MIRA INFORM REPORT

Report Date :

29.09.2014

IDENTIFICATION DETAILS

Name :	HRISHI EXPORTS PRIVATE LIMITED
Registered Office :	Plot No 334 G I D C Aji Industrial Estate Phase No II, Rajkot – 360003 Gujarat
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	21.03.1995
Com. Reg. No.:	04-025099
Capital Investment / Paid-up Capital :	Rs. 2.002 Millions
CIN No.: [Company Identification No.]	U51909GJ1995PTC025099
TAN No.: [Tax Deduction & Collection Account No.]	RKTH00301A
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Fabrication Products.
No. of Employees :	200 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (29)

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

Maximum Credit Limit :	USD 59500
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. Rating reflects moderate financial risk profile due to loss incurred by the company in the year 2013 However, Trade relation are fair. Business is active. Payment terms are 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 – 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.

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 BY

Name :	Mr. Jaydeep Dave
Designation :	Director
Contact No.:	91-281-2387295
Date :	26.09.2014

LOCATIONS

Registered Office/ Factory :	Plot No.334, G.I.D.C., Ajit Industrial Estate, Phase No. II, Rajkot – 360 003, Gujarat, India
Tel. No.:	91-281-2387295/ 2387295/ 2387164/ 2231829
Mobile No.:	91-9909999069 (Mr. Jaydeep Dave)
Fax No.:	91-281-2227573/ 2389545
E-Mail :	mjpassociates@gmail.com
Website :	http://www.hrishiexports.com
Area :	10000 sq. mtrs.

DIRECTORS

As on 30.09.2010

Name :

Mr. Narendrakumar Chatrabhuj Dave

Designation :

Director

Address :

Anil, 2-Bhaktinagar Society, Rajkot – 360 004, Gujarat, India

Date of Appointment :

21.03.1995

DIN No.:

00492990

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	U51909GJ1995PTC025099	HRISHI EXPORTS PVT LTD	Director	21/03/1995	21/03/1995	25/03/2014	Active	NO
2	U27109GJ1995PTC025100	PREM ENGINEERING PVT LTD	Director	01/10/1995	01/10/1995	-	Active	NO

Name :

Mr. Jaydeep Narendrakumar Dave

Designation :

Director

Address :

Anil, 2-Bhaktinagar Society, Rajkot – 360 004, Gujarat, India

Date of Appointment :

01.10.1995

DIN No.:

00493144

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	U51909GJ1995PTC025099	HRISHI EXPORTS PVT LTD	Director	01/10/1995	01/10/1995	25/03/2014	Active	NO
2	U27109GJ1995PTC025100	PREM ENGINEERING PVT LTD	Director	01/10/1995	01/10/1995	-	Active	NO
3	U29253GJ2013PTC077533	AMB BEARINGS PRIVATE LIMITED	Director	22/11/2013	22/11/2013	-	Active	NO

Name :

Mr. Harishkumar Narotamdas Dave

Designation :

Managing Director

Address :

Kailash, 30-A, Paras Society, Nirmala Road, Rajkot – 360 005, Gujarat, India

Date of Appointment :

21.03.1995

DIN No.:

00493400

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	U51909GJ1995PTC025099	HRISHI EXPORTS PVT LTD	Managing director	01/08/2009	21/03/1995	-	Active	NO Bottom of Form
2	U27109GJ1995PTC025100	PREM ENGINEERING PVT LTD	Managing director	01/08/2009	21/03/1995	25/03/2014	Active	NO
3	U29253GJ2013PTC077533	AMB BEARINGS PRIVATE LIMITED	Director	20/08/2014	20/08/2014	-	Active	NO

Name :

Mr. Hrishikesh Harishkumar Dave

Designation :

Director

Address :

Kailash, 30-A, Paras Society, Nirmala Road, Rajkot – 360 005, Gujarat, India

Date of Appointment :

01.04.2003

DIN No.:

00493468

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	U27109GJ1995PTC025100	PREM ENGINEERING PVT LTD	Director	01/04/2003	01/04/2003	13/06/2014	Active	NO
2	U51909GJ1995PTC025099	HRISHI EXPORTS PVT LTD	Director	01/04/2003	01/04/2003	25/03/2014	Active	NO
3	U29253GJ2013PTC077533	AMB BEARINGS PRIVATE LIMITED	Director	19/11/2013	19/11/2013	13/06/2014	Active	NO

Name :

Mr. Ankur Narendrakumar Dave

Designation :

Director

Address :

Anil, 2-Bhaktinagar Society, Rajkot – 360 004, Gujarat, India

Date of Appointment :

01.10.1995

DIN No.:

01345512

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	U27109GJ1995PTC025100	PREM ENGINEERING PVT LTD	Director	21/03/1995	21/03/1995	25/03/2014	Active	NO
2	U51909GJ1995PTC025099	HRISHI EXPORTS PVT LTD	Director	01/10/1995	01/10/1995	-	Active	NO
3	U29253GJ2013PTC077533	AMB BEARINGS PRIVATE LIMITED	Director	19/11/2013	19/11/2013	-	Active	NO

Name :

Mr. Dhruv Harishkumar Dave

Designation :

Director

Address :

Paras Society, Near Nirmala Convent School, Rajkot – 360 001, Gujarat, India

Date of Appointment :

01.04.2009

DIN No.:

02652378

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	U27109GJ1995PTC025100	PREM ENGINEERING PVT LTD	Director	01/04/2009	01/04/2009	25/03/2014	Active	NO
2	U51909GJ1995PTC025099	HRISHI EXPORTS PVT LTD	Director	01/04/2009	01/04/2009	-	Active	NO
3	U29253GJ2013PTC077533	AMB BEARINGS PRIVATE LIMITED	Director	22/11/2013	22/11/2013	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.09.2013

Names of Shareholders	No. of Shares
Harishkumar N. Dave	50020
Ankur N. Dave	25030
Pushpagauriben N. Dave	10020
Darshanben H. Dave	10020
Hrishikesh H. Dave	10020
Dhruv H. Dave	10020
Narendrakumar C. Dave	25020
Ramagauriben N. Dave	25020
Jaydeep N. Dave	24990
Sapnaben J. Dave	20
Prem J. Dave	20
Tina H. Dave	5000
Rutva H. Dave	5000
Total	200200

Equity Share Break up (Percentage of Total Equity)

As on: 30.09.2013

Category	Percentage
Directors or relatives of directors	100.00
Total

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Fabrication Products.

Products :

· High Speed Diesel Engines · Self Priming Mud/ Sewage Pumps · Slow Speed Diesel Engines · Afridev Deepwell Hand Pumps · Portable Diesel Engines · India Mark-II Deep Well Hand Pumps · Portable Pumping Sets · Treadle Pumps · Diesel Generating Sets · Grinding Mills · Animal Driven Plough · Castings · Direct Couple Centrifugal Pumps · Forgings · Belt Driven Centrifugal Pumps · Bearings · Agricultural and Garden Tools

GENERAL INFORMATION

No. of Employees :

200 (Approximately)

Bankers :

· State Bank of India, Near Kanta Stri Vikasgruh, Dhebarbhai Road, Bhaktinagar, Rajkot – 360 002, Gujarat, India

Bank of India (DBK) Mumbai

Corporation Bank

HDFC Bank Limited

State Bank of Saurashtra

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2013	As on 31.03.2012
Long Term Borrowing
Loan from banks
HDFC Car Loan Honda City	0.118	0.451
HDFC Car Loan VW Jatta	0.000	0.412
HDFC Car Loan BMW	2.398	0.000
Short Term Borrowing
State Bank of India OD A/c	4.336	0.000
State Bank of India FBP	2.029	1.142
State Bank of India Packing Credit A/c	0.013	0.000
Total	8.894	2.005

Banking Relations :	--
Auditors :
Name :	D.J. Baxi and Company Chartered Accountants
Address :	Office No. 1008, 10^th Floor, Gurukrupa Tower, Moti Tanki Chowk, Oppossites Tata Indicom, Rajkot – 360001, Gujarat, India
Tel. No.:	91-281-2460439
Mobile No.:	91-9824210021
PAN.:	ABPPB7850D

CAPITAL STRUCTURE

As on: 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
250,000	Equity Shares	Rs.10/- each	Rs. 2.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
200,200	Equity Shares	Rs.10/- each	Rs. 2.002 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	2.002	2.002	2.002
(b) Reserves & Surplus	12.873	12.939	13.019
(c) Money received against share warrants	0.000	0.000	0.000
			0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	14.875	14.941	15.021
(3) Non-Current Liabilities
(a) long-term borrowings	2.516	0.863	1.676
(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	0.000	0.000	0.000
Total Non-current Liabilities (3)	2.516	0.863	1.676
(4) Current Liabilities
(a) Short term borrowings	6.378	1.142	5.758
(b) Trade payables	17.300	24.707	14.798
(c) Other current liabilities	7.061	8.983	9.335
(d) Short-term provisions	0.031	0.460	0.714
Total Current Liabilities (4)	30.770	35.292	30.605
TOTAL	48.161	51.096	47.302
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	4.670	2.457	2.887
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	12.542	7.542	0.044
Total Non-Current Assets	17.212	9.999	2.931
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	2.526	4.500	0.000
(c) Trade receivables	9.562	14.474	31.597
(d) Cash and cash equivalents	0.305	0.198	0.387
(e) Short-term loans and advances	2.128	0.925	1.880
(f) Other current assets	16.428	21.000	10.507
Total Current Assets	30.949	41.097	44.371
TOTAL	48.161	51.096	47.302

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	128.851	112.113	315.085
		Other Income	1.149	2.599	0.958
		TOTAL (A)	130.000	114.712	316.043
Less	EXPENSES
		Employees benefits expense	NA	2.816	5.379
		Other Expenses	NA	110.780	307.175
		TOTAL (B)	NA	113.596	312.554
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		NA	1.116	3.489
Less	FINANCIAL EXPENSES (D)		NA	0.761	2.902
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		NA	0.355	0.587
Less/ Add	DEPRECIATION/ AMORTISATION (F)		NA	0.435	0.512
	PROFIT BEFORE TAX (E-F) (G)		NA	(0.080)	0.075
Less	TAX (H)		NA	0.000	0.014
	PROFIT AFTER TAX (G-H) (I)		(0.025)	(0.080)	0.061
	EARNINGS IN FOREIGN CURRENCY		NA	108.914	NA
	Earnings Per Share (Rs.)		(0.12)	(0.40)	0.30

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	(0.02)	(0.07)	0.02
Net Profit Margin (PBT/Sales)	(%)	NA	2.77	11.42
Return on Total Assets (PBT/Total Assets}	(%)	NA	6.07	76.04
Return on Investment (ROI) (PBT/Networth)		NA	0.21	2.39
Debt Equity Ratio (Total Debt/Networth)		0.60	0.13	0.49
Current Ratio (Current Asset/Current Liability)		1.01	1.16	1.45

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	2.002	2.002	2.002
Reserves & Surplus	13.019	12.939	12.873
Net worth	15.021	14.941	14.875
long-term borrowings	1.676	0.862	2.516
Short term borrowings	5.758	1.142	6.378
Total borrowings	7.434	2.004	8.894
Debt/Equity ratio	0.495	0.134	0.598

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	315.085	112.113	128.851
		(64.418)	14.930

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	315.085	112.113	128.851
Profit	0.061	(0.080)	(0.025)
	0.02%	(0.07%)	(0.02%)

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	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	No

INDEX OF CHARGES:

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10237786	03/08/2010	44,000,000.00	STATE BANK OF INDIA	NEAR KANTA STRI VIKASGRUH, DHEBARBHAI ROAD,BHAKTINAGAR, RAJKOT, GUJARAT-360002, INDIA	A93713410
2	90094861	02/08/1999 *	13,500,000.00	STATE BANK OF INDIA	SAURASHTRA; BHAKTINAGAR BRANCH, RAJKOT, GUJARAT, INDIA	-

FIXED ASSETS:

· Furniture

Computer

Canan Printer

Computer (New)

Nokia Mobile

Vehicle

Typewriter

Water Cooler

Honda CR-V-RVI

Accord Car

Honda Accord Vtill Car

Honda Activa

Refrigerator

Air Condition

Air Ventlator Fan

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.61.57
UK Pound	1	Rs.100.42
Euro	1	Rs.78.45

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	SMT
Report Prepared by :	MTN

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	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		29

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.