1. Summary Information

		Country	India
Company Name	BHABANI PIGMENTS PRIVATE LIMITED	Principal Name 1	Mr. Amrit Lal Garg
Status	Satisfactory	Principal Name 2	Mr. Anant Kanoi
		Registration #	55-55513
Street Address	A-30, Block B-1, 3^rd Floor, Mohan Co Operative Industrial Estate, Mathura Road, New Delhi-110044, India.
Established Date	04.10.1993	SIC Code	--
Telephone#	91-11-41676738	Business Style 1	Manufacturer
Fax #	91-11-41676739	Business Style 2	--
Homepage	--	Product Name 1	Refined Copper Phthalocyanine
# of employees	--	Product Name 2	Dehydro Copper Complex of Phthalocyanine.
Paid up capital	Rs. 14,250,000/-	Product Name 3	--
Shareholders	Bodies corporate 68.60%, Directors or relatives of directors 31.40%	Banking	State Bank of India
Public Limited Corp.	NO	Business Period	18 Years
IPO	NO	International Ins.	-
Public Enterprise	NO	Rating	Ba (45)
Related Company
Relation	Country	Company Name	CEO
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2010		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	172,094,000	Current Liabilities	76,262,000
Inventories	39,336,000	Long-term Liabilities	90,626,000
Fixed Assets	245,931,000	Other Liabilities	45,542,000
Deferred Assets	000	Total Liabilities	212,430,000
Invest& other Assets	26,639,000	Retained Earnings	257,320,000
		Net Worth	271,570,000
Total Assets	484,000,000	Total Liab. & Equity	484,000,000
Total Assets (Previous Year)	306,669,000
P/L Statement as of	31.03.2010		(Unit: Indian Rs.)
Sales/ Total Income	639,447,000	Net Profit	83,890,000
Sales(Previous yr)	541,953,000	Net Profit(Prev.yr)	63,199,000

MIRA INFORM REPORT

Report Date :

04.06.2011

IDENTIFICATION DETAILS

Name :	BHABANI PIGMENTS PRIVATE LIMITED
Registered Office :	A-30, Block B-1, 3^rd Floor, Mohan Co Operative Industrial Estate, Mathura Road, New Delhi-110044.
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	04.10.1993
Com. Reg. No.:	55-55513
Capital Investment/ Paid-up Capital:	Rs.14.250 Millions
CIN No.: [Company Identification No.]	U74899DL1993PTC055513
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Refined Copper Phthalocyanine, Dehydro Copper Complex of Phthalocyanine.
No. of Employees:	Not Available

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

Maximum Credit Limit :	USD 1100000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. 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 – 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

LOCATIONS

Registered Office :	A-30, Block B-1, 3^rd Floor, Mohan Co Operative Industrial Estate, Mathura Road, New Delhi-110044, India.
Tel. No.:	91-11-41676738
Fax No.:	91-11-41676739
E-Mail :	bppl@ndf.vsnl.net.in office@bhabanipigments.com jaskansal@yahoo.co.in
Factory :	Sonepat Rohtak Road, Kharkhoda-124402, Sonepat, Haryana, India
Tel No.:	91-130-2802161
Corporate Office :	7, E Bock 2^nd Floor, Local Shopping Centre, Masjid Moth Greater Kailash II, New Delhi – 110 048, India
Tel. No.:	91-11-6211922 / 26217775
Fax No.:	91-11-6466908

DIRECTORS

AS ON 28.06.2010

Name :	Mr. Amrit Lal Garg
Designation :	Director
Address :	House No. 417, Sector -28/, Faridabad-121 008, Haryana, India
Date of Birth/Age :	25.04.1952
Date of Appointment :	04.10.1993
DIN No.:	00152990
Name :	Mr. Anant Kanoi
Designation :	Director
Address :	9, Raja Santosh Road, Kolkata-700027, West Bengal, India.
Date of Birth/Age :	22.03.1979
Date of Appointment :	15.03.2002
DIN No.:	00150667
Name :	Mr. Nitender Kumar Gupta
Designation :	Director
Address :	II E/12-C, Kalpana, Vaishali Ghaziabad-251010, Uttar Pradesh, India
Date of Birth/Age :	20.11.1954
Date of Appointment :	04.10.1993
DIN No.:	00166517
Name :	Mr. Santosh Kumar Kanoi
Designation :	Director
Address :	D-1103, New Friends Colony, New Delhi-110085, India
Date of Birth/Age :	07.01.1952
Date of Appointment :	23.06.2010
DIN No.:	00166517

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 28.06.2010

Names of Shareholders	No. of Shares
Amrit Lal Garg	121350
Master Asheesh Garg	30000
Usha Rani Garg	60900
Nitender Kumar Gupta	150
Rapid Properties Private Limited, New Delhi, India	138850
Indo Leather Private Limited, New Delhi, India	133400
Golden Pigments Private Limited, New Delhi, India	139250
Dharower Financial Services Limited	46000
Binaguri Tea Company Private Limited, Kolkata, India	269250
Kanoi Estates Private Limited, Kolkata, India	53700
Nirmal Kumar Kanoi	19200
Mohini Devi Kanoi	14550
Chandra Prakash Kanoi	19050
Santosh Kumar Kanoi	34350
Chandra prakash Kanoi HUF	14250
Sri Bhabani Investment Private Limited, Kolkata, India	183000
Usha Kanoi	14550
Bina Kanoi	14550
Satyam Kanoi	36600
Shivam Kanoi	37350
Anant Kanoi	29850
Vedant Kanoi	14850
Total	1425000

Equity Share Breakup (Percentage of Total Equity)

AS ON 30.09.2010

Category	Percentage of Holding
Bodies corporate	68.60
Directors or relatives of directors	31.40
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Refined Copper Phthalocyanine, Dehydro Copper Complex of Phthalocyanine.

PRODUCTION STATUS AS ON 31.03.2010

Particulars	Unit	Actual Production
Electricity	Kwh/kg	0.29
HSD	Kwh/kg	0.26
Rice Husk	Kwh/kg	1.21

GENERAL INFORMATION

Customers :

· Clariant

· Micro Inks

· Choksi Colours

· Asahi Songwon Colours

· Sudarshan Chemicals Industries

· Lona Industries

· Mallak Specialties

Bankers :

· State Bank of India, MID Corporate Loan, Administration Unit, 2^nd Floor, Chandni Chowk, New Delhi -110006, India.

· State Bank of India, Commercial Branch, A-5 South Extension Part-I, New Delhi-110049, India

· HDFC Bank

Facilities :

Secured Loan	As on 31.03.2009 (Rs. In Millions)	As on 31.03.2008 (Rs. In Millions)
Cash Credit from Bank (working capital loan from state Bank of India is secured against equitable mortgage of land, building and plant and machinery of the company situated at kharkhoda Dist Sonepat, land of Golden pigments private limited pledging/ hypothecation of stocks, book debts and personal guarantees of two directors of the company.	29.876	44.717
Term Loan (Terms loans from State Bank of India are secured against hypothecation of wind mill situated at Dist. Dhule (mahs.) and personally guaranteed by two directors of the company)	29.669	37.800
ICICI Bank Limited (Car Loan secured against hypothecation of car)	0.239	0.413
Total	59.784	82.930
Unsecured Loan	As on 31.03.2009 (Rs. In Millions)	As on 31.03.2008 (Rs. In Millions)
From Directors	2.748	1.685
From Shareholders	2.177	1.665
Inter Corporate Loans	9.839	5.695
Total	14.764	9.045

Banking Relations :	--
Auditors :
Name :	Maheshwari Rajiv and Company Chartered Accountant
Address :	D -288/10, Laxmi Nagar, 207, Wadhwa Complex, New Delhi-110 092, India

CAPITAL STRUCTURE

AS ON 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
1500000	Equity Shares	Rs.10/- each	Rs.15.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1425000	Equity Shares	Rs.10/- each	Rs.14.250 Millions

Note: Of the above 475000 equity shares are allotted as full paid up bonus share by way of capitalization of accumulated profits.

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		14.250	14.250	9.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		257.320	176.826	112.349
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		271.570	191.076	121.849
LOAN FUNDS
1] Secured Loans		71.797	59.784	82.930
2] Unsecured Loans		18.829	14.764	9.045
TOTAL BORROWING		90.626	74.548	91.975
DEFERRED TAX LIABILITIES		11.368	7.781	16.246
CAPITAL STATE SUBSIDY		1.500	1.500	1.500
TOTAL		375.064	274.905	231.570
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		245.931	174.742	104.658
Capital work-in-progress		18.269	7.355	5.611
INVESTMENT		8.370	11.666	12.299
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	39.336	23.398	37.363
	Sundry Debtors	115.548	56.421	98.690
	Cash & Bank Balances	21.491	3.862	6.031
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	35.055	29.225	24.735
Total Current Assets		211.430	112.906	166.819
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	76.262	15.656	37.342
	Other Current Liabilities		5.516	12.746
	Provisions	32.674	10.592	7.729
Total Current Liabilities		108.936	31.764	57.817
Net Current Assets		102.494	81.142	109.002
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		375.064	274.905	231.570

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	639.447	541.953	458.528
		Sale of Electricity		9.531	6.490
		Other Income		6.780	5.573
		TOTAL (A)	639.447	558.264	470.591
Less	EXPENSES
		Production manufacturing and maintenance expenses		426.174	370.878
		Payments to and provision for employees	493.633	5.316	4.173
		Administrative, selling and other expenses		24.580	22.338
		Plant and machinery written off		0.533	0.000
		Increase / decrease in stock		1.862	(0.006)
		TOTAL (B)	493.633	458.465	397.383
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		145.814	99.799	73.208
Less	FINANCIAL EXPENSES (D)		10.467	12.908	12.661
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		135.347	86.891	60.547
Less/ Add	DEPRECIATION/ AMORTISATION (F)		22.203	18.902	14.575
	PROFIT BEFORE TAX (E-F) (G)		113.144	67.989	45.972
Less	TAX (H)		29.254	4.790	11.634
	PROFIT AFTER TAX (G-H) (I)		83.890	63.199	34.338
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		0.077	0.349	0.177
Less	APPROPRIATIONS
		Transfer to General Reserve	80.000	69.500	32.000
		Dividend	2.850	2.137	1.900
		Tax on Dividend	0.548	0.300	0.266
	BALANCE CARRIED TO THE B/S		0.569	0.076	0.349
	Earnings Per Share (Rs.)		58.87	44.35	NA

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	13.12	11.32	7.29
Net Profit Margin (PBT/Sales)	(%)	NA	12.54	9.88
Return on Total Assets (PBT/Total Assets}	(%)	24.74	23.64	15.88
Return on Investment (ROI) (PBT/Networth)		0.42	0.35	0.37
Debt Equity Ratio (Total Liability/Networth)		0.73	0.56	1.22
Current Ratio (Current Asset/Current Liability)		1.94	3.55	2.88

LOCAL AGENCY FURTHER INFORMATION

OPERATIONAL REVIEW:

This year the production of Copper Phthalocyanine Crude(CPC) Blue in Unit-I has been 1446 tons compared to 1111 tonnes during the last year and the production of De-hydro Copper Complex of Phthalocyanine(DHCCP) Blue in Unit-Il has been 2176.75 tones as compared to 1914 tonnes during the last financial year. The Company’s net profit continued its upward trend and was equivalent to Rs.80.218 Millions compared to Rs.63.199 Millions last year. After the difficult economic scenario witnessed internationally in the second half of FY2008-09 the demand for the company’s products bounced back in the early phases of the last financial year itself and remained robust throughout the year. The company’s ability to provide superiDr quality of products coupled with its emphasis on operational efficiency yielded higher operating margins as well. The company managed to expand its customer base as well.

FUTURE OUTLOOK:

The major drivers of the pigment industry are printing inks, plastics and paints all of which are continuing to grow at a stable rate despite a recessionary phase which is being witnessed globally. The CPC Blue market should continue to have a good demand owing to the end user industries it caters to. As seen in the last couple of years, the company plans to increase its production moderately in the current financial year also.

Bankers Charges Report as per Registry

This form is for	Modification of charge
Charge identification number of the modified	10040074
Corporate identity number of the company	U74899DL1993PTC055513
Name of the company	BHABANI PIGMENTS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	A-30, Block B-1, 3^rd Floor, Mohan Co Operative Industrial Estate, Mathura Road, New Delhi-110044, India.
Type of charge	Book Debts Movable Property (not being pledge) Floating Charge Immovable Property Any interest in Immovable Property Others
Particular of charge holder	State Bank of India, MID Corporate Loan, Administration Unit, 2^nd Floor, Chandni Chowk, New Delhi -110006, India.
Email	anil.bhandari@sbi.co.in
Nature of description of the instrument creating or modifying the charge	Arrangement letter mcgrm/ys/2009-10/757 dated 20.03.10 Board resolution dated 20.03.2010 C1 agreement of loan for overall limit dated 10.04.10 C2 agreement of hypothecation of goods and assets dated 10.04.10 C4 deed of guarantee tee for overall limit dated 10.04.10(Amrit Lal Garg, Anant Kanoi) Golden pigments Private Limited (2 forms) C5 letter regarding grant of individual limits within overall limit dated 10.04.10 Consent clause(borrowers and guarantors) dated 10.04.10 RBI Declaration, Misc. Undertakings dated 10.04.10 Link letter dated 10.04.10
Date of instrument Creating the charge	20.03.2010
Amount secured by the charge	Rs.186.700 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Int. On cc (hypothecation of stocks)- SBAR effective rate 11.75% p.a. Int. On t/l : SBAR effective rate 11.75% p.a. Int. On SLC (WC) - 1% above cc interest rate Terms of Repayment Term loan I- The term loan will be repaid in 36 monthly installments w.e.f April 10 the first 35 installments of Rs. 1.208 Millions each and the last and the 36th installment of Rs. 1.220 Millions. Margin Rm-25% Stocks in process- 25% Finished goods -25% Receivables (cover period 90days)- 30% Letter of credit (avg. Usance 60 days an maxi. Usance 90 days)-10% Bank guarantee -10% Term loan (new)-50% Extent and Operation of the charge primary: Hypothecation of stock of raw material, work in progress, stores and spares, finished goods including G-I-T, all present and future book debs and S and R’bles i) EM – l and b at Khewat 21/20, Mauza Ziaudeen Pur, Kharkhoda, Haryana ii) EM -land survey 88/3,Taluka Sakri, Dhule, Maharastra iii) EM of land at SF 73/1(p) Taluka Tiupur, Coimbatore, Tamilnadu COLL: EM of land at Khewat 21/20, Mauza Ziaudeen Pur, Kharkhoda, Hr, of Golden Pigments p l(sale deed-850 dated 04.02.1994, ,630 dated 29.10.1993 and 4 22 dated 07.06.1994) Others Personal G'tee- Amrit Lal Garg, Anant Kanoi (directors) Corporate G'tee - Golden Pigments Private Limited SBI: Total exposure-186.700 Millions. Cc( hypothecation of stocks)-30.000 Millions, Cc(book debts) -50.000 Millions TL(existing)-25.200 Millions TL (New)-43.500 Millions BG-03.000 Millions LC-20.000 Millions SLC(WC)- 15.000 Millions
Short particulars of the property charged	I) Hypothecation of stock of raw material, work in progress, stores and spares, finished goods including G-I-T, all present and future book debs and S and R’bles. (value of CA’s as on 31.03.2009 (AUD) is Rs. 105.700 Millions) II) 1st chg on TFAS of the company (W.D.V.: Rs. 110.200 Millions as at 31.03.09) III) EM of l and b 2.50 acr at Khewat 21/20, Mauza Ziaudeen Pur, Kharkhoda, Haryana IV) EM of land survey 88/3(k-282), Kaltek Sakri, Dhule (Maharashtra) measuring 0.80 hectare. V) EM of land at Sf 73/1 (p) village Kallipalayan, Taluka Tiupur , Palladum, District Coimbatore, Tamilnadu.(proposed) VI) EM of land at Khewat 21/20, Mauza Ziaudeen Pur, Kharkhoda, Sonepat ,hr, of golden pigments p ltd measuring 5-87 acre or 28410 sq. yds. VII) Extension of charge on total fixed assets of the company(residual value= Rs. 149.500 Millions)
Date of latest modification prior to the present modification	08.09.2009
Particulars of the present modification	Extension of charge over increased limits of Rs. 186.700 Millions.

FIXED ASSETS

Ø Factory Land

Ø Wind Mill Land

Ø Office Land

Ø Office Building

Ø Buildings and Roads

Ø Buildings for Wind Mill

Ø Plant and Machinery

Ø Wind Mill Machinery

Ø Furniture and Fixtures and Equipments

Ø Vehicle

AS PER WEBSITE:

PROFILE

Subject commenced production in 1995 with prime objective to satisfy, through quality conscious production methods, the need of a professional company to manufacture and supply Phthalocyanine pigments to all its end users. They are one of the largest manufactures of CPC in India and they are known for the consistent quality and reliability.

The ethos of the company is to continuously strive to increase efficiency and to innovate. They emphasize and encourage the need to build long term supplier relationships by working with the customers to understand and fulfill their needs. The success is based on the ability to implement the philosophy and the readiness to adapt to the ever changing market environment.

BPPL is a subsidiary of a group which has other business interests in the areas of Tea, Education, Energy and Real Estate.

Company Growth

• Modest beginning with a 300 TPA plant in 1995
• 2nd unit in 1999 increasing installed capacity to 1200 TPA
• Current installed capacity is in excess of 4000 TPA
• Planning to set up 12000 TPA plant in Vadodara, Gujarat
• Set up a new plant to manufacture finished pigments in 2009
• Started manufacturing of Phthalocyanine Green
• Achieved a sustained CAGR of 23% P.A. since inception

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.44.85
UK Pound	1	Rs.73.29
Euro	1	Rs.64.89

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
--PROFITABILIRY	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	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
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.