MIRA INFORM REPORT

Report Date :

17.09.2011

IDENTIFICATION DETAILS

Name :	BIG BAGS INTERNATIONAL PRIVATE LIMITED
Registered Office :	No.61, Nadakerappa Industrial Estate, Andrajhalli Main Road, Vishwaneedam, Bangalore – 560 091, Karnataka
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	05.07.2000
Com. Reg. No.:	08-027403
Capital Investment / Paid-up Capital :	Rs.148.016 Millions
CIN No.: [Company Identification No.]	U24304KA2000PTC027403
TAN No.: [Tax Deduction & Collection Account No.]	BLRB01476G
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturers of Woven Items, Ropes, Plastic Films and Sheeting.
No. of Employees :	1500 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 1296000
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 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 – 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/ Factory :	No.61, Nadakerappa Industrial Estate, Andrajhalli Main Road, Vishwaneedam, Bangalore – 560 091, Karnataka, India
Tel. No.:	91-80-28363929/ 28363930/ 28365479/ 28365305/ 28365300/ 28363931
Fax No.:	91-80-28363928/ 28365307
E-Mail :	info@bigbagsindia.com bigbagsintl@vsnl.net.in
Website :	http://www.bigbags.in
Area :	35000 sq. ft.
Location :	Owned by Company
Corporate Office :	P.O. Box No.1069, 1051, 2^nd Floor, 20^th main Road, 5^th Block, Rajajinagar, Bangalore – 560 010, Karnataka, India
Tel. No.	91-80-23403922/23403557
Fax No.	91-80-23405036
E-Mail	krishna@bigbagindia.com
Web site	http://www.bigbagindia .com

DIRECTORS

As On 30.09.2009

Name :

Mrs. Rekha Ravish Kamath

Designation :

Managing Director

Address :

7 and 8, Rajarajeswari, 1^st Cross, Widia Layout, Vijayanagar, Bangalore – 560 040, Karnataka, India

Date of Birth/Age :

07.02.1974

Qualifications :

Graduate

Date of Appointment :

05.07.2000

DIN No.:

00025571

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	U25209KA1993PTC014849	Big Bags (India) Private Limited	Managing director	27-10-93	27-10-93	-	Amalgamated	NO
2	U24304KA2000PTC027403	Big Bags International Private Limited	Managing director	05-07-00	05-07-00	-	Active	NO
3	U24139KA2008PTC045662	Welnet Polymers Private Limited	Director	14-05-09	14-05-09	-	Active	NO
4	U17215KA2009PTC051109	Big Bags (Bangalore) Private Limited	Managing director	20-11-09	07-10-09	-	Active	NO
5	U74990KA2011PTC059232	K F Investments Private Limited	Director	20-06-11	20-06-11	-	Active	NO

Name :

Mr. Mehul Arvind Shah

Designation :

Director

Address :

301/302, Deepak Co-Operative Housing Society Limited, 12, Kashi Bai Navrang Marg, Mumbai – 400 007, Maharashtra, India

Date of Birth/Age :

11.02.1966

Qualifications :

Chemical Engineer

Date of Appointment :

25.02.2006

DIN No.:

02512295

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	U24304KA2000PTC027403	Big Bags International Private Limited	Director	25-02-06	25-02-06	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2010

Names of Shareholders	No. of Shares
Rekha Ravish Kamath	448600
Big Bags India Private Limited, India	1095450
Kamath Family Trust, India Represented By Rekha R. Kamath	834308
Plas Trap Inc., USA	80658
Mehul Arvind Shah	1000
RGF Fincon Private Limited, India	2400000
Sanjana Kamath	85000
Isotech Tie-Up Private Limited, India	500000
Ambika Petrochem Private Limited, India	425000
Shyam Godavari Steels Private Limited, India	500000
Piyush Fiscal Limited, India	500000
Bikash Kumar	100000
Pramod Singh	50000
G.L. Singhania	525000
Sabahstin A.	100000
Anjali Bala Tripathy	100000
Ramesh S.	150000
Gokul Yadav	50000
Ashish Jena	100000
Rajnish Kumar Pandey	100000
Vaishali Agarwal	200000
Total	8345016

As on 21.03.2011

Names of Allottees	No. of Shares
Rekha Ravish Kamath	141500
Harish B. Kamath	1000
Vidyavathi Shetty	89800
Ishita A. Bhuwania	100000
P. Vidyashankara Adappa	13000
D.K. Shriram	20000
Usha Adappa	10000
Lakshmi Sriram	10000
Prathima N. Bhat	140400
Narasimha Bhat	26200
B.R. Pai	10000
J.R. Pai	10000
Sangeetha Saraf	10000
Nikil Saxena	10000
Muralidhar Nair	98900
M.L. Bhuwania	40000
Ramakrishna Aithal	18200
Rekha R. Kamath-Trustee (Representing Kamath Family Trust, India)	1250500
Piyush Fiscal Limited, India	1500000
Isotech Tie-Up Private Limited, India	1752500
Total Energy Group Limited, India	400000
RGF Fincon Private Limited, India	900000
Ambika Petrochem Private Limited, India	500000
Shyam Godavari Steels Private Limited, India	500000
Total	7552000

As on 30.09.2010

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	0.96
Bodies corporate	64.95
Directors or relatives of directors	6.40
Other top fifty shareholders	27.69
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturers of Woven Items, Ropes, Plastic Films and Sheeting.

Products :

Item Code No. (ITC Code)	24304
Product Description	Woven Items, Ropes, Plastic Films and Sheeting

PRODUCTION STATUS (AS ON 31.03.2010)

Particulars	Bags (M.T.) 2009-10
1. Capacity	10200.00
2. Production **	8081.45

** includes Job work.

GENERAL INFORMATION

No. of Employees :

1500 (Approximately)

Bankers :

v Bank of India, Corporate Banking Branch, No.11, K G Road, Bangalore - 560 025, Karnataka, India

v The Hong Kong and Shanghai Banking Corporation Limited, No.7, Mahatma Gandhi Road, Bangalore – 560 001, Karnataka, India

v Bank of India, Corporate Banking Branch, Skip House, Museum Road, Bangalore - 560 025, Karnataka, India

Facilities :

Secured Loans	31.03.2010 Rs. In Millions	31.03.2009 Rs. In Millions
Working Capital Facilities:
Bank of India-OCC A/c No 13	15.145	17.562
Bank of India OD A/c 30063	9.727	2.424
Foreign Bill Negotiation	0.000	32.130
Foreign Bill Purchase	115.836	71.527
Inland Bill Purchase	6.946	0.000
Letter of Credit-Local	0.000	105.001
Packing Credit	64.022	30.144
Bank of India A/c No.20157	0.384	0.000
Bank of India Peenya Branch	13.502	0.000
Bank of India O/D Account 4	5.450	0.000
Bank of India O/D Account 6	4.746	0.000
Term Loans
Bank of India	23.670	36.298
Vehicle Loans	6.035	1.041
Total	265.463	296.127

Direct security

(i) All the term loans and working capital loans are secured by first charge on all current and fixed assets.

(ii) Vehicle loans are secured by hypothecation of respective vehicle.

(iii) Cash Margin of 25% on the non fund based limits issued by banks.

Collateral

(i) Corporate Guarantee of Total Energy Group (Private) Limited

(ii) Personal Guarantee of the following towards limits granted to the Company.

(a) Mrs. Rekha R. Kamath, Managing Director.

(b) Mr. Ravish Kamath, CEO.

(c) Mehul Shah, Director

(iii) EQM of 10 acres of land situated at Pondicherry belonging to Total Energy Group Limited.

(iv) EQM of property situated at Survey No.37/1, Nadakerappa Industrial Estate, Andrahalli Main Road, Vishwaneedam Post, Bangalore - 91 belonging to Big Bags India Private Limited.

Banking Relations :	--
Auditors :
Name :	S. Subramanium Bhatt Chartered Accountant
Address :	310, Ground Floor, 4^th Cross, 1^st Block, Jayanagar, Bangalore – 560 011, Karnataka, India
Tel. No.:	91-80-26577646/ 26577647/ 26577645
Fax No.:	91-80-26577645

CAPITAL STRUCTURE

As on 30.09.2010

Authorised Capital : Rs.160.000 Millions

Issued, Subscribed & Paid-up Capital : Rs.148.016 Millions

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
8500000	Equity Shares	Rs.10/- each	Rs.85.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
8345016	Equity Shares	Rs.10/- each	Rs.83.450 Millions
	Shares to be allotted to Shareholders of Big Bags India (64,56,550 Shares allotted to shareholders of Big Bags India Private Limited vide scheme of Amalgamation High court order dated 9^th July 2010)		Rs.64.566 Millions
	Total		Rs.148.016 Millions

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		148.016	83.450	83.450
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		175.869	59.342	37.071
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		323.885	142.792	120.521
LOAN FUNDS
1] Secured Loans		265.463	296.127	222.936
2] Unsecured Loans		0.000	0.000	27.385
TOTAL BORROWING		265.463	296.127	250.321
DEFERRED TAX LIABILITIES		25.612	3.544	2.358
TOTAL		614.960	442.463	373.200
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		204.428	88.502	72.783
Capital work-in-progress		0.180	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	153.939	43.559	67.141
	Sundry Debtors	185.994	205.444	161.634
	Cash & Bank Balances	113.506	70.681	0.200
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	195.658	66.973	140.479
Total Current Assets		649.097	386.657	369.454
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	198.077	16.774	50.497
	Other Current Liabilities	25.755	6.975	13.924
	Provisions	14.913	8.947	4.616
Total Current Liabilities		238.745	32.696	69.037
Net Current Assets		410.352	353.961	300.417
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		614.960	442.463	373.200

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	1595.277 (Gross Income)	758.022	609.424
		Other Income	NA
		TOTAL	NA	758.022	609.424
Less	EXPENSES
		Office Expenses	NA	683.537	591.755
		Administrative Expenses	NA
		Advertising Expenses	NA
		Increase/ Decrease in Finished Goods	NA	24.171	(6.284)
		TOTAL	NA	707.708	585.471
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		95.084	50.314	23.953
Less/ Add	DEPRECIATION/ AMORTISATION		25.856	12.601	11.755
	PROFIT BEFORE TAX		69.228	37.712	12.198
Less	TAX		24.413	5.365	4.462
	PROFIT AFTER TAX		44.815	32.347	7.736
	BALANCE CARRIED TO THE RESERVE AND SURPLUS		NA	32.194	7.644
	EARNINGS IN FOREIGN CURRENCY
		Earnings from Exports of Finished Goods	798.841	511.365	434.123
	TOTAL EARNINGS		798.841	511.365	434.123
	IMPORTS
		Raw Materials	283.619	162.446	NA
	TOTAL IMPORTS		283.619	162.446	NA
	Earnings Per Share (Rs.)		5.37	3.87	0.92

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	NA	4.27	1.27
Return on Total Assets (PBT/Total Assets}	(%)	8.11	7.94	2.76
Return on Investment (ROI) (PBT/Networth)		0.21	0.26	0.10
Debt Equity Ratio (Total Liability/Networth)		1.56	2.30	2.65
Current Ratio (Current Asset/Current Liability)		2.72	11.83	5.35

LOCAL AGENCY FURTHER INFORMATION

BACKGROUND:

Company is engaged in activity of manufacturing of PP, FIBC bags, tarpaulins, fabrics. It is in this line of activities since 2000. Under a scheme of amalgamation, merger of Big bags (India) Private limited with the company has been approved (vide high court approval dated 9^th day of two thousand ten) with effect from 1^st April, 2009. Hence this is the first balance sheet of the merged entity.

The company is other than small and medium sized company (SMC) as defined in the general instructions in respect of accounting standards notified under the companies act, 1956. Accordingly, the company has compiled with applicable accounting standards.

BUSINESS OVERVIEW:

Even though the year 2009-10 was a difficult year with sleek Global market conditions in all sectors, their industry which meets basic packing products done very well during the year. Company showed a growth of 11% in turnover during the year.

In this background with a strong portfolio with successful launch of new machines/products, the Company's profit during the financial year ended March 31, 2010 rose to Rs.69.200 millions. The directors are confident to maintain the performance and the growth as the Company has got good orders on hand.

FORM 8:

Corporate identity number of the company	U24304KA2000PTC027403
Name of the company	BIG BAGS INTERNATIONAL PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	No.61, Nadakerappa Industrial Estate, Andrajhalli Main Road, Vishwaneedam, Bangalore – 560 091, Karnataka, India E-Mail: info@bigbagsindia.com
This form is for	Creation of charge
Type of charge	Movable Property Others (Other Moveable assets by way of Pari Passu Charge)
Particular of charge holder	The Hong Kong and Shanghai Banking Corporation Limited, No.7, Mahatma Gandhi Road, Bangalore – 560 001, Karnataka, India E-Mail: janardhanbhat@hsbc.co.in
Nature of description of the instrument creating or modifying the charge	Deed of hypothecation for plant and machinery and other moveable assets dated 26^th August 2011 for the term loan facility. by the said document the borrower has created paripassu charge on the plant and machinery and other moveable assets.
Date of instrument Creating the charge	26.08.2011
Amount secured by the charge	Rs.30.000 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest: Interest shall be payable by the company on the facilities as per banks tariff, subject however that the bank shall have the right to change the rate of interest after giving notice to the company. Terms of Repayment: In consideration of banking facilities sanctioned/to be sanctioned by the bank to the company, the company has hypothecated and created paripassu charge to the bank on all the plant and machinery and other moveable assets of the company to secure the repayments of the advances by way of term loan facility together with interest cost and all other charges. Repayable as mutually agreed. Margin: The Company shall maintain such margin as may be specified by the bank from time to time. Extent and Operation of the charge: In case the company fails to fulfill obligation under the agreement, the bank shall be entitled to take possession of the hypothecated all the present and future plant and machinery and other moveable assets of the company and sell them by public auction or private contract and utilise the proceeds in full or part settlement of its claims. Others: Pari Passu charge on all the present and future plant and machinery and other moveable assets of the company, by way of Hypothecation Deed dated 26^th August 2011 for INR 30.000 millions to secure the Term Loan facility.
Short particulars of the property charged	Pari passu charge on all the present and future plant and machinery and other moveable assets of the company by way of Hypothecation vide Hypothecation Deed dated 26^th August 2011 for Rs.30.000 Millions.

Corporate identity number (CIN) Foreign company registration number	U24304KA2000PTC027403
Name of the Company	BIG BAGS INTERNATIONAL PRIVATE LIMITED
Address	No.61, Nakerappa Industrial Estate, Andrajhalli Main Road, Vishwaneeda, Bangalore – 560091, Karnataka, India
This form is for	Creation of Charge
Type of Charge	Book Debts Movable Property (not being pledge) Floating Charge
Particulars of the charge holder	Bank of India Mid Corporative Branch, No.11, K. G. Road, Bangalore – 560009, Karnataka, India MCB.Bangalore@bankofindia.co.in
Nature or description of the instrument(s) creating or modifying the charge	Hypothecation cum Loan Agreement (Plant and Machinery, stocks and book debts)
Date of the instrument creating or modifying the charge	09.09.2010
Amount secured by the charge	Rs.825.000Millions
Brief particulars of the principal terms and conditions and extent and operation of the charge	Rate of Interests: CC/Term Loans - 1% over BPLR presently 13.5% p.a. PC/PCFC - As per card rates/PCFC rate to be decided from HO from time to time FBP/FBD - As per card rates Terms of Repayments: As applicable to respective credit limits Margin: PC - 10% CC/TL/LC/Buyer's credit - 25% FBP/FBD - 15% Extent and operation of the charge : The charge shall operate to the extent of the loan amount plus interest commission costs expenses and other charges thereon Others: The said amount of Rs.825.000 millions comprises PC/PCFC Rs.110.000 millions, CC Rs.35.000 millions, FBP/FBD Rs.220.000 millions, TL I Rs.1.800 millions, TL II Rs.1.600 millions, TL III Rs.16.600 millions, TL IV Rs.75.000 millions, ILC/FLC Rs.360.000 millions, Buyer's Credit (Rs.360.000 millions within LC Limit), BG Rs.5.000 millions. Export credits are available in foreign currency also
Short particulars of the property charged (including location of the property)	1] Exclusive First charge by way of hypothecation of (a) plant and machinery including in particular tape extrusion machines, laminators, winding and coning machines, circular looms, weaving looms, 2] Generator, Tarpaulin sticing machine, electric motors, vaccum cleaner, computers, UPS System, Moisture measurement machine, Grinding machine, scales and type writers, fax and Xerox 3] machines etc., (b) all the current assets including in particular stocks of raw matrials such as High Density and Low Density Poly Ethylene, eyelets, fabrics, tarpaulin bags, coluring agents, 4] chemicals, etc., stocks of packing materials such as Gunny bags, plastic bags, boxes, etc., stocks of stores and spares etc., (c) all the present and future book debts, outstandings, money receivables 5] claims, bills, etc., stored or installed at company premises at No.61, Nadekerappa Industrial Estate, Vishvaneedam Post, Bangalore 560091 or at any other place
Whether any of the property or interest therein under reference is not registered in the name of the company. If yes, in whose name it is registers	NO

CONTINGENT LIABILITIES: (As on 31.03.2010)

v Bank Guarantees issued and outstanding for Rs.167.382 millions (total of LC opened and Material received and not received)

FIXED ASSETS:

v Factory Buildings

v Plant and Machinery

v Furniture and Fixture

v Office Equipments

v Vehicles

v Computers

v Land

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.47.47
UK Pound	1	Rs.74.95
Euro	1	Rs.65.79

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.