MIRA INFORM REPORT

Report Date :

17.05.2014

IDENTIFICATION DETAILS

Name :	UNDERCARRIAGE AND TRACTOR PARTS PRIVATE LIMITED
Registered Office :	D-4/1, Five Star Industrial Estate, Kagal District, Kolhapur - 416 202, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	03.08.2006
Com. Reg. No.:	11- 137411
Capital Investment / Paid-up Capital :	Rs. 413.042 Millions
CIN No.: [Company Identification No.]	U35914PN2006PTC137411
PAN No.: [Permanent Account No.]	AAACU8974A
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing, buying, selling, reselling, exchanging, altering, hiring, letting on hire, exporting, importing or distributing and dealing in all and every kind of tractor parts, auto components, other tools, spare parts and accessories.
No. of Employees :	Information declined by the management.

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 840000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track. The rating reflects company’s moderate financial risk profile marked by accumulated losses incurred over a year and below average financial performance of the company. However, trade relations are fair. Business is active. Payment terms are slow. The company can be considered for business dealings 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, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
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

US investment bank Goldman Sachs  has upgraded its outlook on Indian markets as it expects positive impact of the election cycle.

India’s economy may grow 4.7 % in the current financial year, lower than the official estimate of 4.9 %, Fitch Rating said. The global rating agency expects the economy to pick up in the next two financial years.

Global ratings agency Standard & Poor said increasing focus by India Inc on lowering debt is likely to improve their credit profiles.

Singapore (1.1 million Indian tourists in 2012), Thailand (one million), the United Arab Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred holidays hotspots for Indians. The total figure is expected to increase to 1.93 million by 2017, according to the latest Eurmonitor international report.

There is a $29.34 bn outward foreign direct investment by domestic companies between April and January of 2013/14 which has seen some signs of recovery according to a Care Ratings report.

There are 264 number of new companies being set up every day on average during 2014. Most of them are registered in Mumbai. India had 1.38 million registered companies at the end of January, 2014.

Twitter like messaging service Weibo Corporation has filed to raise $ 500 million via a US initial public offering. Alibaba, which owns a stake in Weibo is expected to raise about $ 15 billion New York this year in the highest profile Internet IPO since Facebook’s in 2012.

Bharti Airtel has raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at a coupon rate of three per cent and maturing in 2020. This is the largest ever bond offering by an Indian company in Swiss Francs. Bharat Petroleum Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98 % coupon rate in February.

Indian Oil Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex at its almost complete Paradip refinery in Odhisha in three to four years. The company board is set to consider the setting up of a 700000 tonne per annum polypropylene plant at an estimated cost at Rs.3150 crore.

Global chief information officers at gathering in Bangalore in April to meet Indian startups at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in the making.

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 DENIED

Management Non Co-operative

Contact No.: 91-20-30201666

LOCATIONS

Registered Office / Administrative Office / Works:	D-4/1, Five Star Industrial Estate, Kagal District, Kolhapur - 416202, Maharashtra, India
Tel. No.:	91-231-2685300
Fax No.:	91-231-2685333
E-Mail :	info@utpindia.com
Website :	http://www.utpindia.com
Pune Office:	204, P.T. Gera Center, Bund Garden / Dhole Patil Road, Pune - 411001, Maharashtra , India
Tel. No.:	91-20-30201666
Fax No.:	91-20-30201668

DIRECTORS

AS ON 05.09.2013

Name :

Lucchina Enrico Lorenzo

Designation :

Managing director

Address :

VI A, Lanfranconi No. 71, Varese- 21100 Italy

Date of Birth/Age :

02.09.1954

Date of Appointment :

01.04.2011

DIN No. :

01870093

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	U35914PN2006PTC137411	Undercarriage and Tractor Parts Private Limited	Managing director	01/04/2011	25/10/2007	-	Active	NO
2	U28998PN2010PTC141495	MTS Metallurgical Treatment Systems Private Limited	Director	06/04/2010	06/04/2010	-	Active	NO

Name :

Pierangelo Girardello Bruno

Designation :

Director

Address :

Borgo Treviso 70, Castelfranco Veneto – 31033, Italy

Date of Birth/Age :

08.03.1964

Date of Appointment :

30.09.2008

DIN No. :

01870113

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	U35914PN2006PTC137411	Undercarriage and Tractor Parts Private Limited	Director	30/09/2008	05/05/2008	-	Active	NO

Name :

Cucchi Libero Guido

Designation :

Whole-time director

Address :

B-5, Sultanant Society, N M Road, Koregaon Park, Pune – 411001, Maharashtra, India

Date of Birth/Age :

31.03.1943

Date of Appointment :

04.11.2010

DIN No. :

02863605

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	U35914PN2006PTC137411	Undercarriage and Tractor Parts Private Limited	Whole-time director	04/11/2010	10/12/2009	-	Active	NO

Name :

Bottone Paolo Giacomo

Designation :

Director

Address :

Vguerrazzi 10, Bologna - 40125, Italy

Date of Birth/Age :

09.11.1971

Date of Appointment :

05.09.2013

DIN No. :

06530894

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	U35914PN2006PTC137411	Undercarriage and Tractor Parts Private Limited	Director	05/09/2013	20/03/2013	-	Active	NO

Name :

Alessandra Notargiacomo

Designation :

Director

Address :

Borgo Treviso 70, 31033, Castelfranco Veneto - 31033, Italy

Date of Birth/Age :

29.07.1964

Date of Appointment :

05.09.2013

DIN No. :

06541073

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	U35914PN2006PTC137411	Undercarriage and Tractor Parts Private Limited	Director	05/09/2013	03/04/2013	-	Active	NO

KEY EXECUTIVES

Name :	RAMESH LAKSHMINARAYANA KODURI
Designation :	Secretary
Address :	202, Hare Krishna Appt., Near Jaslok High School, O.T. Section, Ulhasnagar (West), Thane District, Mumbai – 421003, Maharashtra, India
Date of Birth/Age :	17.05.1987
Email:	koduri.ramesh1@gmail.com
PAN No.:	BLIPK1336H
Date of Appointment :	20.01.2013

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 05.09.2013

Names of Shareholders	No. of Shares
Jaazmine SRL, Italy	27697440
Simest SPA , Italy	5096975
Core Investment Limited, UAE	8509783
Caterpillar Asia Pte Limited, Singapore	21277920
Total	62582118

AS ON 05.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing, buying, selling, reselling, exchanging, altering, hiring, letting on hire, exporting, importing or distributing and dealing in all and every kind of tractor parts, auto components, other tools, spare parts and accessories.

Export :	Not Divulged
Imports :	Not Divulged

GENERAL INFORMATION

Supplier :

Not Divulged

Customer :

Not Divulged

No. of Employees :

Information declined by the management.

Bankers :

Bank of India, Kolhapur Mid Corporate Branch: 1243/82 A,B, Jayant , Santosh Plaza, Beside Parvati Multiplex, Kolhapur - 416008, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
LONG TERM BORROWINGS
Rupee term loans from bank	123.547	0.000
SHORT TERM BORROWINGS
Loans repayable on demand	11.955	0.000
Total	135.502	0.000

Banking Relations :	--
Auditors :
Name :	P. B. Deshpande and Company Chartered Accountants
Address :	Gabmar Apartments
PAN No.:	AAEFD3980E
Holding company :	Jazzmine S R L, Italy
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives	· IMG S.P.A.Italy · MTS Metallurgical Treatment Systems Private Limited [U28998PN2010PTC141495] · Global Trading Solutions Metallurgical Treatment Systems, Pune

CAPITAL STRUCTURE

AS ON 05.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
63000000	Equity Shares	Rs.10/- each	Rs.630.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
62582118	Equity Shares	Rs.10/- each	Rs.625.821 Millions

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
63000000	Equity Shares	Rs.10/- each	Rs.630.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
41304198	Equity Shares	Rs.10/- each	Rs.413.042 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	413.042	413.042	393.978
(b) Reserves & Surplus	(203.701)	(47.406)	(8.632)
(c) Money received against share warrants	0.000	6.487	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	209.341	372.123	385.346
(3) Non-Current Liabilities
(a) long-term borrowings	388.811	181.251	86.692
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	53.318	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	442.129	181.251	86.692
(4) Current Liabilities
(a) Short term borrowings	11.955	0.000	0.000
(b) Trade payables	214.045	211.099	118.630
(c) Other current liabilities	23.076	1.476	0.863
(d) Short-term provisions	2.211	0.930	0.709
Total Current Liabilities (4)	251.287	213.505	120.202
TOTAL	902.757	766.879	592.240
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	563.212	548.660	11.237
(ii) Intangible Assets	0.958	0.000	0.000
(iii) Capital work-in-progress	211.944	136.790	541.304
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	4.172	4.025	4.288
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	780.286	689.475	556.829
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	37.682	37.831	0.000
(c) Trade receivables	2.059	0.004	0.000
(d) Cash and cash equivalents	16.710	18.214	31.778
(e) Short-term loans and advances	64.192	20.116	2.726
(f) Other current assets	1.828	1.239	0.907
Total Current Assets	122.471	77.404	35.411
TOTAL	902.757	766.879	592.240

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	43.601	1.641	4.554
		Other Income
		TOTAL	43.601	1.641	4.554
Less	EXPENSES
		Office Expenses	199.896	40.928	12.571
		Administrative Expenses
		Advertising Expenses
		TOTAL	199.896	40.928	12.571
	PROFIT/ (LOSS) BEFORE TAX		(156.295)	(39.287)	(8.017)
Less	TAX		0.000	0.000	0.000
	PROFIT/ (LOSS) AFTER TAX		(156.295)	(39.287)	(8.017)
	BALANCE CARRIED TO THE B/S		204.265	47.970	(9.195)
	Earnings / (Loss) Per Share (Rs.)		(3.78)	(0.95)	(0.20)

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	(359.91)	(2394.09)	(176.04)
Return on Total Assets (PBT/Total Assets}	(%)	(22.62)	(2.24)	(15.69)
Return on Investment (ROI) (PBT/Networth)		(0.75)	(0.11)	(0.02)
Debt Equity Ratio (Total Liability/Networth)		1.91	0.49	0.22
Current Ratio (Current Asset/Current Liability)		0.49	0.36	0.29

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns.)	(INR in Mlns.)	(INR in Mlns.)
Share Capital	393.978	413.042	413.042
Reserves & Surplus	(8.632)	(47.406)	(203.701)
	0.000	6.487	0.000
Net worth	385.346	372.123	209.341
long-term borrowings	86.692	181.251	388.811
Short term borrowings	0.000	0.000	11.955
Total borrowings	86.692	181.251	400.766
Debt/Equity ratio	0.225	0.487	1.914

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns.)	(INR in Mlns.)	(INR in Mlns.)
Total Income	4.554	1.641	43.601
		(63.966)	2,556.977

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns.)	(INR in Mlns.)	(INR in Mlns.)
Total Income	4.554	1.641	43.601
Profit After Tax	(8.017)	(39.287)	(156.295)
	(176.04%)	(2394.09%)	(358.47%)

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	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)	No
21]	Market information	-------
22]	Litigations that the firm / promoter involved in	-------
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	-------
26]	Buyer visit details	-------
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	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

UNSECURED LOANS

PARTICULAR	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
LONG TERM BORROWINGS
Rupee term loans from bank	0.000	6.933
Foreign currency term loans from others	8.225	3.468
Other external commercial borrowings	257.039	170.851
Total	265.264	181.252

VIEW INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10370136	20/07/2012	490,000,000.00	BANK OF INDIA	Kolhapur Mid Corporate Branch: 1243/82 A,B, Jayant , Santosh Plaza, Beside Parvati Multiplex, Kolhapur - 416008, Maharashtra, India	B45541455

FINANCIAL RESULTS

Particular For the year ended on 31st March, 2013 (Amount in Millions.)For the year ended on 31st March, 2012 (Amount in Millions) Income Rs.43.601, Rs.1.641 Expenditure Rs.199.896 Rs.40.928 Profit/( Loss) before tax Rs. (156.295) Rs. (39.287) Less : Provision for current tax NILNIL Add: MAT Credit Entitlement NIL NIL Less: Wealth TaxNILNIL Less: Deferred Tax NIL NIL Profit /(Loss) After tax Rs. (156.295) Rs. (39.287) Balance Carried forward Rs. (204.265) Rs. (47.970).

PERFORMANCE

The members that, after completing the installation of the required machinery to start the production and after completing successful trials, the Company has started the production during the year under report and started exports to its customers. Some of the activities/processes which are not yet available have been sub contracted to the approved supplier. Being the first year of the production we incurred loss during the year. The Company is hopeful to achieve the projected sales targets for the first year during the FY 2013-14 and will keep growth on upward trend in the coming years. The work of installation of the remaining machinery is under progress and will be completed as per the schedules. After installation of all machinery the production capacity and product variety will be increased substantially, this will result into good margins of profit for the company. Further the directors wish to inform the members that the Company has entered in to a strategic JV with Caterpillar Asia Pte Limited with 34% equity participation. The Directors are very much confident that the company will start making profits in the years to come as one of the major customers has become a strategic partner of the Company. Further the Directors are pleased to inform that their team has successfully developed the chains for other customers also and company is very aggressive in increasing new customers. The Directors foresee a positive growth of the company in coming years.

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.58.86
UK Pound	1	Rs.98.82
Euro	1	Rs.80.72

INFORMATION DETAILS

Information Gathered by :	JML
Analysis Done by :	KAR
Report Prepared by :	SNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	--
--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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--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.