MIRA INFORM REPORT

Report No. :	314873
Report Date :	31.03.2015

IDENTIFICATION DETAILS

Name :	TP BUILDTECH PRIVATE LIMITED
Registered Office :	6, Mandi Road, Sultanpur, Mehrauli, Delhi – 110 030
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	06.11.2012
Com. Reg. No.:	55-244541
Capital Investment / Paid-up Capital :	Rs. 40.000 Million
IEC:	0513003738
CIN No.: [Company Identification No.]	U45204DL2012PTC244541
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 :	Subject is primarily engaged in the business of manufacturing, trading, import and export of building material, construction chemicals and other allied items.
No. of Employees :	40 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (26)

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

Maximum Credit Limit :	USD 85000
Status :	Moderate
Payment Behavior :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The rating is constrained on account of company’s moderate financial risk profile and huge accumulated losses incurred by the company. However, trade relations are fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealing 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

Rating Agency Name	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	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 PARTED BY

Name :	Mr. Mohit Mittal
Designation :	Commercial Head
Contact No.:	91-8588840666
Date :	30.03.2015

LOCATIONS

Registered Office :	6, Mandi Road, Sultanpur, Mehrauli, Delhi – 110 030, India
Tel. No.:	91-11-32959599/ 9600/ 26800233
Mobile No.:	91-8588840666 (Mr. Mohit Mittal)
Fax No.:	Not Available
E-Mail :	s.varghese@piind.com
Website :	http://www.contact@tpbiuildtech.com
Factory:	Gut No. 113/2, 114/2, Village-Pali, Taluka-Wada, District-Thane, Thane - 421303, Maharashtra, India
Sales Office :	5th Floor, Vipul Square, B-Block, Sushant Lok, Phase-1, Gurgaon – 122 009, Haryana, India
Tel. No.:	91-124-4159121-3
E-Mail :	contact@tpbuildtech.com

DIRECTORS

As on: 27.09.2014

Name :

Mr. Mayank Salil Singhal

Designation :

Director

Address :

Singhal Farm House, Near Air Force Station, Rajokri, New Delhi – 110 038, India

Date of Birth/Age :

03.04.1973

Date of Appointment

06.11.2012

DIN No.:

00006651

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	L24211RJ1946PLC000469	PI INDUSTRIES LIMITED	MANAGING DIRECTOR	01/04/2013	28/09/1998	-	ACTIVE	NO
2	U65910DL1985PTC202171	SAMAYA INVESTMENT AND TRADING PRIVATE LIMITED	DIRECTOR	05/01/2006	05/01/2006	-	AMALGAMATED	NO
3	U73100DL2004PLC131109	PI LIFE SCIENCE RESEARCH LIMITED	DIRECTOR	05/12/2006	05/12/2006	-	ACTIVE	NO
4	U65990GJ1992PLC018163	PILL FINANCE AND INVESTMENTS LIMITED	DIRECTOR	28/09/2007	25/01/2007	-	ACTIVE	NO
5	U45204DL2012PTC244541	TP BUILDTECH PRIVATE LIMITED	DIRECTOR	06/11/2012	06/11/2012	-	ACTIVE	NO

Name :

Mr. Kapil Bhupinder Kumar Sekhri

Designation :

Director

Address :

Chin Min Farm, Village Satbari, P.O. Mehrauli, New Delhi – 110 030, India

Date of Birth/Age :

29.12.1974

Date of Appointment

06.11.2012

DIN No.:

00090771

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	U74899DL2005PTC143948	PUJA INFRATECH PRIVATE LIMITED	DIRECTOR	22/12/2005	22/12/2005	02/07/2007	ACTIVE	NO
2	U74899DL1994PLC060534	PRATHAM ROAD TECHNOLOGIES AND CONSTRUCTION LIMITED	DIRECTOR	31/05/2006	31/05/2006	15/04/2009	ACTIVE	NO
3	U01403DL2006PLC155202	TINNA AGRO VENTURES LIMITED	DIRECTOR	03/11/2006	03/11/2006	-	ACTIVE	NO
4	U72900DL2006PTC155593	KAY ESS AAR INFRATECH PRIVATE LIMITED	DIRECTOR	17/11/2006	17/11/2006	-	ACTIVE	NO
5	U01122PN2008PTC131657	SHANKARRATNA AGRO FARMS PRIVATE LIMITED	DIRECTOR	24/03/2008	24/03/2008	14/05/2008	ACTIVE	NO
6	U74999DL1992PLC049279	DURAFLEX SERVICES AND CONSTRUCTION TECHNOLOGIES LIMITED	DIRECTOR	29/04/2008	29/04/2008	27/03/2009	ACTIVE	NO
7	U45201PN2008PTC132212	RAN-VIJAY FARMS AND DEVELOPERS PRIVATE LIMITED	DIRECTOR	11/06/2008	11/06/2008	14/06/2008	ACTIVE	NO
8	U01130PN2008PTC132374	SANYUKTARJUN AGRO FARMS PRIVATE LIMITED	DIRECTOR	07/07/2008	07/07/2008	12/08/2008	ACTIVE	NO
9	U15511DL2007PTC168258	FRATELLI WINES PRIVATE LIMITED	MANAGING DIRECTOR	16/07/2012	15/09/2008	-	ACTIVE	NO
10	U52399DL2008PTC184488	BGK COMMODITIES PRIVATE LIMITED	DIRECTOR	24/10/2008	24/10/2008	29/10/2011	ACTIVE	NO
11	U51391DL2009PTC186397	TINNA TRADE PRIVATE LIMITED	DIRECTOR	06/02/2009	06/02/2009	-	ACTIVE	NO
12	L51909DL1987PLC027186	TINNA RUBBER AND INFRASTRUCTURE LIMITED	DIRECTOR	11/03/2014	24/02/2009	29/05/2014	ACTIVE	NO
13	U01122PN2007PTC130246	SHIVRATNA AGRO PRODUCTS PRIVATE LIMITED	ADDITIONAL DIRECTOR	10/05/2011	10/05/2011	17/05/2012	ACTIVE	NO
14	U74140MH2006PTC163998	ADMISI COMMODITIES PRIVATE LIMITED	ADDITIONAL DIRECTOR	22/02/2012	22/02/2012	01/08/2012	ACTIVE	NO
15	U01122DL2012PTC233364	QUENNY AGRO TECH PRIVATE LIMITED	DIRECTOR	23/03/2012	23/03/2012	-	ACTIVE	NO
16	U45204DL2012PTC244541	TP BUILDTECH PRIVATE LIMITED	DIRECTOR	06/11/2012	06/11/2012	-	ACTIVE	NO
17	U63000DL2013PTC260023	NAVICO SHIPPING INDIA) PRIVATE LIMITED	DIRECTOR	07/11/2013	07/11/2013	-	ACTIVE	NO

Name :

Mr. Daini Singh

Designation :

Additional director

Address :

5/197, Trilok Puri, Delhi, 110091, India

Date of Birth/Age :

24.03.1971

Date of Appointment

04.09.2014

DIN No.:

01127776

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	U70109DL2006PTC151386	ADI FARMS AND LAND DEVELOPERS PRIVATE LIMITED	DIRECTOR	21/11/2006	21/11/2006	27/12/2007	Active	NO
2	U70102DL2004PTC131377	S S HORTICULTURES PRIVATE LIMITED	DIRECTOR	21/11/2006	21/11/2006	22/01/2008	Active	NO
3	L51909DL1987PLC027186	TINNA RUBBER AND INFRASTRUCTURE LIMITED	ADDITIONAL DIRECTOR	24/12/2011	24/12/2011	23/03/2012	Active	NO
4	U01122PN2008PTC131657	SHANKARRATNA AGRO FARMS PRIVATE LIMITED	DIRECTOR	29/09/2012	12/03/2012	-	Active	NO
5	U45204DL2012PTC244541	TP BUILDTECH PRIVATE LIMITED	ADDITIONAL DIRECTOR	04/09/2014	04/09/2014	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Mohit Mittal
Designation :	Commercial Head

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 27.09.2014

Names of Allottees	No. of Shares	Percentage
Mayank Salil Singhal	2000000	50.00
Kapil Bhupinder Kumar Sekhri	10000	0.25
Tinna Rubber and Infrastructure Limited, India	1990000	49.75
Total	4000000	100.00

Equity Share Break up (Percentage of Total Equity)

As on: 27.09.2014

Category	Percentage
Bodies corporate	49.75
Directors or relatives of Directors	50.25
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject is primarily engaged in the business of manufacturing, trading, import and export of building material, construction chemicals and other allied items.
Products :	Construction chemical products
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Available
Imports :
Products :	Raw Material
Countries :	Japan
Terms :
Selling :	L/C
Purchasing :	L/C

GENERAL INFORMATION

Suppliers :

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

Customers :

Manufacturer, Others and Construction

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

No. of Employees :

40 (Approximately)

Bankers :

• Axis Bank Limited, DLF Qutub Enclave, Gurgaon, Haryana, India
• HDFC Bank Limited, Talwada, District Thane, Maharashtra, India

Bank Name	Syndicate Bank
Branch	Vasant Vihar Branch
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)	Not Divulged
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
Loan repayable on demand from banks	6.038	0.000
Total	6.038	0.000

Note:

The company has been sanctioned working capital limited of Rs. 20.000 Million by syndicate Bank vide their letter dated 01.11.2013.

Auditors :
Name :	V.R Bansal and Associates Chartered Accountants
Address :	A-69, Vijay Block, Laxmi Nagar, Delhi- 110092, India
Tel. No.:	91-11-22016191/22433950
Mobile No.:	91-9810052850/9810186101
E-Mail :	cavrbansaks@gmail.com
PAN N Income-tax PAN of auditor or auditor's firm :	AADFV9303N
Memberships :	Not Available
Collaborators :	Not Available
Enterprises where Directors exercise significant influence:	Tinna Rubber and Infrastructure Limited

CAPITAL STRUCTURE

As on 27.09.2014

Authorized Capital:

No. of Shares	Type	Value	Amount
4,500,000	Equity Shares	Rs.10/- each	Rs. 45.000 Million

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
4,000,000	Equity Shares	Rs.10/- each	Rs. 40.000 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	40.000	0.100
(b) Reserves & Surplus	(10.302)	(1.301)
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	5.000
Total Shareholders’ Funds (1) + (2)	29.698	3.799
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	0.000	0.000
(4) Current Liabilities
(a) Short term borrowings	8.038	0.000
(b) Trade payables	11.105	0.003
(c) Other current liabilities	1.897	0.809
(d) Short-term provisions	0.000	0.000
Total Current Liabilities (4)	21.040	0.812
TOTAL	50.738	4.611
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	9.426	0.418
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	4.548	0.581
(d) Long-term Loan and Advances	1.539	0.030
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	15.513	1.029
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	15.456	0.000
(c) Trade receivables	11.053	0.373
(d) Cash and cash equivalents	4.476	3.085
(e) Short-term loans and advances	4.152	0.101
(f) Other current assets	0.088	0.023
Total Current Assets	35.225	3.582
TOTAL	50.738	4.611

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.03.2014	31.03.2013
	SALES
		Revenue from Operations		24.715	0.460
		Other Income			0.037
		Total Income		24.715	0.497
Less	EXPENSES
		Employees benefits expense			1.082
		Other Expense			1.283
		TOTAL		37.682	2.365
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION				(1.868)
Less	FINANCIAL EXPENSES				0.003
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION				(1.871)
Less/ Add	DEPRECIATION/ AMORTISATION				0.011
	PROFIT BEFORE TAX			(12.967)	(1.882)
Less	TAX			(3.966)	(0.581)
	PROFIT AFTER TAX			(9.001)	(1.301)
	Earnings Per Share (Rs.)			(8.62)	(130.07)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	NA	(282.83)
Operating Profit Margin (PBIDT/Sales)	(%)	NA	(406.09)
Return on Total Assets (PBT/Total Assets}	(%)	(28.07)	(46.70)
Return on Investment (ROI) (PBT/Networth)		(0.44)	(0.50)
Debt Equity Ratio (Total Debt /Networth)		0.27	0.00
Current Ratio (Current Asset/Current Liability)		1.67	4.41

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)
Share Capital	0.100	40.000
Reserves & Surplus	(1.301)	(10.302)
Net worth	(1.201)	29.698
long-term borrowings	0.000	0.000
Short term borrowings	0.000	8.038
Total borrowings	0.000	8.038
Debt/Equity ratio	0.000	0.271

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)
Total Income	0.497	24.715
		4,872.837

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)
Total Income	0.497	24.715
Profit/Loss	(1.301)	(9.001)
	(261.77%)	(36.42%)

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 above 1 year 6 months	Yes
12]	Profitability for last above 1 year 6 months	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	Yes
18]	Major customers	Yes
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

Particular	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Short-term borrowings
Gee Ess Pee Developers Private Limited	2.000	0.000
Total	2.000	0.000

INDEX OF CAHREGS:

S. NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10465666	17/12/2014 *	70,000,000.00	SYNDICATE BANK	VASANT VIHAR BRANCH, C-18, PASCHAMI MARG, VASANT VIHAR, DELHI - 110057, INDIA	C37719770

* Date of charge modification

CONTINGENT LIABILITIES:

(Rs. in million)

PARTICULARS	31.03.2014
Foreign letter of credit opened with banks	18.302
Total	18.302

FIXED ASSETS:

• Building
• Plant and Machinery
• Furniture and Fixture
• Office Equipment
• Computer
• Lab Equipments and Containers
• Mobile Phones
• Vehicles

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.62.63
UK Pound	1	Rs.92.94
Euro	1	Rs.68.06

INFORMATION DETAILS

Information Gathered by :	KMN
Analysis Done by :	KRN
Report Prepared by :	MTN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILITY	1~10	-
--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		26

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.