MIRA INFORM REPORT

Report Date :

27.06.2012

IDENTIFICATION DETAILS

Name :	INTEGRATED FIRE PROTECTION PRIVATE LIMITED
Registered Office :	60A, Madan Mohan Malabya Sarani, Chakraberia Road North, Kolkata–700 020, West Bengal
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	16.03.1984
Com. Reg. No.:	21-037286
Capital Investment / Paid-up Capital :	Rs.0.879 Million
CIN No.: [Company Identification No.]	U24292wb1984ptc037286
TAN No.: [Tax Deduction & Collection Account No.]	Cali00442b
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Fire Fighting, Liquid Concentrates and Foam Equipments
No. of Employees :	55 Approximately (in office:15, in Factory:40)

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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

Maximum Credit Limit :	USD 140000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an old and established company having satisfactory track. Trade relations are fair. Business is active. Payments are reported as usually made as per commitments. The company can be considered normal 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 – 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

INFORMATION PARTED BY

Name :	Mr. P. Ghatak
Designation :	Director
Contact No.:	91-33-24541061
Date :	09.06.2012

LOCATIONS

Registered / Corporate Office :	60A, Pandit Madan Mohan Malabya Sarani, Chakraberia Road North, Kolkata–700 020, West Bengal, India
Tel. No.:	91-33-24541061 / 24541057 / 24755634 / 24541957
Mobile No.:	91-9903914042 (Mr. A. K. Mukherjee)
Fax No.:	91-33-24761107 / 24641107 / 22831331
E-Mail :	integratedfire@gmail.com info@integratedfire.net
Website :	http://www.integratedfire.net
Area :	1500 Sq.ft.
Location :	Owned
Factory:	Rajbaripara, Jalpaiguri-735 101, West Bengal, India
Email:	ifpindiajpg@gmail.com
Area :	90000 Sq.ft
Location :	Owned
Branches:	Located at: · Vadodara · Delhi · Cochin · Patna

DIRECTORS

As on 14.08.2010

Name :

Ms. Reena Roy

Designation :

Managing Director

Address :

42B, Shakespeare Sarani, Flat No. 84, Shalimar Apartment, Kolkata – 700 017, West Bengal, India

Date of Birth/Age :

28.09.1945

Date of Appointment :

15.05.2007

DIN No.:

00241913

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	U24292WB1984PTC037286	INTEGRATED FIRE PROTECTION PVT LTD	Managing director	14-08-10	01-04-02	-	Active	YES
2	U74140WB1979PTC031835	INTEGRATED MANAGEMENT SERVICES PVT LTD	Managing director	14-08-10	22-08-07	-	Active	YES

Name :

Mr. Anujit Kumar Mukherjee

Designation :

Whole Time Director

Address :

D-5-14, Deepannita, AR-mint, Bansironi, South 24, Kolakta-700 047, West Bengal, India

Date of Birth/Age :

30.09.1965

Date of Appointment :

29.02.2008

DIN No.:

02156131

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	U24292WB1984PTC037286	INTEGRATED FIRE PROTECTION PVT LTD	Whole-time director	29-02-08	29-02-08	-	Active	YES
2	U74140WB1979PTC031835	INTEGRATED MANAGEMENT SERVICES PVT LTD	Whole-time director	14-08-10	29-02-08	-	Active	YES

Name :

Ms. Pradipta Ghatak

Designation :

Whole Time Director

Address :

110/113, Selimpur Road, Kolkata-700 031, West Bengal. India.

Date of Birth/Age :

10.11.1983

Date of Appointment :

21.01.2009

DIN No.:

02574520

Name :

ASWINI KUMAR KARMAKAR

Designation :

Whole Time Director

Address :

PO. Sutaboli, Purulia-723 121, West Bengal, India

Date of Birth/Age :

19.06.1965

Date of Appointment :

12.05.2006

DIN No.:

00387608

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 17.09.2010

Names of Shareholders	No. of Shares
Bimal Gati Roy	2760
Reena Roy	780
Integrated Management Services Private Limited	2100
Leela Desai	150
Anujit Kumar Mukhrjee Jointly with Sanchita Mukherjee	3000
Total	8790

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	24.00
Directors or relatives of Directors	74.00
Others	2.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Fire Fighting, Liquid Concentrates and Foam Equipments
Products:	Ø Foam Concentrates Ø Cellular Foam Ø Dry Chemical Powders Ø Fire Fighting Equipments Ø Clean Agent Fire Extinguisher Ø Portable Pumps & Fire Trucks Ø Oil Spill Solutions Ø Fire Protection Systems
Exports :
Products :	Fire Fighting, Liquid Concentrates, Foam Equipments
Countries :	Ø Europe Ø USA Ø Middle East Ø South East
Imports :
Products :	Raw Material
Countries :	Ø USA Ø Germany
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Suppliers :

Ø Dupond

Customers :

End Users and OEM’s

Ø Indian Oil Company

Ø Reliance Industrial Limited

No. of Employees :

55 Approximately (in office:15, in Factory:40)

Bankers :

Ø United Bank of India, Park Street Branch, 24, Park Street, Kolkata – 700 016, west Bengal, India

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
1) Cash Credit from United Bank of India, Park Street Branch (secured against Stock, Book Debts, Plant and Machinery and Movable Assets	13.334	8.131
2) Term Loan for Dry Powder Plant at jalpaiguri (secured against Plant and Machinery and Factory Building)	0.900	0.000
3) Vehicle Loan (Deferred Payment Liabilities) (secured against Vehicles) Repayable within one year Rs.0.080 Million	0.166	0.000
Total	14.400	8.131
Unsecured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Loan from Directors and Shareholders	1.000	1.000
Total	1.000	1.000

Banking Relations :	--
Auditors :
Name :	N Chaudhuri and Company Chartered Accountants
Address :	10 old Post Office street, 2^nd Floor, Room No. 61, Kolkata–700 001, West Bengal, India
Tel. No.:	91-33-22485991 / 9899
Mobile No.:
Fax No.:	91-33-22489899
E-Mail :	nchaudhuri@dataone.in
PAN.:	AADFN5325Q
Subsidiaries :	Integrated Management Services Address: 60A, Pandit Madan Mohan Malabya Sarani, Chakraberia Road North, Kolkata–700 020, West Bengal, India Line of Business: Manufacturer and Exporter of Fire Fighting, Liquid Concentrates and Foam Equipments

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.100/- each	Rs.1.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
8790	Equity Shares	Rs.100/- each	Rs.0.879 Million

Note: Of the above shares 5,860 Equity Shares of Rs.100/- each were issued by way of fully paid up Bonus Shares by capitalization of General Reserve.

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		0.879	0.879	0.879
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		35.227	32.442	29.672
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		36.106	33.321	30.551
LOAN FUNDS
1] Secured Loans		14.400	8.131	0.000
2] Unsecured Loans		1.000	1.000	1.000
TOTAL BORROWING		15.400	9.131	1.000
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		51.506	42.452	31.551
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		4.127	4.589	5.148
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	25.666	13.386	16.474
	Sundry Debtors	26.989	19.859	8.666
	Cash & Bank Balances	4.483	2.510	1.817
	Other Current Assets	0.308	0.000	0.000
	Loans & Advances	15.678	11.328	8.820
Total Current Assets		73.124	47.083	35.777
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	14.406	6.528	5.823
	Other Current Liabilities	5.526	2.692	3.083
	Provisions	5.813	0.000	0.468
Total Current Liabilities		25.745	9.220	9.374
Net Current Assets		47.379	37.863	26.403
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		51.506	42.452	31.551

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	95.403	81.178	81.419
		Other Income	NA	NA	NA
		TOTAL (A)	NA	NA	NA
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)	NA	NA	NA
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		7.710	5.383	11.353
Less	FINANCIAL EXPENSES (D)		2.414	1.181	1.195
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		5.296	4.202	10.158
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.838	0.861	1.057
	PROFIT BEFORE TAX (E-F) (G)		4.458	3.341	9.101
Less	TAX (I)		0.907	0.571	3.286
	PROFIT AFTER TAX (G-I) (J)		3.551	2.770	5.815
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		26.866	24.096	19.313
Less	APPROPRIATIONS
		Transfer to General Reserve	0.500	0.000	0.620
		Dividend	0.659	0.000	0.352
		Tax on Dividend	0.107	0.000	0.060
	BALANCE CARRIED TO THE B/S		29.151	26.866	24.096
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	27.392	22.531	16.247
	TOTAL EARNINGS		27.392	22.531	16.247
	IMPORTS
		Raw Materials		17.070	15.641
		Others		0.520	0.239
	TOTAL IMPORTS		NA	17.590	15.880
	Earnings Per Share (Rs.)		403.98	315.13	661.55

Particulars	31.03.2012	31.03.2011
Sales Turnover	142.000	125.000

Expected Sales ( 2012-13) : Rs.160.000 Millions

The above information has been parted by Mr. P. Ghatak (Director).

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
Net Profit Margin (PBT/Sales)	(%)	4.67	4.11	11.18
Return on Total Assets (PBT/Total Assets}	(%)	5.77	6.46	22.24
Return on Investment (ROI) (PBT/Networth)		0.12	0.10	0.30
Debt Equity Ratio (Total Liability/Networth)		1.14	0.55	0.34
Current Ratio (Current Asset/Current Liability)		2.84	5.11	3.82

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	Yes
10) Designation of contact person	Yes
11) Turnover of firm for last two years	Yes
12) Profitability for last three years	Yes
13) Reasons for variation <> 20%	--
14) Estimation for coming financial year	Yes
15) Capital in the business	Yes
16) Details of sister concerns	Yes
17) Major suppliers	Yes
18) Major customers	Yes
19) Payments terms	Yes
20) Export / Import details (if applicable)	Yes
21) Market information	--
22) Litigations that the firm / promoter	--
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: Register office of the company has been shifted from 38, Pandit Madan Mohan Malabya Sarani, Chakraberia Road North, Kolkata-700 020, West Bengal, India to the present address w.e.f. 14.05.2010

PRODUCTION AND SALES:

During the period 2010-11 the company has recorded Foam Production at 1.156 Millions Liters against 1.166 millions liters during the previous year. The sales recorded Foam sale 1.166 millions liters in 2009-2010 to 1.070 millions liters in 2010-2011. However, sales in terms of value have recorded to Rs.95.403 millions during 2010-2011 as compared to Rs.81.178 millions in the previous year.

WORKING RESULTS:

During the period due to higher average price there was an increase the Profit of the Company and the Company recorded a pre-tax profit of Rs.4.458 millions as against Rs.3.341 millions, in the previous year.

Bankers Charges Report as per Registry

Corporate identity number of the company	U24292WB1984PTC037286
Name of the company	INTEGRATED FIRE PROTECTION PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	60-A, Pandit Madan Mohan Malabya Sarani Chakroberia Road North, Kolkata – 700 020, West Bengal, India Email: integratedfire@gmail.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	80040883
Type of charge	Immovable Property Book debts Fixed Assets, Corporate and other guarantee
Particular of charge holder	United Bank of India, Park Street Branch, 24, Park Street, Kolkata – 700 016, west Bengal, India Email: bmpks@unitedbank.co.in
Nature of instrument creating charge	DPN, Letters of Lien and Continuity, Hypothecation of goods, debts, bills, movable assets and plant and machinery. Equitable Mortgage; Corporate and other Guarantees.
Date of instrument Creating the charge	15/03/2011
Amount secured by the charge	Rs.53.350 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest C.C. and Term Loan - Base Rate + 4.75% i.e., 14.20% per annum at monthly rests. Charges on other facilities as per HO guidelines. All subject to change as per Ho/ RBI guidelines. Terms of Repayment C.C. - On Demand. Term Loan - On stipulated dates. L/C - On devolvement. L/G - On invocation. Margin C.C. - 20%, Term Loan - 35.71%, FBP - NIL, L/C and L/G - 10% subject to change as per HO guidelines. Extent and Operation of the charge Borrower's Current Assets and Fixed Assets, Properties under Equitable Mortgage are under 1st Charge. Charge also extends to the properties of Integrated Management Services Private Limited-CIN - U74140WB1979PTC031835 which has furnished Corporate Guarantee. Others Compliance of terms and conditions set out in Bank's sanction Letter Ref UBI/PKS/Integrated Fire/ /2011 dated 11.03.2011.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	i) Entire Stock, Current Assets, bills, Plant and Machinery and other Fixed Assets. ii) Equitable Mortgage of property at Jalpaiguri - valued at Rs.11.774 Millions. iii) Equitable Mortgage of property at 60A, Pandit Madan Mohan Malabya Sarani, (1st Floor), Kolkata – 700 020 valued at Rs.0.322 millions. iv) Equitable Mortgage of property at 60A, Pandit Madan Mohan Malabya Sarani, (Ground Floor), Kolkata – 700 020 valued at Rs.1.100 Millions. Lien on TDR of Rs.1.700 Millions and RIP (2.5% on realization) Personal Guarantee of all directors Corporate guarantee furnished by Integrated Management Services Private Limited-CIN - U74140WB1979PTC031835.
Date of instrument modifying the charge	01/12/2010
Particulars of the present modification	Overall limit increased from Rs.48.500 millions to Rs.53.350 Millions. C.C.-Rs.25.150 Millions including ONGC order Rs.8.050 Millions and Rs.5.000 Millions FBP. Term Loan - Rs.2.700 millions. L/C (F) -Rs.13.000 Millions including ONGC order Rs.8.050 Millions. L/G - Rs.12.500 Millions Total :Rs.53.350 Millions

fixed assets:-

· Land

· Building (Factory and Office)

· Furniture and Fixture

· Plant and Machinery

· Electrical Fittings

· Office Equipments

· Motor Vehicle

· Computers

· Patents

· Marking (UL)

AS PER WEBSITE:

PROFILE:

Subject is a private limited company with its head office at Kolkata, India and its manufacturing unit at Jalpaiguri, West Bengal, India.

IFP INDIA is the pioneer and leading manufacturer of fire fighting foam concentrates in India, incorporated in the year 1984, with its technical collaboration from Fire Fighting Systems (FFS) AB Sweden, a leading firm in Western Europe in this field.

Their commitment is to manufacture and supply of special hazard fire protection products includes fire fighting foam, extinguisher, hand line applicator and dry chemical powder of national / international standard to the customers in India and abroad with strong focus on Customer Satisfaction in product quality and services.

In-house R&D Unit of IFP INDIA, recognized by DSIR, Government of India, is providing enormous effort for achieving customer satisfaction by continuously improving product quality and development of new products in the field.

CORPORATE PROFILE:

Subject is established in 1984 is the largest manufacturer of Fire Fighting Foam Liquid Concentrates in India.
IFP INDIA also manufactures Foam Equipments, Dry Chemical Powders and Fire Extinguishers.
IFP INDIA has balanced production facilities of 3,000,000 ( 3 million )Liters of Foam Concentrates. 2,50,000 Kgs. Of Dry Chemical Powder and 300 Units of Foam Equipments, annually.

IFP INDIA'S production, research and development activities are carried out at its factory at Jalpaiguri, West Bengal, India. The factory of IFP-INDIA reflects Company's technological excellence. The workforce has achieved levels of productivity and quality consciousness comparable to international standards. Since the commencement of production not a single hour has been lost due to any labour unrest, indeed a creditable performance of industrial relationship by any measured standard.

For quality assurance and customer satisfaction, a group of science graduates, well experienced in chemical processing and some highly qualified postgraduate scientists and specialists in surface chemistry, work together in the spirit and concept of total quality management.

Multi-directional research and development activities are being performed by IFP-INDIA, as a result, introduction of new products and process technologies not only helps to make IFP-INDIA internationally competitive in terns of quality and price but also to retain the national market in the face of intense competitions due to globalisation of economy.

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.57.07
UK Pound	1	Rs.88.95
Euro	1	Rs.71.40

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	DPTP

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
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	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		50

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.