MIRA INFORM REPORT

Report Date :

13.11.2014

IDENTIFICATION DETAILS

Name :	HONEY BEE CROP CARE PRIVATE LIMITED
Registered Office :	Plot No. 68, Jayanagar, New Bowenapally, Secunderbad – 500011, Telangana
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	28.05.2008
Com. Reg. No.:	059377
Capital Investment / Paid-up Capital :	Rs.0.100 Million
CIN No.: [Company Identification No.]	U01403TG2008PTC059377
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Private Limited Liability Company
Line of Business :	To carry on the business of procession, production, development of bio products for all crops, bio pesticides and bio fertilizers for crop care.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ca (14)

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 :	Unknown
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The management has failed its financial record with government department since 2011. As per previous financial record of 2010, the rating is constrained on account of company’s small scales of business operations and small net worth of the company. As per registrar of companies business appears to be active. Payments are reported to be unknown. The company can be considered for business dealings on safe and secured trade 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 – 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

Verdict Implications : Apex court order may alter coal import dynamics. Traders go slow on talks over coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.

Recent arrest of the Chennai head of the Registrar of Companies, the ministry of corporate affairs arm that ensures that companies file all the information required by the Companies Act is the latest manifestation of a messy fight between a father and his adopted son for the control of Rs 40000 mn business empire. The Central Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10 lakhs as bribe from M A M Ramaswamy, a CBI official said.

Central Bureau of Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.

Infosys maintains revenue guidance. COO Rao says attrition still an area of concern and it would take a few more quarters to bring down levels to 13-15 %.

DHL  to invest Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its e-commerce business model for the Asia-Pacific region.

Blackstone may buy stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.

Kingfisher Airlines Ltd grounded in October 2012 under the weight of heavy debt and accumulated losses, recently approached the Delhi high court for relief in two separate cases. The airline challenged a notice by Punjab & National Bank alleging that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to comply with the requirements under the listing agreements with the Stock Exchanges.

OnMobile likely to sack another 300 employees. The lay-offs follow a spate of senior-level exits over the past two years, starting with of its founder. The overall lay-offs could number around 600 and are driven by the need to cut costs, says a former employee.

EXTERNAL AGENCY RATING

Rating Agency Name	-
Rating	-
Rating Explanation	-
Date	-

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 DENIED

Management Non Co - Operative

LOCATIONS

Registered Office :	Plot No. 68, Jaya Nagar, New Bowenpally, Secunderbad – 500011, Telangana, India
Tel. No.:	91-40-27955458
Fax No.:	91-40-27957365
E-Mail :	info@higeneseeds.com hbcropcare@gmail.com

DIRECTORS

As on: 30.09.2010

Name :

Mr. Vesangi Srinivasa Rao

Designation :

Director

Address :

Holl No. 3-6-180, Surabhi Avenue, F. No. 102, Hyderabad – 500029, Andhra Pradesh

Date of Birth/Age :

20.08.1970

Date of Appointment :

28.05.2008

DIN No.:

01647556

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	U45200TG2007PTC055208	AGRI VILAS (INDIA) PRIVATE LIMITED	Director	21-08-2007	21-08-2007	14-08-2013	Active	NO
2	U01119TG2007PTC056033	Heterosis Biotech Private Limited	Managing director	01-04-2009	22-10-2007	-	Active	NO
3	U01403TG2008PTC059377	HONEY BEE CROP CARE PRIVATE LIMITED	Director	28-05-2008	28-05-2008	-	Active	NO
4	U01403TG2011PTC072116	Agri Genome Resources India Private Limited	Director	08-01-2011	08-01-2011	30-09-2013	Active	NO

Name :

Mr. Gottipati Visweaswara Chowdary

Designation :

Director

Address :

H. No:1-30-86, Plot No. 68, tsr Floor, Jaya Nagar, New Bowenpally, Secunderabad – 500011, Andhra Pradesh, India

Date of Birth/Age :

15.08.1970

Date of Appointment :

28.05.2008

DIN No.:

01647467

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	U45200TG2007PTC055208	AGRI VILAS (INDIA) PRIVATE LIMITED	Director	21-08-2007	21-08-2007	14-08-2013	Active	NO
2	U01119TG2007PTC056033	Heterosis Biotech Private Limited	Whole-time director	01-04-2009	22-10-2007	-	Active	NO
3	U01403TG2008PTC059377	HONEY BEE CROP CARE PRIVATE LIMITED	Director	28-05-2008	28-05-2008	-	Active	NO
4	U01403TG2011PTC072116	Agri Genome Resources India Private Limited	Director	08-01-2011	08-01-2011	30-09-2013	Active	NO

Name :

Mr. Daga Kaushik

Designation :

Director

Address :

Daga House, Koti Bazar, Betul – 400001, Madhya Pradesh, India

Date of Birth/Age :

29.04.1980

Date of Appointment :

28.05.2008

DIN No.:

01411362

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	U51909MH2001PTC134236	AVENTIS BIOFEEDS PRIVATE LIMITED	Director	24-12-2002	24-12-2002	22-06-2010	Active	NO
2	U14102MP1996PTC011055	BETUL MINERALS AND CONSTRUCTION PRIVATE LIMITED	Director	30-09-2006	01-11-2005	-	Active	NO
3	U67120MP1995PTC009696	SHREYANS CREDIT AND CAPITAL PVT LTD	Director	01-12-2005	01-12-2005	10-03-2010	Active	NO
4	U51215MH2006PTC159142	BETUL OILS AND FEEDS PRIVATE LIMITED	Director	29-09-2012	20-01-2006	04-02-2013	Active	NO
5	U01119TG2007PTC056033	Heterosis Biotech Private Limited	Director	19-03-2008	19-03-2008	-	Active	NO Bottom of Form
6	U01403TG2008PTC059377	HONEY BEE CROP CARE PRIVATE LIMITED	Director	28-05-2008	28-05-2008	-	Active	NO
7	U51900MH2008PTC186284	NAVINYA MULTITRADE PRIVATE LIMITED	Additional director	25-01-2010	25-01-2010	04-08-2010	Active	NO
8	U67190MH2010PTC203532	Jyothir Credit & Capital Private Limited	Director	28-05-2010	28-05-2010	15-06-2012	Active	NO
9	U70102MH2010PTC203535	Artefact Properties Private Limited	Director	27-09-2013	28-05-2010	-	Active	NO
10	U40300MH2010PTC203534	VAMA ENERGY PRIVATE LIMITED	Director	28-05-2010	28-05-2010	-	Active	NO
11	U67110MH2010PTC203557	Moebius Credit & Capital Private Limited	Director	31-05-2010	31-05-2010	-	Active	NO
12	U64203KA1999PTC040905	SANOVI TECHNOLOGIES PRIVATE LIMITED	Director	29-09-2010	08-07-2010	-	Active	NO
13	U72900MH2010PTC207272	UnI24 Techno Solutions Private Limited	Director	30-08-2010	30-08-2010	14-03-2011	Active	NO
14	U93090MH2010PTC208542	SUNMATE TRADE PRIVATE LIMITED	Director	03-10-2010	03-10-2010	14-03-2011	Active	NO
15	U62200DL2012PTC239864	Victory Aviation Services Private Limited	Director	06-08-2012	06-08-2012	-	Active	NO
16	U01403MP2014PTC032452	Siddha Seeds Private Limited	Director	03-03-2014	03-03-2014	-	Active	NO

Name :

Mr. Daga Kumar Sheyans

Designation :

Director

Address :

Daga House, Koti Bazar, Betul – 400001, Madhya Pradesh, India

Date of Birth/Age :

15.02.1974

Date of Appointment :

28.05.2008

DIN No.:

01669132

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	U15141MP1981PLC001723	BETUL OIL LIMITED	Director	31-12-2013	15-09-1993	17-05-2014	Active	NO
2	U80101MH2007PTC173542	INDIGO KIDS EDUTAINMENT PRIVATE LIMITED	Director	28-08-2007	28-08-2007	14-03-2011	Active	NO
3	U45200MH2005PTC151230	KHUSHALI DEVELOPERS PRIVATE LIMITED	Director	15-12-2007	15-12-2007	28-06-2010	Active	NO
4	U01119TG2007PTC056033	Heterosis Biotech Private Limited	Director	19-03-2008	19-03-2008	01-03-2011	Active	NO
5	U01403TG2008PTC059377	HONEY BEE CROP CARE PRIVATE LIMITED	Director	28-05-2008	28-05-2008	01-03-2011	Active	NO
6	U51900MH2008PTC186284	NAVINYA MULTITRADE PRIVATE LIMITED	Additional director	25-01-2010	25-01-2010	04-08-2010	Active	NO
7	U51215MH2006PTC159142	BETUL OILS AND FEEDS PRIVATE LIMITED	Director	30-09-2010	01-06-2010	01-01-2011	Active	NO
8	U64203KA1999PTC040905	SANOVI TECHNOLOGIES PRIVATE LIMITED	Additional director	01-04-2011	01-04-2011	-	Active	NO
9	U65993MH2011PTC235187	Green Holdings Private Limited	Director	12-08-2011	12-08-2011	-	Active	NO
10	U70102MH2010PTC203535	Artefact Properties Private Limited	Director	26-09-2012	28-08-2012	10-01-2013	Active	NO
11	U74997MH2012NPL236856	IT Disaster Recovery Management Council of India	Director	16-10-2012	16-10-2012	-	Active	NO
12	U74999MH2013NPL250670	Consciousness Engineering Research Foundation	Director	03-12-2013	03-12-2013	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.09.2010

Names of Shareholders	No. of Shares	Percentage
Vesangi Srinivasa Rao	2500	25.00
Gottipati Visweaswara Chowdary	2500	25.00
Daga Kaushik	2500	25.00
Daga Kumar Sheyans	2500	25.00
Total	10,000	100.00

Equity Share Break up (Percentage of Total Equity)

As on: 30.09.2010

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	To carry on the business of procession, production, development of bio products for all crops, bio pesticides and bio fertilizers for crop care.
Products :	Not Available
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Available
Imports :	Not Available
Terms :
Selling :	Not Available
Purchasing :	Not Available

GENERAL INFORMATION

Suppliers :	Not Available
Customers :	Not Available
No. of Employees :	Not Divulged
Bankers :	HDFC Bank Limited
Facilities :	--

Banking Relations :	--
Auditors :
Name :	M. Venkata Krishna & Company Chartered Accountants
Address :	8-3-319/8/7/6A, 2^nd Floor, Ruby Apartment, Saradhi Studio Road, Yella Reddy Guda, Hyderabad- 500073, Andhra Pradesh, India
Tel. No.:	91-40-23748092
E-Mail :	krishna_auditor@yahoo.com
PAN No.:	ADDPM2978B
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	Not Available
Sister Concern :	Not Available

CAPITAL STRUCTURE

As on: 30.09.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
10,000	Equity Shares	Rs.10/- each	Rs.0.100 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10,000	Equity Shares	Rs.10/- each	Rs.0.100 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		0.100	0.100
2] Share Application Money		0.800	0.800
3] Reserves & Surplus		0.165	0.065
4] (Accumulated Losses)		0.000	0.000
NETWORTH		1.065	0.965
LOAN FUNDS
1] Secured Loans		0.000	0.000
2] Unsecured Loans		0.000	0.000
TOTAL BORROWING		0.000	0.000
DEFERRED TAX LIABILITIES		0.000	0.000
TOTAL		1.065	0.965
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.031	0.000
Capital work-in-progress		0.000	0.000
INVESTMENT		0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	29.391	0.000
	Sundry Debtors	6.548	3.197
	Cash & Bank Balances	0.397	0.180
	Other Current Assets	0.000	0.000
	Loans & Advances	0.180	0.029
Total Current Assets		36.516	3.406
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.000	0.000
	Other Current Liabilities	35.460	2.423
	Provisions	0.030	0.029
Total Current Liabilities		35.490	2.452
Net Current Assets		1.026	0.954
MISCELLANEOUS EXPENSES		0.008	0.011
TOTAL		1.065	0.965

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009
	SALES
		Income	7.333	6.908
		Other Income	0.055	0.000
		TOTAL (A)	7.388	6.908
Less	EXPENSES
		Purchases, Processing & Manufacturing expense	6.019	4.452
		Administrative & Selling Expenses	1.259	2.355
		Preliminary Expenses Written off	0.002	0.002
		TOTAL (B)	7.280	6.809
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		7.388	6.908
Less	FINANCIAL EXPENSES (D)		0.009	0.005
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		0.099	0.094
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.000	0.000
	PROFIT BEFORE TAX (E-F) (G)		0.099	0.094
Less	TAX (H)		0.031	0.029
	PROFIT AFTER TAX (G-H) (I)		0.068	0.065
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		0.065	0.000
	BALANCE CARRIED TO THE B/S		0.133	0.065
	Earnings Per Share (Rs.)		13.30	6.50

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009
Net Profit Margin PAT / Sales	(%)	0.93	0.94
Operating Profit Margin (PBIDT/Sales)	(%)	1.47	1.43
Return on Total Assets (PBT/Total Assets}	(%)	0.27	2.76
Return on Investment (ROI) (PBT/Networth)		0.09	0.10
Debt Equity Ratio (Total Debt/Networth)		0.00	0.00
Current Ratio (Current Asset/Current Liability)		1.03	1.39

FINANCIAL ANALYSIS

[All figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2009	31.03.2010
	(Rs. In Millions)	(Rs. In Millions)
Share Capital	0.100	0.100
Share Application Money	0.800	0.800
Reserves & Surplus	0.065	0.165
Net worth	0.965	1.065
Secured Loan	0.000	0.000
Unsecured Loan	0.000	0.000
Total borrowings	0.000	0.000
Debt/Equity ratio	0.000	0.000

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2009	31.03.2010
	(Rs. In Millions)	(Rs. In Millions)
Sales	6.908	7.333
		6.152

NET PROFIT MARGIN

Net Profit Margin	31.03.2009	31.03.2010
	(Rs. In Millions)	(Rs. In Millions)
Total Income	6.908	7.333
Profit	0.065	0.068
	0.94%	0.93%

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 two 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	No
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

OPERATIONS:

The Company has recorded a growth in sales. The Company Bio-Products are well accepted in the market and the Company is on the growth and successful path. The Company has extended its bio-technology in the areas of its product portfolio to provide focus on key products with greater profitability.

To sum up, it is very heartening to inform that the Company made a good progress during the year and expecting the same trends to continue in the years to come.

INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY 

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.61.48
UK Pound	1	Rs.97.92
Euro	1	Rs.76.79

INFORMATION DETAILS

Analysis Done by :	KRN
Report Prepared by :	MTN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	2
--RESERVES	1~10	-
--CREDIT LINES	1~10	-
--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		14

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.