MIRA INFORM REPORT

Report No. :	305049
Report Date :	28.01.2015

IDENTIFICATION DETAILS

Name :	ASCENT CIRCUITS PRIVATE LIMITED (w.e.f. 07.04.2000)
Formerly Known As :	RIC CIRCUITS PRIVATE LIMITED
Registered Office :	B-13, I.T.I Industrial Estate, Mahadevpur, Bangalore-560048, Karnataka
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	01.02.1999
Com. Reg. No.:	08-024700
Capital Investment / Paid-up Capital :	Rs. 15.000 Millions
CIN No.: [Company Identification No.]	U31200KA1999PTC024700
TAN No.: [Tax Deduction & Collection Account No.]	BLRA06934E
PAN No.: [Permanent Account No.]	AABCR2074D
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Resistors and other passive devices, double side PCB, Multilayer PCB, Single and Double Side PCB.
No. of Employees :	300 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

Maximum Credit Limit :	USD 1200000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. As per ROC the date of balance sheet (i.e. Financial filed) is shown as 31.03.2014 but he documents related to the financial for the year 2014 are not available from any sources. As per available financial of 2013, there seems some dip in the profit the company however net worth of the company is satisfactory. General financial position of the company is normal and acceptable for business dealing. Trade relations are reported as fair. Business is active. Payments terms are reported to be slow but correct. 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 – 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

Rating Agency Name	CRISIL
Rating	Long Term Rating = BBB (Suspended)
Rating Explanation	Moderate degree of safety and moderate credit risk
Date	21.12.2012

Reason for suspension: Non-cooperation by the company in providing details

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. Ravi Chandran
Designation :	Finance Department
Contact No.:	91-4344-271136/ 35
Date :	27.01.2015

LOCATIONS

Registered Office :	B-13, ITI Industrial Estate, Mahadevpur, Bangalore – 560 048, Karnataka, India
Tel. No.:	91-80-28511709
Fax No.:	91-80-28511709
E-Mail :	info@ascentcircuits.com rfq@ascentcircuits.com riclhosr@blr.vsnl.net.in manjunath@ascentcircuits.com ragee2001@rediffmail.com ravichandran@ascentcircuits.com
Website :	http://www.ascentcircuits.com
Factory :	Plot No.111, SIPCOT Industrial Complex, Phase-1, Hosur – 635 126, Tamilnadu, India
Tel. No.:	91-4344-400108/ 400124/ 400103/ 400102/ 400109/ 271123/ 271124/ 271136/ 35
Fax No.:	91-4344-400128/ 271148
Area :	5.5 Acres
Location :	Owned

DIRECTORS

As on 30.09.2014

Name :

Mr. Punyamurthy Manjunath

Designation :

Managing Director

Address :

1282, 13^th Cross Indira Nagar, II State, Bangalore – 560 038, Karnataka, India

Date of Birth/Age :

05.02.1960

Qualification :

B. Tech.

Date of Appointment :

01.02.1999

DIN No.:

00900902

PAN No.:

ADKPM0177H

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	U01300TZ1989PTC002484	HOSUR COIR FOAMS PRIVATE LIMITED	Managing director	01-04-2013	24-03-1993	-	Active	NO
2	U31503KA1986PTC007459	TECHNOVA TAPES (INDIA)PRIVATE LIMITED	Director	25-08-1994	25-08-1994	-	Active	NO
3	U31200KA1999PTC024700	ASCENT CIRCUITS PRIVATE LIMITED	Managing director	01-02-1999	01-02-1999	-	Active	NO
4	U17111TZ1995PTC006507	PEPS INDUSTRIES PRIVATE LIMITED	Director	14-09-2006	16-12-2005	-	Active	NO
5	U31300KL2008PTC027811	GLOBALWAVE TECHNOLOGIES PRIVATE LIMITED	Director	12-05-2008	12-05-2008	-	Active	NO
6	U17214TZ2010PTC016432	HOSUR MATTRESS INDUSTRIES INDIA PRIVATE LIMITED	Director	13-10-2010	13-10-2010	-	Active	NO
7	U74900KA2011PTC059112	ACE ENVIRO TECH PRIVATE LIMITED	Director	13-06-2011	13-06-2011	18-07-2013	Active	NO
8	U40100TZ2013PTC019623	HOSUR INDUSTRIES POWER SERVICES PRIVATE LIMITED	Director	26-06-2013	26-06-2013	-	Active	NO

Name :

Mr. Shankar Ram Gopalan

Designation :

Director

Address :

201, Trinity Golf Links Apartments, 139/8, Sharadhamma Layout, Domlur, Bangalore – 560 071, Karnataka, India

Date of Birth/Age :

04.12.1959

Qualification :

B. Tech.

Date of Appointment :

01.02.1999

DIN No.:

00110783

PAN No.:

AIDPG2737M

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	U01300TZ1989PTC002484	HOSUR COIR FOAMS PRIVATE LIMITED	Whole-time director	01-04-2013	24-03-1993	-	Active	NO
2	U31200KA1999PTC024700	ASCENT CIRCUITS PRIVATE LIMITED	Director	01-02-1999	01-02-1999	-	Active	NO
3	U17111TZ1995PTC006507	PEPS INDUSTRIES PRIVATE LIMITED	Director	14-09-2006	16-12-2005	-	Active	NO
4	U17214TZ2010PTC016432	HOSUR MATTRESS INDUSTRIES INDIA PRIVATE LIMITED	Director	13-10-2010	13-10-2010	-	Active	NO

Name :

Mr. Arvind Aroor Rao

Designation :

Director

Address :

188/A, 6^th Main Road, Defence Colony, Bangalore – 560 038, Karnataka, India

Date of Birth/Age :

04.06.1959

Qualification :

B. Tech.

Date of Appointment :

01.02.1999

DIN No.:

00110677

PAN No.:

AEMPR1485A

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	U31503KA1986PTC007459	TECHNOVA TAPES (INDIA)PRIVATE LIMITED	Managing director	07-02-1986	07-02-1986	-	Active	NO
2	L85110KA1942PLC000295	THE MYSORE PLANTATIONS LIMITED	Whole-time director	01-09-2011	28-11-1991	-	Active	NO
3	U01300TZ1989PTC002484	HOSUR COIR FOAMS PRIVATE LIMITED	Director	01-04-1994	01-04-1994	-	Active	NO
4	U31200KA1999PTC024700	ASCENT CIRCUITS PRIVATE LIMITED	Director	01-02-1999	01-02-1999	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Ravi Chandran
Designation :	Finance Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders	No. of Shares	Percentage of Holding
Arvind Aroor Rao	315000	21.00
Shankar Ram Gopalan	435000	29.00
Manjunath Punyamurthy	750000	50.00
Total	1500000	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 :

Manufacturer of Resistors and other passive devices, double side PCB, Multilayer PCB, Single and Double Side PCB.

Products :

Item Code No. (ITC Code)	85340000
Product Description	Printed Circuits

• Hiring Systems
• Instruments
• Telecom Products, etc.

Brand Names :

Not Divulged

Agencies Held :

Not Divulged

Exports :

Products :

PCB

Countries :

• USA
• European Countries

Imports :

Products :

Raw Material

Countries :

• Taiwan
• Korea
• Singapore
• China
• Hong Kong

Terms :

Selling :

Cash and credit (30-60-90 Days)

Purchasing :

Cash and credit (30-60-90 Days)

PRODUCTION STATUS (AS ON 31.03.2011):

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Printed Circuit Boards	Sq. Mtrs	480000	480000	299946

Note:

Installed capacity is as certified by the management and not verified by the Auditors, being a technical matter

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 :

End user, OEMS and Manufacturer

Reference :	Advance Power Display Systems 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 :

300 (Approximately)

Bankers :

State Bank of India, Iti Ancillary Industrial Estate Branch, Mahadevapura, Whitefield Road, Bangalore - 560048, Karnataka, India

Bank Name	ING Vysya Bank Limited
Branch	No.7, II Cross, Kamaraj Colony, Krishnagiri, District Hosur – 635 125, Tamilnadu, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Cash and Credit : Rs. 270.000 Millions
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

Secured Loan	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
Short-term borrowings
Working capital loans from banks	150.475	58.852
Total	150.475	58.852

Auditors :
Name :	G. Jagadish Babu Chartered Accountant
Address :	No.760, 2^nd Floor, Dr. Rajkumar Road, Rajajinagar, 6^th Block, Bangalore – 560 010, Karnataka, India
Tel. No.:	91-80-23153425
Mobile No.:	91-9448324794
PAN N Income-tax PAN of auditor or auditor's firm :	AAOPB3442M
Memberships :	--
Collaborators :	--
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives:	Technova Tapes (India) Private Limited, India [U31503KA1986PTC007459] Global Wave Technologies Private Limited

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
1500000	Equity Shares	Rs.10/- each	Rs.15.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1500000	Equity Shares	Rs.10/- each	Rs.15.000 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	15.000	15.000	15.000
(b) Reserves & Surplus	389.155	338.348	271.863
(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)	404.155	353.348	286.863
(3) Non-Current Liabilities
(a) long-term borrowings	17.162	23.496	43.063
(b) Deferred tax liabilities (Net)	14.105	16.474	19.659
(c) Other long term liabilities	9.663	3.370	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	40.930	43.340	62.722
(4) Current Liabilities
(a) Short term borrowings	156.456	62.811	118.789
(b) Trade payables	130.034	121.260	75.014
(c) Other current liabilities	41.084	2.933	21.510
(d) Short-term provisions	0.075	0.075	1.638
Total Current Liabilities (4)	327.649	187.079	216.951
TOTAL	772.734	583.767	566.536
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	233.104	175.168	188.960
(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	3.900	0.500	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	6.448	6.235	5.355
(e) Other Non-current assets	27.551	30.762	41.490
Total Non-Current Assets	271.003	212.665	235.805
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	109.793	88.476	74.725
(c) Trade receivables	313.901	205.113	199.522
(d) Cash and cash equivalents	6.625	23.007	6.525
(e) Short-term loans and advances	71.412	54.506	49.959
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	501.731	371.102	330.731
TOTAL	772.734	583.767	566.536

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2013	31.03.2012	31.03.2011
	SALES
	Income	1120.000 (Approximately)	NA	NA
	Other Income	NA	NA	NA
	TOTAL	NA	NA	NA
Less	EXPENSES	NA	NA	NA
	PROFIT/ (LOSS) BEFORE TAX	75.161	98.059	97.476
Less	TAX	24.354	31.574	33.097
	PROFIT/ (LOSS) AFTER TAX	50.807	66.485	64.379
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	262.763	196.278	131.897
	Balance Carried to the B/S	313.570	262.763	196.276
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	327.446	327.446	184.23
	Freight
	Insurance
	TOTAL EARNINGS	327.446	327.446	184.230
	IMPORTS
	Raw Materials	NA	431.406	501.577
	Stores & Spares	NA	13.078	12.566
	Capital Goods	NA	17.317	10.471
	TOTAL IMPORTS	NA	461.801	524.614
	Earnings / (Loss) Per Share (Rs.)	33.87	44.32	42.92

Particulars	31.03.2014
Sales Turnover (Approximately)	1300.000

Expected Sales (2014-2015): Rs.1500.000 Millions

The above information has been parted by Mr. Ravi Chandran

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Return on Total Assets (PBT/Total Assets}	(%)	9.78	16.81	17.21
Return on Investment (ROI) (PBT/Networth)		0.19	0.28	0.34
Debt Equity Ratio (Total Debt /Networth)		0.43	0.24	0.56
Current Ratio (Current Asset/Current Liability)		1.53	1.98	1.52

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	15.000	15.000	15.000
Reserves & Surplus	271.863	338.348	389.155
Net worth	286.863	353.348	404.155
long-term borrowings	43.063	23.496	17.162
Short term borrowings	118.789	62.811	156.456
Total borrowings	161.852	86.307	173.618
Debt/Equity ratio	0.564	0.244	0.430

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	Yes
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 two 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	Yes
17]	Major suppliers	No
18]	Major customers	Yes
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
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	No
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	Yes

UNSECURED LOAN

PARTICULARS	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
Long-term Borrowings
Deferred payment liabilities	15.494	21.828
Loans and advances from related	1.668	1.667
Short-term borrowings
Deferred payment liabilities	5.981	3.960
Total	23.143	27.455

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10412404	15/05/2014 *	353,000,000.00	ING VYSYA BANK LIMITED	NO.7, II CROSS,KAMARAJ COLONY, KRISHNAGIRI DISTRICT, HOSUR, TAMIL NADU - 635125, INDIA	C11897048
2	90198599	27/06/2005 *	20,000,000.00	STATE BANK OF INDIA	III ANCILLARY INDUSTRIAL ESTATE, MAHADEVURA, BANG ALORE, KARNATAKA, INDIA	-
3	90197640	08/04/2011 *	367,500,000.00	STATE BANK OF INDIA	SPECIALISED MID CORPORATE BRANCH, #97, RAILWAY PA RALLEL ROAD, KUMARAPARK WEST, BANGALORE, KARNATAKA - 560020, INDIA	B11393998
4	90199280	27/06/2005 *	22,500,000.00	STATE BANK OF INDIA	ITI ANCILLARY INDL. ESTATE, MAHADEVAPURA, BANGALORE, KARNATAKA - 560048, INDIA	-

* Date of charge modification

FIXED ASSETS

Tangible assets

• Land
• Buildings
• Plant and equipment
• Furniture and fixtures
• Vehicles
• Office equipment
• 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 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.61.46
UK Pound	1	Rs.92.77
Euro	1	Rs.69.03

INFORMATION DETAILS

Information Gathered by :	PAT
Analysis Done by :	DIV
Report Prepared by :	KVT

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	4
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		43

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.