MIRA INFORM REPORT

Report Date :

11.01.2012

IDENTIFICATION DETAILS

Name :	EASTERN FOODS PRIVATE LIMITED
Registered Office :	Plot No. 2273, New Industrial Estate, Jagatpur, Cuttack – 754 021, Orissa
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	12.11.2003
Com. Reg. No.:	15-7383
Capital Investment / Paid-up Capital :	Rs.60.330 millions
CIN No.: [Company Identification No.]	U15312OR2003PTC007383
TAN No.: [Tax Deduction & Collection Account No.]	BBNE00182A
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturers of Food Products.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (28)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 440000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Profitability of the company appears to be low. However, trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some cautions.

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 :	Plot No. 2273, New Industrial Estate, Jagatpur, Cuttack – 754 021, Orissa, India
Tel. No.:	91-671-2491605 / 2491505
Fax No.:	91-671-2491795
E-Mail :	mail@easternfoods.co.in ska_associate@rediffmail.com
Website :	http://www.easternfoods.co.in

DIRECTORS

As on 30.09.2010

Name :	Mr. Subhrajeet Sahoo
Designation :	Managing Director
Address :	Arunodaya Nagar, Cuttack – 753 012, Orissa, India
Date of Birth/Age :	01.01.1982
Date of Appointment :	01.01.2010
DIN No.:	00861911

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	U51909WB1993PTC061205	Chandraprabhu Vyapaar Private Limited	Director	22-12-93	22-12-93	-	Active	NO
2	U51109WB1995PTC070299	Nirmohi Steel Private Limited	Director	29-03-95	29-03-95	-	Active	NO
3	U15311OR1984PTC001409	Eastern Roller Flour Mills Private Limited	Director	01-07-00	01-07-00	-	Amalgamated	NO
4	U27102OR2003PLC007354	Yazdani Steel and Power Limited	Director	29-10-03	29-10-03	30-09-11	Active	NO
5	U15312OR2003PTC007383	Eastern Foods Private Limited	Managing director	01-01-10	12-11-03	-	Active	NO
6	U21012OR1991PTC002746	Megha Papers Private Limited	Director	20-05-04	20-05-04	-	Active	NO
7	U45202OR1993PLC003328	Rajlaxmi Construction Limited	Whole-time director	01-04-09	01-04-09	-	Active	NO
8	U74140OR2011PTC014207	Sps Lexolutions Private Limited	Director	15-09-11	15-09-11	-	Active	NO
9	U15400OR2011PTC014276	Eastern Gourmet Private Limited	Director	27-09-11	27-09-11	-	Active	NO

Name :	Mr. Surendra Nath Sahoo
Designation :	Director
Address :	Arunodaya Nagar, Arunodaya
Date of Birth/Age :	08.03.1948
Date of Appointment :	12.11.2003
DIN No.:	00688547

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	U15311OR1984PTC001409	Eastern Roller Flour Mills Private Limited	Director	06-09-84	06-09-84	-	Amalgamated	NO
2	U74999OR1988PTC002047	Eastern Freeze Private Limited	Director	18-07-88	18-07-88	-	Active	NO
3	U21012OR1991PTC002746	Megha Papers Private Limited	Director	18-02-91	18-02-91	-	Active	NO
4	U45203OR1992PTC003140	Baba Lokanath Mining And Engineers Private Limited	Director	08-09-92	08-09-92	-	Active	NO
5	U05001OR1993PTC003329	Eastern Marines Private Limited	Director	17-05-93	17-05-93	-	Active	NO
6	U45202OR1993PLC003328	Rajlaxmi Construction Limited	Managing director	01-04-09	17-05-93	-	Active	NO
7	U51109WB1995PTC070299	Nirmohi Steel Private Limited	Director	29-03-95	29-03-95	25-02-06	Active	NO
8	U15412OR1996PTC004443	Eastern Confectionery Private Limited	Director	22-05-96	22-05-96	-	Active	NO
9	U15312OR2003PTC007383	Eastern Foods Private Limited	Director	12-11-03	12-11-03	-	Active	NO
10	U27102OR2003PLC007354	Yazdani Steel and Power Limited	Director	17-11-03	17-11-03	30-09-11	Active	NO
11	U15400OR2011PTC014276	Eastern Gourmet Private Limited	Director	27-09-11	27-09-11	-	Active	NO

Name :	Mr. Samarjeet Sahoo
Designation :	Director
Address :	Arunodaya Nagar, Arunodaya Market – 753 012
Date of Birth/Age :	02.02.1979
Date of Appointment :	12.11.2003
DIN No.:	00688554

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	U51909WB1993PTC061205	Chandraprabhu Vyapaar Private Limited	Director	22-12-93	22-12-93	03-01-06	Active	NO
2	U45203OR1992PTC003140	Baba Lokanath Mining and Engineers Private Limited	Director	01-11-02	01-11-02	-	Active	NO
3	U45202OR1993PLC003328	Rajlaxmi Construction Limited	Director	20-05-03	20-05-03	-	Active	NO
4	U15312OR2003PTC007383	Eastern Foods Private Limited	Director	12-11-03	12-11-03	-	Active	NO
5	U27102OR2003PLC007354	Yazdani Steel and Power Limited	Managing director	24-02-09	24-02-04	30-09-11	Active	NO
6	U74140OR2011PTC014207	Sps Lexolutions Private Limited	Director	15-09-11	15-09-11	-	Active	NO
7	U15400OR2011PTC014276	Eastern Gourmet Private Limited	Director	27-09-11	27-09-11	-	Active	NO

Name :	Mr. Sanjay Kumar Sahoo
Designation :	Director
Date of Appointment :	12.11.2003
DIN No.:	00850587

Other Directorship

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U15311OR1984PTC001409	Eastern Roller Flour Mills Private Limited	Director	01-02-03	01-02-03	Amalgamated	NO
2	U15312OR2003PTC007383	Eastern Foods Private Limited	Director	12-11-03	12-11-03	Active	NO
3	U15400OR2011PTC014276	Eastern Gourmet Private Limited	Director	27-09-11	27-09-11	Active	NO

Name :	Mr. Sachidananda Das
Designation :	Whole Time Director
Address :	Gopalpur, Cuttack – 754 003, Orissa, India
Date of Appointment :	01.04.2009
DIN No.:	02814665

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2010

Names of Equity Shareholders	No. of Shares
Surendra Nath Sahoo	154944
Samarjeet Sahoo	960
Suchitra Sahoo	70942
Madhaba Prasad Sharma	10830
Sidhartha Sarangi	720
Chandraprabhu Vyappar (Private) Limited, India	11580
Surendra Nath Sahoo (HUF)	2160
Baba Loknath Mining and Engineering (Private) Limited, India	56808
Lilly Sahoo	8220
Rashnibala Sahoo	15016
Sanjay Kumar Sahoo	8260
Subhrajeet Sahoo	35834
Pratyush Sahoo	26200
Anjana Sharma	8502
Upendra Das	1800
Shashi Bhusan Swain	360
Smitaprabha Sahoo	71640
Nirmoshi Steel Private Limited, India	20520
Total	505296

Names of Preference Shareholders	No. of Shares
Baba Loknath Mining and Engineering (Private) Limited, India	98000
Total	98000

As on 30.09.2010

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	17.59
Directors or relatives of directors	82.41
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturers of Food Products.

Products :

Product Description	ITC Code
Wheat Products (Maida, Atta, Suji and Chokada)	0109
Rice Products (Rice and Bran)	0109

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· State Bank of India

Commercial Branch, OSIC Building, Madhupatna, Cuttack – 753 010, Orissa, India

· Axis Bank Limited, Cuttack

· ICICI Bank Limited

· Urban Co-Operative Bank Limited, Jagatpur

· Union Bank of India, Kendrapara Branch

· Canara Bank, Cuttack

· HDFC Bank, Cuttack

Facilities :

Secured Loans	As on 31.03.2010 Rs. in millions	As on 31.03.2009 Rs. in millions
Cash Credit Loan	125.978	78.969
Cash Credit (Adhok Loan)	8.401	0.000
Term Loans
Term Loan (Machinery)	32.715	30.764
Term Loan (Vehicle)	0.751	0.457
Interest accured and due on the above Term Loan (Machinery)	0.435	0.332
(All the above loans are from State Bank of India, Commercial Branch, Cuttack, secured by hypothecation of Company’s stocks and book debts, equitable mortgage of Factory Land and Building, pledge of STDR of Rs.1.400 millions, Personal guarantee of all Directors, Smt. Suchitra Sahoo, Madhab Prasad Sharma and Corporate Guarantee of Rajlaxmi Constriction Limited.
Hire Purchase Vehicle Loan from Axis Bank Limited	1.399	0.000
Commodity Loan against ware house receipt from Axis Bank Limited	36.198	0.000
Hire Purchase Vehicle Loan from ICICI Bank Limited	0.000	0.164
Total	205.877	110.686

Unsecured Loans	As on 31.03.2010 Rs. in millions	As on 31.03.2009 Rs. in millions
Loans from others	22.755	16.076
Interest accured and due others	0.083	00000
Total	22.838	16.076

Banking Relations :	--
Auditors :
Name :	R. K. Das and Associates Chartered Accountants
Address :	Room No. 001, Shyamkunj Apartment, Kathajodi Ring Road, Cuttack – 754 012, Orissa, India
PAN No.:	AADFR8036K

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
525000	Equity Shares	Rs.100/- each	Rs.52.500 millions
100000	Redeemable Preference Shares	Rs.100/- each	Rs.10.000 millions
	Total		Rs.62.500 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
505296	Equity Shares	Rs.100/- each	Rs.50.530 millions
98000	Redeemable Preference Shares	Rs.100/- each	Rs.9.800 millions
	Total		Rs.60.330 millions

(Of the above shares 241812 nos shares Rs.100/- each issued to shareholders of erstwhile Eastern Roller Flour Mills Private Limited, which was merged with the company for consideration other than cash.)

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		60.330	36.148	35.828
2] Share Application Money		7.439	2.098	0.000
3] Reserves & Surplus		41.528	22.388	11.711
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		109.297	60.634	47.539
LOAN FUNDS
1] Secured Loans		205.877	110.686	96.274
2] Unsecured Loans		22.838	16.076	18.832
TOTAL BORROWING		228.715	126.762	115.106
DEFERRED TAX LIABILITIES		2.760	2.504	1.019
TOTAL		340.772	189.900	163.664
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		73.327	64.096	36.398
Capital work-in-progress		21.442	0.413	23.330
INVESTMENT		30.917	3.263	0.263
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	136.729	82.842	74.983
	Sundry Debtors	88.336	61.594	65.017
	Cash & Bank Balances	11.429	6.042	26.179
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	34.339	26.828	9.993
Total Current Assets		270.833	177.306	176.172
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	47.149	50.020	70.254
	Other Current Liabilities	5.524	4.232	2.096
	Provisions	4.084	2.241	1.244
Total Current Liabilities		56.757	56.493	73.594
Net Current Assets		214.076	120.813	102.578
MISCELLANEOUS EXPENSES		1.010	1.315	1.095
TOTAL		340.772	189.900	163.664

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2010	31.03.2009	31.03.2008
	NET INCOME FROM OPERATIONS	1000.035	729.268	NA
Less	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	42.575	31.715	21.835
Less	INTEREST, FINANCIAL CHARGES	17.983	12.358	9.188
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	24.592	19.357	12.647
Less/ Add	DEPRECIATION/ AMORTISATION	11.422	7.862	5.891
	PROFIT/(LOSS) BEFORE TAX	13.170	11.495	6.756
Less	TAX	4.401	5.258	2.183
	PROFIT/(LOSS) AFTER TAX	8.769	6.237	4.573
	Earnings Per Share (Rs.)	14.54	17.25	--

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
Return on Total Assets (PBT/Total Assets}	(%)	3.83	4.76	3.18
Return on Investment (ROI) (PBT/Networth)		0.12	0.19	0.14
Debt Equity Ratio (Total Liability/Networth)		2.61	3.02	3.97
Current Ratio (Current Asset/Current Liability)		4.77	3.14	2.39

LOCAL AGENCY FURTHER INFORMATION

PERFORMANCE

During the year, the performance of the company has improved significantly and the net income from operations increased from Rs.729.268 millions to Rs.1000.035 millions, thereby registered an increase of 37.12% in comparison to the previous year. The Directors are confident that the Company will able to perform much better in the coming years.

FORM 8

Corporate identity number of the company	U15312OR2003PTC007383
Name of the company	EASTERN FOODS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Plot No. 2273, New Industrial Estate, Jagatpur, Cuttack – 754 021, Orissa, India
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	90078884
Type of charge	· Immovable property · Book debts · Movable property (not being pledge) · Floating charge
Particular of charge holder	State Bank of India Commercial Branch, OSIC Building, Madhupatna, Cuttack – 753 010, Orissa, India E-Mail : cs_deba@yahoo.co.in
Nature of instrument creating charge	1. Sanction Letter 2. Supplemental deed of guarantee for increase in overall limit 3. Limit Linking Letter 4. Supplemental agreement of loan for increase in overall limit 5. Supplemental agreement of hypothecation of goods and assets for increase in the overall limit 6. Letter regarding the grant of individual limits within the overall limit 7. Board Resolution
Date of instrument Creating the charge	06.01.2010
Amount secured by the charge	Rs.259.100 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Cash credit - At 0.25% above SBAR. presently 12.00% p.a. at monthly rests. Term Loan V - At 0.25% above SBAR. presently 12.00% p.a. at monthly rests. (Other terms and conditions remain same) Terms of Repayment Cash credit - repayable on demand Term Loan V - Repayable in 16 equal quarterly installments of Rs.0.625 million each starting from the quarter ending June '2010 and ending on the quarter ending march '2014. Other term loans will be repaid as per existing arragement. Margin Cash Credit - Raw Material - 25% Finished Goods - 25% Book Debts - 25% (cover period 60 days) Term Loan V - 37% Bank Guarantee- 15% (Other terms and conditions remain same) Extent and Operation of the charge ] · Hypothecation of company's stocks of raw materials, S-I-PS, finished goods, book debts and other current assets of the company present and future. · Eqm of land and building as per sanction letter. · Charge on the plant and machinery of the company. · Pledge of STDRS Others (In Millions) Cash Credit- Rs.143.300 WCDL- Rs.10.000 Demand Loan- Rs.30.000 TL-1- Rs.17.000 TL-2- Rs.10.000 TL-3- Rs.21.300 TL-4- Rs.10.000 (LC CAPEX – 6.800) TL-5- Rs.10.000 B.G Rs.7.500 ------------------------------------------------------ Total- Rs.259.100
Short particulars of the property or asset(s) charged (including complete address and location of the property)	· Hypothecation of company's stocks of raw materials, sips, finished goods, book debts and other current assets of the company present and future. · Eqm of land and building on the properties belongs to S.N Sahoo situated at Mouza - Rangidaspur, Plot No - 80,81,82,58, corresponding Khata No - 137/7,80,137/8,137/6 , total area AC 2.04. · Eqm of land and building on the properties belongs to Suchitra Sahoo situated at Mouza - Tarol, Plot No - 2268,2271/2496, corresponding Khata No - 620/207,620/207, Total Area AC 0.47.6 · Eqm of land and building on the properties belongs to Surendra Nath Sahoo situated at Mouza - Tarol, Plot No - 111, Khata No - 30, area AC 0.08. · Eqm of factory land and building belongs to the company situated at Mouza - Tarol, Plot No - 2340/2471,2470,2271/2496, corresponding Khata No - 554,493/15,620/206, Total Area AC 1.006. · Charge on the plant and machinery of the company. · Pledge of STDRS · Eqm of l and b on the properties belongs to the company situated at Mouza - Rangidaspur, Plot No - 59,61,73/427,73,74,75,77,78, Khata No - 137/9,137/3,137/13,137/14,122,75,137/11,137/10, area AC 3.52. · First charge over equipment /machinery/godown purchased/ to be accquired out of bank finance.
Particulars of the present modification	Total limit enhanched to Rs.259.100 millions

FIXED ASSETS

· Land

· Buildings

· Plant and Machinery

· Furniture and Fixture

· Vehicle

WEB DETAILS

PROFILE

Subject is one of India's manufacturers of food products. Subject is one of the oldest and premier food processing companies in India with an annual turn over of Rs.1500.000 millions. Since its inception way back in 1988, Subject has taken up various steps not only to bring prosperity to the small and marginal farmers (contract farming) but also to provide nutritional security to the nation. Subject comes under the umbrella of DBS Group Of Industries. DBS Group is diversified into various sectors like power, steel, constructions, food and confectionaries etc.

At Subject their commitment is to excellence. The evolving needs of their customers drives them continuously to improve their processes and systems. They are commited to apply the state of art technology and process to enhance productivity that ensure quality at a competitive price. They pedge themselves towards providing quality and safe products processed in clean and hygienic environments. Their dedicated and experienced quality team work 24X7 to ensure the quality and nutrient aspect of their products. Over a period of 22 years subject is growing from strength to strength and hence laid the foundation to a revolution in the food processing sector which in turn will lead to increased productivity and quality. They use highly advanced technology and machineries in their plants so that they can maintain the natural content of the food. At subject they also ensure that their products hygienically packed with the use of an automated packing system in place.

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.52.23
UK Pound	1	Rs.80.84
Euro	1	Rs.66.80

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--CREDIT LINES	1~10	2
--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		28

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.