MIRA INFORM REPORT

Report No. :	352636
Report Date :	01.12.2015

IDENTIFICATION DETAILS

Name :	STEER ENGINEERING PRIVATE LIMITED
Registered Office :	#290, 4th Main, 4th Phase, Peenya Industrial Area, Bangalore – 560058, Karnataka
Tel. No.:	91-80-23585603
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	29.03.1993
Com. Reg. No.:	08-015303
Capital Investment / Paid-up Capital :	Rs.5.714 Million
CIN No.: [Company Identification No.]	U05190KA1993PTC015303
IEC No.:	0795014724
TAN No.: [Tax Deduction & Collection Account No.]	BLRS02701G
PAN No.: [Permanent Account No.]	AABCS8840E
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing and designing of Co-roating twin screw extruders, extruder processing zone elements, and peripherals for the processing zone elements and peripherals for the polymer industry. (Confirmed by Management)
No. of Employees :	100 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 2100000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a well-established company having satisfactory track. The company possesses an acceptable financial profile marked by comfortable capital structure and debt profile during FY-14. Further, the company has witnessed a better increase in its operating income and has recorded a profit from its operations during FY-14 as against a previous year loss. Trade relations are fair. Business is active. Payment terms are reported a slow but correct. The company can be considered for business dealings at usual trade term and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Fund based limits: BBB-
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	April 2014

Rating Agency Name	ICRA
Rating	Non fund based limits: A3
Rating Explanation	Moderate degree of safety and higher credit risk.
Date	April 2014

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 31-03-2015.

INFORMATION PARTED BY

Name :	Mr. Prakash Balsundaram
Designation :	Chief Financial Officer
Contact No.:	91-9916666046
Date :	28.11.2015

LOCATIONS

Registered Office / Factory :	#290, 4th Main, 4th Phase, Peenya Industrial Area, Bangalore – 560058, Karnataka
Tel. No.:	91-80-23723309/10
Mobile No.:	91-9916666046 (Mr. Prakash Balsundaram)
Fax No.:	91-80-28391374
E-Mail :	Chethan.sharma@steerworld.com archana.mallya@steerworld.com Info@steerworld.com
Website :	www.steerworld.com
Branch Office :	317, Regus Business Centre, Level-3, Neo Vikram, New Link Road, Andheri (West), Mumbai – 400053, Maharashtra India
Tel. No.:	91-22-61984900
Fax No.:	91-22-61984950

DIRECTORS

As on 30.09.2014

Name :

Mr. Kuntal Hasmukhlal Shah

Designation :

Director

Address :

402/A, May Building, 297/301, Princess Street, Mumbai – 400002, Maharashtra, India

Date of Birth/Age :

16.11.1970

Date of Appointment :

17.12.2007

DIN No.:

00001868

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	U74920MH1999PTC119051	HARMONIC CAPITAL PRIVATE LIMITED C/N	Director	23/03/1999	23/03/1999	-	Amalgamated	NO
2	U74999MH1999PTC122644	Oaklane Capital Management Private Limited	Director	12/11/1999	12/11/1999	-	Converted to LLP and dissolved	NO
3	U74999MH2006PTC161204	AXIS FINVEST ADVISORY PRIVATE LIMITED	Director	17/12/2006	18/04/2006	-	Converted to LLP and dissolved	NO
4	U65929MH2006PTC166065	AXIS CAPITAL MANAGEMENT PRIVATE LIMITED	Director	07/12/2006	07/12/2006	-	Converted to LLP and dissolved	NO
5	U05190KA1993PTC015303	STEER ENGINEERING PRIVATE LIMITED	Director	29/09/2008	17/12/2007	-	Active	NO
6	U22121PN1948PTC006177	SAKAL PAPERS Private Limited	Director	23/12/2014	03/08/2012	-	Active	NO
7	AAA-6130	OAKLANE CAPITAL MANAGEMENT LLP	Designated Partner	02/09/2011	02/09/2011	-	Active	NO
8	AAB-2670	AXIS CAPITAL MANAGEMENT LLP	Designated Partner	18/12/2012	18/12/2012	-	Active	NO
9	AAB-6772	SAGEONE INVESTMENT ADVISORS LLP	Designated Partner	12/10/2013	12/10/2013	-	Active	NO
10	AAC-2362	AXIS FINVEST ADVISORY LLP	Designated Partner	03/04/2014	03/04/2014	-	Active	NO

Name :

Mr. Babu Padmanabhan

Designation :

Managing director

Address :

Veerawathi No. 3, 12^th Cross, Between, 6^th and 8^th Main Road, Malleshwaram, Bangalore – 560003, Karnataka, India

Date of Birth/Age :

11.02.1966

Date of Appointment :

23.04.1993

PAN No.:

AAQPP1938G

DIN No.:

01077692

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	U05190KA1993PTC015303	STEER ENGINEERING PRIVATE LIMITED	Managing director	23/04/1993	23/04/1993	-	Active	NO
2	U02922KA1984PTC006496	B.R.ACCESSORIES PRIVATE LIMITED	Director	12/03/1998	12/03/1998	-	Active	NO
3	U35203KA1981PTC004564	CRYSTAL CABS PRIVATE LIMITED	Director	30/09/2002	30/09/2002	-	Active	NO
4	U72900KA2002PTC031269	STEER INFORMATION TECHNOLOGIES PRIVATE LIMITED	Director	29/11/2002	29/11/2002	-	Active	NO
5	U24230KA2015PTC081581	STEERLIFE INDIA PRIVATE LIMITED	Director	14/07/2015	14/07/2015	-	Active	NO

Name :

Mr. Satish Padmanabhan

Designation :

Director

Address :

Villa No. 03, Prestige Dorchester, Behind Jakur, Flying Club, Bangalore – 560064, Karnataka, India

Date of Birth/Age :

08.08.1969

Date of Appointment :

29.09.2001

PAN No.:

AARPP0235H

DIN No.:

01120456

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	U05190KA1993PTC015303	STEER ENGINEERING PRIVATE LIMITED	Director	29/09/2001	29/09/2001	-	Active	NO
2	U35203KA1981PTC004564	CRYSTAL CABS PRIVATE LIMITED	Director	30/09/2002	30/09/2002	-	Active	NO
3	U72900KA2002PTC031269	STEER INFORMATION TECHNOLOGIES PRIVATE LIMITED	Director	25/08/2005	25/08/2005	-	Active	NO
4	U02922KA1984PTC006496	B.R.ACCESSORIES PRIVATE LIMITED	Director	29/09/2008	23/04/2008	-	Active	NO

Name :

Mr. Padmanabhan Ramaswamy

Designation :

Whole-time director

Address :

3A, Padmalaya, Kothari L/O, Trichy Road, Singanallur, Coimbatore – 641005, Tamilnadu, India

Date of Birth/Age :

24.04.1940

Date of Appointment :

11.11.1997

PAN No.:

AFTPP9530J

DIN No.:

02393793

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	U05190KA1993PTC015303	STEER ENGINEERING PRIVATE LIMITED	Whole-time director	11/11/1997	11/11/1997	-	Active	NO
2	U02922KA1984PTC006496	B.R.ACCESSORIES PRIVATE LIMITED	Director	28/09/1998	28/09/1998	-	Active	NO

Name :

Mr. Stagner Wayne Nelson

Designation :

Director

Address :

116, EVA Drive, Gibsonville, NC27249, United States of America

Date of Birth/Age :

29.08.1934

Date of Appointment :

29.09.2008

DIN No.:

02059203

KEY EXECUTIVES

Name :	Mr. Prakash Balsundaram
Designation :	Chief Financial Officer

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

SHAREHOLDING DETAIL FILE ATTACHED

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2014

Category	Percentage
Bodies corporate	13.75
Directors or relatives of Directors	83.73
Other top fifty shareholders	2.52
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing and designing of Co-roating twin screw extruders, extruder processing zone elements, and peripherals for the processing zone elements and peripherals for the polymer industry. (Confirmed by Management)

Products :

Item Code No. (ITC Code)	Product Description
84772000	Extruder machinery

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Available

Imports :

Products :

Raw Material

Countries :

Italy

Terms :

Selling :

Cash / Credit (30/60/90 Days)

Purchasing :

Cash / Credit (30/60/90 Days)

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

No. of Employees :

100 (Approximately)

Bankers :

Bank Name	State Bank of India
Branch	Specialised Mid-Corporate Branch, No. 136, Railway Parallel Road, Kumarapark west, Bangalore- 560020, Karnataka, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Rupee term loans from banks	0.000	22.898
Other loans and advances	15.773	0.000
Short-term borrowings
Rupee term loans from banks	253.208	107.293
Total	268.981	130.191

Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	Deloitte Centre, Anchorage II, 100/2, Richmond Road, Bangalore – 560025, Karnataka, India
Tel. No.:	91-80-66276000
Fax No.:	91-80-66276011
PAN N Income-tax PAN of auditor or auditor's firm :	AACFD3771D
Memberships :	Not Available
Collaborators :	Not Available
Subsidiaries Companies:	B.R. Accessories Private Limited [CIN No.: U02922KA1984PTC006496] Crystal Cabs Private Limited [CIN No.: U35203KA1981PTC004564] Steer America Inc. Steer Japan Corporation Chindia Company Limited Steer China Corporation (Subsidiary of Chindia Company Limited)
Associates Company:	Steer Information Technologies Private Limited

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
600000	Equity Shares	Rs.10/- each	Rs. 6.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
571430	Equity Shares	Rs.10/- each	Rs. 5.714 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	5.714	5.714	5.714
(b) Reserves & Surplus	718.227	693.647	715.018
(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)	723.941	699.361	720.732
(3) Non-Current Liabilities
(a) long-term borrowings	15.852	22.977	25.774
(b) Deferred tax liabilities (Net)	2.084	1.933	8.074
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	8.196	5.405	0.000
Total Non-current Liabilities (3)	26.132	30.315	33.848
(4) Current Liabilities
(a) Short term borrowings	253.208	107.293	113.000
(b) Trade payables	292.709	127.874	178.368
(c) Other current liabilities	116.293	46.480	73.479
(d) Short-term provisions	34.328	24.740	40.546
Total Current Liabilities (4)	696.538	306.387	405.393
TOTAL	1446.611	1036.063	1159.973
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	207.698	179.917	201.010
(ii) Intangible Assets	28.982	1.461	3.123
(iii) Capital work-in-progress	0.000	36.898	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	272.874	269.031	345.478
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	50.384	52.684	46.554
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	559.938	539.991	596.165
(2) Current assets
(a) Current investments	0.038	0.038	0.038
(b) Inventories	291.198	203.653	195.511
(c) Trade receivables	462.585	230.966	261.019
(d) Cash and cash equivalents	19.173	15.825	12.398
(e) Short-term loans and advances	110.102	43.146	91.569
(f) Other current assets	3.577	2.444	3.273
Total Current Assets	886.673	496.072	563.808
TOTAL	1446.611	1036.063	1159.973

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income
	Other Income
	TOTAL	1109.900	956.600	NA
Less	EXPENSES	NA	NA	NA
	PROFIT/ (LOSS) BEFORE TAX	NA	NA	NA
Less	TAX	NA	NA	NA
	PROFIT/ (LOSS) AFTER TAX	25.248	20.980	90.213
	Earnings / (Loss) Per Share (Rs.)	44.18	36.71	157.87

Particulars	31.03.2015
Sales Turnover (Approximately)	1500.000

The above information has been parted by Mr. Prakash Balsundaram (Chief Financial Officer)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	6.500	19.064	30.000
Cash generated from operations	NA	NA	88.636
Net cash flows from (used in) operation	362.332	184.991	75.210

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Total Income)	(%)	2.27	2.19	NA
Debt Equity Ratio (Total Debt /Networth)		0.38	0.21	0.23
Current Ratio (Current Asset/Current Liability)		1.27	1.62	1.39

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	5.714	5.714	5.714
Reserves & Surplus	715.018	693.647	718.227
Net worth	720.732	699.361	723.941
long-term borrowings	25.774	22.977	15.852
Short term borrowings	113.000	107.293	253.208
Current maturities of long-term debts	30.000	19.064	6.500
Total borrowings	168.774	149.334	275.560
Debt/Equity ratio	0.234	0.214	0.381

YEAR ON YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)
Total Income	956.600	1109.900
		16.026

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)
Total Income	956.600	1109.900
Profit	20.980	25.248
	2.19%	2.27%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of establishment	Yes
2]	Constitution of the entity Incorporation details	Yes
3]	Locality of the entity	Yes
4]	Premises details	No
5]	Buyer visit details	--
6]	Contact numbers	Yes
7]	Name of the person contacted	Yes
8]	Designation of contact person	Yes
9]	Promoter’s background	Yes
10]	Date of Birth of Proprietor / Partners / Directors	Yes
11]	Pan Card No. of Proprietor / Partners	Yes
12]	Voter Id Card No. of Proprietor / Partners	No
13]	Type of business	Yes
14]	Line of Business	Yes
15]	Export/import details (if applicable)	Yes
16]	No. of employees	Yes
17]	Details of sister concerns	Yes
18]	Major suppliers	No
19]	Major customers	No
20]	Banking Details	Yes
21]	Banking facility details	Yes
22]	Conduct of the banking account	--
23]	Financials, if provided	Yes
24]	Capital in the business	Yes
25]	Last accounts filed at ROC, if applicable	Yes
26]	Turnover of firm for last four years	Yes
27]	Reasons for variation <> 20%	--
28]	Estimation for coming financial year	No
29]	Profitability for last three years	Yes
30]	Major shareholders, if available	Yes
31]	External Agency Rating, if available	Yes
32]	Litigations that the firm/promoter involved in	--
33]	Market information	--
34]	Payments terms	Yes
35]	Negative Reporting by Auditors in the Annual Report	No

UNSECURED LOAN

PARTICULARS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Other loans and advances, others	0.079	0.079
Total	0.079	0.079

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10554859	08/08/2014	3,745,120.00	SIEMENS FINANCIAL SERVICES PRIVATE LIMITED	130, PANDURANG BUDHKAR MARG, WORLI, MUMBAI, Maharashtra - 400018, INDIA	C46565016
2	10196803	13/04/2015 *	100,000,000.00	Citi Bank N.A.	2nd Floor, No. 5, M. G. Road,, Bangalore, Karnataka - 560001, INDIA	C53439253
3	80016768	18/02/2015 *	504,000,000.00	State Bank of India	Specialised Mid-Corporate Branch, No. 136, Railway Parallel Road, Kumarapark west, Bangalore, Karnataka - 560020, INDIA	C53807244

* Date of charge modification

FIXED ASSETS

• Land
• Building
• Plant, Machinery and Equipment
• Computer
• Furniture, Fixture and Equipment
• Software
• Goodwill

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.62.18
UK Pound	1	Rs.95.70
Euro	1	Rs.70.75

INFORMATION DETAILS

Information Gathered by :	PPT
Analysis Done by :	TRI
Report Prepared by :	JYTK

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	4
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--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		45

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.