MIRA INFORM REPORT

Report Date :

06.08.2014

IDENTIFICATION DETAILS

Name :	KADAM DAIRY EQUIPMENTS PRIVATE LIMITED
Registered Office :	612, Vakil Nagar, S.No.14, Erandawane, Pune – 411 004, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	29.09.1994
Com. Reg. No.:	11-081565
Capital Investment / Paid-up Capital :	Rs.3.000 millions
CIN No.: [Company Identification No.]	U15147PN1994PTC081565
IEC No.:	3101005264
TAN No.: [Tax Deduction & Collection Account No.]	PNEK06150E
PAN No.: [Permanent Account No.]	AAACK7643Q
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing of Dairy Equipment and Contractors for Turnkey Project of Milk Dairy and Chilling Plant.
No. of Employees :	Information declined by the Management.

RATING & COMMENTS

MIRA’s Rating :

B (26)

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

Maximum Credit Limit :	USD 17000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. Management of the company has not filed its financial i.e. 2013 with the Government Department. As per available financials of 2012, the company has incurred a loss. However, trade relations are reported as fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered for business dealings with some caution.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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

NEWS

As per the latest IMF study, the total weigh of emerging markets in the GDP of the world on a purchasing power parity basis has seen a sizeable shift. It highlights how as against 51 % in 2005, the emerging economies now account for close to 56 % of the global purchasing power GDP as per the latest survey. And with the emerging economies growing at a faster rate than their developed counterparts, there are every possibility that the share goes up further in the coming years.  China may surpass the US over the next few years.

Politics and economics are very intricately connected. They tend to influence each other in ways that could be very complex and far-reaching. The prospects of the India’s economy have been seriously compromised due to political corruption. High inflation, poor standard of living are to a great extent a result of rampant corruption in the country. China on the other hand, seems to be facing diametrically opposite challenge. American hedge fund manager Jim Chanos has been keenly following the political and economic development in the dragon economy and has figured out something that is quite worrying. He is of the view that the Chinese economy could be heading toward trouble on account of new Chinese President Xi Jingping’s very aggressive anti-corruption drive. Chanos believes that many things such as apartment sales, luxury products, etc. were largely bought with dirty money. And it is now beginning to impact consumption. This may indeed be bad news for an economy that is struggling to transition from an investment-driven export-oriented economy to a domestic consumption-driven economy.

A study published by Firstpost has revealed that asset classes like real estate and equities were the biggest beneficiaries of the liberalization policies.  A firm called Ciane Analytics studied returns from assets including equities, gold, fixed deposits, G-Secs and real estate since 1991. Real estate outperformed every other asset classes during the 23-year period with an annualized return of 20%! Equities came in second with annualized return of 15.5%! However, while these returns may seem mouthwatering, the fact is that the return from equities adjusted for inflation came down to just 7.1 %.

Some brief news are as under

. R-Power to buy Jaypee’s hydro assets

. Investors await justice in NSEL case

. India seeks MFN status from Pakistan ahead of meeting

. Ukrain’s clashes with rebels hinder MH17 crash investigation

. India exploring merger of state-owned hydro PSUs

..Higher costs weigh down profit growth to slowest in 9 quarters

..Wal-Mart to expand wholesale business in India

. GMR group moves to strengthen balance sheet

. Central Bank to sell 4 % stake to Life Insurance Corporation

. Tata Chemicals plans to raise up to Rs.10000 mn.

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 31-03-2014.

INFORMATION DECLINED

Management non-cooperative

(Tel. No.: 91-20-25448796)

LOCATIONS

Registered Office :	612, Vakil Nagar, S.No.14, Erandawane, Pune – 411 004, Maharashtra, India
Tel. No.:	91-20-25448796
Mobile No.:	91-9371311709 (Mr. Tambe)
Fax No.:	91-20-25448796
E-Mail :	kadamde@vsnl.net kdepl@indiya.com kadamdairy73@rediffmail.com
Website :	http://www.kamade.tradeindia.com www.indiamart.com/kadamdairy
Area :	800 sq. ft.
Location :	Owned
Factory :	Plot No.L-73, Additional MIDC, Satara – 415 004, Maharashtra, India
Tel. No.:	91-2162-247540
Fax No.:	91-2162-247540
Area :	15000 sq. ft.
Location :	Leased

DIRECTORS

AS ON 28.09.2012

Name :

Ms. Bharati Mugutrao Kadam

Designation :

Whole Time Director

Address :

612, Vakil Nagar, S.N.14/1/2/3/6/7, Erandawane, Pune – 411 004, Maharashtra, India

Date of Birth/Age :

05.10.1952

Qualification :

BA, LLB

Date of Appointment:

29.09.1994

DIN No. :

01991710

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	U15147PN1994PTC081565	KADAM DAIRY EQUIPMENTS PRIVATE LIMITED	Whole-time director	29-09-1994	29-09-1994	-	Active	NO
2	U29197MH1996PTC101384	MKW BIOTECH PRIVATE LIMITED	Director	13-09-2002	13-09-2002	-	Strike off	NO

Name :

Mr. Arjunrao Shankar Kadam

Designation :

Director

Address :

R1/4/2/2, Additional MIDC, Satara – 415 002, Maharashtra, India

Date of Birth/Age :

01.06.1954

Qualification :

M Com

Date of Appointment:

29.09.1994

DIN No. :

01993439

Name :

Mr. Balkrishna Shankar Kadam

Designation :

Director

Address :

At H. No.R1/4/2, Additional MIDC, Kodoli Street, Satara – 415 002, Maharashtra, India

Date of Birth/Age :

02.06.1952

Qualification :

M.Com

Date of Appointment :

29.09.1994

DIN No. :

01993421

Name :

Mr. Rajendra Pandurang Kadam

Designation :

Director

Address :

R1/4/2/6, Additional MIDC, Satara – 415 002, Maharashtra, India

Date of Birth/Age :

21.03.1970

Qualification :

DME

Date of Appointment:

29.09.1994

DIN No. :

01993486

KEY EXECUTIVES

Name :	Mr. Tambe
Designation :	Marketing Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 28.09.2012

Names of Shareholders	No. of Shares
Mugutrao Shankarrao Kadam	8450
Bharati Mugutrao Kadam	5500
Balasaheb Shankarrao Kadam	4200
Arjunrao Shankarrao Kadam	3450
Rajendra Pandurang Kadam	2900
Shrirang Shankarrao Kadam	100
Pandurang Shankarrao Kadam	100
Umesh Pandurang Kadam	2450
Jaywant Shrirang Kadam.	2450
Asha Balkrishna Kadam	100
Surekha Arjunrao Kadam	100
Durpada Pandurang Kadam	100
Vaijayanta Shrirang Kadam	100
Total	30000

AS ON 28.09.2012

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

BUSINESS DETAILS

Line of Business :	Manufacturing of Dairy Equipment and Contractors for Turnkey Project of Milk Dairy and Chilling Plant.
Products/ Services :	· Milk Processing Plant · Bulk Milk Coolers · Plate Heat Exchanger · Milk Storage Tank · Road Milk Tanker · Ice Cream Plant · Dairy Machineries

GENERAL INFORMATION

No. of Employees :

Information declined by the Management.

Bankers :

· HDFC Bank Limited

· IDBI Bank Limited, IDBI Building, 4^th Floor, SME Department, Dyaneshwar Paduka Chowk, F.C. Road, Shivajinagar, Pune – 411 004, Maharashtra, India (Contact No.: 91-20-66030300)

· Dena Bank

Facilities :

Secured Loans	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
LONG TERM BORROWINGS
IDBI Pune (Hypothecation by book debts and stock)	3.021	3.038
Total	3.021	3.038

Banking Relations :	--
Auditors :
Name :	Patil Randive and Associates Chartered Accountants
Address :	501-B, Ghorpade Peth, 208, Panna Chambers, Shivaji Road, Swargate, Pune – 411 042, Maharashtra, India
Tel. No.:	91-20-24480706
PAN No.:	AABFP4745N
Associates/Subsidiaries (As confirmed by the Management) :	· Suruchi Food and Milk Products Plot No. L-75, ADDL. MIDC Satara – 415 004, Maharashtra, India Activity: Manufacturer of all types of Pickles, Sauce, Ketchup, Jam, Tutifruity, etc. · Kadam Engineers Plot No. L-75, ADDL MIDC, Satara – 415 004, Maharashtra, India Activity: All types fabrication works.

CAPITAL STRUCTURE

AS ON 28.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
30000	Equity Shares	Rs.100/- each	Rs.3.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
30000	Equity Shares	Rs.100/- each	Rs.3.000 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	3.000	3.000
(b) Reserves & Surplus	1.158	1.828
(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)	4.158	4.828
(3) Non-Current Liabilities
(a) Long-term borrowings	3.944	4.034
(b) Deferred tax liabilities (Net)	0.017	0.000
(c) Other long term liabilities	0.000	0.000
(d) Long-term provisions	0.049	0.050
Total Non-current Liabilities (3)	4.010	4.084
(4) Current Liabilities
(a) Short term borrowings	0.000	0.458
(b) Trade payables	6.613	5.685
(c) Other current liabilities	0.390	0.000
(d) Short-term provisions	0.600	3.263
Total Current Liabilities (4)	7.603	9.406
TOTAL	15.771	18.318
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1.474	1.639
(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	0.435
(d) Long-term Loan and Advances	0.075	0.075
(e) Other Non-current assets	0.635	0.601
Total Non-Current Assets	2.184	2.750
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	6.021	9.340
(c) Trade receivables	1.876	0.493
(d) Cash and cash equivalents	0.560	0.789
(e) Short-term loans and advances	5.130	2.777
(f) Other current assets	0.000	2.169
Total Current Assets	13.587	15.568
TOTAL	15.771	18.318

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		3.000
2] Share Application Money		0.000
3] Reserves & Surplus		1.069
4] (Accumulated Losses)		0.000
NETWORTH		4.069
LOAN FUNDS
1] Secured Loans		3.352
2] Unsecured Loans		0.000
TOTAL BORROWING		3.352
DEFERRED TAX LIABILITIES		0.000
TOTAL		7.421
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		2.698
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	13.000
	Sundry Debtors	3.761
	Cash & Bank Balances	0.304
	Other Current Assets	1.020
	Loans & Advances	5.394
Total Current Assets		23.479
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	3.057
	Other Current Liabilities	13.034
	Provisions	2.665
Total Current Liabilities		18.756
Net Current Assets		4.723
MISCELLANEOUS EXPENSES		0.000
TOTAL		7.421

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	26.184	30.552	41.240
		Other Income		3.688	0.008
		TOTAL (A)	26.184	34.240	41.248
Less	EXPENSES
		Purchases and Consumables		20.924	35.332
		Personnel Expenses (Donation)		0.000	0.025
		Operating and Other Expenses		6.684	6.306
		(Increase)/ Decrease in Inventory		3.660	(3.050)
		Directors Sitting Fee		0.074	0.061
		Directors Remuneration		1.250	1.418
		TOTAL (B)	25.751 (including financial expenses)	32.592	40.092
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			1.648	1.156
Less	FINANCIAL EXPENSES (D)			0.554	0.718
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		0.434	1.094	0.438
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.195	0.216	0.209
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		0.238	0.878	0.229
Less	TAX (H)		0.983	0.119	(0.463)
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		(0.745)	0.759	0.692
	EARNING IN FOREIGN CURRENCY		0.000	16.978	0.670
	IMPORT VALUE		0.000	0.000	2.349
	Earnings/ (Loss) Per Share (Rs.)		(24.83)	12.66	11.53

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	(2.85)	2.22	1.68
Net Profit Margin (PBT/Sales)	(%)	NA	2.87	0.56
Return on Total Assets (PBT/Total Assets}	(%)	1.75	4.91	0.88
Return on Investment (ROI) (PBT/Networth)		0.06	0.18	0.06
Debt Equity Ratio (Total Debt/Networth)		0.95	0.93	0.82
Current Ratio (Current Asset/Current Liability)		1.79	1.60	1.25

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012
	(INR in Mlns.)	(INR in Mlns.)
Share Capital	3.000	3.000
Reserves & Surplus	1.828	1.158
Share Application money pending allotment	0.000	0.000
Net worth	4.828	4.158
Long-term borrowings	4.034	3.944
Short term borrowings	0.458	0.000
Total borrowings	4.492	3.944
Debt/Equity ratio	0.930	0.949

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2010	31.03.2011	31.03.2012
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Total Income	41.248	34.240	26.184
		(16.990)	(23.528)

NET PROFIT MARGIN

Net Profit Margin	31.03.2010	31.03.2011	31.03.2012
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Total Income	41.248	34.240	26.184
Profit	0.692	0.759	(0.745)
	1.68%	2.22%	(2.85%)

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report (Yes / No)
1) Year of Establishment	Yes
2) Locality of the firm	Yes
3) Constitutions of the firm	Yes
4) Premises details	Yes
5) Type of Business	Yes
6) Line of Business	Yes
7) Promoter’s background	Yes
8) No. of employees	No
9) Name of person contacted	No
10) Designation of contact person	No
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	No
20) Export / Import details (if applicable)	No
21) Market information	--
22) Litigations that the firm / promoter involved in	--
23) Banking Details	Yes
24) Banking facility details	Yes
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	Yes
28) Incorporation details, if applicable	Yes
29) Last accounts filed at ROC	No
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	Yes
34) External Agency Rating, if available	No

Unsecured Loans	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
LONG TERM BORROWINGS
Sales Tax Loan from WMDC	0.923	0.996
SHORT TERM BORROWINGS
Mugutrao S. Kadam	0.000	0.458
Total	0.923	1.454

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10246989	13/08/2008	3,000,000.00	IDBI BANK LIMITED	IDBI BUILDING, 4TH FLOOR, SME DEPARTMENT, DNYANESHWAR PADUKA CHOWK, F C ROAD, SHIVAJINAGAR, PUNE, MAHARASHTRA - 411004, INDIA	A86784683
2	90088988	14/05/2005 *	200,000.00	THE UNITED WESTERN BANK LIMITED	GANESH NAGAR BRANCH, PUNE, MAHARASHTRA - 411005, INDIA	-
3	90088933	19/02/2005	680,000.00	THE UNITED WESTERN BANK LIMITED	GANESHNAGAR BRANCH, PUNE, MAHARASHTRA - 411004, INDIA	-
4	90086872	03/07/2004 *	2,500,000.00	THE UNITED WESTERN BANK LIMITED	GANESH NAGAR BRANCH, PUNE, MAHARASHTRA, INDIA	-
5	90086857	28/06/2004	500,000.00	THE UNITED WESTERN BANK LIMITED	GANESH NAGAR BRANCH, PUNE, MAHARASHTRA, INDIA	-
6	90082904	13/01/2004	700,000.00	THE SARSWAT CO-OPERATIVE BANK LIMITED	POUD ROAD BRANCH, PUNE, MAHARASHTRA - 411029, INDIA	-
7	90082878	25/08/2003	3,900,000.00	THE SARASWAT CO-OP BANK LIMITED	PAUD ROAD BRANCH, PUNE, MAHARASHTRA - 411038, INDIA	-
8	90085135	01/12/2004 *	2,500,000.00	UNITED WESTERN BANK LIMITED	GANESH NAGAR BRANCH, PUNE, MAHARASHTRA, INDIA	-

* Date of charge modification

CHANGE OF ADDRESS

Registered office of the company has been shifted from Plot No.L-73, Additional MIDC, Satara – 415 004, Maharashtra, India to the present address.

FIXED ASSETS:

· Plot

· Building

· Plant and Machinery

· Electrification

· Furniture

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.60.87
UK Pound	1	Rs.102.67
Euro	1	Rs.81.69

INFORMATION DETAILS

Information Gathered by :	HTL
Analysis Done by :	DIV
Report Prepared by :	SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	2
--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		26

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.