MIRA INFORM REPORT

Report Date :

05.10.2013

IDENTIFICATION DETAILS

Name :	SAVERA AUTO COMPS PRIVATE LIMITED
Registered Office :	Anjali Complex, Khadkeshwar, Aurangabad – 431001, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	11.09.1996
Com. Reg. No.:	11-102506
Capital Investment / Paid-up Capital :	Rs.11.891 Millions
CIN No.: [Company Identification No.]	U29299MH1996PTC102506
TAN No.: [Tax Deduction & Collection Account No.]	PNES09900C
PAN No.: [Permanent Account No.]	AADCS2490L
Legal Form :	Private limited Liability Company
Line of Business :	Manufacturer and Exporter of Home Furnishing Products.
No. of Employees :	50 [Approximately]

RATING & COMMENTS

MIRA’s Rating :

Ba (42)_

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

Maximum Credit Limit :	USD 163000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered normal 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

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.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	SME 3
Rating Explanation	Above average credit worthiness
Date	10.05.2013

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.

INFORMATION PARTED BY

Name :	Mr. Atul Moreshwar Save
Designation :	Managing Director
Contact No.:	91-9825180828
Date :	04.10.2013

LOCATIONS

Registered Office :	Anjali Complex, Khadkeshwar, Aurangabad – 431001, Maharashtra, India
Tel. No.:	91-240-2564008
Mobile No.:	91-9823180828 (Mr. Atul Moreshwar Save)
Fax No.:	91-240-2554486
E-Mail :	account_auto@saveraengineering.com atul.india@yahoo.co.in
Website :	http://www.saveraengineering.com
Corporate Office (Engineering Division) :	Plot No. F-2, MIDC Area, Waluj, Aurangabad – 431136, Maharashtra, India
E-Mail :	pachatterjee@saveraengineering.com
Factory :	K-88, MIDC Waluj, Aurangabad – 431133, Maharashtra, India
Tel. No.:	91-240-2244240/ 2244243
Fax No.:	91-240-2244240
E-Mail :	saveraautocomps@saveraengineering.com account@saveraengineering.com

DIRECTORS

AS ON 05.08.2013

Name :

Mr. Atul Moreshwar Save

Designation :

Managing Director

Address :

Anjali Complex, Khadkeshwar, Aurangabad – 431001, Maharashtra, India

Date of Birth/Age :

26.02.1962

Date of Appointment :

11.09.1996

DIN No.:

00562021

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	U63040MH1979PTC021382	SAVERA CARRIERS AND CONTRACTORS PRIVATE LIMITED	Director	13/03/1985	13/03/1985	-	Active	NO
2	U32109MH1991PTC060076	SAVERA PRESS COMPS PRIVATE LIMITED	Managing director	02/04/2012	31/01/1991	-	Active	NO
3	U24230MH1991PLC063442	ATRA PHARMACEUTICALS LIMITED	Director	01/10/1991	01/10/1991	-	Active	NO
4	U55200MH1992PTC067687	LEELA-TARA MOTELS PRIVATE LIMITED	Director	14/07/1992	14/07/1992	-	Active	NO
5	U29299MH1996PTC102506	SAVERA AUTO COMPS PRIVATE LIMITED	Managing director	02/04/2012	11/09/1996	-	Active	NO
6	U92100MH1979PTC021761	ANJALI CINETORIUM PRIVATE LIMITED	Director	21/07/1997	21/07/1997	-	Active	NO
7	U15421MH2000PLC125626	CHHATRAPATI SAMBHAJI RAJE SAKHAR UDYOG LIMITED	Director	06/04/2000	06/04/2000	29/04/2005	Active	NO
8	U29110MH1997PTC107125	SAVERA PRECISION ENGINEERING PRIVATE LIMITED	Director	02/01/2004	02/01/2004	-	Active	NO
9	U25206MH2004PTC144164	SAVERA MOULDINGS PRIVATE LIMITED	Director	22/01/2004	22/01/2004	-	Active	NO
10	U45400MH2008PTC178228	SAVERA PROMOTERS & DEVELOPERS PRIVATE LIMITED	Director	25/01/2008	25/01/2008	-	Active	NO

Name :

Mr. Pritishkumar Amitkumar Chatterjee

Designation :

Managing Director

Address :

Shantiniketan Colony, Near Shani Mandir, Aurangabad – 431001, Maharashtra, India

Date of Birth/Age :

11.12.1962

Date of Appointment :

02.04.2012

DIN No.:

01296030

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	U32109MH1991PTC060076	SAVERA PRESS COMPS PRIVATE LIMITED	Managing director	31/01/1991	31/01/1991	Active	NO
2	U29110MH1997PTC107125	SAVERA PRECISION ENGINEERING PRIVATE LIMITED	Director	07/04/1997	07/04/1997	Active	NO
3	U29299MH1996PTC102506	SAVERA AUTO COMPS PRIVATE LIMITED	Managing director	02/04/2012	15/09/2002	Active	NO
4	U25206MH2004PTC144164	SAVERA MOULDINGS PRIVATE LIMITED	Director	22/01/2004	22/01/2004	Active	NO

Name :

Mrs. Tripti Pritishkumar Chatterjee

Designation :

Director

Address :

104, Neelkant Apartment, Golegaonkar Colony, Station Road, Aurangabad – 431005, Maharashtra, India

Date of Birth/Age :

24.06.1965

Date of Appointment :

11.09.1996

DIN No.:

01377624

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	U29299MH1996PTC102506	SAVERA AUTO COMPS PRIVATE LIMITED	Director	11/09/1996	11/09/1996	Active	NO
2	U27310MH2008PTC187478	SAVERA TUBES PRIVATE LIMITED	Managing director	02/04/2012	13/10/2008	Active	NO

Name :

Mr. Ajit Moreshwar Save

Designation :

Director

Address :

Anjali Complex, Khadkeshwar, Aurangabad – 431001, Maharashtra, India

Date of Birth/Age :

18.02.1956

Date of Appointment :

15.09.2002

DIN No.:

00561875

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	U63040MH1979PTC021382	SAVERA CARRIERS AND CONTRACTORS PRIVATE LIMITED	Director	13/06/1979	13/06/1979	Active	NO
2	U32109MH1991PTC060076	SAVERA PRESS COMPS PRIVATE LIMITED	Director	31/01/1991	31/01/1991	Active	NO
3	U55200MH1992PTC067687	LEELA-TARA MOTELS PRIVATE LIMITED	Director	14/07/1992	14/07/1992	Active	NO
4	U24230MH1991PLC063442	ATRA PHARMACEUTICALS LIMITED	Director	01/12/1995	01/12/1995	Active	NO
5	U24230MH1996PTC097697	SAVERA PHARMACEUTICALS PRIVATE LIMITED	Director	27/02/1996	27/02/1996	Active	NO
6	U92100MH1979PTC021761	ANJALI CINETORIUM PRIVATE LIMITED	Director	21/07/1997	21/07/1997	Active	NO
7	U29299MH1996PTC102506	SAVERA AUTO COMPS PRIVATE LIMITED	Director	15/09/2002	15/09/2002	Active	NO
8	U25209MH2008PTC178227	SAVERA BLOWPLAST PRIVATE LIMITED	Director	25/01/2008	25/01/2008	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 05.08.2013

Names of Shareholders	No. of Fully Paid Up Shares
Save Moreshwar Atul	463499
Chatterjee Amitkumar Pritishkumar	215912
Save Moreshwar Ajit	24150
Save Moreshwar Leelawati	44500
Chatterjee Pritishkumar Tripti	40000
Save Dinanath Moreshwar	25000
Save Ajit Meenal	6500
Save Atul Anjali	145500
Save Anil Anjali	6500
Dak Govind Narayan	20000
Joshi Anna Chandrakant	10000
Shuttari Kaushar	20000
Thakur Ramesh	12500
Kulkarni Madhukar	9998
Integretared Automation and Robotics, India	1
S.A. Siddiqui	1
Anjali Cinetorium Private Limited, India	1
Ajinkya Atul Save	60000
Pritika Pritishkumar Chatterji	60000
TOTAL	1164062

AS ON 05.08.2013

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	93.77
Other top fifty shareholders	6.23
TOTAL	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Home Furnishing Products.
Exports :
Products :	Finished Goods
Countries :	Sweden China Europe Russia US
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Customers :

Retailers and End Users

No. of Employees :

50 [Approximately]

Bankers :

• Deogiri Nagari Sahakari Bank Limited, Waluj Branch, Waluj, Aurangabad – 431 136, Maharashtra, India
• Rupee Co-operative Bank Limited, Aurangabad Branch, Aurangabad, Maharashtra, India

Facilities :

Long Term Borrowings	As on 31.03.2013 [Rs. in Millions]	As on 31.03.2012 [Rs. in Millions]
Long Term Borrowings	53.991	54.809
TOTAL	53.991	54.809
Short Term Borrowings	As on 31.03.2013 [Rs. in Millions]	As on 31.03.2012 [Rs. in Millions]
Short Term Borrowings	100.848	105.384
TOTAL	100.848	105.384

Banking Relations :	--
Auditors :
Name :	Ashok Patil and Associates Chartered Accountants
Address :	A.P. Heights, Behind Gopal Cultural Hall, Veer Shanti, Kranti Chowk, Aurangabad – 431 005, Maharashtra, India
PAN No:	ABFPP1555R
Group Companies :	Savera Press Comps Private Limited Savera Precision Engg Private Limited Savera Mouldings Private Limited Savera Precision Engg (Private) Limited (Plating Unit)

CAPITAL STRUCTURE

AS ON 05.08.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
3000000	Equity Shares	Rs.10/- each	Rs.30.000 Millions

Issued & Subscribed Capital :

No. of Shares	Type	Value	Amount
1214062	Equity Shares	Rs.10/- each	Rs.12.141 Millions

Paid-up Capital :

No. of Shares	Type	Value	Amount
1164062	Equity Shares	Rs.10/- each	Rs.11.641 Millions

AS ON 31.03.2013

Authorised Capital : Not Available

Issued, Subscribed & Paid-up Capital : Rs.11.891 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	11.891	11.597	7.697
(b) Reserves & Surplus	28.983	29.689	37.941
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	1.490
Total Shareholders’ Funds (1) + (2)	40.874	41.286	47.128
(3) Non-Current Liabilities
(a) long-term borrowings	53.991	54.809	55.505
(b) Deferred tax liabilities (Net)	12.022	10.772	3.082
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	66.013	65.581	58.587
(4) Current Liabilities
(a) Short term borrowings	100.848	105.384	88.711
(b) Trade payables	256.717	260.907	148.487
(c) Other current liabilities	17.187	9.525	0.000
(d) Short-term provisions	5.105	4.791	9.042
Total Current Liabilities (4)	379.857	380.607	246.240
TOTAL	486.744	487.474	351.955
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	172.667	121.178	104.964
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	14.434	2.050
(iv) Intangible assets under development	1.124	0.100	0.100
(b) Non-current Investments	7.300	6.500	5.700
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.832	0.822	0.623
(e) Other Non-current assets	0.060	0.090	0.000
Total Non-Current Assets	181.983	143.124	113.437
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	147.832	156.117	122.576
(c) Trade receivables	43.653	68.927	69.474
(d) Cash and cash equivalents	24.877	15.820	7.087
(e) Short-term loans and advances	87.324	102.411	38.259
(f) Other current assets	1.075	1.075	1.122
Total Current Assets	304.761	344.350	238.518
TOTAL	486.744	487.474	351.955

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	796.045	660.696	732.598
		Other Income	2.694	1.488	3.490
		TOTAL	798.739	662.184	736.088
Less	EXPENSES
		TOTAL	782.435	648.463	721.836
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		16.304	13.721	14.252
Less/ Add	DEPRECIATION/ AMORTISATION		14.735	12.047	10.770
	PROFIT / (LOSS) BEFORE TAX		1.569	1.674	3.482
Less	TAX		1.249	7.928	1.159
	PROFIT / (LOSS) AFTER TAX		0.320	(6.254)	2.323
	BALANCE CARRIED TO THE B/S		0.320	(6.254)	2.323
	Earnings / (Loss) Per Share (Rs.)		--	523.284	8.961

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	0.04	(0.94)	0.32
Net Profit Margin (PBT/Sales)	(%)	0.20	0.25	0.47
Return on Total Assets (PBT/Total Assets}	(%)	0.33	0.35	1.01
Return on Investment (ROI) (PBT/Networth)		0.04	0.04	0.07
Debt Equity Ratio (Total Debt/Networth)		3.79	3.88	3.07
Current Ratio (Current Asset/Current Liability)		0.80	0.90	0.97

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]	PAN of Proprietor/Partner/Director, if available	No
32]	Date of Birth 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	10244931	30/08/2010	10,000,000.00	JANATA SAHAKARI BANK LIMITED PUNE	AURANGABAD BRANCH, OPP. GOMTESH MARKET,, DALALWADI, AURANGABAD - 431001, MAHARASHTRA, INDIA	A95159687
2	80043524	24/07/2013 *	218,000,000.00	DEOGIRI NAGARI SAHAKARI BANK LIMITED	WALUJ BRANCH, WALUJ, AURANGABAD - 431136, MAHARASHTRA, INDIA	B80670847
* Date of charge modification

PERFORMANCE:

During the year, the company has achieved net sales turnover of Rs.796.045 Millions and has earned cash profit of Rs.16.304 Millions as compared to Rs.13.482 Millions that of last year.

The company’s export turnover in the preceding year was Rs.541.600 Millions where as during the year it has increase to Rs.697.500 Millions.

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.61.41
UK Pound	1	Rs.99.29
Euro	1	Rs.83.67

INFORMATION DETAILS

Information Gathered by :	PLK
Report Prepared by :	TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		42

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.