MIRA INFORM REPORT

Report No. :	305417.2
Report Date :	06.02.2015

IDENTIFICATION DETAILS

Name :	PMA CONSTRUCTIONS PRIVATE LIMITED
Registered Office :	1762, Sec-16, Faridabad - 121001, Haryana
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	17.02.2003
Com. Reg. No.:	05-035054
Capital Investment / Paid-up Capital :	Rs.15.247 Millions
CIN No.: [Company Identification No.]	U45201HR2003PTC035054
TIN No.:	Not Available
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	RTKP05162D
PAN No.: [Permanent Account No.]	AADCP1048D
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in the crushing of basalt stone.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (28)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. External borrowing of the company seems to be huge during 2014. However, trade relations are fair. Business is active. Payment terms are slow but correct. The company can be considered for business dealings with some caution.

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 = BB-
Rating Explanation	Have moderate risk of default
Date	04.02.2015

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 31-03-2014.

LOCATIONS

Registered Office :	1762, Sec-16, Faridabad - 121001, Haryana, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	skgca.gba@icai.org
Unit I:	Plot No. 58, Crushing Zone II, Pali, Mohabatabad, Faridabad, Haryana, India
Unit II:	Plot No. 56F, Crushing Zone II, Pali, Mohabatabad, Faridabad, Haryana, India
Unit III :	Plot No. 63, Crushing Zone II, Pali, Mohabatabad, Faridabad, Haryana, India
Unit IV :	Plot No. 75A, Crushing Zone II, Pali, Mohabatabad, Faridabad, Haryana, India
Unit V :	Plot No. 74A, Crushing Zone II, Pali, Mohabatabad, Faridabad, Haryana, India
Unit VI :	Plot No. 74B, Crushing Zone II, Pali, Mohabatabad, Faridabad, Haryana, India
Unit VII :	Plot No. 100, Crushing Zone II, Pali, Mohabatabad, Faridabad, Haryana, India
Proposed Work Site :
Unit VIII :	Plot No. 75B, Crushing Zone, Pali, Mohabatabad, Faridabad, Haryana, India
Unit IX :	Plot No. 48, Crushing Zone, Pali, Mohabatabad, Faridabad, Haryana, India
Unit X :	Plot No. 78, Crushing Zone, Pali, Mohabatabad, Faridabad, Haryana, India

DIRECTORS

As on 28.08.2014

Name :	Mr. Mukesh Kumar
Designation :	Director
Address :	House No. 1763, Sector-16, Faridabad - 121001, Haryana, India
Date of Birth/Age :	20.03.1974
Date of Appointment :	17.02.2003
DIN No.:	01037261
Name :	Mr. Neelam Goel
Designation :	Director
Address :	House No. 1763, Sector 16, Faridabad - 121001, Haryana, India
Date of Birth/Age :	25.03.1973
Date of Appointment :	12.01.2010
DIN No.:	02896246

MAJOR SHAREHOLDERS

As on 28.08.2014

Names of Shareholders	No. of Shares
Mukesh Kumar	1006600
Padam Chand	118200
Syndicate Installments Society Limited, India	5000
AKS International Limited, India	35000
Amil Kumar	25200
Om Prakash	40000
Ashok Kumar C/o Ashok Kumar HUF	100000
Anil Kumar C/o Anil Kumar HUF	50000
Ashok Kumar C/o Ashok Stone Cursing Company	144700
Total	1524700

Equity Share Break up (Percentage of Total Equity)

As on 28.08.2014

Category	Percentage
Bodies corporate	2.62
Directors or relatives of Directors	97.38
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged in the crushing of basalt stone.
Products :	Basalt Stone
Brand Names :	--
Agencies Held :	--
Exports :	Not Available
Imports :	Not Available
Terms :
Selling :	Not Available
Purchasing :	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
Experience :	Not Available
Maximum Limit Dealt :	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
Experience :	Not Available
Maximum Limit Dealt :	Not Available
Remark :	Not Available

No. of Employees :

Not Available

Bankers :

• Punjab National Bank, Sector 15, Faridabad - 121007, Haryana, India
• Punjab National Bank, Greater Kailash, Part-1, New Delhi - 110048, India

Facilities :

--

Financial Institution :	SREI Equipment Finance Private Limited, 'Vishwakarma', 86 C, Topsia Road, Kolkata - 700046, West Bengal, India
Auditors :
Name :	Garg Bros and Associates Chartered Accountants
Address :	TA-11, Crown Plaza Mall, Sector-15 A, Mathura Road, Faridabad – 121007, Haryana, India
PAN No.:	AACFG0988R
Memberships :	--
Collaborators :	--
Sister Concern :	Not Available

CAPITAL STRUCTURE

As on 28.08.2014

Authorised Capital :

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

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1524700	Equity Shares	Rs.10/- each	Rs.15.247 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	15.247	3.500	3.500
(b) Reserves & Surplus	42.215	9.706	6.184
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	2.720	2.720
Total Shareholders’ Funds (1) + (2)	57.462	15.926	12.404
(3) Non-Current Liabilities
(a) long-term borrowings	171.434	103.866	97.910
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	6.851	2.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	178.285	105.866	97.910
(4) Current Liabilities
(a) Short term borrowings	48.711	24.913	0.000
(b) Trade payables	9.623	2.253	1.003
(c) Other current liabilities	44.686	20.983	15.407
(d) Short-term provisions	4.348	0.230	0.285
Total Current Liabilities (4)	107.368	48.379	16.695
TOTAL	343.115	170.171	127.009
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	225.485	109.918	94.021
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	3.392
(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)	0.000	0.000	0.361
(d) Long-term Loan and Advances	2.262	3.012	22.142
(e) Other Non-current assets	0.000	0.000	0.081
Total Non-Current Assets	227.747	112.930	119.997
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	3.430	20.449	1.062
(c) Trade receivables	109.164	35.610	0.340
(d) Cash and cash equivalents	1.801	0.355	0.549
(e) Short-term loans and advances	0.973	0.827	5.061
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	115.368	57.241	7.012
TOTAL	343.115	170.171	127.009

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	INCOME	NA	NA	NA
	EXPENSES	NA	NA	NA
	PROFIT/(LOSS) BEFORE TAX	20.632	6.113	2.050
Less	TAX	9.198	2.591	(0.075)
	PROFIT/(LOSS) AFTER TAX	11.434	3.522	2.125
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	6.105	2.583	0.458
	BALANCE CARRIED TO THE B/S	17.539	6.105	2.583
	Earnings / (Loss) Per Share (Rs.)	7.50	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	6.01	3.59	1.66
Return on Investment (ROI) (PBT/Networth)		0.36	0.38	0.17
Debt Equity Ratio (Total Debt /Networth)		3.83	8.09	7.89
Current Ratio (Current Asset/Current Liability)		1.07	1.18	0.42

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	3.500	3.500	15.247
Reserves & Surplus	6.184	9.706	42.215
Share Application money pending allotment	2.720	2.720	0.000
Net worth	12.404	15.926	57.462
Long Term borrowings	97.910	103.866	171.434
Short Term borrowings	0.000	24.913	48.711
Total borrowings	97.910	128.779	220.145
Debt/Equity ratio	7.893	8.086	3.831

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	No
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	Yes

BRIEF ABOUT THE COMPANY

Subject is incorporated in the year 2003. The Company is engaged in the crushing of stones that can be used in various construction projects. In the financial year 2011-12 company has started commercial operations by setting up four stone crushing plants at authorized stone crushing zone at Pali, Mohabatabad, Faridabad on different locations. Turnover for the first F. Y. 2011-12 was Rs.57.200 Millions and for F. Y. 2012-13 was Rs.203.100 Millions and F.Y. 2013-14 is Rs.363.100 Millions.

Mr. Mukesh Kumar, promoter director of the company is an energetic business entrepreneur having more than 22 years business experience in the same line. He is running a proprietorship unit in the name of M/s Mittal Stone Crushing Co. since 1992. The unit is engaged in the same line of activity. Promoter’s family also engaged in the same business and running more than 8 Stone crushing units.

Now, company is running seven stone crushing Plants at authorized stone crushing zone at Pali, Mohabatabad, Faridabad and having all the required statutory approvals. The address of the plants is as follows:

Unit I: Plot No. 58, Crushing Zone II, Pali, Mohabatabad, Faridabad

Unit II: Plot No. 56F, Crushing Zone II, Pali, Mohabatabad, Faridabad

Unit III : Plot No. 63, Crushing Zone II, Pali, Mohabatabad, Faridabad

Unit IV : Plot No. 75A, Crushing Zone II, Pali, Mohabatabad, Faridabad

Unit V : Plot No. 74A, Crushing Zone II, Pali, Mohabatabad, Faridabad

Unit VI : Plot No. 74B, Crushing Zone II, Pali, Mohabatabad, Faridabad

Unit VII : Plot No. 100, Crushing Zone II, Pali, Mohabatabad, Faridabad

After successfully achieved turnover of Rs.363.100 Millions as on 31.03.2014. In the current financial year, the company has set up a new unit at plot no. 100, crushing zone, Pali, Mohbtabad, Faridabad. The new plant has been fully set up and the commercial operations has been started. Moreover, in the existing plant situated at plot no. 75A, Crushing Zone, Pali, Mohabatabad, Faridabad, the machineries are in the process of modification for the improvement of quality and to increase production capacity.

The company has achieved the turnover of Rs.341.500 Millionsupto December, 2014 and expected to achieve the turnover of Rs.581.000 Millions for the F.Y. 2014-15.

Now, the promoter of the company has planned to set up three new units at Plot No. 75B, 48 and 78 at pali crushing zone, Pali mohabatabad, Faridabad.

The company has finalised the sites and entered in to registered lease agreement for seven years i,e, 01.04.2015 to 31.03.2022.

DIRECTORS OF THE COMPANY

MUKESH KUMAR

Mr. Mukesh Kumar has joined his family business of stone crushing in 1990’s, and after getting sufficient experience, he has started a proprietorship concern in the year 1992 in the name & style of M/s Mittal Stone Crushing, after the successful achievement and set up of business in the market, he support and expand his family business also.

Mr. Kumar has set up a private limited company in the year 2003 in the name & style M/s PMA Constructions Private Limited whose commercial operations were started in the year 2011.

Mr. Kumar in its first year of company has achieved the turnover of Rs.61.700 Millions for F.Y. ending 31.03.2012, year by year, the company has maintained its growth level by expanding its business through establishment of new units at different sites. In the F.Y. 2013-14, the company has achieved the turnover of Rs.363.100 Millions and in the current financial year also, the company has achieved the turnover of Rs.341.500 Millions Up to 31.012.2014.

He achieves his performance results year by year and has maintained a standardised market network. Now, with his successful achievements, he has planned to set up the new premises to increase the production and maintain the quality of the product.

NEELAM GOYAL:

She is another director of the company. Mrs Neelam goyal is W/o Mr. Mukesh Kumar. She is engaged in the activities of the company i.e. financial planning, marketing, administrative and day to day activities.

MARKETING:

Pali Crushing Zone, where all the stone crushing units are registered was developed in 1992 under the authorities of Supreme court and has given maintenance and development responsibility to the Municipal Corporation Faridabad (MCF). The company’s different sites are located in the authorised area of Pali Crushing Zone. There are 07 units already running and 03 more units are to be developed by the promoter for meeting its demand of the product. The product i.e. stone and grits have the major use for construction purposes and the company offers the product in the market and it has demand.

Construction in NCR is on peek, SRS Group Launches 2BHK affordable flats in Sector 87 Faridabad names as SRS High-tech Affordable Homes. The scheme is offered under the Haryana Affordable Housing Scheme 2013 and will approximately offer 850 flats. The project offers skilfully designed 2Bhk apartments with round the clock security. The location of the scheme is close to Delhi, Noida and Gurgaon. Delhi is the capital of India, where the development is going process for bridges, flyover and other related project works i.e. advantageous point for the company.

Secondly, The Housing Board Haryana develops housing colonies being constructed by the board generally have a few hundred houses of different categories and properly planned with provision of metalled roads, street lighting, water and sewerage services, storm water drains, open spaces, parks, shopping booths and provision for school etc. Such a colony improves the outlook of an average Haryana town which has normally experienced an unplanned growth and has been lacking in public amenities. This way, a housing colony works as an agent of change as regards the habits and life styles of people.

Now, the Haryana Housing Board is planning to bring the three storeyed flats projects in Faridabad. And the project prime material is stone and grits for its construction which will raise the demand of the product being manufactured by the company.

Now, Government is planning to set up 100 smart cities across the country that will provide all modern amenities, education and employment opportunities.

Urban development minister Venkaiah Naidu said the project of 100 smart cities is in conceptualization stage and details are being worked out through discussions with all stake-holders, including state governments.

The minister said education, employment and entertainment are considered to be the key factors which forced people to migrate from rural areas to urban centres. FARIDABAD is in inclusion of hundred smart cities that is to be developed.

Thus, over all the scenario about the government, residents or bridges, flyovers etc, the basic material is stone and grit which will stand as the base for further process.

Therefore, the demand of the product being manufactured by the company has regular demand in the market and the promoter in order to increase its production capacity, has planned to set up the rented premises.

LOCATIONAL ADVANTAGE:

There are seven units of the company located in the Pali Crushing Zone, Mohbtabad, Faridabad. Pali Crushing Zone is the authorised area by Supreme Court in the year 1992. The supreme court has given authorities to MCF, Faridabad. There are 162 units available. All the units are having 1 acre plot size and 500 sqyrds resalready running. There are 07 units already running by the company and now, its planning to incorporate 03 more units on leased premises at Pali Crushing Zone, Faridabad

COST OF PROJECT AND MEANS OF FINANCE FOR PROPOSED THREE UNITS:

Cost of Project	Rs. In Millions
Machinery to be purchased	145.400
(As per the Detail)
TOTAL	145.400

Means of Finance	Rs. In Millions
Term Loan from Bank	100.000
Promoters Contribution/ Interest free Unsecured Loans/ Internal accruals	45.400
TOTAL	145.400

PRESENT PROPOSAL

Term Loan

The promoters of the company has finalised cost of expansion of three units is Rs.145.400 Millions and requested for Fresh Term Loan of Rs.100.000 Millions for purchase of plant & machineries.

ENHANCEMENT OF WORKING CAPITAL LIMIT:

The company has estimated turnover for the current financial year i.e. 2014-15 is Rs.581.000 Millions and with the expansion of said three units, has projected turnover for financial year 2015-16 of Rs.813.300 Millions To meet out the working capital cycle enhancement in working capital is proposed to Rs.125.000 Millions from Rs.75.000 Millions.

OPERATING STATEMENT

PROJECTED PROFITABILITY STATEMENT FOR NEXT SEVEN YEARS

PARTICULARS	31.12. 2014	2014-15	2015-16	2016-17	2017-18	2018-19	2019-20	2020-21	2021-22
	(Prov.)	(Proj.)	(Proj.)	(Proj.)	(Proj.)	(Proj.)	(Proj.)	(Proj.)	(Proj.)
GROSS SALES
Domestic sales	341.500	580.960	813.344	935.346	1075.647	1183.212	1301.533	1431.687	1574.855
Other Income (Operational)	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000
Total	341.500	580.960	813.344	935.346	1075.647	1183.212	1301.533	1431.687	1574.855
Less excise duty	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000
Deduct other items	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000
Net sales	341.500	580.960	813.344	935.346	1075.647	1183.212	1301.533	1431.687	1574.855
% age rise (+) or fall (-) in net sales		600.000	400.000	150.000	150.000	100.000	100.000	100.000	100.000
compared to previous year (annualised)
Cost of Sales
Raw materials (including stores and other
items used in the process of manufacture)
(a) Purchase	220.000	374.719	475.806	568.690	672.280	745.424	832.981	927.733	1031.530
Other spares (Consumable, Tools & Dies)	23.800	43.572	61.001	70.151	80.674	88.741	97.615	107.377	118.114
(a) Imported
(b) Indigenous
Power / fuel / Gas / Water	37.600	69.715	97.601	112.241	129.078	141.985	156.184	171.802	188.983
Direct labour (Factory wages & salary)	4.000	6.972	9.760	11.224	12.908	14.199	15.618	17.180	18.898
Other mfg. Expenses	3.200	5.810	12.200	14.030	16.135	17.748	19523.000	21.475	23.623
Depreciation	26.700	45.565	54.311	47.291	39.892	35.980	34.237	31.253	34.771
SUB TOTAL	315.300	546.352	710.680	823.628	950.965	1044.077	1156.159	1276.821	1415.919
ADD: Opening stocks	3.400	3.400	49.278	58.661	70.112	77.358	81.690	91.286	101.669
Sub-Total	318.700	549.752	759.958	882.289	1021.078	1121.435	1237.850	1368.106	1517.589
Deduct : Closing stocks	34.300	49.278	58.661	70.112	77.358	81.690	91.286	101.669	113.044
Cost of Production	284.400	500.474	701.297	812.176	943.719	1039.745	1146.564	1266.437	1404.544
	8.328	8.615	8.622	8.683	8.774	8.787	8.809	8.846	8.919
Selling & Administrative Exp.	13.100	20.625	23.719	27.277	31.368	36.073	41.484	47.707	54.863
SUB-TOTAL	297.500	521.099	725.016	839.453	975.087	1075.818	1188.048	1314.144	1459.407
Operating profit before interest	44.000	59.861	88.328	95.893	100.560	107.394	113.485	117.543	115.448
Financial Expenses	27.300
Interest on TERM Loan (Allahabad bank-l)		7.898	7.155	5.873	2.329	1.519	0.709	0.000	0.000
Intt. On Allahabad bank-II		0.480	1.822	1.557	1.292	1.027	0.712	0.290	0.000
Interest on Existing Loans (NBFC)		1.615	1.275	0.935	0.595	0.255	0.000	0.000	1.700
Interest on TERM Loan (PNB bank)		5.030	4.136	3.241	1.285	0.838	0.391	0.000	0.000
Intt. on Term Loan ll (Pnb Bank)		4.803	4.969	4.085	3.202	2.319	1.435	0.552	0.000
Intt. on Term Loan lIl (Pnb Bank)		1.082	12.986	12.158	10.634	8.581	6.196	3.811	0.871
Intt. on Unsecured Loan		5.580	5.580	5.580	5.580	5.580	5.580	5.580	5.580
Interest on CC limit & Bank Charges		9.750	16.250	16.250	16.250	16.250	16.250	16.250	16.250
Total Financial Expenses	27.300	36.238	54.172	49.679	41.168	36.368	31.273	26.483	24.401
Operating profit after interest	16.700	23.623	34.156	46.214	59.392	71.026	82.212	91.060	91.047
Add other non-operating income
a. Interest	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000
b. Insurance Claims	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000
c. Rent	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000
d. Others	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000
Sub-total ( income )	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000
Deduct other non-operating expenses
(a) Pre-Operative expense etc written off	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000
(b)Preliminary Exp Written Off	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000
©Deferred Revenue Expenditure	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000
Sub-total ( expenses )	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000
Net of other non-operating	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000
income/expenses
Profit before Taxes	16.700	23.623	34.156	46.214	59.392	71.026	82.212	91.060	91.047
Provision for Taxes:	0.000	7.087	10.247	13.864	17.818	21.308	24.664	27.318	27.314
Net profit/loss	16.700	16.536	23.909	32.349	41.575	49.718	57.548	63.742	63.733
(a) Equity dividend paid-amt
(Already paid+ B.S. provision)	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000
(b) Dividend Rate (including Tax, if any)	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000
Retained profit	16.700	16.536	23.909	32.349	41.575	49.718	57.548	63.742	63.733
Retained profit/Net profit (% age)	1000.000	1000.000	1000.000	1000.000	1000.000	1000.000	1000.000	1000.000	1000.000
ASSETS
Cash and bank balances	5.800	21.827	6.834	9.346	13.520	12.507	14.221	32.403	36.421
Investment (other than long term	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000
investment)
(i) Government & other Trustee Securities	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000
(ii) Fixed Deposits with Banks	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000
(i) Receivables other than deferred &	114.300	135.292	189.409	210.132	241.652	265.818	278.136	305.949	336.544
exports (include bills purchased and
discounted by Banks)
(ii) Export receivables(include bills	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000
purchased and discounted by banks)
Instalments of deferred receivables(due	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000
With in one yr.)
Inventory:
(i)Raw materials(including stores & other	34.300	49.278	58.661	70.112	77.358	81.690	91.286	101.669	113.044
items used in the process of
manufacture)
(ii) Stock-In-Process	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000
(iii) Finished goods	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000
(iv) Other Consumable Spares	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000
(v) Goods in Transit(Raw Material-Imported)	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000
Advance to suppliers of raw materials &	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000
stores and spares
Other Current assets(Specify major items)
a. Advance FBT	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000
b. Advance Income Tax	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000
c. Modvat Receivable	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000
d. Deposit with LIC of India (for Leave	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000
Encashment)
e. Advance to Director	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000
f. Advance & Loans to Employees & Others	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000
g. Electricity Security Deposits	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000
h. Security	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000
i. Others	4.600	1.500	1.650	1.815	1.997	2.196	2.416	2.657	2.923
TOTAL CURRENT ASSETS	159.000	207.897	256.554	291.406	334.527	362.211	386.058	442.679	488.933
FIXED ASSETS
i) Gross Block op. (Land & Building	225.400	270.008	489.508	489.508	499.508	499.508	514.508	539.508	554.508
machinery, work-in-process)
ii) Addtion during the year	61.700	219.500	0.000	10.000	0.000	15.000	25.000	15.000	50.000
Depreciation up to date	26.700	90.160	144.471	191.762	231.653	267.633	301.871	333.124	367.895
NET BLOCK	260.400	399.348	345.037	307.746	267.855	246.875	237.637	221.384	236.613
OTHER NON-CURRENT ASSETS
Investment/bookdebts/advances/
deposits which are not current
assets
(i) a) Investment in subsidiary	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000
Co./affiliates
b) Others( Defferd Tax assest)	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000
(ii) Advances to suppliers of capital goods	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000
& contractors(Capital Work in Progress)
(iii)Deferred receivables (maturity
exceeding one year)
(iv)Others (a) Debtors> 6 months	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000
(b) Security Deposits	0.000	2.800	2.800	2.800	2.800	2.800	2.800	2.800	2.800
(c) Others/ Deffered tax	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000
Total Investments	0.000	2.800	2.800	2.800	2.800	2.800	2.800	2.800	2.800
Non-consumables stores &	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000
spares
Other non-current assets incl-	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000
uding dues from Directors
TOTAL OTHER NON-CURR. ASSETS	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000
Intangible assets (patents,	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000
goodwill, prelim.expenses, bad/
doubtful exp.not provided for etc)
TOTAL ASSETS	419.400	610.046	604.391	601.952	605.181	611.885	626.496	666.863	728.346
TANGIBLE NET WORTH	146.700	205.936	229.845	262.195	303.769	353.488	411.036	474.778	538.511
NET WORKING CAPITAL	45.100	25.298	64.685	91.492	126.125	149.490	188.109	249.762	309.099
CURRENT RATIO	1.40	1.14	1.34	1.46	1.61	1.70	1.95	2.29	2.72
Total Outside Liabilities/Tangible Net Worth	1.86	1.96	1.63	1.30	0.99	0.73	0.52	0.40	0.35

LIABILITIES STATEMENT

PARTICULARS	31.12. 2014	2014-15	2015-16	2016-17	2017-18	2018-19	2019-20	2020-21	2021-22
	(Prov.)	(Proj.)	(Proj.)	(Proj.)	(Proj.)	(Proj.)	(Proj.)	(Proj.)	(Proj.)
CURRENT LIABILITIES
Short-term borrowings from banks (including
bills purchased, discounted & excess borrowing
placed on repayment basis)
(i.) From applicant banks	75.700	125.000	125.000	125.000	125.000	125.000	125.000	125.000	125.000
(i.) From applicant banks	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000
(iii) Of which BP & BD	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000
SUB TOTAL	75.700	125.000	125.000	125.000	125.000	125.000	125.000	125.000	125.000
Short term borrowings from others(Commercial	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000
Papers/Corporate Loans)	15.200	10.266	13.036	15.581	18419.000	20423.000	22821.000	25417.000	28261.000
Sundry Creditors (Trade)
Advance payments from customers	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000
depositsfrom dealers	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000
Provision for Taxes:
Dividend payable	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000
Other liabilities Tl Insll.(due within one year)	0.000	27.333	38.833	42.833	46.833	47.333	28.167	18.342	0.000
Other statutory liabilities (due within one year)	23.000	20.000	15.000	16.500	18.150	19.965	21.962	24.158	26.573
Other current liabilities & provisions(due within
one year) (specify major items)	38.200	57.600	66.869	74.914	83.402	87.721	72.950	67.917	54.835
SUB-TOTAL
TOTAL CURRENT LIABILITIES (A +B)	113.900	182.600	191.869	199.914	208.402	212.721	197.950	192.917	179.835

TERM LIABILITIES

PARTICULARS	31.12. 2014	2014-15	2015-16	2016-17	2017-18	2018-19	2019-20	2020-21	2021-22
	(Prov.)	(Proj.)	(Proj.)	(Proj.)	(Proj.)	(Proj.)	(Proj.)	(Proj.)	(Proj.)
CURRENT LIABILITIES
Debentures (not maturing within one year)	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000
Preference shares (redeemable after one year)	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000
Term Loan PNB Bank	34.300	30.833	24.667	18.500	12.333	6.167	0.000	0.000	0.000
Term Loan PNB Bank-ll	40.500	40.000	33.333	26.667	20.000	13.333	6.667	0.000	0.000
Term Loan PNB Bank-llI	0.000	98.010	95.510	85.510	71.510	53.510	35.510	17.510	0.000
Equipment loan from NBFC'S	12.000	9.500	7.500	5.500	3.500	1.500	0.000	0.000	10.000
Term oan from Allahabad Bank-II	7.500	14.500	12.500	10.500	8.500	6.500	3.500	0.000	0.000
other term liabilities	6.900	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000
Term Loan Allahabad bank	57.600	56.000	48.000	36.000	24.000	12.000	0.000	0.000	0.000
(INSTT DUE WITH IN YEAR)		(27.333)	(38.833)	(42.833)	(46.833)	(47.333)	(28.167)	(18.342)	0.000
TOTAL TERM LIABILITIES	158.800	221.510	182.677	139.843	93.010	45.677	17.510	(0.832)	10.000
TOTAL OUTSIDE LIABILITIES	272.700	404.110	374.546	339.757	301.412	258.398	215.460	192.085	189.835
NET WORTH
Ordinary share capital	15.200	45.200	45.200	45.200	45.200	45.200	45.200	45.200	45.200
General reserve	57.200	98.736	122.645	154.995	196.569	246.288	303.836	367.578	43.131
Share Application Money	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000
Other reserve (excluding provisions)	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000
Surplus (+) or deficit (-) in	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000
Profit & Loss Account
Others (Unsecured Loan from Directors)	74.300	62.000	62.000	62.000	62.000	62.000	62.000	62.000	62.000
NET WORTH	146.700	205.936	229.845	262.195	303.769	353.488	411.036	474.778	538.511
TOTAL LIABILITIES	419.400	610.046	604.391	601.952	605.181	611.885	626.496	666.863	728.346

CALCULATION OF DEBT SERVICE COVERAGE RATIO

Particulars	2014-15	2015-16	2016-17	2017-18	2018-19	2019-20	2020-21	2021-22	TOTAL
	(Proj.)	(Proj.)	(Proj.)	(Proj.)	(Proj.)	(Proj.)	(Proj.)	(Proj.)
Net Surplus	16.536	23.909	32.349	41.575	49.718	57.548	63.742	63.733	349.111
(after tax & Intt.)
Depreciation	45.565	54.311	47.291	39.892	35.980	34.237	31.253	34.771	323.300
Interest on other Loans	1.615	1.275	0.935	0.595	0.255	0.000	0.000	1.700	6.375
Interest on PNB Term Loans	10.915	22.091	19.485	15.122	11.738	8.022	4.363	0.871	92.606
Interest on term Loan (Allahabad bank)	8.378	8.977	7.429	3.621	2.546	1.421	0.290	0.000	32.661
Total	83.009	110.563	107.490	100.804	100.236	101.229	99.648	101.075	804.054
Repayment of other Loans	18.200	2.000	2.000	2.000	2.000	1.500	0.000	0.000	27.700
Repayment of Loan (Allahabad bank)	4.000	8.000	12.000	12.000	12.000	12.000	0.000	0.000	60.000
Repayment of PNB Term Loan	6.167	6.167	6.167	6.167	6.167	6.167	0.000	0.000	37.000
Repayment of PNB Term Loan-ll	0.000	6.667	6.667	6.667	6.667	6.667	6.667	0.552	40.552
Repayment of PNB Term Loan-llI	0.000	2.500	10.000	14.000	18.000	18.000	18.000	17.500	98.000
Repayment of Loan (Allahabad bank-II)	0.000	2.000	2.000	2.000	2.000	3.000	3.500	0.290	14.790
Interest on PNB Term Loan	10.915	22.091	19.485	15.122	11.738	8.022	4.363	0.871	92.606
Interest on other Loans	1.615	1.275	0.935	0.595	0.255	0.000	0.000	1.700	6.375
Interest on term Loan (Allahabad Bank)	8.378	8.977	7.429	3.621	2.546	1.421	0.290	0.000	32.661
Total	49.274	59.676	66.683	62.171	61.372	56.777	32.819	20.913	409.684
DSCR	1.68	1.85	1.61	1.62	1.63	1.78	3.04	4.83	1.96
Average DSCR			1.96

CALCULATION OF SENSITIVITY DSCR AFTER SALES PRICE DECREASED BY 5%

PARTICULARS	2014-15	2015-16	2016-17	2017-18	2018-19	2019-20	2020-21	2021-22	TOTAL
	(Proj.)	(Proj.)	(Proj.)	(Proj.)	(Proj.)	(Proj.)	(Proj.)	(Proj.)
Net Surplus	6.224	7.032	14.017	21.406	27.829	34.121	38.544	36.567	185.740
(after tax & Intt.)	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000
Depreciation	45.565	54.311	47.291	39.892	35.980	34.237	31.253	34.771	323.300
Interest on other Loans	1.615	1.275	0.935	0.595	0.255	0.000	0.000	1.700	6.375
Interest on PNB Term Loans	10.915	22.091	19.485	15.122	11.738	8.022	4.363	0.871	92.606
Interest on term Loan (Allahabad bank)	8.378	8.977	7.429	3.621	2.546	1.421	0.290	0.000	32.661
Total	72.697	93.686	89.157	80.636	78.347	77.802	4.450	73.909	640.683
Repayment of other Loans	18.200	2.000	2.000	2.000	2.000	1.500	0.000	0.000	27.700
Repayment of Loan (Allahabad bank)	4.000	8.000	12.000	12.000	12.000	12.000	0.000	0.000	60.000
Repayment of PNB Term Loan	6.167	6.167	6.167	6.167	6.167	6.167	0.000	0.000	37.000
Repayment of PNB Term Loan-ll	0.000	6.667	6.667	6.667	6.667	6.667	6.667	0.552	40.552
Repayment of PNB Term Loan-llI	0.000	2.500	10.000	14.000	18.000	18.000	18.000	17.500	98.000
Repayment of Loan (Allahabad bank-II)	0.000	2.000	2.000	2.000	2.000	3.000	3.500	0.290	14.790
Interest on PNB Term Loan	10.915	22.091	19.485	15.122	11.738	8.022	4.363	0.871	92.606
Interest on other Loans	1.615	1.275	0.935	0.595	0.255	0.000	0.000	1.700	6.375
Interest on term Loan (Allahabad Bank)	8.378	8.977	7.429	3.621	2.546	1.421	0.290	0.000	32.661
Total	49.274	59.676	66.683	62.171	61.372	56.777	32.819	20.913	409.684
DSCR	1.48	1.57	1.34	1.30	1.28	1.37	2.27	3.53	1.56
Average DSCR			1.56

CALCULATION OF SENSITIVITY DSCR AFTER RAW MATERIAL PRICES INCREASED BY 5%

PARTICULARS	2014-15	2015-16	2016-17	2017-18	2018-19	2019-20	2020-21	2021-22	TOTAL
	(Proj.)	(Proj.)	(Proj.)	(Proj.)	(Proj.)	(Proj.)	(Proj.)	(Proj.)
Net Surplus	-2.200	0.119	3.915	7.961	12.447	15.899	17.355	12.157	67.653
(after tax & Intt.)
Depreciation	45.565	54.311	47.291	39.892	35.980	34.237	31.253	34.771	323.300
Interest on other Loans	1.615	1.275	0.935	0.595	0.255	0.000	0.000	1.700	6.375
Interest on PNB Term Loans	10.915	22.091	19.485	15.122	11.738	8.022	4.363	0.871	92.606
Interest on term Loan (Allahabad bank)	8.378	8.977	7.429	3.621	2.546	1.421	0.290	0.000	32.661
Total	64.273	86.773	79.055	67.190	62.965	59.580	53.261	49.499	522.596
Repayment of other Loans	18.200	2.000	2.000	2.000	2.000	1.500	0.000	0.000	27.700
Repayment of Loan (Allahabad bank)	4.000	8.000	12.000	12.000	12.000	12.000	0.000	0.000	60.000
Repayment of PNB Term Loan	6.167	6.167	6.167	6.167	6.167	6.167	0.000	0.000	37.000
Repayment of PNB Term Loan-ll	0.000	6.667	6.667	6.667	6.667	6.667	6.667	0.552	40.552
Repayment of PNB Term Loan-llI	0.000	2.500	10.000	14.000	18.000	18.000	18.000	17.500	98.000
Repayment of Loan (Allahabad bank-II)	0.000	2.000	2.000	2.000	2.000	3.000	3.500	0.290	14.790
Interest on PNB Term Loan	10.915	22.091	19.485	15.122	11.738	8.022	4.363	0.871	92.606
Interest on other Loans	1.615	1.275	0.935	0.595	0.255	0.000	0.000	1.700	6.375
Interest on term Loan (Allahabad Bank)	8.378	8.977	7.429	3.621	2.546	1.421	0.290	0.000	32.661
Total	49.274	59.676	66.683	62.171	61.372	56.777	32.819	20.913	409.684
DSCR	1.30	1.45	1.19	1.08	1.03	1.05	1.62	2.37	1.28
Average DSCR			1.28

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10533030	27/11/2014	14,500,000.00	Allahabad Bank	Govind Bhawan, Nit, Near Neelam Chowk, Faridabad,  Haryana - 121001, India	C34747634
2	10519861	21/08/2014	40,000,000.00	Punjab National Bank	Sector - 15, Faridabad, Haryana - 121007, India	C20123733
3	10484038	08/03/2014	4,400,000.00	SREI Equipment Finance Limited	'Vishwakarma', 86c, Topsia Road, Kolkata, West Bengal - 700046, India	C00045351
4	10425289	03/04/2013	60,000,000.00	Allahabad Bank	Govind Bhawan, Nit, Near Neelam Chowk, Faridabad, Haryana - 121001, India	B74987090
5	10411473	31/10/2014 *	95,025,000.00	PNB Housing Finance Limited	9th Floorantriksh Bhawan, 22 K G Marg, New Delhi,  Delhi - 110001, India	C34419440
6	10370135	21/08/2014 *	121,500,000.00	Punjab National Bank	Sector - 15, Faridabad, Haryana - 121007, India	C20123931

*Date of modification Charges

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Computer

· Vehicles

· 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 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] 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.61.74
UK Pound	1	Rs.92.71
Euro	1	Rs.69.94

INFORMATION DETAILS

Analysis Done by :	RAS
Report Prepared by :	VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILITY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	2
--RESERVES	1~10	4
--CREDIT LINES	1~10	3
--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		28

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

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