MIRA INFORM REPORT

Report Date :

19.02.2014

IDENTIFICATION DETAILS

Name :	BEICO INDUSTRIES PRIVATE LIMITED (w.e.f. 26.03.2008)
Formerly Known As :	BEICO INDUSTRIES LIMITED
Registered Office :	04-01/02, Kewal Industrial Estate, Senapati Bapat Marg, Lower Parel, Mumbai – 400013, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	16.01.1980
Com. Reg. No.:	11-022112
Capital Investment / Paid-up Capital :	Rs.50.000 Millions
CIN No.: [Company Identification No.]	U31100MH1980PTC022112
TAN No.: [Tax Deduction & Collection Account No.]	MUMB11215B
PAN No.: [Permanent Account No.]	AAACB0467B
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Electrical Insulating Paper, Enamelled Copper Wires, Commutators, Varnishes and Resins.
No. of Employees :	Not Available

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

Maximum Credit Limit :	USD 840000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. The ratings reflect BIPL’s above-average financial risk profile marked by fair profitability and adequate liquidity position. 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 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	CRISIL
Rating	Long Term Rating: BBB
Rating Explanation	Moderate degree of safety and moderate credit risk
Date	27.07.2013

Rating Agency Name	CRISIL
Rating	Short Term Rating: A3+
Rating Explanation	Moderate degree of safety and high credit risk.
Date	27.07.2013

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 DECLINED BY

Name :	Ms. Hema
Designation :	Accounts Manager
Contact No.:	91-22-24938675
Date :	15.02.2014

LOCATIONS

Registered Office :	04-01/02, Kewal Industrial Estate, Senapati Bapat Marg, Lower Parel, Mumbai – 400013, Maharashtra, India
Tel. No.:	91-22-24938675
Fax No.:	91-22-24938685
E-Mail :	accounts@beicoindustries.com info@beicoindustries.com
Website :	www.beicoindustries.com
Factory :	B-62/2, MIDC, Additional Industrial Area, Ambad, Nasik – 422010, Maharashtra, India

DIRECTORS

(AS ON 16.09.2013)

Name :

Mrs. Divya Nikhil Sanghvi

Designation :

Director

Address :

39, Bharti Manikrao, Lotlikar Marg, Mumbai – 400019, Maharashtra, India

Date of Birth/Age :

21.11.1958

Date of Appointment :

23.03.1992

Pan No. :

AAEPS4448Q

DIN No.:

00381911

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	U65990MH1980PTC022704	BEICO INVESTMENTS PRIVATE LIMITED	Director	10-11-80	10-11-80	-	Active	NO
2	U31100MH1980PTC022112	BEICO INDUSTRIES Private LIMITED	Director	23-03-92	23-03-92	-	Active	NO

Name :

Mr. Dolar Ratilal Koya

Designation :

Director

Address :

45, Tomlin Circle, Burr Ridge, IL – 60521, USA

Date of Birth/Age :

08.10.1936

Date of Appointment :

29.09.1997

DIN No.:

01101086

Name :

Mr. Suhrid Nikhil Sanghvi

Designation :

Managing Director

Address :

39/8, Bharati, Sewri Wadala Road, 14A, Kings Circle, Matunga, Mumbai-400019, Maharashtra, India

Date of Birth/Age :

12.07.1982

Date of Appointment :

09.03.2013

Pan No. :

AMMPS5950P

DIN No.:

02811632

KEY EXECUTIVES

Name :	Ms. Hema
Designation :	Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 16.09.2013)

SHAREHOLDING DETAILS FILE ATTACHED.

(AS ON 30.09.2013)

Equity Shares Break – up

Category	Percentage
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	13.63
Bodies corporate	14.39
Directors or relatives of directors	70.83
Other top fifty shareholders	1.15
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Electrical Insulating Paper, Enamelled Copper Wires, Commutators, Varnishes and Resins.

Products :

Products Description	Item Code No.
Electrical Insulating Material	8546.9
Electrical Insulating Paper	4811.9
Enameled Copper Wire	8544.9

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· ICICI Bank Limited

Landmark Race Cource Circle, Alkapuri, Baroda-390015, Gujarat, India

· Citi Bank N.A.

Global Corporate Banking, 1^st Floor, Plot C-61, Block – G, Bandra Kurla Complex, Bandra (East), Mumbai – 400051, Maharashtra, India

· HDFC Bank Limited

· State Bank of India

Facilities :

Secured Loans	31.03.2013	31.03.2012
	(Rs. In Millions)
Long-term borrowings
Loans taken for vehicles Vehicles Loans are secured by hypothecation of vehicles against which loans have been taken.	0.000	4.912
Short-term borrowings
Rupee term loans from banks Terms of Repayment : Quarterly Instalments, Prevailing Interest Rate p.a. 10.85%	0.000	1.500
Working capital loans from banks Working Capital Loans from Banks are secured by hypothecation of stocks, book debts and other movable assets and equitable mortgage of factory land and building located at Nashik and Silvassa and personal guarantee of the Managing Director of the Company.	54.634	81.140
Loans taken for fixed assets Vehicle Loans are secured by hypothecation of vehicles against which loans have been taken.	2.186	0.189
Total	56.820	87.741

Banking Relations :	--
Finance Institutions :	· Sundaram Auto Finance Limited No.21, Patullos Road, Chennai – 600002, Tamilnadu, India
Auditors :
Name :	Gunderia and Company Chartered Accountants
Address :	1011, Stock Exchange Tower, Dalal Street, Fort, Mumbai-400001, Maharashtra, India
Tel. No.:	91-22-66335350
PAN No.:	AAAFG2905L
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	· Beico Investments Private Limited, India CIN No. U65990MH1980PTC022704

CAPITAL STRUCTURE

(AS ON 16.09.2013)

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Share	Rs.10/- each	Rs.100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Share	Rs.10/- each	Rs.50.000 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	50.000	50.000	50.000
(b) Reserves & Surplus	158.766	146.324	135.308
(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)	208.766	196.324	185.308
(3) Non-Current Liabilities
(a) long-term borrowings	127.874	129.829	90.270
(b) Deferred tax liabilities (Net)	11.577	11.568	11.544
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.029	0.144	0.000
Total Non-current Liabilities (3)	139.480	141.541	101.814
(4) Current Liabilities
(a) Short term borrowings	56.820	82.830	67.471
(b) Trade payables	31.360	48.290	55.766
(c) Other current liabilities	27.645	24.885	15.310
(d) Short-term provisions	14.269	13.471	29.605
Total Current Liabilities (4)	130.094	169.476	168.152
TOTAL	478.340	507.341	455.274
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	205.301	176.751	169.469
(ii) Intangible Assets	1.684	1.970	1.333
(iii) Capital work-in-progress	14.639	35.261	4.157
(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	4.114	4.121	1.499
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	225.738	218.103	176.458
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	125.058	150.810	119.020
(c) Trade receivables	89.802	98.712	107.285
(d) Cash and cash equivalents	3.580	7.954	7.322
(e) Short-term loans and advances	32.424	30.025	33.434
(f) Other current assets	1.738	1.737	11.755
Total Current Assets	252.602	289.238	278.816
TOTAL	478.340	507.341	455.274

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Revenue from Operations	691.320	669.900	683.420
		Other Income	NA	NA	14.310
		TOTAL (A)	NA	NA	697.730
Less	EXPENSES
		TOTAL (B)	NA	NA	576.330
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		87.490	75.340	121.400
Less	FINANCIAL EXPENSES (D)		23.950	16.510	14.770
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		63.540	28.830	106.630
Less/ Add	DEPRECIATION/ AMORTISATION (F)		27.400	24.850	24.290
	PROFIT BEFORE TAX (E-F) (G)		36.140	33.980	82.340
Less	TAX (H)		11.890	11.220	25.950
	PROFIT AFTER TAX (G-H) (I)		24.250	22.760	56.390
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		89.120	80.260	52.650
Less/ Add	EXCESS / SHORT PROVISION FOR TAX FOR EARLIER YEARS		0.000	0.000	0.100
Less	APPROPRIATIONS
		Transfer to General Reserve	2.430	2.280	5.640
		Tax on Dividend	1.700	1.620	3.240
		Proposed Final Dividend	10.000	10.000	20.000
	BALANCE CARRIED TO THE B/S		99.240	89.120	80.260
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	13.000	10.030	11.290
	TOTAL EARNINGS		13.000	10.030	11.290
	IMPORTS
		Raw Materials	113.000	154.770	154.159
		Packing Material/ Stores and Spares			2.076
	TOTAL IMPORTS		113.000	154.770	156.235
	Earnings Per Share (Rs.)		4.85	4.55	11.28

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	NA	NA	0.08
Net Profit Margin (PBT/Sales)	(%)	5.23	5.07	12.05
Return on Total Assets (PBT/Total Assets}	(%)	7.79	7.20	18.25
Return on Investment (ROI) (PBT/Networth)		0.17	0.17	0.44
Debt Equity Ratio (Total Debt/Networth)		0.88	1.08	0.85
Current Ratio (Current Asset/Current Liability)		1.94	1.71	1.66

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns.)	(INR in Mlns.)	(INR in Mlns.)
Share Capital	50.000	50.000	50.000
Reserves & Surplus	135.308	146.324	158.766
Net worth	185.308	196.324	208.766
long-term borrowings	90.270	129.829	127.874
Short term borrowings	67.471	82.830	56.820
Total borrowings	157.741	212.659	184.694
Debt/Equity ratio	0.851	1.083	0.885

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Sales	683.420	669.900	691.320
		(1.978)	3.197

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(INR)	(INR)	(INR)
Sales	683.420	669.900	691.320
Profit	56.390	22.760	24.250
	8.25%	3.40%	3.51%

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	Yes

UNSECURED LOAN

Rs. In Millions

Particular	As on 31.03.2013	As on 31.03.2012
Long-term borrowings
Loans and advances from directors	40.140	34.437
Loans and advances from others	77.803	80.548
Other loans and advances	9.932	9.932
Total	127.875	124.917

REVIEW OF OPERATIONS:

Business Highlights

Gross Revenues of the Insulation Division rose by about 11% to Rs.445.000 Million from Rs.401.000 Million in the previous year.

Due to fall in domestic demand, Sales of Enamelled Copper wires fell by 16% in Volume terms (from 398.9 MT to 335.5 MT) and in Value by 11% from Rs.255.000 Million to Rs.228.000 Million.

Overall, this resulted in the Company ending the year with Total Gross Revenues higher by about 3 % to Rs.691.000 Million from Rs.670.000 Million in the previous year.

CURRENT YEAR'S OUTLOOK:

Gross Revenues in the first four months of the current year were higher by about 6 % as compared to the previous year (Rs.295.000 Million as against Rs.278.000 Million in the previous year). This trend is not likely to continue because of effect of global recession on Indian Economy.

This financial year they are continuing with fine tuning their internal systems and processes.

Insulation Division has already added a value addition process in Financial Year 2012-13 to serve the customers a highly customised service for the use of their insulation material needs. The addition of Kit department has come in the right time where they have a tool for deeper penetration of customised products space.

Wire division has added capacity and range to produce wire for motor and transformer industry. Process of getting their wire approved with potential customers is underway. The global recession is a proving a challenge to develop new customers.

The overall slow growth of the Indian economy will be huge deterrent for the addition of any capex overall. The trend will still be slow as they are going to face general elections in 2014 so all major infrastructure projects will come to a standstill.

INDEX OF CHARGES:

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10267516	18/01/2011	8,070,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA	B05597729
2	10040575	28/01/2008 *	124,500,000.00	Citibank N.A.	GLOBAL CORPORATE BANKING, 1ST FLOOR, PLOT NO.61, BLOCK 'G', BANDRA KURLA COMPLEX, BANDRA (EAST), MUMBAI, MAHARASHTRA - 400051, INDIA	A31875198
3	90231276	03/09/2010 *	100,000,000.00	CITIBANK N. A.	TRENT HOUSE, 2ND FLOOR, G BLOCK, PLOT NO.C60, BANDRA KURLA COMPLEX, BANDRA (E), MUMBAI, MAHARASHTRA - 400051, INDIA	A94547601
4	90226159	19/04/2008 *	188,500,000.00	State Bank of India	INDUSTRIAL FINANCE BRANCH, SHIVSAGAR ESTATE, WORLI, MUMBAI, MAHARASHTRA - 400018, INDIA	A37599438
5	90225985	25/11/1994	7,500,000.00	THE BRITISH BANK OF THE MIDDLE EAST	16; VEER NARIMAN ROAD, BOMBAY, MAHARASHTRA - 400023, INDIA	-

* Date of charge modification

FIXED ASSETS:

· Freehold Land

· Leasehold Land

· Building

· Flat

· Plant and Machinery

· Intangible Asset

· Furniture and Fixtures

· Computers

· Motor Cars

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.62.12
UK Pound	1	Rs.103.93
Euro	1	Rs.85.17

INFORMATION DETAILS

Information Gathered by :	PRT
Report Prepared by :	NIT

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	5
--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		45

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.