MIRA INFORM REPORT

Report Date :

23.08.2012

IDENTIFICATION DETAILS

Name :	DRISH SHOES LIMITED
Registered Office :	Village Rajpura, Bharatgarh Road, Nalagarh, District Solan – 174101, Himachal Pradesh
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	09.03.1987
Com. Reg. No.:	06-007337
Capital Investment / Paid-up Capital :	Rs. 64.128 Millions
CIN No.: [Company Identification No.]	U45202HP1987PTC007337
TAN No.: [Tax Deduction & Collection Account No.]	PTLD11011A
PAN No.: [Permanent Account No.]	AABCD1758L
Legal Form :	A closely held public limited liability company
Line of Business :	Manufacturing of Shoes and Shoe Uppers, Shoes and Finished Leather etc
No. of Employees :	2000 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (30)

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

Maximum Credit Limit :	USD 960000
Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Latest financials of the companies are missing from the government department. However, trade relations are reported as fair. Business is active. Payments are unknown. The company can be considered for business dealings with some cautions.

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 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
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	CARE
Rating	A4+ (Short Term)
Rating Explanation	This rating are considered to have minimal degree of safety regarding timely payment of financial obligation. Such instruments carry very high risk and are susceptible to default
Date	July 2012

Rating Agency Name	CARE
Rating	BB+ (Long Term)
Rating Explanation	This rating are considered to have moderate risk of default regarding timely servicing of obligation.
Date	July 2012

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 31-03-2012.

INFORMATION PARTED BY

Name :	Mr. Rajesh
Designation :	Accounts Manager
Contact No.:	91-1792-222231
Date :	22.08.2012

LOCATIONS

Registered Office :	Village Rajpura, Bharatgarh Road, Nalagarh, District Solan – 174101, Himachal Pradesh, India
Tel. No.:	91-1792-222231 / 32 / 222107
Fax No.:	91-1792-223226
E-Mail :	vgargcs@rediffmail.com drishnlg@drish.com drish@drish.com
Website :	http://www.drish.com
Area :	5 acres
Location :	Owned
Corporate Office / Factory :	390 Industrial Area, Phase I, Panchkula - 134 109, Chandigarh
Tel. No.:	91-172-2560830 / 2567275 / 2567434 / 2574753
Fax No.:	91-172-2565932
E-Mail :	drish.pkl@smn.sprintrpg.ems.vsnl.net.in drshoes@ch1.vsnl.net.in drish@drish.com
Area :	5 acres
Location :	Owned
Branches :	30, Saidullah Jab, M. B. Road, Opp. D. Block, Saket, New Delhi-110 030, India
Tel. No.:	91-11-26561818 / 6863543
Fax No.:	91-11-26855866
Location :	Owned

DIRECTORS

AS ON 31.08.2011

Name :

Mr. Indereshwar Singh Paul

Designation :

Chairman cum Managing director

Address :

H. No. 36, Sector – 4, Chandigarh - 160017, India

Date of Birth/Age :

11.04.1950

Date of Appointment :

30.09.1996

DIN No.:

00692921

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	U19115PB1987PTC007336	DRISH LEATHERS PVT LTD	Managing director	09/03/1987	09/03/1987	Active	NO
2	U72200HP1994PLC014821	DRISH INFOTECH LIMITED	Director	14/07/1994	14/07/1994	Active	NO
3	U45202HP1987PLC007337	DRISH SHOES LIMITED	Managing director	30/09/1996	30/09/1996	Active	NO
4	U80302CH2001PLC024321	DRISH INFOWAVE LIMITED	Director	10/04/2004	10/04/2004	Active	NO
5	U24100PB2010PLC034373	DRISH LIFESCIENCES LIMITED	Director	20/10/2010	20/10/2010	Active	NO
6	U19200PB2011PTC035423	REHMAT LEATHER PRIVATE LIMITED	Director	30/08/2011	30/08/2011	Active	NO
7	U19119JK2012PTC003500	KASH TANNERS PRIVATE LIMITED	Director	20/03/2012	20/03/2012	Active	NO

Name :

Mr. Atma Ram Singh

Designation :

Whole-time director

Address :

H. No. 1592, Sector – 38, Chandigarh - 160036, India

Date of Birth/Age :

27.07.1949

Date of Appointment :

30.09.1998

DIN No.:

00319785

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	U72200HP1994PLC014821	DRISH INFOTECH LIMITED	Director	24/09/1998	24/09/1998	-	Active	NO
2	U45202HP1987PLC007337	DRISH SHOES LIMITED	Whole-time director	30/09/1998	30/09/1998	-	Active	NO
3	U33130HP2005PLC028806	SHIVALIK SOLID WASTE MANAGEMENT LIMITED	Director	11/08/2005	11/08/2005	-	Active	NO
4	U33130HP2005PLC028807	DOON INFRASTRUCTURE LIMITED	Director	11/08/2005	11/08/2005	01/04/2010	Active	NO
5	U45209HP2010NPL031349	BADDI INFRASTRUCTURE	Director	06/05/2010	06/05/2010	-	Active	NO
6	U24100PB2010PLC034373	DRISH LIFESCIENCES LIMITED	Director	20/10/2010	20/10/2010	-	Active	NO
7	U19200PB2011PTC035423	REHMAT LEATHER PRIVATE LIMITED	Director	30/08/2011	30/08/2011	-	Active	NO

Name :

Mrs. Poonam Paul

Designation :

Director

Address :

H. No. 36, Sector – 4, Chandigarh - 160017, India

Date of Birth/Age :

21.03.1962

Date of Appointment :

30.09.1998

DIN No.:

00692928

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	U19115PB1987PTC007336	DRISH LEATHERS PRIVATE LIMITED	Director	09/03/1987	09/03/1987	Active	NO
2	U45202HP1987PLC007337	DRISH SHOES LIMITED	Director	30/09/1998	30/09/1998	Active	NO
3	U24100PB2010PLC034373	DRISH LIFESCIENCES LIMITED	Director	20/10/2010	20/10/2010	Active	NO

Name :

Mr. Kharak Singh Paul

Designation :

Director

Address :

H. No. 1898, Phase V, Mohali, Punjab, India

Date of Birth/Age :

13.06.1922

Date of Appointment :

20.08.1997

DIN No.:

02487426

Name :

Mr. Randeep Kaur

Designation :

Director

Address :

H. No. 27, Phase IIIB 2Mohali, Punjab, India

Date of Birth/Age :

25.07.1962

Date of Appointment :

30.09.1998

DIN No.:

02502436

Name :

Mr. P. Charles Stephenson

Designation :

Director

KEY EXECUTIVES

Name :	Mr. Rajesh
Designation :	Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 31.08.2011

Names of Shareholders	No. of Shares
Indereshwar Singh Paul	2843018
Poonam Paul	183948
Jaswinder Pal Singh	486552
Harbinder Singh	835950
Randeep Walia	679974
Savita Budhiraj	452104
Atma Ram Singh	640652
Kharak Paul Singh	144394
Drish Leathers Private Limited, India	135000
Gangbir Thakur Singh	3000
Pushpa Walia	3000
Prabhabati	3000
Anil Chawla	2208
Total	6412800

AS ON 31.03.2012

Names of Allottees	No. of Shares
Vibhuti Singh S/O Thakur Gangbir Singh	2650000
Total	2650000

AS ON 31.08.2011

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	2.10
Directors or relatives of directors	70.10
Other top fifty shareholders	27.80
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturing of Shoes and Shoe Uppers, Shoes and Finished Leather etc
Exports :
Products :	Shoes and Shoe Uppers Shoes and Finished Leather etc
Countries :	Ø Europe Ø Hong Kong Ø China
Imports :
Products :	Raw Material
Countries :	Europe
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Suppliers :

Ø ABM International Trading Company

Customers :

Wholesalers and Retailers

Ø Parpia International Pte Limited, Singapore

No. of Employees :

2000 (Approximately)

Bankers :

Bank of India, Mid Corporate Branch, SCO 81-82, Sector – 17-B, Chandigarh – 160017, Chandigarh, India

Facilities :

CC, TL – Rs. 900.000 Millions ( From Bank of India)

Secured Loans	31.03.2010	31.03.2009
	(Rs. In Millions)
Working Capital Borrowings
Bank of India (Secured by hypothecation of stock-in-trade, stores and spare parts and book debts and first charge against Fixed Assets both present and future further secured by personnal guarantees of the Directors)	617.574	414.678
Term Loan
Bank of India (Secured by way of first parri passu charge against fixed assets, present and future and further secured by way of personnel guarantees of Directors.)	105.074	53.355
Housing Loan
Bank of India (Secured against equitable mortgage of plot)	13.681	13.344
IREDA (Secured by way of hypothecation of whole movable property of the company acquired out of IREDA loan and personnel guarantee of Directors)	0.108	0.366
Loans Against Cars (Secured by way hypothecation of Cars)	2.438	3.457
Total	738.875	485.200

Banking Relations :	--
Auditors :
Name :	HCB and Associates Chartered Accountants
Address :	House No. 1720, Sector 21, Panchkula, Haryana - 134109, India
Tel. No.:	91-172-2565070
Income-tax PAN of auditor or auditor's firm :	ABQPB8238E

CAPITAL STRUCTURE

AS ON 31.08.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
12000000	Equity Shares	Rs. 10/- each	Rs.120.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
9062800	Equity Share	Rs.10/- each	Rs. 90.628 Millions

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
12000000	Equity Shares	Rs. 10/- each	Rs.120.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
6412800	Equity Share	Rs.10/- each	Rs. 64.128 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		64.128	64.128	74.640
2] Share Application Money		12.595	12.595	2.495
3] Reserves & Surplus		165.621	165.136	190.977
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		242.344	241.859	268.112
LOAN FUNDS
1] Secured Loans		738.875	485.200	379.326
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		738.875	485.200	379.326
DEFERRED TAX LIABILITIES		39.766	41.210	41.116
TOTAL		1020.985	768.269	688.554
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		285.588	242.743	246.846
Capital work-in-progress		12.394	11.725	8.189
INVESTMENT		42.607	27.341	5.210
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	592.730	552.615	480.393
	Sundry Debtors	123.915	4.414	6.034
	Cash & Bank Balances	21.694	0.652	0.920
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	49.248	33.019	34.740
Total Current Assets		787.587	590.700	522.087
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	96.150	87.526	78.220
	Other Current Liabilities	9.400	10.958	17.304
	Provisions	4.796	5.756	0.000
Total Current Liabilities		110.346	104.240	95.524
Net Current Assets		677.241	486.460	426.563
MISCELLANEOUS EXPENSES		3.155	0.000	1.746
TOTAL		1020.985	768.269	688.554

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	1528.265	1179.341	1311.860
		Other Income	15.879	16.568	2.737
		TOTAL	1544.144	1195.909	1314.597
Less	EXPENSES
		Material cost	1057.425	875.243	903.934
		Manufacturing Expenses	154.760	126.773	108.851
		Salary , wages and other benefits	123.471	101.937	93.404
		Selling and distribution Expenses	81.812	52.954	63.756
		Administrative Expenses	39.360	37.805	38.119
		Increase/ Decrease in stocks	(24.232)	(86.602)	(1.019)
		TOTAL	1432.596	1108.110	1207.045
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		111.548	87.799	107.552
Less	FINANCIAL EXPENSES		80.529	62.688	55.120
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		31.019	25.111	52.432
Less/ Add	DEPRECIATION/ AMORTISATION		21.617	20.098	18.717
	NET PROFIT BEFORE EXTRAORDINARY ITEMS		9.402	5.013	33.715
Less	EXTRAORDINARY ITEMS		8.340	6.261	14.725
	PROFIT BEFORE TAX		1.062	(1.248)	18.990
Less	TAX		(0.360)	2.666	5.741
	PROFIT AFTER TAX		1.422	(3.914)	13.249
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		129.334	134.148	122.354
Less	APPROPRIATIONS
		Dividend	0.802	0.769	1.244
		Tax on Dividend	0.136	0.131	0.211
	BALANCE CARRIED TO THE B/S		129.818	129.334	134.148
	CIF VALUE OF IMPORTS		147.100	153.600	126.500
	Earnings Per Share (Rs.)		0.22	(0.61)	1.78

Particulars	31.03.2012	31.03.2011
Sales Turnover (Approximately)	1300.000	1100.000

Expected Sales ( 2012-2013 ) : Rs. 1800.000 Millions

The above information has been parted by Mr. Rajesh (Accounts Manager)

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	0.09	(0.33)	1.01
Net Profit Margin (PBT/Sales)	(%)	0.07	(0.10)	1.44
Return on Total Assets (PBT/Total Assets}	(%)	0.10	(0.15)	2.47
Return on Investment (ROI) (PBT/Networth)		0.00	(0.01)	0.07
Debt Equity Ratio (Total Liability/Networth)		3.50	2.44	1.77
Current Ratio (Current Asset/Current Liability)		7.14	5.67	5.47

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	Yes
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	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	Yes
18]	Major customers	Yes
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	Yes

FUTURE OUTLOOK:

So far as the future outlook of operation is concerned, we submit that the company in the next financial year ended 31.03.2011, would be achieving total revenue of Rs. 1500.000 Millions (Approximately).

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U45202HP1987PLC007337
Name of the company	DRISH SHOES LIMITED
Address of the registered office or of the principal place of business in India of the company	Village Rajpurateh Nalagarh, District Solan, Himachal Pradesh, India
This form is for	Modification of charge
Charge identification number of the modified	10266488
Type of charge	Immovable property Book Debts Movable Property
Particular of charge holder	Bank of India, Mid Corporate Branch, SCO 81-82 Sector 17-B, Chandigarh – 160017, India Email ID: MCD.Chandigarh@bankofindia.co.in
Nature of description of the instrument creating or modifying the charge	Credit Facility Agreement
Date of instrument Creating the charge	15.03.2012
Amount secured by the charge	Rs. 1063.300 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Interest @ 4.25% over BT i.e. Presently 15% p.a. With monthly rests for term loans and 3.25% over BR i.e. Presently 14% p.a. With monthly rests or such other rate as may be notified by the bank Terms of Repayment Repayable on demand. Term loans as per schedule given by the bank from time to time Margin Not Mentioned Extent and Operation of the charge 100% Others For non fund based limits bank charges 50% of applicable charges plus ST and for bank guarantee as per extant guidelines of the bank
Short particulars of the property charged	Hypothecation of all tangible movable property including in particular all types of stocks of leather, skin hide, semi finished goods, and finished goods of shoes etc. Situated at borrower premises at 390, IA Phase I Panchkula and/ or at Village Rajpura Teh Nalagarh District Solan or plot no. 6-A Industrial area Phase Ii Panchkulla or wheresoever it may be and/ or in transit
Particulars of the present modification	Limit enhanced from Rs. 837.500 Millions to Rs.1063.300 Millions. Extension of EQM over immovable properties in the name of the company as 390, Industrial Area, Phase I Panchkula, Plot No. 6-A, Industrial Area Phase II Ludhiana, Plot No. 1894 Sector 21 Panchkula. Village Rajpura Bharatgarh Road Nalagarh Distt Solan including property at Rangowal and Village Musewal Tehsil Nalagarh District Solan

FIXED ASSETS:

• Land
• Building
• Plant and Machinery
• Office Equipment
• Furniture and Fixtures
• Vehicle

TRADE REFERENCES:

Ø Parpia International Pte Limited, Singapore

Ø ABM International Trading 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 records 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. 55.51
UK Pound	1	Rs. 87.60
Euro	1	Rs. 69.15

INFORMATION DETAILS

Information Gathered by :	PJA
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		30

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

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.