MIRA INFORM REPORT

Report Date :

20.03.2013

IDENTIFICATION DETAILS

Name :	GOA GLASS FIBRE LIMITED
Registered Office :	37/2, Chinar Park, New Town Road, Rajarhat, Kolkata – 700157, West Bengal
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	19.06.1996
Com. Reg. No.:	080099
Capital Investment / Paid-up Capital :	Rs.741.774 Millions
CIN No.: [Company Identification No.]	U26102WB1996PLC080099
Legal Form :	A Closely Held Public Limited Liability Company.
Line of Business :	Manufacturer of Glass Fibre Products.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (29)

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

Maximum Credit Limit :	USD
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. There appears some accumulated losses recorded by the company. However, trade relations are as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some 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 – 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

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	LONG TERM BANK FACILITIES : CARE BBB-
Rating Explanation	Moderate degree of safety it carry moderate credit risk.
Date	17.04.2012

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 :	37/2, Chinar Park, New Town Road, Rajarhat, Kolkata – 700157, West Bengal, India
Tel. No.:	91-33-25160049
Fax No.:	91-33-25160053
E-Mail :	atul@binani.net
Website :	http://www.binaniglassfibre.com
Factory :	Survey No 220,Village Colvale, Taluka: Bardez, Goa-403513, India
Tel. No.:	91-832-2299147 / 2299151
Fax No.:	91-832-2299887
E-Mail :	nitin.soman@binani.net

DIRECTORS

As on 04.08.2012

Name :	Mr. Braj Binani
Designation :	Director
Address :	Ratnam Apartments, 4, Little Gibbs Road, Mumbai – 400006, Maharashtra, India
Date of Birth/Age :	14.12.1959
Date of Appointment :	30.10.1999
PAN No.:	AABPB0708M
DIN No.:	00009165
Name :	Mr. Krishnan Sangameshwaran
Designation :	Director
Address :	No.3, Pyramid Complex
Date of Birth/Age :	13.12.1945, Vanaprastha, Kasthurinaickenpalam, Vadavalli, Coimbatore – 641041, Tamilnadu, India
Date of Appointment :	12.07.2004
DIN No.:	00015745
Name :	Mr. Venkatakrishnan Subramanian
Designation :	Director
Address :`	GS Flats, 25A, Eastabhiramapuram, 2^nd Street, Mylapore, Chennai – 600004, Tamilnadu, India
Date of Birth/Age :	25.11.1930
Date of Appointment :	22.10.2007
DIN No.:	00010994
Other Directorship :
Name :	Mr. Roy Kurian Kaithakkattu Kuruvilla
Designation :	Managing director
Address :	Quarter No.B7, Binani Zinc Colony, Binani Puram, Ernakulum – 683502, Kerala, India
Date of Birth/Age :	22.02.1960
Date of Appointment :	27.12.2011
PAN No.:	AFUPK4748N
DIN No.:	00275913
Name :	Mr. Thenguvilakom Raghavan Pillai Chandramohanan Nair
Designation :	Additional director
Address :	Flat No.303, Block B, Runwal Height, LBS Marg, Mulund (West), Mumbai – 400080, Maharashtra, India
Date of Birth/Age :	18.10.1951
Date of Appointment :	21.04.2012
DIN No.:	00011079

KEY EXECUTIVES

Name :	Sauvik Nayak
Designation :	Secretary
Address :	Econony Apartment, Flat B/38, 67, J. C. Khan Road, Jhilpark, mankundu, Hooghly – 712139, West Bengal, India
Date of Birth/Age :	27.04.1973
Date of Appointment :	21.04.2012
PAN No.:	ACSPN9097L

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 04.08.2012

Names of Shareholders	No. of Shares
Binani Industries Limited, India	37830289
Braj Binani	50
V. Subramanian Jointly with Sauvik Nayak (Nominee of Binani Industries Limited)	10
M. K. Chattopadhyaya Jointly with A. Babu (Nominee of Binani Industries Limited)	10
Nair T. R. C. Jointly with Motilal Bhatter (Nominee of Binani Industries Limited)	10
Indrakumar Pugalia Jointly with Sushil Mundra (Nominee of Binani Industries Limited)	10
K. Gangadharan Jointly with R. K. Bagri (Nominee of Binani Industries Limited)	10
3B Binani Glassfibre Sarl, Luxembourg	36347000
Total	74177389

Equity Share Break up (Percentage of Total Equity)

As on 04.08.2012

Category	Percentage
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	49.00
Bodies corporate	51.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Glass Fibre Products.

PRODUCTION STATUS

As on 31.03.2011

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Glass Fibre Products	MTPA / MT	Not Available	16000 MTPA	12497 MT

Note:

Licensed capacity not indicated due to abolition of Industrial Licenses as per Notification No. 477(E) dated 25th July 1991 issued under The Industries (Development and Regulation) Act, 1951.

Installed capacity being a technical matter, has been assessed by the management and relied on by the auditors.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Punjab National Bank, Ilaco House, Sir P. M. Road, Fort, Mumbai – 400001, Maharashtra, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
Term Loan from Banks	654.647	446.384
Long-term maturities of finance lease obligations	(148.137)	(104.187)
Total	506.510	342.197

Banking Relations :	--
Auditors :
Name :	Udeshi Shukla and Associates Chartered Accountants
Address :	A103/ PNG Chs, Near Customs Colony, Opposite Powai Lake, Powai, Mumbai, Maharashtra, India
PAN No.:	AAAFU3304K
Holding Company :	Binani Industries Limited CIN No.: L24117WB1962PLC025584
Fellow Subsidiary Company :	B T Composites Limited CIN No.: U51109WB1995PLC091762 Binani Cement Limited CIN No.: U26941WB1996PLC076612 Binani Zinc Limited CIN No.: U27204WB2000PLC091214 Ess Vee Alloys Private Limited CIN No.: U27100WB1997PTC109653

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
100000000	Equity Shares	Rs.10/- each	Rs.1000.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
74177400	Equity Shares	Rs.10/- each	Rs.741.774 Millions

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		741.774	741.774	741.774
2] Share Application Money		0.000	0.000	2.500
3] Reserves & Surplus		(460.582)	(324.456)	(218.066)
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		281.192	417.318	526.208
LOAN FUNDS
1] Secured Loans		506.510	342.197	622.172
2] Unsecured Loans		320.000	200.000	123.796
TOTAL BORROWING		826.510	542.197	745.968
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		1107.702	959.515	1272.176
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1065.812	959.050	991.936
Capital work-in-progress		1.801	0.863	1.093
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	240.285	125.232	233.349
	Sundry Debtors	55.485	37.708	75.535
	Cash & Bank Balances	2.774	2.798	5.744
	Other Current Assets	3.843	7.038	0.000
	Loans & Advances	52.221	41.010	80.632
Total Current Assets		354.608	213.786	395.260
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.000	0.000	69.104
	Other Current Liabilities	292.407	195.882	29.329
	Provisions	22.112	18.302	17.680
Total Current Liabilities		314.519	214.184	116.113
Net Current Assets		40.089	(0.398)	279.147
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1107.702	959.515	1272.176

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	994.599	977.419	543.665
		Other Income	14.926	13.750	19.465
		TOTAL (A)	1009.525	991.169	563.130
Less	EXPENSES
		Cost of materials consumed	266.174	208.057	648.745
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(82.368)	121.507
		Employee benefit expense	124.234	101.003
		Other expenses	574.857	433.298
		Extraordinary Items	0.000	18.175
		TOTAL (B)	882.897	882.040	648.745
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		126.628	109.129	(85.615)
Less	FINANCIAL EXPENSES (D)		120.945	94.202	69.551
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		5.683	14.927	(155.166)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		138.274	123.817	99.391
	PROFIT BEFORE TAX (E-F) (G)		(132.591)	(108.890)	(254.557)
Less	TAX (H)		3.535	18.175	(2.660)
	PROFIT AFTER TAX (G-H) (I)		(136.126)	(108.890)	(251.897)
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	146.251	253.674	134.165
	TOTAL EARNINGS		146.251	253.674	134.165
	Earnings Per Share (Rs.)		(1.84)	(1.47)	(5.07)

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	(13.48)	(10.99)	(44.73)
Net Profit Margin (PBT/Sales)	(%)	(13.33)	(11.14)	(46.82)
Return on Total Assets (PBT/Total Assets}	(%)	(9.33)	(9.28)	(18.35)
Return on Investment (ROI) (PBT/Networth)		(0.47)	(0.26)	(0.48)
Debt Equity Ratio (Total Debt/Networth)		2.94	1.30	1.42
Current Ratio (Current Asset/Current Liability)		1.13	1.00	3.40

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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

DETAILS UNSECURED LOAN

(Rs. In Millions)

Particulars	31.03.2012	31.03.2011
Intercorporate borrowings	150.000	50.000
Other loans and advances	170.000	150.000
Total	320.000	200.000

INDUSTRY OVERVIEW:

During 2011-12, the industry faced pricing pressures due to cheaper imports from China. India today is the fourth largest economy in the world and the second fastest growing market in Asia. The fiberglass demand in Indian Composites industry has increased at a rate more than twice that of the GDP growth rate, reflecting the upbeat economy and strong fundamental drives for growth. Within the composite sector again, glass fibre is the dominant reinforcement materials with 85-90% share compared to carbon, aramide and other fibres.

Major usage of fiberglass materials in Indian Composites Industry occurs in Pipe and Tank, Transportation, Wind Energy and Construction segments. The expected compounded growth rates of domestic fibre glass demand in India for major sectors till 2016-17 are Transportation (14%); Construction (18%); Pipe and Tank (15%) and Wind Energy (21%). The growth in these sectors shall contribute to the overall growth in fiberglass demand which is expected to be around 17% for the same period.

PERFORMANCE REVIEW:

Operations:

During the year, the Company has produced 14,926 MT. Introduced a new product called “Wet used Chopped Strands” for Tissue manufacturing.

Sales:

During the year, Company sold 13,386 MT with a revenue of Rs.1075.800 Millions as compared to sales of 14,429 MT and revenue of Rs.1048.200 Millions in the previous year. The Finished Goods inventory at end of the year 31st March’12 is 2386 MT.

PRESS RELEASE

BINANI INDS - TRANSFER OF BALANCE 51% SHAREHOLDING IN GOA GLASS FIBRE LIMITED

12/12/2012

Binani Industries Limited has informed BSE that on December 11, 2012 the Company has transferred the balance 51% shareholding in its subsidiary, Goa Glass Fibre Limited (GGFL), to 3B Binani Glassfibre S.a.r.l, Luxembourg, a Wholly Owned Subsidiary of the Company. The Company had already transferred 49% stake in GGFL on March 31, 2012 to 3B Binani Glassfibre S.a.r.l.

Consequently, GGFL has ceased to be a direct subsidiary of the Company and become a Wholly Owned Subsidiary of 3B Binani Glassfibre S.a.r.l. As such, GGFL has now become a step down subsidiary & the Company.

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company

U26102WB1996PLC080099

Name of the company

GOA GLASS FIBRE LIMITED

Address of the registered office or of the principal place of business in India of the company

37/2, Chinar Park, New Town Road, Rajarhat, Kolkata – 700157, West Bengal, India

E-Mail Id : atul@binani.net

This form is for

Modification of charge

Charge identification (ID) number of the charge to be modified

90254696

Type of charge

Book debts

Movable property (not being pledge)

Particular of charge holder

Punjab National Bank, Ilaco House, Sir P. M. Road, Fort, Mumbai – 400001, Maharashtra, India

E-mail Id : bankservices.3005@yahoo.in

Nature of instrument creating charge

1)Deed of hypo. to secure Packing Credit Facility

2)Deed of hypo to secure LC on DA basis

3)Sixth supplemental composite agree of hypo of stocks and book debts

4)Deed of hypo of goods and book debts to secure cash credit facility

5)Agree for FOBP/FOUBP/FOBNLC

6)General Counter Indemnity for letter of guarantee facility

7)Counter Indemnity for ILC/FLC(DA/DP) facility

8)Corporate Guarantee of Binani Industries Limited

9)Master Agree for Inland Documentary credit

10) undertaking by the Directors

Date of instrument Creating the charge

18.06.2012

Amount secured by the charge

Rs.310.000 Millions

Brief of the principal terms an conditions and extent and operation of the charge

Rate of Interest

as per agreement

Terms of Repayment

as per agreement

Margin

CC - 30% on stock & 40% on book debts

PC - 10%

FOBP/FOUBP - Nil

Inland Bills Discounting /OBD (with or without LC) - Existing for LC and 10% for Non LC bills

ILC/FLC(DA/DP) - 25%

Short particulars of the property or asset(s) charged (including complete address and location of the property)

PRIMARY: WC and PC(sub limit of CC)-Exclusive first charge by way of hypothecation of stocks of raw materials, stock in process, finished goods, consumable stores and spares, packing material stored in own and rented premises and book debts and receivables

FOBP/FOUBP- Export bills accompanied by full set of documents including bills of landing/Air way bills and other revelant shipping documents covering export of co's products Inland Bills discounting OBD (with or without LC) - Documentary bills payable on demand with usance not to accompanied by RR/approved LR covering dispatch of co's good

Letter of Guarantee - Counter indemnity from the company

ILC/FLC (DA/DP) - Full set of shipping documents including bills of landing/RR's of transport companies, insurance, bill of exchange and other usual documents.

COLLATERAL: Second charge on the Book Assets of the company Corporate guarantee of Binani Industries Limited

Particulars of the present modification

By this modification the overall limit has been enhanced from Rs.250.000 Millions to Rs.310.000 Millions comprising of:

Facility (Rs. In Millions)

1)CC(H)/(PC) Sub limit	70.000	180.000	250.000
FOBP / FOUBP / FOUBNLC	155.000	Reduced	(85.000)
Inland Bills Discounting (Under ILC)	70.000	--	(150.000)
Inland Bills Discounting (without LC)	15.000	--	(15.000)
ILG(Finance / Performance)	25.000	10.000	35.000
ILC/FLC(DA/DP)	Nil	25.000	25.000

FIXED ASSETS

• Buildings
• Plant and Equipment
• Vehicles
• Office Equipment
• Leasehold Improvements

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.54.26
UK Pound	1	Rs.81.94
Euro	1	Rs.70.21

INFORMATION DETAILS

Report Prepared by :

BSN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	2
--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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		29

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.