MIRA INFORM REPORT

Report Date :

16.09.2013

IDENTIFICATION DETAILS

Name :	I R TECHNOLOGY SERVICES PRIVATE LIMITED
Registered Office :	EL–91, TTC Industrial Area, Electronic Zone, MIDC, Mahape, Navi Mumbai – 400710, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	20.07.1977
Com. Reg. No.:	11-019758
Capital Investment / Paid-up Capital :	Rs. 9.600 Millions
IEC No.:	0388083824
CIN No.: [Company Identification No.]	U74220MH1977PTC019758
TAN No.: [Tax Deduction & Collection Account No.]	MUMI05326G
PAN No.: [Permanent Account No.]	AAACI1256K
Legal Form :	Private Limited Liability Company
Line of Business :	Dealer and Importer of Laboratory Analytical and Medical Instruments.
No. of Employees :	166 (69 in Office, 97 in Branch) (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

Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having a 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 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.

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. V. Jayakumar
Designation :	Finance Manager
Contact No.:	91-8879092234
Date :	16.09.2013

LOCATIONS

Registered Office :	EL – 91, TTC Industrial Area, Electronic Zone, MIDC, Mahape, Navi Mumbai – 400710, Maharashtra, India
Tel. No.:	91-22-41571111/ 27611228/ 27688817/ 67896600
Mobile No.:	91-8879092234 [Mr. V. Jayakumar]
Fax No.:	91-22-41571155/ 27681253
E-Mail :	accounts_bom@irtch.in irtech_bom@gmail.com chitra.a.apte@gmail.com sales_newbom@irtech.in
Website :	www.irtech.in
Location :	Owned
Branch Office 1:	A-69, Sector 2, Noida, Uttar Pradesh, India
Tel. No.:	91-120-4530800
Fax No.:	91-120-4320881
E-Mail :	sales_del@irtech.in
Branch Office 2:	208, Swiss Complex, 33, Race Course Road, Bangalore – 560001, Karnataka, India
Tel. No.:	91-80-22255936/ 22203173
Fax No.:	91-80–41136046
E-Mail :	irtech_blr@vsnl.com
Branch Office 3:	22, Ashutosh Chowdhury Avenue, Flat No.12, 1^st Floor, Kolkata – 700019, West Bengal, India
Tel. No.:	91-33–24615831/ 24615832
Fax No.:	91-33–24615021
E-Mail :	sales_cal@irtech.in
Branch Office 4:	406, Agarwal Chambers, 5-9-1121, King Kothi, Hyderabad – 500001, Andhra Pradesh, India
Tel. No.:	91-40–66842401/ 02
Fax No.:	91-40–66842401/ 02
E-Mail :	sales_hyd@irtech.in

DIRECTORS

AS ON 29.09.2012

Name :

Mr. Tarunkumar Debendranath Datta

Designation :

Director

Address :

A-22, Sheeran Society, Thane – 400601, Maharashtra, India

Date of Birth/Age :

26.07.1941

Qualification :

B Sc, BE

Experience :

44 Years

Date of Appointment :

20.07.1977

DIN No.:

01127944

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	U74220MH1977PTC019758	I R TECHNOLOGY SERVICES PRIVATE LIMITED	Director	20/07/1977	20/07/1977	Active	NO
2	U74999MH1982PTC027814	FORTRONICS ENGINEERS PRIVATE LIMITED	Director	16/07/1982	16/07/1982	Active	NO
3	U33125MH2002PTC136303	LECO INSTRUMENTS(INDIA) PRIVATE LIMITED	Managing director	25/06/2002	25/06/2002	Active	NO

Name :

Mr. Sarvajit Shahzad Singh

Designation :

Director

Address :

6, Eastern Avenue, Ground Floor, Maharani Bagh, New Delhi – 110065, India

Date of Birth/Age :

23.07.1941

Qualification :

Electronic Engineer

Experience :

44 Years

Date of Appointment :

20.07.1977

DIN No.:

01878897

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	U74220MH1977PTC019758	I R TECHNOLOGY SERVICES PRIVATE LIMITED	Director	20/07/1977	20/07/1977	Active	NO
2	U74999MH1982PTC027814	FORTRONICS ENGINEERS PRIVATE LIMITED	Director	16/07/1982	16/07/1982	Active	NO
3	U33125MH2002PTC136303	LECO INSTRUMENTS(INDIA) PRIVATE LIMITED	Director	25/06/2002	25/06/2002	Active	NO

Name :

Mr. Sandip Samirkumar Hore

Designation :

Director

Address :

City Heigh Apartment, Flat 9 L, Tower No.3, 85 Prince Anwar Shah Road, Kolkata – 700033, West Bengal, India

Date of Birth/Age :

27.02.1974

Qualification :

M Sc

Experience :

11 Years

Date of Appointment :

02.07.2008

DIN No.:

02218489

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	U74220MH1977PTC019758	I R TECHNOLOGY SERVICES PRIVATE LIMITED	Director	02/07/2008	02/07/2008	Active	NO
2	U33125MH2002PTC136303	LECO INSTRUMENTS(INDIA) PRIVATE LIMITED	Director	02/07/2008	02/07/2008	Active	NO

KEY EXECUTIVES

Name :	Mr. V. Jayakumar
Designation :	Finance Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2012

Names of Shareholders	No. of Shares
Tarunkumar Debendranath Datta	24000
Sarvajit Shahzad Singh	24000
K S Kini	24000
Sandip Hore	24000
Total	96000

AS ON 29.09.2012

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Dealer and Importer of Laboratory Analytical and Medical Instruments.
Imports :
Products :	Analytical Instruments
Countries :	· US · Japan · Germany etc
Terms :
Selling :	Credit 90 Days
Purchasing :	Credit 90 Days

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

166 (69 in Office, 97 in Branch) (Approximately)

Bankers :

IDBI Bank Limited, Dosti Pinnacle, Thane Branch, Maharashtra, India

Facilities :

Credit Limit – Rs. 104.000 Millions [From IDBI Bank Limited]

Secured Loans	31.03.2013	31.03.2012
	(Rs. In Millions)
LONG-TERM BORROWINGS
Loan for Plant and Machinery	0.000	0.585
Loan against Car	7.235	3.623
SHORT TERM BORROWINGS
Working capital loan from bank Cash credit and short term loan Against hypothecation of stock, book debts and personal guarantee from Directors.	0.000	3.364
Total	7.235	7.572
LONG-TERM BORROWINGS There is no balance of term loan against Plant and Machinery Car Loan is taken from Schedule Banks and Other NBFCs against hypothecation of cars. The average rate of interest is about 18% p.a. the EMIs are paid regularly. Unsecured loans from Directors, Shareholders and other companies are without any interest. SHORT TERM BORROWINGS The cash credit carries average interest @ 13% p.a.

Banking Relations :	--
Auditors :
Name :	Sharad Joshi and Company Chartered Accountant
Address :	6/C, Jayendra Bhuvan, Behind Rane’s Girls High School, 35, S.K. Bole Road, Dadar (W), Mumbai – 400028, Maharashtra, India
Tel. No.:	91-22-24222409
Fax No.:	91-22-24222409
E-Mail :	sharadjoshi10@gmail.com
Income-tax PAN of auditor or auditor's firm :	AABPJ9559L
Related Party :	· Leco Instruments Private Limited Address: EL-91, TTC Industrial Area, Electronic Zone, MIDC, Mahape, Navi Mumbai – 400710, Maharashtra, India Line of Business: Dealer and Importer of Laboratory Analytical and Medical Instruments.

CAPITAL STRUCTURE

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
200000	Equity Shares	Rs. 100/- each	Rs. 20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
96000	Equity Shares	Rs. 100/- each	Rs. 9.600 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	9.600	9.600
(b) Reserves & Surplus	142.061	83.266
(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)	151.661	92.866
(3) Non-Current Liabilities
(a) long-term borrowings	15.811	12.123
(b) Deferred tax liabilities (Net)	2.225	0.752
(c) Other long term liabilities	0.407	0.407
(d) long-term provisions	12.548	12.548
Total Non-current Liabilities (3)	30.991	25.830
(4) Current Liabilities
(a) Short term borrowings	0.000	3.364
(b) Trade payables	0.000	0.000
(c) Other current liabilities	107.498	135.503
(d) Short-term provisions	23.013	24.228
Total Current Liabilities (4)	130.511	163.095
TOTAL	313.163	281.791
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	88.181	88.273
(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	0.441	0.399
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	88.622	88.672
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	19.248	20.142
(c) Trade receivables	102.050	95.355
(d) Cash and cash equivalents	66.304	42.738
(e) Short-term loans and advances	35.518	34.362
(f) Other current assets	1.421	0.522
Total Current Assets	224.541	193.119
TOTAL	313.163	281.791

SOURCES OF FUNDS		31.03.2011
SHAREHOLDERS FUNDS
1] Share Capital		9.600
2] Share Application Money		0.000
3] Reserves & Surplus		38.344
4] (Accumulated Losses)		0.000
NETWORTH		47.944
LOAN FUNDS
1] Secured Loans		17.541
2] Unsecured Loans		9.401
TOTAL BORROWING		26.942
DEFERRED TAX LIABILITIES		0.000
TOTAL		74.886
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		81.577
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	15.802
	Sundry Debtors	65.905
	Cash & Bank Balances	32.911
	Other Current Assets	0.000
	Loans & Advances	35.772
Total Current Assets		150.390
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	127.582
	Other Current Liabilities	8.480
	Provisions	21.995
Total Current Liabilities		158.057
Net Current Assets		(7.667)
MISCELLANEOUS EXPENSES		0.976
TOTAL		74.886

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Revenue from operations	483.330	475.291	361.834
		Other Income	4.243	3.416	2.362
		TOTAL (A)	487.573	478.707	364.196
Less	EXPENSES
		Purchases of traded goods	157.084	201.381
		Changes in inventories of finished goods, work in progress, stock in trade	0.894	(4.340)
		Employee benefit Expenses	94.077	81.864
		Other Expenses	137.815	130.887
		TOTAL (B)	389.870	409.792	338.237
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		97.703	68.915	25.959
Less	FINANCIAL EXPENSES (D)		4.528	4.070	5.041
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		93.175	64.845	20.918
Less/ Add	DEPRECIATION/ AMORTISATION (F)		11.209	9.556	7.691
Add	EXCEPTIONAL AND EXTRAORDINARY ITEM		21.987	21.928	19.516
	PROFIT BEFORE TAX (E-F) (G)		103.953	77.217	32.743
Less	TAX (H)		38.474	26.753	17.500
	PROFIT AFTER TAX (G-H) (I)		65.479	50.464	15.243
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	213.105	133.197	80.051
	IMPORTS
		Spares parts and Plant Machinery	157.084	137.103	116.789
	Earnings Per Share (Rs.)		682.07	525.67	158.78

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	13.43	16.13	8.99
Net Profit Margin (PBT/Sales)	(%)	21.51	16.25	9.05
Return on Total Assets (PBT/Total Assets}	(%)	33.19	27.40	14.12
Return on Investment (ROI) (PBT/Networth)		0.69	0.83	0.68
Debt Equity Ratio (Total Debt/Networth)		0.10	0.17	0.56
Current Ratio (Current Asset/Current Liability)		1.72	1.18	0.95

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

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	90241531	15/07/2005	5,550,000.00	THE UNITED WESTERN BANK LIMITED	DADAR 14 BRANCH, MUMBAI - 400014, MAHARASHTRA, INDIA	-
2	90241464	06/07/2007 *	30,000,000.00	IDBI LIMITED	DADAR-14 BRANCH, RAJARAM ESTATE, DADAR EAST, MUMBAI - 400014, MAHARASHTRA, INDIA	A27244540
3	90241000	06/07/2007 *	12,500,000.00	IDBI LIMITED	DADAR-14 BRANCH, RAJARAM ESTATE, DADAR EAST, MUMBAI - 400014, MAHARASHTRA, INDIA	A27244292
4	80035194	17/06/2003	5,000,000.00	THE UNITED WESTERN BANK LIMITED	DADAR 14 BRANCH, MUMBAI - 400014, MAHARASHTRA, INDIA	-
5	90239794	12/05/2005 *	300,000.00	THE UNITED WESTERN BANK LIMITED	DADAR 14 BRANCH, MUMBAI - 400014, MAHARASHTRA, INDIA	-

* Date of charge modification

UNSECURED LOANS

Unsecured Loans	31.03.2013	31.03.2012
	(Rs. In Millions)
LONG-TERM BORROWINGS
From Directors and Shareholders	4.608	3.947
From Fortronics Engineers Private Limited	3.968	3.968
Total	8.576	7.915

FIXED ASSETS:

· Leasehold Land

· Land

· Factory Premises

· Office Premises

· Furniture and Fixture

· Plant and Machinery

· Motor Vehicles

· Office Equipments

· Computers

· Air Conditioners

· Tool Kits

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs. 63.79
UK Pound	1	Rs. 100.70
Euro	1	Rs. 84.67

INFORMATION DETAILS

Report Prepared by :

BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		46

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.