MIRA INFORM REPORT

Report No. :	308542
Report Date :	21.02.2015

IDENTIFICATION DETAILS

Name :	WACOT RETAIL PRIVATE LIMITED
Registered Office :	Shop No. 3, Marble Arch, Central Avenue Road, Santacruze (West), Mumbai – 400054, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	02.04.2008
Com. Reg. No.:	11-180750
Capital Investment / Paid-up Capital :	Rs.0.100 Million
CIN No.: [Company Identification No.]	U51909MH2008PTC180750
TIN No.:	Not Available
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	NGPW00516F
PAN No.: [Permanent Account No.]	AAACW8716A
Legal Form :	Private Limited Liability Company
Line of Business :	Trader of Spices and Dry Fruits.
No. of Employees :	12 (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 4000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a small company in its field having moderate track. Its scale of activities are limited. The company possesses a moderate financial profile marked by small networth base along with high working capital intensive operations. Management has witnessed a growth in its revenue base, whereas repeated a minuscule dip in its net profitability during FY 2014. However, trade relations seems to be fair. Business is active. Payment terms are reported to be slow but correct. In view of modest scale of its operations, the company can be considered for small 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.

INFORMATION PARTED BY

Name :	Mr. Jeeten
Designation :	Operation Head
Contact No.:	91-9820113868
Date :	20.02.2015

LOCATIONS

Registered Office :	Shop No. 3, Marble Arch, Central Avenue Road, Santacruze (West), Mumbai – 400054, Maharashtra, India
Tel. No.:	91-22-26058991 / 92 / 260589912
Mobile No.:	91-9820113868 (Mr. Jeeten)
Fax No.:	Not Available
E-Mail :	wctpl.vision2012@gmail.com marketing@arome.in jeeten@arome.in neha@arome.in
Website :	http://www.arome.in
Location :	Owned
Locality :	Commercial
Store :	Shop 1 and 2, Thakur Apartment, Tilak Nagar, Ravi Nagar Chowk, Nagpur – 440010, Maharashtra, India
Tel. No.:	91-712-2567890
E-Mail :	nagpur@arome.in

DIRECTORS

As on 30.09.2014

Name :

Mr. Praksh Uttamchand Wadhwani

Designation :

Director

Address :

96 A, Farmland, Ramdaspeth, Nagpur - 440010, Maharashtra, India

Date of Appointment :

30.04.2012

DIN No.:

00098070

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	U15495MH1985PTC038012	RAJESH SPICES PRIVATE LIMITED	Director	07/11/1985	07/11/1985	-	Active	NO
2	U63002MH1989PTC053536	WADHWANI COLD STORAGE AND ICE PLANT PRIVATE LIMITED	Director	19/09/1989	19/09/1989	-	Active	NO
3	U45201MH2001PTC133385	KUNAL COLD STORAGE PRIVATE LIMITED	Director	17/09/2001	17/09/2001	-	Active	NO
4	U63023MH1998PTC112881	WADHWANI PARMESHWARI COLD STORAGE PRIVATE LIMITED	Director	01/04/2008	01/04/2008	-	Active	NO
5	U70102MH2008PTC185451	RADIANCE ERECTORS PRIVATE LIMITED	Director	01/01/2010	01/01/2010	10/03/2012	Active	NO
6	U51909MH2008PTC180750	WACOT RETAIL PRIVATE LIMITED	Director	30/04/2012	30/04/2012	-	Active	NO
7	U01400MH2011PLC224436	KIANNA AGRO LIMITED	Director	30/09/2013	31/07/2013	-	Converted to LLP and dissolved	NO
8	AAD-0666	KIANNA AGRO LLP	Designated Partner	16/12/2014	16/12/2014	-	Active	NO

Name :

Mr. Suresh Uttamchand Wadhwani

Designation :

Director

Address :

96 A, Farmland, Ramdaspeth, Nagpur - 440010, Maharashtra, India

Date of Appointment :

30.04.2012

DIN No.:

00299761

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	U15495MH1985PTC038012	RAJESH SPICES PRIVATE LIMITED	Director	07/11/1985	07/11/1985	-	Active	NO
2	U63002MH1989PTC053536	WADHWANI COLD STORAGE AND ICE PLANT PRIVATE LIMITED	Director	30/09/2013	23/06/2005	-	Active	NO
3	U45201MH2001PTC133385	KUNAL COLD STORAGE PRIVATE LIMITED	Director	22/08/2005	22/08/2005	15/03/2008	Active	NO
4	U05012MH2006PTC158648	WADHWANI COMMODITIES TRADING PRIVATE LIMITED	Director	05/01/2006	05/01/2006	-	Active	NO
5	U63023MH1998PTC112881	WADHWANI PARMESHWARI COLD STORAGE PRIVATE LIMITED	Director	30/09/2013	20/02/2007	-	Active	NO
6	U70102MH2008PTC185451	RADIANCE ERECTORS PRIVATE LIMITED	Director	01/01/2010	05/08/2008	10/03/2012	Active	NO
7	U45202MH2009PTC195038	WADHWANI INFRA PRIVATE LIMITED	Director	19/08/2009	19/08/2009	02/05/2012	Active	NO
8	U01400MH2011PLC224436	KIANNA AGRO LIMITED	Director	28/11/2011	28/11/2011	-	Converted to LLP and dissolved	NO
9	U51909MH2008PTC180750	WACOT RETAIL PRIVATE LIMITED	Director	30/04/2012	30/04/2012	-	Active	NO

Name :

Mr. Chandraprakash Prakash Wadhwani

Designation :

Director

Address :

96 A, Farmland, Ramdaspeth, Nagpur - 440010, Maharashtra, India

Date of Appointment :

02.04.2008

DIN No.:

00300084

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	U63023MH1998PTC112881	WADHWANI PARMESHWARI COLD STORAGE PRIVATE LIMITED	Director	19/07/2000	19/07/2000	-	Active	NO
2	U63002MH1989PTC053536	WADHWANI COLD STORAGE AND ICE PLANT PRIVATE LIMITED	Director	08/09/2001	08/09/2001	-	Active	NO
3	U05012MH2006PTC158648	WADHWANI COMMODITIES TRADING PRIVATE LIMITED	Director	16/01/2006	16/01/2006	-	Active	NO
4	U51909MH2008PTC180750	WACOT RETAIL PRIVATE LIMITED	Director	02/04/2008	02/04/2008	-	Active	NO
5	U45202MH2009PTC195038	WADHWANI INFRA PRIVATE LIMITED	Director	19/08/2009	19/08/2009	02/05/2012	Active	NO
6	U45400MH2009PTC197126	LRK INFRA PRIVATE LIMITED	Director	18/11/2009	18/11/2009	-	Active	NO
7	U74999MH2011PTC217541	JOHARA JEWELS PRIVATE LIMITED	Director	16/05/2011	16/05/2011	18/06/2011	Active	NO
8	U01400MH2011PLC224436	KIANNA AGRO LIMITED	Director	28/11/2011	28/11/2011	-	Converted to LLP and dissolved	NO
9	U45201MH2001PTC133385	KUNAL COLD STORAGE PRIVATE LIMITED	Director	30/09/2013	01/06/2012	-	Active	NO
10	U01403MH2012PTC235319	EXCELLENT BETELNUT PRODUCTS PRIVATE LIMITED	Director	04/09/2012	04/09/2012	-	Active	NO
11	U51909MH1995PTC086378	EXECUTIVE TRADING COMPANY PRIVATE LIMITED	Additional director	17/09/2013	17/09/2013	05/10/2013	Active	NO
12	AAD-0666	KIANNA AGRO LLP	Designated Partner	16/12/2014	16/12/2014	-	Active	NO

Name :

Mr. Chander Damodardas Gorawal

Designation :

Director

Address :

101.2, Giriraj Building, Neelkanth Valley, 7th Rd, Rajawadi, Ghatkopar (East), Mumbai - 400077, Maharashtra, India

Date of Appointment :

02.04.2008

DIN No.:

02084293

KEY EXECUTIVES

Name :	Mr. Jeeten
Designation :	Operation Head

MAJOR SHAREHOLDERS

As on 30.09.2014

Names of Shareholders	No. of Shares	% of Holding
Chandraprakash Prakash Wadhwani	4000	40.00
Chander Damodardas Gorawal	4500	45.00
Prakash Uttamchand Wadhwani	1500	15.00
Total	10000	100.00

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 :	Trader of Spices and Dry Fruits.
Products :	Dry Fruits
Brand Names :	“AROME”
Agencies Held :	--
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	Cash and Cheque
Purchasing :	Cash and Cheque

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :	Four Season Hotel, Worli, Mumbai, Maharashtra, India Arihant Traders Bhavin Enterprises Doodh Sagar Enterprises E Value J Chandulal and Company J C Traders Prince Graphics Samarth Enterprises Sumaria Plasto Wadhwani Clod Storage
Customers :	Chalet Hotels Private Limited Classic Citi Investment Private Limited Gourmet International Grand Hyatt Mumbai Groupon K Raheja Corp Private Limited Conffex The Oberoi Bengaluru The Oberoi Grand Kolkata The Oberoi Gurgaon The Oberoi Mumbai The Oberoi New Delhi The Oberoi Vanyavilas Sawai Madhopur
No. of Employees :	12 (Approximately)
Bankers :	Bank Of India, Nagpur Main Branch, Nagpur, Maharashtra, India Tel No.: 91-712-2531404 (Constantly Ringing)
Facilities :	--

Auditors :
Name :	Dhulani and Aswani Chartered Accountants
Address :	G-11, Murlidhar Complex, Temple Bazar Road, Sitabuldi, Nagpur – 440012, Maharashtra, India
E-Mail :	ca.ashwani@gmail.com
PAN No.:	AASSD5845B
Memberships :	--
Collaborators :	--
Sister Concern :	Not Divulged

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.10/- each	Rs.0.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.10/- each	Rs.0.100 Million

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	0.100	0.100	0.100
(b) Reserves & Surplus	1.337	0.924	0.400
(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)	1.437	1.024	0.500
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(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)	0.000	0.000	0.000
(4) Current Liabilities
(a) Short term borrowings	9.287	0.000	0.000
(b) Trade payables	0.399	10.264	7.958
(c) Other current liabilities	0.000	0.000	0.000
(d) Short-term provisions	1.160	0.246	0.712
Total Current Liabilities (4)	10.846	10.510	8.670
TOTAL	12.283	11.534	9.170
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1.400	1.188	1.162
(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	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.065	1.613	1.941
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	1.465	2.801	3.103
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	3.320	7.504	5.017
(c) Trade receivables	1.865	0.264	0.300
(d) Cash and cash equivalents	5.633	0.965	0.733
(e) Short-term loans and advances	0.000	0.000	0.000
(f) Other current assets	0.000	0.000	0.017
Total Current Assets	10.818	8.733	6.067
TOTAL	12.283	11.534	9.170

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	40.025	20.954	18.794
		Other Income	0.000	0.025	0.000
		TOTAL (A)	40.025	20.979	18.794
Less	EXPENSES
		Cost of Materials Consumed	28.761	13.852	12.647
		Changes in Inventories of finished goods, work-in-progress and stock-in-trade	4.184	(2.487)	(3.899)
		Employee Benefits Expenses	1.400	2.109	1.398
		Direct Expenses	2.286	0.219	2.043
		Administrative Expenses	2.281	6.482	6.008
		TOTAL (B)	38.912	20.175	18.197
	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1.113	0.804	0.597
Less	FINANCIAL EXPENSES (D)		0.000	0.000	0.000
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1.113	0.804	0.597
Less	DEPRECIATION/ AMORTISATION (F)		0.307	0.280	0.188
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)		0.806	0.524	0.409
Less	TAX (H)		0.391	0.000	0.152
	PROFIT/(LOSS) AFTER TAX (G-H) (I)		0.415	0.524	0.257
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		0.924	0.400	0.143
	BALANCE CARRIED TO THE B/S		1.339	0.924	0.400
	Earnings / (Loss) Per Share (Rs.)		41.37	52.39	3.87

Expected Sales (2014-2015): Rs.40.000 Millions

The above information has been parted by Mr. Jeeten

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	1.04	2.50	1.37
Operating Profit Margin (PBDIT/Sales)	(%)	2.78	3.84	3.18
Return on Total Assets (PBT/Total Assets}	(%)	6.56	4.54	4.46
Return on Investment (ROI) (PBT/Networth)		0.56	0.51	0.82
Debt Equity Ratio (Total Debt /Networth)		6.46	0.00	0.00
Current Ratio (Current Asset/Current Liability)		1.00	0.83	0.70

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	0.100	0.100	0.100
Reserves & Surplus	0.400	0.924	1.337
Share Application money pending allotment	0.000	0.000	0.000
Net worth	0.500	1.024	1.437
Long Term borrowings	0.000	0.000	0.000
Short Term borrowings	0.000	0.000	9.287
Total borrowings	0.000	0.000	9.287
Debt/Equity ratio	0.000	0.000	6.463

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	18.794	20.954	40.025
		11.493	91.014

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	18.794	20.954	40.025
Profit	0.257	0.524	0.415
	1.37%	2.50%	1.04%

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	No
17]	Major suppliers	Yes
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	No
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	No
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

UNSECURED LOANS:

Particulars	31.03.2014 Rs. In Millions	31.03.2013 Rs. In Millions
SHORT TERM BORROWINGS
From Family and friends	9.287	0.000
Total	9.287	0.000

BUSINESS OUTLOOK:

The company is expanding its activities in all over the areas to mug up the opportunities in the market .The Company intends to strengthen its position in the market by acquiring new targets in the market. The company wants to strengthen its activities in market by accepting or formulating offensive and defensive strategies in the market.

NO CHARGES EXIST FOR COMPANY

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Computer

· Vehicles

· Furniture and Fixture

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.62.26
UK Pound	1	Rs.96.01
Euro	1	Rs.70.72

INFORMATION DETAILS

Information Gathered by :	GYT
Analysis Done by :	SUB
Report Prepared by :	VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILITY	1~10	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--CREDIT LINES	1~10	4
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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		33

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.