MIRA INFORM REPORT

Report Date :

14.06.2013

IDENTIFICATION DETAILS

Name :	AUTOMAT INDUSTRIES PRIVATE LIMITED
Registered Office :	Plot No.18-19, Hind Pocket Book, Near Desu Office, G.T. Road, Shahdara, Delhi – 110 095
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	29.01.1998
Com. Reg. No.:	55- 091781
Capital Investment / Paid-up Capital :	Rs.20.192 Millions
CIN No.: [Company Identification No.]	U29219DL1988PTC091781
TAN No.: [Tax Deduction & Collection Account No.]	DELA13054G / DELA13055A
PAN No.: [Permanent Account No.]	AADCA9313Q
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Agricultural Equipment used for irrigation with metal base, such as water sprinklers, filters and water guns.
No. of Employees :	600 (Approximately)

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 439000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. Trade relations reported as fair. Business is active. Payments terms 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. Note: The latest financials (2012) are taken from indirect source (CRISIL).

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

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long Term Rating: BBB-
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	March 29, 2013

Rating Agency Name	CRISIL
Rating	Short Term Rating: A3
Rating Explanation	Moderate degree of safety and higher credit risk.
Date	March 29, 2013

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 (GENERAL DETAILS)

Name :	Mr. Vipul
Designation :	National Sales Manager
Contact No.:	91-9818679500
Date :	12.06.2013

LOCATIONS

Registered Office :	Plot No.18-19, Hind Pocket Book, Near Desu Office, G.T. Road, Shahdara, Delhi – 110 095, India
Tel. No.:	91-11-22583027/ 22574746
Mobile No.:	91-9818679500 (Mr. Vipul)
Fax No.:	91-11-43099807/ 22121035
E-Mail :	vipuljain@automatworld.com sharma.dsa@gmail.com
Website :	www.automatworld.com
Area :	30000 sq ft
Location :	Owned
Head Office :	182, F.I.E., Patparganj Delhi – 110 092, India
Tel. No.:	91-11-43036739/ 43036740/ 22583027/ 22574746/ 43099800/ 43099803
Fax No.:	91-11-43036739/ 43036738/ 43099807/ 22121035
Area :	24000 sq. ft
Factory 1 :	519-E/4, Dilshad Garden, G.T. Road, Shahdara, Delhi – 110 095, India
Factory 2 :	Also located at: · Patiala (Punjab)
Branch Office :	Block No.4, 5, Sector – 3A, IIE Haridwar, Uttarakhand, India
Area :	1400 sq. ft
Location :	Owned

DIRECTORS

As on 29.09.2012

Name :

Mr. Prabodh Kumar Jain

Designation :

Director

Address :

D-231, Vivek Vihar, Delhi – 110 095, India

Date of Appointment :

29.01.1998

DIN No.:

00052996

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	U29219DL1998PTC091781	AUTOMAT INDUSTRIES PRIVATE LIMITED	Director	29/01/1998	29/01/1998	-	Active	NO
2	U45201DL2005PTC139270	AUTOMAT IRRIGATION PRIVATE LIMITED	Director	02/02/2006	02/02/2006	-	Active	NO
3	U18101DL2008PTC176884	JSTITCH FASHION PRIVATE LIMITED	Director	17/04/2008	17/04/2008	-	Active	NO
4	U01403MP2008PTC021427	GREEN EARTH FARMS AND FIELDS PRIVATE LIMITED	Director	17/12/2008	17/12/2008	-	Strike off	NO
5	U51909DL2011PTC215390	PRIMUS COMMODITIES PRIVATE LIMITED	Director	08/03/2011	08/03/2011	-	Active	NO

Name :

Mr. Tushar Jain

Designation :

Director

Address :

D-231, Vivek Vihar, Delhi – 110 095, India

Date of Birth/ Age :

26.08.1970

Date of Appointment :

29.09.2012

DIN No.:

00053023

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	U29219DL1998PTC091781	AUTOMAT INDUSTRIES PRIVATE LIMITED	Director	29/09/2012	29/01/1998	-	Active	NO
2	U65910DL1985PLC019985	PIONEER URBAN LAND AND INFRASTRUCTURE LIMITED	Director	30/06/2005	30/06/2005	30/03/2012	Active	NO
3	U45201DL2005PTC139270	AUTOMAT IRRIGATION PRIVATE LIMITED	Director	02/02/2006	02/02/2006	-	Active	NO
4	U29299MH1994PLC081578	DUKE CORPORATION LIMITED	Director	30/09/2007	18/12/2006	28/08/2008	Active	NO
5	U28113DL2011PTC213466	SMITH INDUSTRIAL CORPORATION PRIVATE LIMITED	Director	07/02/2011	07/02/2011	-	Active	NO
6	U51909DL2011PTC214326	SOGA COMMODITIES PRIVATE LIMITED	Director	18/02/2011	18/02/2011	-	Active	NO
7	U18109DL2011PTC215841	MICROSTITCH FASHIONS PRIVATE LIMITED	Director	15/03/2011	15/03/2011	-	Active	NO

Name :

Mrs. Ruchi Jain

Designation :

Director

Address :

D-231, Vivek Vihar, Delhi – 110 095, India

Date of Birth/Age :

08.11.1973

Date of Appointment :

30.09.2008

DIN No.:

00055212

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	U45201DL2006PTC145836	ANADI INFRASTRUCTURE AND DEVELOPERS PRIVATE LIMITED	Director	03/02/2006	03/02/2006	-	Active	NO
2	U29219DL1998PTC091781	AUTOMAT INDUSTRIES PRIVATE LIMITED	Director	30/09/2008	01/12/2007	-	Active	NO
3	U18101DL2008PTC176884	JSTITCH FASHION PRIVATE LIMITED	Director	17/04/2008	17/04/2008	18/03/2011	Active	NO
4	U18109DL2011PTC215841	MICROSTITCH FASHIONS PRIVATE LIMITED	Director	15/03/2011	15/03/2011	-	Active	NO

Name :

Mrs. Nisha Jain

Designation :

Director

KEY EXECUTIVES

Name :	Mr. Vipul
Designation :	National Sales Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2012

Names of Shareholders	No. of Shares
Prabodh Kumar Jain	1005100
Tushar Jain	295100
Anita Jain	110000
Kaveri Jain	60000
Madhu Bala Jain	20000
Nirmal Jain	3000
P.K. Jain (HUF)	82000
Ruchi Jain	39940
R.K. Jain	44000
Master Adi Jain	5000
Master Ananya Jain	5000
Adinath Capital Services Private Limited, India	350000
Anna Jain	5
Deepali Jain	5
Kamlesh Jain	5
M.U. Khan	5
Sushma Jain	5
Rajeev Jain	5
Ratan Prakash Jain	5
Sandeep Jain	5
S.R. Jain	5
Y.N. Bhargava	5
B.L. Jain	5
Sushma Malhotra	5
Total	2019200

As on 29.09.2012

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	17.33
Directors or relatives of directors	82.67
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Agricultural Equipment used for irrigation with metal base, such as water sprinklers, filters and water guns.
Products :	Irrigation Products:- Impact sprinklers Part circle sprinklers Water guns Filter products Air release valves Pressure release valves Quick coupling valves Aluminium accessories Wheel moves and center pivots Other products Industrial Products: High precision parts and components manufactured on screw machines Precision components for horological industry and the defense sector Brass impact sprinklers Precisely engineered components of up to 10 micron accuracy
Exports :
Products :	Water Guns, Filter Products, Air Release Valves
Countries :	USA Europe South Africa
Imports :
Products :	Raw Materials
Countries :	Saudi Arabia
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Installed Capacity
Agricultural Equipment (Sprinkler)	Nos.	600 Lacs

GENERAL INFORMATION

Customers :

Wholesalers, Retailers and End Users

No. of Employees :

600 (Approximately)

Bankers :

Bank of India, Parliament Street Branch, 4, Sansad Marg, New Delhi – 110 001, India (Contact No.: 91-11-28844067)

Facilities :

Secured Loan	31.03.2011 (Rs. in millions)	31.03.2010 (Rs. in millions)
(Secured against hypothecation of Book Debts Stock of Raw Material, Stock in progress and Finished goods, foreign bills guarantee by all the directors of the company and further secured by equitable mortgage of residential property of one of director of the company)
Bank of India CC	38.112	17.718
Bank of India (PCL)	10.000	11.734
Bank of India A/c (601670410000012)	1.578	0.746
Bank of India A/c Car Loan	0.296	0.581
Bank of India Car Loan (Skoda Superb)	0.077	0.919
ICICI Bank Limited Wargon R LXI	0.000	0.000
HDFC Bank Limited Innova	0.204	0.479
Bank of India Loan	0.000	0.000
Bank of India Loan (60166051000053)	0.701	1.069
Bank of India Loan (601660510000054)	0.146	0.241
Bank of India Loan FBP (Secured by hypothecation of Car)	3.450	0.000
Total	54.564	33.487

Banking Relations :	--
Auditors :
Name :	Prem Gupta and Associates Chartered Accountants
Address :	2, TC Jaina Tower, 1^st Floor, Darya Ganj, Opposite Moti Mahal Restaurant, Netaji Subhash Marg, Darya Ganj, New Delhi – 110 002, India
Tel. No.:	91-11-23259341/ 23258942
Mobile No.:	91-9910178478
Income-tax PAN of auditor or auditor's firm :	AFFPG1555C
Memberships :	PHD Chamber of Commerce, Export-Import Council and Federation of Indian Chamber of Commerce and Industries
Enterprises over which the Management is interested :	· Automat Irrigation Private Limited Address: Plot No.18-19, Hind Pocket Book, Near Desu Office, G.T. Road, Shahdara, Delhi – 110 095, India Line of Business: Manufacturer and Exporter of Water Guns, Filter Products, Air Release Valves. · Smith Engg. Works · Precom Engg. · Unique Diagnostic

CAPITAL STRUCTURE

As on 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
3000000	Equity Shares	Rs.10/- each	Rs.30.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2019200	Equity Shares	Rs.10/- each	Rs.20.192 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		20.192	17.692	17.692
2] Share Application Money		7.800	9.800	9.300
3] Reserves & Surplus		81.759	75.430	60.907
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		109.751	102.922	87.899
LOAN FUNDS
1] Secured Loans		54.564	33.487	31.861
2] Unsecured Loans		29.195	29.429	27.794
TOTAL BORROWING		83.759	62.916	59.655
DEFERRED TAX LIABILITIES		5.834	0.000	0.000
TOTAL		199.344	165.838	147.554
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		48.592	39.208	29.028
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		3.286	24.210	12.480
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	65.135	39.428	24.044
	Sundry Debtors	124.307	101.410	113.513
	Cash & Bank Balances	1.608	1.185	0.788
	Other Current Assets	27.293	15.373	12.121
	Loans & Advances	9.958	10.206	12.361
Total Current Assets		228.301	167.602	162.827
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	65.796	35.615	34.120
	Other Current Liabilities	10.907	22.495	10.378
	Provisions	4.132	7.076	12.292
Total Current Liabilities		80.835	65.186	56.790
Net Current Assets		147.466	102.416	106.037
MISCELLANEOUS EXPENSES		0.000	0.004	0.009
TOTAL		199.344	165.838	147.554

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	625.555	573.299	516.614
		Other Income	33.131	9.454	5.651
		TOTAL (A)	658.686	582.753	522.265
Less	EXPENSES
		Office Expenses	633.877	554.088	481.663
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)	633.877	554.088	481.663
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		24.809	28.665	40.602
Less	INTEREST (D)		4.574	3.838	4.134
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		20.235	24.827	36.468
Less/ Add	DEPRECIATION/ AMORTISATION (F)		3.940	3.227	2.339
	PROFIT BEFORE TAX (E-F) (G)		16.295	21.600	34.129
Less	TAX (H)		4.555	11.028	12.920
	PROFIT AFTER TAX (G-H) (I)		11.740	10.572	21.209
	EARNINGS IN FOREIGN CURRENCY		225.645	214.928	NA
	CIF VALUE OF IMPORTS		24.505	55.838	NA
	Earnings Per Share (Rs.)		5.81	5.98	11.99

Particulars	31.03.2012
Operating Income	730.100
Profit After Tax	12.700

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.78	1.81	4.06
Net Profit Margin (PBT/Sales)	(%)	2.60	3.77	6.61
Return on Total Assets (PBT/Total Assets}	(%)	5.88	10.44	17.79
Return on Investment (ROI) (PBT/Networth)		0.15	0.21	0.39
Debt Equity Ratio (Total Debt/Networth)		0.76	0.61	0.68
Current Ratio (Current Asset/Current Liability)		2.82	2.57	2.86

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	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 four years	Yes
12) Profitability for last four 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	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	No
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

Unsecured Loan	31.03.2011 (Rs. in millions)	31.03.2010 (Rs. in millions)
From Others	26.482	26.824
From Body Corporates	2.713	2.605
Total	29.195	29.429

Note:

The registered office address of the company has been shifted from 1/421, Lane No.5, Friends Colony, Industrial Area, G.T. Road, Shahdara, Delhi – 110 095 to present w.e.f. 01.12.2007.

PERFORMANCE REVIEW:

During the year the Company has a turnover of Rs.625.555 Millions (Excluding other income) as against previous year's turnover of Rs.573.239 Millions and also during the year, the company has earned Profit after Depreciation, interest and tax of Rs 11.740 Millions as against previous year's Net Profit Rs.10.572 Millions.

The Directors are quite hopeful that the Company shall be able to give good results in the coming year.

Bankers Charges Report as per Registry

Corporate identity number of the company	U29219DL1988PTC091781
Name of the company	AUTOMAT INDUSTRIES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Plot No.18-19, Hind Pocket Book, Near Desu Office, G.T. Road, Shahdara, Delhi – 110 095, India E-Mail: sharma.dsa@gmail.com
This form is for	Creation of charge
Type of charge	Others (Corporate Guarantee)
Particular of charge holder	Bank of India, Parliament Street Branch, 4, Sansad Marg, New Delhi – 110 001, India E-Mail: virendradel@gmail.com
Nature of description of the instrument creating or modifying the charge	Deed of Guarantee
Date of instrument Creating the charge	31.12.2012
Amount secured by the charge	Rs.302.225 millions
Brief particulars of the principal terms and conditions and extent and operation of the charge	Rate of Interest: N. A. Terms of Repayment: N. A. Margin: N. A. Extent and Operation of the charge: 100 percent. Others: The said charge is to collaterally secure various credit facilities aggregating to Rs.302.225 millions granted by the bank to Automat Irrigation Private Limited
Short particulars of the property charged	Corporate guarantee given by the company in favour of the Bank, for bank having granted various credit facilities aggregating to Rs.302.225 millions to Automat Irrigation Private Limited.

FIXED ASSETS:

· Air Conditioners A/C

· Computer A/C

· Cycle and Rickshaw A/C

· Dies and Tools

· Furniture A/C

· Jeep and Car

· Refrigerator

· Office Equipment

· Machinery A/C

· Scooter A/C

· Photocopier Machine

· Type-Writer A/C

· Water Cooler A/C

· Water Purifier A/C

· E.P.A.B. X.

· Fax Machine A/C

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.58.41
UK Pound	1	Rs.91.62
Euro	1	Rs.78.12

INFORMATION DETAILS

Information Gathered by :	PLV
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	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	6
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--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.