MIRA INFORM REPORT

Report Date :

02.08.2014

IDENTIFICATION DETAILS

Name :	NTF (INDIA) PRIVATE LIMITED
Registered Office :	Flat No.2-D, G.F., 4819/24, Mathur Lane, Ansari Road, Darya Ganj, New Delhi – 110 002
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	25.04.1996
Com. Reg. No.:	55-078410
Capital Investment / Paid-up Capital :	Rs. 30.000 Million
CIN No.: [Company Identification No.]	U26102DL1996PTC078410
TAN No.: [Tax Deduction & Collection Account No.]	DELN05631D
PAN No.: [Permanent Account No.]	AAACN3195N
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Auto Parts.
No. of Employees :	350 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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

Maximum Credit Limit :	USD 720000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. General financial position of the company is good. Trade relations are reported as fair. Business is active. Payment terms are reported to be usually correct. 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 – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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

N E W S

As per the latest IMF study, the total weigh of emerging markets in the GDP of the world on a purchasing power parity basis has seen a sizeable shift. It highlights how as against 51 % in 2005, the emerging economies now account for close to 56 % of the global purchasing power GDP as per the latest survey. And with the emerging economies growing at a faster rate than their developed counterparts, there are every possibility that the their share goes up further in the coming years.  China may surpass the US over the next few years.

Politics and economics are very intricately connected. They tend to influence each other in ways that could be very complex and far-reaching. The prospects of the India’s economy have been seriously compromised due to political corruption. High inflation, poor standard of living are to a great extent a result of rampant corruption in the country. China on the other hand, seems to be facing diametrically opposite challenge. American hedge fund manager Jim Chanos has been keenly following the political and economic development in the dragon economy and has figured out something that is quite worrying. He is of the view that the Chinese economy could be heading toward trouble on account of new Chinese President Xi Jingping’s very aggressive anti-corruption drive. Chanos believes tat many things such as apartment sales, luxury products, etc. were largely bought with dirty money. And it is now beginning to impact consumption. This may indeed be bad news for an economy that is struggling to transition from an investment-driven export-oriented economy to a domestic consumption-driven economy.

A study published by Firstpost has revealed that asset classes like real estate and equities were the biggest beneficiaries of the liberalization policies.  A firm called Ciane Analytics studied returns from assets including equities, gold, fixed deposits, G-Secs and real estate since 1991. Real estate outperformed every other asset classes during the 23-year period with an annualized return of 20 % ! Equities came in second with annualized return of 15.5 % ! However, while these returns may seem mouthwatering, the fact is that the return from equities adjusted for inflation came down to just 7.1 %.

Some brief news are as under

. R-Power to buy Jaypee’s hydro assets

. Investors await justice in NSEL case

. India seeks MFN status from Pakistan ahead of meeting

. Ukrain’s clashes with rebels hinder MH17 crash investigation

. India exploring merger of state-owned hydro PSUs

..Higher costs weigh down profit growth to slowest in 9 quarters

..Wal-Mart to expand wholesale business in India

. GMR group moves to strengthen balance sheet

. Central Bank to sell 4 % stake to Life Insurance Corporation

. Tata Chemicals plans to raise up to Rs 10000 mn.

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 31-03-2014.

INFORMATION PARTED BY

Name :	Mr. Amit
Designation :	Finance Department
Contact No.:	91-124-4840444
Date :	30.07.2014

LOCATIONS

Registered Office :	Flat No.2-D, G.F., 4819/24, Mathur Lane, Ansari Road, Darya Ganj, New Delhi – 110 002, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	akjain05@rediffmail.com info@ntfindia.net jaskansal@yahoo.co.in
Website :	http://www.ntfindia.com
Corporate Office/ Factory (I) :	Plot No.49, Sector-3, IMT Manesar, Gurgaon – 122 050, Haryana, India
Tel. No.:	91-124-4369441/ 2/ 3/ 4/ 4840453/ 444/ 4840445 thru 61
Fax No.:	91-124-4369462
Corporate Office/ Factory (II) :	Plot No.F06, 07, 38, 39, EPIP, Neemarana Distt. Alwar (Rajasthan), India
Tel. No.:	91-1494-246173/ 246174/ 246176/ 246177/ 246178
E-Mail :	info@ntfindia.net
Corporate Office/ Factory (III) :	Plot No.- 204, Sector – 4, IMT Manesar, Gurgaon –122050, Haryana, India
E-Mail :	info@ntfindia.net
Germany Office :	Obengönrath 7, 42655 Solingen, Germany
Tel. No.:	91-49-212 6458771
Fax No.:	91-49-212 6458773
E-Mail :	lmcger@aol.com
Website :	www.glocalworld.com
Italy Office:	Strada ai Losani 10064 Pinerolo (TO), Italy
Tel. No.:	91-39 0121 376955
Fax No.:	91-39 0121 376955
E-Mail :	elda.priotti@eppartners.it

DIRECTORS

As on 30.09.2013

Name :

Mr. Mahesh Kumar Jain

Designation :

Managing Director

Address :

III-B, 46-C, Nehru Nagar, Ghaziabad – 201 001, Uttar Pradesh, India

Date of Birth/Age :

01.01.1938

Qualification :

A.M.I.E

Experience :

49 Years

Date of Appointment :

25.04.1996

DIN No.:

00032220

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	U74899DL1984PTC018125	NAV TEXFAB PRIVATE LIMITED	Director	15/01/1986	15/01/1986	-	Active	NO
2	U26102DL1996PTC078410	NTF (INDIA) PRIVATE LIMITED	Director	30/09/2011	25/04/1996	-	Active	NO
3	U25517DL2006PTC152634	NTF TECHNIK INDIA PRIVATE LIMITED	Director	28/08/2006	28/08/2006	-	Active	NO

Name :

Mr. Mahesh Kumar Jain

Designation :

Managing Director

Address :

III-B, 46-C, Nehru Nagar, Ghaziabad – 201 001, Uttar Pradesh, India

Date of Birth/Age :

01.01.1938

Qualification :

A.M.I.E

Experience :

49 Years

Date of Appointment :

25.04.1996

DIN No.:

00032220

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	U74899DL1984PTC018125	NAV TEXFAB PRIVATE LIMITED	Director	15/01/1986	15/01/1986	-	Active	NO
2	U26102DL1996PTC078410	NTF (INDIA) PRIVATE LIMITED	Director	30/09/2011	25/04/1996	-	Active	NO
3	U25517DL2006PTC152634	NTF TECHNIK INDIA PRIVATE LIMITED	Director	28/08/2006	28/08/2006	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

Note:

SHAREHOLDING DETAILS FILE ATTACHED.

As on 30.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	30.66
Directors or relatives of Directors	67.36
Other top fifty shareholders	1.98
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Auto Parts.

Products :

Products Description	Item Code No.
Frphard Top	87089900
Frptray	87089900

· Rear Parcel Tray 

· Spoiler 

· Door Trim and Inserts

· Mud Flap

· Car Styling Kits

Exports :

Countries :

· Saudi Arabia

· Italy

Imports :

Products :

Raw Material

Countries :

Germany

PRODUCTION STATUS (As on 31.03.2011)

Registered Capacity	Manesar Unit
2010-11	806000

Particulars	Unit	Installed Capacity	Actual Production
RTM (Equivlant to 1 Hard Top)	Nos. / Set.	6000	4109
RTM (Others)	Nos. / Set.	50000	0.000
TCM (Equivalent I Tray)	Nos. / Set.	600000	877789
Injection Moulding	Nos. / Set.	100000	52908
PU RRIM	Nos. / Set.	50000	82048

GENERAL INFORMATION

Customers :

· Maruti Suzuki

· Ford

· Honda

· Mahindra

· Fiat

· Hindustan Motors

· Toyota

· Hispacold

· GE Transportation

· Krishna Maruti

· Avanti

· Bharat Electronics

· Caterpillar

· Sumi Motherson

· Rail Coach Factory

· New Holland Construction

· Logan Renault

No. of Employees :

350 (Approximately)

Bankers :

· Bank of Baroda, SME Branch, Gurgaon (Main) 42, Old Judicial Complex, Jharsa Road, Gurgaon – 122 001, Haryana, India

· HDFC Bank Limited

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2013	As on 31.03.2012
LONG TERM BORROWING
Borrowing	175.307	143.523
SHORT TERM BORROWING
Borrowing	371.752	290.196
Total	547.059	433.719

Banking Relations :	---
Auditors :
Name :	K.C. Jain and Company Chartered Accountants
Address :	4812/24, Ansari Road, Darya Ganj, New Delhi - 110002, India
Tel. No.:	91-11-23282884-86
Fax No.:	91-11-2322881
E-Mail :	office@kcjain.co.in
PAN.:	AAEFK4992K
Associates :	· Nav Texfab Private Limited · NTF Technik India Private Limited · Digital Model (3D) Private Limited

CAPITAL STRUCTURE

As on 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
4000000	Equity Shares	Rs.10/- each	Rs. 40.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3000000	Equity Shares	Rs.10/- each	Rs. 30.000 Million

After: 28.09.2012

Authorised Capital : Rs.40.000 Millions

Issued, Subscribed & Paid-up Capital : Rs.30.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	30.000	28.224	26.191
(b) Reserves & Surplus	152.380	113.784	81.671
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	182.380	142.008	107.862
(3) Non-Current Liabilities
(a) long-term borrowings	296.299	241.982	71.319
(b) Deferred tax liabilities (Net)	8.689	11.615	10.327
(c) Other long term liabilities	16.521	3.099	39.598
(d) long-term provisions	11.777	13.138	6.704
Total Non-current Liabilities (3)	333.286	269.834	127.948
(4) Current Liabilities
(a) Short term borrowings	374.817	302.610	285.566
(b) Trade payables	78.910	88.243	62.016
(c) Other current liabilities	19.729	7.628	68.430
(d) Short-term provisions	64.116	50.557	37.362
Total Current Liabilities (4)	537.572	449.038	453.374
TOTAL	1053.238	860.880	689.184
II. ASSETS
(1) Non-current assets
(a) Fixed Assets	0.000	0.000	0.000
(i) Tangible assets	263.162	255.200	165.115
(ii) Intangible Assets	14.265	16.500	0.000
(iii) Capital work-in-progress	152.910	30.496	17.158
(iv) Intangible assets under development	2.750	0.000	0.000
(b) Non-current Investments	0.619	0.400	0.400
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	5.008	6.928	8.789
(e) Other Non-current assets	3.622	5.073	3.283
Total Non-Current Assets	442.336	314.597	194.745
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	394.014	375.110	292.261
(c) Trade receivables	97.504	89.837	146.377
(d) Cash and cash equivalents	5.898	6.611	9.801
(e) Short-term loans and advances	25.869	33.968	26.441
(f) Other current assets	87.617	40.757	19.559
Total Current Assets	610.902	546.283	494.439
TOTAL	1053.238	860.880	689.184

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income
		Other Income
		TOTAL	1004.463	829.254	656.698
Less	TOTAL EXPENSES		860.978	711.639	553.920
Less	Prior Period Adjustment		0.673	0.000	0.000
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		142.812	117.615	102.778
Less	FINANCIAL EXPENSES		65.214	50.055	48.028
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		77.598	67.560	54.750
Less/ Add	DEPRECIATION/ AMORTISATION		41.920	40.512	35.999
	PROFIT BEFORE TAX		35.678	27.048	18.751
Less	TAX		13.066	13.229	7.143
	PROFIT AFTER TAX		22.612	13.819	11.608
	Earnings Per Share (Rs.)		7.54	5.000	4.660

Particulars	31.03.2014
Sales Turnover (Approximately)	1300.000

The above information has been parted by Mr. Amit

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	2.25	1.67	1.77
Return on Total Assets (PBT/Total Assets}	(%)	3.98	3.26	2.79
Return on Investment (ROI) (PBT/Networth)		0.20	0.19	0.17
Debt Equity Ratio (Total Debt /Networth)		3.68	3.83	3.31
Current Ratio (Current Asset/Current Liability)		1.14	1.22	1.09

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	26.191	28.224	30.000
Reserves & Surplus	81.671	113.784	152.380
Net worth	107.862	142.008	182.380
long-term borrowings	71.319	241.982	296.299
Short term borrowings	285.566	302.610	374.817
Total borrowings	356.885	544.592	671.116
Debt/Equity ratio	3.309	3.835	3.680

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	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	Yes
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	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

Note:

The registered office of the company has been shifted from 4812/24, Ansari Road, Darya Ganj, Delhi – 110002, India to the present address w.e.f. 02.07.2013

UNSECURED LOAN (Rs. In Millions)

Particulars	As on 31.03.2013	As on 31.03.2012
LONG TERM BORROWING
Borrowing	120.992	98.459
SHORT TERM BORROWING
Borrowing	3.065	12.414
Total	124.057	110.873

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10489266	28/03/2014	25,000,000.00	Bank of Baroda	SME Branch, SCO No. 42, Old Judicial Complex, Jha  rsa Road, Gurgoan, Haryana - 122001, INDIA	C03634474
2	10479101	29/01/2014	392,000.00	Bank of Baroda	42, Old Judicial Complex, Jharsa Road, Gurgaon, H  aryana - 122001, INDIA	B97003768
3	10455089	03/10/2013	545,000.00	Bank of Baroda	Manesar Branch, Gurgaon, Haryana - 122050, INDIA	B87568051
4	10448220	13/09/2013	35,000,000.00	BANK OF BARODA	42, OLD JUDICIAL COMPLEX, JHARSA ROAD, GURGAON, H  aryana - 122001, INDIA	B84648401
5	10437195	12/07/2013	4,828,000.00	BANK OF BARODA	SME BRANCH, GURGAON (MAIN) 42,, OLD JUDICIAL COMP  LEX, JHARSA ROAD, GURGAON, Haryana - 122001, INDIA	B79761854
6	10389594	24/11/2012	25,000,000.00	Bank of Baroda	42, Old Judicial Complex,, Jhrasa Road,, Gurgaon,  Haryana - 122001, INDIA	B63191076
7	10389597	24/11/2012	50,000,000.00	Bank of Baroda	42, Old Judicial Complex,, Jhrasa Road,, Gurgaon,  Haryana - 122001, INDIA	B63191753
8	10312259	24/11/2012 *	149,900,000.00	Bank of Baroda	42, Old Judicial Complex,, Jharsa Road,, Gurgaon,  Haryana - 122001, INDIA	B63192389
9	10248691	24/11/2012 *	14,700,000.00	Bank of Baroda	42, Old Judicial Complex,, Jharsa Road,, Gurgaon,  Haryana - 122001, INDIA	B63187173
10	10148931	07/03/2009	34,500,000.00	Bank of Baroda	IMT, Manesar, Gurgaon, Haryana - 122050, INDIA	A59335984

* Date of charge modification

FIXED ASSETS:

· Land

· Factory Building

· Plant and Machinery

· D G Sets

· Tools, Jigs and Fixtures

· Furniture and Fixtures

· Office Equipments

· Moulds

· Moulds Work in Progress

· Tube Well and Pumps

· Car / Commercial Vehicle

· Computers

· Air Conditioners

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.60.24
UK Pound	1	Rs.101.92
Euro	1	Rs.80.69

INFORMATION DETAILS

Information Gathered by :	PDT
Analysis Done by :	DIV
Report Prepared by :	ARI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--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		47

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.