MIRA INFORM REPORT

Report Date :

11.06.2014

IDENTIFICATION DETAILS

Name :	SAFEX INDUSTRIES LIMITED (w.e.f.16.05.2012)
Formerly Known As :	SAFEX INDUSTRIES PRIVATE LIMITED (w.e.f.04.05.2012) SAFEX EQUIPMENTS PRIVATE LIMITED
Registered Office :	Plot No.-517, Phase-4, G.I.D.C., Vatva, Ahmedabad – 382 445, Gujarat
Country :	India
Financials (as on) :	30.06.2013
Date of Incorporation :	02.02.1990
Com. Reg. No.:	04-013315
Capital Investment / Paid-up Capital :	Rs.1.634 Millions
CIN No.: [Company Identification No.]	U29304GJ1990PLC013315
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Exporter of Material Handling Equipments.
No. of Employees :	360 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD170000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. Trade relations are reported as fair. Business is active. Payments terms are reported to be usually correct. The company can be considered normal for business dealings at usual trade terms and conditions. Note: Company has changed its Financial year from 31.03.2013 to 30.06.2013

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

US investment bank Goldman Sachs  has upgraded its outlook on Indian markets as it expects positive impact of the election cycle.

India’s economy may grow 4.7 % in the current financial year, lower than the official estimate of 4.9 %, Fitch Rating said. The global rating agency expects the economy to pick up in the next two financial years.

Global ratings agency Standard & Poor said increasing focus by India Inc on lowering debt is likely to improve their credit profiles.

Singapore (1.1 million Indian tourists in 2012), Thailand (one million), the United Arab Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred holidays hotspots for Indians. The total figure is expected to increase to 1.93 million by 2017, according to the latest Eurmonitor international report.

There is a $29.34 bn outward foreign direct investment by domestic companies between April and January of 2013/14 which has seen some signs of recovery according to a Care Ratings report.

There are 264 number of new companies being set up every day on average during 2014. Most of them are registered in Mumbai. India had 1.38 million registered companies at the end of January, 2014.

Twitter like messaging service Weibo Corporation has filed to raise $ 500 million via a US initial public offering. Alibaba, which owns a stake in Weibo is expected to raise about $ 15 billion New York this year in the highest profile Internet IPO since Facebook’s in 2012.

Bharti Airtel has raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at a coupon rate of three per cent and maturing in 2020. This is the largest ever bond offering by an Indian company in Swiss Francs. Bharat Petroleum Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98 % coupon rate in February.

Indian Oil Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex at its almost complete Paradip refinery in Odhisha in three to four years. The company board is set to consider the setting up of a 700000 tonne per annum polypropylene plant at an estimated cost at Rs.3150 crore.

Global chief information officers at gathering in Bangalore in April to meet Indian startups at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in the making.

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

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

INFORMATION PARTED BY

Name :	Mr. Sagar Shah
Designation :	Director
Contact No.:	91-9924099400
Date :	10.06.2014

LOCATIONS

Registered Office / Factory 1:	Plot No.-517, Phase-4, G.I.D.C., Vatva, Ahmedabad – 382 445, Gujarat, India
Tel. No.:	91-79-25842836 / 25892376
Mobile No.:	91-9924099400 (Mr. Sagar Shah)
Fax No.:	91-79-40083850 / 25833197
E-Mail :	Sagar.shah@safexcrane.co.in
Website :	www.safexcrane.com
Location :	Owned
Factory 2 :	Block no.85, Kheda Dholka Road, District Kheda – 387 560, Gujarat, India

DIRECTORS

As on: 28.12.2013

Name :

Mr. Yogeshkumar Ratilal Shah

Designation :

Director

Address :

125, Tapovan Society, Near Manekbaug, Ambawadi, Ahmedabad-380015, Gujarat, India

Date of Birth/Age :

12.12.1995

Date of Appointment :

02.02.1990

DIN No.:

01039397

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	U29199GJ1989PTC012044	SAFEX ENGINEERS PRIVATE LIMITED	DIRECTOR	27-03-89	27-03-89	15-03-12	ACTIVE	NO
2	U29304GJ1990PLC013315	SAFEX INDUSTRIES LIMITED	MANAGING DIRECTOR	01-05-12	02-02-90	-	ACTIVE	NO
3	U31100GJ2006PTC047489	SAFEX ENERGY PRIVATE LIMITED	DIRECTOR	10-01-06	10-01-06	15-03-12	ACTIVE	NO

Name :

Mrs. Kamini Shah

Designation :

Director

Address :

125, Tapovan Society, Near Manekbaug, Ambawadi, Ahmedabad-380015, Gujarat, India

Date of Birth/Age :

25.10.1956

Date of Appointment :

15.03.2012

DIN No.:

01860293

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	U29309GJ1992PTC017751	SAFEX ELECTROMECH PRIVATE LIMITED	DIRECTOR	01-06-92	01-06-92	15-03-12	ACTIVE	NO
2	U29304GJ1990PLC013315	SAFEX INDUSTRIES LIMITED	DIRECTOR	04-05-12	15-03-12	-	ACTIVE	NO

Name :

Mr. Sagar Shah

Designation :

Director

Address :

125, Tapovan Society, Near Manekbaug, Ambawadi, Ahmedabad-380015, Gujarat, India

Date of Birth/Age :

08.02.1987

Date of Appointment :

16.04.2012

DIN No.:

03057568

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	U29150GJ2010PTC061079	SPECTER EQUIPTECH PRIVATE LIMITED	DIRECTOR	12-06-10	12-06-10	-	AMALGAMATED	NO
2	U29304GJ1990PLC013315	SAFEX INDUSTRIES LIMITED	DIRECTOR	04-05-12	16-04-12	-	ACTIVE	NO

Name :

Mrs. Naiya Sharma

Designation :

Director

Address :

7- Satyam Crystal, Opposite Kensville Golf Academy, Bodakdev, Ahmedabad – 380054, Gujarat, India

Date of Birth/Age :

21.07.1983

Date of Appointment :

01.05.2012

DIN No.:

05287423

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 28.12.2013

Names of Shareholders	No. of Shares
Yogesh Shah	7500
Kamini Shah	7500
Sagar Shah	500
Kairavi Shah	100
Naiya Shah	500
Kanesh Sharma	100
Indrakumar Vyas	144
Total	16344

NAME OF ALLOTTEES	No of shares
Indrakumar Madhusudhan Vyas	20
Sagar Yogeshbhai Shah	3980
Yogeshkumar Ratilal Shah	1200
Total	5200

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	99.12
Other top fifty shareholders	0.88
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Material Holding Equipments.
Products :	· Cranes · Hoists
Exports :
Products :	Finished Goods
Countries :	· Bangladesh · Srilanka · Gulf Countries · African Countries · Asian countries
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

PRODUCTION STATUS (AS ON: 31.03.2011)

Particulars	Unit	Actual Production
Cranes	Nos.	145
Hoists	Nos.	222

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

360 (Approximately)

Bankers :

· Bank of India, Memnagar Road Branch, 22-25, Sahajanad Arcade, 132, Ring Road, Memnagar, Ahmedabad-380052, Gujarat, India

Tel No.:- 91-288-2561542

· HDFC Bank

Facilities :

(Rs. In Millions)

Secured Loan	As on 30.06.2013 (15 Months)	As on 31.03.2012
LONG TERM BORROWINGS
Loans from bank	4.190	2.222
Loans from Company	3.600	0.000
SHORT TERM BORROWINGS
Loans From Bank	56.839	2.177
Total	64.629	4.399

Banking Relations :	---
Auditors :
Name :	S.K. Chalishazar and Company Chartered Accountant
Address :	Ahmedabad, Gujarat, India

CAPITAL STRUCTURE

As on: 28.12.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
154000	Equity Shares	Rs.100/- each	Rs. 15.400 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
21544	Equity Shares	Rs.100/- each	Rs. 2.154 Millions

As on: 30.06.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
24000	Equity Shares	Rs.100/- each	Rs. 2.400 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
16.344	Equity Shares	Rs.100/- each	Rs. 1.634 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	As on 30.06.2013 (15 Months)	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	1.634	1.634	1.634
(b) Reserves & Surplus	42.946	37.277	31.059
(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)	44.580	38.911	32.693
(3) Non-Current Liabilities
(a) long-term borrowings	7.790	2.222	6.614
(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)	7.790	2.222	6.614
(4) Current Liabilities
(a) Short term borrowings	56.839	2.178	0.000
(b) Trade payables	88.927	84.045	72.739
(c) Other current liabilities	19.837	14.747	15.589
(d) Short-term provisions	3.574	3.155	2.790
Total Current Liabilities (4)	169.177	104.125	91.118
TOTAL	221.547	145.258	130.425
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	23.967	24.230	26.129
(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	4.000	4.000
(c) Deferred tax assets (net)	0.401	0.293	0.085
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	24.368	28.523	30.214
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	87.700	48.083	38.287
(c) Trade receivables	53.683	49.602	43.832
(d) Cash and cash equivalents	14.247	10.550	9.433
(e) Short-term loans and advances	41.549	8.500	8.659
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	197.179	116.735	100.211
TOTAL	221.547	145.258	130.425

PROFIT & LOSS ACCOUNT

	PARTICULARS		As on 30.06.2013 (15 Months)	31.03.2012	31.03.2011
	SALES
		Income	300.651	230.810	221.453
		Other Income	15.697	9.088	5.436
		TOTAL (A)	316.348	239.898	226.889
Less	EXPENSES
		Cost of Materials Consumed	241.717	181.052	196.500
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(15.520)	(9.796)	(28.676)
		Employees benefits expense	25.959	21.133	15.980
		Extraordinary Items	0.015	0.000	0.000
		Other expenses	40.844	32.907	29.923
		TOTAL (B)	293.015	225.296	213.727
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		23.333	14.602	13.162
Less	FINANCIAL EXPENSES (D)		9.816	1.427	0.685
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		13.517	13.175	12.477
Less/ Add	DEPRECIATION/ AMORTISATION (F)		4.963	4.116	3.846
	PROFIT BEFORE TAX (E-F) (G)		8.554	9.059	8.631
Less	TAX (H)		2.885	2.841	2.579
	PROFIT AFTER TAX (G-H) (I)		5.669	6.218	6.052
	Earnings Per Share (Rs.)				370.27

Particulars	31.03.2014
Sales Turnover (Approximately)	300.000

The above information has been parted by Mr. Sagar Shah (Director)

KEY RATIOS

PARTICULARS		As on 30.06.2013 (15 Months)	31.03.2012	31.03.2011
PAT / Total Income	(%)	1.79	2.59	2.67
Net Profit Margin (PBT/Sales)	(%)	2.85	3.92	3.90
Return on Total Assets (PBT/Total Assets}	(%)	3.87	6.43	6.83
Return on Investment (ROI) (PBT/Networth)		0.19	0.23	0.26
Debt Equity Ratio (Total Debt /Networth)		1.45	0.11	0.20
Current Ratio (Current Asset/Current Liability)		1.17	1.12	1.10

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	As on 30.06.2013 (15 Months)
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	1.634	1.634	1.634
Reserves & Surplus	31.059	37.277	42.946
Net worth	32.693	38.911	44.580
long-term borrowings	6.614	2.222	7.790
Short term borrowings	0.000	2.178	56.839
Total borrowings	6.614	4.400	64.629
Debt/Equity ratio	0.202	0.113	1.450

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	As on 30.06.2013 (15 Months)
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	221.453	230.810	300.651
		4.225	30.259

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	As on 30.06.2013 (15 Months)
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	221.453	230.810	300.651
Profit	6.052	6.218	5.669
	2.73%	2.69%	1.89%

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	No
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	No

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10485659	26/03/2014	99,500,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W  , MUMBAI, MAHARASHTRA - 400013, INDIA	C00752923
2	10381916	19/09/2012	450,000.00	BANK OF INDIA	MEMNAGAR ROAD BRANCH, 22-25 SAHAJANAND ARCADE 132  ' RING ROAD MEMNAGAR, AHMEDABAD, GUJARAT - 380052,  INDIA	B60230901
3	10377851	26/04/2013 *	96,750,000.00	BANK OF INDIA	MEMNAGAR ROAD BRANCH, 22-25 SAHAJANAND ARCADE 132  ' RING ROAD MEMNAGAR, AHMEDABAD, GUJARAT - 380052,  INDIA	B86034600
4	10382468	26/08/2013 *	96,750,000.00	BANK OF INDIA	MEMNAGAR ROAD BRANCH, 22-25 SAHAJANAND ARCADE 132  ' RING ROAD MEMNAGAR, AHMEDABAD, GUJARAT - 380052,  INDIA	B86034063
5	90107591	26/04/2013 *	96,750,000.00	BANK OF INDIA	MEMNAGAR ROAD BRANCH, 22-25 SAHAJANAND ARCADE 132  ' RING ROAD MEMNAGAR, AHMEDABAD, GUJARAT - 380052,  INDIA	B86034329

* Date of charge modification

FIXED ASSETS

· Land

· Factory Building

· Office Building

· Elevators

· Plant and Machinery

· Electric Installation

· Office Equipments

· Computers

· Furniture and Fixtures

· Motor Cars

· Cycles

· Xerox Machine

· Other 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.59.26
UK Pound	1	Rs.99.62
Euro	1	Rs.80.59

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :
Report Prepared by :	SBN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		46

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.