MIRA INFORM REPORT

Report Date :

16.07.2013

IDENTIFICATION DETAILS

Name :	I.S.C. PROCESSORS PRIVATE LIMITED
Registered Office :	127/10/1, Maniktola Main Road, Kolkata – 700054, West Bengal
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	03.04.1984
Com. Reg. No.:	21-037348
Capital Investment / Paid-up Capital :	Rs. 7.242 Millions
CIN No.: [Company Identification No.]	U27109WB1984PTC037348
TAN No.: [Tax Deduction & Collection Account No.]	CALI00368E
PAN No.: [Permanent Account No.]	AAACI5434P
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Magnetic Separator, Suspended Magnetic Separator, Self Cleaning Magnetic Separator, Rectangular Magnet, Lifter Magnet, etc.
No. of Employees :	130 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

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

Maximum Credit Limit :	USD 71000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. Trade relations are reported as fair. Business is active. Payment terms are slow but correct. The company can be considered 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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

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 :	Ms. Sunita
Designation :	Deputy Manager
Contact No.:	91-33-23208365
Date :	12.07.2013

LOCATIONS

Registered Office/ Factory :	127/10/1, Maniktola Main Road, Kolkata – 700054, West Bengal, India
Tel. No.:	91-33-23208365/ 23208431/ 23208118
Fax No.:	91-33-23302088
E-Mail :	vsingh.isc@gmail.com
Website :	http://www.iscenterprise.net
Area :	3000 Sq. ft.
Location :	Owned

DIRECTORS

As on: 29.09.2012

Name :

Mr. Arabindra Balvir Singh

Designation :

Director

Address :

127/10/1, Maniktalla Main Road, Kolkata-700054, West Bengal, India

Date of Birth/Age :

01.03.1953

Date of Appointment :

03.04.1984

Din No.:

00598594

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	U27109WB1984PTC037348	I.S.C.PROCESSORS PRIVATE LIMITED	Director	03/04/1984	03/04/1984	-	Active	NO
2	U27106WB1990PTC048484	ISC MAGNETICS PRIVATE LIMITED	Director	28/02/1990	28/02/1990	-	Active	NO
3	U27106WB1993PTC059711	ISC INDUSTRIAL SERVICES PRIVATE LIMITED	Director	10/08/1993	10/08/1993	-	Active	NO
4	U01132WB1994PLC063521	ISC UDYOG LIMITED	Managing director	10/06/1994	10/06/1994	01/01/2011	Active	NO
5	U15118WB1996PLC076742	HORTIND TECHNOLOGY LIMITED	Director	01/04/1997	01/04/1997	-	Active	NO
6	U65993WB1992PTC056856	G D SONS CREDIT AND INVESTMENT PRIVATE LIMITED	Director	26/07/2012	26/07/2012	-	Active	NO

Name :

Mr. Rabinda Balvir Singh

Designation :

Director

Address :

127/10/1, Maniktalla Main Road, Kolkata-700054, West Bengal, India

Date of Birth/Age :

08.12.1950

Date of Appointment :

03.04.1984

Din No.:

00598614

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	U27109WB1984PTC037348	I.S.C.PROCESSORS PRIVATE LIMITED	Director	03/04/1984	03/04/1984	-	Active	NO
2	U27106WB1990PTC048484	ISC MAGNETICS PRIVATE LIMITED	Director	28/02/1990	28/02/1990	-	Active	NO
3	U27106MH1984PTC032262	MITRA STEEL AND ALLOYS PRIVATE LIMITED	Director	15/07/1993	15/07/1993	-	Active	NO
4	U27106WB1993PTC059711	ISC INDUSTRIAL SERVICES PRIVATE LIMITED	Director	10/08/1993	10/08/1993	-	Active	NO
5	U26941MH1985PTC035729	SHIKAGO CEMENT PRODUCTS PRIVATE LIMITED	Director	26/03/1994	26/03/1994	22/07/2012	Active	NO
6	U65993WB1992PTC056856	G D SONS CREDIT AND INVESTMENT PRIVATE LIMITED	Director	26/03/1994	26/03/1994	-	Active	NO
7	U15118WB1996PLC076742	HORTIND TECHNOLOGY LIMITED	Director	22/01/1996	22/01/1996	-	Active	NO
8	U70109WB1994PTC063520	HERUK PROPERTIES PRIVATE LIMITED	Director	10/06/2006	10/06/2006	27/12/2010	Active	NO

Name :

Mr. Vijendra Rabinda Singh

Designation :

Director

Address :

127/10/1, Maniktalla Main Road, Kolkata-700054, West Bengal, India

Date of Birth/Age :

06.03.1986

Date of Appointment :

08.04.2011

Din No.:

00598442

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	U15118WB1996PLC076742	HORTIND TECHNOLOGY LIMITED	Director	01/06/2004	01/06/2004	Active	NO
2	U27109WB1984PTC037348	I.S.C.PROCESSORS PRIVATE LIMITED	Director	08/04/2011	08/04/2011	Active	NO

KEY EXECUTIVES

Name :	Ms. Sunita
Designation :	Deputy manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 29.09.2012

Names of Shareholders	No. of Shares
Arabindra Balvir Singh	3904
Rabinda Balvir Singh	20
G.D. Sons Credit and Investment Private Limited, India	16000
Sinbro Commercial Private Limited, India	10000
ISC Industrial Services Private Limited, India	10000
ISC Magneties Private Limited, India	21000
Hortind Technology Limited, India	10000
Balvir Singh and Sons HUF	1500
Total	72424

As on: 29.09.2012

Names of Allotees	No. of Allotees
Vijayendra Singh	4200
Pratima Devi Singh	3200
Indra Devi Singh	2000
Shivendra Singh	600
Total	10000

Equity Share Break up (Percentage of Total Equity)

As on: 29.09.2012

Category	Percentage
Bodies corporate	92.51
Directors or relatives of directors	7.49
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Magnetic Separator, Suspended Magnetic Separator, Self Cleaning Magnetic Separator, Rectangular Magnet, Lifter Magnet, etc.

Products :

· Suspended Magnetic Separator

· Self Cleaning Magnetic Separator

· Circular Lifting Electromagnet

· Rectangular Magnet

· Lifter Magnet

· Other Products

· Re-rolling Mills

PRODUCT DESCRIPTION	ITEM CODE
Electro Magnets, Separators and Spares	850511

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

GENERAL INFORMATION

Customers :

Wholesalers and Retailers

No. of Employees :

130 (Approximately)

Bankers :

· Oriental Bank of Commerce, Salt Lake Branch, C A 51, Salt Lake City, Kolkata – 700 064, West Bengal, India

· HDFC Bank

· ICICI Bank

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
Short term borrowing
Loans repayable on demand from bank	12.022	10.174
HDFC bank – car loan	0.000	0.048
Total	12.022	10.222

Banking Relations :	--
Auditors :
Name :	Ravi Shanker Sahay Chartered Accountants
Address :	431, 21, Centre Point, Hemant Basu Sarani, Kolkata-700001, West Bengal, India
PAN No.:	AKUPS1485M

CAPITAL STRUCTURE

As on: 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.100/- each	Rs.100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
82424	Equity Shares	Rs.100/- each	Rs. 8.242 Millions

As on: 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.100/- each	Rs.100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
72424	Equity Shares	Rs.100/- each	Rs. 7.242 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	7.242	7.242
(b) Reserves & Surplus	10.729	9.208
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	17.971	16.450
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000
(b) Deferred tax liabilities (Net)	0.103	0.090
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	0.103	0.090
(4) Current Liabilities
(a) Short term borrowings	12.022	10.222
(b) Trade payables	16.603	4.788
(c) Other current liabilities	0.000	0.000
(d) Short-term provisions	0.732	0.304
Total Current Liabilities (4)	29.357	15.314
TOTAL	47.431	31.854
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	3.356	4.140
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	7.921	6.766
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	0.430	0.430
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	11.707	11.336
(2) Current assets
(a) Current investments	0.622	0.503
(b) Inventories	16.246	1.421
(c) Trade receivables	6.416	2.862
(d) Cash and cash equivalents	2.861	10.375
(e) Short-term loans and advances	9.579	5.357
(f) Other current assets	0.000	0.000
Total Current Assets	35.724	20.518
TOTAL	47.431	31.854

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		7.242
2] Share Application Money		1.060
3] Reserves & Surplus		8.457
4] (Accumulated Losses)		0.000
NETWORTH		16.759
LOAN FUNDS
1] Secured Loans		11.854
2] Unsecured Loans		0.000
TOTAL BORROWING		11.854
DEFERRED TAX LIABILITIES		0.000
TOTAL		28.613
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		4.542
Capital work-in-progress		0.000
INVESTMENT		7.167
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1.646
	Sundry Debtors	10.130
	Cash & Bank Balances	12.459
	Other Current Assets	0.000
	Loans & Advances	6.388
Total Current Assets		30.623
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	12.357
	Other Current Liabilities	0.000
	Provisions	1.362
Total Current Liabilities		13.719
Net Current Assets		16.904
MISCELLANEOUS EXPENSES		0.000
TOTAL		28.613

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Revenue from operations	103.862	49.957	94.884
		Other Income	(0.125)	0.101	0.350
		TOTAL (A)	103.737	50.058	95.234
Less	EXPENSES
		Cost of material consumed	27.184	37.499
		Purchase of stock-in-trade	75.433	0.000
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(13.312)	0.623
		Employee benefit expense	2.251	2.356
		Other expense	8.471	7.297
		TOTAL (B)	100.027	47.775	92.085
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		3.710	2.283	3.149
Less	FINANCIAL EXPENSES (D)		0.968	0.561	0.197
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		2.742	1.722	2.952
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.470	0.653	0.637
	PROFIT BEFORE TAX (E-F) (G)		2.272	1.069	2.315
Less	TAX (H)		0.751	0.319	0.699
	PROFIT AFTER TAX (G-H) (I)		1.521	0.750	1.616
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		8.090	7.340	5.724
	BALANCE CARRIED TO THE B/S		9.611	8.090	7.340
	Earnings Per Share (Rs.)		21.00	10.35	22.31

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	1.47	1.50	1.70
Net Profit Margin (PBT/Sales)	(%)	2.19	2.13	2.44
Return on Total Assets (PBT/Total Assets}	(%)	5.76	4.26	6.58
Return on Investment (ROI) (PBT/Networth)		0.12	0.07	0.14
Debt Equity Ratio (Total Debt/Networth)		0.67	0.62	0.71
Current Ratio (Current Asset/Current Liability)		1.21	1.33	2.23

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	No
15]	Capital in the business	Yes
16]	Details of sister concerns	No
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	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

Bankers Charges Report as per Registry

Corporate identity number (CIN) or foreign company registration number of the company	U27109WB1984PTC037348
Name of the company	I.S.C.PROCESSORS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	127/10/1, Maniktola Main Road, Kolkata – 700054, West Bengal, India Email-id - rssahay@vsnl.net
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	90247738
Type of charge	Book debts Movable property (not being pledge) Floating charge Others (All other Current and Moveable Fixed Assets)
Particular of charge holder	Oriental Bank of Commerce, Salt Lake Branch, C A 51, Salt Lake City, Kolkata – 700 064, West Bengal, India Email-id - bm0363@obc.co.in
Nature of instrument creating charge	Supplemental Agreement to Secure Credit/ Loan Facilities - (Loan DOC-13). Counter Guarantee Agreement - (Loan DOC-12). Agreement of Guarantee - (Loan DOC-11) (2 Sets).
Date of instrument Creating the charge	16.03.2013
Amount secured by the charge	Rs. 24.490 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Cash Credit (Hypo): At 15.75% p.a. with monthly rests. Term Loan: At 15.75% p.a. with monthly rests. Terms of Repayment Working Capital Limit is repayable on demand. The existing Term Loan is repayable as per existing Terms of Sanction. Margin As stipulated by the Bank for the respective assets from time to time. Cash Credit (Hypo) : 25%, Letter of Credit (Inland/Foreign) : 50%, Bank Guarantee : Financial : 50% and Performance: 25%. Extent and Operation of the charge The charge operates as first charge basis on the whole of the hypothecated current assets and movable fixed assets of the Company, both present and future to secure the maximum amount under the said charge fixed at Rs.2,44,90,000/- together with interest, costs and charges thereon. Others The Borrower shall not do or allow anything which may prejudice the security and shall comply with the terms and conditions of the Agreements. The overall limit is also secured by Corporate Guarantee of M/s. ISC Magnetics Private Limited and M/s. ISC Industrial Services Private Limited.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Hypothecation of stocks of raw material, stock in process, finished goods, stores and spares and receivables and all other current assets of the Company, both present and future. Documents of Title to goods in case of L/C on DP basis. Counter Guarantee of the Borrower in case of Bank Guarantee. Hypothecation of machineries and equipment purchased out of Term Loan proceed as well as Company's total fixed assets, both present and future.
Date of instrument modifying the charge	08.09.2012
Particulars of the present modification	By this modification, the overall limit is enhanced from Rs.13.490 Millions to 24.490 Millions as stated under and charge on hypothecated current assets and moveable fixed assets of the Company extended to secure the enhanced overall limit together with interest, costs and charges thereon: CC (Hypo) : Rs.15.000 Millions LC (Inland/Foreign) : Rs.5.000 Millions BG : Rs.4.000 Millions TL: Rs.0.490 Million. All other terms and conditions continue to remain as before in full force and effect.

FINANCIAL RESULTS:

The company has an wholly owned subsidiary name ISC Enterprise (BD) Limited at Bangladesh and has invested into its share capital a sum of Rs.3.547 Millions (P.Y. Rs.2.391 Millions) till the year ending 31t March, 2012. The company also has another subsidiary namely ISC Enterprise (M) SDN, BHD at Malaysia wherein the company Rs.3.234 Millions (P.Y. Rs.3.234 Millions) as at 31^st March, 2012. The company is also setting up another subsidiary at USA named M/s. ISC America.

FIXED ASSETS:

· Fan

· Computer

· Tools and Equipments

· Office Equipments

· Mobile Phone

· Type Writer

· Motor Car

· Plant and Machinery

· Pattern

· Crane

· Air Condition Machine

· Furniture and Fixtures

· Car

· Generator

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 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. 60.05
UK Pound	1	Rs. 90.71
Euro	1	Rs. 78.48

INFORMATION DETAILS

Information Gathered by :	NYA
Report Prepared by :	DPH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		44

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.