MIRA INFORM REPORT

Report No. :	315070
Report Date :	02.04.2015

IDENTIFICATION DETAILS

Name:	REMIK CHEMICALS PRIVATE LIMITED (w.e.f. 01.03.2007)
Formerly Known As :	REMIK EASHAN CHEMICALS PRIVATE LIMITED
Registered Office :	C-1/91/2, G.I.D.C, Industrial Estate, Phase-1, Vatva Ahmedabad – 382445, Gujarat
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	12.11.1991
Com. Reg. No.:	04-016588
Capital Investment / Paid-up Capital :	Rs. 3.000 Millions
CIN No.: [Company Identification No.]	U24231GJ1991PTC016588
TAN No.: [Tax Deduction & Collection Account No.]	AHMR00156C
PAN No.: [Permanent Account No.]	AABCR3004P
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Chemicals, Chemical Compounds, Chemical Acids, etc.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

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

Maximum Credit Limit :	USD 39000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Management of the company has reported decent profitability during the financial year 2013-14. Overall financial position seems to be sound. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. 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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
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

NOT AVAILABLE

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.

LOCATIONS

Registered Office/ Factory 1 :	C-1/91/2, G.I.D.C, Industrial Estate, Phase-1, Vatva Ahmedabad – 382445, Gujarat, India
Tel. No. :	91-79-25890242
Fax No. :	Not Available
E-Mail :	pinakincs@yahoo.com harshadsoni@remik.com remikaho@remik.com vka@remik.com remikchemvatva@remik.com
Website :	http://www.remik.com
Factory 2:	Plot No. 3109/3110, GIDC Estate, Panoli, Bharuch – 394116, Gujarat, India
Fax No.:	91-2646-272084

DIRECTORS

As on 30.09.2014

Name :

Mr. Chanakya Prafulchandra Contractor

Designation :

Whole-Time Director

Address :

1, Rushil Bunglow, Bodakdev, Ahmedabad – 380054, Gujarat, India

Date of Birth/Age :

17.02.1972

Date of Appointment :

29.10.2004

DIN No. :

00027721

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	U65910GJ1987PTC009955	REMIK AGENCIES COMPANY PRIVATE LIMITED	Whole-time director	06-07-1993	06-07-1993	-	Active	NO
2	U51100GJ1984PTC007226	REMIK TRADING COMPANY PRIVATE LIMITED	Whole-time director	27-08-1993	27-08-1993	-	Active	NO
3	U51496KA1996PTC020446	REMIK STERLING CHEMICALS PRIVATE LIMITED	Whole-time director	10-05-1996	10-05-1996	-	Under liquidation	NO
4	U24231GJ1991PTC016588	REMIK CHEMICALS PRIVATE LIMITED	Whole-time director	29-10-2004	29-10-2004	-	Active	NO
5	U74140MH1997PTC107418	STAR OXOCHEM PRIVATE LIMITED	Whole-time director	05-10-2005	05-10-2005	01-04-2009	Active	NO

Name :

Mr. Nandkumar Dahyabhai Contractor

Designation :

Whole-Time Director

Address :

3, Rushil Bunglow, Bodakdev, Ahmedabad - 380054, Gujarat, India

Date of Birth/Age :

06.10.1951

Date of Appointment :

12.11.1991

DIN No. :

00027676

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	U51100GJ1984PTC007226	REMIK TRADING COMPANY PRIVATE LIMITED	Whole-time director	09-10-1984	09-10-1984	-	Active	NO
2	U24231GJ1991PTC016588	REMIK CHEMICALS PRIVATE LIMITED	Whole-time director	12-11-1991	12-11-1991	-	Active	NO
3	U65910GJ1987PTC009955	REMIK AGENCIES COMPANY PRIVATE LIMITED	Whole-time director	06-07-1993	06-07-1993	-	Active	NO
4	U74140MH1997PTC107418	STAR OXOCHEM PRIVATE LIMITED	Whole-time director	05-10-2005	05-10-2005	01-04-2009	Active	NO

Name :

Mr. Samir Rameshbhai Shah

Designation :

Director

Address :

4, Shishir Bunglow, Bodakdev, Ahmedabad – 380054, Gujarat, India

Date of Birth/Age :

30.10.1960

Date of Appointment :

16.05.1995

DIN No. :

00026864

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	U51100GJ1984PTC007226	REMIK TRADING COMPANY PRIVATE LIMITED	Whole-time director	01-02-1990	01-02-1990	Active	NO
2	U24231GJ1991PTC016588	REMIK CHEMICALS PRIVATE LIMITED	Director	16-05-1995	16-05-1995	Active	NO
3	U51496KA1996PTC020446	REMIK STERLING CHEMICALS PRIVATE LIMITED	Whole-time director	17-05-1996	17-05-1996	Under liquidation	NO
4	U65910GJ1987PTC009955	REMIK AGENCIES COMPANY PRIVATE LIMITED	Director	18-08-2009	18-08-2009	Active	NO

Name :

Mr. Virendra Vijaylalji Agrawal

Designation :

Whole-Time Director

Address :

D-93, Shree Akash Society, Bodakdev, Ahmedabad – 380015, Gujarat, India

Date of Birth/Age :

07.12.1949

Date of Appointment :

14.10.1996

DIN No. :

00026885

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	U51100GJ1984PTC007226	REMIK TRADING COMPANY PRIVATE LIMITED	Whole-time director	01-02-1990	01-02-1990	-	Active	NO
2	U74899DL1990PTC041854	SUGAM ENTERPRISES PRIVATE LIMITED	Director	27-05-1991	27-05-1991	-	Active	NO
3	U24101RJ1995PLC009912	ECHON INDUSTRIES LIMITED	Director	25-04-1995	25-04-1995	25-07-2013	Active	NO
4	U24231GJ1991PTC016588	REMIK CHEMICALS PRIVATE LIMITED	Whole-time director	14-10-1996	14-10-1996	-	Active	NO

Name :

Mr. Paurav Nandkumar Contractor

Designation :

Additional Director

Address :

3, Rushil Bunglow, Bodakdev, Ahmedabad - 380054, Gujarat, India

Date of Birth/Age :

08.05.1979

Date of Appointment :

31.12.2010

DIN No. :

00027700

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	U51100GJ1984PTC007226	REMIK TRADING COMPANY PRIVATE LIMITED	Whole-time director	30-04-2004	30-04-2004	Active	NO
2	U24231GJ1991PTC016588	REMIK CHEMICALS PRIVATE LIMITED	Additional director	31-12-2010	31-12-2010	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders	No. of Shares
Shailesh Amin	10
Shaileshbhai and Veenaben Amin	4990
Nandkumar and Reshmaben Contractor	2350
Prafulchandra and Miraben Contractor	5116
Prafulchandra and Miraben and Chanakya Contractor	200
Miraben and Prafulchandra and Chanakya Contractor	3750
Chanakay and Pinki Contractor	3317
Nandkumar and Reshmaben an Paurav	1500
Nandkumar and Paurav Contractor	33
Dhruvkumar and Sangita Contractor	2234
S.S. Nair	1000
Virendra Vijaylalji Agrawal	1000
D.C. HUF	500
Chanakya and Mira Contractor	400
Dhruvkumar and Janki Contractor	2100
Reshmaben and Nandkumar Contractor	500
SRS HUF	1000
Total	30000

As on 30.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	3.33
Directors or relatives of Directors	96.67
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Chemicals, Chemical Compounds, Chemical Acids, etc.
Products :	· Chemicals · Chemical Compounds · Chemical Acids · Dyestuff, etc.
Brand Names :	--
Agencies Held :	--
Exports :	--
Imports :	--
Terms :	--

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Not Available

Customers :

Not Available

No. of Employees :

Not Available

Bankers :

Bank of India, Panchvati Branch, Panchvati Circle, Ambawadi, Ellisbridge, Ahmedabad - 380006, Gujarat, India

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
LONG TERM BORROWINGS
From Bank	1.330	0.000
Less: Current Maturities	(0.427)	0.000
SHORT TERM BORROWINGS
Loan repayable on demand from bank (Secured by hypothecation of stocks and book debts and machineries and charge on the existing immovable properties further guaranteed by all directors of the company except Mr. Veendrakumar V. Agarwal)	1.646	2.114
Total	2.549	2.114

Banking Relations :	--
Auditors :
Name :	Ramanlal G. Shah and Company Chartered Accountants
Address :	Shreeji House, B/H. M. J. Library, Ellisbridge, Ahmedabad – 380006, Gujarat, India
Income-tax PAN of auditor or auditor's firm :	AAEFR1584J
Memberships :	--
Collaborators :	--
Associates/Subsidiaries :	--

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
60,000	Equity Shares	Rs.100/- each	Rs. 6.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
30,000	Equity Shares	Rs.100/- each	Rs. 3.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	3.000	3.000	3.000
(b) Reserves & Surplus	10.587	8.704	7.338
(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)	13.587	11.704	10.338
(3) Non-Current Liabilities
(a) long-term borrowings	0.903	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	0.903	0.000	0.000
(4) Current Liabilities
(a) Short term borrowings	1.910	2.473	1.752
(b) Trade payables	4.717	2.890	2.183
(c) Other current liabilities	1.952	0.312	0.297
(d) Short-term provisions	1.644	1.657	0.942
Total Current Liabilities (4)	10.223	7.332	5.174
TOTAL	24.713	19.036	15.512
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	9.041	6.125	6.496
(ii) Intangible Assets	0.000	0.000	0.000
(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	0.005	0.005	0.005
(c) Deferred tax assets (net)	0.029	0.090	0.081
(d) Long-term Loan and Advances	0.217	0.203	0.203
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	9.292	6.423	6.785
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	3.841	1.449	1.638
(c) Trade receivables	7.530	9.948	5.683
(d) Cash and cash equivalents	0.096	0.075	0.076
(e) Short-term loans and advances	3.948	1.134	1.330
(f) Other current assets	0.006	0.007	0.000
Total Current Assets	15.421	12.613	8.727
TOTAL	24.713	19.036	15.512

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	44.352	33.545	31.216
		Other Income	0.337	0.120	0.195
		TOTAL (A)	44.689	33.665	31.411
Less	EXPENSES
		TOTAL (B)	41.190 (Including Financial Expenses)	30.887 (Including Financial Expenses)	29.199
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)				2.212
Less	FINANCIAL EXPENSES (D)				0.081
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		3.499	2.778	2.131
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.806	0.722	0.761
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		2.693	2.056	1.370
Less	TAX (H)		0.810	0.691	0.429
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		1.883	1.365	0.941
	Earnings / (Loss) Per Share (Rs.)		62.77	45.50	31.37

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	4.25	4.07	3.01
Operating Profit Margin (PBDIT/Sales)	(%)	NA	NA	7.09
Return on Total Assets (PBT/Total Assets}	(%)	10.91	10.85	8.88
Return on Investment (ROI) (PBT/Networth)		0.20	0.18	0.13
Debt Equity Ratio (Total Debt/Networth)		0.21	0.21	0.17
Current Ratio (Current Asset/Current Liability)		1.51	1.72	1.69

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	3.000	3.000	3.000
Reserves & Surplus	7.338	8.704	10.587
Net worth	10.338	11.704	13.587
long-term borrowings	0.000	0.000	0.903
Short term borrowings	1.752	2.473	1.910
Total borrowings	1.752	2.473	2.813
Debt/Equity ratio	0.169	0.211	0.207

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	31.216	33.545	44.352
		7.461	32.216

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	31.216	33.545	44.352
Profit	0.941	1.365	1.883
	3.01%	4.07%	4.25%

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]	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	No

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10445399	23/08/2013	2,500,000.00	BANK OF INDIA	PANCHVATI BRANCH, PANCHVATI CIRCLE, AMBAWADI, ELL  ISBRIDGE, AHMEDABAD, GUJARAT - 380006, INDIA	B83208686
2	90105334	14/08/2007 *	1,000,000.00	BANK OF INDIA	PANCHVATI BRANCH, NEAR PANCHVATI CIRCLE, AMBAWADI, AHMEDABAD, GUJARAT - 380006, INDIA	A22534754
3	90104253	14/08/2007 *	1,500,000.00	BANK OF INDIA	PANCHVATI BRANCH, NEAR PANCHVATI CIRCLE, AMBAWADI, AHMEDABAD, GUJARAT - 380006, INDIA	A22537567

* Date of charge modification

UNSECURED LOANS

PARTICULAR	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
SHORT TERM BORROWINGS
Loans and Advances Unsecured – Payable on Demand
Form Associate Company	0.000	0.095
From Erstwhile Director	0.150	0.150
From Shareholder	0.114	0.114
Total	0.264	0.359

FINANCIAL PERFORMANCE

Total Revenue for the year ended March 31, 2014 was Rs 44.689 Millions representing an increase of 32.75 %. Profit before tax for the year was at Rs 2.693 Millions representing an increase of 30.98 per cent. The Company has made a Net Profit of Rs.1.883 Millions during the year. Referring to the working of the Company for the year 2013-14. The Job charges and other income is Rs. 6.837 Millions during the year. The Company has able to achieve the Net Profit as stated above during the year 2013-14.

FIXED ASSETS

Factory Land

· Factory Building, Shed

· Plant and Machinery

· Other Equipments

· Furniture and Fixtures

· Computers

· Vehicles

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.62.59
UK Pound	1	Rs.92.46
Euro	1	Rs.67.51

INFORMATION DETAILS

Analysis Done by :	SUC
Report Prepared by :	MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	4
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		42

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.