MIRA INFORM REPORT

Report No. :	319583
Report Date :	02.05.2015

IDENTIFICATION DETAILS

Name :	APOLLO-SOYUZ ELECTRICALS PRIVATE LIMITED
Registered Office :	EL- 74/75, MIDC, Electric Zone, Mahape, Navi Mumbai - 400701, Maharashtra
Tel No.:	91-22-41619700 / 27619506 / 41619707 / 41619720 / 41619709
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	10.03.1997
Com. Reg. No.:	11-106456
Capital Investment / Paid-up Capital :	Rs.20.000 Million
CIN No.: [Company Identification No.]	U31100MH1997PTC106456
TIN No.:	Not Available
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	MUMA24968G MUMA11997G
PAN No.: [Permanent Account No.]	AAACA9778Q
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is manufacturer of power transformers and control panels.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (28)

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

Maximum Credit Limit :	USD 310000
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 profit of the company during FY 2014. Borrowing recorded by the company are also huge and increasing which may further act as a threat to the liquidity position of the company. 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 great 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	ICRA
Rating	Long Term = B+
Rating Explanation	High risk of default
Date	March 2015

Rating Agency Name	ICRA
Rating	Short Term = A4
Rating Explanation	Minimal degree of safety and carry very high credit risk
Date	March 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.

LOCATIONS

Registered Office/ Factory :	EL- 74/75, MIDC, Electric Zone, Mahape, Navi Mumbai - 400701, Maharashtra, India
Tel. No.:	91-22-41619700 / 27619506 / 41619707 / 41619720 / 41619709
Fax No.:	91-22-41619797
E-Mail :	Apollo@bom3.vsnl.net Girdhar.jalani@apollosoyuz.com contact@apollosoyuz.com marketing@apollosoyuz.com neha.desai@apollosoyuz.com hr@apollosoyuz.com sunita.desai@apollosoyuz.com
Website :	http://www.apollosoyuz.com

DIRECTORS

Name :

Mr. Girdhargopal Ramratan Jalani

Designation :

Managing Director

Address :

1701/1702, Astoria Raheja Garden, LBS Marg, Thane - 400604, Maharashtra, India

Date of Birth/Age :

28.07.1985

Date of Appointment :

10.03.1997

DIN No.:

00504521

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	U31100MH1997PTC106456	APOLLO-SOYUZ ELECTRICALS PRIVATE LIMITED	Managing director	10/03/1997	10/03/1997	-	Active	NO
2	U24117MH2001PTC131504	NUCLEUS CHEM OIL PRIVATE LIMITED	Director	22/05/2002	22/05/2002	26/08/2010	Active	NO
3	U52100MH2012PTC237701	Avatar Innovatives Private Limited	Director	08/11/2012	08/11/2012	26/12/2014	Active	NO

Name :

Mr. Pradeep Savla

Designation :

Director

Address :

16,Jayshilpam, Garden Lane, Ghatkopar (West), Mumbai - 400086, Maharashtra, India

Date of Birth/Age :

02.06.1946

Date of Appointment :

26.09.2011

DIN No.:

00340008

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	L25209MH1992PLC068546	SAHIL TECH (INDIA) LIMITED	Managing director	01/08/2006	15/09/1992	13/09/2011	Active	NO
2	U31100MH1997PTC106456	APOLLO-SOYUZ ELECTRICALS PRIVATE LIMITED	Director	26/09/2011	18/03/2011	-	Active	NO

Name :

Kusum Girdhargopal Jalani

Designation :

Director

Address :

1701/1702, Astoria Raheja Garden, LBS Marg, Thane - 400604, Maharashtra, India

Date of Birth/Age :

30.01.1960

Date of Appointment :

05.11.2003

DIN No.:

00578235

Name :

Mr. Hargovind Ghasiram Jalani

Designation :

Director

Address :

B-1306, Upan Tower Upper Govind Nagar, Malad (East), Mumbai - 400097 Maharashtra, India

Date of Birth/Age :

13.09.1952

Date of Appointment :

26.07.2006

DIN No.:

00578407

Name :

Mr. Nikhil Girdhargopal Jalani

Designation :

Director

Address :

1405, Gautam Sindhu, Opposite Aradhana Talkies, Thane (West) – 400602, Maharashtra, India

Date of Birth/Age :

28.07.1985

Date of Appointment :

25.11.2005

DIN No.:

00578761

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	U31100MH1997PTC106456	APOLLO-SOYUZ ELECTRICALS PRIVATE LIMITED	Director	25/11/2005	25/11/2005	-	Active	NO
2	U52100MH2012PTC237701	Avatar Innovatives Private Limited	Director	08/11/2012	08/11/2012	-	Active	NO

Name :

Mr. Sandeep Sumatilal Karnavat

Designation :

Director

Address :

1701/1702, Carlyle, Raheja Gardens, L.B.S. Marg, Thane - 400604, Maharashtra, India

Date of Birth/Age :

04.10.1967

Date of Appointment :

29.09.2012

DIN No.:

01280600

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	U70100MH1992PTC066036	VASTUSHRI ESTATES PRIVATE LIMITED	Director	07/09/1997	07/09/1997	-	Active	NO
2	U93090MH2007PTC168368	SUNJANA REALTORS PRIVATE LIMITED	Director	06/03/2007	06/03/2007	-	Active	NO
3	U45400MH2009PTC196592	Splendid Realtors and Infrastructure Private Limited	Additional director	13/01/2010	13/01/2010	03/09/2010	Active	NO
4	U31100MH1997PTC106456	APOLLO-SOYUZ ELECTRICALS PRIVATE LIMITED	Director	29/09/2012	24/02/2012	-	Active	NO
5	U70102MH2012PTC229503	SSR REALTY VENTURES PRIVATE LIMITED	Director	11/04/2012	11/04/2012	-	Active	NO

Name :

Pankhuri Nikhil Jalan

Designation :

Additional Director

Address :

1701/1702, Astoria Raheja Garden Opposite Tiptop Plaza, LBS Marg, Thane - 400604, Maharashtra, India

Date of Appointment :

07.03.2015

DIN No.:

07023523

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	U52100MH2012PTC237701	Avatar Innovatives Private Limited	Additional director	26/12/2014	26/12/2014	-	Active	NO
2	U31100MH1997PTC106456	APOLLO-SOYUZ ELECTRICALS PRIVATE LIMITED	Additional director	07/03/2015	07/03/2015	-	Active	NO

MAJOR SHAREHOLDERS

As on 30.09.2014

Names of Shareholders	No. of Shares	% of Holding
Girdhargopal Ramratana Jalani	1090000	54.50
Kusum Girdhargopal Jalani	300000	15.00
Nikhil Girdhargopal Jalani	300000	15.00
Girdhargopal Ramratana Jalani – HUF	231000	11.55
Saloni Girdhargopal Jalani	79000	3.95
Total	2000000	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 :	Subject is manufacturer of power transformers and control panels.
Products :	Power Transformers and Control Panels
Brand Names :	--
Agencies Held :	--
Exports :	Not Available
Imports :	Not Available
Terms :
Selling :	Not Available
Purchasing :	Not Available

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

Not Available

Bankers :

Banker Name	Axis Bank
Branch Address	Dhiraj Baug, Near Hariniwas Circle, L B S Marg, Thane West, Maharashtra - 400602, India
Person Name (With Designation)	Not Available
Contact Number	Not Available
Name of Account Holder	Not Available
Account Number	Not Available
Account Since (Date/Year of Account Opening)	Not Available
Average Balance Maintained (If Possible)	Not Available
Credit Facilities Enjoyed (If any)	Not Available
Account Operation	Not Available
Remarks (If any)	Not Available

Facilities :

SECURED LOANS	31.03.2014 Rs. In Million	31.03.2013 Rs. In Million
LONG TERM BORROWINGS
Term loans from banks	0.000	0.335
Loan on LIC Keymen insurance policies	5.525	0.000
Car Loan from banks	1.112	1.384
Less: Current Maturities Long Term Loan	0.345	0.271
SHORT TERM BORROWINGS
Cash Credit facility with Bank	86.162	49.981
Working Capital Drawing Limit	0.000	30.000
Car Loan from bank	0.345	0.271
Total	92.799	81.700

Financial Institution :	Reliance Capital Limited, "H" BLOCK 1ST FLOOR, Dhirubhai Ambani Knowledge City, Koparkhairne, Navi Mumbai - 400710, Maharashtra, India
Auditors :
Name :	Awinash Verma and Associates Chartered Accountants
Address :	12, 2nd Floor, New Gopal House, Near LIC Office, SL Road, Mulund West, Mumbai – 400080, Maharashtra, India
Tel. No.:	91-22-25934488 / 25694488
E-Mail :	Awinashverma1@gmail.com
PAN No.:	AAYPV2873N
Memberships :	--
Collaborators :	--
Sister Concern :	Not Available

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
2500000	Equity shares	Rs.10/- each	Rs.25.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2000000	Equity shares	Rs.10/- each	Rs.20.000 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	20.000	20.000	20.000
(b) Reserves & Surplus	88.404	83.283	77.444
(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)	108.404	103.283	97.444
(3) Non-Current Liabilities
(a) long-term borrowings	63.206	42.058	39.218
(b) Deferred tax liabilities (Net)	1.363	0.888	1.282
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.896	0.742	0.639
Total Non-current Liabilities (3)	65.465	43.688	41.139
(4) Current Liabilities
(a) Short term borrowings	92.401	80.252	54.516
(b) Trade payables	33.057	60.111	81.288
(c) Other current liabilities	88.817	75.486	84.380
(d) Short-term provisions	5.312	2.098	6.649
Total Current Liabilities (4)	219.587	217.947	226.833
TOTAL	393.456	364.918	365.416
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	51.822	43.432	38.189
(ii) Intangible Assets	2.633	3.510	0.000
(iii) Capital work-in-progress	0.000	0.000	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)	0.000	0.000	0.000
(d) Long-term Loan and Advances	13.142	13.297	10.804
(e) Other Non-current assets	1.779	2.079	1.751
Total Non-Current Assets	69.376	62.318	50.744
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	167.862	170.594	162.999
(c) Trade receivables	110.433	111.375	138.601
(d) Cash and cash equivalents	3.454	5.004	5.721
(e) Short-term loans and advances	2.616	1.519	1.999
(f) Other current assets	39.715	14.108	5.352
Total Current Assets	324.080	302.600	314.672
TOTAL	393.456	364.918	365.416

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.03.2014	31.03.2013	31.03.2012
	SALES
		Income
		Other Income
		TOTAL		NA	239.504	388.502
Less	EXPENSES			NA	231.677	370.239
	PROFIT/(LOSS) BEFORE TAX			7.440	7.827	18.263
Less	TAX			2.319	1.988	5.528
	PROFIT/(LOSS) AFTER TAX			5.121	5.839	12.735
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD			39.724	33.885	28.419
Less	APPROPRIATIONS
			Excess income tax provision for earlier year	0.000	0.000	0.191
			Dividend	0.000	0.000	4.542
			Tax on Dividend	0.000	0.000	0.736
			Transfer to General Reserve	0.000	0.000	1.800
	BALANCE CARRIED TO THE B/S			44.845	39.724	33.885
	Earnings / (Loss) Per Share (Rs.)			2.56	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	1.89	2.14	5.00
Return on Investment (ROI) (PBT/Networth)		0.07	0.08	0.19
Debt Equity Ratio (Total Debt /Networth)		1.44	1.18	0.96
Current Ratio (Current Asset/Current Liability)		1.48	1.39	1.39

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	20.000	20.000	20.000
Reserves & Surplus	77.444	83.283	88.404
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	97.444	103.283	108.404
Long Term borrowings	39.218	42.058	63.206
Short Term borrowings	54.516	80.252	92.401
Total borrowings	93.734	122.310	155.607
Debt/Equity ratio	0.962	1.184	1.435

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 two 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	No
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	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

UNSECURED LOANS:

Particulars	31.03.2014 Rs. In Million	31.03.2013 Rs. In Million
LONG TERM BORROWINGS
Loans and advances from related parties	47.557	34.267
From Bank	7.311	0.000
Less: Current Maturities Long Term Loan	5.894	0.000
Deferred payment Liabilities	5.340	5.921
Other loans and advances	2.600	0.422
SHORT TERM BORROWINGS
Loan from Banks	5.894	0.000
Total	62.808	40.610

COMPANY OVERVIEW

The company was incorporated on 10th March 1997 under Companies Act, 1956. Subject is manufacturer of power transformers and control panels. The company has its registered office EL-74/75, MIDC Industrial Area,

Mahspe, Navi Mumbai. The company manufacturer’s transformers and control panels.

REVIEW OF OPERATIONS

During the year, the Company has earned profit after tax of Rs. 5.121 Million as compared to Rs.5.839 Million during the previous Financial Year. The Directors expect better results in forthcoming year.

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10507803	20/06/2014	4,244,446.00	RELIANCE CAPITAL LTD	"H" BLOCK 1ST FLOOR, DHIRUBHAI AMBANI KNOWLEDGE CITY, KOPARKHAIRNE, NAVI MUMBAI, MAHARASHTRA - 400710, INDIA	C10373405
2	10258720	03/12/2010	10,000,000.00	AXIS BANK	DHIRAJ BAUG, NEAR HARINIWAS CIRCLE, L B S MARG, THANE WEST, MAHARASHTRA - 400602, INDIA	B01477025
3	90155443	09/03/2012 *	199,500,000.00	AXIS BANK	DHIRAJ BAUG, NEAR HARINIWAS CIRCLE, L B S MARG, THANE WEST, MAHARASHTRA - 400602, INDIA	B38480885
4	90160261	09/03/2012 *	189,500,000.00	AXIS BANK	DHIRAJ BAUG, NEAR HARINIWAS CIRCLE, L B S MARG, THANE WEST, MAHARASHTRA - 400602, INDIA	B38436820

*Date of modification Charges

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Computer

· Vehicles

· Furniture and Fixture

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.63.58
UK Pound	1	Rs.97.99
Euro	1	Rs.70.53

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILITY	1~10	3
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	3
--RESERVES	1~10	5
--CREDIT LINES	1~10	2
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		28

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.