MIRA INFORM REPORT

Report Date :

29.05.2012

IDENTIFICATION DETAILS

Name :	CONSOLIDATED HOISTS PRIVATE LIMITED
Registered Office :	29/30, Co-operative Industrial Estate, Gultekdi, Pune – 411037, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	14.06.1966
Com. Reg. No.:	11-013514
Capital Investment / Paid-up Capital :	Rs.14.014 Millions
CIN No.: [Company Identification No.]	U2919MH1966PTC013514
TAN No.: [Tax Deduction & Collection Account No.]	PNEC00110F
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and sell SWIFT Hoists and Cranes
No. of Employees :	Not Available

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

Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is a established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions.

NOTES :

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

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

LOCATIONS

Registered Office :	29/30, Co-operative Industrial Estate, Gultekdi, Pune – 411037, Maharashtra, India
Tel. No.:	91-20-24271428 / 29 / 30
Fax No.:	91-20-24270246 / 3172
E-Mail :	chpl@vsnl.com Sales@consolidatedhoists.com
Website :	www.consolidatedhoists.com
Branches :	G/1, Industrial Estate, M.I.D.C. Satara 415003. Maharashtra, India.
Tel. No.:	91-2162-244437 / 244422
Fax No.:	91-2162-244437

DIRECTORS

As on 30.09.2011

Name :

Mr. Madan Vishnu Nevrekar

Designation :

Director

Address :

Flat No.501, Sulad Apartment 106, /13, Prabht Road, Pune – 41104, Maharashtra, India

Date of Birth/Age :

16.09.1933

Date of Appointment :

14.06.1966

DIN No.:

00094202

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	U31200MH1964PTC012944	RANK GEAR CRAFTS PRIVATE LIMITED	Whole-time director	15/11/1965	15/11/1965	1/4/2009	Active	NO
2	U29119MH1966PTC013514	CONSOLIDATED HOISTS PRIVATE LIMITED	Director	14/06/1966	14/06/1966	-	Active	NO
3	U35111GA1991PTC001139	PINKY SHIPYARD PRIVATE LIMITED	Director	5/1/2005	5/1/2005	-	Active	NO
4	U74900PN2010PTC135329	BHN TAX LAWS REMEDIALS PRIVATE LIMITED	Director	14/01/2010	14/01/2010	15/12/2011	Active	NO

Name :

Mr. Arunkumar Shivanand Talgeri

Designation :

Managing Director

Address :

Shanteya, 473/31-C2, Gultekdi, Pune – 411037, Maharashtra, India

Date of Birth/Age :

28.09.1939

Date of Appointment :

01.12.1978

DIN No.:

00094554

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	U31200MH1964PTC012944	RANK GEAR CRAFTS PRIVATE LIMITED	Director	15/11/1965	15/11/1965	-	Active	NO
2	U29150MH1978PTC020567	CONOSOLIDATED CRANES AND STRUCTURALS PVT LTD	Director	9/8/1978	9/8/1978	-	Active	NO
3	U29119MH1966PTC013514	CONSOLIDATED HOISTS PRIVATE LIMITED	Managing director	1/12/1978	1/12/1978	-	Active	NO

Name :

Mr. Deepak Panditbhimrao Chipalkatti

Designation :

Director

Address :

Deepam, 92, Cooper Colony, Sadar Bazar, Satara – 415001, Maharashtra, India

Date of Birth/Age :

01.04.1951

Date of Appointment :

07.07.1985

DIN No.:

00094435

Name :

Mrs. Jaya Arun Talgeri

Designation :

Whole Time Director

Address :

Shanteya, 473/31-C2, Gultekdi, Pune – 411037, Maharashtra, India

Date of Birth/Age :

27.05.1941

Date of Appointment :

18.09.1988

DIN No.:

00094515

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	U31200MH1964PTC012944	RANK GEAR CRAFTS PRIVATE LIMITED	Director	18/09/1988	18/09/1988	-	Active	NO
2	U29119MH1966PTC013514	CONSOLIDATED HOISTS PRIVATE LIMITED	Whole-time director	18/09/1988	18/09/1988	-	Active	NO
3	U29150MH1978PTC020567	CONOSOLIDATED CRANES AND STRUCTURALS PRIVATE LIMITED	Director	26/03/1999	26/03/1999	-	Active	NO

Name :

Mr. Prakash Vithal Page

Designation :

Director

Address :

Poornanand Co-operative HSG. Society, 134 Banganga, Bandra (West), Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

18.09.1953

Date of Appointment :

29.10.1990

DIN No.:

00096443

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	U29119MH1966PTC013514	CONSOLIDATED HOISTS PRIVATE LIMITED	Director	29/10/1990	29/10/1990	-	Active	NO
2	U51505MH1991PTC060418	ADVENT ELECTRONICS PRIVATE LIMITED	Director	22/02/1991	22/02/1991	-	Dormant	NO
3	U05004MH1994PTC076702	ADVENT ACQUA PROJECTS P.LTD.	Director	21/02/1994	21/02/1994	-	Active	NO
4	U99999MH1997PTC111518	ADVENT PROFESSIONAL SERVICES PRIVATE LIMITED	Director	24/10/1997	24/10/1997	-	Active	NO
5	U40100MH2005SGC153649	MSEB HOLDING COMPANY LIMITED	Director	7/7/2005	7/7/2005	-	Active	NO
6	U40109MH2007SGC176309	MAHARASHTRA STATE ELECTRIC POWER TRADING COMPANY PRIVATE LIMITED	Director	27/02/2009	18/01/2008	-	Active	NO
7	U40100MH2005SGC153648	MAHARASHTRA STATE POWER GENERATION COMPANY LIMITED	Director	25/11/2009	1/12/2008	-	Active	NO
8	U40109MH2005SGC153645	MAHARASHTRA STATE ELECTRICITY DISTRIBUTION COMPANY LIMITED	Director	2/1/2009	2/1/2009	-	Active	NO
9	U74140MH1999PLC120649	TRISTAR RETAIL LIMITED	Director	15/12/2011	15/12/2011	-	Active	NO

Name :

Mr. Mohandas Murlidhar Kumtaker

Designation :

Director

Address :

Flat No.Q-4, Mb Black, Chakola Habitate Willingdong Encl, Cochin – 682013, Kerala, India

Date of Birth/Age :

15.02.1948

Date of Appointment :

15.12.1998

DIN No.:

00094381

Name :

Mrs. Suniti Manges Chandavarkar

Designation :

Director

Address :

Lavanya, 103/3, Bhonde Colony, Erandawana, Pune – 411004, Maharashtra, India

Date of Birth/Age :

16.10.1932

Date of Appointment :

26.04.2006

DIN No.:

00227641

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Jehangir Khambatta J/W Mrs. Rubina Khambatta	330
Chandrika Padukone	67
Deepak Chipalkatti	4000
Suniti Chandavarkar	10
Madan Nevrekar J/W Mrs. Suman Nevrekar	202
Arunkumar Talgeri J/W Mrs. Jaya talgeri	12083
Molony Bannerjee	3735
Atunkumar Talgeri	4680
Sudha Ahluwalia J/W Mr. Balbirsingh Aluwalia	967
Jaya Talgeri J/W Arunkumar Talgeri	40000
Preeti Panemanglore J/W Mr. Rohit Panemanglore	2152
Suman Nevrekar J/W Mr. Madan Nevrekar	2070
Arunkumar Talgeri J/W Mrs. Jaya Talgeri	36500
Prakash Page	1000
Raghuvir Chandavarkar J/W Rahul and Shobhana Chandavarkar	165
Raghuvir Chandavarkar J/W Praful and Chiranjeev Chandavarkar	165
Vinya Mannige J/w Mr. Chaitanya Mannige	2655
Radhbai Gokarn J/W Mr. Geetanjali Vajandar	575
Vivekanand Arur J/W Mrs. Padmini Arur	82
Gauri Nevrekar J/W Mr. Sateesh Nevrekar	4140
Mohandas Kumta	1000
Geeta nalkar J/W Supriya Nalkar	400
Suniti Chandavarkar J/W Mrs. Kalpana Chandavarkar	8268
Preeti Panemanglor	876
Suman Nevrekar J/W Mrs. Sushma Date	3950
Suman Nevrekar J/W Mrs. Sujata Gosavi	3948
Suniti Chandavarkar J/W Mrs. Preeti Panemanglore	2576
Suniti Chandavarkar J/W Mrs. Ameeta Menon	3543
Total	140139

As on 30.09.2011

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	91.34
Other top fifty shareholders	8.66
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and sell SWIFT Hoists and Cranes

PRODUCTION STATUS (As on 31.03.2011)

Particulars	Installed Capacity	Actual Production
Hoists	800	597
Cranes	500	141

Note:

i) As per the notification No. S0477 (E) dated 25-07-1991 and the subsequent Press Notes issued by the Government of India, Ministry of Industry, Department of Industrial Development, the products manufactured by the company are out of the purview of the industrial licensing requirements. Accordingly, the particulars of the licensed capacity are not given.

ii) Installed capacity is as certified by Management on which auditors have relied, being technical matter.

GENERAL INFORMATION

Customers :

• ACC
• Advani Oerlicon
• ASB International Private Limited
• Asea Brown Boveri Limited
• Ashok Leyland Limited
• Axles India
• Bajaj Auto Limited
• BEML
• Bharat Forge Limited
• Bharat Heavy Electricals Limited
• BSES 
• Department of Atomic Energy (Govt. of India)
• DGP Hinoday Limited
• Elecon Engineering Company Limited
• Escorts Limited
• Finolex Cables Limited
• Finolex Essex Limited
• Fuller KCP
• Ghatge Patil Industries
• Goa Shipyard Limited
• Hindustan Aeronautics Limited
• Hindustan Antibiotics Limited

No. of Employees :

Not Available

Bankers :

The Shamrao Vitthal Co-Operative Bank Limited, Pune Satara Road Branch, Chaphalkar Center,Market Yard Road, Pune - 411037, Maharashtra, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
Bank OD Bank Over Draft Against Deposit with Bank ()Repayable Within A year)	8.307	0.000
Total	8.307	0.000
Unsecured Loan	As on 31.03.2011	As on 31.03.2010
Deposits form Shareholders	0.320	0.320
Deferred Sales Tax Incentive Scheme SC -93	0.962	1.218
Interest Accrued and due In respect of above loan Rs.0.577 Million (Rs.0.328 Million) due and payable within a year.	0.000	0.008
Total	1.282	1.546

Banking Relations :	--
Auditors :
Name :	C.S. Ajgaonkar and Company Chartered Accountants
Address :	17, Datrutva, Dasturwadi, M.M. Sangrahalaya Marg, Dadar (East), Mumbai – 411014, Maharashtra, India
Tel. No.:	91-22-32586162
E-Mail :	somanivas@rediffmail.com
PAN.:	AAEFC1123A

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital : Rs.50.000 Millions

Issued, Subscribed & Paid-up Capital : Rs.16.817 Millions

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.100/- each	Rs.50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
140139	Equity Shares	Rs.100/- each	Rs.14.014 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		14.014	14.014	14.014
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		129.500	126.389	114.830
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		143.514	140.403	128.844
LOAN FUNDS
1] Secured Loans		8.307	0.000	0.040
2] Unsecured Loans		1.282	1.546	1.803
TOTAL BORROWING		9.589	1.546	1.843
DEFERRED TAX LIABILITIES		0.085	0.234	0.262
TOTAL		153.188	142.183	130.949
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		26.338	25.697	29.075
Capital work-in-progress		0.500	0.475	0.000
INVESTMENT		0.053	0.053	0.053
DEFERREX TAX ASSETS		1.705	1.705	1.855
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	90.670	44.564	53.144
	Sundry Debtors	94.036	101.591	94.352
	Cash & Bank Balances	40.025	60.976	40.759
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	27.679	13.466	13.617
Total Current Assets		252.410	220.597	201.872
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	93.778	84.241	74.979
	Other Current Liabilities	23.899	11.099	15.090
	Provisions	10.141	11.004	11.897
Total Current Liabilities		127.818	106.344	101.966
Net Current Assets		124.592	114.253	99.966
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		153.188	142.183	130.949

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	300.599	289.766	276.750
		Other Income		8.533	3.554
		TOTAL (A)	300.599	298.299	280.304
Less	EXPENSES
		Materials Consumed and Manufacturing Expenses		186.265	184.050
		Personnel		40.155	37.671
		Other Expenses		22.258	18.033
		Decrease / (Increase) in Stock		10.939	(4.861)
		TOTAL (B)	(282.317 Including Financial Expenses)	259.617	234.893
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			38.682	45.411
Less	FINANCIAL EXPENSES (D)			1.257	1.148
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		18.282	37.425	44.263
Less/ Add	DEPRECIATION/ AMORTISATION (F)		6.033	6.360	3.969
	PROFIT BEFORE TAX (E-F) (G)		12.249	31.065	40.294
Less	TAX (H)		4.251	11.307	13.684
	PROFIT AFTER TAX (G-H) (I)		7.998	19.758	26.610
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		6.390	93.387	79.475
Less	APPROPRIATIONS
		Transfer to General Reserve	5.499	98.557	4.500
		Interim Dividend	0.000	1.401	1.401
		Tax on Interim Dividend	0.682	0.238	0.238
		Proposed Final Dividend	4.204	5.606	5.606
		Tax on Proposed Dividend	0.000	0.953	0.953
	BALANCE CARRIED TO THE B/S		4.003	6.390	93.387
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	4.639	2.145	0.305
	TOTAL EARNINGS		4.639	2.145	0.305
	TOTAL IMPORTS		0.307	NA	0.054
	Earnings Per Share (Rs.)		57.07	140.97	189.88

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	2.66	6.62	9.49
Net Profit Margin (PBT/Sales)	(%)	NA	10.72	14.56
Return on Total Assets (PBT/Total Assets}	(%)	4.39	12.61	17.45
Return on Investment (ROI) (PBT/Networth)		0.09	0.22	0.31
Debt Equity Ratio (Total Liability/Networth)		0.96	0.77	0.81
Current Ratio (Current Asset/Current Liability)		1.97	2.07	1.98

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	No
5) Type of Business	Yes
6) Line of Business•	Yes
7) Promoter’s background	Yes
8) No. of employees	No
9) Name of person contacted	No
10) Designation of contact person	No
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	Yes
19) Payments terms	No
20) Export / Import details (if applicable)	No
21) Market information	--
22) Litigations that the firm / promoter	--
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

OPERATIONS:

Income for the year 2010-2011 was Rs.300.599 Millions against previous year's Rs.298.299 Millions, which indicates 0.77%, increase. The Company sold 601 nos of Electric Hoists and 141 nos. of EOT Cranes during the year.

Contingent Liability not provided for

Rs. In Millions

Particular	31.03.2011	31.03.2010
Bank Guarantees issued by a Bank on behalf of the Company	36.525	30.349
Sales Tax dues	0.000	2.449

Bankers Charges Report as per Registry

Corporate identity number of the company	U29119MH1966PTC013514
Name of the company	CONSOLIDATED HOISTS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	29/30, Co-operative Industrial Estate, Gultekdi, Pune – 411037, Maharashtra, India chpl@vsnl.com
This form is for	Creation of charge
Type of charge	· Book debts · Movable property (not being pledge)
Particular of charge holder	The Shamrao Vitthal Co-Operative Bank Limited, Pune Satara Road Branch, Chaphalkar Center,Market Yard Road, Pune - 411037, Maharashtra, India nanivadekarps@svcbank.com
Nature of instrument creating charge	COMPOSITE HYPOTHECATION AGREEMENT [Hypothecation/Pledge of Stock and Boos Debts, Plant, Machinery, Vehicle, Consumer Durables and other movable assets]
Date of instrument Creating the charge	22.06.2011
Amount secured by the charge	Rs.50.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest PLR - 3.50% @ 13.50 % per annum Terms of Repayment On Demand Margin 25%

Fixed Assets:

• Lease Hold Land Pune
• Factory building
• Borewell Pune
• Fixture and Fixture
• Plant and Machinery
• Power Plant
• Electrical Int.
• Office Equipments
• Motor Car

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.55.26
UK Pound	1	Rs.86.90
Euro	1	Rs.69.63

INFORMATION DETAILS

Report Prepared by :

NTH

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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--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 and 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.