MIRA INFORM REPORT

Report Date :

15.11.2011

IDENTIFICATION DETAILS

Name :	SMITABH INTERCON LIMITED
Registered Office :	“Vardaan”, Suite No-406, 25A, Camac Street, PS Park, Kolkata-700016, West Bengal
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	31.08.1995
Com. Reg. No.:	21-073960
Capital Investment/ Paid-up Capital:	Rs.14.810 millions
CIN No.: [Company Identification No.]	U24139WB1995PLC073960
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Exporter of HDPE Bags
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 270000
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 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 – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
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 :	“Vardaan”, Suite No-406, 25A, Camac Street, PS Park, Kolkata-700016, West Bengal, India
Tel. No.:	91-33-22872358 / 22874932 / 22402358
Fax No.:	91-33-22476872
E-Mail :	marketing@smitabh.com dokania3@yahoo.co.in
Website :	www.smitabh.com
Area :	817 Sq.ft
Location :	Owned
Factory / Warehouse :	21/5, Old Nimta Road, Belgharia, Kolkata-700056
Area :	40000 Sq.ft
Location :	Rented

DIRECTORS

(AS ON 30.09.2010)

Name :

Mr. Sushil Kuamr Bahety

Designation :

Director

Address :

Saraswati Niket, Flat No.7A, 5 Camac Street, Kolkata-700017, West Bengal, India

Date of Birth/Age :

08.03.1950

Date of Appointment :

31.308.1995

DIN No :

00454894

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U85300WB1944PLC011939	TIMS Products Limited.	Director	20/10/1983	20/10/1983	-	Active	NO
2	U51909WB1989PTC047498	Elecom Exports Private Limited.	Director	1/9/1989	1/9/1989	-	Active	NO
3	U23200WB1983PTC036746	J.J.Petrochemicals Private Limited	Director	16/10/1989	16/10/1989	-	Active	NO
4	U67120WB1992PTC055402	Elecom Finance Private Limited	Director	11/5/1992	11/5/1992	-	Active	NO
5	U67120WB1992PTC055601	Elecom Fiscal Services Private Limited	Director	2/6/1992	2/6/1992	10/4/2010	Active	NO
6	U24139WB1995PLC073960	Smitabh Intercon Limited.	Director	31/08/1995	31/08/1995	-	Active	NO
7	U30009WB1995PTC075027	Eng Software Private Limited	Director	20/10/1995	20/10/1995	-	Active	NO
8	U51109WB1997PTC084729	Beauty Concepts Private Limited	Director	24/06/1997	24/06/1997	-	Active	NO
9	U72200WB1999PTC090307	Elecom Software Private Limited	Director	15/09/1999	15/09/1999	-	Active	NO
10	U65993WB2000PTC092327	Samrradhi Investments Co. Private Limited	Director	23/08/2000	23/08/2000	-	Active	NO
11	U92130WB2007PTC115142	Elecom Fiesta Entertainment Private Limited	Director	12/4/2007	12/4/2007	-	Active	NO
12	U72200WB2007PTC115141	Elecom Toon Private Limited	Director	12/4/2007	12/4/2007	-	Active	NO
13	U51109WB2007PTC116040	Telescope Tracom Private Limited	Director	2/9/2007	2/9/2007	-	Active	NO
14	U45400WB2010PTC142821	Hitech Housing Development Private Limited	Director	15/03/2010	15/03/2010	-	Active	NO
15	U74990DL2008PTC181147	Dream Health Ventures Private Limited	Additional director	8/7/2010	8/7/2010	-	Active	NO
16	U67120WB2010PTC151856	Ontrust Capital Markets Private Limited	Director	30/07/2010	30/07/2010	1/10/2010	Active	NO
17	U52599WB2011PTC166876	Sapphire Trade Associates Private Limited	Director	26/08/2011	26/08/2011	-	Active	NO

Name :

Mr. Kamal Kumar Todi

Designation :

Director

Address :

Rameswara Appertment, Flat-6B, 19A Sarat Bose Road, Kolkata-700020, West Bengal, India

Date of Birth/Age :

12.08.1956

Date of Appointment :

01.03.2010

DIN No :

00613347

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U51109WB1998PTC086560	TIMS Polymers Private Limited	Director	1/5/2001	1/5/2001	-	Amalgamated	NO
2	U85300WB1944PLC011939	TIMS Products Limited.	Director	15/03/2009	15/03/2009	18/07/2011	Active	NO
3	U24139WB1995PLC073960	Smitabh Intercon Limited.	Director	1/3/2010	1/3/2010	-	Active	NO

Name :

Mr. Manjeet Bahety

Designation :

Director

Address :

Saraswati Niket, Flat No.7A, 5 Camac Street, Kolkata-700017, West Bengal, India

Date of Birth/Age :

02.08.1974

Date of Appointment :

29.01.2004

DIN No :

00454696

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U52110WB1996PTC081836	Zeesora Mercantile Private Limited	Director	18/10/1996	18/10/1996	8/12/2010	Active	NO
2	U65999WB1996PTC078313	Elecom Investments Private Limited	Director	3/9/1999	3/9/1999	-	Active	NO
3	U52312WB1999PTC090285	Mars Fragrance Private Limited	Director	15/09/1999	15/09/1999	-	Active	NO
4	U51109WB1998PTC086560	TIMS Polymers Private Limited	Director	7/10/1999	7/10/1999	-	Amalgamated	NO
5	U74950WB2000PTC092411	Lifestyle Merchants Private Limited	Director	13/09/2000	13/09/2000	-	Active	NO
6	U74950WB2000PTC092410	Beauty Impex Private Limited	Director	13/09/2000	13/09/2000	-	Active	NO
7	U51109WB1994PTC063500	Sibsagar Vyapaar Private Limited	Director	17/03/2003	17/03/2003	-	Active	NO
8	U65990MH1982PTC027131	Velvet Investments And Finance Private Limited	Director	8/7/2003	8/7/2003	-	Active	NO
9	U97040WB2003PTC097040	Dinman Polypacks Private Limited	Director	26/09/2003	26/09/2003	-	Active	NO
10	U24139WB1995PLC073960	Smitabh Intercon Limited.	Director	29/01/2004	29/01/2004	-	Active	NO
11	U51109WB1994PTC063274	Brahma Merchants Private Limited	Director	18/05/2004	18/05/2004	-	Active	NO
12	U51394WB2001PTC093381	Exclusivelines Enterprises Private Limited	Director	4/12/2006	4/12/2006	-	Active	NO
13	U51909WB1996PTC078836	Finlord Marketing Private Limited	Director	2/3/2007	2/3/2007	-	Active	NO
14	U19202WB2007PTC117082	Unistar Footwears Private Limited	Director	11/7/2007	11/7/2007	-	Active	NO
15	U13203WB2007PTC118655	Unistar Metals Private Limited	Director	14/09/2007	14/09/2007	-	Active	NO
16	U74999WB2004PTC099185	Samriddhi Commodity and Derivatives Private Limited	Director	25/02/2008	25/02/2008	-	Active	NO
17	U74140WB2006PTC110983	Landscape Solutions Private Limited	Director	12/8/2008	12/8/2008	-	Active	NO
18	U67120WB2010PTC151856	Ontrust Capital Markets Private Limited	Director appointed in casual vacancy	1/10/2010	1/10/2010	-	Active	NO
19	U51109WB2007PTC116040	Telescope Tracom Private Limited	Director	4/5/2011	4/5/2011	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 30.09.2010)

Names of Shareholders	No. of Shares
Rajiv Bahety	135000
Sushil Kumar Bahety	56600
Hari Shankar Bahety	53000
Satya Narayan Bahety	61000
Shiv Kumar Bahety	51800
MAnjeet Bahety	100
Seema Bahety	100
Shiv Kumar Bahety H.U.F	36000
Ashish Bahety	30000
Mayank Bahety	25000
Ravi Kanta Bahety	25000
Bhagwati Devi Bahety	36700
Elecom Exports Private Limited, India	176700
Elecom Finance Private Limited, India	55000
Bajrang Lal Agarwal	100
Anita Todi	33400
Kamal Kumar Todi	112000
Rekha Todi	108100
Total	995600

Equity Share Breakup

(AS ON 30.09.2010)

Category	Percentage
Bodies corporate	23.27
Directors or relatives of directors	76.73
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of HDPE Bags

Products :

· HDPE Bags- Plain and Printed

· LDPE Bags

· LLDPE Bags

· PP and BOPP

· PP Raffia

Product Description	Item Code No.
HDPE Bags	392329

PRODUCTION STATUS AS ON 31.03.2011

Particulars	Unit	As on 31.03.2011
Licensed Capacity	M/T	5121
Installed Capacity	M/T	2500

Particulars	Unit	Actual Production
HDPE bags	MT	1445
Traded Goods
Granite	Sqft	Nil
PP	MT	Nil
Gherkin	MT	Nil
Jute	Mt	Nil
Cotton Bag	Pcs	Nil
PVR Loop Mat	MT	Nil

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· HSBC Bank

· State Bank of India, SSI Branch, Bhowanipore, ‘Premlata’, 2^nd Floor, 39, Shakespeare Sarani, Kolkata-700017, West Bengal, India

Facilities :

(Rs. in millions)

Secured Loans	As on 31.03.2011	As on 31.03.2010
Working Capital Loan
State Bank of India
Export Packing Credit	14.901	23.024
Temporary Loan [Secured by entire inventories, book debts and bill drawn on foreign parties, deposit of Fixed deposit and Collateral security as fixed assets/ equitable mortgage of a flat of Third Party, corporate guarantee and personal guarantee bond of the directors.]	1.828	11.389
Total	16.729	34.413

(Rs. in millions)

Unsecured Loans	As on 31.03.2011	As on 31.03.2010
From Companies	8.582	16.258
Total	8.582	16.258

Banking Relations :	--
Auditors :
Name :	Manish Dokania and Company Chartered Accountants
Address :	12, Mangoe Lane, (1^st Floor), Kolkata-700001, West Bengal, India
Tel. No.:	91-33-2485063/5085/5868
Fax No.:	91-33-2103569
E-Mail :	dokani_3@yahoo.com
Income-tax PAN of auditor or auditor’s firm :	ADQPD1642N
Associates / Sister Concern :	Telescope Tracom (Private) Limited

CAPITAL STRUCTURE

(AS ON 30.09.2010)

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Share	Rs.10/- each	Rs.20.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
995600	Equity Share	Rs.10/- each	Rs.9.956 millions

(AS ON 31.03.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
3000000	Equity Share	Rs.10/- each	Rs.30.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1481000	Equity Share	Rs.10/- each	Rs.14.810 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		14.810	14.810	9.956
2] Share Application Money		4.500	4.500	4.500
3] Reserves & Surplus		49.789	44.578	29.349
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		69.099	63.888	43.805
LOAN FUNDS
1] Secured Loans		16.729	34.413	18.434
2] Unsecured Loans		8.582	16.258	13.633
TOTAL BORROWING		25.311	50.671	32.067
DEFERRED TAX LIABILITIES		3.957	2.164	2.456
TOTAL		98.367	116.723	78.328
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		23.650	31.068	28.953
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT
DEFERREX TAX ASSETS		0.000	0.000	0.000
		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	10.427	40.469	21.490
	Sundry Debtors	57.169	79.274	84.060
	Cash & Bank Balances	10.301	19.166	9.254
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	42.400	23.526	15.756
Total Current Assets		120.297	162.435	130.560
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	42.985	70.441	76.083
	Other Current Liabilities	2.444	3.900	3.765
	Provisions	0.151	2.439	1.337
Total Current Liabilities		45.580	76.780	81.185
Net Current Assets		74.717	85.655	49.375
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		98.367	116.723	78.328

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Sales	382.695	268.236	366.443
		Forex Gain	0.310	1.125	1.330
		Job Work Charges	0.534	0.000	0.000
		Other Income	9.357	16.484	3.497
		Excess Insurance Claim on Fixed Assets	16.983	0.000	0.000
		Profit on sale of Fixed Assets	0.000	0.000	0.001
		TOTAL (A)	409.879	285.845	371.271
Less	EXPENSES
		Consumption of Raw Material	80.044	117.854	47.348
		Trading Purchase	275.348	105.660	274.412
		Consumption of Packing Materials	5.393	6.959	3.615
		Payment to and Provision of Employees	11.955	11.795	8.841
		Decrease in Stock	3.366	8.041	12.220
		Job work charges	0.534	5.915	0.000
		Manufacturing and Operative Expenses	14.176	18.245	11.148
		Freight and Forwarding	1.661	2.068	5.670
		Short Insurance Claim on stock	0.514	0.000	0.000
		Short Insurance Claim on claim Expenses	0.399	0.000	0.000
		Loss on Fire of other Fixed Assets	0.043	0.000	0.000
		Loss on Sale of Fixed Assets	0.000	0.184	0.000
		TOTAL (B)	393.433	276.721	363.254
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		16.446	9.124	8.017
Less	FINANCIAL EXPENSES (D)		5.562	3.842	4.003
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		10.884	5.282	4.014
Less/ Add	DEPRECIATION/ AMORTISATION (F)		3.217	4.922	3.698
	PROFIT BEFORE TAX (E-F) (G)		7.667	0.360	0.316
Less	TAX (H)		1.792	0.174	0.122
	PROFIT AFTER TAX (G-H) (I)		5.875	0.186	0.194
Less	EXPENSES PERTAINING TO PREVIOUS YEAR		0.665	(0.031)	0.000
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		43.222	43.222	28.944
	BALANCE CARRIED TO THE B/S		48.432	43.377	29.138
	EARNINGS IN FOREIGN CURRENCY
		Export of Manufacturing goods	23.300	57.700	54.866
		Export of Trading goods	2.000	11.400	20.814
	TOTAL EARNINGS		25.300	69.100	75.680
	IMPORTS
		Raw Materials	49.629	101.736	25.922
		Trading Purchase	3.348	0.000	0.000
		Capital Goods	0.000	0.000	1.331
	TOTAL IMPORTS		52.977	101.736	27.253
	Earnings Per Share (Rs.)		3.52	0.22	NA

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.43	0.07	0.05
Net Profit Margin (PBT/Sales)	(%)	2.00	0.13	0.09
Return on Total Assets (PBT/Total Assets}	(%)	5.33	0.19	0.20
Return on Investment (ROI) (PBT/Networth)		0.11	0.01	0.01
Debt Equity Ratio (Total Liability/Networth)		1.03	1.99	2.58
Current Ratio (Current Asset/Current Liability)		2.64	2.12	1.61

LOCAL AGENCY FURTHER INFORMATION

CONTINGENT LIABILITY:

a) Letter of Credit furnished by the company’s banker and availed on 31.03.2011 Rs. Nil (Previous Year Rs.35.400 millions).

b) Guarantee furnished by Bank as on 31.03.2011 amounts to Rs.0.187 millions against which equivalent amount shown under Balance with Scheduled Bank are lodged with the Bank.

c) Security Bond furnished before Commissioner of Customs Rs.76.997 millions (Previous Year Rs.76.997 millions)

FORM 8:

Corporate identity number of the company	U24139WB1995PLC073960
Name of the company	SMITABH INTERCON LIMITED
Address of the registered office or of the principal place of business in India of the company	“Vardaan”, Suite No-406, 25A, Camac Street, PS Park, Kolkata-700016, West Bengal, India E-Mail Id: dokania3@yahoo.co.in
This form is for	Creation of Charge
Type of charge	Others- Corporate Guarantee (assets less liabilities)
Particular of charge holder	State Bank of India, SSI Branch, Bhowanipore, ‘Premlata’, 2^nd Floor, 39, Shakespeare Sarani, Kolkata-700017, West Bengal, India E-Mail Id: sbi04833@sbi.co.in
Nature of instrument creating charge	Guarantee Agreement (SME-3) read with Letter of Arrangement (SME-1) vides Br. No.17-30, dated: 10.09.2011 of the Principle Borrower M/s Telescope Tracom (Private) Limited
Date of instrument Creating the charge	26.09.2011
Amount secured by the charge	Rs.75.000 millions
Brief of the principal terms an conditions and extent and operation of the charge	a) Rate of Interest Rate of Interest shall be applicable only to the Principle Borrower M/s Telescope Tracom (Private) Limited b) Terms of Repayment All repayment terms, condition and schedules shall be complied by the Principle Borrower M/s Telescope Tracom (Private) Limited c) Margin As stipulated by the Bank for the respective assets/facilities of the Principle Borrower M/s Telescope Tracom (Private) Limited d) Extent and operation of the charge Charge shall operate by way of corporate guarantee over all assets (less liabilities) of the guarantor company. e) Others The charge has been created as corporate guarantee to secure the credit facilities of Rs.75.000 millions sanctioned by the State Bank of India to the Principle Borrower M/s Telescope Tracom (Private) Limited, a sister/ associate concern of the guarantor company having its registered office at “Vardaan”, 25A, Camac Street, Kolkata-700016.
Short Particulars of the property charged	All assets, less all liabilities of the Company as on date. Corporate Governance.

FIXED ASSETS:

· Plant and Machinery

· Air Conditioner

· Refrigerator

· Factory Building

· Land

· Furniture and Fixture

· Computer

· Electrical Installation

· Office Premises

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.50.08
UK Pound	1	Rs.80.36
Euro	1	Rs.68.83

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	YES
--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.