MIRA INFORM REPORT

Report Date :

19.06.2012

IDENTIFICATION DETAILS

Name :	BHARAT RESINS LIMITED
Registered Office :	Plot No.168/43-44-45, Dabhel Industrial Co-operative Society Limited, Dhabel, Daman – 396 210, Dadra and Nagar Haveli
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	19.03.1993
Com. Reg. No.:	56-001892
Capital Investment / Paid-up Capital :	Rs.9.031 Millions
CIN No.: [Company Identification No.]	U31200DD1993PLC001892 U99999GJ1993PLC019166
PAN No.: [Permanent Account No.]	AAACB9709J
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Chemicals.
No. of Employees :	Approximately 100 (In Office + In Factory)

RATING & COMMENTS

MIRA’s Rating :

Ba (54)

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

Maximum Credit Limit :	USD 966000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established company having good track. Financial position of the company appears to be sound. Trade relations are reported as trustworthy. Business is active. Payments are reported to be regular and as per commitments. The company can be considered good for business dealings at usual trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

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

LOCATIONS

Registered Office/ Factory 1 :	Plot No.168/43-44-45, Dabhel Industrial Co-operative Society Limited, Dhabel, Daman – 396 210, Dadra and Nagar Haveli, India
Tel. No.:	91-260-2242275/ 3292814
Fax No.:	91-260-2242276
E-Mail :	bharatresins@yahoo.com
Area :	1225 Sq. Meters
Location :	Owned
Factory 2 :	Plot No.A/1, 284/4, G.I.D.C., Umergaon – 396 170, Gujarat, India
Area :	7000 Sq. Ft.
Location :	Owned
Sales Office :	D-101, Koteshwar Palace, Kole Dongari Lane No.4, Opposite Garware House, Andheri (East), Mumbai – 400 069, Maharashtra, India
Tel. No.:	91-22-26843527/ 26843463
Fax No.:	91-22-26820404

DIRECTORS

As on 30.09.2011

Name :

Mr. Vinay Ladharam Joshi

Designation :

Managing Director

Address :

1502, Tivoli Central Avenue, Hiranandani Gardens, Powai, Mumbai – 400 076, Maharashtra, India

Date of Birth/Age :

21.04.1947

Qualification :

MSC Organics

Date of Appointment :

19.03.1993 (Re-appointment w.e.f. 01.04.2009)

DIN No.:

00043600

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	Company/ LLP Status	Defaulting status
1	U24299GJ1973PTC002440	Synpol Products Private Limited	Director	11-12-73	11-12-73	Active	NO
2	U31200DD1993PLC001892	Bharat Resins Limited	Managing director	01-04-09	19-03-93	Active	NO

Name :

Mr. Manish Prabhashanker Joshi

Designation :

Director

Address :

Bunglow 5, Sector 5, Khalhaar Bunglows, Shilaj, Ahmedabad – 380 058, Gujarat, India

Date of Birth/Age :

11.11.1956

Qualification :

B. Sc. , Diploma in Paints

Date of Appointment :

19.03.2006

DIN No.:

00046020

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	Company/ LLP Status	Defaulting status
1	U31200DD1993PLC001892	Bharat Resins Limited	Director	19-03-06	19-03-06	Active	NO
2	U24299GJ1973PTC002440	Synpol Products Private Limited	Director	29-09-07	03-07-07	Active	NO

Name :

Mr. Vinod Jesukhlal Kothari

Designation :

Director

Address :

5, Unique Park, Satellite Road, Ahmedabad – 380 015, Gujarat, India

Date of Birth/Age :

09.07.1934

Qualification :

UDCT - Paints Technology

Date of Appointment :

19.03.1993

DIN No.:

00169308

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	Company/ LLP Status	Defaulting status
1	U24299GJ1973PTC002440	Synpol Products Private Limited	Managing director	11-12-73	11-12-73	Active	NO
2	U31200DD1993PLC001892	Bharat Resins Limited	Director	19-03-93	19-03-93	Active	NO

Name :

Mr. Vikram Harsukh Kothari

Designation :

Director

Address :

10, Mount Eminence, 11, Nawroji Gamadia Cross Road, Mumbai – 400 026, Maharashtra, India

Date of Birth/Age :

29.10.1958

Qualification :

B. Tech - Chem. Engineering, M.S. - Chem. Engineering, M.S. - Management

Date of Appointment :

30.06.2009

DIN No.:

00601155

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	Company/ LLP Status	Defaulting status
1	U33130MH1990PTC058429	Soorya Controls Private Limited	Director	08-10-90	08-10-90	Active	NO
2	U65990MH1992PTC066358	Sesha Inndvations Private Limited	Director	13-04-92	13-04-92	Strike off	NO
3	U24299GJ1973PTC002440	Synpol Products Private Limited	Director	29-09-09	29-11-08	Active	NO
4	U31200DD1993PLC001892	Bharat Resins Limited	Director	30-06-09	30-03-09	Active	NO

Name :

Mrs. Shantu Vinay Joshi

Designation :

Director

Address :

1502, Tivoli Central Avenue, Hiranandani Gardens, Powai, Mumbai – 400 076, Maharashtra, India

Date of Birth/Age :

11.11.1956

Qualification :

S.S.C.

Date of Appointment :

30.06.2009

DIN No.:

02669178

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	Company/ LLP Status	Defaulting status
1	U31200DD1993PLC001892	Bharat Resins Limited	Director	30-06-09	15-06-09	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Vinod Jesuklal Kothari	10100
Kirit Jesuklal Kothari	5100
Jayesh Prabhashankar Joshi	10100
Parag Prabhashankar Joshi	10100
Manish Prabhashankar Joshi	10100
Upendra Amratlal Mehta	5100
Hiraben Prabhashankar Joshi	10000
Rita Jayesh Joshi	10000
Smita Parag Joshi	10000
Priyanka Parag Joshi by her F&G	5000
Jayesh Prabhashanker Joshi- Karta of Prabhashanker Ladharam Joshi H.U.F.	10200
Vinay Ladharam Joshi Karta of Ladharam K. Joshi H.U.F.	30000
Vinay Ladharam Joshi	55000
Shantu Vinay Joshi	33000
Vinay Ladharam Joshi	17000
Vinay Ladharam Joshi	30000
Damodardas Kalidas Joshi	10000
Jayaben Damodardas Joshi	10000
Urmila Vinod Kothari	10000
Minal Vinod Kothari	10000
Shipla Vinod Kothari	10000
Sujata Vinod Kothari	10000
Vinod Jesuklal Kothari C/O. V.J. Kothari H.U.F.	5000
Vinod Jesuklal Kothari C/O. J. K. Kothari H.U.F.	1600
Vikram Harsukhrai Kothari	30000
Vasanti Kirit Kothari	5000
Nirav Kirit Kothari	3000
Jesal Kirit Kothari	3000
Kirit Jesuklal Kothari	2000
Bosky Vinay Joshi	31900
Urmila Nikhilbhai Sthanakia	5000
Madhavi Madhusudan Oza	1000
Sadhana Madhusudan Oza	2000
Nimish Madhusudan Oza	1000
Madhusudan Shantilal Oza	1000
Mahendrakumar Omprakash Mohta	4500
Mahendra Ladharam Joshi	40500
Neela Mahendra Joshi	9200
Pushpa Loyalka	30300
Sunil Sharad Apte	500
Sharad Vinayak Apte	500
Kunda Sharad Apte	500
Chandrashekar Sharad Apte	500
Sharad Viayak Apte	500
Sharad Vinayak Apte	500
Synthetics and Polymer Industries, India	200000
Manubhai M. Sthanakiya	5000
Bluebell Polymers Private Limited, India	100000
Rekha Jaiprakash Gandhi	900
Nayana Suresh Joshi	1500
Suresh Parshottam Joshi	1500
Parshottam Kalidas Joshi	1000
Pushpaben Parshottam Joshi	1000
Yogesh Parshottam Joshi	1000
Krishna M. Mistry	500
Harsha J. Mistry	500
Shipla C. Mistry	500
Jaymin P. Mistry.	500
Kavita K. Mistry	500
Vasanti S. Toprani	5000
Siddharthb. Toparani	5000
Mayani B. Toparani	5000
Neelam M. Toparani	5000
Laxmikantmodha	14500
Nikhil K. Rajyagum	5000
Prabhat Singhthakore	2000
Vinay Ladharam Joshi Karta of Vinay Ladharam Joshi HUF	15000
Indira A. Kothari Jointly With Vidya Kothari	12500
Sarla Harsukh Kothari Jointly With Vikram Harsukh Kothari Jointly With Nehal Maganbhai Doshi	10000
Manish Prabhashanker Joshi Karta of Manish Prabhashanker Joshi HUF	3300
Parag Prabhashanker Joshi Karta of Parag Prabhashanker Joshi HUF	3300
Jayesh Prabhashanker Joshi Karta of Jayesh Prabhashanker Joshi HUF	3300
Total	903100

As on 30.09.2011

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	33.22
Directors or relatives of directors	34.55
Other top fifty shareholders	32.23
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Chemicals.

Products :

Item Code No. (ITC Code)	39089090
Product Description	Polyamides Resins
Item Code No. (ITC Code)	39073010
Product Description	Epoxide (Epoxi) Resins
Item Code No. (ITC Code)	39089090
Product Description	Paint and Varnish
Item Code No. (ITC Code)	39089090
Product Description	Polyamides Resins (Unit 3)

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	2010-11
1. Licensed Capacity	Not applicable
2. Installed Capacity (As Certified by Director)	14832 MT
Productions (Qty. Kgs.)	8,211,163

GENERAL INFORMATION

No. of Employees :

Approximately 100 (In Office + In Factory)

Bankers :

HDFC Bank Limited, HDFC Bank House Senapati Bapat Marg, Lower Parel (West), Mumbai – 400 013, Maharashtra, India

Facilities :

Secured Loans	31.03.2011 (Rs. in Millions)	31.03.2010 (Rs. in Millions)
Loans taken for vehicles secured (Secured Loan is against Hypothecation of Vehicle.)	0.591	1.189
Total	0.591	1.189

Banking Relations :	--
Auditors :
Name :	Deepak J. Shukla and Associates Chartered Accountants
Address :	16, Morar Niwas, Near Auto Commerce House, Nana Chowk, Mumbai – 400 007, Maharashtra, India
PAN No.:	AADFD8764D

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
7000000	Equity Shares	Rs.10 /- each	Rs.70.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
903100	Equity Shares	Rs.10 /- each	Rs.9.031 Millions

(Company has buyback 97800 shares Rs.10/- and premium of Rs.124/-)

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		9.031	9.031	10.009
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		232.453	167.766	123.975
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		241.484	176.797	133.984
LOAN FUNDS
1] Secured Loans		0.591	1.189	1.339
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		0.591	1.189	1.339
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		242.075	177.986	135.323
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		45.403	22.814	25.528
Capital work-in-progress		0.000	22.121	4.638
INVESTMENT		0.001	0.001	0.001
DEFERRED TAX ASSETS		0.458	1.317	0.791
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	84.947	83.084	48.331
	Sundry Debtors	148.567	102.130	76.000
	Cash & Bank Balances	10.764	9.017	15.423
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	74.937	47.223	35.286
Total Current Assets		319.215	241.454	175.040
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	73.438	76.203	50.383
	Other Current Liabilities	0.142	2.396	0.261
	Provisions	49.422	31.122	20.031
Total Current Liabilities		123.002	109.721	70.675
Net Current Assets		196.213	131.733	104.365
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		242.075	177.986	135.323

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Operating revenue, net	1006.337	783.163	565.883
		Other Income	8.791	9.932	5.039
		TOTAL (A)	1015.128	793.095	570.922
Less	EXPENSES
		Consumption materials changes inventories	873.447	673.409	499.909
		Manufacturing service costs	23.244	18.066
		Employee related expenses	16.322	12.546
		Administrative selling other expenses	9.674	10.634
		Prior period items	0.000	0.036
		TOTAL (B)	922.687	714.691	499.909
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		92.441	78.404	71.013
Less	INTEREST FINANCIAL CHARGES (D)		1.720	1.429	1.997
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		90.721	76.975	69.016
Less/ Add	DEPRECIATION/ AMORTISATION (F)		7.296	6.045	5.942
	PROFIT BEFORE TAX (E-F) (G)		83.425	70.930	63.074
Less	TAX (H)		19.159	14.524	10.211
	PROFIT AFTER TAX (G-H) (I)		64.266	56.406	52.863
	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	116.072	63.556
	BALANCE CARRIED TO THE B/S		NA	171.990	116.072
	EARNINGS IN FOREIGN CURRENCY
		Export of Finished Goods	372.938	379.599	237.692
	TOTAL EARNINGS		372.938	379.599	237.692
	IMPORTS
		Raw Materials	528.265	456.996	303.508
	TOTAL IMPORTS		528.265	456.996	303.508
	Earnings Per Share (Rs.)
	- Basic		71.63	58.65	52.82
	- Diluted		71.63	61.96	52.82

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	6.33	7.11	9.26
Net Profit Margin (PBT/Sales)	(%)	8.29	9.06	11.15
Return on Total Assets (PBT/Total Assets}	(%)	22.88	26.84	31.45
Return on Investment (ROI) (PBT/Networth)		0.35	0.40	0.47
Debt Equity Ratio (Total Liability/Networth)		0.51	0.63	0.54
Current Ratio (Current Asset/Current Liability)		2.60	2.20	2.48

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) Constitutions of the firm	Yes
4) Premises details	Yes
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	No
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	Yes
30) Major Shareholders, if available	Yes

Note:

The Company was originally incorporated on 19.03.1993 in the state of Gujarat which was shifted to Union Territory of Daman and Diu and registered on 13.07.1995.

BUSINESS PLANS AND WORKING:

During the financial year the sales of the Company has increased and the same is Rs.1006.300 millions as compared to last year’s figure of Rs.783.200 millions. The achievement of sale as mentioned above is result of combined efforts put in by the management and employees of the Company. Due to increase in the Sales turnover of the Company, the Company has earned profit of Rs.83.800 millions after providing Rs.7.296 millions as provisions for depreciation.

Bankers Charges Report as per Registry

Corporate identity number of the company	U31200DD1993PLC001892
Name of the company	BHARAT RESINS LIMITED
Address of the registered office or of the principal place of business in India of the company	Plot No.168/43-44-45, Dabhel Industrial Co-operative Society Limited, Dhabel, Daman – 396 210, Dadra and Nagar Haveli, India E-Mail: bharatresins@yahoo.com
This form is for	Creation of charge
Type of charge	Book Debts Movable Property (not being pledge) Floating Charge
Particular of charge holder	CIN No.: L65920MH1994PLC080618 HDFC Bank Limited, HDFC Bank House Senapati Bapat Marg, Lower Parel (West), Mumbai – 400 013, Maharashtra, India E-Mail: RBBform8@hdfcbank.com
Nature of description of the instrument creating or modifying the charge	Letter of Hypothecation.
Date of instrument Creating the charge	17.05.2012
Amount secured by the charge	Rs.40.000 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest: Interest at the rate as may be communicated by the Bank from time to time. Terms of Repayment: On Demand. Margin: As may be stipulated by the Bank from time to time. Extent and Operation of the charge: Hypothecation by way of First Charge on Stocks and Book Debts to secure as a continuing security for the repayment of Rs.40.000 millions, together with interest, costs, charges, expenses and other moneys due and payable by the Company to the Bank.
Short particulars of the property charged	Stock-In-Trade, consisting of raw materials, goods in process of manufacturing finished goods, and other merchandise whatsoever being movable properties, now All the debts, that is, all the book debts, outstandings, monies receivables, claims, bills, invoice documents, contracts, guarantees, and rights which are now due

FIXED ASSETS:

v Land and Freehold

v Factory Building

v Plant and machinery

v Electric Installation

v Furniture and Fixtures

v Computers and Printers

v Office Equipments

v Fire Extinguishers

v Eicher 10.90 / TATA

v Vehicles

v City Office

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.55.60
UK Pound	1	Rs.87.34
Euro	1	Rs.70.66

INFORMATION DETAILS

Report Prepared by :

SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	7
--CREDIT LINES	1~10	6
--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		54

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.