MIRA INFORM REPORT

Report Date :

30.03.2013

IDENTIFICATION DETAILS

Name :	H D WIRES PRIVATE LIMITED
Registered Office :	17-18-19-20, Sanwer Road, Sector E, Industrial Area, Indore – 452015, Madhya Pradesh
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	19.05.1988
Com. Reg. No.:	10-4601
Capital Investment / Paid-up Capital :	Rs.24.361 Millions
CIN No.: [Company Identification No.]	U31300MP1988PTC004601
TAN No.: [Tax Deduction & Collection Account No.]	BPLH0664G
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of G. I. Wire, G.I. Strip, G. I. Weldedmesh, Barbed Wire, Saw Wire, Saw Flux, Stay Wire.
No. of Employees :	315 (Approximately) (In Office = 15 and In Factory = 300)

RATING & COMMENTS

MIRA’s Rating :

B (32)

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

Maximum Credit Limit :	USD 320000
Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The latest financials are not made available with the government department. As per previous year’s, the external borrowing seems to be huge. However, trade relations are reported to be fair. Business is active. Payments are reported to be 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 – 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 :	Mr. Himanshu Dev
Designation :	Managing Director
Contact No.:	91-9893049708
Date :	22.03.2013

LOCATIONS

Registered Office/ Factory :	17-18-19-20, Sanwer Road, Sector E, Industrial Area, Indore – 452015, Madhya Pradesh, India
Tel. No.:	91-731-4211199/ 4084093
Mobile No.:	91-9893030199 (Mr. Dheeraj Dev) 91-9893049708 (Mr. Himanshu Dev)
Fax No.:	91-731-4211111
E-Mail :	hdwires@yahoo.com hdwires@yahoo.co.in mca21000@gmail.com
Area :	150000 Sq. ft
Location :	Owned

DIRECTORS

As on 29.09.2012

Name :

Mr. Dilip Kumar Dev

Designation :

Director

Address :

9/5, Monaramaganj, Indore – 452001, Madhya Pradesh, India

Date of Birth/Age :

21.11.1950

Qualification :

M Com, LLB, Bcom

Date of Appointment :

19.05.1988

DIN No.:

00453732

Name :

Mr. Dheeraj Dev

Designation :

Director

Address :

9/5, Monaramaganj, Indore – 452001, Madhya Pradesh, India

Date of Birth/Age :

29.12.1976

Qualification :

Engineering, MBA

Date of Appointment :

07.10.2002

DIN No.:

00453756

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	U31300MP1988PTC004601	H D WIRES PRIVATE LIMITED	Director	07-10-02	07-10-02	-	Active	NO
2	U62200MP2008PTC021226	MAHARAJA AVIATION PRIVATE LIMITED	Director	08-10-08	08-10-08	12-06-12	Active	NO

Name :

Mrs. Varsha Dev

Designation :

Director

Address :

9/5, Monaramaganj, Indore – 452001, Madhya Pradesh, India

Date of Birth/Age :

27.07.1955

Qualification :

Graduate, BA

Date of Appointment :

11.11.2006

DIN No.:

03234306

Name :

Mrs. Anuradha Dev

Designation :

Director

Address :

9/5, Monaramaganj, Indore – 452001, Madhya Pradesh, India

Date of Birth/Age :

17.05.1972

Qualification :

MA

Date of Appointment :

11.11.2006

DIN No.:

03234647

KEY EXECUTIVES

Name :	Mr. Himanshu Dev
Designation :	Managing Director

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2012

Names of Shareholders	No. of Shares
Directors and Promototers
Dilip Dev	55675
Dhiraj Dev	68435
Himanshu Dev	31456
Versha Dev	7625
Anuradha Dev	5945
Bodies Corporates
Passion Tie-up Private Limited, India	10000
Nutan Vyapaar Private Limited, India	15000
Tritium Tie-up Private Limited, India	17500
Other ShareHolders not listed above
Lakshmi Lokwani	7500
Dr. Dharmpal Lokwani	5000
Anusurya Brajbihari Neema	1000
Braj Bihari Neema	1750
Bihari Ramesh Chandra	1000
C. R. Mandhwani	5500
Monika Neema	750
R. Ranger	3349
Prafulya Brajbihari Neema	250
Rupesh Neema	750
Ankit Chordia	500
Anuj Chordia	1500
Saroj Chordia	1000
Vinee Chordia	1000
Abhay Chordia	1000
Anil Neema	5
Ankur Chordia	5
Ashok chopra	5
Mannalal Nagda and Sons	5
Praful B. Neema (HUF)	5
Prakashji Kala	5
R. H. Khan	5
Rishab Surana	5
Rishi Malhotra	5
Sangeeta Waghmare	5
Shobhana H. Shah	5
Shri Vinay Ji	5
Subdha Waghmare	5
Anita Surana	5
Rahul Aahuja	5
Harsha Thandani	5
Jagdish Kumar Madan	5
Priyanka Dev	15
Smt. Puri Bai	5
Sudhir bhandari	5
Sulbha Jain	5
Sunil Kumar Jain and Company	5
Sunil Kumar Jain HUF	5
Murlidhar Gyanchandani	37500
Total	281110

As on 07.12.2012

Names of Allottees	No. of Shares Allotted
Murlidhar Gyanchandani	30769
Anuradha Dev	123076
Total	153845

As on 29.09.2012

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others
Bodies corporate	15.12
Directors or relatives of Directors	60.17
Other top fifty shareholders	24.71
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of G. I. Wire, G.I. Strip, G. I. Weldedmesh, Barbed Wire, Saw Wire, Saw Flux, Stay Wire.

Products :

Products Description	Item Code No.
Steel Wire	73130.1
Nails	731700.03
Rivets	731823.00

Exports :

Products :

Finish Goods

Countries :

Nepal

Imports :

Products :

Raw Material

Countries :

• China
• Dubai

Terms :

Selling :

L/C / Credit

Purchasing :

Advance

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Actual Production
M.S. Wire	MT	2437.698
Weldmesh	MT	1127.261
Gl Wire	MT	9422.668
Barbad Wire	MT	178.943
Chainlink	MT	36.590
Scrap	MT	89.732
R. Nalles	MT	62.192
Rivits	MT	73.356

GENERAL INFORMATION

Suppliers :

Steel Mills

Customers :

End Users

• Tata Steel

No. of Employees :

315 (Approximately) (In Office = 15 and In Factory = 300)

Bankers :

• Bank of Baroda, Branch Siya Gang, Indore, Madhya Pradesh, India

Tel. No.: 91-731-2369247 / 2362014

• Yes Bank Limited, 9th Floor, Nehru Centre, Discovery of India, Dr Annie Besant Road, Worli, Mumbai – 400018, Maharashtra, India

Facilities :

Cash Credit Rs.120.000 Millions (From Bank of Baroda)

(Rs. In Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
Term Loan - M P Financial Corporation	72.054	40.731
Working Capital Loans - From Bank	125.164	127.351
Working Capital Term Loans - From Banks	49.694	0.000
Vehicle and Other Loans - From Bank and Financial Institution	11.357	5.589
Total	258.269	173.671

Banking Relations :	--
Auditors :
Name :	Ashok Khasgiwala and Company Chartered Accountants
Address :	317, Chetak Centre Annex RNT Marg, Indore – 452001, Madhya Pradesh, India
PAN.:	AACFA7732P
Other Related Parties :	Radha Krishna Steel Company Limited Maharaja Aviation Private Limited Dev’s Bakery and Care

CAPITAL STRUCTURE

After 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.100/- each	Rs.50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
434955	Equity Shares	Rs.100/- each	Rs.43.496 Millions

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
275000	Equity Shares	Rs.100/- each	Rs.27.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
243610	Equity Shares	Rs.100/- each	Rs.24.361 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		24.361	16.861	16.861
2] Share Application Money		4.200	5.225	0.000
3] Reserves & Surplus		50.662	33.884	29.989
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		79.223	55.970	46.850
LOAN FUNDS
1] Secured Loans		258.269	173.671	131.190
2] Unsecured Loans		38.526	29.045	25.286
TOTAL BORROWING		296.795	202.716	156.476
DEFERRED TAX LIABILITIES		9.734	7.798	4.834
TOTAL		385.752	266.484	208.160
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		107.750	81.673	71.289
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		1.587	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	160.174	148.108	97.682
	Sundry Debtors	129.541	69.862	90.182
	Cash & Bank Balances	13.918	9.718	3.130
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	47.448	45.536	34.672
Total Current Assets		351.081	273.224	225.666
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	61.549	76.943	67.953
	Other Current Liabilities	7.027	8.380	19.019
	Provisions	6.090	3.090	1.823
Total Current Liabilities		74.666	88.413	88.795
Net Current Assets		276.415	184.811	136.871
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		385.752	266.484	208.160

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	536.347	409.152	487.082
		Other Income	2.100	6.123	8.971
		TOTAL (A)	538.447	415.275	496.053
Less	EXPENSES
		Increase/(Decrease) In Stock	4.591	7.838	(34.237)
		Materials Consumed	368.083	293.006	410.355
		Excise Duty	45.094	26.977	55.468
		Manufacturing Expenses	42.809	34.367	20.078
		Office and Establishment Expenses	21.086	15.688	10.413
		TOTAL (B)	481.663	377.876	462.077
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		56.784	37.399	33.976
Less	FINANCIAL EXPENSES (D)		31.937	22.627	20.495
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		24.847	14.772	13.481
Less/ Add	DEPRECIATION/ AMORTISATION (F)		10.633	6.577	7.240
	PROFIT BEFORE TAX (E-F) (G)		14.214	8.195	6.241
Less	TAX (H)		4.936	4.300	2.484
	PROFIT AFTER TAX (G-H) (I)		9.278	3.895	3.757
	Earnings Per Share (Rs.)		54.96	23.10	NA

Particulars	31.03.2012
Sales Turnover (Approximately)	650.000
	Because business is expanding

Expected Sales (2012-13) : Rs.1100.000 Millions

The above information has been parted by Mr. Himanshu Dev

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.72	1.97	0.76
Net Profit Margin (PBT/Sales)	(%)	2.65	2.00	1.28
Return on Total Assets (PBT/Total Assets}	(%)	3.10	2.31	2.10
Return on Investment (ROI) (PBT/Networth)		0.18	0.15	0.13
Debt Equity Ratio (Total Debt /Networth)		3.75	3.62	3.34
Current Ratio (Current Asset/Current Liability)		4.70	3.09	2.54

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	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	Yes
17]	Major suppliers	Yes
18]	Major customers	Yes
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	No

TRADE REFERENCES

• Steel Mills
• Tata Steel

UNSECURED LOANS

Particulars	31.03.2011	31.03.2010
	(Rs. In Millions)
From Director and Share Holders	6.819	14.273
Intercorporate Deposit	6.129	13.323
From Banks	25.576	1.449
Total	38.526	29.045

CONTINGENT LIABILITIES:

Particulars	31.03.2011	31.03.2010
	(Rs. In Millions)
Outstanding Bank Guarantee	26.870	25.000
Bill Discounted	25.564	--

BANKERS CHARGES REPORT AS PER REGISTRY

This form is for	Modification of charge
Charge identification number of the modified	10265789
Corporate identity number of the company	U31300MP1988PTC004601
Name of the company	H D WIRES PVT LTD
Address of the registered office or of the principal place of business in India of the company	17-18-19-20, Sanwer Road, Sector E, Industrial Area, Indore – 452015, Madhya Pradesh, India mca21000@gmail.com
Type of charge	Book Debts Floating Charge Others: All Current Assets (both present and future)
Particular of charge holder	Yes Bank Limited 9th Floor, Nehru Centre, Discovery of India, Dr Annie Besant Road, Worli, Mumbai – 400018, Maharashtra, India delhicadmidoffice@yesbank.in
Nature of description of the instrument creating or modifying the charge	Supplemental Deed of Hypothecation dated 30th November 2012
Date of instrument Creating the charge	30.11.2012
Amount secured by the charge	Rs.100.000 Millions
Brief particulars of the principal terms and conditions and extent and operation of the charge	Rate of Interest TL: Yes Bank Base Rate plus 4.00% per annum CC: Yes Bank Base Rate plus 2.50% per annum BC/ FLC/ ILC: 1.25% per annum plus applicable taxes payable upfront Terms of Repayment Term Loan (TL): Principal Amount to be repaid in 60 equal monthly installments from the date of first disbursement. Cash Credit (CC): Payable on Demand Buyers Credit (BC) / Foreign Letter of Credit (FLC) / Inland Letter of Credit (ILC): Not Applicable Margin TL: Nil CC- 25% of [Book Debts (not more than 120 days old) plus Stocks minus Creditors] BC/ FLC/ ILC: 10% of the transaction amount in the form of Fixed Deposits of the Borrower duly lien marked in favor of YBL. Extent and Operation of the charge First Pari Passu charge on all the Current Assets of the borrower (both present and future)
Short particulars of the property charged	First Pari Passu charge on whole of Current Assets of the borrower's stocks of raw material, semi-finished and finished goods, stores and spares, bills receivables and book debts (both present and future)
Particulars of the present modification	Present modification is pursuant to following changes: Total exposure stands enhanced from Rs.50.000 Millions to Rs.100.000 Millions as below:- 1. Term Loan of Rs. 50.000 Millions stands unchanged. 2. Fresh CC facility of Rs. 10.000 Millions. 3. Fresh BC facility of Rs. 100.000 Millions. 3a. Fresh Foreign LC facility of Rs. 100.000 Millions. 3b. Fresh Inland LC facility of Rs. 50.000 Millions. Priority of the charge for Revised Facilities stands changed from Second Pari Passu to First Pari Passu Charge on all Current Assets.

FIXED ASSETS

· Land – Leasehold

· Land – Freehold

· Building

· Plant and Machinery

· Site Development

· Furniture and Fixtures

· Electric Installation

· Office Equipment

· Computers

· Loading Vehicles

· Car and Motorcycles

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

INFORMATION DETAILS

Information Gathered by :	NYN
Report Prepared by :	NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--CREDIT LINES	1~10	4
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		32

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.