MIRA INFORM REPORT

Report Date :

27.12.2014

IDENTIFICATION DETAILS

Name :	INDIANIVESH SECURITIES PRIVATE LIMITED
Registered Office :	601 And 602 Sukh Sagar, N.S. Patkar Marg, Girgaum Chowpatty, Mumbai – 400007, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	04.01.2006
Com. Reg. No.:	11-158634
Capital Investment / Paid-up Capital :	Rs. 130.000 Millions
CIN No.: [Company Identification No.]	U67120MH2006PTC158634
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	MUMI07310C
PAN No.: [Permanent Account No.]	AABCI4553L
Legal Form :	Private Limited Liability Company
Line of Business :	Provides stock brokerage services.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 890000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Rating reflects sound financial risk profile market by decent liquidity position and improvement in performance of the company. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct. The company can be considered for business dealing at usual trade terms and conditions.

NOTES :

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

ECGC Country Risk Classification List – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

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 DENIED BY

Name :	Mr. Suresh Prajapati
Designation :	Account Departement
Contact No.:	91-22-66188800
Date :	23.12.2014

LOCATIONS

Registered Office :	601 And 602 Sukh Sagar, N.S. Patkar Marg, Girgaum Chowpatty, Mumbai – 400007, Maharashtra, India
Tel. No.:	91-22-66188800
Fax No.:	91-22-66188899
E-Mail :	mail@indianivesh.com securities@indianivesh.in
Website :	http://www.indianivesh.in

DIRECTORS

As on 21.07.2014

Name :

Mr. Dinesh Madanlal Nuwal

Designation :

Managing Director

Address :

501, Sunville, Plot No.80, Nutan Laxmi Co-op Hsg Soc. 8^th Road, JVPD, Vile Parle (West), Mumbai – 400056, Maharashtra, India

Date of Birth/Age :

05.08.1965

Date of Appointment :

01.04.2013

DIN No.:

00500191

PAN No.:

ACUPN0158L

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	U67120MH1993PTC070886	SNEH SHARES & SECURITIES PRIVATE LIMITED	Director	14/07/2005	14/07/2005	-	Active	NO
2	U45200MH1997PTC109121	DILSUKH PROPERTIES PRIVATE LIMITED	Director	14/07/2005	14/07/2005	-	Active	NO
3	L99500MH1931PLC001493	INDIANIVESH LIMITED	Director	17/09/2007	31/01/2007	-	Active	NO
4	U74140MH2006PTC161341	SIDDHI MULTI-TRADE PRIVATE LIMITED	Director	26/03/2007	26/03/2007	08/08/2013	Active	NO
5	U74140MH2006PTC161342	INDIANIVESH FINANCIAL ADVISORS PRIVATE LIMITED	Director	31/03/2008	31/03/2008	-	Active	NO
6	U51109MH2006PTC161296	KRISHNADEEP MARKETING SERVICES PRIVATE LIMITED	Director	31/03/2008	31/03/2008	-	Active	NO
7	U67120MH2006PTC158634	INDIANIVESH SECURITIES PRIVATE LIMITED	Managing director	01/04/2013	01/04/2008	-	Active	NO
8	U45400MH2008PTC184366	JEWEL SHELTERS PRIVATE LIMITED	Director	23/06/2009	07/07/2008	-	Active	NO
9	U45400MH2008PTC184368	GARNET SHELTERS PRIVATE LIMITED	Director	07/07/2008	07/07/2008	-	Active	NO
10	U45400MH2008PTC184365	EBONY SHELTERS PRIVATE LIMITED	Director	07/07/2008	07/07/2008	-	Active	NO
11	U45400MH2008PTC184364	ALMOND REAL ESTATES PRIVATE LIMITED	Director	07/07/2008	07/07/2008	-	Active	NO
12	U67190MH2010PTC208470	INDIANIVESH INVESTMENT ADVISORS PRIVATE LIMITED	Director	30/09/2010	30/09/2010	01/03/2011	Active	NO
13	U74999MH2013PTC240603	INDIANIVESH FACTORING SERVICES PRIVATE LIMITED	Director	19/02/2013	19/02/2013	-	Active	NO
14	U65921MH2008PTC255175	INDIANIVESH WEALTH MANAGEMENT PRIVATE LIMITED	Director	02/09/2013	02/09/2013	-	Active	NO
15	L51909WB1983PLC035924	INDIANIVESH CAPITALS LIMITED	Director	29/09/2014	11/03/2014	-	Active	NO
16	U74120MH2010PTC208472	SANJEEVANI ARC PRIVATE LIMITED	Director	26/03/2014	26/03/2014	-	Active	NO

Name :

Mr. Nirmal Jagdish Pareek

Designation :

Whole Time Director

Address :

701/B Wing, Monarch Ashar Residency, Pokharan Road 2, Near Lok Hospital, Vasant Vihar, Thane (West), Thane – 400610, Maharashtra, India

Date of Birth/Age :

07.01.1981

Date of Appointment :

01.10.2014

DIN No.:

00010539

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	U67120MH1993PTC070886	SNEH SHARES & SECURITIES PRIVATE LIMITED	Director	05/02/2003	05/02/2003	18/04/2007	Active	NO
2	U67120MH2006PTC158634	INDIANIVESH SECURITIES PRIVATE LIMITED	Whole-time director	01/10/2014	04/01/2006	-	Active	NO

Name :

Mr. Jinendra Kumar Babulal Sethi

Designation :

Director

Address :

112, Abhinav, Milap Nagar, Near Jaipuria Hospital, Tonk Road, Jaipur – 302018, Rajasthan, India

Date of Birth/Age :

15.10.1962

Date of Appointment :

29.09.2006

DIN No.:

00255372

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	U67110RJ1983PLC002861	JAIPUR STOCK EXCHANGE LTD	Director	24/02/2005	24/02/2005	19/11/2007	Active	NO
2	L99500MH1931PLC001493	INDIANIVESH LIMITED	Director	17/09/2007	11/09/2006	-	Active	NO
3	U67120MH2006PTC158634	INDIANIVESH SECURITIES PRIVATE LIMITED	Director	29/09/2006	29/09/2006	-	Active	NO
4	U74140MH2006PTC161341	SIDDHI MULTI-TRADE PRIVATE LIMITED	Director	30/03/2007	30/03/2007	22/08/2013	Active	NO
5	L17120MH1985PLC036919	LUMINAIRE TECHNOLOGIES LIMITED	Director	31/12/2009	31/07/2009	30/06/2011	Active	NO

Name :

Mr. Shailesh Somayya Karkera

Designation :

Whole Time Director

Address :

2001, 20th Flr, Guruprabha Apartment, Tulsi Pipe Road, Dadar (West), Mumbai – 400028, Maharashtra, India

Date of Birth/Age :

02.01.1974

Date of Appointment :

21.07.2014

DIN No.:

06859746

KEY EXECUTIVES

Name :	Mr. Suresh Prajapati
Designation :	Account Departement

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 21.07.2014

Names of Shareholders	No. of Shares
IndiaNivesh Limited, India	12999994
Mr. Nirmal Pareek S/o MrJagdish Pareek (Held on behalf of IndiaNivesh Limited)	1
Mr. Hemant Panpalia S/o Mr. Tarachand Panpalia (Held on behalf of IndiaNivesh Limited)	1
Mr. Madanlal Nuwal S/o Laduramji Nuwal (Held on behalf of IndiaNivesh Limited)	1
Mr. Dinesh Nuwal S/o Mr. Madanlal Nuwal (Held on behalf of IndiaNivesh Limited)	1
Ms. Usha Nuwal W/o Mr. Dinesh Nuwal (Held on behalf of IndiaNivesh Limited)	1
Mr.,. Snehlata Nuwal W/o Shri Rajesh Nuwal (Held on behalf of IndiaNivesh Limited)	1
Total	13000000

As on 21.07.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Provides stock brokerage services.
Products :	Not Available
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	Not Divulged

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

No. of Employees :

Not Divulged

Bankers :

Banker Name	HDFC Bank Limited
Branch Address	HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai - 400013, Maharashtra, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

(Rs. In Millions)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
Short Term Borrowing
Loans repayable on demand from banks	253.614	251.150
Other loans and advances	265.922	142.302
Total	519.536	393.452

Auditors :
Name :	C L B and Associates Chartered Accountant
Address :	77 Mulji Jetha Building, 3^Rd Floor185/187, Princess Street, India
PAN No.:	AAEFC1382K
Memberships :	--
Collaborators :	--
Fellow Subsidiary Company :	IndiaNivesh Capitals Limited, India CIN No.: L51909WB1983PLC035924 IndiaNivesh Commodities Private Limited, India CIN No.: U51900MH2000PTC126273
Holding Company :	IndiaNivesh Limited, India CIN No.: L99500MH1931PLC001493

CAPITAL STRUCTURE

As on 21.07.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
13000000	Equity Shares	Rs.10/- each	Rs. 130.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
13000000	Equity Shares	Rs.10/- each	Rs. 130.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	130.000	130.000	130.000
(b) Reserves & Surplus	182.154	165.374	162.080
(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)	312.154	295.374	292.080
(3) Non-Current Liabilities
(a) long-term borrowings	2.500	22.026	20.413
(b) Deferred tax liabilities (Net)	2.836	1.311	4.130
(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)	5.336	23.337	24.543
(4) Current Liabilities
(a) Short term borrowings	519.536	393.452	230.704
(b) Trade payables	924.496	709.929	681.189
(c) Other current liabilities	4.623	2.093	2.623
(d) Short-term provisions	6.049	2.702	3.920
Total Current Liabilities (4)	1454.704	1108.176	918.436
TOTAL	1772.194	1426.887	1235.059
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	55.310	62.633	73.175
(ii) Intangible Assets	5.162	7.799	5.087
(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	338.253	386.136	309.451
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	60.746	59.197	54.182
(e) Other Non-current assets	0.149	0.251	0.353
Total Non-Current Assets	459.620	516.016	442.248
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.000	0.000	0.028
(c) Trade receivables	858.589	586.175	519.498
(d) Cash and cash equivalents	407.530	286.853	237.068
(e) Short-term loans and advances	46.304	37.249	35.809
(f) Other current assets	0.151	0.594	0.408
Total Current Assets	1312.574	910.871	792.811
TOTAL	1772.194	1426.887	1235.059

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	TOTAL INCOME		285.331	211.720	192.732
Less	EXPENSES
		TOTAL	196.359	155.916	165.180
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		88.972	55.804	27.552
Less	FINANCIAL EXPENSES		53.023	38.297	3.278
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		35.949	17.507	24.274
Less/ Add	DEPRECIATION/ AMORTISATION		14.128	16.894	18.540
	PROFIT/ (LOSS) BEFORE TAX		21.821	0.613	5.734
Less	TAX		5.041	(2.682)	2.007
	PROFIT/ (LOSS) AFTER TAX		16.780	3.295	3.727
	Earnings Per Share (Rs.)		1.29	0.25	0.29

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	1.52	0.06	0.62
Return on Investment (ROI) (PBT/Networth)		0.07	0.00	0.02
Debt Equity Ratio (Total Debt /Networth)		1.67	1.41	0.86
Current Ratio (Current Asset/Current Liability)		0.90	0.82	0.86

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	130.000	130.000	130.000
Reserves & Surplus	162.080	165.374	182.154
Net worth	292.080	295.374	312.154
long-term borrowings	20.413	22.026	2.500
Short term borrowings	230.704	393.452	519.536
Total borrowings	251.117	415.478	522.036
Debt/Equity ratio	0.860	1.407	1.672

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Income	192.732	211.720	285.331
		9.852	34.768

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Income	192.732	211.720	285.331
Profit	3.727	3.295	16.780
	1.93%	1.56%	5.88%

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	No
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	----------------------
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	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	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	No

NOTE: Registered address of the company is shifted from 203, Standard House, 83, M. K. Road, Mumbai – 400002, Maharashtra, India to the present address.

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2014	As on 31.03.2013
Long Term Borrowing
Intercorporate borrowings	2.500	0.000
Loans and advances from related parties	0.000	22.026
Total	2.500	22.026

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	ADDRESS	Service Request Number (SRN)
1	10130349	11/12/2010 *	440,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA	B02859015

* Date of charge modification

OPERATIONS REVIEW

During the year, the Company has earned a total income of Rs. 285.331 millions as compared to Rs. 199.828 millions in the previous year. The Company has earned a Net Profit of Rs. 16.779 millions (Previous Year Profit of Rs. 3.295 millions)

The above turnaround is mainly attributable to the turnaround in the market as well as the approach of the Management towards expansion of business in a retail as well as institutional side. Company has spread its presence in more than 35 cities across India.

FIXED ASSETS

• Building
• Plant and Equipment
• Furniture and Fixtures
• Vehicles
• Office Equipment

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

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

2] Court Declaration :

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

3] Asset Declaration :

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

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

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

Charges or investigation registered against subject: None

7] Criminal Records

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

8] Affiliation with Government :

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

9] Compensation Package :

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

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

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

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

CONTRAVENTION

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.63
UK Pound	1	Rs.98.97
Euro	1	Rs.77.74

INFORMATION DETAILS

Information Gathered by :	HTL
Analysis Done by :	SUM
Report Prepared by :	KLS

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		46

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.