MIRA INFORM REPORT

Report Date :

22.11.2013

IDENTIFICATION DETAILS

Name :	INA INDIA LIMITED
Registered Office :	B-10, Manasarovar Building, 90, Nehru Palace, New Delhi – 110019
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	20.03.1997
Com. Reg. No.:	55-086024
Capital Investment / Paid-up Capital :	Rs.49.000 Millions
CIN No.: [Company Identification No.]	U24231DL1997PLC086024
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Polyester Resins, Formaldehyde/ Urea Formaldehyde/ Melamine Formaldehyde.
No. of Employees :	24 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (27)

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

Maximum Credit Limit :	USD 180000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The company has failed to file its financial with government department for the year 2013. However, as per available financial of 2012, there appears huge accumulated losses recorded by the company during the financial year 2012. Profit of the company seems to be under pressure. Trade relations are fair. Business is active. Payment terms are 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 – 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

INDIAN ECONOMIC OVERVIEW

The current downturn provides an opportunity to push ahead with reforms to accelerate growth, says the latest India Development Update report released by the World Bank. The report says that the adverse effects of rupee depreciation are likely to be offset by the gains in the exports performance due to improved external competitiveness. Since May this year, the local currency has depreciated substantially and fell to a record level of Rs 68.85 to a dollar on August, 28.

A stagflation like situation appears to have arisen as inflation jumped to an eight month high of 6.46 % for the month of September. It is up from 6.10 % in August. Growth continues to be muted with factory output plunging to 0.6  % in August. Onion prices have risen nearly 300 % from last September. Vegetables cost nearly 90 % more than they did last year. Wake up to the economic contribution of slum dwellers. They contribute more than 7.5 % to the country’s gross domestic product, according to a recent study conducted in 50 top cities.

136000 estimated number of jobs created during the second quarter of the current financial year. 50000 estimated number of additional jobs in the field of corporate social responsibility in the coming years.

The International Finance Corporation expects to come out with its rupee linked bonds issue before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple iPhone 5c (Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has been launched in India from 1^st November.

The Land Acquisition Act to provide just and fair compensation to farmers will come into force from January 1 next year, said Rural Development Minister Jairam Ramesh. The Act replaces a 119 year old registration. The Securities and Exchange Board of India has approved the trading of currency futures on the Bombay Stock Exchange. The exchange plans to launch the currency futures platform with advanced trading technology by the end of November.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	B+ (Long Term Rating)
Rating Explanation	Risk prone credit quality and very high credit risk.
Date	14.06.2013

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. Dinesh Kumar
Designation :	Accounts and Finance Head
Contact No.:	91-9164210153
Date :	16.11.2013

LOCATIONS

Registered Office :	B-10, Manasarovar Building, 90, Nehru Palace, New Delhi – 110019, India
Tel. No.:	Not Available
Mobile No.:	91-9164210153 (Mr. Dinesh Kumar)
Fax No.:	Not Available
E-Mail :	neerajchh@gmail.com
Website :	http://www.inaindia.co.in
Corporate Office/ Administrative Office :	No. 14 13th Cross, 6th Sector, HSR Layout, Bangalore – 560034, Karnataka, India
Tel. No.:	91-80-25720753 / 54
Fax No.:	91-80-25720100/ 755
E-Mail :	neerajchh@gmail.com
Factory 1 :	Plot No.45, PI, KIADB Industrial. Area, Hoskote – 562114, Bangalore, Karnataka, India
E-Mail :	inaindia_ltd@dataone.in
Area :	2000 Sq. ft.
Location :	Owned
Factory 2 :	No.116, 3rd Cross Street, Kumaran Nagar, Peruvallur, Chennai - 600 082, Tamilnadu, India
E-Mail :	jkchemy@gmail.com

DIRECTORS

As on: 28.09.2012

Name :	Mr. Neeraj Chhabra
Designation :	Managing director
Address :	04.05.1965
Date of Birth/Age :	36, Sector – 15, Faridabad, Haryana – 121007, India
Qualification :	BE
Date of Appointment :	20.03.1997
DIN No.:	00280090
Name :	INA Chhabra
Designation :	Director
Address :	1103, 20^th Cross, 14 Main 3 Sector HSR Layout, Bangalore – 560034, Karnataka, India
Date of Birth/Age :	16.03.1966
Qualification :	MA, MED
Date of Appointment :	20.03.1997
DIN No.:	00280112
Name :	Mr. Aseem Chhabra
Designation :	Director
Address :	1103, 20^th Cross, 14 Main 3 Sector HSR Layout, Bangalore – 560034, Karnataka, India
Date of Birth/Age :	08.08.1991
Qualification :	BE
Date of Appointment :	30.05.2012
DIN No.:	03232581

KEY EXECUTIVES

Name :	Mr. Dinesh Kumar
Designation :	Accounts and Finance Head

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 20.03.2013

Names of Shareholders	No. of Shares
Neeraj Chhabra	3700593
Ina Chhabra	1141514
Prem Prakash Chhabra	500
Aseem Chhabra	407193
Rajan Chhabra	100
Usha Rani	50
Bussan Metha	50
Total	5250000

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 of Polyester Resins, Formaldehyde/ Urea Formaldehyde/ Melamine Formaldehyde.
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

PRODUCTION STATUS (AS ON 31.03.2012)

Particulars	Unit	Actual Production
Formaldehyde	Kg	17223885
Polyster Resin GR-A	Kg	107039

GENERAL INFORMATION

Suppliers :

Jupiter Dyechem Private Limited

Customers :

Manufacturer

· Shubham Trade Line Private Limited

No. of Employees :

24 (Approximately)

Bankers :

· Union Bank of India, Layout Road

· ING Vysya Bank Limited, Foundation House No.- 40, 2nd Main Road, 2nd Floor, CKC Garden Near Mission Road, Bangalore - 560027, Karnataka, India

· Axis Bank Limited, CMC Center, No.43, Sheshadri Road, Anand Rao Circle, Bangalore - 560009, Karnataka, India

Facilities :

Fund and Non Fund Based Rs.220.000 Millions (From Union Bank of India)

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
LONG TERM BORROWINGS
Term Loan: K.S.F.C (Secured by Hypothecation of Land, Building and Plant & Machinery)	16.625	18.465
From Bank and Financial Instituions
UTI-Business Loan*	15.843	14.373
Magma Fin Corp Ltd	2.587	3.332
Tata Motora Finance Co Limited - 5000306721 and 5000306722	0.237	1.388
ING Vysya Bank Loan-CV2160422002	1.310	0.000
ING Vysya Bank Loan-CV2160422007	1.012	0.000
ING Vysya Bank Loan-CV2160423300	2.436	0.000
ING Vysya Bank Loan-CV2160423302	2.436	0.000
HDFC Bank Veh. Loan No. 20578209	1.835	0.000
HDFC Bank Veh. Loan No. 20579135	1.835	0.000
HDFC Bank Veh. Loan No. 20600932	0.368	0.000
HDFC Bank Veh. Loan No. 20601117	0.368	0.000
ICICI Bank Loan No. LVBNG00025543135	0.710	0.000
ICICI Bank Loan No. LVBNG00025543137	0.651	0.000
ICICI Bank Loan No. LVBNG00025543140	0.651	0.000
ICICI Bank Loan No. LVBNG00025543150	0.710	0.000
ICICI Bank Loan No. LVBNG00025543414	1.910	0.000
ICICI Bank Loan No. LVBNG000255434170	1.910	0.000
ICICI Bank Loan No. LVBNG00025543418	1.490	0.000
ICICI Bank Loan No. LVBNG00025543420	1.490	0.000
Instalments due in next one year - transferred to CL	(5.802)	0.000
SHORT TERM BORROWINGS
Cash credit from banks	63.243	59.584
Total	113.855	97.142
As per the Loan agreements and statement of accounts obtained from the financial institutions, No arrears were noticed in the Term Loans availed for Vehicle Finance. · The loans is secured by the Fixed Assets of the company and personal guarantee of Directors Mr. Neeraj Chhabra and Mrs. Ina Chhabra · All these loans are secured by theVehicles bought out of the finance and personal guarantee of Directors Mr. Neeraj Chhabra and Mrs Ina Chhabra Cash credit from banks are secured by hypothication of stocks and book debts of the Company, both present and future and second charge created/to be created on all the fixed assets of the Company situated at Plot No.45, PI KIADB Industrial Area, Hoskote-562114

Banking Relations :	--
Financial Institution:	Karnataka State Financial Corporation, No. 1/1, Thimmaiah Road, Bangalore - 560027, Karnataka, India
Auditors :
Name :	Kannan and Alamelu Chartered Accountants
Address :	FF6, Durgamba Apartments, No.29, Padmavathiar Road, Gopalapuram, Chennai-600086, Tamilnadu, India
Sister Concern :	INA Elite Hospitality Private Limited, Bangalore, Karnataka, India

CAPITAL STRUCTURE

After 28.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
5250000	Equity Shares	Rs.10/- each	Rs.52.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5250000	Equity Shares	Rs.10/- each	Rs.52.500 Millions

As on: 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
4,900,000	Equity Shares	Rs.10/- each	Rs.49.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4,900,000	Equity Shares	Rs.10/- each	Rs.49.000 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	49.000	27.500
(b) Reserves & Surplus	(5.435)	(5.636)
(c) Money received against share warrants	3.500	3.500
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	47.065	25.364
(3) Non-Current Liabilities
(a) long-term borrowings	71.347	76.563
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	71.347	76.563
(4) Current Liabilities
(a) Short term borrowings	63.243	59.584
(b) Trade payables	33.720	17.409
(c) Other current liabilities	12.285	5.421
(d) Short-term provisions	0.807	0.806
Total Current Liabilities (4)	110.055	83.220
TOTAL	228.467	185.147
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	83.166	64.149
(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	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	83.166	64.149
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	60.942	61.640
(c) Trade receivables	39.142	24.099
(d) Cash and cash equivalents	2.392	2.031
(e) Short-term loans and advances	4.712	5.333
(f) Other current assets	38.113	27.895
Total Current Assets	145.301	120.998
TOTAL	228.467	185.147

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		27.500
2] Share Application Money		3.500
3] Reserves & Surplus		0.000
4] (Accumulated Losses)		(6.434)
NETWORTH		24.566
LOAN FUNDS
1] Secured Loans		75.559
2] Unsecured Loans		63.675
TOTAL BORROWING		139.234
DEFERRED TAX LIABILITIES		0.000
TOTAL		163.800
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		55.007
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERREX TAX ASSETS		5.097
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	47.137
	Sundry Debtors	30.794
	Cash & Bank Balances	16.501
	Other Current Assets	0.000
	Loans & Advances	18.898
Total Current Assets		113.330
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	8.817
	Other Current Liabilities	0.000
	Provisions	0.817
Total Current Liabilities		9.634
Net Current Assets		103.696
MISCELLANEOUS EXPENSES		0.000
TOTAL		163.800

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	218.879	135.856	131.475
		Other Income	1.513	1.984	1.534
		TOTAL (A)	220.392	137.840	133.009
Less	EXPENSES
		Changes in inventories of finished goods	(0.489)	(0.688)	120.961
		Cost of materials consumed	170.857	95.985
		Employee benefits expenses	3.841	2.937
		Other expenses	25.262	23.234
		TOTAL (B)	199.471	121.468	120.961
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		20.921	16.372	12.048
Less	FINANCIAL EXPENSES (D)		13.577	10.733	11.441
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		7.344	5.639	0.637
Less/ Add	DEPRECIATION/ AMORTISATION (F)		6.826	3.734	4.369
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		0.518	1.905	(3.732)
Less	TAX (H)		0.317	1.107	(1.631)
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		0.201	0.798	(2.101)
	Earnings Per Share (Rs.)		0.09	0.69	(1.36)

Particulars	31.03.2013
Sales Turnover (Approximately)	454.700

Expected Sales (2013-14) : Rs.636.600 Millions (Due to installation of new machinery in factory)

The above information has been parted by Mr. Dinesh Kumar.

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	0.09	0.58	(1.58)
Net Profit Margin (PBT/Sales)	(%)	0.24	1.40	(2.84)
Return on Total Assets (PBT/Total Assets}	(%)	0.23	1.03	(2.22)
Return on Investment (ROI) (PBT/Networth)		0.01	0.08	(0.15)
Debt Equity Ratio (Total Debt /Networth)		2.86	5.37	5.67
Current Ratio (Current Asset/Current Liability)		1.32	1.45	11.76

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	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	Yes
18]	Major customers	Yes
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	Yes

OPERATIONS:

Sales during the year were Rs.218.879 Millions (Previous Year Rs. 135.856 Millions) which is 61% more than previous year.

UNSECURED LOAN

(Rs. In Millions)

Particulars	As on 31.03.2012	As on 31.03.2011
LONG TERM BORROWINGS
Loans from Friends & Relative	20.735	39.005
Total	20.735	39.005

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10424446	15/04/2013	6,100,000.00	ING VYSYA BANK LIMITED	Foundation House No.- 40, 2nd Main Road, 2nd Floor, CKC Garden Near Mission Road,, Bangalore, Karnataka - 560027, INDIA	B74679168
2	10384260	30/03/2013 *	140,000,000.00	Union Bank of India	HSR Layout branch, No. 1003, 9th Main, 7th Sector, HSR Layout, Bangalore, Karnataka - 560102, INDIA	B73552051
3	10369119	10/07/2012	16,000,000.00	KARNATAKA STATE FINANCIAL CORPORATION	NO.48 1ST FLOOR, CHURCH STREET, BANGALORE, Karnataka - 560001, INDIA	B45119278
4	10322657	29/11/2011	5,000,000.00	ING VYSYA BANK LIMITED	Foundation House No.- 40, 2nd Main Road, 2nd Floor, CKC Garden Near Mission Road,, Bangalore, Karnataka - 560027, INDIA	B27684539
5	10310059	27/08/2011	2,523,000.00	ING VYSYA BANK LIMITED	Foundation House No.- 40,2nd Main Road, 2nd Floor, CKC Garden Near Mission Road, Bangalore, Karnataka - 560027, INDIA	B22487011
6	10310074	08/10/2009	23,500,000.00	KARNATAKA STATE FINANICIAL CORPORATION	1/1 THIMMIAH ROAD, NEAR CONTONMENT RAILWAY STATION, BENGALURU, Karnataka - 560052, INDIA	A98851702

* Date of charge modification

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 records exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

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

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.89
UK Pound	1	Rs.101.14
Euro	1	Rs.84.42

INFORMATION DETAILS

Information Gathered by :	HNA
Report Prepared by :	RAJ

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		27

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.