MIRA INFORM REPORT

Report Date :

17.11.2012

IDENTIFICATION DETAILS

Name :	REXAM HTW BEVERAGE CAN (INDIA) PRIVATE LIMITED (w.e.f. 20.03.2007)
Formerly Known As :	HTW BEVERAGE CAN (INDIA) PRIVATE LIMITED
Registered Office :	488, Bartan Market, Sadar Bazar, Delhi – 110006
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	25.06.2006
Com. Reg. No.:	55-150218
Capital Investment / Paid-up Capital :	Rs.219.030 Millions
CIN No.: [Company Identification No.]	U28129DL2006PTC150218
TAN No.: [Tax Deduction & Collection Account No.]	DELH05744E
PAN No.: [Permanent Account No.]	AABCH7101B
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Beverage Cans.
No. of Employees :	200 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (27)

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

Maximum Credit Limit :	USD 130000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is a joint Venture between Rexam PLC of UK and Hindustan Tin Works Limited, India. It is an established company having moderate track. There appears huge accumulated losses recorded by the company. Trade relations are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some caution.

NOTES :

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

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

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.

INFORMATION DECLINED BY

Name :	Mr. Bavdekar
Designation :	Account Assistant
Contact No.:	91-11-27412904
Date :	17.11.2012

LOCATIONS

Registered Office :	488, Bartan Market, Sadar Bazar, Delhi – 110006, Delhi, India
Tel. No.:	91-11-23679016 / 23673645
Fax No.:	91-11-23550405
E-Mail :	info@rexamhtw.com cs@hindustantin.com
Website :	www.rexamhtw.com
Location :	Owned
Factory :	C-7 Taloja Industrial Estate, Raigad District, Panvel Taluk, Raigad – 410208, Maharashtra, India
Tel. No.:	91-22-27402864/27412904
Fax No.:	91-22-27412904
Area :	25000Mtrs.
Location :	Owned
Sales Office :	71, Empire Building, 2^nd Floor, 134, D Naroji Road, Opposite CST, Mumbai, Maharashtra, India
Tel. No.:	91-22-66317971
Fax No.:	91-22-66317971

DIRECTORS

As on 29.11.2011

Name :	Mr. Richard J Peachey
Designation :	Director
Address :	36, Lower Weald, Calverton, Milton, Keynes Mk 196eq, UK
Date of Birth/Age :	14.03.1965
Date of Appointment :	14.10.2006
DIN No.:	00914482
Name :	Mr. Vijay Kumar Bhatia
Designation :	Director
Address :	22, Seeta Mahal, 3rd Floor, Kambal Hill, Bomanji Petit Road, Mumbai – 400036, Maharashtra, India
Date of Birth/Age :	07.05.1942
Date of Appointment :	14.10.2006
DIN No.:	00088762
Name :	Mr. Sanjay Bhatia
Designation :	Director
Address :	A-155, New Friends Colony, New Delhi – 110065, India
Date of Birth/Age :	10.03.1952
Date of Appointment :	14.10.2006
DIN No.:	00080533
Name :	Mr. Behrilal Khurana
Designation :	Director
Address :	H. No. E-150, Forest Lane, Sainik Farm, New Delhi – 110062, India
Date of Birth/Age :	01.11.1925
Date of Appointment :	09.05.2007
DIN No.:	00671592
Name :	Mr. Nand Parkash Sahni
Designation :	Director
Address :	K.No. 239, Westend Marg, Mehrauli, Badarpur Road, (Ps) Saidulazab, New Delhi – 110030, India
Date of Birth/Age :	15.04.1941
Date of Appointment :	09.05.2007
DIN No.:	00037478
Name :	Mr. Ramesh Kumar Jain
Designation :	Director
Address :	459/B/2, Shalimar Park Dalhai, Mohalla Bhola Nath Nagar, Delhi – 110032, India
Date of Birth/Age :	07.12.1957
Date of Appointment :	09.05.2007
DIN No.:	00254518
Name :	Mr. Kamal Kumar Sharma
Designation :	Whole Time Director
Address :	PL 53 and 53A, Sec 3, Riddhi Siddhi, Res New Panvel Falt A-904, New Panvel – 410206, Maharashtra, India
Date of Birth/Age :	27.08.1973
Date of Appointment :	10.02.2011
DIN No.:	03440201
Name :	Mr. Francis Peter Blundell
Designation :	Director
Address :	38, Wallace Drive Eaton Bray, Dunstable, Lu62df, United Kingdom
Date of Birth/Age :	09.02.1949
Date of Appointment :	29.09.2009
DIN No.:	02798023
Name :	Mr. John Richard Gorton
Designation :	Director
Address :	The Old House, Church Walk, Lghtn Bzzrd, Lu79ql, United Kingdom
Date of Birth/Age :	14.10.1955
Date of Appointment :	29.09.2009
DIN No.:	02798035
Name :	Mr. Tomas Nils Arne S Jolin
Designation :	Director
Address :	Flat 4 Top Floor, 6, Redington Road, London, Nw37rg. United Kingdom
Date of Birth/Age :	04.02.1949
Date of Appointment :	29.09.2009
DIN No.:	00955634
Name :	Mr. Gary Frederick Clark
Designation :	Director
Address :	13 Wrens Park, Middleton, Milton, Keynes – Mk109bh, United Kingdom
Date of Birth/Age :	23.03.1957
Date of Appointment :	29.01.2010
DIN No.:	02916837

KEY EXECUTIVES

Name :	Mr. Bavdekar
Designation :	Account Assistant
Name :	Ms. Monika Bhatnagar
Designation :	Company Secretary
Address :	A-12-A, DDA Flats, Munirka, Delhi, India
Date of Birth/Age :	21.01.1970
Date of Appointment :	28.11.2006
PAN No. :	AJEPB2329L

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.11.2011

Names of Shareholders	No. of Shares
Paras Bhatia S/o Mr. Ashok Bhatia	100
Atit Bhatia S/o Mr. Sanjay Bhatia	100
Hindustan Tin Works Limited, Delhi	3285250
Rexam Beverage Can (India Holding) Limited, London	153617547
Rexam European Holdings Limited, London	01
Berkeley Nominees Limited, London	01
Rexam Beverage Can Europe Limited, Bedfordshire	01
Total	156903000

As on 29.11.2011

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	97.91
Bodies corporate	2.09
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Beverage Cans.

Products :

Product	ITC Code
Two Priece Beverage CAN	73101010

PRODUCTION STATUS (As on 31.03.2011)

Particulars	Unit	* Licensed Capacity	@ Installed Capacity	Actual Production
Cans	Numbers	--	222,000,000	137,689,530

Note:

* Licensed Capacity is not applicable as industrial licensing has been abolished in respect of these products vide notification No. SO-477(E) dated 25th July, 1991 as amended vide Press Release Note no. 4 of the 1994 series dated 25th October, 1994 issued by the Department of Industrial Development, Ministry of Industry, Government of India.

@Installed Capacity (at Taloja plant on triple shift basis), being a technical matter, is certified by the management and relied upon by the auditors.

GENERAL INFORMATION

No. of Employees :

200 (Approximately)

Bankers :

• HDFC Bank, Branch Fort, Mumbai
• The Hong kong and Shanghai Banking Corporation Limited, Corporate Office, 52/60, Mahatma Gandhi Road, Fort, Mumbai – 400001, Maharashtra, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
Rupee term loans banks secured	(A)743.670	868.025
Rupee term loans others secured	(B)245.000	0.000
Other external commercial borrowings secured	(C)63.400	63.006
Loans taken for vehicles secured	0.000	0.089
Total	1052.070	931.120
(A) Term Loans are Secured by first charge on all the project assets including land, plant and machinery as well as current assets of the Company. (B) Short Term Loans are Secured by first charge on all the project assets including land, plant and machinery as well as current assets of the Company (C) External Commercial Borro Term Loans are Secured by first charge on all the project assets including land, plant and machinery as well as current assets of the Company.
Unsecured Loan	As on 31.03.2011	As on 31.03.2010
Foreign currency loans banks unsecured	99.356	0.000
Working capital loans banks unsecured	76.500	0.000
Total	(A)175.856	0.000
(A) Repayable on demand

Banking Relations :	--
Auditors :
Name :	Price Waterhouse Chartered Accountant
Address :	252, Veer Savarkar Marg, Shivaji Park, Mumbai – 400028, Maharashtra, India
PAN.:	AAEFP5579P
Ultimate Holding Company	Rexam Plc, UK
Holding Company :	Rexam Beverage Can (India Holdings) Limited, United Kingdom
Enterprise Where significant Influence Exists:	Hindustan Tin Works Limited
Fellow Subsidiaries :	Rexam Beverage Can Company, USA Rexam Beverage Can Europe Limited, UK Rexam Beverage Can SAS, France Rexam Beverage Can UK Limited, UK Hanil Can Company Limited, South Korea Rexam Beverage Can Italia SRL, Italy Rexam Beverage Can Berlin GmbH, Germany Rexam Beverage Can, Egypt

CAPITAL STRUCTURE

As on 29.11.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
157000000	Equity Shares	Rs.10/- each	Rs.1570.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
156903000	Equity Shares	Rs.10/- each	Rs.1569.030 Millions

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
22000000	Equity Shares	Rs.10/- each	Rs.220.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
21903000	Equity Shares	Rs.10/- each	Rs.219.030 Millions

Note:

Of the above, 18,617,547 shares are held by the holding company Rexam Beverage Can (India Holdings) Limited and 3 shares are held by other subsidiaries of Rexam Plc, UK, the ultimate holding company.

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		219.030	219.030	67.050
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		991.289	991.289	393.248
4] (Accumulated Losses)		(1175.352)	(825.303)	(543.444)
NETWORTH		34.967	385.016	(83.146)
LOAN FUNDS
1] Secured Loans		1052.070	931.120	1155.262
2] Unsecured Loans		175.856	0.000	57.000
TOTAL BORROWING		1227.926	931.120	1212.262
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		1262.893	1316.136	1129.116
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		885.521	977.113	1083.518
Capital work-in-progress		13.990	4.381	0.430
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	301.222	164.571	217.685
	Sundry Debtors	115.394	92.356	88.978
	Cash & Bank Balances	13.070	82.359	15.376
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	222.500	180.574	165.678
Total Current Assets		652.186	519.860	487.717
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	250.115	143.097	397.753
	Other Current Liabilities	35.030	22.235	41.341
	Provisions	3.659	19.886	3.455
Total Current Liabilities		288.804	185.218	442.549
Net Current Assets		363.382	334.642	45.168
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1262.893	1316.136	1129.116

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
		Turnover (A)	691.927	715.547	353.406
Less
		TOTAL EXPENSES (B)	799.628	997.406	696.713
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(107.701)	(281.190)	(1432.500)
Less	FINANCIAL EXPENSES (D)		118.073	1323.520	1308.890
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(225.774)	(1604.710)	(2741.390)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		124.275	1213.880	691.680
	PROFIT BEFORE TAX (E-F) (G)		(350.049)	(2818.590)	(3433.070)
Less	TAX (H)		0.000	0.000	9.660
	PROFIT AFTER TAX (G-H) (I)		(350.049)	(2818.590)	(3442.730)
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings		64.358	9.115
		Freight and Insurance	7.104	14.325	3.593
		Commission Earnings		13.096	3.626
		Exchange Gain (Net)		32.305	0.000
	TOTAL EARNINGS		7.104	124.084	16.334
	IMPORTS
		Raw Materials	NA	260.670	252.316
		Components & Spares Parts	NA	20.407	13.541
		Goods for Resale	NA	141.444	144.726
		Capital Goods	NA	7.678	41.587
	TOTAL IMPORTS		NA	430.199	452.170
	Earnings Per Share (Rs.)		(15.98)	(30.35)	(51.35)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
Return on Total Assets (PBT/Total Assets}	(%)	(22.76)	(188.28)	(974.16)
Return on Investment (ROI) (PBT/Networth)		(10.01)	(7.32)	(41.29)
Debt Equity Ratio (Total Liability/Networth)		43.38	2.90	(19.20)
Current Ratio (Current Asset/Current Liability)		2.26	2.81	1.10

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS:

Rs. In Millions

Particulars	31.03.2011	31.03.2010	31.03.2009
Micro and Small Enterprises	2.604	4.050	5.135
Others	247.511	139.047	392.618
Total	250.115	143.097	397.753

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	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	----------------------
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	----------------------
22]	Litigations that the firm / promoter involved in	----------------------
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	----------------------
26]	Buyer visit details	----------------------
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

OPERATIONS

During the year the turnover of the company grew by 2.24% registering sale of Rs.659.100 Millions over last year’s sale of Rs.644.600 Millions and the sale volume grew from 124.92mn cans to 136.58 mn cans during the year 2010-11 an increase of 9.33%. The company has successfully added new customers to the existing list of elite customers. The company had many exciting enquiries during the year and the outlook remains bright and challenging.

Due to the continuous and ongoing process of restructuring adopted by the company in all areas of its operations, there has been improvement in manufacturing resulting in improved productivity. The production recorded an increase of 4.58% of 137.69 mn cans during the year 2010-11 as against 131.66 mn cans during 2009-10..

CONTINGENT LIABILITIES

Rs. In Millions

Particulars	31.03.2011	31.03.2010
Claim by Maharashtra State Electricity Board against the company not acknowledged as debt	49.920	31.668

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U28129DL2006PTC150218
Name of the company	REXAM HTW BEVERAGE CAN (INDIA) PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	UGF, Antriksh Bhawan, 22, K.G. Marg, New Delhi – 110001, Delhi, India cs@hindustantin.co.in
This form is for	Creation of charge
Type of charge	Immovable Property
Particular of charge holder
Nature of instrument creating charge	Memorandum of Deposit of Title deeds in respect of Land and Building
Date of instrument Creating the charge	21.10.2009
Amount secured by the charge	Rs.1155.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Facility Letter Dated 20th February' 2009 Terms of Repayment Facility Letter Dated 20th February' 2009 Margin Facility Letter Dated 20th February' 2009 Extent and Operation of the charge Exclusive charge on land and building, boath present and future for Rs.1155.000 Millions.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Land and Building At C-7, MIDC Taloja, Taluka Panvel, District Raigad, Maharashtra - 410208 Both Present and Future By Way of Memorandum of Deposit of Title Deeds

FIXED ASSETS:

• Computer
• Leasehold Land
• Buildings
• Plant and Machinery
• Office Equipment
• Furniture and Fittings
• Vehicles

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 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 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] 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.54.99
UK Pound	1	Rs.87.21
Euro	1	Rs.70.22

INFORMATION DETAILS

Information Gathered by :	PJA
Report Prepared by :	NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		27

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.