MIRA INFORM REPORT

Report Date :

13.10.2014

IDENTIFICATION DETAILS

Name :	INDEUTSCH INDUSTRIES PRIVATE LIMITED

Registered Office :	301, Vardhman Vasundhra Plaza, LSC Plot No-1, Vasundhra Enclave, Delhi – 110096

Country :	India

Financials (as on) :	31.03.2013

Date of Incorporation :	06.11.1987

Com. Reg. No.:	55-029688

Capital Investment / Paid-up Capital :	Rs.7.500 Millions

CIN No.: [Company Identification No.]	U74210DL1987PTC029688

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacturer and Exporter of Brushes and Canvas.

No. of Employees :	1000 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Maximum Credit Limit :	USD 1300000

Status :	Satisfactory

Payment Behaviour :	Usually correct

Litigation :	Clear

Comments :	Subject is an established company having satisfactory track. Trade relations are fair. Business is active. Payment terms are reported as usually correct. The company 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

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.

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. Jeet Tyagi
Designation :	Finance Manager
Contact No.:	91-8447550590
Date :	10.10.2014

LOCATIONS

Registered Office :	301, Vardhman Vasundhra Plaza, LSC Plot No-1, Vasundhra Enclave, Delhi – 110096, India
Tel. No.:	Not Available
Mobile No.:	91-8447550590 (Mr. Jeet Tyagi)
Fax No.:	Not Available
E-Mail :	sanjiv.tyagi@indeutsch.org jeet@indeutsch.org info@indeutsch.com
Website :	www.indeutsch.com

Factory :	SDF E-7 and 8, Noida Special Economic Zone, Noida – 201305, Uttar Pradesh, India
Tel. No.:	91-120-4055800
Fax No.:	91-120-4282004/4282005/4282006

DIRECTORS

As on 30.09.2013

Name :

Mr. Samir Jain

Designation :

Managing director

Address :

H No. B-78, Sector – 44, Noida – 201301, Uttar Pradesh, India

Date of Appointment :

01.09.1992

DIN No.:

00064107

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	U74210DL1987PTC029688	INDEUTSCH INDUSTRIES PRIVATE LIMITED	Managing director	01/09/1992	01/09/1992	-	Active	NO
2	U74899DL1988PTC032150	CONFINA INDIA PRIVATE LIMITED	Director	19/08/1996	19/08/1996	-	Amalgamated	NO
3	U74899DL1995PTC064262	ATB CARGO PRIVATE LIMITED	Director	29/12/1999	29/12/1999	-	Active	NO
4	U74899DL1996PTC075542	CONFINA REALTY PRIVATE LIMITED	Director	01/02/2002	01/02/2002	-	Amalgamated	NO
5	U74899DL1995PTC066449	TRI-STAR PRODUCTS PRIVATE LIMITED	Director	01/08/2006	01/08/2006	18/03/2013	Active	NO
6	U24111DL1999PTC102723	TRI-STAR CREATIVE PRODUCTS PRIVATE LIMITED.	Director	30/09/2008	01/03/2008	-	Active	NO

Name :

Rup Chand Jain

Designation :

Director

Address :

208, Sector – 15A, Noida – 201301, Uttar Pradesh, India

Date of Appointment :

01.04.2009

DIN No.:

00092600

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	U72900DL1962PLC003735	AIR TRAVEL BUREAU LIMITED	Director	22/06/1981	22/06/1981	-	Active	NO
2	U74899DL1988PTC032150	CONFINA INDIA PRIVATE LIMITED	Director	20/06/1988	20/06/1988	01/03/2008	Amalgamated	NO
3	U74899DL1996PTC075542	CONFINA REALTY PRIVATE LIMITED	Director	18/01/1996	18/01/1996	19/02/2007	Amalgamated	NO
4	U74210DL1987PTC029688	INDEUTSCH INDUSTRIES PRIVATE LIMITED	Director	01/04/2009	15/03/1996	-	Active	NO
5	U64201DL2000PTC106024	PRECISE NETLINK PRIVATE LIMITED	Director	31/05/2000	31/05/2000	01/09/2009	Active	NO
6	U74899DL1995PTC066449	TRI-STAR PRODUCTS PRIVATE LIMITED	Director	10/10/2005	10/10/2005	-	Active	NO
7	U72200DL2000PTC106038	RANVE INTERFACE SOFTWARE PRIVATE LIMITED	Director	29/03/2006	29/03/2006	-	Active	NO
8	U91110UP1894NPL000017	THE UPPER INDIA CHAMBER OF COMMERCE	Director	26/09/2006	26/09/2006	-	Active	NO
9	U67120HR2005PLC036952	ORBIS FINANCIAL CORPORATION LIMITED	Director	25/05/2007	27/02/2007	-	Active	NO
10	U74991HR2006PLC036951	ORBIS CAPITAL LIMITED	Additional director	26/02/2010	15/05/2007	15/07/2010	Active	NO
11	AAA-0814	KNITPRO DESIGNS LLP	Designated Partner	24/02/2010	24/02/2010	-	Strike off	NO

KEY EXECUTIVES

Name :	Mr. Jeet Tyagi
Designation :	Finance Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

Names of Shareholders	No. of Shares	%age holding
Rup Chand Jain	1000	0.13
Samir Jain	749000	99.87
Total	750000	100.00

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2013

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Brushes and Canvas.

Exports :
Products :	Finished Goods
Countries :	Germany Australia

Imports :
Products :	Raw Material
Countries :	China Japan

Terms :
Selling :	Cash and Credit

Purchasing :	Cash and Credit

GENERAL INFORMATION

Suppliers :

Dic Blick, Australia

Customers :

Manufacturer
Perison Art, UK

No. of Employees :

1000 (Approximately)

Bankers :

Central Bank of India, 5, Jeevan Tara Bulding, Parliament Street,, New Delhi - 110001, Delhi, India
Canara Bank, Off Shore Banking Unit, # 119, Nsez, Noida, Noida - 201305, Uttar Pradesh, India

Facilities :

Secured Loan	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
Long-term Borrowings
Vehicle Loans **
From bank	6.002	1.366
From others	0.158	0.557
Short-term borrowings
Working capital loan – from banks
Packing Credit	11.434	11.408
Bill Discounting	65.548	51.877
Total	83.142	65.208
Note: Long-term Borrowings Vehicle loans are secured by way of hypothecation of respective vehicles financed. Vehicle loans are repayable in monthly installments. Short-term borrowings** Hypothecation of entire stocks of Raw material, work in progress and finished goods and stores / spares. Documents to title to goods and buyer wise ECGC cover. E/M of leasehold right of factory land and building at Plot No. 39, 40, 41 and 141, Noida Special Economic Zone, Noida in the name of the company. First charge over plan, machineries, furniture, Fixtures, equipment and all other movable fixed assets of the company (expect vehicles financed from other) Personal guarantee of two directors of the company.


Banking Relations :

Auditors :
Name :	BGJC and Associates Chartered Accountants
Address :	Raj Tower-I, G-1, Alaknanda Community Centre, New Delhi 110019, India
Tel. No.:	91-11-26025140
Fax No.:	91-11-26030436
E-Mail :	bgjc@bgjc.in
PAN N Income-tax PAN of auditor or auditor's firm :	AAAFB0028K

Subsidiaries Company:	Tri-Star Creative Products Private Limited, India [U24111DL1999PTC102723]

Common Directors:	Tri-Star Product Private Limited

A Director is partner in the firm :	Tri – Star Network Knitpro International

Associates Enterprises :	TPI Undercarriage Private Limited

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount

3250000	Equity Shares	Rs.10/- each	Rs. 32.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

750000	Equity Shares	Rs.10/- each	Rs. 7.500 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	7.500	7.500	7.500
(b) Reserves & Surplus	321.590	253.420	221.739
(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)	329.090	260.920	229.239

(3) Non-Current Liabilities
(a) long-term borrowings	6.159	1.924	5.601
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	2.238	2.934	2.568
Total Non-current Liabilities (3)	8.397	4.858	8.169

(4) Current Liabilities
(a) Short term borrowings	76.983	63.284	67.255
(b) Trade payables	40.154	32.019	34.202
(c) Other current liabilities	28.646	25.760	26.978
(d) Short-term provisions	3.721	8.583	4.939
Total Current Liabilities (4)	149.504	129.646	133.374

TOTAL	486.991	395.424	370.782

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	92.150	77.241	83.999
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.116
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	8.000	8.121	9.629
(c) Deferred tax assets (net)	3.227	3.739	5.322
(d) Long-term Loan and Advances	17.020	11.132	10.419
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	120.397	100.233	109.485

(2) Current assets
(a) Current investments	0.017	0.016	0.014
(b) Inventories	118.993	116.518	111.914
(c) Trade receivables	104.036	96.123	82.630
(d) Cash and cash equivalents	119.745	69.552	59.189
(e) Short-term loans and advances	23.803	12.982	7.550
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	366.594	295.191	261.297

TOTAL	486.991	395.424	370.782

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2013	31.03.2012	31.03.2011
	SALES
	Income	781.963	621.306	531.576
	Other Income
	TOTAL	781.963	621.306	531.576

Less	EXPENSES	688.848	567.845	515.583

	PROFIT/ (LOSS) BEFORE TAX	93.115	53.461	15.993

Less	TAX	24.945	15.678	0.829

	PROFIT/ (LOSS) AFTER TAX	68.170	37.783	15.164

	EARNINGS IN FOREIGN CURRENCY
	Brushes and Components	499.165	453.170	362.415
	Painting Canvas	195.705	92.059	114.790
	TOTAL EARNINGS	694.870	545.229	477.205

	IMPORTS
	Raw Materials	88.694	106.538	90.012
	Components and Stores parts	1.166	0.745	1.046
	Capital Goods	0.341	0.522	0.517
	TOTAL IMPORTS	90.201	107.805	91.575

	Earnings / (Loss) Per Share (Rs.)	90.89	50.38	20.22

Particulars

31.03.2014

Sales Turnover (Approximately)

850.000

Expected Sales (2014-2015) : Rs.1000.000 Millions

The above information has been parted by Mr. Jeet Tyagi (Finance Manager)

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	8.72	6.08	2.85

Return on Total Assets (PBT/Total Assets}	(%)	19.57	13.94	4.50

Return on Investment (ROI) (PBT/Networth)		0.28	0.20	0.07

Debt Equity Ratio (Total Debt /Networth)		0.25	0.25	0.32

Current Ratio (Current Asset/Current Liability)		2.45	2.28	1.96

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	7.500	7.500	7.500
Reserves & Surplus	221.739	253.420	321.590
Net worth	229.239	260.920	329.090

long-term borrowings	5.601	1.924	6.159
Short term borrowings	67.255	63.284	76.983
Total borrowings	72.856	65.208	83.142
Debt/Equity ratio	0.318	0.250	0.253

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Income	531.576	621.306	781.963
		16.880	25.858

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Income	531.576	621.306	781.963
Profit	15.164	37.783	68.170
	2.85%	6.08%	8.72%

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 four 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	No
17]	Major suppliers	Yes
18]	Major customers	Yes
19]	Payments terms	Yes
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

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10133748	14/02/2009 *	11,500,000.00	CENTRAL BANK OF INDIA	PARLIAMENT STREET BRANCH, JEEVAN TARA BUILDING, PARLIAMENT STREET, NEW DELHI, DELHI - 110001, INDIA	A59697201
2	90054539	14/02/2009 *	5,000,000.00	CENTRAL BANK OF INDIA	PARLIAMENT STREET BRANCH, JEEVAN TARA BUILDING, PARLIAMENT STREET, NEW DELHI, DELHI - 110001, INDIA	A59696682
3	90052818	26/09/1995	12,650,000.00	U P FINANCIAL COROPRATION	14/88CIVIL LINES, KANPUR, UTTAR PRADESH, INDIA	-
4	90052668	18/11/2013 *	100,000,000.00	CENTRAL BANK OF INDIA	5, JEEVAN TARA BULDING, PARLIAMENT STREET, NEW DELHI, DELHI - 110001, INDIA	B90452483
5	90052663	30/08/1994	3,370,000.00	U P FINANCIAL COROPRATION	14/88CIVIL LINES, KANPUR, UTTAR PRADESH, INDIA	-
6	90052442	31/03/1992 *	2,075,000.00	U P FINANCIAL COROPRATION	14/88 CIVIL LINES, KANPUR, UTTAR PRADESH, INDIA	-
7	90052382	04/02/1991 *	300,000.00	CENTRAL BANK OF INDIA	M MARKET GREATAR KAILASH, NEW DELHI, DELHI, INDIA	-
8	90052206	14/02/2009 *	30,500,000.00	CENTRAL BANK OF INDIA	PARLIAMENT STREET BRANCH, JEEVAN TARA BUILDING, PARLIAMENT STREET, NEW DELHI, DELHI - 110001, INDIA	A59696955
9	90052199	06/07/1999 *	300,000.00	CENTRAL BANK OF INDIA	PARLIAMENT STREET, NEW DELHI, DELHI - 110001, INDIA	-
10	90052183	31/03/1992 *	2,600,000.00	UTTAR PARDESH FINANCIAL CORPORATION	14/88 CIVIL LINES, KANPUR, UTTAR PRADESH, INDIA	-

* Date of charge modification

FIXED ASSETS

Land
Building
Furniture and Fixtures
Civil Construction
Vehicles
Plant and Machinery
Office Equipment
Electric Installation
Pollution cont. Equipment

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.61.16
UK Pound	1	Rs.98.62
Euro	1	Rs.77.67

INFORMATION DETAILS

Information Gathered by :	DIP

Analysis Done by :	SUB

Report Prepared by :	KVT

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	6
--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		48

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.

MIRA INFORM REPORT

INDEX OF CHARGES

Unit