MIRA INFORM REPORT

Report Date :

05.08.2014

IDENTIFICATION DETAILS

Name :	BLUE CROSS COMMODITIES PRIVATE LIMITED
Registered Office :	Unit No.1003, Cello Triumph, I.B. Patel Road, Off. Western Express Highway, Goregaon (East), Mumbai – 400063, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	25.11.2009
Com. Reg. No.:	11-197320
Capital Investment / Paid-up Capital :	Rs.0.100 Million
CIN No.: [Company Identification No.]	U51109MH2009PTC197320
Legal Form :	Private Limited Liability Company
Line of Business :	The Company is in the business of Bitumen and Bolting Cloth.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

B (29)

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

Maximum Credit Limit :	USD 66000
Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Management has filed from 20B which depicits the form for filling annual return, whereas failed to file the forms for latest financial statements of 2013 i.e. Form 23 AC and form 23 ACA with the statutory authorities. As per available, the company possesses a moderate financial profile marked by small networth along with slower debtor realisation, accrued payables and high increases in inventory which has further reported huge working capital requirements during FYE 12. Management has witnessed a modest revenue as well as has reported a low profit margin during FY 12. Moreover, it is found that the promoters have infused funds as capital during the FYE 13, which may support the liquidity position. Trade relations seem to be fair. Business is active. Payment terms are unknown. In view of lack of latest financial statements, the subject can be considered for business dealings with caution.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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

N E W S

As per the latest IMF study, the total weigh of emerging markets in the GDP of the world on a purchasing power parity basis has seen a sizeable shift. It highlights how as against 51 % in 2005, the emerging economies now account for close to 56 % of the global purchasing power GDP as per the latest survey. And with the emerging economies growing at a faster rate than their developed counterparts, there are every possibility that the their share goes up further in the coming years.  China may surpass the US over the next few years.

Politics and economics are very intricately connected. They tend to influence each other in ways that could be very complex and far-reaching. The prospects of the India’s economy have been seriously compromised due to political corruption. High inflation, poor standard of living are to a great extent a result of rampant corruption in the country. China on the other hand, seems to be facing diametrically opposite challenge. American hedge fund manager Jim Chanos has been keenly following the political and economic development in the dragon economy and has figured out something that is quite worrying. He is of the view that the Chinese economy could be heading toward trouble on account of new Chinese President Xi Jingping’s very aggressive anti-corruption drive. Chanos believes tat many things such as apartment sales, luxury products, etc. were largely bought with dirty money. And it is now beginning to impact consumption. This may indeed be bad news for an economy that is struggling to transition from an investment-driven export-oriented economy to a domestic consumption-driven economy.

A study published by Firstpost has revealed that asset classes like real estate and equities were the biggest beneficiaries of the liberalization policies.  A firm called Ciane Analytics studied returns from assets including equities, gold, fixed deposits, G-Secs and real estate since 1991. Real estate outperformed every other asset classes during the 23-year period with an annualized return of 20 % ! Equities came in second with annualized return of 15.5 % ! However, while these returns may seem mouthwatering, the fact is that the return from equities adjusted for inflation came down to just 7.1 %.

Some brief news are as under

. R-Power to buy Jaypee’s hydro assets

. Investors await justice in NSEL case

. India seeks MFN status from Pakistan ahead of meeting

. Ukrain’s clashes with rebels hinder MH17 crash investigation

. India exploring merger of state-owned hydro PSUs

..Higher costs weigh down profit growth to slowest in 9 quarters

..Wal-Mart to expand wholesale business in India

. GMR group moves to strengthen balance sheet

. Central Bank to sell 4 % stake to Life Insurance Corporation

. Tata Chemicals plans to raise up to Rs 10000 mn.

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 31-03-2014.

INFORMATION DECLIEND BY

Name :	Mr. Prakash Bihani
Designation :	Chief Executive Officer
Date :	04.08.2014

LOCATIONS

Registered Office :	Unit No.1003, Cello Triumph, I.B. Patel Road, Off. Western Express Highway, Goregaon (East), Mumbai – 400063, Maharashtra, India
Tel. No.:	91-22-67087288/89/90/91
Fax No.:	91-22- 67087292
E-Mail :	info@bluecross.in

DIRECTORS

As on 30.09.2013

Name :

Mr. Siddharth Prakash Bihani

Designation :

Director

Address :

36, Queens Lawn, 967 , SV Road, Vile Parle (East), Mumbai – 400056, Maharashtra, India

Date of Birth/Age :

30.06.1984

Date of Appointment :

25.11.2009

DIN No.:

01662255

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	U51900MH1985PTC035230	BIJOY MERCANTILE CO PRIVATE LIMITED	Director	30/06/2002	30/06/2002	13/02/2012	Active	NO
2	U51990MH1985PTC037371	SAUMIL MERCANTILE PRIVATE LIMITED	Director	14/06/2012	01/06/2003	-	Active	NO
3	U32200MH1997PLC109962	BLUE CROSS INFOTEK LIMITED	Director	01/06/2003	01/06/2003	-	Dormant	NO
4	U51900MH1982PLC028723	VEEGA HOLDING AND TRADING COMPANY LIMITED	Director	01/06/2003	01/06/2003	-	Active	NO
5	U51109MH2009PTC197320	BLUE CROSS COMMODITIES PRIVATE LIMITED	Director	25/11/2009	25/11/2009	-	Active	NO
6	L10100MH1976PLC018861	SVC RESOURCES LIMITED	Additional director	24/12/2012	25/05/2012	27/05/2013	Active	NO
7	U52100MH2012PTC232385	POLARIS VENTURES PRIVATE LIMITED	Director	19/06/2012	19/06/2012	-	Active	NO
8	U99999MH1987PLC045305	SUBH TEX (INDIA) LIMITED	Director	20/11/2012	20/11/2012	04/06/2014	Active	NO
9	U51101MH2013PLC241062	TORRENT PETROCHEM LIMITED	Director	27/08/2013	27/08/2013	-	Active	NO

Name :

Dina Prakshchand Bihani

Designation :

Director

Address :

36, Queens Lawn, 967 , SV Road, Vile Parle (East), Mumbai – 400056, Maharashtra, India

Date of Birth/Age :

19.01.1950

Date of Appointment :

01.08.2012

DIN No.:

01848014

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	U51900MH1982PLC028723	VEEGA HOLDING AND TRADING COMPANY LIMITED	Director	23/06/1985	23/06/1985	-	Active	NO
2	U51900MH1985PTC035230	BIJOY MERCANTILE COMPANY PRIVATE LIMITED	Director	29/06/2002	29/06/2002	13/02/2012	Active	NO
3	U32200MH1997PLC109962	BLUE CROSS INFOTEK LIMITED	Director	01/06/2003	01/06/2003	-	Dormant	NO
4	U51990MH1985PTC037371	SAUMIL MERCANTILE PRIVATE LIMITED	Director	01/06/2003	01/06/2003	-	Active	NO
5	U51109MH2009PTC197320	BLUE CROSS COMMODITIES PRIVATE LIMITED	Director	01/08/2012	25/11/2009	-	Active	NO

Name :

Nikita Siddharth Bihani

Designation :

Director

Address :

36, Queens Lawn, 967 , SV Road, Vile Parle (East), Mumbai – 400056, Maharashtra, India

Date of Birth/Age :

27.12.1983

Date of Appointment :

14.11.2011

DIN No.:

05100789

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	U51109MH2009PTC197320	BLUE CROSS COMMODITIES PRIVATE LIMITED	Director	14/11/2011	14/11/2011	-	Active	NO
2	U51101MH2013PLC241062	TORRENT PETROCHEM LIMITED	Director	12/12/2013	12/12/2013	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Prakash Bihani
Designation :	Chief Executive Officer

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

Names of Shareholders	No. of Shares	% age holding
Siddharth Prakash Bihani	2005000	65.74
Dina Prakshchand Bihani	5000	0.16
Nikita Siddharth Bihani	432900	14.19
Salome Apurva Vora	607100	19.90
Total	3050000	100.00

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2013

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

The Company is in the business of Bitumen and Bolting Cloth.

GENERAL INFORMATION

No. of Employees :

Information declined by the management

Bankers :

Bank of Baroda, Mangaldas Market Branch, Kitchen Garden Lane, 1st Floor, 375/382, Mumbai - 400002, Maharashtra, India

Facilities :

Secured Loan	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
Long-term Borrowings
Car Loan from Kotak Mahindra Bank (Fully secured by Hypothecation of Car)	0.344	0.418
Loan From HDFC Bank (Fully secured by Hypothecation of Tanker )	1.784	0.000
Short-term borrowings
Cash Credit Bank of Baroda (Secured Against Property of Directors and Personal Gurantee of Directors Mr. Siddharth Bihani and Mrs Nikita Bihani)	36.738	0.000
Total	38.866	0.418

Banking Relations :
Auditors :
Name :	Jain Ambavat and Associates Chartered Accountants
Address :	10, Chemox House, 3rd Floor, 7 Barrack Road, Opposite Bombay Hostpital, Above Panchvati Hotel, Mumbai – 400020, Maharashtra, India
Tel. No.:	91-22-43473635-40
PAN N Income-tax PAN of auditor or auditor's firm :	AAAFJ1780E

CAPITAL STRUCTURE

As on 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
3050000	Equity Shares	Rs.10/- each	Rs. 30.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3050000	Equity Shares	Rs.10/- each	Rs. 30.500 Millions

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.10/- each	Rs. 1.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.10/- each	Rs. 0.100 Million

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	0.100	0.100
(b) Reserves & Surplus	2.281	1.063
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	14.011	11.210
Total Shareholders’ Funds (1) + (2)	16.392	12.373
(3) Non-Current Liabilities
(a) long-term borrowings	2.128	0.418
(b) Deferred tax liabilities (Net)	0.007	0.008
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	2.135	0.426
(4) Current Liabilities
(a) Short term borrowings	36.739	0.000
(b) Trade payables	67.991	31.601
(c) Other current liabilities	9.526	7.432
(d) Short-term provisions	2.972	2.601
Total Current Liabilities (4)	117.228	41.634
TOTAL	135.755	54.433
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	5.019	1.378
(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	0.001	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	0.013	0.018
Total Non-Current Assets	5.033	1.396
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	50.353	21.019
(c) Trade receivables	52.913	15.136
(d) Cash and cash equivalents	9.651	5.573
(e) Short-term loans and advances	6.111	3.162
(f) Other current assets	11.694	8.147
Total Current Assets	130.722	53.037
TOTAL	135.755	54.433

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		0.100
2] Share Application Money		0.000
3] Reserves & Surplus		(0.008)
4] (Accumulated Losses)		0.000
NETWORTH		0.092
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		0.000
TOTAL BORROWING		0.000
DEFERRED TAX LIABILITIES		0.000
TOTAL		0.092
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.000
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000
	Sundry Debtors	0.000
	Cash & Bank Balances	0.072
	Other Current Assets	0.000
	Loans & Advances	0.000
Total Current Assets		0.072
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.000
	Other Current Liabilities	0.002
	Provisions	0.000
Total Current Liabilities		0.002
Net Current Assets		0.070
MISCELLANEOUS EXPENSES		0.022
TOTAL		0.092

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2012	31.03.2011	31.03.2010
	SALES
	Income	211.292	105.630	0.000
	Other Income	NA	NA	NA
	TOTAL	NA	NA	NA
Less	EXPENSES	NA	NA	NA
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	2.984	1.745	(0.008)
Less	FINANCIAL EXPENSES	0.442	0.069	0.000
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	2.542	1.676	(0.008)
Less/ Add	DEPRECIATION/ AMORTISATION	0.665	0.124	0.000
	PROFIT/ (LOSS) BEFORE TAX	1.877	1.552	(0.008)
Less	TAX	0.659	0.482	0.000
	PROFIT/ (LOSS) AFTER TAX	1.218	1.070	(0.008)
	Earnings / (Loss) Per Share (Rs.)	0.40	NA	NA

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
Net Profit Margin (PBT/Sales)	(%)	0.58	1.01	0.00
Return on Total Assets (PBT/Total Assets}	(%)	0.89	1.47	36.00
Return on Investment (ROI) (PBT/Networth)		1.38	2.85	0.09
Debt Equity Ratio (Total Debt /Networth)		0.11	0.13	0.00
Current Ratio (Current Asset/Current Liability)		2.37	0.03	36.00

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012
	(Rs. In Millions)	(Rs. In Millions)
Share Capital	0.100	0.100
Reserves & Surplus	1.063	2.281
Share Application money pending allotment	11.210	14.011
Net worth	12.373	16.392
long-term borrowings	0.418	2.128
Short term borrowings	0.000	36.739
Total borrowings	0.418	38.867
Debt/Equity ratio	0.034	2.371

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2010	31.03.2011	31.03.2012
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	0.000	105.630	211.292
			100.030

NET PROFIT MARGIN

Net Profit Margin	31.03.2010	31.03.2011	31.03.2012
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	0.000	105.630	211.292
Profit	(0.008)	1.070	1.218
		1.01%	0.58%

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	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	No
15]	Capital in the business	Yes
16]	Details of sister concerns	No
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	No

NOTE:

Registered office of the company has been shifted from Office No. 17, Dheeraj Heritage, 5^th Floor, Near Milan Subway, Santacruz (West), Mumbai – 400054, Maharashtra, India, to the present address w.e.f. 14.06.2013

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10488878	14/03/2014	10,000,000.00	BANK OF BARODA	BANK OF BARODA, KITCHEN GAARDEN LANE, 1ST FLOOR, MANGALDAS MARKET, MUMBAI, MAHARASHTRA - 400002, INDIA	C02564839
2	10344669	20/12/2012 *	87,500,000.00	BANK OF BARODA	MANGALDAS MARKET BRANCH, KITCHEN GARDEN LANE, 1^ST FLOOR, 375/382, MUMBAI, MAHARASHTRA - 400002, INDIA	B65150146

* Date of charge modification

FIXED ASSETS

Tangible Assets

· Air Conditioner

· Bowzer Tanker

· Camera

· Car

· Computer

· Decanting Tank

· Office Equipment

· Office Furniture and Fixtures

· Plant and Machinery

· Telephone and Mobile Instrument

· Water dispenser

· Weighing Scale

· Shed-Taloja

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.61.02
UK Pound	1	Rs.102.69
Euro	1	Rs.81.91

INFORMATION DETAILS

Information Gathered by :	SVA
Analysis Done by :	SUB
Report Prepared by :	KVT

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	4
--PROFITABILIRY	1~10	3
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		29

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

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