MIRA INFORM REPORT

Report Date :

25.09.2013

IDENTIFICATION DETAILS

Name :	NEO CARBONS PRIVATE LIMITED
Registered Office :	19 Chandni Chowk, Street, Kolkata – 700072, West Bengal
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	05.06.1981
Com. Reg. No.:	21-033749
Capital Investment / Paid-up Capital :	Rs. 120.667 Millions
CIN No.: [Company Identification No.]	U31908WB1981PTC033749
PAN No.: [Permanent Account No.]	AAACN8934H
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Calcined Petroleum Coke, Carbon Electrode Paste and Tamping Paste
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (41)

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

Maximum Credit Limit :	USD 1100000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a well established company having satisfactory track record. However, latest financial of 2012 are not available with us. As per previous financial record performance of the company appears to be good. Trade relations are fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered for business dealing 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 – 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	CARE
Rating	Long term Bank Facility = BBB+
Rating Explanation	Moderate credit quality and average credit risk
Date	28.02.2013

Rating Agency Name	CARE
Rating	Short term Bank Facility = A3+
Rating Explanation	Moderate degree of safety and highest credit risk
Date	28.02.2013

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.

LOCATIONS

Registered Office :	19, Chandni Chowk, Street, Kolkata – 700072, West Bengal, India
Tel. No.:	91-33-22157071
Fax No.:	91-33-22152417
E-Mail :	cpc@maniyargroup.com
Website :	http://www.maniyargroup.com
Corporate Office :	14B, Canal Street, Kolkata - 700 014, West Bengal, India
Tel. No.:	91-33-22551800 / 1 / 2 / 3
Fax No.:	91-33-2255-1860 / 1870
Factory :	Hajipur Pokhar Pipra Dewas, Barauni – 851112, Bihar, India
Tel. No.:	91-6279-231066 / 231067
Fax No.:	91-6279-231068

DIRECTORS

As on 28.09.2012

Name :

Mr. Om Prakash Maniyar

Designation :

Director

Address :

5B, Robinson Street, Kolkata – 700017, West Bengal, India

Date of Birth/Age :

06.10.1944

Date of Appointment :

05.06.1981

DIN No.:

00576242

Voter ID No.:

WB2146081125

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	U31908WB1981PTC033749	NEO CARBONS PRIVATE LIMITED	Director	05-06-81	05-06-81	-	Active	NO
2	U23101AS1988PLC002915	GUWAHATI CARBON LIMITED	Director	31-03-13	17-05-94	-	Active	NO
3	U23109AS2004PTC007590	DIGBOI CARBON PRIVATE LIMITED	Director	18-05-05	18-05-05	-	Active	NO
4	U23101AS1996PLC004751	BRAHMAPUTRA CARBON LIMITED	Whole-time director	01-04-13	18-07-06	-	Active	NO
5	U23109OR2006PLC009032	UTKAL CALCINERS LIMITED	Director	27-11-06	27-11-06	16-04-13	Active	NO
6	U23109OR2005PLC008201	KALINGA CALCINER LIMITED	Director	06-02-07	06-02-07	-	Active	NO
7	U27106AR2009PTC008281	VEDIC FERRO ALLOYS PRIVATE LIMITED	Director	06-08-09	06-08-09	-	Strike off	NO
8	U25209WB1977PTC031285	BHARAT HYDRO CARBONS PRIVATE LIMITED	Director	24-09-10	01-06-10	09-12-10	Active	NO
9	U23209GJ2009PTC057070	VEDIC PETROCHEMICAL PRIVATE LIMITED	Director	04-06-10	04-06-10	-	Active	NO
10	U23101WB1982PTC035553	SHALIMAR ELECTRICAL INDUSTRIES PRIVATE LIMITED	Director	24-09-10	15-06-10	10-04-13	Active	NO
11	U23101BR1987PTC002544	BIHAR CARBONS PRIVATE LIMITED	Director	15-09-11	11-11-10	-	Active	NO

Name :

Mr. Subhash Maniyar

Designation :

Director

Address :

34, Kavi MD Iqbal Road, Kolkata – 700023, West Bengal, India

Date of Birth/Age :

25.07.1969

Date of Appointment :

03.04.2012

DIN No.:

02207442

Voter ID No.:

AFEPM8842B

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	U31908WB1981PTC033749	NEO CARBONS PRIVATE LIMITED	Director	03-04-12	01-04-08	-	Active	NO
2	U23109OR2005PLC008201	KALINGA CALCINER LIMITED	Director	30-01-09	30-01-09	-	Active	NO
3	U23109OR2006PLC009032	UTKAL CALCINERS LIMITED	Director	04-07-09	04-07-09	16-04-13	Active	NO
4	U23101AS1996PLC004751	BRAHMAPUTRA CARBON LIMITED	Director	31-03-13	09-07-09	-	Active	NO
5	U23101AS1988PLC002915	GUWAHATI CARBON LIMITED	Whole-time director	01-04-13	10-07-09	-	Active	NO
6	U23109AS2004PTC007590	DIGBOI CARBON PRIVATE LIMITED	Director	14-07-09	14-07-09	-	Active	NO
7	U27106AR2009PTC008281	VEDIC FERRO ALLOYS PRIVATE LIMITED	Director	06-08-09	06-08-09	-	Strike off	NO
8	U25209WB1977PTC031285	BHARAT HYDRO CARBONS PRIVATE LIMITED	Director	24-09-10	01-06-10	09-12-10	Active	NO
9	U23209GJ2009PTC057070	VEDIC PETROCHEMICAL PRIVATE LIMITED	Director	04-06-10	04-06-10	-	Active	NO
10	U23101WB1982PTC035553	SHALIMAR ELECTRICAL INDUSTRIES PRIVATE LIMITED	Director	24-09-10	15-06-10	10-04-13	Active	NO
11	U23101BR1987PTC002544	BIHAR CARBONS PRIVATE LIMITED	Director	15-09-11	11-11-10	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Vivek Mishra
Designation :	Secretary
Address :	16B, Madah Ghatterjee Lane, Kolkata – 700007, West Bengal, India
Date of Birth/Age :	07.07.1984
Date of Appointment :	24.03.1911
PAN No.:	AOTPM9958A

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 28.09.2012

Names of Shareholders	No. of Shares
Om Prakash Maniyar	203725
O.P. Maniyar (HUF)	24133
Chandni Maniyar	120675
Shree Hanuman Oil Mills Limited	12000
Shalimar Electrical Industry Private Limited	41667
Bharat Hydro Carbons Private Limited	79500
Niladri Ghosh Dostidar	83
Subhash Maniyar	146580
Rashmi Maniyar	133680
Tigon Holdings Private Limited	150842
Campbell Mineral Company Private Limited	135624
Campbell Holdings Private Limited	158158
Total	1206667

As on 13.03.2013

Names of Allottee	No. of Shares Allotted
Om Prakash Maniyar	203725
O.P. Maniyar (HUF)	24133
Chandni Maniyar	120675
Shree Hanuman Oil Mills Limited	12000
Shalimar Electrical Ind. Private Limited	41667
Bharat Hydro Carbons Private Limited	79500
Niladri Ghosh Dostidar	83
Subhash Maniyar	146580
Rashmi Maniyar	133680
Tigon Holdings Private Limited	150842
Campbell Mineral Company Private Limited	135624
Campbell Holdings Private Limited	158158
Total	1206667

As on 28.09.2012

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	47.88
Directors or relatives of Directors	52.11
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Calcined Petroleum Coke, Carbon Electrode Paste and Tamping Paste

Products :

Product Description	ITC Code
Calcined Petroleum Coke	2713.12

PRODUCTION STATUS (As on 31.03.2012)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Calcined Petroleum Coke (CPC)	MT	7500	7500	44063.850
Carbon Paste	MT	--	--	4004.420

GENERAL INFORMATION

Customers :

• Hindalco Industries Limited
• National Aluminium Company Limited
• Vedanta Aluminium Limited
• Bharat Aluminium Company Limited
• HEG Limited
• Graphite India Limited
• Steel Authority of India Limited
• Tata Steel
• Prakash Industries Limited
• Bhushan Steel Limited
• Jindal Steel and Power Limited
• Schutz Carbon Electrodes Private Limited
• Balasore Alloys Limited
• The Kerala Minerals and Metals Limited
• Action Ispat and Power

No. of Employees :

Not Available

Bankers :

United Bank of India, Barauni Branch, Rajendra Road, Barauni, Begusarai - 851112, Bihar, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
Working capital loans banks secured	144.404	235.251
Total	144.404	235.251

Banking Relations :	---
Auditors :
Name :	Depura and Company Chartered Accountants
Address :	14/2, Old China Bazar Street, Room No: 186/187, 2nd Floor, Kolkata - 700 001, West Bengal, India
Tel. No.:	91-33-22428261
PAN No.:	AADFD6212E
Related Parties :	Guwahati Carbon Limited Digboi Carbon Private Limited Brahmaputra Carbon Limited Neo Agencies
Subsidiaries :	Vedic Petrochemical Private Limited CIN No.: U23209GJ2009PTC057070

CAPITAL STRUCTURE

After 28.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
2500000	Equity Shares	Rs.100/- each	Rs.250.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2413334	Equity Shares	Rs.100/- each	Rs.241.333 Millions

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
1500000	Equity Shares	Rs.100/- each	Rs.150.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1206667	Equity Shares	Rs.100/- each	Rs.120.667 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		120.667	120.667	72.400
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		172.321	109.088	119.134
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		292.988	229.755	191.534
LOAN FUNDS
1] Secured Loans		144.404	235.251	75.720
2] Unsecured Loans		8.755	19.952	17.413
TOTAL BORROWING		153.159	255.203	93.133
DEFERRED TAX LIABILITIES		16.569	15.813	14.258
TOTAL		462.716	500.771	298.925
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		164.420	163.532	156.347
Capital work-in-progress		26.355	2.563	18.582
INVESTMENT		61.570	61.570	0.070
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	194.979	84.929	97.291
	Sundry Debtors	42.854	124.709	85.081
	Cash & Bank Balances	3.092	6.794	81.507
	Other Current Assets	0.000	0.978	0.000
	Loans & Advances	212.752	163.093	140.297
Total Current Assets		453.677	380.503	404.176
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	219.410	88.367	245.949
	Other Current Liabilities	4.675	1.442	23.187
	Provisions	19.221	17.601	11.139
Total Current Liabilities		243.306	107.410	280.275
Net Current Assets		210.371	273.093	123.901
MISCELLANEOUS EXPENSES		0.000	0.013	0.025
TOTAL		462.716	500.771	298.925

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income		623.241	1098.036
		Profit on sale of fixed assets	NA	0.000	5.100
		Other Income		14.097	4.374
		TOTAL (A)	NA	637.338	1107.510
Less	EXPENSES
		Increase / (Decrease) in stock		48.008	18.987
		Raw materials consumed		436.248	866.228
		Payment to and provision for employees		5.611	5.786
		Power and fuel		13.668	11.712
		Stores consumed	NA	8.598	13.566
		Packing materials consumed (Net)		7.703	9.016
		Manufacturing, selling and administrative expenses		31.468	58.621
		Provision for gratuity		0.659	2.276
		TOTAL (B)	NA	551.963	986.192
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		NA	85.375	121.318
Less	FINANCIAL EXPENSES (D)		NA	12.753	9.414
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		NA	72.622	111.904
Less/ Add	DEPRECIATION/ AMORTISATION (F)		NA	11.654	10.565
	PROFIT BEFORE TAX (E-F) (G)		NA	60.968	101.339
Less	TAX (H)		NA	22.244	37.432
	PROFIT AFTER TAX (G-H) (I)		63.737	38.724	63.907
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		56.897	18.173	34.266
Less	APPROPRIATIONS
		Transfer to General Reserve	0.000	0.000	80.000
	BALANCE CARRIED TO THE B/S		120.634	56.897	18.173
	Earnings Per Share (Rs.)		52.82	32.09	NA

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	NA	6.08	5.77
Net Profit Margin (PBT/Sales)	(%)	NA	9.78	9.23
Return on Total Assets (PBT/Total Assets}	(%)	NA	11.21	18.08
Return on Investment (ROI) (PBT/Networth)		NA	0.27	0.53
Debt Equity Ratio (Total Debt /Networth)		0.52	1.11	0.48
Current Ratio (Current Asset/Current Liability)		1.86	3.54	1.44

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 two 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	Yes
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	No
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	Yes
34]	External Agency Rating, if available	Yes

OPERATING RESULTS

The business of the company is making steady progress. The directors of the Company are making full efforts for its rapid growth. There has been expansion and diversification in the overall business activities of the Company. The future prospect of the Company is very bright.

UNSECURED LOAN

Rs. In Millions

Particular	As on 31.03.2011	As on 31.03.2010
Loans directors	8.452	19.652
Other debt	0.303	0.300
Total	8.755	19.952

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	90251130	28/06/2012 *	280,000,000.00	UNITED BANK OF INDIA	BARAUNI BRANCH, RAJENDRA ROAD, BARAUNI, BEGUSARAI, Bihar - 851112, INDIA	B44610038
2	90251632	30/05/1986 *	2,994,000.00	BIHAR STATE FINANCIAL CORPORATION	FRASER ROAD, PATNA, Bihar - 800004, INDIA	-

* Date of charge modification

FIXED ASSETS

• Building
• Plant machinery
• Office equipments
• Factory equipments
• Computer equipments
• Furniture fixtures
• 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 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.62.66
UK Pound	1	Rs.100.46
Euro	1	Rs.84.60

INFORMATION DETAILS

Report Prepared by :

NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	--
--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		41

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

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.