MIRA INFORM REPORT

Report Date :

16.06.2014

IDENTIFICATION DETAILS

Name :	ALFA FLEXITUBES PRIVATE LIMITED
Registered Office :	M-439, 1^ST Floor, Guru Harkishan Nagar, Paschim Vihar, New Delhi – 110087
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	31.01.1996
Com. Reg. No.:	55-075886
Capital Investment / Paid-up Capital :	Rs.25.660 Millions
CIN No.: [Company Identification No.]	U65993DL1996PTC075886
TAN No.: [Tax Deduction & Collection Account No.]	DELA05868C
PAN No.: [Permanent Account No.]	AAACA7046D
Legal Form :	Private Limited Liability Company.
Line of Business :	Manufacturer, Exporter and Supplier of an extensive range of highly sophisticated products.
No. of Employees :	300 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (31)

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

Maximum Credit Limit :	USD 290000
Status :	Moderate
Payment Behaviour :	Slow but Clear
Litigation :	Clear
Comments :	Subject is an establishing company having moderate track record. The company possesses a moderate financial profile marked by adequate net worth base, moderate capital structure along with working capital intensive nature of its operations. Management has reported growing scale of operations coupled with moderate net profitability during financial year 2013. The rating also takes into consideration the modest scale of operations carried out by the company. However, trade relations seem to be fair. Business is active. Payment terms are reported as slow but correct. In view of experienced and resourceful promoters, the subject 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

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.

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long term bank facilities
Rating Explanation	“BB”- Moderate risk of default regarding timely servicing and high credir risk.
Date	24.11.2013

Rating Agency Name	CARE
Rating	Short term bank facilities
Rating Explanation	“A-4” Minimal degree of safety and very high credit risk.
Date	24.11.2013

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

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

INFORMATION PARTED BY

Name :	Mr. Subal
Designation :	Accounts Manager
Contact No.:	91-11-2588796
Date :	13.06.2014

LOCATIONS

Registered Office :	M-439, 1^st Floor, Guru Harkishan Nagar, Paschim Vihar, New Delhi – 110087, India
Tel. No.:	91-11-25288796/ 25261475 (R)
Mobile No.:	91-9811209178 (Mr. Saurabh Tondon)
Fax No.:	Not Available
E-Mail :	alfaflexi@gmail.com skhanna303@hotmail.com info@gskassociates.com mca@gskassociates.com
Website :	www.alfa-flexitubes.com
Area :	1000 sq. ft.
Location :	Owned
Factory/ Marketing Office :	1726 and 1743, Modern Industrial Estate, Bahadurgarh, Haryana – 124507, Punjab, India
Tel. No.:	91-1276-268119/ 267157/ 268134
Fax No.:	91-1276-267134
E-Mail :	alfaflexitube@eth.net
Website :	http://www.alfaflexitubes.com
Area :	40000 sq. ft.
Location :	Owned

DIRECTORS

AS ON 30.09.2013

Name :

Mr. Rajendra Kumar Sardana

Designation :

Managing Director

Address :

M-439, 1ST Floor, Guru Harkishan Nagar, Paschim Vihar, New Delhi – 110087, India

Date of Birth/Age :

15.06.1948

Date of Appointment :

31.01.1996

DIN No.:

00732421

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	U65993DL1996PTC075886	ALFA FLEXITUBES PRIVATE LIMITED	Managing director	31/01/1996	31/01/1996	-	Active	NO
2	U34300DL2008PTC173317	ALFA AUTOTECH PRIVATE LIMITED	Director	30/01/2008	30/01/2008	-	Active	NO
3	U19116HR2011PTC042037	VIKING LEATHER GOODS AND GARMENTS PRIVATE LIMITED	Director	30/09/2011	10/02/2011	-	Active	NO

Name :

Mr. Surabh Tandon

Designation :

Director

Address :

D-146, 2^nd Floor, New Rajendra Nagar, New Delhi – 110060, India

Date of Birth/Age :

17.06.1982

Date of Appointment :

06.09.2000

DIN No.:

01994583

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	U65993DL1996PTC075886	ALFA FLEXITUBES PRIVATE LIMITED	Director	06/09/2000	06/09/2000	-	Active	NO
2	U74899DL1995PTC065090	BAJAJ MASCHINEN PRIVATE LIMITED	Director	01/10/2003	01/10/2003	-	Active	NO
3	U34300DL2008PTC173317	ALFA AUTOTECH PRIVATE LIMITED	Director	15/02/2008	15/02/2008	-	Active	NO
4	U29195DL2005PTC136376	BAJAJ PROCESSPACK MASCHINEN PRIVATE LIMITED	Director	24/12/2010	24/12/2010	05/11/2011	Active	NO
5	U29299DL2010PLC205623	BAJAJ PROCESSPACK LIMITED	Director appointed in casual vacancy	21/02/2011	21/02/2011	-	Active	NO

Name :

Mrs. Indra Sardana

Designation :

Director

Address :

M-439, 1^ST Floor, Guru Harkishan Nagar, Paschim Vihar, New Delhi – 110087, India

Date of Birth/Age :

01.07.1950

Date of Appointment :

31.01.1996

DIN No.:

00724745

Name :

Ms. Pooja Sardana

Designation :

Director

Address :

M-439, 1^ST Floor, Guru Harkishan Nagar, Paschim Vihar, New Delhi – 110087, India

Date of Birth/Age :

11.02.1983

Date of Appointment :

15.02.2005

DIN No.:

00724683

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	U65993DL1996PTC075886	ALFA FLEXITUBES PRIVATE LIMITED	Director	15/02/2005	15/02/2005	-	Active	NO
2	U34300DL2008PTC173317	ALFA AUTOTECH PRIVATE LIMITED	Director	30/01/2008	30/01/2008	-	Active	NO

Name :

Mr. Rajendra Kumar Tandon

Designation :

Director

Address :

E-35, Kamla Nagar, Agra – 282004, Uttar Pradesh, India

Date of Birth/Age :

15.06.1951

Date of Appointment :

15.02.2005

DIN No.:

00663813

Name :

Ms.Priya Ahuja

Designation :

Director

Address :

11/366, Sunder Vihar Paschim Vihar, new Delhi-110087, India

Date of Birth/Age :

23.11.1980

Date of Appointment :

15.02.2005

DIN No.:

06500919

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2013

Names of Shareholders	No. of Shares
Rajendra Kumar Sardana	980000
Indra Sardana	611000
Janak Tandon	25000
Rajendra Kumar Tandon	25000
Saurabh Tandon	767500
Gaurav Tandon	40000
Akshay	100
Asha Kataria	100
K. K. Garg and HUF	100
K. K. Garg	100
Krishna Baweja	100
Kumari Nidhi	100
Neha	100
Nirmal Garg	100
Natai Chandra Gorain	100
Rashmi	100
Sanjeev Rishi	100
Shilpi Ganguly	100
Sube Singh	100
Sudesh	100
Vidhya Devi	100
Alfa Autotech Private Limited	76000
Maheshwari Financial Services Private Limited.	40000
Total	25,660,00

AS ON 30.09.2013

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	5.00
Directors or relatives of directors	95.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Exporter and Supplier of an extensive range of highly sophisticated products.
Products :	Stainless Steel Corrugated Hoses Metal Hoses and Assemblies Gas Hoses EPG Tubes Flex Connectors Pump Connectors Pipe Fittings Telephone Cords Metal Hose Manufacturing Machines Electric Wire Covering Cords Wire Braiding Machines Exhaust Flame Pipes Interlock Hoses
Exports :
Products :	Sophisticated products
Countries :	Canada Egypt Dubai USA Brazil Poland Mexico Belgium
Imports :
Products :	Stainless Steal
Countries :	Korea China
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Customers :

Wholesalers, Retailers and End Users

No. of Employees :

300 (Approximately)

Bankers :

State Bank of India, Industrial Commercial Branch, Bahadurgath (05697), District Jhajjar, Bahadurgath – 124507, Haryana, India

Secured Loans

Facilities :

Particulars	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
Long Term Borrowing:
Loan from Bank	5.412	4.258
Short Term Borrowing:
Loan from Bank	88.910	77.347
Total	94.322	81.605

Banking Relations :	--
Auditor 1 :
Name :	GSK and Associates Chartered Accountants
Auditor 2 :
Name :	DJS and Company Chartered Accountants
Address :	Shop No.20, 1^st Floor, East Avenue Market, East Punjabi Bagh, New Delhi-110026, Delhi, India
PAN No.:	AAEFD5729M
Tel No.:	91-11-28316891
Mobile No.:	91-9312238932
Email :	skhanna303@hormail.com
Memberships :	Engineering Export Promotion Council (EEPC)

CAPITAL STRUCTURE

AS ON 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
3,000,000	Equity Shares	Rs.10/- each	Rs. 30.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2,566,000	Equity Shares	Rs.10/- each	Rs.25.660 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	25.660	25.660	24.500
(b) Reserves & Surplus	47.366	40.162	21.876
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	15.495
Total Shareholders’ Funds (1) + (2)	73.026	65.822	61.871
(3) Non-Current Liabilities
(a) Long-term borrowings	15.520	14.566	22.652
(b) Deferred tax liabilities (Net)	11.235	10.245	10.612
(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)	26.755	24.811	33.264
(4) Current Liabilities
(a) Short term borrowings	88.910	77.347	69.905
(b) Trade payables	68.018	71.046	53.038
(c) Other current liabilities	26.470	26.544	30.635
(d) Short-term provisions	2.474	1.590	1.921
Total Current Liabilities (4)	185.872	176.527	155.499
TOTAL	285.653	267.160	250.634
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	95.060	92.866	90.083
(ii) Intangible Assets	0.000	0.008	0.016
(iii) Capital work-in-progress	5.384	3.372	0.299
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.713	0.371	0.383
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	101.157	96.617	90.781
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	92.323	95.134	95.415
(c) Trade receivables	50.201	52.437	45.878
(d) Cash and cash equivalents	12.455	2.458	5.196
(e) Short-term loans and advances	27.441	18.133	12.515
(f) Other current assets	2.076	2.381	0.849
Total Current Assets	184.496	170.543	159.853
TOTAL	285.653	267.160	250.634

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	TURNOVER		300.910	240.604	166.447
Less	EXPENSES		286.426	230.765	158.976
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		14.484	9.839	7.471
Less/ Add	DEPRECIATION/ AMORTISATION		5.476	5.237	5.091
	PROFIT / (LOSS) BEFORE TAX (E-F)		9.008	4.602	2.380
Less	TAX		1.850	(0.539)	1.294
	PROFIT / (LOSS) AFTER TAX		7.158	5.141	1.086
	CIF VALUE OF IMPORT		21.874	13.625	13.012
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	211.292	166.322	106.050
	Earnings / (Loss) Per Share (Rs.)		2.79	-	-

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	2.38	2.14	0.65
Return on Total Assets (PBT/Total Assets}	(%)	3.21	1.74	0.95
Return on Investment (ROI) (PBT/Networth)		0.12	0.07	0.04
Debt Equity Ratio (Total Debt/Networth)		1.43	1.40	1.50
Current Ratio (Current Asset/Current Liability)		0.99	0.97	1.03

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	24.500	25.660	25.660
Reserves & Surplus	21.876	40.162	47.366
Net worth	46.376	65.822	73.026
long-term borrowings	22.652	14.566	15.520
Short term borrowings	69.905	77.347	88.910
Total borrowings	92.557	91.913	104.430
Debt/Equity ratio	1.996	1.396	1.430

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	166.447	240.604	300.910
		44.553	25.064

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	166.447	240.604	300.910
Profit	1.086	5.141	7.158
	0.65%	2.14%	2.38%

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

INDEX OF CHARGES:

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	90038521	16/03/2014 *	186,700,000.00	STATE BANK OF INDIA	STATE BANK OF INDIA, BAHADURGARH, Haryana - 124507  , INDIA	C02647758

* Date of charge modification

Unsecured Loans

Particulars	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
Long Term Borrowing
Loans and Advances from Related Party	10.108	10.308
Total

FIXED ASSETS:

· Land

· Building

· Motor Car

· Scooter

· Cycle

· Plant and Machinery

· Electric Fittings

· Tools and Equipments

· Moulds and Dies

· Office Equipment

· Computer

· Machinery

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.59.48
UK Pound	1	Rs.100.93
Euro	1	Rs.80.71

INFORMATION DETAILS

Information Gathered by :	PRI
Analysis Done by :	SUB
Report Prepared by :	JAG

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--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	YAS
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		31

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.