MIRA INFORM REPORT

Report No. :	351409
Report Date :	02.12.2015

IDENTIFICATION DETAILS

Name :	A H CHEMICALS PRIVATE LIMITED
Registered Office :	Poddar Point, 113, Park Street, B-Block, 10^th Floor, Kolkata – 700 016, West Bengal
Tel. No.:	91-33-40675050/ 2229-9538/9697
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	11.01.1995
Com. Reg. No.:	21-067296
Capital Investment / Paid-up Capital :	Rs. 3.068 Million
CIN No.: [Company Identification No.]	U24231WB1995PTC067296
IEC No.:	0205002307
TAN No.: [Tax Deduction & Collection Account No.]	MUML04930C
PAN No.: [Permanent Account No.]	AAACL4363J
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in the business in the business of trading of Chemicals and Solvent. (Confirmed by management)
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 78000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company incorporated in the year 1995. It is engaged in the business in the business of trading of Chemicals and Solvent. For the financial year ended 2014, the company has modest scale of operations along with increased in profit earnings. Further, the company has long business track record and satisfactory financial base. Trade relations are fair. Business is active. Payments are slow but 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	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	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 31-03-2015.

LOCATIONS

Registered Office :	Poddar Point, 113, Park Street, B-Block, 10^th Floor, Kolkata – 700 016, West Bengal, India
Tel. No.:	91-33-40675050/ 2229-9538/9697
Fax No.:	91-33-40675049
E-Mail :	himatsingka@hotmail.com
Corporate Office :	101, Adithanath Tower, 5A Old Nagardas Road, Andheri, Mumbai, Maharashtra, India
Tel. No.:	91-22-28259000
Fax No.:	91-22-28257000
E-Mail :	amjey.chemicals@vsnl.net
Branch Office :	Located at Kolkata

DIRECTORS

As on: 30.09.2014

Name :

Mr. Vikram Himatsingka

Designation :

Director

Address :

25 Ballygunj Park, Kolkata – 700 019, West Bengal, India

Date of Birth/Age :

13.10.1972

Date of Appointment :

18.01.1995

Election Commission Identity Card:

WB/23/152/018277

DIN:

00613117

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	U45202WB1980PLC032659	P C PROPERTIES LIMITED	Director	22/02/1992	22/02/1992	-	Active	NO
2	U24231WB1995PTC067296	AH CHEMICALS PRIVATE LIMITED	Director	18/01/1995	18/01/1995	-	Active	NO
3	U51109WB1993PTC060669	VARIABLE PLAZA PRIVATE LIMITED	Director	01/04/2001	01/04/2001	-	Active	NO
4	U70101WB1994PTC063727	DAVESH DEVELOPERS PRIVATE LIMITED	Director	20/06/2003	20/06/2003	-	Active	NO
5	U24299WB1993PTC058641	ABHISHEK CHEMICALS PRIVATE LIMITED	Managing director	01/05/2007	01/05/2007	-	Active	NO
6	U51109WB2007PTC113969	HIMATSINGKA DEALERS PRIVATE LIMITED	Additional director	08/05/2010	08/05/2010	24/12/2013	Active	NO
7	U51109WB2005PTC103005	WELCOME SUPPLIERS PRIVATE LIMITED	Director	11/08/2010	11/08/2010	24/12/2013	Active	NO

Name :

Mr. Abhishek Himatsingka

Designation :

Director

Address :

25 Ballygunj Park, Kolkata – 700 019, West Bengal, India

Date of Birth/Age :

28.02.1977

Qualification :

B.Com

Date of Appointment :

20.12.1995

Election Commission Identity Card:

WB/23/152/018278

DIN:

00613082

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	U24231WB1995PTC067296	AH CHEMICALS PRIVATE LIMITED	Director	20/12/1995	20/12/1995	-	Active	NO
2	U45202WB1980PLC032659	P C PROPERTIES LIMITED	Director	15/05/1998	15/05/1998	-	Active	NO
3	U70109WB1994PTC064760	HIMATSINGKA PROPERTIES PRIVATE LIMITED	Director	15/05/1998	15/05/1998	-	Amalgamated	NO
4	U24299WB1993PTC058641	ABHISHEK CHEMICALS PRIVATE LIMITED	Director	15/05/1998	15/05/1998	-	Active	NO
5	U24299WB1993PTC058514	HIMATSINGKA CHEMICALS PRIVATE LIMITED	Director	15/05/1998	15/05/1998	24/12/2013	Active	NO
6	U51109WB1993PTC060669	VARIABLE PLAZA PRIVATE LIMITED	Director	01/04/2001	01/04/2001	-	Active	NO
7	U70101WB1994PTC063727	DAVESH DEVELOPERS PRIVATE LIMITED	Director	23/06/2003	23/06/2003	-	Active	NO
8	L51109WB1982PLC035011	PH TRADING LIMITED	Director	06/04/2005	06/04/2005	-	Active	NO
9	U51909WB1991PTC053733	SWAN SILVERWARES PRIVATE LIMITED	Managing director	01/05/2007	01/05/2007	-	Active	NO
10	U70109WB1993PTC058718	MADHURI PROPERTIES PRIVATE LIMITED	Director	26/06/2007	26/06/2007	-	Amalgamated	NO
11	L13209MH1960PLC011794	INDIAN BRIGHT STEEL CO LIMITED	Additional director	21/03/2008	21/03/2008	01/06/2011	Active	NO
12	U51109WB2007PTC113969	HIMATSINGKA DEALERS PRIVATE LIMITED	Additional director	08/05/2010	08/05/2010	24/12/2013	Active	NO
13	U51109WB2005PTC103005	WELCOME SUPPLIERS PRIVATE LIMITED	Director	11/08/2010	11/08/2010	24/12/2013	Active	NO

Name :

Mr. Ashok Jhanwar

Designation :

Director

Address :

1811/1812, Sheffield Towers Society, Lokhandwala Complex, Andheri (W), Mumbai-400053, Maharashtra, India

Date of Birth/Age :

30.04.1964

Date of Appointment :

01.01.2000

Election Commission Identity Card:

MT/08/041/0489576

DIN:

01578623

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	L51109WB1982PLC035011	PH TRADING LIMITED	Director	03/03/1997	03/03/1997	-	Active	NO
2	U24231WB1995PTC067296	AH CHEMICALS PRIVATE LIMITED	Director	01/01/2000	01/01/2000	-	Active	NO
3	U51909MH2004PTC149274	SHUBH TIMBER PRIVATE LIMITED	Director	27/10/2004	27/10/2004	25/07/2014	Active	NO
4	U74999MH2007PTC169676	AMJEY CHEM TRADE PRIVATE LIMITED	Managing director	05/04/2007	05/04/2007	-	Active	NO
5	U51909GJ2004PTC084423	J R CHEMTRADE PRIVATE LIMITED	Director	29/11/2008	29/11/2008	28/07/2014	Active	NO
6	U51109WB2007PTC120006	SKETCH VYAPAAR PRIVATE LIMITED	Director	14/02/2011	14/02/2011	21/07/2014	Active	NO

Name :

Mr. Amar Chand Agarwal

Designation :

Director

Address :

12A, Beliaghata Road, Kolkata-700015, West Bengal, India

Date of Birth/Age :

11.05.1966

Date of Appointment :

10.05.2013

DIN:

00651225

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	U24231WB1995PTC067296	AH CHEMICALS PRIVATE LIMITED	Director	10/05/2013	10/05/2013	-	Active	NO
2	L51109WB1982PLC035011	PH TRADING LIMITED	Director	11/05/2013	11/05/2013	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.09.2014

Names of Shareholders	No. of Shares
Vikram Himatsingka	11100
Abhishek Himatsingka	14500
ABHISHEK Chemicals	55900
Anuradha Himatsingka	15000
Aditi Himatsingka	15000
Swan Silverwares Private Limited	14160
Var Able Plaza Private Limited	65000
Seema Jhanwar	24255
Rama Jhanwar	25275
Rajendra Jhanwar	4500
Ashok Jhanwar	7605
Rameshwar Lal Jhanwar	3860
Amit Jhanwar	2430
Shakuntala Devi Jhanwar	1000
Nitesh Bagri	575
Saroj Bagri	500
J.R. Chemtrade Private Limited	46100
Total	306760

Equity Share Break up (Percentage of Total Equity)

As on: 30.09.2014

Category	Percentage
Bodies corporate	59.00
Directors or relatives of Directors	41.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged in the business in the business of trading of Chemicals and Solvent. (Confirmed by management)
Products :	----
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Available
Imports :	Not Available
Terms :	Not Available

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

Not Available

Bankers :

1. Oriental Bank of Commerce

Andheri Overseas Branch, Leela Falleria, Andheri – Kurla Road, Andheri

(East), Mumbai – 400 059, Maharashtra, India

2. Tamilnad Mercantile Bank Limited, Unit No. 14, Building No. 2, Mittal Estate, Andheri Kurla Road, Andheri (East), Mumbai- 400059, Maharashtra, India
3. ICICI Bank, Part Street, Mumbai, Maharashtra, India

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Short-term borrowings
Cash Credit	0.964	6.007
Total	0.964	6.007

Auditors :
Name :	Sanjay Modi and Company Chartered Accountants
Address :	46, B. B. Ganguly Street, 1^st Floor, Room No. 9, Kolkata – 700 012, West Bengal, India
Tel. No.:	91-33-22371037/ 22212177
Fax No.:	91-33-22366455
PAN:	ABPFS9949E
E-Mail :	prodyat.smco69@gmail.com info@smco.co.in
Memberships :	--
Collaborators :	--
Relatives of key managerial Personal:	Ashok Jhanwar (HUF) Rajendra Jhanwar (HUF)
Associates:	PH Trading Limited Abhidhek Chemicals Private Limited Himatsingka Chemicals Private Limited Davesh Developers Private Limited Variable Plaza Private Limited Swan Silverware Private Limited P.C. Properties Limited MRJ Chemicals Private Limited Amjey Chemicals Nirmal Himatsingka and Rice Saw K. Kumar and Company Amjey Chem Trade Private Limited Welcome Suppliers Private Limited Jamuna Commodities Private Limited J.R. Chemtrade Private Limited Abhishek Himatsingka (HUF) Vikram Himatsingka (HUF) A.N. Chemicals

CAPITAL STRUCTURE

As on: 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
350000	Equity Shares	Rs.10/- each	Rs. 3.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
306760	Equity Shares	Rs.10/- each	Rs. 3.068 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	3.068	3.068	3.068
(b) Reserves & Surplus	24.367	21.037	18.277
(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)	27.435	24.105	21.345
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	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	0.743	1.043	1.232
Total Non-current Liabilities (3)	0.743	1.043	1.232
(4) Current Liabilities
(a) Short term borrowings	104.779	94.665	55.754
(b) Trade payables	164.053	87.318	34.139
(c) Other current liabilities	3.376	2.930	1.524
(d) Short-term provisions	4.167	3.513	2.250
Total Current Liabilities (4)	276.375	188.426	93.667
TOTAL	304.553	213.574	116.244
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	0.426	0.443	0.482
(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	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.211	0.299	0.358
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	3.495
Total Non-Current Assets	0.637	0.742	4.335
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	21.085	12.411	7.993
(c) Trade receivables	255.817	160.270	50.886
(d) Cash and cash equivalents	13.715	17.656	8.093
(e) Short-term loans and advances	4.616	7.356	16.682
(f) Other current assets	8.683	15.139	28.255
Total Current Assets	303.916	212.832	111.909
TOTAL	304.553	213.574	116.244

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES	NA	NA	NA
Less	EXPENSES	NA	NA	NA
	PROFIT/ (LOSS) BEFORE TAX	4.822	4.082	2.335
Less	TAX	1.492	1.322	0.583
	PROFIT/ (LOSS) AFTER TAX	3.330	2.760	1.752
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	9.943	7.183	5.431
	Balance Carried to the B/S	13.273	9.943	7.183
	IMPORTS	47.784	27.753	14.267
	Earnings Per Share (Rs.)	10.86	9.00	5.71

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 flows from operating activities	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	1.58	1.91	2.01
Return on Investment (ROI) (PBT/Networth)		0.18	0.17	0.11
Debt Equity Ratio (Total Debt /Networth)		3.82	3.93	2.61
Current Ratio (Current Asset/Current Liability)		1.10	1.13	1.19

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	3.068	3.068	3.068
Reserves & Surplus	18.277	21.037	24.367
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	21.345	24.105	27.435
long-term borrowings	0.000	0.000	0.000
Short term borrowings	55.754	94.665	104.779
Total borrowings	55.754	94.665	104.779
Debt/Equity ratio	2.612	3.927	3.819

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	No
7	Name of the person contacted	No
8	Designation of contact person	No
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	Yes
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	No
26	Turnover of firm for last three years	No
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	No
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

REVIEW OF OPERATION:

During the year, the company has earned net profit after tax of Rs. 3.330 Million against previous year’s profit after tax Rs. 2.760 Million

UNSECURED LOAN

Particular	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Loan from related parties	52.535	88.658
Loan from group companies	51.280	0.000
Total	103.815	88.658

INDEX OF CAHREGS:

S. NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10095987	23/11/2011 *	47,500,000.00	Oriental Bank of Commerce	Andheri Overseas Branch, Leela Galleria, 1st Floor, Andheri Kurla Road, Sahar, Andheri (E), Mumbai - 400059, Maharashtra, INDIA	B26349811

* Date of charge modification

FIXED ASSETS:

• Air Conditioner
• Computers
• Office Equipment
• Furniture and Fixture

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.66.81
UK Pound	1	Rs.100.37
Euro	1	Rs.70.68

INFORMATION DETAILS

Analysis Done by :	TRI
Report Prepared by :	MTN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--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	YES
--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.