MIRA INFORM REPORT

Report Date :

16.09.2014

IDENTIFICATION DETAILS

Name :	MAHAVIR TEX-SEN PRIVATE LIMITED
Registered Office :	254, Khazan Bastinangal Raya, New Delhi - 110046
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	02.01.2003
Com. Reg. No.:	55-118269
Capital Investment / Paid-up Capital :	Rs.13.812 Millions
CIN No.: [Company Identification No.]	U18101DL2003PTC118269
Legal Form :	Private Limited Liability Company
Line of Business :	Trader and Exporter of Industrial Fabrics.
No. of Employees :	15 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. General financial position of the company seems to be decent. Profitability of the company is fair. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. The company can be considered for business dealings 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 PARTED BY

Name :	Mr. Khub Ram Gupta
Designation :	Director
Contact No.:	91-129-2269448
Date :	13.09.2014

LOCATIONS

Registered Office :	254, Khazan Bastinangal Raya, New Delhi – 110046, India
Tel. No. :	91-129-2269448
Fax No. :	Not Available
E-Mail :	mahavirtex@yahoo.co.in
Corporate Office :	SCF, 53 Sector – 9, Main Market, Faridabad – 121006, Haryana, India

DIRECTORS

As on 30.09.2013

Name :

Mr. Bhagwan Das

Designation :

Director

Address :

House No. 992, Sector-9, Faridabad – 121006, Haryana, India

Date of Birth/Age :

17.11.1966

Date of Appointment :

02.01.2003

DIN No. :

00183342

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	U17297DL1999PTC102667	RAJESH KNITTINGS AND VINYLS PRIVATE LIMITED	Director	03/12/99	03/12/99	-	Active	NO
2	U18101DL2003PTC118269	MAHAVIR TEX-SYN PRIVATE LIMITED	Director	02/01/03	02/01/03	-	Active	NO
3	U74899DL1986PTC024678	DEVEN TEXTILE INDUSTRIES PRIVATE LTD	Director	25/06/06	25/06/06	-	Active	NO

Name :

Mr. Sita Ram Gupta

Designation :

Director

Address :

House No. 992, Sector-9, Faridabad – 121006, Haryana, India

Date of Birth/Age :

09..06.1960

Date of Appointment :

02.01.2003

DIN No. :

00183451

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	U17297DL1999PTC102667	RAJESH KNITTINGS AND VINYLS PRIVATE LIMITED	Director	03/12/99	03/12/99	-	Active	NO
2	U18101DL2003PTC118269	MAHAVIR TEX-SYN PRIVATE LIMITED	Director	02/01/03	02/01/03	-	Active	NO
3	U74899DL1986PTC024678	DEVEN TEXTILE INDUSTRIES PRIVATE LTD	Director	25/06/06	25/06/06	-	Active	NO

Name :

Mr. Rahul Gupta

Designation :

Director

Address :

House No. 992, Sector-9, Faridabad – 121006, Haryana, India

Date of Birth/Age :

26.02.1982

Date of Appointment :

15.06.2004

DIN No. :

00183769

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	U18101DL2003PTC118269	MAHAVIR TEX-SYN PRIVATE LIMITED	Director	15/06/04	15/06/04	-	Active	NO
2	U17297DL1999PTC102667	RAJESH KNITTINGS AND VINYLS PRIVATE LIMITED	Director	06/07/05	06/07/05	-	Active	NO
3	U74899DL1986PTC024678	DEVEN TEXTILE INDUSTRIES PRIVATE LTD	Director	12/07/06	12/07/06	-	Active	NO

Name :

Mr. Khub Ram Gupta

Designation :

Director

Address :

House No. 992, Sector-9, Faridabad – 121006, Haryana, India

Date of Birth/Age :

08.02.1955

Date of Appointment :

02.01.2003

DIN No. :

00187533

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	U17297DL1999PTC102667	RAJESH KNITTINGS AND VINYLS PRIVATE LIMITED	Director	03/12/99	03/12/99	-	Active	NO
2	U18101DL2003PTC118269	MAHAVIR TEX-SYN PRIVATE LIMITED	Director	02/01/03	02/01/03	-	Active	NO
3	U74899DL1986PTC024678	DEVEN TEXTILE INDUSTRIES PRIVATE LTD	Director	25/06/06	25/06/06	-	Active	NO

Name :

Mr. Rajesh Gupta

Designation :

Director

Address :

House No. 992, Sector-9, Faridabad – 121006, Haryana, India

Date of Birth/Age :

07.12.1976

Date of Appointment :

02.01.2003

DIN No. :

00191113

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	U17297DL1999PTC102667	RAJESH KNITTINGS AND VINYLS PRIVATE LIMITED	Director	03/12/99	03/12/99	-	Active	NO
2	U18101DL2003PTC118269	MAHAVIR TEX-SYN PRIVATE LIMITED	Director	02/01/03	02/01/03	-	Active	NO
3	U74899DL1986PTC024678	DEVEN TEXTILE INDUSTRIES PRIVATE LTD	Director	12/07/06	12/07/06	-	Active	NO

Name :

Mr. Mahavir Gupta

Designation :

Director

Address :

House No. 992, Sector-9, Faridabad – 121006, Haryana, India

Date of Birth/Age :

02.09.1986

Date of Appointment :

24.10.2012

DIN No. :

06425107

Other Directorship :

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

NOTE: SHAREHOLDING DETAILS FILE ATTACHED

As on 31.03.2014

Name of Allottee	No. of Shares
Badami Devi	10000
Bhagwan Dass Gupta (HUF)	10000
Bhagwan Dass Gupta	10000
Khub Ram Gupta (HUF)	10000
Khub Ram Gupta	35000
Krishan Kumar Gupta (HUF)	10000
Krishan Kumar	10000
Mahavir Gupta	3000
Pushpa Gupta	10000
Raj Bala	10000
Rajesh Gupta (HUF)	10000
Rajesh Gupta	12300
Saroj Gupta	10000
Shakuntala Devi	10000
Sita Ram (HUF)	10000
Sita Ram	10000
Usha Devi	10000
Total	190300

As on 30.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Directors or relatives of Directors	98.00
Other top fifty shareholders	2.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Trader and Exporter of Industrial Fabrics.
Exports :
Products :	Industrial Fabrics
Countries :	Sri Lanka
Terms :
Selling :	Cash and advance Payment
Purchasing :	Cash and advance Payment

GENERAL INFORMATION

Customers :

Wholesalers, Retailers and End Users

No. of Employees :

15 (Approximately)

Bankers :

State Bank of India, Faridabad, Haryana, India

Facilities :

CC Rs. 34.000 Millions (From State Bank of India)

SECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG TERM BORROWINGS
From Banks
Secured Loans
SBI Car Loan (Secured against hyp. Of Manza & Grand Car)	0.000	0.431
SBI Car Loan (Secured against hyp. Of Alto)	0.074	0.159
ICICI Bank (Secured against hyp. Of Canter)	0.155	0.369
SBI car loan (Secured against hyp. Of Innova)	1.044	0.000
ICICI car loan (Secured against hyp. Of Verna)	0.360	0.000
SHORT TERM BORROWINGS
State Bank Of India CC A/c (Secured against hyp. Of book debts and all stock)	15.302	21.916
State Bank Of India SLC A/c (Secured against hyp. Of book debts and all stock)	3.033	3.045
Total	19.968	25.920

Banking Relations :	--
Auditors :
Name :	Sanmarks and Associates Chartered Accountants
Address :	202-203, Om Shubham Plaza, sector – 16, Faridabad – 121002, Haryana, India
PAN No. :	AAUFS6480Q

CAPITAL STRUCTURE

After 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs.10/- each	Rs.20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1571516	Equity Shares	Rs.10/- each	Rs.15.715 Millions

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs.10/- each	Rs.20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1381216	Equity Shares	Rs.10/- each	Rs.13.812 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	13.812	13.812	13.812
(b) Reserves & Surplus	12.705	10.035	8.076
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.303	0.053	0.000
Total Shareholders’ Funds (1) + (2)	26.820	23.900	21.888
(3) Non-Current Liabilities
(a) long-term borrowings	2.299	1.625	2.456
(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)	2.299	1.625	2.456
(4) Current Liabilities
(a) Short term borrowings	18.335	24.961	22.395
(b) Trade payables	46.524	40.083	28.749
(c) Other current liabilities	3.606	2.308	1.777
(d) Short-term provisions	0.000	0.000	0.000
Total Current Liabilities (4)	68.465	67.352	52.921
TOTAL	97.584	92.877	77.265
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	4.731	3.020	3.773
(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)	0.272	0.209	0.146
(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	5.003	3.229	3.919
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	47.743	36.414	15.118
(c) Trade receivables	41.519	51.737	56.154
(d) Cash and cash equivalents	0.113	0.156	0.324
(e) Short-term loans and advances	0.000	0.000	0.000
(f) Other current assets	3.206	1.341	1.750
Total Current Assets	92.581	89.648	73.346
TOTAL	97.584	92.877	77.265

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income
		Other Income
		TOTAL	258.379	212.651	175.916
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	249.226	203.853	169.207
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		9.153	8.798	6.709
Less	FINANCIAL EXPENSES		4.362	5.050	3.441
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		4.791	3.748	3.268
Less/ Add	DEPRECIATION/ AMORTISATION		1.069	0.864	0.850
	PROFIT/ (LOSS) BEFORE TAX		3.722	2.884	2.418
Less	TAX		1.052	0.925	0.761
	PROFIT/ (LOSS) AFTER TAX		2.670	1.959	1.657
	Earnings / (Loss) Per Share (Rs.)		1.93	1.42	1.20

Particulars	31.03.2014
Sales Turnover (Approximately)	300.000

The above information has been parted by Mr. Khub Ram Gupta

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	1.03	0.92	0.94
Return on Total Assets (PBT/Total Assets}	(%)	3.82	3.11	3.14
Return on Investment (ROI) (PBT/Networth)		0.14	0.12	0.11
Debt Equity Ratio (Total Debt/Networth)		0.77	1.11	1.14
Current Ratio (Current Asset/Current Liability)		1.35	1.33	1.39

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	13.812	13.812	13.812
Reserves & Surplus	8.076	10.035	12.705
	0.000	0.053	0.303
Net worth	21.888	23.900	26.820
long-term borrowings	2.456	1.625	2.299
Short term borrowings	22.395	24.961	18.335
Total borrowings	24.851	26.586	20.634
Debt/Equity ratio	1.135	1.112	0.769

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)
Total Income	175.916	212.651	258.379
		20.882	21.504

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Income	175.916	212.651	258.379
Profit	1.657	1.959	2.670
	0.94%	0.92%	1.03%

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	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	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

UNSECURED LOANS

PARTICULAR	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG TERM BORROWINGS
From Directors	0.094	0.094
From others -Relatives	0.572	0.572
Total	0.666	0.666

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10251963	23/11/2013 *	84,700,000.00	State Bank of India	SME Branch, 65, Neelam Bata Road, N I T, Faridabad, Haryana - 121001, INDIA	B91621193
2	10208522	10/02/2010	1,160,000.00	STATE BANK OF INDIA	RASMECC CUM SARC BASEMENT, 65,NEELAM BATA ROAD, FARIDABAD, Haryana - 121001, INDIA	A81674111
3	90049856	14/06/2014 *	41,000,000.00	State Bank of India	SME Branch, 65 Neelam Bata Road, N.I.T., Faridabad, Haryana - 121001, INDIA	C09850041

FIXED ASSETS

œ Air Conditioner

œ Computer

œ Car

œ Canter

œ Generator

œ Motor Cycle

œ Washing Machine

œ Weighting Machine

œ Eicher Canter

œ Testing Machine

œ Fridge

œ Furniture and Fixtures

œ Scooter (Activa)

œ Mobile

œ T.V.

œ Water Cooler

œ Office Equipment’s

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.60.99
UK Pound	1	Rs.99.10
Euro	1	Rs.79.03

INFORMATION DETAILS

Information Gathered by :	SVA
Analysis Done by :	KAR
Report Prepared by :	ANK

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	5
--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	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		45

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.