MIRA INFORM REPORT

Report Date :

15.11.2014

IDENTIFICATION DETAILS

Name :	COLUMBUS PREMIER SHOES PRIVATE LIMITED (w.e.f.29.11.2010)
Formerly Known As :	PREMIER MELAMINE PRIVATE LIMITED
Registered Office :	K-93, Basement, Udyog Nagar, Near Nangloi, New Delhi - 110041
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	21.09.1992
Com. Reg. No.:	55-050378
Capital Investment / Paid-up Capital :	Rs. 9.234 Millions
CIN No.: [Company Identification No.]	U74899DL1992PTC050378
TAN No.: [Tax Deduction & Collection Account No.]	DELP12832B
PAN No.: [Permanent Account No.]	AADCP5685N
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Exporter and Importer of Footwear.
No. of Employees :	150 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 450000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. General financial position of the company is good. Trade relations are reported as fair. Business is active. Payment terms are reported to be usually correct. The company can be considered normal 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 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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

N E W S

Verdict Implications : Apex court order may alter coal import dynamics. Traders go slow on talks over coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.

Recent arrest of the Chennai head of the Registrar of Companies, the ministry of corporate affairs arm that ensures that companies file all the information required by the Companies Act is the latest manifestation of a messy fight between a father and his adopted son for the control of Rs 40000 mn business empire. The Central Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10 lakhs as bribe from M A M Ramaswamy, a CBI official said.

Central Bureau of Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.

Infosys maintains revenue guidance. COO Rao says attrition still an area of concern and it would take a few more quarters to bring down levels to 13-15 %.

DHL to invest Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its e-commerce business model for the Asia-Pacific region.

Blackstone may buy stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.

Kingfisher Airlines Ltd grounded in October 2012 under the weight of heavy debt and accumulated losses, recently approached the Delhi high court for relief in two separate cases. The airline challenged a notice by Punjab & National Bank alleging that it had willfully defaulted on Rs 7700 mn of loans and sought more time to comply with the requirements under the listing agreements with the Stock Exchanges.

OnMobile likely to sack another 300 employees. The lay-offs follow a spate of senior-level exits over the past two years, starting with of its founder. The overall lay-offs could number around 600 and are driven by the need to cut costs, says a former employee.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long term rating = BB+
Rating Explanation	Moderate risk of default.
Date	May 27, 2014

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 31-03-2014.

INFORMATION PARTED BY [GENERAL DETAILS]

Name :	Mrs. Pooja Manocha
Designation :	Director
Contact No.:	91-9818966761
Date :	13.11.2014

LOCATIONS

Registered Office :	K-93, Basement, Udyog Nagar, Near Nangloi, New Delhi – 110041, India
Tel. No.:	91-11-25472585
Mobile No.:	91-9818966761 [Mrs. Pooja Manocha]
Fax No.:	Not Available
E-Mail :	brijmanocha@rediffamil.com deepika@provestment.net preeti.gridhar@gmail.com
Factory :	FTY - 98-99, E.P.I.P, Phase - 1, Jharmajari, Baddi, District Solan, Himachal Pradesh, India

DIRECTORS

AS ON 28.09.2013

Name :

Mrs. Pooja Manocha

Designation :

Director

Address :

B-1/8B, Paschim Vihar, New Delhi – 110063, India

Date of Appointment :

10.05.2005

DIN No.:

01349196

Name :

Mr. Brij Manocha

Designation :

Director

Address :

B-1/6, Paschim Vihar, New Delhi – 110063, India

Date of Appointment :

10.05.2005

DIN No.:

01352792

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	L74899DL1985PLC020248	MANOCHA POLYMERS LIMITED	Director	23/02/1985	23/02/1985	-	Active	NO
2	U19201DL1986PTC024696	GALAXY FOOTWEARS PRIVATE LIMITED	Director	02/07/1986	02/07/1986	-	Active	NO
3	U74899DL1993PTC052222	V.B. MINERALS AND RESINS PRIVATE LIMITED	Director	01/04/2002	01/04/2002	-	Active	NO
4	U74899DL1993PTC055222	S.C.J. SALES PRIVATE LIMITED	Director	01/04/2002	01/04/2002	01/04/2002	Active	NO
5	U74899DL1992PTC050378	COLUMBUS PREMIER SHOES PRIVATE LIMITED	Director	10/05/2005	10/05/2005	-	Active	NO
6	U74999DL2010PTC201255	DEBONAIR PACKAGING PRIVATE LIMITED	Director	07/04/2010	07/04/2010	-	Active	NO
7	U36912DL2013PTC251650	MGR POLYCOATS INDIA PRIVATE LIMITED	Director	06/05/2013	06/05/2013	-	Active	NO

Name :

Mr. Mohan Lal

Designation :

Director

Address :

B-2/37, Paschim Vihar, New Delhi – 110063, India

Date of Appointment :

21.09.1992

DIN No.:

01477206

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	U74899DL1992PTC050378	COLUMBUS PREMIER SHOES PRIVATE LIMITED	Director	21/09/1992	21/09/1992	-	Active	NO
2	U19201DL1995PTC065358	GALAXY SPORTS SHOE CO. PRIVATE LIMITED	Director	31/08/1997	31/08/1997	-	Active	NO
3	U74899DL1994PTC062533	COLUMBUS INTERNATIONAL SHOES PRIVATE LIMITED	Director	30/09/2009	01/06/2009	-	Active	NO
4	U74999DL2010PTC201255	DEBONAIR PACKAGING PRIVATE LIMITED	Director	07/04/2010	07/04/2010	-	Active	NO
5	U18101DL2010PTC201461	HALLELU HOSIERY PRIVATE LIMITED	Director	12/04/2010	12/04/2010	-	Active	NO
6	U34300DL1999PTC099118	LOKSHEEL INTERNATIONAL PRIVATE LIMITED	Director	30/09/2013	31/03/2013	-	Active	NO
7	AAA-0418	HALLELUCLM FOOTWEAR LLP	Designated Partner	25/11/2009	25/11/2009	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 28.09.2013

NOTE: SHAREHOLDING DETAILS FILE ATTACHED

AS ON 28.09.2013

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	16.35
Directors or relatives of directors	73.23
Other top fifty shareholders	10.42
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Exporter and Importer of Footwear.
Exports :
Products :	Footwear
Countries :	Dubai
Imports :
Products :	Raw Material
Countries :	China
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

PRODUCTION STATUS (AS ON 31.03.2013)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Footwear	Pairs	Not Applicable	800000	599981

GENERAL INFORMATION

Suppliers :

Not Divulged

Customers :

Wholesalers, Retailers and Manufacturer

No. of Employees :

150 (Approximately)

Bankers :

· Punjab and Sind Bank

Paschim Vihar, Delhi, India

Contact Person: Mr. Jagat

Contact No.: 91-11-25268976

E-Mail : d0605@psb.co.in

Bankers Report: Banker gave us positive feedback as claimed by Mr. Jagat. Subject having good track record for banking transaction.

· HDFC Bank Limited

· State Bank of India, Baddi

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG-TERM BORROWINGS
HDFC Bank Limited [Car Loan against hypothecation of Ritz Car]	0.035	0.292
HDFC Bank Limited [Car Loan against hypothecation of Cruze]	0.306	0.000
HDFC Bank Limited [Car Loan against hypothecation of Range over]	3.165	0.000
SHORT TERM BORROWINGS
Working Capital – Punjab and Sind Bank [Working capital loans are secured by hypothecation of present and future stock raw material, stock in process, finished goods, stores and spares, book debts, outstanding monies, receivables, claim, bills and material in transit and also secured by Personal Guarantee of all directors of their all assets]	36.014	5.130
Total	39.520	5.422

Auditors :
Name :	B. M. Varma and Company Chartered Accountants
Address :	415, Sector-2, Shivalik Nagar, Jharmajri, Tehsil Nlagarh, Baddi, District Solan – 173205, Himachal Pradesh, India
Income-tax PAN of auditor or auditor's firm :	AAAFB7800K
Associate Company :	· Galaxy Footwear Private Limited · Galaxy Sports Shoe Private Limited · Manocha Polymers Limited · Columbus Marketing Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
110,000	Equity Shares	Rs. 100/- each	Rs. 11.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
92,335	Equity Shares	Rs. 100/- each	Rs. 9.234 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	9.234	9.234	9.234
(b) Reserves & Surplus	149.942	112.561	90.385
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	159.176	121.795	99.619
(3) Non-Current Liabilities
(a) long-term borrowings	3.506	0.292	3.647
(b) Deferred tax liabilities (Net)	0.003	0.056	0.025
(c) Other long term liabilities	0.625	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	4.134	0.348	3.672
(4) Current Liabilities
(a) Short term borrowings	36.014	5.130	15.202
(b) Trade payables	51.650	50.896	51.601
(c) Other current liabilities	18.678	13.118	10.474
(d) Short-term provisions	2.071	0.091	0.052
Total Current Liabilities (4)	108.413	69.235	77.329
TOTAL	271.723	191.378	180.620
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	60.504	39.583	19.157
(ii) Intangible Assets	0.000	0.000	0.111
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.208	0.164	8.468
(e) Other Non-current assets	0.120	0.120	0.120
Total Non-Current Assets	60.832	39.867	27.856
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	53.350	39.661	45.700
(c) Trade receivables	136.257	110.407	104.098
(d) Cash and cash equivalents	0.841	0.447	0.141
(e) Short-term loans and advances	20.443	0.996	2.825
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	210.891	151.511	152.764
TOTAL	271.723	191.378	180.620

PROFIT & LOSS ACCOUNT

PARTICULARS	31.03.2013	31.03.2012	31.03.2011
TURNOVER	463.476	414.497	405.226
EXPENSES	426.700	387.106	373.324
PROFIT BEFORE TAX	29.874	27.799	31.902
TAX	7.960	5.623	6.462
PROFIT AFTER TAX	21.914	22.176	25.440
Earnings Per Share (Rs.)	237.33	240.17	275.52

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Return on Total Assets (PBT/Total Assets}	(%)	10.99	14.53	17.66
Return on Investment (ROI) (PBT/Networth)		0.19	0.23	0.32
Debt Equity Ratio (Total Debt/Networth)		0.25	0.04	0.19
Current Ratio (Current Asset/Current Liability)		1.95	2.19	1.98

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	9.234	9.234	9.234
Reserves & Surplus	90.385	112.561	149.942
Net worth	99.619	121.795	159.176
Long-term borrowings	3.647	0.292	3.506
Short term borrowings	15.202	5.130	36.014
Total borrowings	18.849	5.422	39.520
Debt/Equity ratio	0.189	0.045	0.248

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Turnover	405.226	414.497	463.476
		2.288	11.816

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Turnover	405.226	414.497	463.476
Profit	25.440	22.176	21.914
	6.28%	5.35%	4.73%

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

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10249451	04/09/2013 *	15,000,000.00	PUNJAB AND SIND BANK	B-2/17, PASCHIM VIHAR, NEW DELHI, DELHI - 110063,  INDIA	B85703379
2	10244271	26/05/2014 *	82,778,000.00	PUNJAB AND SIND BANK	B-2/17, PASCHIM VIHAR, NEW DELHI, DELHI - 110063,  INDIA	C06610018
3	10153676	18/11/2011 *	40,000,000.00	PUNJAB AND SIND BANK	B2/17 PASCHIM VIHAR, NEW DELHI, DELHI - 110063, INDIA	B27267194
4	10153674	08/04/2009	10,000,000.00	PUNJAB AND SIND BANK	PASCHIM VIHAR, NEW DELHI, NEW DELHI, DELHI - 110063, INDIA	A61064598
5	10153675	06/04/2009	5,000,000.00	PUNJAB AND SIND BANK	PASCHIM VIHAR, NEW DELHI, NEW DELHI, DELHI - 110063, INDIA	A61064663
6	10134496	15/12/2008	570,629.00	DY. DIRECTOR OF INDUSTRIES	SINGLE WINDOW CLEARANCE AGENCY, BADDI, BADDI, HIMACHAL PRADESH - 173205, INDIA	A52859642
7	10083924	21/09/2010 *	10,500,000.00	PUNJAB AND SIND BANK	B2/17, PASCHIM VIHAR, NEW DELHI, DELHI - 110063, INDIA	A98315963
8	10083923	20/09/2012 *	30,000,000.00	PUNJAB AND SIND BANK	B-2/17, PASCHIM VIHAR, NEW DELHI, DELHI - 110063,  INDIA	B61008967
9	10083920	03/09/2010 *	34,055,552.00	PUNJAB AND SIND BANK	B2/17, PASCHIM VIHAR, NEW DELHI, DELHI - 110063, INDIA	A97228332
10	10085208	29/08/2013 *	40,767,000.00	PUNJAB AND SIND BANK	B-2/17, PASCHIM VIHAR, NEW DELHI, DELHI - 110063,  INDIA	B84123280
11	10083921	03/09/2010 *	43,581,855.00	PUNJAB AND SIND BANK	B2/17, PASCHIM VIHAR, NEW DELHI, DELHI - 110063, INDIA	A97229850
12	10084132	22/08/2013 *	90,000,000.00	PUNJAB AND SIND BANK	B-2/17, PASCHIM VIHAR, NEW DELHI, DELHI - 110063,  INDIA	B83213009
13	10083925	18/12/2007	10,000,000.00	PUNJAB AND SIND BANK	B2/17 PASCHIM VIHAR, NEW DELHI, NEW DELHI, DELHI  - 110063, INDIA	A30868848
14	10083926	18/12/2007	20,000,000.00	PUNJAB AND SIND BANK	B2/17 PASCHIM VIHAR, NEW DELHI, NEW DELHI, DELHI  - 110063, INDIA	A30869218

* Date of charge modification

CHANGE OF ADDRESS:

The Registered Office of the company has been shifted from B-1/6, Paschim Vihar, New Delhi – 110063, India to the present address w.e.f.01.04.2011.

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Electric Fittings

· Fire Equipment

· Furniture and Fixture

· Tools, Dies and Moulds

· Transformer

· Generator

· Vehicles

· Computer

· Office Equipment

· Mobile phone

· Camera

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. 61.65
UK Pound	1	Rs. 96.54
Euro	1	Rs. 76.70

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	DIV
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		45

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.