Business information report

1. Summary Information

		Country	India
Company Name	JAPFA COMFEED INDIA PRIVATE LIMITED	Principal Name 1	Mr. Yong Nang Tan
Status	Moderate	Principal Name 2	Mr. Wahjudi Gunawan
		Registration #	55-073947
Street Address	Chamber No.2, 306, Corporate Towers, 85/A, Zamrudpur, Greater Kailash – I, New Delhi – 110 048
Established Date	17.11.1995	SIC Code	--
Telephone#	91-11-29231090	Business Style 1	Owning
Fax #	--	Business Style 2	Hiring
Homepage	cs.corp@japfaindia.com	Product Name 1	Poultry Farms
# of employees	Not Available	Product Name 2	Hatcheries
Paid up capital	Rs.1873,308,000/-	Product Name 3	Poultry Feed Mills
Shareholders	Foreign holdings – 100%	Banking	Axis Bank Limited
Public Limited Corp.	No	Business Period	18 Years
IPO	No	International Ins.	-
Public Enterprise	No	Rating	B (27)
Related Company
Relation	Country – Singapore	Company Name	Japfa Comfeed International Pte. Limited
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.12.2012		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	190,373,000	Current Liabilities	413,122,000
Inventories	535,802,000	Long-term Liabilities	249,095,000
Fixed Assets	660,493,000	Other Liabilities	76,477,000
Deferred Assets	0000	Total Liabilities	738,694,000
Invest& other Assets	73,735,000	Retained Earnings	(1044,084,000)
		Net Worth	721,709,000
Total Assets	1460,403,000	Total Liab. & Equity	1460,403,000
Total Assets (Previous Year)	1,213,625,000
P/L Statement as of	31.12.2012		(Unit: Indian Rs.)
Sales	4062,149,000	Net Profit	(279,737,000)
Sales(Previous yr)	3468,577,000	Net Profit(Prev.yr)	(415,154,000)

MIRA INFORM REPORT

Report Date :

02.10.2013

IDENTIFICATION DETAILS

Name :	JAPFA COMFEED INDIA PRIVATE LIMITED (w.e.f. 15.10.2010)
Formerly Known As :	JAPFA COMFEED INDIA LIMITED JAPFA OBEROI AGRO LIMITED
Registered Office :	Chamber No.2, 306, Corporate Towers, 85/A, Zamrudpur, Greater Kailash – I, New Delhi – 110 048
Country :	India
Financials (as on) :	31.12.2012
Date of Incorporation :	17.11.1995
Com. Reg. No.:	55-073947
Capital Investment / Paid-up Capital :	Rs.1873.308 Millions
CIN No.: [Company Identification No.]	U01222DL1995PTC073947
TAN No.: [Tax Deduction & Collection Account No.]	PNEJ04694E / DELJ02388B
PAN No.: [Permanent Account No.]	AAACJ1855B
Legal Form :	Private Limited Liability Company
Line of Business :	The Company is engaged in the Business of Owning, Running, Hiring, Entering into Lease and License, Designing, Commissioning and Operating Poultry Farms, Hatcheries, Poultry Feed Mills and Export of Corn.
No. of Employees :	Not Available

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 2886000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a subsidiary of ‘Japfa Comfeed International Pte Limited’ It is an established company having moderate track record. There appear some accumulated losses recorded by the company. It has also incurred loss in year 2012. However, trade relations are reported as fair. Business is active. Payments are slow but correct. 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

We are living in a world where volatility and uncertainty have become the New Normal. We saw a change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once powerful countries in Europe are now fighting for bankruptcy. We have taken growth in the developing part of the world for granted but economic growth in China and India has begun to slow. Companies that were synonymous with their product categories just a few years ago are now no longer in existence. Kodak, the inventor of the digital camera had to wind up its operations, HMV, the British entertainment retailing company and Borders, once the second largest bookstore have shut down due to their inability to evolve their business models with the changing time. Readers’ Digest, Thomson Register are no more !

There is another megatrend happening. The World order is changing as economic power shifts from West to East. According to McKinsey study, it took Britain more than 100 years to double its economic output per person during its industrial revolution and the US later took more than 50 years to do the same. More than a century later, China and India have doubled their GDP per capital in 12 and 18 years respectively. By 2020, emerging Asia will become the world’s largest consuming block, overtaking North America.

The years after the outbreak of the global financial crisis, the world economy continues to remain fragile. The Indian economy demonstrated remarkable resilience in the initial years of the contagion but finally lost ground last year. GDP growth slowed down. Currency has been weakening. There is a marked deceleration in agriculture, industry and services. Dampening sentiment led to a cut-back in investment as well as private consumption expenditure.  Inflation remained at high levels fuelled by the pressure from the food and fuel sectors. The large fiscal and current account deficit s continued to cause grave concern. It is imperative that India regains its growth trajectory of 8-9 % sooner than later. This is crucially important given the need to create gainful livelihood opportunities for the millions living in poverty as also the large contingent of young people joining the job market every year.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	BBB (Term Loan)
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	October 2012

Rating Agency Name	ICRA
Rating	A3+ (Short Term Fund Based)
Rating Explanation	Moderate degree of safety and higher credit risk.
Date	October 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 :	Chamber No.2, 306, Corporate Towers, 85/A, Zamrudpur, Greater Kailash – I, New Delhi – 110 048, India
Tel. No.:	91-11-29231090
Fax No.:	Not Available
E-Mail :	Cs.corp@japfaindia.com siddharth@japfaindia.com
Website :	www.japfaindia.com
Head Office :	91, Sakure Nagar, Viman Nagar, Pune – 411 014, Maharashtra, India
Tel. No.:	91-20-30537800-810
Fax No.:	91-20-305 37888
E-Mail :	headoffice@japfaindia.com

DIRECTORS

AS ON 19.06.2013

Name :

Mr. Yong Nang Tan

Designation :

Managing Director

Address :

8 Jalan Haji Alias, Corona court, Singapore – 268 610

Date of Birth/Age :

20.04.1961

Date of Appointment :

22.01.2009

DIN No.:

02575520

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U01222DL1995PTC073947	JAPFA COMFEED INDIA PRIVATE LIMITED	Managing director	22-01-09	11-11-08	Active	NO

Name :

Mr. Wahjudi Gunawan

Designation :

Director

Address :

11 G MT Sinai Lane No.4-32, Singapore – 277 056

Date of Birth/Age :

05.02.1967

Date of Appointment :

08.05.2003

DIN No.:

00209093

KEY EXECUTIVES

Name :	Mr. Prabha Vadlamannati
Designation :	Secretary
Address :	1A, Subroto Marg, Old Golibar Maidan, Pune – 411 040, Maharashtra, India
Date of Birth/Age :	25.01.1966
Date of Appointment :	24.08.2009
PAN No.:	ADEPV5629H

MAJOR SHAREHOLDERS

AS ON 19.06.2013

Names of Shareholders	No. of Shares
Japfa Holdings Pte. Limited, (Earlier Malvolia Pte. Limited), Singapore	37125484
Japfa Investments Pte. Limited (Earlier Malvolia India Investments Pte. Limited), Singapore	150205279
Total	187330763

Equity Share Break up (Percentage of Total Equity)

AS ON 19.06.2013

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	The Company is engaged in the Business of Owning, Running, Hiring, Entering into Lease and License, Designing, Commissioning and Operating Poultry Farms, Hatcheries, Poultry Feed Mills and Export of Corn.
Products :	· Poultry feed concentrate · Starter duck feed · Prawn feed · Pongamia Oil cakes · Organic soybean meal · Cattle feed

PRODUCTION STATUS (AS ON : 31.12.2010)

Particulars	Unit	Installed Capacity	Actual Production
Poultry Feed	MT	282000	137150
Day Old Chicks	NOS	--	**14760421
Broiler Chicken	KGS	--	13743243
EGGS	--	--	23643778

**Includes the chicks produced at other hatcheries.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Axis Bank Limited, Ashoka Galaxy Plot No.1, Galaxy Society Dhole Patil Road, Bund Garden, Pune – 411 007, Maharashtra, India

· ICICI Bank Limited, Landmark Race Cource Circle, Alkapuri, Baroda – 390 015, Gujarat, India

Facilities :

SECURED LOANS	31.12.2012 Rs. In Millions	31.12.2011 Rs. In Millions
Long Term Borrowings
Term Loans from others	20.853	0.000
Term loans Banks Secured	0.000	68.221
Long Term Maturities of Finance Lease Obligations	0.337	0.000
Short Term Borrowings
Working Capital Loans from Banks	227.904	90.000
Deposits secured	0.000	147.753
Total	249.094	305.974

NOTE: Finance Lease obligations are secured against lease assets.

Banking Relations :	--
Auditors :
Name :	Suresh Surana and Associates Chartered Accountants
Address :	310, Ahura Centre, 82, Mahakali Caves Road, Andheri East, Mumbai – 400 093, Maharashtra, India
PAN No.:	AAQFS7647M
Ultimate Holding Company :	· Malvolia Pte. Limited, Singapore
Holding Company :	· Malvolia India Investments Pte. Limited, Singapore (From 26.03.2012) · Japfa Comfeed International Pte. Limited, Singapore (Upto 25.03.2012)
Associate Company :	· Moma Resources Pte. Limited (Upto 30.10.2011)
Fellow Subsidiary Company :	· Annona Pte. Limited · PT Japfa Comfeed Indonesia TBK · Malvolia India Investments Pte. Limited, Singapore (Upto 25.03.2012) · Japfa Comfeed International Pte. Limited, Singapore (From 26.03.2012)

CAPITAL STRUCTURE

AS ON 19.06.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
220000000	Equity Shares	Rs. 10/- each	Rs.2200.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
187330763	Equity Shares	Rs. 10/- each	Rs.1873.308 Millions

AS ON 31.12.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
220000000	Equity Shares	Rs. 10/- each	Rs.2200.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
176579263	Equity Shares	Rs. 10/- each	Rs.1765.793 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.12.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	1765.793
(b) Reserves & Surplus	(1044.084)
(c) Money received against share warrants	0.000
(2) Share Application money pending allotment	0.000
Total Shareholders’ Funds (1) + (2)	721.709
(3) Non-Current Liabilities
(a) long-term borrowings	21.190
(b) Deferred tax liabilities (Net)	39.335
(c) Other long term liabilities	3.352
(d) long-term provisions	3.654
Total Non-current Liabilities (3)	67.531
(4) Current Liabilities
(a) Short term borrowings	227.905
(b) Trade payables	408.196
(c) Other current liabilities	33.790
(d) Short-term provisions	1.272
Total Current Liabilities (4)	671.163
TOTAL	1460.403
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	637.146
(ii) Intangible Assets	23.347
(iii) Capital work-in-progress	73.735
(iv) Intangible assets under development	0.000
(b) Non-current Investments	0.000
(c) Deferred tax assets (net)	0.000
(d) Long-term Loan and Advances	28.942
(e) Other Non-current assets	0.000
Total Non-Current Assets	763.170
(2) Current assets
(a) Current investments	0.000
(b) Inventories	535.802
(c) Trade receivables	45.499
(d) Cash and cash equivalents	82.269
(e) Short-term loans and advances	25.192
(f) Other current assets	8.471
Total Current Assets	697.233
TOTAL	1460.403

SOURCES OF FUNDS		31.12.2011	31.12.2010
SHAREHOLDERS FUNDS
1] Share Capital		1346.650	917.100
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		(749.347)	(334.193)
4] (Accumulated Losses)		0.000	0.000
NETWORTH		597.303	582.907
LOAN FUNDS
1] Secured Loans		305.974	426.162
2] Unsecured Loans		0.000	0.000
TOTAL BORROWING		305.974	426.162
DEFERRED TAX LIABILITIES		24.976	0.000
TOTAL		928.253	1009.069
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		589.128	601.253
Capital work-in-progress		50.611	0.000
INVESTMENT		0.000	0.000
DEFERREX TAX ASSETS		0.000	137.209
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	390.008	435.422
	Sundry Debtors	52.570	69.771
	Cash & Bank Balances	56.370	97.369
	Other Current Assets	1.364	0.988
	Loans & Advances	73.574	66.770
Total Current Assets		573.886	670.320
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	250.739	276.634
	Other Current Liabilities	26.535	116.047
	Provisions	8.098	7.032
Total Current Liabilities		285.372	399.713
Net Current Assets		288.514	270.607
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		928.253	1009.069

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.12.2012	31.12.2011	31.12.2010
	SALES
		Income	4062.149	3468.577	2776.298
		Other Income	NA	NA	27.966
		TOTAL (A)	NA	NA	2804.264
Less	EXPENSES
		Manufacturing and other Expenses			2721.343
		TOTAL (B)	NA	NA	2721.343
Less	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		NA	NA	[Including Financial Expenses]
Less	FINANCIAL EXPENSES (D)		NA	NA
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(235.616)	(204.004)	82.921
Less	DEPRECIATION/ AMORTISATION (F)		44.339	48.943	52.993
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)		(279.955)	(252.947)	29.928
Less	TAX (H)		14.782	162.207	24.759
	PROFIT/(LOSS) AFTER TAX (G-H) (I)		(297.737)	(415.154)	5.169
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Exports	115.749	190.211	NA
	TOTAL EARNINGS		115.749	190.211	NA
	IMPORTS
		Raw Materials	133.975	113.340	65.628
		Consumables	6.428	4.777	3.790
		Fixed Assets	26.516	37.452	0.000
	TOTAL IMPORTS		166.919	155.569	69.418
	Earnings Per Share (Rs.)		(1.59)	(4.037)	0.06

KEY RATIOS

PARTICULARS		31.12.2012	31.12.2011	31.12.2010
PAT / Total Income	(%)	NA	NA	0.18
Net Profit Margin (PBT/Sales)	(%)	(6.89)	(7.29)	1.08
Return on Total Assets (PBT/Total Assets}	(%)	(21.93)	(21.75)	2.35
Return on Investment (ROI) (PBT/Networth)		(0.39)	(0.42)	0.05
Debt Equity Ratio (Total Debt /Networth)		0.35	0.51	0.73
Current Ratio (Current Asset/Current Liability)		0.48	2.01	1.68

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

NOTE: The Registered Office of the company has been shifted from 7, Sham Nath Marg, Delhi – 110 054 to the present address w.e.f. 27.09.2007.

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10234945	11/12/2012 *	80,000,000.00	AXIS BANK LIMITED	TRISHUL, 3RD FLOOR OPP. SAMARTHESHWAR TEMPLE, LAW GARDEN ELLISBRIDGE, AHMEDABAD – 380 006, GUJARAT, INDIA	B65355273
2	80055809	11/12/2012 *	90,000,000.00	AXIS BANK LIMITED	TRISHUL, 3RD FLOOR OPP. SAMARTHESHWAR TEMPLE, LAW GARDEN ELLISBRIDGE, AHMEDABAD – 380 006, GUJARAT, INDIA	B65353005
3	80002487	11/12/2012 *	206,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA – 390 015, GUJARAT, INDIA	B64823479

* Date of charge modification

FIXED ASSETS:

· Freehold Land

· Leasehold Land

· Building Feed Mill

· Plant and Machinery

· Laboratory Equipments

· Furniture and Fixture

· Office Equipments

· 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.62.36
UK Pound	1	Rs.101.20
Euro	1	Rs.84.54

INFORMATION DETAILS

Report Prepared by :

NKT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--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

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.