MIRA INFORM REPORT

Report No. :	306974
Report Date :	07.02.2015

IDENTIFICATION DETAILS

Name :	HYDERABAD DUTY FREE RETAIL LIMITED

Registered Office :	GMR Hial Airport Office, Rajiv Gandhi International Airport, Shamshabad, Hyderabad 500034, Andhra Pradesh

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	14.05.2010

Com. Reg. No.:	01-068442

CIN No.: [Company Identification No.]	U52390TG2010PLC068442

Capital Investment / Paid-up Capital :	Rs.169.500 Millions

IEC No.:	Not Available

TAN No.: [Tax Deduction & Collection Account No.]	HYDH02858C

PAN No.: [Permanent Account No.]	Not Available

Legal Form :	A Closely Held Public Limited Liability Company

Line of Business :	Trader, Exporter and importer of duty free stores

No. of Employees :	Not Divulged

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 500000

Status :	Satisfactory

Payment Behaviour :	Slow but correct

Litigation :	Clear

Comments :	Subject is a subsidiary of “GMR HYDERABAD INTERNATIONAL AIRPORT LIMITED” (GHIAL). It is an established company having satisfactory track record. The company has processed above average operational performance which has resulted into successfully wiping off its accumulated losses. Further rating takes into consideration company’s improved financial risk profile and financial as well as managerial support that company receives from its parent company. Tarde relations are fair. Business is active. Payment terms are reported to be slow but correct. In view of strong parent company support, the company can be considered for business dealings at usual trade terms and condition.

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

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	Fund based limits BBB-
Rating Explanation	Moderate degree of safety and moderate credit risk
Date	September, 2014

Rating Agency Name	ICRA
Rating	Letter of Credit A3
Rating Explanation	Moderate degree of safety and higher credit risk
Date	September, 2014

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2014.

INFORMATION DECLINED

Management non co-operative (91 040-66603776/91 040-66603773)

LOCATIONS

Registered Office/ Warehouse :	GMR Hial Airport Office, Rajiv Gandhi International Airport, Shamshabad, Hyderabad 500034, Andhra Pradesh, India
Tel No.:	91-40-66603776
Mobile No.:	91-8008844452 (Mr. Ramany )
Fax No.:	91-40-66603773
E-Mail :	kbgassociates@gmail.com venkata.subramanian@gmrgroup.in

DIRECTORS

As on 31.03.2014

Name :

Mr. Gopal Krishna Kishore Survey

Designation :

Director

Address :

Flat No. 102, Harmoany Banjara Apartments, Road No. 9, Banjara Hills, Hyderabad-500034, Andhra Pradesh, India

Date of Birth/Age :

03.12.1963

Date of Appointment :

30.08.2013

DIN No.:

02916539

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	U55101TG2008PLC060866	GMR Hotels and Resorts Limited	Director	09/08/2010	04/01/2010	-	Active	NO
2	U85110TG2011PTC076813	AMG HEALTHCARE DESTINATION PRIVATE LIMITED	Director	25/09/2012	28/12/2011	-	Active	NO
3	U40108TG2012PLC083190	GMR HYDERABAD AIRPORT POWER DISTRIBUTION LIMITED	Director	18/09/2012	18/09/2012	-	Active	NO
4	U45400AP2007PLC054827	GMR Hyderabad Aerotropolis Limited	Director	30/08/2013	23/10/2012	-	Active	NO
5	U74920TG2007PLC054862	Hyderabad Airport Security Services Limited	Director	30/08/2013	18/04/2013	17/10/2014	Active	NO
6	U74900TG2007PLC054821	GMR Hyderabad Airport Resource Management Limited	Director	30/08/2013	18/04/2013	17/10/2014	Active	NO
7	U63013TG2010PLC071453	GMR Airport Handling Services Company Limited	Director	30/08/2013	18/04/2013	17/10/2014	Active	NO
8	U52390TG2010PLC068442	HYDERABAD DUTY FREE RETAIL LIMITED	Director	30/08/2013	18/04/2013	-	Active	NO
9	U45209TG2007PLC056516	GMR HYDERABAD MULTIPRODUCT SEZ LIMITED	Director	30/08/2013	18/04/2013	-	Active	NO
10	U45209AP2007PLC056527	GMR HYDERABAD AVIATION SEZ LIMITED	Director	30/08/2013	18/04/2013	-	Active	NO
11	U62100TG2006PTC049243	Hyderabad Menzies Air Cargo Private Limited	Director	14/08/2013	10/05/2013	-	Active	NO
12	U60100TN2010PLC074341	TVS AVIATION LOGISTICS LIMITED	Director	30/09/2013	04/06/2013	20/03/2014	Active	NO
13	U35122TG2010PLC070489	MAS GMR Aero Technic Limited	Director	22/09/2014	27/11/2013	-	Active	NO
14	U45201TG2008PLC067141	MAS GMR AEROSPACE ENGINEERING COMPANY LIMITED	Director	22/09/2014	27/11/2013	-	Active	NO
15	U80302TG2011PLC072687	Asia Pacific Flight Training Academy Limited	Additional director	17/10/2014	17/10/2014	-	Active	NO

Name :

Mr. Mohan Rao Murthy

Designation :

Director

Address :

Flat No.501, Santosh Residency, F-61, Madhura Nagar, Hyderabad-500038, Andhra Pradesh, India

Date of Birth/Age :

02.09.1957

Date of Appointment :

30.08.2012

DIN No.:

02506274

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	U37100DL2005PLC135148	EAST DELHI WASTE PROCESSING COMPANY LIMITED	Director	20/08/2009	08/01/2009	21/09/2010	Active	NO
2	U55101DL2009PTC192897	DELHI SELECT SERVICE HOSPITALITY PRIVATE LIMITED	Additional director	04/11/2009	04/11/2009	06/08/2010	Amalgamated	NO
3	U55101DL2009PTC193995	Devyani Food Street Private Limited	Director	04/08/2010	09/11/2009	22/09/2010	Active	NO
4	U55101DL2009PTC196639	Travel Food Services (Delhi Terminal 3) Private Limited	Director	04/12/2009	04/12/2009	22/11/2010	Active	NO
5	U74900DL2009PTC196125	Delhi Cargo Service Center Private Limited	Nominee director	17/12/2009	17/12/2009	17/09/2010	Active	NO
6	U63030DL2010PTC198985	DELHI AIRPORT PARKING SERVICES PRIVATE LIMITED	Additional director	03/03/2010	03/03/2010	04/08/2010	Active	NO
7	U62100TG2005PTC045123	GATEWAYS FOR INDIA AIRPORTS PRIVATE LIMITED	Director	30/08/2012	27/08/2011	-	Active	NO
8	U45209TG2007PLC056516	GMR HYDERABAD MULTIPRODUCT SEZ LIMITED	Director	30/08/2012	27/08/2011	-	Active	NO
9	U55101TG2008PLC060866	GMR Hotels and Resorts Limited	Director	30/08/2012	27/08/2011	-	Active	NO
10	U45209AP2007PLC056527	GMR HYDERABAD AVIATION SEZ LIMITED	Director	30/08/2012	27/08/2011	-	Active	NO
11	U74900TG2007PLC054821	GMR Hyderabad Airport Resource Management Limited	Director	30/08/2012	27/08/2011	-	Active	NO
12	U63013TG2010PLC071453	GMR Airport Handling Services Company Limited	Director	30/08/2012	27/08/2011	-	Active	NO
13	U52390TG2010PLC068442	HYDERABAD DUTY FREE RETAIL LIMITED	Director	30/08/2012	02/09/2011	-	Active	NO
14	U80302TG2011PLC072687	Asia Pacific Flight Training Academy Limited	Director	13/08/2012	08/09/2011	-	Active	NO
15	U74300MH2007PTC176612	LAQSHYA HYDERABAD AIRPORT MEDIA PRIVATE LIMITED	Nominee director	16/09/2011	16/09/2011	-	Active	NO
16	U62100TG2006PTC049243	Hyderabad Menzies Air Cargo Private Limited	Director	16/08/2012	22/10/2011	-	Active	NO
17	U35122TG2010PLC070489	MAS GMR Aero Technic Limited	Director	27/07/2012	09/05/2012	-	Active	NO
18	U45201TG2008PLC067141	MAS GMR AEROSPACE ENGINEERING COMPANY LIMITED	Director	27/07/2012	09/05/2012	-	Active	NO
19	U40108TG2012PLC083190	GMR HYDERABAD AIRPORT POWER DISTRIBUTION LIMITED	Director	18/09/2012	18/09/2012	-	Active	NO
20	U45400AP2007PLC054827	GMR Hyderabad Aerotropolis Limited	Director	30/08/2013	18/04/2013	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Subhash
Designation :	Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders	No. of Shares
C Prasanna	1
SGK Kishore	1
Mr. Mohan Rao	1
Mr. Ramesh Krishnamurthy	1
Tangirala Venkat Ramana	1
Bandaru Ramesh Babu	1
GMR Hyderabad International Airport Limited, India	12600000
GMR Hyderabad International Airport Limited, India	4349994
Total	16950000

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Trader, Exporter and importer of duty free stores

Products :	Not Available

Brand Names :	Not Available

Agencies Held :	Not Available

Exports :	Not Divulged

Imports :	Not Divulged

Terms :
Selling :	Not Divulged

Purchasing :	Not Divulged

GENERAL INFORMATION

Suppliers :

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 :

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 :

Not Divulged

Bankers :

Banker Name :	Axis Bank
Branch Address :	Shamshabad Branch, Andhra Pradesh, India
Facilities :	Not Divulged
Person Name :	Mr. Natraj (Deputy Manager)
Contact No.:	91-8413-222262172
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)	Banker gave positive feedback. As claimed by Mr. Natraj subject is having very good track record for banking transaction.

· State bank of Bikaner and Jaipur, # 8573, Rashtrapati Road, Secunderabad-500003, Andhra Pradesh, India

Facilities :

(Rs. In Millions)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
Short Term Borrowing
Rupees term loans from Banks	0.000	8.654

Total	0.000	8.654

Auditors :
Name:	S V Ghatalia and Associates Chartered Accountant
Address :	Oval Office, 18, Ilabas Center Hitech Cityhitech City, Madhapur
PAN No.	AACFS6921Q

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

20000000	Equity Shares	Rs. 10/- each	Rs.200.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

16950000	Equity Shares	Rs. 10/- each	Rs.169.500 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	169.500	99.500	49.500
(b) Reserves & Surplus	7.039	(58.176)	(42.707)
(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)	176.539	41.324	6.793

(3) Non-Current Liabilities
(a) long-term borrowings	53.965	78.965	99.381
(b) Deferred tax liabilities (Net)	1.721	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.391	0.255	0.160
Total Non-current Liabilities (3)	56.077	79.220	99.541

(4) Current Liabilities
(a) Short term borrowings	0.000	8.654	7.984
(b) Trade payables	14.163	60.395	51.108
(c) Other current liabilities	28.309	24.442	22.709
(d) Short-term provisions	0.653	0.223	0.080
Total Current Liabilities (4)	43.125	93.714	81.881

TOTAL	275.741	214.258	188.215

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	102.071	111.805	110.416
(ii) Intangible Assets	1.991	2.718	3.294
(iii) Capital work-in-progress	0.061	0.000	9.351
(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	0.000
(d) Long-term Loan and Advances	6.619	0.077	0.092
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	110.742	114.600	123.153

(2) Current assets
(a) Current investments	53.702	0.000	0.000
(b) Inventories	59.041	78.029	43.904
(c) Trade receivables	4.540	3.939	2.462
(d) Cash and cash equivalents	46.065	16.916	17.934
(e) Short-term loans and advances	1.479	0.631	0.618
(f) Other current assets	0.172	0.143	0.144
Total Current Assets	164.999	99.658	65.062

TOTAL	275.741	214.258	188.215

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	493.960	326.701	247.607
		Other Income	14.050	10.127	7.148
		TOTAL (A)	508.010	336.828	254.755

Less	EXPENSES
		Cost of Materials Consumed	213.831	149.923	112.750
		Employees benefits expense	30.584	27.168	24.247
		Other expenses	166.008	136.374	97.277
		TOTAL (B)	410.423	313.465	234.274

Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		97.587	23.363	20.481

Less	FINANCIAL EXPENSES (D)		17.533	28.360	20.607

	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		80.054	(4.997)	(0.126)

Less/ Add	DEPRECIATION/ AMORTISATION (F)		10.563	10.472	9.301

	PROFIT BEFORE TAX (E-F) (G)		69.491	(15.469)	(9.427)

Less	TAX (H)		4.276	0.000	0.000

	PROFIT AFTER TAX (G-H) (I)		65.215	(15.469)	(9.427)

	Earnings Per Share (Rs.)		0.38	(3.02)	(2.65)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	13.20	(4.73)	(3.81)

Operating Profit Margin (PBDIT/Sales)	(%)	19.76	7.15	8.27

Return on Total Assets (PBT/Total Assets}	(%)	25.21	(7.22)	(5.27)

Return on Investment (ROI) (PBT/Networth)		0.39	(0.37)	(1.39)

Debt Equity Ratio (Total Debt /Networth)		0.31	2.12	15.81

Current Ratio (Current Asset/Current Liability)		3.83	1.06	0.79

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	49.500	99.500	169.500
Reserves & Surplus	(42.707)	(58.176)	7.039
Net worth	6.793	41.324	176.539

long-term borrowings	99.381	78.965	53.965
Short term borrowings	7.984	8.654	0.000
Total borrowings	107.365	87.619	53.965
Debt/Equity ratio	15.805	2.120	0.306

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)
Sales	247.607	326.701	493.960
		31.943	51.196

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	247.607	326.701	493.960
Profit	(9.427)	(15.469)	65.215
	(3.81%)	(4.73%)	13.20%

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	Yes
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	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	----
16]	Details of sister concerns	No
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
21]	Market information	----
22]	Litigations that the firm / promoter involved in	----
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	----
26]	Buyer visit details	----
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

UNSECURED LOAN

(Rs. In Millions)

UNSECURED LOAN	As on 31.03.2014	As on 31.03.2013
Long Term Borrowing
Rupees term loans from Banks	53.965	78.965
Total	53.965	78.965

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10273707	24/07/2013 *	259,000,000.00	STATE BANK OF BIKANER AND JAIPUR	# 8573, Rashtrapati Road, Secunderabad, Andhra Pr adesh - 500003, INDIA	B80649429

* Date of charge modification

FIXED ASSETS

· Printing and stationery

· Telephone postage

· Building

· Spare parts

· Plant and machinery

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.61.87
UK Pound	1	Rs.94.06
Euro	1	Rs.70.19

INFORMATION DETAILS

Information Gathered by :	DPA

Analysis Done by :	SUM

Report Prepared by :	JYTK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--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	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		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

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.

MIRA INFORM REPORT

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