MIRA INFORM REPORT

Report No. :	339458
Report Date :	05.09.2015

IDENTIFICATION DETAILS

Name :	PARTH EQUIPMENT LIMITED
Registered Office :	Shed No.1/4209, Phase IV, GIDC, Vatwa, Ahmedabad – 382445, Gujarat
Tel. No.:	91-7940220400/25841863
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	24.05.2007
Com. Reg. No.:	04-050942
Capital Investment / Paid-up Capital :	Rs. 4.408 Million
CIN No.: [Company Identification No.]	U29300GJ2007PLC050942
IEC No.:	0807017281
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AHMP05629B
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Exporter of Coil Slitting Line, Cut To Length Line Machines and Hydrostatic Test Bench Machine.
No. of Employees :	150 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company, incorporated during the year 2007. It has a satisfactory track. In the financial year 2014, the company has healthy operational activity marked by fine sales turnover and profitability margin of 1.6% Further, the company has good financial structure along with fine net worth position and favourable gap between trade payable and receivables. Trade relations are reported as fair, Business is active. Payments term are usually correct. The company can be considered normal for business dealings at usual trade terms and conditions.

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 31-03-2013.

INFORMATION PARTED BY

Name :	Mr. Arvind
Designation :	Accounts Manager
Contact No.:	91-9429100412
Date :	03.09.2015

LOCATIONS

Registered Office/ Factory :	Shed No.1/4209, Phase IV, GIDC, Vatwa, Ahmedabad – 382445, Gujarat, India
Tel. No.:	91-79-40220400/ 25841863
Fax No.:	91-79-25841720/ 40220422
E-Mail :	ppsystems@yahoo.co.in info@parthtubemill.com account@parthtubemill.com ntshah@parthequipment.com
Website :	www.parthtubemill.com
Area:	4200 Sq. Ft.
Location:	Owned
Locality:	Industrial

DIRECTORS

As on 30.09.2014

Name :

Mr. Hasmukhbhai Trikamlal Shah

Designation :

Whole-Time Director

Address :

27, Nehrupark Society, Bhairavnath Road, Maninagar, Ahmedabad - 380022, Gujarat, India

Date of Birth/Age :

28.02.1961

Date of Appointment :

01.02.2008

DIN No. :

01224323

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	Company/ LLP Status	Defaulting status
1	U28999GJ1998PLC034690	DIVY ROLLFORM LIMITED	Whole-time director	01/04/2013	21/09/1998	Active	NO
2	U29300GJ2007PLC050942	PARTH EQUIPMENT LIMITED	Whole-time director	01/02/2008	24/05/2007	Active	NO

Name :

Bhavnaben Hasmukhbhai Shah

Designation :

Whole-time director

Address :

27, Nehrupark Society, Bhairavnath Road, Maninagar, Ahmedabad - 380022, Gujarat, India

Date of Birth/Age :

17.08.1964

Date of Appointment :

01.04.2008

DIN No. :

01367732

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	Company/ LLP Status	Defaulting status
1	U28999GJ1998PLC034690	DIVY ROLLFORM LIMITED	Whole-time director	01/04/2013	21/09/1998	Active	NO
2	U29300GJ2007PLC050942	PARTH EQUIPMENT LIMITED	Whole-time director	01/04/2008	24/05/2007	Active	NO

Name :

Neeta Navnitkumar Shah

Designation :

Whole-time director

Address :

27, Nehrupark Society, Bhairavnath Road, Maninagar, Ahmedabad - 380022, Gujarat, India

Date of Birth/Age :

06.01.1959

Date of Appointment :

01.04.2008

DIN No. :

01367779

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	Company/ LLP Status	Defaulting status
1	U28999GJ1998PLC034690	DIVY ROLLFORM LIMITED	Whole-time director	01/04/2013	21/09/1998	Active	NO
2	U29300GJ2007PLC050942	PARTH EQUIPMENT LIMITED	Whole-time director	01/04/2008	24/05/2007	Active	NO

Name :

Mr. Navnitkumar Trikamlal Shah

Designation :

Managing director

Address :

27, Nehrupark Society, Bhairavnath Road, Maninagar, Ahmedabad - 380022, Gujarat, India

Date of Birth/Age :

23.09.1955

Date of Appointment :

01.02.2008

DIN No. :

01769345

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	Company/ LLP Status	Defaulting status
1	U28999GJ1998PLC034690	DIVY ROLLFORM LIMITED	Managing director	01/04/2013	21/09/1998	Active	NO
2	U29300GJ2007PLC050942	PARTH EQUIPMENT LIMITED	Managing director	01/02/2008	24/05/2007	Active	NO

Name :

Manuben Trikamlal Shah

Designation :

Director

Address :

27, Nehrupark Society, Bhairavnath Road, Maninagar, Ahmedabad - 380022, Gujarat, India

Date of Birth/Age :

07.11.1933

Date of Appointment :

31.03.2009

DIN No. :

02658257

KEY EXECUTIVES

Name :	Mr. Arvind
Designation :	Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders	No. of Shares	Percentage of Holding
Navnitlal Trikamlal Shah	314280	71.30
Hasmukh T. Shah	64800	14.70
Neetaben N. Shah	11500	2.61
Bhavnaben H. Shah	25000	5.67
Manuben T. Shah	25000	5.67
Jyotiben T. Parikh	100	0.02
Trushant I. Parikh	100	0.02
Total	440780	100.00

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2014

Category	Percentage
Directors or relatives of Directors	99.95
Other top fifty shareholders	0.05
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Coil Slitting Line, Cut To Length Line Machines and Hydrostatic Test Bench Machine.
Products :	Coil Slitting Line Cut To Length Line Machines Hydrostatic Test Bench Machine.
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :
Products :	Finished Goods
Countries :	Kenya Tanzania Turkey Iraq
Imports :
Products :	Raw Material
Countries :	Gloria
Terms :
Selling :	L/C, Cash and credit
Purchasing :	L/C, Cash and credit

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Inductotherm India Private Limited, Ahmedabad, Gujarat, India
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 :

Reference :	Purva Metal Accion Private Limited , Bangalore, Karnataka, India
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 :

150 (Approximately)

Bankers :

· Corporation Bank, Industrial Finance Branch, Opposite V. S. Hospital, Ellisbridge, Ahmedabad - 380006, Gujarat, India

Bank Name	Yes Bank Limited
Branch	C.G. Road, Ahmedabad, Gujarat, 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

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Secured Loan	4.823	8.149
Total	4.823	8.149

Banking Relations :	--
Auditors :
Name :	KPSJ and Associates Chartered Accountants
Address :	504-C, Sahajanand Shopping Centre, Shahibaug, Ahmedabad – 380004, Gujarat, India
Tel. No. :	91-79-25621950/ 25631950
Fax No. :	91-79-65221950/ 51/ 52/ 53/ 54
E-Mail :	info@kpsjca.com
Website :	www.kpsjca.com
Income-tax PAN of auditor or auditor's firm :	AAGFK2924D
Memberships :	--
Collaborators :	--
Associates/Subsidiaries :	Name: Divy Rollform Limited Address: Shed No.1/4209, Phase IV, GIDC, Vatwa, Ahmedabad – 382445, Gujarat Line of Business: Manufacturer and Exporter of Coil Slitting Line, Cut To Length Line Machines and Hydrostatic Test Bench Machine.

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.10/- each	Rs. 5.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
440780	Equity Shares	Rs.10/- each	Rs. 4.408 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	4.408	4.408	4.408
(b) Reserves & Surplus	37.772	34.676	32.229
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.183	0.183	0.183
Total Shareholders’ Funds (1) + (2)	42.363	39.267	36.820
(3) Non-Current Liabilities
(a) long-term borrowings	47.718	42.617	36.307
(b) Deferred tax liabilities (Net)	3.767	3.380	3.145
(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)	51.485	45.997	39.452
(4) Current Liabilities
(a) Short term borrowings	31.469	55.817	33.763
(b) Trade payables	45.741	43.038	34.771
(c) Other current liabilities	50.160	19.018	11.783
(d) Short-term provisions	1.013	1.262	1.582
Total Current Liabilities (4)	128.383	119.135	81.899
TOTAL	222.231	204.399	158.171
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	59.308	58.327	56.920
(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	0.243	0.238	0.238
(e) Other Non-current assets
Total Non-Current Assets	59.551	58.565	57.158
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	98.136	100.556	63.902
(c) Trade receivables	51.279	37.043	28.999
(d) Cash and cash equivalents	4.178	3.174	3.666
(e) Short-term loans and advances	9.087	5.062	4.446
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	162.680	145.835	101.013
TOTAL	222.231	204.400	158.171

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	189.328	151.531	167.985
	Other Income	0.455	1.369	0.335
	TOTAL	189.783	152.900	168.320
Less	EXPENSES
	Cost of Materials Consumed	146.140	154.695	138.666
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(1.926)	(44.378)	(11.748)
	Employees benefits expense	25.520	22.921	19.876
	Other expenses	5.816	6.330	7.186
	TOTAL	175.550	139.568	153.980
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	14.233	13.332	14.340
Less	FINANCIAL EXPENSES	7.160	7.038	7.198
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	7.073	6.294	7.142
Less/ Add	DEPRECIATION/ AMORTISATION	2.560	2.362	1.739
	PROFIT/ (LOSS) BEFORE TAX	4.513	3.932	5.403
Less	TAX	1.416	0.973	2.043
	PROFIT/ (LOSS) AFTER TAX	3.097	2.959	3.360
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	17.506	15.059	12.210
Less	APPROPRIATIONS
	Proposed Dividend	0.000	0.441	0.441
	Provision for dividend distribution tax	0.000	0.071	0.070
	Total	0.000	0.512	0.511
	Balance Carried to the B/S	20.603	17.506	15.059
	Earnings / (Loss) Per Share (Rs.)	7.02	6.71	7.62

Particulars	31.03.2015
Sales Turnover (Approximately)	250.000

Expected Sales (2015-2016): Rs. 300.000 Million

The above information has been parted by Mr. Arvind Sharma (Accounts Manager)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	N.A	N.A	N.A
Cash generated from operations	N.A	N.A	N.A
Net cash flow from operating activity	N.A	N.A	N.A

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	1.64	1.95	2.00
Operating Profit Margin (PBIDT/Sales)	(%)	7.52	8.80	8.54
Return on Total Assets (PBT/Total Assets}	(%)	2.03	1.92	3.42
Return on Investment (ROI) (PBT/Networth)		0.11	0.10	0.15
Debt Equity Ratio (Total Debt /Networth)		1.87	2.51	1.90
Current Ratio (Current Asset/Current Liability)		1.27	1.22	1.23

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	4.408	4.408	4.408
Reserves & Surplus	32.229	34.676	37.772
Share Application money pending allotment	0.183	0.183	0.183
Net worth	36.820	39.267	42.363
long-term borrowings	36.307	42.617	47.718
Short term borrowings	33.763	55.817	31.469
Total borrowings	70.070	98.434	79.187
Debt/Equity ratio	1.903	2.507	1.869

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	167.985	151.531	189.328
		(9.795)	24.943

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	167.985	151.531	189.328
Profit	3.360	2.959	3.097
	2.00%	1.95%	1.64%

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	Yes
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 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

OPERATION

The company was quite satisfactory during the year, it shows increase in sales. The total Sales was achieved of Rs. 189.328 Million as compared to Rs. 151.531 Million during last year, whereas current year profit before taxes are arrived at Rs. 4.513 Million as compared to Rs. 3.931 Million of last year.

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Security Deposit	23.051	18.997
From Directors	7.671	4.855
From Shareholders	10.712	9.182
From Others	1.461	1.434
SHORT TERM BORROWING
Loan repayable on demand
From Bank	31.469	55.817
Total	74.364	90.285

INDEX OF CHARGES:

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10293440	24/09/2014 *	89,000,000.00	YES BANK LIMITED	9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA,, DR.  ANNIE BESANT ROAD, WORLI, MUMBAI - 400018, MAHARASHTRA , INDIA	C30647812
2	10278615	15/09/2014 *	89,000,000.00	YES BANK LIMITED	9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA,, DR.  ANNIE BESANT ROAD, WORLI, MUMBAI - 400018, MAHARASHTRA , INDIA	C30646749

FIXED ASSETS

· Factory Land

· Active Scooter

· Air Conditioner

· Bicycle

· CCTV Camera

· Computer

· Electrical Installation

· EPBX System

· Equipment and Tools

· Factory Building

· Finger Print Reader

· Furniture and Fixture

· Hero Honda Bike

· Honda City Car

· Office Equipment

· Plant and Machinery

· Water Cooler

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 records 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.66.40
UK Pound	1	Rs.101.19
Euro	1	Rs.73.89

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	TRI
Report Prepared by :	RKI

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	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--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		45

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.