MIRA INFORM REPORT

Report Date :

27.09.2012

IDENTIFICATION DETAILS

Name :	PFEDA SYNTHETICS PRIVATE LIMITED
Registered Office :	C-695 New Friends Colony, New Delhi – 110 065
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	06.05.1983
Com. Reg. No.:	55-015676
Capital Investment / Paid-up Capital :	Rs. 9.235 Millions
CIN No.: [Company Identification No.]	U74899DL1983PTC015676
TAN No.: [Tax Deduction & Collection Account No.]	DELP00768F
PAN No.: [Permanent Account No.]	AAACP0300M
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Automobile, Furniture and Others Components
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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

Maximum Credit Limit :	USD 320000
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 dealing 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

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 :	C-695 New Friends Colony, New Delhi – 110 065, India
Tel. No.:	91-11-26338005 / 26839374
Fax No.:	91-11-26839374
E-Mail :	pfeda@ndb.vsnl.net.in
Website :	http://www.pfeda.com
Area :	500 sq. ft.
Location :	Owned
Factory 1 :	W-7, Sector XI, Noida – 201 301, Uttar Pradesh, India
Tel. No.:	91-120-4080000
Fax No.:	91-120-2555522
Area :	1800 sq. ft.
Location :	Owned
Factory 2 :	W-15-16, Sector XI, Noida – 201 301, Uttar Pradesh, India
Tel. No.:	91-120-4080011
Fax No.:	91-1202555522
E-Mail :	pfeda@pfeda.com

DIRECTORS

AS ON 30.09.2011

Name :	Mr. Pradeep Ranjan Dass
Designation :	Chairman cum Managing Director
Address :	C-695 New Friends Colony, New Delhi-110 025, Delhi, India
Date of Birth/Age :	10.12.1953
Date of Appointment :	28.08.1984
DIN No.:	00174159

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	U74899DL1983PTC015676	PFEDA SYNTHETICS PRIVATE LIMITED	Managing director	28/08/1984	28/08/1984	Active	NO
2	U74899DL1986PTC023130	VAJRA ANCILLARIES PRIVATE LIMITED	Director	28/06/1991	28/06/1991	Amalgamated	NO
3	U29120DL2005PTC137951	BEDA FLOW SYSTEMS PRIVATE LIMITED	Director	23/06/2005	23/06/2005	Active	NO

Name :	Mrs. Usha Das
Designation :	Director
Address :	C-695 New Friends Colony, New Delhi-110 025, Delhi, India
Date of Birth/Age :	27.07.1958
Date of Appointment :	01.04.2009
DIN No.:	00174352

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	U74899DL1986PTC023130	VAJRA ANCILLARIES PRIVATE LIMITED	Director	21/01/1986	21/01/1986	Amalgamated	NO
2	U74899DL1983PTC015676	PFEDA SYNTHETICS PRIVATE LIMITED	Director	01/04/2009	01/04/2009	Active	NO

Name :	Mr. Harneet Singh Kochar
Designation :	Director
Address :	C- 18, Sector – 34, Gautam Nagar, , Noida -201 301, Uttar Pradesh, India
Date of Birth/Age :	07.06.1964
Date of Appointment :	11.03.1994
DIN No.:	00219708

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	U74899DL1986PTC023130	VAJRA ANCILLARIES PRIVATE LIMITED	Director	28/06/1991	28/06/1991	Amalgamated	NO
2	U74899DL1983PTC015676	PFEDA SYNTHETICS PRIVATE LIMITED	Director	11/03/1994	11/03/1994	Active	NO
3	U29120DL2005PTC137951	BEDA FLOW SYSTEMS PRIVATE LIMITED	Director	23/06/2005	23/06/2005	Active	NO

Name :	Mr. Chitta Ranjan Dass
Designation :	Director
Address :	C-695 New Friends Colony, New Delhi-110 025, Delhi, India
Date of Birth/Age :	27.12.1925
Date of Appointment :	06.05.1983
DIN No.:	00788446

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	U74899DL1983PTC015676	PFEDA SYNTHETICS PRIVATE LIMITED	Director	06/05/1983	06/05/1983	Active	NO
2	U74899DL1986PTC023130	VAJRA ANCILLARIES PRIVATE LIMITED	Director	14/06/1986	14/06/1986	Amalgamated	NO

Name :	Mr. Vinay Dube
Designation :	Director
Address :	August Lammle Weg – 3, 7316 – Koengen, Germany
Date of Birth/Age :	10.01.1942
Date of Appointment :	22.06.1991
DIN No.:	02490014

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	Date of cessation	Company/ LLP Status	Defaulting status
1	U74899DL1986PTC023130	VAJRA ANCILLARIES PRIVATE LIMITED	Director	14/06/1986	14/06/1986	-	Amalgamated	NO
2	U74899DL1988PTC033400	C.R. URETHANES PRIVATE LIMITED	Director	01/12/1988	01/12/1988	06/08/2010	Active	YES
3	U74899DL1983PTC015676	PFEDA SYNTHETICS PRIVATE LIMITED	Director	22/06/1991	22/06/1991	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
Pradeep Ranjan Das	250645
Harneet Singh Kochar	110010
Kalyan Bose	7500
Rita Bose	29250
Vinay Dube	184000
Usha Das	29730
Chitta Ranjan Das	278240
Rolf Pfeiffer	30000
Rajib Ranjan Das	4125
TOTAL	923500

AS ON 30.09.2011

Equity Shares Break Up	Percentage of Holding
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	3.24
Directors or relatives of Directors	96.76
TOTAL	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Automobile, Furniture and Others Components
Products :	Railway Ladders Wheel Mudguard Gear Knobs

PRODUCTION STATUS (AS ON : 31.03.2011)

Particulars	Unit	Actual Production
Auto Components (Repaired)	Nos.	66
Automobile Components	Nos.	583038
Furniture Components	Nos.	2432733
Other Items	Nos.	57785

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

• Kotak Mahindra Bank Limited, 15-16, UGF Ambadeep Building, Kasturba Gandhi Marg, New Delhi-110 001, Delhi, India

· Small Industries Development Bank of India, C-60, Sector-2, Noida-201301, Uttar Pradesh, India

Facilities :

Secured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
From Banks Secured by hypothecation of Vehicles and personally guaranteed by Managing Director of the company	3.007	2.603
Cash Credit from Kotak Mahindra Bank secured by hypothecation of Stock, Book Debts and other movable assets of the Company present and future, further secured by Equitable Mortgage of Land and Building situated at W-7, sector-XI, Noida and personally guaranteed by two Directors of the company	35.229	17.430
Term Loan from Small Industries Development Bank of India secured by hypothecation of 2 Nos. of Imported Plant and Machinery and personally guaranteed by Two Directors of the company	3.500	5.000
TOTAL	41.736	25.033
Unsecured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
From Directors – Interest Free	9.436	9.536
TOTAL	9.436	9.536

Banking Relations :	--
Auditors :
Name :	Sethi and Mehra Chartered Accountant
Address :	80, Darya Ganj, New Delhi-110002, India
Tel. No.:	91-124-23275798 / 23289030 / 41562503
PAN No.:	AACFS6836J
Enterprises over which Key Managerial Personnel or their relatives have control or significant influence :	Beda Flow Systems Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
1250000	Equity Shares	Rs.10/- each	Rs. 12.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
923500	Equity Shares	Rs.10/- each	Rs. 9.235 Millions

AS ON 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
1250000	Equity Shares	Rs.10/- each	Rs. 12.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1133500	Equity Shares	Rs.10/- each	Rs. 11.335 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		9.235	9.235	9.000
2] Share Application Money		0.000	0.000	1.175
3] Reserves & Surplus		71.962	61.199	42.019
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		81.197	70.434	52.194
LOAN FUNDS
1] Secured Loans		41.736	25.033	25.338
2] Unsecured Loans		9.436	9.536	9.536
TOTAL BORROWING		51.172	34.569	34.874
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
DEFERRED GRANT		1.279	1.902	2.526
TOTAL		133.648	106.905	89.594
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		75.591	52.822	48.810
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		1.381	1.022	1.113
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	29.858	15.326	17.267
	Sundry Debtors	91.242	80.130	60.873
	Cash & Bank Balances	0.390	0.070	1.620
	Other Current Assets	3.265	1.980	0.021
	Loans & Advances	23.782	22.232	21.410
Total Current Assets		148.537	119.738	101.191
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	52.014	32.759	30.086
	Other Current Liabilities	15.805	13.459	9.988
	Provisions	24.042	20.459	21.446
Total Current Liabilities		91.861	66.677	61.520
Net Current Assets		56.676	53.061	39.671
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		133.648	106.905	89.594

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	386.389	303.126	247.616
		Other Income	4.464	4.141	2.533
		TOTAL	390.853	307.267	250.149
Less	EXPENSES
		Office Expenses	372.523	279.518	236.255
		Administrative Expenses
		Advertising Expenses
		TOTAL	372.523	279.518	236.255
	PROFIT BEFORE TAX		18.330	27.749	13.894
Less	TAX		7.641	9.792	5.047
	PROFIT AFTER TAX		10.689	17.957	8.847
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	0.495	0.792	NA
	TOTAL EARNINGS		0.495	0.792	NA
	IMPORTS
		Raw Materials	70.237	42.988	45.285
		Tools & Spares	0.388	0.000	0.075
		Plant & Machinery	0.153	3.398	0.000
		Purchase (Trading Goods)	6.297	0.000	0.000
	TOTAL IMPORTS		77.075	46.386	45.360
	Earnings Per Share (Rs.)		11.65	19.93	9.83

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	2.73	5.84	3.54
Net Profit Margin (PBT/Sales)	(%)	4.74	9.15	5.61
Return on Total Assets (PBT/Total Assets}	(%)	8.13	15.99	9.19
Return on Investment (ROI) (PBT/Networth)		0.23	0.39	0.26
Debt Equity Ratio (Total Liability/Networth)		1.78	1.46	1.90
Current Ratio (Current Asset/Current Liability)		1.62	1.80	1.64

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 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	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
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

PERFORMANCE

The turnover of the company in the year ended 31^st March 2011 has increased to Rs. 386.389 Millions as compared to Rs. 303.126 millions during the year ended 31^st March 2010, However the Profit After Tax for the decreased in comparison to the previous year and was at Rs. 10.690 millions for Financial year ended 31^st March 2011 whereas it was Rs. 17.958 millions in the previous year. this decrease in the profits during the year, in spite of the increase in the turnover was caused due to certain additional expenses incurred in the set up of new avenues and some caused due to a fire breaking out in January 2011.

The company has started operations at Unit-III w.e.f. 24^th August, 2010. Part of the building Factory Shed was completed, the cost of which amounting to Rs. 6.051 Millions was transferred to Building account as per the architect certificate.

This apart a fire broke out on 6^th January, 2011 in one of the factories of the company at Noida resulting in destroying stocks of finished goods, semi-finished goods and certain fixed assets. The building damaged by the fire would also require necessary repairs. The company has lodged a claim with the insurance company but there has been no settlement till 30^th August, 2011.

FORM 8

Corporate identity number of the company	U74899DL1983PTC015676
Name of the company	PFEDA SYNTHETICS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	C-695 New Friends Colony, New Delhi – 110 065, India
This form is for	Modification of charge
Charge identification number of the charge to be modified	10116733
Type of charge	· Immovable property · Book debts · Movable property (not being pledge) · Others
Particular of charge holder	Kotak Mahindra Bank Limited, 15-16, UGF Ambadeep Building, Kasturba Gandhi Marg, New Delhi-110 001, Delhi, India
Nature of instrument creating charge	Supplemental Deed Of Hypothecation and Memorandum Of entry dated 03.10.2011
Date of instrument Creating the charge	03.10.2011
Amount secured by the charge	Rs. 97.500 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest As per sanction letter /such other rate as may be prescribed by the bank from time to time. Terms of repayment As per Sanction terms of the facilities sanctioned. Margin The Company shall maintain such margin as may be specified by the bank from time to time. Extent and operation of the charge As per Agreement.
Short particulars of the property charged (Including location of the property)	First and exclusive hypothecation charge on all existing and future current assets and movable fixed assets of the Borrower, other than those exclusively charged to other lenders. First and Exclusive charge on all that piece and parcel of the land bearing Plot No. 7 admeasuring 1800 square meters and situated in Block No. W, Sector No. 11, New Okhla Industrial Development Area, Noida
Date of instrument modifying the charge	13.06.2011
Particulars of the present modification	Enhanced facility of INR 97.500 Millions is secured by exclusive charge by way of Hypothecation on all existing and future Current and Movable Fixed Assets of the Borrower and exclusive charge by way of Equitable Mortgage on all that piece and parcel of land bearing plot No.7 admeasuring 1800 Square Meters and situated in Block No W, Sector 11, Noida.

FIXED ASSETS

· Land (Lease Hold)

· Land At Surajpur

· Building

· Furniture and Fixture

· Electric Fitting

· Electric Equipment

· Plant and Machinery

· Dies and Moulds

· Computer

· Generator

· Factory Equipment

· Office Equipment

· Air conditioner

· Safety Equipment

· Hand pump

· Weighing Scale

· Vehicles

· Intangible Assets

· Software

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No records exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

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

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

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

Charges or investigation registered against subject: None

7] Criminal Records

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

8] Affiliation with Government :

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

9] Compensation Package :

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

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

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

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

CONTRAVENTION

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs. 53.57
UK Pound	1	Rs. 86.60
Euro	1	Rs. 68.93

INFORMATION DETAILS

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	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		50

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.