MIRA INFORM REPORT

Report Date :

21.01.2011

The Registered Office of the company has been shifted from Plot No G-17, M.I.D.C Area Ahemdnagar – 414111, Maharashtra, India to the present address w.e.f 01.04.2010.

IDENTIFICATION DETAILS

Name :	EPITOME COMPONENTS LIMITED
Registered Office :	B-206, Leela Garden, Lane No.10, Opp. Kalpataru Regency, Kalyani Nagar, Pune – 411006, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	08.09.1994
Com. Reg. No.:	11 – 80977
CIN No.: [Company Identification No.]	U32106PN1994PLC080977
TAN No.: [Tax Deduction & Collection Account No.]	PNEE01379A / PNEE01484A
PAN No.: [Permanent Account No.]	AAACE5491L
Legal Form :	A Closely held Public Limited Liability Company
Line of Business :	Manufacturer of PCB and Printed Circuit Board

RATING & COMMENTS

MIRA’s Rating :

Ba (52)

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

Maximum Credit Limit :	USD 680000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well-established and reputed company meeting its normal commitments timeously. Trade relations are fair. Business is active. General financial position is good. The company can be considered good for normal business dealings.

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 – April 1, 2010

Country Name	Previous Rating (31.12.2009)	Current Rating (01.04.2010)
India	A1	A1

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

INFORMATION PARTED BY

Name :	Mr. Girish Vaikar
Designation :	Senior Manager
Contact No.:	91-9970053305
Date :	13.01.2011

LOCATIONS

Registered Office :	B-206, Leela Garden, Lane No.10, Opp. Kalpataru Regency, Kalyani Nagar, Pune – 411006, Maharashtra, India
Tel. No.:	91-241-2777684
Fax No.:	91-241-2778241
E-Mail :	girish@epitomeindia.com epitome@epitomeindia.com finance@epitomeindia.com aristo@bom7.vsnl.net.in
Website :	www.epitomeindia.com
Area :	13000 sq.ft
Location :	Owned
Factory 1 / Head Office :	G – 17, MIDC Industrial Area, Ahmed Nagar – 414 111, Maharashtra, India
Tel. No.:	91-241-2777684/ 2777681/ 2779081
Fax No.:	91-241-2778241
E-Mail :	purchase@epitomeindia.com
Area :	13000 Sq. ft.
Location :	Owned
Factory 2 :	Plot No. C-40, MIDc Area, Ahmednagar – 414 111, Maharashtra, India
Factory 3 :	Plot No. 20/1, Supa MIDC Village, Hanga, Tlauka Parner, District, Ahmednagar – 414 111, Maharashtra
Branches:	They have Branch Office and Depo at Noida

DIRECTORS

As On 17.09.2010

Name :	Mr. Shrigopal Ramnath Dhoot
Designation :	Whole Time Director
Address :	Gangapur GIN Compound, Station Road, Ahmed Nagar– 414001, Maharashtra, India
Date of Birth/Age :	09.02.1942
Qualification :	B.Com
Date of Appointment :	20.08.1994
DIN No. :	00265804
Name :	Mr. Ramesh Chandra Ramnath Dhoot
Designation :	Director
Address :	Madhuram Govind Nagar, Aurangabad – 431005, Maharashtra, India
Date of Birth/Age :	29.05.1945
Date of Appointment :	20.08.1994
DIN No. :	00351314
Name :	Mr. Anurag Shrigopal Dhoot
Designation :	Whole Time Director
Address :	Gangapur GIN Compound, Station Road, Ahmed Nagar– 414001, Maharashtra, India
Date of Birth/Age :	14.08.1970
Qualification :	B.E. Tech
Date of Appointment :	20.08.1994
DIN No. :	00265878
Name :	Mr. Bhopindar Kumar Chopra
Designation :	Nominee Director
Address :	Plot No. 194, N – 3, Cidco, Aurangabad – 431003, Maharashtra, India
Date of Birth/Age :	13.11.1934
Date of Appointment :	15.01.1996

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As On 17.09.2010

Names of Shareholders	No. of Shares
Dhoot R Shrigopal	341300
Dhoot S Pratibha	149465
Dhoot S Anuraag	70500
Dhoot A Vaishali	69135
Dhoot R Shrigopal HUF	375600
Dhoot A Paritosh	79000
Rameshchandra R Dhoot HUF	95000
Dhoot Brothers Investment Company Private Limited – India	354000
Keshar Dhoot Investment Company Private Limited – India	354000
Total	1888000

As On 17.09.2010

Category	Percentage
Bodies corporate	38.00
Directors or relatives of Directors	62.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of PCB and Printed Circuit Board

Products :

ITC Code	Product Description
853490	Printed Circuit Board (Single Sided, Double Sided)

Types of Laminates

• Laminate Thickness
• Cu Foil Thickness
• Minimum Track Width
• Minimum Spacing between the Tracks and Pads
• Maximum PCB Size
• Minimum Hole Size (Punching)
• Minimum Hole Size (CNC Drilling)
• Circuit Finishing
• Surface Finishing
• Hole/Outer Profile
• Specification. Standards

Exports :

Products :

• Printed Circuit Board

Countries :

• Israel
• UK

Imports :

Products :

• Copper Clad Laminates
• Raw Materials

Countries :

• China
• Singapore
• Korea

Terms :

Selling :

L/C, Cash, Credit

Purchasing :

L/C, Cash, Credit

PRODUCTION STATUS (AS ON 31.03.2010)

Particulars	Unit	Installed Capacity	Actual Production
Single Side Printed Circuit Boards	In Sqm.	1160000	809324
Double Side Printed Circuit Boards	In Sqm.	120000	5920

GENERAL INFORMATION

Customers :

OEM’s

No. of Employees :

650 (30 – In Office + 620 – In Factory)

Bankers :

· State Bank of India, Main Branch, Opposite GPO, Station Road, Ahmed Nagar– 414111, Maharashtra

· City Co-op Bank Limited

· ICICI Bank Limited

Facilities :

Secured Loans	31.03.2010 (Rs. In Millions)	31.03.2009 (Rs. In Millions)
Term Loans
ICICI Bank Limited - Auto Loan	0.830	1.260
State bank of India, Ahmednagar - Term Loan	179.872	161.400
Working Capital Loans
State bank of India, Main Branch Ahmednagar	63.921	35.799
Total	244.623	198.459

Unsecured Loans	31.03.2010 (Rs. In Millions)	31.03.2009 (Rs. In Millions)
Shri Ramkrishna Ur. Co. Sty – Loan	1.477	3.421
Loans from Director and relatives	35.607	16.024
Deferred Sales Tax Liability (Under Package scheme of Incentives)	49.446	50.846
Total	86.530	70.291

Banking Relations :

---

Auditors :

Name :

B. B. Bharadia and Company

Chartered Accountant

Address :

5417, Ganje Galli, Ahmed Nagar - 414001, Maharashtra, India

Pan No. :

AHEPB3065B

Associates :

• Dhoot Compack Limited
• Plato Fab Trading and Investment Company Private Limited
• Videocon International Limited
• Videocon Communications Limited
• Dhoot Marketing Organisation Private Limited

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
3547500	Equity Shares	Rs. 10/- each	Rs. 35.475 Millions
120250	Preference Shares	Rs. 100/- each	Rs. 12.025 Millions
	Total		Rs. 47.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1888000	Equity Shares	Rs. 10/- each	Rs. 18.880 Millions
120250	Preference Shares	Rs. 100/- each	Rs. 12.025 Millions
	Total		Rs. 30.905 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		30.905	30.905	30.905
2] Share Application Money		0.000	0.000	0.020
3] Reserves & Surplus		140.681	98.672	95.595
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		171.586	129.577	126.520
LOAN FUNDS
1] Secured Loans		244.623	198.459	101.368
2] Unsecured Loans		86.530	70.291	64.263
TOTAL BORROWING		331.153	268.750	165.631
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		502.739	398.327	292.151
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		306.829	137.546	167.056
Capital work-in-progress		0.000	162.696	0.935
INVESTMENT		4.960	4.240	5.930
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	54.386	42.349	26.421
	Sundry Debtors	141.496	125.048	104.789
	Cash & Bank Balances	22.733	19.920	20.952
	Other Current Assets	47.500	36.113	16.061
	Loans & Advances	7.241	6.941	5.657
Total Current Assets		273.356	230.371	173.880
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	65.762	126.152	43.901
	Other Current Liabilities	12.843	8.264	9.145
	Provisions	4.599	2.110	2.604
Total Current Liabilities		83.204	136.526	55.650
Net Current Assets		190.151	93.845	118.230
MISCELLANEOUS EXPENSES		0.798	0.000	0.000
TOTAL		502.739	398.327	292.151

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	668.870	507.279	459.387
		Other Income	4.563	2.690	2.440
		TOTAL (A)	673.433	509.969	461.827
Less	EXPENSES
		Materials	374.528	335.011	281.616
		Other Expenses	182.003	119.885	108.377
		TOTAL (B)	556.531	454.896	389.993
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		116.902	55.073	71.834
Less	FINANCIAL EXPENSES (D)		29.717	24.572	18.807
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		87.185	30.501	53.027
Less/ Add	DEPRECIATION/ AMORTISATION (F)		31.781	21.560	18.189
	PROFIT BEFORE TAX (E-F) (G)		55.404	8.941	34.838
Less	TAX (I)		11.046	4.770	13.426
	PROFIT AFTER TAX (G-I) (J)		44.358	4.171	21.412
Less	APPROPRIATIONS
		Transfer to General Reserve	42.009	2.926	19.063
		Dividend	2.008	1.064	2.008
		Dividend Tax	0.341	0.181	0.341
	BALANCE CARRIED TO THE B/S		--	--	--
	EARNINGS IN FOREIGN CURRENCY		23.767	17.466
	IMPORTS
		Raw Materials	378.667	320.870
		Consumable Stores & others	25.269	18.091	NA
		Capital Goods	10.173	75.963
	TOTAL IMPORTS		414.109	414.924
	Earnings Per Share (Rs.)		23.50	NA

Expected Sales (2010-2011) : Rs. 900.000 Millions

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	6.59	0.82	4.64
Net Profit Margin (PBT/Sales)	(%)	8.28	1.76	7.58
Return on Total Assets (PBT/Total Assets}	(%)	9.55	1.67	10.22
Return on Investment (ROI) (PBT/Networth)		0.32	0.07	0.28
Debt Equity Ratio (Total Liability/Networth)		2.41	3.13	1.75
Current Ratio (Current Asset/Current Liability)		3.28	1.69	3.12

LOCAL AGENCY FURTHER INFORMATION

Operations:

During the year under consideration Supa Plant has started its operations.

Trade References:

• Videocon International Limited

Form 8:

Name of the company	EPITOME COMPONENTS LIMITED
Presented By	State Bank of India, Ahmed Nagar Main Branch, Ahmed Nagar
1) Date and description of instrument creating the change	Agreement of loan for overall limit Form C-1 Agreement of hypothecation of goods and assets Form C-2 Letter regarding the grant of individual limits within the overall limits Form C-5 All the above Agreements are dated 27.03.1997 and executed for the creation of a single charge.
2) Amount secured by the charge/amount owing on the securities of charge	· Rs.29.000 millions · Demand Cash Credit : Rs.16.000 millions · Letter of Credit : Rs.10.000 millions · Bank Guarantee : Rs.3.000 millions · Total Rs.29.000 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	A first charge by way of the Borrower’s entire goods, moveable and other assets, present and future including documents of titles to goods and other assets such as book debts, outstanding monies, receivables including receivables by way of cash assistance and / or cash incentives under the Cash Incentive Scheme or any other schemes, claims including claims by way of refund of custom/s excise duties under the duty draw back credit scheme or any other scheme, bills, invoices, documents, contracts, insurance policies, guarantees, engagements, securities, investments and rights uncalled capital and all machinery, present and future of such from satisfactory to the bank, Machinery such as Ingersoll rand air compressor model 15 TE LP CSC complete with standard fittings with 100 CFM after cooler water cooled assembly, auto sawing machine, automatic drilling machine, screen handling machine, semi-auto screen emulsion dispersing machine etc. Raw material, stock in process, finished goods, receivables, letters of credit / bank guarantees.
4) Gist of the terms and conditions and extent and operation of the charge.	ROI Demand Cash Credit 3.75% above SBAR Minimum 19% p. a. Letter of Credit Commission as per standard rate. Bank Guarantee Commission as per standard rate. Margin Raw material 25% Book debts / Receivables 40% Stock in Process / Finished Goods 33.33% Letter of Credit / Bank Guarantees 30% (Cash Margin)
5) Name and Address and description of the person entitled to the charge.	State Bank of India Main Branch, Opposite GPO, Station Road, Ahmed Nagar – 414111, Maharashtra, India
6) Date and brief description of instrument modifying the charge	Letters from Corporate borrowers confirming the deposit of title deeds : Memorandum of deposit for creation of charge for term loan / overall limit Both constitute a single charge and dated 23.03.2005
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.	First Modification Creation of second charge in favour of State Bank of India, Ahmed Nagar Main Branch, Ahmed Nagar on the Company’s Immovable property. (First Charge holder MSFC) (Registration No. 16/27.06.1997) Second Modification The overall limit was enhanced to Rs.32.500 millions (Registration Sl No. 50/1.10.2003) Third Modification The overall limit was enhanced to Rs.50.000 millions (Registration. Sl No. 59-60 dated 30.08.2004) Fourth Modification The overall limit was enhanced to Rs.60.000 millions (Registration Sl No. 62-63 dated 21.02.2005) Fifth Modification The overall credit facilities were enhanced to Rs.110.000 millions from Rs.60.000 millions and rearranged. (Registration. No. 66-67 dated 09.03.2005) By this Modification An additional security was provided by creation of equitable mortgage on all that piece and parcel of land at G-17, MIDC, Ahmed Nagar together with building and structure standing thereon and all plant and machinery to the earth or permanently fastened to the earth to cater the present limits of Rs.110.000 millions.

Corporate identity number of the company

U32106PN1994PLC080977

Name of the company

EPITOME COMPONENTS LIMITED

Address of the registered office or of the principal place of business in India of the company

B-206,Leela Garden,Lane No 10, Opp. Kalpataru Regency,Kalyani Nagar, Pune – 411006, Maharashtra, India

This form is for

Modification of charge

Type of charge

Book Debts

Movable Property

Immovable Property

Particular of charge holder

Name :	State Bank Of India
Address :	Main Branch, Opp Gpo, Station Road, Ahmednagar - 414001 , Maharashtra, India
Email :	sbi303@statebank.com

Nature of instrument creating charge

Letter of Arrangement

Date of instrument Creating the charge

16.07.2010

Amount secured by the charge

Rs. 509.400 Millions

Brief of the principal terms an conditions and extent and operation of the charge

Rate of Interest - 0.25% above sbar rate with monthly rest on working capital

Terms of Repayment - working capital repayable on demand

Margin - raw material - 25%

Stock-in-process - 33.33%

Finished goods - 33.33%

Letter of credit - 15%

Book debts / receivables - 40%

Extent and Operation of the charge - hypothication of entire current assets of the company, land and building of company situated at g-17, MIDC, ahmednagar, land situated on plot no 40, MIDC, ahmednagar, agriculural land of director (shrigopal dhoot), term deposit receipt and guarantee of directors namely - anuraag dhoot, shrigopal dhoot and rameshchandra dhoot.

Date of instrument creating or evidencing the charge

22.03.1997

Description of the instrument creating or evidencing the charge

1. Agreement of Loan for overall limit form C-1
2. Agreement of Hypo of Goods and Assets Form C-2
3. Letter Regarding the Grant of Individual Limits within the overall limits Form C-5

Date of acquisition of the property

22.03.1997

Amount of the charge

Rs. 29.000 Millions

Particulars of the property charged

Hypothecation of Entire Current Assets of the Company, Land & Building Of Company Situated At G-17, Midc, Ahmednagar, Agriculural Land Of Director (Shrigopal Dhoot), Term Deposit Receipt And Guarantee Of Directors Namely- Anuraag Dhoot, Shrigopal Dhoot And Rameshchandra Dhoot.

i) Plant and machinery, furniture and fixtures situated at plot no. G-17, MIDC area, ahmednagar

Ii) Plant and machinery, furniture and fixtures situated at plot no. C-40, MIDC area, ahmednagar

Iii) Plant and machinery, furniture and fixtures situated at plot no. A-20/1, supa MIDC area, village hanga, tal. Parner, dist. Ahmednagar

Date of instrument modifying the charge

03.10.2008

Particulars of the present modification

Increase of the Credit Facility Limit from Rs. 447.400 millions TO 509.400 millions

Fixed Assets

· Land

· Building

· Plant and Machinery

· Electrical Installation

· Furniture and Fixture

· Tools and Equipment

· Vehicle

· Computers

· Air Conditioner

· Office Equipments

Website Details

Profile

Subject is preferred supplier to Indian and MNC companies like, LG, Videocon, Samsung, Thomson, HTS, Bharti Telecom, TVS Electronics, Jabil Circuits, interface Microsystems, Asian Electronics etc. for a variety of products like Colour Television, Computer Monitors and Keyboards, Telecom, Home Appliances, Set Top Boxes, Lighting and Automobiles. They are also exporting the products to Europe and Israel.

The strategy is to leverage the inherent strengths to expand the global presence and increase the exports.

They have state of the arts manufacturing facilities spread over a land area of 16200 Sq. mtrs and Built up area of 8000 Sq. mtrs.

Subject thirst for innovation, growth and Customer satisfaction is driven by a core team of qualified and experienced professionals.

The sincere and dedicated sales team ensures that customer requirements are responded in time.

They have safety approval from UL (File No. : E – 212855,94 – VO ) and ISO – 9001 – 2000 From DNV
The products are ROHS compliant in line with European requirements.

Business

The company is engaged in the business as manufacturing, selling, buying, imports, exports, dealing in assemble, fit repair, convert, overhaul, alter, maintain and improve all types of electronic components, devices, equipments, and appliances, equipments such as television and wireless apparatus, including radio receivers and transmitters, tape recorders, broadcast relay reception equipment, phonographs and other equipments used in and for audio visual communications, apparatus and equipment including those using electromagnetic waves intended for telegraphic or radio telephone communication.

Certificates and Approvals

· UL Certificate (Feb 2002)

· ISO Certificate: ISO 9001-2000 (Dec 2003)

· Thomson Lab Certificate for world wide supply

· ROHS Certificate (March 2006)

· ISO 14000

Events

They acquired 21000 SQM in “SUPA Industrial Estate” MIDC on Ahmed Nagar -Pune Highway- in 2006 In view of the plan of setting up a plant of Double sided and Multilayer PCB.

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 :

The 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.

The 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.45.58
UK Pound	1	Rs.72.73
Euro	1	Rs.61.45

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		52

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.