MIRA INFORM REPORT

Report Date :

30.04.2014

IDENTIFICATION DETAILS

Name :	PARAMOUNT CONDUCTORS LIMITED
Registered Office :	32 MIDC, Nagpur Industrial Area, Nagpur – 440028, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	28.12.1966
Com. Reg. No.:	11-014894
Capital Investment / Paid-up Capital :	Rs.68.440 Millions
CIN No.: [Company Identification No.]	U31200MH1966PLC014894
PAN No.: [Permanent Account No.]	AABCP7890B
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Conductors.
No. of Employees :	100 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (34)

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

Maximum Credit Limit :	USD 880000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The rating takes in to consideration company moderate scale of operations in a highly fragmented electrical equipment industry and increased in external borrowing of the company over previous year. 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 – March 31, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
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

US investment bank Goldman Sachs has upgraded its outlook on Indian markets as it expects positive impact of the election cycle.

India’s economy may grow 4.7 % in the current financial year, lower than the official estimate of 4.9 %, Fitch Rating said. The global rating agency expects the economy to pick up in the next two financial years.

Global ratings agency Standard & Poor said increasing focus by India Inc on lowering debt is likely to improve their credit profiles.

Singapore (1.1 million Indian tourists in 2012), Thailand (one million), the United Arab Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred holidays hotspots for Indians. The total figure is expected to increase to 1.93 million by 2017, according to the latest Eurmonitor international report.

There is a $29.34 bn outward foreign direct investment by domestic companies between April and January of 2013/14 which has seen some signs of recovery according to a Care Ratings report.

There are 264 number of new companies being set up every day on average during 2014. Most of them are registered in Mumbai. India had 1.38 million registered companies at the end of January, 2014.

Twitter like messaging service Weibo Corporation has filed to raise $ 500 million via a US initial public offering. Alibaba, which owns a stake in Weibo is expected to raise about $ 15 billion New York this year in the highest profile Internet IPO since Facebook’s in 2012.

Bharti Airtel has raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at a coupon rate of three per cent and maturing in 2020. This is the largest ever bond offering by an Indian company in Swiss Francs. Bharat Petroleum Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98 % coupon rate in February.

Indian Oil Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex at its almost complete Paradip refinery in Odhisha in three to four years. The company board is set to consider the setting up of a 700000 tonne per annum polypropylene plant at an estimated cost at Rs.3150 crore.

Global chief information officers at gathering in Bangalore in April to meet Indian startups at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in the making.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long term rating B+
Rating Explanation	Risk prone credit quality and high risk of default
Date	July 25, 2013

Rating Agency Name	CRISIL
Rating	Short term rating A4
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	July 25, 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. Deshmukh
Designation :	Accountant
Contact No.:	91-7104-237316
Date :	29.04.2014

LOCATIONS

Registered Office :	32 MIDC, Nagpur Industrial Area, Nagpur – 440028, Maharashtra, India
Tel. No. :	91-7104-237316
Fax No. :	91-7104-235288
E-Mail :	parexcel_ngp@sancharnet.in info@paramountconductors.com
Website :	www.conductors.com
Branch Office :	Sankal Industrial Area Vasco-Ga-Gam, Goa, India

DIRECTORS

As on 28.08.2013

Name :

Mr. Gopi Kishan Tapadia

Designation :

Director

Address :

311/172, Post Abhyankar Nagar, Ngpur – 440010, Maharashtra, India

Date of Birth/Age :

27.11.1935

Date of Appointment :

28.12.1966

DIN No. :

01814719

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	U31200MH1966PLC014894	PARAMOUNT CONDUCTORS LIMITED	Director	28/12/1966	28/12/1966	-	Active	NO
2	U24139MH1979PTC021868	ANUPAM INSULTATING INDS PVT LTD	Director	08/11/1979	08/11/1979	-	Active	NO
3	U33201UP1975PTC004188	PREMIER CONDUCTORS PRIVATE LIMITED	Director	29/12/1999	29/12/1999	-	Active	NO
4	U31909AP1981PTC002945	FAIRDEAL CONDUCTORS PVT LTD	Additional director	19/02/2014	19/02/2014	-	Active	NO

Name :

Mr. Dev Kishan Tapadia

Designation :

Director

Address :

Plot no. 20, Kachipura, New Ramdaspeth, Nagpur – 440010, Maharashtra, India

Date of Birth/Age :

10.01.1947

Date of Appointment :

30.01.1981

PAN No.:

ABUPT6360K

DIN No. :

01901762

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	U31200MH1966PLC014894	PARAMOUNT CONDUCTORS LIMITED	Director	30/01/1981	30/01/1981	-	Active	NO
2	U33201UP1975PTC004188	PREMIER CONDUCTORS PRIVATE LIMITED	Director	30/09/2011	30/12/2010	-	Active	NO

Name :

Mr. Rohit Gopikishan Tapadia

Designation :

Director

Address :

311/72, Shrinidhi Opposite Anathalaya, Shradhanandpeth, Abhayankar Nagar, Nagpur – 440010, Maharashtra, India

Date of Birth/Age :

01.05.1962

Date of Appointment :

13.08.1982

DIN No. :

02142378

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	U24139MH1979PTC021868	ANUPAM INSULTATING INDS PVT LTD	Director	02/12/1980	02/12/1980	-	Active	NO
2	U31200MH1966PLC014894	PARAMOUNT CONDUCTORS LIMITED	Director	13/08/1982	13/08/1982	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Deshmukh
Designation :	Accountant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 28.08.2013

NOTE: SHAREHOLDING DETAILS FILE ATTACHED

As on 28.08.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Directors or relatives of Directors	98.88
Other top fifty shareholders	1.12
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Conductors.

Products :

Item Code No. (ITC Code)	Product Description
85447090	Alu/Copper Coated Wires and Strips

Exports :

Products :

Finished Goods

Countries :

· Kuwait

· Malaysia

· Saudi Arabia

Imports :

Products :

Raw Material

Countries :

China

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

GENERAL INFORMATION

Customers :

Others

No. of Employees :

100 (Approximately)

Bankers :

· Bank of Baroda, Dharampeth Branch, West High Court Road, Dharampeth, Nagpur - 440010, Maharashtra, India

· ING Vysya Bank, Gujarat Bhavan Satyam, Apartment, 8 Wardha Road, Dhantoli, Nagpur - 440012, Maharashtra, India

· Small Industries Development Bank of India Nagpur Branch, Ground Floor, National Insurance, Building, S.V. Patel Marg, Kingsway, Nagpur - 440001, Maharashtra, India

Facilities :

CC Rs. 100.000 Millions (From Bank of Baroda)

SECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG TERM BORROWINGS
Rupee term loans from banks	2.779	9.812
Term loans from others	7.951	0.000
Loans and advances from related parties	16.923	19.929
SHORT TERM BORROWINGS
Loans repayable on demand from banks	99.179	96.694
Total	126.832	126.435

Banking Relations :	--
Auditors :
Name :	Chandak Khanzode and Shenwai Chartered Accountants
Address :	GS- 20/21, Amarjyoti Palace, Wardha Road, Dhantoli, Nagpur – 440010, Maharashtra, India
PAN No. :	ABFPG5762M
Others Relate Party :	· Anupam Industries · Ideal Sealtapes Industries

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
7980000	Equity Shares	Rs.10/- each	Rs.79.800 Millions
2000	Preference Shares	Rs.100/- each	Rs.0.200 Million
	Total		Rs.80.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
6844000	Equity Shares	Rs.10/- each	Rs.68.440 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	68.440	62.233	48.233
(b) Reserves & Surplus	151.692	149.276	146.700
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	220.132	211.509	194.933
(3) Non-Current Liabilities
(a) long-term borrowings	38.998	37.700	49.527
(b) Deferred tax liabilities (Net)	10.623	9.509	7.327
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	49.621	47.209	56.854
(4) Current Liabilities
(a) Short term borrowings	107.365	96.994	89.450
(b) Trade payables	40.667	53.622	36.837
(c) Other current liabilities	21.220	15.537	9.001
(d) Short-term provisions	2.010	2.604	1.204
Total Current Liabilities (4)	171.262	168.757	136.492
TOTAL	441.015	427.475	388.279
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	149.647	137.497	144.394
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	1.005	0.806	0.506
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.500	0.500	0.500
Total Non-Current Assets	151.152	138.803	145.400
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	145.222	142.243	120.087
(c) Trade receivables	108.810	112.396	100.579
(d) Cash and cash equivalents	7.394	11.315	6.809
(e) Short-term loans and advances	11.755	10.083	5.723
(f) Other current assets	16.682	12.635	9.681
Total Current Assets	289.863	288.672	242.879
TOTAL	441.015	427.475	388.279

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	241.016	229.950	210.354
		Other Income	0.204	0.378	0.233
		TOTAL	241.220	230.328	210.587
Less	EXPENSES
		Cost of Materials Consumed	176.186	168.683	149.755
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(10.033)	(9.709)	(10.354)
		Employees benefits expense	9.387	7.746	8.448
		Other expenses	28.621	24.588	27.746
		Exceptional Item	0.778	1.503	1.041
		TOTAL	204.939	192.811	176.636
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		36.281	37.517	33.951
Less	FINANCIAL EXPENSES		24.594	23.634	20.232
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		11.687	13.883	13.719
Less/ Add	DEPRECIATION/ AMORTISATION		6.667	6.458	5.433
	PROFIT/ (LOSS) BEFORE TAX		5.020	7.425	8.286
Less	TAX		2.189	3.943	0.926
	PROFIT/ (LOSS) AFTER TAX		2.831	3.482	7.360
	Earnings / (Loss) Per Share (Rs.)		0.42	0.69	1.53

Particulars	31.03.2014
Sales Turnover (Approximately)	220.000

Expected Sales (2013-2014): Rs.250.000 Millions

The above information has been parted by Mr. Deshmukh

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	1.17	1.51	3.49
Net Profit Margin (PBT/Sales)	(%)	2.08	3.23	3.94
Return on Total Assets (PBT/Total Assets}	(%)	1.14	1.74	2.14
Return on Investment (ROI) (PBT/Networth)		0.02	0.04	0.04
Debt Equity Ratio (Total Debt/Networth)		0.66	0.64	0.71
Current Ratio (Current Asset/Current Liability)		1.69	1.71	1.78

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	48.233	62.233	68.440
Reserves & Surplus	146.700	149.276	151.692
Net worth	194.933	211.509	220.132
long-term borrowings	49.527	37.700	38.998
Short term borrowings	89.450	96.994	107.365
Total borrowings	138.977	134.694	146.363
Debt/Equity ratio	0.713	0.637	0.665

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	210.354	229.950	241.016
		9.316	4.812

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	210.354	229.950	241.016
Profit	7.360	3.482	2.831
	3.50%	1.51%	1.17%

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	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)	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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

UNSECURED LOANS

PARTICULAR	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG TERM BORROWINGS
Rupee term loans from banks	0.769	0.000
Rupee term loans from others	2.109	1.194
Loans and advances from related parties	8.467	6.765
SHORT TERM BORROWINGS
Loans and advances from directors	8.186	0.300
Total	19.531	8.259

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10461021	10/12/2013 *	171,506,000.00	BANK OF BARODA	DHARAMPETH BRANCH, WEST HIGH COURT ROAD, DHARAMPETH, NAGPUR, Maharashtra - 440010, INDIA	B91807164
2	10413767	26/03/2013	10,000,000.00	Small Industries Development Bank of India	Nagpur Branch, Ground Floor, National Insurance, Building, S.V. Patel Marg, Kingsway, Nagpur, Maharashtra - 440001, INDIA	B71437792
3	90371441	29/08/2000	290,000.00	RUPEE CO- OP. BANK LTD.	BHAVANI PETH BRANCH, PUNE, Maharashtra, INDIA	-

* Date of charge modification

MANAGEMENT DISCUSSION AND ANALYSIS:

FINANCIAL PERFORMANCE REVIEW:

The Sales Turnover of the Company increased to Rs. 241.219 millions during the year 2012-13 as compared to Rs. 230.327 millions during the previous year 2011-12. The Company made a Profit of Rs. 5.798 millions during the year as compared to Profit of Rs. 8.928 millions during previous year. The market for Conductors, Machines and Coil and Rewinding, was sluggish during this period. The management is successful in earning reasonable Profit before interest and depreciation (PBID). The PBID during the year was Rs. 37.059 millions as compared to Rs.39.020 millions in the previous year. The costs of raw materials are also high as compared to last year specifically the Copper. During the period under consideration the reduction in Profit is lower primarily due to Interest and Financial cost and Depreciation which were together Rs. 31.260 millions during the Current Year as compared to Rs. 30.092 millions during Previous Year.

FUTURE OUTLOOK:

During the current year the Company has successfully implemented diversification and take effective steps to cannot and reduce expenses which shall give better results.

The accreditation of ISO 9001-2008 of the company and with the efforts of the management, the Company continues to secure export orders.

Due to slow down of global economy, the expansion plan for setting up SEZ project has been kept in abeyance.

FIXED ASSETS

œ Land

œ Buildings

œ Plant and Equipment

œ Furniture and Fixtures

œ Vehicles

œ Office Equipment

œ Computer Equipments

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] 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.60.52
UK Pound	1	Rs.101.77
Euro	1	Rs.83.92

INFORMATION DETAILS

Information Gathered by :	HTL
Analysis Done by :	KAR
Report Prepared by :	ANK

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	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--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	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		34

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.