MIRA INFORM REPORT

Report No. :	305891
Report Date :	06.02.2015

IDENTIFICATION DETAILS

Name :	SUNDEV APPLIANCES LIMITED
Registered Office :	Shop No. 13, Ground Floor, Motinagar CHS Limited, Roshan Nagar, Sodawala Lane, Borivali (West), Mumbai – 400092, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	01.03.2007
Com. Reg. No.:	11-168286
Capital Investment / Paid-up Capital :	Rs.30.000 Millions
CIN No.: [Company Identification No.]	U31908MH2007PLC168286
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	MUMS56771B
PAN No.: [Permanent Account No.]	AAKCS9030P
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Trader of all kinds of home and kitchen appliance, and electronics and electric equipments.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (37)

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

Maximum Credit Limit :	USD 200000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The company possesses a moderate financial profile marked by improving networth base as a result of adequate profitability and infusion of funds from the promoters. Moreover, the management has reported huge total outside liabilities to tangible networth ratio, which may have a harsh impact on the liquidity profile. Management has reported a significant improvement its revenue base during FY14. The ratings also take into consideration, the marketing partnership agreement between the reported Swedish giant Electrolux and the subject for marketing Electrolux’s small domestic products. Trade relation are fair. Business is active. Payment terms are reported as slow but correct. In view of Pan India brand presence through organized retailers, the subject 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

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.

LOCATIONS

Registered Office :	Shop No. 13, Ground Floor, Motinagar CHS Limited, Roshan Nagar, Sodawala Lane, Borivali (West), Mumbai – 400092, Maharashtra, India
Tel. No.:	91-22-29686600
Fax No.:	Not Available
E-Mail :	tanujajalan@yahoo.co.in
Website :	www.sundevappliances.com

DIRECTORS

As on 30.09.2014

Name :

Balasubramanian Sukri

Designation :

Director

Address :

No.95, N.G.G.O. Colony, Main Road, Erode – 638009, Tamil Nadu, India

Date of Birth/Age :

15.01.1949

Date of Appointment :

01.03.2007

DIN No.:

00718389

Name :

Sivgamisundari Devanand

Designation :

Director

Address :

403, Jandid Tower, Mtnl Road, Mira Road (East), Thane – 401107, Maharashtra, India

Date of Birth/Age :

24.04.1972

Date of Appointment :

01.03.2007

DIN No.:

00719610

Name :

Devanand Balasubramanian

Designation :

Director

Address :

401, Rashmi Pride, Beverley Park, Mira Raod (E), Thane – 401107, Maharashtra, India

Date of Birth/Age :

09.11.1973

Date of Appointment :

01.03.2007

DIN No.:

00719658

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	U31908MH2007PLC168286	SUNDEV APPLIANCES LIMITED	Director	01/03/2007	01/03/2007	-	Active	NO
2	U74999MH2011PTC215052	SUNDEV BIOCEUTICALS PRIVATE LIMITED	Director	21/03/2011	21/03/2011	-	Active	NO

Name :

Dhaval Jawaharmal Chandan

Designation :

Director

Address :

14 Pycrofts Road Lind Street, Roy Apettah, Chennai - 600014, Tamilnadu, India

Date of Birth/Age :

11.04.1965

Date of Appointment :

27.09.2013

DIN No.:

00223314

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	U72200TN2001PTC047636	RMP INFOTEC PRIVATE LIMITED	Director	02/05/2002	02/05/2002	-	Active	NO
2	U72900MH2003PTC140678	Verve Global Services Private Limited	Director	25/01/2007	25/01/2007	05/10/2011	Active	NO
3	U45200MH2007PTC167528	GADIYA DEVELOPERS PRIVATE LIMITED	Director	18/12/2007	18/12/2007	05/10/2011	Active	NO
4	L17110GJ1946PLC000236	SAKARLAL BALABHAI AND COMPANY LIMITED	Director	04/02/2008	04/02/2008	-	Active	NO
5	U67190MH2008PLC179876	Right Meridian Pacific Capital Limited	Director	08/03/2008	08/03/2008	-	Active	NO
6	U45200MH2008PLC180594	RTG INFRASTRUCTURE AND REALTORS LIMITED	Director	28/03/2008	28/03/2008	05/10/2011	Active	NO
7	U67120MH2008PLC181579	RTG SHARE BROKING LIMITED	Director	25/04/2008	25/04/2008	05/10/2011	Active	NO
8	U65999MH2008PLC181820	RTG COMMODITIES BROKING LIMITED	Director	01/05/2008	01/05/2008	05/10/2011	Active	NO
9	U55101MH2008PLC182486	RTG HOTELS AND RESORTS LIMITED	Director	21/05/2008	21/05/2008	05/10/2011	Active	NO
10	U65900MH1995PLC089286	RTG EXCHANGE LIMITED	Director	11/07/2008	11/07/2008	05/10/2011	Active	NO
11	U51109WB1994PTC062076	CICAGO COMMODITIES PRIVATE LIMITED	Director	29/09/2008	11/09/2008	06/10/2011	Active	NO
12	U45202MH2008PLC188671	RAIGAD MEGA PROJECTS LIMITED	Director	04/12/2008	04/12/2008	-	Active	NO
13	U01120MH2008PLC188691	RAJ GREEN VALLEY DEVELOPERS LIMITED	Director	05/12/2008	05/12/2008	-	Active	NO
14	U70102MH2008PLC188727	RAIGAD REALTERS & DEVELOPERS LIMITED	Director	05/12/2008	05/12/2008	-	Active	NO
15	U45200MH2008PLC188740	RAIGAD INFRA PROJECTS LIMITED	Director	06/12/2008	06/12/2008	-	Active	NO
16	U45202MH2008PTC179464	Verve Compusoft Private Limited	Director	31/12/2009	15/01/2009	07/10/2011	Active	NO
17	U51109WB1995PTC073699	PAHARIMATA COMMODITIES PRIVATE LIMITED	Director	30/09/2010	24/12/2009	06/10/2011	Active	NO
18	U67503WB1995PTC067503	MAA PAHARI MERCANTILES PRIVATE LIMITED	Director	29/12/2009	29/12/2009	06/10/2011	Active	NO
19	U15139PN2010PTC136479	RMP BRAND WAGON MARKETING PRIVATE LIMITED	Director	02/06/2010	02/06/2010	13/06/2012	Active	NO
20	U51420WB2004PTC097982	Orangestone Steel Private Limited	Director	30/09/2010	18/06/2010	06/10/2011	Active	NO
21	U51102WB2004PTC100023	AVANTIKA PAPER PRIVATE LIMITED	Director	30/09/2010	18/06/2010	05/10/2011	Active	NO
22	U26942WB2004PTC097929	VALAKA ENGINEERING PRIVATE LIMITED	Director	30/09/2010	18/06/2010	04/10/2011	Active	NO
23	U45202MH2010PTC209864	M. D. N. Foundation Private Limited	Director	08/11/2010	08/11/2010	-	Active	NO
24	U72900MH2008PTC183128	EQUIFONE SOLUTIONS PRIVATE LIMITED	Director	09/02/2011	09/02/2011	-	Active	NO
25	U51900MH1995PTC093060	RTG FUTURE COMMODITIES PRIVATE LIMITED	Director	01/03/2011	01/03/2011	05/10/2011	Active	NO
26	U74900PN2008PTC132625	BRAND WAGON MARKETING PRIVATE LIMITED	Director	30/09/2013	14/02/2013	-	Active	NO
27	U31908MH2007PLC168286	SUNDEV APPLIANCES LIMITED	Director	27/09/2013	25/07/2013	-	Active	NO

MAJOR SHAREHOLDERS

As on 30.09.2014

Names of Shareholders	No. of Shares	Percentage of Holding
Devanand Balasubramanian	396000	13.20
Sundari D. Sivagami	1100500	36.68
Sukri A. Balasubramanian	1500	0.05
Balasubramanian V Asanthakumari	500	0.02
S. Murugesan Mudallar	500	0.02
M. Kalavathi	500	0.02
Balasubramanian Kavitha	500	0.02
Dhaval J.Chandan	375000	12.50
Rajesh Chandan	375000	12.50
Pravin K. Chandan	375000	12.50
Dilip Kumar Chandan	375000	12.50
Total	3000000	100.00

As on 30.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Trader of all kinds of home and kitchen appliance, and electronics and electric equipments.
Products :	Not Available
Brand Names :	Wonderkit Desire Digital Life Calve Menage Austin
Agencies Held :	Not Available
Exports :	Not Available
Imports :	Not Available
Terms :
Selling :	Not Available
Purchasing :	Not Available

PRODUCTION STATUS = NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Not Available

Customers :

Not Available

No. of Employees :

Not Available

Bankers :

Banker Name	Axis Bank Limited
Branch Address	Ground Floor, Axis House, Bombay Dyeing Mills Compound, P B Marg, Worli, Mumbai – 400025, Maharashtra, India
Person Name (With Designation)	Not Available
Contact Number	Not Available
Name of Account Holder	Not Available
Account Number	Not Available
Account Since (Date/Year of Account Opening)	Not Available
Average Balance Maintained (If Possible)	Not Available
Credit Facilities Enjoyed (If any)	Not Available
Account Operation	Not Available
Remarks (If any)	Not Available

Facilities :

SECURED LOANS	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
LONG TERM BORROWINGS
Term Loan	156.449	9.401
SHORT TERM BORROWINGS
Secured (Secured against properties of directors, investment property, intangible assets except goodwill and second charge on all trade receivables. The cash credit is repayable on demand and carries interest 16% p.a.)	0.000	50.279
Apna Sahakari Bank Limited (Repayable within one year)	0.000	4.270
Total	156.449	63.950

Auditors :
Name :	M.R. Sharma and Company Chartered Accountants
Address :	C/8, Poonam Darshan, Poonam Nagar, Mahakali Caves Road, Andheri (East), Mumbai – 400093, Maharashtra, India
Tel. No.:	91-22-28265309 / 28218117
Fax No.:	91-22-28377189
E-Mail :	camsharma@yahoo.com camsharma@gmail.com
Website:	www.casharma.com
PAN No.:	AAOPS4050N
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
7000000	Equity Shares	Rs.10/-each	Rs.70.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3000000	Equity Shares	Rs.10/-each	Rs.30.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

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	30.000	15.000	4.500
(b) Reserves & Surplus	41.402	12.381	5.560
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	35.000	0.000
Total Shareholders’ Funds (1) + (2)	71.402	62.381	10.060
(3) Non-Current Liabilities
(a) long-term borrowings	173.831	12.039	36.398
(b) Deferred tax liabilities (Net)	0.174	0.121	0.070
(c) Other long term liabilities	4.135	0.120	0.806
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	178.140	12.280	37.274
(4) Current Liabilities
(a) Short term borrowings	0.000	54.549	50.559
(b) Trade payables	129.784	78.387	40.565
(c) Other current liabilities	33.336	13.621	4.469
(d) Short-term provisions	7.079	6.370	2.450
Total Current Liabilities (4)	170.199	152.927	98.043
TOTAL	419.741	227.588	145.377
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	3.029	2.089	1.138
(ii) Intangible Assets	5.787	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	1.691	1.547	0.190
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	1.990	1.117	0.878
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	12.497	4.753	2.206
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	199.915	84.412	46.846
(c) Trade receivables	134.541	65.983	28.219
(d) Cash and cash equivalents	37.022	5.638	1.790
(e) Short-term loans and advances	12.641	4.964	3.988
(f) Other current assets	23.125	61.838	62.328
Total Current Assets	407.244	222.835	143.171
TOTAL	419.741	227.588	145.377

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	574.218	282.500	174.566
	Other Income	7.148	1.862	1.092
	TOTAL	581.366	284.362	175.658
Less	EXPENSES
	Cost of Materials Consumed	0.000	0.000	0.000
	Purchases of Stock-in-Trade	607.272	259.501	179.873
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(115.502)	(37.565)	(44.358)
	Employees benefits expense	22.233	12.844	12.484
	Other expenses	31.145	22.660	18.691
	TOTAL	545.148	257.440	166.690
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	36.218	26.922	8.968
Less	FINANCIAL EXPENSES	19.930	13.562	2.751
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	16.288	13.360	6.217
Less/ Add	DEPRECIATION/ AMORTISATION	0.228	0.123	0.083
	PROFIT/ (LOSS) BEFORE TAX	16.060	13.237	6.134
Less	TAX	5.284	4.673	1.839
	PROFIT/ (LOSS) AFTER TAX	10.776	8.564	4.295
	Earnings / (Loss) Per Share (Rs.)	3.59	2.85	1.43

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin PAT / Sales	(%)	1.87	3.03	2.46
Operating Profit Margin (PBDIT/Sales)	(%)	6.30	9.52	5.13
Return on Total Assets (PBT/Total Assets}	(%)	3.84	5.86	4.22
Return on Investment (ROI) (PBT/Networth)		0.22	0.21	0.61
Debt Equity Ratio (Total Debts/Networth)		4.25	1.07	8.64
Current Ratio (Current Asset/Current Liability)		2.39	1.46	1.46

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	4.500	15.000	30.000
Reserves & Surplus	5.560	12.381	41.402
Net worth	10.060	27.381	71.402
long-term borrowings	36.398	12.039	173.831
Short term borrowings	50.559	54.549	129.784
Total borrowings	86.957	66.588	303.615
Debt/Equity ratio	8.644	2.432	4.252

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	174.566	282.500	574.218
		61.830	103.263

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	174.566	282.500	574.218
Profit	4.295	8.564	10.776
	2.46%	3.03%	1.88%

LOCAL AGENCY FURTHER INFORMATION

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

Note :

Registered office has been shifted from the 107/11, RDP-1, Gorai-Charkop Link Road, Gorai, Borivali – West, Mumbai – 400092, Maharashtra, India to the present address w.e.f. 15.01.2014.

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10521012	05/09/2014	2,000,000.00	S. E. INVESTMENTS LIMITED	S-547IIND FLOOR MAIN ROAD, SHAKAR PUR, NEW DELHI,  Delhi - 110092, INDIA	C21549191
2	10451414	28/09/2013	150,000,000.00	Axis Bank Limited	Ground Floor, Axis House,, Bombay Dyeing Mills Compound, P B Marg, Worli, Mumbai, Maharashtra - 400025, INDIA	B85896298

UNSECURED LOANS

PARTICULAR	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
LONG TERM BORROWINGS
From Others	17.382	2.638
Total	17.382	2.638

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.61.87
UK Pound	1	Rs.94.06
Euro	1	Rs.70.19

INFORMATION DETAILS

Analysis Done by :	SUB
Report Prepared by :	PNM

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	4
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--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	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		37

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.