MIRA INFORM REPORT

Report Date :

13.05.2013

IDENTIFICATION DETAILS

Name :	SUTTATTI ENTERPRISES LIMITED (w.e.f. 21.05.2007)
Formerly Known As :	SUTTATTI ENTERPRISES PRIVATE LIMITED
Registered Office :	43, Hadapsar Industrial Estate, Pune–411013, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	07.03.1995
Com. Reg. No.:	11-086130
Capital Investment / Paid-up Capital :	Rs.105.000 Millions
CIN No.: [Company Identification No.]	U29299PN1995PLC086130
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer, Exporter and Importer of Sheet Metal Products.
No. of Employees :	140 (Approximately) (In Office + In Factory)

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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

Maximum Credit Limit :	USD 2200000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a Flagship Company of the “Suttatti Group”. It is a well established company having a satisfactory track record. Financially company seems to be strong liquidity position is good. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct and as per commitment. The company can be considered for normal 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 – 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

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	BBB (Long Term Rating)
Rating Explanation	Having moderate degree of safety regarding timely servicing of financial obligation. It carry moderate credit risk.
Date	September 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.

INFORMATION PARTED BY

Name :	Mr. Vijay Channabasav Suttatti
Designation :	Managing director
Contact No.:	91-9890007938
Date :	11.05.2013

LOCATIONS

Registered Office / Factory:	43, Hadapsar Industrial Estate, Pune–411013, Maharashtra, India
Tel. No.:	91-20-66023939 / 29870274 / 26814215
Mobile No.:	91-9890007938 (Mr. Vijay Channabasav Suttatti)
Fax No.:	91-20-26874062
E-Mail :	sepl@suttatti.com vcs@suttatti.com sepl@axess.com
Website :	http://www.suttatti.com
Location :	Owned
Factory 2 :	70, Hadapsar, Industrial Estate, Pune–411013, Maharashtra, India
Factory 3 :	109/4, Ram Tekdi Industrial Estate, Pune–411013, Maharashtra, India
Branch Office :	Located at Pune

DIRECTORS

AS ON 27.08.2012

Name :	Mr. Channabasav Gurappa Suttatti
Designation :	Whole-time director
Address :	E-1, Konark Estate Opposite Poona Club, Pune – 411001, Maharashtra, India
Date of Birth/Age :	30.12.1933
Qualification :	B.E.
Date of Appointment :	06.09.1996
PAN No.:	ACHPS9948Q
DIN No.:	00636156

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	Company/ LLP Status	Defaulting status
1	U29299PN1995PLC086130	SUTTATTI ENTERPRISES LIMITED	Whole-time director	30-03-10	06-09-96	Active	NO
2	U29299PN2005PTC020631	SUMAX ENTERPRISES PRIVATE LIMITED	Director	28-09-05	28-09-05	Active	NO

Name :	Mr. Vijay Channabasav Suttatti
Designation :	Managing director
Address :	E-1, Konark Estate Opposite Poona Club, Pune – 411001, Maharashtra, India
Date of Birth/Age :	14.05.1972
Qualification :	B.E.
Date of Appointment :	07.03.1995
PAN No.:	ACMPS4486Q
DIN No.:	00636143

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	Company/ LLP Status	Defaulting status
1	U29299PN1995PLC086130	SUTTATTI ENTERPRISES LIMITED	Managing director	30-03-10	07-03-95	Active	NO
2	U29299PN2005PTC020631	SUMAX ENTERPRISES PRIVATE LIMITED	Director	27-04-05	27-04-05	Active	NO

Name :	Mr. Rajesh Channabasav Suttatti
Designation :	Whole-time director
Address :	E-1, Konark Estate Opposite Poona Club, Pune – 411001, Maharashtra, India
Date of Birth/Age :	20.01.1962
Qualification :	Under Graduate
Date of Appointment :	07.03.1995
PAN No.:	ACMPS4485P
DIN No.:	00636022

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	Company/ LLP Status	Defaulting status
1	U29299PN1995PLC086130	SUTTATTI ENTERPRISES LIMITED	Whole-time director	30-03-10	07-03-95	Active	NO
2	U29299PN2005PTC020631	SUMAX ENTERPRISES PRIVATE LIMITED	Managing director	27-04-05	27-04-05	Active	NO

Name :	Mr. Deepak Pandit Suttatti
Designation :	Whole-time director
Address :	Y-404, Sacred Heart Township, Wanowrie, Pune – 411040, Maharashtra, India
Date of Birth/Age :	17.10.1973
Qualification :	D.M.E.
Date of Appointment :	09.06.1996
PAN No.:	ACHPS9953P
DIN No.:	01422347

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	Company/ LLP Status	Defaulting status
1	U29299PN1995PLC086130	SUTTATTI ENTERPRISES LIMITED	Whole-time director	30-03-10	09-06-96	Active	NO
2	U29299PN2005PTC020631	SUMAX ENTERPRISES PRIVATE LIMITED	Director	27-04-05	27-04-05	Active	NO

Name :	Mr. Mahesh Pandit Suttatti
Designation :	Whole-time director
Address :	Y-404, Sacred Heart Township, Wanowrie, Pune – 411040, Maharashtra, India
Date of Birth/Age :	19.03.1978
Qualification :	D.P.E.
Date of Appointment :	06.09.1996
PAN No.:	ACHPS9949R
DIN No.:	01497000

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	Company/ LLP Status	Defaulting status
1	U29299PN1995PLC086130	SUTTATTI ENTERPRISES LIMITED	Whole-time director	30-03-10	06-09-96	Active	NO
2	U29299PN2005PTC020631	SUMAX ENTERPRISES PRIVATE LIMITED	Director	27-04-05	27-04-05	Active	NO

Name :	Mr. Annapurna Channabasav Suttatti
Designation :	Director
Address :	E-1, Konark Estate Opposite Poona Club, Pune – 411001, Maharashtra, India
Date of Birth/Age :	08.05.1943
Qualification :	Under Graduate
Date of Appointment :	01.02.2006
DIN No.:	00635820
Name :	Mrs. Kalavati Pandit Suttatti
Designation :	Director
Address :	Y-404, Sacred Heart Township, Wanowrie, Pune – 411040, Maharashtra, India
Date of Birth/Age :	17.03.1948
Qualification :	Under Graduate
Date of Appointment :	01.02.2006
DIN No.:	01497045

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 27.08.2012

Names of Shareholders	No. of Shares
Rajesh C. Suttatti	11250
Vijay C. Suttatti	52500
Channabasav G. Suttatti	11256
Deepak P. Suttatti	37032
Mahesh P. Suttatti	37032
Rajesh C. Suttatti Jointly with Vimala R. Suttatti	37032
Vijay C. Suttatti Jointly with Roopa V. Suttatti	120000
Channabasav G. Suttatti Jointly with Annapurna C. Suttatti	78750
Deepak P. Suttatti Jointly with Kalavati P. Suttatti	70780
Mahesh P. Suttatti Jointly with Kalavati P. Suttatti	45000
Annapurna C. Suttatti Jointly with Channabasav G. Suttatti	45000
Pushpa J. Boramani Jointly with Jagannath M. Boramani	32812
Roopa V. Suttatti Jointly with Vijay C. Suttatti	26662
Aditya Rajesh Suttatti Jointly with Rajesh C. Suttatti	32812
Shruti Rajesh Suttatti Jointly with Rajesh C. Suttatti	32812
Akshya J. Boramani Jointly with Pushpa J. Boramani	16411
Prinyanka J. Boramanai Jointly with Pushpa J. Boramani	16413
Vimala R. Suttatti Jointly with Rajesh C. Suttatti	16413
Rajni D. Suttatti Jointly with Deepak P. Suttatti	16411
Pushpa J. Boramani Jointly with Akshya J. Bormani	22500
Vedagnya Sanjay Bondada Jointly with Geeta Sanjay Bondada	16411
Geeta Sanjay Bondada Jointly with Annapurna C. Suttatti	51900

AS ON 27.08.2012

Equity Shares Break Up	Percentage of Holding
Directors or relatives of Directors	100.00
TOTAL	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Exporter and Importer of Sheet Metal Products.

Products :

Product Description	Item Code No.
Parts of Compressors	84149011
Parts of Self Propelled bulldozers	8431990
Parts of X Ray Machines	90221410

Exports :

Products :

• Finished Goods

Countries :

• UK
• USA

Imports :

Products :

• Raw Materials

Countries :

• Germany

Terms :

Selling :

Credit (30 Days / 60 Days / 90 Days)

Purchasing :

Credit (30 Days / 60 Days / 90 Days)

GENERAL INFORMATION

Customers :

Others (Manufacturers)

No. of Employees :

140 (Approximately) (In Office + In Factory)

Bankers :

• State Bank of India, Industrial Finance Branch, Tara Chambers, Wakdevadi, Pune - 411003, Maharashtra, India
• Bank of India, Hadpsar Branch, Hadpsar, Pune, Maharashtra, India

Facilities :

Secured Loan	Rs. In Millions 31.03.2012	Rs. In Millions 31.03.2011
Term Loans from Banks	212.424	0.883
Term Loans from Banks	2.318	74.488
TOTAL	214.742	75.371

Banking Relations :	--
Auditors :
Name :	Sagdeo Ajay Laxmikant Chartered Accountant
Address :	Kothrud, Pune, Maharashtra, India
PAN.:	AAPFS2223N

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
1500000	Equity Shares	Rs.100/- each	Rs. 150.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1050000	Equity Shares	Rs.100/- each	Rs. 105.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		105.000	105.000	105.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		468.694	335.803	237.806
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		573.694	440.803	342.806
LOAN FUNDS
1] Secured Loans		214.742	75.371	133.470
2] Unsecured Loans		17.520	57.045	30.039
TOTAL BORROWING		232.262	132.416	163.509
DEFERRED TAX LIABILITIES		59.599	56.941	58.102
TOTAL		865.555	630.160	564.417
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		514.455	314.400	356.387
Capital work-in-progress		68.112	51.142	0.200
INVESTMENT		2.047	70.814	59.414
DEFERREX TAX ASSETS		0.046	8.528	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	94.477	62.521	49.927
	Sundry Debtors	152.391	139.019	81.532
	Cash & Bank Balances	12.117	7.724	33.518
	Other Current Assets	90.677	17.824	5.230
	Loans & Advances	18.264	12.222	54.305
Total Current Assets		367.926	239.310	224.512
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	42.540	42.960	45.416
	Other Current Liabilities	3.329	1.973	1.646
	Provisions	41.162	9.101	29.034
Total Current Liabilities		87.031	54.034	76.096
Net Current Assets		280.895	185.276	148.416
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		865.555	630.160	564.417

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	620.454	484.925	443.719
		Other Income	7.778	3.885	6.364
		TOTAL (A)	628.232	488.810	450.083
Less	EXPENSES
		Cost of materials consumed	335.544	224.874	277.810
		Employee benefit expense	27.190	24.859
		Other expenses	79.759	63.268
		Exceptional items	(1.743)	0.000
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(48.147)	0.648
		TOTAL (B)	392.603	313.649	277.810
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		235.629	175.161	172.273
Less	FINANCIAL EXPENSES (D)		9.931	15.398	16.496
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		225.698	159.763	155.777
Less/ Add	DEPRECIATION/ AMORTISATION (F)		44.767	49.979	45.290
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		180.931	109.784	110.487
Less	TAX (H)		48.040	11.787	17.699
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		132.891	97.997	92.788
Less	APPROPRIATIONS		0.000	0.000	24.569
	BALANCE CARRIED TO THE B/S		132.891	97.997	68.219
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	212.426	122.214	76.228
	TOTAL EARNINGS		212.426	122.214	76.228
	IMPORTS
		Stores & Spares	2.624	3.531	2.352
		Capital Goods	168.995	5.362	1.455
	TOTAL IMPORTS		171.619	8.893	3.807
	Earnings Per Share (Rs.)		126.56	93.33	88.37

Particulars	31.03.2013
Sales Turnover (Approximately)	700.000

The above information has been parted by Mr. Vijay Channabasav Suttatti.

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	21.15	20.05	20.62
Net Profit Margin (PBT/Sales)	(%)	29.16	22.64	24.90
Return on Total Assets (PBT/Total Assets}	(%)	20.50	19.53	19.02
Return on Investment (ROI) (PBT/Networth)		0.32	0.25	0.32
Debt Equity Ratio (Total Debt /Networth)		0.40	0.30	0.48
Current Ratio (Current Asset/Current Liability)		4.23	4.43	2.95

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%	-----
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	No
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
21]	Market information	-----
22]	Litigations that the firm / promoter involved in	-----
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	-----
26]	Buyer visit details	-----
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

Unsecured Loan	Rs. In Millions 31.03.2012	Rs. In Millions 31.03.2011
Loans and Advances from Related Parties	8.394	26.777
Loans Repayable on Demand	9.126	30.268
TOTAL	17.520	57.045

REVIEW OF BUSINESS FOR 2011-12

SHEET METAL BUSINESS

There have been a lot of new part developments with their existing customers. These should convert to increased sales from the first half of 2012. They have added a new customer to their list i.e. Forbes Technosys Private Limited. They are into manufacture of banking solutions. They have developed a number of products for them. They expect that this new customer should give them a sizeable amount of business in the years to come. New products have been developed for Champ Energy Ventures Private Limited for their small gensets. Champ has done strategic tie ups with KOEL and Bajaj Electricals and will be manufacturing gensets under their brand name. They expect huge amount of business coming out of Champ to them because of these tie ups with well established and renowned manufacturers of gensets for the Indian market. Both, KOEL and Bajaj are established names and have a good marketing setup pan India which should convert to good volumes for Champ Energy.

EOU BUSINESS

They have not seen a slowdown in the US market so far. The demand has been quite stable for the year. There has been quite a lot of development of new products for their customer. Most of these new developments will convert to new business or replace existing parts their customer has their new product launches in 2013 and 2014.

GRATING PLANT

They are pleased to inform that the new Sahajpur Unit for manufacture of Steel Electroforged Gratings is nearing completion and most of the machines have been installed and commissioned now. We have also been able to execute a few small orders for some customers before the end of March 2012. The Hot Dip Galvanising plant installation has commenced and they expect that this plant should be up and running by the end of Sept 2012. They are seeing a very good response from all customers who are visiting their facility and we expect very good orders in the future. As gratings are used extensively in the infrastructure projects, there is a need to get certified by many government agencies like EIL, PDIL and MECON. Work on these certifications has started for being certified.

Sales for the current year 31.03.2012 was Rs. 588.553 Millions as compared to Rs. 468.154 Millions in the previous year showing an increase of 26%. Profit before taxes for the current year 31.03.2012 was Rs. 180.931 Millions as compared to Rs. 109.784 Millions showing an increase of 65%. Profit after Taxes for the current year 31.03.2012 was Rs. 132.891 Millions as compared to Rs. 97.997 Millions showing an increase of 36%.

FIXED ASSETS

• Computers
• Electrical Installations
• Factory Equipments
• Forklift
• Factory land
• Factory Building
• Furniture and Fixtures
• Office Equipments
• Plant and Machinery
• Waste Water Treatment Plant
• Vehicles
• Transport Vehicles
• Windmills
• Air Compressors
• Motor

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. 54.54
UK Pound	1	Rs. 84.19
Euro	1	Rs. 71.10

INFORMATION DETAILS

Information Gathered by :	PLK
Report Prepared by :	DPT

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	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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		50

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.