MIRA INFORM REPORT

Report Date :

30.08.2013

IDENTIFICATION DETAILS

Name :	CHEMICOLOUR INTERNATIONLA PRIVATE LIMITED
Registered Office :	77, Netaji Subhash Road, Ground Floor, Kolkata-700001, West Bengal
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	30.07.2009
Com. Reg. No.:	21-137344
Capital Investment / Paid-up Capital :	Rs.7.290 Millions
CIN No.: [Company Identification No.]	U24100WB2009PTC137344
Legal Form :	Private Limited Liability Company
Line of Business :	Importer and Supplier of Synthetic Rubber , Adhesives, Resin, etc.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (33)

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

Maximum Credit Limit :	USD 163000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. The profitability of the company seems to be low. However, trade relations are reported to be fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some 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^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
India	A1	A1

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

INDIAN ECONOMIC OVERVIEW

We are living in a world where volatility and uncertainty have become the New Normal. We saw a change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once powerful countries in Europe are now fighting for bankruptcy. We have taken growth in the developing part of the world for granted but economic growth in China and India has begun to slow. Companies that were synonymous with their product categories just a few years ago are now no longer in existence. Kodak, the inventor of the digital camera had to wind up its operations, HMV, the British entertainment retailing company and Borders, once the second largest bookstore have shut down due to their inability to evolve their business models with the changing time. Readers’ Digest, Thomson Register are no more !

There is another megatrend happening. The World order is changing as economic power shifts from West to East. According to McKinsey study, it took Britain more than 100 years to double its economic output per person during its industrial revolution and the US later took more than 50 years to do the same. More than a century later, China and India have doubled their GDP per capital in 12 and 18 years respectively. By 2020, emerging Asia will become the world’s largest consuming block, overtaking North America.

The years after the outbreak of the global financial crisis, the world economy continues to remain fragile. The Indian economy demonstrated remarkable resilience in the initial years of the contagion but finally lost ground last year. GDP growth slowed down. Currency has been weakening. There is a marked deceleration in agriculture, industry and services. Dampening sentiment led to a cut-back in investment as well as private consumption expenditure.  Inflation remained at high levels fuelled by the pressure from the food and fuel sectors. The large fiscal and current account deficit s continued to cause grave concern. It is imperative that India regains its growth trajectory of 8-9 % sooner than later. This is crucially important given the need to create gainful livelihood opportunities for the millions living in poverty as also the large contingent of young people joining the job market every year.

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.

LOCATIONS

Registered Office :	77, Netaji Subhash Road, Ground Floor, Kolkata-700001, West Bengal, India
Tel. No.:	91-33-22432011/22424125
Fax No.:	91-33-22317464
E-Mail :	gaurav@chemicolour.net mkajaria@hotmail.com

DIRECTORS

AS ON 29.09.2012

Name :

Mr. Pradeep Kumar Kajaria

Designation :

Director

Address :

1A, Clyde Row Hastings, Kolkata-700022, West Bengal, India

Date of Birth/Age :

23.06.1958

Date of Appointment :

30.07.2009

Pan No.:

AFJPK5331E

Din No.:

00108588

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	L67120WB1982PLC035123	BANKAM INVESTMENT LTD	Director	22/04/1985	22/04/1985	-	Active	NO
2	U23109WB1945PTC012125	MADHYA BHARAT FUELS PRIVATE LIMITED	Managing director	14/01/2008	30/08/1999	-	Active	NO
3	U65922WB1988PTC045677	JAI TARA CONSTRUCTION & FINANCE PRIVATE LIMITED	Director	25/05/2001	25/05/2001	13/03/2010	Active	NO
4	U51909WB1995PTC073325	UTKAL MERCHANDISE PRIVATE LIMITED	Director	25/05/2001	25/05/2001	13/03/2010	Active	NO
5	U65922WB1988PTC045685	UPGRAH INVESTMENTS PRIVATE LIMITED	Director	25/05/2001	25/05/2001	13/03/2010	Active	NO
6	U70101WB1989PTC046989	PODDAR PROMOTERS PRIVATE LIMITED	Director	25/05/2001	25/05/2001	13/03/2010	Active	NO
7	U71110WB1989PTC046191	NEELIMA ESTATES PRIVATE LIMITED	Director	25/05/2001	25/05/2001	13/03/2010	Active	NO
8	U45209WB1989PTC046987	INSAT PROMOTERS PRIVATE LIMITED	Director	25/05/2001	25/05/2001	13/03/2010	Active	NO
9	U65993WB1988PTC044750	INSAT FINANCE PVT LTD	Director	25/05/2001	25/05/2001	13/03/2010	Active	NO
10	U70109WB1989PTC046988	HAPPY HIGHRISES PRIVATE LIMITED	Director	25/05/2001	25/05/2001	13/03/2010	Active	NO
11	U24239WB1986PTC041015	MULTY DRUGS PRIVATE LIMITED	Director	25/05/2001	25/05/2001	13/03/2010	Active	NO
12	U70101WB1987PTC042302	DEY COMMERCIAL (HOLDINGS) PRIVATE LIMITED	Director	25/05/2001	25/05/2001	13/03/2010	Active	NO
13	U24119WB1996PTC079634	EASTERN RESOURCES PRIVATE LIMITED	Director	06/05/2003	06/05/2003	-	Active	NO
14	U70109WB1942PTC011072	PRAVIRYA INTERNATIONAL PRIVATE LIMITED	Director	02/04/2004	02/04/2004	-	Active	NO
15	U45400WB2008PTC129061	MADHYAMGRAM INFRACON PRIVATE LIMITED	Director	04/09/2008	04/09/2008	-	Active	NO
16	U45400WB2008PTC129060	HOWRAH DEVELOPERS PRIVATE LIMITED	Director	04/09/2008	04/09/2008	-	Active	NO
17	U24100WB2009PTC137344	CHEMICOLOUR INTERNATIONAL PRIVATE LIMITED	Director	30/07/2009	30/07/2009	-	Active	NO
18	U74210JH1983PTC001753	PRAVIRYA SYNERGIES & SOLUTIONS PRIVATE LIMITED	Additional director	25/05/2011	25/05/2011	-	Active	NO
19	U45400WB2012PTC173504	SARAIDHELA DEVELOPERS PRIVATE LIMITED	Director	03/02/2012	03/02/2012	-	Active	NO

Name :

Mr. Pawan Kumar Kajaria

Designation :

Director

Address :

3A, Dr. U.N. Brahmachari St. Kolkata-700017, West Bengal, India

Date of Birth/Age :

26.08.1946

Date of Appointment :

30.07.2009

Pan No.:

AGOPK3539Q

Din No.:

01266424

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	L65999WB1974PLC029291	MUDIT INVESTMENT & TRADING COMPANY LIMITED	Director	05/03/1974	05/03/1974	Active	NO
2	U52110WB1997PTC082919	SHIVALIKS MERCANTILE PRIVATE LIMITED	Director	15/06/2002	15/06/2002	Active	NO
3	L17323WB1984PLC037240	N R TEXTILE INDUSTRIES LIMITED	Director	16/08/2002	16/08/2002	Active	NO
4	U45400WB2008PTC129061	MADHYAMGRAM INFRACON PRIVATE LIMITED	Director	04/09/2008	04/09/2008	Active	NO
5	U45400WB2008PTC129060	HOWRAH DEVELOPERS PRIVATE LIMITED	Director	04/09/2008	04/09/2008	Active	NO
6	U24100WB2009PTC137344	CHEMICOLOUR INTERNATIONAL PRIVATE LIMITED	Director	30/07/2009	30/07/2009	Active	NO
7	U45400WB2012PTC173504	SARAIDHELA DEVELOPERS PRIVATE LIMITED	Director	03/02/2012	03/02/2012	Active	NO

Name :

Mr. Mayank Kajaria

Designation :

Director

Address :

1A, Clyde Row Hastings, Kolkata-700022, West Bengal, India

Date of Birth/Age :

15.01.1982

Date of Appointment :

25.02.2010

Pan No.:

AJEPK9300L

Din No.:

00937814

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	U24100WB2009PTC137344	CHEMICOLOUR INTERNATIONAL PRIVATE LIMITED	Director	25/02/2010	25/02/2010	Active	NO
2	U29252WB1982PTC035567	AAR BEE MACHINERIES PRIVATE LIMITED	Director	01/06/2011	01/06/2011	Active	NO
3	U24119WB1996PTC079634	EASTERN RESOURCES PRIVATE LIMITED	Additional director	02/05/2012	02/05/2012	Active	NO

Name :

Mr. Gaurav Kajaria

Designation :

Director

Address :

Flat 4A, Mayur Apartments, 3, Aloudon Street, Kolkata-700017, West Bengal, India

Date of Birth/Age :

06.07.1978

Date of Appointment :

25.02.2010

Pan No.:

AFMPK2487G

Din No.:

02959521

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	U24100WB2009PTC137344	CHEMICOLOUR INTERNATIONAL PRIVATE LIMITED	Director	25/02/2010	25/02/2010	Active	NO
2	U29252WB1982PTC035567	AAR BEE MACHINERIES PRIVATE LIMITED	Director	01/06/2011	01/06/2011	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2012

Names of Shareholders	No. of Shares
Pradeep Kajaria	160000
Pawan Kumar Kajaria	160000
Drake Commercials Private Limited, India	22000
Kartick Commercials and Financiers Private Limited, India	8000
Chaturang Commercial Private Limited, India	10000
Eastern Resources Private Limited, India	50000
Howrah Developers Private Limited, India	130000
Madhyamgram Infracon Private Limited, India	130000
Mayank Kajaria	1000
Gaurav Kajaria	1000
Usha Kajaria	1000
Umang Kajaria	1000
Megha Kajaria	1000
Pradeep Kumar Kajaria and Others	1000
Khubchand Kishorilal	4000
Nathmull Kajaria and Son	1000
Panna Kajaria	1000
Pawan Kumar Kajaria and ORS	1000
Bimla Devi Kajaria	1000
Smita Gupta	1000
Ritu Tibrewala	1000
Pushpa Khemka	1000
Kiran Devi Sutodiya	1000
Neha Kajaria	1000
Chanda Cast Iron Industries Private Limited, India	20000
Eastern Synthetics Private Limited, India	10000
Liberal Spinners Limited, India	10000
TOTAL	729000

AS ON 29.09.2012

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	53.50
Directors or relatives of directors	46.50
TOTAL	100.00

BUSINESS DETAILS

Line of Business :

Importer and Supplier of Synthetic Rubber , Adhesives, Resin, etc.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Punjab and Sind Bank, 14-15, Old Court House Street, Kolkata-700001, West Bengal, India

Facilities :

Long Term Borrowings	As on 31.03.2012 [Rs. in Millions]	As on 31.03.2011 [Rs. in Millions]
Long Term Borrowings	86.436	94.199
TOTAL	86.436	94.199

Banking Relations :	--
Auditors :
Name :	M. Satnaliwala and Company Chartered Accountants
Address :	62, Bentinck Street, Kolkata-700069, West Bengal, India
Tel. No.:	91-33-22378121/2805
Fax No.:	91-33-40081382
PAN No:	AAFFM3516M

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs.10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
729000	Equity Shares	Rs.10/- each	Rs.7.290 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	7.290	6.490
(b) Reserves & Surplus	33.662	13.644
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	40.952	20.134
(3) Non-Current Liabilities
(a) long-term borrowings	86.436	94.199
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	86.436	94.199
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000
(b) Trade payables	26.804	33.603
(c) Other current liabilities	7.113	8.877
(d) Short-term provisions	0.758	0.335
Total Current Liabilities (4)	34.675	42.815
TOTAL	162.063	157.148
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2.135	2.729
(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	3.269	1.020
(c) Deferred tax assets (net)	0.137	0.069
(d) Long-term Loan and Advances	14.669	0.039
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	20.210	3.857
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	30.389	38.325
(c) Trade receivables	103.398	75.005
(d) Cash and cash equivalents	3.657	3.319
(e) Short-term loans and advances	4.409	36.642
(f) Other current assets	0.000	0.000
Total Current Assets	141.853	153.291
TOTAL	162.063	157.148

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		4.480
2] Share Application Money		0.000
3] Reserves & Surplus		13.120
4] (Accumulated Losses)		(0.180)
NETWORTH		17.420
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		6.975
TOTAL BORROWING		6.975
DEFERRED TAX LIABILITIES		0.000
TOTAL		24.395
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	0.000
	Cash & Bank Balances	0.155
	Other Current Assets	0.000
	Loans & Advances	24.315
Total Current Assets		24.470
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.075
	Other Current Liabilities	0.000
	Provisions	0.000
Total Current Liabilities		0.075
Net Current Assets		24.395
MISCELLANEOUS EXPENSES
TOTAL		24.395

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income		310.423	(0.181)
		Other Income		0.486	NA
		TOTAL (A)	309.102	310.909	NA
Less	EXPENSES
		TOTAL (B)	295.365	300.558	NA
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		13.737	10.351	NA
Less	FINANCIAL EXPENSES (D)		11.885	8.677	NA
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1.852	1.674	NA
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.678	0.744	0.000
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		1.174	0.930	(0.181)
Less	TAX (H)		0.355	0.266	0.000
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		0.819	0.664	(0.181)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		0.484	(0.180)	NA
	BALANCE CARRIED TO THE B/S		1.303	0.484	NA
	Earnings / (Loss) Per Share (Rs.)		1.12	--	--

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	0.26	0.21	NA
Net Profit Margin (PBT/Sales)	(%)	NA	0.30	(100.00)
Return on Total Assets (PBT/Total Assets}	(%)	0.74	0.60	(0.74)
Return on Investment (ROI) (PBT/Networth)		0.03	0.05	(0.01)
Debt Equity Ratio (Total Debt/Networth)		2.11	4.67	0.40
Current Ratio (Current Asset/Current Liability)		4.09	3.58	326.27

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	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]	PAN of Proprietor/Partner/Director, if available	Yes
32]	Date of Birth of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

INDEX OF CHARGES:

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10298425	14/07/2011	30,000,000.00	PUNJAB AND SIND BANK	14-15 OLD COURT HOUSE STREET, KOLKATA - 700001, WEST BENGAL, INDIA	B17288234

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

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

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

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

Charges or investigation registered against subject: None

7] Criminal Records

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

8] Affiliation with Government :

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

9] Compensation Package :

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

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

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

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

CONTRAVENTION

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.67.70
UK Pound	1	Rs.105.14
Euro	1	Rs.90.03

INFORMATION DETAILS

Report Prepared by :

TPT

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	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	3
--CREDIT LINES	1~10	4
--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
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		33

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.