MIRA INFORM REPORT

Report No. :	329414
Report Date :	03.07.2015

IDENTIFICATION DETAILS

Name :	CHARHDIKALA PUBLICATIONS PRIVATE LIMITED
Registered Office :	Guru Harkrishnan Public School Building Press Road, Patiala – 147001, Punjab
Tel. No.:	91-175-5061964
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	14.07.1987
Com. Reg. No.:	16-007549
Capital Investment / Paid-up Capital :	Rs. 19.650 Million
CIN No.: [Company Identification No.]	U74300PB1987PTC007549
TAN No.: [Tax Deduction & Collection Account No.]	PTLC0769D
PAN No.: [Permanent Account No.]	AAACC73111F
Legal Form :	Private Limited Liability Company
Line of Business :	Printing and Publishing of Newspapers, Magazines, and also T.V News Channels.
No. of Employees :	120 (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 94000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an old and established company incorporated during 1987 having moderate track record. Management of the company has filed its latest financial i.e., 2014 with the government department As per available financial of 2013, Reserves level of the company is low. However, trade relations are reported as fair. Business is active. Payments 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 – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

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 31-03-2013.

INFORMATION PARTED BY

Name :	Mr. Jasvinder Singh
Designation :	Chartered Accountant
Contact No.:	91-9814142259
Date :	30.06.2015

LOCATIONS

Registered Office :	Guru Harkrishnan Public School Building Press Road, Patiala – 147001, Punjab, India
Tel. No.:	91-175-5061964/ 5061975
Mob. No.:	91-9814142259 (Mr. Jasvinder Singh)
Fax No.:	91-175-2371181/ 2372615/ 5007713
E-Mail :	cppl@charhdikala.com chardikals@gmail.com jpsnarula@gmail.com jpsgulati@rediffmail.com
Website :	http://www.charhdikala.com
Location :	Owned
Locality :	Commercial
Corporate Office :	593, SST Nagar, Rajpura Road, Patiala – 147001, Punjab, India
Branch Office :	INIS Building 202, 2^nd Floor, Rafimarg Patel Chowk, New Delhi – 110001, India

DIRECTORS

AS ON 30.09.2013

Name :

Mr. Jagjit Singh Dardi

Designation :

Director

Address :

844-SST Nagar, Patiala - 147001, Punjab, India

Date of Appointment :

14.07.1987

PAN No.:

ABNPD7715K

DIN No.:

00609443

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	U74300PB1987PTC007549	CHARHDIKALA PUBLICATIONS PRIVATE LIMITED	Director	14/07/1987	14/07/1987	-	Active	NO
2	U22110PB1993PTC013493	CHARDIKALA PRINTINTG PRESS PRIVATE LIMITED	Director	05/07/1993	05/07/1993	01/04/2011	Active	NO
3	U72300PB2004PTC027165	J S D DATA INFOTECH PRIVATE LIMITED	Director	28/05/2004	28/05/2004	31/03/2014	Active	NO
4	U99999DL1951PLC002023	THE INDIAN NEWSPAPER SOCIETY.	Director	19/09/2007	19/09/2007	-	Active	NO
5	U22190PB2013PTC037567	JSD PUBLICATIONS PRIVATE LIMITED	Director	04/06/2013	04/06/2013	-	Active	NO

Name :

Mr. Harpreet Singh Dardi

Designation :

Director

Address :

844, SST Nagar, Patiala - 147001, Punjab, India

Date of Appointment :

25.03.1996

PAN No.:

AANPO9078C

DIN No.:

00607372

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	U74300PB1987PTC007549	CHARHDIKALA PUBLICATIONS PRIVATE LIMITED	Director	25/03/1996	25/03/1996	Active	NO
2	U22110PB1993PTC013493	CHARDIKALA PRINTINTG PRESS PRIVATE LIMITED	Director	31/03/2011	31/03/2011	Active	NO

Name :

Mr. Satbeer Singh Dardi

Designation :

Director

Address :

844-Sst Nagar, Patiala - 147001, Punjab, India

Date of Appointment :

30.06.2001

PAN No.:

AANPD9075B

DIN No.:

00607389

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	U74300PB1987PTC007549	CHARHDIKALA PUBLICATIONS PRIVATE LIMITED	Director	30/06/2001	30/06/2001	Active	NO
2	U22110PB1993PTC013493	CHARDIKALA PRINTINTG PRESS PRIVATE LIMITED	Director	31/10/2009	31/10/2009	Active	NO

Name :

Mrs. Jaswinder Kaur

Designation :

Director

Address :

844-Sst Nagar, Patiala - 147001, Punjab, India

Date of Appointment :

14.07.1987

PAN No.:

ADBPK3996K

DIN No.:

00609430

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	U74300PB1987PTC007549	CHARHDIKALA PUBLICATIONS PRIVATE LIMITED	Director	14/07/1987	14/07/1987	-	Active	NO
2	U72300PB2004PTC027165	J S D DATA INFOTECH PRIVATE LIMITED	Director	28/05/2004	28/05/2004	31/03/2014	Active	NO
3	U22110PB1993PTC013493	CHARDIKALA PRINTINTG PRESS PRIVATE LIMITED	Director	31/10/2009	31/10/2009	-	Active	NO
4	U22190PB2013PTC037567	JSD PUBLICATIONS PRIVATE LIMITED	Director	04/06/2013	04/06/2013	-	Active	NO

Name :

Mr. Jatinder Pal Singh

Designation :

Director

Address :

H. No. 324 Soodan Street No. 2, Old Press Road, Patiala - 147001, Punjab, India

Date of Appointment :

14.07.1987

PAN No.:

AMJPS1063J

DIN No.:

01167053

KEY EXECUTIVES

Name :	Mr. Jasvinder Singh
Designation :	Chartered Accountant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2013

Names of Shareholders	No. of Shares	Percentage of Holding
Jagjit Singh Dardi	8691000	44.23
Jasvinder Kaur	4040000	20.56
Harbans Kaur	330000	1.68
Harpreet Singh Dardi	653000	3.32
Chardikala Printi5000ng Press Private Limited, Punjab	4500000	22.90
Chardikala Printing Press, Punjab	500000	2.54
Satbeer Singh Dardi	426000	2.17
Gurleen Kaur	300000	1.53
Ashmeet Kaur	200000	1.02
Jatinder pal Singh	10000	0.05
Total	19650000	100.00

AS ON 30.09.2013

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	23.00
Directors or relatives of directors	77.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Printing and Publishing of Newspapers, Magazines and also TV News channels.
Brand Names :	--
Agencies Held :	--
Exports :	--
Imports :	--
Terms :
Selling :	Cheque and Credit
Purchasing :	Cheque and Credit

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference:	Not Divulged
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 :

Others

Reference:	Not Divulged
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 :

120 (Approximately)

Bankers :

Bank Name:	Punjab and Sind Bank
Branch:	The Mall Road, Patiala – 147001, Punjab, 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):	Overdraft = 16.000 Million
Account Operation:	Not Divulged
Remarks:	Not Divulged

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
SHORT TERM BORROWINGS
From Bank
Punjab and Sind Bank, C/A No. 20213	16.006	13.496
Punjab and Sind Bank, Car Loan No 654		0.058
Punjab and Sind Bank, Short Term Loan	6.542
Shri Guru Harkrishan Public School Management Society	0.000	0.023
Total	22.548	13.577

Banking Relations :	--
Auditors :
Name :	JPS and Associates Chartered Accountants
Address :	379/1, Old Ghas Mandi, Sheran Wala Gate, Patiala – 147001, Punjab, India
Income-tax PAN of auditor or auditor's firm :	ACBPS1836M
Associates/Subsidiaries :	· Chardikala Printing Press Private Limited · JSD Publication Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
196,500	Equity Shares	Rs. 100/- each	Rs. 19.650 Million
3,500	Preference shares	Rs. 100/- each	Rs. 0.350 Million
	Total		Rs. 20.000 million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
196,500	Equity Shares	Rs. 100/- each	Rs. 19.650 Million

FINANCIAL DATA

[all figures are in Rupees Million]

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	19.650	19.650	18.150
(b) Reserves & Surplus	13.049	12.129	13.316
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.081	0.381	2.461
Total Shareholders’ Funds (1) + (2)	32.780	32.160	33.927
(3) Non-Current Liabilities
(a) Long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	1.846	1.846	1.846
(c) Other long term liabilities	11.486	0.000	3.923
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	13.332	1.846	5.769
(4) Current Liabilities
(a) Short term borrowings	22.548	13.577	12.564
(b) Trade payables	1.673	0.781	9.087
(c) Other current liabilities	3.659	0.736	0.920
(d) Short-term provisions	0.935	2.357	3.541
Total Current Liabilities (4)	28.815	17.451	26.112
TOTAL	74.927	51.457	65.808
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1.738	1.550	12.973
(ii) Intangible Assets	2.770	2.770	2.770
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	6.900	6.900	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	0.000	0.000	0.000
Total Non-Current Assets	11.408	11.220	15.743
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.000	0.000	0.586
(c) Trade receivables	36.021	23.059	27.647
(d) Cash and cash equivalents	4.298	1.233	10.024
(e) Short-term loans and advances	6.944	7.037	9.322
(f) Other current assets	16.256	8.908	2.486
Total Current Assets	63.519	40.237	50.065
TOTAL	74.927	51.457	65.808

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	51.526	49.726
		Other Income	0.000	0.000
		TOTAL (A)	51.526	49.726
Less	EXPENSES
		Employee Benefit Expenses	4.949	7.712
		Unlinking Expenses	29.582	26.195
		Exceptional Item	0.000	(0.801)
		Other Expenses	12.710	11.971
		TOTAL (B)	47.241	45.077
	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		4.285	4.649
Less	FINANCIAL EXPENSES (D)		2.695	2.483
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1.590	2.166	NA
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.259	0.208
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		1.331	1.958
Less	TAX (H)		0.411	1.029
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		0.920	0.929	1.363
	Earnings Per Share (Rs.)		4.68	4.73	7.51

PARTICULARS	31.03.2016 (Estimated)	31.03.2015 (Estimated)	31.03.2014
Sales Turnover (Approximately)	90.000	80.000	62.500

The above information has been parted by Mr. Jaswinder Singh (Chartered Accountant).

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2013	31.03.2012	31.03.2011
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Net Profit Margin (PAT / Sales)	(%)	1.79	1.87	NA
Operating Profit Margin (PBDIT/Sales)	(%)	8.32	9.35	NA
Return on Total Assets (PBT/Total Assets}	(%)	1.96	4.39	NA
Return on Investment (ROI) (PBT/Networth)		0.04	0.06	NA
Debt Equity Ratio (Total Liability/Networth)		0.69	0.42	0.37
Current Ratio (Current Asset/Current Liability)		2.20	2.31	1.92

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	18.150	19.650	19.650
Reserves & Surplus	13.316	12.129	13.049
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	2.461	0.381	0.081
Net worth	33.927	32.160	32.780
Long-term borrowings	0.000	0.000	0.000
Short term borrowings	12.564	13.577	22.548
Total borrowings	12.564	13.577	22.548
Debt/Equity ratio	0.370	0.422	0.688

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	No
11	Pan Card No. of Proprietor / Partners	Yes
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	Yes
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	No
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	Yes
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	No
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10536998	24/11/2014	19,800,000.00	PUNJAB AND SIND BANK	THE MALL BRANCH, PATIALA, PUNJAB - 147001, INDIA	C37153293
2	90183824	29/09/2011 *	16,000,000.00	PUNJAB AND SIND BANK	THE MALL, PATIALA, PUNJAB - 147001, INDIA	B23601271
3	90181613	22/08/1990	75,000.00	PUNJAB NATINAL BANK	PHATAK NO. 22, PATIALA, PUNJAB, INDIA	-
4	90179162	14/03/1995 *	60,000.00	PUNJAB AND SIND BANK	PHATAK NO. 22, PATIALA, PUNJAB, INDIA	-
5	90181610	27/07/1990	60,000.00	PUNJAB NATINAL BANK	PHATAK NO. 22, PATIALA, PUNJAB, INDIA	-
6	90183659	20/04/1992 *	60,000.00	PUNJAB NATIONAL BANK	BANK PHATAK NO. 22, PATIALA, PUNJAB, INDIA	-
7	90181504	17/06/1989	150,000.00	PUNJAB NATIONAL BANK	22 NO. PHATAK, PATIALA, PUNJAB, INDIA	-
8	90181502	10/07/1992 *	150,000.00	PUNJAB AND SIND BANK	PHATAK NO. 22, PATIALA, PUNJAB, INDIA	-
9	90183643	20/04/1992 *	150,000.00	PUNJAB NATIONAL BANK	BANK PHATAK, LUDHIANA, PUNJAB, INDIA	-
10	90179061	14/03/1995 *	75,000.00	PUNJAB AND SIND BANK	PHATAK NO. 22, PATIALA, PUNJAB, INDIA	-
11	90183642	20/04/1992 *	75,000.00	PUNJAB NATIONAL BANK	BANK PHATAK NO.22, PATIALA, PUNJAB, INDIA	-
12	90181501	26/05/1998 *	200,000.00	PUNJAB NATINAL BANK	PHATAK NO. 22, PATIALA, PUNJAB, INDIA	-

* Date of charge modification

FIXED ASSETS:

· Land

· Building

· Plant and Equipment’s

· Furniture and Fixture

· Vehicles

· Office Equipment

· Goodwill

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.63.57
UK Pound	1	Rs.99.20
Euro	1	Rs.70.35

INFORMATION DETAILS

Information Gathered by :	SUV
Analysis Done by :	DIV
Report Prepared by :	ARC

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--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.