MIRA INFORM REPORT

Report Date :

01.10.2014

IDENTIFICATION DETAILS

Name :	UMASONS STEELFAB PRIVATE LIMITED
Registered Office :	A-15, Industrial Area, Near Railway Station, Aurangabad-131005, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	13.03.1974
Com. Reg. No.:	11-017277
Capital Investment / Paid-up Capital :	Rs. 0.900 Million
CIN No.: [Company Identification No.]	U29290MH1974PTC017277
TAN No.: [Tax Deduction & Collection Account No.]	PNEU05463D
PAN No.: [Permanent Account No.]	AAACO588Q
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Stainless Steel Equipments.
No. of Employees :	20 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (30)

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

Maximum Credit Limit :	USD 17000
Status :	Moderate
Payment Behaviour :	Slow but Correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The rating is constrained on account of company’s moderate financial risk profile marked by thin profitability levels and small net worth of the company. However, trade relations are fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealing with some caution.

NOTES :

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

ECGC Country Risk Classification List – 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 PARTED

Name :	Mr. Ravindra K. Padhye
Designation :	Director
Contact No.:	91-9325212661
Date :	15.09.2014

LOCATIONS

Registered Office / Factory Address :	A-15, Industrial Area, Near Railway Station, Aurangabad-131005, Maharashtra, India
Tel. No.:	91-240-2320979/2335361
Fax No.:	91-240-2337444
E-Mail :	devendraring@gmail.com response@umasonssteelfab.com csprasadtakalkar@gmail.com umasons@rediffmail.com
Website :	www.umasonssteelfab.com

DIRECTORS

As on 25.09.2013

Name :

Mr. Ramchandra Nilkanth Bhogale

Designation :

Director

Address :

20, Mitramandal Housing Society, Osmanpura, Aurangabad-431005, Maharashtra, India

Date of Birth/Age :

02.08.1955

Date of Appointment :

28.02.1982

DIN No.:

00292417

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	U29290MH1974PTC017277	UMASONS STEELFAB PRIVATE LIMITED	Director	28/02/1982	28/02/1982	-	Active	NO
2	U24110MH1990PTC055621	AMULET COATINGS PRIVATE LIMITED	Director	01/03/1990	01/03/1990	26/08/2013	Active	NO
3	U29130MH1988PTC046951	MARATHWADA AUTO COMPO PRIVATE LIMITED	Whole-time director	23/08/1997	23/08/1997	-	Active	NO
4	U34100MH2000PTC125510	UMASONS AUTO COMPO PRIVATE LIMITED	Director	31/03/2000	31/03/2000	-	Active	NO
5	L24200MH1960PLC011807	EXCEL INDUSTRIES LIMITED	Director	06/12/2001	06/12/2001	-	Active	NO
6	U67110MH1996PTC161974	FULKRUM FINANCIAL SERVICES PRIVATE LIMITED.	Director	15/08/2006	15/08/2006	-	Active	NO
7	U27200MH1979PLC021470	NIRLEP APPLIANCES LIMITED	Director	17/12/2006	17/12/2006	-	Active	NO
8	U36900PN2011PLC139372	AARNAVA PRECISION TECHNOLOGIES LIMITED	Director	29/04/2011	29/04/2011	13/06/2011	Active	NO
9	U91120MH2005NPL158483	MARATHWADA AUTO CLUSTER	Director	27/09/2012	18/10/2011	-	Active	NO
10	U74120MH2013PTC247227	I INVENT LABS PRIVATE LIMITED	Director	19/08/2013	19/08/2013	-	Active	NO

Name :

MR. Ravindra Keshav Padhye

Designation :

Managing Director

Address :

Plot No.5, Anupam Housing Society, Shreyanagar, Aurangabad, Maharashtra, India

Date of Birth/Age :

19.10.1961

Date of Appointment :

27.01.2000

DIN No.:

00058354

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	U28920MH1996PTC103895	NIMBUS EQUIPMENTS AND COATINGS PRIVATE LIMITED	Director	11/11/1996	11/11/1996	-	Active	NO
2	U29290MH1974PTC017277	UMASONS STEELFAB PRIVATE LIMITED	Managing director	27/01/2000	27/01/2000	-	Active	NO

Name :

Mr. Mukund Nilkanth Bhogale

Designation :

Director

Address :

8, Mitramandal Housing Society, Osmanpura, Aurangabad-431005, Maharashtra, India

Date of Birth/Age :

15.05.1958

Date of Appointment :

26.06.1997

DIN No.:

00072564

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	U27200MH1979PLC021470	NIRLEP APPLIANCES LIMITED	Managing director	01/07/2012	01/08/1980	-	Active	NO
2	U24110MH1990PTC055621	AMULET COATINGS PRIVATE LIMITED	Director	01/03/1990	01/03/1990	26/08/2013	Active	NO
3	U67110MH1996PTC161974	FULKRUM FINANCIAL SERVICES PRIVATE LIMITED.	Director	15/08/1996	15/08/1996	-	Active	NO
4	U27200MH1995PLC092804	AMULET INDUSTRIES LIMITED	Director	21/12/1996	21/12/1996	26/08/2013	Active	NO
5	U29290MH1974PTC017277	UMASONS STEELFAB PRIVATE LIMITED	Director	26/06/1997	26/06/1997	-	Active	NO
6	U29130MH1988PTC046951	MARATHWADA AUTO COMPO PRIVATE LIMITED	Director	23/08/1997	23/08/1997	-	Active	NO
7	U34100MH2000PTC125510	UMASONS AUTO COMPO PRIVATE LIMITED	Director	31/03/2000	31/03/2000	-	Active	NO
8	U91120MH2005NPL158483	MARATHWADA AUTO CLUSTER	Director	30/12/2005	30/12/2005	-	Active	NO
9	U27203MH2006PTC162910	BHOGALES NOVAC ENGINEERING PRIVATE LIMITED.	Director	29/06/2006	29/06/2006	-	Active	NO
10	U28910MH2010PTC203315	NOVAITALIA FOODSERVICE PRODUCTS PRIVATE LIMITED	Director	17/05/2010	17/05/2010	-	Active	NO

Name :

Mr. Madhav Y. Bhogale

Designation :

Director

Address :

Plot No. 100, Yogeshwar, Nagar, Aurangabad-431005, Maharashtra, India

Date of Birth/Age :

31.07.1960

Date of Appointment :

27.07.1997

DIN No.:

00084992

Other Directorship :

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 25.09.2013

Names of Shareholders	No. of Shares
Mrs. Jogalekar M. Sharayu	100
Mr. Kale M. Anant	50
Mrs. Ranade R. Ujwal	2
Mrs Bhagle Sprabhavati J/W Mes. Padhya Swati Ravindra	5423
Mrs. Apte Madhavi Anil	50
Mrs. Kulkarni Asawari	50
Mrs. Panse Mukti	50
Mr. Bhogle N Ramchandra	676
Mr. Bhogle N. Mukund	1137
Mr. Bhogle Y. Madhav	100
Mrs. Bhogle N. Suhas	101
Mrs. Bhogle M. Rajani	150
Mrs. Bhogle R. Shyamala	150
Mrs. Bhogle Malini Jayant	100
Mrs. Joshi V. Smita	150
Mr. Ravindra Keshav Padhye	711
Total	9000

As on 25.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Directors or relatives of Directors	94.98
Other top fifty shareholders	5.02
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Stainless Steel Equipments.
Products :	· Chemical Equipment and Process Equipment · Pharmaceutical Equipment · Pharmaceutical Furniture · Biotech Furniture · Clean Room Furniture
Terms :
Selling :	Cash and Advance Payment
Purchasing :	Cash

GENERAL INFORMATION

Customers :

Wholesalers, Retailers and End Users

No. of Employees :

20 (Approximately)

Bankers :

· The Saraswat Co – Oprative Bank Limited, Aurangabad Branch, Station Road, Aurangabad – 431001, Maharashtra, India

· Bank of Maharashtra, Aurangabad City Branch, Aurangabad, Maharashtra, India

Facilities :

Cash Credit of Rs. 2.000 Millions from The Saraswat Co – Oprative Bank Limited.

SECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG TERM BORROWINGS
Vehicle Loans	0.023	0.176
Terms Loans	0.904
Deposits from Shareholder	0.416	0.416
Total	1.343	0.592

Banking Relations :	--
Auditors :
Name :	Joshi Kulkarni and Associates Chartered Accountants
Address :	282, Bharat apartments, Samarth Nagar, Aurangabad – 431005, Maharashtra, India
Tel. No. :	91-240-2362516 / 2343132
PAN No. :	AADFJ8410A

CAPITAL STRUCTURE

As on 25.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
25000	Equity Shares	Rs.100/- each	Rs. 2.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
9000	Equity Shares	Rs.100/- each	Rs. 0.900 Million

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	0.900	0.900	0.900
(b) Reserves & Surplus	3.388	3.273	2.799
(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)	4.288	4.173	3.699
(3) Non-Current Liabilities
(a) long-term borrowings	1.343	0.592	0.945
(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)	1.343	0.592	0.945
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.867
(b) Trade payables	9.242	8.395	7.685
(c) Other current liabilities	1.932	1.904	1.537
(d) Short-term provisions	0.000	0.000	0.000
Total Current Liabilities (4)	11.174	10.299	10.089
TOTAL	16.805	15.064	14.733
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	3.427	3.121	3.130
(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	0.464	0.251	0.251
(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	0.000	0.000	0.000
Total Non-Current Assets	3.891	3.372	3.381
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	6.771	7.172	5.711
(c) Trade receivables	2.348	2.005	4.327
(d) Cash and cash equivalents	2.348	1.902	0.701
(e) Short-term loans and advances	1.093	0.408	0.466
(f) Other current assets	0.354	0.205	0.147
Total Current Assets	12.914	11.692	11.352
TOTAL	16.805	15.064	14.733

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income
		Other Income
		TOTAL	62.689	54.061	56.646
Less	EXPENSES TOTAL		62.230	53.158	56.080
	PROFIT/ (LOSS) BEFORE TAX		0.459	0.903	0.566
Less	TAX		0.135	0.270	0.177
	PROFIT/ (LOSS) AFTER TAX		0.324	0.633	0.389
Less	APPROPRIATIONS
		Transfer to General Reserve		0.048	0.045
		Dividend	NA	0.180	0.135
		Tax on Dividend		0.029	0.023
	BALANCE CARRIED TO THE B/S		0.324	0.376	0.186
	Earnings / (Loss) Per Share (Rs.)		36.00	70.33	43.22

Particulars	31.03.2014
Sales Turnover (Approximately)	65.000

The above information has been parted by Mr. Mr. Ravinra Pandhye.

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	0.52	1.17	0.69
Net Profit Margin (PBT/Sales)	(%)	0.73	1.67	1.00
Return on Total Assets (PBT/Total Assets}	(%)	2.81	6.10	3.91
Return on Investment (ROI) (PBT/Networth)		0.11	0.22	0.15
Debt Equity Ratio (Total Debt/Networth)		0.31	0.14	0.49
Current Ratio (Current Asset/Current Liability)		1.16	1.14	1.13

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	0.900	0.900	0.900
Reserves & Surplus	2.799	3.273	3.388
Net worth	3.699	4.173	4.288
long-term borrowings	0.945	0.592	1.343
Short term borrowings	0.867	0.000	0.000
Total borrowings	1.812	0.592	1.343
Debt/Equity ratio	0.490	0.142	0.313

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	56.646	54.061	62.689
		(4.563)	15.960

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	56.646	54.061	62.689
Profit	0.389	0.633	0.324
	0.69%	1.17%	0.52%

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	Yes
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	No

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/ Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10103277	10/04/2008	640,000.00	THE SARASWAT CO-OP BANK LTD	STATION ROAD BRANCH, STATION ROAD, AURANGABAD, Ma  harashtra - 431005, INDIA	A38565834
2	10055487	23/03/2013 *	1,200,000.00	SARASWAT CO-OPERATIVE BANK LIMITED	MADHU SHILP, PLOT NO.6, C/2, TOWN CENTER,, NEAR C  IDCO BUS STAND, CIDCO, AURANGABAD, Maharashtra - 4  31003, INDIA	B73624678
3	90221985	13/11/1991	355,000.00	MAHARASHTRA STATE FINANCIAL CORPN	STATION RD, AURANGABAD, Maharashtra, INDIA	-

* Date of charge modification

FIXED ASSETS

· Factory Building

· Plant and Machinery

· Dies and Punches

· Fixture and Furniture

· Vehicles

· Electrification

· Office Equipment

· Computer

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. 61.61
UK Pound	1	Rs. 100.27
Euro	1	Rs. 78.20

INFORMATION DETAILS

Information Gathered by :	SUV
Analysis Done by :	KAR
Report Prepared by :	KLS

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	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		YES
--BANK CHARGES	YES/NO	NO
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO
MERIT POINTS		NO
--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		30

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.