MIRA INFORM REPORT

Report No. :	323186
Report Date :	20.05.2015

IDENTIFICATION DETAILS

Name :	SHIVANI LOCKS PRIVATE LIMITED
Registered Office :	Flat No. 4, Second Floor, Ram Pratap House-4, LSC, Kalkaji, New Delhi - 110019
Tel. No.:	91-11-26486686
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	30.03.1988
Com. Reg. No.:	55-031152
Capital Investment / Paid-up Capital :	Rs.20.673 Million
CIN No.: [Company Identification No.]	U74999DL1988PTC031152
IEC No.:	0588140864
TAN No.: [Tax Deduction & Collection Account No.]	AAICS1192C
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Automotive Locks for Global Automotive Companies.
No. of Employees :	100 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (30)

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

Maximum Credit Limit :	USD 2000000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The rating constrained on account of continuous losses incurred by the company from its two years of operation. However, trade relations are reported as fair. Business is active. Payments 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 – 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	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. R. P. Sharma
Designation :	Account Department
Contact No.:	91-11-26486686
Date :	18.05.2015

LOCATIONS

Registered Office :	Flat No. 4, Second Floor, Ram Pratap House-4, LSC, Kalkaji, New Delhi – 110019, India
Tel. No.:	91-11-26486686
Fax No.:	Not Available
E-Mail :	info@shivanilocks.com account1@shivanilocks.com
Website :	http://www.shivanilocks.com
Location :	Owned
Locality:	Commercial
Factory 1 :	Plot No. 58, 59 and 60, Sector-27A, Faridabad - 121003, Haryana, India
Tel. No.:	91-129-5045479/ 5044511/ 5047506
Fax No.:	91-129-2274727
E-Mail :	shivni1@shivanilocks.com
Location :	Owned
Locality:	Industrial
Factory 2 :	49/4, Mathura Road, Prithla, Faridabad, Haryana, India

DIRECTORS

As on 30.09.2014

Name :

Mr. Dwarka Nath Kathuria

Designation :

Director

Address :

H. No. 858, Sector -15, Faridabad – 121007, Haryana, India

Date of Birth/Age :

15.06.1937

Date of Appointment :

28.05.1999

PAN No.:

AANPK0864B

DIN No.:

00022382

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	U29309HR1983PTC016906	VENUS APPLIANCES PVT LTD	Director	07-11-1983	07-11-1983	-	Strike off	NO
2	U74899DL1995PTC064390	VENUS INDUSTRIES PRIVATE LIMITED	Director	16-01-1995	16-01-1995	-	Active	NO
3	U34300DL1996PTC077781	VENUS INDUSTRIAL CORPORATION PRIVATE LIMITED	Managing director	02-04-1996	02-04-1996	-	Active	NO
4	U74999DL1988PTC031152	SHIVANI LOCKS PRIVATE LIMITED	Director	28-05-1999	28-05-1999	-	Active	NO
5	L19201HR1981PLC012903	LAKHANI INDIA LIMITED	Director	31-03-2002	31-03-2002	08-07-2006	Active	NO

Name :

Mr. Naresh Kathuria

Designation :

Managing director

Address :

H. No. 858, Sector -15, Faridabad – 121007, Haryana, India

Date of Birth/Age :

02.05.1961

Date of Appointment :

01.04.1996

PAN No.:

AARPK2581R

DIN No.:

00021678

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	U74999DL1988PTC031152	SHIVANI LOCKS PRIVATE LIMITED	Managing director	01-04-1996	01-04-1996	-	Active	NO
2	U28113DL2011PTC219067	OTSUKA VENUS AUTOMOTIVE INDIA PRIVATE LIMITED	Director	12-05-2011	12-05-2011	-	Active	NO

Name :

Mr. Krishan Lal Kathuria

Designation :

Director

Address :

H. No. 563, Sector -14, Faridabad – 121007, Haryana, India

Date of Birth/Age :

08.04.1945

Date of Appointment :

30.03.1988

PAN No.:

AANPK0866D

DIN No.:

00021642

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	U74999DL1988PTC031152	SHIVANI LOCKS PRIVATE LIMITED	Director	30-03-1988	30-03-1988	-	Active	NO
2	U34300DL1996PTC077781	VENUS INDUSTRIAL CORPORATION PRIVATE LIMITED	Managing director	02-04-1996	02-04-1996	-	Active	NO

Name :

Mr. Raj Kathuria

Designation :

Director

Address :

H. No. 530, Sector -14, Faridabad – 121007, Haryana, India

Date of Birth/Age :

24.08.1947

Date of Appointment :

30.03.1988

PAN No.:

AAQPK9780P

DIN No.:

00022375

KEY EXECUTIVES

Name :	Ms. Pooja Arora
Designation :	Secretary
Address :	H. No. 691, Sector-16, Faridabad - 121001, Haryana, India
Date of Birth/Age :	23.05.1984
Date of Appointment :	24.03.2012
PAN No.:	AIWPA6907C
Name :	Mr. R. P. Sharma
Designation :	Account Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders	No. of Shares	%age holding
Krishan Lal Kathuria	158400	7.66
Raj Kathuria	286200	13.84
Dwarka Nath Kathuria	621600	30.07
Naresh Kathuria	964500	46.66
Tanish Kathuria	36600	1.77
Total	2067300	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 :	Manufacturer of Automotive Locks for Global Automotive Companies.
Products :	Automotive Locks for Global Automotive Companies
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :
Products :	Finished Goods
Countries :	Japan Korea Franco England Germany South Africa
Imports :	Not Available
Terms :
Selling :	Cash and Cheque
Purchasing :	Cash and Cheque

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
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 :

Wholesalers and Retailers

Reference :	Not Divulged
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 :

100(Approximately) )

Bankers :

• Standard Chartered Bank - 10, Parliament Street, New Delhi - 110001, India

Bank Name	Indian Overseas Bank
Branch	I-C/47-48, N.I.T., Faridabad - 121001, Haryana, 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 Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Term Loan Rs. 100.000 Million
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
Term loans from banks	171.051	156.955
Term loans from others	42.795	45.789
Short-term borrowings
Other loans and advances	199.185	259.706
Total	413.032	462.451

Auditors :
Name :	Y.K. Joneja and Company Chartered Accountants
Address :	A-7/1, Nehru Ground, Main Neelam Bata Road, Faridabad - 121001, Haryana, India
PAN N Income-tax PAN of auditor or auditor's firm :	AABFY0993K
Memberships :	Not Available
Collaborators :	Not Available
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	Venus Stampings Private Limited, India, (U74899DL1985PTC021646) Otsuka Venus Automotive, India Private Limited, India – (U28113DL2011PTC219067)

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
3000000	Equity Shares	Rs.10/- each	Rs.30.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2067300	Equity Shares	Rs.10/- each	Rs.20.673 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	20.673	20.673	20.673
(b) Reserves & Surplus	572.025	651.520	102.361
(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)	592.698	672.193	123.034
(3) Non-Current Liabilities
(a) long-term borrowings	245.349	227.995	151.178
(b) Deferred tax liabilities (Net)	0.000	0.000	18.991
(c) Other long term liabilities	2.271	2.688	3.485
(d) long-term provisions	33.280	27.758	24.786
Total Non-current Liabilities (3)	280.900	258.441	198.440
(4) Current Liabilities
(a) Short term borrowings	199.185	259.706	209.037
(b) Trade payables	366.909	320.893	366.572
(c) Other current liabilities	187.398	171.146	155.644
(d) Short-term provisions	5.537	7.421	6.695
Total Current Liabilities (4)	759.029	759.166	737.948
TOTAL	1632.627	1689.800	1059.422
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	991.579	1019.679	447.896
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	99.933	116.548	90.686
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.168	0.168	0.168
(c) Deferred tax assets (net)	20.829	1.390	0.000
(d) Long-term Loan and Advances	25.793	25.772	17.527
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	1138.302	1163.557	556.277
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	224.789	219.786	205.774
(c) Trade receivables	199.236	231.781	236.913
(d) Cash and cash equivalents	16.814	34.035	22.047
(e) Short-term loans and advances	53.486	40.641	38.411
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	494.325	526.243	503.145
TOTAL	1632.627	1689.800	1059.422

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	1293.161	1507.298	1526.892
	Other Income	57.972	7.493	7.529
	TOTAL (A)	1351.133	1514.791	1534.421
Less	EXPENSES TOTAL (B)	1298.411	1463.138	1437.230
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)	52.722	51.653	97.191
Less	FINANCIAL EXPENSES (D)	74.793	52.096	51.557
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	(22.071)	(0.443)	45.634
Less/ Add	DEPRECIATION/ AMORTISATION (F)	30.845	28.924	39.733
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	(52.916)	(29.367)	5.901
Less	TAX (H)	(17.295)	(18.132)	0.045
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	(35.621)	(11.235)	5.856
	IMPORTS
	Raw Materials	41.206	18.239	17.159
	Capital Goods	1.214	0.000	0.000
	TOTAL IMPORTS	42.420	18.239	17.159
	Earnings / (Loss) Per Share (Rs.)	(17.23)	(5.43)	2.83

Particulars	31.03.2015
Sales Turnover (Approximately)	1300.000

Expected Sales (2015-2016): Rs.1350.000 Million

The above information has been parted by Mr. R. P. Sharma (Account Department).

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	73.167	88.441	52.507
Cash generated from operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	(2.75)	(0.75)	0.38
Operating Profit Margin (PBIDT/Sales)	(%)	4.08	3.43	6.37
Return on Total Assets (PBT/Total Assets}	(%)	(3.50)	(1.87)	0.61
Return on Investment (ROI) (PBT/Networth)		(0.09)	(0.04)	0.05
Debt Equity Ratio (Total Debt /Networth)		0.87	0.86	3.35
Current Ratio (Current Asset/Current Liability)		0.65	0.69	0.68

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	20.673	20.673	20.673
Reserves & Surplus	102.361	651.520	572.025
Net worth	123.034	672.193	592.698
long-term borrowings	151.178	227.995	245.349
Short term borrowings	209.037	259.706	199.185
Current Maturities Of Long-Term Debts	52.507	88.441	73.167
Total borrowings	412.722	576.142	517.701
Debt/Equity ratio	3.355	0.857	0.873

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	1526.892	1507.298	1293.161
		(1.283)	(14.207)

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	1526.892	1507.298	1293.161
Profit	5.856	(11.235)	(35.621)
	0.38%	(0.75%)	(2.75%)

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	No
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	Yes
29	Profitability for last four years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	No
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

UNSECURED LOAN

Unsecured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Loans and advances from related parties	26.403	20.151
Other loans and advances, others	5.100	5.100
Total	31.503	25.251

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10561106	05/03/2015	20,000,000.00	Indian Overseas Bank	1-C/47-48, N.I.T., Faridabad, Haryana - 121001, INDIA	C48999460
2	10416392	18/02/2013	250,000,000.00	Indian Overseas Bank	1-C/ 47-48, N.I.T., FARIDABAD, Haryana - 121001, INDIA	B72191950
3	10346051	28/03/2012	20,000,000.00	Indian Overseas Bank	1-C/47-48, N.I.T., Faridabad, Haryana - 121001, INDIA	B36485365
4	10244206	22/09/2010	50,000,000.00	Indian Overseas Bank	1-C/47-48, NIT, Faridabad, Haryana - 121001, INDIA	A96403589
5	10226145	05/05/2010	281,200,000.00	Indian Overseas Bank	1-C/47-48, NIT, FARIDABAD, HARYANA - 121001, INDIA	A88354725
6	10148214	03/02/2009	50,000,000.00	Indian Overseas Bank	1-C/47-48, NIT, FARIDABAD, HARYANA - 121001, INDIA	A59045138
7	10067065	24/08/2007	20,000,000.00	Indian Overseas Bank	1-C/47-48, NIT, FARIDABAD, HARYANA - 121001, INDIA	A22658959
8	90036852	18/02/2013 *	220,300,000.00	Indian Overseas Bank	I-C/47-48, N.I.T., FARIDABAD, HARYANA - 121001, INDIA	B72192016
9	90035647	20/01/2000	6,550,000.00	M/S FORD INDIA LIMITED	MAHINDRA TOWERS, WORLI ROAD NO-13; WORLI, MUMBAI,  MAHARASHTRA - 400018, INDIA	-

* Date of charge modification

FIXED ASSETS

Tangible assets

• Land
• Buildings
• Plant and equipment
• Furniture and fixtures
• Vehicles
• Office equipment
• Computer equipment’s

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.63.69
UK Pound	1	Rs.99.73
Euro	1	Rs.71.90

INFORMATION DETAILS

Information Gathered by :	GAY
Analysis Done by :	DIV
Report Prepared by :	GTA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	3
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	5
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		30

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.