MIRA INFORM REPORT

Report Date :

04.11.2014

IDENTIFICATION DETAILS

Name :	STARLIT POWER SYSTEMS LIMITED (w.e.f. 13.02.2012)
Formerly Known As :	STARLIT E - RECYCLERS LIMITED
Registered Office :	A-1/20, LGF, Safdarjung Enclave, New Delhi - 110029
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	04.03.2008
Com. Reg. No.:	55-174911
Capital Investment / Paid-up Capital :	Rs. 44.759 Millions
CIN No.: [Company Identification No.]	U37200DL2008PLC174911
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	The company is engaged in the Recycling, Refining and Manufacturing of Lead Products.
No. of Employees :	Information declined by the management

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 2300000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. Profitability of the company seems to be low during 2014. However, trade relations are fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered for business dealings with some cautions.

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	ICRA
Rating	Fund Based Limits = BB- (Suspended)
Rating Explanation	Have Moderate risk of Default.
Date	October 2014

Reasons for Suspensions:

The Suspensions follows ICRA’s inability to carry out a rating surveillance in the absences of the requisite information from the company.

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlised 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 – cooperative (91-11-46027970)

LOCATIONS

Registered Office :	A-1/20, LGF, Safdarjung Enclave, New Delhi – 110029, India
Tel. No.:	91-11-46037870/26102570/46027970/
Fax No.:	91-11-26102670
E-Mail :	info@starlitgroup.net secretarial@starlitgroup.net yogesh@starlitgroup.net
Website :	www.starlitgroup.net
Factory :	Village Atta, Sohna-Indri Road, District Mewat, Haryana – 122103, India
Corporate Office :	A 1/20, LGF, Safdarjung Enclave, New Delhi – 110029
Tel. No.:	91-11-46037870
Fax No.:	91-11-261-02670

DIRECTORS

As on 04.07.2013

Name :

Mr Surinder Pal

Designation :

Director

Address :

161, Second Floor SA Inik Vihar, Pitampura, Delhi – 110034, India

Date of Birth/Age :

23.01.1964

Date of Appointment :

04.03.2008

DIN No. :

01937783

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	U52110DL1985PLC020755	STARLIT INFRASTRUCTURE LIMITED	Director	01/10/2007	01/10/2007	-	Active	NO
2	U37200DL2008PLC174911	STARLIT POWER SYSTEMS LIMITED	Director	04/03/2008	04/03/2008	-	Active	NO
3	U51909MH2008PTC183645	MAHI TRADEMART PRIVATE LIMITED	Director	07/07/2008	07/07/2008	04/06/2010	Active	NO
4	U65929DL1992PLC048269	STARLIT FINANCE LIMITED	Director	31/03/2009	16/10/2008	-	Active	NO
5	U74899DL1992PLC049025	VIDYA MANDIR CLASSES LIMITED	Director	14/12/2009	14/12/2009	10/08/2010	Active	NO
6	U74140DL2011PTC215582	LOMBARDI ENGINEERING INDIA PRIVATE LIMITED	Director	10/03/2011	10/03/2011	-	Active	NO
7	U72200DL2008PTC177258	STARLIT TECHNOLOGIES PRIVATE LIMITED	Director	27/09/2012	17/09/2012	-	Active	NO
8	U80302RJ2014NPL044778	INSTITUTE OF CHARTERED WASTE MANAGERS	Director	06/01/2014	06/01/2014	-	Active	NO

Name :

Mr. Jaswal Sing Kamaleet

Designation :

Director

Address :

B – 10/ 236, First Floor Amritpuri B, East of Kailash, New Delhi – 110065, India

Date of Birth/Age :

02.03.1981

Date of Appointment :

30.10.2013

DIN No. :

02340493

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	U51909MH2008PTC183645	MAHI TRADEMART PRIVATE LIMITED	Director	07/07/2008	07/07/2008	04/06/2010	Active	NO
2	U65929DL1992PLC048269	STARLIT FINANCE LIMITED	Director	31/03/2009	16/10/2008	-	Active	NO
3	U37200DL2008PLC174911	STARLIT POWER SYSTEMS LIMITED	Director	30/10/2013	29/03/2012	-	Active	NO
4	U01132WB2009PTC135479	SAMSING ORGANIC TEA PRIVATE LIMITED	Additional director	09/10/2012	09/10/2012	01/01/2013	Active	NO
5	U01132WB1998PTC089959	BAMANDANGA TEA ESTATES PRIVATE LIMITED	Additional director	09/10/2012	09/10/2012	01/01/2013	Active	NO
6	U01132WB2009PTC135478	YANGTONG ORGANIC TEA PRIVATE LIMITED	Additional director	09/10/2012	09/10/2012	10/01/2013	Active	NO
7	U52110DL1985PLC020755	STARLIT INFRASTRUCTURE LIMITED	Director	18/09/2013	19/01/2013	-	Active	NO

Name :

Mr. Yogesh Kumar Gupta

Designation :

Director

Address :

DG – 11/100 B, Vikaspuri, new delhi – 110018, India

Date of Birth/Age :

30.10.1967

Date of Appointment :

30.10.2013

DIN No. :

00315397

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	U74899DL1996PLC075252	SANCHIT SECFIN LIMITED	Director	15/10/2001	15/10/2001	-	Active	NO
2	U37200DL2008PLC174911	STARLIT POWER SYSTEMS LIMITED	Managing director	30/10/2013	12/06/2010	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Bala Ji
Designation :	Company Secretary and Compliance Officer

MAJOR SHAREHOLDERS

As on 04.07.2013

Names of Shareholders	No. of Shares
Shridhar Sachin	680042
Pal Surinder	169420
Shridhar Purabi	2500
Kumar Meenakshi	2500
Sharma sudhir	3200
Starli Infrasteucture Limited, India	631633
Starlit Finance Limited, India	745733
Gupta Kumar Yogesh	90000
Pyramid Sales Privare Limited, India	156920
Veekay apartments Private Limited, India	156920
Somani Estates Private Limited, India	156920
BFM Industries Limited, India	156920
Humraj Commodities Private Limited, India	156920
	3109628
Total	6159628

As on 04.07.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	68.89
Directors or relatives of Directors	31.11
Total	100.00

BUSINESS DETAILS

Line of Business :

The company is engaged in the Recycling, Refining and Manufacturing of Lead Products.

GENERAL INFORMATION

Suppliers :

• Chase Industrial Private Limited
• Kahion Industrial Corporation
• Punjab Chemlead Private Limited
• Archana Steel
• Atul shipping Agencies Private Limited
• DM andCompany
• Jyoti Narang
• A R and Associates
• United Traders

Customers :

• Artheon Battery company Private Limited
• Bharat Accumulators Limited
• Hopewell Ceramics Private Limited
• Marthon Batteries Private Limited
• Garg Electricals
• Grover Electronics
• SPN Electronic Generator

No. of Employees :

Information declined by the management

Bankers :

Punjab National Bank, Branch Office Bhikaji Cama Place, New Delhi – 110607, India

Facilities :

(Rs. In Millions)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Term Loan
From Banks	60.458	4.869
Vehicle Loan	0.734	0.926
SHORT TERM BORROWING
Loans Repayable on demand
From other Parties	70.438	25.238
Total	131.630	31.033

NOTE:

Short Term Borrowing:

*Hypothecation of goods and secure cash credit facility

*Hypothecation of current assets.

Banking Relations :	---
Auditors :
Name :	DN and Company Chartered Accountant
Address :	301/18, 2^nd floor, Krishna Mansion, civil Lines, Gurgaon – 122001, Haryana, India
PAN No.:	AKJPM6500E
Related Parties :	Pyramid Sales Private Limited, India Veekay apartments Private Limited, India Somani Estates Private Limited, India BFM Industries Limited, India Humraj Commodities Private Limited, India Pyramid Sales Private Limited Starlit Infrastructure Limited Starlit Finance Limited

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- each	Rs.100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4475893	Equity Shares	Rs.10/- each	Rs.44.759 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	44.759	31.384	22.688
(b) Reserves & Surplus	34.874	6.796	3.774
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.850
Total Shareholders’ Funds (1) + (2)	79.633	38.180	27.312
(3) Non-Current Liabilities
(a) long-term borrowings	69.192	40.864	10.302
(b) Deferred tax liabilities (Net)	2.877	0.976	0.509
(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)	72.069	41.840	10.811
(4) Current Liabilities
(a) Short term borrowings	70.439	25.238	33.243
(b) Trade payables	52.754	15.393	1.564
(c) Other current liabilities	21.894	1.651	0.639
(d) Short-term provisions	0.123	1.060	1.082
Total Current Liabilities (4)	145.210	43.342	36.528
TOTAL	296.912	123.362	74.651
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	68.874	30.573	22.205
(ii) Intangible Assets	0.250	0.000	0.000
(iii) Capital work-in-progress	48.315	21.415	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	1.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	2.639	13.161	1.459
(e) Other Non-current assets
Total Non-Current Assets	121.078	65.149	23.664
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	38.651	22.538	16.267
(c) Trade receivables	77.923	33.842	27.119
(d) Cash and cash equivalents	0.307	0.307	0.296
(e) Short-term loans and advances	58.905	1.526	7.305
(f) Other current assets	0.048	0.000	0.000
Total Current Assets	175.834	58.213	50.987
TOTAL	296.912	123.362	74.651

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	425.557	305.744	196.440
	Other Income	0.598	0.074	0.037
	TOTAL (A)	426.155	305.818	196.477
Less	EXPENSES
	Cost of Materials Consumed	299.431	277.524	172.807
	Purchases of Stock-in-Trade	82.825	0.000	0.000
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(8.659)	(3.445)	(1.836)
	Employees benefits expense	6.416	2.887	2.872
	Other expenses	19.683	11.819	10.762
	TOTAL (B)	399.696	288.785	184.605
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	26.459	17.033	11.872
Less	FINANCIAL EXPENSES (D)	19.795	9.815	5.443
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	6.664	7.218	6.429
Less/ Add	DEPRECIATION/ AMORTISATION (F)	4.411	2.706	2.336
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	2.253	4.512	4.093
Less	TAX (I)	1.902	1.490	1.231
	PROFIT/ (LOSS) AFTER TAX (G-I) (J)	0.351	3.022	2.862
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	133.315	4.594	6.606
	Earnings / (Loss) Per Share (Rs.)	0.11	0.97	1.29

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	0.08	0.99	1.46
Operating Profit Margin (PBDIT / Sales)	(%)	6.22	5.57	6.04
Return on Total Assets (PBT/Total Assets}	(%)	0.91	4.43	5.48
Return on Investment (ROI) (PBT/Networth)		0.03	0.12	0.15
Debt Equity Ratio (Total Debt /Networth)		1.75	1.73	1.59
Current Ratio (Current Asset/Current Liability)		1.21	1.34	1.40

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	22.688	31.384	44.759
Reserves & Surplus	3.774	6.796	34.874
Share Application money pending allotment	0.850	0.000	0.000
Net worth	27.312	38.180	79.633
long-term borrowings	10.302	40.864	69.192
Short term borrowings	33.243	25.238	70.439
Total borrowings	43.545	66.102	139.631
Debt/Equity ratio	1.594	1.731	1.753

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	196.440	305.744	425.557
		55.642	39.187

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	196.440	305.744	425.557
Profit	2.862	3.022	0.351
	1.46%	0.99%	0.08%

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	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	Yes
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 LOAN

(Rs. In Millions)

Particulars	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Bonds/debentures	0.000	30.500
From Others	8.000	4.569
Total	8.000	35.069

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10472364	07/01/2014 *	2,500,000.00	Punjab National Bank	Branch Bhikaji Cama Place, New Delhi, Delhi - 110607, INDIA	B97972921
2	10472109	13/02/2014 *	75,000,000.00	Punjab National Bank	Branch Bhikaji Cama Place, New Delhi, Delhi - 110607, INDIA	B98628134
3	10236215	07/01/2014 *	20,000,000.00	Punjab National Bank	Branch Bhikaji Cama Place, New Delhi, Delhi - 110607, INDIA	B97973630
4	10236427	16/07/2014 *	98,000,000.00	Punjab National Bank	Branch Bhikaji Cama Place, New Delhi, Delhi - 110029, INDIA	C17182866

* Date of charge modification

FIXED ASSETS

• Industrial plot at Sohma
• WIP
• Building at Sohma
• Motor Cycle
• Laboratory Equipments
• Office Equipments
• Computer
• Furniture and Fixture
• Electric Installation
• Telephone
• Truck
• Mould
• Motor Car
• Tractor
• Generator
• UPS
  

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.76.67

INFORMATION DETAILS

Information Gathered by :	HTL
Analysis Done by :	RSM
Report Prepared by :	ART

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	2
--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	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		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.