MIRA INFORM REPORT

Report Date :

24.10.2011

IDENTIFICATION DETAILS

Name :	RAHUL CABLES PRIVATE LIMITED
Registered Office :	Office No.110/ 111/ 114/ 115, Aurora Towers, East Wing, 1^st Floor, Moledina Road, Pune – 411 001, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	12.08.1998
Com. Reg. No.:	11-12787
Capital Investment / Paid-up Capital :	Rs.2.565 Millions
CIN No.: [Company Identification No.]	U31200PN1998PTC012787
TAN No.: [Tax Deduction & Collection Account No.]	PNER01467E
Legal Form :	Private Limited Liability Company
Line of Business :	Trader, Distributor and Exporter of all types of Electrical Wires and Cables.
No. of Employees :	25 Approximately (In Office + In Factory)

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

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

Maximum Credit Limit :	USD 250000
Status :	Satisfactory
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. 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.

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 PARTED BY

Name :	Mr. Sachin
Designation :	Accounts Manager
Contact No.:	91-9325989814
Date :	18.10.2011

LOCATIONS

Registered Office / Head Office 1 :	Office No.110/ 111/ 114/ 115, Aurora Towers, East Wing, 1^st Floor, Moledina Road, Pune – 411 001, Maharashtra, India
Tel. No.:	91-20-41000100
Mobile No.:	91-9325989814 (Mr. Sachin Pashankar)
	91-20-41000199
E-Mail :	abk@rahulcable.com aniruddhajoshee@yahoo.co.in accounts@rahulcable.com aniruddha.joshee@gmail.com
Website :	www.rahulcables.com
Ares :	30000 Sq. Ft.
Location :	Owned
Head Office 2 :	323, Kalyan Chambers, 975 Raviwar Peth, Laxmi Road , Pune 411 002, Maharashtra, India
Tel. No.:	91-20-24458964/ 24458657/ 24456093/ 30910469
Fax No.:	91-20-24453186
E-Mail :	pune@rahulcable.com
Corporate Office :	A/ 201, Morya House, 2^nd Floor, New Link Road, Andheri (West), Mumbai – 400 053, Maharashtra, India
Tel. No.:	91-22-42601234 (100 lines)
Fax No.:	91-22-42601200
E-Mail :	mumbai@rahulcable.com
Ares :	600 Sq. Ft.
Location :	Owned
Branch Office 1:	93/ 1, 2nd Floor, 7th Cross, 3rd Main Road, Chamarajpet, Bangalore - 560 018, Karnataka, India
Tel. No.:	91-80-26620619/ 26603481
Fax No.:	91-80-26603481
E-Mail :	bangalore@rahulcable.com
Branch Office 2:	2924, 3^rd Floor, 14^th Cross K R Road, BSK 2^nd Stage, Chamarajpet, Bangalore 560070, Karnataka, India
Tel. No.:	91-80-26768034 / 36
Fax No.:	91-80-26768027
Godown :	· Tathawada · Mushi, Pune
Warehouse :	Hinjewadi, Pune

DIRECTORS

AS On 30.09.2010

Name :	Mr. Ashok Kukreja
Designation :	Chairman
Address :	194/6, Narsing Society, D P Road, Pune – 411 001, Maharashtra, India
Qualification :	SSC
Date of Appointment :	12.08.1998
Name :	Mr. Badalmal J Kukreja
Designation :	Director
Address :	194/6, Narsing Society, D P Road, Pune – 411 001, Maharashtra, India
Qualification :	7^th Standard
Date of Appointment :	12.08.1998
Name :	Mr. Raj Kumar Kukreja
Designation :	Director
Address :	Green Acres, Kondhwa, Pune – 411 048, Maharashtra, India
Qualification :	F.Y.J.C.
Date of Appointment :	12.08.1998
Name :	Mr. Nand Kumar Kukreja
Designation :	Director
Address :	Flat No. 1202, 12^th Floor, Versova Galactica Co. Opp. Hsg. Soc, 3^rd Cross Road, Lokhandwala Complex, Andheri (West), Mumbai – 400053, Maharashtra, India
Qualification :	F.Y.B.Com
Date of Appointment :	12.08.1998
Name :	Mr. Mukesh Kukreja
Designation :	Director
Address :	194/6, Narsing Society, D P Road, Pune – 411 001, Maharashtra, India
Qualification :	F.Y.B.Com
Date of Appointment :	12.08.1998
Name :	Mrs. Nishita M. Kukreja
Designation :	Director
Address :	194/6, Narsing Society, D P Road, Pune – 411 001, Maharashtra, India
Qualification :	Chartered Accountant
Date of Appointment :	12.08.1998

KEY EXECUTIVES

Name :	Mr. Rahul Kukreja
Designation :	Chief Executive Director
Name :	Mr. Sachin
Designation :	Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS On 30.09.2010

Names of Shareholders	No. of Shares
Ashok Kukreja	3240
Badalmal Kukreja (HUF)	30
Badalmal Kukreja	3282
Geeta Kukreja	90
Hari Devi Kukreja	90
Mukesh Kukreja	6201
Nand Kumar Kukreja	6240
Nishita Kukreja	30
Raj Kumar Kukreja	6174
Rachana Kukreja	90
Sunita Kukreja	90
D F Bhunje	3
D R Agarwal	3
Kavita A Mangalani	3
Maruti Kanjale	3
Nandkumar Badalamal Kukreja Joint with NAmrata Nandkumar Kukreja	3
Navneet Pardeshi	3
Radheshyam C Agarwal joint with Neha R Agarwal	3
Ashok B Kukreja joint with Priya Ashok Kukreja	3
Rahul A Kukreja	3
Chabada Ravi	3
Sanjay D Oswal	3
R C Agarwal HUF	3
R C Agarwal	3
Sanjay D Oswal HUF	3
Uma R Agarwal	3
Kanchan Sajwani	3
Ravi Kukreja	3
Kemas J Thakkar	3
Sneha Sajwani	3
Pushpa Oswal	3
Sunil Ahir	3
Rajkumar Badalmal Kukreja Joint With Mr. Rohit R. Kukreja	3
R.K.Gurudashni	1
Ashok.B.Kukreja (Huf)	3
N. B. Kukreja (Huf)	3
Tanaya Kukreja	3
Jia Kukreja	3
Ashok Manglani	3
G N Kukreja	3
Meghana Kukreja	2
M. B. Kukreja	3
R. B. Kukreja	3
Total	25650

Equity Share Break up (Percentage of Total Equity)

As On 30.09.2010

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Trader, Distributor and Exporter of all Types of Electrical Wires and Cables.
Products :	LT Power and Control Cables HT Cables EHV cables up to 550KV House wire/ Building Cables Rubber Cable PCP/EPR Special Cables Telephone Fiber Optical/Jelly Filled Cables Cable Termination Kit up to 550KV Co-axial TV Cables Arial Bunch Cables Instrumentation Cables Marine Cables Signal Cables Submersible Cables Mining Cables
Exports :
Products:	Electrical Wires and Cables
Countries :	Kuwait Bangladesh
Imports :
Products:	Cables
Countries :	China
Terms :
Selling :	Cash, Credit
Purchasing :	Cash, Credit

GENERAL INFORMATION

Authorised Distributor :

• Cable Corporation of India Limited
• Poly Cab Wires and Cables
• Gloster Cables Limited
• Finolex Cables Limited
• Torrent
• Havells
• INCAB
• RPG Cables Limited
• Densons
• XICON
• Raychem

Customers :

Retailers

· Alfa Laval

· Bechtel International Incorporation

· Gammon India

· Kvarnear Power Gas

· Raymond Industries

· Sahara India

· Siemens India

· Tecnimont Icb

· Udhe India

· Abb Limited

· Bajaj Auto Limited

· Bses Limited

· Hindustan Lever Limited

· L and T Group

· Reliance

· Schenectady Herdillia Limited

· Tata Group

· Thermax Limited

· Wartsila India Limited

No. of Employees :

25 Approximately (In Office + In Factory)

Bankers :

• HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai – 400 013, Maharashtra, India
• ICICI Bank
• ABN Amro Bank
• HDFC Bank
• Union Bank of India, Raviwar Peth Branch, 189, Raviwar Peth, Pune – 411 002, Maharashtra, India
• Citi Bank

Facilities :

SECURED LOANS :	As on 31.03.2010 (Rs. in Millions)	As on 31.03.2009 (Rs. in Millions)
ICICI Loan for Maruti Swift	0.000	0.069
ICICI Loan for Car Loan	0.636	0.943
HDFC Car Loan	0.380	0.958
Kotak MAhindra Prime Limited (Loan for Honda Jazz)	1.077	0.000
Total	2.093	1.970
UNSECURED LOANS :	As on 31.03.2010 (Rs. in Millions)	As on 31.03.2009 (Rs. in Millions)
A B Kukreja	5.312	6.139
A.B.Kukreja (Huf)	1.506	1.248
Ashok Mangnani	0.350	0.350
B J-Kukreja (U.L.)	5.042	5.537
Comintra Private Limited	0.449	0.449
D R.Agarwal	0.050	0.050
G N Kukreja	2.989	2.570
H B Kukreja	3.907	3.360
Jia R.Kukreja	0.143	0.124
Kavita A. Mangnani	0.034	0.034
Kemmas Thakkar	0.050	0.500
M B Kukreja	0.648	5.214
M B Kukreja HUF	0.444	0.186
Meghana N Kukreja	0.044	0.040
N B Kukreja	3.929	4.998
N B Kukreja HUF	0.445	0.187
N R Agarwal	0.150	0.150
Namrata N Kukreja	0.211	0.185
Nishita M Kukreja	6.165	4.658
P A Kukreja	0.000	(0.356)
R A Kukreja	1.302	1.181
R B Kukreja	2.330	5.110
R B Kukreja HUF	0.531	0.272
R C Agarwal HUF	0.015	0.015
R C Agarwal IND	0.035	0.035
R K Gurudasani	0.020	0.020
R R Kukreja	3.041	2.683
Rohit R Kukreja	0.203	0.176
S A Kukreja	2.603	2.331
Samarth S S K Limited	0.300	0.300
Tanaya M Kukreja	0.092	0.080
U R Agarwal	0.100	0.100
Others	5.352	0.000
Total	47.144	47.926

Banking Relations :

--

Auditors :

Name :

S.N. Khandelwal

Chartered Accountant

Address :

477- B, Raviwar Peth, Hem Apartment, 3^rd Floor, Lane Opposite Railway Booking Office, Pune – 411 002, Maharashtra, India

Sister Concern:

· Kukereja Wires and Cables Private Limited, Mumbai

Activity: Manufacturer of Electrical Control Panels

CAPITAL STRUCTURE

AS On 30.09.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
30000	Equity Shares	Rs.100/- each	Rs.3.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
25650	Equity Shares	Rs.100/- each	Rs.2.565 Millions

(Out of which 17100 Equity Shares of Rs.100 each fully paid-up are issued as Bonus shares in the ratio of 1:2 among existing share holders.)

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		2.565	2.565	2.565
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		60.594	48.599	27.148
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		63.159	51.164	29.713
LOAN FUNDS
1] Secured Loans		2.093	1.970	17.073
2] Unsecured Loans		47.144	47.926	32.124
TOTAL BORROWING		49.237	49.896	49.197
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		112.396	101.060	78.910
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		31.076	28.415	5.820
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	86.695	50.991	66.015
	Sundry Debtors	272.995	299.443	234.220
	Cash & Bank Balances	(23.890)	(39.346)	2.385
	Other Current Assets	23.557	8.305	22.590
	Loans & Advances	11.374	15.705	0.414
	Investment and Deposits	29.407	24.152	0.000
Total Current Assets		400.138	359.250	325.624
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	280.833	270.069	215.037
	Current Liabilities	33.538	16.490	32.038
	Provisions	4.447	0.046	5.459
Total Current Liabilities		318.818	286.605	252.534
Net Current Assets		81.320	72.645	73.090
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		112.396	101.060	78.910

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2010	31.03.2009	31.03.2008
	PROFIT BEFORE TAX	21.089	25.907	19.040
Less	TAX	NA	3.435	5.932
	PROFIT AFTER TAX	NA	22.472	13.108

Particulars	31.03.2011
Sales Turnover (Approximately)	1070.000 (due to decrease in price of copper and aluminum)

The above information has been parted by Mr. Sachin (Accounts Manager)

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
Return on Total Assets (PBT/Total Assets}	(%)	4.89	6.68	5.74
Return on Investment (ROI) (PBT/Networth)		0.33	0.50	0.64
Debt Equity Ratio (Total Liability/Networth)		5.82	6.57	10.15
Current Ratio (Current Asset/Current Liability)		1.25	1.25	1.28

LOCAL AGENCY FURTHER INFORMATION

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

NOTE:

The situation of the registered office of the company was changed from 811 / 812, Raviwar Peth 323, Kalyan Sadan, Laxmi Road, Pune – 411 002, Maharashtra to the present address w.e.f. 21.10.2009.

OPERATIONS:

During the year company has made profit before tax amounting to Rs.21.089 millions.

TRADE REFERENCE

· Kirloskar Brothers Limited

Bankers Charges Report as per Registry

Name of the company	RAHUL CABLES PRIVATE LIMITED
Presented By	Union Bank of India, Pune City Branch, Pune - 411002
1) Date and description of instrument creating the change	1. Hypothecation Agreement of Goods and Debts dated 15.03.2002 2. Hypothecation Agreement of vehicles dated 15.03.2002 (Both the agreements constitutes a single charge)
2) Amount secured by the charge/amount owing on the securities of charge	Rs.7.000 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	Hypothecation of cables of CCI Limited Ford Glostar, Finolex Cables and Polychem and other reputed companies. All raw materials, semi finished goods and finished goods, consumable stores and spares and movable property of any kind now or at any time hereafter belonging to or at the disposal of the borrower and which are now stored or being stored or which hereafter may from time to time be brought into or stored to be stored or be in or about the borrower’s premises or godowns at Datta Wadi, Pune and at other places. The borrower’s book debts, outstandings, monies, deposits, receivables, claims and bills, contracts, securities, investments which are now due or become due. Hypothecation of Truck (No. MH-14-818) of the borrower.
4) Gist of the terms and conditions and extent and Operation of the charge.	Rate of Interest @ 15.00% with quarterly rests or at such other revised rates.
5) Name and Address and description of the Person entitled to the charge.	Union Bank of India, Raviwar Peth Branch, 189, Raviwar Peth, Pune – 411 002.
6) Date and brief description of instrument modifying the charge	Supplementary Agreement to Hypothecation Agreement of Goods and debts dated 15.07.2005
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.	Original charge was created on 15.03.2002 for Rs. 7.000 millions. By first modification dated 15.04.2004, the above cash credit limit was increased from Rs. 7.000 millions to Rs. 10.000 millions. Interest at 12.75 p.a. with monthly rests. Other terms and conditions remain the same. Second modification dated 11.11.2004 the cash credit limit was increased upto Rs. 20.000 millions. Rate of Interest @13.25% p.a. with monthly rests. Other terms and conditions remain the same. By this modification, the cash-credit limit is increased upto Rs. 30.000 millions. Rate of interest @ 11.25% p.a. with monthly rests. Other terms and conditions remain the same.

FORM 8

Corporate identity number of the company	U31200PN1998PTC012787
Name of the company	RAHUL CABLES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Office No.110/ 111/ 114/ 115, Aurora Towers, East Wing, 1^st Floor, Moledina Road, Pune – 411 001, Maharashtra, India
This form is for	Modification of charge
Type of charge	Immovable property
Particular of charge holder	HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai – 400 013, Maharashtra, India Email: RBBform8@hdfcbank.com
Nature of instrument creating charge	Memorandum recording past transactions of creation of Mortgage by Delivery of Title Deeds.
Date of instrument Creating the charge	30.09.2010
Amount secured by the charge	Rs. 125.000 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest Interest at the rate as may be communicated by the Bank from time to time. Terms of repayment On Demand Margin As may be stipulated by the Bank from time to time. Extent and operation of the charge The Company accorded and gave oral consent to Bank to continue to hold and retain the title deeds (by way of Constructive delivery) in respect of its immovable properties, as security for repayment of Rs.125.000 millions by the Company, together with principal, interest, liquidated damages, costs, charges and expenses.
Short particulars of the property charged (Including location of the property)	Immovable property situated at Office No.10, 11, 14 and 15, 1st Floor, East Wing, "Aerora Towers", Pune.
Particulars of the present modification	The equitable mortgage/charge shall now stand increased from Rs.35.000 millions to Rs.125.000 millions, in favour the Bank.

FIXED ASSETS:

• Air Conditioner
• Fan
• Fax Machine
• Intercom
• Mobile Phone
• Refrigerator
• Tele (Instrument)
• Television
• U.P.S. and Battery
• Vacum Cleaners
• Tea Machine
• Web Camera
• Water Puring Systems
• Furniture and Fittings
• Computer
• Lap Top and HP Printer
• Epson Printer
• 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 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.49.87
UK Pound	1	Rs.79.73
Euro	1	Rs.69.53

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	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--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 PROPRIETORY CONCERN DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		49

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.