MIRA INFORM REPORT

Report Date :

01.10.2012

IDENTIFICATION DETAILS

Name :	DALI AND SAMIR ENGINEERING PRIVATE LIMITED
Registered Office :	36, D-II Block, MIDC, Chinchwad, Pune – 411019, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	13.09.1979
Com. Reg. No.:	11-021672
Capital Investment / Paid-up Capital :	Rs. 49.895 Millions
CIN No.: [Company Identification No.]	U29299MH1979PTC021672
TAN No.: [Tax Deduction & Collection Account No.]	PNED04123A
PAN No.: [Permanent Account No.]	AACCD0855H
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Fuel tanks and exit systems.
No. of Employees :	90 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 400000s
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 normal 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.

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

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. G.S. Shanburg
Designation :	Accounts Manager
Contact No.:	91-20-27477551
Date :	29.09.2012

LOCATIONS

Registered Office/ Factory 1 :	36, D-II Block, MIDC, Chinchwad, Pune – 411019, Maharashtra, India
Tel. No.:	91-20-27477551 (10 lines)
Fax No.:	91-20-27477551
E-Mail :	plant1@dalisamir.com dalisamir@vsnl.com
Website :	http://www.dalisamir.com
Location :	Owned
Factory 2 :	Plot No. 46, W.M.D.C. Kharabwadi, Malunge Road, Chakan, Pune - 410501 Maharashtra, India
Factory 3 :	Tool Room: Plot No. 56/5, D- II Block, MIDC Chinchwad, Pune, Maharashtra, India
Factory 4 :	Plot No. 43, Sector 11, Tata Vendor Park, IIE Pantnagar Rudrapur - 263153, Uttarakhand, India

DIRECTORS

AS ON 30.09.2011

Name :	Mr. Madhav Salian
Designation :	Managing director
Address :	Mandira – 6, Nilgiri lane, Baner Road, Aundh, Pune – 411007, Maharashtra, India
Date of Birth/Age :	10.11.1934
Date of Appointment :	13.09.1979
DIN No.:	00600531
Name :	Mr. Sandesh Salian
Designation :	Whole-time director
Address :	Mandira – 6, Nilgiri lane, Baner Road, Aundh, Pune – 411007, Maharashtra, India
Date of Birth/Age :	16.09.1973
Date of Appointment :	04.09.1992
DIN No.:	00600574
Name :	Mr. Sameer Salian
Designation :	Whole-time director
Address :	Mandira – 6, Nilgiri lane, Baner Road, Aundh, Pune – 411007, Maharashtra, India
Date of Birth/Age :	01.01.1968
Date of Appointment :	01.06.1988
DIN No.:	00600732
Name :	Ms. Sangeeta Yuvraj Sah
Designation :	Director
Address :	SR 79/2/1, Plot No. 2, Flat 4, Aundh Baner Road, Nilgiri Apartments, Pune – 411007, Maharashtra, India
Date of Appointment :	01.05.1998
DIN No.:	02430699

KEY EXECUTIVES

Name :	Mr. G.S. Shanburg
Designation :	Accounts Manager
Name :	Mr. K.G. Shetty
Designation :	Associate Vice President

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
Madhav Salian	348844
Indira Salian	75054
Samir Salian	33694
Sandesh Salian	20680
Sangeeta Shah	20680
Total	498952

AS ON 30.09.2011

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

BUSINESS DETAILS

Line of Business :

Manufacturer of Fuel tanks and exit systems.

Products :

ITC Code	Product Descriptions
8708	Fuel Tanks
8714	Silencers
8714	Two Wheeler Components

Imports :

Products :

Raw Material

Countries :

Korea

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Silencers	Nos.	Not Applicable	Not Ascertained	74.394
Tanks	Nos.	Not Applicable	Not Ascertained	437,897
Others	Nos.	Not Applicable	Not Ascertained	1,307,905
Total				1,820,196

GENERAL INFORMATION

Suppliers :

Ø Steel Authority of India

Customers :

Wholesalers and Retailers

Ø Tata Motors

Ø Tata Motors Limited

Ø Kirloskar Oil Engines Limited

Ø JCB

Ø Bajaj Auto

Ø Tata Toyo Radiator

Ø Wipro Infrastructure Engineering Limited

Ø Asia Motor work

Ø Kubota Corp (USA)

Ø Tranter (India)

Ø Sam Deutz Fahr

No. of Employees :

90 (Approximately)

Bankers :

Ø Syndicate Bank, 202, Gawade Estate, Mumbai – Pune Road, Chinchwad, Pune – 411019, Maharashtra, India

Ø Kotak Mahindra Bank

Ø HDFC Bank

Facilities :

TL – Rs. 43.000 Millions

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Term Loan from Syndicate Bank (Secured by way of hypothecation of stock in trade such as raw material. W.I.P., finished goods of scooter parts, fuel tanks for trucks, other engineering Parts and bills 8 mortgage of Land 8 Building). (Repayable within one year Rs. 13.390 Millions)	32.465	45.855
Kotak Mahindra Bank Car Finance (Repayable within one year 0.131 Million)	0.211	0.289
HDFC Bank Car Finance(Repayable within one year Rs. 1.093 Millions)	0.246	0.355
Cash Credit facilities from Syndicate Bank	82.016	68.289
Balances with Syndicate Bank 131399	1.285	5.424
SOD Credit facilities from Syndicate Bank. 125/1484(Secured by way of hypothecation of stock in trade such as raw material, W.I.P., finished goods of scooter parts, fuel tanks for trucks, other engineering Parts and bills 8 mortgage of Land 8 Building).	20.285	20.000
Total	136.508	140.212
Unsecured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Deposit
From Directors	30.885	9.096
Total	30.885	9.096

Banking Relations :	--
Auditors :
Name :	Sharad Shah and Company Chartered Accountants
Address :	Gokul Nagar B, 1184/4, Fergusson College Road, Pune – 411005, Maharashtra, India
Tel. No.:	91-20-25535405 / 25535426
Fax No.:	91-20-25536624
E-Mail :	ssandco@vsnl.net
Website :	www.ssandco.com
Income-tax PAN of auditor or auditor's firm :	AAEFS2410C

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
500,000	Equity Shares	Rs. 100/- each	Rs. 50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
498,952	Equity Share	Rs. 100/- each	Rs. 49.895 Millions

Note:

Includes 1200 (Previous year 1,200) Equity Shares issued at par as fully paid up in pursuance to a contract without payment being received in cash.

Also includes 4.60.752 (Previous year 4,60.752) Shares issued as fully paid up as Bonus Shares

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		49.895	49.895	46.195
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		51.167	6.349	1.000
4] (Accumulated Losses)		0.000	0.000	(24.122)
NETWORTH		101.062	56.244	23.073
LOAN FUNDS
1] Secured Loans		136.508	140.212	129.811
2] Unsecured Loans		30.885	9.096	8.550
3] Sales Tax Deferral under PSI 1993		9.688	9.688	9.688
TOTAL BORROWING		177.081	158.996	148.049
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		278.143	215.240	171.122
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		91.111	99.117	91.715
Capital work-in-progress		3.457	0.710	10.697
INVESTMENT		0.405	0.423	0.442
DEFERREX TAX ASSETS		5.849	4.262	3.042
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	87.341	58.327	35.483
	Sundry Debtors	167.699	106.343	61.066
	Cash & Bank Balances	1.551	0.408	6.190
	Other Current Assets	0.103	0.042	0.050
	Loans & Advances	35.657	27.069	18.785
Total Current Assets		292.351	192.189	121.574
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	95.424	65.566	47.874
	Other Current Liabilities	7.669	5.046	2.751
	Provisions	11.937	10.849	5.723
Total Current Liabilities		115.030	81.461	56.348
Net Current Assets		177.321	110.728	65.226
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		278.143	215.240	171.122

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income
		Other Income
		TOTAL	730.461	455.669	332.646
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	657.298	404.343	351.166
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		73.163	51.326	(18.520)
Less/ Add	DEPRECIATION/ AMORTISATION		19.708	20.673	21.263
	PROFIT BEFORE TAX		53.455	30.653	(39.783)
Less	TAX		8.637	1.182	0.212
	PROFIT AFTER TAX		44.818	29.471	(39.995)
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	0.358	Nil	Nil
	Earnings Per Share (Rs.)		89.82	59.06	(0.09)

Particulars	31.03.2012
Sales Turnover (Approximately)	1000.000

Expected Sales ( 2012-2013 ) : Rs. 1100.000 Millions

The above information has been parted by Mr. G.S. Shanburg (Accounts Manager)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	6.14	6.47	(12.02)
Return on Total Assets (PBT/Total Assets}	(%)	13.94	10.52	(18.65)
Return on Investment (ROI) (PBT/Networth)		0.53	0.55	(1.72)
Debt Equity Ratio (Total Liability/Networth)		2.89	4.28	8.86
Current Ratio (Current Asset/Current Liability)		2.54	2.36	2.16

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS:

Particulars	31.03.2011	31.03.2010	31.03.2009
	(Rs. In Millions)
-outstanding to Small Scale Industries	12.508	8.245	5.767
-outstanding to others	82.916	57.321	42.107
Sundry Creditors	95.424	65.566	47.874

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	Yes
17]	Major suppliers	Yes
18]	Major customers	Yes
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	No

OPERATIONS:

During the year both two newly installed plants in Uttarakhand and Chakan were operating at full Capacity. This year they have achieved Sales turnover of Rs 730.461 Millions as compared to Rs. 455.669 Millions during the previous year 2009-10. As a result the Company made a Profit of Rs. 44.818 Millions as compared to a Profit of Rs. 29.471 Millions during 2009-10. Further, they have added 4 New and Big Customers during the previous Year 2010-11, which resulted in a huge increase in the current turnover. Also they are going to start a New Plant in Hosur in the State of Tamilnadu. The plant location is adjacent to Bengaluru. It will cater to the needs of MIS Daimler India Commercial Vehicle Private Limited and M/s Nissan Ashok Leyland Technologies Private Limited.

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U29299MH1979PTC021672
Name of the company	DALI AND SAMIR ENGINEERING PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	36 D-II Block MIDC Chinchwad, Pune - 411019, Maharashtra, India Email ID: plant1@dalisamir.com
This form is for	Modification of charge
Charge identification number of the modified	90089386
Type of charge	Immovable Property Book Debts Movable Property
Particular of charge holder	Syndicate Bank, 202, Gawade Estate, Mumbai - Pune Road, Chinchwad, Pune – 411019, Maharashtra, India Email ID: mh.5322punechwad@syndicatebank.co.in
Nature of description of the instrument creating or modifying the charge	Supplemental Hypothecation Pledge Agreement Charge and Hypothecation of Book Debts - Agreement Confirmation of creation of second/ subsequent Equitable Mortgage ( 4 Nos.) Mortgage by Deposit of Title Deeds
Date of instrument Creating the charge	02.03.2012
Amount secured by the charge	Rs. 210.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest 14.00 % p.a. being BR + 3.25% p.a. varying with change in BR from time to time. Terms of Repayment Payable on Demand. For OD / Cash Credit by operating it briskly to the extent of limit / drawing power fixed and brings it to credit at least once a year and closing it in time by the end on one year. Margin 25% Extent and Operation of the charge Continuing charge on Hypothecation of raw material, work in progress, finished goods, book debts. Subsequent charge on the properties situated at the places as mentioned in the confirmation of second / subsequent equitable mortgage deed till limits are outstanding. Charge on proposed Fixed Assets till principal and interest is fully repaid.
Short particulars of the property charged	Raw material, Work in progress, finished goods and book debts/ receivables and other current assets of the Company situated at (1) 36 D II Block, MIDC, Chinchwad, Pune 411019, (2) Plot No. 46, WMDC Industrial Area, Ambethan Road, Gat 2395, Kharabwadi, Chakan, Pune 410501 (3) Plot No. 43, Sector III, Tata Vendor Park, SIOCUL, Pant Nagar, Uttarakhand 263145, and (4) S. No. 21, 7, V. Narayan Reddy Bldg, Rajeshwari Layout, Begepoili Road, Angraharam Check Post Road, Aruprepelli, Angraharam Village, Hosur, Krishnagari, Tamilnadu 635126 Primary Security :Machinery at Chakan Valued Rs. 624.40 lacs, Machinery at Uttaranchal of Rs. 27.489 Millions, Machinerie at Chinchwad valued at Rs. 13.706 Millions and all Machinery and equipment at Hosur, Tamilnadu Land and Building on Plot No. 36 at MIDC Chinchwad, D II Block within the village limit of Akurdi taluka admeasuring about 2777 sq. ft Land and Building at Plot No 46, Gat No. 2895 Chakan Industrial Area at Kharabwadi, Chakan, Taluka - Khed, District - Pune. Plot No. 43, Khasra No. 388, 391, 392, Area 9189.89 Sqm Village - Kalyanpur Plot No. 43,Sector II in Tata Motor Vendor Park, II E, SIDCUL, Pantnagar, District US Nagar (U.K.) Collateral Security - Three Flats Flat No. 4, 8, and 12 at Plot No. 25 and 26, S. No. 126/1A/1A2 CTS No. 4825, 4825/1, 4825/2, 4826, 4827 of Village AKurdi (Mohan Nagar), Taluka Haveli, District - Pune
Date of latest modification prior to the present modification	30.07.2011
Particulars of the present modification	DLSB/ DATBD/ DBD of Rs. 80.000 Millions (Bill Limit) sanctioned earlier converted into SODH limit and existing SODH limit of Rs.120.000 Millions consolidated into Rs.200.000 Millions. The existing OSL III of Rs.10.000 Millions shall continue under the existing terms and conditions.

TRADE REFERENCES:

Ø Tata Motors

Ø Steel Authority of India

CONTINGENT LIABILITY NOT ACKNOWLEDGED AS DEBT AND NOT PROVIDED FOR

(Rs. in Millions)

Particulars	Amount	Pending Before (Authority)	Financial Year
Excise Duty	0.099	CESTAT	1981 -82

FIXED ASSETS:

Ø Land

Ø Freehold Land

Ø Leasehold Land

Ø Building

Ø Factory Building

Ø Staff Quarters

Ø Temporary Shed

Ø Furniture

Ø Electrical Installation

Ø Electrical Fitting

Ø Fans

Ø Plant and Machinery

Ø Generator Sets

Ø Energy Saving Devices

Ø Factory Equipment

Ø Office Equipment

Ø Dies

Ø Computer

Ø Software

Ø Water cooler and AC

Ø Motor Vehicle

Ø Scooter

Ø Goods Carrier

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 exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs. 52.70
UK Pound	1	Rs. 85.71
Euro	1	Rs. 68.15

INFORMATION DETAILS

Information Gathered by :	PJA
Report Prepared by :	BVA

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	4
--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		45

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

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.