MIRA INFORM REPORT

Report Date :

17.04.2013

IDENTIFICATION DETAILS

Name :	FINE SPAVY ASSOCIATES AND ENGINEERS PRIVATE LIMITED
Registered Office :	C-45/2, MIDC Area, Miraj-416 410, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	30.06.1984
Com. Reg. No.:	11-33333
Capital Investment / Paid-up Capital :	Rs.4.000 Millions
CIN No.: [Company Identification No.]	U33129MH1984PTC033333
IEC No.:	0388175907
TAN No.: [Tax Deduction & Collection Account No.]	KLPF00099B
PAN No.: [Permanent Account No.]	AAAFF32891
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Material Testing Machine.
No. of Employees :	35 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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

Maximum Credit Limit :	USD 76000
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 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.

INFORMATION PARTED BY

Name :	Ms. Arti
Designation :	Account Department
Contact No.:	91-233-2644332
Date :	08.04.2013

LOCATIONS

Registered Office/ Factory :	C-45/2, MIDC Area, Miraj-416410, Maharashtra, India
Tel. No.:	91-233-2644332 / 2644532 / 2644832
Mobile No.:	91-9850507360 (Mr. Yunus)
Fax No.:	91-233-2644334
E-Mail :	san_finetest@sancharnet.in jitu_160372@yahoo.com response@finegrouptest.com sales@finegrouptest.com services@finegrouptest.com purchase@finegrouptest.com mailbox@finegrouptest.com
Website :	http://www.finegrouptest.com
Area :	3000 sq. ft.
Location :	Owned

DIRECTORS

AS ON 29.09.2012

Name :

Mrs. Arti Anant Deshpande

Designation :

Director

Address :

Gurukripa, Lokmanya Housing Society, Pandharpur Road, Miraj – 416 410, Maharashtra, India

Date of Birth/Age :

15.06.1947

Qualification :

01.04.2008

DIN No.:

00368033

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U31909PN2000PTC015032	OPTO-FINE INSTRUMENTS PRIVATE LIMITED	Director	23-06-00	23-06-00	Active	NO
2	U31200PN1987PTC044159	FASNE TEST EQUIPMENT PVT LTD	Director	01-04-08	01-04-08	Active	NO
3	U33129MH1984PTC033333	FINE SPAVY ASSOCIATES AND ENGINEERS PRIVATE LIMITED	Director	01-04-08	01-04-08	Active	NO

Name :

Mr. Kedar Shankar Joshi

Designation :

Director

Address :

Atharva, Plot No. 1, Hudco Colony, Near Laxmi Temple, Sangli – 416 416, Maharashtra, India

Date of Birth/Age :

29.06.1977

Date of Appointment :

08.12.2000

DIN No.:

00113436

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U33129MH1984PTC033333	FINE SPAVY ASSOCIATES AND ENGINEERS PRIVATE LIMITED	Director	07-06-00	07-06-00	Active	NO
2	U31909PN2000PTC015032	OPTO-FINE INSTRUMENTS PRIVATE LIMITED	Director	23-06-00	23-06-00	Active	NO

Name :

Mr. Yeshwant Vasudev Kulkarni

Designation :

Director

Address :

Mrunmai, Akuj Nagar, Kupwad Road, Sangli – 416 425, Maharashtra, India

Date of Birth/Age :

20.09.1948

Date of Appointment :

01.04.2006

DIN No.:

00113546

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U31200PN1987PTC044159	FASNE TEST EQUIPMENT PRIVATE LIMITED	Director	23-07-87	23-07-87	Active	NO
2	U33123MH1987PTC042552	BALANCING INSTRUMENTS AND EQUIPMENTS (MIRAJ) PRIVATE LIMITED	Whole-time director	08-12-00	08-12-00	Active	NO
3	U33129MH1984PTC033333	FINE SPAVY ASSOCIATES AND ENGINEERS PRIVATE LIMITED	Director	01-04-06	01-04-06	Active	NO
4	U29299PN2004PTC019823	META-TEST INSTRUMENTS PRIVATE LIMITED	Director	01-04-08	01-04-08	Active	NO

Name :

Mrs. Anita Shankar Joshi

Designation :

Director

Address :

Atharva, Plot No. 1, Hudco Colony, Near Laxmi Temple, Sangli – 416 416, Maharashtra, India

Date of Birth/Age :

15.03.1949

Date of Appointment :

01.04.2008

DIN No.:

02114051

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U33129MH1984PTC033333	FINE SPAVY ASSOCIATES AND ENGINEERS PRIVATE LIMITED	Director	01-04-08	01-04-08	Active	NO
2	U31200PN1987PTC044159	FASNE TEST EQUIPMENT PRIVATE LIMITED	Director	01-04-08	01-04-08	Active	NO
3	U31909PN2000PTC015032	OPTO-FINE INSTRUMENTS PRIVATE LIMITED	Director	01-04-08	01-04-08	Active	NO

Name :

Mr. Rahul Anant Deshpande

Designation :

Additional Director

Address :

Lokmanya Colony, Miraj, Miraj – 416410, Maharashtra, India

Date of Birth/Age :

15.06.1947

Date of Appointment :

16.10.2009

DIN No.:

00435947

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U29299PN2004PTC019823	META-TEST INSTRUMENTS PRIVATE LIMITED	Director	06-10-04	06-10-04	Active	NO
2	U31909PN2000PTC015032	OPTO-FINE INSTRUMENTS PRIVATE LIMITED	Director	01-04-08	01-04-08	Active	NO
3	U33129MH1984PTC033333	FINE SPAVY ASSOCIATES AND ENGINEERS PRIVATE LIMITED	Director	16-10-09	29-05-09	Active	NO
4	U31200PN1987PTC044159	FASNE TEST EQUIPMENT PVT LTD	Director	16-10-09	16-10-09	Active	NO

Name :

Mrs. Yogini Yeshwant Kulkarni

Designation :

Director

Address :

Mrunmai, Akuj Nagar, Kupwad Road, Sangli – 416 425, Maharashtra, India

Date of Birth/Age :

09.07.1953

Date of Appointment :

01.04.2008

DIN No.:

02206437

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U29299PN2004PTC019823	META-TEST INSTRUMENTS PRIVATE LIMITED	Director	06-10-04	06-10-04	Active	NO
2	U33129MH1984PTC033333	FINE SPAVY ASSOCIATES AND ENGINEERS PRIVATE LIMITED	Director	01-04-08	01-04-08	Active	NO
3	U31200PN1987PTC044159	FASNE TEST EQUIPMENT PVT LTD	Director	01-04-08	01-04-08	Active	NO
4	U31909PN2000PTC015032	OPTO-FINE INSTRUMENTS PRIVATE LIMITED	Director	01-04-08	01-04-08	Active	NO

KEY EXECUTIVES

Name :	Ms. Aarti
Designation :	Account Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2012

Names of Shareholders	No. of Shares
Badkundri Govind Prakash	436
Deshpande Anant Arti	444
Joshi Ramkrishna Shankar	1850
Kulkarni Vasudev Yeshwant	5096
Joshi Shankar Anita	2133
Kulkarni Yeshwant Yogini	3591
Joshi Ramkrishna Shankar	2977
Kulkarni Yeshwant Shardul	3103
Joshi Shankar Kedar	3040
Joshi Ramkrishna Shankar	2697
Joshi Kedar Archna	636
Kulkarni Yashwant Shardul	933
Deshpande Rahul Uttara	500
Kulkarni Yeshwant Yogini	610
Deshpande Anant Arti	8982
Deshpande Anant Arti	1109
Deshpande Anant Rahul	889
Deshpande Anant Rahul	974
TOTAL	40000

AS ON 29.09.2012

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Material Testing Machine.

Products :

• Leaf Spring Testing Machine
• Tensile Testing Machines
• Dynamic Hardness Tester
• Universal Testing Machine
• Analogue Tensile Testing Machine
• Digital Rockwell Hardness Tester
• Hardness Testing Machine
• Analogue cum Computerized Universal Testing
• Chain Testing Machine
• Rockwell Hardness Tester
• Dynamic Balancing Machines
• Vickers Hardness Testing Machine
• Material Testing Machine
• Brinell Hardness Testers
• Micro Vickers Hardness Tester
• ASTM Impact Testing Machines
• Vertical Dynamic Hardness Testers
• Computerisd Universal Testing Machine
• Surgical Microscopes
• Portable Hardness Testers

PRODUCT DESCRIPTION	ITEM CODE
Universal Testing machines, Tensile Other Bridge Type Machine	Nil

Exports :

Products :

Finished Goods

Countries :

· South America

· Gulf Countries

Imports :

Products :

Raw Materials

Countries :

· China

· USA

· Japan

Terms :

L/C / Cash and Credit [30 and 60 Days]

Selling :

L/C / Cash and Credit [30 and 60 Days]

Purchasing :

GENERAL INFORMATION

Suppliers :

· Fortune Foundries Private Limited

· Marc Enterprises

Customers :

Wholesalers, Retailers and End Users

No. of Employees :

35 (Approximately)

Bankers :

• Bank of Baroda, Sangli Branch, 39 Vakhar Bhag, High School Road, Sangli, Maharashtra, India
• HDFC Bank, Branch Sangli, Maharashtra, India
• HDFC Bank, Branch Miraj, Maharashtra, India
• ICICI Bank
• The Sangli Bank Limited
• Central Bank of India

Facilities :

Secured Loan	As on 31.03.2012 [Rs. in Millions]	As on 31.03.2011 [Rs. in Millions]
From Repayable on Demand From Banks	4.127	2.470
TOTAL	4.127	2.470

Banking Relations :	--
Auditors :
Name :	A V Manavi and Company Chartered Accountant
Address :	Ashirwad, 294, R K Extension, Sangli-416410, Maharashtra, India
PAN No:	ABLPM0075D

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
40000	Equity Shares	Rs.100/- each	Rs.4.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
40000	Equity Shares	Rs.100/- each	Rs.4.000 Millions

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		4.000	4.000	4.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		15.045	11.901	9.122
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		19.045	15.901	13.122
LOAN FUNDS
1] Secured Loans		4.127	2.470	5.361
2] Unsecured Loans		5.612	5.679	3.946
TOTAL BORROWING		9.739	8.149	9.307
DEFERRED TAX LIABILITIES		0.212	0.242	0.565
TOTAL		28.996	24.292	22.994
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		6.625	6.419	5.524
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		2.201	2.006	0.083
DEFERREX TAX ASSETS		0.000	0.000	0.001
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	17.010	12.651	7.939
	Sundry Debtors	11.293	7.854	5.825
	Cash & Bank Balances	0.512	0.489	8.622
	Other Current Assets	2.898	2.901	0.000
	Loans & Advances	0.744	0.535	2.938
Total Current Assets		32.457	24.430	25.324
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	3.139	0.698	2.478
	Other Current Liabilities	6.224	4.778	3.178
	Provisions	2.924	3.087	2.282
Total Current Liabilities		12.287	8.563	7.938
Net Current Assets		20.170	15.867	17.386
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		28.996	24.292	22.994

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Sales (Exports + Indigenous)	89.455	89.310	58.112
		Other Income	NA	NA	NA
		TOTAL (A)	NA	NA	NA
Less	EXPENSES
		TOTAL (B)	NA	NA	NA
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		10.184	8.760	7.376
Less	FINANCIAL EXPENSES (D)		0.618	0.480	0.344
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		9.566	8.280	7.032
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.619	1.482	1.020
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		7.947	6.798	6.012
Less	TAX (H)		2.522	2.162	1.864
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		5.425	4.636	4.148
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	7.354	13.657	11.813
	Earnings / (Loss) Per Share (Rs.)		135.63	115.90	103.70

Expected Sales (2012-13) : Rs.89.300 Millions. [Due to market fluctuation]

The above information has been parted by Ms. Arti.

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
Net Profit Margin (PBT/Sales)	(%)	8.88	7.61	10.35
Return on Total Assets (PBT/Total Assets}	(%)	20.33	22.04	19.49
Return on Investment (ROI) (PBT/Networth)		0.42	0.43	0.46
Debt Equity Ratio (Total Debt/Networth)		0.51	0.51	0.71
Current Ratio (Current Asset/Current Liability)		2.64	2.85	3.19

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	Yes
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%	Yes
14]	Estimation for coming financial year	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	Yes
18]	Major customers	No
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]	PAN of Proprietor/Partner/Director, if available	No
32]	Date of Birth 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

Unsecured Loan	As on 31.03.2012 [Rs. in Millions]	As on 31.03.2011 [Rs. in Millions]
Loans and advances from related parties	3.075	3.075
Other loans and advances	2.537	2.604
TOTAL	5.612	5.679

RESULTS OF OPERATION:

Indigenous Sales of the company for the period were increased to Rs.82.101 Millions from Rs.71.774 Millions showing increase in the Indigenous sales. Company’s Export sales were decreased to Rs.7.354 Millions from Rs. 17.536 Millions. Company’s aggregate sales shows increasing trend. Companies’ profit after tax is Rs.5.425 Millions as compared to previous year figure of Rs. 4.636 Millions showing increasing trend.

Due to improvement in market condition there is increase in aggregate turnover of the company as compared to previous financial year, as a result there is improvement in profit of company showing increase in overall performance of the company.

As a result of constant and concerted efforts of the directors to explore export market for the company’s products, the company is receiving lot of enquiries from overseas market.

It is a matter of pride for the company that with the motto of maintaining good quality of company’s product and prompt services, the company has established goodwill in the overseas market.

FIXED ASSETS:

· Factory Land

· Factory Building

· Office Building

· Plant and Machinery

· Electrical Fitting and Instrument

· Office Vehicles

· Furniture and Dead Stock

· Library Books

· Cycle / Car Stand

· Air Conditioner

· Computer

· Jigs and Pattern

· Tools and Installation

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

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

2] Court Declaration :

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

3] Asset Declaration :

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

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

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

Charges or investigation registered against subject: None

7] Criminal Records

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

8] Affiliation with Government :

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

9] Compensation Package :

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

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

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

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

CONTRAVENTION

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.33
UK Pound	1	Rs.83.17
Euro	1	Rs.71.05

INFORMATION DETAILS

Information Gathered by :	PLK
Report Prepared by :	TPT

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	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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		47

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.