West Bengal
Country :	India
Financials (as on) :	31.12.2012
Date of Incorporation :	18.03.1931
Com. Reg. No.:	21-007055
Capital Investment / Paid-up Capital :	Rs. 83.916 Millions
CIN No.: [Company Identification No.]	U51909WB1931PTC007055
PAN No.: [Permanent Account No.]	AABCC1679B
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in the business of manufacture and sale of consumable electronics assembly materials and plating chemistries to the electronics industry and for industrial and automotive applications and also engaged in providing research and development services.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (53)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 3959000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a subsidiary of Alent Investments Limited, United Kingdom. It is an old and well established company having good track record. There appears slight dip in sales turnover and profit of the company in financial year 2012. However overall financial position of the company appears to be sound and healthy. Company is operating on its owned fund. Trade relations are reported as fair. Payments are reported to be regular and as per commitments. The company can be considered normal for business dealings at 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 – 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

We are living in a world where volatility and uncertainty have become the New Normal. We saw a change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once powerful countries in Europe are now fighting for bankruptcy. We have taken growth in the developing part of the world for granted but economic growth in China and India has begun to slow. Companies that were synonymous with their product categories just a few years ago are now no longer in existence. Kodak, the inventor of the digital camera had to wind up its operations, HMV, the British entertainment retailing company and Borders, once the second largest bookstore have shut down due to their inability to evolve their business models with the changing time. Readers’ Digest, Thomson Register are no more !

There is another megatrend happening. The World order is changing as economic power shifts from West to East. According to McKinsey study, it took Britain more than 100 years to double its economic output per person during its industrial revolution and the US later took more than 50 years to do the same. More than a century later, China and India have doubled their GDP per capital in 12 and 18 years respectively. By 2020, emerging Asia will become the world’s largest consuming block, overtaking North America.

The years after the outbreak of the global financial crisis, the world economy continues to remain fragile. The Indian economy demonstrated remarkable resilience in the initial years of the contagion but finally lost ground last year. GDP growth slowed down. Currency has been weakening. There is a marked deceleration in agriculture, industry and services. Dampening sentiment led to a cut-back in investment as well as private consumption expenditure.  Inflation remained at high levels fuelled by the pressure from the food and fuel sectors. The large fiscal and current account deficit s continued to cause grave concern. It is imperative that India regains its growth trajectory of 8-9 % sooner than later. This is crucially important given the need to create gainful livelihood opportunities for the millions living in poverty as also the large contingent of young people joining the job market every year.

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 Office :	C/o S.P. Chatterjee and Company, 10, Old Post Office Street, Room No.15A, Kolkata – 700 001, West Bengal, India
Tel. No.:	91-33-22102380
Fax No.:	91-33-22485125
E-Mail :	skumar@alent.com skumar@cooksoneletronics.com cooksonindiafinance@cooksonelectronics.com
Head Office/ Factory :	Plot No.16, North Phase, SIDCO Industrial Estate, Ambattur, Chennai – 600 098, Tamilnadu, India
Tel. No. :	91-44-26252666
Fax No. :	91-44-26258627

DIRECTORS

AS ON 29.06.2013

Name :	Mr. Raji Koshy
Designation :	Managing Director
Address :	11-1, Burdwan Road, Kolkata – 700 027, West Bengal, India
Date of Birth/Age :	27.10.1956
Qualification :	B. Tech (BHU-IT) Chemical Engineer M.S. Chemical Engineer Texas A & M University MBA Marketing & Finance The University of Chicago Booth School of Business
Experience :	31 Years
Date of Appointment :	01.12.1995
DIN No.:	00467267

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	U51909WB1931PTC007055	COOKSON INDIA PRIVATE LIMITED	Managing director	01/12/1995	01/12/1995	-	Active	NO
2	U74900KA2011PTC059644	A R KOSHY MANAGEMENT CONSULTANTS PRIVATE LIMITED	Director	19/07/2011	19/07/2011	-	Active	NO

Name :	Dr. Siuli Sarkar
Designation :	Director
Address :	Flat – A308, Road Anandnagar, Bangalore – 560 032, Karnataka, India
Date of Birth/Age :	08.06.1956
Qualification :	Ph. D Chemistry - University of Calcutta Post-Graduate Diploma in Statistical Quality Control
Experience :	24 Years
Date of Appointment :	24.03.1998
Voter ID No.:	WB11911311507230
DIN No.:	00388199

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	U51909WB1931PTC007055	COOKSON INDIA PRIVATE LIMITED	Director	24/03/1998	24/03/1998	-	Active	NO
2	U74900KA2011PTC059644	A R KOSHY MANAGEMENT CONSULTANTS PRIVATE LIMITED	Director	19/07/2011	19/07/2011	-	Active	NO

Name :	Mr. Purushottam Lal Agarwal
Designation :	Director
Address :	9, Sarojini Naidu Sarani, Kolkata – 700 017, West Bengal, India
Date of Birth/Age :	02.04.1942
Date of Appointment :	21.11.1996
Voter ID No.:	WB1221531255168
DIN No.:	00069708

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	L15492WB1916PLC002697	DHUNSERI PETROCHEM AND TEA LIMITED	Director	23/02/1980	23/02/1980	03/07/2010	Active	NO
2	L51109WB1938PLC009490	ALBERT DAVID LIMITED	Director	15/09/1984	15/09/1984	-	Active	NO
3	U51909WB1943PLC011283	KARAM CHAND THAPAR AND BROS (COAL SALES) LIMITED	Director	24/12/1993	24/12/1993	27/09/2013	Active	NO
4	L01132WB1918PLC002949	TEZPORE TEA COMPANY LIMITED	Director	29/12/1993	29/12/1993	-	Amalgamated	NO
5	U74100DL1972PLC006062	DHARAM PAL PREM CHAND LIMITED	Director	13/07/1996	13/07/1996	-	Active	NO
6	U51909WB1931PTC007055	COOKSON INDIA PRIVATE LIMITED	Director	21/11/1996	21/11/1996	-	Active	NO
7	L51909WB1917PLC002868	THE OODLABARI CO LIMITED	Director	07/04/1999	07/04/1999	-	Active	NO
8	L01132WB1994PLC063513	ROSSELL INDIA LIMITED	Director	04/04/2002	04/04/2002	-	Active	NO
9	U91990WB1907GAP001754	THE BENGAL CLUB LIMITED	Director	06/10/2002	06/10/2002	21/05/2012	Active	NO
10	U45400WB1983PLC036343	HILAND PROJECTS LIMITED	Director	27/09/2006	27/09/2006	-	Active	NO
11	L24223WB1947PLC015202	DIC INDIA LIMITED	Director	12/05/2009	30/10/2008	11/04/2012	Active	NO
12	L15491WB1997PLC082808	DHUNSERI INVESTMENTS LIMITED	Director	20/09/2010	11/08/2010	-	Active	NO
13	L45400MH2008PLC179914	FUTURE MARKET NETWORKS LIMITED	Director	28/09/2011	23/09/2010	12/04/2013	Active	NO
14	U01132WB2007PTC112852	AMALGAMATED PLANTATIONS PRIVATE LIMITED	Nominee director	20/04/2012	20/04/2012	-	Active	NO

Name :	Mr. Steven James Corbett
Designation :	Director
Address :	9, Lower Ledge Road, Killing Worth, Connecticut – 06419
Date of Birth/Age :	19.12.1957
Date of Appointment :	05.06.2006
DIN No.:	02770989

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.06.2013

Names of Shareholders	No. of Shares
Alpha Fry Limited, United Kingdom	126
Alent Investments Limited, United Kingdom	8391474
Total	8391600

AS ON 29.06.2013

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 manufacture and sale of consumable electronics assembly materials and plating chemistries to the electronics industry and for industrial and automotive applications and also engaged in providing research and development services.

Products :

Particulars	ITC Code
Fluxes, Non-ferrous Alloys-solders and White Metal	38101000
Lead Base	78019919
Tin Base	80012000

PRODUCTION STATUS (AS ON 31.12.2010)

Particulars	Unit	Installed Capacity	Actual Production
Non-ferrous Alloys	M.T.	1500	673.03
Fluxes	M.T.	2000	510.55

GENERAL INFORMATION

No. of Employees :	Not Available
Bankers :	The Hongkong and Shanghai Banking Corporation Limited, No.76, Cathedral Road), Chennai, Tamilnadu, India

Banking Relations :	--
Auditors :
Name :	BSR and Associates Chartered Accountants
Address :	1^st Floor, Lodha Excelus, Apollo Mills Compound, N M Joshi Marg, Mahalaxmi, Mumbai – 400 011, Maharashtra, India
PAN No.:	AAIFB7335D
Holding Company :	Alent Investments Limited, United Kingdom (from 30^th November, 2012)
Fellow Subsidiary Companies :	Alpha Metals (Taiwan) Inc., China Cookson Electronics Limited - Alpha Metals Hong Kong Fry's Metals, Inc, United States Cookson Singapore Pte. Limited, Singapore Alpha Metals Korea, Republic of Korea Alpha Fry Technologies B.V., (Netherlands), Netherlands Cookson Electronics Co., Japan Cookson Alpha Metals (Shanghai) Trading Co. Alpha Fry Limited, UK Enthone Chemistry, Singapore Enthone GMBH, Germany Enthone BV, Netherlands Enthone OMI De Mexico Cookson Electronics Limited- Fry Technology, Mexico

CAPITAL STRUCTURE

AS ON 29.06.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
18000000	Equity Shares	Rs.10/- each	Rs.180.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
8391600	Equity Shares	Rs.10/- each	Rs.83.916 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.12.2012	31.12.2011
I. EQUITY AND LIABILITIES
(1) Shareholders' Funds
(a) Share Capital	83.916	83.916
(b) Reserves & Surplus	905.949	816.376
(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)	989.865	900.292
(3) Non-Current Liabilities
(a) Long-term borrowings	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) Long-term provisions	2.614	2.080
Total Non-current Liabilities (3)	2.614	2.080
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000
(b) Trade payables	92.476	88.928
(c) Other current liabilities	35.606	39.455
(d) Short-term provisions	1.541	1.181
Total Current Liabilities (4)	129.623	129.564
TOTAL	1122.102	1031.936
I. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	284.111	231.412
(ii) Intangible Assets	0.000	0.000
(iii) Tangible assets Capital work-in-progress	1.175	0.000
(iv) Intangible assets under development or work-in-progress	3.312	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	4.255	3.240
(d) Long-term Loan and Advances	70.617	32.023
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	363.470	266.675
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	78.347	73.039
(c) Trade receivables	302.514	287.734
(d) Cash and cash equivalents	81.076	158.933
(e) Short-term loans and advances	69.868	48.153
(f) Other current assets	226.827	197.402
Total Current Assets	758.632	765.261
TOTAL	1122.102	1031.936

SOURCES OF FUNDS		31.12.2010
SHAREHOLDERS FUNDS
1] Share Capital		83.916
2] Share Application Money		0.000
3] Reserves & Surplus		688.229
4] (Accumulated Losses)		0.000
NETWORTH		772.145
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		0.000
TOTAL BORROWING		0.000
DEFERRED TAX LIABILITIES		0.000
TOTAL		772.145
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		203.443
Capital work-in-progress		4.523
INVESTMENT		0.000
DEFERRED TAX ASSETS		5.163
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	55.155
	Sundry Debtors	219.940
	Cash & Bank Balances	178.852
	Other Current Assets	0.000
	Loans & Advances	225.528
Total Current Assets		679.475
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	104.723
	Other Current Liabilities	13.619
	Provisions	2.117
Total Current Liabilities		120.459
Net Current Assets		559.016
MISCELLANEOUS EXPENSES		0.000
TOTAL		772.145

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.12.2012	31.12.2011	31.12.2010
	SALES
		Income	1485.500	1645.400	1130.647
		Service Income	224.400	190.800
		Other Income	NA	NA
		TOTAL	NA	NA	1130.647
Less	EXPENSES
		Office Expenses	NA	NA	1003.957
		Administrative Expenses
		Advertising Expenses
		TOTAL	NA	NA	1003.957
	PROFIT / (LOSS) BEFORE TAX		144.000	180.700	126.690
Less	TAX		54.400	52.600	37.989
	PROFIT / (LOSS) AFTER TAX		89.600	128.100	88.701
	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		815.700	687.600	598.900
	BALANCE CARRIED TO THE B/S		905.300	815.700	687.600
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	NA	NA	79.475
		Service Income	NA	NA	114.219
	TOTAL EARNINGS		NA	NA	193.694
	IMPORTS
		Raw Materials	NA	NA	618.852
		Laboratory Materials	NA	NA	7.296
		Capital Goods	NA	NA	18.198
	TOTAL IMPORTS		NA	NA	644.346
	Earnings Per Share (Rs.)		10.67	15.27	10.57

KEY RATIOS

PARTICULARS		31.12.2012	31.12.2011	31.12.2010
PAT / Total Income	(%)	NA	NA	7.85
Net Profit Margin (PBT/Sales)	(%)	9.69	10.98	NA
Return on Total Assets (PBT/Total Assets}	(%)	12.93	17.57	14.35
Return on Investment (ROI) (PBT/Networth)		0.15	0.20	0.16
Debt Equity Ratio (Total Debt/Networth)		0.00	0.00	0.00
Current Ratio (Current Asset/Current Liability)		5.85	5.91	5.64

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	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	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	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	Yes
34) External Agency Rating, if available	No

Note:

No Charges Exist for Company.

COMPANY OVERVIEW:

The Company is a wholly owned subsidiary of Alent Investments Limited headquartered in London. The Company is engaged in the business of manufacture and sale of consumable electronics assembly materials and plating chemistries to the electronics industry and for industrial and automotive applications. The Company is also engaged in providing research and development services to Group company under 100% Export Oriented Undertaking (EOU) Scheme at Bangalore, by obtaining permission from the Development Commissioner, Cochin Special Economic Zone (CSEZ), Ministry of Commerce and Industry, Government of India. The registered office of the Company is in Kolkata.

REVIEW OF OPERATION:

During the full year 2012 period (January to December), the Company’s sales were Rs.1485.500 Millions as against Rs.1645.400 Millions for full year 2011 period. The Service income from R&D Centre was Rs.224.400 Millions for full year 2012 as against Rs.190.800 Millions for full year 2011 period. The Company achieved a Profit before Taxation of Rs.144.000 Millions compared to Rs.180.700 Millions last year. The drop in sales is due to general slowdown in the industry and volumes drop from major customers thereby resulting in lower profits for the year. The increased Cash Flow is invested in Capital Equipment in R&D Centre and New Facility project and hence the Board has not recommended any dividend for the year 2012.

CONTINGENT LIABILITIES:

Particulars	31.12.2012 (Rs. in Millions)	31.12.2011 (Rs. in Millions)
Sales tax matters	11.912	13.622
Disputed income tax claims made against the Company	17.725	--

FIXED ASSETS:

· Land

· Buildings

· Plant and Equipments

· Furniture and Fixtures

· Vehicles

· Office Equipment

· Computer Equipment

· Leasehold Improvements

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.61.41
UK Pound	1	Rs.99.29
Euro	1	Rs.83.67

INFORMATION DETAILS

Report Prepared by :

SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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		53

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.