MIRA INFORM REPORT

Report Date :

06.12.2012

IDENTIFICATION DETAILS

Name :	COSMIC FERRO ALLOYS LIMITED
Formerly Known As :	COSMIC FERRO ALLOYS PRIVATE LIMITED
Registered Office :	Sikkim Commerce House 4/1, Middleton Street, 4^th Floor, Shakespeare Sara, Kolkata – 700071, West Bengal
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	23.07.2003
Com. Reg. No.:	21-96622
Capital Investment / Paid-up Capital :	Rs.89.200 Millions
CIN No.: [Company Identification No.]	U27104WB2003PLC096622
TAN No.: [Tax Deduction & Collection Account No.]	CALC03766A
PAN No.: [Permanent Account No.]	AACCC1730C
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Ferro Alloys, Silicon Manganese, Ferro Silicon, Ferro Chrome and Ferro Manganese.
No. of Employees :	175 Approximately (In office + In factory)

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 2700000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. There appears slight dip in the profitability. However general financial position of the company appears to be good. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered for business dealing 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

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

EXTERNAL AGENCY RATING

Rating Agency Name	FITCH
Rating	Long term debt rating: BB+
Rating Explanation	This indicates an elevated vulnerability to default risk, particularly in the event of adverse changes in business or economic condition over time.
Date	August, 2011

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ 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.

LOCATIONS

Registered/ Administrative Office :	Sikkim Commerce House 4/1, Middleton Street, 4^th Floor, Shakespeare Sara, Kolkata-700071, West Bengal, India
Tel. No.:	91-33-22836551/ 22836552/ 22836553/ 22836554/ 30576563/ 64
Fax No.:	91-33-22836553/ 30576550
E-Mail :	birla.satish@gmail.com cosmicgroup@vsnl.net cosmicgrp@hotmail.com cosmicgrp@dataone.in cosmicgrp@yahoo.com cosmic@cal.vsnl.net.in info@cosmicferro.com exim@cosmicferro.com cosmicferro@gmail.com satish@cosmicferro.com
Website :	http://www.cosmicferro.com
Location :	Owned
Factory :	Village Ghutgoria, P O Barjoria, District Bankura – 722168, West Bengal, India
Tel. No.:	91-3241-257404
Fax No.:	91-3241-256185

DIRECTORS

(AS ON 30.09.2011)

Name :	Mr. Satya Narayan Bidawatka
Designation :	Managing Director
Address :	82- 9, Ballygunge, 68, Gariahat, Kolkata-700019, West Bengal, India
Date of Birth/Age :	28.11.1947
Date of Appointment :	23.07.2003
DIN No.:	00013310
Name :	Mr. Ravi Kumar Birla
Designation :	Director
Address :	188-E, Manicktalla Main Road, Kolkata-700054, West Bengal, India
Date of Birth/Age :	05.07.1962
Date of Appointment :	23.07.2003
DIN No.:	00054438
Name :	Mr. Satish Kumar Birla
Designation :	Director
Address :	190-A, Manicktalla Main Road, 3^rd Floor, Kankurgachi, Kolkata-700054, West Bengal, India
Date of Birth/Age :	03.11.1963
Date of Appointment :	23.07.2003
DIN No.:	00015809
Other Directorship :
Name :		Mr. Rajendra Nath Basuroy
Designation :		Director
Address :		82- 9, Ballygunge, 68, Gariahat, Kolkata-700019, West Bengal, India
Date of Birth/Age :		01.02.1934
Date of Appointment :		04.12.2006
DIN No.:		02008327
Name :		Mr. Pramod Omprakash Agarwal
Designation :		Director
Address :		82- 9, Ballygunge, 68, Gariahat, Kolkata-700019, West Bengal, India
Date of Birth/Age :		08.06.1951
Date of Appointment :		04.12.2006
DIN No.:		00182583
Name :		Mr. Nitai Chandra Pal
Designation :		Director
Address :		BE-29, Sector-I, Salt Lake, Kolkata – 700064, West Bengal, India
Date of Birth/Age :		10.02.1946
Date of Appointment :		04.12.2006
DIN No.:		01924081
Name :		Mr. Vijay Kumar Birla
Designation :		Additional Director
Address :		93, Aasha Apartments, Flat 1/C-6, 93, Deshpran Shasmal Road, Kolkata – 700033, West Bengal, India
Date of Birth/Age :		29.02.1960
Date of Appointment :		19.01.2011
DIN No.:		00540548
Name :		Mr. Raman Kumar Agarwal
Designation :		Additional Director
Address :		190-A, Manicktalla Main Road, 3^rd Floor, Kankurgachi, Kolkata-700054, West Bengal, India
Date of Birth/Age :		07.08.1967
Date of Appointment :		19.01.2011
DIN No.:		00540572
Name :		Mrs. Parvati Devi Birla
Designation :		Director
Address :		BE-29, Sector – I, Salt Lake, Kolkata – 700064, West Bengal, India
Date of Birth/Age :		01.11.1941
Date of Appointment :		30.09.2011
DIN No.:		03622806

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 30.09.2011)

Names of Shareholders	No. of Shares
Satyanarayan Bidawatka	147000
Ravi Kumar Birla	57000
Satish Kumar Birla	141000
Adarsh Technocom Private Limited, India	919000
Anand Mohta	130000
DEO Kishan Mohta	180000
D.K. Mohta and Sons HUF	150000
Jugal Kishore Birla	70000
Madhu Birla	50000
Manju Birla	50000
Parvati Devi Birla	262000
Prabhu Dayal Birla	115000
Raman Kumar Agarwal	37500
Raj Laxmi Mohta	70000
Kamla Devi Maheshwari	120000
Vijay Kumar Birla	70000
Vivek Mohta	92000
AAR ESS Homes private Limited, India	260000
Mamata Bidawatka	40000
Preeti Birla	70000
Pushpa Bidawatka	75000
Pushpa Devi Birla	40000
S.N. Bidwatka and Sons HUF , India	50000
Subrata Roy	55500
Sudha Birla	32600
Suranjana Birla	38500
V.K. Birla and Sons HUF, India	50000
Archana Impex Private Limited, India	570000
Vista Vision Private Limited , India	2157400
Devi Prasad Pansdey	9000
R.S. Birla HUF	70000
Apollo Vinimay Private Limited, India	1004500
Cosmic Steels Private Limited, India	300000
Velmon Tie Up Private Limited, India	1437000
Total	8920000

(AS ON 30.09.2011)

Equity Shares Break – up

Category	Percentage
Bodies corporate	74.53
Directors or relatives of directors	25.47
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Ferro Alloys, Silicon Manganese, Ferro Silicon, Ferro Chrome and Ferro Manganese.

Products :

Products Description	Item Code No.
Ferro Manganese and Slag	72021100
Silico Manganese	72023000

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Silico Manganese	MT	NA	NA	11799.970
Ferro Manganese	MT	NA	NA	32368.320
Slag	MT	NA	NA	30725.000

GENERAL INFORMATION

No. of Employees :

175 Approximately (In office + In factory)

Bankers :

· State Bank of India,

Commercial Branch, N.S. Road, 8, N.S. Road, Gillander House, Kolkata – 700001, West Bengal, India

· The Federal Bank Limited,

Ballygunge Branch, 1/D, Mandeville Gardens, Kolkata-700019, West Bengal, India

· ICICI Bank Limited,

Landmark, Race Course Circle, Vadodara 390007, Gujarat, India

· Syndicate Bank

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Working capital loans banks secured	486.358	386.123
Loans taken for vehicles secured	0.985	1.581
Loans taken for other fixed assets secured	0.241	2.079
Total	487.584	389.783

Banking Relations :	--
Auditors :
Name :	B Jain and Company Chartered Accountants
Address :	26, Strand Road, 1^st Floor, Kokata-700001, West Bengal. India
Tel. No.:	91-33-22434933/ 4/ 5
PAN No.:	ACQPJ9965K
E-Mail :	pulu@vsnl.com bjain_co@yahoo.com
Associates :	· Pragati Realtors Private Limited · Citizen Advertising Agency (India) Private Limited · Aar Ess Homes Private Limited · Adarsh Techno Com Private Limited
Related Parties :	· Apollo Vinimay Private Limited · Archana Impex Private Limited · Adarsh Engineering · Maxworth Industries · Archana Industries · Cosmic Engineers

CAPITAL STRUCTURE

(AS ON 30.09.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
12500000	Equity Shares	Rs.10/- each	Rs.125.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
8920000	Equity Shares	Rs.10/- each	Rs.89.200 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		89.200	74.196	73.096
2] Share Application Money		15.595	72.355	56.241
3] Reserves & Surplus		560.563	451.582	377.503
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		665.358	598.133	506.840
LOAN FUNDS
1] Secured Loans		487.584	389.783	505.375
2] Unsecured Loans		0.000	0.000	0.846
TOTAL BORROWING		487.584	389.783	506.221
DEFERRED TAX LIABILITIES		78.404	59.480	53.896
TOTAL		1231.346	1047.396	1066.957
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		642.586	508.882	532.430
Capital work-in-progress		53.793	113.645	11.962
INVESTMENT		1.000	1.000	1.686
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	711.572	589.906	769.437
	Sundry Debtors	247.105	352.770	268.949
	Cash & Bank Balances	178.177	194.577	117.369
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	126.894	93.752	80.445
Total Current Assets		1263.748	1231.005	1236.200
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	616.625	727.011	676.609
	Other Current Liabilities	50.174	33.944	21.656
	Provisions	62.982	46.181	17.056
Total Current Liabilities		729.781	807.136	715.321
Net Current Assets		533.967	423.869	520.879
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1231.346	1047.396	1066.957

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	2730.327	2695.839	3367.341
		Other Income	19.692	77.400	25.317
		TOTAL (A)	2750.019	2773.239	3392.658
Less	EXPENSES
		Consumption materials changes inventories	1663.565	1524.719
		Manufacturing service costs	648.839	882.790
		Contract cost	0.178	0.123	3280.464
		Employee related expenses	82.488	53.668
		Administrative selling other expenses	190.448	138.614
		TOTAL (B)	2585.518	2599.914	3280.464
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		164.501	173.325	112.194
Less	FINANCIAL EXPENSES (D)		48.653	41.703	55.123
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		115.848	131.622	57.071
Less/ Add	DEPRECIATION/ AMORTISATION (F)		31.159	27.232	25.606
	PROFIT BEFORE TAX (E-F) (G)		84.689	104.390	31.465
Less	TAX (H)		35.725	34.710	15.425
	PROFIT AFTER TAX (G-H) (I)		48.964	69.680	16.040
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		202.040	132.660	116.320
	BALANCE CARRIED TO THE B/S		251.004	202.040	132.360
	EARNINGS IN FOREIGN CURRENCY		1672.399	1250.496	1941.904
	Earnings Per Share (Rs.)		6.58	9.36	2.43

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.78	2.51	0.47
Net Profit Margin (PBT/Sales)	(%)	3.10	3.87	0.94
Return on Total Assets (PBT/Total Assets}	(%)	4.44	6.00	1.78
Return on Investment (ROI) (PBT/Networth)		0.13	0.17	0.06
Debt Equity Ratio (Total Liability/Networth)		1.83	2.00	2.40
Current Ratio (Current Asset/Current Liability)		1.73	1.53	1.73

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions 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	No
10]	Designation of contact person	No
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	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	-----
22]	Litigations that the firm / promoter involved in	-----
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	No
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

OPERATION REVIEW

The Company is enjoying a strong domestic and global presence. They have achieved a turnover of over Rs.2730.300 Millions for the year ended 31st March 2011. During 2010-11, exports accounted for 60% of total turnover. The company also focuses on the domestic market. The sale prices of Ferro Manganese have also been showing upward movement. The products manufactured are basic inputs for manufacture of steel and for any type of steel or alloy casting. Hence Future of the company is very bright considering the upbeat prospect of the steel industry.

CONTINGENT LIABILITIES

(Rs. in Millions)

PARTICULARS	31.03.2011	31.03.2010
Unexpired Guarantee/Letter of Credit opened by Banks	336.914	570.955
Appeal pending with IT Authorities	0.076	0.000
Appeal pending with CESTAT	19.062	0.000
Amount to be executed on Capital A/C	Unascertained

FORM 8

This form is for	Creation of charge
Corporate identity number of the company	U27104WB2003PLC096622
Name of the company	COSMIC FERRO ALLOYS LIMITED
Address of the registered office or of the principal place of business in India of the company	Sikkim Commerce House, 4/1 Middleton ST, 4th Floor, Shakespeare Sara, Kolkata – 700071, West Bengal, India birla.satish@gmail.com
Type of charge	Book Debts Movable Property
Particular of charge holder	DBS Bank Limited Kolkata Branch, 4A, Nandalal Basu Sarani, Kolkata – 700071, West Bengal, India vikramrao@dbs.com
Nature of description of the instrument creating or modifying the charge	Deed of hypothecation
Date of instrument Creating the charge	12.03.2012
Amount secured by the charge	Rs.56.500 Millions
Brief particulars of the principal terms and conditions and extent and operation of the charge	Rate of Interest Buyer's Credit : LIBOR + 180 or as may be fixed by the bank from time to time Terms of Repayment Repayable as per sanction terms Margin 25 % Against hypothecated goods 25 % Against hypothecated debts Extent and Operation of the charge First pari passu charge over all the company’s present and future 1. Goods being finished goods, semi finished goods, stocks of raw materials, WIP 2. Book debts, outstanding monies, receivables, claims, bills, contracts, securities, investments, rights & assets 3. movable fixed assets
Short particulars of the property charged	First pari passu charge over all the goods being finished goods, semi finished goods, stocks of raw materials, WIP, both present and future First pari passu charge over all the company's present and future book debts, outstanding monies, receivables, claims, bills, contracts, engagements, securities, investments, rights and assets First pari passu charge over all the company's present and future movable fixed assets

FIXED ASSETS:

· Land

· Building

· Factory Building

· Plant and Machinery

· Office Equipments

· Computer

· Other Equipment

· Furniture and Fixture

· Vehicles

WEBSITE DETAILS:

PROFILE:

Forseeing the rapid rise in the consumption of Steel globally, Subject was formed to foray into production of Ferro Alloys, which is a major raw material input for the Steel industry. The products range of Subject includes highest quality Ferro Alloys - namely Ferro Manganese and Silico Manganese as specified by the Indian Standards Specification and also different composition required by manufacturers of alloy and stainless steel production.

Subject is an ISO-9001:2000 Certified Company and accorded the status of One Star Export House in accordance with the provisions of Foreign Trade Policy, 2004-09 by the Office of the Joint Director General of Foreign Trade, Govt. of India.

The operations of the company are directly under the overall supervision of top- level management team comprising of the Chairman, Managing Director and CEO. They will be ably associated by a highly qualified and professional board of directors backed by capable team of executives, managerial personnel, supervisors and assistants.

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 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 n.

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.54.56
UK Pound	1	Rs.87.90
Euro	1	Rs.71.53

INFORMATION DETAILS

Report Prepared by :

NIT

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	YES
--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.