MIRA INFORM REPORT

Report Date :

30.07.2014

IDENTIFICATION DETAILS

Name :	LGF SYSMAC INDIA PRIVATE LIMITED
Registered Office :	402-403, Tower C, NDM 2, Netaji Subhash Place, New Delhi - 110034
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	09.03.2000
Com. Reg. No.:	55-104302
Capital Investment / Paid-up Capital :	Rs.9.900 Millions
CIN No.: [Company Identification No.]	U74899DL2000PTC104302
Legal Form :	Private Limited Liability Company
Line of Business :	The Company is engaged mainly in trading of Machines and its Spare parts and Hardware items and also manufacturing and processing paint items.
No. of Employees :	80 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (30)

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

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 marked by stretched liquidity position and thin profitability margins of the company. However, trade relations are fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings 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 – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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

N E W S

As per the latest IMF study, the total weigh of emerging markets in the GDP of the world on a purchasing power parity basis has seen a sizeable shift. It highlights how as against 51 % in 2005, the emerging economies now account for close to 56 % of the global purchasing power GDP as per the latest survey. And with the emerging economies growing at a faster rate than their developed counterparts, there are every possibility that the their share goes up further in the coming years.  China may surpass the US over the next few years.

Politics and economics are very intricately connected. They tend to influence each other in ways that could be very complex and far-reaching. The prospects of the India’s economy have been seriously compromised due to political corruption. High inflation, poor standard of living are to a great extent a result of rampant corruption in the country. China on the other hand, seems to be facing diametrically opposite challenge. American hedge fund manager Jim Chanos has been keenly following the political and economic development in the dragon economy and has figured out something that is quite worrying. He is of the view that the Chinese economy could be heading toward trouble on account of new Chinese President Xi Jingping’s very aggressive anti-corruption drive. Chanos believes tat many things such as apartment sales, luxury products, etc. were largely bought with dirty money. And it is now beginning to impact consumption. This may indeed be bad news for an economy that is struggling to transition from an investment-driven export-oriented economy to a domestic consumption-driven economy.

A study published by Firstpost has revealed that asset classes like real estate and equities were the biggest beneficiaries of the liberalization policies.  A firm called Ciane Analytics studied returns from assets including equities, gold, fixed deposits, G-Secs and real estate since 1991. Real estate outperformed every other asset classes during the 23-year period with an annualized return of 20 % ! Equities came in second with annualized return of 15.5 % ! However, while these returns may seem mouthwatering, the fact is that the return from equities adjusted for inflation came down to just 7.1 %.

Some brief news are as under

. R-Power to buy Jaypee’s hydro assets

. Investors await justice in NSEL case

. India seeks MFN status from Pakistan ahead of meeting

. Ukrain’s clashes with rebels hinder MH17 crash investigation

. India exploring merger of state-owned hydro PSUs

..Higher costs weigh down profit growth to slowest in 9 quarters

..Wal-Mart to expand wholesale business in India

. GMR group moves to strengthen balance sheet

. Central Bank to sell 4 % stake to Life Insurance Corporation

. Tata Chemicals plans to raise up to Rs 10000 mn.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Cash Credit = B
Rating Explanation	Risk prone credit quality and high credit risk
Date	October 2013

Rating Agency Name	ICRA
Rating	Foreign Letter of Credit = A4
Rating Explanation	Minimal degree of safety and very high credit risk
Date	October 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 31-03-2014.

INFORMATION PARTED BY

Name :	Mr. Punit Sood
Designation :	Accounts Executive
Contact No.:	91-11-47348802
Date :	28.07.2014

LOCATIONS

Registered Office / Corporate Office :	402-403, Tower C, NDM 2, Netaji Subhash Place, Pitampura, New Delhi-110034, India
Tel. No.:	91-11-47348888
Fax No.:	91-11-47348899
E-Mail :	dksassociates@gmail.com info@lgfsysmac.com
Website:	http://www.lgfsysmac.com

DIRECTORS

As on 30.09.2013

Name :

Mr. Deepak Chugh

Designation :

Director

Address :

D-I, Suvidha Apartment, Plot No. 25, Sector-13, Rohini, New Delhi-110085, Delhi, India

Date of Birth/Age :

15.08.1973

Date of Appointment :

09.03.2000

DIN No.:

01058341

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	U74899DL2000PTC104302	LGF SYSMAC INDIA PRIVATE LIMITED	Director	09/03/2000	09/03/2000	-	Active	NO
2	U27203MH2004PTC149401	ARCHINTEX ARCHITECTURALS PRIVATE LIMITED	Director	04/11/2004	04/11/2004	18/02/2013	Active	NO
3	U29199DL2005PTC142831	WEMIS Building Systems Private Limited	Director	22/11/2005	22/11/2005	-	Active	NO

Name :

Mrs. Gauri Chugh

Designation :

Director

Address :

D-I, Suvidha Apartment, Plot No. 25, Sector-13, Rohini, New Delhi-110085, Delhi, India

Date of Birth/Age :

20.09.1976

Date of Appointment :

30.07.2010

DIN No.:

01091422

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	U74899DL2000PTC104302	LGF SYSMAC INDIA PRIVATE LIMITED	Director	30/07/2010	09/03/2000	-	Active	NO

Name :

Mr. Ashim Chugh

Designation :

Director

Address :

D-I, Suvidha Apartment, Plot No. 25, Sector-13, Rohini, New Delhi-110085, Delhi, India

Date of Birth/Age :

10.09.1978

Date of Appointment :

12.05.2003

DIN No.:

01091498

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	U74899DL2000PTC104302	LGF SYSMAC INDIA PRIVATE LIMITED	Director	12/05/2003	12/05/2003	-	Active	NO
2	U27203MH2004PTC149401	ARCHINTEX ARCHITECTURALS PRIVATE LIMITED	Director	04/11/2004	04/11/2004	18/02/2013	Active	NO
3	U29199DL2005PTC142831	WEMIS Building Systems Private Limited	Director	18/11/2013	18/11/2013	-	Active	NO

Name :

Mrs. Mansha Chugh

Designation :

Director

Address :

D-I, Suvidha Apartment, Plot No. 25, Sector-13, Rohini, New Delhi-110085, Delhi, India

Date of Birth/Age :

22.05.1980

Date of Appointment :

30.07.2010

DIN No.:

02227642

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	U74899DL2000PTC104302	LGF SYSMAC INDIA PRIVATE LIMITED	Director	30/07/2010	01/12/2008	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Punit Sood
Designation :	Accounts Executive

MAJOR SHAREHOLDERS

As on 30.09.2013

Names of Shareholders	No. of Shares	% of Holding
Deepak Chugh	450000	45.45
Gauri Chugh	30000	3.03
Ashim Chugh	450000	45.45
Mansha Chugh	5000	0.51
Vineet Chugh	10000	1.01
Satya Pal and Sons (HUF)	30000	3.03
Ashim Chugh (HUF)	5000	0.51
Deepak Chugh (HUF)	10000	1.01
Total	990000	100.00

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2013

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	The Company is engaged mainly in trading of Machines and its Spare parts and Hardware items and also manufacturing and processing paint items.
Exports :
Products :	Hardware
Countries :	· Asian Countries · USA
Imports :
Products :	Machinery
Countries :	· China · Germany · Japan · European Countries
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

No. of Employees :

80 (Approximately)

Bankers :

Bank of Baroda, Karampura, New Delhi-110015, India

Facilities :

SECURED LOANS	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Long Term Borrowings
Term Loan (Under Hire Purchase Agreement against hypothecation of Motor Cars)
From Various Banks	2.607	4.048
From Tata Capital Limited	0.000	0.159
Short Term Borrowings
Working Capital Loans from Bank of Baroda	59.669	47.918
Total	62.276	52.125

Notes:

Long Term Borrowings

i) Terms of repayment and rate of interest for unsecured loans from the Directors/Shareholders have not been defined as the same have generally been taken from the related parties.

ii) The Business Loans have been taken from three banks against personal guarantee of two directors of the Company and postdated cheques and the same are repayable in 24 to 36 Equated Monthly Instalment(EMI) by the Company.

Short Term Borrowings

Working Capital loans from a bank are secured against the hypothecation of whole of the Company's Stocks, Book debts/receivables both present & future, personal guarantee of two directors of the Company and Collateral security by way of equitable mortgage of a commercial property/residential properties belonging to a director and his father.

Banking Relations :	--
Auditors :
Name :	R N. Mittal and Associates Chartered Accountant
Address :	204-206, Harsha House, Commercial Complex, Karampura, New Delhi - 110015, Delhi, India
Tel. No.:	91-22-25920552 / 45095229
PAN No.:	AAIPM7209B
Enterprises in respect of which the reporting company is an Associate / a joint venture :	Fom Industries (India) Private Limited

CAPITAL STRUCTURE

As on 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs.10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
990000	Equity Shares	Rs.10/- each	Rs.9.900 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	9.900	9.900	9.900
(b) Reserves & Surplus	27.415	25.025	18.257
(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)	37.315	34.925	28.157
(3) Non-Current Liabilities
(a) long-term borrowings	14.976	11.080	7.033
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	4.016	4.129	1.948
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	18.992	15.209	8.981
(4) Current Liabilities
(a) Short term borrowings	60.204	48.618	46.779
(b) Trade payables	69.919	51.318	24.308
(c) Other current liabilities	44.708	13.543	10.628
(d) Short-term provisions	0.000	0.011	0.008
Total Current Liabilities (4)	174.831	113.490	81.723
TOTAL	231.138	163.624	118.861
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	21.152	17.534	12.506
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.789	0.634	0.414
(d) Long-term Loan and Advances	4.098	1.930	0.889
(e) Other Non-current assets	4.566	1.984	2.594
Total Non-Current Assets	30.605	22.082	16.403
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	83.534	69.251	54.716
(c) Trade receivables	68.603	49.926	28.684
(d) Cash and cash equivalents	37.197	12.108	11.971
(e) Short-term loans and advances	11.199	10.257	7.087
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	200.533	141.542	102.458
TOTAL	231.138	163.624	118.861

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.03.2013	31.03.2012	31.03.2011
	SALES
		Income		272.299	252.636	152.066
		Other Income		3.379	6.008	7.116
				0.869	0.620	1.606
		TOTAL		276.547	259.264	160.788
Less	EXPENSES			268.325	245.050	146.046
				(Including Financial Expenses)	(Including Financial Expenses)	(Including Financial Expenses)
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION			8.222	14.214	14.742
Less	DEPRECIATION/ AMORTISATION			4.481	4.031	3.010
	PROFIT/(LOSS) BEFORE TAX			3.741	10.183	11.732
Less	TAX			1.352	3.415	4.065
	PROFIT/(LOSS) AFTER TAX			2.389	6.768	7.667
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD			25.025	18.257	10.590
	BALANCE CARRIED TO THE B/S			27.414	25.025	18.257
	EARNINGS IN FOREIGN CURRENCY
			Export Earnings	1.733	0.755	0.749
			Commission Earnings	1.471	5.357	6.795
			Contribution to Exhibition Expenses	0.000	1.073	0.329
	TOTAL EARNINGS			3.204	7.185	7.873
	IMPORTS
			Raw Materials / Packing Materials	0.567	1.228	0.000
			Traded Goods	153.883	149.204	90.195
			Capital Goods	0.000	1.038	0.102
	TOTAL IMPORTS			154.450	151.470	90.297
	Earnings Per Share (Rs.)			2.41	6.84	28.44

Particulars	31.03.2014
Sales Turnover (Approximately)	290.000

The above information has been parted by Mr. Punit Sood

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	0.86	2.61	4.77
Net Profit Margin (PBT/Sales)	(%)	1.37	4.03	7.72
Return on Total Assets (PBT/Total Assets}	(%)	1.62	6.25	9.90
Return on Investment (ROI) (PBT/Networth)		0.10	0.29	0.42
Debt Equity Ratio (Total Debt /Networth)		2.01	1.71	1.91
Current Ratio (Current Asset/Current Liability)		1.15	1.25	1.25

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Share Capital	9.900	9.900	9.900
Reserves & Surplus	18.257	25.025	27.415
Net worth	28.157	34.925	37.315
long-term borrowings	7.033	11.080	14.976
Short term borrowings	46.779	48.618	60.204
Total borrowings	53.812	59.698	75.180
Debt/Equity ratio	1.911	1.709	2.015

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Sales	152.066	252.636	272.299
		66.136	7.783

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Sales	152.066	252.636	272.299
Profit	7.667	6.768	2.389
	5.04%	2.68%	0.88%

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 four 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	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

UNSECURED LOANS:

Particulars	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Long Term Borrowings
Business loans from banks	3.883	0.000
Loans and Advances from Related Parties, Directors / Shareholders	8.486	6.873
Short Term Borrowings
Loans and Advances from Related Parties : Directors / Shareholders	0.535	0.700
Total	12.904	7.573

GENERAL INFORMATION

The Company is engaged mainly in trading of Machines/its Spare parts and Hardware items. The Company is also manufacturing/ processing paint items. The Company is a private limited company.

OPERATIONS

During the year, the company's performance has been satisfactory as the Company's sale increased to Rs.272.300 Millions as against Rs.252.600 Millions in previous year showing a growth of 7.80% over last year. However net profit before tax decreased to Rs.3.741 Millions as against Rs.10.182 Millions due to competition in the market and increase in personnel and some administrative expenses looking to future prospects and planning of the company. In the recent past, the company also started manufacturing/processing of some paint items which will give better results and performance in coming year

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10191171	12/12/2013 *	80,000,000.00	Bank of Baroda	Karampura, New Delhi, Delhi - 110015, India	B93148179

*Date of modification Charges

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Computer

· Vehicles

· Furniture and Fixture

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.60.10
UK Pound	1	Rs.102.04
Euro	1	Rs.83.74

INFORMATION DETAILS

Information Gathered by :	PLK
Analysis Done by :	KAR
Report Prepared by :	VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION		0
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		30

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.