MIRA INFORM REPORT

Report No. :	306224
Report Date :	07.02.2015

IDENTIFICATION DETAILS

Name :	GCL PRIVATE LIMITED [w.e.f.02.09.2013]
Formerly Known As :	GCL INDIA PRIVATE LIMITED [w.e.f.28.07.1997] GIRISH CIRCULAR LOOMS PRIVATE LIMITED
Registered Office :	A-419/420, 10th Main, 2nd Stage, Peenya Industrial Estate, Bangalore – 560058, Karnataka
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	03.04.1996
Com. Reg. No.:	08-020217
Capital Investment / Paid-up Capital :	Rs. 59.900 Millions
CIN No.: [Company Identification No.]	U29263KA1996PTC020217
TAN No.: [Tax Deduction & Collection Account No.]	BLRG00521D
PAN No.: [Permanent Account No.]	AAACG5036D
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Circular Weaving Machines Tape Extrusion Line and Conversion Machines.
No. of Employees :	250 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (29)

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

Maximum Credit Limit :	USD 245000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The company has incurred a loss from its operations during 2014. However, trade relations are fair. Business is active. Payment terms are reported to be 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	ICRA
Rating	Long term Loans = BB- [Suspended]
Rating Explanation	Have moderate risk of default.
Date	May 2014

Rating Agency Name	ICRA
Rating	Short term Loans = A4 [Suspended]
Rating Explanation	Have minimal degree of safety and carry very high credit risk.
Date	May 2014

Reason for Suspensions: The suspension follows ICRA inability to carry out a rating surveillance in the absence of the requisite information from the company.

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. Ganesh Hegde
Designation :	Assistant Finance Manager
Contact No.:	91-80-28362500
Date :	05.02.2014

LOCATIONS

Registered Office/ Factory :	A-419/420, 10th Main, 2nd Stage, Peenya Industrial Estate, Bangalore – 560058, Karnataka, India
Tel. No.:	91-80-28362500 (8 Lines)
Fax No.:	91-80-28362525
E-Mail :	accounts@gclindia.com
Website :	http://www.gclpvtltd.com
Regional Offices :	Located at: · Delhi Kolkata Mumbai Ahmedabad

DIRECTORS

AS ON 27.09.2014

Name :

Mr. Harish B Kamath

Designation :

Director

Address :

E-101, “Mangotree” Survey, Townsend, Avalahalli, Yelahanka Hobli, Bangalore – 560064, Karnataka, India

Date of Birth/Age :

11.11.1965

Date of Appointment :

03.04.1996

PAN No.:

ABYPK6939K

DIN No.:

00855083

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	U29263KA1996PTC020217	GCL PRIVATE LIMITED	Director	03/04/1996	03/04/1996	Active	NO
2	U51909KA2007PTC041688	AMALTAS RETAIL PRIVATE LIMITED	Director	05/02/2007	05/02/2007	Active	NO

Name :

Mr. Girish Bhagirath Kamath

Designation :

Director

Address :

No. 25, “ Gurukiran” 1st Main Road, NTI Layout, HIG Dollars Colony, RMV 2nd Stage, Bangalore – 560094, Karnataka, India

Date of Birth/Age :

10.04.1971

Date of Appointment :

20.05.1996

PAN No.:

ADYPK8040P

DIN No.:

00855127

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	U29263KA1996PTC020217	GCL PRIVATE LIMITED	Director	20/05/1996	20/05/1996	Active	NO
2	U21029KA2007PTC043888	CHIRANTANA EQUIPACK PRIVATE LIMITED	Director	17/09/2007	17/09/2007	Active	NO

Name :

Mrs. Sangeetha Harish Kamath

Designation :

Director

Address :

E-101, “Mangotree” Survey, Townsend, Avalahalli, Yelahanka Hobli, Bangalore – 560064, Karnataka, India

Date of Birth/Age :

03.09.1965

Date of Appointment :

02.01.2009

PAN No.:

AEUPS9285B

DIN No.:

01191520

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	U51909KA2007PTC041688	AMALTAS RETAIL PRIVATE LIMITED	Director	05/02/2007	05/02/2007	Active	NO
2	U29263KA1996PTC020217	GCL PRIVATE LIMITED	Director	02/01/2009	02/01/2009	Active	NO

KEY EXECUTIVES

Name :	Mr. Ganesh Hegde
Designation :	Assistant Finance Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 27.09.2014

Names of Shareholders	No. of Shares	Percentage of Holding
Harish B. Kamath	2295000	38.31
Girish B. Kamath	995000	16.61
Sangeetha H. Kamath	2700000	45.08
Total	5990000	100.00

AS ON 27.09.2014

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Circular Weaving Machines Tape Extrusion Line and Conversion Machines.

Products/ Services :

ITC Code No.	Product Descriptions
84463090	Weaving Machines (Looms)

Brand Names :

--

Agencies Held :

--

Exports :

Products :

Finished Goods

Countries :

· Vietnam

Russia

Egypt

Pakistan

Indonesia

Imports :

Products :

Raw Material

Countries :

· China

UAE

Netherland

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

PRODUCTION STATUS (AS ON 31.03.2014)

Particulars	Unit	Actual Production
Circular Weaving Machine	Nos	454
Tape Extrusion Plant	Nos	5
Conversion Machines	Nos	24

GENERAL INFORMATION

Suppliers :

Reference:	Kothari Metals, Bangalore
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

Customers :

Wholesalers, Retailers and Manufacturer

Reference:	Bigbags India Private Limited, Bangalore
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

No. of Employees :

250 (Approximately)

Bankers :

Bank Name:	Canara Bank
Branch:	473D, 13th Cross, IV Phase, Peenya Industrial Area, Bangalore - 560058, Karnataka, India
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 A/c Opening):	Not Divulged
Average Balance Maintained (Optional):	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan):	Not Divulged
Account Operation:	Not Divulged
Remarks: Not Divulged

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
LONG-TERM BORROWINGS
Term loans from banks	42.329	39.439
Term loans from others	0.153	1.193
SHORT TERM BORROWINGS
Loans repayable on demand	132.575	99.880
Total	175.057	140.512

Banking Relations :	--
Auditors :
Name :	K P Rao and Company Chartered Accountants
Address :	Poornima', 2nd Floor, 25, State Bank Road, Bangalore – 560001, Karnataka, India
Income-tax PAN of auditor or auditor's firm :	AAAFK7720M
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	· Chirantana Equipack Private Limited Heat Treatment Company

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
7,000,000	Equity Shares	Rs. 10/- each	Rs. 70.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5,990,000	Equity Shares	Rs. 10/- each	Rs. 59.900 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	59.900	37.400	37.400
(b) Reserves & Surplus	25.983	79.522	70.942
(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)	85.883	116.922	108.342
(3) Non-Current Liabilities
(a) Long-term borrowings	42.482	40.632	61.121
(b) Deferred tax liabilities (Net)	0.000	19.858	18.528
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	12.823
Total Non-current Liabilities (3)	42.482	60.490	92.472
(4) Current Liabilities
(a) Short term borrowings	132.575	99.880	105.092
(b) Trade payables	117.974	153.272	125.509
(c) Other current liabilities	228.241	101.457	84.639
(d) Short-term provisions	2.200	1.900	2.366
Total Current Liabilities (4)	480.990	356.509	317.606
TOTAL	609.355	533.921	518.420
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	83.989	74.125	79.874
(ii) Intangible Assets	1.658	1.303	1.628
(iii) Capital work-in-progress	113.281	91.263	56.797
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.495	0.495	0.495
(c) Deferred tax assets (net)	3.308	0.000	0.000
(d) Long-term Loan and Advances	46.520	45.139	47.195
(e) Other Non-current assets	42.906	60.288	54.881
Total Non-Current Assets	292.157	272.613	240.870
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	173.670	140.997	165.054
(c) Trade receivables	97.171	87.351	46.623
(d) Cash and cash equivalents	18.889	5.123	9.104
(e) Short-term loans and advances	9.487	10.775	35.088
(f) Other current assets	17.981	17.062	21.681
Total Current Assets	317.198	261.308	277.550
TOTAL	609.355	533.921	518.420

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		TOTAL (A)	457.813	647.934	572.584
Less	EXPENSES
		TOTAL (B)	500.142	603.276	536.402
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(42.329)	44.658	36.182
Less	FINANCIAL EXPENSES (D)		22.473	23.221	19.974
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(64.802)	21.437	16.208
Less/ Add	DEPRECIATION/ AMORTISATION (F)		11.902	11.272	11.572
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		(76.704)	10.165	4.636
Less	TAX (H)		(23.165)	1.585	3.947
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		(53.539)	8.580	0.689
	EARNINGS IN FOREIGN CURRENCY
		Exports Sales during the year	161.124	204.785	113.305
	IMPORTS
		Components and Spares and Raw materials	15.433	9.946	8.073
		Capital Goods	0.000	14.052	5.524
	TOTAL IMPORTS		15.433	23.998	13.597
	Earnings/ (Loss) Per Share (Rs.)		(8.94)	2.29	0.18

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	(15.58)	2.30	1.01
Return on Investment (ROI) (PBT/Networth)		(0.89)	0.09	0.04
Debt Equity Ratio (Total Debt/Networth)		2.04	1.20	1.53
Current Ratio (Current Asset/Current Liability)		0.66	0.73	0.87

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particulars	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	37.400	37.400	59.900
Reserves & Surplus	70.942	79.522	25.983
Net worth	108.342	116.922	85.883
Long-term borrowings	61.121	40.632	42.482
Short term borrowings	105.092	99.880	132.575
Total borrowings	166.213	140.512	175.057
Debt/Equity ratio	1.534	1.202	2.038

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Income	572.584	647.934	457.813
		13.160	(29.343)

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Income	572.584	647.934	457.813
Profit/ (Loss)	0.689	8.580	(53.539)
	0.12%	1.32%	(11.69%)

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	Yes
17]	Major suppliers	Yes
18]	Major customers	Yes
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

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	90198511	18/11/2004	4,000,000.00	CANARA BANK	SPE SSI BRANCH, PEENAYA INDL AREA, BANGALORE, KARNATAKA - 560058, INDIA	-
2	90199777	18/11/2004	4,000,000.00	CANARA BANK	SPECIALISED SSI BRANCH, PEENYA INDUSTRIAL AREA, BANGALORE, KARNATAKA - 560058, INDIA	-
3	90198490	08/10/2004	12,000,000.00	CANARA BANK	SPE SSI BRANCH, PEENAYA INDL AREA, BANGALORE, KARNATAKA - 560058, INDIA	-
4	90197871	15/05/2014 *	325,969,000.00	CANARA BANK	SPECIALISED PEENYA SME BRANCH,, PEENYA II STAGE, BANGALORE, KARNATAKA - 560058, INDIA	C07041148
5	90199398	27/07/2005 *	9,500,000.00	CANARA BANK	SPE SSI BRANCH, PEENAYA INDL AREA, BANGALORE, KARNATAKA - 560058, INDIA	-
6	90197856	21/11/2000	1,019,700.00	CANARA BANK	SPE SSI BRANCH, PEENAYA INDL AREA, BANGALORE, KARNATAKA - 560058, INDIA	-
7	90197617	10/12/1999 *	36,700,000.00	CANARA BANK	SPE SSI BRANCH, PEENAYA IIND STAGE, BANGALORE, KARNATAKA - 560058, INDIA	-
8	90197505	12/02/1999	12,282,000.00	CANARA BANK	SPE SSI BRANCH, PEENAYA INDL AREA, BANGALORE, KARNATAKA - 560058, INDIA	-
9	90199191	12/02/1999	12,282,000.00	CANARA BANK	SPECIALISED SSI BRANCH, PEENYA INDUSTRIAL AREA, BANGALORE, KARNATAKA - 560058, INDIA	-
10	90197179	12/02/1999 *	9,600,000.00	CANARA BANK	SPE SSI BRANCH, PEENAYA IIND STAGE, BANGALORE, KARNATAKA - 560058, INDIA	-
11	90198980	12/02/1999 *	9,600,000.00	CANARA BANK	SPECIALISED SSI BRANCH, PEENYA INDUSTRIAL AREA, BANGALORE, KARNATAKA - 560058, INDIA	-
12	90198911	31/07/1996	178,000.00	ANZ GRINDLAYS BANK	RAHEJA TOWERS, 26; A. G. ROAD, BANGALORE, KARNATAKA - 560001, INDIA	-

* Date of charge modification

OPERATIONAL REVIEW

The Company has achieved a turnover of Rs. 457.813 Millions during the year, which is 29.34% less than the previous year’s total turnover of Rs. 647.934 Millions. The Directors are taking all possible steps to increase the turnover of the Company during the current year.

CONTINGENT LIABILITIES [AS ON 31.03.2014]:

a) Bank Guarantees for Rs 11.344 Millions.

b) The company received a notice from KIADB vide letter dated 30.12.2013 demanding additional payment of Rs 0.030 Million towards Slum Improvement Cess and Rs 4.826 Millions towards difference in cost of land allotted in Sompura 1st Stage Industrial Area. The company has filed Writ petition on 05.09.2014 before Honble High Court of Karnataka. The demand for Rs 4.856 Millions is being contested by the company and same is not provided for in books in accounts for the year ended 31st March 2014.

FIXED ASSETS:

· Land

Office building

Plant and equipment

Factory equipments

Other plant and equipment

Furniture and fixtures

Vehicles

Motor vehicles

Office equipment

Other equipments

Computer equipments

Computer software

Know-how

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. 61.74
UK Pound	1	Rs. 94.65
Euro	1	Rs. 70.79

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	RAS
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	2
--CREDIT LINES	1~10	4
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		29

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.