MIRA INFORM REPORT

Report No. :	313030
Report Date :	19.03.2015

IDENTIFICATION DETAILS

Name :	PURIFLAIR INDIA PRIVATE LIMITED
Registered Office :	20, Rajpur Road, Civil Lines, Delhi - 110054
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	23.05.1997
Com. Reg. No.:	55-268637
Capital Investment / Paid-up Capital :	Rs. 65.907 Millions
CIN No.: [Company Identification No.]	U29190DL1997PTC268637
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AABCP3762G
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Air Dryer and Accessories.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

B (27)

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 :	Subject is an established company having moderate track record. There seems some dip in the turnover of the company during FY 2014; the company has incurred a loss. However, trade relations are reported as fair. Business is active. Payment terms 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 – 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

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 31-03-2014.

INFORMATION DECLINED

MANAGEMENT NON-COOPERATIVE

[CONTACT NO.: 91-265-6567666]

LOCATIONS

Registered Office :	20, Rajpur Road, Civil Lines, Delhi – 110054, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	dpawha@pahwa.com
Factory :	22, GIDC Estate, PO Box 790, Makarpura, Vadodara - 390010, Gujarat, India
Tel. No.:	91-265-6567666
Fax No.:	91-265-2638770

DIRECTORS

AS ON 08.09.2014

Name :

Mr. Deepak Pahwa

Designation :

Director

Address :

20, Rajpur Road, Civil Lines, Delhi – 110054, India

Date of Birth/Age :

08.09.1947

Date of Appointment :

26.08.2003

PAN No.:

AAHPP5652J

DIN No.:

00176606

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	U74210DL1981PTC012456	BRY- AIR (ASIA) PRIVATE LIMITED	Managing director	12/10/1981	12/10/1981	-	Active	NO
2	U74899DL1984PTC017497	DESICCANT ROTORS INTERNATIONAL PRIVATE LIMITED	Director	06/02/1984	06/02/1984	-	Active	NO
3	U51909DL1984PTC017496	ARCTIC INDIA SALES PRIVATE LIMITED	Director	06/02/1984	06/02/1984	-	Active	NO
4	U24111DL1988PTC034228	DELAIR INDIA PRIVATE LIMITED	Director	14/12/1988	14/12/1988	-	Active	NO
5	U51109DL1989PTC035031	INSENT COMMERCIAL PRIVATE LIMITED	Director	14/02/1989	14/02/1989	-	Active	NO
6	L29130WB1991PLC050797	T & I GLOBAL LIMITED	Director	05/07/1994	05/07/1994	14/02/2014	Active	NO
7	U31909DL1996PTC080410	AIRGINEERS (GLOBAL) PRIVATE LIMITED	Director	16/07/1996	16/07/1996	-	Active	NO
8	U67120DL1996PTC080411	PAHWA (HOLDINGS) PRIVATE LIMITED	Director	16/07/1996	16/07/1996	-	Active	NO
9	U74140DL1998PTC097352	TECHNICAL DRYING SERVICES (ASIA) PRIVATE LIMITED	Director	08/12/1998	08/12/1998	-	Active	NO
10	U29190DL1997PTC268637	PURIFLAIR INDIA PRIVATE LIMITED	Director	26/08/2003	26/08/2003	-	Active	NO
11	U74999MH1968GAP014120	INDO-AMERICAN CHAMBER OF COMMERCE	Director	07/10/2003	07/10/2003	29/09/2006	Active	NO
12	U72300DL2007PTC169207	GAADI WEB PRIVATE LIMITED	Director	10/10/2007	10/10/2007	09/02/2011	Active	NO
13	U72900DL2008PTC184375	ACCENTIUM WEB PRIVATE LIMITED	Director	21/10/2008	21/10/2008	-	Active	NO
14	L27109DL1958PLC003006	HINDUSTAN TIN WORKS LIMITED	Director	25/09/2009	30/07/2009	29/03/2014	Active	NO
15	U74899DL1951GAP001947	PHD CHAMBER OF COMMERCE AND INDUSTRY	Director	24/12/2010	24/12/2010	-	Active	NO
16	U72900DL2000PTC253578	SITAGITA COM PRIVATE LIMITED	Director	27/09/2012	11/05/2012	-	Active	NO
17	U51109DL2011PTC213035	H R G IMPEX PRIVATE LIMITED	Director	17/10/2012	17/10/2012	-	Active	NO

Name :

Mr. Rajasekhar Manda

Designation :

Whole-time director

Address :

A-49, Shrikunj Kutir, Near Pushparn Tenaments, Opposite Yash Complex, Gotri Road, Vadodara – 390021, Gujarat, India

Date of Birth/Age :

01.07.1967

Date of Appointment :

01.08.2012

PAN No.:

ACNPM0407G

DIN No.:

05337492

Name :

Mrs. Vinita Pahwa

Designation :

Additional director

Address :

20, Rajpur Road, Civil Lines, Delhi – 110054, India

Date of Birth/Age :

15.04.1950

Date of Appointment :

30.10.2013

DIN No.:

00176643

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	U74210DL1981PTC012456	BRY- AIR (ASIA) PRIVATE LIMITED	Director	12/10/1981	12/10/1981	-	Active	NO
2	U51909DL1984PTC017496	ARCTIC INDIA SALES PRIVATE LIMITED	Director	06/02/1984	06/02/1984	-	Active	NO
3	U74899DL1984PTC017497	DESICCANT ROTORS INTERNATIONAL PRIVATE LIMITED	Director	06/02/1984	06/02/1984	-	Active	NO
4	U24111DL1988PTC034228	DELAIR INDIA PRIVATE LIMITED	Director	14/12/1988	14/12/1988	-	Active	NO
5	U51109DL1989PTC035031	INSENT COMMERCIAL PRIVATE LIMITED	Director	14/02/1989	14/02/1989	-	Active	NO
6	U67120DL1996PTC080411	PAHWA (HOLDINGS) PRIVATE LIMITED	Director	16/07/1996	16/07/1996	-	Active	NO
7	U31909DL1996PTC080410	AIRGINEERS (GLOBAL) PRIVATE LIMITED	Director	16/07/1996	16/07/1996	-	Active	NO
8	U74140DL1998PTC097352	TECHNICAL DRYING SERVICES (ASIA) PRIVATE LIMITED	Director	08/12/1998	08/12/1998	-	Active	NO
9	U72300DL2007PTC169207	GAADI WEB PRIVATE LIMITED	Director	10/10/2007	10/10/2007	09/02/2011	Active	NO
10	U51109DL2011PTC213035	H R G IMPEX PRIVATE LIMITED	Director	17/10/2012	17/10/2012	-	Active	NO
11	U29190DL1997PTC268637	PURIFLAIR INDIA PRIVATE LIMITED	Additional director	30/10/2013	30/10/2013	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 08.09.2014

Names of Shareholders	No. of Shares
Delair India Private Limited, India	6590655
Delair India Private Limited, India jointly with Deepak Pahwa	10
Total	6590665

AS ON 08.09.2014

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Air Dryer and Accessories.
Brand Names :	--
Agencies Held :	--
Exports :
Products :	Not Divulged
Countries :	Not Divulged
Imports :
Products :	Not Divulged
Countries :	Not Divulged
Terms :
Selling :	Not Divulged
Purchasing :	Not Divulged

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 :

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

No. of Employees :

Not Divulged

Bankers :

Bank Name:	Not Divulged
Branch:	Not Divulged
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

· The Royal Bank of Scotland N.V.

4, North Avenue, Level 3, Maker Maxity, Bandra Kurla Complex, Bandra (East), Mumbai – 400051, Maharashtra, India

· Indusind Bank Limited

Dr. Gopal Das Bhawan, 28, Barakhamba Road, New Delhi, Delhi - 110001, India

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
SHORT TERM BORROWINGS
Term loans from banks	4.601	0.000
Total	4.601	0.000

Banking Relations :	--
Auditors :
Name :	S.S. Iyengar and Company Chartered Accountants
Address :	95/96, Gayatri Chambers, Alkapuri, Vadodara – 390007, Gujarat, India
Income-tax PAN of auditor or auditor's firm :	AAJFS3795B
Holding company :	Delair India Private Limited [U24111DL1988PTC034228]
Associate :	Technical Drying Services (Asia) Private Limited [U74140DL1998PTC097352]

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
7,000,000	Equity Shares	Rs. 10/- each	Rs. 70.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
6,590,665	Equity Shares	Rs. 10/- each	Rs. 65.907 Millions

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	65.907	65.907	65.907
(b) Reserves & Surplus	27.102	75.832	72.931
(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)	93.009	141.739	138.838
(3) Non-Current Liabilities
(a) Long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.849	0.711
(c) Other long term liabilities	0.000	0.000	0.077
(d) long-term provisions	0.176	0.425	0.295
Total Non-current Liabilities (3)	0.176	1.274	1.083
(4) Current Liabilities
(a) Short term borrowings	8.101	0.000	0.000
(b) Trade payables	15.700	14.737	17.282
(c) Other current liabilities	0.762	1.379	2.845
(d) Short-term provisions	50.903	2.646	10.495
Total Current Liabilities (4)	75.466	18.762	30.622
TOTAL	168.651	161.775	170.543
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	20.809	20.796	19.623
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	2.477	2.327	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)	3.237	0.000	0.000
(d) Long-term Loan and Advances	3.765	1.767	0.347
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	30.288	24.890	19.970
(2) Current assets
(a) Current investments	80.654	77.901	86.090
(b) Inventories	22.077	14.908	4.261
(c) Trade receivables	32.786	32.297	51.217
(d) Cash and cash equivalents	1.794	7.345	3.049
(e) Short-term loans and advances	1.052	4.434	5.956
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	138.363	136.885	150.573
TOTAL	168.651	161.775	170.543

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Revenue from Operations	60.597	93.095	91.228
		Other Income	6.675	3.913	7.385
		TOTAL	67.272	97.008	98.613
Less	EXPENSES
		TOTAL	71.324	91.194	72.467
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		(4.052)	5.814	26.146
Less	FINANCIAL EXPENSES		0.611	0.642	0.474
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		(4.663)	5.172	25.672
Less/ Add	DEPRECIATION/ AMORTISATION		1.603	1.507	1.247
Less	PRIOR PERIOD ITEMS		0.000	0.000	0.009
	PROFIT/ (LOSS) BEFORE TAX		(6.266)	3.665	24.416
Less	TAX		(4.334)	0.764	6.273
	PROFIT/ (LOSS) AFTER TAX		(1.932)	2.901	18.143
	IMPORTS
		Raw materials and Components	0.315	0.380	NA
	Earnings Per Share (Rs.)		(0.29)	0.44	2.75

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	(3.19)	3.12	19.89
Operating Profit Margin (PBDIT/Sales)	(%)	(6.69)	6.25	28.66
Return on Total Assets (PBT/Total Assets}	(%)	(3.85)	2.30	14.32
Return on Investment (ROI) (PBT/Networth)		(0.07)	0.03	0.18
Debt Equity Ratio (Total Debt/Networth)		0.09	0.00	0.00
Current Ratio (Current Asset/Current Liability)		1.83	7.30	4.92

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particulars	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	65.907	65.907	65.907
Reserves & Surplus	72.931	75.832	27.102
Net worth	138.838	141.739	93.009
Long-term borrowings	0.000	0.000	0.000
Short term borrowings	0.000	0.000	8.101
Total borrowings	0.000	0.000	8.101
Debt/Equity ratio	0.000	0.000	0.087

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	91.228	93.095	60.597
		2.047	(34.908)

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	91.228	93.095	60.597
Profit/ (Loss)	18.143	2.901	(1.932)
	19.89%	3.12%	(3.19%)

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	No
9]	Name of person contacted	No
10]	Designation of contact person	No
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	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10429719	16/12/2014 *	40,000,000.00	INDUSIND BANK LIMITED	DR. GOPAL DAS BHAWAN, 28, BARAKHAMBA ROAD, NEW DELHI, DELHI - 110001, INDIA	C39843438

* Date of charge modification

UNSECURED LOANS

PARTICULARS	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
SHORT TERM BORROWINGS
Loans and advances from related parties	3.500	0.000
Total	3.500	0.000

REVIEW OF PERFORMANCE:

The Company achieved the total income of Rs. 66.437 Millions compared to Rs. 104.346 Millions in the previous year. The Loss after depreciation and tax arrived at Rs. 1.932 Millions as against profit of Rs. 2.901 Millions in the previous year.

Due to slow down in domestic market and intensified competition, the sales has been severely affected and reduced by almost 36% compared to previous year. Moreover, with increased in prices of raw materials, fuels and due to inflationary pressure, the operating expenses increased and hence, hence margins reduced significantly.

CONTINGENT LIABILITIES:

Particulars	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
(a) Outstanding Bank Guarantees	8.865	11.731
(b) In respect of the matter decided against the company, for which the company is in appeal with higher Authorities (excluding Interest)
Value added Tax dues for the F.Y 2007-2008	1.016	0.000
Income Tax dues for A.Y 2007-2008	0.412	0.000

FIXED ASSETS:

· Land

· Buildings

· Plant and equipment

· Furniture and fixtures

· Vehicles

· Motor vehicles

· Computer equipments

· Office equipment

· Other 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. 62.67
UK Pound	1	Rs. 92.46
Euro	1	Rs. 66.34

INFORMATION DETAILS

Information Gathered by :	JML
Analysis Done by :	DIV
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILITY	1~10	2
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		27

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.