MIRA INFORM REPORT

Report No. :	301389
Report Date :	08.01.2015

IDENTIFICATION DETAILS

Name :	NIRALA INFRATECH PRIVATE LIMITED
Registered Office :	1113, 11^th Floor, Kailash Building, Plot No. 26, K.G. Marg, New Delhi - 110001
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	24.05.2010
Com. Reg. No.:	55-203089
Capital Investment / Paid-up Capital :	Rs. 0.100 Million
CIN No.: [Company Identification No.]	U70200DL2010PTC203089
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is primarily engaged in the business of promotion, construction, development and sale of integrated township, residential and commercial multistoried building, flats, shopping malls, IT parks, Hotels, SEZs, house and apartment etc.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

B (26)

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

Maximum Credit Limit :	USD 1000
Status :	Project Under Implementation
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Even though the company was incorporated during 24^th May, 2010. Its project I still under implementation. Mr. Gupta (Assistant General Manager) has claimed that project of the company is under implementation and it will get completed in the coming year. Business is active as per the status shown in the registrar of companies. Payment terms are unknown. The company can be considered for business dealing on safe and secured 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 – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
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 DENIED BY

Name :	Mr. Gupta
Designation :	Assistant Manager
Contact No.:	91-120-4823000
Date :	02.01.2015

LOCATIONS

Registered Office :	1113, 11^th Floor, Kailash Building, Plot No. 26, K.G. Marg, New Delhi - 110001
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	sureshgarg9@gmail.com
Website :	www.niralainfratech.com
Corporate Office :	H-61, 1^st and 2^nd Floor, Sector -63, Noida, Uttar Pradesh – 201301, India
Tel. No.:	91-120-4823000
Fax No.:	91-120-4823001
E-Mail :	sales@niralainfratech.com
Site Office :	GH-04, Tech Zone IV, Greater Noida West, Uttar Pradesh, India

DIRECTORS

As on 28.09.2013

Name :

Mr. Suresh Kumar Garg

Designation :

Director

Address :

G-1, Arya Nagar Society 91, Patparganj, Delhi - 110092, India

Date of Birth/Age :

11.05.1969

Date of Appointment :

24.05.2010

DIN No.:

01182041

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	U65910DL1996PTC075618	FINANCIAL WORLD INDIA PRIVATE LIMITED	Director	27/05/1997	27/05/1997	15/09/2008	Active	NO
2	U29297DL1996PTC076296	NIRALA HOMES PRIVATE LIMITED	Director	08/12/2003	08/12/2003	-	Active	NO
3	U45201DL2004PTC127818	NIRALA DEVELOPERS PRIVATE LIMITED	Director	23/07/2004	23/07/2004	-	Active	NO
4	U45201UP2005PTC030055	UTTRANCHAL DEVELOPERS (INDIA) PRIVATE LIMITED	Director	20/10/2005	20/10/2005	25/07/2011	Active	NO
5	U70101DL2009PTC193609	PAN REALTORS PRIVATE LIMITED	Director	26/08/2009	26/08/2009	-	Active	NO
6	U70200DL2010PTC203089	NIRALA INFRATECH PRIVATE LIMITED	Director	24/05/2010	24/05/2010	-	Active	NO
7	U70109DL2011PTC213176	MGA DEVELOPERS PRIVATE LIMITED	Director	26/09/2013	31/01/2011	-	Active	NO
8	U70109DL2011PTC214337	NIRALA PROJECTS PRIVATE LIMITED	Director	18/02/2011	18/02/2011	08/08/2013	Active	NO
9	U70200DL2011PTC214476	NIRALA HOUSING PRIVATE LIMITED	Director	21/02/2011	21/02/2011	24/04/2013	Active	NO
10	U45201DL2005PTC140051	PARTH HOMES PRIVATE LIMITED	Director	29/09/2011	29/09/2011	-	Active	NO
11	U45400DL2008PTC184278	PARTH BUILTECH PRIVATE LIMITED	Director	30/09/2011	30/09/2011	-	Active	NO
12	U70102DL2013PTC247339	NIRALA - SGV BUILDERS PRIVATE LIMITED	Director	15/01/2013	15/01/2013	-	Active	NO
13	U45400DL2008PTC182996	ICON DEVELOPWELL PRIVATE LIMITED	Director	18/04/2013	18/04/2013	-	Active	NO
14	U45400DL2008PTC182852	NIRALA WORLD RESIDENCY PRIVATE LIMITED	Director	24/09/2013	06/05/2013	-	Active	NO

Name :

Mr. Manoj Kumar Bansal

Designation :

Director

Address :

211, New Delhi House, 27 Barakhamba Road, New Delhi – 110001, India

Date of Birth/Age :

30.05.1972

Date of Appointment :

28.09.2013

DIN No.:

00272806

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	U65910DL1996PTC075392	SIMPLE FIN-LEASE PRIVATE LIMITED	Director	20/04/1998	20/04/1998	-	Active	NO
2	U33119DL1998PTC095913	IME INTERNATIONAL PRIVATE LIMITED	Director	06/04/2001	06/04/2001	-	Active	NO
3	U23203DL1996PTC075653	GARG PETROLEUM PRIVATE LIMITED	Director	22/07/2003	22/07/2003	-	Active	NO
4	U45201DL2004PTC130872	KOTIA ESTATES PRIVATE LIMITED	Director	01/12/2004	01/12/2004	-	Active	NO
5	U74899DL1995PTC069216	ECLEAR LEASING AND FINANCE PRIVATE LIMITED	Director	19/08/2009	19/08/2009	-	Active	NO
6	U45400DL2008PTC182852	NIRALA WORLD RESIDENCY PRIVATE LIMITED	Director	01/01/2013	01/01/2013	-	Active	NO
7	U70102DL2013PTC247339	NIRALA - SGV BUILDERS PRIVATE LIMITED	Director	15/01/2013	15/01/2013	15/04/2013	Active	NO
8	U45400DL2008PTC182996	ICON DEVELOPWELL PRIVATE LIMITED	Director	01/04/2013	01/04/2013	01/10/2013	Active	NO
9	U70200DL2010PTC203089	NIRALA INFRATECH PRIVATE LIMITED	Director	28/09/2013	13/05/2013	-	Active	NO
10	U45200DL2007PTC169620	SIDHSHREY HOMES PRIVATE LIMITED	Director	13/06/2013	13/06/2013	-	Active	NO
11	U45200DL2006PTC153351	ZEAL DEVELOPERS PRIVATE LIMITED	Director	23/01/2014	23/01/2014	-	Active	NO
12	U74999DL2013PTC252736	GOLDENERA LEISURE AND ENTERTAINMENT PRIVATE LIMITED	Director	14/10/2014	14/10/2014	-	Active	NO

Name :

Mr. Anurag Agarwal

Designation :

Director

Address :

B-42, Greater Kailash, Part – I, New Delhi – 110048, India

Date of Birth/Age :

01.11.1980

Date of Appointment :

28.09.2013

DIN No.:

00002214

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	U27109DL2003PLC118438	KONARK ISPAT LIMITED	Director	13/01/2003	13/01/2003	-	Active	NO
2	U74899DL2000PLC108467	SMC POWER GENERATION LIMITED	Whole-time director	01/10/2011	08/09/2005	-	Active	NO
3	U92100DL2009PTC187754	SMC TELEVISION PRIVATE LIMITED	Director	19/02/2009	19/02/2009	-	Active	NO
4	U70102UP2010PTC039927	KANHA INFRACON PRIVATE LIMITED	Director	27/04/2011	27/04/2011	-	Active	NO
5	U45400DL2010PTC209797	BHARAT BHUSHAN INFRATECH PRIVATE LIMITED	Director	07/07/2011	07/07/2011	-	Active	NO
6	U80301DL2012PTC232458	TRIAKSH EDUCATION PRIVATE LIMITED	Director	06/03/2012	06/03/2012	-	Active	NO
7	U70200DL2010PTC203089	NIRALA INFRATECH PRIVATE LIMITED	Director	28/09/2013	13/05/2013	-	Active	NO

Name :

Mr. Bijendra Kumar Gupta

Designation :

Director

Address :

B-143, Sector – 15, Noida - 201301, Uttar Pradesh, India

Date of Birth/Age :

15.07.1963

Date of Appointment :

28.09.2013

DIN No.:

00445746

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	U74899DL1992PTC051437	AYESHA HOLDING PRIVATE LIMITED	Director	27/07/2005	27/07/2005	-	Active	NO
2	U74899DL1998PTC095870	NIRALA BUILDCON PRIVATE LIMITED	Additional director	04/09/2010	04/09/2010	30/09/2011	Active	NO
3	U74899DL2000PLC108467	SMC POWER GENERATION LIMITED	Director	27/09/2012	28/10/2011	18/07/2013	Active	NO
4	U45400DL2008PTC182996	ICON DEVELOPWELL PRIVATE LIMITED	Director	01/04/2013	01/04/2013	-	Active	NO
5	U70100DL2010PTC212031	CHILIAD INFRATECH PRIVATE LIMITED	Director	18/09/2013	14/04/2013	22/03/2014	Active	NO
6	U70200DL2010PTC203089	NIRALA INFRATECH PRIVATE LIMITED	Director	28/09/2013	13/05/2013	-	Active	NO

MAJOR SHAREHOLDERS

As on 28.09.2013

Names of Shareholders	No. of Shares
Nirala Developers Private Limited, India	2600
SMC Power Generation Limited, India	2750
Bijendra Kumar Gupta	181
Manoj Kumar Bansal	741
Suresh Kumar Garg	3728
Total	10000

As on 28.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	53.50
Directors or relatives of Directors	46.50
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject is primarily engaged in the business of promotion, construction, development and sale of integrated township, residential and commercial multistoried building, flats, shopping malls, IT parks, Hotels, SEZs, house and apartment etc.
Products :	Not Available
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Available
Imports :	Not Available
Terms :	Not Available

PRODUCTION STATUS=NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Not Available

Customers :

Not Available

No. of Employees :

Not Divulged

Bankers :

• Bank of Baroda, GH-5, Nirala Eden Park, Ahinsa Khand-II, Indirapuram, Ghaziabad – 201 014, Uttar Pradesh, India
• HDFC Bank Limited

Facilities :

(Rs. In Millions)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Bank of Baroda	0.274	0.000
HDFC Bank Limited	2.052	0.000
SHORT TERM BORROWING
State Bank of Patiala – Overdraft (Secured by fixed deposit pledged with the bank)	80.765	0.000
Total	83.091	0.000

Auditors :
Name :	S.S. G and Company Chartered Accountants
Address :	317-18, Chanakya Complex, B-10/11 subhash Chowk, Laxmi Nagar, Delhi – 110092, India
Tel. No.:	91-11-47581052/22441298
E-Mail :	ssguptafca@gmail.com ssguptafca@yahoo.com
PAN No.:	AAANPG6293N
Memberships :	Not Available
Collaborators :	Not Available
Associates :	Nirala Developers Private Limited SMC Power Generation Limited
Other Related Parties :	· Ayesha Holding Private Limited · Chiliad Infratech Private Limited · Parth Builtech Private Limited · Parth Homes Private Limited · Duke Buildcon PrivateLimited · Icon Developwell Private Limited · Nirala Housing Private Limited · Creamy Food Limited

CAPITAL STRUCTURE

As on 28.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.10/- each	Rs. 0.100 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	0.000	0.000	0.000
(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)	0.100	0.100	0.100
(3) Non-Current Liabilities
(a) long-term borrowings	2.326	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	739.817	804.354	861.808
(d) long-term provisions	0.544	0.000	0.000
Total Non-current Liabilities (3)	742.687	804.354	861.808
(4) Current Liabilities
(a) Short term borrowings	80.765	0.000	0.000
(b) Trade payables	26.331	4.265	4.726
(c) Other current liabilities	2669.623	1377.990	908.426
(d) Short-term provisions	0.215	0.000	0.000
Total Current Liabilities (4)	2776.934	1382.255	913.152
TOTAL	3519.721	2186.709	1775.060
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	16.922	8.874	10.537
(ii) Intangible Assets	0.247	0.762	1.061
(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	155.068	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	172.237	9.636	11.598
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	3058.499	1907.336	1628.215
(c) Trade receivables	0.000	0.000	0.000
(d) Cash and cash equivalents	112.797	79.358	19.722
(e) Short-term loans and advances	134.712	178.308	114.474
(f) Other current assets	41.476	12.071	1.051
Total Current Assets	3347.484	2177.073	1763.462
TOTAL	3519.721	2186.709	1775.060

NOTE : PROFIT AND LOOS A/C FOR THE COMPANY IS NOT AVAILABLE

KEY RATIOS

PARTICULARS	31.03.2014	31.03.2013	31.03.2012
Debt Equity Ratio (Total Debt /Networth)	830.91	0.00	0.00
Current Ratio (Current Asset/Current Liability)	1.21	1.58	1.93

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	0.000	0.000	0.000
Net worth	0.100	0.100	0.100
long-term borrowings	0.000	0.000	2.326
Short term borrowings	0.000	0.000	80.765
Total borrowings	0.000	0.000	83.091
Debt/Equity ratio	0.000	0.000	830.910

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	No
12]	Profitability for last three years	No
13]	Reasons for variation <> 20%	----------------------
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
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

CORPORATE INFORMATION

Company registered under the Companies Act 1956, incorporated on 24^th May, 2010, having registered office at 113, 11^th floor, Kailash Building, Plot No. 26, K.G. Marg, Connaught Place, New Delhi-110001 and Corporate office at “H – 61, Sector – 63, Noida -201301”. The Company is primarily engaged in the business of promotion, construction, development and sale of integrated township, residential and commercial multistoried building, flats, shopping malls, IT parks, Hotels, SEZs, house and apartment etc.

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10511558	05/06/2014	1,000,000.00	State Bank of Patiala	E-6(B), Sector-1,, Noida, Uttar Pradesh - 201301, INDIA	C14032866
2	10470031	27/11/2013	2,300,000.00	BANK OF BARODA	GH-5, NIRALA EDEN PARK, AHINSA KHAND-II, INDIRAP URAM, GHAZIABAD, Uttar Pradesh- 201014, INDIA	B93452035

* Date of charge modification

FIXED ASSETS

• Building
• Plant and Machinery
• Furniture and Fixture
• Office Equipment
• Motor Vehicles
• Computers

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.63.44
UK Pound	1	Rs.95.98
Euro	1	Rs.75.27

INFORMATION DETAILS

Information Gathered by :	SUV
Analysis Done by :	RAS
Report Prepared by :	ART

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	3
--PROFITABILITY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	2
--RESERVES	1~10	2
--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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		26

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.