MIRA INFORM REPORT

Report Date :

19.06.2014

IDENTIFICATION DETAILS

Name :	GEA PROCESS ENGINEERING (INDIA) PRIVATE LIMITED (w.e.f. 23.08.2007)
Formerly Known As :	GEA PROCESS ENGINEERING (INDIA) LIMITED (w.e.f. 22.09.2005) L AND T-NIRO LIMITED
Registered Office :	Block No. 8 P.O. Dumad, Savli Road, Vadodara - 391740, Gujarat
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	05.02.1992
Com. Reg. No.:	04-078975
Capital Investment / Paid-up Capital :	Rs.1089.471 Millions
CIN No.: [Company Identification No.]	U74999GJ1992PTC078975
TAN No.: [Tax Deduction & Collection Account No.]	BRDL00183B
PAN No.: [Permanent Account No.]	AAACL0566H
Legal Form :	Private Limited Liability Company
Line of Business :	Importer and Exporter of Process Engineering Solution and Services Including Design, Engineering, Chemical, Pharmaceutical, Petro Chemical, Beverages and Brewery Industries.
No. of Employees :	200 (Approximately) (In office : 50 + In Factory 150)

RATING & COMMENTS

MIRA’s Rating :

B (28)

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

Maximum Credit Limit :	USD 2513000
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 continuous accumulated losses incurred by the company over a year. However, trade relations are fair. Business is active. Payment terms are 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

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. Michael Niese
Designation :	Finance Head
Contact No.:	91-9825111244
Date :	18.06.2014

LOCATIONS

Registered Office :	Block No. 8 P.O. Dumad, Savli Road, Vadodara - 391740, Gujarat, India
Tel. No. :	91-265-3061700 - 709
Mobile No. :	91-9825111244 (Mr. Michael Niese)
Fax No. :	91-265-3061755 / 756
E-Mail :	ninad.raje@gea.com info.gpin.in@geagroup.com
Website :	www.geap.india.com
Emission Control :	Coral Sahere, 3^rd Floor, Ghodbunder Road, Opposite Suraj Water Park, Thane – 400607, Maharashtra, India
Tel. No.:	91-22-39924000
Fax No.:	91-22-39924069

DIRECTORS

As on 24.09.2013

Name :

Mr. Srinivasan Subramanian

Designation :

Director

Address :

Flat No. 6, Raymont Court, No. 33, Pycrofts Garden Road, Nungmbakkam – 600006, Chennai, Tamilnadu, India

Qualification :

B. Tech (Hons) and MBA

Date of Birth/Age :

14.06.1951

Date of Appointment :

17.09.2007

DIN No.:

01798413

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	U74999GJ1992PTC078975	GEA Process Engineering (India) Private Limited	Managing director	17/09/2007	17/09/2007	-	Active	NO
2	U29249GJ2007FTC050513	GEA PHARMA SYSTEMS (INDIA) PRIVATE LIMITED	Director	16/04/2008	16/04/2008	03/07/2009	Active	NO

Name :

Mr. Raman Madhok

Designation :

Whole Time Director

Address :

17 and 19 Rose Ave. PO Goa University, Goa – 403206, India

Date of Birth/Age :

02.02.1945

Date of Appointment :

27.02.1993

DIN No.:

01798377

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	U74999GJ1992PTC078975	GEA Process Engineering (India) Private Limited	Whole-time director	27/02/1993	27/02/1993	-	Active	NO
2	U29249GJ2007FTC050513	GEA PHARMA SYSTEMS (INDIA) PRIVATE LIMITED	Whole-time director	01/02/2012	12/04/2007	-	Active	NO
3	L99999MH1986PLC039921	CMI FPE LIMITED	Director	11/09/2009	30/01/2009	-	Active	NO
4	L23109GA1967PLC000076	GOA CARBON LIMITED	Director	07/08/2010	28/01/2010	-	Active	NO

Name :

Mr. Anders Wilhjelm

Designation :

Director

Address :

Caroline Wilhjelm Grunersvej Holte 2840 , Denmark

Date of Birth/Age :

01.07.1966

Date of Appointment :

21.08.2008

DIN No.:

02688836

Name :

Mr. Tom Niels Wrensted

Designation :

Director

Address :

Nodebovej 15 Nodebo, Fredensborg 3480, Denmark

Date of Birth/Age :

08.07.1965

Date of Appointment :

30.09.2011

DIN No.:

03324734

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	U74999GJ1992PTC078975	GEA Process Engineering (India) Private Limited	Director	30/09/2011	31/12/2010	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Michael Niese
Designation :	Finance Head

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 24.09.2013

Names of Shareholders (Equity Shareholders)	No. of Shares
Gea Process Engineering A/S, Denmark	7999994
Tom Wrensted	1
Raman Madhok	5
Total	8000000

Names of Shareholders (Preferences Shares)	No. of Shares
Gea Process Engineering A/S, Denmark	10094706
Total	10094706

As on 24.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	99.99
Directors or relatives of Directors	0.01
Total	100.00

BUSINESS DETAILS

Line of Business :	Importer and Exporter of Process Engineering Solution and Services Including Design, Engineering, Chemical, Pharmaceutical, Petro Chemical, Beverages and Brewery Industries.
Exports :
Products :	¨ Raw Material ¨ Finished Goods
Countries :	¨ Nepal ¨ Singapore
Imports :
Products :	Raw Material
Countries :	European Countries

GENERAL INFORMATION

Suppliers :	Gea Pharma Syatem India Private Limited
No. of Employees :	200 (Approximately) (In office : 50 + In Factory 150)
Bankers :	Industrial Development Bank of India Limited, IDBI Tower WTC Complex, Cuffe Parade, Mumbai – 400005, Maharashtra, India

Banking Relations :	--
Auditors :
Name :	B S R and Company Chartered Accountants
Address :	Lodha Excelus, 1^st Floor, Apollo Mills Compound, N.M. Joshi Marg, Mahalaxmi, Mumbai – 400011, Maharashtra, India
PAN No. :	AAIFB4734C
Holding Company :	¨ GEA Process Engineering A/S
Subsidiary Company :	¨ GEA Pharma systems (India) Private Limited
Associates :	¨ Gea Brewery Systems Gmbh ( Previously Known As Huppmann Gmbh) ¨ Gea Bischoff Gmbh ¨ Gea Ecoflex India Private Limited ¨ Gea Niro Soavi S.P.A. ¨ Gea Pharma Systems Ag ( Previously Known As Aeromatic Fielder Ag ) ¨ Gea Pharma Systems Ag ( Previously Known As Collette Nv ) ¨ Gea Pharma Systems Limited ¨ Gea Process Engineering France ( Previously Known As Gea Pt France Sas ) ¨ Gea Process Engineering Inc. ¨ Gea Process Engineering S.A. ¨ Gea Process Engineering China Limited ¨ Gea Procomac Spa ¨ Gea Tds Gmbh ¨ Gea Tuchenhagen Gmbh ¨ Gea Westfalia Separator Process Gmbh ¨ Gea Wiegand Gmbh ( Previously Known As Gea Jet Pumps Gmbh ) ¨ Gea Colby Pty Limited ¨ Gea Messo Gmbh ¨ Gea Grasso Gmbh ¨ Gea Process Engineering Limited ( Previously Known As Gea Barr-Rosin Limited) ¨ Gea Filtration ¨ Gea Diessel Gmbh ¨ Gea Westfalia Separators (I) Private Limited ¨ Gea Process Engineering Uk ¨ Gea Eurotek Engineering Limited ¨ Gea Nu-Con Limited ¨ Gea Refrigeration ¨ Gea Pharma Systems Limited ¨ Gea Process Eng Netherland ¨ Gea Process Tech - Ireland ¨ Gea Process Engineering Limited ¨ Gea Pharma Systems Nv

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- each	Rs.100.000 Millions
10100000	Preferences Shares	Rs.100/- each	Rs.1010.000 Millions
	Total		Rs.1110.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
8000000	Equity Shares	Rs.10/- each	Rs.80.000 Millions
10094706	Preferences Shares	Rs.100/- each	Rs.1009.471 Millions
	Total		Rs.1089.471 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	1089.471	1089.471	1089.471
(b) Reserves & Surplus	(461.255)	(568.662)	(592.185)
(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)	628.216	520.809	497.286
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.770	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	39.739	25.920	15.369
Total Non-current Liabilities (3)	39.739	26.690	15.369
(4) Current Liabilities
(a) Short term borrowings	334.350	126.919	263.154
(b) Trade payables	481.072	333.568	244.693
(c) Other current liabilities	868.275	919.964	260.816
(d) Short-term provisions	174.214	195.451	169.107
Total Current Liabilities (4)	1857.911	1575.902	937.770
TOTAL	2525.866	2123.401	1450.425
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	201.955	188.582	181.340
(ii) Intangible Assets	177.300	232.423	297.235
(iii) Capital work-in-progress	91.505	10.769	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	310.724	310.724	310.724
(c) Deferred tax assets (net)	19.009	19.009	19.009
(d) Long-term Loan and Advances	110.192	111.454	98.103
(e) Other Non-current assets	1.352	1.352	0.000
Total Non-Current Assets	912.037	874.313	906.411
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	175.707	98.443	93.310
(c) Trade receivables	834.118	571.055	195.706
(d) Cash and cash equivalents	92.451	58.221	31.923
(e) Short-term loans and advances	405.262	358.514	177.732
(f) Other current assets	106.291	162.855	45.343
Total Current Assets	1613.829	1249.088	544.014
TOTAL	2525.866	2123.401	1450.425

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income
		Other Income
		TOTAL	2953.073	1961.125	933.028
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	2848.667	1917.602	980.917
	PROFIT/ (LOSS) BEFORE TAX		104.406	43.523	(47.889)
Less	TAX		(3.000)	20.000	17.300
	PROFIT/ (LOSS) AFTER TAX		107.406	23.523	(65.189)
	Earnings / (Loss) Per Share (Rs.)		5.93	1.30	(3.60)

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	3.64	1.20	(6.99)
Return on Total Assets (PBT/Total Assets}	(%)	4.96	2.44	(4.27)
Return on Investment (ROI) (PBT/Networth)		0.17	0.08	(0.10)
Debt Equity Ratio (Total Debt/Networth)		0.53	0.25	0.53
Current Ratio (Current Asset/Current Liability)		0.87	0.79	0.58

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	1089.471	1089.471	1089.471
Reserves & Surplus	(592.185)	(568.662)	(461.255)
Net worth	497.286	520.809	628.216
long-term borrowings	0.000	0.770	0.000
Short term borrowings	263.154	126.919	334.350
Total borrowings	263.154	127.689	334.350
Debt/Equity ratio	0.529	0.245	0.532

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	933.028	1961.125	2953.073
		110.189	50.581

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	933.028	1961.125	2953.073
Profit	(65.189)	23.523	107.406
	(6.99%)	1.20%	3.64%

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	Yes
18]	Major customers	No
19]	Payments terms	No
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

NOTE:

The registered address of the company has been shifted from 6, Tawade Building, K V Chitale Paath, Dadra, Mumbai – 400028, Maharashtra, India to the present address w.e.f 04.02.2014

UNSECURED LOANS

PARTICULAR	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG TERM BORROWINGS
Deposits from others	0.000	0.770
SHORT TERM BORROWINGS
Loans repayable on demand from bank	310.000	0.000
Other loans and advances	24.350	126.919
Total	334.350	127.689

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10068823	02/02/2012 *	500,000,000.00	IDBI Bank Limited	IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, Maharashtra - 400005, INDIA	B32801557
2	10068825	18/01/2012 *	500,000,000.00	IDBI Bank Limited	IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, Maharashtra - 400005, INDIA	B32800971
3	90164437	23/01/2004	85,000,000.00	IDBI BANK LTD.	CONCORDE BUILDING R.C. DUTT ROAD, ALKAPURI, VARODARA, Gujarat - 390007, INDIA	-
4	90164255	15/05/2002	75,000,000.00	INDUSTRIAL DEVELOPMENT BANK OF INDIA	IDBI TOWDERS COLABA, BOMBAY, Maharashtra - 400005, INDIA	-

* Date of charge modification

FIXED ASSETS

œ Land

œ Buildings

œ Plant and Equipment

œ Furniture and Fixtures

œ Vehicles

œ Office Equipment

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.60.37
UK Pound	1	Rs.102.48
Euro	1	Rs.81.87

INFORMATION DETAILS

Information Gathered by :	PDT
Analysis Done by :	KAR
Report Prepared by :	ANK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--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	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		28

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.