MIRA INFORM REPORT

Report Date :

18.04.2011

IDENTIFICATION DETAILS

Name :	ANANYA
Registered Office :	DN – 23, Market Street, Bidhannagar, Durgapur – 713212, District – Burdwan, West Bengal
Country :	India
Date of Incorporation :	10.11.2009
Com. Reg. No.:	190091103280
PAN No.: [Permanent Account No.]	ANTPG9651P
Legal Form :	Sole Proprietory Concern.
Line of Business :	Manufacturer of Handy Crafts Item (Textile) Bandhni, Batik and Acid Designing and Printing on Saris (Silk and Cotton).

RATING & COMMENTS

MIRA’s Rating :

B

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

Status :	Small Concern
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is a relatively small concern in its field. The valuation report and networth statement provided are of for lesser value than the proposal amount. No further details or payment could be made available. It would be advisable to take adequate securities with the subject.

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 – April 1, 2010

Country Name	Previous Rating (31.12.2009)	Current Rating (01.04.2010)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INFORMATION PARTED BY

Name :	Mrs. Chandana Ghosh
Designation :	Proprietor
Contact No.:	91-9434388942
Date :	12.04.2011

LOCATIONS

Registered Office :	DN – 23, Market Street, Bidhannagar, Durgapur – 713212, District – Burdwan, West Bengal, India
Tel. No.:	91-343-2533731
Mobile No.:	91-9434388942 (Mrs. Chandana Ghosh)
E-Mail :	saikantankit@gmail.com
Area :	2800 sq. ft. (4 Kattah)
Location :	Rented
Factory :	P – 20 B, Plot No.-370, Khatian No.- 2999, JL No – 85, Mouza – Gopinathpuri, P. S. Durgapur, District Burdwan, West Bengal, India
Area :	3120 sq. ft.
Location :	Leased

SOLE PROPRIETOR

Name :	Mrs. Chandana Ghosh
Designation :	Proprietor
Address :	DN – 23, Market Street, Bidhannagar, Durghapur – 713212, West Bengal, India
Date of Birth/Age :	21.09.1973
Qualification :	B. A. in 1999
Experience :	5 years

BUSINESS DETAILS

Line of Business :	Manufacturer of Handy Crafts Item (Textile) Bandhni, Batik and Acid Designing and Printing on Saris (Silk and Cotton).
Terms :
Selling :	Credit (60 days)
Purchasing :	Credit (60 days)

GENERAL INFORMATION

Customers :	Wholesalers, Retailers and End Users
No. of Employees :	4 (Approximately)
Bankers :	· Corporation Bank Durgapur Branch, Bhringhee, Nachan Road, Durgapur, West Bengal, India

Banking Relations :	--
Auditors :	Not Available

CAPITAL STRUCTURE

Capital Investment :
Owned :	Not Available
Borrowed :	Not Available
Total :	Not Available

FINANCIAL DATA

[all figures are in Rupees Millions]

NEW CONCERN

LOCAL AGENCY FURTHER INFORMATION

PROJECT AT A GLANCE

Name of the Unit

Ananya

Introduction

Name and Address of the Entrepreneur

DN – 23, Market Street, Bidhanagar, Durgapur – 713212

Mobile No.: 91-9434388942/ 9434200763

Constitution of the Company/ Organization

Proprietorship

Location

- Factory

- Office

WBSIDC- Land, JP Avenue, Durgapur – 71322

Products details / item of Production

Product/No	Unit Cost PA.	Total Sale Value
Silk Saree
1000	Rs.3500	Rs.3.500 Millions
Cotton Saree
10,000	Rs.350	Rs.3.500 Millions
Total		Rs.7.000 Millions

(On the basis of 100% Capacity)

Uses of Product(s)

Mainly for consumer sales

Marketing Scope

Product will be sold through whole Seller and retail cloth merchant at Durgapur, Asansol and Ranigan of Burdwan district

Availability of Raw Material/ Components:

Indigenous available at Kolkata

Requirement of Power

10 H. P.

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PROPRIETOR’S PROFILE

Name	Mrs. Chandana Ghosh
Address:	DN – 23, Market Street, Bidhannagar, Durgapur – 713212, District – Burdwan Phone No.: 91-343-2533731 Mobile No.: 91-9434388942 Email: saikantankit@gmail.com
Technical Qualification :	Beautician course from (E.S.I.l.) Ecumenical Social and Industrial Institute , Bidhannagar, Durgapur - 12 in 2006-2007 Batik printing of Fashionable garments making (for women) training obtained “Entrepreneurship Development Programme” from Govt. of West Bengal Directorate of Small Scale Enterprises Ancillary Industries Development Cell and Sub Die, Durgapur, in 2010. Jute Handycraft basic training programme obtained from Jute Service Centre, Burdwan under National Jute Board Ministry of Textiles under the Jute Technology Mission with collaboration WEBCON (A Government enterprise) in 2010. Training obtained from the Ecumenical Social and Industrial Institute on Sewing in 1991-1992. First Aid training obtained from Indian Red cross Society, Durgapur Sub Divisional Branch , Dist. - Burdwan in West Bengal in 1992-1993 Training at Shildayan Art and Craft Centre, B- 1 Nandankanon, Kolkata - 75 in 2007 from Pidilite industries Limited, Regent Chambers, Mumbai - 21 under Fevicryl Brand. As a Judgement trainer certificate obtained from Pidilite Industries Limited Regent Chambers Mumbai - 21. tinder Fevicryl Brand at Shilpayan Art and Craft Centre. U- I. Nandankanon, Kolkata - 75 in 2007.
Work Experience :	Domestic Handy Craft Boutique, Durgapur, West Bengal.
Extra Curricular Activities	Presently provides training on Boutique items as a trainer to needy people under “Ankit Educational Society for needy women.
Community Activity	Working as a Secretary for “Ankit Educational Society” at Durgapur for social welfare Training the needy self trying to make them self employed.
Interest and Activities	To be a good established trainer on Handy craft items so also to establish the Best Manufacturing unit, at Durgapur.
Volunteer Experience	Free training classes at times for interested person to make them self confident on Textile products at near by locality.

OBJECTIVE

To establish manufacturing unit for Handicraft unit based on Textile (Santiniketan Process) Badhni, Batik, Silk Cloth Printing on Cotton Thhan and Silk Thhan to serve middle income family at competitive price with quality product and design.

MARKETING

The product is Cotton and Silk Saree consumable item. Sale through retailer, entrepreneur has already made some net work with whole sellers and retailer in Durgapur / Asansol and Kolkata. They assured their off take of materials from the unit. Huge demand for the product, presently 90% of the requirement are coming from Kolkata and other places.

As the entrepreneur is technically sound, she can add some value and can make some innovative design to create new look of the product which has highly demand in Durgapur and surrounding market.

LAND AND BUILDING

Land in sq. ft./ Kathas/ Bighas (4 Kathas Own)	0.280
Land Development and Boundary Wall	0.130
Plant and Machineries	0.950
Electric Installation	0.160
Shed (1500 sq. ft.)	0.525
Building – 600 sq. ft.	0.350
Furniture and Fixtures	0.150
Preliminary and Pre-Operative Expenses	0.200
Total	2.745

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PROJECT COST

Particulars	(Rs. In Millions)
Fixed Investment	2.745
Margin in Working Capital	0.250
Total	2.995

MEANS OF FINANCE

Particulars	(Rs. In Millions)
Term Loan	2.000
Promoter’s Contribution	0.995
Total	2.995
Working Capital required	1.000
Less: Margin	0.250
Working Capital Loan	0.750

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PROJECTION OF PERFORMANCE, PROFITABILITY AND REPAYMENT

(RS. IN MILLIONS)

Particulars	1^st Year	2^nd Year	3^rd Year	4^th Year	5^th Year
Production during the year (Quantity) % Utilization Installed Capacity M. T.
Sales	6.000	8.300	9.500	12.000	12.500
Cost of Production
Raw Material Consumed	4.500	6.400	7.200	9.500	9.800
Power and fuel	0.060	0.060	0.075	0.100	0.125
Direct Labour and Wages	0.300	0.400	0.500	0.600	0.660
Consumable Stores	0.150	0.160	0.180	0.200	0.210
Repairs and Maintenance	0.050	0.075	0.100	0.130	0.140
Other Manufacturing Expenses	0.060	0.075	0.100	0.125	0.130
Depreciation/ Development Rebate Reserve	0.100	0.075	0.060	0.050	0.045
Total Cost of Production	5.220	7.245	8.215	10.705	11.110
Add: Opening Stock in Process and finished Goods	--	0.300	0.400	0.400	0.500
Deduct: Closing stock in Process and Finished Goods	0.300	0.400	0.400	0.500	0.600
Cost of Sales	4.920	7.145	8.215	10.555	11.070
Gross Profit	1.080	1.155	1.285	1.455	1.470
Interests on
- Term Loans Rs.2.000 Millions	0.260	0.200	0.140	0.080	0.020
- Working Capital	0.100	0.100	0.125	0.125	0.125
- Other Loans, If any	--	--	--	--	--
Selling General and Administrative Expenses	0.250	0.275	0.300	0.325	0.360
Profit Before Taxation	0.470	0.580	0.720	0.925	0.940
Provision for Taxes	0.070	0.100	0.140	0.200	0.210
Net Profit	0.400	0.480	0.580	0.725	0.730
Depreciation Added back	0.100	0.075	0.060	0.050	0.045
Net Cash Accruals	0.500	0.555	0.640	0.775	0.775
Repayment Obligations
- Toward Term Loans	0.400	0.400	0.400	0.400	0.400
- Toward Other Loans, If any	--	--	--	--	--
Total Repayment	0.400	0.400	0.400	0.400	0.400
Debt Services Ratio	1:1.25	1:1.4	1:1.6	1:2	1:2

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CASH FLOW STATEMENT

(RS. IN MILLIONS)

Particulars	1^st Year	2^nd Year	3^rd Year	4^th Year	5^th Year
SOURCES OF CASH
Cash Accruals (Viz Net Profit Before Taxation to which shall be added Interest	0.760	0.780	0.845	0.930	0.900
Increase in Shares Capital Equity/ Preference	--	--	--	--	--
Depreciation	--	--	--	--	--
Increase in Long term Loans/ Debentures	2.000	--	--	--	--
Increase in Deferred Payment Facilities	--	--	--	--	--
Decrease in Unsecured Loans/ Deposits	--	--	--	--	--
Decrease in Unsecured Loans and Deposits	--	--	--	--	--
Increase in Bank Borrowings for Working Capital	0.750	0.750	0.750	0.750	0.750
Sale of Fixed Assets/ Investments	--	--	--	--	--
Other (Specify)	--	--	--	--	--
TOTAL SOURCES (A)	4.505	1.530	1.595	1.690	1.650
B. DEPLOYMENT OF FUNDS
Preliminary and Pre – Operative Expenses	0.220	--	--	--	--
Increase in Capital Expenditure	2.545	--	--	--	--
Increase in Current Assets	--	--	--	--	--
- Inventories	0.500	0.600	0.650	0.725	0.750
- Others	0.200	0.200	0.200	0.275	0.300
Decrease in Long term Loans/ Debentures	0.400	0.400	0.400	0.400	0.400
Decrease in Deferred Payment Facilities	--	--	--	--	--
Increase in Investment	--	--	--	--	--
Interests	0.360	0.300	0.265	0.205	0.170
Taxation	--	--	--	--	--
Dividend paid	--	--	--	--	--
Expenses	--	--	--	--	--
TOTAL DEPLOYMENT (B)	4.205	1.500	1.590	1.605	1.625
Opening Cash Balance	--	0.300	0.330	0.415	0.500
Net Surplus (A-B)	0.300	0.030	0.085	0.085	0.025
Closing Cash Balance	0.300	0.330	0.415	0.500	0.525

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PROJECTED BALANCE SHEET

(RS. IN MILLIONS)

Particulars	1^st Year	2^nd Year	3^rd Year	4^th Year	5^th Year
A. LIABILITIES
Equity Shares Capital	0.995	0.995	0.995	0.995	0.995
Reserve and Surplus	0.400	0.875	1.500	2.100	2.600
Term Loans	2.000	1.600	1.200	0.800	0.400
Working Capital	0.750	0.750	0.750	0.750	0.750
Other Liabilities	0.000	0.000	0.000	0.000	0.000
TOTAL LIABILITIES	4.145	4.220	4.445	4.645	4.745
B. ASSETS
Fixed Assets	2.745	2.645	2.570	2.510	2.460
Less: Depreciation	0.100	0.075	0.060	0.050	0.042
Net Assets	2.645	2.570.	2.510	2.460	2.415
Investment	--	--	--	--	--
Current Assets	1.000	1.250	1.460	1.640	1.680
Cash in Hand	0.500	0.500	0.475	0.545	0.650
TOTAL ASSETS	4.145	4.220	4.445	4.645	4.745

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ASSESSMENT OF WORKING CAPITAL

(RS. IN MILLIONS)

Particulars	1^st Year	2^nd Year	3^rd Year	4^th Year	5^th Year
1. CURRENT ASSETS
Raw Materials (Two Months consumption)	0.600	0.700	0.700	0.800	0.800
Fuel for one month	0.015	0.020	0.020	0.025	0.030
Consumable (Three Month)	0.025	0.030	0.040	0.050	0.060
Stock in Process	0.150	0.175	0.200	0.225	0.250
Finished Goods (15 days)	0.200	0.250	0.300	0.350	0.400
Receivables (45 Days)	0.200	0.300	0.300	0.350	0.400
Advance to Suppliers	0.050	0.050	0.075	0.075	0.075
TOTAL CURRENT ASSETS	1.240	1.525	1.635	1.875	2.015
2. CURRENT LIABILITIES
Creditors for purchases of Raw Materials	0.050	0.100	0.125	0.175	0.225
Advance from customers	0.050	0.060	0.070	0.080	0.100
Accrued Expenses	0.040	0.075	0.090	0.150	0.175
Statutory Liabilities	0.030	0.050	0.065	0.100	0.125
Other Current Liabilities	0.025	0.040	0.050	0.050	0.060
TOTAL CURRENT IABILITIES	0.195	0.325	0.400	0.555	0.685
Working Capital Gap	1.045	1.200	1.235	1.320	1.330
Margin for Working Capital	0.250	0.300	0.330	0.350	0.350
Bank Borrowings	0.795	0.900	0.900	0.970	0.980

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STATEMENT OF ASSETS AND LIABILITIES

MRS. CHANDANA GHOSH

(RS. IN MILLIONS)

IMMOVABLE PROPERTY

Particulars	For Factory (Commercial and Industrial Plot)
Year of Acquisition	2010
Survey No./ House No./ Village	P – 20 B, Plot No.-370, Khatian No.- 2999, JL No – 85, Mouza – Gopinathpuri, P. S. Durgapur, District Burdwan, West Bengal, India
Area (Acres, Sq. ft., Cent)	4.0 Cottahs
Details document Cantering right	Registered sale deed with ADSR/ Durgapur, vide - I – 4868. Dated 25.06.2010
Approximately Value	Rs.0.850 Million

MOVABLE ASSETS

Furniture and Fixtures/ Machineries	0.050
Jewels	0.050
Total	Rs.0.100 Million

IMMOVABLE ASSETS	MOVABLE ASSETS	LIABILITIES	NETWORTH
Rs.0.850 Million	Rs.0.100 Million	--	Rs.0.950 Million

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VALUATION REPORT

Purpose for which the valuation is made	M/s Ananya To assess the present market value of the property for collateral security to corporation Bank.
Date of valuation	19.12.2010
Name of Owner	M/s Ananya Represented By: Mrs. Chandana Ghosh
If the property is under joint ownership/co-ownership share of each such owner. Are the shares undivided?	Solely owned by the owner
Brief description of the property	A Vacant plot of land 4.0 Cattah leased from WBSIDC Limited for Commercial /Industrial use.
Location, Street, Ward No.	LOP- P 20 B, C. S. Plot No - 370, Khetian No. - 2999, J.L No. - 85, Mouza - Gopinathpur, P. S. Durgapur, Dist.- Burdwan.
Is the property situated in residential / commercial / industrial / mixed area?	Commercial and Industrial Area
Classification of locality high class / Middle class / poor class	Middle Class
Proximities to civic amenities ie school / college / hospital / offices / market etc.	All Types of Civic Amenities are available near by.
Means and proximity to surface communication by which the locality is served	All Types of surface Communication are available.
LAND
Area of land supported by documentary proof, shape, dimensions and physical features.	Registered Sale Deed with A. D. S. R/ Durgapur Vide : I- 4868 Dt.: 25.06.2010 Area of Land – 4.0 Cottas Pot Size : North and South - 30.5’ East and West – 94’ Butted and Bounded by :- North — 40’ Wide Internal Road South — Boundary Wall of WBSIDC Limited East — Plot No. P2OA West — Plot No. P-21
Roads, Streets or Lanes on which the land is abutting.	Abutts on 40’ wide Internal Road.
Is it freehold or leasehold land?	Leasehold Land period of 30 years from 20.04.2010 to 19.04.2040.
if leasehold, the name of leasor/ leasee nature of lease dates of commencement and termination of lease and terms of renewal of lease:	Leasehold Land From WBSIDC represented by Mr. K A Mokid (Lessor) and ‘Ananya’ represented by Mr. Chandana Ghosh (Lessee)
Is there any restrictive covenant in regard to use of land? If so attach a copy of the covenant?	Yes, Land Cannot be transferred without permission of lessor.
Does the land fall in area included in any town planning scheme or any development plan of Govt and statutory body? if so, give details	Yes, Asansol Durgapur development Authority Area.
RENTS
What is the amount of Property tax? Who is to bear it? Gove details with documentary proof.	Available with owner.
SALES
Give instance of sale of immovable property in the locality on a separate sheet, including the name and address of the property, registration No. sale price and area land sold.	Information is not available.
If sale instances are not available or relied upon the basis of arriving at the land rate	As per local enquiry and enquiry with real estate agents.
VALUATION The plot of land is leasehold land from WBSIDC Limited which is provided by WBSIDC Limited undeveloped. The lessee have to develop the land level it for starting industrial activity. The price of land at Durgapur have increased considerably due to scare city of land at Durgapur and development of infrastructure by ADDA/ WBSIDC Limited. The plot is at prime locality/ commercial area at WBSIDC limited. Industrial Area on Muchipara Durgapur Station road, No of commercial establishment have come up and no. of establishments over under construction. The plot is near G T Road and well connect4ed by Road transport to Durgapur station and G T road. On extensive enquiry locally and with real estate agents the market price of lease hold land in the locality varies from Rs.70,000/- per katthas Rs.80,000/- per kattas depending on the location. I adopt the average rate of Rs.75,000/- per kattas. Considering all factors, upward trend in land price society of land in the locality and minimum expected return Rs.75,000/- per kattas is adopted for valuation. Value of Land : 4.0 Kattas @ Rs.75,000/- per kattas = Rs.3,00,000.00 Reralisable/ Force sale value: 95% of Rs.3,00,000.00 is Rs.2,75,000.00

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PERSONAL ASSETS OF THE PROPRIETOR

Name	Description of the Assets Owned by them	Amount	Whether offered as security
Mrs. Chandana Ghosh	Land	300000	Yes
Mrs. Chandana Ghosh	Household Goods	50000	Yes
Mrs. Chandana Ghosh	Gold	50000	Yes

SWOT ANALYSIS OF THE UNIT

STRENGTH · Leasehold Land at Prime Industrial Place renewable after 30 years · Technically highly sound. · Experienced in this profession 8 years	WEAKNESS · Financially weak to commercialese the production thereby seeking Bank’s help.
OPPORTUNITIES · Wide Market · Necessity item for middleclass family to high class of people. · Export oriented product.	THREATS · Natural Calamities · Sudden hike in custom duties by government reducing demand in foreign · Sudden political upset resulting to civil war.

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COMPANY PROFILE:

The Foundation started its economic empowerment efforts by focusing on the improvement of status of women in underprivileged areas through three Income-Generating Handicraft projects: the Bani Hamida Women Weaving project, the Jordan River Designs project, and the Wadi Al-Rayan project. The nature of the intervention of the Foundation was reflected through providing women in these areas with employment opportunities while reviving a traditional cultural practice.

At the time these projects were established, employment opportunities for women in underprivileged communities were non-existent; employment for women was something unheard. The role of women was only to stay home to attend to family matters. The Foundation utilized handicrafts production as a mean to employ women from their homes while building on existing skills and resources, preserving cultural heritage and responding to the cultural barriers exerted on working women.

The three Income-Generating Handicraft projects of the Foundation focus on training women to help them supplement their families’ income. These projects, under the Jordan River Foundation, are run as small businesses where the Foundation has a major role in the management, operations and marketing of these products. The production process is the only activity that is being run by the local communities; however, the Foundation’s staff closely monitors it. These projects, in addition, do not have a separate legal entity from the Foundation.

As these communities overcome the challenges of cultural barriers, and members received several technical and managerial training, these projects are managed by the beneficiaries themselves with minimal supervision from the Foundation. Currently, participation, innovation and sustainability are the main underlying themes in these income- generating handicraft initiatives.

While challenges remain, local residents have taken over most aspect of project leadership and have also become leaders in their communities - in the recent municipal elections, the project manager of the Bani Hamida Handy craft Textile project was one of the six women nationally elected to local councils.

The high quality traditional hand-made items with a contemporary flavor are sold worldwide and featured in prominent home-furnishing magazines and publications. To view and purchase our handicrafts, the products’ gallery on the various website boasts a wide selection of items that is being developed to allow e-commerce.

Presently with all the relevant certificate as obtained by this lady proprietor in this field through Govt Course inspires her to be one such foundation in a style where she can set herself in the mind of Indians as a First Step as an Indian lady towards such type of already success as proved by the Jordan’s a mileage to India through this Project.

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 records 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.44.52
UK Pound	1	Rs.72.72
Euro	1	Rs.64.41

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.