MIRA INFORM REPORT

Report Date :

09.11.2013

IDENTIFICATION DETAILS

Name :	VENUS HOME APPLIANCES PRIVATE LIMITED
Registered Office :	5/54, Senthilampannai, Mangammal Salai, Pudukottai, Thoothukkudi - 628103, Tamilnadu
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	05.04.1995
Com. Reg. No.:	18-030812
Capital Investment / Paid-up Capital :	Rs. 28.000 Millions
CIN No.: [Company Identification No.]	U30007TN1995PTC030812
TAN No.: [Tax Deduction & Collection Account No.]	MRIV00756A
PAN No.: [Permanent Account No.]	AABCV6878P
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Electric Water Heaters.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 718000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Profit margin of the company appears to be low. However, the overall position seems to be decent during 2013. Trade relations are fair. Business is active. Payment terms are reported as usually correct. In view of considerable experience of the promoters in the water heater industry, the company can be considered for business dealings at usual trade terms and conditions.

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	CRISIL
Rating	Long term rating : BBB-
Rating Explanation	Moderate degree of safety and moderate credit risk
Date	June 19, 2013

Rating Agency Name	CRISIL
Rating	Short term rating : A3
Rating Explanation	Moderate degree of safety and higher credit risk
Date	June 19, 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.

LOCATIONS

Registered Office/ Factory :	5/54, Senthilampannai, Mangammal Salai, Pudukottai, Thoothukkudi - 628103, Tamilnadu, India
Tel. No.:	91-461-2271891
Fax No.:	91-461-2271890
E-Mail :	gurusamy@venushomeappliances.com
Website :	http://www.venushomeappliances.com
Central Marketing Office :	4/993, Kamaraj Street, Rajiv Gandhi Salai (OMR), Kottivakkam, Perungudi Post, Chennai - 600096, Tamilnadu, India.
Tel. No.:	91-44-43401515
Fax No.:	91-44-43401525
Branch Offices :	Located at v Bangalore v Chennai v Cochin v Coimbatore v Chandigarh v Guwahati v Jaipur v Jammu v Kolkata v Madurai v Mumbai v New Delhi v Secunderabad

DIRECTORS

AS ON 30.09.2013

Name :

Mr. N. Subbiah

Designation :

Managing Director

Address :

89, New Colony, Thoothukudi – 628003, Tamilnadu, India

Date of Birth/Age :

12.03.1948

Date of Appointment :

24.05.2004

PAN No.:

AFPPS5271M

DIN No.:

00016629

Name :

Mr. R. Iyyadurai

Designation :

Director

Address :

3/634, Jegannathan Street, Kottivakkam, Chennai – 600041, Tamilnadu, India

Date of Birth/Age :

06.04.1938

Date of Appointment :

18.09.2006

PAN No.:

AACPI9615B

DIN No.:

00027236

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	U30007TN1995PTC030812	VENUS HOME APPLIANCES PRIVATE LIMITED	Director	18/09/2006	23/01/2006	Active	NO

Name :

Mrs. G. Vijayal

Designation :

Director

Address :

C-106, North East Extension, Thillai Nagar, Trichy – 620018, Tamilnadu, India

Date of Birth/Age :

27.06.1936

Date of Appointment :

05.04.1995

PAN No.:

ABLPV6887C

DIN No.:

00016673

Name :

Mrs. S. Mangayarkarasi

Designation :

Whole-time director

Address :

89, New Colony, Thoothukudi – 628003, Tamilnadu, India

Date of Birth/Age :

09.09.1949

Date of Appointment :

24.05.2004

PAN No.:

ACHPM5404D

DIN No.:

00394641

Name :

Mr. R. Murali Ganesan

Designation :

Whole-time director

Address :

12/4, Bucklepuram, Thoothukudi – 628003, Tamilnadu, India

Date of Birth/Age :

22.08.1973

Date of Appointment :

24.05.2004

PAN No.:

ABZPG6326R

DIN No.:

00016682

Name :

Mr. I. Ramkumar

Designation :

Whole-time director

Address :

B 206, B 207, TVH Park Villa, Vinayaga Nagar, Thoraipakkam, Chennai - 600096, Tamilnadu, India

Date of Birth/Age :

09.07.1968

Date of Appointment :

24.05.2004

PAN No.:

ABMPR3937N

DIN No.:

00027206

Name :

Mr. S. Sundararaj

Designation :

Director

Address :

22, Parangusapuram, Kodambakkam, Chennai – 600024, Tamilnadu, India

Date of Birth/Age :

03.08.1958

Date of Appointment :

21.08.2006

PAN No.:

AFPPS5290G

DIN No.:

00106014

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	U65910TN1986PTC013102	STANDRAD FINANCE AND LEASING COMPANY PRIVATE LIMITED	Managing director	01/03/2010	02/07/1994	Active	NO
2	U30007TN1995PTC030812	VENUS HOME APPLIANCES PRIVATE LIMITED	Director	21/08/2006	21/08/2006	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2013

Names of Shareholders	No. of Shares
N. Subbiah	240800
G. Vijayal	291200
I. Ramkumar	420000
R. Murali Ganesan	420000
S. Mangayarkarasi	420000
I. Yasodha	421800
Subbiah Kannan	266000
R. Iyadurai	1000
S. Singaravel	500
S. Sundararaj	106566
S. Jayaram	106067
S. Ranjan	106067
Total	2800000

AS ON 30.09.2013

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Electric Water Heaters.

Products/ Services :

ITC Code No.	Product Descriptions
85161000	Electrical and electronic equipment or appliances
67040000	Installation maintenance and repair services

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Installed Capacity	Actual Production
Storage Heaters	219000	184690
Instant Heaters	54750	49184

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Axis Bank Limited, Tuticorin Branch, No.181, V.V.D. Mahal, Palayamkottai Road, Tuticorin - 628003, Tamilnadu, India

Andhra Bank

State Bank of India

HDFC Bank Limited

Punjab National Bank

Union Bank of India

State Bank of Patiala

State Bank of Travancore

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG-TERM BORROWINGS
Term loans from banks	125.681	155.437
SHORT TERM BORROWINGS
Loans repayable on demand from banks [Secured by Stock-in-trade and book debts and guaranteed by all directors]	130.981	113.103
Total	256.662	268.540

Banking Relations :	--
Auditors :
Name :	M. Arumugam Chartered Accountant
Address :	Mangal Mall, Door No 4B/A8, Opposite Rajaji Park, Water Tank, Mani Nagar, Tuticorin – 628003, Tamilnadu, India
Income-tax PAN of auditor or auditor's firm :	AARPA3590L
Associate :	Standard Electrical Services

CAPITAL STRUCTURE

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
3,000,000	Equity Shares	Rs. 10/- each	Rs. 30.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2,800,000	Equity Shares	Rs. 10/- each	Rs. 28.000 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	28.000	28.000	28.000
(b) Reserves & Surplus	150.672	147.755	149.077
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.900	0.000	0.000
Total Shareholders’ Funds (1) + (2)	179.572	175.755	177.077
(3) Non-Current Liabilities
(a) long-term borrowings	171.809	195.093	200.161
(b) Deferred tax liabilities (Net)	21.736	20.340	20.829
(c) Other long term liabilities	2.992	3.371	2.624
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	196.537	218.804	223.614
(4) Current Liabilities
(a) Short term borrowings	130.981	113.103	96.657
(b) Trade payables	72.067	106.211	61.507
(c) Other current liabilities	75.258	70.916	58.753
(d) Short-term provisions	0.860	4.881	4.881
Total Current Liabilities (4)	279.166	295.111	221.798
TOTAL	655.275	689.671	622.489
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	398.282	380.379	337.723
(ii) Intangible Assets	0.225	0.411	0.460
(iii) Capital work-in-progress	0.000	7.779	3.459
(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	8.433	15.298	11.045
(e) Other Non-current assets	25.842	10.104	0.000
Total Non-Current Assets	432.782	413.971	352.687
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	123.108	169.618	139.287
(c) Trade receivables	57.085	56.715	76.817
(d) Cash and cash equivalents	24.444	29.225	22.924
(e) Short-term loans and advances	17.370	19.604	29.901
(f) Other current assets	0.486	0.538	0.873
Total Current Assets	222.493	275.700	269.802
TOTAL	655.275	689.671	622.489

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		TOTAL	1057.648	1141.927	1087.665
Less	EXPENSES
		TOTAL	1053.215	1138.951	1048.315
	PROFIT BEFORE TAX		4.433	2.976	39.350
Less	TAX		1.516	(0.583)	13.202
	PROFIT AFTER TAX		2.917	3.559	26.148
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	7.986	3.429	NA
	Earnings Per Share (Rs.)		1.04	1.27	9.34

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	0.28	0.31	2.40
Return on Total Assets (PBT/Total Assets}	(%)	0.68	0.44	6.36
Return on Investment (ROI) (PBT/Networth)		0.02	0.02	0.22
Debt Equity Ratio (Total Debt/Networth)		1.69	1.75	1.68
Current Ratio (Current Asset/Current Liability)		0.80	0.93	1.22

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
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	Yes
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	10456472	09/10/2013	40,000,000.00	AXIS BANK LIMITED	TUTICORIN BRANCH, NO.181, V.V.D.MAHAL, PALAYAMKOTTAI ROAD, TUTICORIN - 628003, TAMILNADU, INDIA	B88118591
2	10365382	18/06/2012	586,000.00	AXIS BANK LIMITED	TRISHUL 3RD FLOOR OPP SAMARTHESHWAR TEMPLE, LAW GARDEN ELLISBRIDGE, AHMEDABAD - 380006, GUJARAT, INDIA	B43593615
3	10313310	20/03/2010	2,243,000.00	AXIS BANK LIMITED	V.V.D. MAHAL, 181, PALAYAMKOTTAI ROAD, TUTICORIN - 628003, TAMILNADU, INDIA	B17960097
4	10231928	24/02/2010	588,000.00	AXIS BANK LIMITED	NO.12, EAST CAR STREET, TIRUNELVELI - 627006, TAMILNADU, INDIA	A84986959
5	90288657	11/07/2012 *	336,245,000.00	AXIS BANK LIMITED	V.V.D. MAHAL, 181, PALAYAMKOTTAI ROAD, TUTICORIN - 628003, TAMILNADU, INDIA	B44645257

* Date of charge modification

UNSECURED LOANS

UNSECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG-TERM BORROWINGS
Deposits from others	46.128	39.656
Total	46.128	39.656

PERFORMANCE

The new plant for production of Vitreous Enameled tanks started production successfully. Further, the company continued the process of change to new technology of Vitreous Enamel for the inner tank in lieu of earlier copper tank. New models Splash GL was introduced with vitreous enamel inner tanks starting from May 2011 late in the season of 2011. During the year 2012-13 new models 6L and 10L were introduced in Splash GL range to meet customer requirement. Also Splash Digital model with digital controls was introduced. This has completed the porcelain enamel range of water heaters from 6l to 100l capacities.

However in 2012-13 general market situation continued to be under pressure due to the slowdown in the economy. Further, due to severe power cuts in Tamil Nadu, sales was affected in the State. Due to these two reasons the company could not get the expected sale. Moreover due to transition issues, the new factory could not get into full production during few months of the year. As a result the overall sales performance in 2012-13 showed a deterioration compared to the previous year. Higher selling and distribution expenses on account of marketing efforts made towards the new enamel range combined with higher interest and depreciation costs dragged down the bottom line.

The company is confident of showing improved performance in the coming year due to completion of the transition to enamel technology and stabilization of all production and technical processes.

SOLAR WATER HEATERS

The Solar Water Heater which is rapidly gaining acceptance in the market is giving additional contribution to the sales revenue. During 2012-13 they received the registration certificate from MNRE (Ministry of New and Renewable Energy), Government of India and also completed registration as a channel partner under their program for solar water heater manufacturing companies. This will enable the company to avail direct subsidy from MNRE and pass onto the customer. The company has increased the sales and distribution network for solar water heaters to all the 4 Southern States and appointed a separate sales force for the same. They were successful in bagging many project orders from hotels, hospitals, nursing homes etc for large capacity solar water heaters. With increasing awareness of solar water heaters among consumers, this category has potential for increased business in the future.

HEAT PUMP WATER HEATERS

The Heat Pump Water Heater which employs the concept of using the atmospheric heat to heat water was commercially introduced by the company during 2012-13 in the South states. This new type of water heater caters to the needs of hotels and lodges and also individual residential villas. During the year a number of installations were made at Hotels, Hospitals and Holiday resorts and also at some villas. Customers have shown high level of satisfaction with the product’s performance. They expect sizeable contribution from this product as the awareness of the category grows. In the coming year they hope to sell this product nationally and generate more business from this product category.

Awareness of these water Heaters is growing among Hotels, Hospitals, Villas etc. This awareness will help to get more business in this product category.

IMPLEMENTATION OF SAP

SAP ERP implementation was completed across the company by March 2012 and since then their operations have been fully running on the new ERP. Operations were stabilized during the year – particularly in Production planning, Materials Requirement Planning (MRP), Consolidation of Financial Accounts etc. ERP has helped in eliminating multiple legacy applications, consolidation of data and enabling linkage across functions within the company.

FIXED ASSETS:

· Land

Buildings

Office building

Plant and equipment

Other plant and equipment

Furniture and fixtures

Vehicles

Motor vehicles

Office equipment

Computer equipments

Other equipments

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. 62.73
UK Pound	1	Rs. 100.92
Euro	1	Rs. 84.06

INFORMATION DETAILS

Report Prepared by :

BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		45

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.