MIRA INFORM REPORT

Report Date :

30.10.2014

IDENTIFICATION DETAILS

Name :	HITECH SWEET WATER TECHNOLOGIES PRIVATE LIMITED
Registered Office :	4, Gopal Nagar, GIDC, Nandida Char Rasta, Bardoli, Surat – 395 001, Gujarat
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	18.01.2000
Com. Reg. No.:	04-037188
Capital Investment / Paid-up Capital :	Rs.32.445 millions
CIN No.: [Company Identification No.]	U45205GJ2000PTC037188
PAN No.: [Permanent Account No.]	AAACH7432C
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Exporter and Importer of Domestic, Commercial and Industrial Water Purification System.
No. of Employees :	1800 (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 1225000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The rating reflects weak financial risk profile and working-capital-intensive operations. However, trade relations are fair. Business is active. Payment terms are 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.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long term rating = (BB-)
Rating Explanation	Moderate risk of default.
Date	24.07.2014

Rating Agency Name	CRISIL
Rating	Short term rating = (A4+)
Rating Explanation	Minimal degree of safety. It carry very high credit risk.
Date	24.07.2014

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 BY

Name :	Mr. Kamlesh Patel
Designation :	Marketing Manager
Contact No.:	91-9974088718
Date :	22.10.2014

LOCATIONS

Registered Office/ Factory :	4, Gopal Nagar, GIDC, Nandida Char Rasta, Bardoli, Surat – 395 001, Gujarat, India
Tel. No.:	91-261-2236426/ 2354020/ 3053079/ /91/ 3056779/ 2330079 91-2622-222755
Mobile No.:	91-9974088718 (Mr. Kamlesh Patel)
Fax No.:	91-261-2234907 91-2622-227315
E-Mail :	lohiya_kailash@yahoo.com sbmgandco@gmail.com info@hi-techwater.com kamlesh@hitechro.net
Website :	http://www.hitechro.net
Area :	20000 sq. ft.
Location :	Owned
Marketing Office Address :	229-30, Turning Point Complex, Ghod Dod Road, Surat, Gujarat, India
Branch Office :	Located at: · Delhi · Chennai · Bangalore · Mumbai · Hyderabad · Ludhiana · Vishakhapatnam · Lucknow · Kolkata · Ahmedabad · Anand · Vadodara · Bharuch · Kamrej · Nadiad · Navsari · Valsad · Vapi · Dhule · Nashik · Nandurbar · Nagpur · Chhattisgarh · Indore · Bhilwada · Jaipur · Kerala

DIRECTORS

AS ON 30.09.2013

Name :

Mr. Vijaykumar Shobhalal Shah

Designation :

Director

Address :

1, Rajendra Nagar, Ten Road, Taluka Bardoli, District Surat – 394 601, Gujarat, India

Date of Birth/Age :

25.03.1969

Qualification :

B Com

Date of Appointment :

18.01.2000

DIN No.:

01061823

PAN No.:

ACXPS9888F

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	U45205GJ2000PTC037188	HITECH SWEET WATER TECHNOLOGIES PRIVATE LIMITED	Director	18/01/2000	18/01/2000	-	Active	NO
2	U51909GJ1995PTC027743	VISHAL AUTO-TECH PVT. LTD	Managing director	09/05/2007	09/05/2007	-	Active	NO
3	U63022GJ2008PTC053097	HITECH FROZEN FACILITIES PRIVATE LIMITED	Director	29/02/2008	29/02/2008	-	Active	NO
4	U45201GJ1995PTC024717	VIVAR PROJECTS PRIVATE LIMITED	Director	17/06/2008	17/06/2008	12/04/2012	Active	NO
5	U45200GJ2005PTC046800	BHOLE REALTY PRIVATE LIMITED	Director	26/09/2008	26/09/2008	-	Active	NO
6	U45200GJ2005PTC046799	AAVKASH REALTY PRIVATE LIMITED	Director	26/09/2008	26/09/2008	-	Active	NO
7	U45200GJ2006PTC047777	MANALI INFRASTRUCTURE PRIVATE LIMITED	Additional director	26/06/2009	26/06/2009	-	Active	NO
8	U17290GJ2005PTC046904	MANALI SYNTHETICS PRIVATE LIMITED	Director	01/09/2009	21/08/2009	-	Active	NO
9	U17291GJ2008PTC055662	FABULOUSS NARROW TEX PRIVATE LIMITED	Director	26/08/2009	26/08/2009	-	Active	NO
10	U45201GJ2010PTC059706	HITECH DEV-CON PRIVATE LIMITED	Director	25/02/2010	25/02/2010	-	Active	NO
11	U29100GJ2010PTC062249	HI-ENVIROS TECHNOLOGIES PRIVATE LIMITED	Director	08/09/2010	08/09/2010	-	Active	NO
12	U29255GJ2013PTC075089	HI-TECH WATER SOLUTIONS PRIVATE LIMITED	Director	15/05/2013	15/05/2013	-	Active	NO
13	U29255GJ2013PTC075075	HI-TECH INNOVATIVE WATER PROJECTS PRIVATE LIMITED	Director	15/05/2013	15/05/2013	-	Active	NO
14	U29255GJ2013PTC075289	HI-TECH INNOVATIVE WATER-TECH PRIVATE LIMITED	Director	27/05/2013	27/05/2013	-	Active	NO

Name :

Mr. Satish Dhanraj Agarwal

Designation :

Director

Address :

9/10, Gotri Road Co-operative Housing Society, B/H Harikrupa Society, Gotri Road, Vadodara – 390 001, Gujarat, India

Date of Birth/Age :

09.01.1959

Date of Appointment :

17.03.2005

DIN No.:

02084916

KEY EXECUTIVES

Name :	Mr. Kamlesh Patel
Designation :	Marketing Manager

MAJOR SHAREHOLDERS

AS ON 30.09.2013

Names of Shareholders	No. of Shares
Vijay Shobhalal Shah	1835500
Kavita Vijay Shah	130000
Jayesh Shobhalal Shah	108600
Sadhna Jayesh Jain	470450
Satish Dhanraj Agarwal	5000
Aashish Satish Agarwal	62000
Dinesh Dhanraj Garg	10000
Amit Agarwal	20000
Ashok Garg	22500
Aayush Marriage Trust	30000
Akash and Ritika Benefit Trust	20000
Akshay and Pooja Benefit Trust	25000
Akshay Marriage Trust	22500
Ankit Marriage Trust	70000
Ashok Kumar Garg – HUF	45500
Nikhil Marriage Trust	21000
Pallavi Marriage Trust	35500
Prem Prakash – HUF	30000
Princy Marriage Trust	20000
Utsav and Princy Benefit Trust	30000
Utsav Marriage Trust	5000
Pooja Garg	1000
Narendra Dhanraj Garg	224900
Total	3244450

AS ON 30.09.2013

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	89.07
Others	10.93
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Exporter and Importer of Domestic, Commercial and Industrial Water Purification System.
Exports :
Products :	Finished Goods
Countries :	Nepal Bhutan USA Dubai Kenya
Imports :
Products :	Raw Material
Countries :	Dubai USA Taiwan China
Terms :
Selling :	Cash and Credit (30 Days)
Purchasing :	Cash and Credit (30 Days)

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

1800 (Approximately)

Bankers :

· Bank of Baroda, Athwalines Branch, J.N Road, Athwalines, Surat – 395 007, Gujarat, India

· Bank of Baroda, Bhatar Road Branch, Surat – 395 007, Gujarat, India

· HDFC Bank Limited, Surat Branch, Gujarat, India

· ICICI Bank Limited, Surat Branch

Facilities :

Secured Loans	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
LONG TERM BORROWINGS
Rupee Term Loans from Banks	130.724	181.146
SHORT TERM BORROWINGS
Working capital loans from Banks	253.861	243.172
Total	384.585	424.318

Banking Relations :	---
Auditors :
Name :	S. Jain and Associates Chartered Accountants
Address :	G-1, Dhiraj Park Apartment, Desai Falia, Udhnagam, Surat – 394 210, Gujarat, India
PAN No.:	AADFS8446F
Memberships :	Water Quality Association of USA since 1995 and Indian Water Works Association since 1999.
Associates:	· Hi-Tech Frozen Facilities Private Limited · Hi-Tech Dev Con Private Limited · Hi-Tech Residency · Manali Infrastructure Private Limited · Sargam Capital Limited, India

CAPITAL STRUCTURE

AS ON 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
3500000	Equity Shares	Rs.10/- each	Rs.35.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3244450	Equity Shares	Rs.10/- each	Rs.32.445 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	32.445	32.445	32.445
(b) Reserves & Surplus	273.796	239.356	181.612
(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)	306.241	271.801	214.057
(3) Non-Current Liabilities
(a) Long-term borrowings	205.995	254.957	542.832
(b) Deferred tax liabilities (Net)	19.018	17.440	13.990
(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)	225.013	272.397	556.822
(4) Current Liabilities
(a) Short term borrowings	253.861	243.172	0.000
(b) Trade payables	98.121	56.734	46.560
(c) Other current liabilities	64.151	74.014	14.904
(d) Short-term provisions	17.772	12.684	6.102
Total Current Liabilities (4)	433.905	386.604	67.566
TOTAL	965.159	930.802	838.445
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	206.324	197.679	175.905
(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	0.700	0.700	0.940
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	92.326	90.634	41.395
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	299.350	289.013	218.240
(2) Current assets
(a) Current investments	13.420	18.666	0.000
(b) Inventories	273.696	93.375	89.706
(c) Trade receivables	332.931	483.613	487.340
(d) Cash and cash equivalents	7.036	8.464	43.106
(e) Short-term loans and advances	38.726	37.635	0.000
(f) Other current assets	0.000	0.036	0.053
Total Current Assets	665.809	641.789	620.205
TOTAL	965.159	930.802	838.445

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Sales	2000.000 (Approximately)	1629.540	1068.535
		Service Income	NA	6.549	3.846
		Other Income	NA	NA	NA
		TOTAL	NA	NA	NA
Less	EXPENSES
		TOTAL	NA	NA	NA
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		NA	89.546	45.492
	DEPRECIATION/ AMORTISATION		NA	11.247	9.337
	PROFIT BEFORE TAX		NA	78.299	36.155
	TAX		NA	16.337	11.573
	PROFIT AFTER TAX		44.228	61.962	24.582
	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		104.170	47.425	27.898
	APPROPRIATIONS
		Dividend	NA	4.218	4.056
	BALANCE CARRIED TO THE B/S		NA	104.170	47.425
	EARNINGS IN FOREIGN CURRENCY		NA	3.427	3.204
	Earnings Per Share (Rs.)		13.63	19.10	7.58

Particulars	31.03.2014
Sales Turnover (Approximately)	4000.000

Expected Sales (2014-15) : Rs. 4200.000 Millions

The above information has been parted by Mr. Kamlesh Patel

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Net Profit Margin (PBT/Sales)	(%)	NA	4.80	3.38
Return on Total Assets (PBT/Total Assets}	(%)	NA	1.21	4.32
Return on Investment (ROI) (PBT/Networth)		NA	0.29	0.17
Debt Equity Ratio (Total Debt /Networth)		1.50	1.83	2.54
Current Ratio (Current Asset/Current Liability)		1.53	1.66	9.18

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	32.445	32.445	32.445
Reserves & Surplus	181.612	239.356	273.796
Net worth	214.057	271.801	306.241
long-term borrowings	542.832	254.957	205.996
Short term borrowings	0.000	243.172	253.861
Total borrowings	542.832	498.129	459.857
Debt/Equity ratio	2.536	1.833	1.502

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 (Approximately)	1068.535	1629.540	2000.000
		52.502	22.734

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 (Approximately)	1068.535	1629.540	2000.000
Profit	24.582	61.962	44.228
	2.30%	3.80%	2.21%

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	Yes
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	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

INDEX OF CHARGES:

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10445967	26/08/2013	30,000,000.00	BANK OF BARODA	ATHWALINES, SURAT, GUJARAT - 395007, INDIA	B83518498
2	10202604	28/12/2009	82,000,000.00	BANK OF BARODA	ATHWALINES BRANCH, J.N ROAD, ATHWALINES, SURAT, GUJARAT - 395007, INDIA	A77232890
3	10043335	02/03/2012 *	671,400,000.00	BANK OF BARODA	ATHWALINES BRANCH, J.N ROAD, ATHWALINES, SURAT, GUJARAT - 395007, INDIA	B34063719

* Date of charge modification

UNSECURED LOANS

Particulars	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
LONG TERM BORROWINGS
Inter-corporate deposits	65.127	55.910
Loans and Advances from directors	4.624	11.281
Loans and Advances from others	5.520	6.620
Total	75.271	73.811

FIXED ASSETS:

· Land

· Computer

· Motor Cycle

· Office Building

· Factory Building

· Furniture

· Office Equipments

· Plant and Machinery

· Car

· Generators

· Delivery Van

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.61.35
UK Pound	1	Rs.98.93
Euro	1	Rs.77.92

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	DIV
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	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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTERS
--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.