MIRA INFORM REPORT

Report No. :	307291
Report Date :	17.02.2015

IDENTIFICATION DETAILS

Name :	SUPERMAX PERSONAL CARE PRIVATE LIMITED
Registered Office :	Mumbai Agra Road Naupada, P O Wagle Industrial Estate Thane, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	03.09.2010
Com. Reg. No.:	11-207411
Capital Investment / Paid-up Capital :	Rs. 0.665 Million
CIN No.: [Company Identification No.]	U27310MH2010PTC207411
IEC No.:	0310042895
TAN No.: [Tax Deduction & Collection Account No.]	PNES29813A
PAN No.: [Permanent Account No.]	AAOCS7144Q
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of razor blades, Shaving Foam, Spoke Shave Blades.
No. of Employees :	100 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (31)

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

Maximum Credit Limit :	USD 4400000
Status :	Moderate
Payment Behaviour :	Slow But Correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Management of the company has failed to file its latest financials with government department for FY 2013 – 14. As per Registrar of companies the date of balance sheet i.e. Financials filed is shown as 31^st march, 2014 but the documents related to the financials for the year 2014 is not available from any source. As per financial of 2013, the company has incurred operational loss. However, trade relation seems to be 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	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 31-03-2014.

INFORMATION PARTED BY

Name :	Mr. Ravi Goli
Designation :	Accounts Manager
Contact No.:	91-22-40451000
Date :	11.02.2015

LOCATIONS

Registered Office :	Mumbai – Agra Road, Teen Hath Naka, Wager Street, In Front Eternity Mall, Thane, Maharashtra, India
Tel. No.:	91-22-40451225/40451000
Mobile No.:	91-7498405434 (Mr. Hemant Talekar)
Fax No.:	91-22-39167197/25823415
E-Mail :	Vineet.kakkad@supermaxworld.com
Website :	http://www.supermaxworld.com
Factory 1:	Wagle Estate, P.O. L.B.S Marg, Thane (West), Thane - 400604 Maharashtra, India
Tel No.:	91-22-40451000
Fax No.:	91-22-25823415
Factory 2 :	Plot No.2 and 2B, Phase-IV, IDA Jeedimetla, Hyderabad - 500055, Andhra Pradesh, India
Tel. No.:	91-40-23095241 / 27
Fax No.:	91-40-23095302

DIRECTORS

As on 30.12.2014

Name :

Mr. Sidhartha Suri

Designation :

Nominee director

Address :

Flat No. E-300, Reserve Bank Staff Quarters, Maratha Mandir Marg, Byculla, Mumbai - 400008, Maharashtra, India

Date of Birth/Age :

13.11.1972

Date of Appointment :

06.02.2013

DIN No.:

03344278

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	U27310MH2010PTC207411	SUPERMAX PERSONAL CARE PRIVATE LIMITED	Nominee director	06-02-2013	24-03-2011	-	Active	NO
2	U01541KA1985PTC006784	APPU NUTRITIONS PRIVATE LIMITED	Director	24-07-2012	18-01-2012	20-11-2014	Active	NO
3	U85110KA1988PTC009463	NILGIRI'S MECHANISED BAKERY PRIVATE LIMITED	Director	24-07-2012	18-01-2012	20-11-2014	Active	NO
4	U65910KA1996PTC019885	NILGIRIS FRANCHISE PRIVATE LIMITED	Director	24-07-2012	18-01-2012	20-11-2014	Active	NO
5	U52599KA2006PTC040316	KETTY RETAIL VENTURES PRIVATE LIMITED	Director	24-07-2012	18-01-2012	-	Active	NO
6	U45202KA2008PTC045540	VAISHNAVI ASSOCIATES (BANGALORE) PRIVATE LIMITED	Nominee director	27-06-2012	12-06-2012	-	Active	NO
7	U74130MH2006PTC255778	INTEGREON (INDIA) PRIVATE LIMITED	Director	30-09-2013	17-04-2013	08-05-2014	Active	NO
8	U72200MH2000PTC128563	INTEGREON MANAGED SOLUTIONS (INDIA) PRIVATE LIMITED	Director	30-09-2013	17-04-2013	08-05-2014	Active	NO
9	U29192MH1984PLC034861	TEMA INDIA LIMITED	Nominee director	11-09-2013	11-09-2013	11-09-2013	Active	NO
10	U64200TG2007PTC084096	ANTHELIO BUSINESS TECHNOLOGIES PRIVATE LIMITED	Director	24-09-2014	06-11-2013	-	Active	NO
11	U40108PN2014PTC151458	OSTRO ENERGY PRIVATE LIMITED	Additional director	21-07-2014	21-07-2014	14-08-2014	Active	NO
12	U40300DL2013PTC248984	OSTRO JAISALMER PRIVATE LIMITED	Additional director	13-08-2014	13-08-2014	-	Active	NO
13	U40300DL2008PTC177275	OSTRO RENEWABLES PRIVATE LIMITED	Additional director	01-09-2014	01-09-2014	-	Active	NO

Name :

Mr. Abhishek Kumar

Designation :

Director

Address :

Block No. 15, Flat No. 296, Lodhi Colony, Delhi- 110003, India

Date of Birth/Age :

18.12.1981

Date of Appointment :

28.11.2013

DIN No.:

02738117

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	U28931MH1953PTC018405	VIDYUT METALLICS PRIVATE LIMITED	Director	30-09-2009	01-09-2009	01-06-2011	Active	NO
2	U36993HP2004PTC027064	TIGAKSHA METALLICS PRIVATE LIMITED	Director	26-12-2011	24-03-2011	06-02-2013	Active	NO
3	U27310MH2010PTC207411	SUPERMAX PERSONAL CARE PRIVATE LIMITED	Director	28-11-2013	06-02-2013	-	Active	NO

Name :

Mr. Purnendu Kumar Chakravarthy

Designation :

Director

Address :

8/26, First Floor, West Patel Nagar, Delhi – 110008, India

Date of Birth/Age :

22.01.1959

Date of Appointment :

28.11.2013

DIN No.:

00446124

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	U36993HP2004PTC027064	TIGAKSHA METALLICS PRIVATE LIMITED	Director	20-06-2006	20-06-2006	25-07-2009	Active	NO
2	U24246JK1985PTC000820	THREE AAR BLADE MANNUFACTURING CO PRIVATE LIMITED	Director	30-09-2006	21-07-2006	30-08-2008	Active	NO
3	U27310MH2010PTC207411	SUPERMAX PERSONAL CARE PRIVATE LIMITED	Director	28-11-2013	26-10-2013	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Vineet Sunil Kakkad
Designation :	Secretary
Address :	A301, Ashwa Villa, Dr. R. P. Road Near Sydicate Bank, Mumbai – 400080, Maharashtra, India
Date of Birth/Age :	27.05.1988
Date of Appointment :	04.08.2014
PAN No.:	AZLPK7279F

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.12.2014

Names of Shareholders	No. of Shares
Supermax Singapore Pte Limited, Singapore	66526
Supermax Luxembourg SARL, Luxembourg	1
Total	66527

Equity Share Break up (Percentage of Total Equity)

As on 30.12.2014

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of razor blades, Shaving Foam, Spoke Shave Blades.
Products :	Razor Blades Shaving Foam Spoke Shave Blades, etc.
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :
Products :	Personal Healthcare Product
Countries :	USA
Imports :
Products :	Raw Material
Countries :	USA
Terms :
Selling :	Cash and Credit (30,60,90 Days)
Purchasing :	Cash and Credit (30,60,90 Days)

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

100 (Approximately)

Bankers :

Bank Name	Punjab National Bank
Branch	PNB House, Fort, Mumbai - 400001, Maharashtra, 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 Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Cash Credit – 2400.000 Millions
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

Secured Loan	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
Long-term Borrowings
Rupee term loans from banks	0.400	0.000
Rupee term loans from others	0.400	1.500
Short-term borrowings
Loans repayable on demand	1560.300	1460.200
Total	1561.100	1461.700

Auditors :
Name :	B S R and Company Chartered Accountants
Address :	Building No. 10, 8^th , Floor, Tower-B, DLF Cyber City, Phase II, Gurgaon - 122002 (India)
PAN N Income-tax PAN of auditor or auditor's firm :	AAIFB4734C
Memberships :	Not Divulged
Collaborators :	Not Divulged
Holding Company:	Super-Max Singapore Pte Limited, Singapore

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.10/- each	Rs.0.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.10/- each	Rs.0.500 Million

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.10/- each	Rs.1.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
66527	Equity Shares	Rs.10/- each	Rs.0.665 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	0.500	0.500	0.500
(b) Reserves & Surplus	1516.000	1701.900	1456.800
(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)	1516.500	1702.400	1457.300
(3) Non-Current Liabilities
(a) long-term borrowings	710.800	711.500	712.000
(b) Deferred tax liabilities (Net)	0.000	64.800	(13.700)
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	280.100	252.400	177.600
Total Non-current Liabilities (3)	990.900	1028.700	875.900
(4) Current Liabilities
(a) Short term borrowings	1821.700	1573.000	1441.900
(b) Trade payables	1560.400	1807.400	1948.400
(c) Other current liabilities	938.200	628.500	2076.800
(d) Short-term provisions	165.100	134.900	7.300
Total Current Liabilities (4)	4485.400	4143.800	5474.400
TOTAL	6992.800	6874.900	7807.600
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2226.700	2472.300	2587.700
(ii) Intangible Assets	29.400	36.400	48.600
(iii) Capital work-in-progress	388.400	328.500	288.300
(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	0.000	0.000	0.000
(e) Other Non-current assets	86.100	68.800	30.600
Total Non-Current Assets	2730.600	2906.000	2955.200
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	1004.100	1005.400	751.200
(c) Trade receivables	2572.500	2220.000	2575.000
(d) Cash and cash equivalents	40.300	57.400	886.800
(e) Short-term loans and advances	106.400	110.800	246.800
(f) Other current assets	538.900	575.300	392.600
Total Current Assets	4262.200	3968.900	4852.400
TOTAL	6992.800	6874.900	7807.600

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2013	31.03.2012	31.03.2011
	SALES
	TOTAL INCOME	7026.400	7662.200	109.300
Less	EXPENSES	7826.000	6625.800	(122.100)
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	(799.600)	1036.400	(12.800)
Less	FINANCIAL EXPENSES	273.900	354.000	20.000
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	(525.700)	682.400	(32.800)
Less/ Add	DEPRECIATION/ AMORTISATION	275.100	278.000	8.900
	PROFIT/ (LOSS) BEFORE TAX	(250.600)	404.400	(41.700)
Less	TAX	(64.800)	159.300	(13.700)
	PROFIT/ (LOSS) AFTER TAX	(185.800)	245.100	(28.000)
	Earnings / (Loss) Per Share (Rs.)	(2792.85)	NA	NA

Particulars	31.03.2014
Sales Turnover (Approximately)	7100.000

Expected Sales (2014 - 2015): Rs. 7500.000 Millions.

The above information has been parted by Mr. Ravi Goli (Accounts Manager)

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Net Profit Margin (PAT / Total Income)	(%)	92.19	91.75	73.56
Return on Total Assets (PBT/Total Assets}	(%)	100.00	100.00	100.00
Return on Investment (ROI) (PBT/Networth)		4.27	4.13	0.06
Debt Equity Ratio (Total Debt /Networth)		1.67	1.34	1.48
Current Ratio (Current Asset/Current Liability)		0.95	0.96	0.89

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	0.500	0.500	0.500
Reserves & Surplus	1456.800	1701.900	1516.000
Net worth	1457.300	1702.400	1516.500
long-term borrowings	712.000	711.500	710.800
Short term borrowings	1441.900	1573.000	1821.700
Total borrowings	2153.900	2284.500	2532.500
Debt/Equity ratio	1.478	1.342	1.670

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	109.300	7662.200	7026.400
		6,910.247	(8.298)

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	109.300	7662.200	7026.400
Profit	(28.000)	245.100	(185.800)
	(25.62)%	3.20%	(2.64)%

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	No
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10362126	29/05/2012	915,000.00	PUNJAB NATIONAL BANK	PNB HOUSE, FORT, MUMBAI, Maharashtra - 400001, INDIA	B42234161
2	10289018	09/05/2011 *	2,409,000,000.00	PUNJAB NATIONAL BANK	PNB HOUSE, SIR P M ROAD, FORT, MUMBAI, Maharashtra - 400001, INDIA	B93030625

UNSECURED LOAN

PARTICULARS	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
Long-term Borrowings
Loans and advances from related parties	35.000	35.000
Other loans and advances	675.000	675.000
Short-term borrowings
Term loans from banks	242.000	17.400
Intercorporate borrowings	0.200	0.200
Other loans and advances, others	19.200	95.200
Total	971.400	822.800

FIXED ASSETS

Tangible Assets

· Land

· Buildings

· Plant and Equipment

· Furniture and Fixtures

· Vehicles

· Office Equipment

Intangible Assets

· Goodwill

· Computer Software

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 records 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.62.20
UK Pound	1	Rs.96.00
Euro	1	Rs.71.00

INFORMATION DETAILS

Information Gathered by :	PAT
Analysis Done by :	SUM
Report Prepared by :	RCH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		31

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.