MIRA INFORM REPORT

Report No. :	337403
Report Date :	21.08.2015

IDENTIFICATION DETAILS

Name :	SPECIAL BLASTS LIMITED
Formerly Known As :	SPECIAL BLAST PRIVATE LIMITED
Registered Office :	G – 5, Wallfort Ozone, Fafadih Chowk, Raipur – 492001, Chhattisgarh
Tel. No.:	91-771-4092202
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	25.08.1988
Com. Reg. No.:	004746
Capital Investment / Paid-up Capital :	Rs. 122.576 Million
CIN No.: [Company Identification No.]	U24292CT1988PLC004746
IEC No.:	1101000074
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AADCS2831D
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject is engaged in the Manufacturing of Explosives and Explosive Accessories, Trading activities of Ammonium Nitrate, Manganese Ore and other material.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. For the financial year ended 2014, the company possesses decent operational performance with fair profitability. Further, rating also takes into account of company’s long track of business operations and healthy financial risk profile supported by good net worth base and favorable gap between trade payable to its receivables. 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 – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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 Bank Facilities = BBB-
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	May 20, 2015

Rating Agency Name	CRISIL
Rating	Short Term Bank Facilities = A3+
Rating Explanation	Moderate degree of safety and higher credit risk.
Date	May 20, 2015

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 31-03-2013.

INFORMATION DENIED BY

Name :	Mr. Mahendra Jain
Designation :	Account Assistance
Contact No.:	91-771-4092202
Date :	20.08.2015

LOCATIONS

Registered Office :	G – 5, Wallfort Ozone, Fafadih Chowk, Raipur – 492001, Chhattisgarh, India
Tel. No.:	91-771-4092202
Fax No.:	Not Available
E-Mail :	abhishekjaiswal21@gmail.com

DIRECTORS

AS ON 30.09.2014

Name :

Ajay Choudhari

Designation :

Managing Director

Address :

C 86 87,, Sector - 1, Devendra Nagar, Raipur – 492001, Chhattisgarh, India

Date of Birth/Age :

17.05.1967

Date of Appointment :

17.08.1989

DIN No.:

00961189

Name :

Sarajit Kumar Pathak

Designation :

Director

Address :

Nathani Building, Shastri Chowk,, Special Blasts Limited, Raipur – 492001, Chhattisgarh, India

Date of Birth/Age :

06.04.1965

Date of Appointment :

05.0.2009

DIN No.:

02690649

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	U24292CT1988PLC004746	SPECIAL BLASTS LIMITED	Director	30/09/2009	05/06/2009	-	Active	NO
2	U24292MH2002PLC134851	SBL ENERGY LIMITED	Additional director	01/03/2015	01/03/2015	-	Active	NO

Name :

Avdhesh Kumar Jain

Designation :

Director

Address :

Wing- Iii, 133, Sec. 1 ,Capita, Kavita Nagar, Raipur – 492001, Chhattisgarh, India

Date of Birth/Age :

20.11.1976

Date of Appointment :

18.03.2013

DIN No.:

06530473

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	U24292CT1988PLC004746	SPECIAL BLASTS LIMITED	Director	18/03/2013	18/03/2013	-	Active	NO
2	U24292MH2002PLC134851	SBL ENERGY LIMITED	Director	11/07/2013	11/07/2013	12/07/2013	Active	NO

Name :

Satyawati Parashar

Designation :

Director

Address :

House No.-31/519 Brahman Para, Jay Kali Chowk Bhoipara, Raipur – 492001, Chhattisgarh, India

Date of Appointment :

25.02.2015

DIN No.:

00761009

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	L24117CT1995PLC009845	NATURA HUE-CHEM LIMITED	Director	21/12/2005	21/12/2005	-	Active	NO
2	U24292CT1988PLC004746	SPECIAL BLASTS LIMITED	Director	25/02/2015	25/02/2015	-	Active	NO
3	L02423MP1994PLC008116	NEW ERA ALKALOIDS AND EXPORTS LTD	Additional director	28/03/2015	28/03/2015	-	Active	NO
4	L15143CT1991PLC006678	ASHOKA REFINERIES LIMITED	Additional director	30/03/2015	30/03/2015	-	Active	NO

Name :

Tulsi Ram Sahu

Designation :

Director

Address :

Subhash Nagar, Ring Road, Raipur, 492001, Chhattisgarh, India

Date of Appointment :

30.09.2014

DIN No.:

01395347

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	L02423MP1994PLC008116	NEW ERA ALKALOIDS AND EXPORTS LTD	Director	29/12/2005	29/12/2005	-	Active	NO
2	U24292CT1988PLC004746	SPECIAL BLASTS LIMITED	Director	30/09/2014	30/09/2014	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Mahendra Jain
Designation :	Account Assistance
Name :	Haresh Hemani
Designation :	CFO
Address :	Street No. 6 Katora Talab, Raipur – 492001, Chhattisgarh, INDIA
Date of Appointment :	27.03.2015
PAN No.:	AIEPH6599P
Name :	Chandrakant Shah
Designation :	Secretary
Address :	B/504, Harshit Jwels Near Chhattisgarh, Public School, Tatibandh Raipur, Raipur – 492099, Chhattisgarh, INDIA
Date of Appointment :	01.07.2015
PAN No.:	EYPPS8506E

MAJOR SHAREHOLDERS

AS ON 30.09.2014

SHAREHOLDING DETAILS FILE ATTACHED.

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2014

Category	Percentage
Bodies corporate	54.00
Directors or relatives of Directors	42.73
Other top fifty shareholders	3.27
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged in the Manufacturing of Explosives and Explosive Accessories, Trading activities of Ammonium Nitrate, Manganese Ore and other material.
Products :	Not Divulged
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	Not Divulged

GENERAL INFORMATION

Suppliers :

Not Divulged

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

Customers :

Not Divulged

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

No. of Employees :

Information declined by the management

Bankers :

Banker Name	Not Divulged
Branch Address	Not Divulged
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Loans taken for vehicles	9.920	10.040
SHORT TERM BORROWING
Working capital loans from banks	377.829	199.056
Other loans and advances	6.113	15.152
Total	393.862	224.248

Auditors :
Name :	Amitabh Agrawal and Company Chartered Accountants
Address :	109, Wallfort Ozone, Fafadih Chowk, Raipur, Chattisgarh, India
PAN No.:	AAKFA0762H
Memberships :	--
Collaborators :	--
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	Ajay Choudhari and Sons (HUF) Shubham Enterprises (Raipur) Private Limited Alok Choudhari and Sons Shri Krishna Explosives and Accessories Raghuvir Ferro Alloy Private Limited Sri Balmukund Polypack Private Limited Mahanadi Metals And Chemicals Private Limited Sanjay Choudhari and Sons Chhattisgarh Steel And Power Limited

CAPITAL STRUCTURE

AS ON 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
15000000	Equity Shares	Rs.10/- each	Rs. 150.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
12257575	Equity Shares	Rs.10/- each	Rs. 122.576 Million

AFTER 30.09.2014

Authorised Capital: Rs. 150.000 Million

Issued, Subscribed & Paid-up Capital: Rs. 135.176 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	122.576	122.576	107.575
(b) Reserves & Surplus	460.759	417.036	347.732
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	30.000
Total Shareholders’ Funds (1) + (2)	583.335	539.612	485.307
(3) Non-Current Liabilities
(a) long-term borrowings	138.363	181.211	52.116
(b) Deferred tax liabilities (Net)	17.993	25.861	22.788
(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)	156.356	207.072	74.904
(4) Current Liabilities
(a) Short term borrowings	446.907	214.237	272.613
(b) Trade payables	1382.963	1091.494	1031.208
(c) Other current liabilities	64.946	80.058	20.684
(d) Short-term provisions	49.530	51.795	29.684
Total Current Liabilities (4)	1944.346	1437.584	1354.189
TOTAL	2684.037	2184.268	1914.400
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	220.311	183.600	185.762
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	95.572	96.795	16.552
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	3.065	3.065	64.168
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	65.195	54.245	23.600
(e) Other Non-current assets	44.737	15.765	29.161
Total Non-Current Assets	428.880	353.470	319.243
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	174.639	345.532	241.504
(c) Trade receivables	1641.965	985.952	871.966
(d) Cash and cash equivalents	116.394	30.022	131.011
(e) Short-term loans and advances	129.219	205.143	109.550
(f) Other current assets	192.940	264.149	241.126
Total Current Assets	2255.157	1830.798	1595.157
TOTAL	2684.037	2184.268	1914.400

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	3989.182	3933.819	3351.133
	Other Income	1.164	0.288	0.108
	TOTAL	3990.346	3934.107	3351.241
Less	EXPENSES
	Cost of Materials Consumed	1616.243	1479.517	1088.596
	Purchases of Stock-in-Trade	1865.328	2051.852	1972.514
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	0.549	-2.103	-1.899
	Employees benefits expense	28.946	23.706	22.881
	Other expenses	314.020	246.960	201.046
	Extraordinary Items	-1.240	-2.735	0.000
	TOTAL	3823.846	3797.197	3283.138
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	166.500	136.910	68.103
Less	FINANCIAL EXPENSES	94.571	82.463	36.407
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION	71.929	54.447	31.696
Less/ Add	DEPRECIATION/ AMORTISATION	15.895	13.944	13.214
	PROFIT BEFORE TAX	56.034	40.503	18.482
Less	TAX	12.312	16.199	8.428
	PROFIT AFTER TAX	43.722	24.304	10.054
	Earnings Per Share (Rs.)	3.57	1.98	0.82

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA
Net cash flow from (used in) operation	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	1.10	0.62	0.30
Operating Profit Margin (PBIDT/Sales)	(%)	4.17	3.48	2.03
Return on Total Assets (PBT/Total Assets}	(%)	2.17	1.94	1.01
Return on Investment (ROI) (PBT/Networth)		0.10	0.08	0.04
Debt Equity Ratio (Total Debt /Networth)		1.00	0.73	0.67
Current Ratio (Current Asset/Current Liability)		1.16	1.27	1.18

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	107.575	122.576	122.576
Reserves & Surplus	347.732	417.036	460.759
Share Application money pending allotment	30.000	0.000	0.000
Net worth	485.307	539.612	583.335
long-term borrowings	52.116	181.211	138.363
Short term borrowings	272.613	214.237	446.907
Current Maturities of Long Term Debt	0.000	0.000	0.000
Total borrowings	324.729	395.448	585.270
Debt/Equity ratio	0.669	0.733	1.003

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)
Sales	3351.133	3933.819	3989.182
		17.388	1.407

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	3351.133	3933.819	3989.182
Profit	10.054	24.304	43.722
	0.30%	0.62%	1.10%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	----
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	No
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	----
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	----
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	Yes
32	Litigations that the firm/promoter involved in	----
33	Market information	----
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

NOTE: Registered office of the company has been shifted from Nathani Bulding, Shastri Chowk, Raipur – 492001, Chhattisgarh, India to the present address w.e.f. 04.07.2013.

UNSECURED LOAN

Particulars	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Other loans and advances, others	128.443	171.171
SHORT TERM BORROWING
Borrowings	62.965	0.029
Total	191.408	171.200

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10462230	30/10/2013	1,155,500,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, 2ND FLOOR, PUJARI CHAMBERS, PA  CHPEDI NAKA, RAIPUR, Chhattisgarh - 492001, INDIA	B90354705
2	10320994	10/10/2011	13,600,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, Maharashtra - 400013, INDIA	B26776633
3	10237221	07/12/2011 *	780,000,000.00	IDBI Bank	Specialised Corporate Branch, 1st Floor, Simran Towers, Opp. LIC Main Building, Raipur, Chhattisgarh - 492001, INDIA	B29614963
4	90208587	28/02/2000	200,000.00	STATE BANK OF INDORE	URLA BRANCH, RAIPUR, Madhya Pradesh, INDIA	-
5	90203469	27/03/2015 *	2,515,000,000.00	State Bank of India	Commercial Branch, 2nd Floor, Pujari Complex, Pac  hpedi Naka,, RAIPUR, Chhattisgarh - 492001, INDIA	C51067122
6	90208234	04/02/2005 *	3,500,000.00	STATE BANK OF INDIA	INDUSTRIAL FINANCE BANK, JAISTAMBH CHOWK, RAIPUR,  Madhya Pradesh, INDIA	-

* Date of charge modification

FIXED ASSETS

• Land
• Buildings
• Plant and Equipments
• Furniture and Fixture
• Vehicles
• Office Equipments
• Computer Equipments

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. 65.24
UK Pound	1	Rs. 102.21
Euro	1	Rs. 72.57

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	HNA
Report Prepared by :	JYO

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	5
--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		46

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.