MIRA INFORM REPORT

Report Date :

29.11.2012

IDENTIFICATION DETAILS

Name :	SHIRDI SAI ELECTRICALS LIMITED (w.e.f.28.01.2011)
Formerly Known As :	SHIRDI SAI ELECTRICAL LIMITED (w.e.f.12.10.2010) SHIRDI SAI ELECTRICALS LIMITED
Registered Office :	No. 9/A, Municipal No. 7-1-397/104, Flat No.102, JSRV Plaza, Sanjeeva Reddy Nagar, Hyderabad – 500038, Andhra Pradesh
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	30.07.2010
Com. Reg. No.:	01-069777
Capital Investment / Paid-up Capital :	Rs. 183.578 Millions
CIN No.: [Company Identification No.]	U31401AP2010PLC069777
TAN No.: [Tax Deduction & Collection Account No.]	HYDS28643G
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Transformers.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

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

Maximum Credit Limit :	USD 1070000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. The performance of the company appears to be high. Financial company seems strong. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered for business dealings at usual trade terms and condition.

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	CARE
Rating	Long term bank facilities : (CARE) BBB-
Rating Explanation	Having moderate degree of safety regarding timely servicing of financial obligation. It carry moderate credit risk.
Date	February 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.

LOCATIONS

Registered Office :	No. 9/A, Municipal No. 7-1-397/104, Flat No.102, JSRV Plaza, Sanjeeva Reddy Nagar, Hyderabad – 500038, Andhra Pradesh, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	jeereddy@hotmail.com sselectricals_kdp4@yahoo.com
Website :	http://www.shirdielectricals.com
Corporate Office :	Flat # 102, J.S.R.V. Plaza, S.R. Nagar, Hyderabad – 500038, Andhra Pradesh, India
Tel. No.:	91-40-40257315
Factory :	Plot # 13/82, Industrial Estate Kadapa, Andhra Pradesh, India
Tel. No.:	91-8562-652544
E-Mail :	info@shirdielectricals.com marketing@shirdielectricals.com contact@shirdielectricals.com

DIRECTORS

AS ON 29.09.2011

Name :

Narreddy Visweswara Reddy

Designation :

Managing director

Address :

1-441-14, Maruthi Nagar, Kadapa - 516001, Andhra Pradesh, India

Date of Birth/Age :

15.06.1967

Date of Appointment :

30.07.2010

DIN No.:

02996298

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U31401AP2010PLC069777	SHIRDI SAI ELECTRICALS LIMITED	Managing director	30/07/2010	30/07/2010	Active	NO
2	U31500AP2011PTC072884	UNIQUE GREEN ENERGY TECHNOLOGIES PRIVATE LIMITED	Director	24/02/2011	24/02/2011	Active	NO

Name :

Narreddy Lavanya

Designation :

Director

Address :

1-441-14, Maruthi Nagar, Kadapa - 516001, Andhra Pradesh, India

Date of Birth/Age :

25.08.1978

Date of Appointment :

30.07.2010

DIN No.:

02996278

Name :

Narreddy Reddy Radha

Designation :

Director

Address :

1-441-14, Maruthi Nagar, Kadapa - 516001, Andhra Pradesh, India

Date of Birth/Age :

22.09.1969

Date of Appointment :

30.07.2010

DIN No.:

02996305

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U31401AP2010PLC069777	SHIRDI SAI ELECTRICALS LIMITED	Director	30/07/2010	30/07/2010	Active	NO
2	U31500AP2011PTC072884	UNIQUE GREEN ENERGY TECHNOLOGIES PRIVATE LIMITED	Director	24/02/2011	24/02/2011	Active	NO

Name :

Narreddy Karunakara Reddy

Designation :

Director

Address :

1-441-14, Maruthi Nagar, Kadapa - 516001, Andhra Pradesh, India

Date of Birth/Age :

14.07.1970

Date of Appointment :

30.07.2010

DIN No.:

02996309

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U31401AP2010PLC069777	SHIRDI SAI ELECTRICALS LIMITED	Director	30/07/2010	30/07/2010	Active	NO
2	U31500AP2011PTC072884	UNIQUE GREEN ENERGY TECHNOLOGIES PRIVATE LIMITED	Director	24/02/2011	24/02/2011	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2011

Names of Shareholders	No. of Shares
N. Visweswara Reddy	5973189
N. Narayana Reddy	2256228
N. Eswar Reddy	2887176
N. Prathibha Reddy	3610648
N. Reddy Radha	3430574
N. Karunakara Reddy	100000
N. Lavanya	100000
Total	18357815

AS ON 27.08.2012

Names of Shareholders	No. of Shares
N. Visweswara Reddy	1455000
Total	1455000

AS ON 31.03.2012

Names of Shareholders	No. of Shares
N. Visweswara Reddy	677520
N. Narayana Reddy	97815
N. Eswar Reddy	296878
N. Prathibha Reddy	342028
N. Reddy Radha	487968
N. Karunakara Reddy	201014
N. Lavanya	100507
Total	2203730

AS ON 29.09.2011

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Transformers.
Products :	Ø Single Phase Transformers Ø Three Phase Transformers Ø Power Transformers Ø Special Type Transformers like Furnace, Earthing, Auto transformers, etc. Ø Turnkey Projects

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Ø Syndicate Bank, Kadapa Main Division, 7 Roads, Kadapa – 516001, Andhra Pradesh, India

Ø State Bank of India, Industrial Finance Branch, Raj Bhavan Road, Somajiguda, Hyderabad – 500082, Andhra Pradesh, India

Facilities :

Secured Loans		31.03.2011
	(Rs. In Millions)
Overdraft with Syndicate Bank		181.770
LC/ FLC Payable		71.156
Loan against Deposit		48.063
Total		300.989
Unsecured Loans		31.03.2011
	(Rs. In Millions)
From Directors		28.960
Total		28.960

Banking Relations :	--
Auditors :
Name :	Reddy and Kumar Chartered Accountants
Address :	B-27 View Towers, Lakdi-ka-pul, Hyderabad – 500004, Andhra Pradesh, India
Tel. No.:	91-40-23306666/ 66666655

CAPITAL STRUCTURE

AFTER 29.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
30,000,000	Equity Shares	Rs. 10/- each	Rs. 300.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
22,016,545	Equity Shares	Rs.10/- each	Rs. 220.165 Millions

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
20,000,000	Equity Shares	Rs. 10/- each	Rs. 200.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
18,357,815	Equity Shares	Rs.10/- each	Rs. 183.578 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011
SHAREHOLDERS FUNDS
1] Share Capital		183.578
2] Share Application Money		22.037
3] Reserves & Surplus		63.757
4] (Accumulated Losses)		0.000
NETWORTH		269.372
LOAN FUNDS
1] Secured Loans		300.989
2] Unsecured Loans		28.960
TOTAL BORROWING		329.949
DEFERRED TAX LIABILITIES		1.021
TOTAL		600.342
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		64.887
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	251.085
	Sundry Debtors	425.397
	Cash & Bank Balances	186.945
	Other Current Assets	0.000
	Loans & Advances	123.774
Total Current Assets		987.201
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	411.301
	Other Current Liabilities	8.084
	Provisions	33.630
Total Current Liabilities		453.015
Net Current Assets		534.186
MISCELLANEOUS EXPENSES		1.269
TOTAL		600.342

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011
	SALES
		Income	2252.624
		Other Income	12.112
		TOTAL (A)	2264.736
Less	EXPENSES
		Raw materials consumed	1967.368
		Manufacturing Expenses	215.411
		Operating and Other Expenses	32.567
		Miscellaneous expenditure written off	0.141
		Increase/ Decrease in stock	(116.129)
		TOTAL (B)	2099.358
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		165.378
Less	FINANCIAL EXPENSES (D)		38.715
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		126.663
Less/ Add	DEPRECIATION/ AMORTISATION (F)		8.154
	PROFIT BEFORE TAX (E-F) (G)		118.509
Less	TAX (H)		34.651
	PROFIT AFTER TAX (G-H) (I)		83.858
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		0.000
	BALANCE CARRIED TO THE B/S		83.858
	Earnings Per Share (Rs.)		4.57

KEY RATIOS

PARTICULARS		31.03.2011
PAT / Total Income	(%)	3.70
Net Profit Margin (PBT/Sales)	(%)	5.26
Return on Total Assets (PBT/Total Assets}	(%)	11.26
Return on Investment (ROI) (PBT/Networth)		0.44
Debt Equity Ratio (Total Liability/Networth)		2.91
Current Ratio (Current Asset/Current Liability)		2.18

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	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last one year	Yes
12]	Profitability for last one year	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	No
20]	Export / Import details (if applicable)	No
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	No
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

Note: The registered address of the company has been shifted from Industrial Development Park, Chinna Chouk Cuddapah – 516004, Andhra Pradesh, India to the present w.e.f. 25.01.2011

OPERATION RESULTS AND BUSINESS:

The Company has been converted into a joint stock company from the erstwhile partnership firm namely M/s Shirdi Sai Electricals under provision of Part IX of the Companies Act 1956 on 30-07- 2010. As per the provisions of Part IX of the said Companies Act 1956 all property, moveable or immovable including actionable claims belonging to or vested in the partnership firm at the time of registration in pursuance of this (part IX) shall on such registration pass to and vest in the newly formed joint stock company for all the estate and interest of the company therein.

The company has made a profit of Rs. 98.409 Millions for the current period (before tax). The directors are of confident that the company will perform better in the ensuing years

Profit and Loss account for the period ending 30-07-2010 has been made in the name of erstwhile partnership fm M/s. Shirdi Sai Electricals. Similarly Profit and Loss account for the nine months ending 31" March 201 1 has been made in the name of converted joint stock company namely M/S. Shirdi Sai Electrical Limited. In View of the provisions contained in part IX of the companies act 1956 namely all property ,moveable or immovable including actionable claims belonging to or vested in the partnership firm at the time of registration in pursuance of this (part IX) shall on such registration pass to and vest in the newly formed joint stock company for all the estate and interest of the company therein, a consolidated profit and loss account has been made for the year ending 31- 03-2011 .The turnovers, incomes and expenditures pertain to both erstwhile partnership firm and the resultant converted joint stock company.

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U31401AP2010PLC069777
Name of the company	SHIRDI SAI ELECTRICALS LIMITED
Address of the registered office or of the principal place of business in India of the company	No. 9/A, Municipal No. 7-1-397/104, Flat No.102, JSRV Plaza, Sanjeeva Reddy Nagar, Hyderabad – 500038, Andhra Pradesh, India Email: jeereddy@hotmail.com
This form is for	Modification of charge
Charge identification number of the modified	10356086
Type of charge	Immovable Property Book Debts Movable Property
Particular of charge holder	State Bank of India, Industrial Finance Branch, Raj Bhavan Road, Somajiguda, Hyderabad – 500082, Andhra Pradesh, India Email: sbi.09103@sbi.co.in
Nature of description of the instrument creating or modifying the charge	1) Agreement of loan for overall limit 2) Agreement of Hypothecation of Goods and Assets 3)Sanction letter 4) letter regarding grant of individual limits within overall limits 5) List of Fixed assets
Date of instrument Creating the charge	29.05.2012
Amount secured by the charge	Rs. 900.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Cash Credit-4.75% above base rate present effective rate 14.00% P.A Terms of Repayment Cash Credit- On Demand Margin Cash credit-raw materials-25% stock in process-25%,finished goods-25%,receivables(cover period PF 120days)-25%, letter of credit-10%, bank guarnatee-15% for raw materials,10% for other than raw materials. Extent and Operation of the charge The Charge operates as security, inter alia, for the due repayment by the company to the State Bank of India Hyderabad, for its limits sanctioned to the extent of Rs.900.000 Millions, together with interest, additional interest, commitment charges, premia on prepayment or on redemption, costs, charges, expenses and all other moneys payable by the company to State Bank of India.
Short particulars of the property charged	Working capital-primary hypothecation of all chargeable current assets of the company. collateral. Extension of charge on the fixed assets of the company. 1. Residential building,d.no.158/1a,1c and 1d, Maruthi Nagar, Kadapa. 2. Land ad 9.72 acres at s.no.499,500-1,2,501,502,503,504-1,2 ck Dinne Mandal, Kadapa 3. House site ad 4 Centsat D.No.158/1a,158/2 and 158/2 and 158/2a, 1st Ward, Maruthi Nagar, Kadapa. 4. House site adme 10cents at D.No.570/3,569,2nd Ward, Near SV Degree College, Chemmumiyapet, Kadapa 5. Agricultural lands at Ayyavaripalli, Keerthi Palli, Indukur, Veerapunayunipalli -total 41.975 acres. 6. House site admea 4.83 cents at S.No.72, Near Rythu Bazaar, Dwarakanagar Colony, Kadapa 7. Agricultural lands at Indukur, Keerthipalli, Urajupalem Village-total 12.05 acres. 8. Vacant residential land admeasuring 55 cents situated at S.No.46/3 in Kadapa 9. RCC load bearing constructed industrial building of m/s. Shirdisai transformers admeasuring 95 cents bearing Door No.13/82, at Ida, Mamikllapalli Division, Kadapa 10. Dry lands at indukur-acres 38.25. 11. RCC load bearing constructed industrial building of m/s. Shirdisai Transformers Private Limited admeasuring 10.5 cents bearing Plot No.1, 2 at Ida, Putlam Palli Division, Kadapa 12. Residential Flat No.107 at Venkatadri Residency,Kadapa. 13. Residential Flat No.106 at Venkatadri Residency,Kadapa 14. Vacant residential land admeasuring 1.41 acres in Rythu Nagar Division, Nandyal Town.
Particulars of the present modification	There is a clerical error in writing the amount of charge. it is mentioned as 90.000 Millions instead of 900.000 Millions

CONTINGENT LIABILITIES:

The Bank guarantees availed and outstanding as on 31.03.2011 is Rs. 335.913 Millions

FIXED ASSETS:

Ø Factory Building

Ø Plant and Machinery

Ø Furniture and Fixture

Ø Phones

Ø Vehicle

Ø Computer and computer equipment

Ø Office Equipment

Ø Allocable Expenses

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. 55.70
UK Pound	1	Rs. 89.34
Euro	1	Rs. 72.35

INFORMATION DETAILS

Report Prepared by :

BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--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	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		49

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.