MIRA INFORM REPORT

Report Date :

22.07.2013

IDENTIFICATION DETAILS

Name :	VITTHAL CORPORATION LIMITED (w.e.f. 29.09.2010)
Formerly Known As :	VITHAL SUGARS MANUFACTURING LIMITED
Registered Office :	Vithalrao Shinde Nagar, Post- Mhaisgaon, Taluka, Madha District Solapur – 413250, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	09.10.1998
Com. Reg. No.:	11-012939
Capital Investment / Paid-up Capital :	Rs.208.510 Millions
CIN No.: [Company Identification No.]	U17120PN1998PLC012939
TAN No.: [Tax Deduction & Collection Account No.]	PNEV05787F
PAN No.: [Permanent Account No.]	AACCV5742M
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Exporter of Sugar Extra Neutral Alcohol, Rectified Sprit, Special Denatured Sprit.
No. of Employees :	600 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (36)

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

Maximum Credit Limit :	USD 1500000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. The external borrowing appears to be huge which act as a threat to the liquidity position. However, trade relations are reported to be fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with great caution.

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 :	Mr. Amol Dhawale
Designation :	Finance Manager
Contact No.:	91-9420492105
Date :	18.07.2013

LOCATIONS

Registered Office/ Factory :	Vithalrao Shinde Nagar, Post- Mhaisgaon, Taluka, Madha District Solapur – 413250, Maharashtra, India
Tel. No.:	91-2183-226455/ 226475
Mobile No.:	91-9420492107 (Mr. Amol Dhawale)
Fax No.:	91-2183-226495
E-Mail :	vitthalsugarmfg@gmail.com
Website :	http://www.vitthalcorporation.com
Location :	Owned

DIRECTORS

As on: 28.09.2012

Name :

Mr. Haridas Bhanudas Dange

Designation :

Managing Director

Address :

At and Post – Shelgaon (Wangi), Taluka- Karmala, Solapur – 413202, Maharashtra, India

Date of Birth/Age :

01.08.1948

Date of Appointment :

01.04.2008

DIN No.:

00377908

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	U17120PN1998PLC012939	Vitthal Corporation Limited	Managing director	01/04/2008	14/04/1999	-	Active	NO
2	U15543PN2004PTC019038	Anmol Minerals Private Limited	Director	23/03/2004	23/03/2004	-	Active	NO
3	U45200PN2010PTC136306	Vitthal Buildcon Private Limited	Director	12/05/2010	12/05/2010	-	Active	NO
4	U15139PN2010PTC137300	Dange Agro Products Private Limited	Director	09/09/2010	09/09/2010	-	Active	NO
5	U15420PN2008PTC131962	Aapli Sugar And Ethenol Private Limited	Director	16/08/2011	16/08/2011	-	Active	NO
6	U17123PN2012PTC143686	Sumida Textile Mills Private Limited	Director	25/08/2012	12/06/2012	-	Active	NO

Name :

Mr. Sanjay Vitthalrao Shinde

Designation :

Director

Address :

At and Post – Nimgaon, Taluka – Madha, Solapur – 413210, Maharashtra, India

Date of Birth/Age :

31.07.1968

Date of Appointment :

01.04.2008

DIN No.:

00196861

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	U17120PN1998PLC012939	Vitthal Corporation Limited	Director	01/04/2008	01/09/2000	-	Active	NO
2	U45200PN2010PTC136306	Vitthal Buildcon Private Limited	Director	12/05/2010	12/05/2010	-	Active	NO
3	U15420PN2008PTC131962	Aapli Sugar And Ethenol Private Limited	Director	16/08/2011	16/08/2011	-	Active	NO

Name :

Mr. Babanrao Vithalrao Shinde

Designation :

Director

Address :

At and Post – Nimgaon, Taluka – Madha, Solapur – 413210, Maharashtra, India

Date of Birth/Age :

01.09.1951

Date of Appointment :

15.06.2006

DIN No.:

02976243

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	U17120PN1998PLC012939	Vitthal Corporation Limited	Director	15/06/2006	15/06/2006	-	Active	NO
2	U20292PN2011PTC141541	Om Shanti Particle Board Private Limited	Director	07/12/2011	07/12/2011	-	Active	NO

Name :

Mr. Chandrakant Vitthalrao Patil

Designation :

Director

Address :

37 A Chinchgaon, Taluka – Madha, Solapur – 413210, Maharashtra, India

Date of Birth/Age :

04.04.1950

Date of Appointment :

09.10.1998

DIN No.:

02470305

KEY EXECUTIVES

Name :	Mr. Amol Dhawale
Designation :	Finance Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 28.09.2012

Names of Shareholders	No. of Shares
Sanjay Vitthalrao Shinde	219
Babanrao Vithalrao Shinde	51
Haridas Bhanudas Dange	32
Savita Sanjay Shinde	51
Yashshri Sanjay shinde	40
Yashwant Sanjay Shinde	99
Archana Suhas Dange	10
Suhas Haridas Dange	20
Suman Haridas Dange	20
Manakshi Sunil Pachkawade	10
Sunil Ramchandra Pachkawade	10
Total	562

As on: 28.09.2012

Names of Preference shareholders	No. of Shares
Adake M. Kadppa	10000
Aldar A. Ganpat	10000
Aldar B. Sadashiv	10000
Aldar D. Dajiram	10000
Aldar G. Shivram	10000
Aldar H. Saudagar	10000
Aldar H. Dnyandev	10000
Aldar K. Saudagar	10000

Equity Share Break up (Percentage of Total Equity)

As on: 28.09.2012

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Sugar Extra Neutral Alcohol, Rectified Sprit, Special Denatured Sprit.

Products :

Products Description	Item Code No.
White Crystal Sugar	1701990
Mollasses	17031000
Alcohol	22072000
Power	--

· Sugar

· Extra Neutral Alcohol

· Rectified Sprit

· Special Denatured Sprit

Exports :

Products :

Sugar

Countries :

· Sri Lanka

· Dubai

· Singapore

Terms :

Selling :

L/C, Cash and Credit (30 days)

Purchasing :

Cash and Credit (30 days)

GENERAL INFORMATION

Customers :

Wholesalers, Retailers and End Users

No. of Employees :

600 (Approximately)

Bankers :

· Punjab National Bank, Anantkrupa Society, Paud Road, Kothrud, Pune – 411038, Maharashtra, India

· Union Bank of India

· Bank of India

· Solapur DCC Bank

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2011
Rupee term loans secured	1059.701
Working capital loans secured	729.750
Total	1789.451

Banking Relations :	--
Auditors :
Name :	V. G. Naikawadi and Company Chartered Accountants
Address :	37, Laxmi Park, Sukhshanti Apartment, Navi Peth, Pune – 411030, Maharashtra, India
PAN No.:	AAIFV7599M
Associates/Subsidiaries :	· Vitthalrao Shinde SSK Limited · Anmol Minerals Private Limited · Yashashree Engineering · Vitthal Distilleries Limited CIN No. U15530PN2008PLC131513 · Indian Sugars Limited · Vitthal Buildcon Private Limited CIN No. U45200PN2010PTC136306

CAPITAL STRUCTURE

After : 28.09.2012

Authorised Capital : Rs.400.000 Millions

Issued, Subscribed & Paid-up Capital : Rs.360.410 Millions

As on: 28.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
600	Equity Shares	Rs.50000/- each	Rs.30.000 Millions
37000	Preference Shares	Rs.10000/- each	Rs. 370.000
	Total		Rs. 400.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
562	Equity Shares	Rs.50000/- each	Rs.28.100 Millions
30986	Preference Shares	Rs.10000/- each	Rs. 309.860 Millions
	Total		Rs. 337.960 Millions

As on: 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
600	Equity Shares	Rs.50000/- each	Rs.30.000 Millions
37000	Preference Shares	Rs.10000/- each	Rs. 370.000
	Total		Rs. 400.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
562	Equity Share	Rs.50000/- each	Rs.28.100 Millions
18041	Preference Shares	Rs.10000/- each	Rs.180.410 Millions
	Total		Rs.208.510 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	208.510
(b) Reserves & Surplus	178.640
(c) Money received against share warrants	0.000
(2) Share Application money pending allotment	0.000
Total Shareholders’ Funds (1) + (2)	387.150
(3) Non-Current Liabilities
(a) long-term borrowings	689.461
(b) Deferred tax liabilities (Net)	83.271
(c) Other long term liabilities	8.475
(d) long-term provisions	0.000
Total Non-current Liabilities (3)	781.207
(4) Current Liabilities
(a) Short term borrowings	1130.462
(b) Trade payables	696.982
(c) Other current liabilities	137.089
(d) Short-term provisions	82.320
Total Current Liabilities (4)	2046.853
TOTAL	3215.210
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1015.873
(ii) Intangible Assets	0.000
(iii) Capital work-in-progress	71.681
(iv) Intangible assets under development	0.000
(b) Non-current Investments	0.400
(c) Deferred tax assets (net)	0.000
(d) Long-term Loan and Advances	17.569
(e) Other Non-current assets	0.406
Total Non-Current Assets	1105.929
(2) Current assets
(a) Current investments	101.355
(b) Inventories	1139.886
(c) Trade receivables	57.617
(d) Cash and cash equivalents	388.806
(e) Short-term loans and advances	414.316
(f) Other current assets	7.301
Total Current Assets	2109.281
TOTAL	3215.210

SOURCES OF FUNDS		31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		208.510	208.510
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		74.370	40.755
4] (Accumulated Losses)		0.000	0.000
NETWORTH		282.880	249.265
LOAN FUNDS
1] Secured Loans		1789.450	1606.547
2] Unsecured Loans		300.000	57.500
TOTAL BORROWING		2089.450	1664.047
DEFERRED TAX LIABILITIES		4.031	29.247
TOTAL		2376.361	1942.559
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		885.947	736.734
Capital work-in-progress		83.543	0.000
INVESTMENT		0.400	0.500
DEFERREX TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1439.771	991.217
	Sundry Debtors	13.180	11.526
	Cash & Bank Balances	228.078	210.428
	Other Current Assets	4.357	0.891
	Loans & Advances	229.301	328.308
Total Current Assets		1914.687	1542.370
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	54.745	26.403
	Other Current Liabilities	433.243	295.231
	Provisions	20.816	15.971
Total Current Liabilities		508.804	337.605
Net Current Assets		1405.883	1204.765
MISCELLANEOUS EXPENSES		0.588	0.560
TOTAL		2376.361	1942.559

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	2880.791	1504.925	829.293
		Other Income	NA	3.616	3.012
		TOTAL (A)	NA	1508.541	832.305
Less	EXPENSES
		Manufacturing service costs		84.916
		Consumption material changes inventories		1064.664
		Employee related expenses		38.090
		Administrative selling other expenses		26.719
		Prior period items before tax		44.126
		TOTAL (B)	2633.608	1258.515	583.584
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		Including depreciation	250.026	248.721
			And financial
Less	FINANCIAL EXPENSES (D)			193.003	126.405
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			57.023	122.316
Less/ Add	DEPRECIATION/ AMORTISATION (F)			43.780	37.860
	PROFIT BEFORE TAX (E-F) (G)		247.183	13.243	84.456
Less	TAX (H)		132.430	(22.476)	44.535
	PROFIT AFTER TAX (G-H) (I)		114.753	35.719	39.921
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		42.107	18.563	0.750
Less	APPROPRIATIONS
		Transfer to Preference Redemption Reserve	NA	12.175	18.041
		General Reserve	NA	0.000	4.067
	BALANCE CARRIED TO THE B/S		NA	42.107	18.563
	Earnings Per Share (Rs.)		185.53	8398.871	72368.96

Particulars	31.03.2013
Sales Turnover (Approximately)	1900.000

The above information has been parted by Mr. Amol Dhawale

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	NA	2.37	4.80
Net Profit Margin (PBT/Sales)	(%)	8.59	0.88	10.19
Return on Total Assets (PBT/Total Assets}	(%)	7.87	0.47	3.71
Return on Investment (ROI) (PBT/Networth)		0.63	0.05	0.33
Debt Equity Ratio (Total Debt/Networth)		4.71	7.39	6.68
Current Ratio (Current Asset/Current Liability)		1.03	3.76	4.57

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	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	No
18]	Major customers	No
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	No
34]	External Agency Rating, if available	No

UNSECURED LOAN

(Rs. In Millions)

Particulars	As on 31.03.2011
Rupee term loans unsecured	300.000
Total	300.000

NOTE: The Registered Office of the company has been shifted from Gangama Nagar, Pimpalner, Tal Majha, Solapur, Maharashtra, India, to the present address w.e.f. 31.05.2008.

Bankers Charges Report as per Registry

Corporate identity number (CIN) or foreign company registration number of the company	U17120PN1998PLC012939
Name of the company	VITTHAL CORPORATION LIMITED
Address of the registered office or of the principal place of business in India of the company	Vithalrao Nagar, Post- Mhaisgaon, Taluka, Madha District Solapur – 413250, Maharashtra, India Email-id - vitthalsugarmfg@gmail.com
This form is for	Creation of charge
Type of charge	· Immovable property · Movable property (not being pledge)
Particular of charge holder	Punjab National Bank, Anantkrupa Society, Paud Road, Kothrud, Pune – 411038, Maharashtra, India Email-id - kkmahendru@pnb.co.in
Nature of instrument creating charge	Deed of Simple Mortgage and Facilitation Agreement
Date of instrument Creating the charge	11.09.2012
Amount secured by the charge	Rs. 800.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest PNB - Base rate + 3 % + Term Premia i.e. 14.25 % UBI - Interest at BR + 3.75 % i.e. at present 14.25 % Terms of Repayment PNB - Term Loan amount to be paid in 36 quarterly installments beginning from April 2014. UBI - Term Loan to be repaid in 36 quarterly installments beginning from April 2014. Margin PNB - 37.44 % UBI - 37.44 % Extent and Operation of the charge Term loan taken for setting up a cotton spinning mill with installed capacity of 40320 spindles. First Pari Passu Charge on immovable properties of cotton spinning mill and First Pari Pasu charge on the immovable properties of sugar mill distillery and cogen plant as security for term loan Rs 800.000 millions
Short particulars of the property or asset(s) charged (including complete address and location of the property)	1) All piece and parcel of Land at Gat no. 589 part, admeasuring 50325 sq. mtrs. i.e. 12.43 acres, allocated for spinning mill, out of total land admeasuring 19 h 31 ares at post Mhaisgaon, District – Solapur 2) All piece and parcel of land at gat no. 589 admeasuring 19 hectres and 31 ares excluding land admeasuring 50325 sq. mtrs. i.e. 12.43 acres, allocated for cotton spinning mill. 3) Gat no. 501 admeasuring 17 hectres 35 ares, Gat no. 600/2 admeasuring 19 hectres 31 ares, at post Mhaisgaon, Tal Madha, District - Solapur

FIXED ASSETS:

· Land and Site Development

· Factory Building

· Plant and Machinery

· Furniture and Fixture

· Computers

· Vehicles

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No 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. 59.80
UK Pound	1	Rs. 91.03
Euro	1	Rs. 78.52

INFORMATION DETAILS

Information Gathered by :	PLK
Report Prepared by :	DPH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--CREDIT LINES	1~10	4
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		36

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.