1. Summary Information

		Country	India
Company Name	BADVE ENGINEERING LIMITED	Principal Name 1	Mr. Shrikant Shankar Badve
Status	Good	Principal Name 2	Mr. Shrikant Shankar Badve
		Registration #	102827
Street Address	Plot No D-39 MIDC Area, Waluj, Aurangabad-431133, Maharashtra, India
Established Date	25.09.1996	SIC Code	--
Telephone#	91-240-2555186/ 2694485	Business Style 1	Manufacturer
Fax #	91-240-2555337/ 2694463	Business Style 2	--
Homepage	http://badvegroup.com	Product Name 1	Bracket and clutch Plate
# of employees	350 (Approximately)	Product Name 2	--
Paid up capital	Rs.2,942,000	Product Name 3	--
Shareholders	Directors or relatives of Directors 100%	Banking	The Saraswat Co-op. Bank Limited
Public Limited Corp.	--	Business Period	16 Years
IPO	--	International Ins.	-
Public Enterprise	--	Rating	A (62)
Related Company
Relation - Subsidiary	Country - India	Company Name	Badve Helmet India Private Limited
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2011		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	1,303,962,000	Current Liabilities	826,567,000
Inventories	359,806,000	Long-term Liabilities	2,274,462,000
Fixed Assets	1,884,562,000	Other Liabilities	122,968,000
Deferred Assets	--	Total Liabilities	3,223,997,000
Invest& other Assets	662,699,000	Retained Earnings	984,090,000
		Net Worth	987,032,000
Total Assets	4,211,029,000	Total Liab. & Equity	4,211,029,000
Total Assets (Previous Year)	2,990,639,000
P/L Statement as of	31.03.20		(Unit: Indian Rs.)
Sales	6,332,962,000	Net Profit	313,613,000
Sales(Previous yr)	4,152,153,000	Net Profit(Prev.yr)	163,948,000

MIRA INFORM REPORT

Report Date :

03.05.2012

IDENTIFICATION DETAILS

Name :	BADVE ENGINEERING LIMITED (w.e.f.07.01.2008 )
Formerly Known As :	BADVE ENGINEERING PRIVATE LIMITED
Registered Office :	Plot No D-39 MIDC Area, Waluj, Aurangabad-431133, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	25.09.1996
Com. Reg. No.:	102827
Capital Investment / Paid-up Capital :	Rs.2.942 Millions
CIN No.: [Company Identification No.]	U73100MH1996PLC102827
TAN No.: [Tax Deduction & Collection Account No.]	NSKB01165D
PAN No.: [Permanent Account No.]	AAACB9378F
Legal Form :	A Closely Held Public Limited Liability Company.
Line of Business :	Manufacture of Bracket and clutch Plate for trucks and Press parts for Refrigerator, Washing Machine, Television etc.
No. of Employees :	350 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (62)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 3948128
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having fine track. Financial position of the company appears to be sound. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitment. The company can be considered normal for business dealings at usual trade terms and conditions.

NOTES :

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

ECGC Country Risk Classification List – September 30, 2011

Country Name	Previous Rating (30.09.2011)	Current Rating (31.12.2011)
India	A1	A1

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

LOCATIONS

Registered Office :	Plot No D-39 MIDC Area, Waluj, Aurangabad-431133, Maharashtra, India
Tel. No.:	91-240-2555186/ 2694485
Fax No.:	91-240-2555337/ 2694463
E-Mail :	Badva_agd@sancharnet.in
Website :	http://badvegroup.com
Factory 2 :	Gut No. 15, Naigavahan, Khandewadi, Tq. Paithan, Dist. Aurangabad - 431105.Maharashtra, India.
Tel. No.:	91-240-2694463/64/85
Fax No.:	91-240-2555337
Factory 3 :	Plot No. C-11, M. I. D. C. Area, Ranjangaon, Tal. Shirur, Dist. Pune.  Maharashtra, India.
Tel. No.:	91-2138-232164/232158
Factory 4 :	Plot No. C-11/A, M.I.D.C. Area, Ranjangaon, Tal. Shirur, Dist. Pune, Maharashtra, India.
Tel. No.:	91-2138-232164/232158

DIRECTORS

AS ON 30.07.2011

Name :	Mr. Shrikant Shankar Badve
Designation :	Director
Address :	Flat No.6, Shubhkamana Apartment, Dashmesh Nagar, Aurangabad-05, Maharashtra, India
Date of Birth/Age :	10.10.1965
Date of Appointment :	01.09.2000

Directorship in Other Companies :

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	U73100MH1996PLC102827	BADVE ENGINEERING LIMITED	Director	01/09/2000	01/09/2000	-	Active	NO
2	U72900MH2000PTC129976	ZOOM INFO SOLUTIONS PRIVATE LIMITED	Director	11/12/2000	11/12/2000	-	Active	NO
3	U29290MH1997PTC109848	BADVE AUTOCOMPS PRIVATE LIMITED	Director	02/10/2006	02/10/2006	-	Active	NO
4	U74999MH2006PTC166603	BADVE HELMETS INDIA PRIVATE LIMITED	Director	29/12/2006	29/12/2006	-	Active	NO
5	U29130PN2011PTC139764	Shreepriya Auto Parts Private Limited	Whole-time director	06/06/2011	06/06/2011	-	Active	NO
6	U29130PN2011PTC139765	Swastid Engineering Private Limited	Whole-time director	06/06/2011	06/06/2011	-	Active	NO
7	U28110PN2012PTC141935	BADVE-CELLINO ENGINEERING PRIVATE LIMITED	Director	13/01/2012	13/01/2012	-	Active	NO

Name :	Mr. Govindswami Sambandha Moorthy
Designation :	Director
Address :	Bunglow No 3 A Tapdiya Estate Near A S Club, Nagar Highway, Aurangabad, Maharashtra, India
Date of Birth/Age :	15.02.1938
Date of Appointment :	15.03.2005

Directorship in Other Companies :

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	U73100MH1996PLC102827	BADVE ENGINEERING LIMITED	Director	15/03/2005	15/03/2005	-	Active	NO

Name :	Mrs. Supriya Shrikant Badve
Designation :	Director
Address :	Flat No.6, Shubhkamana Apartment, Dashmesh Nagar, Aurangabad-05, Maharashtra, India
Date of Birth/Age :	10.07.1969
Date of Appointment :	14.07.2008

Directorship in Other Companies :

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	U29300MH1997PTC109849	SHREEYASH CHASSIS PRIVATE LIMITED	Director	01/09/2000	01/09/2000	-	Amalgamated	NO
2	U72900MH2000PTC129976	ZOOM INFO SOLUTIONS PRIVATE LIMITED	Director	15/10/2004	15/10/2004	-	Active	NO
3	U74999MH2006PTC166603	BADVE HELMETS INDIA PRIVATE LIMITED	Director	16/08/2007	16/08/2007	-	Active	NO
4	U73100MH1996PLC102827	BADVE ENGINEERING LIMITED	Director	14/07/2008	14/07/2008	-	Active	NO

Name :	Mr. Ashok Vishnu Tagare
Designation :	Director
Address :	12 Arihant Shree Lane, No 7, Dahanukar Colony, Pune-411038, Maharashtra, India
Date of Birth/Age :	26.05.1945
Date of Appointment :	01.03.2002

Directorship in Other Companies :

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	U73100MH1996PLC102827	BADVE ENGINEERING LIMITED	Director	01/03/2002	01/03/2002	-	Active	NO
2	U29130PN2011PTC139764	Shreepriya Auto Parts Private Limited	Whole-time director	06/06/2011	06/06/2011	-	Active	NO
3	U29130PN2011PTC139765	Swastid Engineering Private Limited	Whole-time director	06/06/2011	06/06/2011	-	Active	NO

Name :	Mr. Narayan Ganu Mengane
Designation :	Director
Address :	Flat No 2 Akshay Apartment, Tulshibaugh Colony, S No 20 89/90/91, Shankar Nagar, Pune-411009, Maharashtra, India
Date of Birth/Age :	21.09.1944
Date of Appointment :	01.01.2009

Directorship in Other Companies :

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	U73100MH1996PLC102827	BADVE ENGINEERING LIMITED	Director	01/01/2009	01/01/2009	28/11/2011	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As On 30.07.2011

Names of Shareholders	No. of Shares
Badve Autocomps Private Limited, India	540
Creative Tools & Press Components Private Limited, India	190
Master Sumedh Shrikant Badve	140
Master Swastid Shrikant Badve	140
Mr. Rajiv Vasant Savarkar	850
Mr. Sanjay Shankar Badve	20
Mr. Shankar Prabhakar Badve	10250
Mr. Shankar Prabhakar Badve (HUF)	10
Mr. Shrikant Shankar Badve	216105
Mr. Shrikant Shankar Badve(HUF)	5730
Mr. Vasanta Ramkrishna Savarkar	14110
Mr. Kumud Shankar Badve	4745
Mrs. Supriya Shrikant Badve	13340
Mrs. Yogita Sanjay Badve	10
Sumedh Tools Private Limited, India	28040
Total	294220

AS ON 30.07.2011

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacture of Bracket and clutch Plate for trucks and Press parts for Refrigerator, Washing Machine, Television etc.

GENERAL INFORMATION

Customers :

· Bajaj Auto Limited

· LG India

· Videocon International

· Endurance Systems

· Lombardini India Private Limited

No. of Employees :

350 (Approximately)

Bankers :

The Saraswat Co-op. Bank Limited, Waluj Aurangabad-431133, Maharashtra, India

Facilities :

SECURED LOAN	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Rupee term loans financial institutions secured	170.000	0.000
Rupee term loans others secured	1268.115	863.804
Working capital loans banks secured	109.176	16.698
Working capital loans others secured	337.323	240.597
Loans taken for vehicles secured	0.942	1.204
Interest accrued due other debt secured	7.143	3.359
TOTAL	1892.699	1125.662
UNSECURED LOAN	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Working capital loans others unsecured	205.597	130.590
Deferred sales tax loan unsecured	176.166	181.151
Other Debt unsecured	0.000	94.042
TOTAL	381.763	405.783

Banking Relations :	--
Auditors :
Name :	Ashok Patil and Associates Chartered Accountant
Address :	Veer Shanti, Kranti Chowk, Adalat Road Aurangabad – 431005, Maharashtra, India
Other Related Parties :	· Badve Autocomps Private Limited · Creative Tools And Press Components Private Limited · Sumedh Tools Private Limited · Shreeyash Enterprises · Computech Traders
Subsidiaries :	· Badve Helmet India Private Limited

CAPITAL STRUCTURE

Authorised Capital :

No. of Shares	Type	Value	Amount
1500000	Equity Shares	Rs.10/- each	Rs.15.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
294220	Equity Shares	Rs.10/- each	Rs.2.942 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		2.942	2.942	2.942
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		984.090	670.820	405.989
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		987.032	673.762	408.931
LOAN FUNDS
1] Secured Loans		1892.699	1125.662	739.796
2] Unsecured Loans		381.763	405.784	447.918
TOTAL BORROWING		2274.462	1531.446	1187.714
DEFERRED TAX LIABILITIES		122.968	107.401	95.333
TOTAL		3384.462	2312.609	1691.978
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1884.562	1537.621	1166.010
Capital work-in-progress		413.989	26.046	11.559
INVESTMENT		248.544	200.968	88.005
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	359.806	272.889	232.264
	Sundry Debtors	941.304	666.447	335.240
	Cash & Bank Balances	16.226	24.350	29.511
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	346.432	262.063	191.698
Total Current Assets		1663.768	1225.749	788.713
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.000	0.000	0.000
	Other Current Liabilities	663.517	592.869	309.944
	Provisions	163.050	85.161	52.708
Total Current Liabilities		826.567	678.030	362.652
Net Current Assets		837.201	547.719	426.061
MISCELLANEOUS EXPENSES		0.166	0.255	0.343
TOTAL		3384.462	2312.609	1691.978

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	6332.962	4152.153	3146.436
		Other Income	13.044	7.264	43.624
		Profit of Trading Sales	0.000	1.352	0.000
		TOTAL (A)	6346.006	4160.769	3190.060
Less	EXPENSES
		Material Consumed	4911.031	3213.223	2472.625
		Manufacturing Expenses	757.657	327.751	216.012
		Office and Administrative Expenses	0.000	34.918	32.463
		Personnel Cost	0.000	138.332	123.009
		Selling and Distribution Expenses	0.000	23.417	19.053
		Research development Expenditure	0.236	0.000	0.000
		TOTAL (B)	5668.924	3737.641	2863.162
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		677.082	423.128	326.898
Less	FINANCIAL EXPENSES (D)		159.152	124.350	109.576
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		517.930	298.778	217.322
Less/ Add	DEPRECIATION/ AMORTISATION (F)		132.187	99.780	85.329
	PROFIT BEFORE TAX (E-F) (G)		385.743	198.998	131.993
Less	TAX (I)		72.130	35.050	12.931
	PROFIT AFTER TAX (G-I) (J)		313.613	163.948	119.062
	Earnings Per Share (Rs.)		1063.36	605.92	404.67

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	4.94	3.94	3.73
Net Profit Margin (PBT/Sales)	(%)	6.09	4.79	4.19
Return on Total Assets (PBT/Total Assets}	(%)	10.87	7.20	6.75
Return on Investment (ROI) (PBT/Networth)		0.39	0.29	0.32
Debt Equity Ratio (Total Liability/Networth)		3.14	3.27	3.79
Current Ratio (Current Asset/Current Liability)		2.01	1.81	2.17

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report (Yes / No)
1) Year of Establishment	Yes
2) Locality of the firm	Yes
3) Constitutions of the firm	Yes
4) Premises details	Yes
5) Type of Business	Yes
6) Line of Business	Yes
7) Promoter's background	--
8) No. of employees	Yes
9) Name of person contacted	Yes
10) Designation of contact person	Yes
11) Turnover of firm for last three years	Yes
12) Profitability for last three years	No
13) Reasons for variation <> 20%	--
14) Estimation for coming financial year	Yes
15) Capital in the business	Yes
16) Details of sister concerns	--
17) Major suppliers	No
18) Major customers	No
19) Payments terms	Yes
20) Export / Import details (if applicable)	--
21) Market information	--
22) Litigations that the firm / promoter involved in	--
23) Banking Details	Yes
24) Banking facility details	--
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	No
28) Incorporation details, if applicable	--
29) Last accounts filed at ROC	--
30) Major Shareholders, if available	--

PERFORMANCE

During the year, the company has achieved a gross turnover of Rs.7286.800 millions as compared to the gross turnover of Rs. 4788.900 millions of last year at a growth rate of 52.16%. It has earned net profit before tax of Rs. 385.000 millions during this year as compared to net profit before tax of Rs. 199.000 millions of preceding year. No doubt we have achieved good results for FY 2011, but we believe we are poised to achieve much more in the years to come. Especially when economy is on a path of robust growth, customers like Bajaj Auto Limited, TATA Motors Limited are outperforming the markets; they need to push there selves to make the most of these opportunities.

The Company contemplating for two major developments, first being a Foreign JV with FDI and other , supply to TATA Motors Sanand Plant.

Form 8

This form is for	Creation of charge
Charge identification number of the modified	--
Corporate identity number of the company	U73100MH1996PLC102827
Name of the company	BADVE ENGINEERING LIMITED
Address of the registered office or of the principal place of business in India of the company	Plot No D-39 Midcarea Waluj, Aurangabad-431133, Maharashtra, India
Type of charge	Movable Property Immovable Property
Particular of charge holder	The Saraswat Co-Op Bank Limited, Plot No X-23, MIDC, Waluj, Aurangabad-431136, Maharashtra, India
Nature of description of the instrument creating or modifying the charge	Composite Deed of Mortgage & Hypothecation
Date of instrument Creating the charge	13.03.2012
Amount secured by the charge	Rs1116.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest PLR-2.50=12%P.A. Terms of Repayment 96 Monthly Installment of each TL as under: - TL- XIX - 39,36,00,000 TL-XX-11,20,00,000 TL-XXI-13,60,00,000 TL-XXII-2,80,00,000 TL-XXIII-12,80,00,000 TL-XXIV-14,40,00,000 TL-XXV-8,00,00,000 TL-XXVI-6,40,00,000 TL-XXVII-3,04,00,000 Moratorium period of 24 Months. and details repayment schedule as per sanction letter. Margin 20% Extent and Operation of the charge The charge will be operate to the extent of Rs.1116.000 millions on the security offered by the Company. Others NIL
Short particulars of the property charged	All that piece and parcel of land known as Plot No. A-23/1, (Additional Land for expansion in the Chakan Industrial Phase II within village limits of Khalumbre Tq. Khed, Dist.Pune adm. 78174 Sq. Mtrs. Hypothecation of Plant and Machineries, Electrifications, Tools and Dies, Jigs and Fixtures and other Fixed Assets to purchased and lying in the factory premises to be considered on property mentioned

Fixed Assets:

· Land

· Building

· Plant And Machinery

· Computers

· Vehicles

· Office Equipments

· Furniture and Fixtures

· Jigs And Fixtures

· Tools and Dies

· ETP and STP

· Poly House/ Green House

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.52.93
UK Pound	1	Rs.85.85
Euro	1	Rs.69.94

INFORMATION DETAILS

Report Prepared by :

SHG

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	7
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	7
--CREDIT LINES	1~10	6
--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		62

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.