MIRA INFORM REPORT

Report Date :

01.10.2013

IDENTIFICATION DETAILS

Name :	AVAIDS TECHNOVATORS PRIVATE LIMITED

Registered Office :	4-A/58, Shankar Road, New Delhi – 110 060

Country :	India

Financials (as on) :	31.03.2012

Date of Incorporation :	16.05.1988

Com. Reg. No.:	55-031707

Capital Investment / Paid-up Capital :	Rs. 25.000 Millions

CIN No.: [Company Identification No.]	U74899DL1988PTC031707

IEC No.:	0594051941

TAN No.: [Tax Deduction & Collection Account No.]	DELA12447B

PAN No.: [Permanent Account No.]	AAACA2829E

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacturer of an aircraft warning devices Service and Contracts of Electrification Works

No. of Employees :	Information denied by management

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 1350000

Status :	Satisfactory

Payment Behaviour :	Usually correct

Litigation :	Clear

Comments :	Subject is a well established company having satisfactory track record. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. 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

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INDIAN ECONOMIC OVERVIEW

We are living in a world where volatility and uncertainty have become the New Normal. We saw a change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once powerful countries in Europe are now fighting for bankruptcy. We have taken growth in the developing part of the world for granted but economic growth in China and India has begun to slow. Companies that were synonymous with their product categories just a few years ago are now no longer in existence. Kodak, the inventor of the digital camera had to wind up its operations, HMV, the British entertainment retailing company and Borders, once the second largest bookstore have shut down due to their inability to evolve their business models with the changing time. Readers’ Digest, Thomson Register are no more !

There is another megatrend happening. The World order is changing as economic power shifts from West to East. According to McKinsey study, it took Britain more than 100 years to double its economic output per person during its industrial revolution and the US later took more than 50 years to do the same. More than a century later, China and India have doubled their GDP per capital in 12 and 18 years respectively. By 2020, emerging Asia will become the world’s largest consuming block, overtaking North America.

The years after the outbreak of the global financial crisis, the world economy continues to remain fragile. The Indian economy demonstrated remarkable resilience in the initial years of the contagion but finally lost ground last year. GDP growth slowed down. Currency has been weakening. There is a marked deceleration in agriculture, industry and services. Dampening sentiment led to a cut-back in investment as well as private consumption expenditure. Inflation remained at high levels fuelled by the pressure from the food and fuel sectors. The large fiscal and current account deficit s continued to cause grave concern. It is imperative that India regains its growth trajectory of 8-9 % sooner than later. This is crucially important given the need to create gainful livelihood opportunities for the millions living in poverty as also the large contingent of young people joining the job market every year.

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 DENIED BY

Name :	Not Divulged
Designation :	Director
Contact No.:	91-9910877199
Date :	30.09.2013

LOCATIONS

Registered Office :	4-A/58, Shankar Road, New Delhi – 110 060, India
Tel. No.:	91-11-25738488/ 25723714/ 25820080
Fax No.:	91-11-25735036/ 25755000
E-Mail :	info@avaids.com manojgupta@avaids.com accounts@avaids.com
Website :	http://www.avaids.com
Area :	Owned

Factory :	Plot No.184A/185, Sector-3, IMT Manesar, Gurgaon – 122 050, Haryana, India
Tel. No.:	91-124-2291695
Fax No.:	91-124-2291343

DIRECTORS

As on 29.09.2012

Name :

Mr. Rajesh Piplani

Designation :

Managing Director

Address :

4/13, W.E.A., Karol Bagh, New Delhi - 110 005, India

Date of Birth/Age :

22.07.1962

Date of Appointment :

16.05.1988

DIN No.:

00770789

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	U74899DL1988PTC031707	AVAIDS TECHNOVATORS PRIVATE LIMITED	Managing director	16/05/1988	16/05/1988	-	Active	NO
2	U74899DL1979PTC009472	UPPAL ESTATE PRIVATE LIMITED	Director	26/06/2003	26/06/2003	-	Active	NO
3	U74899DL1995PTC074543	MASTECH TECHNOLOGIES PRIVATE LIMITED	Director	27/09/2006	27/09/2006	-	Active	NO
4	U45200DL2006PTC156184	MASTECH PROJECTS PRIVATE LIMITED	Director	04/12/2006	04/12/2006	-	Active	NO
5	U24233DL2007PTC163111	TECHNOVATORS ENGINEERING SERVICES PRIVATE LIMITED	Director	08/05/2007	08/05/2007	-	Active	NO

Name :

Mrs. Lalita Kaul

Designation :

Director

Address :

8620, Sector C, Pocket-8, Vasant Kunj, New Delhi – 110 071, India

Date of Birth/Age :

03.07.1952

Date of Appointment :

24.11.1988

DIN No.:

00184000

Name :

Mr. Ashok Kumar Kaul

Designation :

Director

Address :

8620, Sector C/8, Vasant Kunj, New Delhi – 110 070, India

Date of Birth/Age :

27.01.1948

Date of Appointment :

20.09.1989

DIN No.:

01063566

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	U74899DL1988PTC031707	AVAIDS TECHNOVATORS PRIVATE LIMITED	Director	20/09/1989	20/09/1989	-	Active	NO
2	U74899DL1995PTC074543	MASTECH TECHNOLOGIES PRIVATE LIMITED	Director	27/09/2006	27/09/2006	-	Active	NO
3	U45200DL2006PTC156184	MASTECH PROJECTS PRIVATE LIMITED	Director	04/12/2006	04/12/2006	-	Active	NO

Name :

Mrs. Sangeeta Piplani

Designation :

Director

Address :

4/13, W.E.A., Karol Bagh, New Delhi – 110 005, India

Date of Birth/Age :

26.04.1964

Date of Appointment :

26.05.1995

DIN No.:

00183820

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	U74899DL1988PTC031707	AVAIDS TECHNOVATORS PRIVATE LIMITED	Director	26/05/1995	26/05/1995	-	Active	NO
2	U74899DL1979PTC009472	UPPAL ESTATE PRIVATE LIMITED	Director	26/06/2003	26/06/2003	-	Active	NO

Name :

Mr. Roshan Lal Piplani

Designation :

Director

Address :

390/16, Lodhi Colony, Delhi – 110 003, India

Date of Birth/Age :

18.12.1925

Date of Appointment :

26.05.1995

DIN No.:

00770819

MAJOR SHAREHOLDERS

As on 29.09.2012

Names of Shareholders		No. of Shares
Rajesh Piplani		99000
Lalita Kaul		64500
Ashok Kaul		60000
Sumeer Kaul		500
Sangeeta Piplani		26000
Total		250000

Equity Share Break up (Percentage of Total Equity)

As on 29.09.2012

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of an aircraft warning devices
Service and Contracts of Electrification Works

Products/ Services :

Aviation Warning Lights
Day Making Spheres
Low Intensity Obstruction Warning Light
Low Intensity Twin Obstruction Warning Light
Low Intensity Neon Obstruction Warning Light
Medium Intensity Obstruction Warning Light
Medium Intensity Twin Obstruction Warning Light
Medium Intensity White flashing Obstruction Warning Light
Medium Intensity Red and White Flashing Obstruction Warning Light
Medium Intensity Obstruct Warning Light (GPS Synchronized)
High Intensity Obstruction Marking Lights
Solar Powered Medium Intensity Obstruction Warning Light
Control Panels

Services:

Service and Contracts of Electrification Works

GENERAL INFORMATION

No. of Employees :

Information denied by management

Bankers :

Punjab National bank, Bhikalji Cama Place, New Delhi – 110066, India
Indian Overseas Bank, New Rajindar Nagar Branch, New Rajindar Nagar, New Delhi – 110 060, India
Axis Bank LImited

Facilities :

SECURED LOANS	31.03.2012 Rs. In Millions	31.03.2011 Rs. In Millions
Long Term Borrowings
From- Indian Overseas Bank
- CC Limit	37.902	24.087
- Bids Purchased From IOB	25.713	11.955
- Packing Credit	6.000	8.000
From Citi Bank
- CC Limit (Secured against hypothecation of Stock and Book Debts, Current Assets, Colletral security by way of mortgage of personal properties of directors, company, pledge of Fixed Deposits of company , personal guarantees of directors and also corporate Guarantee of Technovators Engineering Services)	20.093	0.00
From HDFC Bank - Scorpio Loan (Secured against hypothecation of Particular Assets)	0.662	0.000
From HDFC Bank - BMW Loan (Secured against hypothecation of Particular Assets)	1.444	0.000
Short term Borrowings
Other loans and advances (specify nature)
HDFC Bank Limited Against Hypothecation of Tata Safari A/CNO. 1029896*	0.000	0.032
Total	91.814	44.074


Banking Relations :	--

Auditors :
Name :	Upadhyay and Company Chartered Accountants
Address :	S-1, Satyam Plaza, Pocket B and E Market, Dilshad Garden, Delhi – 110 095, India
PAN No.:	AAAPU0261D

CAPITAL STRUCTURE

As on 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount

250000	Equity Shares	Rs.100/- each	Rs. 25.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

250000	Equity Shares	Rs.100/- each	Rs. 25.000 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	25.000	25.000
(b) Reserves & Surplus	312.520	285.020
(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)	337.520	310.020

(3) Non-Current Liabilities
(a) long-term borrowings	109.614	57.996
(b) Deferred tax liabilities (Net)	0.428	0.629
(c) Other long term liabilities	22.923	13.560
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	132.965	72.185

(4) Current Liabilities
(a) Short term borrowings	0.000	0.032
(b) Trade payables	79.182	75.100
(c) Other current liabilities	13.619	16.376
(d) Short-term provisions	42.246	53.122
Total Current Liabilities (4)	135.047	144.630

TOTAL	605.532	526.835

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	40.004	38.628
(ii) Intangible Assets	0.486	0.561
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	115.925	65.925
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	2.420	1.582
(e) Other Non-current assets	43.982	107.747
Total Non-Current Assets	202.817	214.443

(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	68.498	70.638
(c) Trade receivables	256.386	165.256
(d) Cash and cash equivalents	27.486	25.389
(e) Short-term loans and advances	50.345	51.109
(f) Other current assets	0.000	0.000
Total Current Assets	402.715	312.392

TOTAL	605.532	526.835

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		25.000
2] Share Application Money		0.000
3] Reserves & Surplus		226.482
4] (Accumulated Losses)		0.000
NETWORTH		251.482
LOAN FUNDS
1] Secured Loans		41.555
2] Unsecured Loans		9.456
TOTAL BORROWING		51.011
DEFERRED TAX LIABILITIES		0.707

TOTAL		303.200

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		40.240
Capital work-in-progress		0.054

INVESTMENT		35.600
DEFERRED TAX ASSETS		0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	71.496
	Sundry Debtors	228.196
	Cash & Bank Balances	27.461
	Other Current Assets	0.000
	Loans & Advances	61.371
Total Current Assets		388.524
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	71.896
	Other Current Liabilities	28.858
	Provisions	60.464
Total Current Liabilities		161.218
Net Current Assets		227.306

MISCELLANEOUS EXPENSES		0.000

TOTAL		303.200

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	465.489	462.716
		Other Income	6.880	3.469
		TOTAL (A)	472.369	466.185	514.163

Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)	400.972	363.737	405.216

Less	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		71.397	102.448	NA

Less	FINANCIAL EXPENSES (D)		15.493	7.356	NA

	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		55.904	95.092	NA

Less/ Add	DEPRECIATION/ AMORTISATION (F)		6.430	6.458	NA

	PROFIT/(LOSS) BEFORE TAX (E-F) (G)		49.474	88.634	108.947

Less	TAX (H)		16.163	18.551	21.370

	PROFIT/(LOSS) AFTER TAX (G-H) (I)		33.311	70.083	87.577

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		252.291	200.606	NA

Less	APPROPRIATIONS
		Dividend Proposed	5.000	10.000	20.000
		Excess Provision of Dividend Tax	0.000	(0.077)	3.399
		Transfer to General Reserve	3.331	6.853	8.758
		Deferred Tax Liability/ (Assets)	0.000	0.000	0.078
		Short provision of tax in earlier years	0.000	0.000	0.441
		Income Tax Refund A.Y. 2006-07	0.000	0.000	0.316
		Adjustment as per A.Y. 2008-09	0.000	0.000	0.065
		Excess Provision for Dividend Tax	0.000	0.000	0.000
		Tax on Dividend	0.811	1.622	0.000
	BALANCE CARRIED TO THE B/S		276.460	252.291	200.606

	EARNINGS IN FOREIGN CURRENCY		108.831	105.225	206.192

	Earnings Per Share (Rs.)		133.244	274.00	350.00

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	7.05	15.03	17.03

Net Profit Margin (PBT/Sales)	(%)	10.63	19.16	NA

Return on Total Assets (PBT/Total Assets}	(%)	11.02	21.02	25.01

Return on Investment (ROI) (PBT/Networth)		0.15	0.29	0.43

Debt Equity Ratio (Total Debt /Networth)		0.32	0.19	0.20

Current Ratio (Current Asset/Current Liability)		2.98	2.16	2.41

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	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	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	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

UNSECURED LOANS:

Particulars	31.03.2012 Rs. In Millions	31.03.2011 Rs. In Millions
Long Term Borrowings
From directors
Mr. Rajesh Piplani	0.223	0.966
Mr. Ashok Kaul	8.168	5.347
Mrs. Lalita Kaul	8.229	7.519
Mrs. Sangeeta Piplani	1.180	0.122
Total	17.800	13.954

INDEX OF CHARGE:

Sr .No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10449106	25/07/2013	87,339,000.00	PUNJAB NATIONAL BANK	BHIKAJI CAMA PLACE, NEW DELHI, Delhi - 110066, INDIA	B85010536
2	10421112	07/08/2013 *	200,000,000.00	AXIS BANK LIMITED	2ND FLOOR, STATESMAN HOUSE, 148, BARAKHAMBA ROAD, NEW DELHI, Delhi - 110001, INDIA	B81563702
3	10059605	04/07/2009 *	139,000,000.00	PUNJAB NATIONAL BANK	M.I.A., ALWAR, Rajasthan - 301030, INDIA	A68072206
4	10002073	31/05/2013 *	68,654,632.00	Indian Overseas Bank	J-400, NEW RAJINDER NAGAR, NEW DELHI, Delhi - 110060, INDIA	B80486178
5	80000912	31/05/2013 *	68,654,632.00	Indian Overseas Bank	J-400, NEW RAJINDER NAGAR, NEW DELHI, Delhi - 110060, INDIA	B80485980

* Date of modification charge

FINANCIAL RESULTS

During the year, the profit of the Company has comparatively decreased to Rs. 33.311 Millions from Rs. 70.083 Millions of last year. The Directors are hopeful of better performance in the next financial year.

FIXED ASSETS:

Goodwill
Furniture and Fixture
Computers
Server Room
Office Equipments
Air Conditioners
Tools and Equipments
Generator
Cycle
Digital Camera
Electronic Weighting
Factory Land
Factory Building
Plant and Machinery
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. 62.78
UK Pound	1	Rs. 101.42
Euro	1	Rs. 84.67

INFORMATION DETAILS

Information Gathered by :	SVA

Report Prepared by :	VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
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	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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--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.

MIRA INFORM REPORT

7.05

15.03

10.63

19.16

11.02

21.02

0.15

0.29

0.32

0.19

2.98

2.16

Unit