MIRA INFORM REPORT

Report Date :

26.08.2014

IDENTIFICATION DETAILS

Name :	BARKHA ENTERPRISES PRIVATE LIMITED (w.e.f. 14.12.2011)
Formerly Known As :	BARKHA REALTY PRIVATE LIMITED
Registered Office :	216, High Tech Industrial Centre, Caves Road, Jogeshwari (East), Mumbai – 400060, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	12.06.2007
Com. Reg. No.:	11-171557
Capital Investment / Paid-up Capital :	Rs.0.100 Million
CIN No.: [Company Identification No.]	U74999MH2007PTC171557
PAN No.: [Permanent Account No.]	AADCB4972E
Legal Form :	Private Limited Liability Company
Line of Business :	Real Estate Developers
No. of Employees :	Information denied by management

RATING & COMMENTS

MIRA’s Rating :

Ca (11)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear

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.

LOCATIONS

Registered Office :	216, High Tech Industrial Centre, Caves Road, Jogeshwari (East), Mumbai – 400060, Maharashtra, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	pawanacs@gmail.com

DIRECTORS

As on 30.09.2013

Name :

Mr. Mukesh Chetram Agrawal

Designation :

Director

Address :

1 Dutt Digambar, R C Patel Road, Chandavarkar Lane, Borivali West, Mumbai - 400092, Maharashtra, India

Date of Appointment :

30.09.2009

DIN No.:

01245840

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	U18101MH1994PTC078305	LOYAL APPARELS PRIVATE LIMITED	Director	16/09/2002	16/09/2002	-	Active	NO
2	U67120MH1996PTC098198	CHARTERED TRADERS PRIVATE LIMITED	Director	16/09/2002	16/09/2002	-	Active	NO
3	U52190MH2003PTC141083	INVENTION REALTORS PRIVATE LIMITED	Director	27/06/2003	27/06/2003	-	Active	NO
4	U99999MH1984PTC033628	RAJDERKAR AND CO BIO-ENGINEERING PRIVATE LIMITED	Director	14/09/2004	14/09/2004	-	Active	NO
5	U45200MH2002PTC137874	SHRAVAN DEVELOPERS PRIVATE LIMITED	Director	01/11/2004	01/11/2004	15/11/2006	Active	NO
6	U45200MH2004PTC150320	MARUTI DWELLERS PRIVATE LIMITED	Director	31/12/2004	31/12/2004	-	Active	NO
7	U45200MH2005PTC157930	SHREE MARUTI RESIDENCY AND MALL DEVELOPERS PRIVATE LIMITED	Director	09/12/2005	09/12/2005	17/01/2011	Active	NO
8	U51900MH1960PTC011775	RUSHANK CLOTHIERS PRIVATE LIMITED	Director	24/09/2007	24/09/2007	-	Active	NO
9	U74999MH2006PTC162507	Divya Business Concepts Private Limited	Additional director	13/03/2009	13/03/2009	-	Active	NO
10	U74999MH2007PTC171557	Barkha Enterprises Private Limited	Director	30/09/2009	13/03/2009	-	Active	NO
11	U74999MH2007PTC171556	Aksi Wholesalers Private Limited	Director	30/09/2009	13/03/2009	-	Active	NO
12	U52100MH2007PTC167268	Pairs Retail India Private Limited	Director	21/09/2010	04/01/2010	-	Active	NO
13	U17120MH2005PTC151362	REGAL SYNTHETICS PRIVATE LIMITED	Director	05/04/2010	05/04/2010	19/12/2011	Active	NO
14	U70100MH2011PTC214734	TOPLLER HOUSING PRIVATE LIMITED	Director	14/03/2011	14/03/2011	-	Active	NO
15	U70102MH2011PTC214719	TOPLLER REALTY PRIVATE LIMITED	Director	14/03/2011	14/03/2011	-	Active	NO
16	U15122MH2012PTC226132	SHUBH SURUCHI FOODS PRIVATE LIMITED	Director	17/01/2012	17/01/2012	-	Active	NO
17	U45200MH2010PTC210290	ARLETTE INFRASTRUCTURE PRIVATE LIMITED	Director	27/02/2012	27/02/2012	15/05/2014	Active	NO
18	U18204MH2013PTC244008	ROTATE LIFESTYLES PRIVATE LIMITED	Director	04/06/2013	04/06/2013	-	Active	NO
19	U70103MH2012PTC231662	Taquito Lease Operators Private Limited	Director	07/01/2014	07/01/2014	-	Active	NO

Name :

Mr. Damoder Jhanwar

Designation :

Director

Address :

A 206, Ankur Ganpati Krupa CHS, Cabin Road, Bhayander (East), Near National Dairy, Thane - 401105, Maharashtra, India

Date of Appointment :

30.09.2009

DIN No.:

02259218

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	U70102MH2008PTC181743	Shree Balaji LNB Mercantile India Private Limited	Director	27/10/2009	30/07/2008	-	Active	NO
2	U70200MH2007PTC168047	MAHABAL REALTY PRIVATE LIMITED	Director	21/08/2008	21/08/2008	-	Active	NO
3	U45200MH2007PTC168052	VAYUPUTRA REALTY PRIVATE LIMITED	Director	21/08/2008	21/08/2008	-	Active	NO
4	U74999MH2007PTC171557	Barkha Enterprises Private Limited	Director	30/09/2009	13/03/2009	-	Active	NO
5	U70200MH2007PTC166932	PRECISION REALTY DEVELOPERS PRIVATE LIMITED	Director	30/09/2009	13/03/2009	-	Active	NO
6	U74999MH2007PTC171494	Panah Traders & Merchants Private Limited	Director	30/09/2009	13/03/2009	-	Active	NO
7	U70200MH2007PTC172957	Ujjain Future Bazaar Private Limited	Director	30/09/2009	30/03/2009	04/07/2012	Active	NO
8	U55101MH2007PTC172953	Future Hospitality Private Limited	Director	30/09/2009	30/03/2009	29/09/2011	Active	NO
9	U70109MH2006PTC160395	Shivam Mall Management Company Private Limited	Director	30/09/2009	30/03/2009	05/03/2010	Active	NO
10	U55101MH2007PTC172958	Tritoma Hotels Private Limited	Director	30/09/2009	30/03/2009	18/08/2010	Active	NO
11	U70109MH2006PTC160388	Nirvana Mall Management Company Private Limited	Director	30/09/2009	30/03/2009	05/03/2010	Active	NO
12	U52190MH2006PTC160414	PAVITRA MALL MANAGEMENT COMPANY PRIVATE LIMITED	Director	30/09/2009	30/03/2009	23/03/2010	Active	NO
13	U70109MH2007PTC166935	ACME REALTY DEVELOPERS PRIVATE LIMITED	Director	30/09/2009	30/03/2009	27/11/2009	Active	NO
14	U74900KA2007PTC071171	Integrated Food Park Private Limited	Director	30/09/2009	30/03/2009	16/10/2010	Active	NO
15	U52300MH2007PTC172952	Prasoon Traders Private Limited	Director	30/09/2009	30/03/2009	-	Active	NO
16	U18101MH1997PTC109676	STITCHWELL GARMENTS PRIVATE LIMITED	Director	30/09/2010	30/07/2010	-	Active	NO
17	U51909MH2005PLC157355	FOOT- MART RETAIL INDIA LIMITED	Additional director	10/08/2012	10/08/2012	-	Active	NO

Name :

Mr. Bhawarlal Jajoo

Designation :

Director

Address :

IV - 404, Plot No. 71, Satyanarayan Bhavan, Dr. RG Thadani Marg, Mumbai – 400018, Maharashtra, India

Date of Appointment :

27.03.2012

DIN No.:

02451850

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	U17110MH2002PTC138248	SHREE KANAK -FAB PRIVATE LIMITED	Director	13/12/2002	13/12/2002	-	Active	NO
2	U74900MH2011PTC220057	Gauged Trading Private Limited	Director	27/03/2012	27/03/2012	-	Active	NO
3	U74999MH2007PTC171557	Barkha Enterprises Private Limited	Director	27/03/2012	27/03/2012	-	Active	NO

Name :

Mr. Vimal Kishore Jajoo

Designation :

Director

Address :

IV - 404, Plot No. 71, Satyanarayan Bhavan, Dr. RG Thadani Marg, Mumbai – 400018, Maharashtra, India

Date of Appointment :

27.03.2012

DIN No.:

05243270

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	U74999MH2007PTC171557	Barkha Enterprises Private Limited	Director	27/03/2012	27/03/2012	-	Active	NO
2	U74900MH2011PTC220057	Gauged Trading Private Limited	Director	27/03/2012	27/03/2012	-	Active	NO
3	U74900MH2012PTC232589	Aaradhak Commercial Ventures Private Limited	Director	31/08/2012	31/08/2012	10/09/2012	Active	NO

MAJOR SHAREHOLDERS

As on 30.09.2013

Names of Shareholders	No. of Shares
Laxmikant Saboo	9999
Shrikant Saboo	1
Total	10000

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2013

Category	Percentage
Other top fifty shareholders	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Real Estate Developers

GENERAL INFORMATION

No. of Employees :	Information denied by management
Bankers :	Not Available

Banking Relations :	--
Auditors :
Name :	Ashok Bairagra and Associates Chartered Accountants
Address :	404 Shubham Centre - 2, B - Wing, 4^th Floor, Cardinal Gracious Road, Andheri (East), Mumbai – 400099, Maharashtra, India
PAN No.:	AAPFS0971H

CAPITAL STRUCTURE

As on 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.10/- each	Rs.0.100 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	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	0.100	0.100	0.100
(b) Reserves & Surplus	(34.121)	(5.183)	(3.077)
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	(34.021)	(5.083)	(2.977)
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	0.000	0.000	0.000
(4) Current Liabilities
(a) Short term borrowings	690.232	607.709	33.650
(b) Trade payables	168.186	109.237	0.000
(c) Other current liabilities	0.029	0.024	0.011
(d) Short-term provisions	0.038	0.375	0.016
Total Current Liabilities (4)	858.485	717.345	33.677
TOTAL	824.464	712.262	30.700
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	0.000	0.000	0.000
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.009	97.123	30.367
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	0.009	97.123	30.367
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	241.083	116.068	0.000
(d) Cash and cash equivalents	3.070	0.104	0.333
(e) Short-term loans and advances	580.302	498.967	0.000
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	824.455	615.139	0.333
TOTAL	824.464	712.262	30.700

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income
		Other Income
		TOTAL	1,673.161	1,129.285	5.751
Less	EXPENSES		1,702.058	1,131.016	6.392
	PROFIT/(LOSS) BEFORE TAX		(28.897)	(1.731)	(0.641)
Less	TAX		0.041	0.375	0.016
	PROFIT/(LOSS) AFTER TAX		(28.938)	(2.106)	(0.657)
	Earnings Per Share (Rs.)		(2893.80)	NA	NA

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	(1.73)	(0.19)	(11.42)
Return on Total Assets (PBT/Total Assets}	(%)	(3.50)	(0.28)	(192.49)
Return on Investment (ROI) (PBT/Networth)		0.85	0.34	0.22
Debt Equity Ratio (Total Debt /Networth)		(20.29)	(119.56)	(11.30)
Current Ratio (Current Asset/Current Liability)		0.96	0.86	0.01

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Share Capital	0.100	0.100	0.100
Reserves & Surplus	(3.077)	(5.183)	(34.121)
Net worth	(2.977)	(5.083)	(34.021)
long-term borrowings	0.000	0.000	0.000
Short term borrowings	33.650	607.709	690.232
Total borrowings	33.650	607.709	690.232
Debt/Equity ratio	(11.303)	(119.557)	(20.288)

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Total Income	5.751	1,129.285	1,673.161
		19,536.324	48.161

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Total Income	5.751	1,129.285	1,673.161
Profit	(0.657)	(2.106)	(28.938)
	(11.42%)	(0.19%)	(1.73%)

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	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	No
24]	Banking facility details	No
25]	Conduct of the banking account	----------
26]	Buyer visit details	Yes
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

UNSECURED LOANS:

Particulars	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Short Term Borrowings
Loans repayable on demand from others	690.232	607.709
Total	690.232	607.709

NO CHARGES EXIST FOR THE COMPANY

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Computer

· Vehicles

· Furniture and Fixture

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.60.44
UK Pound	1	Rs.100.24
Euro	1	Rs.80.35

INFORMATION DETAILS

Information Gathered by :	HTL
Analysis Done by :	RAS
Report Prepared by :	VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	1
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	1
--PROFITABILIRY	1~10	1
--LIQUIDITY	1~10	1
--LEVERAGE	1~10	1
--RESERVES	1~10	1
--CREDIT LINES	1~10	1
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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		11

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.