MIRA INFORM REPORT

Report No. :	327757
Report Date :	20.06.2015

IDENTIFICATION DETAILS

Name :	INGRESS MAYUR AUTO VENTURES PRIVATE LIMITED
Registered Office :	NH-8, Delhi Jaipur Highway, Behrampur Road, Behind Haryana Roadways Workshop, Gurgaon – 122001, Haryana
Tel. No.:	91-124-4033160
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	24.07.2008
Com. Reg. No.:	05-038189
Capital Investment / Paid-up Capital :	Rs.89.999 Million
CIN No.: [Company Identification No.]	U35300HR2008PTC038189
IEC No.:	0509058931
TAN No.: [Tax Deduction & Collection Account No.]	RTKI01283C
PAN No.: [Permanent Account No.]	AABCI9475R
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and importer of automobile parts, carriage, infrastructure equipments and another types of vehicle products etc.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 300000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Subject was incorporated in 2008 as a joint venture between Mayur Industries Limited and Ingress Auto Ventures Company Limited. General financial position of the company seems to be fair. However, rating also takes into consideration, working capital intensive nature of business and highly fragmented nature of automotive components industry. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. In the view of strong support from parent companies, the subject 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 – 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	CRISIL
Rating	Long term rating= BBB-
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	19.06.2015

Rating Agency Name	CRISIL
Rating	Short term rating= A3+
Rating Explanation	Moderate degree of safety and higher credit risk.
Date	19.06.2015

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 31-03-2013.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Mr. Anil Kumar
Designation :	Purchase Department
Contact No.:	91-124-4033160
Date :	18.06.2015

LOCATIONS

Registered Office :	NH-8, Delhi Jaipur Highway, Behrampur Road, Behind Haryana Roadways Workshop, Gurgaon – 122001, Haryana, India
Tel. No.:	91-124-4033160 / 4033161
Fax No.:	Not Available
E-Mail :	anil@ingressmayur.com info@ingressmayur.com dewan.cs@gmail.com
Website :	www.ingressmayur.com

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Sanjay Kumar Verma

Designation :

Managing Director

Address :

B-35/C, Old Dlf Colony, Gurgaon – 122016, Haryana, India

Date of Birth/Age :

13.09.1972

Date of Appointment :

13.05.2015

DIN No.:

01773299

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	U29130DL1986PTC024759	PERFECT WHEELS PRIVATE LIMITED	Director	08/07/1986	08/07/1986	-	Active	NO
2	U55101DL2000PTC106600	ISHWA HOTELS PRIVATE LIMITED.	Director	04/07/2000	04/07/2000	-	Active	NO
3	U34102HR2003PLC035202	MAYUR INDUSTRIES LIMITED	Director	19/09/2003	19/09/2003	-	Active	NO
4	U34300DL2005PTC134174	SRV AUTOMOTIVES PRIVATE LIMITED	Director	18/03/2005	18/03/2005	-	Active	NO
5	U17226UP1985PLC059048	BAJAJ CARPET INDUSTRIES LIMITED	Director	27/09/2007	12/01/2007	-	Active	NO
6	U35300HR2008PTC038189	INGRESS MAYUR AUTO VENTURES PRIVATE LIMITED	Managing director	13/05/2015	24/07/2008	-	Active	NO
7	U50300PN2009FTC134015	HP PELZER AUTOMOTIVE PRIVATE LIMITED	Director	25/05/2009	25/05/2009	26/03/2012	Active	NO
8	U93000RJ2007PTC024634	HARYANA ENGINEERING PRIVATE LIMITED	Director	30/09/2014	12/11/2011	-	Active	NO
9	U72900HR2012PTC045680	MAYUR TECHNOSOFT PRIVATE LIMITED	Director	19/04/2012	19/04/2012	-	Active	NO
10	U74140HR2013PTC050859	MULTI-CODE ELECTRONICS INDUSTRIES (INDIA) PRIVATE LIMITED	Director	07/11/2013	07/11/2013	-	Active	NO

Name :

Mr. Renu Verma

Designation :

Additional Director

Address :

C-2/402, Uniworld City Sector-30, Gurgaon – 122001, Haryana, India

Date of Appointment :

13.05.2015

DIN No.:

02387766

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	U34300DL2005PTC134174	SRV AUTOMOTIVES PRIVATE LIMITED	Director	18/03/2005	18/03/2005	-	Active	NO
2	U72900HR2012PTC045680	MAYUR TECHNOSOFT PRIVATE LIMITED	Director	19/04/2012	19/04/2012	-	Active	NO
3	U34102HR2003PLC035202	MAYUR INDUSTRIES LIMITED	Additional director	01/05/2015	01/05/2015	-	Active	NO
4	U35300HR2008PTC038189	INGRESS MAYUR AUTO VENTURES PRIVATE LIMITED	Additional director	13/05/2015	13/05/2015	-	Active	NO

Name :

Mr. Shamsuddin Isa

Designation :

Alternate Director

Address :

28, Jalan, Tanjung 2b, Seksen BS2, Bukit Sentosa, 48300, Rawang, Selangor, 48300, Malaysia

Date of Birth/Age :

27.12.1964

Date of Appointment :

26.09.2013

DIN No.:

03568017

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	U35300HR2008PTC038189	INGRESS MAYUR AUTO VENTURES PRIVATE LIMITED	Alternate director	26/09/2013	31/03/2011	-	Active	NO

Name :

Mr. Abdul Rahim Hitam

Designation :

Director

Address :

No 27, Jalan 4/12G, Seksyen 4 Tambahan BDR Baru, Bangi Selangor, 43650, Malaysia

Date of Appointment :

01.08.2013

DIN No.:

06771896

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	U35300HR2008PTC038189	INGRESS MAYUR AUTO VENTURES PRIVATE LIMITED	Director	26/09/2013	01/08/2013	-	Active	NO

Name :

Mr. Yusri Mohamad Kamal

Designation :

Alternate Director

Address :

No 15 JLN RP 8/11, Tmn Rawang Perdana, Rawang Selangor, 48000, Malaysia

Date of Birth/Age :

20.051976

Date of Appointment :

26.09.2013

DIN No.:

06771897

Name :

Mr. Ab Wahab Ismail

Designation :

Director

Address :

Lot 1353, Kg Padang Tenggala, Temerloh Pahang Darul Makmur, 28000, Malaysia

Date of Appointment :

01.08.2013

DIN No.:

06774119

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	U35300HR2008PTC038189	INGRESS MAYUR AUTO VENTURES PRIVATE LIMITED	Director	26/09/2013	01/08/2013	-	Active	NO

Name :

Mr. Purduman Lal

Designation :

Alternate Director

Address :

B-43, Vijay Nagar, North West Delhi, Delhi – 110009, India

Date of Appointment :

16.02.2015

DIN No.:

07171604

KEY EXECUTIVES

Name :	Mr. Anil Kumar
Designation :	Purchase Department

MAJOR SHAREHOLDERS

AS ON 30.09.2014

Names of Shareholders	No. of Shares	% of Holding
Sanjay Kumar Verma	5000	0.06
Rajesh Virendra Gupta	5000	0.06
Mayur Industries Limited, India	5389925	59.89
Ingress Engineering Sdn. Bhd, Malaysia	3599950	40.00
Total	8999875	100.00

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2014

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	59.89
Directors or relatives of Directors	0.11
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and importer of automobile parts, carriage, infrastructure equipments and another types of vehicle products etc.
Products :	Automobile Parts Carriage Infrastructure Equipments Vehicle Products
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	Not Divulged
Purchasing :	Not Divulged

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

Information declined by the management

Bankers :

Banker Name :	Karnataka Bank Limited
Branch :	Sector-14, Gurgaon – 122001, Haryana, 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 :	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan) :	Not Divulged
Account Operation :	Not Divulged
Remark :	Not Divulged

• HDFC Bank Limited

Facilities :

SECURED LOANS	31.03.2014 Rs. In Million	31.03.2013 Rs. In Million
Long Term Borrowings
Rupee term loans from banks	4.626	11.008
Other loans and advances	0.000	0.541
Short Term Borrowings
Working capital loans from banks	26.010	22.228
Total	30.636	33.777

Auditors :
Name :	Dial and company Chartered Accountants
Address :	431/64/2, LDA Estate, Kewal Park Extension, Azadpur, Delhi – 110033, India
PAN No.:	AAPPY9851L
Memberships :	Not Divulged
Collaborators :	Not Divulged
Holding Company :	Mayur Industries Limited
Associate Company :	Ingress Engineering Sdn Bhd
Associate Firm :	Haryana Industries

CAPITAL STRUCTURE

AS ON 30.09.2014

Authorised Capital:

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- each	Rs.100.000 Million

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
8999875	Equity Shares	Rs.10/- each	Rs.89.999 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	89.999	89.999	64.197
(b) Reserves & Surplus	15.382	9.683	(2.631)
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	15.482
Total Shareholders’ Funds (1) + (2)	105.381	99.682	77.048
(3) Non-Current Liabilities
(a) long-term borrowings	4.626	11.549	16.323
(b) Deferred tax liabilities (Net)	6.624	4.399	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	1.206	1.300	0.000
Total Non-current Liabilities (3)	12.456	17.248	16.323
(4) Current Liabilities
(a) Short term borrowings	26.010	22.228	22.057
(b) Trade payables	53.857	48.168	41.954
(c) Other current liabilities	42.468	24.611	32.225
(d) Short-term provisions	1.002	1.052	0.103
Total Current Liabilities (4)	123.337	96.059	96.339
TOTAL	241.174	212.989	189.710
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	162.576	107.967	104.659
(ii) Intangible Assets	0.757	0.895	0.913
(iii) Capital work-in-progress	0.485	16.775	14.655
(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	1.008
(d) Long-term Loan and Advances	0.490	0.345	0.219
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	164.308	125.982	121.454
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	22.240	23.045	27.244
(c) Trade receivables	30.339	33.251	29.884
(d) Cash and cash equivalents	8.634	8.365	0.813
(e) Short-term loans and advances	15.454	22.251	10.231
(f) Other current assets	0.199	0.095	0.084
Total Current Assets	76.866	87.007	68.256
TOTAL	241.174	212.989	189.710

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.03.2014	31.03.2013	31.03.2012
	SALES
		Income		305.464	291.535	212.655
		Other Income		1.294	0.267	0.619
		TOTAL		306.758	291.802	213.274
Less	EXPENSES			288.944	265.573	205.121
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION			17.814	26.229	8.153
Less	DEPRECIATION/ AMORTISATION			9.737	8.496	6.487
	PROFIT/(LOSS) BEFORE TAX			8.077	17.733	1.666
Less	TAX			2.378	5.419	0.627
	PROFIT/(LOSS) AFTER TAX			5.699	12.314	1.039
	IMPORTS
			Raw Materials	29.306	19.904	3.534
			Tools & Dies, Consumables	3.291	1.869	0.000
			Capital Goods	35.876	0.386	4.828
	TOTAL IMPORTS			68.473	22.159	8.362
	Earnings Per Share (Rs.)			0.63	--	--

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin PAT / Sales	(%)	1.87	4.22	0.49
Return on Total Assets (PBT/Total Assets)	(%)	3.36	9.04	0.96
Return on Investment (ROI) (PBT/Networth)		0.08	0.18	0.02
Debt Equity Ratio (Total Debt /Networth)		0.29	0.34	0.50
Current Ratio (Current Asset/Current Liability)		0.62	0.91	0.71

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	64.197	89.999	89.999
Reserves & Surplus	(2.631)	9.683	15.382
Share Application money pending allotment	15.482	0.000	0.000
Net worth	77.048	99.682	105.381
long-term borrowings	16.323	11.549	4.626
Short term borrowings	22.057	22.228	26.010
Total borrowings	38.380	33.777	30.636
Debt/Equity ratio	0.498	0.339	0.291

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	Rs. In Million	Rs. In Million	Rs. In Million
Sales	212.655	291.535	305.464
		37.093	4.778

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	Rs. In Million	Rs. In Million	Rs. In Million
Sales	212.655	291.535	305.464
Profit	1.039	12.314	5.699
	0.49%	4.22%	1.87%

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	No
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)	No
16	No. of employees	No
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 three 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	No
35	Negative Reporting by Auditors in the Annual Report	No

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10344729	26/12/2014 *	134,000,000.00	HDFC Bank Limited	HDFC Bank Housesenapati Bapat Marg, Lower Parel W, Mumbai, Maharashtra - 400013, India	C42520593

*Date of modification Charges

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Furniture and Fixture

· Office Equipment

· Computer

· Vehicles

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.63.82
UK Pound	1	Rs.101.26
Euro	1	Rs.72.36

INFORMATION DETAILS

Information Gathered by :	SPR
Analysis Done by :	SAN
Report Prepared by :	NKT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	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	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		46

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

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

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

RATING EXPLANATIONS

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

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

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