MIRA INFORM REPORT

Report Date :

03.04.2012


Tel. No.:	91-233-2644332/ 2644532/ 2644832
Fax No.:	91-233-2644334

IDENTIFICATION DETAILS

Name :	FINE SPAVY ASSOCIATES AND ENGINEERS PRIVATE LIMITED

Registered Office :	C-45/2, MIDC Area, Miraj – 416 410, Maharashtra.

Country :	India

Financials (as on) :	31.03.2011

Date of Incorporation :	30.06.1984

Com. Reg. No.:	11-33333

Capital Investment / Paid-up Capital :	Rs.4.000 Millions

CIN No.: [Company Identification No.]	U33129MH1984PTC033333

IEC No.:	0388175907

TAN No.: [Tax Deduction & Collection Account No.]	KLPF00099B

PAN No.: [Permanent Account No.]	AAAFF32891

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacturer and Exporter of Material Testing Machine.

No. of Employees :	35 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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

Maximum Credit Limit :	USD 630003..

Status :	Satisfactory

Payment Behaviour :	Usually Correct

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 usually correct 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

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. Yunus
Designation :	Sales Manager
Contact No.:	91-9850507360
Date :	14.03.2012

LOCATIONS

Registered Office :	C-45/2, MIDC Area, Miraj - 416410, Maharashtra, India.
Tel. No.:	91-233-2644332 / 2644532 / 2644832
Mobile No.:	91-9850507360 (Mr. Yunus )
Fax No.:	91-233-2644334
E-Mail :	san_finetest@sancharnet.in jitu_160372@yahoo.com response@finegrouptest.com sales@finegrouptest.com services@finegrouptest.com purchase@finegrouptest.com mailbox@finegrouptest.com
Website :	http://www.finegrouptest.com
Area :	3000 sq. ft.
Location :	Owned

DIRECTORS

As on 16.09.2011

Name :

Mrs. Arti Anant Deshpande

Designation :

Director

Address :

Gurukripa, Lokmanya Housing Society, Pandharpur Road, Miraj – 416 410, Maharashtra, India

Date of Birth/Age :

15.06.1947

Qualification :

01.04.2008

DIN No.:

00368033

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U31909PN2000PTC015032	OPTO-FINE INSTRUMENTS PRIVATE LIMITED	Director	23-06-00	23-06-00	-	Active	NO
2	U31200PN1987PTC044159	FASNE TEST EQUIPMENT PVT LTD	Director	01-04-08	01-04-08	-	Active	NO
3	U33129MH1984PTC033333	FINE SPAVY ASSOCIATES AND ENGINEERS PRIVATE LIMITED	Director	01-04-08	01-04-08	-	Active	NO

Name :

Mr. Kedar Shankar Joshi

Designation :

Director

Address :

Atharva, Plot No. 1, Hudco Colony, Near Laxmi Temple, Sangli – 416 416, Maharashtra, India

Date of Birth/Age :

29.06.1977

Date of Appointment :

08.12.2000

DIN No.:

00113436

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U33129MH1984PTC033333	FINE SPAVY ASSOCIATES AND ENGINEERS PRIVATE LIMITED	Director	07-06-00	07-06-00	-	Active	NO
2	U31909PN2000PTC015032	OPTO-FINE INSTRUMENTS PRIVATE LIMITED	Director	23-06-00	23-06-00	-	Active	NO

Name :

Mr. Yeshwant Vasudev Kulkarni

Designation :

Director

Address :

Mrunmai, Akuj Nagar, Kupwad Road, Sangli – 416 425, Maharashtra, India

Date of Birth/Age :

20.09.1948

Date of Appointment :

01.04.2006

DIN No.:

00113546

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U31200PN1987PTC044159	FASNE TEST EQUIPMENT PVT LTD	Director	23-07-87	23-07-87	-	Active	NO
2	U33123MH1987PTC042552	BALANCING INSTRUMENTS AND EQUIPMENTS (MIRAJ) PVT LTD	Whole-time director	08-12-00	08-12-00	-	Active	NO
3	U33129MH1984PTC033333	FINE SPAVY ASSOCIATES AND ENGINEERS PRIVATE LIMITED	Director	01-04-06	01-04-06	-	Active	NO
4	U29299PN2004PTC019823	META-TEST INSTRUMENTS PRIVATE LIMITED	Director	01-04-08	01-04-08	-	Active	NO

Name :

Mrs. Anita Shankar Joshi

Designation :

Director

Address :

Atharva, Plot No. 1, Hudco Colony, Near Laxmi Temple, Sangli – 416 416, Maharashtra, India

Date of Birth/Age :

15.03.1949

Date of Appointment :

01.04.2008

DIN No.:

02114051

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U33129MH1984PTC033333	FINE SPAVY ASSOCIATES AND ENGINEERS PRIVATE LIMITED	Director	01-04-08	01-04-08	-	Active	NO
2	U31200PN1987PTC044159	FASNE TEST EQUIPMENT PVT LTD	Director	01-04-08	01-04-08	-	Active	NO
3	U31909PN2000PTC015032	OPTO-FINE INSTRUMENTS PRIVATE LIMITED	Director	01-04-08	01-04-08	-	Active	NO

Name :

Mr. Rahul Anant Deshpande

Designation :

Additional Director

Address :

Lokmanya Colony, Miraj, Miraj – 416410, Maharashtra, India

Date of Birth/Age :

15.06.1947

Date of Appointment :

16.10.2009

DIN No.:

00435947

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U29299PN2004PTC019823	META-TEST INSTRUMENTS PRIVATE LIMITED	Director	06-10-04	06-10-04	-	Active	NO
2	U31909PN2000PTC015032	OPTO-FINE INSTRUMENTS PRIVATE LIMITED	Director	01-04-08	01-04-08	-	Active	NO
3	U33129MH1984PTC033333	FINE SPAVY ASSOCIATES AND ENGINEERS PRIVATE LIMITED	Director	16-10-09	29-05-09	-	Active	NO
4	U31200PN1987PTC044159	FASNE TEST EQUIPMENT PVT LTD	Director	16-10-09	16-10-09	-	Active	NO

Name :

Mrs. Yogini Yeshwant Kulkarni

Designation :

Director

Address :

Mrunmai, Akuj Nagar, Kupwad Road, Sangli – 416 425, Maharashtra, India

Date of Birth/Age :

09.07.1953

Date of Appointment :

01.04.2008

DIN No.:

02206437

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U29299PN2004PTC019823	META-TEST INSTRUMENTS PRIVATE LIMITED	Director	06-10-04	06-10-04	-	Active	NO
2	U33129MH1984PTC033333	FINE SPAVY ASSOCIATES AND ENGINEERS PRIVATE LIMITED	Director	01-04-08	01-04-08	-	Active	NO
3	U31200PN1987PTC044159	FASNE TEST EQUIPMENT PVT LTD	Director	01-04-08	01-04-08	-	Active	NO
4	U31909PN2000PTC015032	OPTO-FINE INSTRUMENTS PRIVATE LIMITED	Director	01-04-08	01-04-08	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Yunus
Designation :	Sales Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 16.09.2011

Names of Shareholders		No. of Shares
Badkundri Govind Prakash		436
Deshpande Anant Arti		444
Joshi Ramkrishna Shankar		1850
Kulkarni Vasudev Yeshwant		5096
Joshi Shankar Anita		2133
Kulkarni Yeshwant Yogini		3591
Joshi Ramkrishna Shankar		2977
Kulkarni Yeshwant Shardul		3103
Joshi Shankar Kedar		3040
Joshi Ramkrishna Shankar		2697
Joshi Kedar Archna		636
Kulkarni Yashwant Shardul		933
Deshpande Rahul Uttara		500
Kulkarni Yeshwant Yogini		610
Deshpande Anant Arti		8982
Deshpande Anant Arti		1109
Deshpande Anant Rahul		889
Deshpande Anant Rahul		974
TOTAL		40000

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2011

Category	Percentage
Directors or relatives of Directors	99.00
Other top fifty shareholders	1.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Material Testing Machine.

Products :

Leaf Spring Testing Machine
Tensile Testing Machines
Dynamic Hardness Tester
Universal Testing Machine
Analogue Tensile Testing Machine
Digital Rockwell Hardness Tester
Hardness Testing Machine
Analogue cum Computerized Universal Testing
Chain Testing Machine
Rockwell Hardness Tester
Dynamic Balancing Machines
Vickers Hardness Testing Machine
Material Testing Machine
Brinell Hardness Testers
Micro Vickers Hardness Tester
ASTM Impact Testing Machines
Vertical Dynamic Hardness Testers
Computerisd Universal Testing Machine
Surgical Microscopes
Portable Hardness Testers

Product Description	Item Code
Universal Testing machines, Tensile Other Bridge Type Machine	Nil

Exports :

Products :

Testing Machine

Countries :

South America
Gulf Countries

Imports :

Products :

Raw Material

Countries :

China
USA
Japan

Terms :

Selling :

L/C, Cash and Credit (30-60 Days)

Purchasing :

L/C, Cash and Credit (30-60 Days)

GENERAL INFORMATION

Customers :

Wholesalers, Retailers, End Users, OEM’s and Industries

No. of Employees :

35 (Approximately)

Bankers :

ICICI Bank
HDFC Bank, Branch Sangli, West Bengal
HDFC Bank, Branch Miraj, Maharashtra, India
Bank of Baroda, Sangli Branch, 39 Vakhar Bhag, High School Road, Sangli, Maharashtra, India.
The Sangli Bank Limited
Central Bank of India

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Bank of Baroda, Miraj C/C A/C No. 2002	0.952	0.630
Bank of Baroda, Miraj C/C A/C No. 8880	0.006	0.481
Bank of Baroda, Packing Credit A/C.	1.512	1.000
Bank of Baroda O/D A/C 16	0.000	3.250
Total	2.470	5.361

Unsecured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
WMDC Sales Tax Loan (Old)	0.000	0.000
WMDC Sales Tax Loan (New)	2.604	2.671
Loan from Fasne Test Equipments	1.500	1.200
Deposits from share holder	1.575	0.075
Total	5.679	3.946

Banking Relations :	--

Auditors :
Name :	A V Manavi and Company Chartered Accountant
Address :	Ashirwad, 294, R K Extension, Sangli – 416 410, Maharashtra, India
PAN.:	ABLPM0075D

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount

40,000	Equity Share	Rs.100/- Each	Rs.4.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

40,000	Equity Share	Rs.100/- Each	Rs.4.000 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		4.000	4.000	4.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		11.650	9.122	5.645
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		15.650	13.122	9.645
LOAN FUNDS
1] Secured Loans		2.470	5.361	0.962
2] Unsecured Loans		5.679	3.946	2.746
TOTAL BORROWING		8.149	9.307	3.708
DEFERRED TAX LIABILITIES		0.242	0.230	0.188
		0.251	0.335	0.418
TOTAL
		24.292	22.994	13.959
APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		6.419	5.524	4.516
Capital work-in-progress		0.000	0.000	0.000

INVESTMENT		0.003	0.083	0.158
DEFERREX TAX ASSETS		0.001	0.001	0.001

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	12.651	7.939	8.021
	Sundry Debtors	7.854	5.825	2.343
	Cash & Bank Balances	2.492	8.622	8.570
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	3.437	2.938	3.219
Total Current Assets		26.434	25.324	22.153
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.698	2.478	2.214
	Other Current Liabilities	4.527	3.178	8.425
	Provisions	3.340	2.282	2.229
Total Current Liabilities		8.565	7.938	12.868
Net Current Assets		17.869	17.386	9.284

MISCELLANEOUS EXPENSES		0.000	0.000	0.000

TOTAL		24.292	22.994	13.959

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Sales (Exports + Indigenous)	69.447	58.112	53.667

Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		8.760	7.376	6.864

Less	FINANCIAL EXPENSES		0.480	0.344	0.098

	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		8.280	7.032	6.766

Less/ Add	DEPRECIATION/ AMORTISATION		1.482	1.020	0.876

	PROFIT BEFORE TAX		6.798	6.012	5.890

Less	TAX		2.162	1.864	2.052

	PROFIT AFTER TAX		4.636	4.148	3.838

	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	13.657	11.813	11.664
	TOTAL EARNINGS		13.657	11.813	11.664

	Earnings Per Share (Rs.)		115.90	103.70	95.95

Expected Sales (2011-2012) : Rs.100.000 Millions

The above information has been parted by Mr. Yunus – Sales Manager

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
Net Profit Margin (PBT/Sales)	(%)	9.79	10.35	10.98

Return on Total Assets (PBT/Total Assets}	(%)	20.69	19.49	22.09

Return on Investment (ROI) (PBT/Networth)		0.43	0.46	0.61

Debt Equity Ratio (Total Liability/Networth)		1.07	1.31	1.72

Current Ratio (Current Asset/Current Liability)		3.09	3.19	1.72

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%	--
14) Estimation for coming financial year	Yes
15) Capital in the business	Yes
16) Details of sister concerns	No
17) Major suppliers	No
18) Major customers	No
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	--

OPERATION

Indigenous Sales of the company for the period were increased to Rs.51.911 Millions from Rs.44.495 Millions showing increase in the indigenous sales. Company’s Export sales were increased from Rs.17.536 Millions to Rs.12.252 Millions. Company’s aggregate sales shows increasing trend. Companies’ profit after tax is Rs.4.636 Millions as compared to previous year figure of Rs.4.148millions of showing increase.

Due to improvement in market condition there is increase in aggregate turnover of the company as compared to previous financial year, as a result there is improvement in profit of company showing increase in overall performance of the company.

As a result of constant and concerted efforts of the directors to explore export market for the company’s products, the company is receiving lot of enquiries from overseas market. It is a matter of pride for the company that with the motto of maintaining good quality of company’s product and prompt services, the company has established goodwill in the overseas market.

Form 8

Corporate identity number of the company	U33129MH1984PTC033333
Name of the company	FINE SPAVY ASSOCIATES AND ENGINEERS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	C-45/2, MIDC Area, Miraj - 416410, Maharashtra, India. Email: jitu_160372@yahoo.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	90085234
Type of charge	Book Debts Movable Property Immovable property
Particular of charge holder	Bank of Baroda, Sangli Branch, 39 Vakhar Bhag, High School Road, Sangli, Maharashtra, India. Email: jitu_160372@yahoo.com
Nature of instrument creating charge	Supplemental Memorandum of Entry (Company's Property)
Date of instrument Creating the charge	26.11.2011
Amount secured by the charge	Rs.9.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest 12% Terms of Repayment On Demand Margin Stock-25% Book Debt-30% Extent and Operation of the charge Charge will remain in force till the payment of principle plus interest in full.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	All stocks, raw materials, Semi finished and finished goods, Packing material, stores, all present and future book debts, monies receivables, claims, bills, contacts etc. and all tangible movable machinery and plant, cranes, boats, crafts and vehicles and furniture, fixtures, fittings and office acquirements, either installed or laying at the borrowers premises, godown or works at C-45/2 MIDC, Miraj.
Date of instrument modifying the charge	28.08.2011
Particulars of the present modification	Modified for creation of additional security by way of equitable mortgage by way of deposit of title deeds of company's immovable properties i.e. Land and building situated at C-45/2, M.I.D.C. Area, Miraj. Modifed for increase in the charge from Rs.7.500 millions to Rs.9.000 millions by additional Bank Guarantee limit of Rs.1.500 millions

Fixed Assets

v Factory Land

v Factory Building

v Office Building

v Plant and Machinery

v Electrical Fitting and Instrument

v Office Vehicles

v Furniture and Dead Stock

v Library Books

v Cycle / Car Stand

v Air Conditioner

v Computer

v Jigs and Pattern

v Tools and Installation

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.51.16
UK Pound	1	Rs.81.80
Euro	1	Rs.68.34

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		47

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.

MIRA INFORM REPORT

12.651

7.939

8.021

7.854

5.825

2.343

2.492

8.622

8.570

0.000

0.000

0.000

3.437

2.938

3.219

26.434

0.698

2.478

2.214

4.527

3.178

8.425

3.340

2.282

2.229

8.565

17.869

17.386

9.284

9.79

10.35

10.98

20.69

19.49

22.09

0.43

0.46

0.61

1.07

1.31

1.72

3.09

3.19

1.72

Unit