MIRA INFORM REPORT

Report Date :

30.06.2012

IDENTIFICATION DETAILS

Name :	GUNNEBO INDIA PRIVATE LIMITED (w.e.f 17.03.2011)
Formerly Known As :	GUNNEBO INDIA LIMITED STEELAGE INDUSTIRES LIMITED
Registered Office :	Unit No.102, 1^st Floor, Akruti SMc, LBS Marg, Khopat, Thane -400601, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	01.09.1932
Com. Reg. No.:	11-001874
Capital Investment/ Paid-up Capital:	Rs.325.599 Millions
CIN No.: [Company Identification No.]	U27106MH1932PTC001874
TAN No.: [Tax Deduction & Collection Account No.]	PNEG12362A MUMS42086C
PAN No.: [Permanent Account No.]	AAACS7236D
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and sale of Structural items, Steel Furniture including security Equipments, Fire burglary, Jewelry and Toos Resistant Safes, Safe Deposits Locker and Fire Resistant protection Equipments
No. of Employees:	Information denied by management

RATING & COMMENTS

MIRA’s Rating :

B (34)

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

Maximum Credit Limit :	USD 1998000
Status :	Moderate
Payment Behaviour :	Slow but Correct
Litigation :	Clear
Comments :	Subject is an old and well established company having moderate track records. The company has successful wiped out the accumulated losses during the year 2011. It has earned a remarkable progress in its profits during the year. 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 cautions

NOTES:

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

INFORMATION DENIED BY

Name :	Mr. Rohit
Designation :	Finance Manager
Contact No.:	91-22-67803500
Date :	29.06.2012

LOCATIONS

Registered Office/Head Office :	Unit No.102, 1^st Floor, Akruti SMc, LBS Marg, Khopat, Thane -400601, Maharashtra, India
Tel. No.:	91-22-67803500
Fax No.:	91-22-67803636/3535
E-Mail :	companysecretary.in@gunnebo.com info@gunnebo.in
Website :	www.gunnebo.com
Branch Office	Located at · Ahmedabad · Bhopal · Noida · Jaipur · Chandigarh · Chennai · Bangalore · Hyderabad · Kolkatta · Bhubaneshwar · Lucknow

DIRECTORS

As on 18.08.2011

Name :	Mr. William Mouat
Designation :	Director
Address :	3 A Stevens Drive, Singapore -257895
Date of Birth/Age :	05.01.1953
Date of Appointment :	29.06.2004
Din No.:	00181328
Name :	Mr. Sandeep Sadashiv Deshpande
Designation :	Managing Director
Address :	3-B Retreat II, Saraswaati Road, Off Linking Road, Santacruz (West) Mumbai -400054, Maharashtra, India
Date of Birth/Age :	20.03.1963
Date of Appointment :	01.06.2011
Din No.:	03535186
Name :	Mr. Sabyasachi Sengupta
Designation :	Whole Time Director
Address :	Flat No. 06, Floor No. 2, Abhay XHS Plot No.40, Near Blue Daimond Hotel, Sector 29, Vashi, Mumbai - 40070 Maharashtra, India
Date of Birth/Age :	09.08.1964
Date of Appointment :	09.05.2011
Din No.:	02416638
Name :	Mr. Dhananjay Sowani
Designation :	Director
Address :	2, Marine Boulevard #21 -08, The Sila Tower 1, Singapore
Date of Birth/Age :	15.11.1958
Date of Appointment :	25.01.2011
Din No.:	00317056
Name :	Mr. Nicholas J. Roberts
Designation :	Managing Director
Date of Birth/Age :	55 Years
Qualification :	B.Sc (Hons)
Experience :	24 Years
Date of Appointment :	28.03.2006

KEY EXECUTIVES

Name :	Mr. Rohit Shripad Karulkar
Designation :	Secretary
Address :	3/15, Makarand Society, Shivajinagar Thane (West) Mumbai -400602, Maharashtra, India
Date of Birth/Age :	27.08.1976
Date of Appointment :	01.10.2007
Pan No.:	ANLPK8766F
Name :	Mr. FX Singgih
Designation :	Plant Head
Date of Birth/Age :	55 Years
Qualification :	Diploma Engineering
Experience :	30 Years
Date of Appointment :	01.04.2008
Name :	Mr. Rohit
Designation :	Finance Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 18.08.2011

Names of Equity Shareholders		No. of Shares
Name 1	Name 2
Gunnebo AB	--	54961
Gunnebo Holding Aps	-	4909
Gunnebo AB	Gunnebo Holding AB	2
Gunnebo AB	Hidef Industri AB	2
Gunnebo AB	Gunnebo Safe AB	2
Gunnebo AB	Gunnebo Perimieter Protection AB	2
Gunnebo AB	Gunnebo Nordic AB	2
Total		59880

Names of Preference Shareholders		No. of Shares
Name 1	Name 2
Gunnebo AB	--	8000000
Gunnebo AB	-	7500000
Total		15500000

As on 18.08.2011

Category	Percentage
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and sale of Structural items, Steel Furniture including security Equipments, Fire burglary, Jewelry and Toos Resistant Safes, Safe Deposits Locker and Fire Resistant Records protection Equipments

GENERAL INFORMATION

No. of Employees :	Information denied by management
Bankers :	Indian Overseas Bank, Kalupur Circle Branch, Kapupur, Ahmeadabad, Gujarat, India

Banking Relations :	--
Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountant
Address :	12, Dr. Annie Beasnt Road, opposite shiv Nagar Estate, Worli, Mumbai -400018, Maharashtra, India
Pan No.:	AACFD4815A
Holding Company :	· Gunnebo AB
Fellow Subsidiaries :	· (A) Gunnebo Wego GmbH · (B) Gunnebo Security SA (Pty) Limited · Gunnebo Canada Inc · Gunnebo Singapore Pte Limited · Gu n n e b o Doetinchem B.V. · Gunnebo Perimeter Protection GmbH · P.T. Chubb Safes Indonesia · Gunnebo Gateway AB

(A) Country of incorporation assumed

(B) Country of incorporation assumed

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
15500000	Equity Share	Rs.10/- each	Rs.155.000 Millions
44500000	Preferences shares	Rs.10/- each	Rs.445.000 Millions
	Total		Rs.600 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
59880	Equity Share	Rs.10/- each	Rs.0.599 Millions
8000000	7% Fully Convertible Cumulative Preferences shares	Rs.10/- each	Rs.80.000 Millions
7500000	9% Redeemable Cumulative paid up Preferences shares	Rs.10/- each	Rs.75.000 Millions
5500000	13% Redeemable Cumulative paid up Preferences shares	Rs.10/- each	Rs.55.000 Millions
3500000	13% Redeemable Cumulative paid up Preferences shares	Rs.10/- each	Rs.35.000 Millions
8000000	14% Redeemable Cumulative paid up Preferences shares		Rs.80.000 Millions
Total	Total		Rs.325.599 Millions

As on 18.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
15500000	Equity Share	Rs.10/- each	Rs.155.000 Millions
44500000	Preferences shares	Rs.10/- each	Rs.445.000 Millions
	Total		Rs.600 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
59880	Equity Share	Rs.10/- each	Rs.0.598 Millions
15500000	Preferences shares	Rs.10/- each	Rs.155.000 Millions
Total			Rs.155.598

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		325.599	475.177	476.218
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		173.845	20.235	53.535
4] (Accumulated Losses)		0.000	(167.942)	(233.889)
NETWORTH		499.444	327.470	295.864
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		0.000	0.000	20.000
TOTAL BORROWING		0.000	0.000	20.000
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		499.444	327.470	315.864
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		131.548	103.253	136.839
Capital work-in-progress		27.794	0.918	4.223
INVESTMENT		0.051	0.051	0.051
DEFERREX TAX ASSETS		1.198	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	107.577	84.999	89.016
	Sundry Debtors	199.643	258.595	286.705
	Cash & Bank Balances	444.733	237.550	47.571
	Other Current Assets	6.732	2.823	0.793
	Loans & Advances	25.907	28.923	34.486
Total Current Assets		784.592	612.890	458.571
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	262.372	204.186	167.850
	Other Current Liabilities	106.715	122.020	60.896
	Provisions	76.652	63.436	55.074
Total Current Liabilities		445.739	389.642	283.820
Net Current Assets		338.853	223.248	174.751
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		499.444	327.470	315.864

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income		1293.589	1168.669
		Other Income		40.835	23.898
		TOTAL	1623.530	1334.424	1192.567
Less	EXPENSES
		Raw material, Finished and Semi finished Stock		548.165	572.998
		Personal Expense		237.536	225.602
		Manufacturing and other expenses		418.807	309.680
		Excise Duty		0.586	0.501
		TOTAL	1355.407	1205.094	1108.781
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		268.123	129.330	83.786
Less	FINANCIAL EXPENSES		9.801	8.497	19.713
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		258.322	120.833	64.073
Less/ Add	DEPRECIATION/ AMORTISATION		18.094	40.244	21.235
	PROFIT BEFORE EXCEPTIONAL ITEMS AND TAX		0.000	80.589	42.838
Add	Exceptional items		0.000	36.041	0.000
	PROFIT BEFORE TAX		240.228	116.630	0.000
Less	TAX		67.465	48.079	6.958
	Profit After Tax and before adjustment for result of security equipment manufacturer limited for the period April 1 2007 to march 31.2009		172.763	68.551	35.880
	(loss) After tax for the period from April 2007 to March 2009 incorporated pursuant to scheme of amalgamation		-	(2.604)	0.000
	PROFIT AFTER TAX		172.763	65.947	35.880
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(0.289)	(344.082)	(379.962)
	BALANCE CARRIED TO THE B/S		172.474	(278.135)	(344.082
	Earnings Per Share (Rs.)		5.31	(4.77)	(4.87)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	10.64	4.95	3.00
Net Profit Margin (PBT/Sales)	(%)	Na	9.02	3.66
Return on Total Assets (PBT/Total Assets}	(%)	26.22	16.29	7.20
Return on Investment (ROI) (PBT/Networth)		0.48	0.36	0.14
Debt Equity Ratio (Total Liability/Networth)		0.89	1.19	1.03
Current Ratio (Current Asset/Current Liability)		1.76	1.58	1.62

LOCAL AGENCY FURTHER INFORMATION

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	No
Type of Business	Yes
Line of Business	Yes
Promoters background	Yes
No. of Employees	No
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%	-
Estimation for coming financial year	No
Capital the business	Yes
Details of sister concerns	Yes
Major Suppliers	No
Major Customers	No
Payment Terms	No
Export / Import Details [If Applicable]	No
Market Information	-
Litigations that the firm / promoter involved in	-
Banking Details	Yes
Banking Facility Details	No
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

Note: The Registered office of the company has been shifted from Lake City Mall, 4th Floor,Unit No. FFA1, Kapurbavadi Junction, Majiwada, Thane -400607 Maharashtra India to the present address w.e.f.31.10.2010

PERFORMANCE REVIEW

In the year the sales and other income was higher by 21% at Rs. 1,623.53 million as compared to Rs. 1,334.42 million in the previous year. Profit before exceptional items and tax was higher at Rs. 240.23 million as compared to Rs. 80.6 million in the previous year. The improved performance is attributable to higher volumes, other income including interest on deposits and efficiencies achieved through the restructuring of the company’s business and operations over the last several years.

DETAILS OF SUNDRY CREDITORS

Rs. in Millions

	31.03.2011	31.03.2010	31.03.2009
Creditors due small micro enterprises	8.552	7.268	6.658
Creditors due others	253.820	196.918	161.192
Total	262.372	204.186	167.850

Contingent Liability:

Particular	31.03.2011
Disputed Income Tax Matter pending in appeal relating to issues of deductibility, taxability and capital gains	67.240
Disputed Sales Tax and excise duty matters relating to issues of applicability and classification	25.299
Other Claims against the Company not acknowledged as debts	14.208
Bonds and counter guarantees given to bankers for guarantees given by them	53.018
Arrears of dividend on cumulative preference shares	232.509

AMALGAMATION AND CAPITAL RESTRUCTURING

Shareholders' nlay recall that the C.ompany had proposed a Scheme of Arrangement for amalgamation of Security Equipnlent Manufacturers Limited ('SEML') a wholly owned subsidiary of the Company with the Con~pany( the 'Scheme'). The Scheme also proposed for purchase and cancellation of equity shares from Specified Shareholders.

The Hon'ble High Court of Judicature at Bombay and the Eion'ble High Court of Gujarat at Ahmedabad, vide their orders dated 3Id July 2009 and 3'"ecember 2009, respectively sanctioned the Scheme as proposed. The Scheme was made effective during March 2010 Accordingly, the effect to the Order of the Hon'ble High Courts has been reflected in the accounts of the Company for the year ended 3 1'' March 2010.

Consequent upon this the whole of the assets and liabilities of SEML stands merged into the Company. As part of the Scheme, the paid up equity share capital of the company as been re-aligned and stands reduced to Rs. 30,177,350/- divided into 3,017,735 equity shares. of Rs. 10/- each from Rs. 31.218 Millions and the amount of Securities Premium Account stand reduced from Rs. 5 1.607 Millions-to Rs. 18.551 Millions Further, as on the date of the notice the equity capital of the Company is Rs. 29.716 Millions divided into 2.971 Millions equity shares of Rs. 10/- each.

The Company has accunlulated losses of Rs. 278 million which is almost 46% of its capital and i?ee reserves as on 3 1" March 2010. In view of the past losses, the capital of the Company is not adequately represented by the available assets. It is also felt that the bottleneck in the efficient management of the Company can be minimized by writing-off its past accumulated losses

.

Therefore, it is considered necessary that the Company undertake an exercise of capital restructuring by modifying the terms of issue of 7% Fully Convertible Cumulative Preference Shares ('CCPs') and convert 12.000,000 CCPs of Rs. 10/- each into 12,000,000 equity shares of Rs. 10/- each, reducing the paid-up value per share of the Company from. 10/- each to Rs. 0.04 each and consolidate 250 equity share of Rs. 0.04 paid-up into 1 equity share of Rs. 10/- each.

Further, the amount of equity shares reduced, amount standing to the credit of General Reserve Account as on 31'' March 2010 and the amount standing to the credit of Share Premium~ Account as on 31st March 2010 will be utilized to write-off the accumulated losses of the Company to an extent of Rs. 277.863 Millions

The reduction of equity capital and share premium account will be subject to the approval of the shareholders, creditors, the Hon'ble High Court of judicature at Bombay and such other authorities as may be required.

AS PER WEB SITE DETAILS

History

Steelage Industries Limited originated as a manufacturer of equipment such as safes and lockers for the security market. It grew rapidly mainly because of outstanding quality and captive demand. It later acquired Minimax - a manufacturer of fire fighting equipment.

Steelage Industries Limited was established in early 1932, it was a period that was dominated by the textile industries and when there were not many engineering companies in operation. Rising above its milieu, the company set up facilities to manufacture steel furniture, cupboards and other allied products in a small shed at Mazagaon, Mumbai. In due course of time, it upgraded its facilities to also produce higher-end security products like safes, vaults and lockers for banks and documents and data protection cabinets for other users.

As a step towards providing quality security solutions Steelage Industries Limited in the year 1951 entered into technical collaboration with UK based Chubb Safes Group, who were acknowledged as world-wide leaders in security business safeguarding wealth in all major banks and commercial establishments.

Equity participation from Chubb Group in 1971 gave Steelage Industries Limited the green signal to make further forays into the Indian market. The partnership with Chubb Group also resulted in Steelage Industries Limited acquiring Minimax of India Limited ‘Minimax’ division, a highly reliable and trusted name in fire extinguishers under the brand name Minimax.

The growth of the Indian economy, in general, and growth of its banking network and industrial infrastructure in particular, helped Steelage Industries Limited to become an important and integral part of the security and safety-products market.

In 1975-76, a well-equipped factory for manufacture of fire-extinguishers and allied products was set up at Ambattur, near Chennai. Another new and modern industrial plant for manufacture of fire engines, trailer pumps and portable pumps was commissioned in July 1986 at Ambattur.

The growth of Indian economy saw the industrial infrastructure improve considerably leading to an increase in the need for fire protection systems. In 1980, Fire Protection systems business was started under the brand name Minimax. Since then the Projects division undertakes projects related to installation of fire detection, fire alarm, fire-extinguishing facilities for buildings and industrial complexes.

In December 1994, the controlling interest of Steelage Industries Limited changed hands and the Turner Morrison Group took up the challenge of advancing the business by infusing many change initiatives.

In 1999, the majority stake in the company was acquired by Williams Plc, a leading International security group based in the UK. Steelage Industries Limited then became an integral part of the Chubb Safes Group; under the umbrella of Williams Plc. Chubb Safes was already the market leader in countries such as the UK, Canada, South Africa, India, Indonesia and other parts of Asia.

In March 2000, the Sweden-based Gunnebo Group acquired the ChubbSafes business. With this acquisition Gunnebo became the global leader in Physical Security products, as it already had under its umbrella the leading European brands such as Fichet- Bauche, Rosengrens and Garny. Gunnebo Group made a public offer for the remaining shares in Steelage Industries Limited and at the end of 2005 the name of the company was changed to Gunnebo India Limited

Being a part of the Gunnebo Group, the organization is poised for greater integration and access to the latest developments in modern technologies. This will provide a distinct competitive advantage in the security solutions market. The long term commitment and support from Gunnebo Group which is evident from initiatives like technological upgradations at plant, strategic management changes at corporate level, strengthening the equity. And other change initiatives in terms of physical consolidation of operations and international integration through ERP are some of the steps being taken to unite Gunnebo India Ltd’s business with Gunnebo Group’s worldwide objective of Gunnebo - for a safer world TM

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.56.53
UK Pound	1	Rs.88.09
Euro	1	Rs.70.83

INFORMATION DETAILS

Information Gathered by :	PJA
Report Prepared by :	BYI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--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	NO
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		34

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.