MIRA INFORM REPORT

Report Date :

29.12.2014

IDENTIFICATION DETAILS

Name :	AKSHARA INDUSTRIES LIMITED
Registered Office :	183 / 1, Sydenhams Road, 2^nd Floor, Apparao Garden, Choolai, Chennai –600112, Tamilnadu
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	07.04.2004
Com. Reg. No.:	18-052914
Capital Investment / Paid-up Capital :	Rs. 64.996 Millions
CIN No.: [Company Identification No.]	U27102TN2004PLC052914
TAN No.: [Tax Deduction & Collection Account No.]	CHEA08925A
PAN No.: [Permanent Account No.]	AAECA8202H
Legal Form :	Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Sponge Iron.
No. of Employees :	Information declined by the management.

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct. The company can be considered normal for business dealings 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

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long term rating = BBB-
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	21.11.2013

Rating Agency Name	CRISIL
Rating	Short term rating = A3
Rating Explanation	Moderate degree of safety and higher credit risk.
Date	21.11.2013

RBI DEFAILTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAILTERS’ 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 :	Madam Meera
Designation :	Accountant
Contact No.:	91-44-26693316
Date :	29.12.2014

LOCATIONS

Registered Office :	183 / 1, Sydenhams Road, 2^nd Floor, Apparao Garden, Choolai, Chennai –600112, Tamilnadu, India
Tel. No.:	91-44-26693316/26693317/26693318
Fax No.:	91-44-26691730
E-Mail :	aksharaind@eth.net
Website :	www.pipingtech.com
Factory 1 :	No.9, Eguvarpalayam Village Gummidipondi Taluk, Thiruvallur-601212, Tamil Nadu, India
Tel. No.:	91-44-27900431

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Aditya Tibrewala

Designation :

Director

Address :

Guru Kripa 1 (11 And 12), 3^rd Floor, Tas Enclave, Sushila Chellaiya Road,10th Main Road, Extension Anna Nagar, Chennai - 600040, Tamilnadu, India

Date of Birth/Age :

13.01.1971

Date of Appointment :

07.04.2004

DIN No.:

00364538

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	U20211TN1989PTC017840	OSWIN WOOD PANELS PRIVATE LIMITED	Whole-time director	01/09/2014	10/07/1993	-	Active	NO
2	U27102TN2004PLC052914	AKSHARA INDUSTRIES LIMITED	Director	07/04/2004	07/04/2004	-	Active	NO
3	U65991TN1995PTC069830	GUNJAN EMPORIAM PRIVATE LIMITED	Director	15/09/2005	15/09/2005	-	Active	NO
4	U51109WB1995PTC076086	RIVAL COMMERCE PVT LTD	Director	27/12/2005	27/12/2005	-	Active	NO
5	U67120WB1947PTC015268	VIJOY INVESTMENT & TRADING PVT. LTD.	Director	27/03/2009	27/03/2009	-	Active	NO
6	U51229TN2001PTC047354	SPARK BUSINESS PRIVATE LIMITED	Director	23/08/2013	15/03/2013	-	Active	NO

Name :

Mr. Rajkumar Tibrewala

Designation :

Managing director

Address :

Guru Kripa 1 (11 And 12), 3^rd Floor, Tas Enclave, Sushila Chellaiya Road,10th Main Road, Extension Anna Nagar, Chennai - 600040, Tamilnadu, India

Date of Birth/Age :

13.07.1946

Date of Appointment :

01.09.2014

DIN No.:

00365531

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	U27102TN2004PLC052914	AKSHARA INDUSTRIES LIMITED	Managing director	01/09/2014	07/04/2004	-	Active	NO
2	U65991TN1995PTC069830	GUNJAN EMPORIAM PRIVATE LIMITED	Director	15/09/2005	15/09/2005	-	Active	NO
3	U51109WB1995PTC076086	RIVAL COMMERCE PVT LTD	Director	27/12/2005	27/12/2005	-	Active	NO
4	U20292TN2009PTC071226	RUBINO INDUSTRIES PRIVATE LIMITED	Whole-time director	01/09/2014	03/04/2009	-	Active	NO
5	U67120WB1947PTC015268	VIJOY INVESTMENT & TRADING PVT. LTD.	Director	30/04/2010	30/04/2010	-	Active	NO

Name :

Mr. Vivek Tibrewala

Designation :

Whole-time director

Address :

Guru Kripa 1 (11 And 12), 3^rd Floor, Tas Enclave, Sushila Chellaiya Road,10th Main Road, Extension Anna Nagar, Chennai - 600040, Tamilnadu, India

Date of Birth/Age :

26.02.1975

Date of Appointment :

01.09.2014

DIN No.:

00365565

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	U51229TN2001PTC047354	SPARK BUSINESS PRIVATE LIMITED	Director	02/04/2004	02/04/2004	-	Active	NO
2	U27102TN2004PLC052914	AKSHARA INDUSTRIES LIMITED	Whole-time director	01/09/2014	07/04/2004	-	Active	NO
3	U65999WB1995PTC067909	RAINBOW CAPITAL PVT LTD	Director	01/02/2006	01/02/2006	-	Active	NO
4	U20292TN2009PTC071226	RUBINO INDUSTRIES PRIVATE LIMITED	Whole-time director	01/09/2014	03/04/2009	-	Active	NO

Name :

Mr. Anurag Tibrewal

Designation :

Director

Address :

Guru Kripa 1 (11 And 12), 3^rd Floor, Tas Enclave, Sushila Chellaiya Road,10th Main Road, Extension Anna Nagar, Chennai - 600040, Tamilnadu, India

Date of Birth/Age :

22.11.1973

Date of Appointment :

07.04.2004

DIN No.:

01810212

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	U20211TN1989PTC017840	OSWIN WOOD PANELS PRIVATE LIMITED	Whole-time director	01/09/2014	01/04/2000	-	Active	NO
2	U27102TN2004PLC052914	AKSHARA INDUSTRIES LIMITED	Director	07/04/2004	07/04/2004	-	Active	NO
3	U65921TN2004PTC054963	LOTUS LEFIN PRIVATE LIMITED	Director	30/08/2005	30/08/2005	-	Active	NO
4	U65999WB1995PTC067909	RAINBOW CAPITAL PVT LTD	Director	01/02/2006	01/02/2006	-	Active	NO

KEY EXECUTIVE

Name :	Madam Meera
Designation :	Accountant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Shareholders	No. of Shares
Rajkmar Tibrewala	239200
Aditya Tibrewala	267300
Anurag Tibrewala	218500
Vivek Tibrewala	191500
Sonal Tibrewala	24500
Sweta Tibrewala	128500
Nisha Tibrewala	206500
Rajkumar Tibrewala HUF	334500
Sumitra Devi	252000
Shivam Tibrewala	135500
Charuvi Tibrewala	107700
Ayushi Tibrewala	105000
Aditi Tibrewala	76500
Rival Commerce Private Limited, India	2946600
Spark Business Private Limited, India	126000
Rainbow Capital Private Limited, India	996300
Radhika Tibrewala	57000
Vivek Tibrewala HUF	80000
Soham Tibrewala	6500
Total	6499600

AS ON 30.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	62.60
Directors or relatives of Directors	37.40
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Sponge Iron.

Products :

• Wet Scrubbers
• Bag Cages
• Filter Bags
• Air Pollution Control Equipment
• Bag Filters
• Screw Conveyors
• Pneumatic Conveying System
• Chemical Process Equipment
• Dust Collectors
• Material Handling Equipment

Item Code No.	Product Description
73071110	Sponge Iron

Brand Names :

Not Divulged

Agencies Held :

Not Divulged

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

PRODUCTION STATUS : NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Not Divulged

Customers :

Not Divulged

No. of Employees :

Information declined by the management.

Bankers :

State Bank of India, Overseas Branch, No.86.Rajaji Salai, Chennai - 600001,

Tamilnadu, India

Facilities :

Secured Loan	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
Short-term borrowings
Loans repayable on demand from banks	132.616	121.869
Total

Note :

Limits with State Bank of India for the Working Capital Requirements i) First Charge over entire Current Assets of the Company, both present and future. ii) Collateral Security: a. Extention of equitable mortgage on factory land belonging in the name of Company in S.No. 225/1C2 Extents. No. 225/1C1 Part, extent 38.29 Acres at No. 9 Eguvarpalayam village, Gummidipundi taluk, dist. Thiruvallore. b. First Charges on Plant and Machinery of the Company. iii) Guarantee :- Personal guarantee of Shri R. K. Tibrewala Shri Vivek Tibrewala Shri Anurag Tibrewala Shri Aditya Tibrewala

Banking Relations :	--
Financial Institution :	SREI Equipment Finance Private Limited, 'Vishwakarma', 86C, Topsia Road, Kolkata - 700046, West Bengal, India
Auditors :
Name :	Balakrishnan and Krishnamurthy Chartered Accountants
Address :	NO 43, Medavakkam Tank Road, I Floor, Kilpauk, Chennai – 600010, Tamilnadu, India
PAN No.:	AAAFB0637N
Memberships :	Not Available
Collaborators :	Not Available
Related Party :	Spark Business Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
7,500,000	Equity Shares	Rs.10/- each	Rs. 75.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
6,499,600	Equity Shares	Rs.10/- each	Rs.64.996 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	64.996	64.996	64.996
(b) Reserves & Surplus	259.895	229.999	188.210
(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)	324.891	294.995	253.206
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	28.766	29.361	29.553
(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)	28.766	29.361	29.553
(4) Current Liabilities
(a) Short term borrowings	132.616	121.869	135.838
(b) Trade payables	6.818	24.302	22.907
(c) Other current liabilities	11.640	24.092	8.732
(d) Short-term provisions	101.808	79.369	51.357
Total Current Liabilities (4)	252.882	249.632	218.834
TOTAL	606.539	573.988	501.593
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	162.815	173.538	179.972
(ii) Intangible Assets	0.468	0.396	0.428
(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	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	5.452	6.214	4.632
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	168.735	180.148	185.032
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	162.967	163.016	164.780
(c) Trade receivables	130.029	116.710	89.955
(d) Cash and cash equivalents	27.871	16.531	7.701
(e) Short-term loans and advances	116.937	97.583	54.125
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	437.804	393.840	316.561
TOTAL	606.539	573.988	501.593

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	964.842	950.855	1022.807
	Other Income	1.131	0.689	0.767
	TOTAL (A)	965.973	951.544	1023.574
Less	EXPENSES
	Cost of Materials Consumed	538.149	570.228	616.875
	Purchases of Stock-in-Trade	3.761	5.550	0.000
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	9.812	(17.544)	(0.610)
	Employees benefits expense	32.802	26.283	19.661
	Other expenses	291.129	260.447	243.845
	TOTAL (B)	875.653	844.964	879.771
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	90.320	106.580	143.803
Less	FINANCIAL EXPENSES (D)	10.343	8.932	17.867
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	79.977	97.648	125.936
Less/ Add	DEPRECIATION/ AMORTISATION (F)	13.028	12.894	12.456
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	66.949	84.754	113.480
Less	TAX (H)	21.844	27.819	37.078
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	45.105	56.935	76.402
	Earnings / (Loss) Per Share (Rs.)	6.94	8.76	11.75

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin PAT/ Sales	(%)	4.67	5.99	7.47
PBIDT / Sales	(%)	9.36	11.21	14.06
Return on Total Assets (PBT/Total Assets}	(%)	11.04	14.77	22.62
Return on Investment (ROI) (PBT/Networth)		0.21	0.29	0.45
Debt Equity Ratio (Total Debt /Networth)		0.41	0.41	0.54
Current Ratio (Current Asset/Current Liability)		1.73	1.58	1.45

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	64.996	64.996	64.996
Reserves & Surplus	188.210	229.999	259.895
Share Application money pending allotment	0.000	0.000	0.000
Net worth	253.206	294.995	324.891
long-term borrowings	0.000	0.000	0.000
Short term borrowings	135.838	121.869	132.616
Total borrowings	135.838	121.869	132.616
Debt/Equity ratio	0.536	0.413	0.408

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)
Sales	1022.807	950.855	964.842
		(7.035)	1.471

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	1022.807	950.855	964.842
Profit	76.402	56.935	45.105
	7.47%	5.99%	4.67%

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

Note:

Registered Office of the company has been shifted from 145, AL Loock New No.5, 2nd Street, 11th Main Road, Anna Nagar, Chennai - 600040, TamilNadu, India to the present address w.ef. 25.05.2007.

Corporate Information

Akshara Industries Limited is a closely held Limited Company in India under the provisions of the Companies Act, 195 6 . It is a manufacturer of

Sponge Iron with an installed 200 TPD/60000 TPA.

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10026424	14/11/2014 *	263,000,000.00	STATE BANK OF INDIA	OVERSEAS BRANCH, NO.86.RAJAJI SALAI, CHENNAI, TAM  IL NADU - 600001, INDIA	C36136687

* Date of charge modification

FIXED ASSETS

• Land
• Building
• Plant and equipment
• Furniture and fixtures
• Computer

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

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

2] Court Declaration :

No 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] 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.63.64
UK Pound	1	Rs.98.98
Euro	1	Rs.77.74

INFORMATION DETAILS

Information Gathered by :	HNA
Analysis Done by :	SUB
Report Prepared by :	SNT

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
--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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		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.