MIRA INFORM REPORT

Report No. :	317730
Report Date :	18.04.2015

IDENTIFICATION DETAILS

Name :	HARVEL AGUA INDIA PRIVATE LIMITED
Registered Office :	304, Meghdoot Building, 94, Nehru Place, New Delhi – 110019
Tel. No.:	91-11-46224444/ 26485365/ 23379477/ 26413370
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	04.08.2006
Com. Reg. No.:	11-151601
Capital Investment / Paid-up Capital :	Rs.67.014 Million
CIN No.: [Company Identification No.]	U01407DL2006PTC151601
TIN No.:	Not Available
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	DELH05957A
PAN No.: [Permanent Account No.]	AABCH7406H
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of all types of Irrigation Equipments and also provide Irrigation Engineering Services.
No. of Employees :	250 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (33)

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

Maximum Credit Limit :	USD 460000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Management of the company has failed to file its latest financial with government department for FY2014. As per available financial of 2013, the company has fair profit margin and liquidity position. However, the rating is constrained due to constant decline in the profit margin and working capital intensive nature of operations. Trade relation are reported to be fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered for business dealings 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 – 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	CARE
Rating	Long Term Bank Facilities = BBB-
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	April 10, 2015

Rating Agency Name	CARE
Rating	Short Term Bank Facilities = A3
Rating Explanation	Moderate degree of safety and higher credit risk.
Date	April 10, 2015

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 (GENERAL DETAILS)

Name :	Ms. Nivedita Sharma
Designation :	Manager (Marketing and Communication)
Contact No.:	91-9643405004
Date :	17.04.2015

LOCATIONS

Registered Office :	304, Meghdoot Building, 94, Nehru Place, New Delhi – 110019, India
Tel. No.:	91-11-46224444/ 26485365/ 23379477/ 26413370
Mobile No.:	91-9643405004 (Ms. Nivedita Sharma)
Fax No.:	91-11-26464819
E-Mail :	sjassociates@hotmail.com azud.india@azud.com sangeeta.singh@harvel.in
Website :	http://www.harvelagua.com
Location :	Owned
Factory :	B D Patel House, A Wing, 4^th Floor, 120 FT Ring Road, Sunder Nagar, Stadium Road, Navaranpura, Ahmedabad – 380014, Gujarat, India
Branch Offices :	Located At Chandigarh Hyderabad Himanchal Pradesh Nashik

DIRECTORS

As on 25.09.2013

Name :

Mr. Primal Oswal

Designation :

Director

Address :

10, Sadhna Enclave, New Delhi - 110017, India

Date of Birth/Age :

02.09.1956

Date of Appointment :

04.08.2006

PAN No.:

AAAPO0422G

DIN No. :

00160745

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	U74899DL1982PTC014250	HARVEL IRRIGATIONS PRIVATE LIMITED	Director	26/08/1982	26/08/1982	-	Active	NO
2	U74899DL1986PTC025312	AGVET CHEMICALS PRIVATE LIMITED	Director	01/09/1986	01/09/1986	-	Active	NO
3	U24239DL1989PTC035274	NOVA BIOGENICS PRIVATE LIMITED	Director	01/04/1992	01/04/1992	-	Converted to LLP and dissolved	NO
4	U45201DL2003PTC120416	SWARUP REALTORS PRIVATE LIMITED	Director	20/05/2003	20/05/2003	-	Active	NO
5	U74999DL2006PTC151077	AQUA SCAPE TECHNOLOGIES PRIVATE LIMITED	Director	17/07/2006	17/07/2006	-	Active	NO
6	U01407DL2006PTC151601	HARVEL AGUA INDIA PRIVATE LIMITED	Director	04/08/2006	04/08/2006	-	Active	NO
7	U01403DL2013NPL254744	GrassRoot - Small Land Holder Initiative	Director	02/07/2013	02/07/2013	-	Active	NO
8	AAD-5226	NOVA BIOGENICS LLP	Designated Partner	11/03/2015	11/03/2015	-	Active	NO

Name :

Mr. Kamal Kumar Oswal

Designation :

Director

Address :

D-35, Deffence Colony, New Delhi - 110024, India

Date of Birth/Age :

24.10.1946

Date of Appointment :

04.08.2006

DIN No.:

00160800

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	U74899DL1982PTC014250	HARVEL IRRIGATIONS PRIVATE LIMITED	Director	26/08/1982	26/08/1982	-	Active	NO
2	U74899DL1986PTC025312	AGVET CHEMICALS PRIVATE LIMITED	Director	01/09/1986	01/09/1986	-	Active	NO
3	U24239DL1989PTC035274	NOVA BIOGENICS PRIVATE LIMITED	Director	01/04/1992	01/04/1992	-	Converted to LLP and dissolved	NO
4	U74999MH1994PLC076323	KITEC INDUSTRIES (INDIA) LTD	Director	01/05/2010	31/10/1994	-	Active	NO
5	U74999DL2001PTC112462	SYNERGY PETRO PRODUCTS PRIVATE LIMITED	Director	19/09/2001	19/09/2001	02/06/2008	Active	NO
6	U18101DL2005PTC136481	SYNERGY FASHIONS PRIVATE LIMITED	Director	20/05/2005	20/05/2005	-	Strike off	NO
7	U01407DL2006PTC151601	HARVEL AGUA INDIA PRIVATE LIMITED	Director	04/08/2006	04/08/2006	-	Active	NO
8	U51909DL2002PTC115861	ARCUS MARKETING PRIVATE LIMITED	Director	01/10/2009	01/10/2009	-	Active	NO
9	U74999DL2006PTC151077	AQUA SCAPE TECHNOLOGIES PRIVATE LIMITED	Director	01/12/2012	01/12/2012	-	Active	NO
10	AAD-5226	NOVA BIOGENICS LLP	Designated Partner	11/03/2015	11/03/2015	-	Active	NO

Name :

Mr. Ramon Jesus Hernandez Alcaraz

Designation :

Director

Address :

Calle Sierra De Carrascoy 30500 Molina De Sugura, Murcia, Spain

Date of Birth/Age :

31.10.1967

Date of Appointment :

16.11.2007

DIN No. :

01842529

Name :

Mr. Jose Tomas Perez Olivares

Designation :

Director

Address :

Urbanizacion Los Romeros Calle B, No. 31, 30565 Las Torres De Cotillas, Murcia, Spain

Date of Birth/Age :

13.05.1960

Date of Appointment :

16.11.2007

DIN No. :

01842345

KEY EXECUTIVES

Name :	Ms. Nivedita Sharma
Designation :	Manager (Marketing and Communication)

MAJOR SHAREHOLDERS

As on 25.09.2013

Names of Shareholders	No. of Shares
Harvel Irrigations Private Limited, India	2345490
Primal Oswal	1005210
Sistema Azud S.A, Spain	3350700
Total	6701400

As on 31.03.2014

Names of Allottees	No. of Shares
Sistema Azud S.A, Spain	131080
Harvel Irrigations Private Limited, India	91756
Primal Oswal	39324
Total	262160

Equity Share Break up (Percentage of Total Equity)

As on 25.09.2013

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	50.00
Bodies corporate	35.00
Directors or relatives of Directors	15.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of all types of Irrigation Equipments and also provide Irrigation Engineering Services.
Products :	Irrigation Equipments
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :
Products :	Finished Goods
Countries :	African Countries American Countries
Imports :
Products :	Irrigation Components
Countries :	Spain Greece USA
Terms :
Selling :	Cash and Cheque
Purchasing :	Cash and Cheque

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

250 (Approximately)

Bankers :

· Syndicate Bank, 59, Shakuntla Apartment, Nehru Place, New Delhi - 110019, India

· ICICI Bank Limited, Landmark Race Cource Circle, Alkapuri, Baroda – 390015, Gujarat, India

Facilities :

SECURED LOANS	31.03.2013 Rs. In Million	31.03.2012 Rs. In Million
LONG TERM BORROWINGS
Term loans from banks	43.540	61.366
Other loans and advances	0.000	0.742
SHORT TERM BORROWINGS
Working capital loans from banks	133.117	85.336
Total	176.657	147.444

Auditors :
Name :	Sharad Jain Associates Chartered Accountants
Address :	213, Hans Bhawan, 1, BSZ Marg, New Delhi - 110002, India
PAN No.:	ABBFS3608L
Memberships :	Not Available
Collaborators :	Not Available
Related Parties :	· Sistema Azud S.A. · Harvel Irrigations Private Limited · Aquascape Technologies Private Limited

CAPITAL STRUCTURE

After 25.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
7500000	Equity Shares	Rs.10/- each	Rs. 75.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
6963560	Equity Shares	Rs.10/- each	Rs. 69.636 Million

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
7500000	Equity Shares	Rs.10/- each	Rs. 75.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
6701400	Equity Shares	Rs.10/- each	Rs. 67.014 Million

FINANCIAL DATA

[all figures are in Rupees Million]

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	67.014	67.014	49.060
(b) Reserves & Surplus	96.286	79.702	37.791
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.006	0.006	7.557
Total Shareholders’ Funds (1) + (2)	163.306	146.722	94.408
(3) Non-Current Liabilities
(a) long-term borrowings	43.540	62.108	37.391
(b) Deferred tax liabilities (Net)	1.131	1.617	1.426
(c) Other long term liabilities	13.675	10.236	6.458
(d) long-term provisions	2.134	0.899	0.691
Total Non-current Liabilities (3)	60.480	74.860	45.966
(4) Current Liabilities
(a) Short term borrowings	133.117	85.336	66.958
(b) Trade payables	123.305	83.547	21.312
(c) Other current liabilities	121.847	67.676	44.504
(d) Short-term provisions	5.503	6.706	5.734
Total Current Liabilities (4)	383.772	243.265	138.508
TOTAL	607.558	464.847	278.882
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	80.543	84.949	78.107
(ii) Intangible Assets	0.350	0.439	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)	0.000	0.000	0.000
(d) Long-term Loan and Advances	2.815	2.147	1.685
(e) Other Non-current assets	14.637	7.276	5.495
Total Non-Current Assets	98.345	94.811	85.287
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	129.978	166.073	68.216
(c) Trade receivables	321.177	174.234	109.751
(d) Cash and cash equivalents	17.601	15.692	10.765
(e) Short-term loans and advances	40.457	14.037	4.863
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	509.213	370.036	193.595
TOTAL	607.558	464.847	278.882

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2013	31.03.2012	31.03.2011
	SALES
	Income	849.075	635.427	429.735
	Other Income	2.453	1.462	3.214
	TOTAL	851.528	636.889	432.949
Less	EXPENSES
	Changes in inventories of Finished Goods and Work in Progress	40.533	(78.436)	(8.432)
	Operational Expenses	750.467	648.416	384.636
	TOTAL	791.000	569.980	376.204
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	60.528	66.909	56.745
Less	FINANCIAL EXPENSES	23.484	17.874	13.004
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	37.044	49.035	43.741
Less/ Add	DEPRECIATION/ AMORTISATION	10.983	10.831	10.690
	PROFIT/ (LOSS) BEFORE TAX	26.061	38.204	33.051
Less	TAX	8.737	12.562	11.224
	PROFIT/ (LOSS) AFTER TAX	17.324	25.642	21.827
	EARNINGS IN FOREIGN CURRENCY	4.519	0.824	0.000
	Earnings / (Loss) Per Share (Rs.)	2.59	3.83	4.45

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Net Profit Margin (PAT/Sales)	(%)	2.04	4.04	5.08
Operating Profit Margin (PBIDT/Sales)	(%)	7.13	10.53	13.20
Return on Total Assets (PBT/Total Assets}	(%)	4.29	8.22	11.85
Return on Investment (ROI) (PBT/Networth)		0.16	0.26	0.35
Debt Equity Ratio (Total Debt /Networth)		1.08	1.00	1.11
Current Ratio (Current Asset/Current Liability)		1.33	1.52	1.40

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	Rs. In Million	Rs. In Million	Rs. In Million
Share Capital	49.060	67.014	67.014
Reserves & Surplus	37.791	79.702	96.286
Share Application money pending allotment	7.557	0.006	0.006
Net worth	94.408	146.722	163.306
Long Term borrowings	37.391	62.108	43.540
Short Term borrowings	66.958	85.336	133.117
Total borrowings	104.349	147.444	176.657
Debt/Equity ratio	1.105	1.005	1.082

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	Rs. In Million	Rs. In Million	Rs. In Million
Sales	429.735	635.427	849.075
		47.865	33.623

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	Rs. In Million	Rs. In Million	Rs. In Million
Sales	429.735	635.427	849.075
Profit	21.827	25.642	17.324
	5.08%	4.04%	2.04%

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	Yes
17]	Major suppliers	Yes
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 CHARGE:

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10559237	28/02/2015	70,000,000.00	HDB FINANCIAL SERVICES LIMITED	Second Floor, Gokul Towers, opposite to Model House,  Punjagutta, Hyderabad, Andhra Pradesh - 500082, INDIA	C49151384
2	10475740	30/12/2013	110,000,000.00	ING VYSYA BANK LIMITED	E-220 AND 221, EAST OF KAILASH, NEW DELHI, Delhi - 110065, INDIA	B95551586
3	10463761	13/03/2014 *	170,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, Gujarat - 390015, INDIA	C00932749
4	10308619	30/08/2011	30,000,000.00	SIDBI	SCO - 145-146, 1st. & 2nd. Floors,, CHANDIGARH, Chandigarh - 160017, INDIA	B21759691
5	10171026	17/07/2009	6,000,000.00	SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA	SCO 146-146,IST & 2ND FLOORS, SECTOR 17C, CHANDIG  ARH, Chandigarh - 160017, INDIA	A67717371
6	10119033	24/08/2008	47,500,000.00	SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA	SCO 145-146, SECTOR 17C, CHANDIGARH, Chandigarh -160017, INDIA	A44005114

*Date of modification Charges

FIXED ASSETS

· Land

· Buildings

· Plant and Equipment

· Furniture and Fixtures

· Vehicles

· Office Equipment

· Computer Equipments

· Other Equipments

· Leasehold Improvements

· Computer Software

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 records 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 records 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.62.34
UK Pound	1	Rs.93.09
Euro	1	Rs.67.13

INFORMATION DETAILS

Information Gathered by :	KMN
Analysis Done by :	SUM
Report Prepared by :	PNM

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		43

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.