MIRA INFORM REPORT

Report Date :

30.10.2013

IDENTIFICATION DETAILS

Name :	P P I PUMPS PRIVATE LIMITED
Registered Office :	Plot No.4/2, Phase I, GIDC Estate, Vatva, Ahmedabad – 382 445, Gujarat
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	18.11.1987
Com. Reg. No.:	04-010148
Capital Investment / Paid-up Capital :	Rs. 1.000 Million
CIN No.: [Company Identification No.]	U29120GJ1987PTC010148
TAN No.: [Tax Deduction & Collection Account No.]	AHMP00071B
PAN No.: [Permanent Account No.]	AABCP5949D
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing of Vacuum Pumps.
No. of Employees :	25 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 182000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. Trade relations are reported as decent. Business is active. Payments are reported to be usually correct and as per commitments. 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

India’s current account deficit or CAD in April-June widened to 4.9 % of gross domestic product. High imports of gold and oil led to a worsening of the trade deficit, resulting in CAD jumping to $ 21.8 billion to the latest quarter from $ 16.9 billion in the corresponding quarter of the previous financial year. The government aims to bring down CAD to 3.7 % or $ 70 billion, in 2013/14, from 4.8 % or $ 88.2 billion in 2012/13.

The finance ministry has started preparations for Budget 2014/15. With general elections scheduled to be held by May next year, there will only be an interim budget. The new government will present the fiscal Budget.

The Supreme Court has barred clinical trials for new drugs till a monitoring mechanism is put in place to protect the lives of people on which the drugs are tested.

Mumbai has been named the world’s second most honest city according to a survey on 15 cities worldwide by Readers’ Digest magazine. Finnish capital Helsinki bagged the top spot for the world’s most honest city while Lisbon, the capital of Portugal, proved to be the least honest.  The survey put hundreds of people to test in four continents to find out just how honest they were by dropping wallets and seeing how many would be returned.

3.7 % Growth of the core sector in August, a seven month high. This takes the overall growth in April-August this year to 2.3 % compared with 6.3 % in the corresponding period next financial year.

$19 million Estimated average spending by companies across the globe including India, on social media this year, according to a global study by information technology major Tata Consultancy Services. This will rise to $ 24 million in 2015.

Rising inflation, fewer employment avenues and dwindling earnings are taking a toll on the spending capacity in India. Over 72 % respondents from middle and lower middle income families would be forced to slash their Diwali expenditure by 40 % and on average spend nearly 25 % of their monthly salary on Diwali, according to a survey by Assochem.

Analysts believe the shutdown of the US government would have limited impact in sectors such as IT or tourism that are dependent on Visa clearances.

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 (GENERAL DETAILS)

Name :	Mr. Ashwin Shah
Designation :	Export Manager
Contact No.:	91-9377750175
Date :	29.10.2013

LOCATIONS

Registered Office :	Plot No.4/2, Phase I, GIDC Estate, Vatva, Ahmedabad – 382 445, Gujarat, India
Tel. No.:	91-79-25835698/ 25891365/ 25832273/ 25832274
	91-9377750175 (Mr. Ashwin)
Fax No.:	91-79-25830578
E-Mail :	sales@prashant-ppi.com export@prashantgroup.com accounts@prasadgroup.com
Website :	http://www.ppipumps.com http://www.prashant-ppi.com
Location:	Owned
Factory :	Plot No.14 and 16, Phase I, GIDC Estate, Vatva, Ahmedabad – 382 445, Gujarat, India
Branch Office :	Located At: · Delhi · Mumbai · Bangalore · Chennai · Indore · Kolkata · Hyderabad · Gujarat · Meerut

DIRECTORS

As on 24.09.2012

Name :

Mr. Prakashbhai Hemendrabhai Shah

Designation :

Director

Address :

22, Sweethome Society, Ambawadi, Ahmedabad – 380 015, Gujarat, India

Date of Birth/Age :

13.11.1944

Date of Appointment :

18.11.1987

DIN No.:

00170967

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	U29224GJ1986PTC009170	PRASAD MACHINERY PRIVATE LIMITED	Director	19/11/1986	19/11/1986	-	Active	NO
2	U29120GJ1987PTC010148	P P I PUMPS PRIVATE LIMITED	Director	18/11/1987	18/11/1987	-	Active	NO
3	U24259GJ1988PTC010755	PRASHANT GAMATEX PRIVATE LIMITED	Director	26/05/1988	26/05/1988	-	Active	NO
4	U29259GJ1993PTC020017	PRASHANT TEXMACH PRIVATE LIMITED	Director	17/08/1993	17/08/1993	-	Active	NO
5	U33301GJ1997PTC033151	PRASAD KOCH TECHNIK PRIVATE LIMITED	Director	10/10/1997	10/10/1997	-	Active	NO
6	U29190GJ1998PTC033558	PRASAD GWK COOLTECH PRIVATE LIMITED	Director	13/01/1998	13/01/1998	-	Active	NO
7	U29261GJ2003PTC042539	PRASHANT ASKA TEXMACH PRIVATE LIMITED	Director	25/06/2003	25/06/2003	-	Strike off	NO
8	U25200GJ2005PTC045830	PRASAD WEMO ROBOT SYSTEMS PRIVATE LIMITED	Director	05/04/2005	05/04/2005	-	Active	NO
9	U29269GJ2005PTC046040	PRASHANT WEST POINT MACHINERY PRIVATE LIMITED	Director	10/05/2005	10/05/2005	-	Active	NO
10	U29100GJ2008PTC055275	PRASAD CRILEC AUTOMATION PRIVATE LIMITED	Director	21/10/2008	21/10/2008	-	Active	NO
11	U29100GJ2009PTC058018	PRASHANT FERBER LOGISTICS AUTOMATION PRIVATE LIMITED	Director	05/09/2009	05/09/2009	-	Active	NO
12	U29269GJ2010PTC059567	PRASHANT BROMAS TEXTILE MACHINERY PRIVATE LIMITED	Director	15/02/2010	15/02/2010	-	Active	NO
13	U29262GJ2011PTC065641	PRASHANT ROSTONI MACHINERY PRIVATE LIMITED	Director	27/05/2011	27/05/2011	-	Active	NO
14	U29261GJ2011PTC066111	BHARAT BEAMS PRIVATE LIMITED	Director	30/06/2011	30/06/2011	-	Active	NO

Name :

Mr. Bhavinbhai Hemendrabhai Shah

Designation :

Managing Director

Address :

13, Niyojannagar, Ambawadi, Ahmedabad – 380 015, Gujarat, India

Date of Birth/Age :

27.09.1963

Date of Appointment :

18.11.1987

DIN No.:

00171205

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	U29120GJ1987PTC010148	P P I PUMPS PRIVATE LIMITED	Managing director	18/11/1987	18/11/1987	-	Active	NO
2	U29224GJ1986PTC009170	PRASAD MACHINERY PRIVATE LIMITED	Director	15/11/1989	15/11/1989	-	Active	NO
3	U24259GJ1988PTC010755	PRASHANT GAMATEX PRIVATE LIMITED	Director	30/04/1993	30/04/1993	-	Active	NO
4	U29259GJ1993PTC020017	PRASHANT TEXMACH PRIVATE LIMITED	Director	17/08/1993	17/08/1993	-	Active	NO
5	U33301GJ1997PTC033151	PRASAD KOCH TECHNIK PRIVATE LIMITED	Director	10/10/1997	10/10/1997	-	Active	NO
6	U29190GJ1998PTC033558	PRASAD GWK COOLTECH PRIVATE LIMITED	Director	13/01/1998	13/01/1998	-	Active	NO
7	U29261GJ2003PTC042539	PRASHANT ASKA TEXMACH PRIVATE LIMITED	Director	25/06/2003	25/06/2003	-	Strike off	NO
8	U25200GJ2005PTC045830	PRASAD WEMO ROBOT SYSTEMS PRIVATE LIMITED	Director	05/04/2005	05/04/2005	-	Active	NO
9	U29269GJ2005PTC046040	PRASHANT WEST POINT MACHINERY PRIVATE LIMITED	Director	10/05/2005	10/05/2005	-	Active	NO
10	U29100GJ2008PTC055275	PRASAD CRILEC AUTOMATION PRIVATE LIMITED	Director	21/10/2008	21/10/2008	-	Active	NO
11	U29261GJ2011PTC066111	BHARAT BEAMS PRIVATE LIMITED	Director	01/09/2011	01/09/2011	-	Active	NO

Name :

Mrs. Pritiben Bhavinbhai Shah

Designation :

Director

Address :

13, Niyojannagar, Ambawadi, Ahmedabad – 380 015, Gujarat, India

Date of Birth/Age :

24.02.1966

Date of Appointment :

29.05.1995

DIN No.:

00179806

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	U29120GJ1987PTC010148	P P I PUMPS PRIVATE LIMITED	Director	29/05/1995	29/05/1995	-	Active	NO
2	U29259GJ1993PTC020017	PRASHANT TEXMACH PRIVATE LIMITED	Director	29/05/1995	29/05/1995	-	Active	NO

KEY EXECUTIVES

Name :	Mr. R.R. Bhavsa
Designation :	Accounts Manager
Name :	Mr. Ashwin Shah
Designation :	Export Manager

MAJOR SHAREHOLDERS

As on 24.09.2012

Names of Shareholders	No. of Shares
Prakash Hemendra Shah	30000
Bhavin Hemendra Shah	30000
Amoli Prakash Shah	5000
Dhruv Prakash Shah	10000
Pritiben Bhavin Shah	10000
Pujan Bhavin Shah	10000
Surekhaben Prakash Shah	5000
Total	100000

Equity Share Break up (Percentage of Total Equity)

As on 24.09.2012

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing of Vacuum Pumps.

Products :

Product Description	Item Code (ITC Code)
Vacuum Pump	84141000
Spare of Vacuum Pump	84149019

Exports :

Products :

Finished Goods

Countries :

· America

· Thailand

· Malaysia

· China

Terms :

Selling :

Credit

Purchasing :

Credit

GENERAL INFORMATION

Customers :	End Users
No. of Employees :	25 (Approximately)
Bankers :	· HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai-400013, Maharashtra, India Tel No.: 91-22-66521308 · HDFC Bank, Mithagali, Ahmedabad, Gujarat, India · State Bank of India · Bank of Baroda · The Ahmedabad Mercantile Co-Operative Bank Limited

Banking Relations :	--
Auditors :
Name :	Dinesh R. Shah and Company Chartered Accountants
Address :	51, Madhuban Bungalow , 5^th Floor, Near Madalpur Underbridge, Ellisbridge, Ahmedabad – 380 006, Gujarat, India
PAN No:	AAFFD0959G
Associates/Subsidiaries :	PPI Systems Address: Green Space, GIDC, Vatva, Ahmedabad, Gujarat, India Line of Business: Manufacturing of Vacuum Pumps.

CAPITAL STRUCTURE

As on 24.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
200000	Equity Shares	Rs.10/- each	Rs. 2.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.10/- each	Rs. 1.000 Million

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	1.000	1.000
(b) Reserves & Surplus	44.569	37.529
(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)	45.569	38.529
(3) Non-Current Liabilities
(a) long-term borrowings	17.881	5.144
(b) Deferred tax liabilities (Net)	0.026	0.054
(c) Other long term liabilities	0.758	0.439
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	18.665	5.637
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000
(b) Trade payables	49.491	42.443
(c) Other current liabilities	2.795	0.648
(d) Short-term provisions	14.027	8.182
Total Current Liabilities (4)	66.313	51.273
TOTAL	130.547	95.439
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	7.623	6.262
(ii) Intangible Assets	0.049	0.051
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.010	0.010
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	3.627	2.238
(e) Other Non-current assets	3.002	2.162
Total Non-Current Assets	14.311	10.723
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	26.198	31.290
(c) Trade receivables	65.531	40.912
(d) Cash and cash equivalents	14.164	3.171
(e) Short-term loans and advances	10.064	9.145
(f) Other current assets	0.279	0.198
Total Current Assets	116.236	84.716
TOTAL	130.547	95.439

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		1.000
2] Share Application Money		0.000
3] Reserves & Surplus		30.293
4] (Accumulated Losses)		0.000
NETWORTH		31.293
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		0.000
TOTAL BORROWING		0.000
DEFERRED TAX LIABILITIES		0.058
TOTAL		31.351
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		6.681
Capital work-in-progress		0.000
INVESTMENT		0.010
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	10.560
	Sundry Debtors	28.151
	Cash & Bank Balances	6.591
	Other Current Assets	0.000
	Loans & Advances	6.174
Total Current Assets		51.476
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	16.966
	Other Current Liabilities	7.361
	Provisions	2.489
Total Current Liabilities		26.816
Net Current Assets		24.660
MISCELLANEOUS EXPENSES		0.000
TOTAL		31.351

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	204.009	170.287	89.033
		Other Income	NA	NA	NA
		TOTAL	NA	NA	NA
Less	EXPENSES
		TOTAL	NA	NA	NA
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		13.659	13.740	5.366
Less/ Add	DEPRECIATION/ AMORTISATION		1.401	1.048	1.119
	PROFIT / (LOSS) BEFORE TAX		12.258	12.692	4.247
Less	TAX		4.055	4.290	1.320
	PROFIT / (LOSS) AFTER TAX		8.203	8.402	2.927
	EARNINGS IN FOREIGN CURRENCY		90.660	68.967	29.573
	Earnings / (Loss) Per Share (Rs.)		82.03	84.01	29.27

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
Net Profit Margin (PBT/Sales)	(%)	6.01	7.45	4.77
Return on Total Assets (PBT/Total Assets}	(%)	9.98	14.24	7.30
Return on Investment (ROI) (PBT/Networth)		0.27	0.33	0.136
Debt Equity Ratio (Total Debt /Networth)		0.39	0.13	0.00
Current Ratio (Current Asset/Current Liability)		1.75	1.65	1.92

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	No

UNSECURED LOANS:

Particulars	31.03.2012 Rs. In Millions	31.03.2011 Rs. In Millions
Long Term Borrowings
From Director
Bhavin H Shah	5.839	5.144
Pritiben B Shah	12.042	0.000
Total	17.881	5.144

OPERATION:

The Company has earned net profit of Rs. 8.203 Millions after providing depreciation of Rs. 1.401 Millions, taxation provision of Rs. 4.055 Millions in the year ended 31.03.2012. The Company has also achieved sales of Rs. 204.009 Millions in the year 2010-2011 against previous year’s figure of Rs. 170.287 Millions.

INDEX OF CHARGE:

Sr .No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10342307	22/02/2012	10,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSE SENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, Maharashtra - 400013, INDIA	B35063361

* Date of modification charge

FIXED ASSETS:

· Land

· Factory Building

· Machinery

· Air Conditioner

· Furniture and Fixture

· Computer

· Typewriter

· Office Equipments

· Vehicles

· Computer Software

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. 61.46
UK Pound	1	Rs. 98.99
Euro	1	Rs. 84.72

INFORMATION DETAILS

Information Gathered by :	PLK
Report Prepared by :	VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--RESERVES	1~10	7
--CREDIT LINES	1~10	7
--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		50

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.