MIRA INFORM REPORT

Report Date :

10.02.2014

IDENTIFICATION DETAILS

Name :	CHANVIM ENGINEERING (INDIA) PRIVATE LIMITED
Registered Office :	3, Nanji Building, A D Marg, Sewri (West), Mumbai – 400015, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	07.08.1987
Com. Reg. No.:	11-044311
Capital Investment / Paid-up Capital :	Rs. 3.200 Millions
CIN No.: [Company Identification No.]	U74210MH1987PTC044311
TAN No.: [Tax Deduction & Collection Account No.]	MUMC04117B
PAN No.: [Permanent Account No.]
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Aluminum Roll Bond Panel.
No. of Employees :	250 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

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

Maximum Credit Limit :	USD 357000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Management has seen a healthy growth in operating income and profitability driven by growth in sales volume during 2012-13. The ratings also take into consideration the moderate scale of operations with a moderately high working capital intensive operations and limited bargaining power against well-established large sized corporate customers. However, trade relations are fair. Business is active. Payment terms are reported as slow but correct. In view of extensive experienced of the promoters in the industry, the subject 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 – December 1, 2013

Country Name	Previous Rating (30.09.2013)	Current Rating (01.12.2013)
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

The worst is over for India’s economy with gross domestic product likely to expand 5 %to 5.5 % this year and more than 6 % in 2015, according to Moody’s Analytics. Concerns over the rupee and current account deficit are under control, said the agency. Ratings firm Crisil has forecast 6 % growth for 2014/15 up from the estimated 4.8 % for 2013/14.  Total economic growth, infrastructure bottlenecks and lack of transparency and consistency in foreign direct investment policies seem to have taken a toll on India’s attractiveness as an investment destination, says an Ernst & Young survey.  Projects with FDI component fell 16.4 % across the globe in 2012 from the previous year.  The drop in India was steeper at 21 %. State run carrier Air India is doling out free tickets to its 24000 employees, even as it expects to incur a loss of Rs 39000 mn this financial year and has a debt of Rs 350000 mn. 550000 number of jobs generated across India in 2013, a fall of 0.4 % as compared to with a year earlier. The National Capital Region has a one-fourth share in total jobs created, according to a study by industry lobby group Assochem, Banks, real estate, automobile and telecommunications sectors are showing a rise of job creation. $ 805 mn investments by venture capital firms in India during 2013, registering a drop of about 18 % over the previous year. The Information Technology and IT-Enabled Services Industry retained its status as the favourable venture capital investors in 2013. Pakistan has temporarily banned gold imports for the second time in six months, as it tries to stem smuggling into India. India’s import duty on gold is 10 % and curbs on purchases have dried up legal imports into what used to be the world’s biggest bullion buyers. The World Gold Council puts the amount smuggled into India at upto 200 tonnes in 2013. The Reserve Bank of India has proposed that unclaimed bank deposits estimated to be about Rs 35000 mn be used for education and awareness among depositors.  According to the plan, deposits that have not been claimed for at least 10 years will be transferred to the scheme.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Long term Loans : BB+
Rating Explanation	Moderate risk of default regarding timely servicing of financial obligations.
Date	August 2013

Rating Agency Name	ICRA
Rating	Short term fund based limits : A4+
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	August 2013

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

INFORMATION PARTED BY

Name :	Mr. Geevraj Gehlot
Designation :	Export Import Department
Contact No.:	91-9372201313
Date :	07.02.2014

LOCATIONS

Registered Office :	3, Nanji Building, A D Marg, Sewri (West), Mumbai – 400015, Maharashtra, India
Tel. No.:	Not Available
Mobile No.:	91-9372201313 (Mr. Geevraj Gehlot)
Fax No.:	91-22-24116248
E-Mail :	walter@wnaca.com
Location :	Owned
Factory :	At. K. M. 21, Amravati Road, Village Gondkhairi, Teh Kalmeshwar Nagpur - 440023, Maharashtra, India
Tel. No.:	91-7118-277370
Fax No.:	91-7118-277372

DIRECTORS

AS ON 30.09.2013

Name :

Mr. Inderraj Vimalchand Borana

Designation :

Director

Address :

B-208-209, Jeevan Vihar, Walkeshwar, Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

15.07.1967

Date of Appointment :

09.11.2009

DIN No.:

00399258

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	U25209MH1995PTC095063	RONCH POLYMERS PRIVATE LIMITED	Director	07/12/1995	07/12/1995	Active	NO
2	U74210MH1987PTC044311	CHANVIM ENGINEERING (INDIA) PRIVATE LIMITED	Director	09/11/2009	28/06/1996	Active	NO
3	U51900MH2006PTC159836	CHANDU ENTERPRISES PRIVATE LIMITED	Director	17/02/2006	17/02/2006	Active	NO
4	U28112MH2008PTC187781	JASHVIL ENGINEERING PRIVATE LIMITED	Director	27/10/2008	27/10/2008	Active	NO

Name :

Mr. Vimalchand Shivlal Borana

Designation :

Director

Address :

B-208-209, Jeevan Vihar, Walkeshwar, Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

09.07.1946

Date of Appointment :

01.01.1999

DIN No.:

00399339

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	U25209MH1995PTC095063	RONCH POLYMERS PRIVATE LIMITED	Director	09/12/1995	09/12/1995	-	Active	NO
2	U74210MH1987PTC044311	CHANVIM ENGINEERING (INDIA) PRIVATE LIMITED	Director	01/01/1999	01/01/1999	-	Active	NO
3	U45400MH2010PTC205848	RONCH REALTY PRIVATE LIMITED	Director	22/07/2010	22/07/2010	24/01/2013	Active	NO

Name :

Mr. Laxmichand Shivlal Borana

Designation :

Whole-time director

Address :

37, Jaldarshan, 51 Nepensea Road, Mumbai – 400036, Maharashtra, India

Date of Birth/Age :

06.03.1957

Date of Appointment :

07.08.1987

DIN No.:

00720276

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	U74210MH1987PTC044311	CHANVIM ENGINEERING (INDIA) PRIVATE LIMITED	Whole-time director	07/08/1987	07/08/1987	-	Active	NO
2	U51100MH1987PTC044390	CEEVEE MARKETING SERVICES PRIVATE LIMITED	Director	14/08/1987	14/08/1987	-	Dormant	NO
3	U51900MH2006PTC159836	CHANDU ENTERPRISES PRIVATE LIMITED	Director	17/02/2006	17/02/2006	-	Active	NO
4	U25209MH1995PTC095063	RONCH POLYMERS PRIVATE LIMITED	Director	26/06/2007	26/06/2007	-	Active	NO
5	U45400MH2010PTC205848	RONCH REALTY PRIVATE LIMITED	Director	22/07/2010	22/07/2010	24/01/2013	Active	NO
6	U28112MH2008PTC187781	JASHVIL ENGINEERING PRIVATE LIMITED	Director	01/10/2011	01/10/2011	-	Active	NO
7	U31908MH2012PTC228060	TEJ LIGHTING SYSTEMS PRIVATE LIMITED	Director	13/03/2012	13/03/2012	-	Active	NO
8	U35911MH2012PTC233403	ORION RONCH ACCESSORIES PRIVATE LIMITED	Director	16/07/2012	16/07/2012	-	Active	NO

Name :

Mr. Sanjay Vimalchand Borana

Designation :

Director

Address :

B-208-209, Jeevan Vihar, Walkeshwar, Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

15.10.1977

Date of Appointment :

23.02.2007

DIN No.:

01323357

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	U74210MH1987PTC044311	CHANVIM ENGINEERING (INDIA) PRIVATE LIMITED	Director	23/02/2007	23/02/2007	Active	NO
2	U28112MH2008PTC187781	JASHVIL ENGINEERING PRIVATE LIMITED	Director appointed in casual vacancy	01/10/2011	01/10/2011	Active	NO
3	U45400MH2010PTC205848	RONCH REALTY PRIVATE LIMITED	Director	24/01/2013	24/01/2013	Active	NO

KEY EXECUTIVES

Name :	Mr. Geevraj Gehlot
Designation :	Export Import Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2013

Names of Shareholders	No. of Shares
Laxmichand Borana	7100
Vimalchand Borana	4350
Dharamvati Borana	5000
Inderraj Borana	3050
Vimalchand S. Borana (HUF)	500
Sanjay Borana	2750
Pushpa Borana	4100
Seema Borana	750
Ronak Borana	4400
Total	32000

AS ON 30.09.2013

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

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Aluminum Roll Bond Panel.
Exports :
Products :	Finished Goods
Countries :	· South Africa
Imports :
Products :	Raw Material
Countries :	· China
Terms :
Selling :	Cash and Credit
Purchasing :	Cash, Credit and Depend

GENERAL INFORMATION

Suppliers :

· Hindalco Industries Limited

Nalco Limited

Customers :

End Users and OEM’s

· LG

Samsung

Godrej

No. of Employees :

250 (Approximately)

Bankers :

· Union Bank Of India

323-A, Premises No. 3, MTNL Telephone Excg. Building, Dr. B Ambedkar Road, Near Gandhi Mrkt, Matunga (East), Mumbai - 400019, Maharashtra, India

· Bank Of Maharashtra

Lokmangal Shivaji Nagar, Pune, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG-TERM BORROWINGS
Term Loan from Bank	50.280	26.391
SHORT TERM BORROWINGS
Working capital loans repayable on demand from banks	65.265	68.470
Current maturity of long term debts	13.154	7.719
Total	128.699	102.580

Banking Relations :	--
Financial Institution :	· Sicom Limited Nirmal, Ist Floor, Nariman Point, Mumbai, Maharashtra, India
Auditors :
Name :	Jain Trivedi And Company Chartered Accountants
Address :	319/321, Narshinath Street, Mumbai – 400015, Maharashtra, India
Tel. No.:	91-11-23424814/ 23429107
Fax No.:	91-11-23411388
E-Mail :	dilsat@vsnl.com
Income-tax PAN of auditor or auditor's firm :	AAAFJ7323B
Associates/Subsidiaries :	Rounch Polymers Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
40,000	Equity Shares	Rs. 100/- each	Rs. 4.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
32,000	Equity Shares	Rs. 100/- each	Rs. 3.200 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	3.200	3.200	3.200
(b) Reserves & Surplus	86.080	79.897	74.343
(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)	89.280	83.097	77.543
(3) Non-Current Liabilities
(a) long-term borrowings	136.355	89.665	102.290
(b) Deferred tax liabilities (Net)	18.696	15.080	12.333
(c) Other long term liabilities	0.000	22.500	22.500
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	155.051	127.245	137.123
(4) Current Liabilities
(a) Short term borrowings	78.419	76.189	53.508
(b) Trade payables	60.964	29.648	32.394
(c) Other current liabilities	14.558	15.541	5.771
(d) Short-term provisions	2.239	1.109	0.186
Total Current Liabilities (4)	156.180	122.487	91.859
TOTAL	400.511	332.829	306.525
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	197.843	161.337	97.713
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	13.162	41.240
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.612	4.212	4.212
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	2.239	8.115	7.015
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	200.694	186.826	150.180
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	92.765	52.035	74.060
(c) Trade receivables	65.086	71.525	68.686
(d) Cash and cash equivalents	13.276	9.850	5.456
(e) Short-term loans and advances	28.690	12.593	8.143
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	199.817	146.003	156.345
TOTAL	400.511	332.829	306.525

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	481.573	395.557	332.087
		Other Income	NA	NA	NA
		TOTAL (A)	NA	NA	NA
Less	EXPENSES
		TOTAL (B)	NA	NA	NA
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		54.974	28.824	28.837
Less	FINANCIAL EXPENSES (D)		29.136	14.722	16.882
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		25.838	14.102	11.955
Less/ Add	DEPRECIATION/ AMORTISATION (F)		11.464	5.222	5.091
	PROFIT BEFORE TAX (E-F) (G)		14.374	8.880	6.864
Less	TAX (H)		8.191	2.884	1.652
	PROFIT AFTER TAX (G-H) (I)		6.183	5.996	5.212
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		67.467	61.471	56.259
	BALANCE CARRIED TO THE B/S		73.650	67.467	61.471
	Earnings Per Share (Rs.)		193.22	187.38	162.88

Expected Sales (2013-2014): Rs. 500.000 Millions

The above information has been parted by Mr. Geevraj Gehlot (Export Import Department)

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Net Profit Margin (PBT/Sales)	(%)	2.98	2.24	2.07
Return on Total Assets (PBT/Total Assets}	(%)	3.59	2.81	2.63
Return on Investment (ROI) (PBT/Networth)		0.16	0.11	0.09
Debt Equity Ratio (Total Debt/Networth)		2.41	2.00	2.01
Current Ratio (Current Asset/Current Liability)		1.28	1.19	1.70

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	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	Yes

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10208235	30/09/2013 *	212,933,000.00	UNION BANK OF INDIA	323-A, PREMISES NO. 3, MTNL TELEPHONE EXCG. BLDG., DR. B AMBEDKAR ROAD, NEAR GANDHI MRKT, MATUNGA (E), MUMBAI - 400019, MAHARASHTRA, INDIA	B88090709
2	10208236	30/09/2013 *	212,933,000.00	UNION BANK OF INDIA	323-A, PREMISES NO. 3, MTNL TELEPHONE EXCG. BLDG., DR. B AMBEDKAR ROAD, NEAR GANDHI MRKT, MATUNGA (E), MUMBAI - 400019, MAHARASHTRA, INDIA	B88091186

* Date of charge modification

UNSECURED LOANS

UNSECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG-TERM BORROWINGS
From Director’s Shareholder and Relatives	58.908	51.498
From Corporate	24.946	6.240
Sales tax deferment loan	2.221	5.536
Total	86.075	63.274

TRADE REFERENCES:

· Hindalco Industries Limited

Nalco Limited

LG

Samsung

Godrej

FIXED ASSETS:

· Land

Building

Residential Flat

Plant and Machinery

Electrical Installation

Vehicles

Furniture

Office Equipments

Computers

Lab Equipments

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

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

2] Court Declaration :

No 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. 62.31
UK Pound	1	Rs. 101.78
Euro	1	Rs. 84.68

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	4
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--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
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		44

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.