MIRA INFORM REPORT

Report Date :

24.10.2011

IDENTIFICATION DETAILS

Name :	ARKLITE SPECIALITY LAMPS LIMITED
Registered Office :	Prabhat House, 85/20, Damlepath, Erandawana, Pune – 411004, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	16.05.1996
Com. Reg. No.:	11-014601
Capital Investment / Paid-up Capital :	Rs.35.258 Millions
CIN No.: [Company Identification No.]	U31902PN1996PTC014601
Legal Form :	A Closely Held Public Limited Liability Company.
Line of Business :	Manufacturing of Niche Products for Lighting and Non- Lighting Applications.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (31)

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

Maximum Credit Limit :	USD 160000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Financial position of the company is improving. The company has successful in wiping off the accumulated losses of previous years. Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings 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 – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

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

INFORMATION DECLINED BY

Name :	Mr. Vijay
Designation :	Accounts Department
Date :	22.10.2011

LOCATIONS

Registered Office :	Prabhat House, 85/20, Damlepath, Erandawana, Pune – 411004, Maharashtra, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	fin.arklite@gmail.com
Factory :	Gat No.2794 and 2797, Kharabwadi, Chakan – Telagaon Road, Khed, Pune – 410501, Maharashtra, India
Tel. No.:	91-2135-660152-165
Fax No.:	91-2135-252192
E-Mail :	mktg@rklite.co.in

DIRECTORS

(AS ON 09.07.2011)

Name :

Mr. Avinash Dattatraya Kulkarni

Designation :

Director

Address :

55/22, Ashok Path, Prasanna Apartments, Pune – 411004, Maharashtra, India

Date of Birth/Age :

26.01.1942

Date of Appointment :

01.10.2000

DIN No.:

00016046

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	U31500PN1979PTC138325	LITEX ELECTRICALS PRIVATE LIMITED	Managing director	19-05-79	19-05-79	Active	NO
2	U24100MH1986PTC039957	ELKAY CHEMICALS PVT LTD	Director	10-08-86	10-08-86	Active	NO
3	U31500PN1987PTC134202	LITEL INFRA-RED SYSTEMS PRIVATE LIMITED	Director	19-06-87	19-06-87	Active	NO
4	U74999MH1994PTC082852	KULKARNI TECHNO-PROCESS PRIVATE LIMITED	Director	11-11-94	11-11-94	Active	NO
5	U31902PN1996PLC014601	ARKLITE SPECIALITY LAMPS LIMITED	Director	01-10-00	01-10-00	Active	NO
6	L29307MH1981PLC023810	ENVAIR ELECTRODYNE LIMITED	Director	29-03-03	29-03-03	Active	NO
7	U29197PN2011PTC138721	AEROPURE UV SYSTEMS PRIVATE LIMITED	Additional director	10-09-11	10-09-11	Active	NO

Name :

Mr. Ananrao Krishnarao Lokapur

Designation :

Director

Address :

Z-2/13 and 14, Himali Co-Operative, Society, Pune – 411004, Maharashtra, India

Date of Birth/Age :

30.10.1960

Date of Appointment :

16.05.1996

DIN No.:

00016146

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	U24100MH1986PTC039957	ELKAY CHEMICALS PRIVATE LIMITED	Director	02-06-86	02-06-86	Active	NO
2	U65990MH1989PTC052315	LOKAPUR HOLDINGS PRIVATE LIMITED	Director	22-06-89	22-06-89	Active	NO
3	U85200MH1992PTC066263	ELKAY HYGIENE PRODUCTS PRIVATE LIMITED	Director	08-04-92	08-04-92	Active	NO
4	U31902PN1996PLC014601	ARKLITE SPECIALITY LAMPS LIMITED	Director	16-05-96	16-05-96	Active	NO

Name :

Mr. Shirish Vasant Karkarey

Designation :

Director

Address :

4, Prasanna Apartments, Ashok Path, Pune – 411004, Maharashtra, India

Date of Birth/Age :

31.01.1960

Date of Appointment :

01.10.2000

DIN No.:

00016191

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	U31500PN1979PTC138325	LITEX ELECTRICALS PRIVATE LIMITED	Director	01-06-85	01-06-85	Active	NO
2	U31500PN1987PTC134202	LITEL INFRA-RED SYSTEMS PRIVATE LIMITED	Director	19-06-87	19-06-87	Active	NO
3	U31902PN1996PLC014601	ARKLITE SPECIALITY LAMPS LIMITED	Director	01-10-00	01-10-00	Active	NO

Name :

Mr. Ravindra Dattatraya Kulkarni

Designation :

Director

Address :

Z-3, Himali Co-Operative Society, Pune – 411004, Maharashtra, India

Date of Birth/Age :

12.03.1948

Date of Appointment :

01.10.2000

DIN No.:

00016217

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	U24100MH1986PTC039957	ELKAY CHEMICALS PRIVATE LIMITED	Director	10-08-86	10-08-86	Active	NO
2	U85200MH1992PTC066263	ELKAY HYGIENE PRODUCTS PRIVATE LIMITED	Director	08-04-92	08-04-92	Active	NO
3	U74999MH1994PTC082852	KULKARNI TECHNO-PROCESS PRIVATE LIMITED	Director	11-11-94	11-11-94	Active	NO
4	U31902PN1996PLC014601	ARKLITE SPECIALITY LAMPS LIMITED	Managing director	01-10-00	01-10-00	Active	NO
5	U29197PN2011PTC138721	AEROPURE UV SYSTEMS PRIVATE LIMITED	Additional director	10-09-11	10-09-11	Active	NO

Name :

Mr. Vikram Ulhas Bapat

Designation :

Director

Address :

Laxmi Vishnu 896, Shivajinagar Bhandarkar Road, Deccan Gymk, Pune – 411004, Maharashtra, India

Date of Birth/Age :

27.03.1974

Date of Appointment :

20.09.2008

DIN No.:

02243426

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	U31902PN1996PLC014601	ARKLITE SPECIALITY LAMPS LIMITED	Director	20-09-08	02-06-08	Active	NO
2	U29197PN2011PTC138721	AEROPURE UV SYSTEMS PRIVATE LIMITED	Additional director	10-09-11	10-09-11	Active	NO

Name :

Mr. Anand Saru Chand Bhasin Aru

Designation :

Director

Address :

11314, Buckleburry Path, Columbia, MD 21044, USA

Date of Appointment :

26.07.2002

KEY EXECUTIVES

Name :	Mr. Vijay
Designation :	Accounts Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 09.07.2011)

Names of Shareholders	No. of Equity Shares
Promoters
Dr Avinash D Kulkarni	4,36,365
Dr Ravindra D Kulkarni	7,68,369
Shirish V Karkarey	1,80,254
A K Lokapur	575,609
Kulkarni Techno Process Private Limited	1,000,000
Indian Shareholders
Gayo A Kharadi	3,750
VV Deshmukh	3,750
R C Panemangalore	3,750
Dr Mukund M Joshi	2,250
Dipti Nene	3,750
Non Resident Promoters
Gemini Ventures Corp	64,312
Surjit Bhalla	50,000
Harminder Bhalla	289,412
Anand Bhasin	46,756
Non Resident Indians
Nam Prasad Bhatia	72,956
Girish Gaitonde	616,428
Neeta Sahni	52,400
Brij M Moudgil	52,400
Suparna Bhasin	39,300
Parvinder Chaddha	39,300

Names of Shareholders	No. of Preference Shares
Promoters
Dr Avinash D Kulkarni	169,600
Dr Ravindra D Kulkarni	129,200
Shirish V Karkarey	1,100
A K Lokapur	37,350
Kulkarni Techno Process Private Limited	18,750
Elkay Chemicals Private Limited	14,100
Non Resident Promoters
Harminder Bhalla	301,000
Anand Bhasin	64,500
Non Resident Indians
Nam Prasad Bhatia	43,000
Girish Gaitonde	301,000
Overseas corporate Bodies
Du Mont and Associates	301,000
Total	1380600

(AS ON 30.09.2011)

Category	Percentage
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	44.69
Bodies corporate	1.15
Directors or relatives of directors	40.37
Other top fifty shareholders	13.79
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing of Niche Products for Lighting and Non- Lighting Applications.

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Installed Capacity	Actual Production
MHL Lamps	Nos.	7,20,000	6,58,272
MFL and UVS Lamps	Nos.	28,80,000	--
UVQ Lamps	Nos.	2,40,000	50,376
GA / MBIL	Nos.	60,000	24,932

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Bank of Baroda

Karve Road Branch, Karve Road, Pune – 411004, Maharashtra, India

· ICICI Bank Limited

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
From Bank of Baroda Term Loans	1.030	2.525
(Term Loans repayable within one year Rs.1.030 Millions)
From Bank of Baroda (Cash Credit)	26.220	24.123
From ICICI Bank Limited (Secured by Hypothecation of Vehicle)	--	--
Debentures (Cumulative)	--	8.207
Loan from company (others) for machinery	3.617	3.657
Total	30.867	38.512
Unsecured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Sales Tax Deferral Liability under" Package Scheme of Incentive 1993"	--	--
Kotak Mahindra Bank Limited	1.340	--
Total	1.340	0.000

Banking Relations :	--
Auditors :
Name :	Naniwadekar and Company Chartered Accountants
Address :	1, Janaki Apartment, 47/5A, Erandwane, Pune – 411004, Maharashtra, India
PAN No.:	AANPN9281B

CAPITAL STRUCTURE

(AS ON 31.03.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
17142857	Equity Share	Rs.3.50/- each	Rs.60.000 Millions
4285714	12% Cumulative Convertible Preference Shares	Rs.3.50/- each	Rs.15.000 Millions
	Total		Rs.75.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
8693079	Equity Share	Rs.3.50/- each	Rs.30.426 Millions
1380600	12% Cumulative Convertible Preference Shares	Rs.3.50/- each	Rs.4.832 Millions
	Total		Rs.35.258 Millions

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		35.258	32.290	24.908
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		5.069	0.395	0.395
4] (Accumulated Losses)		0.000	(6.132)	(11.680)
NETWORTH		40.327	26.553	13.623
LOAN FUNDS
1] Secured Loans		30.867	38.512	45.683
2] Unsecured Loans		1.340	0.000	11.788
TOTAL BORROWING		32.207	38.512	57.471
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		72.534	65.065	71.094
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		42.849	45.231	48.390
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	28.959	31.467	31.663
	Sundry Debtors	30.370	22.883	31.415
	Cash & Bank Balances	2.526	1.003	0.343
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	2.691	3.216	3.208
Total Current Assets		64.546	58.569	66.629
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	23.504	30.017	40.525
	Other Current Liabilities	9.011	6.752	3.209
	Provisions	2.346	2.321	0.900
Total Current Liabilities		34.861	39.090	44.634
Net Current Assets		29.685	19.479	21.995
MISCELLANEOUS EXPENSES		0.000	0.355	0.709
TOTAL		72.534	65.065	71.094

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Sale of Products, Services and Others Income	152.682	144.549	105.321
		TOTAL (A)	152.682	144.549	105.321
Less	EXPENSES
		Material Consumed and Other Manufacturing Expenses	102.977	99.655	72.649
		Employees Emulations	22.671	19.741	19.385
		Administrative and Selling Expenses	9.482	9.548	7.313
		TOTAL (B)	135.130	128.944	99.347
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		17.552	15.605	5.974
Less	FINANCIAL EXPENSES (D)		5.227	5.344	6.374
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		12.325	10.261	(0.400)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		4.229	4.226	4.164
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		8.096	6.035	(4.564)
Less	TAX (H)		1.000	0.844	0.071
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		7.096	5.191	(4.635)
	Prior Period Income (Expenses)		0.000	0.357	0.000
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(6.132)	(11.680)	(7.045)
	BALANCE CARRIED TO THE B/S		0.964	(6.132)	(11.680)
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	109.681	98.018	NA
	TOTAL EARNINGS		109.681	98.018	NA
	IMPORT VALUE		77.537	75.016	NA
	Earnings Per Share (Rs.)
	- Basic		1.04	0.82	--
	- Diluted		0.80	0.61	--

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	4.65	3.59	(4.40)
Return on Total Assets (PBT/Total Assets}	(%)	7.54	5.81	(3.97)
Return on Investment (ROI) (PBT/Networth)		0.20	0.23	(0.34)
Debt Equity Ratio (Total Liability/Networth)		1.66	2.92	7.50
Current Ratio (Current Asset/Current Liability)		1.85	1.50	1.49

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS:

Particulars	31.03.2011	31.03.2010	31.03.2009
	(Rs. In Millions)
Sundry Creditors
Due to Micro, Small and Medium Enterprises	0.735	0.735	0.415
Others	22.769	29.282	40.110
Total	23.504	30.017	40.525

FORM 8:

Corporate identity number of the company	U31902PN1996PLC014601
Name of the company	ARKLITE SPECIALITY LAMPS LIMITED
Address of the registered office or of the principal place of business in India of the company	Prabhat House, 85/20, Damlepath, Erandawana, Pune – 411004, Maharashtra, India fin.arklite@gmail.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	90085818
Type of charge	Immovable property Any interest in immovable property Book debts Movable property (not being pledge) Floating charge Others: All Stocks of Raw Materials, WIP
Particular of charge holder	Bank of Baroda (Karve Road Ranch) Karve Road Branch, Karve Road, Pune – 411004, Maharashtra, India bob3939@gmail.com
Nature of instrument creating charge	Supplemental Memorandum of Entry. Supplemental composite agreement of hypothecation of goods. Both constituting single charge.
Date of instrument Creating the charge	16.11.2010
Amount secured by the charge	Rs.39.458 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest: Term Loan I and II : 5% above base rate i.e.13.50%with monthly rest CC : 4.25% above base rate i.e.12.75% with monthly rest PC cum FBP limit and Inland L/C and BG: As per RBI or Banks Guidelines Terms of Repayment: Term Loan I: Repayable in 60 monthly installment of Rs.75000 each. Company has repaid 50 installments and remaining 10 installments to be paid by company as when due. Term Loan II: Repayable in 60 monthly installment of Rs.50000 each. Company has repaid 46 installments and remaining 14 installments to be paid by company as when due. CC : 12 months PC cum FBP : 12 months Inland L/C and BG : 12 month Margin: Term Loan I and II : as per agreement CC : 25% for both stock and book debts upto 90 days PC cum FBP : 10% Inland LC and BG : 25%cash margin by way of duly discharged FDI Extent and operation of the charge: The limits are revised and restructured, some limits are increased and some are reduced. Term Loan I: 0.750 Millions Term Loan II: 0.708 Millions CC:25.000 Millions PC cum FBP: 10.000 Millions Inland LC:1.000 Millions Inland BG:2.000 Millions Total: 39.458 Millions The charge operates as a security for said limits.
Particulars of the property charged	All piece and parcel of Land and premises adm.1 Hec 45 Ares assessed for land revenue out of Gat no. 258/1 situated at village Kharabwadi, Near Chakan in Sub-Dist Tal. Khed, Pune. All piece and parcel of land and premises adm. 54 Ares assessed for land revenue out of Gat No.261/7 adm 1 Hec 75 Ares situated at Village Kharabwadi, Near Chakan in Sub-Dist Tal. Khed, Pune. Together with all building, structures, farm houses standing thereon and all furniture and fixtures, plant and machinery attached to earth All the stock of raw materials, stocks in process, finished goods, consumables and also the book debts which may at any time during the continuance of this security becoming owing to the borrower including all stores & spares parts both present and future belonging to the borrower being and laying at borrowers premises or god owns and all the vehicles, moveable machinery and also as stated in agreements.
Particulars of the present modification	By present modification certain limits are increased and some are reduced. Fresh limit of PC cum FBP availed and BG increased by 1.000 Millions. The revised and restructured limits are as follows : Term Loan I: 0.750 Millions Term Loan II: 0.708 Millions CC:25.000 Millions PC cum FBP: 10.000 Millions Inland LC:1.000 Millions Inland BG:2.000 Millions Total: 39.458 Millions The charge operates as a security for said limits. Hypothecation is provided as additional security. All other terms and conditions remains the same.

FIXED ASSETS

· Land

· Factory Building

· Computer Systems

· Plant and Machinery

· Office Equipments

· Quality Control Equipment

· Electrical Installation

· Vehicles

· Furniture

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] 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.50.07
UK Pound	1	Rs.79.16
Euro	1	Rs.69.04

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		31

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.