MIRA INFORM REPORT

Report Date :

28.09.2012

IDENTIFICATION DETAILS

Name :	SANDORI CASTINGS PRIVATE LIMITED (w.e.f. 11.04.2008)
Formerly Known As :	QUALITECH CAST PRIVATE LIMITED
Registered Office :	Survey No. 188, Paikee, Plot No.1, Behind Gujarat Precision Limited, National Highway 8-B, Veraval (Shapar), Rajkot – 360 024, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	26.05.2004
Com. Reg. No.:	04-044197
Capital Investment / Paid-up Capital :	Rs. 5.920 millions
CIN No.: [Company Identification No.]	U27310GJ2004PTC044197
TAN No.: [Tax Deduction & Collection Account No.]	RKTQ00007A
PAN No.: [Permanent Account No.]	AAACQ1114C
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in processing of Investment Casting.
No. of Employees :	Not Available

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 91000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. It has recorded a better growth in its sales turnover and profits during 2011. Trade relations are reported as decent. Business is active. Payments are reported to be usually correct. The company can be considered normal for business dealings at usual trade terms and conditions.

NOTES :

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

ECGC Country Risk Classification List – 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/ Factory :	Survey No.188, Paikee, Plot No.1, Behind Gujarat Precision Limited, National Highway 8-B, Veraval (Shapar), Rajkot – 360 024, Gujarat, India
Tel. No.:	91-2827-253400 / 296104 / 05 91-281-2462988
Mobile No.:	91-9825219405 (Mr. Ketan Dhruv) 91-9825225409 (Mr. V. Kapadia)
Tele Fax No.:	91-2827-254394 / 254282 91-281-2462988
E-Mail :	sales@sandoricastings.com sales@sanjivanicasting.com ksdhruv@yahoo.com mfinava@yahoo.com
Website :	http://www.sanjivanicasting.com

DIRECTORS

As on 30.09.2011

Name :

Mr. Ketan Dhruv

Designation :

Managing Director

Address :

Jay Shree Chamunda Krupa, Raval Nagar, 150 ft Ring Road, Rajkot – 360 002, Gujarat, India

Date of Birth/Age :

03.12.1971

Date of Appointment :

28.05.2008

DIN No.:

00523120

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	U27310GJ2003PTC043119	SANJIVANI CASTING PRIVATE LIMITED	Director	28/10/2003	28/10/2003	-	Active	NO
2	U27310GJ2004PTC044197	SANDORI CASTINGS PRIVATE LIMITED	Managing director	28/05/2008	17/09/2007	-	Active	NO

Name :

Mr. Vinubhai Parbatbhai Kapadia

Designation :

Managing Director

Address :

Veraval Main Road, Opp.Old Swaminarayan Temple, Veraval (Shapar), Rajkot – 360 001, Gujarat, India

Date of Birth/Age :

01.08.1962

Date of Appointment :

17.09.2007

DIN No.:

01884606

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	U27310GJ2003PTC043119	SANJIVANI CASTING PRIVATE LIMITED	Director	28/10/2003	28/10/2003	-	Active	NO
2	U27310GJ2004PTC044197	SANDORI CASTINGS PRIVATE LIMITED	Director	17/09/2007	17/09/2007	-	Active	NO

Name :

Mr. Arunbhai Vallabbhai Sheladia

Designation :

Director

Address :

A-21, 2-Shantakunj Society, Near Deep Chamber, Manjalpur, Baroda – 390 007, Gujarat, India

Date of Birth/Age :

08.07.1965

Date of Appointment :

17.09.2007

DIN No.:

02172210

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	U27310GJ2004PTC044197	SANDORI CASTINGS PRIVATE LIMITED	Director	17/09/2007	17/09/2007	-	Active	NO
2	U29300GJ2008PTC054721	AFTROL VALVE PRIVATE LIMITED	Director	08/08/2008	08/08/2008	-	Active	NO

Name :

Mr. Vejabhai M. Bariya

Designation :

Director

Address :

88/7, Punit Nagar, Gondal Road, Rajkot – 360 001, Gujarat, India

Date of Birth/Age :

02.05.1962

Date of Appointment :

17.09.2007

DIN No.:

01892088

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	U27310GJ2003PTC043119	SANJIVANI CASTING PRIVATE LIMITED	Director	28/10/2003	28/10/2003	-	Active	NO
2	U27310GJ2004PTC044197	SANDORI CASTINGS PRIVATE LIMITED	Director	17/09/2007	17/09/2007	-	Active	NO

MAJOR SHAREHOLDERS

As on 30.09.2011

Names of Shareholders	No. of Shares
Sanjivani Casting Private Limited, India	436400
Arunbhai V. Sheladia	112600
Rajeshkumar Pasricha	61000
Total	610000

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	71.54
Directors or relatives of Directors	28.46
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged in processing of Investment Casting.
Products :	Investment Castings

PRODUCTION STATUS

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Articles of Investment Casting	Pcs.	NA	NA	309189

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Development Credit Bank Limited, 601 and 602, Peninsula Park, 6^th Floor, Tower A, Senapati Bapat Marg, Lower Parel, Mumbai – 400 013, Maharashtra, India

· HDFC Bank

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
HDFC Bank -Term Loan (A/c. No.3291486) HDFC Bank -Term Loan (A/c. No.80022505) HDFC Bank - C.C. (A/c.No.01012790001276) HDFC Bank - WCDL (A/c.No.01012790001283) HDFC Bank - WCDL (A/c.No.01012790001414) HDFC Bank -Term Loan (A/c. No.80163337) (Above Facilities is secured by Factory Land and Building and hypothecation over moveable assets of the company)	2.653 0.000 7.402 0.000 4.313 3.200	4.093 0.575 7.272 1.177 0.000 0.000
Total	17.568	13.117
Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
From Directors From Shareholders and Others	2.000 14.511	2.000 16.281
Total	16.511	18.281

Banking Relations :	--
Auditors :
Name :	Finava and Associates Chartered Accountants
Address :	34, IInd Floor, Star Shopping Center, 20, New Jagnath, Dr. Yagnik Road, Rajkot – 360 001, Gujarat, India
PAN No.:	AACPF2967P
Holding Company :	· Sanjivani Casting Private Limited, India [CIN No.: U27310GJ2003PTC043119]
Enterprises owned / managed by Key Management Personnel :	· Vortex Systems · Shree Ram Engineers · Aftrol Valves Private Limited, India
Other Related Parties with whom the Company had Transactions :	· Vinubhai P. Kapadiya – HUF · Ketanbhai S. Dhruv – HUF · Samarpan Engineers · Sagar Industries

CAPITAL STRUCTURE

As on 30.09.2011

Authorized Capital:

No. of Shares	Type	Value	Amount
750000	Equity Shares	Rs. 10/- each	Rs. 7.500 millions

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
610000	Equity Shares	Rs. 10/- each	Rs. 6.100 millions

As on 31.03.2011

Authorized Capital:

No. of Shares	Type	Value	Amount
750000	Equity Shares	Rs. 10/- each	Rs. 7.500 millions

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
592000	Equity Shares	Rs. 10/- each	Rs. 5.920 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		5.920	5.920	5.920
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		17.014	8.749	5.448
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		22.934	14.669	11.368
LOAN FUNDS
1] Secured Loans		17.568	13.116	18.881
2] Unsecured Loans		16.511	18.281	18.481
TOTAL BORROWING		34.079	31.397	37.362
DEFERRED TAX LIABILITIES		2.411	1.914	1.496
TOTAL		59.424	47.980	50.226
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		31.065	29.641	18.650
Capital work-in-progress		0.000	0.000	5.011
INVESTMENT		0.000	0.412	0.037
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	10.177	9.753	9.691
	Sundry Debtors	49.883	32.897	17.345
	Cash & Bank Balances	3.162	0.547	2.595
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	12.659	7.872	7.421
Total Current Assets		75.881	51.069	37.052
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	44.756	31.968	9.041
	Other Current Liabilities	0.451	0.224	0.432
	Provisions	2.315	0.950	1.092
Total Current Liabilities		47.522	33.142	10.565
Net Current Assets		28.359	17.927	26.487
MISCELLANEOUS EXPENSES		0.000	0.000	0.041
TOTAL		59.424	47.980	50.226

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	133.956	78.547	98.401
		Other Income	5.808	0.985	0.090
		TOTAL (A)	139.764	79.532	98.491
Less	EXPENSES
		Cost of Production	117.864	66.818	83.340
		Selling and Administrative Expenses	6.521	4.857	5.483
		TOTAL (B)	124.385	71.675	88.823
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		15.379	7.857	9.668
Less	FINANCIAL EXPENSES (D)		2.786	2.092	2.386
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		12.593	5.765	7.282
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.515	1.097	0.883
	PROFIT BEFORE TAX (E-F) (G)		11.078	4.668	6.399
Less	TAX (H)		2.812	1.368	2.224
	PROFIT AFTER TAX (G-H) (I)		8.266	3.300	4.175
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		8.571	5.271	1.111
Less	Shortfall in Provision of Income Tax for earlier years		0.000	0.000	0.015
	BALANCE CARRIED TO THE B/S		16.837	8.571	5.271
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	27.476	12.781	29.227
	TOTAL EARNINGS		27.476	12.781	29.227
	IMPORT VALUE		NA	NA	2.368
	Earnings Per Share (Rs.)		13.96	5.58	7.05

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	5.90	4.15	4.24
Net Profit Margin (PBT/Sales)	(%)	8.26	5.94	6.50
Return on Total Assets (PBT/Total Assets}	(%)	10.35	5.78	11.49
Return on Investment (ROI) (PBT/Networth)		0.48	0.32	0.56
Debt Equity Ratio (Total Liability/Networth)		3.55	4.40	4.22
Current Ratio (Current Asset/Current Liability)		1.59	1.54	3.51

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)	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	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

Note:

Registered office of the company has been shifted from 188 Paikee Plot No. 1, Behind Gujarat precision Limited, National Highway 8 – B, Veraval Shapar, Rajkot – 360 024, Gujarat, India to the present office address w.e.f. 28.04.2008

FUTURE OUTLOOKS & PROSPECTS

After providing for depreciation, the net profit of the Company for the year is Rs. 11.077 Millions (Before Tax) as compared to Rs. 4.668 Millions (Before Tax) in the previous year. This year the turnover of the Company has increased from Rs. 78.547 Millions of the previous year to Rs. 133.956 Millions in the current year. The main reason behind the Company’s brilliant results has been the sharp increase in the export sales reported by the Company. The export figures of the Company have ballooned despite of the fact that during the year, Rupee marginally strengthened its position against Euro in the international markets. The Company has been able to build a regular demand in European markets mainly in countries of Spain, Italy and Netherland. The Company has been able to penetrate into competitive foreign markets because of the world class quality control and designing mechanism set-up by the Company in the previous year. This has helped the Company produce a high quality of products which are not only accepted in the domestic markets but also satisfy the requirements of international customers. The Company continues to examine the growth opportunities in the domestic and international markets. The future outlook and prospects of the Company are very bright and positive.

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U27310GJ2004PTC044197
Name of the company	SANDORI CASTINGS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	188 Paikee Plot No 1, B/H Gujarat Precision Ltd, National Highway 8-B, Veraval Shapar, Rajkot – 360024, Gujarat, India e-mail: mfinava@yahoo.com
This form is for	Creation of charge
Type of charge	Book Debts Movable Property Floating Charge Stock In Trade (Both Present and Future)
Particular of charge holder	Development Credit Bank Limited, 601 and 602, Peninsula Park, 6^th Floor, Tower A, Senapati Bapat Marg, Lower Parel, Mumbai – 400 013, Maharashtra, India e-mail: rakeshkumar.kothiya@dcbbank.com
Nature of description of the instrument creating or modifying the charge	Deed of Hypothecation executed between the Company and Bank as on 26th July, 2012 for granting Dropdown Easy Business Overdraft Facility and Term Loan Facilities.
Date of instrument Creating the charge	26.07.2012
Amount secured by the charge	Rs. 30.000 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Dropdown Easy Business Overdraft: Base Rate + 2.00% p.a. i.e.12.50% p.a. (BR - 10.50%) Term Loan I: Base Rate + 2.00% p.a. i.e.12.50% p.a. (BR - 10.50%) Term Loan I: Base Rate + 2.00% p.a. i.e12.50% p.a. (BR-10.50%) Terms of Repayment Dropdown Easy Business Overdraft : On Demand Term Loan I: 15 Equated Monthly Installments of Rs. 153323/-. Term Loan II: 9 Equated Monthly Installments of Rs. 159207/-. Margin Dropdown Easy Business Overdraft: 50% on Present Market Value. Extent and Operation of the charge Hypothecation on Company's Stocks, Book Debts, Plant and Machinery, Other Movable Properties by securing properties mentioned in Column No.15 below for the repayment of Rs.30.000 Millions [Comprising: Dropdown Easy Business Overdraft Facility Limit Rs.26.520 Millions and Term Loan I of Rs. 2.119 Millions, Term Loan II of Rs. 1.361 Millions] together with interest, costs, charges, expenses and other moneys due and payable by the Company to the Bank.
Short particulars of the property charged	The Whole of the Movable Properties of the Borrower including Movable Plant and Machinery, Machinery Spares, Tools and accessories, Furniture's and fixtures, Stock in Trade, Finished Goods, Goods in Progress, Raw Material, Book Debts, and Other Movables both Present and future whether installed or not at the Borrower's Premises, Factories or Godown.

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Dies and Tools

· Electrification

· Computers and Modiles

· Furniture and Fixtures

· Vehicles

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

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.53.26
UK Pound	1	Rs.86.23
Euro	1	Rs.68.64

INFORMATION DETAILS

Report Prepared by :

NID

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--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	YES
--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
	NB	New Business	-

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.