MIRA INFORM REPORT

Report No. :	341840
Report Date :	22.09.2015

IDENTIFICATION DETAILS

Name :	BHAGWATI FATS AND EDIBLE OILS PRIVATE LIMITED
Registered Office :	House No.15-1-52/1, Jagdish Nivas, Old Feelkhana, 1^st Floor, Hyderabad - 500012, Telangana
Tel. No.:	91-40-24600656
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	17.08.2010
Com. Reg. No.:	36-070035
Capital Investment / Paid-up Capital :	Rs.120.500 Million
CIN No.: [Company Identification No.]	U15122TG2010PTC070035
IEC No.:	0910015490
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAECB2338P
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Trader and Importer of Edible Oils.
No. of Employees :	100 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (26)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
Payment Behaviour :	Slow but Correct
Litigation :	Clear
Comments :	Subject is a private limited company incorporated in the year 2010. It is having moderate track. Management of the company has failed to file its latest financials to the government department for the year 2014. As per the available financials of FY 2013, the company has taken huge external borrowings along with low profit margin which has hampered the liquidity position of the company. However, trade relations are fair. Business is active. Payment terms are reported to be slow but correct. In view of aforesaid, the company can be considered for business dealings with great 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 – 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

Rating Agency Name	CRISIL
Rating	Long term rating = BBB- (Suspended)
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	December 07, 2014

Rating Agency Name	CRISIL
Rating	Short term rating = A3 (Suspended)
Rating Explanation	Moderate degree of safety and higher credit risk.
Date	December 07, 2014

Reason for suspension: Absence of adequate information from the company.

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. Naresh Gupta
Designation :	Accountant
Contact No.:	91-40-24600656
Date :	21.09.2015

LOCATIONS

Registered Office :	House No.15-1-52/1, Jagdish Nivas, Old Feelkhana, 1^st Floor, Hyderabad - 500012, Telangana, India
Tel. No.:	91-40-24600656
Mobile No.:	91-9849285891 (Mr. Ritesh)
Fax No.:	Not Available
E-Mail :	bhagwati@agarwalindia.com
Location :	Owned
Locality :	Commercial cum Residential
Factory :	Plot No. 5A/6, IDA, Vakalapudi, Near Light House, Kakinada – 533005, Andhra Pradesh, India
Tel. No.:	91-884-2306242 / 43
Fax No.:	91-884-2306241
E-Mail :	bhagwatikkd@agarwalindia.com

DIRECTORS

As on 31.03.2015

Name :	Yashodabai Agarwal
Designation :	Director
Address :	3-5-141/2/3, Eden Bagh, Narayanguda, Hyderabad - 500029, Telangana, India
Date of Birth/Age :	02.12.1938
Date of Appointment :	17.08.2010
PAN No.:	ACEPA2279D
DIN No.:	03151690
Name :	Mr. Amit Kumar Agarwal
Designation :	Director
Address :	3-5-141/2/3, Eden Bagh, Hyderabad - 500012, Telangana, India
Date of Birth/Age :	17.12.1983
Date of Appointment :	17.08.2010
PAN No.:	AGRPA8213E
DIN No.:	03168382

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	U15122TG2010PTC070035	BHAGWATI FATS AND EDIBLE OILS PRIVATE LIMITED	Director	17/08/2010	17/08/2010	-	Active	NO
2	U15411TG2014PTC095846	SHANTI VEGETABLE OILS PRIVATE LIMITED	Director	27/09/2014	27/09/2014	-	Active	NO
3	U15137TG2014PTC095845	YASH VEGETABLE OILS PRIVATE LIMITED	Director	27/09/2014	27/09/2014	-	Active	NO

Name :

Mr. Aditya Agarwal

Designation :

Director

Address :

3-5-141/2/3, Edenbagh, Hyderabad - 500001, Telangana, India

Date of Appointment :

11.04.2011

DIN No.:

03491234

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	U15122TG2010PTC070035	BHAGWATI FATS AND EDIBLE OILS PRIVATE LIMITED	Director	11/04/2011	11/04/2011	-	Active	NO
2	U15411TG2014PTC095846	SHANTI VEGETABLE OILS PRIVATE LIMITED	Director	27/09/2014	27/09/2014	-	Active	NO
3	U15137TG2014PTC095845	YASH VEGETABLE OILS PRIVATE LIMITED	Director	27/09/2014	27/09/2014	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Naresh Gupta
Designation :	Accountant

MAJOR SHAREHOLDERS

As on 09.08.2010

Names of Shareholders	No. of Shares
Amit Kumar Agarwal	5000
Yashoda Bai Agarwal	5000
Total	10000

As on 10.06.2012

Names of Allottee	No. of Shares Allotted
Kedia Commodities Limited	200000
Jitendra Thakkar	150000
Total	350000

BUSINESS DETAILS

Line of Business :

Manufacturer, Trader and Importer of Edible Oils.

Products :

Product Description	Item Code No. (ITC Code)
Vanaspati	151620.09
Sunflower Oil	151219.01
Rice Bran Oil	151590.11

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Available

Imports :

Products :

Edible Oils

Countries :

• Malaysia
• Singapore

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

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

Customers :

Retailers and End Users

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

No. of Employees :

100 (Approximately)

Bankers :

Banker Name	Andhra Bank
Branch Address	Sultan Bazar, Koti, Hyderabad – 500195, Telangana, India
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

• Kotak Mahindra Bank Limited, Hyderabad, Telangana, India

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2013	As on 31.03.2012
LONG TERM BORROWING
Rupee term loans from banks	106.615	121.134
Loans taken for fixed assets	0.746	3.220
SHORT TERM BORROWING
Loans repayable on demand from banks	666.708	291.734
Total	774.069	416.088

Auditors :
Name :	Smg and Associates Chartered Accountants
Address :	Flat No 202, 3^Rd Floor, House No. 6-3-1185/158 and 159 Nafees Residency, B S Maktha, Begumpet, Hyderabad, Telangana, India
PAN No.:	ABTFS6543E
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

After 30.09.2013

Authorised Capital: Rs.150.000 Million

Issued, Subscribed & Paid-up Capital: Rs.122.300 Million

As on 31.03.2013

Authorised Capital:

No. of Shares	Type	Value	Amount
15000000	Equity Shares	Rs.10/- each	Rs.150.000 Million

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
12050000	Equity Shares	Rs.10/- each	Rs.120.500 Million

Disclosure of Shareholding more than 5% in company

Equity Shareholders	As on 31.03.2013
Anirudh Persad Agarwal (HUF)	3500000
Satish Kumar Agarwal	1000000
Yashodabai Agarwal	2500000
Amit Kumar Agarwal	2500000
Murarilal Agarwal HUF	1500000

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	120.500	95.000
(b) Reserves & Surplus	9.879	7.697
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.841	0.841
Total Shareholders’ Funds (1) + (2)	131.220	103.538
(3) Non-Current Liabilities
(a) long-term borrowings	258.512	193.036
(b) Deferred tax liabilities (Net)	5.350	3.961
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	263.862	196.997
(4) Current Liabilities
(a) Short term borrowings	666.708	291.734
(b) Trade payables	343.816	108.028
(c) Other current liabilities	41.230	30.214
(d) Short-term provisions	1.011	2.418
Total Current Liabilities (4)	1052.765	432.394
TOTAL	1447.847	732.929
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	230.041	207.410
(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	9.254	3.841
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	0.199	0.298
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	239.494	211.549
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	157.613	230.341
(c) Trade receivables	728.661	214.288
(d) Cash and cash equivalents	314.767	65.103
(e) Short-term loans and advances	7.312	11.418
(f) Other current assets	0.000	0.230
Total Current Assets	1208.353	521.380
TOTAL	1447.847	732.929

SOURCES OF FUNDS		31.03.2011
SHAREHOLDERS FUNDS
1] Share Capital		30.010
2] Share Application Money		1.200
3] Reserves & Surplus		0.993
4] (Accumulated Losses)		0.000
NETWORTH		32.203
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		0.000
TOTAL BORROWING		0.000
DEFERRED TAX LIABILITIES		0.000
TOTAL		32.203
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.000
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000
	Sundry Debtors	141.246
	Cash & Bank Balances	15.782
	Other Current Assets	0.000
	Loans & Advances	6.766
Total Current Assets		163.794
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.000
	Other Current Liabilities	132.674
	Provisions	0.475
Total Current Liabilities		133.149
Net Current Assets		30.645
MISCELLANEOUS EXPENSES		1.558
TOTAL		32.203

PROFIT & LOSS ACCOUNT

PARTICULARS	31.03.2013	31.03.2012	31.03.2011
SALES
Income			135.210
Other Income			0.000
TOTAL	4043.926	1167.188	135.210
EXPENSES
Purchases			132.675
Administrative and Other Expenses			0.231
Preliminary Expenses			0.099
Preoperative Expenses			0.290
TOTAL	3974.167	1142.316	133.295
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	69.759	24.872	1.915
FINANCIAL EXPENSES	52.897	10.917	0.477
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	16.862	13.955	1.438
DEPRECIATION/ AMORTISATION	10.865	1.124	0.000
PROFIT/ (LOSS) BEFORE TAX	5.997	12.831	1.438
PROFIT/(LOSS) AFTER ADJUSTMENTS	0.000	0.331
EARLIER YEAR TAXES	1.011	2.509
PROVISION FOR DEFERRED TAX	1.387	3.961	0.444
PROFIT/ (LOSS) AFTER TAX	2.182	6.693	0.994
PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	7.687	0.994	0.000
Balance Carried to the B/S	9.869	7.687	0.994
IMPORTS
Raw Materials	3407.210	384.171	NA
Trading Goods	217.858	753.081	NA
TOTAL IMPORTS	3625.068	1137.252	NA
Earnings / (Loss) Per Share (Rs.)	0.18	0.55	0.08

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2013	31.03.2012	31.03.2011
Current Maturities of Long term debt	21.760	10.094	NA
Cash generated from operations	NA	NA	NA
Net cash flows from	NA	NA	NA

Particulars	31.03.2015	31.03.2014
Sales Turnover (Approximately)	5000.000	3550.000

The above information has been parted by Mr. Naresh Gupta (Accountant).

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Net Profit Margin (PAT/Sales)	(%)	0.05	0.57	0.74
Operating Profit Margin (PBDIT / Sales)	(%)	1.73	2.13	1.42
Return on Total Assets (PBT/Total Assets}	(%)	0.42	1.76	0.60
Return on Investment (ROI) (PBT/Networth)		0.05	0.12	0.03
Debt Equity Ratio (Total Debt/Networth)		7.22	4.78	0.00
Current Ratio (Current Asset/Current Liability)		1.15	1.21	1.23

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013
	(Rs. In Million)	(Rs. In Million)
Share Capital	95.000	120.500
Reserves & Surplus	7.697	9.879
Share Application money pending allotment	0.841	0.841
Net worth	103.538	131.220
long-term borrowings	193.036	258.512
Short term borrowings	291.734	666.708
Current Maturities of Long Term Debt	10.094	21.760
Total borrowings	494.864	946.980
Debt/Equity ratio	4.780	7.217

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Total Income	135.210	1167.188	4043.926
		763.241	246.467

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Total Income	135.210	1167.188	4043.926
Profit	0.994	6.693	2.182
	0.74%	0.57%	0.05%

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)	Yes
16	No. of employees	Yes
17	Details of sister concerns	No
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
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	No
26	Turnover of firm for last five 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	Yes
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

Note:

Registered address has been shifted from the 15-1-52, Jagdish Nivas, 2^nd Floor, Old Feelkhana, Hyderabad – 500012, Telangana, India to the present address.

OPERATIONS (As on 31.03.2013)

The company is engaged in refining of edible palm oil. This is the first year in which the company was operational.

The edible oil industry also witnessed volatility during the financial year under consideration. The international prices showed significant swings with a sharp increase in prices of edible oil. There was also significant movements in US $ during the year which have impacted the financials to a great extent. However the decision of the directors to cover the exposure in US $ by forward contracts has paid off. This has helped the company in reducing the losses to a great extent.

However it appears that the volatility in the edible oil prices and currency movement has now significantly stabilized. It is in this perspective that the operational and financial performance of the company has to be understood.

The company has achieved sales of Rs.3995.688 Million for the year 2012-13 as against sales of Rs.1105.277 Million for the year 2011-12. We have achieved a net profit of Rs. 2.182 Million for the year as against a net profit of Rs.6.693 Million for the year 2011-12. With the stability in our operations, conservative business practices through hedging operations we are confident of posting an improved financial performance for the current financial year.

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2013	As on 31.03.2012
LONG TERM BORROWING
Intercorporate borrowings	151.151	68.682
Total	151.151	68.682

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10481618	01/03/2014	225,000,000.00	ANDHRA BANK	SULTAN BAZAR, KOTI, HYDERABAD - 500195, Andhra Pradesh, INDIA	B97639058
2	10346122	23/02/2012	3,391,000.00	KOTAK MAHINDRA BANK LIMITED	36-38A, NARIMAN BHAVAN, 227,D, NARIMAN POINT, MUMBAI - 400021, Maharashtra, INDIA	B36509651
3	10292837	05/06/2015 *	995,000,000.00	ANDHRA BANK	SULTAN BAZAR, KOTI, HYDERABAD - 500195, Andhra Pradesh, INDIA	C59261354

* Date of charge modification

FIXED ASSETS

• Buildings
• Plant and Equipment
• Furniture and Fixtures
• Office Equipment
• Computer Equipments
• Other Equipments

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.65.75
UK Pound	1	Rs.102.16
Euro	1	Rs.74.37

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	KIN
Report Prepared by :	PNM

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILITY	1~10	3
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	2
--RESERVES	1~10	3
--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	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		26

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.