MIRA INFORM REPORT

Report Date :

02.10.2014

IDENTIFICATION DETAILS

Name :	MAILAMINDIA LIMITED (w.e.f. 09.12.1998)
Formerly Known As :	MAILAM METALLOGEN PRIVATE LIMTED
Registered Office :	No. 3/17, Mailam Main Road, Sedarapet – 605111, Pondicherry
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	12.04.1983
Com. Reg. No.:	59-002224
Capital Investment / Paid-up Capital :	Rs. 25.922 Millions
CIN No.: [Company Identification No.]	U29199PY1983PLC002224
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject is engaged in the business manufacturer of Welding Electrodes.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

Maximum Credit Limit :	USD 750000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Sales turnover of the company has declined which has resulted in to dip in profit of the company during financial year 2013. However, general financial position of the company seems to be sound and healthy. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. The company can be considered for business dealing at usual trade terms and condition.

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. Suresh
Designation :	Accountant
Contact No.:	91-413-2677311
Date :	27.09.2014

LOCATIONS

Registered Office / Marketing Division / Factory :	No. 3/17, Mailam Main Road, Sedarapet – 605111, Pondicherry
Tel. No. :	91-413-2677311 / 2677074 / 3293774
Fax No. :	91-413-2677089
E-Mail :	mailam@mailamindia.com
Website :	http://mailanibdia.com

DIRECTORS

As on 27.09.2013

Name :

Mr Shivagurunathan Murgesan

Designation :

Whole Time Director

Address :

4, 6^th Main , Bharathidasan Nagar, Mudaliarpet – 605004, Pondicherry, India

Date of Birth/Age :

09.02.1952

Date of Appointment :

01.04.2014

Voter ID No. :

063823

DIN No. :

00495754

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	U29199PY1983PLC002224	MAILAM INDIA LIMITED	Whole-time director	01/04/2014	28/08/1989	-	Active	NO
2	L15142PY1993PLC000911	J.R.FOODS LIMITED	Director	20/08/1993	20/08/1993	26/06/2010	Active	NO
3	U29248TN2010PLC076275	MAILAM UPKING ENGINEERING LIMITED	Director	23/06/2010	23/06/2010	-	Active	NO

Name :

J. K. Kothari

Designation :

Director

Address :

4^th Cross, Anna Nagar, Pondicherry – 605005, Pondicherry, India

Date of Birth/Age :

05.12.1950

Date of Appointment :

28.08.1989

Voter ID No. :

021600

DIN No. :

00005295

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	U15143PY1978PTC000151	PONDICHERRY EXTRACTION INDUSTRIES PVT.LTD.	Director	21/01/1978	21/01/1978	-	Active	NO
2	U29199PY1983PLC002224	MAILAM INDIA LIMITED	Director	28/08/1989	28/08/1989	01/10/2013	Active	NO
3	L15142PY1993PLC000911	J.R.FOODS LIMITED	Managing director	01/06/2012	20/08/1993	-	Active	NO

Name :

R. Venkatraman

Designation :

Director

Address :

58, 6^th Cross Street, Heritage Jayendra Nagar, Sembakkam, Chennai – 600073, Tamil Nadu, India

Date of Birth/Age :

12.07.1941

Date of Appointment :

30.11.1998

Voter ID No. :

018167

DIN No. :

00496329

Name :

K. R. Rengarajan

Designation :

Managing Director

Address :

B-22, Abirami Apartments, BRB Street, West Mambalam, Chennai – 600033, Tamilnadu, India

Date of Birth/Age :

15.06.1952

Date of Appointment :

01.01.2012

Voter ID No. :

291305

DIN No. :

00496342

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	U29199PY1983PLC002224	MAILAM INDIA LIMITED	Managing director	01/01/2012	29/09/2004	-	Active	NO
2	U29248TN2010PLC076275	MAILAM UPKING ENGINEERING LIMITED	Director	23/06/2010	23/06/2010	22/03/2013	Active	NO

Name :

Mr. Gopal Krishnan

Designation :

Director

Address :

Flat 5, Lashmi Nivas, Lakshmi Purah, 8^th Street, Riyalpettah, Chennai – 600014, Tamil Nadu, India

Date of Birth/Age :

14.06.1940

Date of Appointment :

28.09.2012

DIN No. :

01320880

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	U29309TN1997PTC039114	MANSEN ENGINEERING PRIVATE LIMITED	Whole-time director	14/07/2000	14/07/2000	-	Strike off	NO
2	U29199PY1983PLC002224	MAILAM INDIA LIMITED	Director	28/09/2012	01/09/2007	-	Active	NO

Name :

K. Viswanathan

Designation :

Whole Time Director

Address :

Plot No.17, Second Gross Kumaran Nagar, Lawspect – 605008, Pondixherry, India

Date of Birth/Age :

01.04.1949

Date of Appointment :

01.04.2012

Voter ID No. :

GKY0667295

DIN No. :

02678572

Name :

K. S. Srinivasan

Designation :

Whole Time Director

Address :

Plot No.5, 7 New Dtreet, Shanthi Nagar, Lawspet – 605008, India

Date of Birth/Age :

30.09.1960

Date of Appointment :

01.04.2012

Voter ID No. :

KVY0433961

DIN No. :

02678562

KEY EXECUTIVES

Name :	Mr. Suresh
Designation :	Accountant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 27.09.2013

Names of Shareholders	No. of Shares
M. Sivagurunathan	31541
S. Andal Sellam	13000
M. S. Gayathri	42500
M. S. Akilandeswari	40750
J. K. Kothari	48200
Kamala Kothri	11220
Pondicherry Extraction Industries Private Limited, India	3500
M. Thiagarajan	450
K. R. Rengarajan	4341
K. S. Srinivasan	3000
V. Suresh Kumar	1000
A.Moorthy Nathan	200
A.Shrinivasan	400
R. Radhakrishnan	200
S. A. Prabhu	1000
K. Viswanathan	1000
R. Venkataraman	1000
G. Gurusankar	200
J. Swaminathan	400
S. Carounagarapandiane	200
Total	204102

Foreign Shareholders

Names of Shareholders	No. of Shares
M/S. Strong Wind International Company Limited, Taiwan R.O.C.	55113
Total	55113

As on 27.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	21.26
Bodies corporate	1.35
Directors or relatives of Directors	75.82
Other top fifty shareholders	1.57
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in the business manufacturer of Welding Electrodes.

GENERAL INFORMATION

No. of Employees :

Not Divulged

Bankers :

· Indian Overseas Bank, 250, Jawaharlal Nehru Street, Rajendra Buildings, Pondicherry – 605001, Pondicherry, India

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG TERM BORROWINGS
Term Loans from Bank	10.649	20.667
SHORT TERM BORROWINGS
Working Capital Loans from Bank	45.568	40.379
Total	56.217	61.046

Banking Relations :	--
Auditors :
Name :	Gayathirri and Company Chartered Accountants
Address :	New no. 31, old no. 15, IInd floor, murali street, Mahalingapuram, Nungambakkam, Chennai – 600034, Tamil Nadu, india
Tel. No. :	91-44-28172827
E-Mail :	gayathirriandco@gmai.com
Enterprises in Which Director have significant influence :	· J. R. Foods Limited · Mailam Upking Engineering Limited

CAPITAL STRUCTURE

As on 27.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.100/- each	Rs. 100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
259215	Equity Shares	Rs.100/- each	Rs. 25.922 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	25.922	25.922	19.550
(b) Reserves & Surplus	163.583	160.478	132.708
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	31.690
Total Shareholders’ Funds (1) + (2)	189.505	186.400	183.948
(3) Non-Current Liabilities
(a) long-term borrowings	10.649	20.667	33.180
(b) Deferred tax liabilities (Net)	9.161	9.252	3.680
(c) Other long term liabilities	0.261	1.001	3.511
(d) long-term provisions	4.314	3.900	2.388
Total Non-current Liabilities (3)	24.385	34.820	42.759
(4) Current Liabilities
(a) Short term borrowings	45.568	40.379	37.949
(b) Trade payables	91.170	91.522	81.004
(c) Other current liabilities	8.869	8.694	7.200
(d) Short-term provisions	3.507	3.447	3.800
Total Current Liabilities (4)	149.114	144.042	129.953
TOTAL	363.004	365.262	356.660
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	78.672	88.976	66.350
(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	56.487	62.570	54.448
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	47.549	32.965	37.264
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	182.708	184.511	158.062
(2) Current assets
(a) Current investments	46.931	0.000	0.000
(b) Inventories	38.123	84.232	85.551
(c) Trade receivables	64.381	70.971	92.234
(d) Cash and cash equivalents	12.194	9.444	6.166
(e) Short-term loans and advances	18.667	16.104	14.647
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	180.296	180.751	198.598
TOTAL	363.004	365.262	356.660

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	469.892	555.453	536.860
		Other Income	31.203	9.823	21.195
		TOTAL	501.095	565.276	558.055
Less	EXPENSES
		Cost of Materials Consumed	369.035	425.314	435.327
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	1.168	(2.524)	1.948
		Employees benefits expense	29.835	27.447	26.712
		Other expenses	74.236	81.348	59.056
		TOTAL (B)	474.274	531.585	523.043
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		26.821	33.691	35.012
Less	FINANCIAL EXPENSES		7.594	8.962	5.028
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		19.227	24.729	29.984
Less/ Add	DEPRECIATION/ AMORTISATION		9.223	8.891	7.022
	PROFIT/ (LOSS) BEFORE TAX		10.004	15.838	22.962
Less	TAX		3.600	5.400	7.200
	PROFIT/ (LOSS) AFTER TAX		6.404	10.438	15.762
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Exports	147.823	230.665	257.893
	TOTAL EARNINGS		147.823	230.665	257.893
	IMPORTS
		Raw Material	48.548	33.797	31.206
		Components and Spares Parts	0.898	1.592	0.000
		Capital Goods	0.000	0.970	29.642
	TOTAL IMPORTS		49.446	36.359	60.848
	Earnings / (Loss) Per Share (Rs.)		24.71	40.27	60.81

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	1.28	1.85	2.82
Net Profit Margin (PBT/Sales)	(%)	2.13	2.85	4.28
Return on Total Assets (PBT/Total Assets}	(%)	3.26	5.23	7.60
Return on Investment (ROI) (PBT/Networth)		0.05	0.08	0.12
Debt Equity Ratio (Total Debt/Networth)		0.30	0.33	0.39
Current Ratio (Current Asset/Current Liability)		1.21	1.25	1.53

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	19.550	25.922	25.922
Reserves & Surplus	132.708	160.478	163.583
Share Application money pending allotment	31.690	0.000	0.000
Net worth	183.948	186.400	189.505
long-term borrowings	33.180	20.667	10.649
Short term borrowings	37.949	40.379	45.568
Total borrowings	71.129	61.046	56.217
Debt/Equity ratio	0.387	0.328	0.297

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	536.860	555.453	469.892
		3.463	(15.404)

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	536.860	555.453	469.892
Profit	15.762	10.438	6.404
	2.94%	1.88%	1.36%

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	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	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	Yes
34]	External Agency Rating, if available	No

NOTE:

The registered address of the company has been shifted from 13/31 Mannar Street, I Floor, T. Nagar, Chennai, Tamil Nadu, India to the present address from w.e.f. 29.09.2008

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	90285335	13/10/2010 *	102,500,000.00	INDIAN OVERSEAS BANK	250,JAWAHARLAL NEHRU STREET, RAJENDRA BUILDINGS,  PONDICHERRY, Pondicherry - 605001, INDIA	B00134825

* Date of charge modification

OPERATIONS

During the current year they have planned to achieve sales target of Rs. 400.000 Millions. The engineering and infrastructure companies are not doing well and so the director are of the opinion that maintaining the present turnover is not possible. However it is planned to achieve a sales of Rs. 400.000 Millions.

FIXED ASSETS

· Land and Building

· Plant and Machinery

· Transformer and Electrical

· Furniture and Fittings

· Office Equipments

· Vehicles

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 :	SVA
Analysis Done by :	KAR
Report Prepared by :	KLS

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		43

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.