MIRA INFORM REPORT

Report No. :	355227
Report Date :	16.12.2015

IDENTIFICATION DETAILS

Name :	SATNAM GLOBAL INFRAPROJECTS LIMITED (w.e.f.11.09.2008)
Formerly Known As :	SATNAM ENGINEERS AND FABRICATORS LIMITED (w.e.f.06.05.2008) SATNAM ENGINEERS AND FABRICATORS PRIVATE LIMITED
Registered Office :	Plot No. 272, FIE Industrial Area, Patpar Ganj, Delhi - 110092
Tel. No.:	91-11-22168346/ 22163693/ 22160337/ 9582261700-705
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	09.02.1987
Com. Reg. No.:	55-026940
Capital Investment / Paid-up Capital :	Rs. 134.115 Million
CIN No.: [Company Identification No.]	U74899DL1987PLC026940
IEC No.:	Not Divulged
TAN No.: [Tax Deduction & Collection Account No.]	DELS06122E
PAN No.: [Permanent Account No.]	AAACS2509K
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject undertakes engineering contracts involving erection, commissioning and installation of machines and also undertakes erection and commissioning of high-capacity diesel generator sets. (Registered Activity)
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

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

Maximum Credit Limit :	USD 1100000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company incorporated in the year 1987 having satisfactory track. The company possesses above average financial risk profile marked by satisfactory net worth net worth with low borrowings recorded and fair profit margin. The rating also takes into consideration subject long established track record of business operation and favourable gap between trade payables and trade receivables. Moreover, the rating strength is partially offset by highly competitive infrastructure industry. Trade relations are reported as fair. Business is active. Payment terms are reported as slow but correct. In view of long track record and acceptable financial base, 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 – 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	Cash Credit (B)
Rating Explanation	High risk of default
Date	December 29, 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 DENIED BY

Name :	Mr. Priya Sharma
Designation :	Chartered Accountant
Contact No.:	91-11-22168346
Date :	15.12.2015

LOCATIONS

Registered/ Head Office :	Plot No. 272, FIE Industrial Area, Patpar Ganj, Delhi – 110092, India
Tel. No.:	91-11-22168346/ 22163693/ 22160337/ 9582261700-705
Fax No.:	91-11-22168275
E-Mail :	info@satnamglobal.in praveenbhagat@rediffmail.com
Website :	http://www.satnamglobal.in

DIRECTORS

As on: 31.03.215

Name :

Mr. Bhoopendra Kumar Jain

Designation :

Managing director

Address :

67, Jagriti Enclave, Vikas Marg Extension, Delhi – 110092, India

Date of Birth/Age :

18.03.1955

Qualification :

Graduate

Date of Appointment :

09.02.1987

PAN No.:

AAAPJ4024B

DIN No.:

00838078

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	U74899DL1987PLC026940	SATNAM GLOBAL INFRAPROJECTS LIMITED	Managing director	09/02/1987	09/02/1987	-	Active	NO
2	U51109WB2005PTC105131	CITYWINGS DEALERS PRIVATE LIMITED	Director	01/12/2008	01/12/2008	-	Converted to LLP and dissolved	NO
3	U74210KA2010PTC052359	MAXPRO ENGINEERS PRIVATE LIMITED	Director	03/02/2010	03/02/2010	-	Active	NO
4	U45400DL2010PTC201499	HSR INFRA HIGH TECH PRIVATE LIMITED	Director	13/04/2010	13/04/2010	-	Active	NO
5	U45400DL2010PTC201579	JAIN RESIDENCY PRIVATE LIMITED	Director	15/04/2010	15/04/2010	-	Active	NO
6	AAD-1650	CITYWINGS DEALERS LLP	Designated Partner	08/01/2015	08/01/2015	-	Active	NO

Name :

Mrs. Manjusha Jain

Designation :

Director

Address :

A-28, Anand Vihar, Vikas Marg Extension, Delhi – 110092, India

Date of Birth/Age :

23.09.1961

Qualification :

Graduate

Date of Appointment :

20.11.1998

PAN No.:

AAGPJ0095A

DIN No.:

00985270

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	U74899DL1987PLC026940	SATNAM GLOBAL INFRAPROJECTS LIMITED	Director	20/11/1998	20/11/1998	-	Active	NO
2	U51109WB2005PTC105131	CITYWINGS DEALERS PRIVATE LIMITED	Director	01/12/2008	01/12/2008	-	Converted to LLP and dissolved	NO
3	U45400DL2010PTC201579	JAIN RESIDENCY PRIVATE LIMITED	Director	15/04/2010	15/04/2010	-	Active	NO
4	U45200DL2010PTC201578	HSR INFRAPROJECTS PRIVATE LIMITED	Director	15/04/2010	15/04/2010	-	Active	NO
5	AAD-1650	CITYWINGS DEALERS LLP	Designated Partner	08/01/2015	08/01/2015	-	Active	NO

Name :

Mr. Himanshu Jain

Designation :

Director

Address :

67, Jagriti Enclave, Vikas Marg Extension, Delhi – 110092, India

Date of Appointment :

24.11.2014

DIN No.:

02980957

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	U45400DL2010PTC201499	HSR INFRA HIGH TECH PRIVATE LIMITED	Director	13/04/2010	13/04/2010	-	Active	NO
2	U45200DL2010PTC201578	HSR INFRAPROJECTS PRIVATE LIMITED	Director	15/04/2010	15/04/2010	-	Active	NO
3	U74210KA2010PTC052359	MAXPRO ENGINEERS PRIVATE LIMITED	Director	27/09/2013	17/07/2013	-	Active	NO
4	U74899DL1987PLC026940	SATNAM GLOBAL INFRAPROJECTS LIMITED	Director	24/11/2014	24/11/2014	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Priya Sharma
Designation :	Chartered Accountant
Name :	Hari Varanasi
Designation :	Secretary
Address :	29, Vaishali, Pitampura, New Delhi – 110088, India
Date of Appointment :	01.03.2008
PAN No.:	ACBPV0964B

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 31.03.2015

Names of Shareholders	No. of Shares
Boopendra Kr. Jain	1120424
Manjusha Jain	6752
Jitendra Kr. Jain	9000
Parveen Sandhu	56
Himanshu Jain	16310
Citi Wings Dealers LLP, India	188600
Harjinder Singh	10
Total	1341152

Equity Share Break up (Percentage of Total Equity)

As on: 30.09.2014

Category	Percentage
Bodies corporate	14.06
Directors or relatives of Directors	85.94
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject undertakes engineering contracts involving erection, commissioning and installation of machines and also undertakes erection and commissioning of high-capacity diesel generator sets. (Registered Activity)

Products :

Item Code No.	Product Description
99541211	Construction Services

Brand Names :

Not Divulged

Agencies Held :

Not Divulged

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

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 :

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

No. of Employees :

Not Divulged

Bankers :

• HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel [West], Mumbai - 400013, Maharashtra, India

• Syndicate Bank, Nirman Vihar, Vikas Marg, Delhi - 110092, Delhi, India

• Kotak Mahindra Bank Limited, 36-38A, Nariman Bhavan, 227,D, Nariman Point, Mumbai 400021, Maharashtra, India

• State Bank Of India

Facilities :

SECURED LOANS	31.03.2015 (Rs. In Million)	31.03.2014 (Rs. In Million)
LONG-TERM BORROWINGS
Term loans from banks	238.675	213.465
Total	238.675	213.465

Auditors :
Name :	Praveen Bhagat and Company Chartered Accountants
Address :	46, Chaman Lal Market, Gumti No. 5, Kanpur - 208012, Uttar Pradesh, India
Income-tax PAN of auditor or auditor's firm :	ACKPB8096M
E-Mail :	praveenbhagat@rediffmail.com
Memberships :	--
Collaborators :	--
Associates/Subsidiaries :	Not Divulged

CAPITAL STRUCTURE

As on: 31.03.2015

Authorised Capital :

No. of Shares	Type	Value	Amount
1,500,000	Equity Shares	Rs. 100/- each	Rs. 150.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1,341,152	Equity Shares	Rs. 100/- each	Rs. 134.115 Millions

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2015	31.03.2014	31.03.2013
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	134.115	134.115	134.115
(b) Reserves & Surplus	252.379	240.819	234.325
(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)	386.494	374.934	368.440
(3) Non-Current Liabilities
(a) long-term borrowings	238.675	213.465	196.286
(b) Deferred tax liabilities (Net)	52.698	189.430	0.000
(c) Other long term liabilities	0.000	0.000	239.190
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	291.373	402.895	435.476
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	60.802	64.605	66.849
(c) Other current liabilities	133.047	54.859	71.786
(d) Short-term provisions	0.000	0.000	0.000
Total Current Liabilities (4)	193.849	119.464	138.635
TOTAL	871.716	897.293	942.551
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	76.463	91.040	99.700
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	3.344	3.680	3.868
(c) Deferred tax assets (net)	2.521	2.058	3.461
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	82.328	96.778	107.029
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	40.067	90.005	97.576
(c) Trade receivables	623.567	527.733	590.663
(d) Cash and cash equivalents	28.657	72.401	31.855
(e) Short-term loans and advances	24.336	25.344	27.052
(f) Other current assets	72.761	85.032	88.376
Total Current Assets	789.388	800.515	835.522
TOTAL	871.716	897.293	942.551

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2015	31.03.2014	31.03.2013
	SALES
		Income	903.704	821.730	896.523
		Other Income	5.694	9.272	8.195
		TOTAL (A)	909.398	831.002	904.718
Less	EXPENSES
		Cost of Materials Consumed	365.364	272.354	280.100
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	19.035	6.220	3.357
		Employees benefits expense	282.548	294.625	346.407
		Other expenses	141.665	162.369	170.214
		Exceptional Items	11.679	11.848	9.398
		TOTAL (B)	820.291	747.416	809.476
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		89.107	83.586	95.242
Less	FINANCIAL EXPENSES (D)		42.363	44.230	48.505
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		46.744	39.356	46.737
Less/ Add	DEPRECIATION/ AMORTISATION (F)		16.406	13.137	14.743
	PROFIT BEFORE TAX (E-F) (G)		30.338	26.219	31.994
Less	TAX (H)		18.779	19.726	10.868
	PROFIT AFTER TAX (G-H) (I)		11.559	6.493	21.126
	Earnings Per Share (Rs.)		8.62	4.84	15.75

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt	NA	NA	NA
Net cash flows from (used in) operations	100.191	107.586	NA
Net cash flows from (used in) operating activities	80.949	89.263	NA

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	1.28	0.79	2.36
Operating Profit Margin (PBIDT/Sales)	(%)	9.86	10.17	10.62
Return on Total Assets (PBT/Total Assets}	(%)	3.50	2.94	3.42
Return on Investment (ROI) (PBT/Networth)		0.08	0.07	0.09
Debt Equity Ratio (Total Debt /Networth)		0.62	0.57	0.53
Current Ratio (Current Asset/Current Liability)		4.07	6.70	6.03

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	134.115	134.115	134.115
Reserves & Surplus	234.325	240.819	252.379
Net worth	368.440	374.934	386.494
long-term borrowings	196.286	213.465	238.675
Short term borrowings	0.000	0.000	0.000
Total borrowings	196.286	213.465	238.675
Debt/Equity ratio	0.533	0.569	0.618

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	896.523	821.730	903.704
		(8.343)	9.976

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	896.523	821.730	903.704
Profit	21.126	6.493	11.559
	2.36%	0.79%	1.28%

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	Yes
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)	No
16	No. of employees	No
17	Details of sister concerns	No
18	Major suppliers	No
19	Major customers	No
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	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	Yes
32	Litigations that the firm/promoter involved in	---
33	Market information	---
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

INDEX OF CAHREGS:

S. NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10264719	21/05/2014 *	710,000,000.00	Syndicate Bank	Nirman Vihar, Delhi - 110092, INDIA	C36314722
2	10264803	23/12/2010	800,000,000.00	SYNDICATE BANK	NIRMAN VIHAR BRANCH, NIRMAN VIHAR, Delhi -  110092, INDIA	B04823670
3	10190037	03/12/2009	1,540,200.00	KOTAK MAHINDRA BANK LIMITED	36-38A, NARIMAN BHAVAN, 227,D, NARIMAN POINT, MUMBAI 400021, Maharashtra , INDIA	A74929316
4	10195903	30/11/2009	2,206,109.00	KOTAK MAHINDRA BANK LIMITED	36-38A, NARIMAN BHAVAN, 227,D, NARIMAN POINT, MUMBAI 400021, Maharashtra , INDIA	A76876622
5	10185541	26/09/2009	7,705,500.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI 400013, Maharashtra, INDIA	A73442691
6	10132758	30/11/2008	1,633,230.00	KOTAK MAHINDRA BANK LIMITED	36-38A, NARIMAN BHAVAN, 227,D, NARIMAN POINT, MUMBAI 400021, Maharashtra , INDIA	A52285509
7	10300756	17/03/2007	2,424,000.00	Syndicate Bank	Nirman Vihar, Delhi - 110092, INDIA	A13597125
8	80002937	21/05/2014 *	710,000,000.00	Syndicate Bank	Nirman Vihar, Delhi - 110092, INDIA	C36314367

* Date of charge modification

CHANGE OF ADDRESS:

The Registered Office of the company has been shifted from C-1, Aruna Park, Vikas Marg, Laxmi Nagar, New Delhi – 110092, India to the present address w.e.f.10.12.2009.

FIXED ASSETS:

v Buildings

v Plant and equipment

v Furniture and fixtures

v Vehicles

v Office equipment

v Computer equipments

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 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.67.04
UK Pound	1	Rs.101.63
Euro	1	Rs.73.93

INFORMATION DETAILS

Information Gathered by :	SVA
Analysis Done by :	DIV
Report Prepared by :	MTN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		44

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.