MIRA INFORM REPORT

Report Date :

07.10.2014

IDENTIFICATION DETAILS

Name :	CALDERYS INDIA REFRACTORIES LIMITED (w.e.f. March 2012)
Formerly Known As :	ACE CALDERYS LIMITED (w.e.f. 13.04.2008) ACE REFRACTORIES LIMITED
Registered Office :	Katni Refractories Works, PO Katni, Katni - 483504, Madhya Pradesh
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	12.08.2005
Com. Reg. No.:	11-017865
Capital Investment / Paid-up Capital :	Rs.349.494 Millions
CIN No.: [Company Identification No.]	U02692MP2005PLC017865
PAN No.: [Permanent Account No.]	AAFCA3610G
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Refractory Materials.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

A (67)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well-established company have a fine track record. It is India’s second largest refractory manufacturer. Financially company seems to be strong. Liquidity position is good. There are no external borrowing recorded by the company. Trade relations are reported to be fair. Business is active. Payments are reported to be regular and ad per commitment. The company can be consider for normal 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 wilfully 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	India Rating (FITCH)
Rating	Long term issuer rating AA
Rating Explanation	Have high degree of safety and carry low credit risk.
Date	September 2013

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 DENIED BY

MANAGEMENT NON CO-OPERATIVE (91-712-2528506)

LOCATIONS

Registered Office / Factory 1 :	Katni Refractories Works, PO Katni - 483504, Madhya Pradesh, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	manoj.kakani@calderys.com
Website :	www.calderys.com
Head Office / Factory 2:	Thapar House, Temple Road, Civil Lines, Nagpur – 440001, Maharashtra, India
Tel. No.:	91-712-2528506 / 2530885
Fax No.:	91-712-2530885
E-Mail :	info.india@calderys.com
Branch Office :	131/132, D-Wing, First Floor, Clover Centre, 7 Moledina Road, Pune – 411001, Maharashtra, India
E-Mail :	sbanerjee50@rediffmail.com
Factory 3 :	6^th Floor, Fidvi Tower, Mount Road, Opposite Saraf Chamber Sadar, Nagpur – 440001, Maharashtra, India
Tel. No.:	91-712-2536228
Fax No.:	91-712-2530885
Location :	Rented

DIRECTORS

As on 30.09.2013

Name :

Mr. Hakimuddin Ali

Designation :

Managing Director

Address :

107, Hakimi Villa, Fakhri Hills, Lulla Nagar, Kondhwa, Pune – 411048, Maharashtra, India

Date of Birth/Age :

18.05.1969

Date of Appointment :

01.01.2011

DIN No.:

03383031

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	U02692MP2005PLC017865	CALDERYS INDIA REFRACTORIES LIMITED	Managing director	01/01/2011	07/12/2010	-	Active	NO

Name :

Mr. Umesh Chander Deveshwar

Designation :

Whole-time director

Address :

302, Marina Residency, Plot No. 2/2, Nelson Square, near Poonam Chambers, Nagpur – 440013, Maharashtra, India

Date of Birth/Age :

08.10.1948

Date of Appointment :

24.09.2011

DIN No.:

00121332

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	U02692MP2005PLC017865	CALDERYS INDIA REFRACTORIES LIMITED	Whole-time director	24/09/2011	27/09/2005	-	Active	NO
2	U14200MH2002PTC217789	IMERYS PERFORMANCE AND FILTRATION MINERALS PRIVATE LIMITED	Director	30/09/2011	13/12/2010	-	Active	NO
3	U14213PN2006PTC143820	Imerys Minerals (India) Private Limited	Director	30/06/2011	13/12/2010	-	Active	NO
4	U24297PN2003PTC018363	IMERYS NEWQUEST (INDIA) PRIVATE LIMITED	Director	27/06/2012	15/09/2011	-	Active	NO

Name :

Christian Louis Marie Marin

Designation :

Nominee director

Address :

1 Bis Rue Du Doctuer Rousseau, Epernay, 51200, France

Date of Birth/Age :

24.12.1966

Date of Appointment :

16.06.2008

DIN No.:

02241732

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	U02692MP2005PLC017865	CALDERYS INDIA REFRACTORIES LIMITED	Nominee director	16/06/2008	16/06/2008	-	Active	NO
2	U14200MH2002PTC217789	IMERYS PERFORMANCE AND FILTRATION MINERALS PRIVATE LIMITED	Director	30/09/2009	15/05/2009	23/12/2010	Active	NO

Name :

Remy Serafin

Designation :

Director

Address :

8 Rue Belissen, 69005 Lyon, France

Date of Birth/Age :

23.03.1971

Date of Appointment :

30.09.2013

DIN No.:

06670778

KEY EXECUTIVES

Name :	Mr. Manoj Kakani
Designation :	Secretary
Address :	D5, Sanchayani Building, Swalambi Nagar, Nagpur, Maharashtra, India
Date of Birth/Age :	18.04.1976
Date of Appointment :	29.01.2009
PAN No.:	AFXPK1128F
Name :	Mr. S.Z. Patil
Designation :	Account Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

Names of Shareholders	No. of Shares
Imerys Asia Pacific Pte Limited, France	34952308
Tapan Kumar Biswas	1
Ramkumar Dubey	1
A K Vishwakarma	1
Shyamal Bhattacharjee	1
N. P. Singh	1
Ashish Kumar Sanyal	1
Naveen S.	162
Total	34952476

As on 30.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	99.90
Directors or relatives of Directors	0.05
Other top fifty shareholders	0.05
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Refractory Materials.

Products :

Item Code No. (ITC Code)	Product Description
69032090	Refractory Ceramic Products

GENERAL INFORMATION

No. of Employees :

Not Divulged

Bankers :

Ø State Bank of India, Corporate Group Branch, Voltas House, 23, JN Heredia Marg, Mumbai - 400001, Maharashtra, India Ø ICICI Bank Limited, Landmarkrace Cource Circle, Alkapuri, Baroda – 390015, Gujarat, India Ø Union Bank of India, 239, Vidhan Bhavan Marg, Nariman Point, Mumbai – 400021, Maharashtra, India Ø State Bank of India, Industrial Finance Branch, 5, Sai Complex, Bharat Nagar, Amravati Road, Nagpur - 440033, Maharashtra, India Ø Bank of Maharashtra Sitabuldi Branch, Sitabuldi, Nagpur - 440012, Maharashtra, India

Banking Relations :	--
Auditors :
Name :	S. R. Batliboi and Associates Chartered Accountants
Address :	14^th Floor, The Ruby, 29 Senapati Bapat Marg, Dadar (West), Mumbai, Maharashtra, India
PAN No. :	AABFS3421N
Holding Company :	Ø Imerys Asia Pacific Pte Limited, France
Ultimate Holding Company:	Ø Imerys Limited
Group Company :	Ø Ex-Servicemen’s Multipurpose Services India Private Limited, India CIN No. : U74994MH1988PTC046992 Ø Calderys Deutschland Gmbh And Company Ohg, Germany Ø Calderys France SAS, France Ø Calderys UK Limited, United Kingdom Ø Calderys South Africa Pty Limited, South Africa Ø Calderys The Netherlands BV, Netherlands Ø Imerys Performance and Filtration Minerals Private Limited, India CIN No. : U14200MH2002PTC217789 Ø Calderys Jiansgsu Company Limited, China Ø Calderys Taiwan Company Limited, Taiwan, Province of China Ø Calderys Itlia S.r, Italy Ø Calderys Nordic AB, Sweden Ø Calderys Iberica Refractories, Spain Ø Imerys Ceramics (India) Private Limited, India Ø Caldeys Australia, Australia Ø Calderys Magyarorsza, Hungary Ø Imerys Limited, France Ø Imerys Minerals (India) Private Limited, India

CAPITAL STRUCTURE

After 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
51000000	Equity Shares	Rs.10/- each	Rs.510.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
34952476	Equity Shares	Rs.10/- each	Rs.349.525 Millions

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
51000000	Equity Shares	Rs.10/- each	Rs.510.000 Millions

Paid-up Capital :

No. of Shares	Type	Value	Amount
34949376	Equity Shares	Rs.10/- each	Rs.349.494 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	349.494	377.694	419.765
(b) Reserves & Surplus	1969.300	2154.400	2026.400
(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)	2318.794	2532.094	2446.165
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	13.500	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	84.700	81.800	60.300
Total Non-current Liabilities (3)	98.200	81.800	60.300
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	1042.600	1179.100	855.500
(c) Other current liabilities	107.306	146.406	200.400
(d) Short-term provisions	51.700	29.900	6.100
Total Current Liabilities (4)	1201.606	1355.406	1062.000
TOTAL	3618.600	3969.300	3568.465
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	964.700	999.100	1064.700
(ii) Intangible Assets	236.600	260.600	284.800
(iii) Capital work-in-progress	24.300	19.400	8.400
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	47.300	38.700	30.900
(c) Deferred tax assets (net)	0.000	31.400	3.300
(d) Long-term Loan and Advances	80.600	69.600	47.100
(e) Other Non-current assets	27.300	39.100	36.700
Total Non-Current Assets	1380.800	1457.900	1475.900
(2) Current assets
(a) Current investments	321.700	370.000	161.200
(b) Inventories	508.800	668.200	596.863
(c) Trade receivables	861.500	877.600	750.400
(d) Cash and cash equivalents	447.600	443.000	301.700
(e) Short-term loans and advances	80.900	113.500	266.400
(f) Other current assets	17.300	39.100	16.002
Total Current Assets	2237.800	2511.400	2092.565
TOTAL	3618.600	3969.300	3568.465

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2013	31.03.2012	31.03.2011
	SALES
	Income	5362.000	5747.100	5016.800
	Other Income	82.700	71.100	114.600
	TOTAL (A)	5444.700	5818.200	5131.400
Less	EXPENSES
	Cost of Materials Consumed	2442.900	2438.700	2049.700
	Purchases of Stock-in-Trade	873.700	985.600	975.300
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(6.800)	(3.500)	(38.900)
	Employees benefits expense	305.700	334.300	283.700
	Other expenses	866.100	948.000	849.200
	TOTAL (B)	4481.600	4703.100	4119.000
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	963.100	1115.100	1012.400
Less	FINANCIAL EXPENSES (D)	0.700	0.800	4.300
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	962.400	1114.300	1008.100
Less/ Add	DEPRECIATION/ AMORTISATION (F)	110.500	107.600	147.200
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	851.900	1006.700	860.900
Less	TAX (I)	263.200	331.800	276.500
	PROFIT/ (LOSS) AFTER TAX (G-I) (J)	588.700	674.900	584.400
	Earnings / (Loss) Per Share (Rs.)	15.59	16.11	25.38

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	10.81	11.60	11.39
Net Profit Margin (PBT/Sales)	(%)	15.89	17.52	17.16
Return on Total Assets (PBT/Total Assets}	(%)	24.02	25.95	24.42
Return on Investment (ROI) (PBT/Networth)		0.37	0.40	0.35
Debt Equity Ratio (Total Debt /Networth)		0.00	0.00	0.00
Current Ratio (Current Asset/Current Liability)		1.86	1.85	1.97

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	419.765	377.694	349.494
Reserves & Surplus	2026.400	2154.400	1969.300
Net worth	2446.165	2532.094	2318.794
long-term borrowings	0.000	0.000	0.000
Short term borrowings	0.000	0.000	0.000
Total borrowings	0.000	0.000	0.000
Debt/Equity ratio	0.000	0.000	0.000

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)
Sales	5016.800	5747.100	5362.000
		14.557	(6.701)

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	5016.800	5747.100	5362.000
Profit	584.400	674.900	588.700
	11.65%	11.74%	10.98%

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	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	-----
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	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	80006007	12/06/2006 *	200,000,000.00	UNION BANK OF INDIA	239, VIDHAN BHAVAN MARG, NARIMAN POINT, MUMBAI - 400021, MAHARASHTRA, INDIA	-
2	80006254	01/06/2007 *	350,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA -390015, GUJARAT, INDIA	A16546764
3	80006006	25/10/2012 *	400,000,000.00	STATE BANK OF INDIA	INDUSTRIAL FINANCE BRANCH, 5, SAI COMPLEX, BHARAT NAGAR, AMRAVATI ROAD, NAGPUR - 440033, MAHARASHTRA, INDIA	B62601372

* Date of charge modification

FIXED ASSETS

œ Land

œ Factory Building

œ Factory Equipments

œ Furniture and Fixtures

œ Motor Vehicles

œ Leasehold Improvements

œ Railway Sidings

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] Recordon 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.61.75
UK Pound	1	Rs.100.06
Euro	1	Rs.77.95

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis done by :	RAS
Report Prepared by :	MTN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	8
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILIRY	1~10	7
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	8
--CREDIT LINES	1~10	8
--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		67

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.