MIRA INFORM REPORT

Report No. :	308997
Report Date :	20.02.2015

IDENTIFICATION DETAILS

Name :	FOWLER WESTRUP (INDIA) PRIVATE LIMITED (w.e.f.30.05.2002)
Formerly Known As :	FOWLER WESTRUP (INDIA) LIMITED
Registered Office :	Raj Mahal Building, 4^th Floor, 84, Veer Nariman Road, Mumbai – 400 024, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	27.01.2000
Com. Reg. No.:	11-123855
Capital Investment / Paid-up Capital :	Rs.74.500 Millions
CIN No.: [Company Identification No.]	U74999MH2000PTC123855
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	BLRF00404F
PAN No.: [Permanent Account No.]	AAACF5164H
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Exporter and Importer of Post-harvest Agricultural Processing Machinery and Transformer Oil Conditioning Machinery.
No. of Employees :	400 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (30)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 1400000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The rating is constrained on account of a loss incurred by the company during FY 2014 and increased in the borrowing of the company. However, trade relations are reported to be fair. Business is active. Payment terms are slow but correct. The company can be considered for business dealing 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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
India	A1	A1

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

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 (GENERAL DETAILS)

Name :	Mr. Ramesh
Designation :	Assistant Manager
Contact No.:	91-9619274989
Date :	19.02.2015

LOCATIONS

Registered Office :	Raj Mahal Building, 4^th Floor, 84, Veer Nariman Road, Mumbai – 400 024, Maharashtra, India
Tel. No.:	91-22-27832992/ 27832995/ 25918351
Mobile No.:	91-9619274989 (Mr. Ramesh Pasate)
Fax No.:	91-22-25916456/ 27831594
E-Mail :	lakshmanan@fowlerwetrup.com jagati@fowlerwestrup.com fwl@fowlerwestrup.com fwl@vsnl.in
Website :	www.fowlerwestrup.com
Location :	Owned
Corporate Office/ Factory 1 :	Plot No.249/250, 3^rd Phase, Bommasandra Industrial Area, Bangalore – 560 099, Karnataka, India
Tel. No.:	91-80-27832992/ 27831594/ 27834440/ 27834441
Fax No.:	91-80-27831594
E-Mail :	fwl@fowlerwestrup.com
Factory 2 :	Plot No.60-63, KIADB Industrial Area, Malur, Kolar District – 563 130, Karnataka, India
Tel. No.:	91-8152-282500
Fax No.:	91-8152-282555
Regional Office :	Located at: · New Delhi · Kolkata · Mumbai · Coimbatore · Hyderabad

DIRECTORS

As On 30.06.2014

Name :

Mr. Badrinarayan Ramulal Barwale

Designation :

Director

Address :

72-B, Urvashi Prtit Estate, Nepean Sea Road, Mumbai – 400 006, Maharashtra, India

Date of Birth/Age :

13.08.1931

Date of Appointment :

27.01.2000

DIN No.:

00001479

Name :

Mr. Rajendra Badrinarayan Barwale

Designation :

Director

Address :

72-B, Urvashi Prtit Estate, Nepean Sea Road, Mumbai – 400 006, Maharashtra, India

Date of Birth/Age :

12.12.1955

Date of Appointment :

05.02.2001

DIN No.:

00001678

Name :

Mr. Ramkrishan Jalan

Designation :

Director

Address :

56, Rajmahal Vilas Extension, 1^st Block, 4^th Cross, Bangalore – 560 094, Karnataka, India

Date of Birth/Age :

30.07.1943

Date of Appointment :

15.07.2013

DIN No.:

00012430

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	U65999MH1953PTC009189	JOHN FOWLER (INDIA) PRIVATE LIMITED	Director	31/07/1991	31/07/1991	-	Active	NO
2	U31503MH1987PTC247879	R.B.ASSOCIATES PRIVATE LIMITED	Director	16/03/1993	16/03/1993	-	Active	NO
3	U99999KA1995PTC018634	TRINCAS INDIA PRIVATE LIMITED	Director	05/03/1996	05/03/1996	-	Strike off	NO
4	U29219MH1998PTC115973	DICKINSON FOWLER PRIVATE LIMITED	Director	11/12/1998	11/12/1998	-	Active	NO
5	U74999MH2000PTC123855	FOWLER WESTRUP (INDIA) PRIVATE LIMITED	Director	15/07/2013	05/02/2001	-	Active	NO
6	U30007KA1998PTC024374	S.R. NOVA PRIVATE LIMITED	Managing director	01/09/2014	04/03/2002	-	Active	NO
7	U51103KA1989PTC010176	S R NOVA COMMERCIAL PRIVATE LIMITED	Director	29/07/2006	29/07/2006	-	Active	NO
8	U72200KA2001PTC069316	TECHSET COMPOSITION INDIA PRIVATE LIMITED	Whole-time director	01/09/2014	29/08/2007	-	Active	NO

Name :

Mr. Arun Kannan Thiagarajan

Designation :

Director

Address :

Grace Home, 37, Kanakpura Road, Basavanagudi, Bangalore – 560 034, Karnataka, India

Date of Birth/Age :

17.09.1944

Date of Appointment :

19.12.2007

DIN No.:

00292757

Name :

Mr. Vijaykumar Balakrishna Kilar

Designation :

Managing Director

Address :

F-602, Red Wood, Raheja Residency, 3^rd Block, Koramangala, Bangalore – 560 034, Karnataka, India

Date of Birth/Age :

01.12.1952

Qualification :

BE (Chem. Engg)

Date of Appointment :

01.09.2003

DIN No.:

00394346

Name :

Mr. Arun Balbhadra Goyal

Designation :

Alternate Director

Address :

334, Jennifer Lane, Rosells, IL, 60172, United States of America

Date of Birth/Age :

04.05.1945

Date of Appointment :

15.07.2013

DIN No.:

01381528

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	U65999MH1953PTC009189	JOHN FOWLER (INDIA) PRIVATE LIMITED	Director	31/07/1991	31/07/1991	-	Active	NO
2	U74999MH2000PTC123855	FOWLER WESTRUP (INDIA) PRIVATE LIMITED	Director	15/07/2013	01/08/2001	-	Active	NO

Name :

Mr. Peter Thorn

Designation :

Director

Address :

Atterbakkevej 18, Dysted Holnegaard, 4684, Denmark

Date of Birth/Age :

29.09.1966

Date of Appointment :

12.12.2008

DIN No.:

02539405

Name :

Mr. Subramanian Vishwanathan

Designation :

Alternate Director

Address :

589, 12^th A Cross, 8^th Main, J.P. Nagar, 2^nd Phase, Bangalore – 560 078, Karnataka, India

Date of Birth/Age :

16.12.1952

Date of Appointment :

06.06.2014

DIN No.:

00012401

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	U31503MH1987PTC247879	R.B.ASSOCIATES PRIVATE LIMITED	Director	24/11/1997	24/11/1997	31/10/2013	Active	NO
2	U65999MH1953PTC009189	JOHN FOWLER (INDIA) PRIVATE LIMITED	Managing director	01/04/2012	31/10/2001	31/10/2013	Active	NO
3	U30007KA1998PTC024374	S.R. NOVA PRIVATE LIMITED	Director	24/06/2004	24/06/2004	-	Active	NO
4	U72200KA2001PTC069316	TECHSET COMPOSITION INDIA PRIVATE LIMITED	Director	27/09/2007	29/08/2007	-	Active	NO
5	U93000KA1964ULL001532	KARNATAKA STATE INDUSTRIAL AND INFRASTRUCTURE DEVELOPMENT CORPORATION LIMITED	Director	16/04/2008	16/04/2008	19/05/2009	Active	NO
6	U29219MH1998PTC115973	DICKINSON FOWLER PRIVATE LIMITED	Alternate director	22/05/2014	21/03/2013	-	Active	NO
7	U74999MH2000PTC123855	FOWLER WESTRUP (INDIA) PRIVATE LIMITED	Alternate director	06/06/2014	06/09/2013	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Ramesh
Designation :	Assistant Manager
Name :	Mr. Omprakash Jagati
Designation :	Secretary
Address :	1208, Nandi Park, Near Gottigheri Bus Stop, Bannarghatta Main Road, Bangalore – 560 083, Karnataka, India
Date of Birth/Age :	05.10.1961
Date of Appointment :	15.11.2002
PAN No.:	ABQPJ7408Q

MAJOR SHAREHOLDERS

As On 30.06.2014

Names of Shareholders	No. of Shares	Percentage
John Fowler (India) Private Limited	4450000	59.73
Westrup A/S	3000000	40.27
Total	7450000	100.00

Equity Share Break up (Percentage of Total Equity)

As On 30.06.2014

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	40.00
Bodies corporate	60.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Exporter and Importer of Post-harvest Agricultural Processing Machinery and Transformer Oil Conditioning Machinery.

Products :

Item Code No. (ITC Code)	Product Description
84371000	Transformer Oil Conditioning Machinery
84211900	Agricultural Products Processing Machinery

Exports

Products :

Finished goods

Countries :

· Nigeria

· Europe

Imports :

Products :

Raw material

Countries :

Denmark

Terms :

Selling :

L/C and Credit

Purchasing :

L/C and Credit

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 :

Wholesaler, Retailer and Manufacturer

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 :

400 (Approximately)

Bankers :

· Yes Bank Limited, 9^th Floor, Nehru Centre, Discovery of India, Dr. Annie Besant Road, Worli, Mumbai – 400 018, Maharashtra, India

· HDFC Bank Limited

· ING Vysya Bank Limited, 22, M.G. Road, Bangalore – 560 001, Karnataka, India

· State Bank of India

· Barclays Bank Plc, 20/21, Kamaraj Salai, Kanchipuram – 631 501, Tamil Nadu, India

Facilities :

SECURED LOANS	31.03.2014 Rs. In Millions	31.03.2013 Rs. In Millions
Long Term Borrowings
Term loan from Banks (Mortgage against Factory against Factory Land)	161.420	242.292
Short Term Borrowings
Working Capital loans from Banks (Secured against current assets, Movable Fixed assets and Equitable mortgage of factory Building)	302.944	204.380
Total	464.364	446.672

Auditors :
Name :	Sharp and Tannan Chartered Accountants
Address :	Ravindra Annexe, 194, Churchgate Reclamation, Dishaw Vaccha Road, Mumbai – 400 020, Maharashtra, India
Tel. No.:	91-22-22047722/ 23/ 66338343-47
Fax No.:	91-22-66338352
E-Mail :	sharp@bom3.vsnl.net.in
PAN No.:	AAAFS2967E
Holding Company :	John Fowler (India) Private Limited
Company having substantial influence :	Westrup A/S, Denmark
Subsidiary :	Radix Systems Limited, United Kingdom
Parties where common control exists :	Dickinson Fowler Private Limited

CAPITAL STRUCTURE

As On 30.06.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
9000000	Equity Shares	Rs. 10/- each	Rs.90.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
7450000	Equity Shares	Rs. 10/- each	Rs.74.500 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

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	74.500	74.500	74.500
(b) Reserves & Surplus	427.058	507.291	454.895
(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)	501.558	581.791	529.395
(3) Non-Current Liabilities
(a) long-term borrowings	382.841	318.713	223.753
(b) Deferred tax liabilities (Net)	52.923	34.454	21.524
(c) Other long term liabilities	0.405	0.405	0.405
(d) long-term provisions	4.406	3.979	3.881
Total Non-current Liabilities (3)	440.575	357.551	249.563
(4) Current Liabilities
(a) Short term borrowings	302.944	204.380	0.000
(b) Trade payables	196.753	187.901	166.021
(c) Other current liabilities	273.640	222.812	147.389
(d) Short-term provisions	37.839	34.865	47.682
Total Current Liabilities (4)	811.176	649.958	361.092
TOTAL	1753.309	1589.300	1140.050
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1096.201	432.646	389.621
(ii) Intangible Assets	11.753	14.308	29.483
(iii) Capital work-in-progress	4.370	486.801	97.789
(iv) Intangible assets under development	2.919	8.792	0.000
(b) Non-current Investments	0.000	57.434	57.434
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	9.475	55.958	0.000
(e) Other Non-current assets	0.000	0.000	6.978
Total Non-Current Assets	1124.718	1055.939	581.305
(2) Current assets
(a) Current investments	0.016	0.000	0.000
(b) Inventories	161.240	105.638	106.654
(c) Trade receivables	208.743	213.797	170.713
(d) Cash and cash equivalents	107.286	108.569	158.711
(e) Short-term loans and advances	151.159	105.167	121.851
(f) Other current assets	0.147	0.190	0.816
Total Current Assets	628.591	533.361	558.745
TOTAL	1753.309	1589.300	1140.050

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	PROFIT/(LOSS) AFTER TAX	(80.233)	52.356	77.550
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	430.686	378.330	300.780
	BALANCE CARRIED TO THE B/S	350.453	430.686	378.330
	Earnings Per Share (Rs.)	(10.76)	7.03	----

KEY RATIOS

PARTICULARS	31.03.2014	31.03.2013	31.03.2012
Debt Equity Ratio (Total Debt /Networth)	1.37	0.90	0.42
Current Ratio (Current Asset/Current Liability)	0.77	0.82	1.55

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	74.500	74.500	74.500
Reserves & Surplus	454.895	507.291	427.058
Net worth	529.395	581.791	501.558
long-term borrowings	223.753	318.713	382.841
Short term borrowings	0.000	204.380	302.944
Total borrowings	223.753	523.093	685.785
Debt/Equity ratio	0.423	0.899	1.367

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	No
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	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

NOTE: Registered office address of the company has been shifted from 19 Khetan Bhavan, 198 J Tata Road, Mumbai – 400 020, Maharashtra, India to the present address w.e.f.30.06.2007

UNSECURED LOANS:

Particulars	31.03.2014 Rs. In Millions	31.03.2013 Rs. In Millions
Long Term Borrowings
Borrowings	221.421	76.421
Total	221.421	76.421

INDEX OF CHARGE:

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10293861	24/06/2011	360,000,000.00	Barclays Bank Plc	20/21, KAMARAJ SALAI, KANCHIPURAM, Tamil Nadu - 6 31501, INDIA	B15646888
2	10267008	29/06/2011 *	360,000,000.00	Barclays Bank Plc	20/21, KAMARAJ SALAI, KANCHIPURAM, Tamil Nadu - 6 31501, INDIA	B15665474
3	10100833	27/06/2013 *	400,000,000.00	YES BANK LIMITED	9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA,, DR. ANNIE BESANT ROAD, WORLI,, MUMBAI, Maharashtra - 400018, INDIA	B79052353
4	10110517	26/06/2013 *	400,000,000.00	YES BANK LIMITED	9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA,, DR. ANNIE BESANT ROAD, WORLI,, MUMBAI, Maharashtra - 400018, INDIA	B79052908

* Date of charge modification

FIXED ASSETS:

· Land-Freehold

· Factory Building

· Plant and Machinery

· Furniture and Fixtures

· Office Equipments

· Vehicles

· Specialised Software

· Patents

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

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

2] Court Declaration :

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

3] Asset Declaration :

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

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

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

Charges or investigation registered against subject: None

7] Criminal Records

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

8] Affiliation with Government :

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

9] Compensation Package :

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

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

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

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

CONTRAVENTION

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.92
UK Pound	1	Rs.97.39
Euro	1	Rs.77.21

INFORMATION DETAILS

Information Gathered by :	DPA
Analysis Done by :	SUM
Report Prepared by :	JYTK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	5
--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	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		30

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.