MIRA INFORM REPORT

Report Date :

01.04.2013

IDENTIFICATION DETAILS

Name :	BEICO INDUSTRIES PRIVATE LIMITED (w.e.f. 26.03.2008)
Formerly Known As :	BEICO INDUSTRIES LIMITED
Registered Office :	04-01/02, Kewal Industrial Estate, Senapati Bapat Marg, Lower Parel, Mumbai – 400013, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	16.01.1980
Com. Reg. No.:	11-022112
Capital Investment / Paid-up Capital :	Rs.50.000 Millions
CIN No.: [Company Identification No.]	U31100MH1980PTC022112
TAN No.: [Tax Deduction & Collection Account No.]	MUMB11215B
PAN No.: [Permanent Account No.]	AAACB0467B
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Electrical Insulating Paper, Enamelled Copper Wires, Commutators, Varnishes and Resins.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

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

Maximum Credit Limit :	USD 780000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. There appears slight dip in the profitability during the current year. However, general financial position of the company seems to be good. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct and as per commitment. The company can be considered for normal 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

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 :	04-01/02, Kewal Industrial Estate, Senapati Bapat Marg, Lower Parel, Mumbai – 400013, Maharashtra, India
Tel. No.:	91-22-24938675
Fax No.:	91-22-24938685
E-Mail :	accounts@beicoindustries.com info@beicoindustries.com
Website :	www.beicoindustries.com
Factory :	B-62/2, MIDC, Additional Industrial Area, Ambad, Nasik – 422010, Maharashtra, India

DIRECTORS

As on 25.09.2012

Name :

Mr. Nikhil Manordas Sanghvi

Designation :

Managing Director

Address :

39, Bharti Manikrao, Lotlikar Marg, Mumbai – 400019, Maharashtra, India

Date of Birth/Age :

09.03.1953

Qualification :

Graduate

Date of Appointment :

01.10.2010

Pan No. :

AAEPS4447B

DIN No.:

00381861

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	U31100MH1980PTC022112	BEICO INDUSTRIES Private LIMITED	Managing director	01-10-10	16-01-80	08-03-13	Active	NO
2	U65990MH1980PTC022704	BEICO INVESTMENTS PRIVATE LIMITED	Director	10-06-80	10-06-80	-	Active	NO
3	U31300MH1973GAP016998	WINDING WIRES MANUFACTURERS ASSOCIATION OF INDIA	Director	29-09-04	29-09-04	-	Active	NO

Name :

Mrs. Divya Nikhil Sanghvi

Designation :

Director

Address :

39, Bharti Manikrao, Lotlikar Marg, Mumbai – 400019, Maharashtra, India

Date of Birth/Age :

21.11.1958

Qualification :

Graduate

Date of Appointment :

23.03.1992

Pan No. :

AAEPS4448Q

DIN No.:

00381911

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	U65990MH1980PTC022704	BEICO INVESTMENTS PRIVATE LIMITED	Director	10-11-80	10-11-80	-	Active	NO
2	U31100MH1980PTC022112	BEICO INDUSTRIES Private LIMITED	Director	23-03-92	23-03-92	-	Active	NO

Name :

Mr. Dolar Ratilal Koya

Designation :

Director

Address :

45, Tomlin Circle, Burr Ridge, IL – 60521, USA

Date of Birth/Age :

08.10.1936

Qualification :

M.D.

Date of Appointment :

29.09.1997

DIN No.:

01101086

Name :

Mr. Suhrid Nikhil Sanghvi

Designation :

Director

Address :

39/8, Bharati, Sewri Wadala Road, 14A, Kings Circle, Matunga, Mumbai-400019, Maharashtra, India

Date of Birth/Age :

12.07.1982

Qualification :

B.E.

Date of Appointment :

01.11.2009

Pan No. :

AMMPS5950P

DIN No.:

02811632

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 25.09.2012

Names of Shareholders	No. of Shares
Nikhil Sanghvi	976869
Divya Sanghvi	901310
Nikhil Sanghvi, Karta of NMS HUF	469608
Suhrid Sanghvi	712033
Mansi Sanghvi	666
Michelle Sanghvi	468847
Beico Investments Private Limited, India	719367
Pankaj Parekh	1333
Natvarlal Vora	1000
Parag Vora	2084
Janak Vora	1667
Madhusudan M Vora	2084
Devang Vora	1667
Mayank Shah	625
Mukesh K Shah	1674
Ilupa M Shah	1250
Mukesh K Shah	3350
Nalini Mogul	2671
Jayant Sanghvi	6676
Kiran Sanghvi	3339
Rasikla Sanghvi	6676
Bhanu S Desai	2500
Anant P Kamerkar	5024
Manish Bajaj	2234
Ishita Gandhi	434
Tushar Gandhi	434
Anil Gandhi	347
Biren Vora	8884
Rekha Mehta	2000
Rekha Mehta	2000
Bhanoo Desai	2000
Natubhai Parekh	2227
Dolly Lazar	133
Deepak Dodhiwala	2000
Ashok Khadapkar	300
Shankarnand Pathak	400
Dilip Shelar	334
Shantaram Lohar	334
Vilas Ekhande	125
Balasaheb Kurkute	166
Nila Chandarana	445078
Dolar Koya	111278
Dolar Koya	111278
Sachin Mehta	4019
Rajnikant Sanghvi	1000
Mehul Sanghvi	2000
Bharat Sanghvi	1000
Arun Sanghvi	1000
Jayshree Sanghvi	4000
Neil Sanghvi	1000
Jayant Dangaria	1675
Total	5000000

As on 25.09.2012

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	13.63
Bodies corporate	14.39
Directors or relatives of Directors	70.67
Other top fifty shareholders	1.31
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Electrical Insulating Paper, Enamelled Copper Wires, Commutators, Varnishes and Resins.

Products :

Product Description	Item Code
Electrical Insulating Material	8546.9
Electrical Insulating Paper	4811.9
Enameled Copper Wire	8544.9

PRODUCTION STATUS (As on: 31.03.2011)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Electrical Grade Insulating Paper Composites	MT	NA	1500	561.932
Enameled Copper Wire	MT	NA	2000	490.633
Wire Drawing and Enamelling Machine	Nos.	100	20	1*

Note: *Includes for Capitalisation

GENERAL INFORMATION

No. of Employees :

Not available

Bankers :

· ICICI Bank Limited, Landmark Race Cource Circle, Alkapuri, Baroda-390015, Gujarat, India

· Citi Bank N.A., Trent House, 2nd Floor, G Block, Plot No.C60, Bandra Kurla Complex, Bandra (East), Mumbai - 400051, Maharashtra, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
Long-term borrowings
Loans taken for vehicles	4.912	8.032
Rupee term loans from banks Terms of Repayment : Quarterly Instalments, Prevailing Interest Rate p.a. 10.85%	0.000	7.500
Short-term borrowings
Rupee term loans from banks Terms of Repayment : Quarterly Instalments, Prevailing Interest Rate p.a. 10.85%	1.500	8.000
Working capital loans from banks Working Capital Loans from Banks are secured by hypothecation of stocks, book debts and other movable assets & equitable mortgage of factory land and building located at Nashik & Silvassa and personal guarantee of the Managing Director of the Company.	81.140	58.945
Loans taken for fixed assets Vehicle Loans are secured by hypothecation of vehicles against which loans have been taken.	0.189	0.527
Total	87.741	83.004

Banking Relations :	--
Auditors :
Name :	Gunderia and Company Chartered Accountants
Address :	1011, Stock Exchange Tower, Dalal Street, Fort, Mumbai-400001, Maharashtra, India
Tel. No.:	91-22-66335350
PAN.:	AAAFG2905L
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	· Beico Investments Private Limited CIN No. U65990MH1980PTC022704

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Share	Rs.10/- each	Rs.100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Share	Rs.10/- each	Rs.50.000 Millions

Disclosure of shareholding more than five per cent in company

Name of shareholder	Number of shares held in company	Percentage of shareholding in company
Nikhil M. Sanghvi	9,76,869	20.00%
Divya N. Sanghvi	9,01,310	18.00%
Nikhil M. Sanghvi HUF	4,69,608	9.00%
Suhrid N. Sanghvi	7,12,033	14.00%
Michelle N. Sanghvi	4,68,847	9.00%
Beico Investments Private Limited	7,19,367	14.00%

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		50.000	50.000	50.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		146.324	135.308	102.190
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		196.324	185.308	152.190
LOAN FUNDS
1] Secured Loans		87.741	83.004	83.406
2] Unsecured Loans		124.918	74.738	76.595
TOTAL BORROWING		212.659	157.742	160.001
DEFERRED TAX LIABILITIES		11.568	11.544	12.417
TOTAL		420.551	354.594	324.608
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		178.721	170.803	195.020
Capital work-in-progress		35.262	4.157	5.872
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	150.809	119.020	75.877
	Sundry Debtors	98.712	107.285	86.484
	Cash & Bank Balances	7.954	7.322	4.892
	Other Current Assets	1.737	11.755	0.000
	Loans & Advances	34.147	34.934	35.267
Total Current Assets		293.359	280.316	202.520
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	48.290	55.766	38.957
	Other Current Liabilities	24.885	15.310	10.343
	Provisions	13.616	29.606	29.504
Total Current Liabilities		86.791	100.682	78.804
Net Current Assets		206.568	179.634	123.716
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		420.551	354.594	324.608

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	669.900	683.420	578.670
		Other Income	NA	14.310	3.180
		TOTAL (A)	NA	697.730	581.850
Less	EXPENSES
		Office Expenses
		Administrative Expenses	NA	576.330	483.350
		Advertising Expenses
		TOTAL (B)	NA	576.330	483.350
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		75.340	121.400	98.500
Less	FINANCIAL EXPENSES (D)		16.510	14.770	17.350
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		28.830	106.630	81.150
Less/ Add	DEPRECIATION/ AMORTISATION (F)		24.850	24.290	26.250
	PROFIT BEFORE TAX (E-F) (G)		33.980	82.340	54.900
Less	TAX (H)		11.220	25.950	19.270
	PROFIT AFTER TAX (G-H) (I)		22.760	56.390	35.630
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		80.260	52.650	43.900
Less/ Add	EXCESS / SHORT PROVISION FOR TAX FOR EARLIER YEARS		0.000	0.100	0.000
Less	APPROPRIATIONS
		Transfer to General Reserve	2.280	5.640	2.560
		Dividend	1.620	3.240	3.320
		Tax on Dividend	10.000	20.000	20.000
	BALANCE CARRIED TO THE B/S		89.120	80.260	52.650
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	10.030	11.290	10.440
	TOTAL EARNINGS		10.030	11.290	10.440
	IMPORTS
		Raw Materials	154.770	154.159	110.766
		Packing Material / Stores and Spares		2.076	0.000
	TOTAL IMPORTS		154.770	156.235	110.766
	Earnings Per Share (Rs.)		4.55	11.28	7.13

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	NA	0.08	6.12
Net Profit Margin (PBT/Sales)	(%)	5.07	12.05	9.49
Return on Total Assets (PBT/Total Assets}	(%)	7.20	18.25	13.81
Return on Investment (ROI) (PBT/Networth)		0.17	0.44	0.36
Debt Equity Ratio (Total Debt /Networth)		1.08	0.85	1.05
Current Ratio (Current Asset/Current Liability)		3.38	2.78	2.57

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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

REVIEW OF OPERATIONS:

Business Highlights

Gross Revenues of the Insulation Division rose by about 1% to Rs.401.000 Millions from Rs.396.000 Millions in the previous year.

Due to fall in domestic demand, Sales of Enamelled Copper wires fell by 16% in Volume terms (from 472.3 MT to 398.9 MT) and in Value by 8% from Rs.277.900 Millions to Rs. 254.500 Millions.

Overall this resulted in the Company ending the year with Total Gross Revenues lower by about 2% to Rs. 670.000 Millions from Rs. 683.000 Millions in the previous year.

CURRENT YEAR'S OUTLOOK:

Gross Revenues in the first five months of the current year were higher by about 8 % as compared to the previous year (Rs.293.000 Millions as against Rs.272.000 Millions in the previous year). This trend is not likely to continue because of effect of global recession on Indian Economy.

This financial year we are fine tuning our internal systems and processes.

Additionally Subject will migrate to SAP completely. We have defined and automated process for payments to vendors and inching towards a paper less office.

Insulation Division has added a value addition process to server the customers a highly customised service for the use of their insulation material needs. The addition of Kit department has come in the right time where we have a tool for deeper penetration of customised products space.

Wire division has added capacity and range to produce wire for motor and transformer industry. We have commissioned the new Vertical Wire Enamelling plant which will enable us to reach out to a wider base of consumers of wire. Process of getting our wire approved with potential customers is underway. The global recession is a proving a challenge to develop new customers.

Machine Division has developed new-technology badged XL advanced machines to reduce manufacturing costs and increase efficiency in manufacturing processes. Marketing the new line of developed machines which carry the XL badge which have very high energy efficiency and throughput will be an additional source of revenue to the Company. We have tested the prototype in the existing older machines and have got enlightening results. This has sparked a new wave of thought and direction for the machine division.

UNSECURED LOAN

Rs. In Millions

Particular	As on 31.03.2012	As on 31.03.2011
Long-term borrowings
Intercorporate borrowings	16.844	9.916
Loans and advances from directors	57.961	23.689
Loans and advances from others Terms of Repayment: Monthly Instalments, Prevailing Interest Rate p.a. 8.97%	40.181	31.201
Other loans and advances	9.932	9.932
Total	124.918	74.738

Fixed Assets:

• Freehold Land
• Leasehold Land
• Building
• Flat
• Plant and Machinery
• Intangible Asset
• Furniture and Fixtures
• Computers
• Motor Cars

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.54.39
UK Pound	1	Rs.82.32
Euro	1	Rs.69.54

INFORMATION DETAILS

Report Prepared by :

NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		44

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.