MIRA INFORM REPORT

Report Date :

05.04.2014

IDENTIFICATION DETAILS

Name :	TRACTEL TIRFOR INDIA PRIVATE LIMITED
Registered Office :	15, Ganesh Chandra Avenue, Kolkata – 700013, West Bengal
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	26.10.1964
Com. Reg. No.:	21-026256
Capital Investment / Paid-up Capital :	Rs. 14.650 Millions
CIN No.: [Company Identification No.]	U29150WB1964PTC026256
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Mechanical Handing Machines and Equipments.
No. of Employees :	250 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (33)

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

Maximum Credit Limit :	USD 260000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. Management of the company has failed to file its latest financials of 2013 with government department. As per financials of 2012, external borrowing of the company has increased. Rating also reflects vulnerability to raw material price volatility and high working capital requirement. However, trade relations are fair. Business is active. Payment terms are slow but correct. The company can be considered for business dealing 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 – December 1, 2013

Country Name	Previous Rating (30.09.2013)	Current Rating (01.12.2013)
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 for the fiscal third quarter ended September 2013 narrowed to $4.2 billion or 0.9 % of the gross domestic product from $31.9 billion or 6.5 % of GDP a year earlier, thanks to a pick-up in exports and moderation in gold imports. Manufacturing activity and new orders in India showed their strongest growth in a year in February. The news comes as a relief after data showed Asia’s third largest economy grew by a slower-than-expected 4.7 % annually in the three months through December. The HSBC Manufacturing Purchasing Managers’ Index which gauges the business activity of India’s factories but not its’ utilities, rose to 52.5 in February, its highest in a year from 51.4 in January. Overall new orders for factory goods which rose to a one-year high of 54.9 contributed to the surge. China has emerged as India’s biggest trading partner in the current financial year replacing the United Arab Emirates and pushing it to the third spot. India-China trade has reached $49.5 billion with a 8.7 % share in India’s total trade. The US comes second at $46 billion with 8.1 % share during the first nine months of the current financial year.

The Reserve Bank of India has granted an additional nine months to the public to exchange currency notes printed before 2005 including Rs 500 and Rs 1,000 denominations, pushing the deadline to January 1, 2015. A day before dates for the Lok Sabha polls were announced, the government decided to hike interest rates on fixed deposit schemes offered by post offices up to 0.2 per cent. The new rates will be effective April, 1. The Supreme Court will resume hearing on March, 11 Nokia’s appeal against a ruling over transferring ownership of its local mobile phones plant which is the subject of a tax dispute to Microsoft Corp.

In the last days of the current Government, another scam has surfaced. The defence ministry has ordered a probe into Hindustan Aeronautics Limited’s contracts from Britain’s Rolls-Royce Holdings worth at least $ 1.2 billion. The Central Bureau of Investigation will look into allegations that over $80 million was paid in kickbacks in a deal signed in 2011. India has asked Boeing Co. to find a solution for problems with state-owned Air India’s 787 Dreamliners. The aircraft has experienced a series of malfunctions since its debut in 2011.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long Term Rating = B+
Rating Explanation	Risk prone credit quality and very high credit risk
Date	29.04.2013

Rating Agency Name	CRISIL
Rating	Short Term Rating = A4
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	29.04.2013

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. Kishanlal Jangir
Designation :	Account Manager
Contact No.:	91-1275-262131
Date :	03.04.2014

LOCATIONS

Registered Office :	15, Ganesh Chandra Avenue, Kolkata – 700013, West Bengal, India
Tel. No.:	91-33-22360144 / 22255154
Fax No.:	Not Available
E-Mail :	singlaajay78@yahoo.co.in kolkata@tracteltirforindia.in
Website :	http://tractelindia.com
Location :	Rented
Head Office and Factory :	Dhudhola Road, P. O. Prithla, Palwal - 121102, Haryana, India
Tel. No.:	91-1275-262131
E-Mail :	sales@tractelindia.in
Delhi Office :	302, Harsh Bhawan, 64-65 Nehru Palace, New Delhi -110019, India
Tel. No.:	91-11-26415906, 26430294
E-Mail :	delhi@tracteltirforindia.in
Mumbai Office :	Flat No B -104, Twin Arcade, Military Road, Opposite Blossom HSG. Society  Marol, Andheri (East) Mumbai – 400059, Maharashtra, India
Tel. No.:	91-22-29250529
E-Mail :	mumbai@tracteltirforindia.in
Chennai Office :	Jhaver Plaza No.3, 4th Floor, 1A, nungambakkam High Road, Chennai – 600034, Tamilnadu, India
Tel. No.:	91-11-42144548
Fax No.:	91-44-42144804
E-Mail :	chennai@tracteltirforindia.in

DIRECTORS

As on 28.09.2012

Name :	Mr. Pradip Kumar Chakravarty
Designation :	Director
Address :	67, Sector – 21A, Faridabad – 121001, Haryana, India
Date of Appointment :	26.10.1964
DIN No.:	01154484
Name :	Mr. Joydeep Chakravarty
Designation :	Director
Address :	67, Sector – 21A, Faridabad – 121001, Haryana, India
Date of Birth/Age :	19.01.1986
Date of Appointment :	02.07.2008
DIN No.:	02239909
Name :	Mrs. Madhu Shree Chakravarty
Designation :	Director
Address :	67, Sector – 21A, Faridabad – 121001, Haryana, India
Date of Birth/Age :	30.09.1948
Date of Appointment :	01.05.1985
DIN No.:	01388315
Name :	Mr. Dhruba Sarathi Chakraborty
Designation :	Director
Address :	5P– 21A, NIT Faridabad – 121005, Haryana, India
Date of Birth/Age :	05.03.1959
Date of Appointment :	02.06.2012
DIN No.:	02239908

KEY EXECUTIVES

Name :	Mr. Kishanlal Jangir
Designation :	Account Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 28.09.2012

Names of Shareholders	No. of Shares
P. K. Chakraverty	116772
ICICI, India	10000
Tractel S.A, France	5600
Madhu Shree Chakraverty	4500
Debika Chakraverty	3288
Kanak Engineers Private Limited, India	3050
P K Chakraverty and Sons (HUF)	2000
Ormi Khullar	1000
Joydeep Chakravarty	180
D. S Chakraverty	105
A. K. Sen	5
Total	146500

As on 05.12.2013

Names of Allotment	No. of Shares Allotted
P. K. Chakraverty	8000
Total	8000

As on 28.09.2012

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	4.00
Bodies corporate	2.00
Directors or relatives of Directors	87.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Mechanical Handing Machines and Equipments.
Export :	Not Divulged
Imports :
Products :	Raw Material
Countries :	China
Terms :
Selling :	Cash / Advance Payment / L/C / Cheque / Credit
Purchasing :	Cash / Advance Payment / L/C / Cheque / Credit

GENERAL INFORMATION

Suppliers :

• Steel Authority India Limited
• Jindal Steel Power Limited

Customers :

Wholesalers and Retailers

• Larsen and Toubro Limited (Vadodara, Pawai and Chnnai)
• BHEL (Bhopal, Ranipet, Trichy and Delhi)
• Mcnally, Kolkata

No. of Employees :

250 (Approximately)

Bankers :

Bank of Baroda, A-5, Nehru Ground, Faridabad - 121001, Haryana, India

Facilities :

CC=Rs.70.000 Millions, BG=57.000 Millions and TL=17.000 Millions (From Bank of Baroda)

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
LONG-TERM BORROWINGS
Term Loan Bank of Baroda (Agst Hypothication of Plant and Machinery, Equitable mortgage of Land and Building at Khewat/Khatoni No. 307/377 Rect. No. 145, Killa No.8/2 (0-11), 9(7-8), 10(8-0) sttuated at Mauja Prithla, Tehsil and District Palwal, Haryana land measuring 15 kanal 19 marla in the Name of the Company.) (Equitable mortgage of Land and Building at Khewat/Khatoni No. 307/377 Rect. No. 145, Killa No.11(8-0),12/1(3-7) sttuated at Mauja Prithla, Tehsil and Distrist Palwal, Haryana land measuring 11 kanal 7 marla in the Name of M/s Kanak Engineers Private Limited) (Personel Guarantee of Directors Dr. P K Chakravarty, Mrs. Madhushree Chakravarty, Mr. Joydeep Chakravarty) (Charge on Stock, Book debts and machinery (Present and future) and Corporate Guarantee of M/s Kanak Engineers Private Limited)	12.150	0.000
Less: Principal repayble within 12 months trff to current liabilities	(5.628)	0.000
ICICI BANK CAR LOAN (Hypothication of Car TATA Manza)	0.351	0.548
Less: Principal repayble within 12 months trff to current liabilities	(0.205)	(0.197)
HDFC BANK CAR LOAN (Hypothication of Car Skoda & Mahindra Xylo)	0.540	1.291
Less: Principal repayble within 12 months trff to current liabilities	(0.322)	(0.751)
SHORT-TERM BORROWINGS SECURED
United Bank of India	0.000	26.953
Bank of Baroda	44.589	0.000
Total	51.475	27.844

Banking Relations :	---
Auditors :
Name :	Ajay Singla and Company Chartered Accountants
Address :	F-78, SEC-10, DLF, Faridabad – 121006, Haryana, India
PAN No.:	AAIFA4422G
Sister Concern :	Mercury Cranes and Hosts Limited

CAPITAL STRUCTURE

After 28.09.2012

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
154500	Equity Shares	Rs.100/- each	Rs.15.450 Millions

As on 31.03.2012

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
146500	Equity Shares	Rs.100/- each	Rs.14.650 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	14.650	12.150
(b) Reserves & Surplus	51.463	43.394
(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)	66.113	55.544
(3) Non-Current Liabilities
(a) long-term borrowings	6.886	1.191
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	6.886	1.191
(4) Current Liabilities
(a) Short term borrowings	44.589	26.953
(b) Trade payables	56.441	34.121
(c) Other current liabilities	12.627	8.887
(d) Short-term provisions	7.096	4.055
Total Current Liabilities (4)	120.753	74.016
TOTAL	193.752	130.751
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	23.975	27.190
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	21.408	0.890
(iv) Intangible assets under development	0.127	0.000
(b) Non-current Investments	0.308	0.308
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	2.100	0.531
(e) Other Non-current assets	12.585	5.260
Total Non-Current Assets	60.503	34.179
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	2.615	5.119
(c) Trade receivables	107.441	73.774
(d) Cash and cash equivalents	1.662	12.959
(e) Short-term loans and advances	21.531	4.720
(f) Other current assets	0.000	0.000
Total Current Assets	133.249	96.572
TOTAL	193.752	130.751

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		12.150
2] Share Application Money		0.000
3] Reserves & Surplus		39.659
4] (Accumulated Losses)		0.000
NETWORTH		51.809
LOAN FUNDS
1] Secured Loans		14.460
2] Unsecured Loans		5.293
TOTAL BORROWING		19.753
DEFERRED TAX LIABILITIES		0.000
TOTAL		71.562
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		27.789
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERREX TAX ASSETS		0.308
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	4.921
	Sundry Debtors	57.538
	Cash & Bank Balances	5.441
	Other Current Assets	0.000
	Loans & Advances	5.075
Total Current Assets		72.975
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	19.224
	Other Current Liabilities	8.729
	Provisions	1.557
Total Current Liabilities		29.510
Net Current Assets		43.465
MISCELLANEOUS EXPENSES		0.000
TOTAL		71.562

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	320.000 (Approximately)	221.296	146.596
		Other Income	NA	0.168	0.652
		TOTAL (A)	NA	221.464	147.248
Less	EXPENSES
		Manufacturing Expenses		162.644	100.376
		Payment to and Provisions For Employees		23.535	18.573
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade		(2.643)	0.285
		Administrative and Other Expenses		18.282	12.069
		Selling & Distribution Expenses		6.320	4.935
		TOTAL (B)		208.138	136.238
Less	PROFIT BEFORE / (LOSS) INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			13.326	11.010
			NA
Less	FINANCIAL EXPENSES (D)			3.293	3.935
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			10.033	7.075
Less/ Add	DEPRECIATION/ AMORTISATION (F)			3.413	3.355
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)			6.620	3.720
Less	TAX (H)			2.885	3.852
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		8.069	3.735	(0.132)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		39.191	35.456	35.588
	BALANCE CARRIED TO THE B/S		47.260	39.191	35.456
	Earnings Per Share (Rs.)		322.59	322.56	NA

Particulars	31.03.2013
Sales Turnover (Approximately)	370.000

Expected Sales (2013-14) : Rs. 280.000 Millions (Due to Market Slow)

The above information has been parted by Mr. Kishanlal Jangir

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	NA	1.69	-0.09
Net Profit Margin (PBT/Sales)	(%)	NA	2.99	2.54
Return on Total Assets (PBT/Total Assets}	(%)	NA	5.11	3.69
Return on Investment (ROI) (PBT/Networth)		NA	0.12	0.07
Debt Equity Ratio (Total Debt /Networth)		0.78	0.51	0.38
Current Ratio (Current Asset/Current Liability)		1.10	1.30	2.47

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012
	(Rs. In Millions)	(Rs. In Millions)
Share Capital	12.150	14.650
Reserves & Surplus	43.394	51.463
Net worth	55.544	66.113
long-term borrowings	1.191	6.886
Short term borrowings	26.953	44.589
Total borrowings	28.144	51.475
Debt/Equity ratio	0.507	0.779

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%	Yes
14]	Estimation for coming financial year	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	Yes
18]	Major customers	Yes
19]	Payments terms	No
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	Yes

UNSECURED LOAN

Rs. In Millions

Particular	As on 31.03.2013	As on 31.03.2012
LONG-TERM BORROWINGS
From Bajaj Auto Finance Company Limited	0.000	0.871
From Barclays Bank	0.299	1.372
Less: Principal repayble within 12 months trff to current liabilities	(0.299)	(1.943)
Total	0.000	0.300

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10352437	17/04/2012	1,200,000.00	BANK OF BARODA	A-5, NEHRU GROUND, FARIDABAD, HARYANA - 121001, INDIA	B38482311
2	10343159	04/12/2013 *	144,971,000.00	BANK OF BARODA	A-5, NEHRU GROUND, FARIDABAD, HARYANA - 121001, INDIA	B92562198
3	80054491	21/05/1975	350,000.00	BANQUE NATIONALE DE PARIS	4A, B. B .D BAG EAST, KOLKATA, WEST BENGAL - 700001, INDIA	-

* Date of charge modification

FIXED ASSETS

• Building
• Electric Fitting
• Generator
• Office Equipments
• Fax
• Air Conditioners
• Layout Plan
• Plant & Machinery
• Furniture
• Computer

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.60.32
UK Pound	1	Rs.100.04
Euro	1	Rs.82.65

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	SUM
Report Prepared by :	NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	3
--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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		33

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.