MIRA INFORM REPORT

Report Date :

23.04.2013

IDENTIFICATION DETAILS

Name :	CHHOTANAGPUR ROPE WORKS PRIVATE LIMITED
Registered Office :	Namaskar Building, 24-A, Anil Roy Road, Ground Floor, Kolkata – 700 029, West Bengal
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	24.09.1981
Com. Reg. No.:	21-034151
Capital Investment / Paid-up Capital :	Rs.13.362 millions
CIN No.: [Company Identification No.]	U17232WB1981PTC034151
IEC No. :	0298003902
TAN No.: [Tax Deduction & Collection Account No.]	RCHC00043B
PAN No.: [Permanent Account No.]	AABCC2153J
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Exporter and Importer of Ropes made from Sisal, Jute, and Jute Yarn.
No. of Employees :	Approximately 134 (In Office – 26, In Factory – 88, In Branch – 20)

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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

Maximum Credit Limit :	USD 209000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. The company has recorded some growth in its sales turnover during 2012. Trade relations are reported as decent. Business is active. Payment terms are usually correct and as per commitment. 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 – 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	CRISIL
Rating	Long Term Rating: BB
Rating Explanation	Moderate risk of default.
Date	September 18, 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 (GENERAL DETAILS)

Name :	Mr. Siddharth Arun Kumar Jhawar
Designation :	Director
Contact No.:	91-9234668881/ 9431170124

LOCATIONS

Registered Office :	Namaskar Building, 24-A, Anil Roy Road, Ground Floor, Kolkata – 700 029, West Bengal, India
Tel. No.:	91-33-24661654/ 24666607/ 24655005
Mobile No. :	91-9234668881/ 9431170124 (Mr. Siddharth Jhawar) 91-9798510945 (Mr. Deepak)
Fax No.:	91-33-24644631/ 24754857/ 24661654/ 24644631
E-Mail :	crw/ranchi@dartmail.dartnet.com crwcores@hotmail.com corerope@dte.vsnl.net.in reh-corerope@sancharnet.in anuragjhawar@yahoo.com rch_corerope@bsnl.in rch_crwcores@bsnl.in anuragjhawar@yahoo.com
Website :	www.coreropes.com
Area :	800 sq. ft.
Location :	Rented
Factory/ Corporate Office/ Branch Office :	P.O. Mahilong, Ranchi – 835 103, Jharkhand, India
Tel. No.:	91-651-2265124/ 2265832/ 6570978
Fax No.:	91-651-2233475/ 2265421
Area :	20000 sq. ft. (Factory) 22500 sq. ft. (Corporate Office) 10000 sq. ft. (Branch Office)
Location :	Owned (Factory and Corporate Office) Rented (Branch Office)

DIRECTORS

As on 29.09.2012

Name :	Mr. Siddharth Arun Kumar Jhawar
Designation :	Director
Address :	51/C, Gariahat Road, Kolkata – 700 019, West Bengal, India
Date of Birth/Age :	19.11.1954
Qualification :	B. Com (Hns.)
Experience :	40 Years
Date of Appointment :	24.09.1981
DIN No.:	00919664
Name :	Mr. Anurag Arun Kumar Jhawar
Designation :	Director
Address :	51/C, Gariahat Road, Kolkata – 700 019, West Bengal, India
Date of Birth/Age :	01.03.1958
Qualification :	B. Sc. (Hns)
Experience :	36 Years
Date of Appointment :	24.09.1981
DIN No.:	00919656
Voter ID No.:	WB/23/149/090360

KEY EXECUTIVES

Name :	Mr. Deepak
Designation :	Accountant

MAJOR SHAREHOLDERS

As on 29.09.2012

Names of Shareholders	No. of Shares
Siddharth Arun Kumar Jhawar	86320
Vaijayanti Siddharth Jhawar	13680
Anurag Arun Kumar Jhawar	86320
Pallavi Anurag Jhawar	13680
Total	200000

As on 29.09.2012

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

BUSINESS DETAILS

Line of Business :	Manufacturer, Exporter and Importer of Ropes made from Sisal, Jute, and Jute Yarn.
Products :	· Sisal and Twine Yarn · CRW Cores Yarn Manufacturing Plant · Sisal, Manila and Polypropylene Rope · Sisal Mat · Manila Rope · Twine Yarn · Steel Wire Ropes · Polypropylene Rope · Helideck Nets · Cargo Nets · Rodent Proof Rope Nets
Exports :
Products :	Sisal Yarn, Sisal Rope, Manila Rope, P.P. Rope and Sisal/ Jute/ P.P. Core and Ropes
Countries :	· Australia · Japan · USA · Israel · UK · UAE · Saudi Arabia · Colombia · Turkey · Malaysia, etc.
Imports :
Products :	Sisal Fibre, Manila Fibre and Lubricants
Countries :	· Kenya · Tanzania · Philippines · Brazil · Germany
Terms :
Selling :	L/C, Cash and Credit (30 / 90 days)
Purchasing :	L/C, Cash and Credit (90/ 150 days)

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	2010-2011
Jute, Sisal, Manila and P.P. Ropes
Installed Capacity (Annual) (As certified by the Management)	2952.00 MT
Actual Production (Including work done on Job Work Basis)	2629.58 MT

GENERAL INFORMATION

Suppliers :

· Wigglesworth and Company Limited, UK

· Elaskon, Germany

Customers :

End Users

· Usha Martin Industries Limited

No. of Employees :

Approximately 134 (In Office – 26, In Factory – 88, In Branch – 20)

Bankers :

v State Bank of India, S.M.E. (Commercial) Branch, Mecon Campus, Doranda, Ranchi – 834 002, Jharkhand, India (Tel. No.: 91-651-2482676/ 2482677)

v State Bank of India, 38B, Chowringhee Road, Kolkata, West Bengal, India

v ICICI Bank Limited, Kolkata, West Bengal, India

v Standard Chartered Bank, Kolkata, West Bengal, India

v The Hongkong and Shanghai Banking Corporation Limited, Kolkata, West Bengal, India

v The Hongkong and Shanghai Banking Corporation Limited (Singapore)

v Allahabad Bank

v HDFC Bank Limited

v State Bank of India, Goregaon, Mumbai, Maharashtra, India

v Citibank, Chowringhee Road, Kolkata, West Bengal, India

Facilities :

Working Capital Limit: Rs.56.000 millions, Letter of Credit and Bank Guarantee: Rs.8.500 millions – From State Bank of India, S.M.E. (Commercial) Branch

Secured Loans	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
LONG TERM BORROWINGS
Term Loans
HDFC Bank, Kolkata	0.159	0.346
Reliance Capital EMI 8885	0.140	0.217
SBI (MT) Loan	0.183	4.876
Axis Bank Car Loan	0.322	0.434
SHORT TERM BORROWINGS	0.804	5.873
Loans repayable on demand
SBI C/C Stock A/c	24.622	12.004
SBI Book Debts	0.000	0.001
E.P.C. / P.C.F.C A/c	21.607	24.265
SBI (Buyers Credit)	1.685	0.000
SBI FBD	0.000	3.871
SBI RANCHI EEFC	(0.012)	(0.025)
SBI CALCUTTA	0.066	(0.925)
SBI SLC A/c	0.050	0.000
Total	48.822	45.064

Notes:

LONG TERM BORROWINGS

(i) Term loan accounts from HDFC Bank, Axis Bank and Reliance Capital are repayable in monthly installments every year till the date of satisfaction of the loan as per the repayment schedule decided by the bank.

(ii) As reported by the management of the company, there is no case of continuing default by the company as on the balance sheet date in the repayment of loans and interest due to the bank.

(iii) The above secured loans have been secured by collateral guarantee by both the Directors by way of personal guarantee and Life Insurance Policies of Rs.1.000 million each and hypothecation of assets created out of loan.

(iv) The company has not invested in any bonds / debentures.

SHORT TERM BORROWINGS

(i) Loans from SBI have been guaranteed by total of fixed assets, debtors and stock of the company.

(ii) As reported by the management of the company, there is no case of continuing default by the company as on the Balance Sheet date in the repayment of loans and interest due to the bank.

(iii) The above term loans have been secured by collateral guarantee by both the Directors by way of ITR and LIC of Rs.1.000 million each and hypothecation of assets created out of loan.

Banking Relations :

--

Auditors :

Name :

R.K. Garodia and Company

Chartered Accountants

Address :

202, Sai Apartment, Kutchery Road, Ranchi – 834 001, Jharkhand, India

Tel. No.:

91-651-2203343/ 4837

Fax No.:

91-651-2207744

E-Mail :

rkgco@icai.org

Income-tax PAN of auditor or auditor's firm :

AADFR6274J

Memberships :

ASSOCHAM,  J.S.I.A., F.J.C.C. and I and O.I.P.E.E.C. (Switzerland), Indo-German Chamber of Commerce (Germany), C.I.I., and F.I.C.C.I

Associates :

Chhotanagpur Lube Specialists

Address: P.O. Mahilong, Ranchi – 835 103, Jharkhand, India

Lines of Business: Manufacturer of Lubricants.

Chhotanagpur Poly Products

Address: P.O. Mahilong, Rachi – 835 103, Jharkhand, India

Line of Business: Manufacturer of P.P. Tapes/ Films etc.

Jharkhand Rope

CAPITAL STRUCTURE

As on 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
200000	Equity Shares	Rs.100/- each	Rs.20.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
200000	Equity Shares	Rs.100/- each	Rs.20.000 millions

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
200000	Equity Shares	Rs.100/- each	Rs.20.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
133620	Equity Shares	Rs.100/- each	Rs.13.362 millions

(i) There are no shares of the Company which are subscribed but not fully paid.

(ii) The par value of Equity shares is Rs.100/-.

(iii) Reconciliation of the number of shares outstanding at the beginning and at the end of the reporting period

Particulars	Number of shares outstanding at the beginning of the period	Change in number of shares outstanding during the period	Number of shares outstanding at the end of the period
Equity Shares with voting rights	133620	--	133620

(iv) The company is neither a holding company of any subsidiary company nor is a subsidiary company of any holding company.

(v) Details of shares held by each shareholder holding more than 5% shares:

Class of shares/ Name of Shareholder	As at 31^st March, 2012
	Number of shares held	% holding in that class of shares
Equity shares with voting rights
Siddharth Jhawar	56550	42.32%
Anurag Jhawar	56550	42.32%
Vaijayanti Jhawar	10260	7.68%
Pallavi Jhawar	10260	7.68%

(vi) The company has not reserved any shares for issue under options and contracts/commitments for the sale of shares.

(vii) During the period of 5 years immediately preceding March 31, 2012, no shares have been:-

> allotted as fully paid up pursuant to contract without payment being received in cash.

> allotted as fully paid up by way of bonus shares.

> bought back.

(viii) During the reporting period:

> no security of the company is convertible into equity / preference shares.

> no calls unpaid by the directors, officers or other shareholders of the company.

> no shares have been forfeited by the company

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		13.362	13.362	13.362
2] Share Application Money Pending Allotment		2.000	0.000	0.000
3] Reserves & Surplus		36.855	33.471	30.507
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		52.217	46.833	43.869
LOAN FUNDS
1] Secured Loans		48.822	45.064	47.303
2] Unsecured Loans		1.667	0.500	1.000
TOTAL BORROWING		50.489	45.564	48.303
DEFERRED TAX LIABILITIES		0.638	0.564	0.702
TOTAL		103.344	92.961	92.874
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		33.772	35.958	37.725
Capital work-in-progress		1.368	0.300	0.124
INVESTMENT		0.086	0.086	0.086
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	81.645	61.853	68.015
	Sundry Debtors	6.529	16.058	11.660
	Cash & Bank Balances	2.119	1.616	1.684
	Other Current Assets	19.923	21.372	0.000
	Loans & Advances	1.593	1.463	14.971
Total Current Assets		111.809	102.362	96.330
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	32.973	33.187	34.613
	Other Current Liabilities	8.927	10.667	4.400
	Provisions	1.791	1.891	2.379
Total Current Liabilities		43.691	45.745	41.392
Net Current Assets		68.118	56.617	54.938
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		103.344	92.961	92.874

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Revenue from operations	248.555	215.912	195.966
		Other Income	3.220	3.658	0.049
		TOTAL (A)	251.775	219.570	196.015
Less	EXPENSES
		Cost of materials consumed	160.701	133.613	179.466
		Other Direct Expenses	24.288	19.734
		Changes in inventories of finished goods, work in progress and Stock-in-Trade	(1.197)	(0.614)
		Employee benefits expense	19.483	18.383
		Other Expenses	31.155	31.386
		TOTAL (B)	234.430	202.502	179.466
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		17.345	17.068	16.549
Less	FINANCIAL EXPENSES (D)		5.408	5.400	5.474
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		11.937	11.668	11.075
Less/ Add	DEPRECIATION/ AMORTISATION (F)		5.911	6.173	6.347
	PROFIT BEFORE TAX (E-F) (G)		6.026	5.495	4.728
Less	TAX (H)		1.865	1.752	1.543
	PROFIT AFTER TAX (G-H) (I)		4.161	3.743	3.185
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		14.549	11.585	9.182
Less	APPROPRIATIONS
		Proposed Dividend on Equity Shares	0.668	0.668	0.668
		Corporate Tax on Dividend	0.108	0.111	0.114
	BALANCE CARRIED TO THE B/S		9.612	14.549	11.585
	EARNINGS IN FOREIGN CURRENCY		174.392	143.418	145.534
	IMPORT VALUE		120.389	NA	NA
	Earnings Per Share (Rs.)		31.14	28.01	23.98

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	1.65	1.70	1.62
Net Profit Margin (PBT/Sales)	(%)	2.42	2.55	2.41
Return on Total Assets (PBT/Total Assets}	(%)	4.14	3.97	3.53
Return on Investment (ROI) (PBT/Networth)		0.12	0.12	0.11
Debt Equity Ratio (Total Debt/Networth)		0.97	0.97	1.10
Current Ratio (Current Asset/Current Liability)		2.56	2.24	2.33

SUMMERISED FIGURES

Particulars	28.02.2013 (For 11 Months) (Unaudited)
Share Capital	20.000
Reserves & Surplus	41.866
Secured Loans	54.692
Unsecured Loans	1.600
Current Liabilities	36.988
Provisions	2.631
Deferred Tax Liabilities	0.638
Fixed Assets [Net Block]	30.581
Capital work-in-progress	1.398
Investments	0.256
Inventories	71.322
Sundry Debtors	21.030
Cash & Bank Balances	12.959
Other Current Assets	18.553
Loans & Advances	2.316

PROFIT & LOSS ACCOUNT

	PARTICULARS		28.02.2013 (For 11 Months) (Unaudited)
	SALES
		Revenue from operations	259.370
		Other Income	0.965
		TOTAL (A)	260.335
Less	EXPENSES
		Cost of Goods	158.487
		Administration Expenses	17.484
		Manufacturing Expenses	28.513
		Other Expenses	35.829
		TOTAL (B)	240.313
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		20.022
Less	FINANCIAL EXPENSES (D)		6.092
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		13.930
Less/ Add	DEPRECIATION/ AMORTISATION (F)		5.416
	PROFIT BEFORE TAX (E-F) (G)		8.514
Less	TAX (H)		2.631
	PROFIT AFTER TAX (G-H) (I)		5.883
	EARNINGS IN FOREIGN CURRENCY		190.933
	IMPORT VALUE		74.914
	Earnings Per Share (Rs.)		29.42

LOCAL AGENCY FURTHER INFORMATION

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 four years	Yes
12) Profitability for last four 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	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	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	No
33) Voter ID No of Proprietor/Partner/Director, if available	Yes
34) External Agency Rating, if available	Yes

Unsecured Loans	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
LONG TERM BORROWINGS
Other loans and advances
Rama Shankar Bagaria	0.616	0.000
Rama Shankar Bagaria (HUF)	0.538	0.000
Uma Bagaria	0.513	0.500
Total	1.667	0.500

FIXED ASSETS

v Land

v Building

v Plant and Equipment

v Furniture and Fixtures

v Vehicles

v Office Equipment

v Others

- Tube well

- Tools and Tackles

- Security System

- Computer System

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.54.17
UK Pound	1	Rs.82.45
Euro	1	Rs.70.70

INFORMATION DETAILS

Report Prepared by :

SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		47

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.