MIRA INFORM REPORT

Report No. :	342905
Report Date :	29.09.2015

IDENTIFICATION DETAILS

Name :	EMERSON NETWORK POWER (PUNE) PRIVATE LIMITED (w.e.f. 30.07.2012)
Formerly Known As :	DB POWER ELECTRONICS PRIVATE LIMITED
Registered Office :	Plot No 120 / 37, Ramtekadi Industrial Area, Hadapsar, Pune – 411013, Maharashtra
Tel. No.:	91-20-27039271
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	27.02.1996
Com. Reg. No.:	11-097677
Capital Investment / Paid-up Capital :	Rs.25.000 Million
CIN No.: [Company Identification No.]	U32107PN1996PTC097677
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	PNED03308E
PAN No.: [Permanent Account No.]	AAACD6336P
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in the business of manufacturing and marketing of Uninterruptible Power Supply (UPS) Systems and related equipment and services.
No. of Employees :	Information declined by the management.

RATING & COMMENTS

MIRA’s Rating :

A (66)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well-established company incorporated in the year 1996. It has fine track. Management has reported growth in its scale of operations marked by top line growth of 13.8% on revenue of Rs.2147.693 Million as compared with Rs.1889.710 Million of previous year. The company has achieved profitability margin of 13% in the FY 2014. The rating derives strength from strong financial base, good liquidity position and zero debt balance sheet profile. Trade relations are fair. Business is active. Payment are regular and as per commitment. In view of long business track record, the company can be considered 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

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 DENIED BY

Name :	Mr. Khadekar
Designation :	Account Manager
Contact No.:	91-20-27039271
Date :	28.09.2015

LOCATIONS

Registered Office :	Plot No 120 / 37, Ramtekadi Industrial Area, Hadapsar, Pune – 411013, Maharashtra, India
Tel. No.:	91-20-27039271 / 26808000 / 30469200
Fax No.:	91-20-26808000 / 30469214
E-Mail :	gopal.joglekar@emerson.com
Website :	www.emersonnetworkpower.com
Factory :	Located At: Pune, Maharashtra, India Satara, Maharashtra, India
In-house Research and Development Centre :	Pune, Maharashtra, India

DIRECTORS

As on 30.09.2014

Name :

Mr. Franco Costa

Designation :

Director

Address :

Castel San Pietro Terme, Via Scania 631/B, Bologna, 40024, Italy

Date of Birth/Age :

18.12.1963

Date of Appointment :

26.08.2008

DIN No.:

02253527

Name :

Mr. Peush Mahajan

Designation :

Director

Address :

EC/105, Block EC Maya Enclave, Hari Nagar, New Delhi - 110046, Delhi, India

Date of Birth/Age :

16.03.1953

Date of Appointment :

30.09.2013

DIN No.:

03080336

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	U28991UP1970GOI003577	BHARAT PUMPS AND COMPRESSORS LIMITED	Nominee director	24/05/2010	24/05/2010	23/04/2012	Active	NO
2	L74899DL1965GOI004352	ENGINEERS INDIA LIMITED	Director	07/09/2011	15/11/2010	01/04/2013	Active	NO
3	U32107PN1996PTC097677	EMERSON NETWORK POWER (PUNE) PRIVATE LIMITED	Director	30/09/2013	30/09/2013	-	Active	NO
4	U74899DL1987PTC027800	ADVANCE VALVES PRIVATE LIMITED	Director	24/09/2014	24/09/2014	-	Active	NO

Name :

Mr. Sridar Narayanswami

Designation :

Director

Address :

503/504, Celebration City of Joy Station Road, Mulund (West), Mumbai - 400080, Maharashtra, India

Date of Birth/Age :

20.07.1973

Date of Appointment :

13.09.2012

DIN No.:

05290172

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	U32107PN1996PTC097677	EMERSON NETWORK POWER (PUNE) PRIVATE LIMITED	Director	13/09/2012	30/01/2012	-	Active	NO
2	U31200DL1991PTC043306	LEROY SOMER INDIA PRIVATE LIMITED	Director	08/11/2012	24/04/2012	-	Active	NO
3	U29192PN1993PTC071223	Emerson Climate Technologies (India) Private Limited	Managing director	23/05/2013	01/10/2012	-	Active	NO

Name :

Mr. Laxman E Aglawe

Designation :

Director

Address :

C-202, Classique, Neelkanth Palms, Off G. B. Road, Thane - 400607, Maharashtra, India

Date of Birth/Age :

01.06.1967

Date of Appointment :

13.09.2012

DIN No.:

05290176

Name :

Mr. Vasudevan Rajagopalan

Designation :

Director

Address :

306/307, Building No. 2B, Garden Enclave, Vasant Vihar, Pokharan Road No. 2, Thane (West), Thane - 400610, Maharashtra, India

Date of Birth/Age :

15.05.1965

Date of Appointment :

30.09.2013

DIN No.:

06452741

Name :

Mr. Tuhin Mukherjee

Designation :

Director

Address :

803, 2-A,Siddhachal PH-6, Pokharan Road No.2, Vasant Vihar, Thane - 400601, Maharashtra, India

Date of Birth/Age :

23.09.1964

Date of Appointment :

30.09.2013

DIN No.:

06725558

KEY EXECUTIVES

Name :	Mr. Khadekar
Designation :	Account Manager

MAJOR SHAREHOLDERS

As on 30.09.2014

Names of Shareholders	No. of Shares
Chloride Supplies Limited, UK	855505
Chloride Group PLC, UK	432500
National Securities Depository Limited, India	1211995
Total	2500000

As on 30.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	98.00
Bodies corporate	2.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in the business of manufacturing and marketing of Uninterruptible Power Supply (UPS) Systems and related equipment and services.

Products :

Product Description	Item Code No. (ITC Code)
UPS	85044029
DAPC	85040000
Insta Switch	85041111

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Selling :

Not Divulged

Purchasing :

Not Divulged

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
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

Reference :	Not Divulged
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 :

Information declined by the management.

Bankers :

Banker Name	Corporation Bank
Branch Address	Industrial Finance Branch, 14, Pune Mumbai Road, Wakdewadi, Pune – 411003, Maharashtra, 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

Auditors :
Name :	B. B. S. R. and Company Chartered Accountants
Address :	1st Floor, Lodha Excelus Apollo Mills Compound, N. M. Joshi Marg, Mahalaxmi, Mumbai – 400011, Maharashtra, India
PAN No.:	AAKFB4397F
Memberships :	Not Available
Collaborators :	Not Available
Holding company (As on 31.03.2014) :	Chloride Supplies Limited, United Kingdom
Fellow Subsidiary company (As on 31.03.2014) :	Emerson Process Management (India) Private Limited, India Emerson Network Power Industrial System, France Emerson Network Power (India) Private Limited, India Atlas Asia Limited, Aland Islands Emerson Network Power (Singapore) Pte Limited, Singapore Emerson Philippines, Philippines Emerson Network Power (Hong Kong) Limited, Hong Kong Emerson Network Power (Thailand) Company Limited, Thailand Emerson Del Peru S.A.C, Peru Emerson Network Power (Malaysia) SDN BHD, Malaysia Chloride SPA, Italy Emerson Climate Technologies (India) Limited, India Emerson Process Management Chennai Limited, India Emerson Network Power S.R.L. – Italy Emerson Innovation Center-Pune, India Emerson Technologies Information Solutions, Italy Pt Emerson Indonesioa, Indonesia Emerson Network Power (Viatnam) Company Limited, Vietnam Virgo Valves and Controls Private Limited, India Emerson Network Power Limited, Southampton United Kingdom Emerson Network Power China, China
Intermediate Holding Company (As on 31.03.2014) :	Chloride Group Plc, United Kingdom
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives (As on 31.03.2014) :	DB Electronics, India

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital:

No. of Shares	Type	Value	Amount
2500000	Equity Shares	Rs.10/- each	Rs.25.000 Million

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
2500000	Equity Shares	Rs.10/- each	Rs.25.000 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	25.000	25.000	25.000
(b) Reserves & Surplus	1656.847	1377.226	1099.131
(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)	1681.847	1402.226	1124.131
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.562	1.691
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.471	0.000	0.000
(d) long-term provisions	49.722	54.994	37.380
Total Non-current Liabilities (3)	50.193	55.556	39.071
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	397.121	367.034	293.043
(c) Other current liabilities	100.634	126.841	105.848
(d) Short-term provisions	45.675	48.516	23.343
Total Current Liabilities (4)	543.430	542.391	422.234
TOTAL	2275.470	2000.173	1585.436
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	126.554	137.252	154.519
(ii) Intangible Assets	6.725	9.186	12.476
(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	0.675
(c) Deferred tax assets (net)	28.374	17.364	5.772
(d) Long-term Loan and Advances	8.460	8.978	9.372
(e) Other Non-current assets	0.000	0.507	29.039
Total Non-Current Assets	170.113	173.287	211.853
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	348.072	254.409	263.625
(c) Trade receivables	538.348	494.031	436.423
(d) Cash and cash equivalents	845.651	667.833	154.665
(e) Short-term loans and advances	365.529	407.561	511.226
(f) Other current assets	7.757	3.052	7.644
Total Current Assets	2105.357	1826.886	1373.583
TOTAL	2275.470	2000.173	1585.436

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income
	Other Income
	TOTAL	2147.693	1889.710	1559.660
Less	EXPENSES	1721.582	1473.744	1291.088
	PROFIT/ (LOSS) BEFORE TAX	426.111	415.966	268.572
Less	TAX	146.491	137.872	85.592
	PROFIT/ (LOSS) AFTER TAX	279.620	278.094	182.980
	EARNINGS IN FOREIGN CURRENCY	396.152	165.535	NA
	Earnings / (Loss) Per Share (Rs.)	111.848	111.2376	73.192

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	0.000	1.137	1.280
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operations	142.091	473.899	448.508

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Total Income)	(%)	13.02	14.72	11.73
Return on Total Assets (PBT/Total Assets}	(%)	18.96	20.98	17.01
Return on Investment (ROI) (PBT/Networth)		0.25	0.30	0.24
Debt Equity Ratio (Total Debt/Networth)		0.00	0.00	0.00
Current Ratio (Current Asset/Current Liability)		3.87	3.37	3.25

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	25.000	25.000	25.000
Reserves & Surplus	1099.131	1377.226	1656.847
Net worth	1124.131	1402.226	1681.847
long-term borrowings	1.691	0.562	0.000
Short term borrowings	0.000	0.000	0.000
Current Maturities of Long Term Debt	1.280	1.137	0.000
Total borrowings	2.971	1.699	0.000
Debt/Equity ratio	0.003	0.001	0.000

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	1559.660	1889.710	2147.693
		21.162	13.652

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	1559.660	1889.710	2147.693
Profit	182.980	278.094	279.620
	11.73%	14.72%	13.02%

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)	No
16	No. of employees	No
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	No
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	No
35	Negative Reporting by Auditors in the Annual Report	No

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Deferred Payment liabilities	0.000	0.562
Total	0.000	0.562

INDEX OF CHARGES

S. NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	90092289	18/09/2003	22,500,000.00	CORPORATION BANK	INDUSTRIAL FINANCE BRANCH, PUNE-MUMBAI ROAD; WAKD  EWADI, PUNE - 411003, MAHARASHTRA, INDIA	-
2	90085925	13/11/2001	5,000,000.00	RUPEE CO-OP. BANK LIMITED	CAMP BRANCH, PUNE - 411001, MAHARASHTRA, INDIA	-
3	90084859	30/06/1998	1,500,000.00	RUPEE CO-OP. BANK LIMITED	CAMP BRANCH, PUNE - 411001, MAHARASHTRA, INDIA	-
4	90084500	13/11/2001 *	4,000,000.00	RUPEE CO-OP. BANK LIMITED	CAMP BRANCH, PUNE - 411001, MAHARASHTRA, INDIA	-

* Date of charge modification

BACKGROUND

Subject was incorporated as DB Power Electronics Private Limited in February 1996 under the Companies Act, 1956. 80% of the equity share capital is held by the holding company i.e. Chloride Supplies Limited. The ultimate holding company is Emerson Electric Company, U.S.A. The Company has changed its name to Emerson Network Power (Pune) Private Limited w.e.f. 30 July 2012.

The Company is primarily engaged in the business of manufacturing and marketing of Uninterruptib1e Power Supply (UPS) Systems and related equipment and services. Manufacturing facilities for UPS is set up at Pune (Maharashtra) and Satara (Maharashtra). The Company also has in-house Research and Development centre at Pune.

CONTINGENT LIABILITIES:

(Rs. in Million)

PARTICULARS	Rs. In Million 31.03.2014	Rs. In Million 31.03.2013
Bank guarantees	178.100	149.698
Claims against the Company not acknowledged as debts
- Excise duty	2.999	2.999
- Income tax	4.858	4.858
- Sales tax matters	24.770	9.640
Other disputed matters	2.023	2.023
Total	212.750	169.218

FIXED ASSETS

• Land
• Buildings
• Plant and Equipment
• Factory Equipments
• Furniture and Fixtures
• Vehicles
• Office Equipment
• Computer Equipments

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.66.08
UK Pound	1	Rs.100.31
Euro	1	Rs.73.81

INFORMATION DETAILS

Information Gathered by :	SVA
Analysis Done by :	TRI
Report Prepared by :	PNM

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	8
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILITY	1~10	8
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	8
--CREDIT LINES	1~10	7
--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		66

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.