MIRA INFORM REPORT

Report Date :

07.10.2013

IDENTIFICATION DETAILS

Name :	MANOHAR ELECTRODES PRIVATE LIMITED
Registered Office :	306/104, Ashirwaad Enclave, I P Extension, Patparganj, New Delhi-110092
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	15.02.1999
Com. Reg. No.:	55-098405
Capital Investment / Paid-up Capital :	Rs.5.973 Millions
CIN No.: [Company Identification No.]	U32109DL1999PTC098405
TAN No.: [Tax Deduction & Collection Account No.]	DELM05643B
PAN No.: [Permanent Account No.]	AACCM6204H
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of all kinds of Welding Electrodes, MIG Welding Wires.
No. of Employees :	30 [Approximately]

RATING & COMMENTS

MIRA’s Rating :

B (27)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 57100
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Profitability of the company appears to low. However, trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some caution.

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.

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. Sudeep Gupta
Designation :	Director
Contact No.:	91-9837043180
Date :	27.09.2013

LOCATIONS

Registered Office :	306/104, Ashirwaad Enclave, I P Extension, Patparganj, New Delhi-110092, India
Tel. No.:	Not Available
Mobile No.:	91-9837043180 [Mr. Sudeep Gupta]
Fax No.:	Not Available
E-Mail :	manohargroup@gmail.com rgupta_ca10@yahoo.co.uk
Location :	Owned
Factory :	Manohar Vihar, Garh Road, Hapur-245101, Uttar Pradesh, India
Tel. No.:	91-122-2333588/ 2333206
Fax No.:	91-122-2333178

DIRECTORS

AS ON 29.09.2012

Name :

Mr. Pradeep Kumar Gupta

Designation :

Managing Director

Address :

38, Railway Road, Ghaziabad, Hapur – 245101, Uttar Pradesh, India

Date of Birth/Age :

04.04.1958

Date of Appointment :

15.02.1999

DIN No.:

00011421

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	U65929DL1997PTC087943	M K FINVEST CO PRIVATE LIMITED	Managing director	13/06/1997	13/06/1997	Active	NO
2	U74999DL1991PLC042880	MANOHAR CREDIT AND GROWTH FUND LIMITED	Managing director	20/05/1998	20/05/1998	Active	NO
3	U32109DL1999PTC098405	MANOHAR ELECTRODES PRIVATE LIMITED	Managing director	15/02/1999	15/02/1999	Active	NO
4	U55101DL2009PTC187581	MANOHAR IRRIGATION PRIVATE LIMITED	Director	12/02/2009	12/02/2009	Active	NO

Name :

Mr. Mahender Kumar Gupta

Designation :

Director

Address :

38, Railway Road, Ghaziabad, Hapur – 245101, Uttar Pradesh, India

Date of Birth/Age :

12.09.1930

Date of Appointment :

15.02.1999

DIN No.:

00011434

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	U30000DL1984PTC017529	DOON COMPUTER FORMS PRIVATE LIMITED	Director	14/02/1984	14/02/1984	Strike off	NO
2	U32109DL1999PTC098405	MANOHAR ELECTRODES PRIVATE LIMITED	Director	15/02/1999	15/02/1999	Active	NO

Name :

Mr. Sudeep Kumar Gupta

Designation :

Director

Address :

38, Railway Road, Ghaziabad, Hapur – 245101, Uttar Pradesh, India

Date of Birth/Age :

01.08.1963

Date of Appointment :

15.02.1999

DIN No.:

00011443

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	U30000DL1984PTC017529	DOON COMPUTER FORMS PRIVATE LIMITED	Director	14/02/1984	14/02/1984	Strike off	NO
2	U65929DL1997PTC087943	M K FINVEST CO PRIVATE LIMITED	Director	13/06/1997	13/06/1997	Active	NO
3	U32109DL1999PTC098405	MANOHAR ELECTRODES PRIVATE LIMITED	Director	15/02/1999	15/02/1999	Active	NO
4	U55101DL2009PTC187581	MANOHAR IRRIGATION PRIVATE LIMITED	Director	12/02/2009	12/02/2009	Active	NO

Name :

Mr. Atul Kumar Gupta

Designation :

Director

Address :

905, Patel Nagar, Hapur – 245 101, Uttar Pradesh, India

Date of Birth/Age :

12.09.1955

Date of Appointment :

15.02.1999

DIN No.:

00011452

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	U74999DL1991PLC042880	MANOHAR CREDIT AND GROWTH FUND LIMITED	Director	20/05/1998	20/05/1998	Active	NO
2	U32109DL1999PTC098405	MANOHAR ELECTRODES PRIVATE LIMITED	Director	15/02/1999	15/02/1999	Active	NO

Name :

Mr. Atul Kumar Jindal

Designation :

Director

Address :

2-1/1563/1, New Shivpuri, Ghaziabad, Hapur – 245 101, Uttar Pradesh, India

Date of Birth/Age :

15.08.1973

Date of Appointment :

20.09.1999

DIN No.:

00011463

Name :

Mr. Munna Lal Jindal

Designation :

Director

Address :

2-1/1563/1, New Shivpuri, Ghaziabad, Hapur – 245 101, Uttar Pradesh, India

Date of Birth/Age :

05.04.1944

Date of Appointment :

20.09.1999

DIN No.:

00094148

Name :

Mr. Varun Gupta

Designation :

Director

Address :

38, Railway Road, Ghaziabad, Hapur – 245101, Uttar Pradesh, India

Date of Birth/Age :

18.01.1984

Date of Appointment :

23.04.2010

DIN No.:

03053757

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	U32109DL1999PTC098405	MANOHAR ELECTRODES PRIVATE LIMITED	Director	23/04/2010	23/04/2010	Active	NO
2	U65929DL1997PTC087943	M K FINVEST CO PRIVATE LIMITED	Director	30/09/2010	01/06/2010	Active	NO
3	U74999DL1991PLC042880	MANOHAR CREDIT AND GROWTH FUND LIMITED	Director	30/09/2010	01/06/2010	Active	NO
4	U55101DL2009PTC187581	MANOHAR IRRIGATION PRIVATE LIMITED	Director	01/10/2012	01/10/2012	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2012

Names of Shareholders	No. of Shares
Atul Kumar Gupta	28600
Atul Kumar Jindal	50000
Mahendra Kumar Gupta	30100
Munna Lal	50000
Pradeep Kumar Gupta	83100
Sudeep Kumar Gupta	66100
Varun Gupta	55000
Manohar Credit and Growth Fund Private Limited, India	2000
Shashi Gupta	6000
Mukul Jindal	20000
Bimlesh Jindal	25000
Kalpana Gupta	12000
Amita Gupta	30000
Kapil Jindal	20000
Beenu Gupta	29400
Ritika Gupta	50000
Achal Gupta	15000
M.K. Finvest Company Private Limited, India	25000
TOTAL	597300

AS ON 29.09.2012

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	4.52
Directors or relatives of directors	95.48
TOTAL	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of all kinds of Welding Electrodes, MIG Welding Wires.
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Customers :

Wholesalers, Retailers and End Users

No. of Employees :

30 [Approximately]

Bankers :

Union Bank of India, Hapur Main Branch, Hapur-245101, Uttar Pradesh, India

Facilities :

Secured Loan	As on 31.03.2012 [Rs. in Millions]	As on 31.03.2011 [Rs. in Millions]
Long Term Borrowings
Other Loans and Advances	4.250	5.529
Short Term Borrowings
Loans Repayable on Demand
From Banks	9.781	5.801
TOTAL	14.031	11.330

Banking Relations :	--
Auditors :
Name :	G. M. R. and Company Chartered Accountants
Address :	25/39, West Patel Nagar, New Delhi – 110 008, India
PAN No:	AADFG5928Q
Associates/Subsidiaries :	Manohar Group of Company Address: Hapur, Uttar Pradesh, India Line of Business: Manufacturing MIG Welding Wires.

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
700000	Equity Shares	Rs.10/- each	Rs.7.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
597300	Equity Shares	Rs.10/- each	Rs.5.973 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	5.973	5.973
(b) Reserves & Surplus	8.316	8.091
(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)	14.289	14.064
(3) Non-Current Liabilities
(a) long-term borrowings	9.015	12.783
(b) Deferred tax liabilities (Net)	0.263	0.156
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	9.278	12.939
(4) Current Liabilities
(a) Short term borrowings	9.781	5.801
(b) Trade payables	6.803	6.915
(c) Other current liabilities	0.370	0.293
(d) Short-term provisions	0.339	0.282
Total Current Liabilities (4)	17.293	13.291
TOTAL	40.860	40.294
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	13.694	15.762
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	0.209	0.048
(e) Other Non-current assets	0.003	0.006
Total Non-Current Assets	13.906	15.816
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	12.816	13.945
(c) Trade receivables	10.572	8.456
(d) Cash and cash equivalents	1.994	0.496
(e) Short-term loans and advances	1.572	1.581
(f) Other current assets	0.000	0.000
Total Current Assets	26.954	24.478
TOTAL	40.860	40.294

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		5.973
2] Share Application Money		0.000
3] Reserves & Surplus		7.991
4] (Accumulated Losses)		0.000
NETWORTH		13.964
LOAN FUNDS
1] Secured Loans		12.641
2] Unsecured Loans		4.988
TOTAL BORROWING		17.629
DEFERRED TAX LIABILITIES		0.108
TOTAL		31.701
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		14.803
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	12.359
	Sundry Debtors	8.643
	Cash & Bank Balances	1.075
	Other Current Assets	0.000
	Loans & Advances	1.409
Total Current Assets		23.486
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	4.877
	Other Current Liabilities	1.587
	Provisions	0.132
Total Current Liabilities		6.596
Net Current Assets		16.890
MISCELLANEOUS EXPENSES		0.008
TOTAL		31.701

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	125.827	117.315	NA
		Other Income	0.003	0.000	NA
		TOTAL (A)	125.830	117.315	NA
Less	EXPENSES
		Cost of Materials Consumed	107.324	101.647
		Employee Benefit Expenses	5.430	5.420
		Other Expenses	5.499	6.008	NA
		Changes in Inventories of Finished Goods, Work in Progress and Stock in Trade	2.308	(0.425)
		TOTAL (B)	120.561	112.650	NA
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		5.269	4.665	NA
Less	FINANCIAL EXPENSES (D)		2.764	2.299	NA
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		2.505	2.366	2.614
Less/ Add	DEPRECIATION/ AMORTISATION (F)		2.161	2.215	1.832
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		0.344	0.151	0.782
Less	TAX (H)		0.114	0.051	0.259
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		0.230	0.100	0.523
	Earnings / (Loss) Per Share (Rs.)		0.39	0.17	--

Particulars	31.03.2013
Sales Turnover [Approximately]	150.000

The above information has been parted by Mr. Sudeep Gupta.

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	0.18	0.09	NA
Net Profit Margin (PBT/Sales)	(%)	0.27	0.13	NA
Return on Total Assets (PBT/Total Assets}	(%)	0.84	0.37	2.04
Return on Investment (ROI) (PBT/Networth)		0.02	0.01	0.05
Debt Equity Ratio (Total Debt/Networth)		1.32	1.32	1.26
Current Ratio (Current Asset/Current Liability)		1.55	1.84	3.56

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	Yes
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	Yes
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)	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]	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	No

INDEX OF CHARGES:

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10186935	25/01/2012 *	14,786,000.00	UNION BANK OF INDIA	HAPUR MAIN BRANCH, HAPUR, HAPUR - 245101, UTTAR PRADESH, INDIA	B32525529
2	10032761	28/11/2006	7,500,000.00	UNION BANK OF INDIA LIMITED	239- BACK BAY RECLAMATION, NARIMAN POINT, MUMBAI - 400001, MAHARASHTRA, INDIA	A09290420
3	80021604	28/11/2006 *	6,000,000.00	UNION BANK OF INDIA LIMITED	239- BACK BAY RECLAMATION, NARIMAN POINT, MUMBAI - 400001 , MAHARASHTRA, INDIA	-
* Date of charge modification

NOTE:

The registered office of the company has been shifted from 25/39, West Patel Nagar, New Delhi – 110 008, India to the present address w.e.f.01.03.2013.

Unsecured Loan	As on 31.03.2012 [Rs. in Millions]	As on 31.03.2011 [Rs. in Millions]
Long Term Borrowings
Loans and Advances From Related Parties	4.765	7.254
TOTAL	4.765	7.254

FIXED ASSETS:

• Land
• Car
• Plant and Machinery
• Hot and Cold Water Cooler
• Building
• Generator
• Vehicles
• Invertor
• Furniture and Fixtures
• Air Conditioner
• Computer
• Lab Equipment
• Fire Equipment

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 records 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	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		27

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.