MIRA INFORM REPORT

Report Date :

25.07.2014

IDENTIFICATION DETAILS

Name :	ECO PHIL METALS PRIVATE LIMITED (w.e.f. 25.01.2013)
Formerly Known As :	PERSANG O.M. METALS PRIVATE LIMITED
Registered Office :	4B-1, Aspen Infrastructure Limited (SEZ), Pipalia, Waghodia Road, Vadodara – 391 760, Gujarat
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	30.04.2010
Com. Reg. No.:	04-060513
Capital Investment / Paid-up Capital :	Rs.35.000 millions
CIN No.: [Company Identification No.]	U27100GJ2010PTC060513
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of solder applications.
No. of Employees :	7 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (27)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 124000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The rating is constrained on account of company’s moderate financial risk profile and accumulated loss incurred by the company during the financial year 2013. However, trade relations are fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealing with some caution.

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 – March 31, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
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

NEWS

The economy grew 4.7 %in 2013/14, marking a second straight year of sub-5 % growth – the worst slowdown in more than a quarter of a century. The data was below an official estimate of 4.9 % annual growth and compared with 4.5 % in the last fiscal year. However, the current account deficit narrowed sharply to $ 32.4 billion at 1.7 % of gross domestic product, in 2013/14 from a record high of $ 98.8 billion or 4.7 %, the year before. A sharp fall in gold imports due to restrictions on overseas purchases and muted import of capital goods helped shrink the current account deficit.

Online retailer Flipkart has acquired fashion portal Myntra as it prepares to battle with the rapidly expanding India arm of the global e-commerce giant Amazon. The company raised $ 210 million from Russian Investment firm DST Global which has also invested in companies like Facebook, Twitter and Alibaba Group.

General Motors will start exporting vehicles from its Talegaon plant near Pune in the second half of 2014. GM was one of the few global carmakers that was using its India plant only for the domestic market.

Google has overtaken Apple as the world’s top brand in terms of value, according to global market research agency Millward Brown. Google’s brand value shot up 40 % in a year to $ 158.84 billion. The top 10 of the 100 slots were dominated by US companies.

Infosys lost another heavy weight when B G Srinivas, a board member put in his papers. He is the third CEO-hopeful to quit after Chairman N R Narayana Murthy’s return to the company – Ashok Vemuri and V Balakrishnan being the other two. While Vemuri went on to lead IGate, Balakrishnan joined politics.

Naresh Goyal – promoted Jet Airways posted biggest quarterly loss – Rs.2153.37 crore – in the three months ended March 31, mainly because it has been offering discounts to passengers to fill planes.

William S Pinckney – Chairman and CEO of Amway India was arrested by the Andhra Pradesh Police in connection with a complaint against the direct selling firm. This is the second time that he has been taken into custody. A year, ago the Kerala Police had arrested Pinckney and two company directors on charges of financial irregularities.

China has told its state-owned enterprises to sever links with American consulting firms after the United States charged five Chinese military officers with hacking US companies. China’s action which targets consultancies like McKinsey & Co. and the Boston Consulting Group, sterns from fears that the first are providing trade secrets to the US governments.

India has emerged as a country with some of the highest unregistered businesses in the world. Indonesia has the maximum number of shadow businesses, says a study of 68 countries by Imperial College Business School in London.

Pfizer has abandoned its attempt to buy AstraZeneca for nearly $ 118 billion after the latter refused an offer of 55 pounds a share.

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2014.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Mr. Joshi
Designation :	Import-Export Manager
Contact No.:	91-265-2312933
Date :	23.07.2014

LOCATIONS

Registered Office/ Manufacturing Facility :	4B-1, Aspen Infrastructure Limited (SEZ), Pipalia, Waghodia Road, Vadodara – 391 760, Gujarat, India
Tel. No.:	91-2668-262718-19
Fax No.:	91-2668-262556
E-Mail :	persang@persangalloy.com aadil@persangom.com aadil@persangalloy.com
Website :	http://ecophilmetals.com
Administration Office :	4, Shree Niketan Apartment, (Administration Off), 13/A, Shrinagar Society, Road-A, Akota, Vadodara – 390 020, Gujarat, India
Tel. No.:	91-265-2312933/ 2330606
Fax No.:	91-265-2310647

DIRECTORS

AS ON 27.09.2013

Name :

Mr. Persang Jal Bavaadam

Designation :

Director

Address :

63, Ravi Park, Vasna Road, Vadodara – 390 015, Gujarat, India

Date of Birth/Age :

08.06.1965

Date of Appointment :

30.04.2010

DIN No.:

01051079

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	U55100GJ1996PTC031402	FARHAD S GHADIALI CATERING SERVICES PRIVATE LIMITED	Director	27-12-1996	27-12-1996	-	Active	NO
2	U25192GJ2007PTC049950	PERSANG ALLOY INDUSTRIES PRIVATE LIMITED	Managing director	11-03-2007	11-03-2007	-	Active	NO
3	U27100GJ2010PTC060513	ECO PHIL METALS PRIVATE LIMITED	Director	30-04-2010	30-04-2010	-	Active	NO
4	U32202GJ2010PTC061213	PERSANG ENTERTAINMENT PRIVATE LIMITED	Director	22-06-2010	22-06-2010	-	Active	NO

Name :

Mr. Adil Jal Bavaadam

Designation :

Director

Address :

61/62/63 Ravi Park, Vasna Road, Vadodara – 390 015, Gujarat, India

Date of Birth/Age :

11.08.1971

Date of Appointment :

30.04.2010

DIN No.:

01051095

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	U25192GJ2007PTC049950	PERSANG ALLOY INDUSTRIES PRIVATE LIMITED	Director	02-06-2014	11-03-2007	-	Active	NO
2	U55100GJ1996PTC031402	FARHAD S GHADIALI CATERING SERVICES PRIVATE LIMITED	Director	01-06-2009	01-06-2009	-	Active	NO
3	U27100GJ2010PTC060513	ECO PHIL METALS PRIVATE LIMITED	Director	30-04-2010	30-04-2010	-	Active	NO
4	U32202GJ2010PTC061213	PERSANG ENTERTAINMENT PRIVATE LIMITED	Director	22-06-2010	22-06-2010	27-06-2013	Active	NO

Name :

Yoshinobu Osugi

Designation :

Additional Director

Address :

No.1-14, Wakaenishishimo Cho, Higashiosaka City, Osaka Prefecture, Osaka Perfecture, 5780944

Date of Birth/Age :

02.12.1960

Date of Appointment :

26.03.2012

DIN No.:

03581994

Name :

Hiroto Matsumiya

Designation :

Additional Director

Address :

No.2-37-17, Harumidai, Minami Ku, Sakai City, Osaka 5900113

Date of Birth/Age :

20.05.1975

Date of Appointment :

26.03.2012

DIN No.:

03581992

KEY EXECUTIVES

Name :	Mr. Joshi
Designation :	Import-Export Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 27.09.2013

Names of Shareholders	No. of Shares	Percentage of holding
Persang Alloy Industries Private Limited, India	1050000	30.00
O M Manufacturing Philippines Inc., Philippines	1400000	40.00
Vimal K. Patel	1050000	30.00
Total	3500000	100.00

Equity Share Break up (Percentage of Total Equity)

AS ON 27.09.2013

Category	Percentage
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	40.00
Bodies corporate	30.00
Directors or relatives of directors	30.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of solder applications.
Products :	Lead based and Lead free solder · Bars · Ingots · Wires
Exports :
Products :	Finished Goods
Countries :	Pakistan
Terms :
Selling :	Cash, Advance Payment and Credit
Purchasing :	Cash, Advance Payment and Credit

GENERAL INFORMATION

Customers :

· Landhi Engineering Works (Private) Limited, Karachi

· Loads Limited, Karachi

No. of Employees :

7 (Approximately)

Bankers :

Bank of India, Vadodara Main Branch, P.B. No.132, Raopura, Vadodara – 390 001, Gujarat, India

Facilities :

Secured Loans	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
LONG TERM BORROWINGS
Term Loan
From Bank of India	17.084	11.900
SHORT TERM BORROWINGS
Secured Loans repayable on demand
From Bank (Secured by Hypothecation of stock and book debts and corporate guarantee by Persang Alloy Industries)	5.580	0.004
Total	22.664	11.904

Banking Relations :	--
Auditors :
Name :	K.C. Mehta and Company Chartered Accountants
Address :	2nd Floor, Meghdhanush, Race Course Circle, Vadodara – 390 007, Gujarat, India
Tel. No.:	91-265-2341626/ 3086400
E-Mail :	office@kcmetha.com
Website :	www.kcmetha.com
PAN No.:	AABFK1558J
Associates :	· Persang Alloy Industries Private Limited · O M Manufacturing Inc.

CAPITAL STRUCTURE

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
3500000	Equity Shares	Rs.10/- each	Rs.35.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3500000	Equity Shares	Rs.10/- each	Rs.35.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	35.000	35.000	35.000
(b) Reserves & Surplus	(3.901)	0.076	0.048
(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)	31.099	35.076	35.048
(3) Non-Current Liabilities
(a) Long-term borrowings	17.084	11.900	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(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)	17.084	11.900	0.000
(4) Current Liabilities
(a) Short term borrowings	5.580	0.004	0.033
(b) Trade payables	0.768	0.151	0.124
(c) Other current liabilities	7.909	8.458	0.023
(d) Short-term provisions	0.000	0.000	0.109
Total Current Liabilities (4)	14.257	8.613	0.289
TOTAL	62.440	55.589	35.337
ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	52.579	17.526	17.399
(ii) Intangible Assets	0.000	0.000	0.100
(iii) Capital work-in-progress	0.000	24.753	0.000
(iv) Intangible assets under development	0.000	0.000	0.089
(b) Non-current Investments	0.055	0.055	0.000
(c) Deferred tax assets (net)	0.000	0.089	0.000
(d) Long-term Loan and Advances	0.000	0.597	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	52.634	43.020	17.588
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	8.050	0.000	0.000
(c) Trade receivables	0.000	0.000	0.000
(d) Cash and cash equivalents	1.448	12.376	17.744
(e) Short-term loans and advances	0.308	0.193	0.005
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	9.806	12.569	17.749
TOTAL	62.440	55.589	35.337

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	3.251	0.000	0.000
		Other Income	0.426	1.117	0.801
		TOTAL (A)	3.677	1.117	0.801
Less	EXPENSES
		Cost of materials consumed	8.343	0.000	0.000
		Changes in inventories of finished goods, work in progress and stock	(7.812)	0.000	0.000
		Other Manufacturing Expenses	1.211	0.000	0.000
		Employee benefit Expenses	0.619	0.189	0.000
		Other Expenses	2.034	0.816	0.650
		TOTAL (B)	4.395	1.005	0.650
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(0.718)	0.112	0.151
Less	FINANCIAL EXPENSES (D)		2.364	0.089	0.003
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(3.082)	0.023	0.148
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.811	0.001	0.000
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		(3.893)	0.021	0.148
Less	TAX (H)		0.084	(0.007)	0.100
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		(3.977)	0.028	0.048
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	1.762	NA	NA
	TOTAL EARNINGS		1.762	NA	NA
	IMPORTS
		Capital Goods	0.017	6.570	NA
	TOTAL IMPORTS		0.017	6.570	NA
	Earnings/ (Loss) Per Share (Rs.)		(1.14)	0.01	0.01

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	(108.16)	2.51	5.99
Net Profit Margin (PBT/Sales)	(%)	(119.75)	0.00	0.00
Return on Total Assets (PBT/Total Assets}	(%)	(6.23)	0.09	0.42
Return on Investment (ROI) (PBT/Networth)		(0.13)	0.00	0.00
Debt Equity Ratio (Total Debt/Networth)		0.73	0.34	0.00
Current Ratio (Current Asset/Current Liability)		0.69	1.46	61.42

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	35.000	35.000	35.000
Reserves & Surplus	0.048	0.076	-3.901
Share Application money pending allotment	0.000	0.000	0.000
Net worth	35.048	35.076	31.099
Long-term borrowings	0.000	11.900	17.084
Short term borrowings	0.033	0.004	5.580
Total borrowings	0.033	11.904	22.664
Debt/Equity ratio	0.001	0.339	0.729

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)
Total Income	0.801	1.117	3.677
		39.451	229.185

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Total Income	0.801	1.117	3.677
Profit	0.048	0.028	(3.977)
	5.99%	2.51%	(108.16%)

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	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
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	No

INDEX OF CHARGES:

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10425119	28/04/2014 *	65,000,000.00	BANK OF INDIA	VADODARA MAIN BRANCH, P.B. NO.132, RAOPURA, VADODARA, GUJARAT - 390001, INDIA	C03897287
2	10318248	28/04/2014 *	65,000,000.00	BANK OF INDIA	VADODARA MAIN BRANCH, P.B. NO.132, RAOPURA, VADODARA, GUJARAT - 390001, INDIA	C03775749

* Date of charge modification

Note:

The Registered Office of the company has been shifted from 13-A, Shreenagar Society, No 4, Shreeniketan Apartments, Akota Road, Vadodara – 390020, Gujarat, India to the present address w.e.f. 08.08.2013

FIXED ASSETS:

Tangible Assets

Leasehold Land

· Factory Building

· Office Building

· Computer and Peripherals

· Vehicles

· Air Conditioner

· Plant and Machinery

Intangible Assets

· Computer Software

WEBSITE DETAILS:

HISTORY

· Incorporated in 2010, Subject is a Joint Venture between OM Manufacturing, Japan which is one of the largest processor of ultra-purification of solders.

· OM Manufacturing is a leader in ultra-purification of solders and has similar plants in Japan, Thailand, Philippines and Indonesia while subject is a leading processor of ultra-purification of solder in India.

· Subject is the first company in India that specializes in Smelting and Ultra Refining of contaminated solder and solder dross which is a technically safe and environmentally friendly form of processing solder dross and contaminate solder.

· Subject is established to conform Environmental Safety, Human safety, Pollution Control Board Regulations and Manufacturing Quality Standards.

· Subject uses good industry practices and standard for handling storage and processing of solders. The company provides effective engineering and administrative control for its employees and facility.

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] 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.60.00
UK Pound	1	Rs.102.19
Euro	1	Rs.80.68

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	KAR
Report Prepared by :	SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	-
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		27

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.