MIRA INFORM REPORT

Report No. :	315512
Report Date :	03.04.2015

IDENTIFICATION DETAILS

Name :	MARS INTERNATIONAL INDIA PRIVATE LIMITED (w.e.f. 23.01.2008)

Formerly Known As :	EFFEM INDIA PRIVATE LIMITED

Registered Office :	Sucheta Bhawan, 1st Floor, 11-A, Vishnu Digamber Marg, New Delhi – 110002

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	19.05.1994

Com. Reg. No.:	55-059114

Capital Investment / Paid-up Capital :	Rs.4846.969 Million

CIN No.: [Company Identification No.]	U74899DL1994PTC059114

TIN No.:	Not Available

IEC No.:	Not Available

TAN No.: [Tax Deduction & Collection Account No.]	Not Available

PAN No.: [Permanent Account No.]	AAACE6794J

Legal Form :	Private Limited Liability Company

Line of Business :	The company primarily engaged in the business of manufacture and sale of Pet food. It is also engaged in the trading activities of Pet food and Snack food.

No. of Employees :	Information denied by management

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

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

Status :	Satisfactory

Payment Behaviour :	Usually Correct

Litigation :	Clear

Comments :	Subject is a wholly subsidiary of Mars Overseas Holdings Inc. (USA). It is an established company having satisfactory track record. The rating is constrained due to accumulated losses reported by the company. However, the company gets strong backing from its holding company which is ranked as the 6^th largest privately held company in the United Stated by Forbes. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct. The company can be considered for business dealings at usual trade terms and conditions.

NOTES:

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

ECGC Country Risk Classification List – December 31, 2014

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

India

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

NOT AVAILABLE

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 (Tel No.: 91-11-40564861)

LOCATIONS

Registered Office :	Sucheta Bhawan, 1st Floor, 11-A, Vishnu Digamber Marg, New Delhi – 110002, India
Tel. No.:	91-11-40564861 / 26155131
Fax No.:	91-11-2615513
E-Mail :	ravikumar.samudrala@effem.com

DIRECTORS

As on 29.09.2014

Name :

Mr. Mayuram Venkataraman Natarajan

Designation :

Managing Director

Address :

S-06/B, Windsor Court, DLF Phase 4, Gurgaon - 122002, Haryana, India

Date of Birth/Age :

25.04.1969

Date of Appointment :

01.04.2014

PAN No.:

ABRPN4176G

DIN No.:

05324934

Other Directorship:

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

U74899DL1994PTC059114

MARS INTERNATIONAL INDIA PRIVATE LIMITED

Managing director

01/04/2014

01/06/2012

Active

Name :

Loo Yen Lay Madeleine

Designation :

Director

Address :

1 Sennett Place, Singapore, 466837, Singapore

Date of Birth/Age :

24.01.1968

Date of Appointment :

30.09.2013

DIN No.:

06499463

Other Directorship:

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

U74899DL1994PTC059114

MARS INTERNATIONAL INDIA PRIVATE LIMITED

Director

30/09/2013

19/03/2013

Active

Name :

Pydisetty Veera Venkata Srinivasa Rao

Designation :

Whole Time Director

Address :

H102, Mantri Espana, Kariyammana Agrahara, Behind Passport Office, Outer Ring Road, Bangalore - 560103, Karnataka, India

Date of Birth/Age :

09.07.1968

Date of Appointment :

29.09.2014

PAN No.:

AJTPP7276M

DIN No.:

06805347

Other Directorship:

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

U74899DL1994PTC059114

MARS INTERNATIONAL INDIA PRIVATE LIMITED

Whole-time director

29/09/2014

11/02/2014

Active

MAJOR SHAREHOLDERS

As on 29.09.2014

Names of Shareholders	No. of Shares	% of Holding
Mars Foods Inc., USA	538705	0.09
Mars Overseas Holdings Inc., USA (Formerly known as FFEM Inc.)	621522212	99.91
Total	622060917	100.00

Equity Share Break up (Percentage of Total Equity)

As on 29.09.2014

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

The company primarily engaged in the business of manufacture and sale of Pet food. It is also engaged in the trading activities of Pet food and Snack food.

Products :

Product Description	Item Code No. (ITC Code)
Animal and Food Products	99612290

Brand Names :

Agencies Held :

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Selling :

Not Divulged

Purchasing :

Not Divulged

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Remark :	Not Divulged

Customers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Remark :	Not Divulged

No. of Employees :

Information denied by management

Bankers :

Banker Name	Not Divulged
Branch Address	Not Divulged
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged


Auditors :
Name :	Lovelock and Lewes Chartered Accountants
Address :	Plot No. 77/A, 8-2-624/A1, 3rd Floor Road. No.10 Banjara Hills, Hyderabad – 500034, Telangana, India
PAN No.:	AABFL5878L

Memberships :	--

Collaborators :	--

Holding Company :	Mars Overseas Holding Inc (USA)

Ultimate Holding Company :	Mars Incorporated (USA)

Fellow Subsidiary Company :	Mars GCC FZE, UAE Mars Nederland B.V., Netherlands Mars Petcare (Thailand) Co., Limited Mars Egypt for Manufacturing LLC Mars Espana Inc Y Cia Food S.R.C Mars LLC Mars information Services (A division of Mars Incorporated) Mars Foods (China) Co., Limited Mars Australia Pty. Limited Mars Foods, Inc., (Singapore) Guangzhou Mars Information Technology Services Co., Limited Mars Shared Cost Service Centre (USA) Mars Belgium (NV Mars Belgium SA) Mars Information Services (A division of Mars Chocolate UK Limited) Mars Chocolate NA, LLC Mars Chocolate UK Limited Mars Petcare UK Mars Petcare US, Inc. Mars Foods, Inc. (Hong Kong) Wrigley India Private Limited CIN No.: U15434DL1993PTC132563 Mars Information Services (France) Mars Petcare (Thailand) Co., Limited Royal Canin China Co., Limited European Treasury and Benefits Centre Effemex CEIPA France MARS Consumer Products Africa (Pty) Limited P T. Mars Symbioscience Indonesia Mars Foods Malaysia Sdn Bhd Mars Financial Services, USA Mars Foods Inc. (USA) Mars Global Chocolate

CAPITAL STRUCTURE

As on 29.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

1000000000	Equity Shares	Rs.10/- each	Rs.10000.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

622060917	Equity Shares	Rs.10/- each	Rs.6220.609 Million

As on 29.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

1000000000	Equity Shares	Rs.10/- each	Rs.10000.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

484696876	Equity Shares	Rs.10/- each	Rs.4846.969 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	4,846.969	3,086.504	1,855.522
(b) Reserves & Surplus	(6,068.564)	(4,213.093)	(3,121.416)
(c) Money received against share warrants	0.000	0.000	0.000

(2) Share Application money pending allotment	600.748	0.000	78.328
Total Shareholders’ Funds (1) + (2)	(620.847)	(1,126.589)	(1,187.566)

(3) Non-Current Liabilities
(a) long-term borrowings	2,079.453	1,880.683	1,770.015
(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	66.192	48.879	37.095
Total Non-current Liabilities (3)	2,145.645	1,929.562	1,807.110

(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	651.850	467.265	293.478
(c) Other current liabilities	107.896	91.002	62.490
(d) Short-term provisions	8.951	7.117	3.209
Total Current Liabilities (4)	768.697	565.384	359.177

TOTAL	2,293.495	1,368.357	978.721

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1,029.160	492.701	503.823
(ii) Intangible Assets	0.680	0.252	0.000
(iii) Capital work-in-progress	91.025	20.978	10.099
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	71.792	155.018	55.711
(e) Other Non-current assets	0.300	0.300	0.250
Total Non-Current Assets	1,192.957	669.249	569.883

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	597.965	474.909	220.698
(c) Trade receivables	94.069	71.467	85.114
(d) Cash and cash equivalents	392.694	123.623	83.719
(e) Short-term loans and advances	15.676	29.045	19.290
(f) Other current assets	0.134	0.064	0.017
Total Current Assets	1,100.538	699.108	408.838

TOTAL	2,293.495	1,368.357	978.721

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.03.2014	31.03.2013	31.03.2012
	SALES
		Income		4,686.040	3,462.170	2,339.880
		Other Income		27.540	15.280	45.720
		TOTAL		4,713.580	3,477.450	2,385.600

Less	EXPENSES			6,569.050	4,569.130	2,975.210

	PROFIT/(LOSS) BEFORE TAX			(1,855.470)	(1,091.680)	(589.610)

Less	TAX			0.000	0.000	0.000

	PROFIT/(LOSS) AFTER TAX			(1,855.470)	(1,091.680)	(589.610)

	EARNINGS IN FOREIGN CURRENCY
			Export Earnings	460.812	327.978	280.769
	TOTAL EARNINGS			460.812	327.978	280.769

	Earnings / (Loss) Per Share (Rs.)			(3.83)	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	(39.60)	(31.53)	(25.20)

Return on Total Assets (PBT/Total Assets}	(%)	(84.24)	(81.02)	(60.87)

Return on Investment (ROI) (PBT/Networth)		2.99	0.97	0.50

Debt Equity Ratio (Total Debt /Networth)		(3.35)	(1.67)	(1.49)

Current Ratio (Current Asset/Current Liability)		1.43	1.24	1.14

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	Rs. In Million	Rs. In Million	Rs. In Million
Share Capital	1855.522	3086.504	4846.969
Reserves & Surplus	(3121.416)	(4213.093)	(6068.564)
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	78.328	0.000	600.748
Net worth	(1187.566)	(1126.589)	(620.847)

Long Term borrowings	1770.015	1880.683	2079.453
Short Term borrowings	0.000	0.000	0.000
Total borrowings	1770.015	1880.683	2079.453
Debt/Equity ratio	(1.490)	(1.669)	(3.349)

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	Rs. In Million	Rs. In Million	Rs. In Million
Sales	2,339.880	3,462.170	4,686.040
		47.964	35.350

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	Rs. In Million	Rs. In Million	Rs. In Million
Sales	2,339.880	3,462.170	4,686.040
Profit	(589.610)	(1,091.680)	(1,855.470)
	(25.20%)	(31.53%)	(39.60%)

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	Yes
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	----------
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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

UNSECURED LOANS:

Particulars	31.03.2014 Rs. In Million	31.03.2013 Rs. In Million
LONG TERM BORROWINGS
Other external commercial borrowings	2,079.453	1,880.683
Total	2,079.453	1,880.683

GENERAL INFORMATION

The Company is a Private limited company incorporated under the provisions of the Companies Act 1956 and is primarily engaged in the business of manufacture and sale of Pet food. It is also engaged in the trading activities of Pet food and Snack food.

REVIEW OF OPERATIONS AND FUTURE OUTLOOK

They are witnessing robust growth in both Petcare and Chocolate segments and are making significant progress as a result of outstanding work in the market with special emphasis on building mental and physical availability of all our brands (PEIDGREE, WHISKAS, SNICKERS, GALAXY, BOUNTY, MARS, TWIX, etc.). Mars India is the Leader in Pet care Industry in India with a consistent growth of 30% year on year. The excellence in execution has led to the exponential growth in the chocolate segment more than 100%.

NO CHARGES EXIST FOR COMPANY

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Computer

· Vehicles

· Furniture and Fixture

NEWS:

MARS ON TRACK TO OPEN FIRST CHOCOLATE FACTORY IN INDIA

MUMBAI, INDIA (March 16, 2015) - Mars International India, a wholly owned subsidiary of Mars, Incorporated, has announced it is on track with plans for its first chocolate factory in India. Last week it signed a Memorandum of Understanding (MOU) with the Maharashtra Government at the Vidhan Sabha in Mumbai - a significant step in deepening Mars International India’s presence and commitment to India.

Mars, Incorporated intends to invest Rs.1005 crores (over $160 million) in the new factory at Pune. It is designed to deliver Mars’ quality products to the consumer and positively impact the communities within which they operate by providing local employment opportunities and community engagement program.

The project is expected to generate direct employment opportunities for over 200 people and indirect employment opportunities to over 1000 people. The plant will produce Mars’ world renowned brands Snickers™ and Galaxy™ to cater to the growing chocolate demand across the country.

MV Natarajan, General Manager, Mars International India, said, “This initiative reiterates our continued commitment to India. The chocolate industry in India is growing at nearly 20% every year and we see this as a huge opportunity to expand our chocolate portfolio in the country in the coming years. Pune is an investor friendly and progressive city and we are delighted to deepen our commitment to India with our investment of Rs.1005 crores (Rupees one thousand and five crores) there. The climate, geography, talent availability, proximity to port, therefore to raw material and the proximity to demand cluster, makes Pune one of the most viable locations for chocolate manufacturing. Our Pune plant is planned to be completely eco-friendly and a LEED GOLD certified facility. This will boost our production capacity and efficiently support the growing demand for Mars chocolates in India.”

Photo caption: Signed copy of the MOU being exchanged between Mr Apurva Chandra, Principal Secretary, Deptt of Industries, Govt of Maharashtra and MV Natarajan, GM, Mars Chocolates India. People watching from the left Mr Devendra Phadnavis, Hon’ble Chief Minister of Maharashtra, Mr Subhash Desai, Minister of Industries, Govt of Maharashtra, Ehab AbouOaf, Regional President, APAC, Mars Chocolate.

About Mars international India Private Limited:

MARS International India Pvt. Ltd. is a wholly owned subsidiary of MARS, Incorporated. In India, Mars operates in two categories, a Pet care manufacturing and marketing business; and a Chocolate importation and marketing operation. The chocolate segment has its corporate office in Gurgaon, New Delhi. The pet care business is based in the southern state of Andhra Pradesh with its corporate office in Hyderabad. MARS India is presently engaged in manufacturing pet food under its global brands PEDIGREE® and WHISKAS®.

MARS India chocolate portfolio includes:

SNICKERS^®

GALAXY^®

MARS^®

Bounty^®

Twix^®

About Mars, Incorporated

Mars, Incorporated is a private, family-owned business with more than a century of history and some of the best-loved brands in the world including M&M’S®, PEDIGREE®, DOUBLEMINT® and UNCLE BEN’S®. Headquartered in McLean, VA, Mars has more than $33 billion in sales from six diverse business segments: Petcare, Chocolate, Wrigley, Food, Drinks and Symbioscience. More than 75,000 Associates across 73 countries are united by the company’s Five Principles: Quality, Efficiency, Responsibility, Mutuality and Freedom and strive every day to create relationships with stakeholders that deliver growth we are proud of as a 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.62.59
UK Pound	1	Rs.92.46
Euro	1	Rs.67.51

INFORMATION DETAILS

Information Gathered by :	RKH

Analysis Done by :	SUM

Report Prepared by :	VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	5
--CREDIT LINES	1~10	6
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO

TOTAL		44

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.

MIRA INFORM REPORT

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