MIRA INFORM REPORT

Report Date :

05.10.2012

IDENTIFICATION DETAILS

Name :	BIMAL ALUMINIUMS PRIVATE LIMITED
Registered Office :	35, Industrial Estate, Phase – II, Yamuna Nagar – 135 001, Haryana
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	13.09.1994
Com. Reg. No.:	05-032400
Capital Investment / Paid-up Capital :	Rs. 1.375 Millions
CIN No.: [Company Identification No.]	U13209HR1994PTC032400
IEC No.:	3394001535
TAN No.: [Tax Deduction & Collection Account No.]	RTKB03235B
PAN No.: [Permanent Account No.]	AAACB6210G
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of alain milk cans and dairy equipments, bulk milk cooler etc.
No. of Employees :	100 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 42000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are fair. Business is active. Payments are reported as slow but correct. 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

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 PARTED BY

Name :	Mr. Rajneesh
Designation :	Director
Contact No.:	91-9355310258
Date :	24.09.2012

LOCATIONS

Registered Office/ Factory :	35, Industrial Estate, Phase – II, Yamuna Nagar – 135 001, Haryana, India
Tel. No.:	91-1732-250131/ 251406/ 251138
Fax No.:	91-1732-251409/ 232447
E-Mail :	info@bimalindia.com jaskansal@yahoo.co.in
Website :	http://www.bimalindia.com
Area :	4500 sq mtrs.
Location :	Owned

DIRECTORS

AS ON 30.09.2011

Name :

Mr. Rajesh Kumar

Designation :

Director

Address :

31, Shiv Shankar Nagar, Court Road, Yamuna Nagar, Jagadhri – 135003, Haryana, India

Date of Birth/Age :

02.10.1948

Voter ID :

HR/01/06/0270637

Date of Appointment :

13.09.1994

DIN No.:

00764467

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U13209HR1994PTC032400	BIMAL ALUMINIUMS PRIVATE LIMITED	Director	13/09/1994	13/09/1994	Active	NO
2	U27209HR1996PTC032999	SKR COOKWARE PRIVATE LIMITED	Director	13/02/1996	13/02/1996	Active	NO

Name :

Mr. Rajneesh Kumar

Designation :

Director

Address :

31, Shiv Shankar Nagar, Court Road, Yamuna Nagar, Jagadhri – 135003, Haryana, India

Date of Birth/Age :

28.11.1976

Voter ID :

KRF1328293

Date of Appointment :

15.11.2005

DIN No.:

00764496

Name :

Ms. Rashmi Kharbanda

Designation :

Director

Address :

31, Shiv Shankar Nagar, Court Road, Yamuna Nagar, Jagadhri – 135003, Haryana, India

Date of Birth/Age :

01.10.1977

Voter ID :

ZOH0168765

Date of Appointment :

15.11.2005

DIN No.:

00764512

Name :

Kanta Rani

Designation :

Director

Address :

31, Shiv Shankar Nagar, Court Road, Yamuna Nagar, Jagadhri – 135003, Haryana, India

Date of Birth/Age :

02.04.1954

Voter ID :

HR/01/06/0270638

Date of Appointment :

13.09.1994

DIN No.:

01346966

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U13209HR1994PTC032400	BIMAL ALUMINIUMS PRIVATE LIMITED	Director	13/09/1994	13/09/1994	Active	NO
2	U27209HR1996PTC032999	SKR COOKWARE PRIVATE LIMITED	Director	13/02/1996	13/02/1996	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
Kewal Krishnan	2500
Ram Avtar	2500
Rajnesh Kharbanda	5500
Dvinder Kumar	2500
Pritam Dass	2500
Sat Pal	2000
Bharti Arora	1500
Rashmi Kharbanda	2000
Jagadish Kharbanda	2000
Darshan Lal	2000
Raj Kumar	2000
Lachman Dass	2500
Krishnan Kumar	1500
Roshan Bakshi	5000
Madan Lal	4170
Kanta Rani	3790
Rajesh Kharbanda	100490
Harish Chander Bhatia	2000
Jawahar Lal	2000
Total	148450

AS ON 30.09.2011

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of alain milk cans and dairy equipments, bulk milk cooler etc.
Products :	Ø Bulk Milk Coolers Ø Aluminium Milk Cans Ø Butter Churner Ø Cream Separator Ø Aluminium Kitchenware
Exports :
Products :	Ø Bulk Milk Coolers Ø Aluminium Milk Cans Ø Butter Churner Ø Cream Separator Ø Aluminium Kitchenware
Countries :	Ø Africa Ø Asia
Imports :
Products :	Machinery
Countries :	Ø Pakistan Ø Srilanka Ø Nepal Ø Bangladesh
Terms :
Selling :	L/C
Purchasing :	L/C

GENERAL INFORMATION

Suppliers :

Ø Aggarwal Mill Store

Ø Ajit Electrical Works

Ø Ambala Mill Store

Ø Analytical Instruments Private Limited

Ø Ashoka Alloys

Ø Bansal Trading Comp

Ø Bhandari Foils and Tubes Limited

Ø Bilt-Rite Packagings Private Limited

Ø Bimal Industries Kala Amb

Ø Bimal Industries Unit II

Ø City Electricals

Ø Deepak Traders

Ø Dhanjal Casting Udyog

Ø Gagan Tools

Ø Imprest

Ø Jog Dhian Mkt Group

Ø Mahendra Steel Corp

Ø Mansi Shipping Agency

Ø Mehak Enterprises

Ø Mehak Industries

Customers :

Wholesalers

Ø Abul Aziz Abdula Al Shalan Tarding Estate

Ø Adi Export

Ø Banda Duss Limited

Ø Bimal Alloys

Ø Bimal Aluminium Private Limited Khanna

Ø Candor Engineering and N.D.T

Ø Cosmik Transformer

Ø Dairy Equipment Company

Ø Dairy Installation and Chemicals

Ø Danny Seth

Ø Depaty Commissionery Cum

Ø H.P. Milk Fed Limited

Ø H.P. State Coop M. Prod fed Limited

Ø Hindalco Industries Limited

Ø Hopag Piyog India Private Limited

Ø HP Mid Himalayan Watershed Development Project

Ø Intec Enterprises

Ø Just Machine Tools

Ø Jyoti Metal (India)

No. of Employees :

100 (Approximately)

Bankers :

Ø State Bank of India, Yamuna Nagar Branch, Yamuna Nagar – 135001, Haryana, India

Ø Oriental Bank of Commerce

Facilities :

CC – Rs. 7.000 Millions

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Oriental Bank of Comm C/A1356	0.000	0.235
Oriental Bank of Comm OD A/C	1.520	1.436
State Bank of India 543547	6.603	0.000
State Bank of India A/C YNR	0.032	0.000
State Bank of India CA	0.007	0.000
Total	8.162	1.671
Unsecured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Bimla Rani	0.061	0.061
Madan Lal	0.000	0.020
Rajesh Kumar HUF	0.000	0.047
Rajesh Kumar Kharbanda	0.552	0.395
Rajiv Kumar	0.000	0.045
Rakesh Kumar	0.050	0.050
Shaweta Kumari	0.055	0.055
Tek Chand	0.040	0.040
Total	0.758	0.713

Banking Relations :	--
Auditors :
Name :	Vijay and Satish Bhatia Chartered Accountants
Address :	Civil Lines, Jagadhri – 135001, Haryana, India
Income-tax PAN of auditor or auditor's firm :	ABXPB5935F
Sister Concern :	Ø S.K.R. Cookware Private Limited Ø Bimal Industries

CAPITAL STRUCTURE

AS ON 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
200,000	Equity Shares	Rs. 10/- each	Rs. 2.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
148,450	Equity Share	Rs.10/- each	Rs. 1.485 Millions

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
200,000	Equity Shares	Rs. 10/- each	Rs. 2.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
137,500	Equity Share	Rs.10/- each	Rs. 1.375 Millions

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		1.375	1.485	1.485
2] Share Application Money		0.110	0.000	0.000
3] Reserves & Surplus		9.260	8.486	7.638
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		10.745	9.971	9.123
LOAN FUNDS
1] Secured Loans		8.162	1.671	3.587
2] Unsecured Loans		0.758	0.713	0.768
TOTAL BORROWING		8.920	2.384	4.355
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		19.665	12.355	13.478
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		9.378	9.696	9.378
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	14.328	8.515	15.011
	Sundry Debtors	9.188	8.372	6.133
	Cash & Bank Balances	1.380	0.792	0.706
	Other Current Assets	0.304	0.304	1.453
	Loans & Advances	1.635	2.235	1.202
Total Current Assets		26.835	20.218	24.505
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	2.880	17.047	20.113
	Other Current Liabilities	13.051	0.000	0.000
	Provisions	0.617	0.512	0.292
Total Current Liabilities		16.548	17.559	20.405
Net Current Assets		10.287	2.659	4.100
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		19.665	12.355	13.478

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	45.712	47.209	43.075
		Other Income	0.205	0.035	0.687
		TOTAL	45.917	47.244	43.762
Less	EXPENSES
		Cost of Goods Sold	28.445	33.156	30.705
		Manufacturing Expenses	1.487	1.295	1.307
		Direct Expenses	9.155	5.967	5.393
		Accounting Charges	0.040	0.036	0.037
		Advertisement Expenses	0.035	0.025	0.035
		Audit Fees	0.020	0.020	0.020
		Bank Charges and Interest	0.602	0.511	0.892
		Bonus	0.156	0.177	0.071
		Building Repairs	0.044	0.065	0.003
		Car Repairs and Maintenance	0.102	0.098	0.103
		Commission	0.092	0.000	0.155
		Computer Repairs and Maintenance	0.098	0.161	0.099
		Consultancy Charges	0.013	0.000	0.000
		Diwali Expense	0.015	0.015	0.012
		Donation	0.021	0.011	0.000
		ESI Account	0.068	0.063	0.042
		Entertainment	0.016	0.003	0.005
		Freight and Cartage account	0.000	0.040	0.030
		General Expense	0.033	0.032	0.025
		Insurance account	0.225	0.183	0.234
		ISO Certification charges	0.043	0.000	0.000
		Leave with wages	0.068	0.064	0.000
		Legal expenses	0.135	0.199	0.099
		Machinery Repairs and Maintenance	1.493	1.924	0.980
		Oil and soap	0.007	0.017	0.005
		Postage account	0.046	0.049	0.031
		Printing and Stationery	0.033	0.049	0.056
		Professional Charges	0.138	0.000	0.000
		Provident fund	0.192	0.190	0.123
		Rent	0.060	0.060	0.060
		Salary to staff	0.000	0.014	0.150
		Sale promotion	0.006	0.000	0.000
		Seminar expenses	0.114	0.030	0.020
		Travelling expenses	0.247	0.015	0.192
		Wev services	0.017	0.117	0.000
		Other indirect expenses	0.354	0.307	0.461
		TOTAL	43.620	44.893	41.345
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		2.297	2.351	2.417
Less/ Add	DEPRECIATION/ AMORTISATION		1.100	1.096	1.297
	PROFIT BEFORE TAX		1.197	1.255	1.120
Less	TAX		0.422	0.407	0.000
	PROFIT AFTER TAX		0.775	0.848	1.120
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		8.486	7.638	N.A.
Less	APPROPRIATIONS
		Profit and Loss Appropriation	0.001	0.000	N.A.
	BALANCE CARRIED TO THE B/S		9.260	8.486	N.A.
	Earnings Per Share (Rs.)		5.22	5.71	7.54

Particulars	31.03.2012
Sales Turnover (Approximately)	100.000

Expected Sales ( 2012-2013 ) : Rs. Rs. 110.000 Millions

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

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.69	1.79	2.56
Net Profit Margin (PBT/Sales)	(%)	2.62	2.66	2.60
Return on Total Assets (PBT/Total Assets}	(%)	3.31	4.20	3.31
Return on Investment (ROI) (PBT/Networth)		0.11	0.13	0.12
Debt Equity Ratio (Total Liability/Networth)		2.37	2.00	2.71
Current Ratio (Current Asset/Current Liability)		1.62	1.15	1.20

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	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 three 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 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	Yes
34]	External Agency Rating, if available	No

Note: The registered address of the company has been shifted from 31-A, Shiv Shankar Nagar, Court Road, Jagadhri – 135003, Haryana to the present address w.e.f. 17.11.2008

FINANCIAL RESULTS

The company has achieved sales and other receipts of Rs. 45.917 Millions during the year against the sales of Rs.47.245 Millions during the last year. The company earned net profit of Rs. 1.197 Millions after charging Deprecation of Rs. 1.100 Millions. The company hope much more better results in the coming year.

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U13209HR1994PTC032400
Name of the company	BIMAL ALUMINIUMS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	35, Industrial Estate, Phase – II, Yamuna Nagar – 135001, Haryana, India Email ID: jaskansal@yahoo.co.in
This form is for	Creation of charge
Type of charge	Immovable Property Book Debts Floating Charge Others (All Current Assets including Stock, Spares)
Particular of charge holder	State Bank of India, Yamuna Nagar Branch, Yamuna Nagar – 135001, Haryana, India Email ID: satish_bhatia01@yahoo.co.in
Nature of description of the instrument creating or modifying the charge	Letter of Arrangement (SME-1) and Agreement of Loan cum Hypothecation- (SME-2)
Date of instrument Creating the charge	15.03.2012
Amount secured by the charge	Rs. 10.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest AS Per RBI Directions Terms of Repayment AS Per RBI Directions Margin As Per Sanction Letter Others Personal Guarantee of Sh Rajesh Kumar , Sh Rajneesh Kumar and Smt Rashmi Karbanda
Short particulars of the property charged	Hypothecation on entire current assets of the Company including all kind of Stocks, Spares, Book-Debts of the Company wherever they are located. EM of Land and Building -Waka kh. No. 145, Mojja Gobind Puri, Mosuma Adarsh Nagar, Yamuna Nagar measuring land area 768 sq yds and built up area 280 sq yds. Hypothecation of Fixed Assets (Plant and Machinery)

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 hat 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] 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. 51.98
UK Pound	1	Rs. 83.68
Euro	1	Rs. 67.20

INFORMATION DETAILS

Information Gathered by :	SBA
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	4
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		45

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

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.