MIRA INFORM REPORT

Report Date :

01.08.2012

IDENTIFICATION DETAILS

Name :	OSTERN PRIVATE LIMITED
Registered Office :	279, Rai Bahadur Road, Near CSEC Power House, Kolkata – 700053, West Bengal
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	16.06.1978
Com. Reg. No.:	21- 031535
Capital Investment / Paid-up Capital :	Rs. 6.975 Millions
CIN No.: [Company Identification No.]	U34102WB1978PTC031535
TAN No.: [Tax Deduction & Collection Account No.]	CALO00545G
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Ball Pens
No. of Employees :	300 (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 530000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct and as per commitment The company can be considered for normal 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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

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

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	BBB- / Stable (Long term bank loan facility)
Rating Explanation	Moderate credit risk
Date	19.07.2011

Rating Agency Name	CRISIL
Rating	A3 (Bank guarantee and letter of credit)
Rating Explanation	Moderate degree of safety and higher credit risk
Date	19.07.2011

RBI DEFAILTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAILTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

INFORMATION PARTED BY

Name :	Mr. Devashish
Designation :	Account Manager
Contact No.:	91-33-64517898
Date :	30.07.2012

LOCATIONS

Registered Office :	279, Rai Bahadur Road, Near CSEC Power House, Kolkata – 700053, West Bengal, India
Tel. No.:	91-33-24489010/ 24037895
Fax No.:	91-33-24037895
E-Mail :	ostern@cal.vsnl.net.in info@ostern.co.in
Website :	http://www.ostern.co.in
Factory :	Bakrahat Road, Kolkata – 700104, West Bengal, India
Tel. No.:	91-33-64517895/ 97 / 98

DIRECTORS

AS ON 30.09.2011

Name :	Mr. Jagadish Prasad Agarwal
Designation :	Director
Address :	52/ 2B Hazra Road, Kolkata – 700019, West Bengal, India
Date of Birth/Age :	25.01.1955
Date of Appointment :	02.06.2003
DIN No.:	00863137

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U51909WB1974PLC029425	CRI LIMITED	Whole-time director	01-08-09	01-08-95	-	Active	NO
2	U17226WB1994PLC064280	WRIGHT INDIA LIMITED	Director	14-11-97	14-11-97	20-02-07	Active	YES
3	U30009WB1993PTC057799	OSTERN ENGINEERING PRIVATE LIMITED	Director	03-08-02	03-08-02	-	Amalgamated	NO
4	U34102WB1978PTC031535	OSTERN PRIVATE LIMITED	Director	02-06-03	02-06-03	-	Active	NO
5	U29246WB1987PTC041927	CORAL INFOTECH PRIVATE LIMITED	Director	22-04-05	22-04-05	-	Active	NO
6	U45400WB2007PTC116466	VISHESH NIRMAAN PRIVATE LIMITED	Director	12-06-07	12-06-07	-	Active	NO
7	U52500WB1993PTC124703	ROHINI MERCANTILE PRIVATE LIMITED	Director	16-01-10	16-01-10	03-05-10	Active	NO
8	U70109WB2010PTC156270	GATEWAY NIRMAN PRIVATE LIMITED	Director	28-12-10	28-12-10	-	Active	NO

Name :	Mr. Lalit Agrawal
Designation :	Director
Address :	25/ 8 D.H. Road, Merlines Tates, Kolkata – 700008, West Bengal, India
Date of Birth/Age :	17.07.1958
Date of Appointment :	02.06.2003
DIN No.:	00571843

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U29246WB1987PTC041927	CORAL INFOTECH PRIVATE LIMITED	Director	20-02-87	20-02-87	-	Active	NO
2	U30009WB1993PTC057799	OSTERN ENGINEERING PRIVATE LIMITED	Director	17-02-03	17-02-03	-	Amalgamated	NO
3	U34102WB1978PTC031535	OSTERN PRIVATE LIMITED	Director	02-06-03	02-06-03	-	Active	NO
4	U21097WB2007PTC119239	GLEN STATIONERY PRIVATE LIMITED	Director	20-02-08	20-02-08	02-04-09	Active	NO

KEY EXECUTIVES

Name :	Mr. Devashish
Designation :	Account Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
Jagadish Prasad Agarwal	11418
Pushpa Agarwal	4030
Lata Agarwal	1750
Lalit Agarwal	13118
Devendra Kumar Gupta	10
Rohini Merchantile Private Limited, India	20062
Coral Infotech Private Limited, India	9536
Lalit Agarwal (HUF)	3545
Nikhil Agarwal	1200
Niyati Agarwal	449
P. K. Chamaria (HUF)	10
Vishesha Nirmaan Private Limited, India	4614
Nitin C. Mehta	10
TOTAL	69752

AS ON 30.09.2011

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	49.00
Directors or relatives of directors	51.00
TOTAL	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Ball Pens

Products :

ITC Code	Product Descriptions
960810	Ball Point Pens and Parts

Exports :

Countries :

· UK

· Middle East Countries

Imports :

Products :

· Raw Material

Countries :

· China

· South Korea

· Japan

Terms :

Selling :

Cash

Purchasing :

Cash

PRODUCTION STATUS AS ON (31.03.2011)

Particulars	Unit	Installed Capacity
Hanspukur Unit
Ball Pen	Million Pcs. Per Year	300.00
Dhulagarh Unit
Ball Pen	Million Pcs. Per Year	300.00

GENERAL INFORMATION

Customers :

Manufacturer

No. of Employees :

300 (Approximately)

Bankers :

• Vijaya Bank, Netaji Subhas Road Branch, A-1, Gillander House, 8 N. S. Road, Ground Floor, Kolkata – 700001, West Bengal, India
• Axis Bank Limited, (Lead Bank), Corporate Banking Branch (CBB), 1, Shakespeare Sarani, AC Market, 3^rd Floor, Kolkata – 700071, West Bengal, India
• HDFC Bank

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Term Loans (From West Bengal Financial Corporation, secured by way of equitable mortgage of part land at Hanspurkur and hypothecation of Plant and Machineries at Hanspurkur Plant and personal guarantee of Directors)	5.490	10.394
Term Loans (From Vijaya Bank secured by way of equitable mortgage of part land at Hanspurkur and Land at Food park and hypothecation of Plant and Machineries at Food Park Plant and Personal guarantees of Directors)	99.662	0.000
Cash Credit (From Vijaya Bank, secured by way of hypothecation of stock including raw materials and finished goods, book debts and certain machineries including Personal Guarantee of Directors)	54.693	29.319
TOTAL	159.845	39.713
Unsecured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
From Body Corporate	74.936	9.870
From Shareholders	14.174	13.057
TOTAL	89.110	22.927

Banking Relations :	--
Auditors :
Name :	Agarwal Maheswari and Company Chartered Accountants
Address :	2B, Grant Lane 4^th Floor, Room No. 88, Kolkata – 700012, West Bengal, India
Tel. No.:	91-33-22436504/ 22257937
Fax No.:	91-33-22437688/ 22257937
E-Mail :	agarwalmaheshwari2006@yahoo.co.in
Income-tax PAN of auditor or auditor's firm :	AADFA8690B

CAPITAL STRUCTURE

AFTER 30.09.2011

Authorised Capital : Rs. 10.000 Millions

Issued, Subscribed & Paid-up Capital : Rs. 7.575 Millions

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
75000	Equity Shares	Rs. 100/- each	Rs. 7.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
69752	Equity Shares	Rs. 100/- each	Rs. 6.975 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		6.975	6.975	3.255
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		125.968	114.156	41.198
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		132.943	121.131	44.453
LOAN FUNDS
1] Secured Loans		159.845	39.713	13.477
2] Unsecured Loans		89.110	22.927	18.732
TOTAL BORROWING		248.955	62.640	32.209
DEFERRED TAX LIABILITIES		3.101	2.756	0.000
TOTAL		384.999	186.527	76.662
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		246.637	133.074	51.676
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.659	0.659	0.195
DEFERRED TAX ASSETS		0.000	0.000	0.220
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	108.443	57.328	5.089
	Sundry Debtors	48.304	27.465	21.175
	Cash & Bank Balances	6.759	3.769	1.920
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	31.738	13.713	14.419
Total Current Assets		195.244	102.275	42.603
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	46.331	43.078	13.829
	Other Current Liabilities	7.010	4.303	2.973
	Provisions	4.200	2.100	1.230
Total Current Liabilities		57.541	49.481	18.032
Net Current Assets		137.703	52.794	24.571
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		384.999	186.527	76.662

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	351.542	244.325	128.137
		Other Income
		TOTAL (A)	351.542	244.325	128.137
Less	EXPENSES
		Operational Expense	320.914	220.170	112.818
		Administrative Expenses
		Sales and Distribution Expense
		Increase/ Decrease in stock
		TOTAL (B)	320.914	220.170	112.818
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		30.628	24.155	15.319
Less	INTEREST (D)		8.542	5.670	3.155
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		22.086	18.485	12.164
Less/ Add	DEPRECIATION/ AMORTISATION (F)		7.545	4.753	6.408
	PROFIT BEFORE TAX (E-F) (G)		14.541	13.732	5.756
Less	TAX (H)		4.546	4.524	1.108
	PROFIT AFTER TAX (G-H) (I)		9.995	9.208	4.648
	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		0.614	0.501	0.352
	Excess/ (Short) Tax Provision for earlier year		1.817	(0.095)	0.003
	APPROPRIATIONS
		Transfer to General Reserve	12.000	9.000	5.000
	BALANCE CARRIED TO THE B/S		0.426	0.614	0.003
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Export	114.596	73.056	58.139
	TOTAL EARNINGS		114.596	73.056	58.139
	IMPORTS
		CIF Value of Imports	107.347	25.794	5.585
	TOTAL IMPORTS		107.347	25.794	5.585
	Earnings Per Share (Rs.)		6.10	128.18	159.58

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	2.84	3.77	3.63
Net Profit Margin (PBT/Sales)	(%)	4.26	5.79	4.59
Return on Total Assets (PBT/Total Assets}	(%)	3.29	5.83	6.11
Return on Investment (ROI) (PBT/Networth)		0.11	0.11	0.13
Debt Equity Ratio (Total Liability/Networth)		2.31	0.93	1.13
Current Ratio (Current Asset/Current Liability)		3.39	2.07	2.36

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report (Yes / No)
1. Year of Establishment	Yes
2. Locality of the firm	Yes
3. Constitution of the firm	Yes
4. Premises details	No
5. Type of Business	Yes
6. Line of Business	Yes
7. Promoter’s background	Yes
8. No. of Employees	Yes
9. Name of person contacted	Yes
10. Designation of contact person	Yes
11. Turnover of firm for last three years	Yes
12. Profitability for last three years	Yes
13. Reasons for variation <> 20%	--
14. Estimation for coming financial year	No
15. Capital in the business	Yes
16. Details of sister concerns	No
17. Major suppliers	No
18. Major customers	No
19. Payments terms	No
20. Export / Import details	Yes
21. Market information	--
22. Litigations that the firm / promoter involved	--
23. Banking Details	Yes
24. Banking facility details	Yes
25. Conduct of the banking account	--
26. Buyer visit details	--
27. Financials, if provided	Yes
28. Incorporation details, if applicable	Yes
29. Last accounts filed at ROC	Yes
30. Major Shareholders, if available	Yes
31. PAN of Proprietor/Partner/Director, if available	No
32. Passport No of Proprietor/Partner/Director, if available	No
33. Voter ID No of Proprietor/Partner/Director, if available	No

OVERALL PERFORMANCE:

The company’s new project to manufacture ball pens at Food Park, Sankrail with 1.000 Million pcs. / day capacity has commenced production w.e.f. 01.04.2011 and the thin well container project is likely to commence production soon.

Company’s own branded pens (Goldex) has been getting wide acceptability in the higher manufacturing capacity, company will be able to cater to these markets in a better way thus increasing its volume and price realization.

With the higher own branded sale in India and higher exports, the company’s turnover is expected to rise rapidly in the coming years.

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U34102WB1978PTC031535
Name of the company	OSTERN PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	279 Rai Bahadur Road, Kolkata - 700053, West Bengal, India
This form is for	Creation of charge
Type of charge	Immovable Property Book Debts Movable Property Others (Plant and Machinery)
Particular of charge holder	Axis Bank Limited, (Lead Bank), Corporate Banking Branch (CBB), 1, Shakespeare Sarani, AC Market, 3^rd Floor, Kolkata – 700071, West Bengal, India
Nature of description of the instrument creating or modifying the charge	i) Joint Deed of Hypothecation for Working Capital, ii) Joint Deed of Hypothecation for Term Loan, iii) Working Capital Consortium Agreement for Working Capital, iv) No Instrument, Oral Assent (Memorandum of Entry) for FB and NFB. v) Facility Agreement (Consortium Term Loan).
Date of instrument Creating the charge	31.03.2012
Amount secured by the charge	Rs. 254.792 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest The details of Rate of Interest and Commission of AXIS Bank Limited and HDFC Bank Terms of Repayment The details of Rate of Interest and Commission of AXIS Bank Limited and HDFC Bank Margin AXIS Bank Limited RMs/ SIP/ FGs: 25%, Book Debts (Cover Period 90 days): 30%, FLC: Nil, Buyers Credit: Nil, Term Loan of Rs.72.500 Millions: N.A., Term Loan of Rs.22.500 Millions: 39.84%, BG: 20%, LER: Nil, HDFC Bank Cash Credit: 25% on Stock (<180 days) & 30% on Debtors (<90 days). Extent and Operation of the charge Hypo of charge on pari passu basis with HDFC Bank on entire current assets of the company, both present and future, Hypo of charge on pari passu basis with HDFC Bank on all movable fixed assets of the company both present and future excluding vehicles & assets financed by other Banks/ FIs. EM of All the at 2nd Floor, Premises No.33, Ramtanu Lahiri Sarani, M.M.C. Ward No.81, P.S. New Alipore, Kolkata-700 053, West Bengal in the name of Ostern Private Limited on pari passu basis with HDFC Bank.
Short particulars of the property charged	The whole of the Current Assets of the Borrower namely, Stocks of Raw Materials, Stocks in Process, Semi-Finished and Finished Goods, Stores and Spares not relating to Plant and Machinery (consumable stores and spares), Bills Receivable and Book Debts and all other movables , both present and future, on pari-passu first charge basis among the consortium members whether now laying loose or in cases or which are now lying or stored in or about or shall hereinafter from time to time during the continuance of the security of these presents be brought into or upon or be stored or be in or about of the Borrowers factories, premises and godowns situated at (1) 279, Rai Bahadur Road, Kolkata - 700 053 (2) Bakrahat Road, VIII. Hanspukur, P. O. Joka, Kolkata and (3) Plot No. F-19, Food Park, Dhulagarh, Howrah or wherever else the same may be or be held by any party to the order or disposition of the borrower or in the course of transit or on high seas or on order or delivery, howsoever and wheresoever in the possession of the borrower and either by way of substitution or addition. The entire present and future fixed assets (except vehicles and assets financed by other Banks/FIs) of the Borrower by way of pari passu First Charge as a collateral security having WDV of the fixed assets as per ABS 11 - Rs.47.604 Millions. Equitable mortgage of All the at 2nd Floor, Premises No.33, Ramtanu Lahiri Sarani, M.M.C. Ward No.81, P.S. New Alipore, Kolkata-700 053, West Bengal.

FIXED ASSETS

Tangible assets

• Land
• Building
• Furniture and Fixtures
• Office Equipments
• Vehicle-Motor Car
• Vehicle-Commercial
• Plant and Machinery
• Mould

Intangible Assets

• Patents
• Capital WIP

WEBSITE DETAILS

PROFILE

Subject commenced operation in the year 1998 for manufacturing writing instruments for domestic and export market using most advanced technology and tooling from Korea with a capacity of 50000 Pcs./ day. Since then Subject has established itself as a leading manufacturer of writing instruments. Company has modern state of the art manufacturing facilities having production capacity of up to 2.0 million Pcs./day spread over two manufacturing facilities. All activities of production are carried out in-house. Company has highly professional dynamic and technical team having more than 30 years of experience in writing instruments manufacturing. Company can meet strict quality norms as per international demand, develop tooling as per buyer’s requirement and expand capacity as per buyer’s need. Prices offered by Subject are unbeatable. Subject dedicated team is constantly on the job to ensure timely delivery to customers.

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. 55.80
UK Pound	1	Rs. 87.66
Euro	1	Rs. 68.45

INFORMATION DETAILS

Information Gathered by :	SBA
Report Prepared by :	DPT

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.