MIRA INFORM REPORT

Report Date :

03.02.2012

IDENTIFICATION DETAILS

Name :	STAR CIRCLIPS AND ENGINEERING LIMITED
Registered Office :	B – 24, MIDC Area, Hingna Industrial Estate, Hingna, Nagpur – 440016, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	21.03.1974
Com. Reg. No.:	11-17301
Capital Investment / Paid-up Capital :	Rs.36.553 Millions
CIN No.: [Company Identification No.]	U24110MH1974PLC017301
TAN No.: [Tax Deduction & Collection Account No.]	NGPS01683D
PAN No.: [Permanent Account No.]	AACCS8003L
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Circlips, Retaining Rings, Shims etc.
No. of Employees :	400 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 377000
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 concern 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.

INFORMATION PARTED BY

Name :	Mr. Sarvesh
Designation :	Accounts Assistant
Contact No.:	91-7104-235028
Date :	02.02.2012

LOCATIONS

Registered Office/ Factory 1 :	B – 24, MIDC Area, Hingna Industrial Estate, Hingna, Nagpur – 440016, Maharashtra, India
Tel. No.:	91-7104-234742/235028/236056/236428
Fax No.:	91-7104-237628
E-Mail :	starclip@satyam.net.in sarvesh.sharma@starclip.net
Website :	www.starcirclips.com
Location :	Owned
Corporate Office :	211 - Shrimohini , 345 Kingsway , Nagpur-440 001, Maharashtra, India
Tel. No.:	91-712-2524645/2533585/2548439
Fax No.:	91-712-2530461
E-Mail :	info@starcirclips.net marketing@starcirclips.net
Factory 2 :	K-44, 5-Star Zone, MIDC, Butibori, Nagpur – 441108, Maharashtra, India
Tel. No.:	91-7104-265275/265285/265375
Fax No.:	91-7104-265275

DIRECTORS

As on 30.09.2011

Name :

Mr. Arun Raghuvir Raj Bhandari

Designation :

Managing Director

Address :

83, Shivaji Nagar, Nagpur – 440010, Maharashtra, India

Date of Birth/Age :

18.09.1955

Date of Appointment :

03.04.1984

DIN No.:

00008901

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	U32300MH1973PLC030813	MAHARASHTRA METAL POWDERS LIMITED	Managing director	01-02-09	05-02-81	-	Active	NO
2	U13100MH1974PTC017300	NAGPUR PULVERISERS AND MINERALS PRIVATE LIMITED	Director	19-07-83	19-07-83	-	Amalgamated	NO
3	U24110MH1974PLC017301	STAR CIRCLIPS AND ENGINEERING LIMITED	Managing director	01-02-09	03-04-84	-	Active	NO
4	U45200MH1987PTC045474	MAYANK FASTENERS PRIVATE LIMITED	Director	19-07-88	19-07-88	-	Active	NO
5	U24129RJ1975PLC019193	ADITYA CHEMICALS LIMITED	Director	08-11-94	08-11-94	-	Active	NO
6	U01110MH1994PTC083662	ROHINI HORTICULTURE PRIVATE LIMITED	Director	12-12-94	12-12-94	-	Active	NO
7	U27300MH1994PTC083927	MAHARASHTRA INDUSTRIAL EXPORTS PRIVATE LIMITED	Director	20-12-94	20-12-94	-	Amalgamated	NO
8	U34300RJ1998PTC014697	RAJASTHAN FASTENERS PRIVATE LIMITED	Director	16-03-98	16-03-98	12-05-11	Active	NO
9	U65993RJ1981PLC016513	PML INVESTMENT AND TRADING COMPANY LIMITED	Director	14-08-00	14-08-00	-	Active	NO
10	U36900MH2007PTC170762	STAR CHAPMANS ENGINEERING PRIVATE LIMITED	Director	11-05-07	11-05-07	-	Active	NO
11	U25209MH2007PTC170765	STAR AUTOPLAST PRIVATE LIMITED	Director	11-05-07	11-05-07	-	Active	NO

Name :

Mr. Suresh Kumar Jakhotiya

Designation :

Director

Address :

503/B, Neelgagan Society, Humpyard, Dhantoli Nagpur – 440012, Maharashtra, India

Date of Birth/Age :

05.04.1947

Date of Appointment :

01.06.2002

DIN No.:

00024950

Name :

Mr. Praneet Mohan Singh Bhandari

Designation :

Director

Address :

A-402, Utkarsh Alankar, R N Tagore Road, Civil Lines Nagpur – 440001, Maharashtra, India

Date of Birth/Age :

04.01.1960

Date of Appointment :

01.01.2006

DIN No.:

00124832

Name :

Mr. Kamal Singh Kothari

Designation :

Director

Address :

503, Kamalshree Apartments Near Ahilya Devi Mandir, Dhantoli, Nagpur – 440012, Maharashtra, India

Date of Birth/Age :

07.06.1949

Date of Appointment :

01.01.2006

DIN No.:

00761949

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	U13100MH1974PTC017300	NAGPUR PULVERISERS AND MINERALS PRIVATE LIMITED	Whole-time director	19-07-83	19-07-83	-	Amalgamated	NO
2	U45200MH1987PTC045474	MAYANK FASTENERS PRIVATE LIMITED	Director	25-10-91	25-10-91	-	Active	NO
3	U24110MH1974PLC017301	STAR CIRCLIPS AND ENGINEERING LIMITED	Director	01-01-06	01-01-06	-	Active	NO
4	U13209AP2008PTC060241	PAN MINERALS PRIVATE LIMITED	Director	22-07-08	22-07-08	01-11-11	Active	YES

Name :

Mr. Mayank Arun Bhandari

Designation :

Whole Time Director

Address :

83, Shivaji Nagar, Nagpur – 440010, Maharashtra, India

Date of Birth/Age :

23.08.1984

Date of Appointment :

01.12.2010

DIN No.:

011766865

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	U24110MH1974PLC017301	STAR CIRCLIPS AND ENGINEERING LIMITED	Whole-time director	01-12-10	01-11-06	-	Active	NO
2	U45200MH1987PTC045474	MAYANK FASTENERS PRIVATE LIMITED	Director	01-01-07	01-01-07	-	Active	NO
3	U27300MH1994PTC083927	MAHARASHTRA INDUSTRIAL EXPORTS PRIVATE LIMITED	Director	01-01-07	01-01-07	-	Amalgamated	NO
4	U36900MH2007PTC170762	STAR CHAPMANS ENGINEERING PRIVATE LIMITED	Director	11-05-07	11-05-07	-	Active	NO
5	U25209MH2007PTC170765	STAR AUTOPLAST PRIVATE LIMITED	Director	11-05-07	11-05-07	-	Active	NO
6	U13100MH1974PTC017300	NAGPUR PULVERISERS AND MINERALS PRIVATE LIMITED	Director	18-09-07	18-09-07	-	Amalgamated	NO

Name :

Mr. Parasanna Mal Lodha

Designation :

Director

Address :

10, Gangwal Park, Jaipur – 302004, Rajasthan, India

Date of Birth/Age :

01.07.1930

Date of Appointment :

21.03.1974

DIN No.:

01607062

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	U13100MH1974PTC017300	NAGPUR PULVERISERS AND MINERALS PRIVATE LIMITED	Director	21-03-74	21-03-74	-	Amalgamated	NO
2	U24110MH1974PLC017301	STAR CIRCLIPS AND ENGINEERING LIMITED	Director	21-03-74	21-03-74	-	Active	NO
3	U51909DL1996PTC080988	EARTH INTERNATIONAL PRIVATE LIMITED	Director	07-08-96	07-08-96	-	Active	NO
4	U34300RJ1998PTC014697	RAJASTHAN FASTENERS PRIVATE LIMITED	Director	16-03-98	16-03-98	-	Active	NO
5	U32300MH1973PLC030813	MAHARASHTRA METAL POWDERS LIMITED	Director	22-07-99	22-07-99	-	Active	NO
6	U65993RJ1981PLC016513	PML INVESTMENT AND TRADING COMPANY LIMITED	Director	14-08-00	14-08-00	-	Active	NO
7	U24129RJ1975PLC019193	ADITYA CHEMICALS LIMITED	Director	12-04-04	12-04-04	-	Active	NO
8	U13209AP2008PTC060241	PAN MINERALS PRIVATE LIMITED	Director	22-07-08	22-07-08	24-09-11	Active	YES

KEY EXECUTIVES

Name :	Mr. Sarvesh
Designation :	Accounts Assistant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Saroj Bhandari	440010
Prassana M. Lodha	950040
Arun Bhandari	504054
Neelam Properties Private Limited, India	206000
Khanij Exports Private Limited, India	71760
Mayank Bhandhari	188940
K.S. Kothari	10000
Rajasthan Fastners Private Limited, India	512500
Fotoman Consultants Private Limited, India	50000
Oshiya Infotech Private Limited, India	50000
Jaisingh Maloo	10000
Yash Movers Private Limited, India	50000
Aditya Minerals Private Limited, India	150000
Betul Trading and Investment Company Private Limited, India	40000
ATI Plantation Priavte Limited, India	30000
Devnath Merchandise Private Limited, India	30000
Risorginmento Industrial Company Limited , India	50000
Anurag Sharma	2500
Rohini Horticulture Private Limited, India	20000

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2011

Category	Percentage
Bodies corporate	36.87
Directors or relatives of Directors	46.81
Other top fifty shareholders	9.68
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Circlips, retaining rings, washers, shims and formed components

Products :

• Circlips
• Formed components
• Compression springs
• Heavy duty compression springs
• Extension springs
• Torsion springs stainless steel

Item Code No. (ITC Code)	Product Description
7318.21	Circlips
7318.90	Washers
8714.00	Pressure plates

Exports :

Products :

Circlips

Countries :

• US
• Germany

Imports :

Products :

Raw Material

Countries :

• Korea
• Germany

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

GENERAL INFORMATION

Suppliers :

• Tata Steel
• Bombay Steel

Customers :

Wholesaler and Retailer

• Bajaj
• Maruti
• Hero Honda

No. of Employees :

400 (Approximately)

Bankers :

• State Bank of India, Hingna Industrial Estate BV\ranch, Nagpur, Maharashtra, India
• Bank of Baroda

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Cash credit	121.437	99.655
Term loan	32.711	21.040
Total	154.148	120.695
Unsecured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Sales Tax Deferment Refundable (1988 PSI)	0.955	1.547
Sales Tax Deferment Refundable (1993 PSI)	11.211	11.211
From Others	18.000	0.000
Total	30.166	12.758

Banking Relations :	---
Auditors :
Name :	G K Agarwal and Company Chartered Accountants
Address :	63-64, General Merchant Market, Gandhibagh, Nagpur – 440002, Maharashtra, India
PAN.:	AAVPA8939M
Sister Concern :	Mayank Fasteners Private Limited S.S. Industries H.M Engineering- Unit II Nagpur Pulverisers and Minerals Industries

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
4000000	Equity Shares	Rs.10/- each	Rs.40.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3655250	Equity Shares	Rs.10/- each	Rs.36.553 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		36.553	32.752	32.752
2] Share Application Money		6.200	0.000	0.000
3] Reserves & Surplus		51.549	41.263	37.538
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		94.302	74.015	70.290
LOAN FUNDS
1] Secured Loans		154.148	120.695	117.404
2] Unsecured Loans		30.166	12.758	15.330
TOTAL BORROWING		184.314	133.453	132.734
DEFERRED TAX LIABILITIES		10.231	9.722	7.665
GRATUITY FUND		6.000	5.000	4.000
TOTAL		294.847	222.190	214.689
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		127.252	109.075	112.470
Capital work-in-progress		2.960	0.633	0.835
INVESTMENT		2.278	2.578	2.578
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	116.595	80.539	88.601
	Sundry Debtors	97.111	85.328	57.336
	Cash & Bank Balances	14.210	1.517	0.923
	Other Current Assets	17.534	10.579	9.315
	Loans & Advances	10.739	8.469	8.962
Total Current Assets		256.189	186.432	165.137
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	74.283	56.610	39.837
	Other Current Liabilities	13.949	16.023	23.109
	Provisions	5.600	3.895	3.385
Total Current Liabilities		93.832	76.528	66.331
Net Current Assets		162.357	109.904	98.806
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		294.847	222.190	214.689

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	510.373	330.241	284.178
		Other Income	2.194	0.911	2.882
		TOTAL (A)	512.567	331.152	287.060
Less	EXPENSES
		Material and Manufacturing	344.620	195.115	183.538
		Personnel	71.621	49.647	44.499
		Administrative Expenses	46.700	34.069	28.548
		Increase/Decrease in Stock	(3.451)	12.231	(10.004)
		TOTAL (B)	459.490	291.062	246.581
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		53.077	40.090	40.479
Less	FINANCIAL EXPENSES (D)		19.612	15.048	16.524
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		33.465	25.042	23.955
Less/ Add	DEPRECIATION/ AMORTISATION (F)		16.885	15.321	14.311
	PROFIT BEFORE TAX (E-F) (G)		16.580	9.721	9.644
Less	TAX (H)		6.107	5.952	3.933
	PROFIT AFTER TAX (G-H) (I)		10.472	3.769	5.711
Less	Income Tax Relating Previous Year		0.186	0.044	0.159
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		4.198	0.309	1.093
	Transfer to capital Reserve		0.056	0.164	0.164
Less	APPROPRIATIONS
		Transfer to General Reserve	12.500	0.000	6.500
	BALANCE CARRIED TO THE B/S		2.040	4.198	0.309
	EARNINGS IN FOREIGN CURRENCY
		Fob Value of Sales Hingna Unit	45.606	26.182	26.560
		Fob Value of Sales Butibori Unit	119.053	52.592	54.980
	TOTAL EARNINGS		164.659	78.774	81.540
	IMPORTS
		Raw Materials	272.383	158.254	143.777
		Stores & Spares	31.019	11.808	19.095
	TOTAL IMPORTS		303.402	170.062	162.872
	Earnings Per Share (Rs.)		2.86	1.03	1.56

Expected Sales (2011-2012) : Rs.650.000 Millions

The above information has been parted by Mr. Sarvesh – Account Manager

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	2.04	1.14	1.99
Net Profit Margin (PBT/Sales)	(%)	3.25	2.94	3.39
Return on Total Assets (PBT/Total Assets}	(%)	4.32	3.29	3.47
Return on Investment (ROI) (PBT/Networth)		0.18	0.13	0.14
Debt Equity Ratio (Total Liability/Networth)		2.95	2.84	2.83
Current Ratio (Current Asset/Current Liability)		2.73	2.44	2.49

LOCAL AGENCY FURTHER INFORMATION

THE DETAILS OF SUNDRY CREDITORS

Rs. In Millions

Particulars	31.03.2011	31.03.2010	31.03.2009
Sundry Creditors	74.283	56.610	39.837

Check list by Info Agents	Available in Reports ( Yes/No)
Year of Establishment	Yes
Locality of the Firm	Yes
Constitutions of the Firm	Yes
Premises Details	Yes
Type of Business	Yes
Line of Business	Yes
Promoter’s Background	--
No. of Employees	Yes
Name of person contacted	Yes
Designation of contact person	Yes
Turnover of Firm fort last two years	Yes
Profitability for last three years	Yes
Reasons For Variation<>20%	--
Estimation for coming financial year	Yes
Capital in Business	Yes
Details of Sister Concern	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	No
Conduct of the banking account	--
Buyer visit details	--
Financial, if provided	No
Incorporation details, if applicable	--
Last Account filed at ROC	--
Major shareholder , if available	--

REVIEW OF OPERATIONS

The year 2010-11 was a big learning curve for the company. The auto industry came out of the event in 2008 in a much better than anticipated manner. They witnessed strong domestic as well as international demand with all the leading OEM’s showing good volumes.

The main focus of the year was towards larger sized rings out of shaped wire. Star has found a high quality supplier for such wire in beakart which has set up its manufacturing plant in Pune. Making of circlips from wire has resulted in yield improvement and this will be one of their primary areas of focus in the future as well. The company during the course of the year has managed to add several esteemed customers and cleared various audits conducted by Volvo, Honda and other large global giants.

FUTURE PLANS

Subject is continuously adding more customers to its growing list. They have developed a wide range of components for Tata Motors and Ashok Leyland. These are mostly for the heavy vehicle division. The coming year will also see large development from these two industry giants.

The company has invested in 4 new coiling machines for the larger sized rings out of wire. They are now targeting the wind energy sector where these large sized (Diameter above 200 mm) rings are mostly used. During the course of the coming year the company will try to develop these rings for the windmill manufacturer and large sized gear box manufacturers. The company is also looking to expand its current range of snap rings that are again made out of wire.

TRADE REFERENCES

• Bajaj
• Maruti
• Hero Honda
• Tata Steel
• Bombay Steel

FIXED ASSETS

• Goodwill
• Land
• Factory building
• Plant and machinery
• Electric installation
• Vehicle
• Lab. Equipment
• Computers
• Office equipment
• Live stock

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.49.13
UK Pound	1	Rs.77.85
Euro	1	Rs.64.75

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	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	YES
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		46

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.