MIRA INFORM REPORT

Report No. :	343160
Report Date :	06.10.2015

IDENTIFICATION DETAILS

Name :	KAVERI VINTRADE PRIVATE LIMITED
Registered Office :	6, Ganesh Chandra Avenue, Kolkata-700012, West Bengal
Tel. No.:	91-33-22111482
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	17.10.2011
Com. Reg. No.:	21-168585
Capital Investment / Paid-up Capital :	Rs. 0.100 Million
CIN No.: [Company Identification No.]	U51909WB2011PTC168585
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAECK5235E
Legal Form :	Private Limited Liability Company
Line of Business :	Trader of Iron and Steel.
No. of Employees :	50 (Approximately)

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 :	Slow
Litigation :	Clear
Comments :	Subject is a relatively new company incorporated in the year 2011. It is having moderate track. It is a trader of Iron and Steel. The company has incurred losses from its operations in FY14, which has resulted in erosion of the networth Further, the company has reported cash loss from its operations in the year under consideration. However, trade relations are fair. Business is active. Payment terms are reported to be slow. In view of aforesaid, the company can be considered for business dealings with fully safe and secured 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 – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
India	A1	A1

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 31-03-2015.

INFORMATION PARTED BY

Name :	Mr. Tutu Ghosh
Designation :	Finance Head
Contact No.:	91-9830115021
Date :	05.10.2015

LOCATIONS

Registered Office :	6, Ganesh Chandra Avenue, Kolkata-700012, West Bengal, India
Tel. No.:	91-33-22111482
Mobile No.:	91-9830115021 (Mr. Tutu Ghosh)
Fax No.:	Not Available
E-Mail :	vishal@dngassoicates.in

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Sanjay Kumar Singh

Designation :

Director

Address :

4, Ballav Das Street, 3rd Floor Room No.335, Kolkata- 700007, West Bengal, India

Date of Birth/Age :

10.10.1977

Date of Appointment :

18.10.2011

PAN No.:

ANIPS0591D

DIN No.:

00535434

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	U51109WB1990PTC048957	JAI BHOLA TRADING COMPANY PRIVATE LIMITED	Director	30/04/2002	30/04/2002	Active	NO
2	U60221WB1995PTC072311	BIBIPURIA ROADLINES PRIVATE LIMITED	Director	01/10/2008	01/10/2008	Active	NO
3	U51909WB2011PTC168601	TYCOON SUPPLIERS PRIVATE LIMITED	Director	18/10/2011	18/10/2011	Active	NO
4	U51909WB2011PTC168585	KAVERI VINTRADE PRIVATE LIMITED	Director	18/10/2011	18/10/2011	Active	NO

Name :

Mr. Amit Kumar Ganguly

Designation :

Director

Address :

81,S.C.M. Road, Baidyabati Hooghly, Baidyabati-712222, West Bengal, India

Date of Birth/Age :

17.09.1957

Date of Appointment :

23.08.2013

PAN No.:

ADSPG4045L

DIN No.:

01832263

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	U51109WB1995PTC075291	SMC MARKETING PRIVATE LIMITED	Director	24/02/1996	24/02/1996	Active	NO
2	U51909WB1991PTC053769	PACHERIWALA SYNTHETICS PRIVATE LIMITED	Director	24/07/1998	24/07/1998	Active	NO
3	U70101WB1996PTC076737	MANISHA CONSTRUCTION PRIVATE LIMITED	Director	09/10/2000	09/10/2000	Active	NO
4	U51909WB2011PTC168585	KAVERI VINTRADE PRIVATE LIMITED	Director	23/08/2013	23/08/2013	Active	NO
5	U51909WB2011PTC168601	TYCOON SUPPLIERS PRIVATE LIMITED	Director	23/08/2013	23/08/2013	Active	NO

Name :

Mr. Sajjan Kumar Hakim

Designation :

Director

Address :

237 / 9 G. T. Road (45-54, 219-240), Bye No Line 11, Bally, Howrah-711202, West Bengal, India

Date of Birth/Age :

05.07.1953

Date of Appointment :

02.01.2013

PAN No.:

ABOPH8759A

DIN No.:

02323038

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	L51909WB1983PLC035956	RANISATI INDUSTRIES LIMITED	Additional director	01/11/2008	01/11/2008	-	Active	NO
2	U27109WB1994PLC052024	S G STRIPS LIMITED	Director	21/03/2009	21/03/2009	14/11/2009	Active	NO
3	U27109WB1995PLC071063	CONCAST BENGAL INDUSTRIES LIMITED	Additional director	28/05/2010	28/05/2010	25/11/2011	Active	NO
4	U70200WB1980PTC032822	KALIGHAT PROPERTIES PRIVATE LIMITED	Additional director	25/08/2010	25/08/2010	-	Active	NO
5	U45203WB2007PTC112792	N.K.S. PROJECTS PRIVATE LIMITED	Director	25/08/2010	25/08/2010	-	Active	NO
6	U45203WB2007PTC112790	MATASHREE PROPERTIES PRIVATE LIMITED	Director	30/09/2011	30/05/2011	-	Active	NO
7	U45203WB2007PTC112800	G.N.K.PROPERTIES PRIVATE LIMITED	Director	30/09/2011	30/05/2011	-	Active	NO
8	U45203WB2007PTC112791	N.G.K. PROPERTIES PRIVATE LIMITED	Director	30/09/2011	30/05/2011	-	Active	NO
9	U45203WB2007PTC112744	GANGOUR NIRMAN PRIVATE LIMITED	Director	30/09/2011	30/05/2011	-	Active	NO
10	U45203WB2007PTC112807	TRITIUM PROPERTIES PRIVATE LIMITED.	Director	30/09/2011	30/05/2011	-	Active	NO
11	U51909WB2011PTC168601	TYCOON SUPPLIERS PRIVATE LIMITED	Director	29/12/2012	29/12/2012	-	Active	NO
12	U51909WB2011PTC168585	KAVERI VINTRADE PRIVATE LIMITED	Director	02/01/2013	02/01/2013	-	Active	NO
13	U45400WB2013PTC192711	EVERLINK HOMES PRIVATE LIMITED	Director	02/05/2013	02/05/2013	-	Active	NO
14	U45400WB2013PTC192781	GOODPOINT HOMES PRIVATE LIMITED	Director	02/05/2013	02/05/2013	-	Active	NO
15	U26922WB2006PTC109915	SWATI UDYOG PRIVATE LIMITED	Director	30/09/2013	25/09/2013	-	Active	NO
16	U72200WB2001PLC093976	IMPEX INFOTECH LIMITED	Director	26/05/2014	26/05/2014	-	Active	NO
17	U85110WB2009PTC139889	INDO-US HEALTHCARE PRIVATE LIMITED	Additional director	25/06/2014	25/06/2014	25/11/2014	Active	NO
18	U27310JH2005PTC011494	VAISHNAVI METAL AND POWER PRIVATE LIMITED	Additional director	05/11/2014	05/11/2014	-	Active	NO
19	U00132JH1995PTC006426	SUTHERPUR MINERALS PRIVATE LIMITED	Additional director	05/11/2014	05/11/2014	-	Under Process of Striking off	NO
20	U27105WB2007PTC120017	VISHWARUPA ISPAT PRIVATE LIMITED	Director	01/12/2014	01/12/2014	-	Active	NO
21	U67190WB2010PTC154275	VISHWARUPA SECURITIES PRIVATE LIMITED	Director	01/12/2014	01/12/2014	-	Active	NO
22	U18204WB2010PTC150149	VISHWARUPA FASHIONS PRIVATE LIMITED	Director	01/12/2014	01/12/2014	-	Active	NO
23	U60231WB2010PTC150150	VISHWARUPA LOGISTICS PRIVATE LIMITED	Director	15/12/2014	15/12/2014	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Tutu Ghosh
Designation :	Finance Head

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Shareholders	No. of Shares	Percentage of Holding
Sanjay Kumar Singh	5000	50.00
Sajjan Kumar Hakim	2500	25.00
Amit Kumar Ganguly	2500	25.00
Total	10000	100.00

AS ON 30.09.2014

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Trader of Iron and Steel.
Products :	--
Brand Names :	--
Agencies Held :	--
Exports :
Products :	--
Countries :	--
Imports :
Products :	--
Countries :	--
Terms :
Selling :	Cash and Credit (30 days, 60 days and 90 days)
Purchasing :	Cash and Credit (30 days, 60 days and 90 days)

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference:	Not Divulged
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

Customers :

End Users and OEMs

Reference:	Not Divulged
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

No. of Employees :

50 (Approximately)

Bankers :

Bank Name:	Not Divulged
Branch:	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 A/c Opening):	Not Divulged
Average Balance Maintained (Optional):	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan):	Not Divulged
Account Operation:	Not Divulged
Remarks:	Not Divulged

Facilities :

--

Banking Relations :	--
Auditors :
Name :	D. N. Gupta and Associates Chartered Accountants
Address :	10, Ganesh Chandra Avenue, Kolkata-700013, West Bengal, India
Income-tax PAN of auditor or auditor's firm :	AAGFD7545K
Memberships :	--
Collaborators :	--
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
1,000,000	Equity Shares	Rs. 10/- each	Rs. 10.000 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 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	0.100	0.100	0.100
(b) Reserves & Surplus	(1.222)	0.036	(0.018)
(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)	(1.122)	0.136	0.082
(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	0.000	0.000	0.000
(b) Trade payables	5937.954	5912.106	0.411
(c) Other current liabilities	1.293	0.225	0.003
(d) Short-term provisions	0.024	0.024	0.000
Total Current Liabilities (4)	5939.271	5912.355	0.414
TOTAL	5938.149	5912.491	0.496
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	0.000	0.000	0.000
(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	0.006	0.010	0.013
Total Non-Current Assets	0.006	0.010	0.013
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	19.352	212.099	0.319
(c) Trade receivables	5911.383	5689.895	0.040
(d) Cash and cash equivalents	1.356	2.236	0.108
(e) Short-term loans and advances	6.027	0.000	0.000
(f) Other current assets	0.025	8.251	0.016
Total Current Assets	5938.143	5912.481	0.483
TOTAL	5938.149	5912.491	0.496

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income			0.080
		Other Income			0.000
		TOTAL (A)	12444.042	6543.134	0.080
Less	EXPENSES
		Purchases of Stock-in-Trade			0.395
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade			(0.319)
		Other expenses			0.020
		TOTAL (B)	12445.300	6543.057	0.096
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(Including Financial and Depreciation Expenses)	(Including Financial and Depreciation Expenses)	(0.016)
Less	FINANCIAL EXPENSES (D)				0.002
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)				(0.018)
Less/ Add	DEPRECIATION/ AMORTISATION (F)				0.000
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		(1.258)	0.077	(0.018)
Less	TAX (H)		0.000	0.023	0.000
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		(1.258)	0.054	(0.018)
	Earnings Per Share (Rs.)		(125.81)	5.35	(1.78)

PARTICULARS	31.03.2015
Sales Turnover (Approximately)	15000.000

The above information has been parted by Mr. Tutu Ghosh (Finance Head)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	NA	NA	NA
Cash Generated from Operations	NA	NA	NA
Net Cash Flow from (used in) Operations	(0.883)	2.125	0.010

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	NA	NA	(22.50)
Operating Profit Margin (PBDIT/Sales)	(%)	NA	NA	(20.00)
Return on Total Assets (PBT/Total Assets}	(%)	(0.02)	0.00	(3.63)
Return on Investment (ROI) (PBT/Networth)		1.12	0.57	(0.22)
Debt Equity Ratio (Total Debt/Networth)		0.00	0.00	0.00
Current Ratio (Current Asset/Current Liability)		1.00	1.00	1.17

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

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	0.100	0.100	0.100
Reserves & Surplus	(0.018)	0.036	(1.222)
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	0.082	0.136	(1.122)
Long-term borrowings	0.000	0.000	0.000
Short term borrowings	0.000	0.000	0.000
Total borrowings	0.000	0.000	0.000
Debt/Equity ratio	0.000	0.000	0.000

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)
Total Income	0.080	6543.134	12444.042
		81,78,817.500	90.185

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Total Income	0.080	6543.134	12444.042
Profit	(0.018)	0.054	(1.258)
	(22.50%)	0.00%	(0.01%)

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	Yes
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	Yes
17	Details of sister concerns	No
18	Major suppliers	No
19	Major customers	No
20	Banking Details	No
21	Banking facility details	No
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	No
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY

CHANGE OF ADDRESS:

The Registered Office of the company has been shifted 25, Ganesh Chandra Avenue, 4^th Floor, Kolkata-700013, West Bengal, India from to the present address w.e.f 14.02.2014

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 records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs. 65.29
UK Pound	1	Rs. 99.31
Euro	1	Rs. 73.39

INFORMATION DETAILS

Information Gathered by :	PPT
Analysis Done by :	KIN
Report Prepared by :	IND

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	1
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--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		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.