MIRA INFORM REPORT

Report No. :	318459
Report Date :	20.04.2015

IDENTIFICATION DETAILS

Name :	PITTI CASTINGS PRIVATE LIMITED
Registered Office :	IVth Floor, Padmaja Land Mark, 6-3-643/401, Somajiguda, Hyderabad – 500082, Telanagana
Tel. No.:	91-40-23312774
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	07.12.2011
Com. Reg. No.:	36-077833
Capital Investment / Paid-up Capital :	Rs. 74.900 Million
CIN No.: [Company Identification No.]	U27310TG2011PTC077833
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 :	Manufacturing of casting.
No. of Employees :	300 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ca (12)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The coampny has incurred huge accumulated losses which exceeds the entire net worth of the company. Borrowings recorded by the company are also huge and increasing which further acs as a threat to the liquidity position of the company. However, business is active. Payments terms are reported to be slow. The company can be considered for business dealings on a 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 – 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

Rating Agency Name	India Rating
Rating	Long Term Loans : D
Rating Explanation	Lowest credit quality very low prospects of recovery.
Date	March 27, 2015

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. Prasad
Designation :	Accounts
Contact No.:	91-40-23393985
Date :	18.04.2015

LOCATIONS

Registered Office :	IVth Floor, Padmaja Land Mark, 6-3-643/401, Somajiguda, Hyderabad – 500082, Telanagana, India
Tel. No.:	91-40-23312774/ 23393985
Fax No.:	Not Available
E-Mail :	pitticastings@pittilam.com
Website :	http://www.pitti.in
Factory :	Survey No. 53, Macharam Village, Mahaboob Nagar District, Andhra Pradesh, India

DIRECTORS

AS ON 04.07.2014

Name :

Mr. Sharad Badrivishal Pitti

Designation :

Director

Address :

6-3-649, Moti Bhavan, Somajiguda, Hyderabad – 500082, Telangana, India

Date of Birth/Age :

11.07.1957

Date of Appointment :

07.12.2011

DIN No.:

00078716

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	L29253TG1983PLC004141	PITTI LAMINATIONS LIMITED	Managing director	01/05/2012	17/09/1983	-	Active	NO
2	U31909TG1995PTC019901	PITTI ELECTRICAL EQUIPMENT PRIVATE LIMITED	Director	03/04/1995	03/04/1995	-	Active	NO
3	U18101DL2001PLC111215	KESHAV KNITWEAR LIMITED	Director	29/08/2003	29/08/2003	27/01/2010	Active	YES
4	U28110TG2004PTC044554	VAKSH STEELS PRIVATE LIMITED	Director	04/11/2004	04/11/2004	01/07/2010	Active	NO
5	U74999TG2011PLC075627	PITTI COMPONENTS LIMITED	Director	21/07/2011	21/07/2011	-	Active	NO
6	U27310TG2011PTC077662	PITTI FOUNDRY PRIVATE LIMITED	Director	25/11/2011	25/11/2011	-	Strike off	NO
7	U27310TG2011PTC077833	PITTI CASTINGS PRIVATE LIMITED	Director	07/12/2011	07/12/2011	-	Active	NO
8	U67110TG2012PTC078431	PITTI HOLDINGS PRIVATE LIMITED	Director	05/01/2012	05/01/2012	-	Active	NO

Name :

Mr. Akshay Sharad Pitti

Designation :

Director

Address :

6-3-649, Moti Bhavan, Somajiguda, Hyderabad – 500082, Telangana, India

Date of Birth/Age :

28.10.1985

Date of Appointment :

07.12.2011

DIN No.:

00078760

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	U31909TG1995PTC019901	PITTI ELECTRICAL EQUIPMENT Private LIMITED	Director	22/12/2003	22/12/2003	-	Active	NO
2	L29253TG1983PLC004141	PITTI LAMINATIONS LIMITED	Managing director	07/07/2011	14/10/2004	-	Active	NO
3	U27310TG2007PTC053812	AKSHVA ISPAT PRIVATE LIMITED	Director	03/05/2007	03/05/2007	-	Active	NO
4	U74999TG2011PLC075627	PITTI COMPONENTS LIMITED	Director	21/07/2011	21/07/2011	-	Active	NO
5	U27310TG2011PTC077662	PITTI FOUNDRY PRIVATE LIMITED	Director	25/11/2011	25/11/2011	-	Strike off	NO
6	U27310TG2011PTC077833	PITTI CASTINGS PRIVATE LIMITED	Director	04/06/2012	07/12/2011	-	Active	NO
7	U67110TG2012PTC078431	PITTI HOLDINGS PRIVATE LIMITED	Director	05/01/2012	05/01/2012	-	Active	NO

Name :

Mr. Sandip Agarwala

Designation :

Director

Address :

6-3-1238, Flat No.202, Legend Apartment, Somajiguda, Hyderabad – 500082, Telangana, India

Date of Birth/Age :

17.08.1976

Date of Appointment :

23.05.20

DIN No.:

02418354

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	U51909WB1995PTC067397	EASTERN (INDIA) CASHEWS PVT.LTD.	Director	05/04/2000	05/04/2000	04/01/2014	Active	NO
2	U15209AS1994PTC004221	NORTH EAST CASHEWS PVT LTD	Director	01/05/2006	01/05/2006	31/12/2013	Active	NO
3	U27310TG2011PTC077833	PITTI CASTINGS PRIVATE LIMITED	Director	23/05/2012	23/05/2012	-	Active	NO

Name :

Mr. Dantu Vijay Aditya

Designation :

Additional director

Address :

2-2-3/1/2, Srinivasa Nilayam, Shivam Road, Hyderabad - 500044 , Telangana, India

Date of Birth/Age :

17.07.1955

Date of Appointment :

16.12.2011

DIN No.:

02847635

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	U31909TG1995PTC019901	PITTI ELECTRICAL EQUIPMENT Private LIMITED	Additional director	28/11/2011	28/11/2011	-	Active	NO
2	U27310TG2011PTC077833	PITTI CASTINGS PRIVATE LIMITED	Additional director	16/12/2011	16/12/2011	-	Active	NO
3	U74999TG2011PLC075627	PITTI COMPONENTS LIMITED	Additional director	03/01/2012	03/01/2012	-	Active	NO
4	U67110TG2012PTC078431	PITTI HOLDINGS PRIVATE LIMITED	Additional director	05/01/2012	05/01/2012	-	Active	NO

Name :

Mr. Nagabhushan Rao Ganti

Designation :

Director

Address :

A101 and 102, Apururpa, 45Hua, Heights, MLS Colony, Banjara Hills, Road No. 12, Hyderabad – 500034, Telangana, India

Date of Birth/Age :

14.05.1949

Date of Appointment :

11.01.2012

DIN No.:

00021592

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	L24110TG1991PLC012471	GRANULES INDIA LIMITED	Director	31/08/1994	31/08/1994	15/05/2009	Active	NO
2	L29253TG1983PLC004141	PITTI LAMINATIONS LIMITED	Director	22/09/2014	16/10/2002	-	Active	NO
3	L72200TG1987PLC048874	SQL STAR INTERNATIONAL LIMITED	Managing director	27/06/2005	27/06/2005	30/11/2009	Active	NO
4	U72200TG2010PTC067140	SPECTRACORE TECHNOLOGIES PRIVATE LIMITED	Managing director	22/02/2010	22/02/2010	-	Under Process of Striking off	NO
5	U27310TG2011PTC077662	PITTI FOUNDRY PRIVATE LIMITED	Director	25/11/2011	25/11/2011	-	Strike off	NO
6	U27310TG2011PTC077833	PITTI CASTINGS PRIVATE LIMITED	Director	11/01/2012	07/12/2011	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Prasad
Designation :	Accounts

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 04.07.2014

Names of Shareholders	No. of Shares
Shri Sharad B Pitti	400000
Shri Akshay S Pitti	400000
Pitti Laminations Limited	3570000
Pitti Electrical Equipment Private Limited	3120000
Total	7490000

AS ON 04.07.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	89.32
Directors or relatives of Directors	10.68
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturing of casting.
Products :	Not Available
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Available
Imports :
Products :	Raw Materials
Countries :	China Japan
Terms :
Selling :	L/C and Credit
Purchasing :	L/C and Credit

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 :

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 :

300 (Approximately)

Bankers :

Bank of Baroda, 3-6-262/6, Tirumala Estates, III Floor, Himayathnagar, Hyderabad – 500029, Andhra Pradesh, India

Facilities :

SECURED LOANS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
LONG TERM BORROWINGS
Rupee term loan from banks	520.470	439.157
SHORT TERM BORROWINGS
Working capital loans from banks	233.223	249.234
Total	753.693	688.391

Auditors :
Name :	Luxminiwas Nath and Company Chartered Accountants
Memberships :	Not Available
Collaborators :	Not Available
Associates :	Pitti Laminations Limited

CAPITAL STRUCTURE

AS ON 04.07.2014

Authorised Capital : Rs. 350.000 Million

Issued, Subscribed & Paid-up Capital : Rs. 316.600 Million

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
8000000	Equity Shares	Rs. 10/- each	Rs. 80.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
7490000	Equity Shares	Rs. 10/- each	Rs. 74.900 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	74.900	74.900	0.100
(b) Reserves & Surplus	(211.936)	(47.089)	0.000
(c) Money received against share warrants	5.100	5.100	0.000
(2) Share Application money pending allotment	0.000	0.000	56.000
Total Shareholders’ Funds (1) + (2)	(131.936)	32.911	56.100
(3) Non-Current Liabilities
(a) long-term borrowings	905.870	724.557	0.500
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	39.498	0.000	0.000
(d) long-term provisions	0.906	0.685	0.000
Total Non-current Liabilities (3)	946.274	725.242	0.500
(4) Current Liabilities
(a) Short term borrowings	233.223	249.234	0.000
(b) Trade payables	70.556	62.770	0.000
(c) Other current liabilities	60.620	56.814	0.108
(d) Short-term provisions	0.770	0.575	0.000
Total Current Liabilities (4)	365.169	369.393	0.108
TOTAL	1179.507	1127.546	56.708
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	575.104	608.176	0.000
(ii) Intangible Assets	1.562	0.570	0.000
(iii) Capital work-in-progress	130.308	1.799	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)	92.847	21.926	0.000
(d) Long-term Loan and Advances	54.626	19.960	0.000
(e) Other Non-current assets	16.498	20.624	1.159
Total Non-Current Assets	870.945	673.055	1.159
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	156.099	221.648	0.000
(c) Trade receivables	82.312	103.656	0.000
(d) Cash and cash equivalents	5.394	62.526	0.288
(e) Short-term loans and advances	64.585	66.307	55.261
(f) Other current assets	0.172	0.354	0.000
Total Current Assets	308.562	454.491	55.549
TOTAL	1179.507	1127.546	56.708

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		TOTAL (A)	517.000	344.300	NA
	EXPENSES
		TOTAL (B)	753.300	416.000	NA
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(76.000)	12.200	NA
Less	FINANCIAL EXPENSES (D)		108.600	53.200	NA
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(184.600)	(41.000)	NA
Less/ Add	DEPRECIATION/ AMORTISATION (F)		51.100	28.000	NA
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		(235.700)	(69.000)	NA
Less	TAX (H)		(70.900)	(21.900)	NA
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		(164.800)	(47.100)	NA
	Earnings / (Loss) Per Share (Rs.)		(22.00)	(6.29)	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin PAT / Sales	(%)	(31.88)	(13.68)	NA
Operating Profit Margin (PBDIT/Sales)	(%)	(14.70)	3.54	NA
Return on Total Assets (PBT/Total Assets}	(%)	(24.65)	(6.25)	NA
Return on Investment (ROI) (PBT/Networth)		1.79	(2.10)	NA
Debt Equity Ratio (Total Debts/Networth)		(8.63)	29.59	0.01
Current Ratio (Current Asset/Current Liability)		0.84	1.23	514.34

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

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	74.900	74.900
Reserves & Surplus	0.000	(47.089)	(211.936)
Money received against share warrants	0.000	5.100	5.100
Share Application money pending allotment	56.000	0.000	0.000
Net worth	56.100	32.911	(131.936)
long-term borrowings	0.500	724.557	905.870
Short term borrowings	0.000	249.234	233.223
Total borrowings	0.500	973.791	1139.093
Debt/Equity ratio	0.009	29.589	(8.634)

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)
Total Income	344.300	517.000
		50.160

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)
Sales	344.300	517.000
Profit	(47.100)	(164.800)
	(13.68%)	(31.88%)

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	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 two years	Yes
13]	Reasons for variation <> 20%	-------
14]	Estimation for coming financial year	-------
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
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	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	Yes

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10388638	28/10/2014 *	1,125,700,000.00	BANK OF BARODA	CORPORATE FINANCIAL SERVICE BRANCH, 3-6-262/2, I FLOOR, TIRUMALA ESTATES, HIMAYATNAGAR, HYDERABAD,  Telangana - 500029, INDIA	C39045117

* Date of charge modification

UNSECURED LOANS

PARTICULAR	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
LONG TERM BORROWINGS
Loans and advances from related parties	385.400	285.400
Total	385.400	285.400

FIXED ASSETS

• Land
• Buildings
• Plant and Equipments
• Factory Equipments
• Furniture and Fixture
• Vehicles
• Office Equipments
• Computer

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. 62.35
UK Pound	1	Rs. 93.10
Euro	1	Rs. 67.13

INFORMATION DETAILS

Information Gathered by :	KMN
Analysis Done by :	DIV
Report Prepared by :	JYO

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILITY	1~10	--
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	2
--RESERVES	1~10	--
--CREDIT LINES	1~10	--
--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		12

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.