MIRA INFORM REPORT

Report Date :

29.11.2014

IDENTIFICATION DETAILS

Name :	ERHARDT + LEIMER (INDIA) PRIVATE LIMITED
Registered Office :	Survey No. 252/1, 252/2, Near. Arvee Denim, Opposite Real Strip, Sarkhej Bavla Highway, Vill: Sari, Taluka Sanand – 382220, Gujarat
Country :	India
Financials (as on) :	31.12.2013
Date of Incorporation :	28.11.1978
Com. Reg. No.:	04-050338
Capital Investment / Paid-up Capital :	Rs.7.140 Millions
CIN No.: [Company Identification No.]	U74999GJ1978PTC050338
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	AHME00062G
PAN No.: [Permanent Account No.]	AAACE2657G
Legal Form :	Private Limited Liability Company
Line of Business :	Manufactures and markets sophisticated Web Guiding Systems and Web Tension Monitoring Systems for Textile, Paper, Film, Foil, Tyre and Corrugating industries.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is a wholly owned subsidiary of “Erhardt + Leimer, Gmbh. It is a well-established company having satisfactory track record. As per available, management has failed to file latest financials for FY14. With the statutory authorities. The company possesses a favorable financial profile marked by adequate networth base and favorable gap between trade receivables and payables along with modest working capital requirements in order to fund the ongoing growth. Management has seen a growth in its sales volume whereas has reported a minimal margin during FY2013. However, trade relations are fair. Business is active. Payment terms are reported as usually correct. In view of strong support from its parent, and long standing presence of the subject it can be considered 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

Verdict Implications : Apex court order may alter coal import dynamics. Traders go slow on talks over coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.

Recent arrest of the Chennai head of the Registrar of Companies, the ministry of corporate affairs arm that ensures that companies file all the information required by the Companies Act is the latest manifestation of a messy fight between a father and his adopted son for the control of Rs 40000 mn business empire. The Central Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10 lakhs as bribe from M A M Ramaswamy, a CBI official said.

Central Bureau of Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.

Infosys maintains revenue guidance. COO Rao says attrition still an area of concern and it would take a few more quarters to bring down levels to 13-15 %.

DHL  to invest Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its e-commerce business model for the Asia-Pacific region.

Blackstone may buy stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.

Kingfisher Airlines Ltd grounded in October 2012 under the weight of heavy debt and accumulated losses, recently approached the Delhi high court for relief in two separate cases. The airline challenged a notice by Punjab & National Bank alleging that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to comply with the requirements under the listing agreements with the Stock Exchanges.

OnMobile likely to sack another 300 employees. The lay-offs follow a spate of senior-level exits over the past two years, starting with of its founder. The overall lay-offs could number around 600 and are driven by the need to cut costs, says a former employee.

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	SME
Rating Explanation	1 Highest credit worthiness

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

Name :	Mr. Pankaj Trivedi
Designation :	Account Manager
Contact No.:	91-2717-610400
Date :	29.11.2014

LOCATIONS

Registered Office :	Survey No. 252/1, 252/2, Near. Arvee Denim, Opposite Real Strip, Sarkhej Bavla Highway, Vill: Sari, Taluka Sanand – 382220, Gujarat, India
Tel. No. :	91-2717-252001 / 610400
Fax No. :	91-2717-252008
E-Mail :	nkannappan@erhardt-leimer.com
Website :	www.erhardt-leimer.com

DIRECTORS

As on 05.05.2014

Name :	Franz Thomas Michael Schotter
Designation :	Director
Address :	Peterhofstr 7, Augsburg, 86163, Germany
Date of Birth/Age :	13.02.1962
Date of Appointment :	02.06.2004
DIN No. :	00268635
Name :	Hannelore Leimer
Designation :	Director
Address :	Volkstrasse 25, Augsburg 86150, Germany
Date of Birth/Age :	29.04.1938
Date of Appointment :	20.12.1982
DIN No. :	00268679
Name :	Michael Albert Proeller
Designation :	Director
Address :	Beim Schnarrbrunnen 4, D-86150, Augsburg, 86150, Germany
Date of Birth/Age :	19.09.1965
Date of Appointment :	18.12.1996
DIN No. :	00381362
Name :	Wolfgang Siegfried Merkel
Designation :	Director
Address :	Hohenweg 27, D-86391, Stadtbergen, 86391 Germany
Date of Birth/Age :	16.11.1967
Date of Appointment :	12.09.2006
DIN No. :	00843875
Name :	Rajaram Seshadri
Designation :	Managing Director
Address :	18/38, Shyamal Raow House, B/H. Manek Baug, Satellite Road, Ahmedabad – 380015, Gujarat
Date of Birth/Age :	31.08.1949
Date of Appointment :	01.12.2013
DIN No. :	06746792
Name :	Reinhold Ruckel
Designation :	Director
Address :	Schelmenlohweg 7, Zusmarshausen, 86441, Germany
Date of Birth/Age :	10.11.1963
Date of Appointment :	20.03.2014
DIN No. :	06791825

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 05.05.2014

Names of Shareholders	No. of Shares
Erhardt + Leimer GmbH, Germany	71399
Michael Proeller, Germany	01
Total	71400

As on 05.05.2014

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 :

Manufactures and markets sophisticated Web Guiding Systems and Web Tension Monitoring Systems for Textile, Paper, Film, Foil, Tyre and Corrugating industries.

GENERAL INFORMATION

No. of Employees :

Not Divulged

Bankers :

v The Karur Vysya Bank Limited, Post Box No.21, Erode Road, Karur - 639002, Tamilnadu, India

v HDFC Bank Limited, HDFC House, Navrangpura, Ahmedabad - 380009, Gujarat, India

Facilities :

SECURED LOANS	31.12.2013 (Rs. In Millions)	31.12.2012 (Rs. In Millions)
LONG TERM BORROWINGS
Term loan from bank	0.000	4.781
SHORT TERM BORROWINGS
Working capital facilities from a bank	30.350	52.099
Total	30.350	56.880

Banking Relations :	--
Auditors :
Name :	Shah and Shah Associates Chartered Accountants
Address :	702, Aniket Building, Near Muncipal Market, Navrangpura, Ahmedabad – 380009, Gujarat, India
Tel. No. :	91-79-26465433
Fax No. :	91-79-26406983
E-Mail :	ca@shahandshah.co.in
PAN No. :	AAHFS7036F
Holding Company :	¨ Erhardt + Leimer GmbH, Germany
Fellow Subsidiary / Enterprises where the holding company has significant interest / control	¨ Erhardt + Leimer Corrugated GmbH ¨ Erhardt + Leimer Italy ¨ Erhardt + Leimer USA ¨ Erhardt + Leimer (Hang Zhou) Company Limited, China ¨ Erhardt + Leimer (Taiwan) ¨ Erhardt + Leimer (Canad) ¨ Erhardt + Leimer (Japan)
Other related parties :	¨ Inspiron Engineering Private Limited (Up to 1^st December, 2013) ¨ Pramol Traders Holding Private limited (Up to 1^st December, 2013)

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.100/- each	Rs.10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
71400	Equity Shares	Rs.100/- each	Rs.7.140 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.12.2013	31.12.2012	31.12.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	7.140	7.140	7.140
(b) Reserves & Surplus	214.787	202.160	201.199
(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)	221.927	209.300	208.339
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	4.781	6.776
(b) Deferred tax liabilities (Net)	17.144	13.005	12.221
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	1.621	7.589	6.327
Total Non-current Liabilities (3)	18.765	25.375	25.324
(4) Current Liabilities
(a) Short term borrowings	30.350	52.099	37.957
(b) Trade payables	97.235	78.504	63.412
(c) Other current liabilities	61.414	47.734	63.755
(d) Short-term provisions	9.554	10.057	10.814
Total Current Liabilities (4)	198.553	188.394	175.938
TOTAL	439.245	423.069	409.601
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	149.664	153.738	160.273
(ii) Intangible Assets	2.673	2.052	1.554
(iii) Capital work-in-progress	0.000	2.255	0.000
(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	1.644	1.615	1.615
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	153.981	159.660	163.442
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	144.120	151.840	145.836
(c) Trade receivables	117.059	88.380	80.667
(d) Cash and cash equivalents	6.013	3.105	2.971
(e) Short-term loans and advances	18.072	20.084	16.685
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	285.264	263.409	246.159
TOTAL	439.245	423.069	409.601

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.12.2013	31.12.2012	31.12.2011
	SALES
		Income	627.090	553.210	427.620
		Other Income	NA	NA	NA
		TOTAL	NA	NA	NA
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	NA	NA	NA
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		39.830	24.140	35.220
Less	FINANCIAL EXPENSES		6.090	6.020	4.080
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		33.740	18.120	31.140
Less/ Add	DEPRECIATION/ AMORTISATION		13.470	13.080	9.210
	PROFIT/ (LOSS) BEFORE TAX		20.270	5.040	21.930
Less	TAX		7.650	4.100	7.860
	PROFIT/ (LOSS) AFTER TAX		12.620	0.940	14.070
	Earnings / (Loss) Per Share (Rs.)		176.75	13.16	197.06

KEY RATIOS

PARTICULARS		31.12.2013	31.12.2012	31.12.2011
Net Profit Margin (PBT/Sales)	(%)	3.23	0.91	5.13
Return on Total Assets (PBT/Total Assets}	(%)	4.61	1.20	5.35
Return on Investment (ROI) (PBT/Networth)		0.09	0.02	0.11
Debt Equity Ratio (Total Debt/Networth)		0.14	0.27	0.21
Current Ratio (Current Asset/Current Liability)		1.44	1.40	1.40

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.12.2011	31.12.2012	31.12.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	7.140	7.140	7.140
Reserves & Surplus	201.199	202.160	214.787
Net worth	208.339	209.300	221.927
long-term borrowings	6.776	4.781	0.000
Short term borrowings	37.957	52.099	30.350
Total borrowings	44.733	56.880	30.350
Debt/Equity ratio	0.215	0.272	0.137

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.12.2011	31.12.2012	31.12.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	427.620	553.210	627.090
		29.370	13.355

NET PROFIT MARGIN

Net Profit Margin	31.12.2011	31.12.2012	31.12.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	427.620	553.210	627.090
Profit	14.070	0.940	12.620
	3.29%	0.17%	2.01%

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	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	-----
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	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	Yes

NOTE:

The registered address of the company has been shifted from 43 V B, Gandhi Marg, Fort, Mumbai – 400023, Maharashtra, India to the present address w.e.f. 09.03.2007

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	90186912	08/10/2012 *	75,250,000.00	The Karur Vysya Bank Ltd	Sakar VII,B Block Ground Floor,Nehru Bridge Corner, Ashram Road, Ahmedabad, Gujarat - 380009, INDIA	B60460656
2	90185268	03/11/1987	2,000,000.00	STATE BANK OF INDIA	G V M S A V LTD., ODHAV, AHEMADABAD, Gujarat, INDIA	-
3	90185021	01/12/1985	235,000,000.00	STATE BANK OF INDIA	G V M S A V LTD., ODHAV, AHEMADABAD, Gujarat, INDIA	-
4	90184574	28/08/1980	1,150,000.00	STATE BANK OF INDIA	ODHAV, AHEMADABAD, Gujarat - 382410, INDIA	-
5	90184566	21/07/1980	2,203,000.00	GUJRAT STATE FINANCIAL CORPORTION	JALDARSHAN BUILCING; ASHRAM ROAD, AHEMADABAD, Gujarat - 380009, INDIA	-

* Date of charge modification

OPERATIONS

The sales turn over and income from services and Commission during the financial year they were Rs. 627.000 Million as against Rs. 553.000 Million of the previous yea registering a growth of 13% over the last financial year. Profit before tax for the year was Rs. 20.270 million as compared to Rs. 5.040 million in the previous financial year. Profits for the year are higher due to increase in sales.

FUTURE OUTLOOK

Although the GDP growth rate has come down to less than 5% and business sentiments are weak due to political uncertainty, the outlook for most industry segments that the company is operating in appears positive for the year\ 2014. Textile processing is expected to do somewhat better in 2014, based mostly on export demand. In order to achieve increased business volume, company has to focus on measures to improve competitiveness in high value items like ELSTRAIGHT, ELCOUNT and ELMAT systems. Printing and Packaging industry is also expected to show a growth of 10-1 5%. Although, business in printing and packaging is expected to grow, increased competition from traditional competitors like, EST, Re and Fife is expected to have adverse impact on price realization and margins especially in automation products. Increased sale is expected in DC 62 tension controller and ELSCAN OMS 4 print inspection system. Development of low cost AG-drive system and launch of FE 52 is in the second half of 201 4 is expected to improve margins and market share in Automation business in the Converging industry. Paper manufacturing sector, which saw a positive growth in 2013, is expected to do well in 2014. Tire industry is expected to see stagnation in capital investments based on a moderate growth in the automotive sector due to high interest rates on retail loans. The industry segment corrugation is expected to see a positive growth in 2013. Over all the company is expected to see a sales growth of between 12-15 % in 201 4.

Focus of Material management which had been completely restructured to meet growth objectives will be on improving supply chain and reducing lead time. Continued focus will be on Lean manufacturing, which initiated 2 years back but is yet to achieve the desired objective. This should help the company reduce inventory and improve deliveries. With a view to integrating the company's operations with {hat of the mother company in Germany, up gradation of SAP project has been initiated and the roll out will be completed by Dec 2014. Capital Investment is being planned for 201 4 will focus on setting up in-house fabrication and liquid paint shop, which will help in reducing costs and also lead times.

In order to meet competition in the field of tension monitor from low priced competitors like Re, Italy, company will participate in the R and D effort of the mother company to develop the new, low cost Digital tension monitor on the DC 62 platform The new digital tension monitor will eventually replace the analog amplifier CV 2201 and will have advanced features. The prototype is expected to be ready in second half of 2014. The Company which got know how for 8 KW, 10 KW and 12 KW generators in 2011 from Softal Corona and Plasma GmbH, Germany has already developed and sold 8 KW generator. The Company will be developing the 10 KW generator in the first half of 2014. The company will also be developing the new CSME treating station specifically meant for the Coating and lamination machines in the converting industry.

FIXED ASSETS

œ Freehold Land

œ Building

œ Plant and Machinery

œ Computers

œ Furniture and Fixture

œ Vehicles

œ Office Equipment

œ Computer Software

œ Technical Knowhow Fees

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.61.97
UK Pound	1	Rs.97.37
Euro	1	Rs.77.16

INFORMATION DETAILS

Information Gathered by :	HNA
Analysis Done by :	SUB
Report Prepared by :	ANK

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	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	6
--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		46

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.