MIRA INFORM REPORT

Report No. :	332863
Report Date :	21.07.2015

IDENTIFICATION DETAILS

Name :	AADYA MOTOR CAR COMPANY (INDIA) PRIVATE LIMITED

Registered Office :	C-6, Sahara, Veer Savarkar Nagar, Sant Dyaneshwar Marg, Borivali (East), Mumbai - 400066, Maharashtra
Tel. No.:	91-22-42777888

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	26.08.2011

Com. Reg. No.:	11-221315

Capital Investment / Paid-up Capital :	Rs.50.000 Million

CIN No.: [Company Identification No.]	U50102MH2011PTC221315

IEC No.:	0309075319

TAN No.: [Tax Deduction & Collection Account No.]	Not Available

PAN No.: [Permanent Account No.]	AAHCA8967G

Legal Form :	Private Limited Liability Company

Line of Business :	Dealer of Audi Car.

No. of Employees :	75 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (28)

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

Status :	Moderate

Payment Behaviour :	Slow but Correct

Litigation :	Clear

Comments :	Aadya Motor Car Company (India) Private Limited, incorporated on 26^th August 2011, it established company having moderate track record. Subject is dealer of Audi cars. As management has failed to financials from its inception to the statutory authorities. Ms. Rita, finance head of the company has provided the audited financial documents to us. From the financials for the years ended 2014, the company have reported above an average in it sales turnover. The rating are constrained on company moderate financial risk profile, low profit margin, leveraged balance sheet structure and low debt protection metrics. The rating further constrained by the vulnerability to any regulatory changes in the government policy into auto industry. However, trade relation are fair. As per registrar in status is active. Payment are reported to be slow but correct. The company 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 – March 31, 2015

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

India

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 31-03-2013.

INFORMATION PARTED BY

Name :	Ms. Rita
Designation :	Finance Head
Contact No.:	91-22-42777888 / 9664169999
Date :	20.07.2015

LOCATIONS

Registered Office :	C-6, Sahara, Veer Savarkar Nagar, Sant Dyaneshwar Marg, Borivali (East), Mumbai - 400066, Maharashtra, India
Tel. No.:	91-22-42777888
Mobile No.:	91-9664169999 (Ms. Rita)
Fax No.:	Not Available
E-Mail :	milinds@audimumbaiwest.in
Website :	www.audimumbaiwest.in

Showroom :	Unit No. 103, Raghuleela Mall, Opposite Vashi Railway Station, Navi Mumbai – 400763, Maharashtra, India

Workshop :	C-3 / B, MIDC TTC Industrial Estate, Turbhe Pawne Village, Navi Mumbai – 400705, Maharashtra, India

DIRECTORS

As on 06.08.2011

Name :

Mr. Vajendla Ramananand Venkateshwara Rao

Designation :

Director

Address :

1201, Bhima, Sir Pochkhanwala Road, Worli Seaface, Worli, Mumbai - 400030, Maharashtra, India

Date of Appointment :

26.08.2011

DIN No.:

00677284

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	U27106TG2003PTC040783	ROYALOAK STEELS PRIVATE LIMITED	Director	10/02/2004	10/02/2004	01/04/2007	Active	NO
2	U50103MH2004PTC145563	PHEONIX AUTO PRIVATE LIMITED	Director	07/04/2004	07/04/2004	-	Active	NO
3	U70100MH2005PTC150555	AADYA PROPERTIES PRIVATE LIMITED	Director	11/01/2005	11/01/2005	27/12/2011	Active	NO
4	U45201MH2006PTC163061	Aadya Realtors and Estates Private Limited	Director	12/07/2006	12/07/2006	-	Active	NO
5	U35999MH2006PTC163055	AADYA AUTO PRIVATE LIMITED	Director	12/07/2006	12/07/2006	-	Active	NO
6	U45200TG2004PTC044297	PHOENIX VENTURES PRIVATE LIMITED	Director	05/12/2006	05/12/2006	11/07/2007	Active	NO
7	U50100MH2008PTC184625	AADYA MOTOR COMPANY PRIVATE LIMITED	Director	14/07/2008	14/07/2008	-	Active	NO
8	U27200MH1971PLC015093	DHIRAJ IRON AND STEEL LIMITED	Director	04/08/2008	04/08/2008	-	Active	NO
9	U50103MH2009PTC195392	AADYA MOTOR CAR COMPANY PRIVATE LIMITED	Director	01/09/2009	01/09/2009	-	Active	NO
10	U50102MH2011PTC221315	AADYA MOTOR CAR COMPANY (INDIA) PRIVATE LIMITED	Director	26/08/2011	26/08/2011	-	Active	NO
11	U50103MH2012PTC229638	AADYA MOTOR COMPANY (INDIA) PRIVATE LIMITED	Director	13/04/2012	13/04/2012	-	Active	NO
12	U70109DL2006PLC151144	JUVENTUS BUILDWELL LIMITED	Additional director	08/05/2012	08/05/2012	-	Active	NO

Name :

Vajendla Poonam Ramananand Rao

Designation :

Director

Address :

1201, Bhima, Sir Pochkhanwala Road, Worli Seaface, Worli, Mumbai - 400030, Maharashtra, India

Date of Appointment :

26.08.2011

DIN No.:

02154554

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	U70100MH2005PTC150555	AADYA PROPERTIES PRIVATE LIMITED	Director	11/01/2005	11/01/2005	27/12/2011	Active	NO
2	U45201MH2006PTC163061	Aadya Realtors and Estates Private Limited	Director	12/07/2006	12/07/2006	-	Active	NO
3	U50100MH2008PTC184625	AADYA MOTOR COMPANY PRIVATE LIMITED	Director	14/07/2008	14/07/2008	-	Active	NO
4	U27200MH1971PLC015093	DHIRAJ IRON AND STEEL LIMITED	Director	04/08/2008	04/08/2008	-	Active	NO
5	U50103MH2009PTC195392	AADYA MOTOR CAR COMPANY PRIVATE LIMITED	Director	01/09/2009	01/09/2009	-	Active	NO
6	U50103MH2004PTC145563	PHEONIX AUTO PRIVATE LIMITED	Director	30/03/2011	30/03/2011	-	Active	NO
7	U50102MH2011PTC221315	AADYA MOTOR CAR COMPANY (INDIA) PRIVATE LIMITED	Director	26/08/2011	26/08/2011	-	Active	NO
8	U50103MH2012PTC229638	AADYA MOTOR COMPANY (INDIA) PRIVATE LIMITED	Director	13/04/2012	13/04/2012	-	Active	NO
9	U70109DL2006PLC151144	JUVENTUS BUILDWELL LIMITED	Additional director	08/05/2012	08/05/2012	-	Active	NO

Name :

Milind Jagannath Surve

Designation :

Additional Director

Address :

C/6 Sahara Veer Savarkar Nagar, Sant Dyaneshwar Marg Borivali (E), Mumbai - 400066, Maharashtra, India

Date of Appointment :

02.07.2012

DIN No.:

03138911

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	U50200MH2010PTC207015	SHREE AADYA CAR COMPANY PRIVATE LIMITED	Director	25/08/2010	25/08/2010	-	Active	NO
2	U50100MH2008PTC184625	AADYA MOTOR COMPANY PRIVATE LIMITED	Additional director	26/05/2011	26/05/2011	-	Active	NO
3	U50103MH2009PTC195392	AADYA MOTOR CAR COMPANY PRIVATE LIMITED	Additional director	01/06/2011	01/06/2011	-	Active	NO
4	U35999MH2006PTC163055	AADYA AUTO PRIVATE LIMITED	Additional director	30/03/2012	30/03/2012	-	Active	NO
5	U70109DL2006PLC151144	JUVENTUS BUILDWELL LIMITED	Additional director	26/04/2012	26/04/2012	-	Active	NO
6	U50102MH2011PTC221315	AADYA MOTOR CAR COMPANY (INDIA) PRIVATE LIMITED	Additional director	02/07/2012	02/07/2012	-	Active	NO
7	U50103MH2012PTC229638	AADYA MOTOR COMPANY (INDIA) PRIVATE LIMITED	Additional director	25/07/2012	25/07/2012	-	Active	NO
8	U27200MH1971PLC015093	DHIRAJ IRON AND STEEL LIMITED	Additional director	16/02/2013	16/02/2013	-	Active	NO

KEY EXECUTIVES

Name :	Ms. Rita
Designation :	Finance Head

MAJOR SHAREHOLDERS

As on 06.08.2011

Names of Shareholders	No. of Shares	%age holding
Vajendla Ramananand Venkateshwara Rao	5100	51.00
Vajendla Poonam Ramananand Rao	4900	49.00
Total	10000	100.00

As on 28.03.2013

Names of Allottee		No. of Shares Allotted
Vajendla Ramananand Venkateshwara Rao		2544900
Vajendla Poonam Ramananand Rao		2445100
Total		4990000

BUSINESS DETAILS

Line of Business :	Dealer of Audi Car.

Products :	Audi Car

Brand Names :	Not Available

Agencies Held :	Not Available

Exports :	Not Available

Imports :	Not Available

Terms :
Selling :	Cash, L/C and Credit

Purchasing :	Cash, L/C and Credit

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
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

End Users and Corporate

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

No. of Employees :

75 (Approximately)

Bankers :

Banker Name	Yes Bank Limited
Branch Address	Worli, Mumbai, Maharashtra, India
Person Name (With Designation)	Mr. Vivek Gupta (Relationship Manager)
Contact Number	91-9892606945
Name of Account Holder	Aadya Motor Car Company (India) Private Limited
Account Number	005884000000930
Account Since (Date/Year of Account Opening)	2012
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Cash Credit = Rs.20.000 Million
Account Operation	Not Divulged
Remarks (If any)	Satisfied with the customer. No complaints. Transactions are fair.

Auditors :
Name :	M. G. Vashi and Company Chartered Accountants
Address :	Masjid Bunder, Mumbai, Maharashtra, India

Memberships :	Not Available

Collaborators :	Not Available

Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

As on 28.03.2013

Authorised Capital:

No. of Shares	Type	Value	Amount

5000000	Equity Shares	Rs.10/- each	Rs.50.000 Million

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount

5000000	Equity Shares	Rs.10/- each	Rs.50.000 Million

FINANCIAL DATA

[all figures are in Rupees Million]

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	50.000	50.000	6.100
(b) Reserves & Surplus	9.370	2.735	-0.995
(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)	59.370	52.735	5.105

(3) Non-Current Liabilities
(a) long-term borrowings	100.390	60.216	0.000
(b) Deferred tax liabilities (Net)	2.316	0.394	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)	102.706	60.610	0.000

(4) Current Liabilities
(a) Short term borrowings	200.918	215.748	0.000
(b) Trade payables	6.985	8.942	0.894
(c) Other current liabilities	24.058	17.860	0.000
(d) Short-term provisions	2.500	1.000	0.000
Total Current Liabilities (4)	234.461	243.550	0.894

TOTAL	396.537	356.895	5.999

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	123.868	13.053	0.000
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	47.692	0.534
(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	6.408	6.408	2.808
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	130.276	67.153	3.342

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	205.947	229.912	0.000
(c) Trade receivables	43.663	44.823	0.000
(d) Cash and cash equivalents	10.525	9.699	1.909
(e) Short-term loans and advances	5.929	5.013	0.355
(f) Other current assets	0.197	0.295	0.393
Total Current Assets	266.261	289.742	2.657

TOTAL	396.537	356.895	5.999

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	1424.571	641.594	0.000
	Other Income	11.376	3.247	0.000
	TOTAL	1435.947	644.841	0.000

Less	EXPENSES
	Cost of Materials Consumed	94.585	2.142	0.000
	Purchases of Stock-in-Trade	1008.533	735.255	0.000
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	33.744	-218.852	0.000
	Employees benefits expense	18.994	5.371	0.000
	Other expenses	221.159	95.881	0.994
	TOTAL	1377.015	619.797	0.994

Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	58.932	25.044	(0.994)

Less	FINANCIAL EXPENSES	40.629	19.061	0.000

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	18.303	5.983	(0.994)

Less/ Add	DEPRECIATION/ AMORTISATION	8.247	0.859	0.000

	PROFIT/ (LOSS) BEFORE TAX	10.056	5.124	(0.994)

Less	TAX	3.422	1.394	0.000

	PROFIT/ (LOSS) AFTER TAX	6.634	3.730	(0.994)

	Earnings / (Loss) Per Share (Rs.)	1.32	0.75	(0.19)

Particulars

31.03.2015

Sales Turnover (Approximately)

1350.000

(Market Down)

The above information has been parted by Ms. Rita (Finance Head).

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA
Net cash flows from	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	0.47	0.58	0.00

Operating Profit Margin (PBDIT / Sales)	(%)	4.14	3.90	0.00

Return on Total Assets (PBT/Total Assets}	(%)	2.54	1.66	(18.19)

Return on Investment (ROI) (PBT/Networth)		0.17	0.10	(0.19)

Debt Equity Ratio (Total Debt/Networth)		5.08	5.23	0.00

Current Ratio (Current Asset/Current Liability)		1.14	1.19	2.97

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	6.100	50.000	50.000
Reserves & Surplus	(0.995)	2.735	9.370
Net worth	5.105	52.735	59.370

long-term borrowings	0.000	60.216	100.390
Short term borrowings	0.000	215.748	200.918
Total borrowings	0.000	275.964	301.308
Debt/Equity ratio	0.000	5.233	5.075

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)
Sales	641.594	1424.571
		122.036

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)
Sales	641.594	1424.571
Profit	3.730	6.634
	0.58%	0.47%

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	No
11	Pan Card No. of Proprietor / Partners	No
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	Yes
17	Details of sister concerns	No
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	No
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 four years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	No
32	Litigations that the firm/promoter involved in	----------------------
33	Market information	----------------------
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

INDEX OF CHARGES

S. NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10368996	10/07/2012	200,000,000.00	YES BANK LIMITED	9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA,, DR. ANNIE BESANT ROAD, WORLI, MUMBAI - 400018, Maharashtra, INDIA	B45081668

* Date of charge modification

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.63.55
UK Pound	1	Rs.99.10
Euro	1	Rs.68.83

INFORMATION DETAILS

Information Gathered by :	PPT

Analysis Done by :	KYP

Report Prepared by :	PNM

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILITY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		28

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.

MIRA INFORM REPORT

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