MIRA INFORM REPORT

Report No. :	308173
Report Date :	24.02.2015

IDENTIFICATION DETAILS

Name :	QUADRANT EPP SURLON UTTARANCHAL PRIVATE LIMITED

Registered Office :	Plot No. 4, Pocket 1, New Delhi - 110076

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	14.02.2003

Com. Reg. No.:	55-118958

Capital Investment / Paid-up Capital :	Rs.6.000 Millions

CIN No.: [Company Identification No.]	U74999DL2003PTC118958

TAN No.: [Tax Deduction & Collection Account No.]	Not Available

PAN No.: [Permanent Account No.]	Not Available

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacturing high quality engineering plastic components.

No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (26)

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

Maximum Credit Limit :	USD 110000

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 company’s moderate financial risk profile and losses that company has incurred from its operational activities. However, trade relations are fair. Business is active. Payments are reported to be 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

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	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	Not Available

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.

LOCATIONS

Registered Office :	Plot No. 4, Pocket 1, New Delhi – 110076, India
Tel. No.:	91-11-40554651/52
Fax No.:	91-11-40554650
E-Mail :	satendra.kumar@quadrantsurlon.com skumar@quadrantsurlon.com
Website:	www.quadratsurlon.com

Factory :	1347/22, Langha Road, Industrial Area, Dehradun – 248197, Uttaranchal, India
Tel. No.:	91-135-2697047
Fax No.:	91-135-2697912

Correspondence :	54/11, Site IV, Industrial Area Sahibad, District Ghaziabad – 201010, Uttar Pradesh, India
Tel. No.:	91-120-4755555
Fax No.:	91-120-4755525

DIRECTORS

As on 12.09.2014

Name :

Uma Kumar

Designation :

Whole-time director

Address :

Plot No.1, Pocket 4, Jasola Vihar, New Delhi, India

Date of Appointment :

01.04.2013

DIN No.:

00120166

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	U74899DL1990PTC039674	GENESIS INFOSOFT PRIVATE LIMITED	Director	29-03-90	29-03-90	-	Active	NO
2	U74999DL1992PLC049098	SEQUOIA INFRASTRUCTURE LIMITED	Director	20-03-94	20-03-94	-	Active	NO
3	U74899DL1994PLC061671	QUADRANT EPP SURLON INDIA LIMITED	Director	21-09-94	21-09-94	-	Active	NO
4	U74999DL2003PTC118958	QUADRANT EPP SURLON UTTARANCHAL PRIVATE LIMITED	Whole-time director	01-04-13	28-06-04	-	Active	NO
5	U25209DL2007PTC159328	SEQUOIA SAFETY PRODUCTS PRIVATE LIMITED.	Director	28-02-09	28-02-09	-	Active	NO

Name :

Mr. Luv Kumar

Designation :

Director

Address :

Plot No.1, Pocket 4, Jasola Vihar, New Delhi, India

Date of Appointment :

14.02.2003

DIN No.:

00121555

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	U74899DL1990PTC039674	GENESIS INFOSOFT PRIVATE LIMITED	Director	29-03-90	29-03-90	-	Active	NO
2	U74999DL1992PLC049098	SEQUOIA INFRASTRUCTURE LIMITED	Director	20-03-94	20-03-94	-	Active	NO
3	U74899DL1994PLC061671	QUADRANT EPP SURLON INDIA LIMITED	Whole-time director	01-08-12	21-09-94	-	Active	NO
4	U74999DL2003PTC118958	QUADRANT EPP SURLON UTTARANCHAL PRIVATE LIMITED	Director	14-02-03	14-02-03	-	Active	NO
5	U25209DL2007PTC159328	SEQUOIA SAFETY PRODUCTS PRIVATE LIMITED.	Director	15-02-07	15-02-07	01-08-12	Active	NO
6	U29220DL2010PTC197736	SURLON DUREL SPRINGS PRIVATE LIMITED	Director	07-01-10	07-01-10	-	Active	NO

Name :

Mr. Satendra Kumar

Designation :

Director

Address :

Plot No.1, Pocket 4, Jasola Vihar, New Delhi, India

Date of Appointment :

14.02.2003

DIN No.:

00121674

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	U74899DL1990PTC039674	GENESIS INFOSOFT PRIVATE LIMITED	Director	29-03-90	29-03-90	-	Active	NO
2	U74999DL1992PLC049098	SEQUOIA INFRASTRUCTURE LIMITED	Director	09-06-92	09-06-92	-	Active	NO
3	U74899DL1994PLC061671	QUADRANT EPP SURLON INDIA LIMITED	Managing director	01-04-13	21-09-94	-	Active	NO
4	U74999DL2003PTC118958	QUADRANT EPP SURLON UTTARANCHAL PRIVATE LIMITED	Director	14-02-03	14-02-03	-	Active	NO
5	U25209DL2007PTC159328	SEQUOIA SAFETY PRODUCTS PRIVATE LIMITED.	Director	15-02-07	15-02-07	-	Active	NO
6	U74140UP2005PLC031074	IMPERIAL SECURITY SYSTEMS LIMITED	Director	30-06-07	30-06-07	30-06-07	Active	YES
7	U29220DL2010PTC197736	SURLON DUREL SPRINGS PRIVATE LIMITED	Director	07-01-10	07-01-10	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 12.09.2014

Names of Shareholders	No. of Shares	%age holding
Satendra Kumar	5000	0.83
Luv Kumar	5000	0.83
Quadrant Epp Surlon India Limited, India	590000	98.33
Total	600000	100.00

Equity Share Break up (Percentage of Total Equity)

As on 12.09.2014

Category	Percentage
Bodies corporate	98.33
Directors or relatives of Directors	1.67
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturing high quality engineering plastic components.

Brand Names :	Not Available

Agencies Held :	Not Available

Exports :	Not Available

Imports :	Not Available

Terms :	N Not Available

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

Not Available

Bankers :

HDFC Bank Limited, HDFC Bank Housesenapati Bapat Marg, Lower Parel West, Mumbai - 400013, Maharashtra, India
Small Industries Development Bank of India, II Floor, International Trade Centre,Rajpur Road, Dehradun - 248001, Uttarakhand, India

Facilities :

Secured Loan	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
Long-term Borrowings
Term loan From bank	0.000	1.200
Short-term borrowings
Cash credit from bank	8.569	13.344
Total	8.569	14.544


Banking Relations :	--

Auditors :
Name :	Walker Chandiok and Company. LLP Chartered Accountants
Address :	L- 41, Connaught Circus, New Delhi – 110001, India
PAN N Income-tax PAN of auditor or auditor's firm :	AAAFW4298E

Memberships :	--

Collaborators :	--

Holding Company :	Quadrant EPP Surlon India Limited

Ultimate Holding Company:	Quadrant Holding B V

Enterprises in which KMP of the company are able to exercise control:	Sequoia Safety Products Private Limited Surlon Durel Springs Private Limited Sequoia Infrastructure Limited

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

600000	Equity Shares	Rs.10/- each	Rs. 6.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

600000	Equity Shares	Rs.10/- each	Rs. 6.000 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	6.000	6.000	6.000
(b) Reserves & Surplus	35.485	37.872	43.162
(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)	41.485	43.872	49.162

(3) Non-Current Liabilities
(a) long-term borrowings	0.000	1.200	2.400
(b) Deferred tax liabilities (Net)	4.112	4.086	0.243
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.704	0.411	0.000
Total Non-current Liabilities (3)	4.816	5.697	2.643

(4) Current Liabilities
(a) Short term borrowings	8.569	13.344	8.739
(b) Trade payables	3.130	1.597	1.803
(c) Other current liabilities	2.325	2.322	2.835
(d) Short-term provisions	0.483	0.395	3.489
Total Current Liabilities (4)	14.507	17.658	16.866

TOTAL	60.808	67.227	68.671

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	32.619	33.323	19.646
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	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	1.476	1.420	0.811
(e) Other Non-current assets	0.020	0.277	0.000
Total Non-Current Assets	34.115	35.020	20.457

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	19.430	15.873	19.950
(c) Trade receivables	5.365	15.033	25.161
(d) Cash and cash equivalents	0.421	0.466	1.826
(e) Short-term loans and advances	1.163	0.496	0.478
(f) Other current assets	0.314	0.339	0.799
Total Current Assets	26.693	32.207	48.214

TOTAL	60.808	67.227	68.671

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	41.680	43.169	49.600
	Other Income	0.485	0.325	NA
	TOTAL (A)	42.165	43.494	NA

Less	EXPENSES
	Cost of Materials Consumed	26.460	30.905
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	-2.226	4.183
	Employees benefits expense	6.505	6.330
	Other expenses	8.528	10.275
	Prior period items	0.000	(11.798)
	TOTAL (B)	39.267	39.895	NA

Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	2.898	3.599

Less	FINANCIAL EXPENSES (D)	1.598	1.742

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	1.300	1.857

Less/ Add	DEPRECIATION/ AMORTISATION (F)	3.637	3.281

	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	(2.337)	(1.424)	5.132

Less	TAX (I)	0.050	3.866	1.614

	PROFIT/ (LOSS) AFTER TAX (G-I) (J)	(2.387)	(5.290)	3.518

	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	0.628	0.000	0.000
	TOTAL EARNINGS	0.628	0.000	0.000

	IMPORTS
	Raw Materials	3.250	0.239	0.364
	TOTAL IMPORTS	3.250	0.239	0.364

	Earnings / (Loss) Per Share (Rs.)	(3.98)	(8.82)	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	(5.73)	(12.25)	7.09

Operating Profit Margin (PBIDT/Sales)	(%)	6.95	8.34	NA

Return on Total Assets (PBT/Total Assets}	(%)	(3.84)	(2.12)	7.47

Return on Investment (ROI) (PBT/Networth)		(0.06)	(0.03)	0.10

Debt Equity Ratio (Total Debt /Networth)		0.21	0.33	0.23

Current Ratio (Current Asset/Current Liability)		1.84	1.82	2.86

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	6.000	6.000	6.000
Reserves & Surplus	43.162	37.872	35.485
Net worth	49.162	43.872	41.485

long-term borrowings	2.400	1.200	0.000
Short term borrowings	8.739	13.344	8.569
Total borrowings	11.139	14.544	8.569
Debt/Equity ratio	0.227	0.332	0.207

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	49.600	43.169	41.680
		(12.966)	(3.449)

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	49.600	43.169	41.680
Profit	3.518	(5.290)	(2.387)
	7.09%	(12.25%)	(5.73%)

LOCAL AGENCY FURTHER INFORMATION

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

NOTE: Registered office of the company has been shifted from B-166, Yojna Vihar, New Delhi - 110092 India to the present address w.e.f. 15.09.2006

PERFORMANCE AND FUTURE OUTLOOK

During the year, the company’s turnover is Rs. 46.000 Millions as against Rs. 43.200 Millions in the previous year. Net loss is reduces from previous year figure of 5.290 Millions to current year figure of Rs. 2.386 Millions. The company has recovered itself from cash loss situation as faced in previous year due to market slump and high cost price of raw materials. The management endeavor for growth of the company is apparent.

The company products have been highly appreciated and accepted by the market and the company is sure to perform better and determined to regain its growth. The company is continuously upgrading the casting and extrusion facilities to improve quality and quality of production.

The future outlook of the company is bright and they expect to further improve their physical and financial performance in the year to come.

CORPORATE INFORMATION

Subject was incorporated on 14 February 2003 in India. The company is engaged in the business of manufacturing high quality engineering plastic components and has manufacturing plant in Dehradun (Uttrakhand).

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10283231	15/09/2014 *	19,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA	C36592293
2	10283193	28/12/2011 *	77,800,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA	B30169080
3	10209002	26/03/2010	5,000,000.00	SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA	II FLOOR, INTERNATIONAL TRADE CENTRE,RAJPUR ROAD, DEHRADUN, UTTARAKHAND - 248001, INDIA	A81849069
4	10083767	15/09/2014 *	19,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W , MUMBAI, MAHARASHTRA - 400013, INDIA	C36585891
5	10000495	29/03/2006	8,000,000.00	SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA	SIDBI TOWER, 15,ASHOK MARG, LUCKNOW, UTTAR PRADES H - 226001, INDIA	A00119016

* Date of charge modification

CONTINGENT LIABILITIES:

(Rs. in millions)

PARTICULARS	31.03.2014	31.03.2013

Demand raised by income tax authorities	0.000	7.324
Demand raised by sales tax authorities against C From	1.926	1.500
Gurantee given for loan taken by other body corporates	72.640	72.640
Total	74.566	81.464

FIXED ASSETS

Freehold land
Plant and Machinery
Factory Building
Furniture and Fixture
Motor car
Computer
Moulds and Patters

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.62.18
UK Pound	1	Rs.95.71
Euro	1	Rs.70.76

INFORMATION DETAILS

Analysis Done by :	KAR

Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILITY	1~10	--
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		26

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.

MIRA INFORM REPORT

INDEX OF CHARGES

Unit