MIRA INFORM REPORT

Report Date :

19.11.2012

IDENTIFICATION DETAILS

Name :	GOMA ENGINEERING PRIVATE LIMITED
Registered Office :	Majiwada, Behind Universal Petrol Pump, Thane-400602, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	23.06.1982
Com. Reg. No.:	11-027510
Capital Investment / Paid-up Capital :	Rs.3.500 Millions
CIN No.: [Company Identification No.]	U28920MH1982PTC027510
TAN No.: [Tax Deduction & Collection Account No.]	PNEG05217C
PAN No.: [Permanent Account No.]	AABCG1059K
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of High Pressure Pump and Systems, Dairy and Food Process Systems.
No. of Employees :	170 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 290000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered for normal 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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

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

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	A3 (Bank Guarantee)
Rating Explanation	Moderate degree of safety. It carry higher credit risk.
Date	19.07.2012

Rating Agency Name	CRISIL
Rating	BBB- (Cash Credit)
Rating Explanation	Moderate degree of safety. It carry moderate credit risk.
Date	19.07.2012

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

INFORMATION PARTED BY

Name :	Mr. Mayur Shah
Designation :	Finance Manager
Contact No.:	91-9323392003
Date :	17.11.2012

LOCATIONS

Registered / Head Office :	Majiwada, Behind Universal Petrol Pump, Thane-400602, Maharashtra, India
Tel. No.:	91-22-41614161 / 41614162 / 25346436 / 25340875 / 2173800 / 41614152 / 21731801 / 02 / 21731800 / 21731802
Mobile No.:	91-9323392003 (Mr. Mayur Shah)
Fax No.:	91-22-41614162 / 21731803
E-Mail :	goma@vsnl.com info@gomaengg.com
Website:	http://www.gomaengg.com
Factory :	214/2, Khupari, Off. Bhiwandi Wada Road, Taluka Wada, District Thane – 421312, Maharashtra , India
Branches:	Located At: Kolkata Bangalore Koramangala Chennai New Delhi

DIRECTORS

AS ON 30.09.2010

Name :	Mr. Keshavji Meghji Gosrani
Designation :	Managing Director
Address :	11/12, Kashima Apartments, 4^th Floor, Mani Baug, L.B. Marg, Thane – 400602, Maharashtra, India
Date of Birth/Age :	16.09.1940
Date of Appointment :	26.06.1982
DIN No.:	00405003
Name :	Mr. Jayesh Keshavji Gosrani
Designation :	Director
Address :	601/602, Sita Vihar Co-operative Society, Near Damani Estate, LBS Marg, Thane – 400602, Maharashtra, India
Date of Birth/Age :	28.11.1965
Date of Appointment :	01.04.1995
DIN No.:	00405543

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	U28920MH1982PTC027510	GOMA ENGINEERING PRIVATE LIMITED	Managing director	31-03-10	01-04-95	Active	NO

Name :	Mr. Chetan Keshavji Gosrani
Designation :	Managing Director
Address :	11/12, Kashima Appartments, 4^th Floor, Mani Baug, L.B. Marg, Thane – 400602, Maharashtra, India
Date of Birth/Age :	17.02.1972
Date of Appointment :	01.04.2000
DIN No.:	00405765

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	U28920MH1982PTC027510	GOMA ENGINEERING PRIVATE LIMITED	Managing director	31-03-10	01-04-00	Active	NO

Name :	Mr. Mohanlal Liladhar Gosrani
Designation :	Director
Address :	8/A, Vandan Cooperative Society Limited, L.B.S. Marg, Thane – 400602, Maharashtra, India
Date of Birth/Age :	14.06.1947
Date of Appointment :	01.11.1983
DIN No.:	00406906
Name :	Mr. Bijal Chetan Gosrani
Designation :	Director
Address :	901/902, Astoria Raheja Gardens, LBS Marg, Thane-400604, Maharashtra, India
Date of Birth/Age :	20.01.1977
Date of Appointment :	14.05.2010
DIN No.:	02724106
Name :	Ms. Sema Jayesh Gosrani
Designation :	Director
Address :	801/802, Carlyle Raheja Gardens, LBS Marg, Thane-400604, Maharashtra, India
Date of Birth/Age :	17.04.1968
Date of Appointment :	14.05.2010
DIN No.:	02731092

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	U29268MH2010PTC198805	AABA FOODTECH PRIVATE LIMITED	Director	12-01-10	12-01-10	Active	NO
2	U28920MH1982PTC027510	GOMA ENGINEERING PRIVATE LIMITED	Director	14-05-10	14-05-10	Active	NO

KEY EXECUTIVES

Name :	Mr. Mayur
Designation :	Finance Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2010

Names of Shareholders	No. of Shares
Keshavji Meghji Gosrani	2138
Keshavji Meghji Gosrani Karta K M Gosrani	50
Manjulaben Keshavji Gosrani	1480
Jayesh Keshavji Gosrani	3920
Jayesh Keshavji Gosrani Karta J K Gosrani	428
Sema Jayesh Gosrani	1810
Chetan Keshavji Gosrani	3106
Chetan Keshavji Gosrani Karta C K Gosrani	19
Bijal Chetan Gosrani	946
Deepen Keshavji Gosrani	540
Bharti D Gosrani	1
Mohanlal Liladhar Gosrani	1333
Mohanlal Liladhar Gosrani Karta M L Gosrani	1
Nirmalaben Mohanlal Gosrani	1328
Depa R Haria	100
Bhairavi S Karaniya	100
Priya M Shah	100
Neha K Gada	100
Bhavesh M Maru	2950
Kanchanben M Maru	5286
Prashant M Maru	2673
Kunjal P Maru	1
Pravin V Maru	600
Shobhanaben P Maru	750
Saralaben M Shah	963
Neera M Shah	2
Kantilal V Maru	3773
Keshubhai R Shah	1
Mehul K Maru	1
Premlataben K Maru	500
TOTAL	35000

AS ON 30.09.2010

Equity Shares Break Up	Percentage of Holding
Bodies corporate	50.00
Directors or relatives of Directors	50.00
TOTAL	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of High Pressure Pump and Systems, Dairy and Food Process Systems.
Products :	Dairy Products and Pumps
Exports :
Countries :	· African Countries
Imports :
Products :	· Raw Material
Countries :	· European Countries
Terms :
Selling :	Cash, Credit
Purchasing :	Cash, Credit

PRODUCTION STATUS (AS ON : 31.03.2011)

Particulars	Unit	Actual Production
Homogenizer	In Nos.	65
Create Washer	In Nos.	11
Pumps	In Nos.	149
VIP Pumps	In Nos.	19

GENERAL INFORMATION

Customers :

· Wholesalers

· Retailers

No. of Employees :

170 (Approximately)

Bankers :

· Andhra Bank, Yogeshwar Dham, M G Road, Mulund (West), Mumbai-400080, Maharashtra, India

· State Bank of India, Eastern Express Highway, Gala No.9 and 10, Sun Magnetic, Near LIC Off, Louis Wadi Service Road, Thane-400604, Maharashtra, India

· Small Industries Development Bank of India, 1 and 2 Dhanalaxmy Residency, Near Hotel Tip Top Plaza, LBS Marg, Thane-400602, Maharashtra, India

Facilities :

Secured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
From Sidbi (Against mortgaged of machinery)	14.506	10.835
From Banks (Against hypothecation of cars)	2.958	1.105
Bank Over Draft (Against fixed deposits with banks)	2.055	1.835
Cash Credit Andhra Bank CC A/C 267 (against hypothecation of stock and debtors)	56.530	40.153
TOTAL	76.049	53.928
Unsecured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Under Sales Tax Incentive Under PSI
Sales Tax Loan PSI 1993 CST	6.227	6.474
Sales Tax Loan PSI 1993 MST	7.674	8.362
From Shareholders and Directors	11.955	28.820
TOTAL	25.856	43.656

Banking Relations :	--
Auditors :
Name :	Ponkshe Kulkarni and Company Chartered Accountant
Address :	7 Chaudhary Building, Brahman Society, Naupada, Thane West, Thane-400602, Maharashtra, India
PAN No.:	AAFFP5555L

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.100/- each	Rs. 5.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
35000	Equity Shares	Rs.100/- each	Rs. 3.500 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		3.500	3.500	3.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		70.920	52.544	41.586
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		74.420	56.044	45.086
LOAN FUNDS
1] Secured Loans		76.049	53.928	52.398
2] Unsecured Loans		25.856	43.656	33.457
TOTAL BORROWING		101.905	97.584	85.855
DEFERRED TAX LIABILITIES		1.839	2.053	2.018
TOTAL		178.164	155.681	132.959
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		49.602	50.943	54.115
Capital work-in-progress		2.001	0.000	0.000
INVESTMENT		5.962	4.651	4.278
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	76.801	52.643	45.936
	Sundry Debtors	78.996	48.831	63.120
	Cash & Bank Balances	24.581	48.009	18.016
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	57.735	39.829	32.838
Total Current Assets		238.113	189.312	159.910
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	54.228	39.934	48.074
	Other Current Liabilities	35.744	30.849	23.697
	Provisions	27.542	18.442	13.573
Total Current Liabilities		117.514	89.225	85.344
Net Current Assets		120.599	100.087	74.566
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		178.164	155.681	132.959

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2011	31.03.2010	31.03.2009
	GROSS SALES	328.179	238.861	256.984
	PROFIT / (LOSS) BEFORE TAX	27.262	15.894	17.108
Less	TAX	8.886	4.935	7.026
	PROFIT / (LOSS) AFTER TAX	18.376	10.959	10.082
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	NA	41.585	31.503
	BALANCE CARRIED TO THE B/S	NA	52.544	41.585
	IMPORTS VALUE	6.596	4.981	4.787
	Earnings Per Share (Rs.)	525.03	313	288

Particulars	31.03.2012
Sales Turnover (Approximately)	350.000

Expected Sales (2012-2013) : Rs.400.000 Millions

The above information has been parted by Mr. Mayur.

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
Return on Total Assets (PBT/Total Assets}	(%)	9.48	6.62	7.99
Return on Investment (ROI) (PBT/Networth)		0.37	0.28	0.38
Debt Equity Ratio (Total Liability/Networth)		2.97	3.37	3.80
Current Ratio (Current Asset/Current Liability)		2.03	2.12	1.87

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	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	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	Yes
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 (if applicable)	Yes
21]	Market information	-----
22]	Litigations that the firm / promoter involved in	-----
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
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

OPERATIONS

The turnover of the company at Rs. 328.180 Millions (Rs. 238.860 Millions) has shown an increase of 37%. The rise in sales was mainly due to company has introduce new product like Continuous Freezer, cup filling machine and UHT (Ultra High Treatment) and Aseptic packing system etc. The Profit before tax at Rs. 15.894 Millions has increased by 72% thanks to entire Goma team for that dedicated hard work and consolidation of own manufacturing and servicing facilities.

INDUSTRIAL SCENARIO

The company has two major divisions viz. High Pressure Pumps, its Systems and Dairy and Food Processing. The company has a great scope in supply of High Pressure Pump System in oil and Gas. Chemical other allied Industries. Dairy Division Largely caters to Milk and Milk Produce, Fruit Juice, Beverages, Pharma and Chemical Industries for the supply of equipments and Turnkey Projects in all over India and also expecting good business in export of Dairy Plant and Turnkey projects for fruit juice industries.

FORM 8

Corporate identity number of the company	U28920MH1982PTC027510
Name of the company	GOMA ENGINEERING PVT LTD
Address of the registered office or of the principal place of business in India of the company	Majiwada, Behind Universal Petrol Pump, Thane-400602, Maharashtra, India
This form is for	Modification of charge
Charge identification number of the charge to be modified	10315169
Type of charge	· Immovable property
Particular of charge holder	State Bank of India, Eastern Express Highway, Gala No.9 and 10, Sun Magnetic, Near LIC Off, Louis Wadi Service Road, Thane-400604, Maharashtra, India
Nature of instrument creating charge	Memorandum for recording extension of mortgage by deposit of title deeds covering enhanced limits and/or creation of equitable mortgage on additional properties for existing limits and enhanced limits and additional facilities.
Date of instrument Creating the charge	14.08.2012
Amount secured by the charge	Rs.140.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest Adhoc - Interest at the rate 1.00% margin above the interest rate in CC Account, which is presently 13.75% p.a. Present effective rate 14.75% p.a. Terms of repayment Repayable on Demand. Margin Raw Materials Imported - 25%, Raw Materials Indigenous - 25%, Semi Finished Goods - 33.33%, Finished Goods - 33.33%, Components/Consumables/Spares - 40%, Domestic Receivables - 40%, Letter of Credit - 20%, Bank Guarantees - 10%. Extent and operation of the charge Security to cover principal amount together with interest, costs, charges and expenses etc. Other FBWC - Rs. 55.000 Millions, Ad-hoc Cash Credit - Rs. 20.000 Millions, Bank Guarantee - Rs. 50.000 Millions, Ad-hoc (Inland)* - (Rs. 10.000 Millions), Ad-hoc LC (Import) - Rs. 15.000 Millions, Total Limits - Rs. 140.000 Millions. * for 6 Months within overall find based ad-hoc limit of Rs. 20.000 Millions. All other terms and conditions as per the sanctioned letter and loan agreement.
Short particulars of the property charged (Including location of the property)	Land and building at Gut No. 214/2, Village Khupri, behind Muril Manohar Hotel, Off Bhiwandi Wada Road, Tal Khupri, DistRICT Wada, Thane (adm area 4 hectares) Plot Boundaries Towards East - Gut No. 216, Towards West - Gut No. 214, Towards South - Gut No. 219, Towards North - Gut No. 215.
Date of instrument modifying the charge	14.08.2012
Particulars of the present modification	The Borrowers by way of equitable mortgage by deposit of title deeds of Immovable properties Land and building at Gut No. 214/2, Village Khupri, behind Muril Manohar Hotel, Off Bhiwandi Wada Road, Tal Khupri, District Wada, Thane (adm area 4 hectares) has provided further security to secure the Loan Facility of Rs. 105.000 Millions (now increased to Rs. 140.000 Millions).

FIXED ASSETS

· Air Conditioner

· Building

· Computer

· Camera

· Electrical Fittings

· Furniture and Fixtures

· Generator

· Land

· Machinery

· Motor Car

· Refrigerator

· Tea Vending Machine

· Road Construction

· Water Cooler

· Water Filter

· Xerox Machine

· Water Softener

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 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. 54.99
UK Pound	1	Rs. 87.21
Euro	1	Rs. 70.22

INFORMATION DETAILS

Information Gathered by :	PJA
Report Prepared by :	DPT

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 & 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.