MIRA INFORM REPORT

Report Date :

02.12.2013

IDENTIFICATION DETAILS

Name :	SEAWARD EXPORTS PRIVATE LIMITED
Registered Office :	5-L-22, Mahaveer Nagar – III Extension, Kota – 324005, Rajasthan
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	19.12.2001
Com. Reg. No.:	17-017336
Capital Investment / Paid-up Capital :	Rs.10.000 Millions
CIN No.: [Company Identification No.]	U51102RJ2001PTC017336
PAN No.: [Permanent Account No.]	AAFCS7423M
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Sandstones, Limestones and allied products for Wall Cladding, Interior Flooring, Exterior Flooring, Stairs, etc.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (28)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 161000
Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. Management of the company has filed its financials for the year 2013 but they are not available with us. As per previous year financials 2012, there seems continuous dip in the profitability of the company. However, trade relations are reported as fair. Business is active. Payment terms are unknown. The company can be considered for business dealings with some caution.

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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
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

The current downturn provides an opportunity to push ahead with reforms to accelerate growth, says the latest India Development Update report released by the World Bank. The report says that the adverse effects of rupee depreciation are likely to be offset by the gains in the exports performance due to improved external competitiveness. Since May this year, the local currency has depreciated substantially and fell to a record level of Rs 68.85 to a dollar on August, 28.

A stagflation like situation appears to have arisen as inflation jumped to an eight month high of 6.46 % for the month of September. It is up from 6.10 % in August. Growth continues to be muted with factory output plunging to 0.6  % in August. Onion prices have risen nearly 300 % from last September. Vegetables cost nearly 90 % more than they did last year. Wake up to the economic contribution of slum dwellers. They contribute more than 7.5 % to the country’s gross domestic product, according to a recent study conducted in 50 top cities.

136000 estimated number of jobs created during the second quarter of the current financial year. 50000 estimated number of additional jobs in the field of corporate social responsibility in the coming years.

The International Finance Corporation expects to come out with its rupee linked bonds issue before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple iPhone 5c (Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has been launched in India from 1^st November.

The Land Acquisition Act to provide just and fair compensation to farmers will come into force from January 1 next year, said Rural Development Minister Jairam Ramesh. The Act replaces a 119 year old registration. The Securities and Exchange Board of India has approved the trading of currency futures on the Bombay Stock Exchange. The exchange plans to launch the currency futures platform with advanced trading technology by the end of November.

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 :	5-L-22, Mahaveer Nagar – III Extension, Kota – 324005, Rajasthan, India
Tel. No.:	91-744-2475901
Fax No.:	91-744-2476914
E-Mail :	seaward@kappa.net.in akagodha@yahoo.co.in ascocakota@yahoo.co.uk
Website :	www.seawardkota.com
Area :	10000 Sq. ft.
Location :	Owned
Factory:	E-16, Estate Area, Ranpur, Kota – 324005, Rajasthan, India
Area:	2800 Sq. ft
Location:	Owned

DIRECTORS

As on: 25.09.2012

Name :

Mr. Banwari Lal Gupta

Designation :

Director

Address :

21, Vallabh Nagar, Extension, Kota – 324007, Rajasthan, India

Date of Appointment :

19.12.2001

DIN No.:

00159893

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	U51102RJ2001PTC017336	SEAWARD EXPORTS PRIVATE LIMITED	Director	19/12/2001	19/12/2001	-	Active	NO
2	U14106RJ2008PTC027571	SEAWARD STONES PRIVATE LIMITED	Director	15/10/2008	15/10/2008	-	Active	NO
3	U45201RJ2008PTC027581	SEAWARD BUILDCON PRIVATE LIMITED	Director	16/10/2008	16/10/2008	-	Active	NO

Name :

Mr. Gopal Lal Mittal

Designation :

Director

Address :

JA – 34, Hindaun, Karauli – 322241, Rajasthan, India

Date of Appointment :

19.12.2001

DIN No.:

00176026

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	U51102RJ2001PTC017336	SEAWARD EXPORTS PRIVATE LIMITED	Director	19/12/2001	19/12/2001	-	Active	NO
2	U14106RJ2008PTC027571	SEAWARD STONES PRIVATE LIMITED	Director	15/10/2008	15/10/2008	-	Active	NO
3	U45201RJ2008PTC027581	SEAWARD BUILDCON PRIVATE LIMITED	Director	16/10/2008	16/10/2008	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 25.09.2012

Names of Shareholders	No. of Shares
Banwari Lal Gupta	50000
Gopal Lal Mittal	50000
Total	100000

Equity Share Break up (Percentage of Total Equity)

As on: 25.09.2012

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Sandstones, Limestones and allied products for Wall Cladding, Interior Flooring, Exterior Flooring, Stairs, etc.
Products :	· Granite · Marble · Marble Tiles, Green Marble Tiles · Sandstones · Kota Stone · Dholpur Stones · Limestones

GENERAL INFORMATION

Suppliers :

· Abhinandan Associates, Jaipur

· Array Industries, Kota

· A.G. Stone Trading, Kota

· Bajrang Stone Ind., Banmore

· Bansal Marble Centre, Makrana

· Daksh Enterprises, Jaipur

· Dev Mahima Kushwah Stone, Gwalior

· Dharti Dhan Stone, Kota

· Dev Karan Furniture house kota

· Faguna Stone Industries, Banmore

· Global Packaging, Mumbai

· G.C. Stone Bijoliya

· Garg Stone Industries, Mohana

· Indian Stone Corporation, Sikandra

· Gopal Enterprises, Hindaun

· Gopal Industries, Hindaun

· Hari Om Stone Industries

· Harsiddha Exports , Kota

· Indian Stone Craft kolana

Customers :

· Countries, U.K.

· Brade Stone, U.K.

· Brett Land Scaping, UK

· CALD Stone, UK

· Dibgy Trading UK

· H.G. Stones, U.K.

· Horsham Stone and Reclanation Limited, UK

· Ipave Limited, Australia

· J and C, Australia

· Kashmiri Pebbles, Australia

· Monoshej Trading Corporation, Bangladesh

· Natural Stone leeds Limited, UK

No. of Employees :

Not Available

Bankers :

· Punjab National Bank, Branch Industrial Estate, Kota – 324007, Rajasthan, India

· Kotak Mahindra Bank Limited

Facilities :

(Rs. In Millions)

Secured Loans	31.03.2012	31.03.2011
LONG TERM BORROWINGS
Kotak Mahindra Bank Limited (Fork Lift II Loan)	0.139	0.447
Punjab National Bank Honda Civic Loan a/c (NG 55617)	0.169	0.332
Punjab National Bank I.E. Kota (TL IB 875)	0.896	1.401
Punjab National Bank I.E. Kota (Packing Limit) UD -82	0.000	17.226
Punjab National Bank I.E. Kota (Packing Limit) UD -220	19.973	0.000
Punjab National Bank I.E. Kota (TL IB 857)	0.931	1.440
Punjab National Bank I.E. Kota (TL IB 954)	4.857	6.065
Punjab National Bank I.E. Kota (TL IB 981)	3.991	4.588
SHORT TERM BORROWINGS
B/P Account Punjab National Bank, IE Kota (A/c 13)	0.400	4.872
B/P Account Punjab National Bank, IE Kota (A/c 77)	11.407	11.284
Total	42.763	47.655

Banking Relations :	--
Auditors :
Name :	A.S.A.P. and Associates Chartered Accountants
Address :	5-6-7, III Floor, Deepshree Bhawan, Opposite Multipurpose School, Gumanpura, Kota – 324007, Rajasthan, India
PAN.:	AAPFA6201Q
Memberships :	Chemicals and Allied Products Export Promotion Council (C.A.P.E.X.I.L.)

CAPITAL STRUCTURE

As on: 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.100/- each	Rs. 10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.100/- each	Rs.10.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	10.000	10.000
(b) Reserves & Surplus	30.483	24.192
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	40.483	34.192
(3) Non-Current Liabilities
(a) long-term borrowings	33.414	33.957
(b) Deferred tax liabilities (Net)	0.403	0.376
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	33.817	34.333
(4) Current Liabilities
(a) Short term borrowings	11.807	16.155
(b) Trade payables	24.763	24.614
(c) Other current liabilities	0.000	0.000
(d) Short-term provisions	2.552	1.836
Total Current Liabilities (4)	39.122	42.605
TOTAL	113.422	111.130
ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	35.765	39.073
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	5.851	5.386
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	0.091	0.218
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	41.707	44.677
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	13.163	19.120
(c) Trade receivables	54.542	43.529
(d) Cash and cash equivalents	1.742	0.137
(e) Short-term loans and advances	1.738	3.423
(f) Other current assets	0.530	0.244
Total Current Assets	71.715	66.453
TOTAL	113.422	111.130

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		1.000
2] Share Application Money		0.000
3] Reserves & Surplus		28.510
4] (Accumulated Losses)		0.000
NETWORTH		29.510
LOAN FUNDS
1] Secured Loans		33.868
2] Unsecured Loans		2.425
TOTAL BORROWING		36.293
DEFERRED TAX LIABILITIES		0.000
TOTAL		65.803
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		21.334
Capital work-in-progress		0.000
INVESTMENT		4.804
DEFERREX TAX ASSETS		0.036
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	10.050
	Sundry Debtors	46.601
	Cash & Bank Balances	0.181
	Other Current Assets	0.020
	Loans & Advances	6.572
Total Current Assets		63.424
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	20.891
	Other Current Liabilities	0.000
	Provisions	2.904
Total Current Liabilities		23.795
Net Current Assets		39.629
MISCELLANEOUS EXPENSES		0.000
TOTAL		65.803

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income		164.566	175.861
		Other Income			2.122
		TOTAL (A)	193.322	164.566	177.983
Less	EXPENSES
		Cost of Material Consumed		156.158	100.012
		Direct Overheads			8.725
		Administrative Overheads			31.981
		Selling and Marketing Overheads			20.385
		TOTAL (B)	184.533	156.158	161.103
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(Including Financial and Depreciation Expenses)	(Including Financial and Depreciation Expenses)	16.880
Less	FINANCIAL EXPENSES (D)				3.192
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)				13.688
Less/ Add	DEPRECIATION/ AMORTISATION (F)				2.636
	PROFIT BEFORE TAX (E-F) (G)		8.789	8.408	11.052
Less	TAX (H)		2.810	2.256	3.330
	PROFIT AFTER TAX (G-H) (I)		5.979	6.152	7.722
Add	DEFERRED TAX		0.000	0.000	(0.028)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		13.846	7.694	0.000
	BALANCE CARRIED TO THE B/S		19.825	13.846	7.694
	EARNINGS IN FOREIGN CURRENCY		Australian$ 538744.16, USD 10640.00 and GBP 1991888.07	Australian$ 1045903.46, Euro 25247.28 and GBP 1649473.50	Australian$ 847201.59, Euro 36595.38, GBP 1765582.87
	Earnings Per Share (Rs.)		61.54	61.54	9422.26

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	3.09	3.73	4.34
Net Profit Margin (PBT/Sales)	(%)	NA	NA	6.28
Return on Total Assets (PBT/Total Assets}	(%)	8.17	7.95	12.78
Return on Investment (ROI) (PBT/Networth)		0.22	0.24	0.37
Debt Equity Ratio (Total Debt/Networth)		1.12	1.47	1.23
Current Ratio (Current Asset/Current Liability)		1.83	1.56	2.66

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	No
17]	Major suppliers	Yes
18]	Major customers	Yes
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

UNSECURED LOANS

(Rs. In Millions)

Unsecured Loans	31.03.2012	31.03.2011
LONG TERM BORROWINGS
From Directors
G. L. Mittal	0.114	0.113
From Others
Gopal Enterprises	0.341	0.341
H.L. Gupta Loan A/C I	0.516	0.516
H.L. Gupta Loan A/C II	1.232	1.232
Raj Kumari Gupta	0.142	0.142
Ram Pati Devi	0.113	0.113
Total	2.458	2.457

FINANCIAL RESULTS:

During the period ended 31st March 2012 your company earned operating Profit of Rs.8.789 Millions as compared to Rs 8.408 Millions in the previous year. The Profit After tax was Rs. 5979 Millions as compared to previous year Rs. 6.152 Millions

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10422238	02/04/2013	3,500,000.00	Punjab National Bank	INDUSTRIAL ESTATE, KOTA, RAJASTHAN - 324007, INDIA	B73891236
2	10271421	17/02/2011	4,600,000.00	PUNJAB NATIONAL BANK	INDUSTRIAL ESTATE, KOTA, RAJASTHAN - 324007, INDIA	B07917099
3	10240496	31/08/2010	6,000,000.00	PUNJAB NATIONAL BANK	INDUSTRIAL ESTATE, KOTA, RAJASTHAN - 324007, INDIA	A95237525
4	10169188	11/07/2009	2,500,000.00	Punjab National Bank	INDUSTRIAL ESTATE, KOTA, RAJASTHAN - 324007, INDIA	A66945833
5	10369611	26/11/2008	2,500,000.00	Punjab National Bank	INDUSTRIAL ESTATE, KOTA, RAJASTHAN - 324007, INDIA	A61157749
6	10106978	22/05/2008	700,000.00	PUNJAB NATIONAL BANK	INDUSTRIAL AREA, KOTA, RAJASTHAN - 324005, INDIA	A40248254
7	10007123	07/06/2006	2,177,000.00	PUNJAB NATIONAL BANK	INDUSTRIAL ESTATE, KOTA, RAJASTHAN - 324005, INDIA	A01915057
8	10005923	26/05/2006	750,000.00	HDFC BANK LIMITED	SENAPATI BAPAT MARG, LOWER PAREL (W), MUMBAI, MAHARASHTRA - 400013, INDIA	A01574573
9	90074072	15/01/2013 *	60,000,000.00	PUNJAB NATIONAL BANK	INDUSTRIAL ESTATE, KOTA, RAJASTHAN - 324007, INDIA	B73892101
10	90258884	14/05/2003	2,500,000.00	PUNJAB NATIONAL BANK	INDUSTRIAL ESTATE, KOTA, RAJASTHAN, INDIA	-

* Date of charge modification

FIXED ASSETS:

· Air Conditioners

· Building (Ranpur)

· Camera (Digital)

· Computers

· Electric Installations

· Electric Motors

· Fans (Exhaust)

· Fax Machine

· Fire Fighting Equipments

· Fork Lift

· Furniture and Fixtures

· Hand Cart

· Honda City Car

· Honda Civic Car

· Honda Scooter

· Hydraulic Mobile Crane

· Jet Pump

· Land

· Telephone and Mobile Set

· Motor Cycles

· Office Equipments

· Packing Machine

· Tata Safari Car

· Tools and Templates

· Truck

· Water Cooler

· Weight Machine

· Zerox Machine

· Wireless Internet Bridge

· Sedimentation Plant

· Stone Processing Machine

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.62.39
UK Pound	1	Rs.102.06
Euro	1	Rs.84.96

INFORMATION DETAILS

Report Prepared by :

VRN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		28

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.