MIRA INFORM REPORT

Report No. :	324563
Report Date :	03.05.2015

IDENTIFICATION DETAILS

Name :	VAJRA RUBBER PRODUCTS PRIVATE LIMITED (w.e.f. 10.01.2011)
Formerly Known As :	VAJRA RUBBER PRODUCTS LIMITED VAJRA RUBBER PRODUCTS PRIVATE LIMITED
Registered Office :	X11/ 371A, Pyngodekonathukunnu, Irinjalakuda, Trichur – 680123, Kerala
Tel. No.:	91-480-2860402
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	16.10.1989
Com. Reg. No.:	09-005500
Capital Investment / Paid-up Capital :	Rs. 6.819 million
CIN No.: [Company Identification No.]	U25191KL1989PTC005500
IEC No.:	1092005927
TAN No.: [Tax Deduction & Collection Account No.]	CHNV00042A
PAN No.: [Permanent Account No.]	AAACV7836L
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Rubber Products.
No. of Employees :	200 (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 287000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is established company and it is having satisfactory track record. As per Registrar of Company the data of the balance sheet (i.e. financial field) is shown as on 31.03.2014 but the documents related to the financial are not available from any sources. As per previous financial record of 2013, the company has reported Rs. 23.5 crore sale turnover and reported top line growth of 51.6%. Profitability margin also stood at 8.77% backed by its debt to equity at 0.25 times. Rating takes account on company established track record of business backed extensive industry experience of its promotors. Trade relations are fair. Business is active and payments are reported to be slow but correct. In a view of sound operational, the company can be considered for business dealing 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	ICRA
Rating	Long Term Loan Facilities = BBB -
Rating Explanation	Moderate degree of safety and moderate credit risk
Date	September 2013

Rating Agency Name	ICRA
Rating	Short Term Loan Non Fund based facilities = A3
Rating Explanation	Moderate degree safety and high credit risk
Date	September 2013

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 (GENERAL DETAILS)

Name :	Ms. Ramya
Designation :	Human Resource Admin Head
Contact No.:	91-480-2860402
Date :	28.05.2015

LOCATIONS

Registered Office/ Factory:	X11/ 371A, Pyngodekonathukunnu, Irinjalakuda, Trichur – 680123, Kerala, India
Tel. No.:	91-480-2860402
Mobile No.:	91-9446506227 (Mr. Sachindranathan P. S)
Fax No.:	91-480-2867380
E-Mail :	account@vajrarubber.com contact@vajrarubber.com
Website :	http://www.vajrarubber.com

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Gsabareenath Sabareenath

Designation :

Whole-time director

Address :

Sabari Nivas, Judge Mukku, P.O. Madathumpadi (Via) Poyya, Trichur - 680733, Kerala, India

Date of Birth/Age :

17.04.1970

Date of Appointment :

01.10.2008

Voter ID No.:

KI/10/062/393597

DIN No.:

00833756

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	U25191KL1989PTC005500	VAJRA RUBBER PRODUCTS PRIVATE LIMITED	Whole-time director	01/10/2008	23/09/2005	Active	NO
2	U25200KL2012PTC032107	VR COMPOSITES PRIVATE LIMITED	Director	07/09/2012	07/09/2012	Active	NO

Name :

Mr. Sachindranathan Porathattil Surendranathan

Designation :

Managing Director

Address :

350B (5/199), Purethettil 7, Konathukunnu, Vellangallur Panchayath, Thrissur - 680123, Kerala, India

Date of Birth/Age :

02.05.1947

Date of Appointment :

01.10.2008

Voter ID No.:

ZLK0345827

DIN No.:

01958369

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	U25191KL1989PTC005500	VAJRA RUBBER PRODUCTS PRIVATE LIMITED	Managing director	01/10/2008	23/09/2005	Active	NO
2	U25200KL2012PTC032107	VR COMPOSITES PRIVATE LIMITED	Director	07/09/2012	07/09/2012	Active	NO
3	AAC-3602	SACHINDRA RUBBER PLUS LLP	Designated Partner	22/09/2014	22/09/2014	Active	NO

Name :

Girija Sajeendranath

Designation :

Director

Address :

Vrindavan Manakkalap, Padi Konathukunnu, Irinjalakuda, Thrissur – 680123, Kerala, India

Date of Birth/Age :

17.02.1949

Date of Appointment :

30.09.2004

Voter ID No.:

KL10062123676

DIN No.:

02208805

Name :

Cody Wayne Johnson

Designation :

Director

Address :

S/O Jams E Johnson League City, Texas – 77573, USA

Date of Appointment :

26.09.2008

DIN No.:

02223259

Name :

Kannan Porathattil Sachindranathan

Designation :

Whole-Time Director

Address :

Vrindavan, Parathattil House, Konathukunnu.P.O., Thrissur - 680123, Kerala, India

Date of Birth/Age :

26.08.2008

Date of Appointment :

01.10.2008

DIN No.:

02341488

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	U25191KL1989PTC005500	VAJRA RUBBER PRODUCTS Private Limited	Whole-time director	01/10/2008	26/08/2008	Active	NO
2	U25200KL2012PTC032107	VR COMPOSITES PRIVATE LIMITED	Director	07/09/2012	07/09/2012	Active	NO
3	AAC-3602	SACHINDRA RUBBER PLUS LLP	Designated Partner	10/06/2014	10/06/2014	Active	NO

Name :

Mr. Prasanth Parathattil Sachindranath

Designation :

Whole-Time Director

Address :

Vrindavan Mana, Kalapadi, , Konathukunnu, Thrissur - 680123, Kerala, India

Date of Birth/Age :

22.03.1978

Date of Appointment :

01.10.2008

DIN No.:

02341564

KEY EXECUTIVES

Name :	Ms. Ramya
Designation :	Human Resource Admin Head

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Shareholders	No. of Shares
Prasanth Parathattil Sachindranath	82500
Prabhakarthikeyan	15000
K. Karthikfyan	46000
P. R. Sidharthan	15000
S. Sajeeth	7500
Girija Sachindranath	24000
Sabareenath G.	10000
Kannan Porathattil Sachindranathan	87790
Prasanth Parathattil Sachindranath	72500
Krishna Prasad	1000
Henavenu Gopal	1000
P. J. Adharsh	15900
Aryajyothy	9400
Geeta atulkothari	10000
Corepoly Mermoulders	276333
P. S. Jyothindranath	5000
C. S. Lal	3000
Total	681923

AS ON 30.09.2014

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	40.52
Bodies corporate	43.80
Directors or relatives of directors	15.68
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Rubber Products.
Brand Names :	--
Agencies Held :	--
Exports :
Products :	Rubber Products
Countries :	America Australia Island Gulf Country
Imports :	--
Terms :
Selling :	Cash and Advance Payment
Purchasing :	Cash and Advance Payment

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference:	Not Divulged
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

Customers :

Wholesalers and Retailers

Reference:	OCR International - USA
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

No. of Employees :

200 (Approximately)

Bankers :

Bank Name:	State Bank Of India
Branch:	Irinjalakuda Branch, Irinjalkuda, Thrissur - 680121, Kerala, 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 A/c Opening):	Not Divulged
Average Balance Maintained (Optional):	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan):	Not Divulged
Account Operation:	Not Divulged
Remarks:	Not Divulged

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG-TERM BORROWINGS
State Bank of India
Term Loans for Car 3157 47 99 326/ 07.01.2011	0.249	0.464
Term Loan A/c No. – 31914814605 (The above loan are secured By hypothecation of all present and future machinery belonging to or in the possession or under the control of the company and on the personal guarantee of directors.)	5.826	9.819
SHORT TERM BORROWINGS
Loan repayable on Demand
Commercial Branch – SBI A/c No. – 31064316261 (The above loan are secured by hypothecation of all present and future machinery belonging to or in the possession or under the control of the company and on the personal guarantor of director)	16.679	12.664
Export Packing Credit from SBI – A/c No. 30130787925 (The above loan is secured by hypothecation of stock and bills receivable / book debts and on the additional security of the whole of immovable property hypothecated for term loan and on the personal greet of directors.)	15.643	0.000
Total	38.397	22.947

Banking Relations :	--
Auditors :
Name :	Vasu and Sivaram Chartered Accountants
Address :	Chartered Accountants, Pazhayanadakavu, Thrissur – 680001, Kerala, India
Income-tax PAN of auditor or auditor's firm :	AABFV9905G
Enterprises significantly influenced by key management personnel or their relative :	· Core Polimer Moulders · Core Marine · Core International LLC (Core Rubber) · Mud Bricks Architects · Jyothi Rubbers · Sachindra Polymers · Om Diets and Tools

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
900,000	Equity Shares	Rs. 10/- each	Rs. 9.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
681,923	Equity Shares	Rs. 10/- each	Rs. 6.819 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	6.819	6.819	6.199
(b) Reserves & Surplus	93.645	85.846	38.557
(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)	100.464	92.665	44.756
(3) Non-Current Liabilities
(a) Long-term borrowings	6.575	10.783	6.752
(b) Deferred tax liabilities (Net)	6.696	2.028	1.901
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	6.243	7.259	3.750
Total Non-current Liabilities (3)	19.514	20.070	12.403
(4) Current Liabilities
(a) Short term borrowings	32.322	12.664	35.446
(b) Trade payables	3.957	9.543	22.330
(c) Other current liabilities	36.616	39.272	43.694
(d) Short-term provisions	1.396	1.274	2.733
Total Current Liabilities (4)	74.291	62.753	104.203
TOTAL	194.269	175.488	161.362
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	84.274	61.783	56.053
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.816	4.273	2.989
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	1.000	1.000	1.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	2.978	1.442
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	86.090	70.034	61.484
(2) Current assets
(a) Current investments
(b) Inventories	18.726	20.434	30.801
(c) Trade receivables	46.772	38.575	52.846
(d) Cash and cash equivalents	29.425	37.022	3.704
(e) Short-term loans and advances	11.889	8.187	8.591
(f) Other current assets	1.367	1.236	3.936
Total Current Assets	108.179	105.454	99.878
TOTAL	194.269	175.488	161.362

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	NA	235.000	155.000
		Other Income	NA	NA	NA
		TOTAL (A)	NA	NA	NA
Less	EXPENSES
		TOTAL (B)	NA	NA	NA
	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		66.400	92.037	65.083
Less/ Add	DEPRECIATION/ AMORTISATION (F)		6.416	5.290	5.708
	PROFIT BEFORE TAX (E-F) (G)		20.021	30.669	16.860
Less	TAX (H)		10.994	10.047	5.770
	PROFIT AFTER TAX (G-H) (I)		9.027	20.622	11.090
	EARNINGS IN FOREIGN CURRENCY		US$1783618.77 AUD$ 325000.00	US$ 2600812 AUD$ 449980 EURO 84660	US$ 2939581
	Earnings Per Share (Rs.)		13.24	32.13	17.89

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	6.095	8.304	4.320
Cash generated from operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	NA	8.78	7.15
Operating Profit Margin (PBDIT/Sales)	(%)	NA	39.16	41.99
Return on Total Assets (PBT/Total Assets}	(%)	10.40	18.02	10.71
Return on Investment (ROI) (PBT/Networth)		0.20	0.33	0.38
Debt Equity Ratio (Total Liability/Networth)		0.45	0.34	1.04
Current Ratio (Current Asset/Current Liability)		1.46	1.68	0.96

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	6.199	6.819	6.819
Reserves & Surplus	38.557	85.846	93.645
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	44.756	92.665	100.464
Long-term borrowings	6.752	10.783	6.575
Short term borrowings	35.446	12.664	32.322
CURRENT MATURITIES OF LONG-TERM DEBTS	4.320	8.304	6.095
Total borrowings	46.518	31.751	44.992
Debt/Equity ratio	1.039	0.343	0.448

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	Yes
11	Pan Card No. of Proprietor / Partners	Yes
12	Voter Id Card No. of Proprietor / Partners	Yes
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	Yes
16	No. of employees	Yes
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	Yes
20	Banking Details	Yes
21	Banking facility details	Yes
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 three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	Yes
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	10264506	06/01/2011	1,145,000.00	STATE BANK OF INDIA	P B NO.32, IRINJALAKUDA BRANCH, THRISSUR - 680121, KERALA , INDIA	B04803979
2	90021210	28/10/2005	2,800,000.00	STATE BANK OF INDIA	IRINJALAKUDA BRANCH, THRISSUR, KERALA, INDIA	-
3	90020958	27/02/2004	2,832,000.00	STATE BANK OF INDIA	IRINJALAKUDA BRANCH, THRISSUR, KERALA, INDIA	-
4	90020948	03/09/2003	525,000.00	STATE BANK OF INDIA	IRINJALAKUDA BRANCH, THRISSUR, KERALA, INDIA	-
5	90020927	28/10/2005 *	452,750.00	STATE BANK OF INDIA	IRINJALAKUDA BRANCH, THRISSUR, KERALA, INDIA	-
6	90020904	23/08/2011 *	94,345,000.00	STATE BANK OF INDIA	IRINJALAKUDA BRANCH, IRINJALKUDA, THRISSUR - 680121, KERALA, INDIA	B21010350

* Date of charge modification

UNSECURED LOANS

PARTICULARS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG-TERM BORROWINGS
Loan from other (In the case of continuing default as on the balance sheet data in Period of default and Amount)	0.500	0.500
Total	0.500	0.500

BACKGROUND

The company was incorporated on 16.10.1989 to undertake the sales and services of Rubber products. The company was converted into a public limited company but during 2011-2012 the company was again converted to private limited company.

FIXED ASSETS:

· Land and Land Development

· Compound Wall

· Building

· Machinery

· Furniture

· Diet, Tools and Equipment’s

· Office Equipment’s

· Computer

· Water supply

· Cycle

· Computer Software

· Motor Vehicle

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 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.69.74

INFORMATION DETAILS

Information Gathered by :	RKH
Analysis Done by :	KAS
Report Prepared by :	ARC

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
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	4
--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	NO
--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.