MIRA INFORM REPORT

Report Date :

13.08.2014

IDENTIFICATION DETAILS

Name :	SOHONI METAL CRAFT PRIVATE LIMITED
Registered Office :	Flat No.1, 1^st Floor, A Wing, Tara Castle, Masoli, Dahanu Road (West), Mumbai - 401602, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	03.07.1992
Com. Reg. No.:	11-067532
Capital Investment / Paid-up Capital :	Rs. 0.999 Million
CIN No.: [Company Identification No.]	U99999MH1992PTC067532
TAN No.: [Tax Deduction & Collection Account No.]	PNES19030E / MUMS38462E
PAN No.: [Permanent Account No.]	AACHS4789Q
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Dry Cell Battery Components
No. of Employees :	100 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Maximum Credit Limit :	USD 140000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. General financial position of the company seems to be sound and healthy. Profitability of the company is fair. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. The company can be considered for business dealings at usual trade terms and condition.

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

N E W S

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 their 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 tat 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 PARTED BY (GENERAL DETAILS)

Name :	Mr. Abjeet Sohoni
Designation :	Chief Executive Officer
Contact No.:	91-9825136193
Date :	11.08.2014

LOCATIONS

Registered Office :	Flat No.1, 1^st Floor, A Wing, Tara Castle, Masoli, Dahanu Road (West), Mumbai - 401602, Maharashtra, India
Tel. No.:	91-2528-222859 / 214068
Mobile No.:	91-9825136193/ 9825117450 (Mr. Dilip Shrikrishna Sohoni)
Fax No.:	Not Available
E-Mail :	main.sohanimetal@gmail.com admin@sohonimetal.com
Website :	www.sohonimetal.com
Area :	1500 sq. ft
Location :	Owned
Factory :	Plot No.1302, G. I. D. C., Umbergaon - 396171, Gujarat, India
Tel. No.:	91-260-3290595 / 2563049
Fax No.:	91-260-2563048
Area :	5000 sq. mtr
Location :	Owned

DIRECTORS

As on 25.09.2013

Name :

Mr. Dilip Shrikrishna Sohoni

Designation :

Director

Address :

Flat No.1, 1^st Floor, A Wing, Tara Castle, Masoli Dahanu Road, Dahanu (West), Mumbai - 401602, Maharashtra, India

Date of Birth/Age :

15.11.1949

Date of Appointment :

03.07.1992

DIN No :

00411810

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	U31109MH1986PTC024311	UMBER CELL COMPONENTS PRIVATE LIMITED	Director	26-04-1986	26-04-1986	Active	NO
2	U99999MH1992PTC067532	SOHONI METAL CRAFT PRIVATE LIMITED	Director	03-07-1992	03-07-1992	Active	NO
3	U25209MH2011PTC219391	VANGUARD PACKAGING PRIVATE LIMITED	Managing director	19-09-2011	04-07-2011	Active	NO
4	U93000GJ2012NPL070480	UMARGAM INDUSTRIES ASSOCIATION	Director	23-01-2014	23-01-2014	Active	NO

Name :

Mrs. Sandhya Dilip Sohoni

Designation :

Director

Address :

Flat No.1, 1^st Floor, A Wing, Tara Castle, Masoli Dahanu Road, Dahanu (West), Mumbai - 401602, Maharashtra, India

Date of Birth/Age :

16.05.1953

Date of Appointment :

24.02.2010

DIN No :

02948519

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	U99999MH1992PTC067532	SOHONI METAL CRAFT PRIVATE LIMITED	Director	24-02-2010	24-02-2010	Active	NO
2	U25209MH2011PTC219391	VANGUARD PACKAGING PRIVATE LIMITED	Director	04-07-2011	04-07-2011	Active	NO

Name :

Mrs. Sujata Dilip Sohoni

Designation :

Director

Address :

Flat No.1, 1^st Floor, A Wing, Tara Castle, Masoli Dahanu Road, Dahanu (West), Mumbai - 401602, Maharashtra, India

Date of Birth/Age :

01.10.1975

Date of Appointment :

01.10.1995

DIN No :

00414309

KEY EXECUTIVES

Name :	Mr. Abjeet Sohoni
Designation :	Chief Executive Officer

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 25.09.2013

Names of Shareholders	No. of Shares	Percentage of Holding
Dillip Sohoni and Sandhya Sohoni	7550	75.58
Sandhya Sohoni and Dillip Sohoni	1650	16.52
Abhijit Sohoni	90	0.90
Sujata Sohoni	450	4.50
Sangita Save	250	2.50
Total	9990	100.00

As on 25.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Directors or relatives of Directors	97.50
Other top fifty shareholders	2.50
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Dry Cell Battery Components

Products :

Item Code No. (ITC Code)	Product Description
85.06	Primary Cells and Primary Batteries, Parts Thereof (Battery Components)

· R20, R14, R06 and R03 Type of Top Caps

R06, R03/R20 Type Date Coded /UNCODED bottoms used in Dry Cell Batteries

PVC Heat Shrink Sleeves for Dry Cell Batteries

Plastic Snap Fitted Seals used in Dry Cell Batteries

Fuse Caps and capability for making electrical, automotive stamping and other types of deep drawn components as per customer requirements.

Exports :

Products :

Dry Cell Battery Components

Countries :

· Bangladesh

· Asian Country

· East Africa

Imports :

Products :

Raw Material

Countries :

· Singapore

· China

· Japan

· Germany

Terms :

Selling :

Cash / Credit

Purchasing :

Cash / Credit

PRODUCTION STATUS (AS ON 31.03.2013)

Particulars	Installed Capacity	Actual Production
In x 1000 Pcs. Battery Components	2700000	2283313
In PVC rolls of 750 mtr each	48000	1959

GENERAL INFORMATION

Suppliers :

Bhushan Power and Steel Limited, Kolkata

Customers :

End Users

· Ever Ready Industries India Limited

No. of Employees :

100 (Approximately)

Bankers :

· State Bank of India, GIDC Estate Branch, Plot No. 210, GIDC Estate, Umbergaon, Valsad - 396171, Gujarat, India

Union Bank of India, G.I.D.C. Umbergaon Branch, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG TERM BORROWINGS
S.B.I Car Loan Fiat Linea	0.000	0.308
S.B.I Car Loan Ford Fiesta	0.460	0.600
S.B.I Car Loan Eleantra	0.877	0.000
SHORT TERM BORROWINGS
S.B.I C.C Umg	18.482	18.440
S.B.I EPC Facility	1.502	1.500
S.B.I SLC Limit	3.005	2.950
Term Loan A/c 32886777593	1.279	0.000
Total	25.605	23.798

Banking Relations :	--
Auditors :
Name :	Raman S. Shah and Company Chartered Accountants
Address :	Sam Plaza , “A” Wing, 2^nd Floor, Dahanu Road, Thane – 401602, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	ADYPS0704L
Enterprise over which key managerial personnel area able to exercise significant influence :	Umbercell Components Private Limited

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.100/- each	Rs. 1.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
9990	Equity Shares	Rs.100/- each	Rs. 0.999 Million

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	0.999	0.999	0.999
(b) Reserves & Surplus	34.998	29.556	23.390
(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)	35.997	30.555	24.389
(3) Non-Current Liabilities
(a) long-term borrowings	1.337	0.908	0.443
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	13.160	9.278	16.228
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	14.497	10.186	16.671
(4) Current Liabilities
(a) Short term borrowings	24.268	22.890	21.052
(b) Trade payables	16.313	14.230	17.502
(c) Other current liabilities	2.546	1.383	1.371
(d) Short-term provisions	10.932	7.952	6.954
Total Current Liabilities (4)	54.059	46.455	46.879
TOTAL	104.553	87.196	87.939
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	26.232	19.513	20.840
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	1.212	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.283	0.487	0.294
(d) Long-term Loan and Advances	0.058	0.048	0.315
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	26.573	21.260	21.449
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	26.361	30.527	32.977
(c) Trade receivables	33.473	25.798	21.964
(d) Cash and cash equivalents	5.949	1.979	5.207
(e) Short-term loans and advances	3.645	1.481	1.177
(f) Other current assets	8.552	6.151	5.165
Total Current Assets	77.980	65.936	66.490
TOTAL	104.553	87.196	87.939

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	167.488	140.451	148.909
		Other Income	0.609	1.890	0.534
		TOTAL (A)	168.097	142.341	149.443
Less	EXPENSES
		Cost of materials consumed	113.167	91.198	104.653
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	0.572	(2.055)	(2.289)
		Employee benefit expense	12.267	9.879	13.838
		Other expenses	25.783	24.400	18.482
		Extraordinary Items	0.035	0.004	0.000
		TOTAL (B)	151.824	123.426	134.684
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		16.273	18.915	14.759
Less	FINANCIAL EXPENSES (D)		5.063	6.510	3.969
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		11.210	12.405	10.790
Less/ Add	DEPRECIATION/ AMORTISATION (F)		3.216	3.200	3.244
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		7.994	9.205	7.546
Less	TAX (H)		2.489	2.915	2.385
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		5.505	6.290	5.161
	EARNINGS IN FOREIGN CURRENCY		NA	NA	87.570
	IMPORTS
		Tinplate	NA	NA	26.720
		PY Seals	NA	NA	12.160
	TOTAL IMPORTS		NA	NA	38.880
	Earnings / (Loss) Per Share (Rs.)		551.03	629.69	516.70

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	3.27	4.42	3.45
Net Profit Margin (PBT/Sales)	(%)	4.77	6.55	5.07
Return on Total Assets (PBT/Total Assets}	(%)	7.67	10.77	8.61
Return on Investment (ROI) (PBT/Networth)		0.22	0.30	0.31
Debt Equity Ratio (Total Debt/Networth)		0.71	0.78	0.88
Current Ratio (Current Asset/Current Liability)		1.44	1.42	1.42

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	0.999	0.999	0.999
Reserves & Surplus	23.390	29.556	34.998
Net worth	24.389	30.555	35.997
long-term borrowings	0.443	0.908	1.337
Short term borrowings	21.052	22.890	24.268
Total borrowings	21.495	23.798	25.605
Debt/Equity ratio	0.881	0.779	0.711

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	148.909	140.451	167.488
		(5.680)	19.250

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	148.909	140.451	167.488
Profit	5.161	6.290	5.505
	3.47%	4.48%	3.29%

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	Yes
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	Yes
18]	Major customers	Yes
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	90149120	25/10/2005	427,000.00	STATE BANK OF INDIA	G.I.D.C. ESTATE BRANCH, UMBERGAON, MAHARASHTRA - 396171, INDIA	-
2	90145016	08/07/2013 *	54,900,000.00	STATE BANK OF INDIA	GIDC ESTATE BRANCH, PLOT NO. 210, GIDC ESTATE, VALSAD, UMBERGAON, GUJARAT - 396171, INDIA	B80458367
3	90149501	05/07/2013 *	54,900,000.00	STATE BANK OF INDIA	GIDC ESTATE BRANCH, PLOT NO. 210, GIDC ESTATE, VALSAD, UMBERGAON, GUJARAT - 396171, INDIA	B80457914

* Date of charge modification

CHANGE OF ADDRESS

The registered office of the company has been shifted from 1, Sterling, A Pariments, Dahanu Road (East), Thane – 401602, Maharashtra, India to the present address w.e.f. 25.07.2008.

FIXED ASSETS

· Factory Land

Residential Land

Factory Building

Residential Building

Plant and Machinery

Dies and Tools

Electrical Installation

Computer and Peripherals

Office Equipment

Air Conditioner

Furniture and Fixtures

Vehicles

Borewell

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

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

2] Court Declaration :

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

3] Asset Declaration :

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

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

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

Charges or investigation registered against subject: None

7] Criminal Records

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

8] Affiliation with Government :

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

9] Compensation Package :

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

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

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

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

CONTRAVENTION

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.18
UK Pound	1	Rs.102.56
Euro	1	Rs.81.78

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	KAR
Report Prepared by :	MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--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	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		48

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.