MIRA INFORM REPORT

Report Date :

12.12.2012

IDENTIFICATION DETAILS

Name :	RASHMI HOUSING PRIVATE LIMITED
Registered Office :	A-1 Office No. 16 Shanti Vihar Opposite Railway Station, Shanti Nagar, Mira Road (East), Thane 401107, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	13.02.2003
Com. Reg. No.:	11-139150
Capital Investment / Paid-up Capital :	U70101MH2003PTC139150
CIN No.: [Company Identification No.]	Rs.190.241 millions
TAN No.: [Tax Deduction & Collection Account No.]	PNER06827C
Legal Form :	Private Limited Liability Company
Line of Business :	Engaged in Real Estate Development Services
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (27)

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

Maximum Credit Limit :	USD 2052404
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. The management have not file its current financial with government department and from previous year the company profitability is low. However, trade relations are reported to be 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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

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

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	LONG TERM BANK FACILITIES : CARE D
Rating Explanation	This rating are in default or are expected to be in default soon.
Date	April, 2012

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

LOCATIONS

Registered Office :	A-1 Office No. 16 Shanti Vihar Opposite Railway Station, Shanti Nagar, Mira Road (East), Thane 401107, Maharashtra, India
Tel No.:	Not Available
Fax No.:	Not Available
E-Mail :	hina_sadrani@yahoo.co.in
Administrative Office :	B-215 Shanti Shopping Center, Opposite Railway Station, Mira Road (East), Thane – 401107, Maharashtra, India
Billing and Purchase Office :	Shop No 3 To 7 Sai Shrishti At Sai Shrishti, AT Sai Complex Near Hardik Palace Hotel, Next To Shanti Vihar Mira Road(E), Thane 401107, Maharashtra, India
Tel. No.:	91-22-33086161 / 28107000 / 8000
Corporate Office :	501-508,C Wing, Crystal Plaza, Link Road Opp. Infinity Mall, Andheri West, Mumbai-400053, Maharashtra, India
Tel. No.:	91-22-30717788 / 28119777 / 28127000
Fax No.:	91-22-30717717

DIRECTORS

AS ON 30.09.2011

Name :	Mr. Hemendra Pranjivan Bosmiya
Designation :	Director
Address :	Rashmi Utsav II Row House No.8A/8B, Behind Nityanand Nagar, Near St Paul School, Shrishti Road. Mira Road (East), Thane 401107, Maharashtra, India
Date of Birth/Age :	17.10.1976
Date of Appointment :	13.02.2003
DIN No.:	01669739
Name :	Mr. Yogesh Pranjivan Bosmiya
Designation :	Director
Address :	Rashmi Utsav II Row House No.8A/8B, Behind Nityanand Nagar, Near St Paul School, Shrishti Road. Mira Road (East), Thane 401107, Maharashtra, India
Date of Birth/Age :	24.08.1974
Date of Appointment :	13.02.2003
DIN No.:	01679361
Name :	Mr. Ashok Pranjivan Bosmiya
Designation :	Director
Address :	Rashmi Utsav II Row House No.8A/8B, Behind Nityanand Nagar, Near St Paul School, Shrishti Road. Mira Road (East), Thane 401107, Maharashtra, India
Date of Birth/Age :	14.12.1978
Date of Appointment :	27.08.2008
DIN No.:	02213083

KEY EXECUTIVES

Name :	Mr. Atul
Designation :	Admin Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
Yogesh Pranjivan Bosmiya	1815800
Hemendra Pranjivan Bosmiya	1814550
Megha Ashok Bosmiya	1814500
Rashmi Deepak Bosmiya	1814500
Ashok Pranjivan Bosmiya	1830000
Jyoti Yogesh Bosmiya	1798700
Pranjivan Jagjivandas Bosmiya	1798700
Deepak Pranjivan Bosmiya	1798700
Hemendra P Bosmiya HUF	120000
Deepak P Bosmiya HUF	120000
Yogesh P Bosmiya HUF	120000
Pranjivan J Bosmiya HUF	24500
Shardaben Pranjivan Bosmiya	1827700
Geeta Hemendra Bosmiya	1766200
Ashok P Bosmiya HUF	110000
Yogesh Pranjivan Bosmiya J/w Jitendra K. Shah	100
Yogesh Bosmiya J/w Bharat Chheda, Gopal D Shroff, Sanjay Dalichand Shahm Mukesh Doshi	100
Rashmi Inn Private Limited, India	60000
Rashmi Housing SPV Private Limited, India	390000
Yogesh Pranjivan Bosmiya J/w Harshad Shah, Maulik Raja, Viren Savla, Chetan Visaria	100
Total	19024150

AS ON 30.09.2011

Equity Share Breakup		Percentage of Holding
Category
Bodies corporate		2.37
Directors or relatives of directors		97.63
	Total	100.00

BUSINESS DETAILS

Line of Business :

Engaged in Real Estate Development Services

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

• Oriental Bank of Commerce, Fort Branch, Jash Chambers, Sir P M Road, Fort, Mumbai 400001, Maharashtra, India
• Allahabad Bank
• Bank of India
• Union Bank of India
• Bank of Baroda
• Bank of Maharashtra
• Indian Overseas Bank
• HDFC Bank
• Bassein Cathelic Co Op Bank Limited
• ING Vyasya Bank
• Federal Bank
• Punjab National Bank
• Vasai Janta Sahkari Bank

Facilities :

Rs. In Millions

SECURED LOAN	31.03.2011	31.03.2010
Rupee Term Loans Banks Secured
Allahabad Bank	103.856	0.000
Bank of India	200.000	11.279
Union Bank of India	80.217	0.000
Bank of Baroda	98.835	144.735
Bank of Maharashtra	49.342	72.873
Oriental Bank of Commerce	49.452	73.006
Indian Overseas Bank	0.000	74.745
Rupee Term Loans Financial Institutions Secured
PNB Housing Finance Limited	9.998	81.266
LIC Housing Finance	69.198	108.930
Loans Taken for Vehicles Secured
ICICI Car Loan – BMW	3.483	0.000
ICICI Bus Loan	0.138	0.286
ICICI Car Loan V W Passat	0.000	0.392
Kotak Mahindra Prime Limited SX4 Car Loan	0.000	0.208
HDFC Car Loan	0.000	0.032
Total	664.519	567.752
UNSECURED LOAN	31.03.2011	31.03.2010
Borrowings from Directors, Their Relatives, Shareholders	203.142	173.017
Total	203.142	173.017

Banking Relations :	--
Auditors :
Name :	Majithia and Associates Chartered Accountant
Address :	6 New Jagruti CHS, 227, S V Road, Opposite H P Petrol Pump, Bandra (West), Mumbai 400050, Maharashtra, India
PAN No.:	AAAFM5330M
Sister Companies:	Rashmi Housing SPV Private Limited Rashmi Inn Private Limited Rashmi Shelter Private Limited Rashmi Reality Builder Private Limited Rashmi Properties Rashmi Housing Rashmi Home Decor Rashmi Construction Rashmi Traders A.P. Construction Y.P. Realities Tanmay Properties Tanmay Construction A.P. Enterprises Y.P. Enterprises Rashmi Transport Company Avsar Properties Rashmi Associates Note: Mr. Atul, Admin Department has confirmed above details of sister companies.

CAPITAL STRUCTURE

AS ON 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
30000000	Equity Shares	Rs. 10/- each	Rs.300.000 millions
2000000	Preference Shares	Rs. 100/- each	Rs. 200.000 millions
			Rs. 500.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
19024150	Equity Shares	Rs. 10/- each	Rs.190.241 millions

AS ON 30.03.2011

No. of Shares	Type	Value	Amount
50000000	Equity Shares	Rs. 10/- each	Rs.500.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
19024150	Equity Shares	Rs. 10/- each	Rs.190.241 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		190.241	88.770	86.020
2] Share Application Money		170.270	94.011	56.511
3] Reserves & Surplus		152.590	105.707	61.916
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		513.101	288.488	204.447
LOAN FUNDS
1] Secured Loans		664.519	567.752	572.418
2] Unsecured Loans		203.142	173.017	149.148
TOTAL BORROWING		867.661	740.769	721.566
DEFERRED TAX LIABILITIES		0.150	0.098	0.058
TOTAL		1380.912	1029.355	926.071
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		15.634	11.661	11.044
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	1041.763	1061.857	1067.805
	Sundry Debtors	87.190	71.458	25.985
	Cash & Bank Balances	159.835	75.120	27.238
	Other Current Assets	687.861	390.449	249.845
	Loans & Advances	129.598	139.707	105.131
Total Current Assets		2106.247	1738.591	1476.004
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	154.814	263.937	138.414
	Other Current Liabilities	559.922	433.113	406.892
	Provisions	28.195	23.990	15.957
Total Current Liabilities		742.931	721.040	561.263
Net Current Assets		1363.316	1017.551	914.741
MISCELLANEOUS EXPENSES		1.962	0.143	0.286
TOTAL		1380.912	1029.355	926.071

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Sales and Other Income	645.051	594.333	267.621
		TOTAL (A)	645.051	594.333	267.621
Less	EXPENSES
		Selling and Distribution Expenses
		Office Expenses	520.501	460.225	244.940
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)	520.501	460.225	244.940
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		124.550	134.108	22.681
Less	FINANCIAL EXPENSES (D)		112.224	102.618	0.000
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		12.326	31.490	22.681
Less/ Add	DEPRECIATION/ AMORTISATION (F)		3.292	2.584	2.390
	PROFIT BEFORE TAX (E-F) (G)		9.034	28.906	20.291
Less	TAX (H)		3.122	9.865	7.085
	PROFIT AFTER TAX (G-H) (I)		5.912	19.041	13.206
	Earnings Per Share (Rs.)		0.43	2.14	--

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.91	3.20	4.93
Net Profit Margin (PBT/Sales)	(%)	1.40	4.86	7.58
Return on Total Assets (PBT/Total Assets}	(%)	0.42	1.65	1.36
Return on Investment (ROI) (PBT/Networth)		0.02	0.10	0.09
Debt Equity Ratio (Total Liability/Networth)		3.13	5.06	6.27
Current Ratio (Current Asset/Current Liability)		2.83	2.41	2.62

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	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	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
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	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	No
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

REVIEW OF OPERATIONS:-

The company has continued to achieve satisfactory performance in the current financial year ended March 2011 by registering a gross turnover of Rs.643.100 millions as compared to Rs.592.000 millions in the previous year i.e. a growth of nearly 9% in percentage terms even otherwise when there is hue and cry of recessionary trends. However the profit has been reduced on account of the following reasons:

In order to expedite faster sales/delivery the Company also adhered to credit purchases, hiring of extra supervisory and technical staff, more marketing efforts/ expenses etc.

With the increase in turnover, the Company was in want of proportionate additional working capital funds and thus the Loan Funds were increased by 126.900 millions and consequently Interest costs have gone up by 9.606 millions.

The company has had to offer flats at attractive rates so as to achieve boost in turnover on overall terms. The hike in raw material prices, the burden of which cannot be passed to the customers immediately. It always takes some lead period before such additional costs can be loaded into pricing structure.

The Directors are optimistic that the company’s performance will improve in the coming years. The company has also started exercising cost reduction drive without effecting quality and efficiency.

FUTURE PROSPECTS:

The directors are making their best efforts to finalize the required formalities for the remaining projects of the company on hand, since most of the Projects which are coming up are in Affordable Housing Sector which is not yet facing demand recession. Since their focus is to cater Actual user market the directors are quite confident of achieving better results in years to come.

FORM 8

Corporate identity number of the company	U70101MH2003PTC139150
Name of the company	RASHMI HOUSING PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	A-1 Office No. 16 Shanti Vihar Opposite Railway Station, Shanti Nagar, Mira Road (East), Thane 401107, Maharashtra, India
This form is for	Creation of charge
Type of charge	Immovable property
Particular of charge holder	Bank of Maharashtra, Kshirsagar House, 1 st Floor, Near Saibaba MAndir, GAothan Virar West, Thane 401303, Maharashtra, India Email: brmgr94@mahabank.co.in
Nature of instrument creating charge	Memorandum of Record of Equitable Mortgages dated 25th November, 2011.
Date of instrument Creating the charge	25.11.2011
Amount secured by the charge	Rs. 11.700 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest Base Rate + 500 basis points i. e. at present 15.5% p. a. with monthly rests. Terms of repayment Moratorium Period: 12 months, Repayment to start 12 months of first disbursement in 24 equal monthly instalments of Rs.0.487 million each to be completely repaid within 36 months of first disbursement. Interest to be served as and when applied including during moratorium. Margin 74% of the Cost of Project, 25% on Cost of Construction Extent and operation of the charge The Charge shall operate as first charge and equitable mortgage over immovable properties to secure all principal amounts, interest, charges etc.
Short particulars of the property charged (Including location of the property)	Amount Secured By Charge: Rs.11.700 millions DETAILS OF PROPERTY CHARGED IN FAVOUR OF BANK OF MAHARASHTRA: 1. All that piece and parcel of land bearing City Survey No. 183, admeasuring 186.1 sq. mtrs, City Survey No. 183/1, admeasuring 18.7 sq. mtrs, City Survey No. 183/2, admeasuring 18.1 sq. mtrs, City Survey No. 183/3, admeasuring 18.1 sq. mtrs, City Survey No. 183/4, admeasuring 18.7 sq. mtrs, City Survey No. 183/5, admeasuring 18.7 sq. mtrs, City Survey No. 183/6, admeasuring 18.1 sq. mtrs, City Survey No. 183/7, admeasuring 18.1 sq. mtrs, City Survey No. 183/8, admeasuring 18.7 sq. mtrs, lying, being and situated at Village Kurar, Taluka Malad, Mumbai Suburban District, Mumbai. 2. Flat being Flat No. A/304, A/404 and E/404 of building known as Rashmi Residency, situated at Village Achole, Taluka Vasai, District Thane, bearing Survey No. 63(27), Hissa No. 2, 5/1, 5/2, 6, 7, 8, 10, 13, 15, 12, Survey No. 68(26), Hissa No. 2, 3, 4, 5, 6, 7, 8/3, 8/4, 13 of Village Achole, Taluka Vasai, District Thane. together with buildings and structures constructed or to be constructed thereon and all fixed plants and machineries and fixtures standing, lying or being thereon, to Memorandum of Record of Equitable Mortgages.

FIXED ASSETS:

• Computer
• Office Equipments
• Plant and Machinery
• Air Conditioner
• Electric Poll
• Furniture and Fixtures
• Generator
• Vehicle

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 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.54.31
UK Pound	1	Rs.87.36
Euro	1	Rs.70.36

INFORMATION DETAILS

Report Prepared by :

BSN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
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	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		27

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.