MIRA INFORM REPORT

Report Date :

28.09.2012

IDENTIFICATION DETAILS

Name :	BHAWNA SYNTHETICS PRIVATE LIMITED
Registered Office :	B-104 L3, Naraina Industrial Area, Phase -1, New Delhi - 110028
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	26.08.2006
Com. Reg. No.:	53-030556
Capital Investment / Paid-up Capital :	Rs. 0.614 Million
CIN No.: [Company Identification No.]	U17121CH2006PTC030556
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturers, Importers and Exporters of Polymer Products and Synthetic Fiber.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ca (11)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Yet to commence business activity
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is a company having moderate track. Even though the company was incorporate during August 2006, it is yet to commence its business activities. There appears huge pre-operative expenses incurred by the company which acts as a threat to the company’s liquidity. Initially, the company can be considered for business dealings on a safe and secured 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.

LOCATIONS

Registered Office :	B-104 L3, Naraina Industrial Area, Phase -1, New Delhi - 110028
Tel. No.:	91-11-65491393/ 94
Mobile No.:	91-9873373744 [Mr. Sachin]
Fax No.:	Not Available
E-Mail :	saurabhtaneja@vimalplastindia.com info@bhawnasynthetics.com
Website :	http://www.bhawnasynthetics.com
Works :	Village Johran, Kala Amb, The. Nahan, District Sirmour, Himachal Pradesh, India

DIRECTORS

AS ON 27.09.2011

Name :

Mr. Vikas Bansal

Designation :

Director

Address :

House No. 285, Sector-5, In Front of Devi Mandir, Kurukshetra - 136132, Haryana, India

Date of Birth/Age :

18.08.1970

Date of Appointment :

26.08.2006

DIN No.:

02131088

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	U17121CH2006PTC030556	BHAWNA SYNTHETICS PRIVATE LIMITED	Director	26/08/2006	26/08/2006	-	Active	NO
2	U85100CH2009PLC031850	SYMBIOSIS LIFE SCIENCES LIMITED	Director	05/11/2009	05/11/2009	-	Active	NO
3	U24233HR2006PTC036501	SAI TECH MEDICARE PRIVATE LIMITED	Director	21/01/2011	21/01/2011	21/03/2011	Active	NO

Name :

Mr. Onkar Anand

Designation :

Director

Address :

House No. 135, Sector-7, Panchkula - 134109, Haryana, India

Date of Birth/Age :

12.01.1957

Date of Appointment :

26.08.2006

DIN No.:

00386955

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	U55109CH1991PLC011625	RAHUL SALES LIMITED	Managing director	01/07/2009	10/09/1991	-	Active	NO
2	U70109CH1994PTC015455	RSL ESTATES PRIVATE LIMITED	Director	15/12/1994	15/12/1994	-	Active	NO
3	U02001CH1997PLC019899	BHAWNA AGRO LIMITED	Director	30/09/2010	08/05/1997	-	Active	NO
4	U17121CH2006PTC030556	BHAWNA SYNTHETICS PRIVATE LIMITED	Director	26/08/2006	26/08/2006	-	Active	NO
5	U45209CH2008PTC031312	RSL BUILDERS PRIVATE LIMITED	Director	28/07/2008	28/07/2008	-	Active	NO
6	U55101CH2008PTC031327	RSL HOTELS AND RESORTS PRIVATE LIMITED	Director	19/08/2008	19/08/2008	-	Active	NO
7	U45209CH2008PTC031347	RSL DEVELOPERS PRIVATE LIMITED	Director	29/08/2008	29/08/2008	-	Active	NO
8	L74899HR1991PLC032873	NARAINGARH SUGAR MILLS LIMITED	Director	30/09/2009	03/11/2008	-	Active	NO
9	U74120DL2008PTC173408	E COPY COLLECTIVE MANAGEMENT PRIVATE LIMITED	Director	09/02/2009	09/02/2009	-	Strike off	NO
10	U15511CH2002PLC025070	NARAINGARH DISTILLERY LIMITED	Managing director	18/09/2010	01/04/2009	-	Active	NO
11	U51909DL2010PTC202449	MY NUTRITION SUPPLEMENTS PRIVATE LIMITED	Director	08/09/2011	19/07/2010	21/11/2011	Active	NO
12	U62100CH2010PTC032661	RSL AVIATIONS PRIVATE LIMITED	Director	30/12/2010	30/12/2010	-	Active	NO
13	U01111DL2008PLC181188	ONUS PLANTATIONS AND AGRO LIMITED	Additional director	30/05/2012	30/05/2012	-	Active	NO

Name :

Mr. Satish Batra

Designation :

Additional director

Address :

GB-12, Shivaji Enclave, New Delhi – 110027, India

Date of Birth/Age :

22.07.1953

Date of Appointment :

15.06.2010

DIN No.:

00005517

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	U74899DL1983PTC017237	VIMAL PLAST (INDIA) PRIVATE LIMITED	Director	13/12/1983	13/12/1983	Active	NO
2	U74999DL1994PTC058879	VIMAL INDUSTRIES PRIVATE LIMITED	Director	09/05/1994	09/05/1994	Active	NO
3	U65921DL1996PTC082777	TRIPLE ESS INFRASTRUCTURE PRIVATE LIMITED	Director	18/10/1996	18/10/1996	Active	NO
4	U45207DL1996PTC083566	VIMAL PROJECTS PRIVATE LIMITED	Director	02/12/1996	02/12/1996	Active	NO
5	U17121CH2006PTC030556	BHAWNA SYNTHETICS PRIVATE LIMITED	Additional director	15/06/2010	15/06/2010	Active	NO
6	U51909DL2012PTC231285	K RISE RETAILS PRIVATE LIMITED	Director	09/02/2012	09/02/2012	Active	NO

Name :

Mr. Avnish Batra

Designation :

Additional director

Address :

FA-44, Shivaji Enclave, New Delhi – 110027, India

Date of Birth/Age :

22.01.1961

Date of Appointment :

03.11.2009

DIN No.:

00005706

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	U74210DL1987PTC029731	VIMAL MOULDERS (INDIA) PRIVATE LIMITED	Managing director	10/11/1987	10/11/1987	-	Active	NO
2	U74999DL1994PTC058879	VIMAL INDUSTRIES PRIVATE LIMITED	Director	09/05/1994	09/05/1994	-	Active	NO
3	U65929DL1996PTC081477	ARJUN BUILDWELL PRIVATE LIMITED.	Director	27/08/1996	27/08/1996	-	Active	NO
4	U65921DL1996PTC082771	VIMAL AUTOPLAST PRIVATE LIMITED	Director	18/10/1996	18/10/1996	28/10/2009	Active	NO
5	U17121CH2006PTC030556	BHAWNA SYNTHETICS PRIVATE LIMITED	Additional director	03/11/2009	03/11/2009	-	Active	NO
6	U74899DL2006PTC144352	KUNVER REALTORS PRIVATE LIMITED	Additional director	10/02/2010	10/02/2010	-	Active	NO

KEY EXECUTIVES

Name :	Ms. Arohi
Designation :	Office Executive
Name :	Mr. Sachin
Designation :	Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 27.09.2011

Names of Shareholders	No. of Shares
Avnish Batra	20466
Satish Batra	20467
Harish Batra	20467
Total	61400

AS ON 27.09.2011

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

BUSINESS DETAILS

Line of Business :

Manufacturers, Importers and Exporters of Polymer Products and Synthetic Fiber.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Canara Bank, Tagore Garden, New Delhi – 110027, India

State Bank of India, Specialised Commercial Branch, SCO: 103-106, Sector 17-B, Chandigarh – 160017, India

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Canara Bank*	33.460	38.322
Canara Bank**	13.446	2.900
Total	46.906	41.222
Note: *Equitable Mortgage of Immovable properties situated at Handbast No. 138, mauza Johram, Tehsil Nahan District Sirmour, Himachal Pradesh and Hypothecation of Die Spun Bonding Production line for PP wovenfabric model YY320 – 1set – and UPS of 400 KVA. ** Hypothecation of stocks of all goods and commodities purchased acquired, received now lying or herewith stored st company premises including in transit and all the book debts, outstandings etc. both present and future. The loan is collaterally secured by hypothecation of all plant and machinery and other movable fixed assets of the company, both present and future installed/stored or to be installed/ stored at companys premises and equitable mortgage of immovable properties of the Company situated at Khata/ Khatoni No. 34/51, Khasara No. 124/53/3, Mauza Johran, Pragana Khol, Tehsil Nahan, District Sirmour (HP), (Handbast No. 138 as per Jamaband) admeasuring 5 Bighas including all buildings thereon and machinery therein or to be brought therein. [Due within one year Rs. 19.005 Millions (Previous Years Rs. 7.515 Millions)]
Unsecured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
From Directors	8.894	8.095
From Companies / Firms	39.123	23.618
Total	48.017	31.713

Banking Relations :	--
Auditors :
Name :	Amit Joshi and Associates Chartered Accountants
Address :	253A/2, 4th Floor, Shahpur Jat, Opposite Panchsheel Commercial Complex, New Delhi – 110049, India
Tel. No.:	91-11-26495673/ 26490273
E-Mail :	aja_cas@yahoo.co.in
Income-tax PAN of auditor or auditor's firm :	AAAFA2752P
Entities owned or significantly influenced by key management personnel :	v Vimal Plast (India) Private Limited v Vimal Moulders (India) Private Limited v Vimal Industries

CAPITAL STRUCTURE

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
61,400	Equity Share	Rs.10/- each	Rs. 0.614 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		0.614	0.614	0.614
2] Share Application Money		6.634	1.434	8.334
3] Reserves & Surplus		22.736	22.736	22.736
4] (Accumulated Losses)		(0.019)	0.000	0.000
NETWORTH		29.965	24.784	31.684
LOAN FUNDS
1] Secured Loans		46.906	41.222	42.553
2] Unsecured Loans		48.017	31.712	12.527
TOTAL BORROWING		94.923	72.934	55.080
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		124.888	97.718	86.764
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		63.684	62.844	62.844
Capital work-in-progress		44.675	19.551	23.066
Pre-Operative Expenses		22.638	15.481	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.007	0.000	0.000
	Sundry Debtors	0.000	0.000	0.000
	Cash & Bank Balances	2.998	2.833	0.912
	Other Current Assets	0.616	0.072	0.072
	Loans & Advances	1.592	0.441	0.000
Total Current Assets		5.213	3.346	0.984
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	9.755	3.456	0.115
	Other Current Liabilities	1.638	0.098	0.000
	Provisions	0.000	0.021	0.086
Total Current Liabilities		11.393	3.575	0.201
Net Current Assets		(6.180)	(0.229)	0.783
MISCELLANEOUS EXPENSES		0.071	0.071	0.071
TOTAL		124.888	97.718	86.764

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income
		Other Income
		TOTAL	0.006	0.000	0.000
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	0.025	0.000	0.000
	PROFIT/ (LOSS) BEFORE TAX		(0.019)	0.000	0.000
Less	TAX		0.000	0.000	0.000
	PROFIT/ (LOSS) AFTER TAX		(0.019)	0.000	0.000
	Earnings/ (Loss) Per Share (Rs.)		(0.31)	0.00	0.00

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	(316.67)	0.00	0.00
Return on Total Assets (PBT/Total Assets}	(%)	(0.03)	0.00	0.00
Return on Investment (ROI) (PBT/Networth)		0.00	0.00	0.00
Debt Equity Ratio (Total Liability/Networth)		3.55	3.09	1.74
Current Ratio (Current Asset/Current Liability)		0.46	0.94	4.90

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	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	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

Note: The registered address of the company has been shifted from SCO - 151 - 152, Sector 8/C, Chandigarh – 160008, India to the present

PERFORMANCE:

During the year also the company has not been able to earn the profit. The directors are making sincere efforts to make business profitable in the near future.

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U17121CH2006PTC030556
Name of the company	BHAWNA SYNTHETICS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	SCO-151-152, Sector-8/C, Chandigarh - 160008, India Email ID: poojachopra@vimalplastindia.com
This form is for	Creation of charge
Type of charge	Immovable Property Book Debts Movable Property Floating Charge
Particular of charge holder	Canara Bank, Tagore Garden, New Delhi – 110027, India Email ID: ca_rcg@yahoo.co.in
Nature of description of the instrument creating or modifying the charge	Supplemental Common Hypothecation Agreement dated 30.03.2010, Letter evidencing extension of equitable mortgage alongwith Schedule A & B dated 30.03.2010 and Take Delivery Letter to DPN dated 30.03.2010.
Date of instrument Creating the charge	30.03.2010
Amount secured by the charge	Rs. 13.500 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest @ 0.25% above ongoing BPLR of the Bank ie 12.25% p.a. at present at monthly rests Terms of Repayment Repayable in 42 monthly instalments as follows starting after 11 months from the date of disbursement or six months after commencement of commercial production whichever is earlier:- 41 instalments of Rs. 0.332 Million each and 42nd instalment of Rs. 0.298 Million. Interest is to be repaid as and when due. Margin 29% Extent and Operation of the charge 100% Others To secure all amounts payable under Term Loan of Rs. 13.500 Millions granted to the Company for the purpose of acquiring additional plant and machinery and construction of factory premises etc. together with all interests, costs, charges, expenses etc.
Short particulars of the property charged	Hypothecation of all plant and machinery and other moveable fixed assets acquired or to be acquired out of the Term Loan granted by the Bank Common Hypothecation Agreement installed/stored at Company's premises or at any other place(s) including those in transit Collaterally secured by the following:- a) All existing plant and machinery and all other moveable fixed assets of the Company. b) Stock of all goods and book-debts of the Company - both present and future. c) Equitable mortgage of immovable properties of the Company situated at Khata/Khatoni No. 34/51, Khasra No. 124/53/3, Mauza Johran, Pragana Khol, Tehsil Nahan, District Sirmour, (Himachal Pradesh) (Hadbast No. 138 as per Jamabandi) admeasuring 5 Bighas including all buildings thereon and machinery therein or to be brought therein.

FIXED ASSETS:

· Building

· Land

· Machinery

· UPS

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 xist 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. 53.26
UK Pound	1	Rs. 86.23
Euro	1	Rs. 68.64

INFORMATION DETAILS

Report Prepared by :

BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	1
OPERATING SCALE	1~10	1
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	1
--PROFITABILIRY	1~10	1
--LIQUIDITY	1~10	1
--LEVERAGE	1~10	1
--RESERVES	1~10	1
--CREDIT LINES	1~10	1
--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		11

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.