MIRA INFORM REPORT

Report No. :	314679
Report Date :	01.04.2015

IDENTIFICATION DETAILS

Name :	AMTECH ELECTRONICS (INDIA) LIMITED
Registered Office :	E-6 GIDC Electronic – Zone, Gandhinagar - 382044, Gujarat
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	02.07.1987
Com. Reg. No.:	04-009792
Capital Investment / Paid-up Capital :	Rs. 12.000 Million
CIN No.: [Company Identification No.]	U29308GJ1987PLC009792
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AABCA2793A
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	The company is engaged in the manufacturing of Motion Control, Automation, Power Quality and Industrial Electronics products viz. Axpert Eazy Drive, Axpert Hivert MVD, Soft Starter, Axpert -VT/HF/DC, PLC, Active Harmonic Filter, Active Front End Convertor, Special Power Supply, Convertor Power, Spares and Accessories.
No. of Employees :	200 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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

Maximum Credit Limit :	USD 640000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Financial Position of the company seems to be decent. Trade relations are reported as fair. Business is active. Payment terms are reported to be usually correct and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions.

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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
India	A1	A1

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

EXTERNAL AGENCY RATING

Rating Agency Name	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	Not Available

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. Azad Birla
Designation :	Accountant Manager
Contact No.:	91-79-23289101
Date :	27.03.2015

LOCATIONS

Registered Office / Head Office / Work :	E-6 GIDC Electronic – Zone, Gandhinagar - 382044, Gujarat, India
Tel. No.:	91-79-23289101 / 23289102 / 103
Fax No.:	91-79-23289111
E-Mail :	info@amtechelectronics.com azadb@amtechelectronics.com
Website :	http://www.amtechelectronics.com
Branch Office :	Located at Mumbai Delhi Chennai
Overseas Office :	3852 Oakcliff Industries Court, Doraville, GA, 30340, USA
Tel. No.:	91-770-469-5240
Fax No.:	91-770-469-5241

DIRECTORS

As on 30.09.2014

Name :

Mr. Ishwarbhai Madhavlal Patel

Designation :

Director

Address :

152, Sector - 8 /C, Gandhinagar - 382 008, Gujarat, India

Date of Birth/Age :

04.01.1930

Date of Appointment :

27.07.1991

DIN No.:

00256517

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	U29308GJ1987PLC009792	AMTECH ELECTRONICS (INDIA) LIMITED	Director	27-07-1991	27-07-1991	-	Active	NO
2	U40100GJ1997PLC033416	AMTECH POWER LIMITED	Director	12-12-1997	12-12-1997	30-03-2012	Active	NO

Name :

Mr. Piyushbhai Ishwarbhai Patel

Designation :

Whole-time director

Address :

152, Sector - 8 /C, Gandhinagar - 382 008, Gujarat, India

Date of Birth/Age :

13.06.1970

Pan No.:

AHCPP3644E

Date of Appointment :

01.04.2014

DIN No.:

00256637

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	U29308GJ1987PLC009792	AMTECH ELECTRONICS (INDIA) LIMITED	Whole-time director	01-04-2014	12-12-1994	-	Active	NO
2	U40100GJ1997PLC033416	AMTECH POWER LIMITED	Director	12-12-1997	12-12-1997	-	Active	NO

Name :

Mrs. Mrunalini Dhirenbhai Patel

Designation :

Director

Address :

152, Sector - 8 /C, Gandhinagar - 382 008, Gujarat, India

Date of Birth/Age :

21.08.1963

Date of Appointment :

12.12.1997

DIN No.:

01634205

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	U29308GJ1987PLC009792	AMTECH ELECTRONICS (INDIA) LIMITED	Director	12-12-1997	12-12-1997	-	Active	NO
2	U40100GJ1997PLC033416	AMTECH POWER LIMITED	Director	12-12-1997	12-12-1997	-	Active	NO

Name :

Mr. Dhiren Laxmichand Patel

Designation :

Director

Address :

152, Sector - 8 /C, Gandhinagar - 382 008, Gujarat, India

Date of Birth/Age :

29.10.1957

Date of Appointment :

02.07.1998

DIN No.:

01821500

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	U40100GJ1997PLC033416	AMTECH POWER LIMITED	Director	12-12-1997	12-12-1997	-	Active	NO
2	U29308GJ1987PLC009792	AMTECH ELECTRONICS (INDIA) LIMITED	Director	02-07-1998	02-07-1998	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Azad Birla
Designation :	Accountant Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders	No. of Shares
Dhiren Laxmichand Patel	1109950
Mrunalini Dhirenbhai Patel	30000
Piyushbhai Ishwarbhai Patel	30010
Ishvarbhai Madhavlal Patel	30010
Ashwin Bhai Ishwarbhai Patel	10
Shardaben Ishwarbhai Patel	10
Hetal Piyush Patel	10
Total	1200000

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2014

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	The company is engaged in the manufacturing of Motion Control, Automation, Power Quality and Industrial Electronics products viz. Axpert Eazy Drive, Axpert Hivert MVD, Soft Starter, Axpert -VT/HF/DC, PLC, Active Harmonic Filter, Active Front End Convertor, Special Power Supply, Convertor Power, Spares and Accessories.
Products :	Motion Control Automation Power Quality and Industrial Electronics products viz. Axpert Eazy Drive Axpert Hivert MVD Soft Starter Axpert -VT/HF/DC PLC Active Harmonic Filter Active Front End Convertor Special Power Supply Convertor Power Spares and Accessories.
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	Cash and Credit (30,60,90 Days)
Purchasing :	Cash and Credit (30,60,90 Days)

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

Customers :

OEMs and End Users

• Shree Cement Limited
• JK Lakshmi Cement Limited
• Deepak Cement and chemical Limited
• Gujarat State Fertilizers and chemical Limited
• Gujarat Fluor chemicals Limited
• Hindustan Copper Limited
• Tamilnadu Petro products Limited
• Shelavi Pulp and Paper Mills Limited
• Cadila Pharmaceuticals Limited
• Chhatrapati Sambhaji Raje Sakhar Udyog Limited

No. of Employees :

200 (Approximately)

Bankers :

• State Bank of India, GIDC Electronics Estate Branch, Gandhinagar - 382044, Gujarat, India
• State Bank of India, GIDC Elec. Estate Branch, Sector -25, Gandhinagar - 382024, Gujarat, India

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Term Loans
SBI Term loan for Vehicle	0.615	0.189
GIDC	9.907	11.993
Short-term borrowings
Cash credit from State Bank of India	50.405	47.052
OD Ag. FD from State Bank of India	4.963	2.265
Total	65.890	61.499

Auditors :
Name :	Dinesh R. Shah and Company Chartered Accountants
Address :	51, Madhuban, 5th Floor, Near Madalpur Under Ground, Ply . Crossing, Ellis Bridge, Ahmedabad- 380006, Gujarat, India
PAN N Income-tax PAN of auditor or auditor's firm :	AAFFD0959G
Memberships :	Not Divulged
Collaborators :	Not Divulged
Associates/Subsidiaries :	Not Divulged

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

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

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1200000	Equity Shares	Rs.10/- each	Rs.12.000 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	12.000	12.000	12.000
(b) Reserves & Surplus	212.857	187.239	163.234
(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)	224.857	199.239	175.234
(3) Non-Current Liabilities
(a) long-term borrowings	10.522	12.182	3.076
(b) Deferred tax liabilities (Net)	1.815	2.476	10.371
(c) Other long term liabilities	0.000	0.000	2.289
(d) long-term provisions	4.258	3.978	3.726
Total Non-current Liabilities (3)	16.595	18.636	19.462
(4) Current Liabilities
(a) Short term borrowings	55.368	49.317	50.957
(b) Trade payables	124.525	166.749	197.303
(c) Other current liabilities	11.374	12.111	14.960
(d) Short-term provisions	18.310	21.402	40.485
Total Current Liabilities (4)	209.577	249.579	303.705
TOTAL	451.029	467.454	498.401
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	111.623	112.060	83.435
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.561	0.336	0.336
(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)	(11.347)	(10.017)	0.000
(d) Long-term Loan and Advances	11.759	9.244	0.628
(e) Other Non-current assets	3.323	4.891	5.359
Total Non-Current Assets	115.919	116.514	89.758
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	122.018	130.122	102.061
(c) Trade receivables	152.861	159.110	254.712
(d) Cash and cash equivalents	47.242	54.320	21.237
(e) Short-term loans and advances	12.839	6.778	30.317
(f) Other current assets	0.150	0.610	0.316
Total Current Assets	335.110	350.940	408.643
TOTAL	451.029	467.454	498.401

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	738.423	660.440	1147.887
	Other Income	4.253	4.615	1.070
	TOTAL	742.676	665.055	1148.957
Less	EXPENSES
	Cost of Materials Consumed	521.741	494.992	851.814
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	3.194	(24.123)	12.957
	Employees benefits expense	86.214	80.385	69.667
	Other expenses	88.236	74.130	133.348
	TOTAL	699.385	625.384	1067.786
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	43.291	39.671	81.171
Less	FINANCIAL EXPENSES	3.698	4.292	2.736
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	39.593	35.379	78.435
Less/ Add	DEPRECIATION/ AMORTISATION	5.873	5.797	5.512
	PROFIT/ (LOSS) BEFORE TAX	33.720	29.582	72.923
Less	TAX	8.103	5.577	16.413
	PROFIT/ (LOSS) AFTER TAX	25.617	24.005	56.510
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	187.239	163.234	106.724
	Balance Carried to the B/S	212.857	187.239	163.234
	Earnings / (Loss) Per Share (Rs.)	21.00	20.00	47.00

Expected Sales (2014 - 2015) : Rs. 800.000 Million

The above information has been parted by Mr. Azad Birla (Accountant Manager).

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	3.47	3.63	4.92
Operating Profit Margin (PBIDT/Sales)	(%)	5.86	6.01	7.07
Return on Total Assets (PBT/Total Assets}	(%)	7.30	6.20	14.64
Return on Investment (ROI) (PBT/Networth)		0.15	0.15	0.42
Debt Equity Ratio (Total Debt /Networth)		0.29	0.31	0.31
Current Ratio (Current Asset/Current Liability)		1.60	1.41	1.35

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	12.000	12.000	12.000
Reserves & Surplus	163.234	187.239	212.857
Net worth	175.234	199.239	224.857
long-term borrowings	3.076	12.182	10.522
Short term borrowings	50.957	49.317	55.368
Total borrowings	54.033	61.499	65.890
Debt/Equity ratio	0.308	0.309	0.293

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	1147.887	660.440	738.423
		(42.465)	11.808

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	1147.887	660.440	738.423
Profit	56.510	24.005	25.617
	4.92%	3.63%	3.47%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	No
18]	Major customers	Yes
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

CORPORATE OVERVIEW

Amtech Electronics India Limited is India’s leading Manufacturing Company with area of business in Motion Control, Automation, Power Quality and Industrial Electronics field having its registered office at Gandhinagar capital city of Gujarat, India.

OVERVIEW OF ECONOMY

The Indian economy, with vast potential, faces many challenges. The economic landscape in 2013 continued to be under pressure with year – on- year growth in gross domestic product declining to below 5 percent, primarily accounted from agriculture and services. On the contrary, industry growth through the year remained flat. High interest rates, low policy visibility, delayed environmental clearances, issues around land acquisitions and field linkages, along with increasing inflation continued to impact global investor confidence in India.

The slow GDP growth appears to have bottomed out and with formation of new Government, economic growth is expected to accelerate in the next fiscal 2014 – 2015.

FINANCIAL PERFORMANCE

The company continued to deliver strong financial performance with healthy growth in revenues and high quality earnings. This performances is particularly commendable when viewed against the backdrop of the extremely challenging business context in which it was achieved, namely, a sluggish macro – economic environment which saw GDP growth remaining below 5 % for the second year in succession.

During Financial Years 2014 against the backdrop of a challenging business environment, the company reported a top – line growth pf 12.62% over the previous year. At standalone level the gross revenue from operations stood at Rs. 213.500 Million as compared with Rs. 189.600 Million in the previous years.

The company made sizable investments in creation of capacities for new products and additional capacities for manufacturer of existing products to meet projected demand from domestic and international customers.

CORPORATE INFORMATION

Amtech Electronics (India) Limited (AEIL) is incorporated as per companies Act, 1956. AEIL is engaged in the manufacturing of Motion Control, Automation, Power Quality and Industrial Electronics products viz. Axpert Eazy Drive, Axpert Hivert MVD, Soft Starter, Axpert-VT/HF/DC, PLC, Active Harmonic Filter, Active Front End Convertor, Special Power Supply, Convertor Power, Spares and Accessories.

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10092474	14/04/2014 *	176,200,000.00	STATE BANK OF INDIA	Gidc Elec. Estate Branch, Sector - 10 B, Gandhinagar, Gujarat - 382044, India	C06139448

FIXED ASSETS

• Land and Site Development
• Factory Building
• Plant and Machinery
• Electrical Fittings and Instruments
• Furniture and Fixtures
• Office Equipment
• Computer
• 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.62.59
UK Pound	1	Rs.92.46
Euro	1	Rs.67.51

INFORMATION DETAILS

Information Gathered by :	PPT
Analysis Done by :	RAS
Report Prepared by :	RCH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	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	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		47

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 unfavorable 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.