MIRA INFORM REPORT

Report No. :	319894
Report Date :	02.05.2015

IDENTIFICATION DETAILS

Name :	SONAA ENGINEERS PRIVATE LIMITED
Registered Office :	308-310, "Shubham", 11A, Kumbha Nagar, New Fatehpura, Udaipur – 313 001, Rajasthan
Tel. No.:	91-294-2526102
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	02.08.1983
Com. Reg. No.:	17-002776
Capital Investment / Paid-up Capital :	Rs.8.955 million
CIN No.: [Company Identification No.]	U29299RJ1983PTC002776
IEC No.:	Not Available
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 engaged in the business of undertaking jobs of contracts as well as supplies of traded goods.
No. of Employees :	Not Available

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

Maximum Credit Limit :	USD 179000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. For the financial year ended 2014, the company has reported decent topline growth of 85.10% and it has maintained profitability margins at 1.88%. Rating also takes into consideration company’s sound financial risk profile and extensive experience of the promoters. Trade relations are fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings at usual trade terms and condition.

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	CARE
Rating	Long Term Bank Facilities = BB
Rating Explanation	Inadequate credit quality and high credit risk.
Date	06.04.2015

Rating Agency Name	CARE
Rating	Short Term Bank Facilities = A4
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	06.04.2015

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/ Head Office :	308-310, "Shubham", 11A, Kumbha Nagar, New Fatehpura, Udaipur – 313 001, Rajasthan, India
Tel. No.:	91-294-2526102/ 2527696
Fax No.:	91-294-2526302
E-Mail :	sonaa1@sancharnet.in sonaa1_in@yahoo.co.in
Website :	http://www.sonaaengineers.com
Branch Office :	B-18, Shiv Marg, Bani Park Jaipur – 302 001, Rajasthan, India
Tel. No.:	91-141-2202238
Fax No.:	91-141-2203081
E-Mail :	info@sonaaengineers.com vd@sonaaengineers.com

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Ashok Kumar Shah

Designation :

Director

Address :

22, New Polo Ground, Near Hanuman Temple, Udaipur – 313 001, Rajasthan, India

Date of Birth/Age :

15.09.1950

Date of Appointment :

02.08.1983

DIN No.:

01119955

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	U29299RJ1983PTC002776	SONAA ENGINEERS PRIVATE LIMITED	Director	02/08/1983	02/08/1983	-	Active	NO
2	U80302RJ1997PTC014228	GENIUS VOCATIONAL INSTITUTE PRIVATE LIMITED	Director	15/09/1997	15/09/1997	-	Active	NO

Name :

Mr. Kul Pradeep Singh

Designation :

Director

Address :

4, New Fatehpur, Burhan, Udaipur – 313 001, Rajasthan, India

Date of Birth/Age :

19.07.1948

Date of Appointment :

02.08.1983

DIN No.:

01202585

Name :

Mr. Dilip Singh

Designation :

Director

Address :

39, Padmavati Complex, Bhuwana, Udaipur – 313 001, Rajasthan, India

Date of Birth/Age :

09.10.1949

Date of Appointment :

02.08.1983

DIN No.:

01202622

Name :

Mr. Santosh Kumar Agarwal

Designation :

Director

Address :

Inavlor, New Navratan, Near Ridhi Sidhi Complex, Bhuwana, Udaipur – 313 001, Rajasthan, India

Date of Birth/Age :

21.07.1950

Date of Appointment :

02.08.1983

DIN No.:

01202664

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	U29299RJ1983PTC002776	SONAA ENGINEERS PRIVATE LIMITED	Director	02/08/1983	02/08/1983	-	Active	NO
2	U80302RJ1997PTC014228	GENIUS VOCATIONAL INSTITUTE PRIVATE LIMITED	Director	15/09/1997	15/09/1997	-	Active	NO
3	U21900MH1982PTC027858	TEX PAPERCONE PVT LTD	Additional director	18/11/2014	18/11/2014	-	Active	NO

Name :

Mr. Vikas Dusad

Designation :

Director

Address :

21, Vidyut Nagar, Ajmer Road, Jaipur – 302 001, Rajasthan, India

Date of Birth/Age :

11.03.1972

Date of Appointment :

30.09.2009

DIN No.:

02030642

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	U29299RJ1983PTC002776	SONAA ENGINEERS PRIVATE LIMITED	Director	30/09/2009	28/08/2008	-	Active	NO
2	U40106RJ2010PTC031575	PRATAP ENERGY SOLUTIONS PRIVATE LIMITED	Director	29/09/2012	23/11/2011	14/04/2015	Active	NO

Name :

Mrs. Kanak Lata Singh

Designation :

Additional Director

Address :

Flat No.6, Burhani Manzil, 4, New Fatehpura, Udaipur – 313 001, Rajasthan, India

Date of Appointment :

27.03.2015

DIN No.:

07139424

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Shareholders	No. of Shares
Ashok Kumar Shah	14850
Dilip Singh	14250
Santosh Kumar Agarwal	14850
Kul Pradeep Singh	12750
Kanak Lata Singh	3000
Vikas Dusad	3900
Sushila Khnadelwal	13950
Sandhya Singh	2700
Sudha Dhanopiya	900
Nirmala Shah	2400
Usha Agarwal	1200
Himanshu Agarwal	1800
Arun Shah	600
Mudit Singh	2400
Total	89550

AS ON 30.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Directors or relatives of Directors	100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged in the business of undertaking jobs of contracts as well as supplies of traded goods.
Products/ Services :	Engineering, Procurement and Construction (EPC) Contractor Electrical Consultants and Turnkey Contractors
Brand Names :	Not Available
Agencies Held :	Not Available
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

Customers :

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

· Mahindra Solar One Private Limited

· Reliance Industries Limited

· Swiss Park Vanijya Private Limited

· Renewable Energy Generation Private Limited

· Ajmer Vidyut Vitaran Nigam Limited

· Jaipur Vidyut Vitaran Nigam Limited

· Jodhpur Vidyut Vitaran Nigam Limited

· Malana Power Company Limited

· M.P. State Electricity Board

· National Building Construction Limited

· Aditya Cement Works, Shambhupura (Rajasthan)

· J.K. Cement Works, Nimbaheda (Madhya Pradesh)

· Hindustan Petroleum Limited

· Rajasthan State Mines and Minerals Limited

· Bhilwara Spinners Limited, Bhilwara (Rajasthan)

· Reliance Chemotex Industries Limited, Udaipur (Rajasthan)

· RSWM Limited, Spinning and Weaving Mills (Rajasthan)

· Sangam Spinner, Bhilwara (Rajasthan)

· Binani Glass Fibre Limited

· Birla Copper (A unit of Indogulf Fert. and Chemical Corp. Limited)

· Crompton Greaves Limited

· Furnace Fabrica

No. of Employees :

Not Available

Bankers :

Banker Name	State Bank of India
Branch Address	Commercial Branch, Ridhi Sidhi, 4-C, Madhuban, Udaipur – 313 001, Rajasthan, 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

· Axis Bank Limited

· ICICI Bank Limited

· The Bank of Rajasthan Limited, M.I. Road Branch, Jaipur – 302 001, Rajasthan, India

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG TERM BORROWINGS
Vehicle Loan
From Bank
Axis Bank	0.098	0.316
Less : Current Maturities	(0.098)	(0.218)
From Others
Kotak Mahindra Prime Limited	0.072	0.232
Tata Capital Limited	0.000	0.376
Less : Current Maturities	(0.072)	(0.535)
SHORT TERM BORROWINGS
From Bank
Working Capital Loan	11.418	9.481
Loans Against Fixed Deposit	0.000	1.074
Total	11.418	10.726

Banking Relations :	--
Financial Institution :	Tata Capital Limited
Auditors :
Name :	Nyati and Associates Chartered Accountants
Address :	87, Chetak Marg, Udaipur – 313 001, Rajasthan, India
PAN No.:	AACFN0300N
Memberships :	Not Available
Collaborators :	Not Available
Associates :	Amol Enterprises HB Engineers Private Limited Nav Chetanya Technical Advisors Private Limited Nyati Associates Sanjay Mathur and Associates Vikas Controls and Switchgears

CAPITAL STRUCTURE

AS ON 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
99500	Equity Shares	Rs.100/- each	Rs.9.950 million
500	Preference Shares	Rs.100/- each	Rs.0.050 million
	Total		Rs.10.000 million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
89550	Equity Shares	Rs.10/- each	Rs.8.955 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	8.955	8.955	8.955
(b) Reserves & Surplus	53.689	46.005	39.816
(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)	62.644	54.960	48.771
(3) Non-Current Liabilities
(a) Long-term borrowings	30.531	28.011	31.392
(b) Deferred tax liabilities (Net)	0.394	0.366	0.362
(c) Other long term liabilities	39.963	44.426	37.047
(d) Long-term provisions	1.042	1.028	1.215
Total Non-current Liabilities (3)	71.930	73.831	70.016
(4) Current Liabilities
(a) Short term borrowings	11.418	10.555	8.899
(b) Trade payables	234.714	33.585	113.954
(c) Other current liabilities	18.637	18.202	12.029
(d) Short-term provisions	3.155	3.584	5.061
Total Current Liabilities (4)	267.924	65.926	139.943
TOTAL	402.498	194.717	258.730
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	7.802	9.707	10.222
(ii) Intangible Assets	0.000	0.000	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	14.450	14.450	14.427
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	1.708	1.281	3.313
(e) Other Non-current assets	14.599	5.874	7.469
Total Non-Current Assets	38.559	31.312	35.431
(2) Current assets
(a) Current investments	4.455	4.003	3.682
(b) Inventories	7.655	2.529	2.088
(c) Trade receivables	304.872	144.422	200.332
(d) Cash and cash equivalents	16.202	2.683	1.623
(e) Short-term loans and advances	30.076	9.504	14.719
(f) Other current assets	0.679	0.264	0.855
Total Current Assets	363.939	163.405	223.299
TOTAL	402.498	194.717	258.730

PROFIT & LOSS ACCOUNT

PARTICULARS	31.03.2014	31.03.2013	31.03.2012
SALES
Revenue from operations	430.000	233.898	478.966
Other Income	5.516	1.383	1.804
TOTAL	435.516	235.281	480.770
EXPENSES
TOTAL	423.251	224.052	467.090
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	12.265	11.229	13.680
DEPRECIATION/ AMORTISATION	1.200	1.350	1.571
PROFIT/ (LOSS) BEFORE TAX	11.065	9.879	12.109
TAX	2.838	3.167	3.818
PROFIT/ (LOSS) AFTER TAX	8.227	6.712	8.291
PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	33.508	27.320	20.070
APPROPRIATIONS
Proposed Dividend	0.447	0.447	0.896
Dividend Distribution Tax	0.076	0.076	0.145
Balance Carried to the B/S	41.193	33.508	27.320
Earnings / (Loss) Per Share (Rs.)	91.87	74.96	92.59

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	1.91	2.87	1.73
Return on Total Assets (PBT/Total Assets}	(%)	2.85	5.48	4.96
Return on Investment (ROI) (PBT/Networth)		0.18	0.18	0.25
Debt Equity Ratio (Total Debt/Networth)		0.67	0.70	0.83
Current Ratio (Current Asset/Current Liability)		1.36	2.48	1.60

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(INR in Million)	(INR in Million)	(INR in Million)
Share Capital	8.955	8.955	8.955
Reserves & Surplus	39.816	46.005	53.689
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	48.771	54.960	62.644
Long Term borrowings	31.392	28.011	30.531
Short Term borrowings	8.899	10.555	11.418
Total borrowings	40.291	38.566	41.949
Debt/Equity ratio	0.826	0.702	0.670

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(INR in Million)	(INR in Million)	(INR in Million)
Sales	478.966	233.898	430.000
		(51.166)	83.841

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(INR in Million)	(INR in Million)	(INR in Million)
Sales	478.966	233.898	430.000
Profit	8.291	6.712	8.227
	1.73%	2.87%	1.91%

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	Yes
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	24.457	19.715
Other Loans and Advances	6.074	8.125
Total	30.531	27.840

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10122664	02/08/2008	3,000,000.00	PUNJAB NATIONAL BANK	CHETAK CIRCLE, UDAIPUR, RAJASTHAN - 313001, INDIA	A45925765
2	10011051	20/12/2010 *	100,000,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, RIDHI SIDHI, 4-C, MADHUBAN, UDAIPUR, RAJASTHAN - 313001, INDIA	B03223385
3	90071974	30/08/1997	250,000.00	ORIENTAL BANK OF COMMERCE	M. I. ROAD, JAIPUR, RAJASTHAN, INDIA	-
4	90072053	07/01/1992	175,000.00	THE UDAIPUR URBAN CO-OPERATIVE BANK LIMITED	UDAIPUR, UDAIPUR, RAJASTHAN, INDIA	-
5	90071959	03/05/1991	3,472,971.00	ORIENTAL BANK OF COMMERCE	M. I. ROAD, JAIPUR, RAJASTHAN, INDIA	-

* Date of charge modification

FIXED ASSETS

· Land

· Site Development

· Building

· Tools and Machinery

· Computer

· Type Writer

· Electrical Installation

· Computer

· Furniture and Fixtures

· Office Equipment

· Air Conditioner

· 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.63.20
UK Pound	1	Rs.97.01
Euro	1	Rs.69.34

INFORMATION DETAILS

Analysis Done by :	KAR
Report Prepared by :	SMN

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	5
-- PROFITABILITY	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	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		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.