MIRA INFORM REPORT

Report Date :

10.05.2014

IDENTIFICATION DETAILS

Name :	MECHVAC FABRICATORS INDIA PRIVATE LIMITED
Registered Office :	D-112, TTC Industrial Area, MIDC Nerul, Navi Mumbai – 400706, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	07.06.2002
Com. Reg. No.:	11-136154
Capital Investment / Paid-up Capital :	Rs.44.600 Millions
CIN No.: [Company Identification No.]	U29263MH2002PTC136154
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of High Ultra Precision Machining
No. of Employees :	50 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (27)

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

Maximum Credit Limit :	USD 730000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The company has performed well during 2013. However, the rating takes into considerations relatively small scale of operations, low profitability margins and weak debt protection metrics. Trade relations are reported as fair. Business is active. Payment terms 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 – 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 “B+”
Rating Explanation	High risk of default
Date	April 2, 2014

Rating Agency Name	CARE
Rating	Short Term Bank Facilities “A4”
Rating Explanation	Minimum degree of safety. It carry very high credit risk
Date	April 2, 2014

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. Raj Chodankar
Designation :	Chairman
Contact No.:	91-7738890631
Date :	02.05.2014

LOCATIONS

Registered Office :	D-112, TTC Industrial Area, MIDC Nerul, Navi Mumbai – 400706, Maharashtra, India
Tel. No.:	91-22-27670813 / 27682278
Mobile No.:	91-7738890631 (Mr. Raj Chodankar)
Fax No.:	91-22-27634794
E-Mail :	sales@mechvac.org raj@mechvac.org deshmuk@mechvac.org
Website :	http://www.mechvac.com
Location :	Owned

DIRECTORS

As on: 23.09.2013

Name :

Mr. Rajendra Kamalkant Chodankar

Designation :

Director

Address :

602, Silver Castle, Sunder Nagar Road No.02, Kalina Santacruz East, Mumbai – 400098, Maharashtra, India

Date of Birth/Age :

13.08.1960

Date of Appointment :

07.06.2002

DIN No.:

00665008

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	U75210MH1996PTC100613	MASS SPEC TECHNOLOGY PRIVATE LIMITED	Director	27/06/1996	27/06/1996	-	Dormant	NO
2	U74910MH1999PTC119864	TECHNOLOGY OPTIONS (INDIA) PRIVATE LIMITED	Managing Director	13/05/1999	13/05/1999	-	Active	NO
3	U29263MH2002PTC136154	MECHVAC FABRICATORS INDIA PRIVATE LIMITED	Whole-Time Director	16/10/2012	07/06/2002	-	Active	NO
4	U74999MH2008PTC187311	PAAR VENTURES PRIVATE LIMITED	Director	07/10/2008	07/10/2008	07/05/2013	Active	NO
5	U28113MH2010PTC206295	RACHO Precision Engineering Private Limited	Director	06/08/2010	06/08/2010	-	Active	NO

Name :

Mrs. Priyanka Rajendra Chodankar

Designation :

Director

Address :

Flat No. 1-801, Golden Square, Sunder Nagar Road No.02, Kalina Santacruz East, Mumbai – 400098, Maharashtra, India

Date of Birth/Age :

15.03.1966

Date of Appointment :

16.11.2004

DIN No.:

03134093

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	U74910MH1999PTC119864	TECHNOLOGY OPTIONS (INDIA) PRIVATE LIMITED	Director	13/05/1999	13/05/1999	-	Active	NO
2	U29263MH2002PTC136154	MECHVAC FABRICATORS INDIA PRIVATE LIMITED	Director	16/11/2004	16/11/2004	-	Active	NO

Name :

Mr. Keyur Sharad Kenia

Designation :

Director

Address :

B 103, Blue Bells, BPS Estate, Devi Dayal Road, Mulund West, Mumbai – 400080, Maharashtra, India

Date of Appointment :

16.10.2012

DIN No.:

06398758

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	U45201MH2012PTC229552	NEETNAV REALTORS PRIVATE LIMITED	Additional director	06/10/2012	06/10/2012	-	Active	NO
2	U29263MH2002PTC136154	MECHVAC FABRICATORS INDIA PRIVATE LIMITED	Additional director	16/10/2012	16/10/2012	-	Active	NO
3	U53111MH1994PTC080859	CONCEPT SHAPERS AND ELECTRONICS PRIVATE LIMITED	Director	01/07/2013	01/07/2013	-	Active	NO

Name :

Mr. Rajesh Dineshchandra Sanghavi

Designation :

Director

Address :

A-11, Neelkanth Tirth, Zaver Road, Mulund West, Mumbai – 400080, Maharashtra, India

Date of Appointment :

16.10.2012

DIN No.:

06398773

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	U45201MH2012PTC229552	NEETNAV REALTORS PRIVATE LIMITED	Additional Director	06/10/2012	06/10/2012	-	Active	NO
2	U29263MH2002PTC136154	MECHVAC FABRICATORS INDIA PRIVATE LIMITED	Additional Director	16/10/2012	16/10/2012	-	Active	NO
3	U53111MH1994PTC080859	CONCEPT SHAPERS AND ELECTRONICS PRIVATE LIMITED	Director	01/07/2013	01/07/2013	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 23.09.2013

Names of Shareholders	No. of Shares
Rajendra Kamalkant Chodankar	475000
Priyanka Rajendra Chodankar	475000
Rohan Raphael Furtado	5000
Prashant Ganesh Puranik	5000
Neetnav Realtors Private Limited, India	1500000
Total	2460000

As on: 05.10.2013

Names of Allottees	No. of Shares Allotted
Neetnav Realtors Private Limited, India	1220600
Rajendra Kamalkant Chodankar	389700
Priyanka Rajendra Chodankar	389700
Total	2000000

Equity Share Break up (Percentage of Total Equity)

As on: 23.09.2013

Category	Percentage
Bodies corporate	1.00
Directors or relatives of directors	99.00
Total	100.00

BUSINESS DETAILS

Line of Business :	· Manufacturer of High Ultra Precision Machining
Products :	· OHFC Copper Component · Ring Focus · Al. Mirror · DTM Machined Component Etc.
Terms :
Selling :	L/C and Cheque
Purchasing :	L/C and Cheque

GENERAL INFORMATION

Customers :

Retailers

No. of Employees :

50 (Approximately)

Bankers :

Vijaya Bank, Dharma Palace, N.S.Patkar Marg, Mumbai – 400007, Maharashtra, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2013	As on 31.03.2012
Long Term Borrowings
Loan From Financial Institute – Vijaya Bank Opera House
-Vijaya Bank SL – 000010	21.520	25.667
-Vijaya Bank SL – 000013	5.732	11.661
-Vijaya Bank SL – 000007	32.500	44.960
Short Term Borrowings
Loan From Financial Institute – Vijaya Bank Opera House
-Working Capital Loans (Vijaya Bank CC – 00050)	19.906	34.611
Total	79.658	116.899

Banking Relations :

--

Auditors :

Name :

Sandeep Vishnu Chavan and Company

Chartered Accountants

Address :

12 / 3^rd Floor, Jagatrang Building, Kurar Village Road, Malad, Mumbai – 400097, Maharashtra, India

PAN No.:

AHDPC3134H

CAPITAL STRUCTURE

As on: 23.09.2013

Authorised Capital:

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs.50.000 Millions

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
4460000	Equity Shares	Rs.10/- each	Rs.44.600 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	24.600	24.600	9.600
(b) Reserves & Surplus	157.628	(28.940)	(10.822)
(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)	182.228	(4.340)	(1.222)
(3) Non-Current Liabilities
(a) long-term borrowings	59.752	82.288	86.400
(b) Deferred tax liabilities (Net)	0.558	0.502	0.388
(c) Other long term liabilities	20.197	4.025	6.847
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	80.507	86.815	93.635
(4) Current Liabilities
(a) Short term borrowings	19.906	34.611	28.599
(b) Trade payables	85.373	1.767	1.151
(c) Other current liabilities	1.849	0.767	0.212
(d) Short-term provisions	0.908	0.000	0.000
Total Current Liabilities (4)	108.036	37.145	29.962
TOTAL	370.771	119.620	122.375
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	257.996	70.402	45.418
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	32.671
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	7.337	3.981	7.039
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	2.108	2.108	2.058
(e) Other Non-current assets	0.632	0.000	0.000
Total Non-Current Assets	268.073	76.491	87.186
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	25.646	10.536	9.219
(c) Trade receivables	52.714	20.383	16.824
(d) Cash and cash equivalents	0.501	0.514	0.804
(e) Short-term loans and advances	23.837	11.696	8.342
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	102.698	43.129	35.189
TOTAL	370.771	119.620	122.375

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2013	31.03.2012	31.03.2011
	SALES
	Income	104.433	51.973	29.563
	Other Income	1.322	0.547	0.657
	TOTAL (A)	105.755	52.520	30.220
Less	EXPENSES
	Cost of Materials Consumed	79.392	23.039	11.158
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(15.109)	(1.317)	(0.789)
	Employees benefits expense	5.226	7.671	5.227
	Other expenses	7.285	9.113	8.024
	TOTAL	76.794	38.506	23.620
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	28.961	14.014	6.600
Less	FINANCIAL EXPENSES	17.790	22.082	12.666
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	11.171	(8.068)	(6.066)
Less/ Add	DEPRECIATION/ AMORTISATION	9.050	9.937	5.832
	PROFIT/ (LOSS) BEFORE TAX	2.121	(18.005)	(11.898)
Less	TAX	0.387	0.113	(0.251)
	PROFIT/ (LOSS) AFTER TAX	1.734	(18.118)	(11.647)
	Earnings / (Loss) Per Share (Rs.)	0.70	(7.35)	(4.73)

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	1.64	(34.50)	(38.54)
Net Profit Margin (PBT/Sales)	(%)	2.03	(34.64)	(40.25)
Return on Total Assets (PBT/Total Assets}	(%)	0.58	(15.57)	(14.39)
Return on Investment (ROI) (PBT/Networth)		0.01	(4.15)	(9.74)
Debt Equity Ratio (Total Debt/Networth)		0.44	3.89	94.11
Current Ratio (Current Asset/Current Liability)		0.95	1.16	1.17

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	9.600	24.600	24.600
Reserves & Surplus	(10.822)	(28.940)	157.628
Net worth	(1.222)	(4.340)	182.228
long-term borrowings	86.400	82.288	59.752
Short term borrowings	28.599	34.611	19.906
Total borrowings	114.999	116.899	79.658
Debt/Equity ratio	(94.107)	(26.935)	0.437

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	29.563	51.973	104.433
		75.804	100.937

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	29.563	51.973	104.433
Profit	(11.647)	(18.118)	1.734
	(39.40%)	(34.86%)	1.66%

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)	No
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

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10221257	12/04/2010	47,500,000.00	VIJAYA BANK	DHARMA PALACE, N.S.PATKAR MARG, GAMDEVI BRANCH, MUMBAI - 400007, Maharashtra, INDIA	A85499689
2	10216458	14/03/2009	19,258,000.00	VIJAYA BANK	DHARMA PALACE, N.S.PATKAR MARG, GAMDEVI BRANCH, MUMBAI - 400007, Maharashtra, INDIA	A69939718
3	10099051	01/03/2008	5,200,000.00	VIJAYA BANK	DHARMA PALACE, N.S.PATKAR MARG, GAMDEVI BRANCH, MUMBAI - 400007, Maharashtra, INDIA	A36781144
4	90148953	11/11/2004	8,000,000.00	VIJAYA BANK	GAMDEVI BRANCH ; 1 FLOOR, DHARAM PALACE ; N.S. PA  TKAR MARG ; GAMDEVI, MUMBAI - 400007, Maharashtra, INDIA	-
5	90148842	12/11/2013 *	177,916,000.00	VIJAYA BANK	DHARMA PALACE, N.S.PATKAR MARG, GAMDEVI BRANCH, MUMBAI - 400007, Maharashtra, INDIA	B89843064

FIXED ASSETS

· Land and Building

· Plant and Machinery

· Computers

· Air Conditioner

· Furniture and Fixtures

· Office Equipments

· Finger Print Reader

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 judgment 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 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.60.05
UK Pound	1	Rs.101.65
Euro	1	Rs.83.07

INFORMATION DETAILS

Information Gathered by :	GYT
Analysis Done by :	DIV
Report Prepared by :	VNK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
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	4
--CREDIT LINES	1~10	2
--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		27

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.