MIRA INFORM REPORT

Report No. :	344781
Report Date :	17.10.2015

IDENTIFICATION DETAILS

Name :	SIECO ENGINEERS PRIVATE LIMITED
Registered Office :	No.25, Bommasandra Industrial Area, Hosur Road, Bangalore – 560099, Karnataka
Tel. No.:	91-80-41658078
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	16.05.1988
Com. Reg. No.:	08-009102
Capital Investment / Paid-up Capital :	Rs.16.850 Million
CIN No.: [Company Identification No.]	U02812KA1988PTC009102
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 :	Manufacturer of Welding Equipments and Machinery, Process Plant Equipment, Storage Tanks, Pressure Vessels.
No. of Employees :	50 (Approximately)

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 92500
Status :	Small company
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject was incorporated on 16^th May, 1988. It is a small company in its field. Its scale of activities is limited. The rating takes into consideration company’s modest networth, low reserves, decrease in cash levels and small scale of operations. However, trade relations are fair. Business is active. Payments 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 31-03-2015.

INFORMATION PARTED BY

Name :	Mr. Swaminathan Mohanam
Designation :	Director
Contact No.:	91-9243110681
Date :	14.10.2015

LOCATIONS

Registered Office / Factory 1:	No.25, Bommasandra Industrial Area, Hosur Road, Bangalore – 560099, Karnataka, India
Tel. No.:	91-80-41658078
Mobile No.:	91-9243110681 (Mr. Swaminathan Mohanam)
Fax No.:	91-80-41658997
E-Mail :	siecoengineers@yahoo.com accounts@sieco.in
Website :	http://www.siecoengineers.com
Location:	Owned
locality:	Industrial
Factory 2 / Design and Project Office:	#125B, Bommasandra Industrial Area, Hosur Road, Bangalore – 560099, Karnataka, India

DIRECTORS

AS ON 30.09.2014

Name :

Swaminathan Mohanam

Designation :

Director

Address :

No.1045, 19th Main,Btm Layout, 2nd Stage, 1st Phase, Bangalore - 560076, Karnataka, India

Date of Birth/Age :

12.02.1955

Date of Appointment :

17.05.1988

DIN No.:

01472295

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	U02812KA1988PTC009102	SIECO ENGINEERS PRIVATE LIMITED	Director	17/05/1988	17/05/1988	-	Active	NO
2	U29304KA1999PTC025891	SIECO VACUUM AND HYGINIC PRODUCTS PRIVATE LIMITED	Director	28/10/1999	28/10/1999	-	Active	NO

Name :

Chikkalbettu Sakhubai

Designation :

Director

Address :

No.1045, 19th Main, Btm II Stage, I St Phase, Bangalore – 560076, Karnataka, India

Date of Birth/Age :

18.05.1957

Date of Appointment :

17.05.1988

DIN No.:

01764043

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	U02812KA1988PTC009102	SIECO ENGINEERS PRIVATE LIMITED	Director	17/05/1988	17/05/1988	-	Active	NO
2	U29304KA1999PTC025891	SIECO VACUUM AND HYGINIC PRODUCTS PRIVATE LIMITED	Director	28/10/1999	28/10/1999	-	Active	NO

Name :

Mahesh Mohanam

Designation :

Director

Address :

No.1045, 19th Main, 1st Phase, B.T.M. Layout, 2nd Stage, Bangalore - 560076, Karnataka, India

Date of Birth/Age :

24.05.1985

Date of Appointment :

01.04.2008

DIN No.:

02399576

Name :

Sahana Bhat

Designation :

Director

Address :

F1 Rashmi Residency 1st Floor, 2nd Cross 18th Main Padmanabh Nagar, Bangalore - 560061, Karnataka, India

Date of Birth/Age :

17.01.1986

Date of Appointment :

21.01.2013

DIN No.:

06480913

Name :

Kavitha Mohanam

Designation :

Director

Address :

No.1045, 19th Main Btm Layout, 2nd Stage1st Phase, Bangalore - 560076, Karnataka, India

Date of Birth/Age :

19.06.1990

Date of Appointment :

21.01.2013

DIN No.:

06480934

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	U02812KA1988PTC009102	SIECO ENGINEERS PRIVATE LIMITED	Director	21/01/2013	21/01/2013	-	Active	NO
2	U29304KA1999PTC025891	SIECO VACUUM AND HYGINIC PRODUCTS PRIVATE LIMITED	Director	28/09/2015	28/09/2015	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Shareholders	No. of Shares	%age holding
Swaminathan Mohanam	97,800	58.04
Chikkalbettu Sakhubai	38,200	22.67
Mahesh Mohanam	32,500	19.29
Total	168,500	100.00

AS ON 27.03.2015

Names of Allottees	No. of Shares
Swaminathan Mohanam	129208
Chikkalbettu Sakhubai	52098
Mahesh Mohanam	42094
Total	223400

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 Welding Equipments and Machinery, Process Plant Equipment, Storage Tanks, Pressure Vessels.
Products :	Welding Equipments and Machinery Process Plant Equipment Storage Tanks Pressure Vessels
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :
Products :	Finished Goods
Countries :	USA Germany China
Imports :	Not Available
Terms :
Selling :	Cash and Credit (30 / 60 / 90 days)
Purchasing :	Cash and Credit (30 / 60 / 90 days)

PRODUCTION STATUS - NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	IPF Online Limited
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

· Jain Tubes

· Rolex International Corporation

· Lokesh Electricals Private Limited

· Igus India Private Limited

· Bhavani Agencies

· Dynamic Systems

Customers :

Reference :	Tata Advance Systems Limited
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

· Bharat Dynamics Limited

· Hindustan Aeronautics Limited

· Cipla Limited

· Tata Advance systems limited

· Bhabha Atomic Research Center

· Nuclear Fuel Complex

· Warren Oil Company Inc.

· Kluber Lubrication India Private Limited

· Jesco Resources Inc 

· Jubilant  Organosys  Limited Nanjangud, Mysore

· Hikal Limited Mumbai and Bangalore

· Briggs of Burton  India Private Limited Bangalore

· Netpro Renewable Energy  India Private Limited

· Aquatech  International, USA

· Mapei Constructions  Product (India) Private Limited

· Central Power  Research Institute, Bangalore

· DIC India Limited, Bangalore

· Foseco India Limited  Pune

· Valspar Corporation, USA

· Century Plywood  Industries, Calcutta

· National Plywood Industries Limited, Bangalore

· The Plantation  Corporation of  Kerala Limited,  Kottayam, Kerala

No. of Employees :

50 (Approximately)

Bankers :

Bank Name	Canara Bank
Branch	SSI Branch, Bommasandra, Off Hosur Road, Bangalore - 560099, Karnataka, 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)	Cash and Credit : Rs.97.600 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	59.170	45.773
Short-term borrowings
Term loans
From Banks	15.649	24.146
Total	74.819	69.919

Auditors :
Name :	VS Shenoy and Company Chartered Accountants
Address :	# 69, 27 Th Cross, 9th Main, 4th Block, Jayanagar, Bangalore – 560011, Karnataka, India
Pan No.:	AQNPS4713K
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

AFTER 30.09.2014

Authorised Capital : Rs.40.000 Million

Issued, Subscribed & Paid-up Capital : Rs.39.260 Million

AS ON 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
200,000	Equity Shares	Rs.100/- each	Rs.20.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
168,500	Equity Shares	Rs.10/- each	Rs.16.850 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	16.850	16.850	16.850
(b) Reserves & Surplus	15.518	9.429	6.931
(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)	32.368	26.279	23.781
(3) Non-Current Liabilities
(a) long-term borrowings	75.439	55.299	14.765
(b) Deferred tax liabilities (Net)	0.549	0.557	0.378
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	75.988	55.856	15.143
(4) Current Liabilities
(a) Short term borrowings	15.649	24.146	16.239
(b) Trade payables	7.392	8.585	9.454
(c) Other current liabilities	3.128	2.418	1.700
(d) Short-term provisions	2.035	1.780	2.308
Total Current Liabilities (4)	28.204	36.929	29.701
TOTAL	136.560	119.064	68.625
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	68.176	75.141	28.782
(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	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	1.787	1.066	0.516
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	69.963	76.207	29.298
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	38.367	20.404	7.959
(c) Trade receivables	12.914	10.715	7.342
(d) Cash and cash equivalents	0.038	3.537	8.867
(e) Short-term loans and advances	15.278	8.201	15.159
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	66.597	42.857	39.327
TOTAL	136.560	119.064	68.625

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	41.794	52.892	54.313
	Other Income			1.228
	TOTAL	41.794	52.892	55.541
Less	EXPENSES
	TOTAL	23.215	33.501	49.285 (Including Financial Expenses)
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	18.579	19.391
Less	FINANCIAL EXPENSES	9.225	8.981
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	9.354	10.410	6.256
Less/ Add	DEPRECIATION/ AMORTISATION	8.996	8.850	2.784
	PROFIT / (LOSS) BEFORE TAX, EXCEPTIONAL ITEMS	0.358	1.560	3.472
Less/ Add	EXCEPTIONAL ITEMS	(6.744)	0.000	0.000
	PROFIT/ (LOSS) BEFORE TAX	7.102	1.560	3.472
Less	TAX	1.014	0.561	1.722
	PROFIT/ (LOSS) AFTER TAX	6.088	0.999	1.750
	EARNINGS IN FOREIGN CURRENCY	Nil	NA	801.25$
	Earnings / (Loss) Per Share (Rs.)	36.13	5.93	10.39

Particulars	31.03.2015
Sales Turnover (Approximately)	50.000

The above information has been parted by Mr. Swaminathan Mohanam (Director).

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA
Net cash flow from (used in) operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Total Income)	(%)	14.57	1.89	3.15
Operating Profit Margin (PBIDT/Sales)	(%)	44.45	36.66	NA
Return on Total Assets (PBT/Total Assets}	(%)	5.20	1.31	5.06
Return on Investment (ROI) (PBT/Networth)		0.22	0.06	0.15
Debt Equity Ratio (Total Debt /Networth)		2.81	3.02	1.30
Current Ratio (Current Asset/Current Liability)		2.36	1.16	1.32

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	16.850	16.850	16.850
Reserves & Surplus	6.931	9.429	15.518
Share Application money pending allotment	0.000	0.000	0.000
Net worth	23.781	26.279	32.368
long-term borrowings	14.765	55.299	75.439
Short term borrowings	16.239	24.146	15.649
Total borrowings	31.004	79.445	91.088
Debt/Equity ratio	1.304	3.023	2.814

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)
Total Income	55.541	52.892	41.794
		(4.769)	(20.982)

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Total Income	55.541	52.892	41.794
Profit	1.750	0.999	6.088
	3.15%	1.89%	14.57%

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	No
12	Voter Id Card No. of Proprietor / Partners	No
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	Yes
19	Major customers	Yes
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 four years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	Yes
29	Profitability for last three 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

PARTICULARS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Loans and Advances from related parties	0.000	0.000
Loans from Directors	16.269	9.526
Total	16.269	9.526

OPERATIONS

During the year, the company has earned a profit before tax of Rs.7.102 million and profit after tax of Rs.6.088 million.

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	90192795	10/01/2015 *	109,000,000.00	CANARA BANK	SME BRANCH, KIADB COMPLEX, BOMMASANDRA, BANGALORE  , KARNATAKA - 560099, INDIA	C41859075
2	90192658	27/02/2003	1,700,000.00	ANDHRA BANK LTD	CHAMRAJPET BRANCH, BANGALORE, KARNATAKA, INDIA	-
3	90192316	22/10/2000	398,000.00	ANDHRA BANK LTD	CHAMRAJPET BRANCH, BANGALORE, KARNATAKA, INDIA	-
4	90191752	13/12/1996	1,000,000.00	ANDHRA BANK	CHAMRAJPET BRANCH, BANGALORE, KARNATAKA - 560018,  INDIA	-
5	90191429	12/08/1997 *	1,500,000.00	ANDHRA BANK LTD	CHAMRAJPET BRANCH, BANGALORE, KARNATAKA, INDIA	-
6	90196130	24/12/1991	2,030,000.00	KARNATAKA STATE FINANCIAL CORPORATION	NO. 25; M.G. ROAD, BANGALORE, KARNATAKA - 560001,  INDIA	-

* Date of charge modification

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.64.96
UK Pound	1	Rs.100.53
Euro	1	Rs.73.99

INFORMATION DETAILS

Information Gathered by :	PPT
Analysis Done by :	RAS
Report Prepared by :	SNT

SCORE & RATING EXPLANATIONS

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