MIRA INFORM REPORT

Report Date :

12.11.2012

IDENTIFICATION DETAILS

Name :	PINCON SPIRIT LIMITED
Formerly Known As :	SARAN VINIYOG LIMITED
Registered Office :	“Wellesley House”, 7 Red Cross Place, 3^rd Floor, Kolkata – 700001, West Bengal
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	29.06.1978
Com. Reg. No.:	21-031561
Capital Investment / Paid-up Capital :	Rs.100.215 Millions
CIN No.: [Company Identification No.]	L67120WB1978PLC031561
TAN No.: [Tax Deduction & Collection Account No.]	CALS10746B
PAN No.: [Permanent Account No.]	AAHCS8354B
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchange.
Line of Business :	Subject is engaged in the business of Blending, Bottling and Marketing Intermediary Indian Made Foreign Liquor (IMFL) Products and Beer viz. Rum, Whisky and Vodka.
No. of Employees :	62 (Approximately)

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

Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal 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 – 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	CRISIL
Rating	(Long Term Rating) BBB-
Rating Explanation	Moderate degree of safety, it carry moderate credit risk.
Date	14.06.2012

Rating Agency Name	CRISIL
Rating	(Short Term Rating) A3
Rating Explanation	Moderate degree of safety, it carry higher credit risk.
Date	14.06.2012

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/ Corporate Office 1:	“Wellesley House”, 7 Red Cross Place, 3^rd Floor, Kolkata – 700001, West Bengal, India
Tel. No.:	91-33-23202112/ 22319135
Fax No.:	91-33-40014642/ 23202112/ 40693039
E-Mail :	pinconspirit@gmail.com
Website :	http://www.pinconspirit.in
Corporate Office 2:	3, Dacres Lane, 3^rd Floor, Kolkata – 700069, West Bengal, India
Excise Bonded Warehouse	· 24 and 25 Macleod Street, Park Street, Kolkata – 700 016, West Bengal, India Storage Capacity – 20000 cases · 28 T Ramakrishna Samadhi Road, Kolkata – 700 054, West Bengal, India Storage Capacity – More than 10000 cases
Operating States :	The company has Multi state Marketing and Manufacturing Outlet (License). The states are: i. Sikkim ii. Arunachal Pradesh iii. Assam iv. Jharkhand v. Tripura vi. West Bengal The company has also applied for license in the following states: i. Bihar ii. Andhra Pradesh iii. New Delhi iv. Goa v. Pondicherry vi. Orissa vii. Meghalaya viii. Chhattisgarh

DIRECTORS

(AS ON 31.03.2012)

Name :

Mr. Manoranjan Roy

Designation :

Chairman and Managing Director

Date of Appointment :

10.08.2010

DIN No.:

02275811

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	U70102WB2008PLC128578	PINCON DEVELOPERS LIMITED	Director	14/08/2008	14/08/2008	-	Active	NO
2	L67120WB1978PLC031561	PINCON SPIRIT LIMITED	Managing director	10/08/2010	01/04/2009	-	Active	NO
3	U15400WB2002PLC094500	GREENAGE FOOD PRODUCTS LIMITED	Director	11/06/2009	11/06/2009	13/10/2010	Active	NO
4	U92199WB2007PTC112918	KOLKATA FILM & ENTERTAINMENT PARK PRIVATE LIMITED	Director	05/04/2010	05/04/2010	08/02/2012	Active	NO
5	U70109WB2007PLC117853	BENGAL PINCON HOUSING INFRASTRUCTURE LIMITED	Director	30/06/2011	05/10/2010	-	Active	NO
6	U18101WB2004PTC097871	PPM CREATIONS PRIVATE LIMITED	Director	26/11/2010	26/11/2010	08/09/2012	Active	NO
7	U65921TZ1992PLC004109	L R N FINANCE LIMITED	Managing director	10/02/2011	06/12/2010	-	Active	NO
8	U67190WB2010PTC155491	PINCON INSURANCE MARKETING PRIVATE LIMITED	Director	07/12/2010	07/12/2010	-	Active	NO
9	U80301WB2011PLC159546	PINCON PUBLIC SCHOOL LIMITED	Director	21/02/2011	21/02/2011	-	Active	NO
10	U74300WB2011PTC163533	PINCON MEDIA PRIVATE LIMITED	Director	08/06/2011	08/06/2011	07/09/2011	Active	NO
11	U65920WB2011PLC165037	Pincon Nidhi Benefit Fund Limited	Director	18/07/2011	18/07/2011	-	Active	NO
12	U51109WB1995PTC070529	MENKA SUPPLIERS PVT LTD	Director	30/09/2011	30/09/2011	-	Active	NO
13	U67120WB2011PLC170424	PINCON SECURITIES LIMITED	Director	08/12/2011	08/12/2011	09/04/2012	Active	NO
14	L65999WB1993PLC060493	ASK FINANCIAL SERVICES LTD	Director	07/02/2012	07/02/2012	-	Active	NO
15	U51109WB2007PTC117331	GOMUKH COMMERCIAL PRIVATE LIMITED	Director	09/02/2012	09/02/2012	-	Active	NO
16	U15511AR2001PTC006608	EASTERN HIMALAYA BREWERIES PRIVATE LIMITED	Director	05/04/2012	05/04/2012	30/04/2012	Active	NO
17	U51909WB2009PTC132702	RASHI VANIJYA PRIVATE LIMITED	Director	01/05/2012	01/05/2012	-	Under Process of Striking off	NO
18	U51109WB1995PTC072426	PAUL DISTRIBUTORS PVT LTD	Director	10/07/2012	10/07/2012	-	Active	NO
19	U55101WB2008PTC128577	PINCON HOTELS PRIVATE LIMITED	Director	31/07/2012	31/07/2012	-	Active	NO
20	U52399WB2009PLC137371	SPANDAN HOME CARE LIMITED	Director	11/10/2012	11/10/2012	-	Active	NO
21	U24246WB2003PTC097219	PRIYA LABORATORIES PRIVATE LIMITED	Director	30/10/2012	30/10/2012	-	Active	NO

Name :

Mrs. Mousumi Roy

Designation :

Director

Date of Appointment :

06.08.2011

DIN No.:

00837754

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	U18101WB2004PTC097871	PPM CREATIONS PRIVATE LIMITED	Director	29/09/2006	29/09/2006	22/06/2010	Active	NO
2	U55101WB2008PTC128577	PINCON HOTELS PRIVATE LIMITED	Director	14/08/2008	14/08/2008	-	Active	NO
3	U15400WB2002PLC094500	GREENAGE FOOD PRODUCTS LIMITED	Director	11/06/2009	11/06/2009	07/10/2010	Active	NO
4	L67120WB1978PLC031561	PINCON SPIRIT LIMITED	Director	06/08/2011	24/09/2009	-	Active	NO
5	U51109WB2007PTC117331	GOMUKH COMMERCIAL PRIVATE LIMITED	Director	15/02/2012	15/02/2012	-	Active	NO

Name :

Mr. Raj Kumar Roy

Designation :

Executive Director

Name :

Mr. Swapan Kumar Sircar

Designation :

Independent Director

Name :

Mr. JBS Negi

Designation :

Independent Director

KEY EXECUTIVES

Name :	Mr. Raj Kumar Roy
Designation :	Chief Executive Officer
Name :	Mr. Arup Thakur
Designation :	Chief Financial Officer
Name :	Mr. Aditya Karwa
Designation :	Company Secretary

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 31.03.2012)

Names of Shareholders	No. of Shares
Demat Mode	4620800
Physical Mode	5400700
Total	10021500

BUSINESS DETAILS

Line of Business :

Subject is engaged in the business of Blending, Bottling and Marketing Intermediary Indian Made Foreign Liquor (IMFL) Products and Beer viz. Rum, Whisky and Vodka.

GENERAL INFORMATION

Suppliers :

Name of the Suppliers	Location	Relationship (No. of Years)	Credit Period Allowed
Balrampur Chini Mills Limited Phone: 91-33-22478806 (For ENA)	FMC Fortuna, 2nd Floor, 234/3A, AJC Bose Road, Kolkata – 700020, West Bengal, India	Over 3 years	7 days
IFB Agro Industries Limited (For ENA)	Noor Pur, 24 Parganas (South)	Over 3 years	7 days
Indo Plast Packaging Private Limited Phone: 91-33-22219729 (For empty bottle)	P-9, New CIT Road, 3rd Floor, Kolkata – 700076, West Bengal, India	Over 3 years	21 days
Karunamoyee Traders Phone: 91-33-2415 1657 (For empty bottle)	8/5, Naskarpara Lane, Kolkata – 700031, West Bengal, India	Over 3 years	30 days
Maa Ambey Traders Phone: 91-9476386727 (For empty bottle)	Shiv Nagar, Jalpaiguri, Siliguri, 734403 West Bengal, India	Over 3 years	30 days
Industrial Trade Corporation Phone: 91-33-2289 6518 (For empty bottle)	21/1A/3, Darga Road, Kolkata – 700017, West Bengal, India	Over 2 years	30 days
Bottle Close Up Industries Private Limited (For Cap)	Howrah, West Bengal, India	Over 3 years	30 days
Aladin Metal Products Private Limited Phone: 91-33-2370 5132 (For Caps)	1B, Barwari Tala Road, Kolkata- 700010, West Bengal, India	Over 2 years	30 days

Customers :

Name of the Customers	Location	Relationship (No. of Years)	Credit Period Allowed
Paul Distributors Private Limited	O. T. Road, Inda, Kharagpur, Paschim Medinipur	Over 3 yrs	45-60 days
The Vat	203/A, Bidan Sarani Kolkata – 06, West Bengal, India	Over 2yrs	45-60 days
Craig and Company	30, Bentic Street Kolkata-700 001, West Bengal, India	Over 3 yrs	45-60 days
T. L. Shaw and Sons	92,Colin Street Kolkata-700 016, West Bengal, India	Over 3 yrs	45-60 days
Pleasure Fl Off Shop	Kaushlya More Paschim Medinipur	Over 2yrs	45-60 days
Amantran Bar Cum Restaurant	New Dhiga Purba Medinipur	Over 3 yrs	45-60 days
Ritesh Kumar Gupta	266,Bidhan Road, Siliguri Distract Darjeeling.	Over 3 yrs	45-60 days
Chachanda FL. Off Shop	National Consumer Co-operative, Basudev Pure Murshida Bad	Over 2yrs	45-60 days
Madhyamgram FL. Off Shop	365, Jessore Road North 24 PGS.	Over 3 yrs	45-60 days
Vinty Bar and Restaurant	Kalyani Express Way Wireless More Barckpur	Over 3 yrs	45-60 days

No. of Employees :

62 (Approximately)

Bankers :

· Punjab National Bank

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Other Loans and Advances (Secured)
-Cash Credit Facilities	59.646	0.000
-Bank Overdraft	4.000	0.000
Total	63.646	0.000

NOTES:

Working Capital Loan facilities from Punjab National Bank, B.R.B.B. Road Branch, Kolkata are secured by hypothecation of Currents Assets consisting of Stock and Book Debts

Present Banking Relationships
Bank	Nature of Credit Facility	Sanctioned Loan Amount	Outstanding Balance	EMI
PNB, BRBB Road, Branch Kolkata	Cash Credit Bank Guarantee	Rs.80.000 Millions Rs.20.000 Millions	Rs.59.600 Millions Nil	NA NA

Banking Relations :

--

Statutory Auditors :

Name :

Anupam Sarkar

Chartered Accountant

Address :

81/2, Regent Estate, Kolkata – 700054, West Bengal, India

Associates/Subsidiaries :

Name of the Associates/ Group Concerns	Nature of Activity	Year of Incorporation	Bankers
L R N Finance Limited	Non Deposit Taking NBFC	12.11.1992	AXIS Bank, R.B. Avenue, Kolkata, West Bengal, Indi and Punjab National Bank, BRBB Road, Kolkata, West Bengal, India
Bengal Pincon Housing Infrastructure Limited	Real Estate Development	16.08.2007	Punjab National Bank, BRBB Road, Kolkata, West Bengal, India
Pincon Developers Limited	Real Estate Development	14.08.2008	Punjab National Bank
Pincon Public School Limited (Owner of LYCEE School, Gariahat, Kolkata affiliated to ICSC, New Delhi)	Education Sector	21.02.2011	Punjab National Bank, BRBB Road, Kolkata, West Bengal, India
Owner of LYCEE School, Gariahat, Kolkata affiliated to ICSI, New Delhi

CAPITAL STRUCTURE

(AS ON 30.09.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
10030000	Equity Shares	Rs.10/- each	Rs.100.300 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10021500	Equity Shares	Rs.10/- each	Rs.100.215 Millions

NOTES:

Subscribed and Paid-Up Share Capital Includes

a. Equity Shareholder holding more than 5% of Equity Share along with number of equity held as given below:

Name	As at 31.03.2012
	%	No of Shares
Monoranjan Roy	29.87%	2993393

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011
SHAREHOLDERS FUNDS
1] Share Capital		100.215	100.215
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		111.303	42.736
4] (Accumulated Losses)		0.000	0.000
NETWORTH		211.518	142.951
LOAN FUNDS
1] Secured Loans		63.646	0.000
2] Unsecured Loans		0.000	0.000
TOTAL BORROWING		63.646	0.000
DEFERRED TAX LIABILITIES		0.000	0.006
TOTAL		275.164	142.957
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.547	0.692
Capital work-in-progress		15.000	0.000
INVESTMENT		0.000	0.000
DEFERREX TAX ASSETS		0.014	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	68.318	30.222
	Sundry Debtors	68.287	80.869
	Cash & Bank Balances	5.153	0.402
	Other Current Assets	147.020	62.900
	Loans & Advances	25.000	0.000
Total Current Assets		313.778	174.393
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	8.075	10.320
	Other Current Liabilities	0.000	0.384
	Provisions	46.100	21.424
Total Current Liabilities		54.175	32.128
Net Current Assets		259.603	142.265
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		275.164	142.957

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011
	SALES
		Income	2446.428	1065.463
		Other Income	0.000	0.000
		TOTAL (A)	2446.428	1065.463
Less	EXPENSES
		Cost of Materials Consumed	2221.339	997.185
		Other Manufacturing Expenses	38.889	0.000
		Employee Benefit Expenses	1.832	1.022
		Administrative & General Expenses	3.772	1.928
		Selling & Distribution Expenses	77.197	22.922
		TOTAL (B)	2343.029	1023.057
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		103.399	42.406
Less	FINANCIAL EXPENSES (D)		2.707	0.000
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		100.692	42.406
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.145	0.200
	PROFIT BEFORE TAX (E-F) (G)		100.547	42.206
Less	TAX (H)		31.979	14.106
	PROFIT AFTER TAX (G-H) (I)		68.568	28.100
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		42.099	13.999
	BALANCE CARRIED TO THE B/S		110.667	42.099
	Earnings Per Share (Rs.)		6.84	--

QUARTERLY RESULTS

PARTICULARS	30.06.2012
Type	1^st Quarter
Net Sales	719.630
Total Expenditure	687.420
PBIDT (Excl OI)	32.210
Other Income	0.000
Operating Profit	32.210
Interest	2.420
Exceptional Items	0.000
PBDT	29.790
Depreciation	0.000
Profit Before Tax	29.790
Tax	9.930
Provisions and contingencies	0.000
Profit After Tax	19.860
Extraordinary Items	0.000
Prior Period Expenses	0.000
Other Adjustments	0.000
Net Profit	19.860

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011
PAT / Total Income	(%)	2.80	2.64
Net Profit Margin (PBT/Sales)	(%)	4.11	3.96
Return on Total Assets (PBT/Total Assets}	(%)	31.99	24.11
Return on Investment (ROI) (PBT/Networth)		0.48	0.30
Debt Equity Ratio (Total Liability/Networth)		0.56	0.22
Current Ratio (Current Asset/Current Liability)		5.79	5.43

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 two years	Yes
12]	Profitability for last two 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	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
31]	Date of Birth of Proprietor/Partner/Director, if available	No
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

------------------------------------------------------------------------------------------------------------------------------

PROJECTED BALANCE SHEET

(RS. IN MILLIONS)

SOURCES OF FUNDS		31.03.2013	31.03.2014	31.03.2015
SHAREHOLDERS FUNDS
1] Share Capital		100.215	100.215	100.215
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		201.644	319.264	490.859
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		301.859	419.479	591.074
LOAN FUNDS
1] Secured Loans		200.000	200.000	200.000
2] Unsecured Loans		150.000	150.000	150.000
TOTAL BORROWING		350.000	350.000	350.000
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		651.859	769.479	941.074
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		169.951	147.560	128.432
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		20.000	20.000	20.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	107.577	127.792	152.656
	Sundry Debtors	330.941	414.129	558.439
	Cash & Bank Balances	9.431	17.504	22.494
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	103.826	162.231	222.525
Total Current Assets		551.775	721.656	956.114
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	14.168	19.328	23.926
	Other Current Liabilities	0.321	0.508	0.612
	Provisions	75.378	99.901	138.934
Total Current Liabilities		89.867	119.737	163.472
Net Current Assets		461.908	601.919	792.642
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		651.859	769.479	941.074

------------------------------------------------------------------------------------------------------------------------------

PROJECTED PROFIT & LOSS ACCOUNT

(RS. IN MILLIONS)

	PARTICULARS		31.03.2013	31.03.2014	31.03.2015
	SALES
		Income	3141.297	4084.685	5103.982
		Other Income	0.000	0.000	0.000
		TOTAL (A)	3141.297	4084.685	5103.982
Less	EXPENSES
		Cost of Goods Sold	2889.276	3756.337	4685.972
		Administrative, Selling and Other Expenses	90.168	112.540	116.680
		TOTAL (B)	2979.444	3868.877	4802.652
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		161.853	215.808	301.330
Less	FINANCIAL EXPENSES (D)		19.857	19.294	28.175
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		141.996	196.514	273.155
Less/ Add	DEPRECIATION/ AMORTISATION (F)		8.258	22.392	19.128
	PROFIT BEFORE TAX (E-F) (G)		133.738	174.122	254.027
Less	TAX (H)		43.398	56.503	82.432
	PROFIT AFTER TAX (G-H) (I)		90.340	117.619	171.595
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		110.668	201.008	318.628
	BALANCE CARRIED TO THE B/S		201.008	318.627	490.223

------------------------------------------------------------------------------------------------------------------------------

CORPORATE PROFILE FOR THE CREDIT PROPOSAL

Contract Manufacturing and Blending Outlets

1. Priya Laboratories Private Limited

– Pincon Bottling Unit (Owned).

Kamarbari, Kalaberia, Rajarhat, Bishnupur - 700 135, West Bengal, India

2. Sikkim Breweries Limited

– Pincon 9000 Strong Beer, Bagey Khola, Rangpo, East Sikkim, India

(Contract Bewaring and Bottling Agreement)

3. Frontier Distillery Private Limited

- Pincon XXX Matured Rum,

Tippi, Bhalupong, Arunachal Pradesh, India

(Factory Lease Agreement)

4. Spencer Distilleries and Breweries (Private) Limited

– Pincon 9000 Strong Beer.

Plot No. 86 Tupundana Industrial Estate, P. O. Hatia, Ranchi – 843 003, Jharkand, India

(Contract Bewaring and Bottling Agreement)

Brief History

Subject has started its journey in the year of 1978 in the name and style of Sarang Viniyog Limited and for last 30 years striving in the market as a significant player. The company is engaged in the business of Blending and Whole Sale Distribution of IMFL products viz. Rum, Whisky, Vodka, Beer, etc. The company is now one of leading intermediaries for IMFL products in the state of West Bengal with an established tie up with more than 2800 Licensees. In the year 2009, it has been acquired by Pincon Group, run by Mr. Monoranjan Roy. Under their able leadership, the company experienced a steady business growth and operational efficiency by way of manifold market penetration, cost management and all these, during the past few years, have resulted into improved sales growth, better profitability and total wipe out of past accumulated loss in the FY 2009-10

Milestone

2009	Announces significant acquisition of PSL by Pincon Group for expected purchase price. Launched Pincon XXX Rum, Pincon No. 1 Whisky, Pincon 9000 Strong Beer.
2010	Started Trading and Distribution of IMFL Products. Crossed Turnover of Rs. 500.000 Millions.
2011	Entered into an agreement with National Industrial Corporation Limited (NICOL) for Manufacturing of IMFL under the brand name Pincon XXX Rum and Pincon No. 1 Whisky. Entered into an agreement with Priya Laboratories for contractual Bottling. Entered into an agreement with Sikkim Breweries Limited for manufacturing of Pincon 9000 Strong Beer. Entered into a lease agreement with Frontier Distillery Private Limited Brewing and Bottling of own Brand. Crossed Turnover of Rs.1060.000 Millions Launched Pincon King’s Coin 50˚ Whisky and Pincon King’s Coin 50˚ Vodka.
2012	Crossed Turnover of Rs. 2460.000 Millions. Procured own Bottling Plant viz. Priya Laboratories Private Limited in West Bengal.

Name and Background of the

Directors and Key Technical Personnel

1. Monoranjan Roy – Managing Director

2. Mousumi Roy – Director

3. Raj Kumar Roy – Director

4. Swapan Kumar Sircar – Independent Director

5. J S B Negi - Independent Director

6. Dr. Malay Kumar Banerjee – Advisor

Monoranjan Roy is a successful entrepreneur having business experience of over 12 years. He has been awarded as the “Entrepreneur of the Year” Award by the Institute of Economic Studies. He is a person of multi crore wroth and under his leadership subject will achieve substantial growth in the coming years.

Mrs. Mousumi Roy, wife of Monoranjan Roy, is a first generation entrepreneur. It is her ability which has given the company a new height. She is also a social worker and is giving time for social activity through NGO, “Bellaria Humanity Welfare Society”.

The other important Directors/ Personnel are Raj Kumar Roy, Swapan Kumar Sircar, J S B Negi and Dr. Malay Kumar Banerjee. They are very competent and highly experienced in industry and commerce.

Stake Holder

Promoters and Associates holding around 59% of the Capital:

1. Monoranjan Roy – 29%

2. Mousumi Roy – 20%

3. Raj Kumar Roy – 10%

Remaining 41% is held by public individual/entities.

Upcoming Projects:

Integrated Manufactory for IMFL with Bottling Plant having capacity of 2,00,000 cases.

At present the company has already acquired land at West Medinipur. Letter of Intent from the Excise Department has already been obtained.

Net Worth of the Company and Promoters/Directors:

Pincon Spirit Limited

Rs.211.500 Millions

Monoranjan Roy

Rs.698.500 Millions

Mousumi Roy

Rs.150.8 Millions

Rajkumar Roy

Rs.14.200 Millions

Working Capital Limit Availed and Proposed

Particulars	Existing	Proposed
PNB, BRBB Road Branch
Cash Credit	80.000	80.000
Bank Guarantee	20.000	20.000
Total	100.000	100.000
Syndicate Bank
Cash Credit	0.000	120.000
Bank Guarantee	0.000	0.000
Total	0.000	120.000
Grand Total of FB and NFB	100.000	220.000

Market, Industry Scenario and Selling Arrangement

Market

The Company is having business presence in IMFL Products in the State of West Bengal, Arunachal Pradesh, Tripura, Assam, Sikkim and Jharkhand with an established tie–up with more than 3200 Licensees comprising of various Foreign Liquor Off-Shops, Foreign Liquor On-Shops, Bars, Restaurants and other leading Distributors of the IMFL Products. Further, PINCON Brand is already approved for CSD supply, which is scheduled to commence in FY 2012-13.

The Company is having its own blends viz. PINCON XXX Rum, PINCON Gold Coin Whisky, PINCON Perfect Grain Vodka in IMFL and PINCON 9000 Super Strong Beer.

Other IMFL blends are in the process of being launched shortly.

The Company has steadily and rapidly witnessed substantial business growth and the same is in sharp upward trend continuously due to the Company’s prudent marketing policy and honest business commitment in every way.

The Company has substantial Net Worth by way of Capital participation of the Shareholders and coupled by plough back of operating surplus in the business.

The Company, due to its dedicated and quality oriented business activity, has successfully developed a close alliance with the existing Clients and this is very much expected to strengthen in the future years to come along with expansion of client base.

Industry Scenario

Indian Liquor Industry has experienced a sea change in last few years. There has been a substantial increase in demand for IMFL Products in India. The IMFL Market is US$ 2 bn (125 mn cases). The market is expected to grow from current 37% to 56% by 2015. Average last three year growth of IMFL Production has been about 18% against a consumption growth of about 25%. Per capita consumption of IMFL in India is 0.82 liter per annum, as against a Global consumption of 4.01liter per capita per annum. The change in social outlook towards alcohol consumption and change in recreational habits among the young generation like club culture, social gathering joints etc. are also having a positive impact on the demand of IMFL Products.

Selling Arrangement

The company has their own sales team for marketing the IMFL Products. The team is headed by Mr. M.N. Dubey, who is veteran in the trade of IMFL Products. The orders are directly procured from the outlets directly by their Sales Officers and the logistics are taken care of by the dispatch personnel at their godown, through transport agencies.

Upcoming Corporate Action

The Company recently gets listed with Bombay Stock Exchange Limited trading not yet started has been already generated. The open Offer preferential allotment undergoing through Merchants Bankers for Sebi Compliance and Authorized Paid up capital will be increased from Rs.110.000 Millions to Rs.300.000 Millions.

PROPOSED COLLATERAL SECURITY

Nature	Address	Measurement	Owned by	Valuation
4 nos. of self contained flats	578/2, and 578/3, Purbachal Road, Kolkata 700 078	1625*2= 3250 sq ft 2055*2= 4110 sq ft	Pincon Spirit Limited	Rs.40.000 Millions
G+3 Storied building Self Contained	10/5, Jamini Roy Road, Kolkata 700 019	Total Built up 4892 Sq ft on 1841 Sq ft land	Gomukh Commercial Private Limited	Rs.65.000 Millions
Factory in Rajarhat**	Kamarbari, Kalaberia, P.O. Bishnupur, Rajarhat, 24 Parganas (N)	58 Kattahs of Land with Factory Shed and Building	Priya Laboratories Private Limited	Rs.125.000 Millions
Total				Rs.230.000 Millions

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BUSINESS ACTIVITIES

Profile (Nature of Activity)	a) Manufacturing, Blending and Bottling of Own Brand viz. PINCON Brand Indian Made Foreign Liquor (IMFL) and Beer in Beverages segment in Multi State Level. b) Wholesale Marketing and Distribution other eminent brand of IMFL and Beer in West Bengal.
Products	1. Brewing and Bottling of Own Brand Products like: a. PINCON XXX Matured Rum b. PINCON No 1 Whiskey c. Perfect Grain Vodka d. Pincon Superstrong 9000 BEER e. Pincon King’s Coin 50’ Whiskey f. Pincon King’s Coin 50’ Vodka 2. Wholesale Marketing and Distribution of different Indian Made Foreign liquor (IMFL) products like: a. United Spirit Limited b. Radico Khaitan Limited c. Diageo Limited d. Seagram Limited e. Pernod Ricard India (Private) Limited f. ABD Limited g. SABMiller Limited h. Bhutan Breweries Limited i. Mercury Wine Limited j. Teachers Scotch Whisky
Installed Capacity	Owned Factory: 60,000 cases per month. Production is also done under Bottling Tie up arrangement for supply to different states. Present bottling tie ups are as under: 1. Sikkim Breweries Limited – Pincon 9000 Strong Beer. Bagey Khola, Rangpo, East Sikkim, (Contract Bewaring and Bottling Agreement) 2. Frontier Distillery Private Limited - Pincon XXX Matured Rum, Tippi, Bhalupong, Arunachal Pradesh (Factory Lease Agreement) 3. Spencer Distilleries and Breweries (Private) Limited – Pincon 9000 Strong Beer. Plot No. 86 Tupundana Industrial Estate, P. O. Hatia Ranchi, Jharkhand – 843 003 (Contract Bewaring and Bottling Agreement)
Details of Fixed Assets (at cost) Land and Buildings Plant and Machinery Furniture and Fixture Other Assets	Rs. 53.010 Millions Rs. 92.153 Millions Rs. 23.586 Millions Rs. 8.913 Millions
Premises Owned Leased (if so, monthly rent to be stated)	Owned: Recently the Company has taken over the Bottling Plant of Priya Laboratories Private Limited (PLPL), with whom bottling was done under bottling tie up agreement. The fixed asset base of PLPL shall be included in the Company’s fixed assets by way of long term lease / merger / slump sale basis. Leased Premises: 1. Office Premises of 7500 Sq Ft (approx.) at 7 Red Cross Place, Kolkata 700001 with an upfront payment of Rs.10.000 Millions and monthly lease rent of Rs.30.000 Millions. 2. 24 and 25 Macleod Street, Park Street, Kolkata - 700016. (Excise Bonded Warehouse for IMFL). With an upfront payment of Rs. 1.000 Millions and monthly lease rent of Rs.2.500 Millions 3. 28T Ramkrishna Samadhi Road, Kolkata 700 054. (Trade Warehouse for IMFL). With an upfront payment of Rs.0.600 Million and monthly lease rent of Rs.1.500.

FINANCIAL ANALYSIS:

Last available financial statement (Year ended dd/mm/yyyy)	31st March, 2012
Recent summary financials (upto a period not more than two months old)	For the half Year ended 30^th September 2012.
Change in borrowings (from FY 2010-11 to FY2011-12)	Rs. 63.646 Millions
Debtors Position (At last month end specify amount > 90 days)	Rs. 68.943 Millions as on 30th Sep, 2012 Rs. 0.523 Millions as on 30th Sep, 2012
Creditors Position (At last month end specify all suppliers not paid for more than 90 days)	Rs. 7.149 Millions Rs. 0.000 Million
Stock Position (at last month end)	Rs. 86.214 Millions
Drawing Power	Rs. 106.000 Millions
Any other material development	Recently the Company has taken over the Bottling Plant of Priya Laboratories Private Limited (PLPL), with whom bottling was done under bottling tie up agreement. The fixed asset base of PLPL shall be included in the Company’s fixed assets by way of long term lease / merger / slump sale basis., which has become own Bottling Plant of PSL. Commenced CSD and BSF supply.
Whether the critical ratios conforms to the bench mark stipulation: Yes, Current Ratio = 2.66, Debt Equity Ratio=0.55 DSCR = NA, since no Term Loan is there. TOL/TNW= 0.56 Promoters’ Contribution : Yes	Current Ratio – 1.25 Debt-Equity Ratio - 2.00:1 DSCR – 1.50 TOL / TNW – 4:1 Promoter’s Contribution – 25%
Other Business Interests of the Promoters:	1. Real Estates and Civil Infrastructure 2. NBFC Activity – Asset Finance 3. Education

FOR MANUFACTURING ENTITIES / FACTORY SITE (S):

Location of Plot, accessibility, proximity to other units

The plant his conveniently located in industrial belt in Kolkata.

Principal raw material(s) and sources

Extra Neutral Alcohol (ENA), Water, Caramel, Flavours and Colours.

Manufacturing Process

Blending in Blending Tanks – Bottling Tank - Bottling - Capping – Quality Testing – Labelling - Finished Goods Packaging in Carton - Finished Goods Godown for Delivery

Major branded and imported machines, installed

All Machines are indigenous.

Pollution Control: Any pollutants being generated and their disposal

No Pollutants are generated during the Process.

Power: Connected load and back up availability

Connected Load: 40 KV Back Up Gen Set

Inventory / WIP / Finished Goods at the Site

The Stock is located at three different places, as detailed below:

Particulars	(Rs. In Millions)
Priya Laboratories:
Raw Material	11.500
Finished Goods	18.600
Packing Material	5.400
Ramkrishna Samadhi Rd.
Finished Goods	10.400
Mc loid Street
Finished Goods	41.200
TOTAL	87.100

Storage / Security / Perishability /

Susceptibility to fire and weather

Storage: Adequate Storage Space for raw Materials, WIP and Finished Goods.

Security: Satisfactory security arrangement by the unit.

Perishability: The goods are not perishable in nature.

Susceptibility to Fire and Weather: All Goods are Susceptible to fire and weather being alcohol based. However finished goods once bottled are less susceptible. As regards raw material and finished goods, they are store in protective tanks.

Quality Certification

None

Workers / Split of temporary and

permanent / any unions

Permanent: 25

Temporary: 37

Total: 62

History of any strikes / any child labour / working conditions

There are no instances of any labour unrest in the last few years. There is no child labour in the unit. The working condition observed to be good and employee friendly.

OTHER PARTICULARS:

Months (during the current year 2012-13)	Purchases	Sales
Apr May June July Aug Sep Oct	217.100 223.800 229.900 250.400 257.800 261.700 263.200	232.900 240.000 246.600 268.600 276.500 281.000 282.000
Total	1704.400	1828.000
Documents verified	Purchase Register and Purchase Bills	Sale Register and Sales Bills

RECORD OF ORIGINALS VERIFIED:

Balance Sheets and schedules	Yes
Profit & Loss statements and schedules	Yes
Computation of income	Yes
Income Tax Return	Yes
Photo Identification	Yes

SWOT ANALYSIS OF THE UNIT

STRENGTHS 1. Steady Market Penetration, especially in Rural India. 2. Well Experienced Sales Force 3. High Quality Product At Least Cost 4. Diversified Product Range.	WEAKNESSES 1. Own Brand i.e. PINCON is a new player in the market. 2. Not Yet Penetrated In Premium IMFL Product Segment. 3. Govt. Ban on Direct Advertising. 4. Govt. Registration formalities for geographical market spread.
OPPORTUNITIES 1. Demographic Changes 2. Changing Social Attitudes. 3. Demand for low cost IMFL Products 4. Consumer Brand Preference.	THREATS 1. Cloning of Successful Brands. 2. Growth in Substitutes. 3. High Duty Structure 4. Susceptible to Govt. Policy change and Economic Downturn.

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PERFORMANCE OF THE COMPANY

The company has achieved sales of Rs.2446.428 Millions, representing a growth of 229.62% over the previous year Rs.1065.463 Millions. Net Profit from operations at Rs.68.568 Millions registered a growth of 244.00% over the previous year Rs.28.100 Millions.

A difficult cost and regime has been substantially mitigated by combination of up-selling, cost control and efficiency increase.

OUTLOOK

Apart from risk as are applicable to a going concern, the company does not foresee any other areas of concern. The compliance of norms prescribed by the government agencies are strictly complied with and adhered to. The company’s operations have historically shown significant resilience to the normal ups and down of the economic and industry cycles, with demand for most of its products continuing to grow at healthy rate.

MANAGEMENT DISCUSSION & ANALYSIS REPORT

INDUSTRY STRUCTURE:

The International Alcoholic Beverage Industry comprises mainly of Spirits, Beer and Wine. The international industry for Spirits is estimated to be around 2200 million cases (1 case = 9 Bulk Litres) in the calendar year 2011. The traditional dominance of ‘Whites’ – Vodka, White Rum and Gin continues in the international sphere. The Indian Branded Spirits Industry was around 250-255 million cases in Fiscal year 2011-12 or 12.3% of the international industry. Brewers in India have a size of 240 Million Cases in the last fiscal. Contrary to international trends, India continues to remain a ‘Browns’ market with Whisky, Rum and Brandy being the dominant flavours. It is matters of pride that company, the company has achieve quantum jumps in its revenue 2011-12. Growths in the Indian Spirits market have been way above that of other geographies. The Indian Spirits market has grown at a CAGR of 15% over the last 5 years while the Company has outperformed the Industry average during the same period. The much talked about ‘demographic window’ with a large and growing population of youth coming of legal drinking age will only improve the business prospects for the Company. Of the Indian population of 1.2 billion, over half is under 25 years of age; in comparison the developed countries of the American and European continents and China all have a vastly ageing population. With younger persons joining the work force and with increased exposure, through media and travel, of international trends and lifestyles, the growth of the Company, and indeed of the Indian spirits market, can only accelerate.

REGULATORY ENVIRONMENT

The founding fathers of the Constitution of India thought it fit to place the regulation and taxation of alcoholic beverages in the domain of the States rather than in that of the Union Government. While the Union Government retains with itself the authority to licence green-field manufacturing units and to tax imports in this sector, all other activities relating to this industry – production, sale, manufacture, stocking and taxation are regulated and controlled by the State Governments. For players like the Company, operating in Eastern part of the nation, it can be a veritable nightmare dealing with the different characteristics of each market and ploughing through the maze of regulations, taxes and policies. The much delayed GST regime would have played a part in smoothening inter-state trade and commerce in the alcoholic beverage space, but with States reluctant to give up their Fiscal autonomy and control over this industry, and over a few others like Electricity, Coal and Real Estate, it is improbable that GST will cover alcoholic beverages in the near term.

SEGMENTWISE OR PRODUCT – WISE PERFORMANCE:

IMFL market growing at rapid pace: IMFL has grown at the rate of 13-14% in last decade. In last two years; the industry has grown at 15% and current growth momentum is expected to continue. Whisky is the most important segment. White spirits is the fastest growing segment; however it is on the lower base. Similarly, other segments such as wine and bear are also growing at rapid pace.

Segments	Growth IMFL	Market Breakup
Whisky	8.0%	60%
Brandy	4.0%	18%
Rum	1.0%	17%
White Spirits	45.0%	5%

High Entry Barriers: Entry barriers are extremely high for new players as no advertisement is allowed. Thus with growing demand; existing brands have the opportunity to garner greater market share due to their distribution strengths. Also the consumers are highly addictive in terms of their brand preferences; hence any increase in prices does not drive down demand.

Players	Mn Cases	Market Share
McDowell - UB	38	42.2%
Shaw Wallace - UB	16	17.8%
Herbetson - UB	4	4.4%
Radico Khaitan	10	11.1%
Mohan Meakins	7	7.8%
Jagatjit Industries	1	1.1%
Others	14	15.6%
Total	90	100.00%

OUTLOOK:

Company’s sales are made to large parastatal organisations controlled by the State Governments. Requests for price increases are often a tedious process and take considerable time to materialize. The Company is in the fore front of negotiation with various State Governments in this regard. Consequently, The Company has managed price increases in various States through a mix of upgraded product launches at higher price points and judicious price corrections in linked markets. Additionally, effective realization to the Company has been pushed up through reductions in market spends and implementation of various cost cutting measures.

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FIXED ASSETS:

· Electrical Equipment

· Furniture and Fixtures

· Office Equipment

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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 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.54.25
UK Pound	1	Rs.87.00
Euro	1	Rs.69.83

INFORMATION DETAILS

Report Prepared by :

NIT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--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	YES
--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.