MIRA INFORM REPORT

Report No. :	317869
Report Date :	17.04.2015

IDENTIFICATION DETAILS

Name :	INDO COLCHEM PRIVATE LIMITED (w.e.f. 25.11.2013)
Formerly Known As :	INDO COLCHEM LIMITED M.S. PAPERS PRIVATE LIMITED
Registered Office :	Plot No. 36, Phase II, G.I.D.C. Estate, Vatva, Ahmedabad - 382445, Gujarat
Tel No.:	91-79-40083217
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	26.09.1986
Com. Reg. No.:	04-009016
Capital Investment / Paid-up Capital :	Rs.50.000 Million
CIN No.: [Company Identification No.]	U24100GJ1986PTC009016
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	AHMI00232B
PAN No.: [Permanent Account No.]	AAACI4393K
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Dyes Intermediates.
No. of Employees :	60 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (51)

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

Maximum Credit Limit :	USD 764000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Financial position of the company seems to be decent. Tarde relations are fair. Business is active. Payments terms are reported to be 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

Rating Agency Name	CRISIL
Rating	Long term rating BBB
Rating Explanation	Have moderate degree of safety and carry moderate credit risk.
Date	May 16, 2014

Rating Agency Name	CRISIL
Rating	Strong term rating A3+
Rating Explanation	Have moderate degree of safety and carry higher credit risk.
Date	May 16, 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 :	Mr. Shah
Designation :	Export Manager
Contact No.:	91-9825045500
Date :	16.04.2015

LOCATIONS

Registered / Corporate Office/ Factory :	Plot No. 36, Phase II, G.I.D.C. Estate, Vatva, Ahmedabad - 382445, Gujarat, India
Tel. No.:	91-79-40083217 / 40083218 / 40083219 / 40083220 / 40083221
Fax No.:	91-79-40083222 / 26610071
E-Mail :	accounts@indocol.com satishshah@indocol.com export@indocol.com indocol@vsnl.com indocolad1@sancharnet.in indocol@airtelmail.in
Website :	http://www.indocol.com

DIRECTORS

As on 25.07.2013

Name :

Mr. Satish Sampatraj Shah

Designation :

Managing Director

Address :

284, Manekbag Society, Ambawadi, Ahmedabad, Gujarat, India

Date of Birth/Age :

08.11.1952

Qualification :

B.SC, LLB

Date of Appointment :

01.08.2011

PAN No.:

AGDPS3253J

DIN No.:

00257121

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	U24100GJ1986PTC009016	INDO COLCHEM PRIVATE LIMITED	Managing director	01-08-2011	26-09-1986	Active	NO
2	U24110GJ1992PTC017532	THE RANG UDHYOG PRIVATE LIMITED	Director	12-05-1992	12-05-1992	Active	NO

Name :

Mrs. Kusumdevi Satishchand Shah

Designation :

Whole-time director

Address :

07, Sugam Bunglows, Prahladnagar Tekra, Anadnagar, Ahmedabad - 380059, Gujarat, India

Date of Birth/Age :

18.08.1985

Qualification :

BA

Date of Appointment :

01.07.2011

PAN No.:

AGDPS4250R

DIN No.:

03276576

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	U24100GJ1986PTC009016	INDO COLCHEM Private Limited	Whole-time director	01-07-2011	30-09-2010	Active	NO

Name :

Mr. Chirag Satish Shah

Designation :

Whole-time director

Address :

07, Sugam Bunglows, Prahladnagar Tekra, Anadnagar, Ahmedabad - 380059, Gujarat, India

Date of Birth/Age :

17.02.1991

Qualification :

BBA

Date of Appointment :

04.06.2012

PAN No.:

CFQPS1639E

DIN No.:

02642152

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	U24100GJ1986PTC009016	INDO COLCHEM PRIVATE LIMITED	Whole-time director	04-06-2012	30-05-2009	Active	NO
2	U24110GJ1992PTC017532	THE RANG UDHYOG PRIVATE LIMITED	Director	01-12-2012	01-12-2012	Active	NO

Name :

Mr. Anil Kumar Saraf

Designation :

Director

Address :

157, Veer Durgadas Nagar, Pali, Marwar - 306401, Rajasthan, India

Date of Birth/Age :

02.11.1957

Qualification :

B.COM

Date of Appointment :

11.06.2011

DIN No.:

00507464

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	U14102RJ1992PTC006931	RATNAM GRANITES AND MARBLES PRIVATE LIMITED	Director	04-09-1992	04-09-1992	Active	NO
2	U24100GJ1986PTC009016	INDO COLCHEM PRIVATE LIMITED	Director	11-06-2011	11-06-2011	Active	NO

Name :

Mr. Dineshkumar Chhogalal Hundia

Designation :

Director

Address :

285/B, Manekbag Society, B/h. Manekbag Hall, Ambawadi, Ahmedabad, Gujarat, India

Date of Birth/Age :

03.04.1950

Qualification :

B.SC, BTECH - Plastic

Date of Appointment :

30.06.2007

DIN No.:

01754948

Name :

Mr. Jaydeepsinh Amarsinh Devda

Designation :

Additional director

Address :

A-18, Sraddhakunj Society, Near Vatva Rly Quarters, Vizol Crossing, Vatva, Ahmedabad - 382445, Gujarat, India

Date of Birth/Age :

03.07.1971

Date of Appointment :

16.02.2014

DIN No.:

06364309

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	U24100GJ1986PTC009016	INDO COLCHEM Private Limited	Additional director	16/02/14	01/09/12	-	Active	NO

Name :

Mr. Jayesh Rasiklal Jadawala

Designation :

Additional director

Address :

No-C-18, Nandishwar Tenament, Opposite Someshwar Park Sola, Ahmedabad - 380061, Gujarat, India

Date of Birth/Age :

06.02.1970

Date of Appointment :

16.02.2014

DIN No.:

06364315

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	U24100GJ1986PTC009016	INDO COLCHEM Private Limited	Additional director	16/02/14	01/09/12	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Ramesh
Designation :	Accountant
Name :	Mr. Shah
Designation :	Export Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 25.07.2013

Names of Shareholders	No. of Shares	%age
Kusumdevi Satishchand Shah	738800	14.78
Sampatraj Shah (HUF)	59133	1.18
Satish Sampatraj Shah	1697733	33.95
Satish Sampatraj Shah jointly with Kusumdevi Satishchand Shah	1923334	38.47
Chirag Satish Shah	580000	11.60
Anil Saraf	500	0.01
Dineshkumar Chhogalal Hundia	500	0.01
Total	5000000	100.00

As on 25.07.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Dyes Intermediates.

Products :

ITC Code No.	Product Descriptions
32041630	Reactive Red 195
32041680	Reactive Black HFGR
32041610	Reactive Yellow 145
29222109	Others

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Products :

Dyes Intermediates

Countries :

• Europe
• Asian Countries

Imports :

Products :

Raw Material

Countries :

China

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

PRODUCTION STATUS - NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

Customers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

No. of Employees :

60 (Approximately)

Bankers :

State Bank of India, Overseas Branch, 3^rd Floor, Amrit Jayanti Bhavan, Navjivan Trust Complex, Navjivan P.O., Ahmedabad - 380014, Gujarat, India

HDFC Bank, Navrangpura, Ahmedabad, Gujarat, India

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG TERM BORROWINGS
Rupee term loans from banks	18.155	3.594
Loans taken for fixed assets	4.975	0.704
SHORT TERM BORROWINGS
Working capital loans from banks	298.410	235.743
Total	321.540	240.041

Banking Relations :	--
Auditors :
Name :	Kishan M Mehta and Company Chartered Accountants
Address :	8, Premchand House Annex, Old High Court Way, Ashram Road, Ahmedabad -380009, Gujarat, India
PAN No. :	AABFK8431G
Memberships :	--
Collaborators :	--
Associates / Subsidiaries :	-

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
6000000	Equity Shares	Rs.10/- each	Rs.60.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs.50.000 Million

FINANCIAL DATA

[all figures are in Rupees Million]

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	50.000	50.000	50.000
(b) Reserves & Surplus	217.525	146.477	159.827
(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)	267.525	196.477	209.827
(3) Non-Current Liabilities
(a) long-term borrowings	89.325	61.394	0.767
(b) Deferred tax liabilities (Net)	17.196	15.526	16.055
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.742	0.504	0.421
Total Non-current Liabilities (3)	107.263	77.424	17.243
(4) Current Liabilities
(a) Short term borrowings	307.404	238.543	159.949
(b) Trade payables	425.910	315.815	199.718
(c) Other current liabilities	18.770	34.811	11.879
(d) Short-term provisions	33.275	18.865	11.821
Total Current Liabilities (4)	785.359	608.034	383.367
TOTAL	1160.147	881.935	610.437
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	169.885	125.899	116.678
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	1.311	6.311	1.214
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.005	0.145	0.145
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	2.019	5.090	1.764
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	173.220	137.445	119.801
(2) Current assets
(a) Current investments	0.000	10.000	27.176
(b) Inventories	285.046	226.894	147.780
(c) Trade receivables	530.148	331.366	217.948
(d) Cash and cash equivalents	43.346	34.470	20.768
(e) Short-term loans and advances	106.117	107.532	53.100
(f) Other current assets	22.270	34.228	23.864
Total Current Assets	986.927	744.490	490.636
TOTAL	1160.147	881.935	610.437

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Revenue from operations	1922.973	1205.415	788.716
		Other Income	16.984	3.274	3.724
		TOTAL	1939.957	1208.689	792.440
Less	EXPENSES
		Cost of Materials Consumed		911.729	535.733
		Purchases of Stock-in-Trade		43.988	60.964
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade		(39.777)	(16.306)
		Employees benefits expense		23.638	20.040
		Other expenses		187.178	133.540
		TOTAL	1795.578	1126.756	733.971
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		144.379	81.933	58.469
Less	FINANCIAL EXPENSES		23.948	12.572	13.685
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		120.431	69.361	44.784
Less/ Add	DEPRECIATION/ AMORTISATION		14.754	13.540	12.768
	PROFIT/ (LOSS) BEFORE TAX		105.677	55.821	32.016
Less	TAX		34.629	19.171	11.256
	PROFIT/ (LOSS) AFTER TAX		71.048	36.650	20.760
	Earnings / (Loss) Per Share (Rs.)		14.21	6.26	3.32

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	3.69	3.04	2.63
Operating Profit Margin (PBDIT/ Sales)	(%)	7.51	6.80	7.41
Return on Total Assets (PBT/Total Assets}	(%)	9.12	6.38	5.26
Return on Investment (ROI) (PBT/Networth)		0.40	0.28	0.15
Debt Equity Ratio (Total Debt/Networth)		1.48	1.53	0.77
Current Ratio (Current Asset/Current Liability)		1.26	1.22	1.28

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	50.000	50.000	50.000
Reserves & Surplus	159.827	146.477	217.525
Net worth	209.827	196.477	267.525
long-term borrowings	0.767	61.394	89.325
Short term borrowings	159.949	238.543	307.404
Total borrowings	160.716	299.937	396.729
Debt/Equity ratio	0.766	1.527	1.483

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Revenue from operations	788.716	1205.415	1922.973
		52.833	59.528

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Revenue from operations	788.716	1205.415	1922.973
Profit	20.760	36.650	71.048
	2.63%	3.04%	3.69%

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	No
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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

UNSECURED LOANS

PARTICULAR	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG TERM BORROWINGS
Rupee term loans from banks	47.042	48.459
Loans and advances from related parties	19.153	8.637
SHORT TERM BORROWINGS
Loans and advances from related parties	8.994	2.800
Total	75.189	59.896

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	90109551	25/01/1997	635,000.00	ANZ GRINDLAYS BANK LTD.	270; D. N. ROAD, POST BOX 48; FORT, BOMBAY, Maharashtra - 400001, INDIA	-
2	90109528	12/12/1996	350,000.00	ANZ GRINDLAYS BANK LTD.	270; D. N. ROAD, POST BOX 48; FORT, BOMBAY, Maharashtra - 400001, INDIA	-
3	90112192	26/12/2013 *	596,500,000.00	STATE BANK OF INDIA OVERSEAS BRANCH	3RD FLOOR, AMRIT JAYANTI BHAVAN, NAVJIVAN TRUST C  OMPLEX, NAVJIVAN P.O., AHMEDABAD, Gujarat - 380014, INDIA	B94233327

* Date of charge modification

FIXED ASSETS

œ Land

œ Buildings

œ Plant and equipment

œ Furniture and fixtures

œ Vehicles

œ Office equipment

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.62.37
UK Pound	1	Rs.92.44
Euro	1	Rs.66.56

INFORMATION DETAILS

Information Gathered by :	REK
Analysis Done by :	RAS
Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		51

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.