MIRA INFORM REPORT

Report Date :

20.12.2013

IDENTIFICATION DETAILS

Name :	DANISH PRIVATE LIMITED
Registered Office :	F-680, Sitapura Industrial Area, Jaipur – 302 011, Rajasthan
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	10.07.1985
Com. Reg. No.:	17-003346
Capital Investment / Paid-up Capital :	Rs.16.093 millions
CIN No.: [Company Identification No.]	U31200RJ1985PTC003346
TAN No.: [Tax Deduction & Collection Account No.]	JPRD02345A
PAN No.: [Permanent Account No.]	AABCD0834B
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Transformers and Substation Protection Equipments.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

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

Maximum Credit Limit :	USD 427000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Profitability of the company seems to be decent. General financial position of the company appears to be sound and healthy. Trade relations are fair. Business is active. Payment terms are usually correct. The company can be considered for 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 – 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.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	SME 3
Rating Explanation	Above average/ low credit risk.
Date	04.07.2012

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 1 :	F-680, Sitapura Industrial Area, Jaipur – 302 011, Rajasthan, India
Tel. No.:	91-141-2770150 / 5122308
Mobile No.:	91-9929255563 (Mr. Devanand Maheshwari 91-9799107300 (Mr. Ashok Bunela) 91-9929255561(Mr. Surendra Yadav)
Fax No.:	91-141-2770182
E-Mail :	info@danish.co.in pcmcompany@gmail.com devanand@danish.co.in ashok@danish.co.in surendra@danish.co.in
Website :	www.danish.co.in
Corporate Office :	F-679, Sitapura Industrial Area, Jaipur – 302 022, Rajasthan, India
Factory 2 :	G-694, Sitapura Industrial Area, Jaipur – 302 022, Rajasthan, India

DIRECTORS

AS ON 30.09.2013

Name :

Mr. Dinesh Talwar

Designation :

Managing Director

Address :

30, Vidyut Abhiyanta Colony, Malviya Nagar, Jaipur – 302 017, Rajasthan, India

Date of Birth/Age :

04.11.1951

Date of Appointment :

10.07.1986

DIN No.:

00183525

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	U31200RJ1985PTC003346	DANISH PRIVATE LIMITED	Managing director	10/07/1986	10/07/1986	-	Active	NO
2	U45207DL2008PTC181847	TASHE POWER INDIA PRIVATE LIMITED	Director	08/08/2008	08/08/2008	-	Active	NO
3	U40105RJ2012PTC038617	DANISH JOHNS POWER PRIVATE LIMITED	Director	19/04/2012	19/04/2012	-	Active	NO

Name :

Mr. Shivam Dinesh Talwar

Designation :

Director

Address :

30, Vidyut Abhiyanta Colony, Malviya Nagar, Jaipur – 302 017, Rajasthan, India

Date of Birth/Age :

09.06.1985

Date of Appointment :

01.08.2007

DIN No.:

01730625

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	U31200RJ1985PTC003346	DANISH PRIVATE LIMITED	Director	01/08/2007	01/08/2007	-	Active	NO
2	U40105RJ2012PTC038617	DANISH JOHNS POWER PRIVATE LIMITED	Director	19/04/2012	19/04/2012	-	Active	NO

Name :

Mrs. Shashi Talwar

Designation :

Director

Address :

30, Vidyut Abhiyanta Colony, Malviya Nagar, Jaipur – 302 017, Rajasthan, India

Date of Birth/Age :

10.11.1956

Date of Appointment :

13.04.1994

DIN No.:

01379851

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2013

Note:

Shareholding details file attached.

AS ON 30.09.2013

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	90.45
Other top fifty shareholders	9.55
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Transformers and Substation Protection Equipments.

Products :

Product Description	ITC Code
Transformers	850433.00
Transformer Coils	850490.01
Transformer Parts	850490.01
Panel and Battery Charger	--

GENERAL INFORMATION

Customers :

· State Electricity boards of Rajasthan, Punjab, Himachal Pradesh, Haryana, Delhi, Uttranchal, Uttar Pradesh, Madhya Pradesh, Jharkhand, Chattisgarh, Maharashtra and Andhra Pradesh.

· Power Grid Corporation of India

· Kota, Suratgarh and Anpa Thermal Power Stations

· ABB

· Larson and Tourbo

· Crompton

· IRCON

· Siemens

· GRIDCO

· P.H.E.D.

· Kalpatru Power Trans Limited

· Anglique International Limited

· Schneider Electric

· KEC International

· Lucky Exports

· Gammon India Limited

· Schneider Electric Infrastructure Limited

· Tata Power Solar Systems Private Limited

· C&S Electric Limited

· Ansal API

· Entertainment World Developers Limited

No. of Employees :

Not Available

Bankers :

• Indian Overseas Bank, G-89, E.P.I.P. Sitapura Industrial Area, Sitapura Branch, Jaipur – 302 022, Rajasthan, India
• Bharat Overseas Bank Limited, Sunrise, J-54C, Prithviraj Road, C-Scheme, Jaipur – 302 001, Rajasthan, India

• Bank of Baroda
• HDFC Bank Limited
• Kotak Mahindra Bank Limited
• The Hongkong and Shanghai Banking Corporation Limited

Facilities :

Secured Loans	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
LONG TERM BORROWINGS
Term Loans
From Banks
Indian Overseas Bank-I	0.341	1.099
Indian Overseas Bank-II	0.000	0.453
HSBC Machinery Loan	5.079	0.572
SHORT TERM BORROWINGS
Loans repayable on demand
From Banks
Working Capital Loan from IOB	87.639	15.051
Total	93.059	17.175

Banking Relations :	--
Auditors :
Name :	P.C. Modi and Company Chartered Accountants
Address :	“Shree Dham”, R-20, Yudhishter Marg, C-Scheme, Jaipur – 302 005, Rajasthan, India
Tel. No.:	91-141-2222735/ 2228503
Fax No.:	91-141-2222697
E-Mail :	pcmcompany@gmail.com
PAN No.:	ADBPK0693B

CAPITAL STRUCTURE

AS ON 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
1800000	Equity Shares	Rs.10/- each	Rs.18.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1609290	Equity Shares	Rs.10/- each	Rs.16.093 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1) Shareholders' Funds
(a) Share Capital	16.093	16.093	16.093
(b) Reserves & Surplus	90.636	65.127	60.781
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	106.729	81.220	76.874
(3) Non-Current Liabilities
(a) Long-term borrowings	24.414	30.132	14.050
(b) Deferred tax liabilities (Net)	2.140	3.142	3.210
(c) Other long term liabilities	0.000	0.000	0.000
(d) Long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	26.554	33.274	17.260
(4) Current Liabilities
(a) Short term borrowings	93.040	27.180	69.015
(b) Trade payables	182.786	157.162	118.840
(c) Other current liabilities	25.466	32.548	7.463
(d) Short-term provisions	10.653	5.356	7.672
Total Current Liabilities (4)	311.945	222.246	202.990
TOTAL	445.228	336.740	297.124
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	70.157	50.698	59.554
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	10.297	5.188
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	1.602	1.493	2.101
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	71.759	62.488	66.843
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	139.226	126.346	92.562
(c) Trade receivables	187.203	100.356	90.079
(d) Cash and cash equivalents	15.739	15.088	18.723
(e) Short-term loans and advances	31.301	32.462	28.917
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	373.469	274.252	230.281
TOTAL	445.228	336.740	297.124

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Revenue from Operations	773.608	509.185	715.952
		Other Income	18.148	4.851	3.783
		TOTAL (A)	791.756	514.036	719.735
Less	EXPENSES
		Raw Material Consumed	731.650	483.975	570.108
		Manufacturing Expenses			76.240
		Administrative and Other Expenses			46.259
		Increase/ Decrease in Stock			(16.376)
		TOTAL (B)	731.650	483.975	676.231
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		60.106	30.061	43.504
Less	FINANCIAL EXPENSES (D)		21.535	17.912	21.212
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		38.571	12.149	22.292
Less/ Add	DEPRECIATION/ AMORTISATION (F)		6.423	5.390	5.868
	PROFIT BEFORE TAX (E-F) (G)		32.148	6.759	16.424
	TAX (H)		7.641	2.482	7.155
	PROFIT AFTER TAX (G-H) (I)		25.510	4.345	9.269
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	51.485	42.216
	BALANCE CARRIED TO THE B/S		NA	NA	51.485
	EARNINGS IN FOREIGN CURRENCY
		Export Sales (Direct)	81.172	76.462	57.745
		Export Sales (Against Form H)	48.767	72.925	50.945
	TOTAL EARNINGS		129.939	149.387	108.690
	IMPORTS
		Raw Materials	NA	NA	85.092
	TOTAL IMPORTS		NA	NA	85.092
	Earnings Per Share (Rs.)		15.85	2.70	5.76

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	3.22	0.85	1.29
Net Profit Margin (PBT/Sales)	(%)	4.16	1.33	2.29
Return on Total Assets (PBT/Total Assets}	(%)	7.22	2.07	5.63
Return on Investment (ROI) (PBT/Networth)		0.30	0.08	0.21
Debt Equity Ratio (Total Debt/Networth)		1.10	0.71	1.08
Current Ratio (Current Asset/Current Liability)		1.20	1.23	1.13

LOCAL AGENCY FURTHER INFORMATION

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	No
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	Yes

INDEX OF CHARGES:

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10418067	09/03/2013	36,822,500.00	INDIAN OVERSEAS BANK	J 54 C, SUNRISE, PRITHVIRAJ MARG, C SCHEME, JAIPUR, RAJASTHAN - 302001, INDIA	B72681810
2	10380612	19/09/2012	30,000,000.00	INDIAN OVERSEAS BANK	J 54 C, SUNRISE, PRITHVIRAJ MARG, C-SCHEME, JAIPUR, RAJASTHAN - 302001, INDIA	B59714485
3	10356493	29/03/2012	2,500,000.00	INDIAN OVERSEAS BANK	J 54 C, SUNRISE, PRITHVIRAJ MARG, C-SCHEME, JAIPUR, RAJASTHAN - 302001, INDIA	B39905864
4	10356494	29/03/2012	5,000,000.00	INDIAN OVERSEAS BANK	J 54 C, SUNRISE, PRITHVIRAJ MARG, C-SCHEME, JAIPUR, RAJASTHAN - 302001, INDIA	B39906029
5	10236533	12/08/2010	2,500,000.00	INDIAN OVERSEAS BANK	J54C, SUNRISE PRITHVI RAJ MARG, C - SCHEME, JAIPUR, RAJASTHAN - 302001, INDIA	A93742773
6	10195987	13/08/2013 *	80,000,000.00	INDIAN OVERSEAS BANK	G-89, E.P.I.P. SITAPURA INDUSTRIAL AREA, SITAPURA BRANCH, JAIPUR, RAJASTHAN - 302022, INDIA	B84205210
7	10105844	22/04/2008	4,545,000.00	INDIAN OVERSEAS BANK	J 54C, SUNRISE, PRITHVI RAJ MARG, C-SCHEME, JAIPUR, RAJASTHAN - 302001, INDIA	A39635206
8	10105482	22/04/2008	13,900,000.00	INDIAN OVERSEAS BANK	J 54C, SUNRISE, PRITHVI RAJ MARG, C-SCHEME, JAIPUR, RAJASTHAN - 302001, INDIA	A39634704
9	10042720	26/02/2007	4,000,000.00	BHARAT OVERSEAS BANK	SUNRISE, J-54C, PRITHVI RAJ ROAD, C-SCHEME, JAIPUR, RAJASTHAN - 302001, INDIA	A12142600
10	90113317	13/08/2013 *	100,000,000.00	INDIAN OVERSEAS BANK	G - 89, E.P.I.P., G- 89, E.P.I.P., SITAPURA IN  DUSTRIAL AREA BRANCH, JAIPUR, RAJASTHAN - 302022,  INDIA	B84197276
11	80024956	13/08/2013 *	95,000,000.00	INDIAN OVERSEAS BANK	G-89, E.P.I.P. SITAPURA INDUSTRIAL AREA, SITAPURA BRANCH, JAIPUR, RAJASTHAN - 302022, INDIA	B85993988
12	80043968	13/08/2013 *	140,000,000.00	INDIAN OVERSEAS BANK	G-89, E.P.I.P. SITAPURA INDUSTRIAL AREA, SITAPURA BRANCH, JAIPUR, RAJASTHAN - 302022, INDIA	B84197979
13	90073518	19/06/1996 *	250,000.00	STATE BANK OF INDIA	MALVIYA NAGAR, JAIPUR, RAJASTHAN, INDIA	-

* Date of charge modification

Unsecured Loans	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
LONG TERM BORROWINGS
Loans and advances from related parties
From Shareholders	18.994	21.464
From Corporates	0.000	6.544
SHORT TERM BORROWINGS
From Banks
HDFC Bank Loan	0.000	1.048
Kotak Mahindra Bank	0.000	1.566
From Financial Institutions
Tata Capital (Fresh Loan)	0.000	1.199
Loans and advances from related parties
From Shareholders	5.401	8.316
Total	24.395	40.137

Note:

The registered office of the company has been shifted from G1-133, Malviya Industrial Area, Jaipur – 302 017, Rajasthan to the present address w.e.f. 05.07.2007.

 FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Furniture and Fixture

· Office Equipments

· Car

· Air-Conditioner

· Computer

· Water Cooler

· Water Treatment Plant

· Water Tank

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.62.38
UK Pound	1	Rs.102.15
Euro	1	Rs.85.29

INFORMATION DETAILS

Report Prepared by :

SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		49

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.