MIRA INFORM REPORT

Report Date :

12.12.2012

IDENTIFICATION DETAILS

Name :	RMS AUTOMATION SYSTEMS LIMITED
Registered Office :	W 218, Additional Nasik Industrial Area, MIDC, Ambad, Nasik – 422010, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	22.07.1994
Com. Reg. No.:	11-079785
Capital Investment / Paid-up Capital :	Rs.39.800 Millions
CIN No.: [Company Identification No.]	U51220MH1994PLC079785
TAN No.: [Tax Deduction & Collection Account No.]	NSKR00717D
PAN No.: [Permanent Account No.]	AABCR0904J
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Automatic Power factor Controller and Trader of Mobile Handset and undertaking of the Infrastructure projects.
No. of Employees :	70 (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 830000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is a well 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.

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

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.

INFORMATION PARTED BY

Name :	Mr. Rajendra Singh
Designation :	Senior Accounts Manager
Contact No.:	91-11-25891592
Date :	23.11.2012

LOCATIONS

Registered Office/ Factory :	W 218, Additional Nasik Industrial Area, MIDC, Ambad, Nasik – 422010, Maharashtra, India
Tel. No.:	91-253-2383261
Fax No.:	91-253-2384604
E-Mail :	sd_kulkarni@rediffmail.com khanna.arun@gmail.com info@rmsatuomation.com rmsaspl@bsnl.com rms@rmsautomation.com
Area :	800 Sq. Mt
Location :	Owned
Marketing and After Sales Office/Corporate Office :	C -138, Naraina Industrial Area, Phase – I, New Delhi, India
Tel. No.:	91-11-25891072
Fax No.:	91-11-45401782
E-Mail :	info@rmsautomation.com
Bhubneshwar Site Office :	N – 4/58, IRC Village, Near Government High School, Nayapalli, Bhubneshwar -751010, Orissa, India
E-Mail :	infobhubneshwar@rmsautomation.com
Branch Office :	Located At · Gurgaon · Lucknow · Patna

DIRECTORS

As on 26.09.2012

Name :	Mr. Arun Kumar Khanna
Designation :	Managing Director
Address :	Coral Court 9, Essel Tower, M.G. Road, Gurgaon – 122002, Haryana, India
Date of Birth/Age :	10.05.1951
Date of Appointment :	19.06.2002
Voter ID No.:	WDC00 69500
DIN No.:	00041724
Name :	Mr. Ajay Khanna
Designation :	Director
Address :	A – 9, Naraina Vihar, New Delhi – 110028, India
Date of Birth/Age :	25.12.1956
Date of Appointment :	19.06.2002
Voter ID No.:	DL/07/067/075074
DIN No.:	00027549
Name :	Mr. Alok Tandon
Designation :	Director
Address :	LCG 04, PHB The Laburnam Apartments, Near Sushant Lok, Sector – 28, Gurgaon – 122002, Haryana, India
Date of Birth/Age :	05.03.1961
Date of Appointment :	19.06.2002
Voter ID No.:	DL/04/043/333574
DIN No.:	00027563
Name :	Mr. Thirumalai Narsimhan
Designation :	Director
Address :	A -1/334 I Floor, Janakpuri, New Delhi – 110058, India
Date of Birth/Age :	23.07.1954
Date of Appointment :	19.06.2002
Voter ID No.:	DL/03/035/285611
DIN No.:	00041112

KEY EXECUTIVES

Name :	Mr. Rajendra Singh
Designation :	Senior Accounts Manager
MANAGEMENT COMMITTEE :
Name :	Mr. Gautam Dey
Designation :	Vice President
Name :	Mr. Daulat S. Randhawa
Designation :	General Manager
Name :	Mr. J K Sarna
Designation :	Dy. General Manager
Name :	Mr. Joseph Mapra
Designation :	Manager Technical
Name :	Mr. Jitendra Kumar
Designation :	Manager Marketing
Name :	Mr. Rajendra Bora
Designation :	Accounts Manager
Name :	Mr. Dhananjay Singh
Designation :	Deputy Manager Technical

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 26.09.2012

Names of Shareholders	No. of Shares
Prabhakar S Mogre	4
Sanjiv S Barve	20
Shyam Basic Infrastructure Projects Private Limited, India	180062
Ajay Khanna	10
Alok Tandon	10
Arun Khanna	4419
Dharmender Dhingra	10
Ravi Kapoor	10
Vimal Mehta	10
Arosa Infrastructure Private Limited, India	70587
RMS Energy Private Limited, India	142858
Total	398000

Equity Share Break up (Percentage of Total Equity)

As on 26.09.2012

Category	Percentage
Bodies corporate	98.88
Directors or relatives of Directors	1.11
Other top fifty shareholders	0.01
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Automatic Power factor Controller and Trader of Mobile Handset and undertaking of the Infrastructure projects
Products/ Services :	Power Factor Controller Soft Starter SCADA
Imports :
Products :	Mobile Handset
Countries :	· Korea · China
Terms :
Selling :	Cash/ Credit
Purchasing :	Cash/ Credit

GENERAL INFORMATION

Customers :

End users

• Maharashtra State Electricity Distribution Company Limited, Mumbai
• BSES Yamuna/ Rajdhani Power Limited, Delhi
• North Delhi Power Limited, Delhi
• Dakshin Haryana Bijli Vitran Nigam Limited, Hisar
• North Eastern Electricity Supply Company of Orissa Limited (NESCO), Orissa
• Western Electricity Supply Company of Orissa Limited (WESCO), Orissa
• Southern Electricity Supply Company of Orissa Limited (South Company), Orissa
• Larsen and Turbo Limited
• Kirloskar
• Gujarat State Fertilizer and Chemicals
• Schneider Electric India Private Limited
• State Bank of India
• HDFC Bank
• Food Corporation of India
• Shyam Telecom
• Professional Comtech Private Limited
• Innovative Communications Private Limited
• Reliance Infrastructure Limited
• ZTE

Supplier

Bansali Cable System

Kailash and Company

No. of Employees :

70 (Approximately)

Bankers :

• The Saraswat Co-operative Bank Limited, 20- A, Ring Road, Lajpat Nagar – IV, Delhi – 110024, India
• ICICI Bank Limited

Facilities :

Secured Loan	As on 31.03.2012 (Rs. in Millions)	As on 31.03.2011 (Rs. in Millions)
Term Loans
From Saraswat Bank OD (secured by hypothecation of Fixed Deposit)	0.000
From Saraswat Bank – CC A/c (secured by pledge of FDR’s of Rs.7.000 Millions Collateral and Hypothecation of stock, debtors and equitable mortgage of factory Shed, Leasehold Land, Building and Machinery) (115.50% p.a. rate of interest payable monthly)	4.683
From Saraswat Bank – Vehicle Loan (Secured against first pari passu charge on respective assets on loan and personal guarantee of Directors) (Continuing default in repayment of loans as on balance sheet date – NIL) (On EMI till 26.7.2014 @ 10.50% p.a. rate of interest payable monthly)	0.562
Total	5.245	85.426
Unsecured Loan	As on 31.03.2012 (Rs. in Millions)	As on 31.03.2011 (Rs. in Millions)
Deferred Sales Tax Loan (Interest Free)	0.517	0.767
Total	0.517	0.767

Banking Relations :	--
Auditors :
Name :	Padam Dinesh and Company Chartered Accountants
Address :	11/6 B, II ND Floor, Shanti Chambers, Pusa Road, New Delhi – 110005, India
PAN.:	AAAFP9361P
Holding Company :	Shyam Basic Infrastructure Projects Private Limited (Transferred From NCT of Delhi) CIN No.: U64201RJ1996PTC020005
Associates :	Shyam Telecom Limited Arosa Infrastructure Private Limited RMS Engery Private Limited

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
400000	Equity Shares	Rs.100/- each	Rs.40.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
398000	Equity Shares	Rs.100/- each	Rs.39.800 Millions

Note :

Out of the above 180062 shares are held by Shyam Basic Infrastructure Projects Private Limited.

Reconciliation table of No. of Shares issued:

(Rs. In Millions)

Particulars	No. of Shares	Amount
Equity Shares of Face Value of Rs.100/- each
Opening Balance	398000	39.800
Additions during the year	0	0.000
Closing Balance	398000	39.800

List of shareholders holding more than 5% shares on the basis of Legal Ownership

Particulars	No. of Shares	Percentage
Equity Shares of Face Value of Rs.100/- each
Shyam Basic Infrastructure Projects Private Limited	180062	45.42%
RMS Energy Private Limited	142858	35.90%
Arosa Infrastructure Private Limited	70587	17.74%
Others	4493	1.13%
Total	398000	100.00%

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		39.800	39.800	25.514
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		167.799	164.221	41.540
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		207.599	204.021	67.054
LOAN FUNDS
1] Secured Loans		5.245	85.426	25.221
2] Unsecured Loans		0.517	0.767	0.815
TOTAL BORROWING		5.762	86.193	26.036
DEFERRED TAX LIABILITIES		0.870	2.186	5.636
TOTAL		214.231	292.400	98.726
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		77.201	88.531	24.123
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.246	0.035	0.035
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	33.767	9.535	6.813
	Sundry Debtors	288.133	68.683	262.711
	Cash & Bank Balances	26.894	173.797	47.098
	Other Current Assets	0.419	0.000	0.000
	Loans & Advances	176.668	138.205	33.821
Total Current Assets		525.881	390.220	350.443
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	290.733	132.357	260.390
	Other Current Liabilities	95.238	30.792	2.015
	Provisions	3.126	23.237	13.470
Total Current Liabilities		389.097	186.386	275.875
Net Current Assets		136.784	203.834	74.568
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		214.231	292.400	98.726

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012
	SALES
		Income	1176.554
		Other Income	14.771
		TOTAL (A)	1191.325
Less	EXPENSES
		Cost of Material Consumed	35.987
		Direct Expenses	26.255
		Purchase of Goods Traded	1060.825
		Employee Benefits Expenses	21.676
		Other Expenses	21.442
		TOTAL (B)	1166.185
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		25.140
Less	FINANCIAL EXPENSES (D)		2.989
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		22.151
Less/ Add	DEPRECIATION/ AMORTISATION (F)		5.414
	PROFIT BEFORE TAX (E-F) (G)		16.737
Less	TAX (H)		5.799
	PROFIT AFTER TAX (G-H) (I)		10.938
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		54.585
	BALANCE CARRIED TO THE B/S		65.523
	Earnings Per Share (Rs.)		27.48

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010
	SALES
		Income	1866.212	657.499
		Other Income	48.681	45.810
		TOTAL (A)	1914.893	703.309
Less	EXPENSES
		Material Consumed	1806.099	609.683
		Manufacturing and Other Expenses	67.414	64.812
		Income Tax related to earlier year	0.000	0.000
		TOTAL (B)	1873.513	674.495
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		41.380	28.814
Less	FINANCIAL EXPENSES (D)		9.913	5.562
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		31.467	23.252
Less/ Add	DEPRECIATION/ AMORTISATION (F)		11.780	11.162
	PROFIT BEFORE TAX (E-F) (G)		19.687	12.090
Less	TAX (H)		6.316	4.021
	PROFIT AFTER TAX (G-H) (I)		13.371	8.069
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		41.214	33.145
	BALANCE CARRIED TO THE B/S		54.585	41.214
	Earnings Per Share (Rs.)		52.24	31.63

Expected Sales (2012-2013): Rs.1500.000 Millions

The above information has been parted by Mr. Rejendra Singh

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	0.92	0.69	1.14
Net Profit Margin (PBT/Sales)	(%)	1.42	1.05	1.84
Return on Total Assets (PBT/Total Assets}	(%)	2.78	4.11	3.14
Return on Investment (ROI) (PBT/Networth)		0.08	0.09	0.18
Debt Equity Ratio (Total Liability/Networth)		1.90	1.34	4.50
Current Ratio (Current Asset/Current Liability)		1.35	2.09	1.27

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS

(Rs. In Millions)

PARTICULARS	31.03.2012	31.03.2011	31.03.2010
Sundry Creditors
- MSME	0.000
- Related Party	0.000
Others
- Foreign Creditors	87.918
- Domestic Creditors	202.815
Total	290.733	132.357	260.390

Check List by Info Agents	Available in Report [Yes/No]
Year of Establishment	Yes
Locality of the Firm	Yes
Constitution of the firm	Yes
Premises details	Yes
Type of Business	Yes
Line of Business	Yes
Promoters background	Yes
No. of Employees	Yes
Name of Person Contacted	Yes
Designation of contact person	Yes
Turnover of firm for last three years	Yes
Profitability for last three years	Yes
Reasons for variation <> 20%	Yes
Estimation for coming financial year	Yes
Capital the business	Yes
Details of sister concerns	Yes
Major Suppliers	Yes
Major Customers	Yes
Payment Terms	Yes
Export / Import Details [If Applicable]	Yes
Market Information	-
Litigations that the firm / promoter involved in	-
Banking Details	Yes
Banking Facility Details	Yes
Conduct of the banking account	-
Buyer visit details	-
Financials, if provided	Yes
Incorporation details, if applicable	Yes
Last accounts filed at ROC	Yes
Major Shareholders, if applicable	Yes
Date of Birth of Proprietor/Partner/Director, if available	Yes
PAN of Proprietor/Partner/Director, if available	No
Voter ID No of Proprietor/Partner/Director, if available	Yes
External Agency Rating, if available	No

CORPORATE OVERVIEW

During the year, the company earned revenue from operations to the tune of Rs.1191.326 Millions as compared to Rs.1914.236 Millions in the previous year. The company earned a profit of Rs.10.938 Millions as compared to a profit of Rs.13.371 Millions incurred in the previous year.

CONTINGENT LIABILITIES (AS ON 31.03.2012) :

1. UBI: Rs.0.452 Million – Margin Money Rs.0.452 Million, Net Rs. NIL (For Bank Guarantee given to Various Electricity Board/Parties)

2. Saraswat Bank: Rs.24.849 Millions – Margin Money Rs.7.250 Millions, Net 17.599 (For Bank Guarantee given to Various Electricity Boards/Parties)

FORM 8

Corporate identity number of the company	U51220MH1994PLC079785
Name of the company	RMS AUTOMATION SYSTEMS LIMITED
Address of the registered office or of the principal place of business in India of the company	W 218, Addl Nasik Industrial Area, MIDC, Ambad Nasik – 422010, Maharashtra, India Email Id : khanna.arun@gmail.com
This form is for	Creation of charge
Type of charge	Movable property (not being pledge)
Particular of charge holder	The Saraswat Co-Operative Bank Limited, 20-A, Ring Road, Lajpat Nagar-Iv, Delhi – 110024, India Email Id : sunilgca@gmail.com
Nature of instrument creating charge	Agreement of hypothecation of vehicle dated 26.07.2011
Date of instrument Creating the charge	26.07.2011
Amount secured by the charge	Rs.0.425 Million
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest 10.50% pa with quarterly rests or at such rate as may be prescribed in future by the bank Terms of repayment Term Loan to be repaid in 36 monthly installments of Rs.0.014 Million Margin Margin will be @ 15.95 % Extent and operation of the charge The extent of charge will be Rs.0.425 Million on the Vehicle Hypothecated to the bank
Short particulars of the property or asset(s) charged (including complete address and location of the property)	TOYOTA ETIOS LIVA-G CHASIS NUMBER- MBJK3ZBT800003006-0711

TRADE REFERENCES

• North Delhi Power Limited

• Larsen and Turbo Limited

FIXED ASSETS

• Land and Building
• Furniture and Fixture

• Office Equipment
• Plant and Machinery
• Computer
• Computer Software
• Tools and Instruments
• Testing Equipments
• 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.54.31
UK Pound	1	Rs.87.36
Euro	1	Rs.70.36

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	BSN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--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	NO
--AFFILIATION	YES/NO	YES
--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.