MIRA INFORM REPORT

Report No. :	350061
Report Date :	01.12.2015

IDENTIFICATION DETAILS

Name :	WESTERN INDIA FORGINGS PRIVATE LIMITED (w.e.f. 09.07.2003)
Formerly Known As :	WESTERN INDIA FORGINGS LIMITED
Registered Office :	Gat No. 163, Off Nagar Road, Sanaswadi, Tal. Shirur, Pune – 412208, Maharashtra
Tel. No.:	91-2137-320202
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	30.03.1981
Com. Reg. No.:	11-024155
Capital Investment / Paid-up Capital :	Rs. 99.320 Million
CIN No.: [Company Identification No.]	U28910PN1981PTC024155
IEC No.:	0389057347
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAACW2628M
Legal Form :	Private Limited Liability Company.
Line of Business :	Manufacturer, Exporter and Importers of closed die forgings, open die forgings, ring rolled forgings and finished machined components.
No. of Employees :	710 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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 was established 1981 and it is engaged in manufacturing, exporting and importing of forgings. The company’s products include closed die forgings, includes bonnets, valve bodies, flanges, gates, discs, forged fittings tees and elbow etc. The company serves to automotive, material handling, construction, earthmoving, mining, heavy engineering, oil and gas industries. For the financial year ended 2014, company has reported 8.71% sales turnover growth as compared to previous sales turnover and is has maintained average profitability margins at 2.41% during the year under a review. Rating continues to reflect company’s established position in the domestic industrial forgings segment, its healthy financial risk profile marked by strong net worth and low gearing. Rating strengths is partially offset by the working capital intensity of company’s operations and its exposure to demand fluctuations in the capital goods and engineering sectors and raw material price variations. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitment. The company can be considered good for normal business dealings at usual trade terms and conditions. Note: Mr. Ujwal Apte, General Manager in financial confirmed that Kran Rader is a division of the subject company.

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 – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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	CRISIL RATING
Rating	Long Term Rating = A-
Rating Explanation	Adequate degree of safety and low credit risk
Date	November 19, 2014

Rating Agency Name	CRISIL RATING
Rating	Short Term Rating = A2+
Rating Explanation	Strong degree of safety and low credit risk
Date	November 19, 2014

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2015.

INFORMATION PARTED BY

Name :	Mr. Ujwal Apte
Designation :	General Manager Finance
Contact No.:	91-9822790451
Date :	20.11.2015

LOCATIONS

Registered Office/ Factory :	Gat No. 163, Off Nagar Road, Sanaswadi, Tal. Shirur, Pune – 412208, Maharashtra, India
Tel. No.:	91-2137-320202
Mobile No.:	91-9822790451 (Mr. Ujwal Apte)
Fax No.:	Not Available
E-Mail :	ugapte@westernindiaforgings.com
Website :	http://www.westernindiaforgings.com
Location :	Owned
Locality :	Industrial

DIRECTORS

AS ON 30.09.2014

Name :

Krishankumar Brijlal Jindal

Designation :

Managing Director

Address :

Bungalow No.89, 4th Lane,, Koregaon Park, Pune - 411001, Maharashtra, India

Date of Birth/Age :

17.08.1930

Date of Appointment :

30.03.1981

DIN No.:

00280819

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	U28910PN1981PTC024155	WESTERN INDIA FORGINGS PVT LTD	Managing director	01/04/2008	30/03/1981	-	Active	NO
2	U28910PN1988PTC049615	WESTERN HEAT AND FORGE PVT LTD	Director	11/11/1988	11/11/1988	-	Active	NO
3	U28910MH1989PTC052677	WESTERN METAL FORGE (CHAKAN) PVT LTD.	Director	19/07/1989	19/07/1989	-	Under Process of Striking off	NO
4	U29299MH1972PTC015649	KRAN RADER PRIVATE LIMITED	Director	27/12/1991	27/12/1991	-	Active	NO

Name :

Arun Krishankumar Jindal

Designation :

Managing Director

Address :

Residential Bunglow Pl89, Koregaon Park, Pune - 411001, Maharashtra, India

Date of Birth/Age :

11.11.1960

Date of Appointment :

30.03.1981

DIN No.:

00121523

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	U28910PN1981PTC024155	WESTERN INDIA FORGINGS PVT LTD	Managing director	01/04/2008	30/03/1981	-	Active	NO
2	U28910PN1988PTC049615	WESTERN HEAT AND FORGE PVT LTD	Director	11/11/1988	11/11/1988	-	Active	NO
3	U28910MH1989PTC052677	WESTERN METAL FORGE (CHAKAN) PVT LTD.	Director	19/07/1989	19/07/1989	-	Under Process of Striking off	NO
4	U29299MH1972PTC015649	KRAN RADER PRIVATE LIMITED	Director	27/12/1991	27/12/1991	-	Active	NO

Name :

Sanjay Krishankumar Jindal

Designation :

Managing Director

Address :

301 Marvel, Grandeur,, Boat Club Road, Pune, 411001, Maharashtra, India

Date of Birth/Age :

18.11.1962

Date of Appointment :

01.10.2006

DIN No.:

01624895

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	U91110PN2005NPL020305	YOUNG PRESIDENTS ORGANIZATION (PUNE CHAPTER)	Director	26/07/2011	01/07/2005	30/06/2013	Active	NO
2	U28910PN1981PTC024155	WESTERN INDIA FORGINGS PVT LTD	Managing director	01/04/2008	01/10/2006	-	Active	NO
3	U40107TG2005PTC045038	BANYAN ENVIRONMENTAL INNOVATIONS PRIVATE LIMITED	Director	12/08/2010	12/08/2010	20/03/2014	Active	NO
4	U72200PN2011PTC139748	JINDAL RMA TECHNOLOGY VENTURES PRIVATE LIMITED	Director	03/06/2011	03/06/2011	-	Active	NO
5	U63011PN2013PTC147512	KIR AND CAVIAR DESTINATIONS PRIVATE LIMITED	Director	22/05/2013	22/05/2013	-	Active	NO
6	U28910PN1988PTC049615	WESTERN HEAT AND FORGE PVT LTD	Additional director	02/03/2015	02/03/2015	-	Active	NO

Name :

Mukundan Madathil

Designation :

Whole-Time Director

Address :

Flat No. E 9, Mantri Rivera, Shau Patil Road,, Khadki, Pune - 411003, Maharashtra, India

Date of Birth/Age :

22.04.1957

Date of Appointment :

08.10.2008

DIN No.:

02354113

KEY EXECUTIVES

Name :	Sangeeta Vasant Kulkarni
Designation :	Secretary
Address :	Kundan Garden Appt, C Building, Flat No 31, Near Bank of Maharashtra, Nigdi, Pune - 411035, Maharashtra, India
Date of Birth/Age :	08.12.1988
Date of Appointment :	04.06.2014
PAN No:	BIQPK4345H

MAJOR SHAREHOLDERS

AS ON 30.09.2014

Names of Shareholders	No. of Shares
Krishankumar Brijlal Jindal	4939891
Arun K Jindal J/W Shruti A Jindal	292101
Sanjay K Jindal J/W Kiran S Jindal	1034249
Shruti Arun Jindal	516500
Kiran Sanjay Jindal	600000
Prashant Gupta	3
Arun Krishnakumar Jindal	516500
Shubham Arun Jindal	516256
Arushi Arun Jindal	516500
Renu Vivek Agarwal	1000000
Total	9932000

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 :	Manufacturer, Exporter and Importers of closed die forgings, open die forgings, ring rolled forgings and finished machined components.
Products :	Closed Die Forgings Open Die Forgings Ring Rolled Forgings and finished machined components
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :
Products :	Closed Die Forgings Open Die Forgings Ring Rolled Forgings and finished machined components
Countries :	UAE European Countries
Imports :
Products :	Machinery
Countries :	Japan China Germany Russia
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Alfa Laval India Limited
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 :

Reference :	Kalyani Carpenter Special Steel Limited
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

No. of Employees :

710 (Approximately)

Bankers :

• State Bank of India, Industrial Finance Branch, Wakdewadi, Pune – 411003, Maharashtra, India
• Citi Bank, Branch M.G. Road, Camp, Pune – 411001, Maharashtra, India
• Standard Chartered Bank, Branch 90, M.G. Road, Fort, Mumbai – 400001, Maharashtra, India

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Loans taken for vehicle	0.423	1.879
Loans and advance from others	54.048	44.734
Loans and advances from directors	67.967	74.457
Term loan from banks	375.781	455.510
Term loan from others	0.412	1.625
SHORT TERM BORROWING
Loans repayable on demand	417.399	325.205
Total	916.030	903.410

Auditors :
Name :	Gokhale Tansale and Ghatpande Chartered Accountant
Address :
Tel. No.:	91-
Mobile No.:	91-
Fax No.:	91-
E-Mail :
PAN N Income-tax PAN of auditor or auditor's firm :
Memberships :	Not Available
Collaborators :	Not Available
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	Kran Rader Private Limited

CAPITAL STRUCTURE

AS ON 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
19980000	Equity Shares	Rs.10/- each	Rs. 199.800 Million
20000	Preference Shares	Rs. 10/- each	Rs. 0.200 Million
	Total		Rs. 200.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
9932000	Equity Shares	Rs.10/- each	Rs. 99.320 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	99.320	99.320	99.320
(b) Reserves & Surplus	1078.822	1018.194	902.591
(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)	1178.142	1117.514	1001.911
(3) Non-Current Liabilities
(a) long-term borrowings	498.631	578.205	440.272
(b) Deferred tax liabilities (Net)	182.398	153.022	130.004
(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)	681.029	731.227	570.276
(4) Current Liabilities
(a) Short term borrowings	417.399	325.205	450.676
(b) Trade payables	513.742	374.013	302.837
(c) Other current liabilities	227.858	112.038	79.673
(d) Short-term provisions	207.516	163.871	136.153
Total Current Liabilities (4)	1366.515	975.127	969.339
TOTAL	3225.686	2823.868	2541.526
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1392.726	1276.702	983.237
(ii) Intangible Assets	2.978	3.605	4.928
(iii) Capital work-in-progress	41.221	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	13.921
(b) Non-current Investments	0.056	0.056	0.056
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	2.664	2.664	0.000
Total Non-Current Assets	1439.645	1283.027	1002.142
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	588.985	472.661	481.038
(c) Trade receivables	836.080	542.606	620.922
(d) Cash and cash equivalents	59.342	250.618	215.924
(e) Short-term loans and advances	98.707	118.805	97.924
(f) Other current assets	202.927	156.151	123.576
Total Current Assets	1786.041	1540.841	1539.384
TOTAL	3225.686	2823.868	2541.526

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	GROSS INCOME
	TOTAL	3474.349	3195.837	3260.088
Less	EXPENSES
	TOTAL	NA	NA	NA
	PROFIT/ (LOSS) BEFORE TAX	156.824	207.904	185.917
Less	TAX	73.021	70.739	58.939
	PROFIT/ (LOSS) AFTER TAX	83.803	137.165	126.978
	EARNINGS IN FOREIGN CURRENCY
	Export Earnings	746.908	572.622	617.800
	TOTAL EARNINGS	746.908	572.622	617.800
	Earnings Per Share (Rs.)	8.44	13.81	12.78

Particulars	31.03.2015
Sales Turnover (Approximately)	4170.000

Expected Sales (2015-16): Rs. 4000.000 Million

The above information has been parted by Mr. Ujwal Apte (General Manager Finance)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	2.41	4.29	3.89
Return on Total Assets (PBT/Total Assets}	(%)	4.92	7.36	7.36
Return on Investment (ROI) (PBT/Networth)		0.13	0.19	0.19
Debt Equity Ratio (Total Debt /Networth)		0.78	0.81	0.89
Current Ratio (Current Asset/Current Liability)		1.31	1.58	1.59

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	99.320	99.320	99.320
Reserves & Surplus	902.591	1018.194	1078.822
Share Application money pending allotment	0.000	0.000	0.000
Net worth	1001.911	1117.514	1178.142
long-term borrowings	440.272	578.205	498.631
Short term borrowings	450.676	325.205	417.399
Current Maturities of Long Term Debt	0.000	0.000	0.000
Total borrowings	890.948	903.410	916.030
Debt/Equity ratio	0.889	0.808	0.778

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	3260.088	3195.837	3474.349
		(1.971)	8.715

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	3260.088	3195.837	3474.349
Profit	126.978	137.165	83.803
	3.89%	4.29%	2.41%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	Yes
16	No. of employees	Yes
17	Details of sister concerns	Yes
18	Major suppliers	Yes
19	Major customers	Yes
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	Yes
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	No
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

NOTE: Registered office of the company has been shifted from Plot No. J2, S-Block, Industrial Area, Pimpri MIDC, Pune – 411026, Maharashtra, India to the present address.

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10387359	08/08/2014 *	1,377,000,000.00	SBICAP TRUSTEE COMPANY LIMITED	202, MAKER TOWER,'E', CUFFE PARADE, COLABA,, MUMB  AI, Maharashtra - 400005, INDIA	C36378594
2	10325441	20/06/2012 *	252,000,000.00	Standard Chartered Bank	6 -3-1090,Raj Bhavan Road, Somajiguda, Hyderabad,  Andhra Pradesh - 500082, INDIA	B44477255
3	10324591	08/12/2011	2,240,000.00	State Bank of India Industrial Finance Branch	'Tara Chambers'1st floor,Near Mariaai Policechowky  , Pune Mumbai Old Highway, Wakdewadi, Pune, Mahar  ashtra - 411003, INDIA	B28362416

* Date of charge modification

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. 66.75
UK Pound	1	Rs. 100.68
Euro	1	Rs. 70.88

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	KAR
Report Prepared by :	JYO

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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		50

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.