MIRA INFORM REPORT

Report Date :

13.04.2013

Note: The correct name of the company is “SABMILLER INDIA LIMITED”

IDENTIFICATION DETAILS

Name :	SABMILLER INDIA LIMITED (w.e.f. 22.06.2012)
Formerly Known As :	SKOL BREWERIES LIMITED
Registered Office :	Solitaire Corporate Park 10, Unit No. 1021, 2nd Floor, Survey No. 131 – A, Chakala, Andheri Kurla Road, Andheri (East), Mumbai – 400093, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	18.11.1988
Com. Reg. No.:	11-049687
Capital Investment / Paid-up Capital :	Rs.2311.837 Millions
CIN No.: [Company Identification No.]	U65990MH1988PLC049687
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject engaged in the business of Brewing, Packaging, Distribution, Marketing and Sale of Beer.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (28)

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

Maximum Credit Limit :	USD 15000000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The company is continuously incurring losses from its operation. However, the company receives good support from its group company. Trade relations are reported as fair. Business is active. Payments are reported to be slow. The company can considered for business dealings with great caution. Note: The company has not been traded in BSE for last 30 Days.

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. Rajesh Pandey
Designation :	Manager
Contact No.:	91-121-3993114
Date :	04.04.2013

LOCATIONS

Registered Office :	Solitaire Corporate Park 10, Unit No. 1021, 2nd Floor, Survey No. 131 – A, Chakala, Andheri Kurla Road, Andheri (East), Mumbai – 400093, Maharashtra, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	harish.in@in.sabmiller.com
Website :	http://www.sabmiller.in
Corporate Office / Unit 1 :	Mysore Breweries Jalahalli Camp Road, Yeshwantpur, Bangalore - 560022, Karnataka, India
Tel. No.:	91-80-39499999
Fax No.:	91-80-39248994
Regional Office :	Located at · Gurgaon · Bangalore
Unit 2 :	Charminar Breweries Shivampet, Pulkal Mandal, Near Sangareddy, Medak – 502273, Andhra Pradesh, India
Tel No.:	91-8455-394999
Unit 3 :	SICA Breweries Ayyankuttipalayam, Muthirapalayam, P. O Puducherry – 605010, India
Tel No.:	91-413-3949999
Unit 4 :	Malabar Breweries Post Mellor, Poolani Chalakudy, District Thrissur – 680311, Kerala, India
Tel No.:	91-480-3949999
Unit 5 :	SABMiller Breweries Plot No. M-99, MIDC Waluj, Aurangabad - 431136, Maharashtra, India
Tel No.:	91-240-3058200 – 3058299
Unit 6 :	Rochees Breweries SP 2-3, RIICO Industrial Area NH-8, Village Neemarana, Tehsil Behror, Distirct Alwar – 301705, Rajasthan India
Tel No.:	91-1494-3949999
Unit 7 :	Central Distilleries and Breweries Kanker Khera, Meerut Cantt Meerut - 250001 Uttar Pradesh, India
Tel No.:	91-121-3949999 / 3993114
Unit 8 :	East Coast Breweries AT/PO- Paradeep, District Jagatsinghpur – 754142, Odisha, India
Tel No.:	91-6722-228042/46
Unit 9 :	Pals Distilleries L - 5, MIDC Area Waluj, Aurangabad – 431136, Maharashtra, India
Tel No.:	91-240-3949999
Unit 10 :	Haryana Breweries 49th K M Stone, G T Road, Murthal, Sonepat - 131039, Haryana, India
Tel No.:	91-130-3949999

DIRECTORS

As on 31.03.2012

Name :	Mr. Harald Harvey
Designation :	Chairman - w.e.f. 8th Mar 2012
Name :	Mr. Ari Mervis
Designation :	Director
Address :	50m Forest Road, Bramley, Johannesburg, 2090, South Africa
Date of Appointment :	13.11.2007
Name :	Ms. Sue Clark
Designation :	Director
Name :	Mr. T.S.R. Subramanian
Designation :	Director
Address :	74, Sector 15A, Noida – 201301, Uttar Pradesh, India
Date of Appointment :	23.06.2008
Name :	Mr. Paolo Lanzarotti
Designation :	Managing Director
Address :	Strmy Vrsok 96, Bratislava, 84106, Slovakia
Date of Appointment :	02.07.2010
Name :	Mr. Mathew Dunn
Designation :	Director

KEY EXECUTIVES

Name :	Mr. Rajesh Pandey
Designation :	Manager
Name :	Mr. S Shridhar
Designation :	Secretary
Address :	Flat No. 2358, Janapriya Lakeview, Phase – 2, Kondichikkanahalli, Begur Hobli, Bangalore – 560076, Karnataka, India
Date of Appointment :	01.10.2010ss
AUDIT COMMITTEE
Name :	Mr. Mathew Dunn
Designation :	Chairman
Name :	Mr. Harald Harvey
Designation :	Member
Name :	Mr. Ari Mervis
Designation :	Member
Name :	Mr. Paolo Lanzarotti
Designation :	Member
Name :	Ms. Sue Clark
Designation :	Member

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

NOT AVAILABLE

BUSINESS DETAILS

Line of Business :	Subject engaged in the business of Brewing, Packaging, Distribution, Marketing and Sale of Beer.
Terms :
Selling :	L/C, Cash and Credit (30 Days)
Purchasing :	L/C, Cash and Credit (30 Days)

GENERAL INFORMATION

Customers :	Retailers
No. of Employees :	Not Available
Bankers :	· Standard Chartered Bank · Royal Bank of Scotland · Citi Bank N.A · First Rand Bank Limited

Banking Relations :	--
Statutory Auditors :
Name :	B S R and Company Chartered Accountants
Address :	Maruthi Info-Tech Centre, 11-12/1, Inner Ring Road, Koramangala, Bangalore- 560034, Karnataka, India
Holding Company :	· SABMiller Breweries Private Limited
Ultimate Holding Company :	· SABMiller plc
Significant Influence :	· SABMiller Asia and Africa BV
Fellow Subsidiaries :	· S.p.A. Birra Peroni · SABMiller India Limited · SABMiller Management (IN) BV · SABMiller Africa and Asia (Pty) Limited · SABMiller Vietnam · SABMiller Europe AG · SABMiller (Asia) Limited · SABMiller International Brands Limited · SABMiller African Breweries Limited · Trinity Procurement GmbH · SABMiller Management BV · SABMiller India Holdings · Austindia Pty Limited

CAPITAL STRUCTURE

After 29.08.2012

Authorised Capital : Rs.3000.000 Millions

Issued, Subscribed & Paid-up Capital : Rs.2384.257 Millions

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
300000000	Equity Shares	Rs.10/- each	Rs.3000.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
231183745	Equity Shares	Rs.10/- each	Rs.2311.837 Millions

Notes:

(a) List of persons holding more than 5 percent shares in the Company

Name of the share holder	As at 31 March 2012
	No. of shares	% holding
SABMiller Breweries Private Limited	142,067,977	61.45
SABMiller Asia BV	87,341,038	37.78

(b) Reconciliation of the number of shares outstanding at the beginning and at the end of the year

Particulars	As at 31 March 2012
Number of shares at the beginning of the year	231,183,745
Number of shares issued during the year	--
Number of shares bought back during the period	--
Number of shares outstanding at the end of the year	231,183,745

Of the above, 142,067,977 (previous year: 142,067,511) equity shares of Rs. 10 each are held by SABMiller Breweries Private Limited, the immediate holding company. 87,341,038 (previous year: 87,341,038) equity shares of Rs. 10 each are held by SABMiller Asia BV. SABMiller plc is the ultimate holding company.

The Company has issued only one class of equity shares having a par value of Rs. 10 each. All equity shares carry similar voting rights of 1:1 and similar dividend rights.

There have been no buyback of shares, issue of shares pursuant to contract without payment being received in cash for the period of five years immediately preceding the balance sheet date.

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		2311.837	2311.837	2311.837
2] Share Application Money		72.420	0.000	0.000
3] Reserves & Surplus		1415.156	2276.923	2878.295
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		3799.413	4588.760	5190.132
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		10892.043	9503.958	8745.273
TOTAL BORROWING		10892.043	9503.958	8745.273
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		14691.456	14092.718	13935.405
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		10918.228	11055.061	10973.347
Capital work-in-progress		371.316	158.768	495.095
INVESTMENT		11.489	11.391	13.359
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	2742.345	2187.252	1987.421
	Sundry Debtors	4652.811	3454.567	3270.633
	Cash & Bank Balances	178.925	380.500	410.301
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	1813.065	1361.633	867.393
Total Current Assets		9387.146	7383.952	6535.748
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1966.338	1643.967	1608.660
	Other Current Liabilities	3514.958	2372.735	2019.735
	Provisions	515.427	499.752	453.749
Total Current Liabilities		5996.723	4516.454	4082.144
Net Current Assets		3390.423	2867.498	2453.604
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		14691.456	14092.718	13935.405

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	16662.852	14859.293	12669.005
		Other Income	46.072	114.216	234.659
		TOTAL (A)	16708.924	14973.509	12903.664
Less	EXPENSES
		Cost of materials consumed	8604.114	7436.923	12723.535
		Purchase of stock in trade	2.371	10.127
		Changes in inventories of finished goods, work-in-progress and traded goods	(66.406)	130.889
		Employee benefits expense	1400.216	1144.002
		Reversal of impairment loss	(17.103)	0.000
		Other expenses	5952.828	5085.948
		TOTAL (B)	15876.020	13807.889	12723.535
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		832.904	1165.620	180.129
Less	FINANCIAL EXPENSES (D)		1152.900	818.569	797.279
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(319.996)	347.051	(617.150)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		872.589	950.690	805.280
	PROFIT BEFORE TAX (E-F) (G)		(1192.585)	(603.639)	(1422.430)
Less	TAX (H)		1.546	(2.267)	0.132
	PROFIT AFTER TAX (G-H) (I)		(1194.131)	(601.372)	(1422.562)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(3624.878)	(3023.506)	(1600.944)
	BALANCE CARRIED TO THE B/S		(4819.009)	(3624.878)	(3023.506)
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	320.337	223.483	191.353
	TOTAL EARNINGS		320.337	223.483	191.353
	IMPORTS
		Raw Materials	69.907	78.446	295.144
		Stores & Spares	28.209	25.642	8.434
		Capital Goods	115.716	204.940	4.573
	TOTAL IMPORTS		213.832	309.028	308.151
	Earnings Per Share (Rs.)		(5.01)	(2.60)	(6.15)

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	(7.15)	(4.02)	(11.02)
Net Profit Margin (PBT/Sales)	(%)	(7.16)	(4.06)	(11.23)
Return on Total Assets (PBT/Total Assets}	(%)	(5.87)	(3.27)	(8.12)
Return on Investment (ROI) (PBT/Networth)		(0.31)	(0.13)	(0.27)
Debt Equity Ratio (Total Debt/Networth)		2.87	2.07	1.68
Current Ratio (Current Asset/Current Liability)		1.57	1.63	1.60

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	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	Yes
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	No
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	No

DETAILS OF UNSECURED LOAN

(Rs. In Millions)

Particulars	31.03.2012	31.03.2011
TERM LOAN
External Commercial Borrowings - from Banks	2292.143	1771.759
Loans and Advances - from Related Party	54.081	49.822
LOAN FROM BANKS REPAYABLE ON DEMAND
Bank Overdraft - from Banks	125.819	309.539
Loans from Holding Company - from Related Parties	0.000	2.338
OTHER LOANS AND ADVANCES
Working Capital Loan - from Banks	8420.000	7370.500
Total	10892.043	9503.958

BACKGROUND

Subject was incorporated as a private limited company under the Companies Act, 1956 on 18 November 1988. The Company is primarily engaged in the business of brewing, packaging, distribution, marketing and sale of beer.

OPERATIONS

The revenue of the Company during the year 2011-12 has significantly improved. The turnover increased by 20% to Rs.29870.000 Millions (includes Rs.2050.000 Millions of demerged beer business of SABMiller Breweries Private Limited) from Rs.24870.000 Millions in the previous year. Increase in volume is mainly contributed by increasing market share in Andhra Pradesh, leveraging of industry growth in Rajasthan and Karnataka, innovation led growth in Maharashtra and also the addition of sales of SABMiller Breweries Private Limited whose Brewery business was demerged and transferred to the company. Cash losses for the year are mainly due to high interest cost on working capital to meet higher sales volume and borrowings for capital expenditure, unplanned maintenance work in breweries, higher actuarial valuation of leave salary and gratuity and absorption of loss incurred by brewing business of SABMiller Breweries Private Limited. There is a thrust on reduction in operating expenses by stringent controls and monitoring. Due to rising interest cost and utilisation of short-term funds towards long-term purposes, the company is evaluating various options of recapitalising the business.

The capacity of the company has been augmented by entering into contract packing arrangements in the States of Orissa and Punjab. The introduction of proprietary bottle has also paid rich dividend and the company is able to obtain return of its bottles at competitive rates. Efforts by other brewers to use the bottles introduced by the company have been successfully defended.

The company has introduced many innovations and variants during the year and has expanded its portfolio. Miller HighLife, Fosters Strong and Royal Challenge Strong beers have been launched. The Company also introduced beer in convenient packs of 250 ml. All these brands and variants have shown encouraging trends in the markets they have been introduced.

The Board enjoys the unqualified support of all its financiers whose confidence in the future of the company is evidenced by the fact that all borrowings have been made without the bankers taking any charges over the company's assets and are used for both short term and long term purposes.

DEMERGER OF BEER BUSINESS OF SABMILLER BREWERIES PRIVATE LIMITED INTO THE COMPANY

During the year, the beer business of SABMiller Breweries Private Limited, a company of SABMiller Group has been demerged into the Company vide the Order passed by the Hon'ble High Court of Bombay on 29th March 2012 sanctioning the Scheme of Arrangement. Consequent to the demerger, the beer business of SABMiller Breweries Private Limited which inter alia includes all the assets and liabilities, employees, all licences and permits of the beer business stand transferred to the Company. Accordingly, all the breweries of the SABMiller Group in India are now under the control of the company.

CONTINGENT LIABILITIES:

(Rs. In Millions)

Particulars	31.03.2012	31.03.2011
Claims against the Company not acknowledged as debts in respect of:
a) Sales tax matters	75.031	94.261
b) Excise matters	92.147	94.449
c) Service tax matters	158.537	153.443
d) Custom matters	0.261	0.261
e) Other matters	23.145	59.785

FIXED ASSETS:

· Freehold Land

· Leasehold Land

· Buildings

· Plant and Machinery

· Computer Equipment

· Furniture, Fittings and Office Equipment

· Motor Vehicles

· Brands

· Computer Software

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.54.44
UK Pound	1	Rs.83.78
Euro	1	Rs.71.33

INFORMATION DETAILS

Report Prepared by :

BSN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		28

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.