MIRA INFORM REPORT

Report Date :

30.03.2013

IDENTIFICATION DETAILS

Name :	BHARATH SALT REFINERIES LIMITED
Registered Office :	5^th Floor, Tower II, TVH Beliciaa Towers, 94 MRC Magar, Chennai – 600018, Tamilnadu
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	05.03.1990
Com. Reg. No.:	18-018819
Capital Investment / Paid-up Capital :	Rs. 329.050 Millions
CIN No.: [Company Identification No.]	U51101TN1990PLC018819
TAN No.: [Tax Deduction & Collection Account No.]	CHEB05113D CHEB04887B
PAN No.: [Permanent Account No.]	AABCB4657J
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Industrial Salts and Supplier of Marble, Granite and Stone
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 2000000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal 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 – 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: BB+
Rating Explanation	Moderate risk of default
Date	December 13, 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/ Corporate Office :	5^th Floor, Tower II, TVH Beliciaa Towers, 94 MRC Magar, Chennai – 600018, Tamilnadu, India
Tel. No.:	91-44-43033444
Fax No.:	91-44-43033555/ 777
E-Mail :	secretarial@archeangruop.com ho@archeangroup.com info@archeangroup.com
Website :	www.archeangroup.com

DIRECTORS

As on 29.09.2012

Name :

Mr. Bodapati Sivanarayana

Designation :

Director

Address :

01.07.1964

Date of Birth/Age :

135/17, Rangarajapuram Main Road, Kodambakkam, Chennai – 600024, Tamilnadu, India

Qualification :

Graduate

Date of Appointment :

30.09.2010

DIN No. :

00152510

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	U18209AP1988PTC009268	RANK LEATHERS PVT LTD.	Director	15/11/1992	15/11/1992	-	Under Process of Striking off	NO
2	U45200AP2005PTC046382	VISHAKA SHIP BUILDING PRIVATE LIMITED	Director	27/09/2007	10/11/2006	29/01/2008	Active	NO
3	U63090TN2006PTC061459	PLAZA TRAVELS PRIVATE LIMITED	Director	20/09/2007	20/06/2007	12/05/2009	Active	NO
4	U24231TN1989PTC016983	CONTINENTAL HEALTH CARE PRODUCTS PRIVATE LIMITED	Additional director	09/02/2008	09/02/2008	-	Strike off	NO
5	U14299TN1988PTC015896	FORM STONES PRIVATE LIMITED	Director	29/09/2008	18/02/2008	-	Active	NO
6	U26999TN1984PTC017091	ARCHEAN INDUSTRIES PRIVATE LIMITED	Director	30/09/2009	14/05/2009	-	Active	NO
7	U51101TN1990PLC018819	BHARATH SALT REFINERIES LIMITED	Director	30/09/2010	24/03/2010	-	Active	NO
8	U51496TN2004PTC055022	ARIA CHEMICALS PRIVATE LIMITED	Director	28/09/2012	28/11/2011	-	Active	NO
9	U70101TN2006PTC061568	ARCHEAN REALTY PRIVATE LIMITED	Director	29/09/2012	05/03/2012	-	Active	NO

Name :

Mr. Anna Ranganathan Balaji

Designation :

Additional Director

Address :

3/3, Thulasinga Perumal Koil Street, Triplicane, Chennai – 600005, Tamilnadu, India

Date of Birth/Age :

04.06.1965

Qualification :

M.B.A

Date of Appointment :

30.09.2010

DIN No.:

03029017

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	U45200AP2005PTC046382	VISHAKA SHIP BUILDING PRIVATE LIMITED	Director	29/09/2010	18/03/2010	-	Active	NO
2	U51101TN1990PLC018819	BHARATH SALT REFINERIES LIMITED	Director	30/09/2010	30/03/2010	-	Active	NO
3	U72200TN2010PTC075842	APPSFREEDOM PRIVATE LIMITED	Director	15/09/2012	30/06/2012	-	Active	NO

Name :

Mr. Ganesan Nachiappan

Designation :

Whole-time director

Address :

10A Ramakrishna Flats, Venkatesan Nagar, II Cross St, Extension – 2, Virugambakkam, Chennai – 600024, Tamilnadu, India

Date of Birth/Age :

25.04.1961

Qualification :

Graduate

Date of Appointment :

01.08.2011

DIN No.:

01222499

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	U63090TN2006PTC061459	PLAZA TRAVELS PRIVATE LIMITED	Director	30/09/2008	04/02/2008	10/08/2012	Active	NO
2	U18209AP1988PTC009268	RANK LEATHERS PRIVATE LIMITED	Additional director	09/02/2008	09/02/2008	-	Under Process of Striking off	NO
3	U24231TN1989PTC016983	CONTINENTAL HEALTH CARE PRODUCTS PRIVATE LIMITED	Director	09/02/2008	09/02/2008	-	Strike off	NO
4	U14299TN1988PTC015896	FORM STONES PRIVATE LIMITED	Director	29/09/2008	18/02/2008	-	Active	NO
5	U74999TN2006PTC060095	GREENERGY TAMILNADU PRIVATE LIMITED	Director	21/09/2009	03/11/2008	-	Active	NO
6	U23201TN2006PTC058864	GREENERGY GUJARAT COMPANY PRIVATE LIMITED	Director	21/09/2009	03/11/2008	-	Active	NO
7	U70200TN2009PTC070872	ADD-ALBATROSS PROPERTIES PRIVATE LIMITED	Director	25/09/2010	02/03/2009	27/06/2011	Active	NO
8	U70101TN2007PTC064291	RAMANUJAPURAM PROPERTIES PRIVATE LIMITED	Director	23/09/2009	05/08/2009	-	Active	NO
9	U51101TN1990PLC018819	BHARATH SALT REFINERIES LIMITED	Whole-time director	01/08/2011	24/03/2010	-	Active	NO
10	U51496TN2004PTC055022	ARIA CHEMICALS PRIVATE LIMITED	Director	28/09/2012	28/11/2011	-	Active	NO
11	U70101TN2006PTC061568	ARCHEAN REALTY PRIVATE LIMITED	Director	29/09/2012	05/03/2012	-	Active	NO
12	U72200TN2000PTC046326	VIRTUAL WORK SOLUTIONS PRIVATE LIMITED	Additional director	30/06/2012	30/06/2012	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2012

Names of Shareholders (Equity Shares)	No. of Shares (Equity)
P Pramila	162900
P Ravi	162900
P Ranjit	162900
P B Anandam	162900
Archean Industries Private Limited, India	253398
P Sita Mahalakshmi	1
S Meenakshisundaram	1
Total	905000

Names of Shareholders (Non cumulative preference shares)	No. of Shares
Jakhau Salt Company Private Limited, India	2000000
Total	2000000

Names of Shareholders ( 4 % Non cumulative preference shares)	No. of Shares
Opera Holdings private Limited, India	20000000
Jakhau Salt Company Private Limited, India	10000000
Total	30000000

Equity Share Break up (Percentage of Total Equity)

As on 29.09.2012

Category	Percentage
Bodies corporate	28.00
Other top fifty shareholders	72.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Industrial Salts and Supplier of Marble, Granite and Stone

Products :

Item Code No (ITC Code)	Product Description
25010010	Sodium Chloride

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Not Available

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
Term Loans - From Banks	123.695	85.920
Rupee term loans from others	78.624	95.585
Loans repayable on demand from banks	68.460	180.972
Loans and advances from related parties	50.554	0.000
Total	321.333	362.477

Banking Relations :	--
Financial Institution:	L And T Finance Limited, L And T House, Ballard Estate, Mumbai - 400001, Maharashtra, India
Auditors :
Name :	S Kannan and Associates Chartered Accountant
Address :	Sky Line Castle, New No. 27, 1^st Floor, Adbul Razack Street, Saidapet, Chennai – 600015, Tamilnadu, India
PAN.:	AATFS3904Q
Associates :	Archean Industries Private Limited CIN No.: U26999TN1984PTC017091 Aria Chemicals Private Limited CIN No.: U51496TN2004PTC055022 Goodearth Maritime Limited CIN No.: U63020TN2000PLC061232 Jakhau Salt Company Private Limited CIN No.: U24117TN1982PTC017092 Senfer Investents Limited, Cyprus Viddhi Corporate Finance

CAPITAL STRUCTURE

As on: 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs. 10.000 Millions
32000000	Preferences Shares	Rs.10/- each	Rs. 320.000 Millions
Total			Rs. 330.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
905000	Equity Shares	Rs.10/- each	Rs. 9.050 Millions
32000000	Preferences Shares	Rs.10/- each	Rs. 320.000 Millions
Total			Rs. 329.050 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		329.050	329.050	29.050
2] Share Application Money		0.000	0.000	100.000
3] Reserves & Surplus		307.093	184.461	153.345
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		636.143	513.511	282.395
LOAN FUNDS
1] Secured Loans		321.333	362.477	421.086
2] Unsecured Loans		26.011	0.000	0.000
TOTAL BORROWING		347.344	362.477	421.086
DEFERRED TAX LIABILITIES		57.529	55.142	50.186
TOTAL		1041.016	931.130	753.667
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		375.887	383.308	397.783
Capital work-in-progress		226.657	197.596	166.987
INVESTMENT		435.554	235.924	0.393
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	95.929	75.899	91.214
	Sundry Debtors	13.998	141.843	79.419
	Cash & Bank Balances	8.353	14.152	16.024
	Other Current Assets	0.951	0.865	0.000
	Loans & Advances	135.627	103.174	84.402
Total Current Assets		254.858	335.933	271.059
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	14.328	7.681	12.663
	Other Current Liabilities	100.335	138.738	8.795
	Provisions	137.277	75.212	61.097
Total Current Liabilities		251.940	221.631	82.555
Net Current Assets		2.918	114.302	188.504
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1041.016	931.130	753.667

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	550.367	327.927	337.004
		Other Income	24.928	9.086	0.646
		TOTAL (A)	575.295	337.013	337.650
Less	EXPENSES
		Cost of materials consumed	128.837	79.854	0.000
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(20.030)	15.315	(4.128)
		Manufacturing Service Costs	0.000	0.000	99.275
		Employee benefit expense	2.845	2.098	13.187
		Other expenses	199.783	116.281	124.297
		TOTAL (B)	311.435	213.548	232.631
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		263.860	123.465	105.019
Less	FINANCIAL EXPENSES (D)		44.228	40.222	30.883
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		219.632	83.243	74.136
Less/ Add	DEPRECIATION/ AMORTISATION (F)		36.675	34.453	28.979
	PROFIT BEFORE TAX (E-F) (G)		182.957	48.790	45.157
Less	TAX (H)		60.325	17.674	20.176
	PROFIT AFTER TAX (G-H) (I)		122.632	31.116	24.981
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		184.461	153.345	128.364
	BALANCE CARRIED TO THE B/S		307.093	184.461	153.345
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	193.120	79.759	91.664
	TOTAL EARNINGS		193.120	79.759	91.664
	Earnings Per Share (Rs.)		135.51	32.38	27.60

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	21.32	9.23	7.39
Net Profit Margin (PBT/Sales)	(%)	33.24	14.88	13.40
Return on Total Assets (PBT/Total Assets}	(%)	29.01	6.78	6.75
Return on Investment (ROI) (PBT/Networth)		0.28	0.09	0.16
Debt Equity Ratio (Total Debt /Networth)		0.55	0.71	1.49
Current Ratio (Current Asset/Current Liability)		1.01	1.52	3.28

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	No
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	Yes

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U51101TN1990PLC018819
Name of the company	BHARATH SALT REFINERIES LIMITED
Address of the registered office or of the principal place of business in India of the company	5^th Floor, Tower II, TVH Beliciaa Towers, 94 MRC Magar, Chennai – 600018, Tamilnadu, India secretarial@archeangroup.com
This form is for	Creation of charge
Type of charge	Movable property (not being pledge)
Particular of charge holder	L And T Finance Limited, L And T House, Ballard Estate, Mumbai - 400001, Maharashtra, India mca21@ltfinance.com
Nature of instrument creating charge	Deed of hypothecation deal no.963350.
Date of instrument Creating the charge	15.12.2012
Amount secured by the charge	Rs. 11.648 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest 6.35% Flat Per Annum. Terms of Repayment 6 Months by Structured Installments. Margin Rs. 1.295 Millions Only Extent and Operation of the charge First and exclusive charge by way of hypothecation as per clause nos. 2(i), 2(ii), 3, 4, 7, 8(vi), & 16 vide the deed of hypothecation dated 15.12.2012.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	5 NOS. AL 3116 TIPPERS 1.Engine No. CTPZ105339, Chasis No. MB1KADYC4CPTF1442 2.Engine No. CTPZ105664, Chasis No. MB1KADYC5CPSF2080 3.Engine No. CSPZ107709, Chasis No. MB1KADYC3CPSF4135 4.Engine No. CSPZ106106, Chasis No. MB1KADYC6CPSF2217 5.Engine No. CSPZ107189, Chasis No. MB1KADYC6CPSF3321 Location:-Machilipatnam

UNSECURED LOAN

(Rs in Millions)

Particular	As on 31.03.2012	As on 31.03.2011
Rupee term loans from others	26.011	0.000
Total	26.011	0.000

FIXED ASSETS:

• Land
• Building
• Salt works
• Plant and machinery
• Electrical installations
• Furniture and office equipments
• Vehicles
• Computer

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] 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. 54.39
UK Pound	1	Rs. 82.32
Euro	1	Rs. 69.54

INFORMATION DETAILS

Report Prepared by :

UDS

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--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		45

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.