MIRA INFORM REPORT

Report Date :

01.11.2014

IDENTIFICATION DETAILS

Name :	MAKTEL CONTROL AND SYSTEMS PRIVATE LIMITED
Registered Office :	Plot No.1421, GIDC Estate, Waghodia, Vadodara – 390760, Gujarat
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	09.04.2009
Com. Reg. No.:	04-056575
Capital Investment / Paid-up Capital :	Rs.37.500 Millions
CIN No.: [Company Identification No.]	U31900GJ2009PTC056575
TAN No.: [Tax Deduction & Collection Account No.]	BRDM03410B
PAN No.: [Permanent Account No.]	AAFCM9739E
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in the manufacturing and selling of Electrical Control and Relay Panels.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. The rating takes into consideration volatility in raw material prices and its large working capital requirements. However, financial position of the company seems to be decent. Trade relations are reported as fair. Business is active. Payment terms are slow but correct. The company can be considered for business dealings at usual trade terms and conditions.

NOTES:

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INDIAN ECONOMIC OVERVIEW

N E W S

Verdict Implications : Apex court order may alter coal import dynamics. Traders go slow on talks over coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.

Recent arrest of the Chennai head of the Registrar of Companies, the ministry of corporate affairs arm that ensures that companies file all the information required by the Companies Act is the latest manifestation of a messy fight between a father and his adopted son for the control of Rs 40000 mn business empire. The Central Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10 lakhs as bribe from M A M Ramaswamy, a CBI official said.

Central Bureau of Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.

Infosys maintains revenue guidance. COO Rao says attrition still an area of concern and it would take a few more quarters to bring down levels to 13-15 %.

DHL  to invest Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its e-commerce business model for the Asia-Pacific region.

Blackstone may buy stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.

Kingfisher Airlines Ltd grounded in October 2012 under the weight of heavy debt and accumulated losses, recently approached the Delhi high court for relief in two separate cases. The airline challenged a notice by Punjab & National Bank alleging that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to comply with the requirements under the listing agreements with the Stock Exchanges.

OnMobile likely to sack another 300 employees. The lay-offs follow a spate of senior-level exits over the past two years, starting with of its founder. The overall lay-offs could number around 600 and are driven by the need to cut costs, says a former employee.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long term rating=BB
Rating Explanation	Have moderate risk of default.
Date	15.11.2013

Rating Agency Name	CRISIL
Rating	Short term rating=A4+
Rating Explanation	Have minimal degree of safety and very high credit risk.
Date	15.11.2013

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 31-03-2014.

INFORMATION DENIED

Management Non Co-operative (91-2668-262403)

LOCATIONS

Registered Office :	Plot No.1421, GIDC Estate, Waghodia, Vadodara – 390760, Gujarat, India
Tel. No.:	91-2668-262403 / 91-265-262403 / 263687 / 262132
Fax No.:	91-265-262249
E-Mail :	accounts@maktelsystems.com
Website :	www.maktelsystems.com

DIRECTORS

AS ON 26.09.2013

Name :

Mr. Anupkumar Madanmohan Nandi

Designation :

Director

Address :

4, Cosmic Enclave,, Sama Road, Vadodara – 390015, Gujarat, India

Date of Birth/Age :

03.02.1954

Date of Appointment :

09.04.2009

DIN No.:

01663556

Name :

Mr. Manoj Narendrakumar Patel

Designation :

Director

Address :

302 Harsh Complex, Old Padra Road, Vadodara – 390015, Gujarat, India

Date of Birth/Age :

06.12.1974

Date of Appointment :

19.03.2012

DIN No.:

01764520

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	U28999GJ1986PTC009159	DANKE TRANSFORMERS PRIVATE LIMITED	Director	10/05/1998	10/05/1998	-	Amalgamated	NO
2	U31100GJ1995PLC024181	DANKE ELECTRICALS LIMITED	Director	13/07/2002	13/07/2002	01/04/2012	Active	NO
3	U31900GJ2009PLC058249	MAKTEL POWER LIMITED	Managing director	01/10/2011	07/10/2009	-	Active	NO
4	U31900GJ2009PTC058250	DANKE TECHNOELECTRO PRIVATE LIMITED	Director	07/10/2009	07/10/2009	27/02/2012	Active	NO
5	U31900GJ2009PTC056575	MAKTEL CONTROL & SYSTEMS PRIVATE LIMITED	Director	19/03/2012	19/03/2012	-	Active	NO

Name :

Mr. Amit Suresh Bhatnagar

Designation :

Director

Address :

6, Green Park Society, Nizampura, Vadodara – 390002, Gujarat, India

Date of Birth/Age :

12.02.1970

Date of Appointment :

29.03.2012

DIN No.:

00775880

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	L31300GJ1992PLC018198	DIAMOND POWER INFRASTRUCTURE LIMITED	Managing director	01/02/2013	26/08/1992	-	Active	NO
2	L24110GJ1993PLC019094	DIAMOND INFOSYSTEMS LIMITED	Director	30/09/2010	09/03/1993	-	Active	NO
3	U74120GJ1993PTC020977	MADHURI FINSERVE PRIVATE LIMITED	Director	29/12/1993	29/12/1993	-	Active	NO
4	U36911GJ1994PLC021030	DIAMOND PROJECTS LIMITED	Director	07/01/1994	07/01/1994	-	Active	NO
5	U70106GJ2007PLC050205	MAYFAIR SPACES LIMITED	Director	13/03/2007	13/03/2007	26/09/2011	Active	NO
6	U29100GJ2007PTC050896	APEX POWER EQUIPMENTS PRIVATE LIMITED	Director	02/07/2007	02/07/2007	-	Active	NO
7	U31102GJ2007PLC052486	DIAMOND POWER TRANSFORMERS LIMITED	Director	28/12/2007	28/12/2007	-	Active	NO
8	L36990GJ1943PLC000363	JYOTI LIMITED	Director	25/09/2008	21/01/2008	21/01/2009	Active	NO
9	U92412GJ2009NPL058550	VADODARA MARATHON	Director	12/11/2009	12/11/2009	-	Active	NO
10	U31909GJ1971PLC001966	APEX ELECTRICALS LIMITED	Additional director	23/08/2010	23/08/2010	25/11/2011	Active	NO
11	U27100GJ2011PTC066987	DIAMOND POWER TRANSMISSION PRIVATE LIMITED	Director	02/09/2011	02/09/2011	-	Active	NO
12	U31900GJ2009PTC056575	MAKTEL CONTROL & SYSTEMS PRIVATE LIMITED	Director	29/03/2012	29/03/2012	-	Active	NO
13	U31900GJ2009PLC058249	MAKTEL POWER LIMITED	Director	29/09/2012	07/04/2012	-	Active	NO
14	U31109GJ1996PLC031359	RUBY CABLES LIMITED	Director	01/07/2013	01/07/2013	-	Active	NO

Name :

Mr. Sumit Suresh Bhatnagar

Designation :

Director

Address :

6, Green Park Society, Nizampura, Vadodara – 390002, Gujarat, India

Date of Birth/Age :

20.10.1972

Date of Appointment :

29.03.2012

DIN No.:

00776129

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	L31300GJ1992PLC018198	DIAMOND POWER INFRASTRUCTURE LIMITED	Managing director	01/02/2013	26/08/1992	-	Active	NO
2	L24110GJ1993PLC019094	DIAMOND INFOSYSTEMS LIMITED	Managing director	09/03/1993	09/03/1993	-	Active	NO
3	U74120GJ1993PTC020977	MADHURI FINSERVE PRIVATE LIMITED	Director	29/12/1993	29/12/1993	-	Active	NO
4	U36911GJ1994PLC021030	DIAMOND PROJECTS LIMITED	Director	07/01/1994	07/01/1994	-	Active	NO
5	U70106GJ2007PLC050205	MAYFAIR SPACES LIMITED	Director	13/03/2007	13/03/2007	26/09/2011	Active	NO
6	U29100GJ2007PTC050896	APEX POWER EQUIPMENTS PRIVATE LIMITED	Director	02/07/2007	02/07/2007	-	Active	NO
7	U31102GJ2007PLC052486	DIAMOND POWER TRANSFORMERS LIMITED	Director	28/12/2007	28/12/2007	-	Active	NO
8	U31909GJ1971PLC001966	APEX ELECTRICALS LIMITED	Additional director	23/08/2010	23/08/2010	25/11/2011	Active	NO
9	U27100GJ2011PTC066987	DIAMOND POWER TRANSMISSION PRIVATE LIMITED	Director	02/09/2011	02/09/2011	-	Active	NO
10	U31900GJ2009PTC056575	MAKTEL CONTROL & SYSTEMS PRIVATE LIMITED	Director	29/03/2012	29/03/2012	-	Active	NO
11	U31900GJ2009PLC058249	MAKTEL POWER LIMITED	Director	29/09/2012	07/04/2012	-	Active	NO
12	U31109GJ1996PLC031359	RUBY CABLES LIMITED	Director	01/07/2013	01/07/2013	-	Active	NO

MAJOR SHAREHOLDERS

AS ON 26.09.2013

Names of Shareholders	No. of Shares	% of Holding
Anupkumar Madanmohan Nandi	749900	20.00
Manoj M Patel	499600	13.32
Meeta A Nandi	300	0.01
Jayaben N Patel	300	0.01
Dharmeshkumari M Patel	300	0.01
Manoj Patel (HUF)	999600	26.66
Diamond Power Transformers Limited	1500000	40.00
Total	3750000	100.00

Equity Share Break up (Percentage of Total Equity)

AS ON 26.09.2013

Category	Percentage
Bodies corporate	40.00
Directors or relatives of Directors	60.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in the manufacturing and selling of Electrical Control and Relay Panels.

GENERAL INFORMATION

No. of Employees :

Information declined by the management

Bankers :

· State Bank of India, Specialised Commercial Branch, 2^nd Floor, Trident Complex, Race Course, Vadodara – 390015, Gujarat, India

· Axis Bank Limited, Trishul 3^rd Floor, Opposite Samartheshwar Temple, Law Garden Ellisbridge, Ahmedabad – 380006, Gujarat, India

Facilities :

SECURED LOANS	31.03.2014 Rs. In Millions	31.03.2013 Rs. In Millions
Long Term Borrowings
Term loans
From banks	32.451	42.735
From other	0.000	0.011
Short Term Borrowings
Loan repayable on demand
From bank	73.664	77.080
Total	106.115	119.826

Banking Relations :	--
Auditors :
Name :	Maloo Bhatt and Company Chartered Accountants
Address :	204-207, Parshwa Complex, Near Cash “N” Carry, Ellorapark, Vadodara – 390023, Gujarat, India
PAN No.:	AABFY0209L
Related Parties :	· Maktel Power Limited · Diamond Power Transformers Limited · Diamond Power Infrastructure Limited · Diamond Infosystems Limited

CAPITAL STRUCTURE

AS ON 26.09.2013

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
3750000	Equity Shares	Rs.10/- each	Rs.37.500 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	37.500	37.500	37.500
(b) Reserves & Surplus	52.988	45.684	37.328
(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)	90.488	83.184	74.828
(3) Non-Current Liabilities
(a) long-term borrowings	47.370	50.784	14.155
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.634	0.708
(d) long-term provisions	1.022	1.099	1.377
Total Non-current Liabilities (3)	48.392	52.517	16.240
(4) Current Liabilities
(a) Short term borrowings	73.664	77.080	35.723
(b) Trade payables	134.460	135.804	66.742
(c) Other current liabilities	31.913	17.721	12.124
(d) Short-term provisions	2.551	2.032	1.589
Total Current Liabilities (4)	242.588	232.637	116.178
TOTAL	381.468	368.338	207.246
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	87.695	89.835	23.761
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.090	9.198
(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)	0.356	0.268	0.610
(d) Long-term Loan and Advances	0.284	3.675	0.465
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	88.335	93.868	34.034
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	134.904	91.552	75.907
(c) Trade receivables	127.195	163.119	85.580
(d) Cash and cash equivalents	16.677	11.335	9.028
(e) Short-term loans and advances	12.640	8.464	2.697
(f) Other current assets	1.717	0.000	0.000
Total Current Assets	293.133	274.470	173.212
TOTAL	381.468	368.338	207.246

PROFIT & LOSS ACCOUNT

Particulars	31.03.2014	31.03.2013	31.03.2012
Profit/Loss for the year	7.304	8.355	10.315
Earnings Per Share (Rs.)	1.95	2.23	3.44

KEY RATIOS

PARTICULARS	31.03.2014	31.03.2013	31.03.2012
Debt Equity Ratio (Total Debt /Networth)	1.34	1.54	0.67
Current Ratio (Current Asset/Current Liability)	1.21	1.18	1.49

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Share Capital	37.500	37.500	37.500
Reserves & Surplus	37.328	45.684	52.988
Net worth	74.828	83.184	90.488
long-term borrowings	14.155	50.784	47.370
Short term borrowings	35.723	77.080	73.664
Total borrowings	49.878	127.864	121.034
Debt/Equity ratio	0.667	1.537	1.338

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	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	No
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	-----------
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
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

UNSECURED LOANS:

Particulars	31.03.2014 Rs. In Millions	31.03.2013 Rs. In Millions
Long Term Borrowings
From bank and other Financial Institution	3.866	0.000
Loans and advances
From related parties	6.053	8.038
From others	5.000	0.000
Total	14.919	8.038

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10428148	04/05/2013	900,000.00	AXIS BANK LIMITED	TRISHUL 3RD FLOOR OPP SAMARTHESHWAR TEMPLE, LAW GARDEN ELLISBRIDGE, AHMEDABAD, GUJARAT - 380006, INDIA	B75897942
2	10422335	01/03/2013	1,247,000.00	AXIS BANK LIMITED	TRISHUL 3RD FLOOR OPP SAMARTHESHWAR TEMPLE, LAW GARDEN ELLISBRIDGE, AHMEDABAD, GUJARAT - 380006, INDIA	B73910986
3	10399004	09/01/2013	4,750,000.00	SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA	LANDMARK BLDG, FIRST FLOOR, RACE COURSE CIRCLE, VADODARA, GUJARAT - 390007, INDIA	B66452996
4	10153640	12/09/2012 *	214,000,000.00	STATE BANK OF INDIA	SPECIALISED COMMERCIAL BRANCH, 2ND FLOOR, TRIDENT COMPLEX, RACE COURSE, VADODARA, GUJARAT - 390015, INDIA	B58876079
5	10153639	12/09/2012 *	214,000,000.00	STATE BANK OF INDIA	SPECIALISED COMMERCIAL BRANCH, 2ND FLOOR, TRIDENT COMPLEX, RACE COURSE, VADODARA, GUJARAT - 390015, INDIA	B58875410

*Date of modification Charges

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Toll and Equipment

· Furniture and Fixtures

· Vehicles

· 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.61.41
UK Pound	1	Rs.98.06
Euro	1	Rs.77.19

INFORMATION DETAILS

Information Gathered by :	HTL
Analysis Done by :	RAS
Report Prepared by :	NKT

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	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		48

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.