MIRA INFORM REPORT

Report Date :

12.05.2012

IDENTIFICATION DETAILS

Name :	KAM AVIDA ENVIRO ENGINEERS PRIVATE LIMITED
Registered Office :	Plot No.2, S No.255/1, Hinjawadi, Pune – 411027, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	19.04.1994
Com. Reg. No.:	11-077795
Capital Investment / Paid-up Capital :	Rs. 12.596 Millions
CIN No.: [Company Identification No.]	U29299MH1994PTC077795
TAN No.: [Tax Deduction & Collection Account No.]	PNEK05831A
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Suppliers of Assortment of Product and Equipment that Cater to the requirement of drain cleaning, Garbage Collection and Transportation Sweeping and other.
No. of Employees :	100 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (29)

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

Maximum Credit Limit :	USD 1300000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track. There appears some dip in the turnover. Also, the company has incurred some losses in the current year. However, trade relations are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some caution. The Profit and Loss of the company is not available.

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 (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

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

INFORMATION PARTED BY

Name :	Ms. Niranja
Designation :	Account Officer
Contact No.:	91-20-66756300
Date :	24.04.2012

LOCATIONS

Registered Office/Factory :	Plot No.2, S No.255/1, Hinjawadi, Pune – 411027, Maharashtra, India
Tel. No.:	91-20-66756300/ 25664051
Fax No.:	91-20-66756400
E-Mail :	accounts1@kam-avida.com
Website :	http://www.kam-avida.in
Location :	Owned
Marketing Office :	Flat No.3, Shrinivas Garden, CST – 1145, Off F C Road, Shivaji Nagar, Pune – 411005, Maharashtra, India
Sales and Services Location:	· Dehradun · Delhi · Jaipur · Lucknow · Ludhiana · Kolkata · Bhopal · Nagpur · Vadodara · Mumbai · Hyderabad · Goa · Bangalore · Chennai · Cuttack · Patna

DIRECTORS

AS ON 27.09.2011

Name :

Mr. Venkat Shankar Parthasarathy

Designation :

Director

Address :

No.3C, Nithyashree Apartments, 51 Chamirs Road, Puram, Chennai – 412101, Tamilnadu, India

Date of Birth/Age :

27.04.1966

Date of Appointment :

20.08.2010

DIN No.:

02223282

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	U55101TN1994PTC027509	ORIENTAL CUISINES PRIVATE LIMITED	Director	15-04-08	15-04-08	-	Active	NO
2	U32109TN2007PTC062014	INDUS MOBILE DISTRIBUTION PRIVATE LIMITED	Director	28-09-09	18-06-08	-	Active	NO
3	U29299MH1994PTC077795	KAM-AVIDA ENVIRO ENGINEERS PRIVATE LIMITED	Director	27-09-11	01-09-08	-	Active	NO
4	U51909AP2000PTC034653	BALAN NATURAL FOOD PRIVATE LIMITED	Director	09-10-08	09-10-08	15-12-11	Active	NO
5	U72200KA2002PTC030917	TELE DNA COMMUNICATIONS PRIVATE LIMITED	Director	30-11-09	30-10-09	22-12-11	Active	NO
6	U85110TN1994PTC029023	MEDALL HEALTHCARE PRIVATE LIMITED	Director	23-09-10	08-11-09	-	Active	NO
7	U31103KA2002PTC030060	UNIVERSAL POWER TRANSFORMER PRIVATE LIMITED	Director	13-08-10	12-11-09	-	Active	NO
8	U74130KA2006PTC059425	LOYALTY SOLUTIONS AND RESEARCH Private Limited	Director	29-09-10	29-05-10	-	Active	NO
9	U41000TN2002PTC050091	AQUA DESIGNS INDIA Private Limited	Director	30-11-10	06-08-10	-	Active	NO

Name :

Mr. Mukund Krishnaji Kanade

Designation :

Director

Address :

Flat No. 01, Mont Vert Solitaire S. No. 260/1, Baner Aundh, Pune – 411007, Maharashtra, India

Date of Birth/Age :

05.07.1936

Date of Appointment :

06.10.2001

DIN No.:

00649609

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	U33112PN2000PLC018531	NASAN MEDICAL SYSTEMS LIMITED	Director	02-04-01	02-04-01	-	Active	NO
2	U29299MH1994PTC077795	KAM-AVIDA ENVIRO ENGINEERS PRIVATE LIMITED	Director	06-10-01	06-10-01	-	Active	NO
3	U31200PN1992PTC016377	COTMAC ELECTRONICS PRIVATE LIMITED	Director	19-04-06	19-04-06	01-11-08	Active	NO

Name :

Mr. Manohar Krishna

Designation :

Managing director

Address :

3, Gandhali Damle Path Off Law College Road, Pune – 411004, Maharashtra, India

Date of Birth/Age :

30.10.1959

Date of Appointment :

19.04.1994

DIN No.:

00919073

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	U33112PN2000PLC018531	NASAN MEDICAL SYSTEMS LIMITED	Director	02-04-01	02-04-01	-	Active	NO
2	U29299MH1994PTC077795	KAM-AVIDA ENVIRO ENGINEERS PRIVATE LIMITED	Director	06-10-01	06-10-01	-	Active	NO
3	U31200PN1992PTC016377	COTMAC ELECTRONICS PRIVATE LIMITED	Director	19-04-06	19-04-06	01-11-08	Active	NO

Name :

Mr. Porusasp Rustam Dadachanji

Designation :

Director

Address :

A7, Gera Park, 15/13, Boat Club Road Camp, Pune – 411001, Maharashtra, India

Date of Birth/Age :

12.07.1951

Date of Appointment :

01.09.2008

DIN No.:

02013834

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U29299MH1994PTC077795	KAM-AVIDA ENVIRO ENGINEERS PRIVATE LIMITED	Director	01-09-08	01-01-08	Active	NO

KEY EXECUTIVES

Name :	Ms. Niranja
Designation :	Account Officer

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 27.09.2011

Names of Shareholders	No. of Equity Shares
Manohar Krishna	57243
Renuka Krishna	4500
Meena Krishna	2900
Renuka Krishna	1655
Meena Krishna	1350
Chintalapati Holdings Private Limited, India	5302
Peepul Capital Fund LLC, Mauritius	53015
Total	125965

Names of Shareholders	No. of Preference Shares
Peepul Capital Fund LLC, Mauritius	13500
Palmyrah Capital PTE Limited,Singapore	1350
Total	14850

AS ON 27.09.2011

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	42.10
Bodies corporate	4.20
Directors or relatives of directors	53.70
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Suppliers of Assortment of Product and Equipment that Cater to the requirement of drain cleaning, Garbage Collection and Transportation Sweeping and other.
Products :	· Drain Cleaning Machine · Garbage Collection and Transportation Machine · Sweeping · Industrial Vaccum Cleaner and Spillage Recovery · Floor Cleaning Machine · CCTV Inspection Machine
Imports :
Products :	Raw Material
Countries :	UK
Terms :
Selling :	L/C
Purchasing :	L/C

GENERAL INFORMATION

Customers :

Wholesaler, Retailer, Manufacturer

No. of Employees :

100 (Approximately)

Bankers :

· Axis Bank

· The United Western Bank Limited, Camp Branch, Pune, Maharashtra, India

· The Ratnakar Bank Limited, Shahupuri, Kolhapur – 416001, Maharashtra, India

Facilities :

Cash and Credit Rs. 140.000 Millions

Secured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Term Loan from Axis Bank Limited A/C No. 86106 (Secured by hypothecation of Factory, Shed and Building) Term Loan from Axis Bank Limited (Secured by hypothecation of Office Equipments) Term Loan from Axis Bank Limited (Secured by hypothecation of Shed) Term Loan from Axis Bank Limited (Secured by hypothecation of Office Building)	5.539 0.021 0.000 8.181	8.510 0.208 0.464 0.000
Working Capital borrowings from banks Cash Credit A/C No. 5340 from Axis Bank Limited Primary security: Hypothecation of all current assets of the company, collateral security: charge on fixed assets of the company. including movable fixed assets, Vehicles and mortage of Factory, land and building situated at Hinjewadi	148.193	61.758
Cash Credit Linked Current Account	(6.104)	(6.186)
Total	155.830	64.754
Unsecured Loan
From bank and Financial Institutes: ABN AMRO Bank Barclays Bank Kotak Mahindra Bank Limited HDFC Bank Limited Religer Finvest Limited Bajaj Finance Limited HDFC Bank Car Loan	0.109 0.272 4.895 2.221 1.308 2.270 0.790	0.580 0.993 0.000 0.000 0.000 0.000 0.000
Total	11.865	1.573

Banking Relations :	--
Auditors :
Name :	Jayant Joshi and Company Chartered Accountants
Address :	11, Kasturi Apartments, Dahanukar Colony Lane 17, Kothrud, Pune – 411038, Maharashtra, India
Tel. No.:	91-20-25458946
E-Mail :	jayantjoshi_co@rediffmail.com
Income-tax PAN of auditor or auditor's firm :	AADFJ2227R

CAPITAL STRUCTURE

AS ON 27.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
128000	Equity Shares	Rs. 100/- each	Rs. 12.800 Millions
32000	Preference Shares	Rs. 100/- each	Rs. 3.200 Millions
	Total		Rs. 16.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
125965	Equity Shares	Rs. 100/- each	Rs. 12.596 Millions
14850	Preference Shares	Rs. 100/- each	Rs. 1.485 Millions
	Total		Rs. 14.081 Millions

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
128000	Equity Shares	Rs. 100/- each	Rs. 12.800 Millions
32000	Preference Shares	Rs. 100/- each	Rs. 3.200 Millions
	Total		Rs. 16.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
125965	Equity Shares	Rs. 100/- each	Rs. 12.596 Millions
	Total		Rs. 14.081 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		12.596	12.596	12.596
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		328.236	333.827	304.639
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		340.832	346.423	317.235
LOAN FUNDS
1] Secured Loans		155.830	64.754	41.074
2] Unsecured Loans		11.864	1.573	3.444
TOTAL BORROWING		167.694	66.327	44.518
DEFERRED TAX LIABILITIES		9.142	8.642	5.792
TOTAL		517.668	421.392	367.545
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		98.289	74.531	52.516
Capital work-in-progress		0.000	2.697	5.153
INVESTMENT		0.000	0.000	0.000
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	162.859	81.237	81.237
	Sundry Debtors	376.177	279.713	279.713
	Cash & Bank Balances	12.096	29.816	29.816
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	114.415	67.905	67.905
Total Current Assets		665.547	555.780	458.671
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	131.314	89.385	89.385
	Other Current Liabilities	114.854	47.565	47.565
	Provisions	0.000	11.845	11.845
Total Current Liabilities		246.168	211.616	148.795
Net Current Assets		419.379	344.164	309.876
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		517.668	421.392	367.545

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income
		TOTAL	457.178	552.260	352.952
Less	EXPENSES
		TOTAL	N.A.	504.934	319.564
	PROFIT BEFORE TAX		N.A.	47.326	33.388
Less	TAX		N.A.	16.350	12.975
	PROFIT AFTER TAX		N.A.	30.976	20.413
	Earnings Per Share (Rs.)		N.A.	245.91	162.05

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	N.A.	5.61	5.78
Net Profit Margin (PBT/Sales)	(%)	N.A.	8.57	9.45
Return on Total Assets (PBT/Total Assets}	(%)	N.A.	7.51	6.53
Return on Investment (ROI) (PBT/Networth)		N.A.	0.14	0.10
Debt Equity Ratio (Total Liability/Networth)		1.21	0.80	0.60
Current Ratio (Current Asset/Current Liability)		2.70	2.63	3.08

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. Constructions of the firm	Yes
4. Premises details	No
5. Type of Business	Yes
6. Line of Business	Yes
7. Promoter’s background	Yes
8. No. of Employees	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	Yes
13. Reasons for variation <> 20%	--
14. Estimation for coming financial year	No
15. Capital in the business	Yes
16. Details of sister concerns	No
17. Major suppliers	No
18. Major customers	No
19. Payments terms	Yes
20. Export / Import details	Yes
21. Market information	--
22. Litigations that the firm / promoter involved	--
23. Banking Details	Yes
24. Banking facility details	Yes
25. Conduct of the banking account	--
26. Buyer visit details	--
27. Financials, if provided	Yes
28. Incorporation details, if applicable	Yes
29. Last accounts filed at ROC	Yes
30. Major Shareholders, if available	Yes

Note:

The Registered Office Address of the Company has been Shifted from 3/4 Gandhali Damlepath Off Law College Road, Pune – 411004, Maharashtra, India to the Present address w.e.f. 01.06.2010

Bankers Charges Report as per Registry

Corporate identity number of the company	U29299MH1994PTC077795
Name of the company	KAM-AVIDA ENVIRO ENGINEERS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Plot no.2, S. No. 255/1, Hinjawadi, Pune - 411027, Maharashtra, India
This form is for	Creation of charge
Type of charge	Book Debts Movable Property Floating Charge
Particular of charge holder	The Ratnakar Bank Limited, Shahupuri, Kolhapur - 416001, Maharashtra, India Email ID: cdzirkande@ratnakarbank.in
Nature of description of the instrument creating or modifying the charge	Composite deed of hypothecation dated 15.02.2012
Date of instrument Creating the charge	15.02.2012
Amount secured by the charge	Rs. 150.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest CC BR+ 3.50% p.a. LOC and BG Comm.2 % p.a. +Applicable Taxes Buy's Credit as Notified by the Bank from time to time Terms of Repayment CC - On Demand BG, LOC, Buy's Credit - On Due date of respective bill Margin Cc - stock - 25% Book debts - 30% ( cover period 90 days) BG, LOC, Buy's Credit - 15% in the form of FD with bank's lien noted thereon Extent and Operation of the charge First Pari Passu charge on current assets and book debts hypothecated in favour of bank. Second Pari Passu charge on movable fixed assets. Others Facility Amount 1.Cash Credit (Interchangable with LOC Facility Rs.60.000 millions 2.Bank Guarantee Rs.60.000 millions 3.LOC (Interchangable With CC Facility) Rs.30.000 millions 4.Buy's Credit (Sub Limit of LOC) Rs.25.000 millions Total Maximum Limit of Rs.15.00 Millions
Short particulars of the property charged	(i) First Pari Passu charge on the whole of Current Assets of the Borrower namely, Stocks of Raw Materials, SIP, Semi-Finished and Finished Goods, Stores and Spares not relating to Receivable and Book-Debts (ii) All the Present and future book-debts, outstanding, money receivables, claims, bills hereunder which are now due (iii) Second Pari Passu Charge on All Present and future movable fixed assets of the Borrower of the following description, lying or stored in the Borrower;s factories, premises and godowns or any other (iv) place, particularly plant and machinery, equipment, furniture and fixtures, equipment, Computers, Vehicles, whether installed on the factory for the details please see annexure

WORKING OF THE COMPANY AND ITS FUTURE PROSPECTS:

The sales of the company for the period, were Rs. 457.178 millions. The sales are lower than the previous year sales of Rs. 552.260 millions i.e. by 17%. The main cause of the lower sales were non availiability of EURO chassis stipulated for use in the principal cities, under the Government regulations. In addition, other chassis were also not available on time from the chassis manufacturers, due to increase in demand for chassis from the commercial vehicle sector.

Contingent Liabilities not provided for – LCs and Bank Guarantees issued – Rs. 114.051 millions (Previous year Rs. 79.587 millions

AS PER WEBSITE DETAILS:

Profile

Gone are the days when an abundant supply of unskilled Labour was available to carry out these programs manually. Education, legislation, awareness of health hazards, has in fact created a shortage of relevant man power, thereby compelling maintenance authorities to mechanise their cleaning and maintenance programs.

It is from this background that they have evolved their corporate philosophy.

They are a dedicated group of like minded professionals committed to the task of bringing about mechanization in the areas of cleaning and maintenance, in a country where this task has been traditionally carried out manually; using improvised tools and tackles.

Their manufacturing facility is situated in Hinjewadi Pune, spanning over 80,000 sq. ft. We are over 100 people strong, specializing in back end services such as Design and Drafting, R&D, PPC, Purchase, QA, Stores, Production, Commercial, Finance and After Sales Service.

FIXED ASSETS:

Land

Factory Building

Office Building

Plant and Machinery

Furniture and Fittings

Drawing Board

Dies and Patents

Patents

Development Expenses

Electrical Installation

Vehicles

Office Equipment

Computers and Periph.

Borewell

MSD Equip (DJB 5V)

MSD Equip (DJB 7V)

MSD Equip (Hubli - Dharwad)

MSD Equip (Gulbarga Mum.Corpr.)

MSD Equip (Kambi and Sweeper)

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. 53.64
UK Pound	1	Rs. 86.42
Euro	1	Rs. 69.29

INFORMATION DETAILS

Information Gathered by :	SBA
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--CREDIT LINES	1~10	3
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		29

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.