MIRA INFORM REPORT

Report Date :

18.09.2014

IDENTIFICATION DETAILS

Name :	SAMIRA HABITATS (INDIA) LIMITED (w.e.f. 03.08.2009)
Formerly Known As :	SAMIRA CONSTRUCTIONS LIMITED
Registered Office :	G-8, Shrikant Chambers , Next to R.K. Studio, Sion Trombay Road, Chembur, Mumbai – 400071, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	13.09.1995
Com. Reg. No.:	11-092699
Capital Investment / Paid-up Capital :	Rs. 70.289 Millions
CIN No.: [Company Identification No.]	U45200MH1995PLC092699
PAN No.: [Permanent Account No.]	AABCS1677F
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	They are into Real Estate Business.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

B (31)

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

Maximum Credit Limit :	USD 550000
Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is a well-established company having moderate track record. Management has failed to file the latest financials of FY13, with the statutory authorities. As per available financial, the company possesses an acceptable financial profile marked by adequate networth base backed by on time infusion of funds from the part of promoters along with slight deterioration in its cash balance. Management has witnessed a dip in its revenue as well as net profitability during FY12. However, trade relations seem to be fair. Business is active. Payment terms are unknown. In view of a leading lifestyle and infrastructure company, the entity can be considered for business dealings with caution.

NOTES :

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

ECGC Country Risk Classification List – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INDIAN ECONOMIC OVERVIEW

N E W S

Verdict Implications: Apex court order may alter coal import dynamics. Traders go slow on talks over coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.

Recent arrest of the Chennai head of the Registrar of Companies, the ministry of corporate affairs arm that ensures that companies file all the information required by the Companies Act is the latest manifestation of a messy fight between a father and his adopted son for the control of Rs 40000 mn business empire. The Central Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10 lakhs as bribe from M A M Ramaswamy, a CBI official said.

Central Bureau of Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.

Infosys maintains revenue guidance. COO Rao says attrition still an area of concern and it would take a few more quarters to bring down levels to 13-15 %.

DHL  to invest Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its e-commerce business model for the Asia-Pacific region.

Blackstone may buy stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.

Kingfisher Airlines Ltd grounded in October 2012 under the weight of heavy debt and accumulated losses, recently approached the Delhi high court for relief in two separate cases. The airline challenged a notice by Punjab & National Bank alleging that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to comply with the requirements under the listing agreements with the Stock Exchanges.

OnMobile likely to sack another 300 employees. The lay-offs follow a spate of senior-level exits over the past two years, starting with of its founder. The overall lay-offs could number around 600 and are driven by the need to cut costs, says a former employee.

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2014.

INFORMATION DENIED

Name :	Mr. Deepak
Designation :	Accountant Officer
Contact No.:	91-2141-224437
Date :	17.09.2014

LOCATIONS

Registered Office :	G-8, Shrikant Chambers , Next to R.K. Studio, Sion Trombay Road, Chembur, Mumbai – 400071, Maharashtra, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	sameer@samirahabitats.com
Website :	http://www.samirahabitats.com
Branch Office :	Samira House, 437 Road Number 10, Near Sandhu Garden, Chembur, Mumbai – 400071, Maharashtra, India

DIRECTORS

As on: 27.09.2012

Name :	Mr. Sameer Anil Nerurkar
Designation :	Director
Address :	Shivayan Shrinagar Complex, P.L. Lokhande Marg, Chembur, Mumbai – 400089, Maharashtra, India
Date of Birth/Age :	02.08.1967
Qualification :	MBA
Date of Appointment :	13.09.1995
PAN No.:	AADPN7509C
DIN No.:	00324627
Name :	Mr. Alan Nanik Sippy
Designation :	Director
Address :	2/10, Unique Apartment Housing Limited, Plot No. 123, Custom Road, Trombay, Mumbai – 4000088, Maharashtra, India
Date of Birth/Age :	07.02.1962
Qualification :	Graduate
Date of Appointment :	21.10.2009
PAN No.:	BDTPS7749M
DIN No.:	01924653
Name :	Mrs. Vijaya Chandrapal Iyer
Designation :	Director
Address :	1001, Kshtij, N. B. Patil Marg, Chembur – 400071, Maharashtra, India
Date of Birth/Age :	14.06.1951
Qualification :	Graduate
Date of Appointment :	21.10.2009
PAN No.:	AADPI3367F
DIN No.:	02786883
Name :	Mr. Mihir Anil Nerurkar
Designation :	Director
Address :	Shivayan Shrinagar Complex, P.L. Lokhande Marg, Chembur, Mumbai – 400089, Maharashtra, India
Date of Birth/Age :	20.12.1975
Qualification :	MBA
Date of Appointment :	21.10.2009
PAN No.:	AAAPN3999H
DIN No.:	02038842
Name :	Mr. Ravishankar Shastri
Designation :	Director
Address :	4A, Sportfield Society, Worli Sea Face, Mumbai – 4000018, Maharashtra, India
Date of Birth/Age :	27.05.1962
Qualification :	Graduate
Date of Appointment :	01.06.2011
PAN No.:	AAXPS7866D
DIN No.:	01274009
Name :	Mr. Brijesh Harshad Lohana
Designation :	Additional Director
Address :	Flat No. 7-8, 41, Krishna Niwas, Sir Balchandra Road, Dadar, Mumbai – 4000014, Maharashtra, India
Date of Birth/Age :	13.05.1975
Qualification :	MBA
Date of Appointment :	02.08.2012
DIN No.:	01292945

KEY EXECUTIVES

Name :	Mr. Deepak
Designation :	Accountant Officer

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 27.09.2012

Names of Shareholders	No. of Shares
Sameer Anil Nerurkar	6129940
Milan Sameer Nerurkar	10
Ramchandra Shankar Sukhtankar	20010
Subasini Ramchandra Sukhtankar	10
Vijaya Iyer	10010
Ramnarayan Laxman	10
Deeplaxmi Valanju	10
Mihir Anil Nerurkar	10000
Alan Nanik Sippy	70150
Suniet Shetty	234725
Sachin Ramesh Tendulkar	293475
Ravishankar Shastri	120000
Nitin Gupta	140500
Total	7028850

Equity Share Break up (Percentage of Total Equity)

As on: 27.09.2012

Category	Percentage
Directors or relatives of directors	98.80
Other top fifty shareholders	1.20
Total	100.00

BUSINESS DETAILS

Line of Business :

They are into Real Estate Business.

GENERAL INFORMATION

No. of Employees :

Not Divulged

Bankers :

· Dombivli Nagari Sahakari Bank Limited, Madhukunj, Plot No. P/52, M.I.D.C. Phase II, Kalyan - Shil Road, Sonarpada, Dombivli East, Dombivli - 421204, Maharashtra, India

· Bank of India, Chembur Branch, Chembur Naka, RC Marg,, Mumbai - 400077, Maharashtra, India

· Bank of India, 818-K, Balaji Naka, Tilak Road, Alibag - 402201, Maharashtra, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
LONG TERM BORROWINGS
Rupee term loans from banks	22.415	27.358
SHORT TERM BORROWINGS
Working capital loans from banks	31.203	39.755
Total	53.618	67.113

Banking Relations :	--
Auditors :
Name :	AMD and Company Chartered Accountants
Address :	402-A, Chandan Chambers, 138, Modi Street, Fort, Mumbai – 400001, Maharashtra, India
PAN No.:	AARFA0923F
Related Party :	· Samira Residences Private Limited · Samira Marine Infrastructures Private Limited · Samira Realty Projects Private Limited · Samira Marketing Advisory Private Limited · Samira Constructions (India) Limited · Samira Lifestyles Private Limited · Samira Getaways and Properties Private Limited · Samira Signature Homes Private Limited (Till 10th December, 2010) · Samira Villas Private Limited (Till 11th December,2010) · Samira Capital Private Limited · Samira Manors Private Limited (Till 8th December, 2010) · Samira Leasing Private Limited · Samira Marinas Private Limited · Samira Realty Venture Private Limited (Till 10th December, 2010) · Samira Bay Company Private Limited (Till 1st December, 2010) · Samira Paramount Developers Private Limited · Samira Entertainment Private Limited · Samira Verizon Advisory (LLP) (w .e .f 23.02.2011)

CAPITAL STRUCTURE

As on: 27.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- each	Rs. 100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
7778850	Equity Shares	Rs.10/- each	Rs. 77.788 Millions

As on: 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- each	Rs. 100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
7028850	Equity Shares	Rs.10/- each	Rs. 70.288 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	70.289	59.882
(b) Reserves & Surplus	67.455	50.256
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	18.003
Total Shareholders’ Funds (1) + (2)	137.744	128.141
(3) Non-Current Liabilities
(a) long-term borrowings	35.421	34.810
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	6.745	9.291
Total Non-current Liabilities (3)	42.166	44.101
(4) Current Liabilities
(a) Short term borrowings	43.579	39.755
(b) Trade payables	11.609	14.179
(c) Other current liabilities	715.290	714.948
(d) Short-term provisions	0.000	0.000
Total Current Liabilities (4)	770.478	768.882
TOTAL	950.388	941.124
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	38.640	45.049
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	4.500	4.500
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	55.757	55.757
(c) Deferred tax assets (net)	5.474	4.882
(d) Long-term Loan and Advances	5.827	6.172
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	110.198	116.360
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	305.713	346.451
(c) Trade receivables	9.959	18.356
(d) Cash and cash equivalents	15.654	35.717
(e) Short-term loans and advances	508.762	424.090
(f) Other current assets	0.102	0.150
Total Current Assets	840.190	824.764
TOTAL	950.388	941.124

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		55.747
2] Share Application Money		2.934
3] Reserves & Surplus		38.919
4] (Accumulated Losses)		0.000
NETWORTH		97.600
LOAN FUNDS
1] Secured Loans		91.195
2] Unsecured Loans		11.427
TOTAL BORROWING		102.622
DEFERRED TAX LIABILITIES		0.000
TOTAL		200.222
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		49.810
Capital work-in-progress		4.500
INVESTMENT		10.863
DEFERREX TAX ASSETS		3.892
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	319.843
	Sundry Debtors	68.066
	Cash & Bank Balances	13.805
	Other Current Assets	0.000
	Loans & Advances	353.461
Total Current Assets		755.175
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	8.280
	Other Current Liabilities	575.825
	Provisions	40.213
Total Current Liabilities		624.318
Net Current Assets		130.857
MISCELLANEOUS EXPENSES		0.300
TOTAL		200.222

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	196.788	429.306
		Other Income	1.813	0.401
		TOTAL (A)	198.601	429.707	114.721
Less	EXPENSES
		Purchases of Stock-in-Trade	59.885	346.791
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	40.738	(26.607)
		Employees benefits expense	12.692	7.116
		Other expenses	54.794	63.687
		Purchases of Stock-in-Trade	59.885	346.791
		Extraordinary items	(0.127)	0.318
		TOTAL (B)	167.982	391.305	102.530
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		30.619	38.402	Including Finance and
					Depreciation
Less	FINANCIAL EXPENSES (D)		7.393	7.262
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		23.226	31.140
Less/ Add	DEPRECIATION/ AMORTISATION (F)		10.360	12.893
	PROFIT BEFORE TAX (E-F) (G)		12.866	18.247	12.191
Less	TAX (H)		6.074	6.911	4.764
	PROFIT AFTER TAX (G-H) (I)		6.792	11.336	7.427
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		44.265	32.929	25.502
	BALANCE CARRIED TO THE B/S		51.057	44.265	32.929
	Earnings Per Share (Rs.)		1.07	1.90	1.39

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	3.42	2.64	6.47
Net Profit Margin (PBT/Sales)	(%)	6.54	4.25	0.00
Return on Total Assets (PBT/Total Assets}	(%)	1.45	2.08	1.51
Return on Investment (ROI) (PBT/Networth)		0.09	0.14	0.12
Debt Equity Ratio (Total Debt/Networth)		0.57	0.58	1.05
Current Ratio (Current Asset/Current Liability)		1.09	1.07	1.21

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012
	(Rs. In Millions)	(Rs. In Millions)
Share Capital	59.882	70.289
Reserves & Surplus	50.256	67.455
Net worth	110.138	137.744
long-term borrowings	34.810	35.421
Short term borrowings	39.755	43.579
Total borrowings	74.565	79.000
Debt/Equity ratio	0.677	0.574

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2010	31.03.2011	31.03.2012
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Income	114.721	429.707	198.601
		274.567	(53.782)

NET PROFIT MARGIN

Net Profit Margin	31.03.2010	31.03.2011	31.03.2012
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Income	114.721	429.707	198.601
Profit	7.427	11.336	6.792
	6.47%	2.64%	3.42%

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	No
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	No

UNSECURED LOAN

(Rs. In Millions)

Particulars	As on 31.03.2012	As on 31.03.2011
LONG TERM BORROWINGS
Term loans from banks	0.000	4.452
Rupee term loans from banks	1.666	0.000
Deposits from others	1.400	1.400
Loans and advances from directors	1.140	0.000
Other loans and advances, others	8.800	1.600
SHORT TERM BORROWINGS
Loans and advances from related parties	12.376	0.000
Total	25.382	7.452

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10111690	05/11/2008 *	12,000,000.00	DOMBIVLI NAGARI SAHAKARI BANK LIMITED	MADHUKUNJ, PLOT NO.P/52, M.I.D.C. PHASE II, KALYAN - SHIL ROAD, SONARPADA, DOMBIVLI EAST, DOMBIVLI, MAHARASHTRA - 421204, INDIA	A53664637
2	10008529	07/06/2006	3,700,000.00	BANK OF INDIA	818-K, BALAJI NAKA, TILAK ROAD, ALIBAG, MAHARASHTRA - 402201, INDIA	A01976687
3	10052865	29/05/2006	7,500,000.00	BANK OF INDIA	CHEMBUR BRANCH, CHEMBUR NAKA, RC MARG, MUMBAI, MAHARASHTRA - 400077, INDIA	A15751993
4	90150482	22/09/1997	495,000.00	THE SARASWAT CO-OP BANK LIMITED	CENTRAL ADMINISTRATIVE OFFICE, APSARA CINEMA BLDG. 2ND FLOOR; GRANT ROAD; DR. D, MUMBAI, MAHARASHTRA - 400007, INDIA	-

* Date of charge modification

FIXED ASSETS

· Furniture and fixtures

· Vehicles

· Motor vehicles

· Office equipment

· Computer 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. 60.95
UK Pound	1	Rs. 99.32
Euro	1	Rs.78.97

INFORMATION DETAILS

Information Gathered by :	HNA
Analysis Done by :	SUB
Report Prepared by :	DPH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	4
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		31

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.