MIRA INFORM REPORT

Report No. :	345389
Report Date :	19.10.2015

IDENTIFICATION DETAILS

Name :	NIDHI AUTO PRIVATE LIMITED (w.e.f. 23.10.2001)
Formerly Known As :	SATHE FIN-LEASE PRIVATE LIMITED
Registered Office :	A-2/6, Radhey Niwas, Krishna Nagar, Delhi – 110051
Mob. No.:	91-9310057333 (Mr. Kung Bihari Thakur)
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	10.09.1996
Com. Reg. No.:	55-081789
Capital Investment / Paid-up Capital :	Rs. 35.054 Million
CIN No.: [Company Identification No.]	U65910DL1996PTC081789
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	DELN06418G
PAN No.: [Permanent Account No.]	AABCN8112G
Legal Form :	Private Limited Liability Company.
Line of Business :	Manufacturing sheet metal and tubular components.
No. of Employees :	700 (Approximately)

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 600000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject was incorporated in the year 1996 and it is a manufacturer of auto component and consumer durable spare parts. Management has failed to file its financial record with government department for the year 2014. As per the previous financial record of 2013, the company possesses sound operational performance and it has maintained above average profitability margins at 1.34%. Rating also takes into consideration its established track record of business operations supported by extensive industry experience of promoters in manufacturing segment along with reputed client base and above average financial profile of the company. Rating strength partially offset by company exposure to risks related to customer concentration and absence of latest financial information. Trade relations are reported as fair. Payment terms are reported to be slow but correct. In view of aforesaid, 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 – 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. Kung Bihari Thakur
Designation :	Accountant
Contact No.:	91-9310057333
Date :	17.10.2015

LOCATIONS

Registered Office :	A-2/6, Radhey Niwas, Krishna Nagar, Delhi – 110051, India
Tel. No.:	Not Available
Mobile No.:	91-9310057333 (Mr. Kung Bihari Thakur)
Fax No.:	Not Available
E-Mail :	accounts@nidhiauto.com
Website :	http://www.nidhiauto.com
Location :	Owned
Locality :	Industrial
Plant I :	C-43, Phase – II, Gautam Budh Nagar, Noida – 201305, Uttar Pradesh, India
Tel. No.:	91-78388-18101/25
E-Mail:	nidhiauto@nidhiauto.com
Plant II :	Plot No. 10, Sector 24, Faridabad – 121004, Haryana, India
Tel. No.:	91-78388-181017
E-Mail:	nidhiauto@nidhiauto.com
Plant III :	NH – 8, Village Rahwas, Dist. Rewari, Haryana, India
Tel. No.:	91-78388-18101/25
Plant IV :	Plat 16, Ecotech III, Greater Noida, Uttar Pradesh, India
E-Mail:	nidhiauto@nidhiauto.com

DIRECTORS

AS ON 30.09.2013

Name :

Kuldeep Singh Parmar

Designation :

Director

Address :

C-6,, Sector - 33, Noida – 201301, Uttar Pradesh, India

Date of Birth/Age :

04.11.1961

Date of Appointment :

23.10.2001

DIN No.:

01164546

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	U31909DL1984PTC019563	SONOVISION PRIVATE LIMITED	Director	01/09/1998	01/09/1998	-	Active	NO
2	U99999DL2001PTC111590	RITANSHI AUTO PVT. LTD.	Director	09/07/2001	09/07/2001	-	Active	NO
3	U74210DL1992PTC050450	NABH AUTOMOBILE PRIVATE LIMITED	Director	27/09/2001	27/09/2001	-	Strike off	NO
4	U65910DL1996PTC081789	NIDHI AUTO PRIVATE LIMITED	Director	23/10/2001	23/10/2001	-	Active	NO
5	U72200DL2005PTC143622	JMD SOFTWARE SOLUTIONS PRIVATE LIMITED	Director	13/12/2005	13/12/2005	15/02/2013	Active	NO
6	U74899DL1990PTC039294	TIRUMA TEXTILES PRIVATE LIMITED	Director	02/11/2006	02/11/2006	-	Active	NO
7	U34300DL2004PTC127226	MONICA AUTO PRIVATE LIMITED	Director	01/12/2006	01/12/2006	09/05/2011	Active	NO
8	U18204DL2007PTC162444	NIDHI GARMENTS PRIVATE LIMITED	Director	23/04/2007	23/04/2007	28/03/2011	Strike off	NO
9	U72900DL2008PTC178005	DECENT SOFTTECH PRIVATE LIMITED	Director	01/08/2008	01/08/2008	-	Active	NO
10	U36100DL2009PTC193557	NIDHI PACKAGING SOLUTIONS PRIVATE LIMITED	Director	25/08/2009	25/08/2009	-	Active	NO
11	U74210DL2008PTC177781	MONICA AUTOMOBILES PRIVATE LIMITED	Director	01/01/2010	01/01/2010	31/03/2012	Active	NO
12	U74899DL2005PTC141776	H P S INFOTECH SERVICES PRIVATE LIMITED	Additional director	20/03/2011	20/03/2011	24/04/2015	Active	NO
13	U72200DL2005PTC137692	XPERT TECHNOSOFT SOLUTIONS PRIVATE LIMITED	Additional director	01/08/2012	01/08/2012	31/03/2015	Active	NO
14	U45400DL2008PTC178020	MSB DEVELOPERS & INFRASTRUCTURE PRIVATE LIMITED	Additional director	01/12/2014	01/12/2014	-	Active	NO
15	U70102DL2015PTC275600	MSB DEVELOPERS PRIVATE LIMITED	Director	16/01/2015	16/01/2015	-	Active	NO

Name :

Manisha Parmar

Designation :

Director

Address :

C-6, Sector 33, Noida - 201301, Uttar Pradesh, India

Date of Appointment :

23.10.2001

DIN No.:

00176659

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	U14101RJ1994PTC009183	SHRI PREMPURIJI GRANIMARBO PRIVATE LIMITED	Director	24/06/1997	24/06/1997	15/12/2009	Active	NO
2	U51101RJ1993PTC007734	A.B. IMPEX PVT. LTD	Director	24/06/1997	24/06/1997	15/12/2009	Active	NO
3	U74999RJ1992PTC006793	MITUL INDIA PRIVATE LIMITED	Director	24/06/1997	24/06/1997	15/12/2009	Active	NO
4	L36910GJ1985PLC015915	WINSOME DIAMONDS AND JEWELLERY LIMITED	Director	30/03/2002	30/03/2002	15/12/2009	Active	NO
5	U36911GJ1996PLC028701	FOREVER PRECIOUS JEWELLERY AND DIAMONDS LIMITED	Director	17/03/2005	17/03/2005	05/01/2008	Active	NO
6	U36911KA2003PLC031686	CARBON ACCESSORIES LIMITED	Director	29/09/2007	02/05/2007	05/01/2008	Active	NO
7	U74999GJ2007PLC049850	REVAH CORPORATION LIMITED	Additional director	08/08/2007	08/08/2007	05/01/2008	Active	NO
8	U36911RJ2006PTC022179	JRD TECHNO ENTERPRISES PRIVATE LIMITED	Director	04/09/2008	20/08/2008	05/10/2009	Strike off	NO
9	U14106RJ2008PTC027724	Aarham Prempuriji Mining Private Limited	Director	11/11/2008	11/11/2008	15/12/2009	Active	NO

KEY EXECUTIVES

Name :	Mr. Kung Bihari Thakur
Designation :	Accountant

MAJOR SHAREHOLDERS

AS ON 30.09.2013

Names of Shareholders	No. of Shares
Kuldeep Singh Parmar	549706
Manisha Parmar	20000
Sonovision Private Limited, India	411500
Chahuhan Singh Surender	50
Ranber Singh	50
Dileep Khandelwal	50
Total	981356

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2013

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturing sheet metal and tubular components.
Products :	Not Divulged
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :
Products :	Raw Material
Countries :	· China · Japan
Terms :
Selling :	L/C and Cheque
Purchasing :	L/C and Cheque

GENERAL INFORMATION

Suppliers :

Not Divulged

Reference :	Tata Steel Processing and Distribution Limited
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

Not Divulged

Reference :	LG Electronics (India) Private Limited
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

No. of Employees :

700 (Approximately)

Bankers :

Banker Name	Kotak Mahindra Bank
Branch Address	Sector – 18, Noida, Uttar Pradesh, 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)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

· Axis Bank Limited, B-2 and B-3, Sector 16, Noida – 201301, Uttar Pradesh, India

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2013	As on 31.03.2012
LONG TERM BORROWING
Secured loans	141.461	68.679
Total	141.461	68.679

Auditors :
Name :	Bansal Neeraj and Associates Chartered Accountants
Address :	84, Model Basti, East Park Road, Karol Bagh, New Delhi – 110005, India
Tel. No.:	91-11-23552388/23672388/47540101
Fax No.:	91-11-23670570
Website :	www.bansalneeraj.co.in
PAN No.:	AAFFB0489D
Memberships :	--
Collaborators :	--
Associates/Subsidiaries :	--

CAPITAL STRUCTURE

AS ON 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs. 50.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3505400	Equity Shares	Rs.10/- each	Rs. 35.054 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	35.054	35.054
(b) Reserves & Surplus	87.104	77.927
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	113.585	29.100
Total Shareholders’ Funds (1) + (2)	235.743	142.081
(3) Non-Current Liabilities
(a) long-term borrowings	166.445	87.141
(b) Deferred tax liabilities (Net)	0.076	0.090
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	166.521	87.231
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000
(b) Trade payables	82.443	55.962
(c) Other current liabilities	5.336	11.464
(d) Short-term provisions	4.765	0.000
Total Current Liabilities (4)	92.544	67.426
TOTAL	494.808	296.738
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	123.472	129.327
(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)	0.000	0.000
(d) Long-term Loan and Advances	98.828	14.604
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	222.300	143.931
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	140.242	75.018
(c) Trade receivables	84.692	63.598
(d) Cash and cash equivalents	24.952	2.230
(e) Short-term loans and advances	22.622	11.961
(f) Other current assets	0.000	0.000
Total Current Assets	272.508	152.807
TOTAL	494.808	296.738

SOURCES OF FUNDS		31.03.2011
SHAREHOLDERS FUNDS
1] Share Capital		35.054
2] Share Application Money		0.000
3] Reserves & Surplus		80.217
4] (Accumulated Losses)		0.000
NETWORTH		115.271
LOAN FUNDS
1] Secured Loans		67.332
2] Unsecured Loans		0.000
TOTAL BORROWING		67.332
DEFERRED TAX LIABILITIES		0.000
TOTAL		182.603
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		101.841
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	52.397
	Sundry Debtors	60.535
	Cash & Bank Balances	2.598
	Other Current Assets	25.937
	Loans & Advances	0.000
Total Current Assets		141.467
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	60.705
	Other Current Liabilities	0.000
	Provisions	0.000
Total Current Liabilities		60.705
Net Current Assets		80.762
MISCELLANEOUS EXPENSES		0.000
TOTAL		182.603

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2013	31.03.2012	31.03.2011
	SALES
	Income	684.785	327.663
	Other Income	5.853	4.404
	TOTAL	690.638	332.067	626.100
Less	EXPENSES	NA	NA	NA
	PROFIT BEFORE TAX	NA	NA	NA
Less	TAX	NA	NA	NA
	PROFIT AFTER TAX	9.176	11.810	NA
	Earnings Per Share (Rs.)	2.62	3.37	--

Particulars	31.03.2015	31.03.2014
Sales Turnover (Approximately)	950.000	740.000

Expected Sales (2015-16): Rs. 1250.000 Million

The above information has been parted by Mr. Kung Bihari Thakur (Accountant)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2013	31.03.2012	31.03.2011
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA
Net cash flow from (used in) operation	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Net Profit Margin (PAT / Sales)	(%)	1.34	3.60	NA
Return on Total Assets (PBT/Total Assets}	(%)	139.58	111.91	NA
Return on Investment (ROI) (PBT/Networth)		2.93	2.34	NA
Debt Equity Ratio (Total Debt /Networth)		0.71	0.61	0.58
Current Ratio (Current Asset/Current Liability)		2.94	2.27	1.75

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	35.054	35.054	35.054
Reserves & Surplus	80.217	77.927	87.104
Share Application money pending allotment	0.000	0.000	0.000
Net worth	115.271	112.981	122.158
long-term borrowings	67.332	87.141	166.445
Short term borrowings	0.000	0.000	0.000
Current Maturities of Long Term Debt	0.000	0.000	0.000
Total borrowings	67.332	87.141	166.445
Debt/Equity ratio	0.584	0.771	1.363

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013
	(Rs. In Million)	(Rs. In Million)
Sales	327.663	684.785
		108.991

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013
	(Rs. In Million)	(Rs. In Million)
Sales	327.663	684.785
Profit	11.810	9.176
	3.60%	1.34%

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	No
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	No
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 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

NOTE: Registered office of the company has been shifted from 8599, East Park Road, Karol Bagh, New Delhi – 110005, India to the present address w.e.f. 01.01.2010.

UNSECURED LOAN

Particulars	As on 31.03.2013	As on 31.03.2012
LONG TERM BORROWING
Unsecured loan	24.984	18.462
Total	24.984	18.462

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10466900	10/11/2014 *	137,462,000.00	ING VYSYA BANK LIMITED	Ansals Fortune Arcade, Sector 18, Noida, Uttar Pradesh -201301, INDIA	C37518933

* Date of charge modification

FIXED ASSETS

· Plant and Machinery

· Computer

· Motor Vehicles

· Furniture and Fixture

· Building

· Flat

· Land

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. 64.97
UK Pound	1	Rs. 100.55
Euro	1	Rs. 73.99

INFORMATION DETAILS

Information Gathered by :	GYT
Analysis Done by :	KAR
Report Prepared by :	JYO

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	4
--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	NO
--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.