MIRA INFORM REPORT

Report No. :	325232
Report Date :	03.06.2015

IDENTIFICATION DETAILS

Name :	AGARVANSHI ALUMINIUM LIMITED
Registered Office :	1-8-32/59, Agarvanshi House, Bapubagh, Minister Road, Secunderabad – 500003, Telangana
Tel. No.:	91-40-27816450
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	12.06.1995
Com. Reg. No.:	36-020663
Capital Investment / Paid-up Capital :	Rs. 53.577 Million
CIN No.: [Company Identification No.]	U27203TG1995PLC020663
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	HYDA01436B
PAN No.: [Permanent Account No.]	AABCA7440A
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Aluminium Extrusion
No. of Employees :	200 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

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

Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject was incorporated in June 1995 and it is established company having satisfactory track record. From the financial for the year ended 2014, company have achieved Rs. 1100.000 Million sales turnover and reported minimal profit from its business operations backed by its debt to enquiry at 1.71 times. Rating taken into account on company’s established track record. In aluminum industry and experience of its promoter into the business. Trade relations are fair business is active. Payments are reported to be usually correct. In view of decent financial base backed by its experienced promoters, the company can be considered for business dealings with its 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 – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	Not Available

RBI DEFAILTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAILTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

INFORMATION PARTED BY

Name :	Mr. Radhakrishna
Designation :	Finance Manager
Contact No.:	91-40-27816450
Date :	01.06.2015

LOCATIONS

Registered Office :	1-8-32/59, Agarvanshi House, Bapubagh, Minister Road, Secunderabad-500003, Telangana, India
Tel. No.:	91-40-27816450 / 27816705 / 27892101
Fax No.:	91-40-27816497
E-Mail :	hyd1_agarvans@sancharnet.in contact@agarvanshi.com
Website :	www.agarvanshi.com
Factory :	44, Narapally, Ghatkesar Road, District Ranga Reddy – 501301, Telangana, India
Tel. No.:	91-8415-255661
Fax No.:	91-8415-255663
Location :	Owned

DIRECTORS

AS ON 30.09.2014

Name :	Mr. Bharat Bhushan Aggarwal
Designation :	Managing Director
Address :	Plot No: 244 Road No: 18, Jubilee Hills, Hyderabad – 500034, Telangana, India
Date of Birth/Age :	05.01.1952
Qualification :	Graduate
Date of Appointment :	01.04.2011
DIN No.:	01245117
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	U27203TG1995PLC020663	AGARVANSHI ALUMINIUM LIMITED	Managing director	01/10/2013	30/09/2002	-	Active	NO
2	U70102TG2005PTC046200	AGARVANSHI HOUSING PRIVATE LIMITED	Managing director	11/05/2005	11/05/2005	-	Active	NO
3	U28110TG2009PTC063909	INDO FEATHERLITE ALUMINIUM SPECIALITIES PRIVATE LIMITED	Additional director	01/07/2009	01/07/2009	31/03/2010	Strike off	NO

Name :	Mr. Rahul Aggarwal
Designation :	Whole-Time Director
Address :	Plot No: 244 Road No: 18, Jubilee Hills, Hyderabad – 500034, Telangana, India
Date of Birth/Age :	07.11.1974
Qualification :	Graduate
Date of Appointment :	01.10.2010
DIN No.:	01245264
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	U72200TG2000PTC034048	MICROCOSM INFOTECH PRIVATE LIMITED	Director	27/03/2000	27/03/2000	-	Strike off	NO
2	U27203TG1995PLC020663	AGARVANSHI ALUMINIUM LIMITED	Whole-time director	01/10/2013	30/09/2002	-	Active	NO
3	U70102TG2005PTC046200	AGARVANSHI HOUSING PRIVATE LIMITED	Director	11/05/2005	11/05/2005	-	Active	NO
4	U28110TG2009PTC063909	INDO FEATHERLITE ALUMINIUM SPECIALITIES PRIVATE LIMITED	Additional director	01/07/2009	01/07/2009	31/03/2010	Strike off	NO

Name :	Mrs. Nirmala Devi
Designation :	Director
Address :	Plot No: 244 Road No: 18, Jubilee Hills, Hyderabad – 500034, Telangana, India
Date of Birth/Age :	18.09.1953
Qualification :	Graduate
Date of Appointment :	30.09.2009
DIN No.:	02071386
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	Company/ LLP Status	Defaulting status
1	U72200TG2000PTC034048	MICROCOSM INFOTECH PRIVATE LIMITED	Director	27/03/2000	27/03/2000	Strike off	NO
2	U27203TG1995PLC020663	AGARVANSHI ALUMINIUM LIMITED	Director	30/09/2009	27/06/2009	Active	NO

KEY EXECUTIVES

Name :	Mr. Radhakrishna
Designation :	Finance Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Name of Shareholders	No. of Shares	%age holding
Harish Kumar Agarwal	252100	4.71
Bharath Bhushan Agarwal	2189100	40.86
Ajay Kumar Agarwal	100,100	1.87
Sanjay Kumar Agarwal	110,100	2.05
Rahul Agarwal	1,096,100	20.46
Pushpa Devi Agarwal	100	0.00
Nirmala Devi Agarwal	100,100	1.87
Pooja Agarwal	60,000	1.12
Ratan Kedia	550,000	10.27
Kedia Soft Solutions Limited, India	900,000	16.80
Total	5,357,700	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 Aluminium Extrusion

Products :

Item Code No. (ITC Code)	Product Description
76109030	Aluminium Extruded Profiles

Brand Names :

Not Divulged

Agencies Held :

Not Divulged

Exports :

Products :

Finished Goods

Countries :

• Egypt
• Europe

Imports :

Products :

Raw Material

Countries :

• Australia
• Dubai
• Saudi Arabia
• UAE
• Netherland

Terms :

Selling :

Cash, Credit (30 / 60 / 90 Days)

Purchasing :

Cash, Credit (30 / 60 / 90 Days)

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

Maximum Limit Dealt :

Not Divulged

Experience :

Payment Behaviour	Market Goodwill	Overall
Not Divulged	Not Divulged	Not Divulged

Remark:

--

Customers :

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 :

Product Quality	Delivery Behaviour	Overall
Not Divulged	Not Divulged	Not Divulged

Remark:

--

No. of Employees :

200 (Approximately)

Bankers :

Bank Name	HDFC Bank Limited
Branch	HDFC Bank House Senapati Bapat Marg, Lower Parel West, Mumbai - 400013, Maharashtra, 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 Credit Limit Rs. 407.000 Million
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Term Loan From Banks	32.507	57.180
Short-term borrowings
Working Capital Loans From Banks	103.879	89.262
Total	136.386	146.442

Banking Relations :
Auditors :
Name :	Mallikarjun Pathi Chartered Accountants
Address :	H No.1-8-702/33/22, Padma Colony, Nallakunta, Hyderabad-500044, Andhra Pradesh, India
PAN N Income-tax PAN of auditor or auditor's firm :	AAWPP7455S
Memberships :	--
Collaborators :	--
Associates :	Karnataka Metal Company, Secunderabad Aluminium Sales Corporation, Secunderabad

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
7000000	Equity Shares	Rs.10/- each	Rs. 70.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5357700	Equity Shares	Rs.10/- each	Rs. 53.577 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	53.577	53.577	53.577
(b) Reserves & Surplus	75.426	74.609	70.833
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.100	0.100
Total Shareholders’ Funds (1) + (2)	129.003	128.286	124.510
(3) Non-Current Liabilities
(a) long-term borrowings	110.643	132.676	122.981
(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)	110.643	132.676	122.981
(4) Current Liabilities
(a) Short term borrowings	103.879	89.262	101.333
(b) Trade payables	232.097	185.123	178.024
(c) Other current liabilities	84.545	54.607	49.419
(d) Short-term provisions	1.121	1.130	3.045
Total Current Liabilities (4)	421.642	330.122	331.821
TOTAL	661.288	591.084	579.312
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	276.519	187.363	215.320
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	25.018	25.018	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	2.143	2.143	7.790
(c) Deferred tax assets (net)	0.206	0.428	0.785
(d) Long-term Loan and Advances	112.470	96.425	90.615
(e) Other Non-current assets	1.997	1.710	1.710
Total Non-Current Assets	418.353	313.087	316.220
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	45.456	56.587	48.174
(c) Trade receivables	126.875	153.800	142.679
(d) Cash and cash equivalents	34.292	35.703	32.395
(e) Short-term loans and advances	34.591	31.204	32.208
(f) Other current assets	1.721	0.703	7.636
Total Current Assets	242.935	277.997	263.092
TOTAL	661.288	591.084	579.312

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	1079.415	1072.823	1012.447
	Other Income	21.711	45.047	26.703
	TOTAL (A)	1101.126	1117.870	1039.150
Less	EXPENSES
	Cost of Materials Consumed	801.707	847.075	782.506
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	11.930	(15.096)	14.943
	Employees benefits expense	41.826	40.984	43.725
	Other expenses	155.633	143.820	120.173
	TOTAL (B)	1011.096	1016.783	961.347
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	90.030	101.087	77.803
Less	FINANCIAL EXPENSES (D)	57.914	66.179	54.157
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	32.116	34.908	23.646
Less/ Add	DEPRECIATION/ AMORTISATION (F)	30.271	30.774	16.489
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	1.845	4.134	7.157
Less	TAX (H)	1.028	0.357	2.480
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	0.817	3.777	4.677
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	NA	16.356	19.047
	TOTAL EARNINGS	NA	16.356	19.047
	IMPORTS
	Raw Materials	NA	110.548	45.743
	TOTAL IMPORTS	NA	110.548	45.743
	Earnings / (Loss) Per Share (Rs.)	0.15	0.70	0.87

Expected Sales (2014-2015) : Rs. 1120.000 Millions

The above information has been parted by Mr. Radhakrishna

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	0.08	0.35	0.46
Operating Profit Margin (PBIDT/Sales)	(%)	8.34	9.42	7.68
Return on Total Assets (PBT/Total Assets}	(%)	0.29	0.73	1.25
Return on Investment (ROI) (PBT/Networth)		0.01	0.03	0.06
Debt Equity Ratio (Total Liabilities/Networth)		1.96	2.02	2.02
Current Ratio (Current Asset/Current Liability)		0.58	0.84	0.79

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	53.577	53.577	53.577
Reserves & Surplus	70.833	74.609	75.426
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.100	0.100	0.000
Net worth	124.510	128.286	129.003
long-term borrowings	122.981	132.676	110.643
Short term borrowings	101.333	89.262	103.879
Current Maturities Of Long-Term Debts	26.601	37.070	38.367
Total borrowings	250.915	259.008	252.889
Debt/Equity ratio	2.015	2.019	1.960

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	1012.447	1072.823	1079.415
		5.963	0.614

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	1012.447	1072.823	1079.415
Profit	4.677	3.777	0.817
	0.46%	0.35%	0.08%

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	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	No

UNSECURED LOAN

Unsecured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Term Loans from Others	33.440	19.913
Deferred Payment Liabilities	44.696	55.583
Total	78.136	75.496

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10357081	02/03/2015 *	395,509,000.00	HDFC BANK LIMITED	HDFC Bank Housesenapati Bapat Marg, Lower Parel W, Mumbai, Maharashtra - 400013, India	C47430103
2	10287383	28/03/2011	350,000.00	THE CARUR VYSYA BANK LIMITED	R.P.Road Branch, Secunderabad, Andhra Pradesh - 500003, India	B12900387
3	90121456	27/07/2000	32,000,000.00	THE KARUR VYSYA BANK LIMITED	6544; Rp Road, Ecunderabad, Andhra Pradesh, India	-
4	90121114	04/04/2012 *	440,100,000.00	THE KARUR VYSYA BANK LIMITED	Cpc(Loans), Chirag Ali Lane, Abids, Hyderabad, Andhra Pradesh - 500001, India	B38708020
5	90121104	25/07/1997	527,025.00	THE KARUR VYSYA BANK LIMITED	Rp Road, Secunderabad, Andhra Pradesh - 500003, India	-
6	90121028	03/04/1997 *	50,000,000.00	IDBI BANK	5-9-89/1 & 2; Chapel Road, Hyderabad, Andhra Pradesh - 500001, India	-
7	90120553	05/10/2004 *	59,000,000.00	THE KARUR VYSYA BANK LIMITED	No. 6549; R. P. Road, Secunderabad, Andhra Pradesh, India	-

* Date of charge modification

OPERATIONS

During the year, the company has achieved sales turnover and other income of Rs. 1101.126 Million as against Rs.1117.871 Million made during the previous year. The company earned net profit of Rs. 0.817 Million for the current year as against that of Rs. 3.776 Million earned in the previous year.

PERFORMANCE AND BUSINESS PROSPECTS

The performance of the company in the current financial year was encouraging and the company expected to continue the same trend in the future also.

FIXED ASSETS

• Office Building
• Factory Building
• Air Conditioner
• Computer
• Furniture and Fixtures
• Handling Systems
• Plant and Machinery
• Tools and Spares
• Office Equipments
• Vehicles
• Dies

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.63.83
UK Pound	1	Rs.97.10
Euro	1	Rs.69.73

INFORMATION DETAILS

Information Gathered by :	PRP
Analysis Done by :	KSY
Report Prepared by :	DPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILITY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--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		42

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.