MIRA INFORM REPORT

Report Date :

15.11.2013

IDENTIFICATION DETAILS

Name :	STARLITE LIGHTING LIMITED
Formerly Known As :	STARLITE LIGHTING PRIVATE LIMITED STARLITE CAPS PRIVATE LIMITED
Registered Office :	6, MIDC, Satpur, Trimbak Road, Nashik – 422007, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	04.07.1995
Com. Reg. No.:	11-090213
Capital Investment / Paid-up Capital :	Rs.275.000 Millions
CIN No.: [Company Identification No.]	U31300MH1995PLC090213
TAN No.: [Tax Deduction & Collection Account No.]	NSKS03453C
PAN No.: [Permanent Account No.]	AACCS4988E
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of CFL’s and Electrical Appliance.
No. of Employees :	150 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

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

Maximum Credit Limit :	USD 1040000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. These appears accumulated losses recorded by the company is which decreasing previous year. Rating also takes into consideration unconditional and irrevocable corporate guarantee by Bajaj Electricals Limited. Trade relation are reported to be fair. Business is active. Payment terms are reported as usually correct. 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.

INDIAN ECONOMIC OVERVIEW

The current downturn provides an opportunity to push ahead with reforms to accelerate growth, says the latest India Development Update report released by the World Bank. The report says that the adverse effects of rupee depreciation are likely to be offset by the gains in the exports performance due to improved external competitiveness. Since May this year, the local currency has depreciated substantially and fell to a record level of Rs 68.85 to a dollar on August, 28.

A stagflation like situation appears to have arisen as inflation jumped to an eight month high of 6.46 % for the month of September. It is up from 6.10 % in August. Growth continues to be muted with factory output plunging to 0.6 % in August. Onion prices have risen nearly 300 % from last September. Vegetables cost nearly 90 % more than they did last year. Wake up to the economic contribution of slum dwellers. They contribute more than 7.5 % to the country’s gross domestic product, according to a recent study conducted in 50 top cities.

136000 estimated number of jobs created during the second quarter of the current financial year. 50000 estimated number of additional jobs in the field of corporate social responsibility in the coming years.

The International Finance Corporation expects to come out with its rupee linked bonds issue before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple iPhone 5c (Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has been launched in India from 1^st November.

The Land Acquisition Act to provide just and fair compensation to farmers will come into force from January 1 next year, said Rural Development Minister Jairam Ramesh. The Act replaces a 119 year old registration. The Securities and Exchange Board of India has approved the trading of currency futures on the Bombay Stock Exchange. The exchange plans to launch the currency futures platform with advanced trading technology by the end of November.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Term Loans = A+ (SO)
Rating Explanation	Adequate degree of safety and low credit risk
Date	September 2012

Rating Agency Name	ICRA
Rating	Non Fund Based Limits = A1+ (SO)
Rating Explanation	Strong degree of safety and lowest 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. Vasim
Designation :	Export Department
Contact No.:	91-253-2350365
Date :	13.11.2013

LOCATIONS

Registered Office/Factory :	6, MIDC, Satpur, Trimbak Road, Nashik – 422007, Maharashtra, India
Tel. No.:	91-253-2350365/2354423/24
Fax No.:	91-253-2350365/2350832
E-Mail :	revati.nargundkar@starlitelighting.com vasim.iamdar@starlighting.com
Website :	http://starlitelighting.com
Location :	Owned

DIRECTORS

As on 30.09.2011

Name :	Mr. Shekharkumar Ramkrishnaji Bajaj
Designation :	Director
Address :	211, Maker Tower “A”, Cuffe Parade, Mumbai – 400005, Maharashtra, India
Date of Birth/Age :	08.06.1948
Date of Appointment :	25.06.2007
DIN No.:	00089358
Name :	Anant Shekharkumar Bajaj
Designation :	Director
Address :	211, Maker Tower “A”, Cuffe Parade, Mumbai – 400005, Maharashtra, India
Date of Birth/Age :	18.05.1977
Date of Appointment :	25.06.2007
DIN No.:	00089460
Name :	Arvind Subhashchandra Bharati
Designation :	Director
Address :	7, M.I.D.C. Area, Satpur, Nasik – 422007, Maharashtra, India
Date of Birth/Age :	12.01.1964
Date of Appointment :	22.02.2007
DIN No.:	00148830
Name :	Ravindra Subhashchandra Bharati
Designation :	Director
Address :	7, M.I.D.C. Area, Satpur, Nasik – 422007, Maharashtra, India
Date of Birth/Age :	22.07.1970
Date of Appointment :	04.07.1995
DIN No.:	00148936
Name :	Shilpa Ravindra Bharti
Designation :	Director
Address :	7, M.I.D.C. Area, Satpur, Nasik – 422007, Maharashtra, India
Date of Appointment :	30.09.2011
DIN No.:	00117425
Name :	Mr. Pradeep Suresh Tandon
Designation :	Additional Director
Address :	Cliff Tower, 10th Floor, Mount Marry Road, Bandra (West), Mumbai – 400050, Maharashtra, India
Date of Birth/Age :	18.11.1954
Date of Appointment :	27.06.2012
DIN No.:	05327060

KEY EXECUTIVES

Name :	Mr. Vasim
Designation :	Export Department

MAJOR SHAREHOLDERS

As on 30.09.2011

Names of Equity Shareholders	No. of Shares
Arvind Subhashchandra Bharati	702500
Ravindra Subhashchandra Bharati	1330000
Rochana Subhashchandra Bharati	600000
Ashu Arvind Bharati	340000
Shilpa Ravindra Bharati	500000
Anand Gunvantrai Gupta	375000
Chetana Anand Gupta	742500
Jagdish Babulal Patel	250000
Bajaj Electricals Limited	4000000
Starlite Components Limited, India	920000
Reprolite Papers (I) Private Limited	430000
Laxmidhan Trade and Investment Company Private Limited, India	615000
Banshi Agro and Marine Farm Private Limited, India	615000
Solarcopyer Private Limited, India, India	500000
Lumalamp Limited, India	480000
Comet Filaments (I) Limited, India	100000
Total	12500000

Names of Preference Shareholders	No. of Shares
Bajaj Electricals Limited	15000000
Total	15000000

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2011

Category	Percentage
Bodies corporate	61.28
Directors or relatives of Directors	36.72
Other top fifty shareholders	2.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of CFL’s and Electrical Appliance.

Products :

Product Description	ITC Code
Compact Fluorescent Lamps	85393110

Exports :

Products :

Finished Goods

Countries :

Sweden

Imports :

Products :

Raw Material

Countries :

• Germany
• Indonesia

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

GENERAL INFORMATION

Customers :

Others

No. of Employees :

150 (Approximately)

Bankers :

• Indusind Bank Limited, 2401 Gen Thimmayya Road, Cantonment, Pune – 411001, Maharashtra, India
• Yes Bank Limited, 9^th Floor, Nehru Centre, Discovery of India, Dr. Annie Besant Road, Worli, Mumbai – 400018, Maharashtra, India
• The Cosmos Co-Operative Bank Limited, Zaveri Bazar Branch, Mumbai, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2012 Rs. In Millions	31.03.2011 Rs. In Millions
Long Term Borrowings
Rupee Term Loan form Bank	400.715	180.654
Short Term Borrowings
Rupee Term Loan from Bank	382.862	255.731
Total	783.577	436.385

Notes:

Long Term Borrowings :

Particulars	31.03.2012	31.03.2011
From Bank
Rupee Term Loan form Bank	400.715	180.654

(Term Loans from Yes Bank and IndusInd Bank are secured by land situated at Plot No. 6, MIDC, Village Satpur, Trimbak Road, Nasik, Maharashtra, and Wadivarhe together with buildings, structures, erections etc. constructed or to be constructed thereon and together with immovable plant and machineries installed therein, ranking pari pasu with charges created or to be created in favour of Banks. Term Loans from Banks are also secured by corporate guarantee by Bajaj Electricals Limited. Term Loans from Banks are also secured by First pari passu charge on movable fixed assets and current assets as well as on immovable property.)

Terms of repayment	Period of maturities	Terms of repayment	Outstanding on. of installment	Currency	Outstanding on. of installment	Rate of Interest
IndusInd Bank - USD Loan	3 YRS (Up to Mar'15)	16 quarterly installments from 15th month from the date of disbursement	16	USD	Nil	9.25%
IndusInd Bank - INR Loan	3 YRS (Up to Mar'15)	16 quarterly installments from 15th month from the date of disbursement	16	INR	Nil	12.00%

Banking Relations :	--
Auditors :
Name :	Sharad Shah and Company Chartered Accountants
Address :	Gokul Nagar, 'B' 1184/4, Fergusson College Road, Pune – 411005, Maharashtra, India
PAN No.:	AAEFS2410C
Associates :	Bajaj Electricals Limited
Enterprises and relatives of key management personnel :	Starlite Components Limited Comet Filaments (India) Limited Solarcopyer Limited Reprolite Papers (I) Private Limited Hind Lamps Limited Hind Musafir Agency Limited Bajaj International Private Limited

CAPITAL STRUCTURE

As on 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
12500000	Equity Shares	Rs. 10/- each	Rs.125.000 Millions
15000000	Preference Shares	Rs. 10/- each	Rs.150.000 Millions
	Total		Rs.275.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
12500000	Equity Shares	Rs. 10/- each	Rs.125.000 Millions
15000000	Preference Shares	Rs. 10/- each	Rs.150.000 Millions
	Total		Rs.275.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	275.000	275.000
(b) Reserves & Surplus	(14.161)	(21.185)
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	260.839	253.815
(3) Non-Current Liabilities
(a) long-term borrowings	596.447	377.395
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	1.607	1.555
Total Non-current Liabilities (3)	598.054	378.950
(4) Current Liabilities
(a) Short term borrowings	382.862	255.731
(b) Trade payables	241.531	264.037
(c) Other current liabilities	50.311	63.702
(d) Short-term provisions	0.943	0.008
Total Current Liabilities (4)	675.647	583.478
TOTAL	1534.540	1216.243
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	578.293	578.800
(ii) Intangible Assets	0.143	0.487
(iii) Capital work-in-progress	40.000	0.000
(iv) Intangible assets under development	2.154	0.000
(b) Non-current Investments	1.362	1.362
(c) Deferred tax assets (net)	24.818	24.818
(d) Long-term Loan and Advances	2.618	5.986
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	649.388	611.453
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	294.550	177.363
(c) Trade receivables	402.845	280.794
(d) Cash and cash equivalents	21.973	28.404
(e) Short-term loans and advances	76.035	50.658
(f) Other current assets	89.749	67.571
Total Current Assets	885.152	604.790
TOTAL	1534.540	1216.243

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		275.000
2] Share Application Money		0.000
3] Reserves & Surplus		99.612
4] (Accumulated Losses)		0.000
NETWORTH		374.612
LOAN FUNDS
1] Secured Loans		287.584
2] Unsecured Loans		99.549
TOTAL BORROWING		387.133
DEFERRED TAX LIABILITIES		0.000
TOTAL		761.745
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		557.246
Capital work-in-progress		0.000
INVESTMENT		1.362
DEFERRED TAX ASSETS		24.818
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	113.546
	Sundry Debtors	94.292
	Cash & Bank Balances	15.253
	Other Current Assets	0.000
	Loans & Advances	68.658
Total Current Assets		291.749
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	242.983
	Other Current Liabilities	7.493
	Provisions	7.003
Total Current Liabilities		257.479
Net Current Assets		34.270
MISCELLANEOUS EXPENSES		144.049
TOTAL		761.745

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.03.2012	31.03.2011	31.03.2010
	SALES
		Income		1032.057	910.545	633.639
		Other Income		6.733	4.392	6.833
		TOTAL (A)		1038.790	914.937	640.472
Less	EXPENSES
		Cost of Materials Consumed		822.047	723.500
		Changes in Inventories of finished goods, work-in-progress and stock-in-trade		(33.409)	(16.881)
		Employee Benefits Expenses		23.953	16.796
		Other Expenses		92.875	99.584
		TOTAL (B)		905.466	822.999	568.362
Less	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			133.324	91.938	72.110
Less	FINANCIAL EXPENSES (D)			94.585	46.079	34.774
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			38.739	45.859	37.336
Less	DEPRECIATION/ AMORTISATION (F)			31.715	22.607	13.688
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)			7.024	23.252	23.648
Less	TAX (H)			0.000	0.000	8.578
	PROFIT/(LOSS) AFTER TAX (G-H) (I)			7.024	23.252	15.070
	EARNINGS IN FOREIGN CURRENCY
			Export Earnings	143.803	72.484	62.709
	TOTAL EARNINGS			143.803	72.484	62.709
	IMPORTS
			Raw Materials	451.049	314.173	236.925
			Capital Goods	3.569	3.611	18.186
	TOTAL IMPORTS			454.618	317.784	255.111
	Earnings Per Share (Rs.)			0.26	0.60	0.17

Particulars	31.03.2013
Sales Turnover (Approximately)	1290.000

The above information has been parted by Mr. Vasim (Export Department)

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	0.68	2.54	2.35
Net Profit Margin (PBT/Sales)	(%)	0.68	2.55	3.73
Return on Total Assets (PBT/Total Assets}	(%)	0.48	1.96	2.78
Return on Investment (ROI) (PBT/Networth)		0.03	0.09	0.06
Debt Equity Ratio (Total Debt /Networth)		3.75	2.49	1.03
Current Ratio (Current Asset/Current Liability)		1.31	1.04	1.13

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	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	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

UNSECURED LOANS:

Particulars	31.03.2012 Rs. In Millions	31.03.2011 Rs. In Millions
Long Term Borrowings
Deferred Payment Liabilities	9.955	9.992
Rupee Term Loan form Bank	2.989	3.955
Loans and advances from related parties	182.788	182.794
Total	195.732	196.741

Notes:

Particulars	31.03.2012	31.03.2011
Term Loan
From Bank (of the above, NIL is guaranteed by Directors and / or others) Terms of Repayment as per respective agreements.	2.989	3.955
Loans and advances from related parties (of the above, NIL is guaranteed by Directors and / or others) Terms of Repayment not specified	182.788	182.794
Deferred Payment Liabilities sales Tax Deferral	9.955	9.992
Total	195.732	196.741

CURRENT MATURITIES OF LONG TERM DEBT

Particulars	31.03.2012	31.03.2011	31.03.2010
Current maturities of long-term debt	35.311	40.050	NA
Total	35.311	40.050	NA

BUSINESS OVERVIEW / FUTURE PROSPECTS:

During the year, the Company achieved turnover of Rs. 1038.790 Millions as compared to Rs. 914.938 Millions in the previous year, showing an improvement of 13.54%. However, due to higher incidence of finance cost and depreciation, net profits reduced substantially as compared to the previous year. The management is confident of achieving better performance during the year 2012-13 by reducing costs of borrowing and better allocation of resources.

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10347996	08/04/2013 *	1,036,400,000.00	INDUSIND BANK LIMITED	2401 GEN THIMMAYYA ROAD, CONTONMENT, PUNE, Maharashtra - 411001, INDIA	B76498724
2	10324452	31/05/2011	165,000,000.00	STATE BANK OF INDIA	SATPUR INDUSTRIAL AREA BRANCH, NASHIK, Maharashtra - 422007, INDIA	B23850811
3	10042704	05/03/2007	48,000,000.00	The Cosmos Co-Operative Bank Limited	269/270, SHANIWAR PETH, PUNE, AT ITS NASIK BRANCH, PUNE, Maharashtra - 411030, INDIA	A12862421

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Furniture and Fixture

· Computer

· Vehicle

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.63.65
UK Pound	1	Rs.101.16
Euro	1	Rs.85.55

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	VNT

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	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	3
--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		44

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.