MIRA INFORM REPORT

Report Date :

30.01.2014

IDENTIFICATION DETAILS

Name :	OSWAL CASTINGS PRIVATE LIMITED
Registered Office :	49, Industrial Area, NIT Faridabad, Faridabad – 121001, Haryana
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	02.08.2010
Com. Reg. No.:	05-040998
Capital Investment / Paid-up Capital :	Rs.100.000 Millions
CIN No.: [Company Identification No.]	U28998HR2010PTC040998
TAN No.: [Tax Deduction & Collection Account No.]	RTKO01275B
PAN No.: [Permanent Account No.]	AABC03311Q
Legal Form :	Private Limited Liability Company
Line of Business :	Subject engaged in the business of production of high pressure aluminium die cast components being used in two wheelers, four wheelers and white Goods.
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 1940000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a successor of “Oswal Electronics” a partnership concern started during the year 1968 and later during the year 2010 it got converted into private limited. It is an established company having satisfactory track record. There appears some dip in the turnover and profits of the company during current year. However, general financial position of the company is satisfactory. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitment. The company can be considered for normal 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 services sector, the largest contributor to India’s GDP, contracted for the sixth consecutive month in December, as orders dipped. However, hiring has risen.  Direct tax collections rose 12.3 % during the April – December period of the current financial year.  The government has decided to retain 100 per cent foreign direct investment in both greenfield (new) and brown field (existing) pharmaceutical companies, despite concerns over genetic drugs going out of production, if multi-national companies take over domestic ones. In M&A deals, a non compete clause would not be allowed, except in special circumstances. The Department of Industrial Policy and Promotion plans to release the next edition of its consolidated foreign direct investment policy document on March 31, incorporating changes made in the past year. DIPP compiles all policies related to India’s FDI regime into a single document to make it easy for investors to understand. 185 million estimated number of mobile internet users in India by June 2014, according to a report by the Internet & Mobile Association of India and IMRB International.  India had 110 million mobile internet users with 25 million in rural areas. $3.77 tn estimated global IT spending in 2014, according to research firm Gartner Inc. The growth forecast for this year is cut to 3.1 %from the earlier estimate of 3.5 %. The spending growth forecast for telecom services – a segment that accounts for more than 40 % at total IT spending – from 1.9 per cent to 1.2 per cent is the main reason for this overall IT cut. A Reserve Bank of India committee has recommended setting up a special category of lenders who would cater to small businesses and households, to expand the number of customers with access to banking services. These banks would focus onproviding payment services and deposit products.  Indian banks want the free use of automated teller machines to be capped at five transactions in a month including that of the bank in which the account is active. This follows state government order to banks to install security guards at ATM booths after a woman banker was assaulted in Bangalore. The government is likely to present a vote on Account in mid-February. The annual Economic Survey will be tabled later in Parliament along with the full Budget. A full Budget for 2014/15 is likely to be present in July by the new government formed after the General Election. The government will soon launch an internet spy system, called Netra, to detect malafide messages. Security agency will deploy the system to capture dubious voice traffic on applications such as Skype and Google Talk, as well as tweeters.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long Term Rating = BBB
Rating Explanation	Moderate degree of safety. It carry moderate credit risk.
Date	28.01.0213

Rating Agency Name	CRISIL
Rating	Short Term Rating = A3+
Rating Explanation	Moderate degree of safety. It carry moderate credit risk.
Date	28.01.0213

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.

LOCATIONS

Registered Office :	49, Industrial Area, NIT Faridabad, Faridabad – 121001, Haryana, India
Tel. No.:	91-129-4292100
Fax No.:	91-129.4292122
E-Mail :	rcjain@oswalcastings.co.in rajanoswal@oswalcastings.co.in guruprit.singh@oswalcastings.co.in pckapoor@oswalcastings.co.in oswalcastings@oswalcastings.co.in
Website :	http://www.oswalelectricals.com
Factory :	Plot No. 21,22, and 23, Sector 25, Faridabad – 121004, Haryana, India

DIRECTORS

As on 16.09.2013

Name :

Mr. Raj Kumar Jain

Designation :

Managing Director

Address :

House No. 1321, Sector 14, Faridabad – 121007, Harayana, India

Date of Birth/Age :

27.10.1936

Date of Appointment :

03.08.2010

DIN No.:

00089288

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	U27205HR1983PTC015755	OSWAL DIE CASTERS PRIVATE LIMITED	Director	18/05/1983	18/05/1983	-	Active	NO
2	U51909HR1986PTC023775	OSWAL GLOBAL PRIVATE LIMITED	Director	29/12/1989	29/12/1989	-	Active	NO
3	U29299HR1991PTC031331	MAHAVIR DIE CASTERS PRIVATE LIMITED	Director	01/04/1993	01/04/1993	-	Active	NO
4	U31909HR2003PTC035206	OSWAL ELECTRICALS PRIVATE LIMITED	Director	26/02/2007	26/02/2007	-	Active	NO
5	U28998HR2010PTC040998	OSWAL CASTINGS PRIVATE LIMITED	Managing director	03/08/2010	02/08/2010	-	Active	NO

Name :

Mr. Shanti Lal Jain

Designation :

Director

Address :

House No. 922, Sector 15, Faridabad – 121007, Harayana, India

Date of Birth/Age :

11.12.1949

Date of Appointment :

02.08.2010

DIN No.:

00089353

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	U29299HR1991PTC031331	MAHAVIR DIE CASTERS PRIVATE LIMITED	Director	04/07/1991	04/07/1991	-	Active	NO
2	U27205HR1983PTC015755	OSWAL DIE CASTERS PRIVATE LIMITED	Director	01/04/1998	01/04/1998	-	Active	NO
3	U28998HR2010PTC040998	OSWAL CASTINGS PRIVATE LIMITED	Director	02/08/2010	02/08/2010	-	Active	NO
4	U31909HR2003PTC035206	OSWAL ELECTRICALS PRIVATE LIMITED	Director	28/09/2011	23/06/2011	-	Active	NO
5	U51909HR1986PTC023775	OSWAL GLOBAL PRIVATE LIMITED	Director	26/09/2012	17/07/2012	-	Active	NO

Name :

Mr. Chand Jain

Designation :

Director

Address :

House No. 944, Sector 15, Faridabad – 121007, Harayana, India

Date of Birth/Age :

03.05.1959

Date of Appointment :

02.08.2010

DIN No.:

00089391

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	U31909HR2003PTC035206	OSWAL ELECTRICALS PRIVATE LIMITED	Director	01/10/2003	01/10/2003	-	Active	NO
2	U28998HR2010PTC040998	OSWAL CASTINGS PRIVATE LIMITED	Director	02/08/2010	02/08/2010	-	Active	NO
3	U27205HR1983PTC015755	OSWAL DIE CASTERS PRIVATE LIMITED	Director	28/09/2011	21/06/2011	-	Active	NO

Name :

Mr. Rajan Jain

Designation :

Director

Address :

House No. 1321, Sector 14, Faridabad – 121007, Harayana, India

Date of Birth/Age :

29.10.1970

Date of Appointment :

02.08.2010

DIN No.:

00089832

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	U51909HR1986PTC023775	OSWAL GLOBAL PRIVATE LIMITED	Director	18/08/1997	18/08/1997	-	Active	NO
2	U27205HR1983PTC015755	OSWAL DIE CASTERS PRIVATE LIMITED	Director	01/08/2003	01/08/2003	21/06/2011	Active	NO
3	U31909HR2003PTC035206	OSWAL ELECTRICALS PRIVATE LIMITED	Director	01/10/2003	01/10/2003	-	Active	NO
4	U28998HR2010PTC040998	OSWAL CASTINGS PRIVATE LIMITED	Director	02/08/2010	02/08/2010	-	Active	NO
5	U29299HR1991PTC031331	MAHAVIR DIE CASTERS PRIVATE LIMITED	Director	25/09/2012	17/07/2012	-	Active	NO

Name :

Mr. Abhishek Jain

Designation :

Director

Address :

House No. 922, Sector 15, Faridabad – 121007, Harayana, India

Date of Birth/Age :

01.12.1982

Date of Appointment :

02.08.2010

DIN No.:

00507617

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	U31909HR2003PTC035206	OSWAL ELECTRICALS PRIVATE LIMITED	Director	26/09/2012	07/07/2006	-	Active	NO
2	U28998HR2010PTC040998	OSWAL CASTINGS PRIVATE LIMITED	Director	02/08/2010	02/08/2010	-	Active	NO
3	U29299HR1991PTC031331	MAHAVIR DIE CASTERS PRIVATE LIMITED	Director	29/09/2011	20/06/2011	17/07/2012	Active	NO
4	U51909HR1986PTC023775	OSWAL GLOBAL PRIVATE LIMITED	Director	28/09/2011	21/06/2011	17/07/2012	Active	NO

Name :

Mr. Akhilesh Jain

Designation :

Director

Address :

House No. 922, Sector 15, Faridabad – 121007, Harayana, India

Date of Birth/Age :

09.05.1987

Date of Appointment :

29.09.2011

DIN No.:

05103799

KEY EXECUTIVES

Name :	Mr. Pradeep Singh
Designation :	Secretary
Address :	House No. 922, Sector 15, Faridabad – 121007, Harayana, India
Date of Birth/Age :	03.11.1983
Date of Appointment :	10.01.2011
PAN No.:	BOPPS0295P

MAJOR SHAREHOLDERS

As on 16.09.2013

Names of Shareholders	No. of Shares
Raj Kumar Jain	150000
Raj Rani Jain	50000
Shanti Lal Jain	200000
Madhu Jain	50000
Chand Jain	250000
Rajan Jain	250000
Abhishek Jain	50000
Total	1000000

Equity Share Break up (Percentage of Total Equity)

As on 16.09.2013

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject engaged in the business of production of high pressure aluminium die cast components being used in two wheelers, four wheelers and white Goods.

GENERAL INFORMATION

No. of Employees :

Bankers :

· HDFC Bank Limited

· Yes Bank Limited, 9th Floor, Nehru Centre, Discovery of India, Dr. Annie Besant Road, Worli, Mumbai - 400018, Maharashtra, India

· Indian Overseas Bank, 1-C/47-48, N.I.T., Faridabad - 121001, Haryana, India

Facilities :

SECURED LOANS	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Long Term Borrowings
Loan taken for fixed assets	65.949	1.217
Short Term Borrowings
Rupee term loan from bank	6.580	0.000
Working capital loan from banks	76.073	87.532
Other loans and advances	75.167	23.380
Total	223.769	112.129

Banking Relations :	--
Auditors :
Name :	Alok Kumar Gupta and Company Chartered Accountants
Address :	Plot No. 877, Sector-17, Faridabad, Haryana, India
PAN No.:	AATPG4708Q
Associates :	· Oswal Global Private Limited CIN No.: U51909HR1986PTC023775 · Oswal Electricals Private Limited CIN No.: U31909HR2003PTC035206 · Oswal Die Casters Private Limited CIN No.: U27205HR1983PTC015755 · Mahavir Die Casters Private Limited CIN No.: U29299HR1991PTC031331

CAPITAL STRUCTURE

As on 16.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.100/- each	Rs.100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.100/- each	Rs.100.000 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	100.000	100.000	100.000
(b) Reserves & Surplus	384.686	322.248	198.644
(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)	484.686	422.248	298.644
(3) Non-Current Liabilities
(a) long-term borrowings	242.449	226.717	254.936
(b) Deferred tax liabilities (Net)	0.000	3.087	3.088
(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)	242.449	229.804	258.024
(4) Current Liabilities
(a) Short term borrowings	157.820	110.912	170.639
(b) Trade payables	374.675	393.319	424.496
(c) Other current liabilities	44.560	44.488	49.502
(d) Short-term provisions	3.754	1.511	1.687
Total Current Liabilities (4)	580.809	550.230	646.324
TOTAL	1307.944	1202.282	1202.992
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	469.675	455.480	458.637
(ii) Intangible Assets	2.645	3.745	4.922
(iii) Capital work-in-progress	52.180	0.000	32.033
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	16.814	16.813	17.102
(c) Deferred tax assets (net)	0.101	0.000	0.000
(d) Long-term Loan and Advances	5.097	4.993	3.335
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	546.512	481.031	516.029
(2) Current assets
(a) Current investments	0.000	1.000	1.000
(b) Inventories	138.688	129.913	112.379
(c) Trade receivables	346.881	330.366	310.673
(d) Cash and cash equivalents	224.337	225.147	224.907
(e) Short-term loans and advances	51.265	34.434	37.482
(f) Other current assets	0.261	0.391	0.522
Total Current Assets	761.432	721.251	686.963
TOTAL	1307.944	1202.282	1202.992

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	2148.756	2325.317	1643.975
		Other Income	19.328	18.193	8.383
		TOTAL	2168.084	2343.510	1652.358
Less	EXPENSES		1996.014	2084.114	1347.164
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		172.070	259.396	305.194
Less	DEPRECIATION/ AMORTISATION		78.410	75.868	46.644
	PROFIT/(LOSS) BEFORE TAX		93.660	183.528	258.550
Less	TAX		31.122	59.924	59.906
	PROFIT/(LOSS) AFTER TAX		62.438	123.604	198.644
	Earnings Per Share (Rs.)		62.44	NA	NA

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	2.88	5.27	12.02
Net Profit Margin (PBT/Sales)	(%)	4.36	7.89	15.73
Return on Total Assets (PBT/Total Assets}	(%)	7.56	15.48	22.41
Return on Investment (ROI) (PBT/Networth)		0.19	0.43	0.87
Debt Equity Ratio (Total Debt /Networth)		0.83	0.80	1.43
Current Ratio (Current Asset/Current Liability)		1.31	1.31	1.06

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	No
10]	Designation of contact person	No
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

UNSECURED LOANS:

Particulars	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Long Term Borrowings
Loans and advances form related parties	176.500	225.500
Total	176.500	225.500

OPERATIONS

During the year the Company has posted a turnover of Rs.2148.756 Millions [In the Previous Year Turnover was Rs.2325.317 Millions] and earned Net Profit (after taxes) of Rs.62.438 Millions [In the Previous Year Net Profit (after taxes) was Rs.123.604 Millions.

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10463895	11/11/2013	160,000,000.00	YES BANK LIMITED	9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA, DR. ANNIE BESANT ROAD, WORLI, MUMBAI, MAHARASHTRA - 400018, INDIA	B91004044
2	10318416	11/11/2013 *	100,000,000.00	YES BANK LIMITED	9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA, DR. ANNIE BESANT ROAD, WORLI, MUMBAI, Maharashtra - 400018, INDIA	B91005371

*Date of modification Charges

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Furniture and Fixture

· Computer

· Vehicles

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.62.20
UK Pound	1	Rs.103.12
Euro	1	Rs.84.96

INFORMATION DETAILS

Report Prepared by :

VNT

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	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--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.