MIRA INFORM REPORT

Report Date :

18.09.2014

IDENTIFICATION DETAILS

Name :	BACFO PHARMACEUTICALS (INDIA) LIMITED
Registered Office :	E-27, Defence Colony, Ring Road, New Delhi - 110024
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	20.10.1994
Com. Reg. No.:	55-062272
Capital Investment / Paid-up Capital :	Rs. 10.511 Millions
CIN No.: [Company Identification No.]	U74899DL1994PLC062272
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Herbal [Ayurvedic] Healthcare and Personal Care Products.
No. of Employees :	80 (Approximately)

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 55000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. As per Registrar of Companies, the date of Balance Sheet i.e. financials filed is shown as 31.03.2013 but the documents related to the financials for the year 2013 are not available from any sources. As per available financial 2012, reserves of the company seem to be low. However, trade relations are fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered for business dealings with some caution.

NOTES :

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

ECGC Country Risk Classification List – 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 willfully 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.

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 PARTED BY

Name :	Mr. Rajkumar
Designation :	Accounts Department
Contact No.:	91-120-2521992
Date :	17.09.2014

LOCATIONS

Registered Office :	E-27, Defence Colony, Ring Road, New Delhi – 110024, India
Tel. No.:	91-11-24339900/ 24339700
Fax No.:	91-11-24339300/ 24339100
E-Mail :	leela@akcgroup.com ljohnson@amity.edu bacfo@akcgroup.com
Website :	http://www.bacfo.com
Corporate Office :	527 Mallard Point Dr. North Aurora, IL 60542 USA
Tel. No.:	1-630-447-9095
Fax No.:	1-630-206-0391
E-Mail :	usa@bacfo.com
Factory :	C-15, Sector - 2, Noida - 201301, (Adjacent to New Delhi), India
Tel. No.:	91-120-2521992/ 2524731/ 2521992
Fax No.:	91-120-2542109

DIRECTORS

AS ON 30.09.2013

Name :

Mr. Arun Chauhan

Designation :

Managing director

Address :

E-27, Defence Colony, Ring Road, New Delhi – 110024, India

Date of Birth/Age :

30.06.1954

Date of Appointment :

21.10.1994

DIN No.:

00241128

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U32101DL1986PLC024197	TECHNICOM CHEMIE (INDIA) LIMITED	Director	01/06/1986	01/06/1986	Active	NO
2	U74899DL1994PLC062272	BACFO PHARMACEUTICALS (INDIA) LIMITED	Managing director	21/10/1994	21/10/1994	Active	NO
3	U74110DL1996PTC077913	CROBOLS-CROSS BORDER LEGAL SYSTEMS (INDIA) PRIVATE LIMITED	Director	05/10/2005	05/10/2005	Active	NO
4	U74899DL1995PTC070806	FIRST GRADE FORCE PRIVATE LIMITED	Additional director	24/03/2008	24/03/2008	Active	NO
5	U65100DL2008PTC184076	BACFO & KRAUTER HOLDINGS PRIVATE LIMITED	Director	08/10/2008	08/10/2008	Active	NO
6	U23209DL2008PLC184638	CINCORP INTERNATIONAL LIMITED	Director	04/11/2008	04/11/2008	Active	NO
7	U67110DL2011PLC212268	I FINANCE COMPANY LIMITED	Director	06/01/2011	06/01/2011	Active	NO
8	U85100DL2012PTC232429	ATHARV CARE INDIA PRIVATE LIMITED	Director	05/03/2012	05/03/2012	Active	NO

Name :

Mr. Rajesh Puri

Designation :

Director

Address :

E-352, Second Floor, Greater Kailash I, New Delhi – 110048, India

Date of Birth/Age :

17.08.1953

Date of Appointment :

01.07.2006

DIN No.:

00355335

Name :

Mr. Akhil Chauhan

Designation :

Director

Address :

E-27, Defence Colony, Ring Road, New Delhi – 110024, India

Date of Birth/Age :

22.01.1983

Date of Appointment :

28.12.2006

DIN No.:

01447201

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U74899DL1994PLC062272	BACFO PHARMACEUTICALS (INDIA ) LIMITED	Director	28/12/2006	28/12/2006	Active	NO
2	U23209DL2008PLC184638	CINCORP INTERNATIONAL LIMITED	Director	04/11/2008	04/11/2008	Active	NO
3	U67110DL2011PLC212268	I FINANCE COMPANY LIMITED	Director	06/01/2011	06/01/2011	Active	NO
4	U85100DL2012PTC232429	ATHARV CARE INDIA PRIVATE LIMITED	Director	05/03/2012	05/03/2012	Active	NO
5	U74120DL2013PTC252692	THINKLITE INDIA PRIVATE LIMITED	Director	24/05/2013	24/05/2013	Active	NO

Name :

Mr. Abhishek Chauhan

Designation :

Additional director

Address :

E-27, Defence Colony, Ring Road, New Delhi – 110024, India

Date of Birth/Age :

01.03.1984

Date of Appointment :

01.01.2010

DIN No.:

02288404

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U23209DL2008PLC184638	CINCORP INTERNATIONAL LIMITED	Additional director	01/01/2010	01/01/2010	Active	NO
2	U74899DL1994PLC062272	BACFO PHARMACEUTICALS (INDIA ) LIMITED	Additional director	01/01/2010	01/01/2010	Active	NO
3	U67110DL2011PLC212268	I FINANCE COMPANY LIMITED	Director	06/01/2011	06/01/2011	Active	NO
4	U85100DL2012PTC232429	ATHARV CARE INDIA PRIVATE LIMITED	Director	05/03/2012	05/03/2012	Active	NO
5	U74120DL2013PTC252692	THINKLITE INDIA PRIVATE LIMITED	Director	24/05/2013	24/05/2013	Active	NO

KEY EXECUTIVES

Name :	Mr. Rajkumar
Designation :	Accounts Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 28.09.2012

Names of Shareholders	No. of Shares
Anand Chauhan	10
Arun Chauhan	272010
Ajay Chauhan	130010
His Trust Organisation, India	200000
Stratega Finance Company Private Limited, India	150000
Atul Chauhan	100010
Surendra Kumar	10
Technicom Chemie (India) Limited, India	35010
Aseem Chauhan	14000
Rajesh Puri	10
Akhil Chauhan	75000
Abhishek Chauhan	75000
Total	1051070

AS ON 29.03.2013

Names of Allottees	No. of Shares
Akhil Chauhan	50000
Abhishek Chauhan	50000
Achal Kumar Chauhan	50000
Total	150000

AS ON 28.09.2012

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	36.63
Directors or relatives of directors	63.37
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Herbal [Ayurvedic] Healthcare and Personal Care Products.
Exports :
Products :	Finished Goods
Countries :	· USA UK Singapore
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Customers :	Wholesalers, Retailers and End Users
No. of Employees :	80 (Approximately)
Bankers :	· Bank of Baroda Noida, Uttar Pradesh, India

Banking Relations :	--
Auditors :
Name :	Alok Mittal and Associates Chartered Accountants
Address :	X-13, Hauz Khas, New Delhi – 110024, India
Income-tax PAN of auditor or auditor's firm :	AAJPM0206F
Related Party :	· Cincorp International Limited C-46, Phase-2, Noida - 201305, (Adjacent to New Delhi), India

CAPITAL STRUCTURE

AS ON 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
2,000,000	Equity Shares	Rs. 10/- each	Rs. 20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1,201,070	Equity Shares	Rs. 10/- each	Rs. 12.011 Millions

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
2,000,000	Equity Shares	Rs. 10/- each	Rs. 20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1,051,070	Equity Shares	Rs. 10/- each	Rs. 10.511 Millions

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	10.511	10.511
(b) Reserves & Surplus	3.332	2.845
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	13.843	13.356
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000
(b) Deferred tax liabilities (Net)	1.561	1.449
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.252	0.202
Total Non-current Liabilities (3)	1.813	1.651
(4) Current Liabilities
(a) Short term borrowings	1.308	1.308
(b) Trade payables	1.088	1.509
(c) Other current liabilities	4.341	4.223
(d) Short-term provisions	0.786	1.522
Total Current Liabilities (4)	7.523	8.562
TOTAL	23.179	23.569
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	11.692	9.566
(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	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	0.093	0.093
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	11.785	9.659
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	6.638	7.132
(c) Trade receivables	0.779	1.200
(d) Cash and cash equivalents	3.508	4.730
(e) Short-term loans and advances	0.017	0.756
(f) Other current assets	0.452	0.092
Total Current Assets	11.394	13.910
TOTAL	23.179	23.569

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		9.511
2] Share Application Money		0.000
3] Reserves & Surplus		2.284
4] (Accumulated Losses)		0.000
NETWORTH		11.795
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		1.949
TOTAL BORROWING		1.949
DEFERRED TAX LIABILITIES		1.360
TOTAL		15.104
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		8.800
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	6.110
	Sundry Debtors	2.211
	Cash & Bank Balances	0.769
	Other Current Assets	0.000
	Loans & Advances	0.207
Total Current Assets		9.297
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.716
	Other Current Liabilities	1.307
	Provisions	0.970
Total Current Liabilities		2.993
Net Current Assets		6.304
MISCELLANEOUS EXPENSES		0.000
TOTAL		15.104

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Revenue from Operations	34.321	38.681	29.467
		Other Income	0.718	0.159	0.015
		TOTAL (A)	35.039	38.840	29.482
Less	EXPENSES
		Cost of Materials Consumed	8.011	10.605
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(0.203)	(0.103)
		Employees benefits expense	9.893	12.440
		Other expenses	15.913	14.437
		TOTAL (B)	33.614	37.379	24.640
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1.425	1.461	4.842
Less	FINANCIAL EXPENSES (D)		0.054	0.101	0.259
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1.371	1.360	4.583
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.619	0.466	0.628
	PROFIT BEFORE TAX (E-F) (G)		0.752	0.894	3.955
Less	TAX (H)		0.256	0.254	0.521
	PROFIT AFTER TAX (G-H) (I)		0.496	0.640	3.434
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	10.692	13.187	8.826
	Earnings Per Share (Rs.)
	Basic		0.58	0.69	4.16
	Diluted		0.47	0.61	3.61

Particulars	31.03.2014	31.03.2013
Sales Turnover (Approximately)	60.000	50.000

The above information has been parted by Mr. Rajkumar [Accounts Department]

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	1.42	1.65	11.65
Net Profit Margin (PBT/Sales)	(%)	2.19	2.31	13.42
Return on Total Assets (PBT/Total Assets}	(%)	3.24	3.79	21.85
Return on Investment (ROI) (PBT/Networth)		0.05	0.07	0.34
Debt Equity Ratio (Total Debt/Networth)		0.09	0.10	0.17
Current Ratio (Current Asset/Current Liability)		1.51	1.62	3.11

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	10.511	10.511
Reserves & Surplus	2.845	3.332
Net worth	13.356	13.843
Long-term borrowings	0.000	0.000
Short term borrowings	1.308	1.308
Total borrowings	1.308	1.308
Debt/Equity ratio	0.098	0.094

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	29.467	38.681	34.321
		31.269	(11.272)

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	29.467	38.681	34.321
Profit	3.434	0.640	0.496
	11.65%	1.65%	1.45%

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	Yes
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	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
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	No
34]	External Agency Rating, if available	No

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	90062022	04/07/2000	550,000.00	BANK OF BARODA	S.S.I. BRANCH, NOIDA, UTTAR PRADESH, INDIA	-

UNSECURED LOANS

UNSECURED LOANS	31.03.2012 (Rs. In Millions)	31.03.2011 (Rs. In Millions)
SHORT TERM BORROWINGS
From concerns in which directors are interested	1.308	1.308
Total	1.308	1.308

FIXED ASSETS:

· Plant and Machinery

Electrical Fittings

Furniture and Fixture

Computers

R & D Equipment

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. 60.95
UK Pound	1	Rs. 99.32
Euro	1	Rs. 78.97

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	RAS
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	2
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTERS
--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.