MIRA INFORM REPORT

Report Date :

14.12.2011

IDENTIFICATION DETAILS

Name :	KISHORE VADILAL PRIVATE LIMITED
Registered Office :	Plot No. 3, Phase 1, G.I.D.C. Estate, Near Old Nirma, Vatva, Ahmedabad – 382 445, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	03.03.1967
Com. Reg. No.:	04-001438
Capital Investment / Paid-up Capital :	Rs.3.000 Millions
CIN No.: [Company Identification No.]	U29219GJ1967PTC001438
TAN No.: [Tax Deduction & Collection Account No.]	AHMK00759D
PAN No.: [Permanent Account No.]	AAACK5882F
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Exporter and Importer of Mineral Exploration Core Drilling Accessories.
No. of Employees :	100 [Office + Factory] Approximately

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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

Maximum Credit Limit :	USD 628000
Status :	Satisfactory
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an old and well established company having satisfactory track records. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered normal 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.

INFORMATION PARTED BY

Name :	Mr. Sunil K Parikh
Designation :	Managing Director
Contact No.:	91-9824092240
Date :	13.12.2011

LOCATIONS

Registered Office/ Factory :	Plot No. 3, Phase 1, G.I.D.C. Estate, Near Old Nirma, Vatva, Ahmedabad – 382 445, Gujarat, India
Tel. No.:	91-79-25832970 / 25890608
Mobile No.:	91-9824092240 (Mr. Sunil Parikh)
Fax No.:	91-79-25832971
E-Mail :	kvpl@vsnl.com
Area :	10000 sq ft
Location :	Owned

DIRECTORS

As on 21.09.2011

Name :

Mr. Kishorechandra Vadilal Parikh

Designation :

Managing Director

Address :

Ratnawadi, Opposite Parimal Garden, C. G. Road, Ahemadabad – 380 006, Gujarat, India

Date of Birth/Age :

09.10.1933

Date of Appointment :

27.03.1967

DIN :

00347339

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U29219GJ1967PTC001438	KISHORE VADILAL PRIVATE LIMITED	Managing director	27/03/1967	27/03/1967	Active	NO
2	U29248GJ2011PTC064492	SUNDRIL ENGINEERING PRIVATE LIMITED	Director	18/03/2011	18/03/2011	Active	NO

Name :

Mr. Sunil Kishorechandra Parikh

Designation :

Managing Director

Address :

Ratnawadi, Opposite Parimal Garden, C. G. Road, Ahemadabad – 380 006, Gujarat, India

Date of Birth/Age :

22.12.1963

Date of Appointment :

01.04.2007

DIN :

01466367

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U29219GJ1967PTC001438	KISHORE VADILAL PRIVATE LIMITED	Managing director	1/4/2007	1/4/2007	Active	NO
2	U29248GJ2011PTC064492	SUNDRIL ENGINEERING PRIVATE LIMITED	Director	18/03/2011	18/03/2011	Active	NO

Name :

Mr. Jitendra Kantilal Parikh

Designation :

Additional Director

Address :

1070, Divya Society, Kaira, Nadiad – 387001, Gujarat, India

Date of Birth/Age :

04.02.1943

Date of Appointment :

08.02.2011

DIN :

03438084

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 21.09.2011

Names of Shareholders	No. of Shares
Kishorechandra V. Parikh	200
Kishorechandra V. Parikh	1100
Sunilkumar K. Parikh	500
Prakashkumar K. Parikh	500
Kishorechandra V. Parikh	800
Kishorechandra V. Parikh	500
Kishorechandra V. Parikh	1500
Sunilkumar K. Parikh	500
Prakashvir K. Parikh	500
Sunilkumar K. Parikh	100
Prakashvir K. Parikh	100
Prakashvir K. Parikh	1700
Kishorechandra V. Parikh	4100
Sunilkumar K. Parikh	2000
Pappu K. Parikh	2000
Prabhavatien K. Parikh	1700
Kishorechandra V. Parikh	2400
Sunilkumar K. Parikh	2300
Kishorechandra V. Parikh	2100
Sunilkumar K. Parikh	1600
Prakashvir K. Parikh	1500
Prakash K. Parikh	17300
Kishorechandra V. Parikh	145000
Kishorechandra V. Parikh	5000
Prabhavatien K. Parikh	5000
Prabhavatien K. Parikh	100000
Total	300000

As on 21.09.2011

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Exporter and Importer of Mineral Exploration Core Drilling Accessories.
Products :	Diamond Core/ Water Well Drilling Equipments
Exports :
Products :	Drilling Machine Equipments Mining Equipments
Countries :	Philippines South Africa Australia Indonesia
Imports :
Products :	Raw Materials
Countries :	Germany China France
Terms :
Selling :	L/C, Cash and Credit
Purchasing :	L/C, Cash and Credit

GENERAL INFORMATION

Customers :

Wholesalers

Retailers

End Users

OEM’s

No. of Employees :

100 [Office + Factory] Approximately

Bankers :

· State Bank of India, Commercial Branch, Paramshiddi Complex, Opposite V S Hospital, Ellisbridge, Ahmedabad-380006, Gujarat, India

· HDFC Bank

· Small Industries Development Bank of India, Navjivan Amrit Jyanti Bhavan, 1^st Floor, Navjivan Post, Ahmedabad – 380014, Gujarat, India

Facilities :

Secured Loans	31.03.2011 Rs. In Millions	31.03.2010 Rs. In Millions
(I) State Bank of India
Cash Credit Account (The above loans are secured by hypothecation of unencumbered machineries, raw materials, stock in process, finished goods, spares and stores, book debts and personal guarantee of the Managing Director and Ex-Director of the company and equitable mortgage of the residential bungalow and factory building belonging to the company, an extension of first charge on all fixed assets of the company)	0.000	0.000
(II) Small Industries Development Bank of India
(A) Term Loan sanctioned under Direct Credit Scheme (Repayable in 60 monthly installments commencing from 10^th May, 2010)	2.144	3.891
(B) Term Loan sanctioned under JICA – LOC (Repayable in 60 equal monthly installments commencing from 16^th July, 2010) (The above loans are secured by hypothecation of Imported/ Indigenous Plant and Machinery, Equipment and Miscellaneous Fixed Assets acquired/ to be acquired under the Project/ Scheme by way of first charge on all such Fixed Assets of the company)	4.749	0.160
(III) Vehicle Loans (Against Hypothecation of Car)
From HDFC Bank Limited	0.113	0.193
From HDFC Bank Limited	0.220	0.417
From State Bank of India	0.042	0.081
Total	7.267	4.742

Unsecured Loans	31.03.2011 Rs. In Millions	31.03.2010 Rs. In Millions
From Directors	13.932	3.402
From Shareholders	11.081	9.271
From Directors – In Current Account	0.655	0.136
Total	25.668	12.809

Banking Relations :	--
Auditors :
Name :	Naushir Marfatia and Company Chartered Accountants
Address :	1^st Floor, B Jadav Chambers, Ashram Road, Ahmedabad – 380 009, Gujarat, India
PAN :	AMTTS0038D

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
310,000	Equity Shares	Rs.10/- each	Rs.3.100 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
300,000	Equity Shares	Rs.10/- each	Rs.3.000 millions

(Out of the above, 6000 shares have been allotted as fully paid up pursuant to a contract without payments being received in cash)

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		3.000	3.000	3.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		154.172	120.194	99.024
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		157.172	123.194	102.024
LOAN FUNDS
1] Secured Loans		7.267	4.742	1.160
2] Unsecured Loans		25.668	12.809	6.062
TOTAL BORROWING		32.935	17.551	7.222
DEFERRED TAX LIABILITIES		0.183	0.000	0.000
TOTAL		190.290	140.745	109.246
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		38.672	29.056	19.215
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		3.256	0.721	0.721
DEFERREX TAX ASSETS		0.000	0.099	0.011
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	104.818	102.361	90.382
	Sundry Debtors	22.926	14.522	15.539
	Cash & Bank Balances	75.212	62.653	78.009
	Other Current Assets	6.522	3.759	2.904
	Loans & Advances	32.084	29.767	24.810
Total Current Assets		241.562	213.062	211.644
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	11.976	30.394	46.144
	Other Current Liabilities	15.824	15.019	13.716
	Provisions	65.400	56.780	62.485
Total Current Liabilities		93.200	102.193	122.345
Net Current Assets		148.362	110.869	89.299
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		190.290	140.745	109.246

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	252.829	204.162	185.142
		Other Income	20.829	29.716	52.544
		TOTAL (A)	273.658	233.878	237.686
Less	EXPENSES
		Cost of Goods Sold	28.927	17.122	17.245
		Raw Materials Consumed	90.272	85.150	57.217
		Payments to and Provisions for Employees	9.630	7.194	5.251
		Other Expenses	74.873	69.276	86.561
		TOTAL (B)	203.702	178.742	166.274
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		69.956	55.136	71.412
Less	INTEREST (D)		3.228	2.695	2.900
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		66.728	52.441	68.512
Less/ Add	DEPRECIATION/ AMORTISATION (F)		3.415	2.408	1.565
	PROFIT BEFORE TAX (E-F) (G)		63.313	50.033	66.947
Less	TAX (H)		[0.545]	0.877	11.971
	PROFIT AFTER TAX (G-H) (I)		63.858	49.156	54.976
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		64.720	63.550	53.143
Less	APPROPRIATIONS
		Dividend to Shareholders	27.000	24.000	21.000
		Dividend Distribution Tax	4.380	3.986	3.569
		Amount Transfer to General Reserve	30.000	20.000	20.000
	BALANCE CARRIED TO THE B/S		67.198	64.720	63.550
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Export (Excluding Exchange Rate Differences)	105.365	37.908	103.885
		Commission and other income	10.171	21.158	45.442
		Exhibition Charges Contributed by the Principal	0.000	0.274	0.000
	TOTAL EARNINGS		115.536	59.340	149.327
	IMPORTS
		Raw Materials	2.363	26.600	11.717
		Capital Goods	0.000	6.764	6.741
		Spares and Components and Other Items	32.760	13.937	11.614
	TOTAL IMPORTS		35.123	47.301	30.072
	Earnings Per Share (Rs.)		212.86	16385.28	18325.22

Expected Sales (2011-2012): Rs.250.000 millions

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	23.33	21.02	23.13
Net Profit Margin (PBT/Sales)	(%)	25.04	24.51	36.16
Return on Total Assets (PBT/Total Assets}	(%)	22.59	20.66	29.00
Return on Investment (ROI) (PBT/Networth)		0.40	0.41	0.66
Debt Equity Ratio (Total Liability/Networth)		0.80	0.97	1.27
Current Ratio (Current Asset/Current Liability)		2.59	2.08	1.73

LOCAL AGENCY FURTHER INFORMATION

Details of Sundry Creditors:

Particulars	31.03.2011 (Rs. in millions)	31.03.2010 (Rs. in millions)	31.03.2009 (Rs. in millions)
Sundry Creditors	11.976	30.394	46.144

Check List by Info Agents	Available in Report [Yes/No]
Year of Establishment	Yes
Locality of the Firm	Yes
Construction of the firm	Yes
Premises details	Yes
Type of Business	Yes
Line of Business	Yes
Promoters background	-
No. of Employees	Yes
Name of Person Contacted	Yes
Designation of contact person	Yes
Turnover of firm for last two years	Yes
Profitability for last three years	No
Reasons for variation <> 20%	-
Estimation for coming financial year	Yes
Capital the business	No
Details of sister concerns	No
Major Suppliers	No
Major Customers	No
Payment Terms	Yes
Export / Import Details [If Applicable]	Yes
Market Information	-
Litigations that the firm / promoter involved in	-
Banking Details	Yes
Banking Facility Details	No
Conduct of the banking account	-
Buyer visit details	-
Financials, if provided	No
Incorporation details, if applicable	-
Last accounts filed at ROC	-
Major Shareholders, if applicable	-

Note : The registered office of the company has been shifted from Munda Gate, Behind Municipal stores Jamalpur Darwaja, Kotni Rang, Ahmedabad, Gujarat to the present address w.e.f. 01.12.2007.

Corporate identity number of the company	U29219GJ1967PTC001438
Name of the company	KISHORE VADILAL PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Plot No. 3, Phase 1, G.I.D.C. Estate, Near Old Nirma, Vatva, Ahmedabad – 382 445, Gujarat, India E-Mail: kvpl@vsnl.com
This form is for	Creation of charge
Type of charge	Movable Property
Particular of charge holder	Small Industries Development Bank of India, Navjivan Amrit Jyanti Bhavan, 1^st Floor, Navjivan Post, Ahmedabad – 380 014, Gujarat, India E-Mail: sgupta@sidbi.in
Nature of description of the instrument creating or modifying the charge	First charge created by way of hypothecation dated 02/09/2008 for Rs.16.200 millions for acquiring certain additional plant and machinery etc. at the existing factory location at Plot No-3, Phate - I, Near Old Nirama, GIDC, Vatva.
Date of instrument Creating the charge	02/09/2008
Amount secured by the charge	Rs.16.200 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest: 13% per annum with monthly rests Terms of Repayment: 60 equal monthly installments of Rs.0.270 million commencing after a moratorium of 12 months from the date of first disbursement. Margin: Total cost of project is Rs.24.500 millions but out of which Kishore Vadilal Private Limited will contribute Rs.8.300 millions and balance of Rs.16.200 millions will be financed by SIDBI. Extent and Operation of the charge: First charge way of hypothecation of all plant and machinery equipment etc. acquired /to be acquired under the project scheme.
Short particulars of the property charged	First charge way of hypothecation of all plant and machinery equipment etc. acquired /to be acquired under the project scheme.

Name of the company

KISHORE VADILAL PRIVATE LIMITED

Presented By

Kishorechandra Vadilal Parikh – Managing Director

1) Date and description of instrument creating the change

Agreement of hypothecation of goods and Assets dated 30.03.1993, executed by Kishore Vadilal Private Limited (Company) in favour of State Bank of India (Bank)

2) Amount secured by the charge/amount owing on the securities of charge

Rs. 28.500 millions

3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given

(i) All stocks of raw Materials, Goods in process, Finished and semi-finished Goods, Stores present or future and at the premises or godowns of the Company or elsewhere or in transit and

(ii) All the book debts outstanding monies, receivables, claims, rights, engagements, contracts etc. and other current assets, present or future

(iii) Company’s all unencumbered plant and machinery including spare parts and tools lying and situated in company’s premises

4) Gist of the terms and conditions and extent and operation of the charge.

The securities described in column No. 3 herein above are hypothecated by way of first charge to the Bank as further and additional Security for the payment by the company to the Bank as under:

1. Cash credit against hypothecation of stocks, materials, semi-finished goods, finished goods, Stocks and packing materials, Book-Debts etc. belonging to the company	Rs. 5.500 millions
2. Clean Demand Draft (cheque/ Drafts) purchase facility	Rs. 4.000 millions
(Rs. 1.500 millions interchangeable between cash credit and DDp (Bills/Cheque limit) keeping the overall fund based limit at Rs. 8.700 millions.)
3. Letter of Credit Facility	Rs. 12.500 millions
4. Ordinary Guarantee Facility	Rs. 3.000 millions
5. Adhoc c/c limit	Rs. 4.200 millions
6. Working capital term loan	Rs. 0.800 million
Total	Rs. 28.500 millions

5) Name and Address and description of the person entitled to the charge.

State bank of India

Commercial Branch, Paramsidhi Complex, Opp. V S Hospital, Ellisbridge, Ahemadabad – 380 006, Gujarat

6) Date and brief description of instrument modifying the charge

Supplemental agreement of hypothecation of goods and assets upto Rs. 31.300 millions dated 05.05.05.

7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.

The principle charge lastly modified on 10.11.04 for Rs. 27.500 millions now again modified and securities described under column No. 3 by way of hypothecation are extended to cover various revised/renewed credit facilities upto Rs. 31.300 millions as under:

1. Cash credit against hypothecation of stocks, materials, semi-finished goods, finished goods, Stocks and packing materials, Book-Debts etc. belonging to the company	Rs. 8.500 millions
2. Inland Bills Discounting (usance/sight) and DDp/supply bills. (within CC limit)	(Rs. 1.000 million)
3. Letter of Credit limit (Inland/Foreign)	Rs. 12.500 millions
4. Bank Guarantee limit	Rs. 2.000 millions
5. Adhoc Letter of Credit limit	Rs. 8.300 millions
Total	Rs. 31.300 millions

The company shall pay interest at 2.5% above State Bank Advance Rate as applicable to SB-4 credit rating which is presently at (12.75%) per annum w.e.f. 01.01.04 on amount that become payable to the Bank. The rate of Interest is subject to change on account of charge in the rate of interest announced by Reserve Bank of India from time to time or change in credit rating or change in State bank’s advance rate. The facilities are repayable on demand.

Contingent Liabilities

Contingent Liabilities not provided for:

Particulars	31.03.2010 (Rs. in millions)	31.03.2010 (Rs. in millions)
a) Counter guarantees given to State Bank of India	14.008	40.789
b) Claims of the employees which are not admitted by the company (amount indeterminate)
c) Estimated amount of commitments on capital account not provided for (against which Advance payment made for Rs.1.500 millions)	14.477	5.755
d) no provision had been made for CST liability of Rs.0.257 millions as per assessment order for F.Y.2006-07 as the same is in appeal

FIXED ASSETS:

· Goodwill

· Land

· Building

· Factory Building

· Shed

· Plant and Machineries

· Furniture and Office Equipments

· Furniture at Ratnavadi

· Electric Installation

· Vehicles

· Dies and Fixtures

· Miscellaneous Fixed Assets

· Electric Installation – WIP

· WIP at Vatva Factory Building

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 records 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] 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.53.40
UK Pound	1	Rs.83.32
Euro	1	Rs.70.44

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		50

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.