MIRA INFORM REPORT

Report No. :	330692
Report Date :	09.07.2015

IDENTIFICATION DETAILS

Name :	BALAR SYNTHETICS PRIVATE LIMITED
Registered Office :	25-26, Anand Cloth Market, Pur Road, Bhilwara – 311001, Rajasthan
Tel. No.:	91-9829047008 (Mr. Hari Singh Sdanki)
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	08.07.1996
Com. Reg. No.:	17-012300
Capital Investment / Paid-up Capital :	Rs. 49.927 Million
CIN No.: [Company Identification No.]	U24302RJ1996PTC012300
TAN No.: [Tax Deduction & Collection Account No.]	JDHB02114A
PAN No.: [Permanent Account No.]	AAACB9033F
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Fabrics and Selling Fabrics.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 493000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track. Profitability of the company seems to be during 2014. However, financial position of the company seems to be decent. Trade relations are fair. Business is active. Payment terms are slow but correct. The company can be considered normal for business dealings at usual trade terms and conditions.

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 DECLINED BY

Name :	Mr. Hari Singh Solanki
Designation :	Director
Contact No.:	91-9829047008
Date :	07.07.2015

LOCATIONS

Registered Office :	25-26, Anand Cloth Market, Pur Road, Bhilwara – 311001, Rajasthan, India
Tel. No.:	91-1482-510800
Mobile No.:	91-9829047008 (Mr. Hari Singh Sdanki)
Fax No.:	Not Available
E-Mail :	bsplbhl@yahoo.co.in

DIRECTORS

AS ON 22.08.2014

Name :

Meena Kumari Jain

Designation :

Director

Address :

170, Main Sector, Shastri Nagar, Bhilwara - 311001, Rajasthan, India

Date of Birth/Age :

19.03.1972

Date of Appointment :

26.11.2009

PAN NO. :

ACRPK4781H

DIN No.:

00172964

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	U65993RJ1997PTC014166	SUVIDHI RAYONS PRIVATE LIMITED	Director	26/08/1997	26/08/1997	05/10/2009	Active	NO
2	U18101RJ2005PLC020315	BELLA VIESTA TEX FAB LIMITED	Director	21/02/2005	21/02/2005	24/01/2009	Active	NO
3	U24302RJ1996PTC012300	BALAR SYNTHETICS PRIVATE LIMITED	Director	26/11/2009	26/11/2009	-	Active	NO
4	U17119RJ2010PTC030643	SUMAN FAB PRIVATE LIMITED	Director	04/01/2010	04/01/2010	-	Active	NO

Name :

Mr. Suresh Kumar Jain

Designation :

Managing director

Address :

125, Main Sector, Shastri Nagar, Bhilwara - 311001, Rajasthan, India

Date of Birth/Age :

10.11.1968

Date of Appointment :

01.07.2012

PAN No. :

AEKPJ6374G

DIN No.:

00099373

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	U24302RJ1996PTC012300	BALAR SYNTHETICS PRIVATE LIMITED	Managing director	01/07/2012	08/07/1996	-	Active	NO
2	U18108RJ1997PTC014368	SULZRO SUITINGS PRIVATE LIMITED	Director	11/11/2003	11/11/2003	19/01/2011	Active	NO
3	U18101RJ2005PLC020315	BELLA VIESTA TEX FAB LIMITED	Director	21/02/2005	21/02/2005	24/01/2009	Active	NO
4	U17118RJ1997PTC014302	SULZER PROCESSORS PRIVATE LIMITED	Director	28/07/2006	28/07/2006	-	Active	NO
5	U17119RJ2010PTC030643	SUMAN FAB PRIVATE LIMITED	Director	04/01/2010	04/01/2010	-	Active	NO

Name :

Mr. Hari Singh Solanki

Designation :

Whole-Time Director

Address :

5-D-2/3, R.C. Vyas Colony, Bhilwara - 311001, Rajasthan, India

Date of Birth/Age :

01.04.1954

Date of Appointment :

01.07.2012

DIN No.:

00099376

Name :

Mr. Sunil Kumar Jain

Designation :

Whole-Time Director

Address :

29, Shastri Nagar, Dhadhi Dham Road, Jamuna Vihar, Bhilwara - 311001, Rajasthan, India

Date of Birth/Age :

10.02.1972

Date of Appointment :

01.07.2012

DIN No.:

00099374

KEY EXECUTIVES

Name :	V. S. Tapadia
Designation :	Company Secretary
Address :	7-J-11, R. C. Vyas Colony, Bhilwara – 311001, Rajasthan, India
Qualification :	M.Com., FCMA, FCS

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 22.08.2014

Names of Shareholders	No. of Shares
Suresh Kumar Jain	1228500
Sunil Kumar Jain	103000
Hari Singh Solanki	75500
Meena Devi Jain	675000
Nitin Kumar Jain	8100
Suvidhi Capvest PPrivate Limited	75000
Manoj Garg	30000
Umed Singh Chaudhan	15000
Ajit Kumar Kothari	25000
Rajesh Kumar Jain HUF	500
Suresh Kumar Jain HUF	570100
Bal Mukund Dad	10000
Dipti Jain	60000
Sunil Kumar Jain HUF	20000
Shanti Lal Rathi	100000
Rukmani Jain	100
Paras mal Ranka HUF	100
Ratan singh Dangi	100
Vanita Ranka	100
Anjana Pawan Kumar	100
Pawan Kumar Samrat Mal	1000
Techbuild Impex private Limited	50000
Dhanesh Capital Sevices Limited	70000
Jaltarang Developers Private Limited	997700
Ajay Jain	100
Sanjay Jain	100
Neha Jain	100
Suman Fab Private Limited	672500
Vipul Jain	205000
Total	4992700

ALLOTTEE AS ON 15.06.2015

Names of Allottees	No. of Shares
Suresh Kumar Jain	142500
Suresh Kumar Jain HUF	571500
Meena Devi Jain	286000
Total	1000000

AS ON 22.08.2014

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	34.96
Directors or relatives of directors	59.02
Other top fifty shareholders	6.02
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Fabrics and Selling Fabrics.
Brand Names :	--
Agencies Held :	--
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	Not Divulged

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 :

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 :

Not Divulged

Bankers :

Bank Name:	Bank of Baroda
Branch:	SSI Branch, Pansal Chouraha, Bhilwara – 311001, Rajasthan, 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 Million)	31.03.2013 (Rs. In Million)
LONG-TERM BORROWINGS
LIC Loan	0.000	9.177
From RIICO	7.045	27.384
Car Loan
ICICI Bank	0.219	0.681
HDFC Bank	0.880	1.326
SHORT TERM BORROWINGS
From Banks
Cash credit limit from Bank of Baroda	117.220	138.238
Total	125.364	176.806
NOTE : LONG-TERM BORROWINGS: For all the above loans, amount disclose under the head “Other Current Liabilities” for instalments due within 1 year is Rs. 21.990 Million. SHORT TERM BORROWINGS: Secured against hypothecation od stock in trade and receivables, and the second charge of fixed assets of the company and personally guaranteed by the directors of the company.

Banking Relations :	--
Auditors :
Name :	O.P. Dad and Company Chartered Accountants
Address :	1st Floor, Balaji Complex, Pur Road, Bhilwara – 311001, Rajasthan, India
Income-tax PAN of auditor or auditor's firm :	AAAFO3593Q
Associates :	· Sulzer Processors Private Limited · Balar Synthetics · Suman Fab Private Limited

CAPITAL STRUCTURE

AFTER 22.08.2014

Authorised Capital: Rs. 70.000 Million

Issued, Subscribed & Paid-up Capital : Rs. 59.927 Million

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
5,000,000	Equity Shares	Rs. 10/- each	Rs. 50.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4,992,700	Equity Shares	Rs. 10/- each	Rs. 49.927 Million

FINANCIAL DATA

[all figures are in Rupees Million]

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	49.927	31.327	31.327
(b) Reserves & Surplus	122.617	114.393	106.989
(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)	172.544	145.720	138.316
(3) Non-Current Liabilities
(a) Long-term borrowings	88.598	103.851	109.973
(b) Deferred tax liabilities (Net)	2.769	4.778	6.875
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	91.367	108.629	116.848
(4) Current Liabilities
(a) Short term borrowings	117.220	138.238	173.764
(b) Trade payables	19.979	65.496	44.512
(c) Other current liabilities	29.793	31.653	33.634
(d) Short-term provisions	6.373	5.906	5.492
Total Current Liabilities (4)	173.365	241.293	257.402
TOTAL	437.276	495.642	512.566
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	97.639	118.421	137.981
(ii) Intangible Assets	0.000	0.000	0.000
(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	0.126	0.005	0.030
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	3.168	3.307	3.878
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	100.933	121.733	141.889
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	70.830	107.246	99.275
(c) Trade receivables	203.923	248.132	251.178
(d) Cash and cash equivalents	36.490	7.057	15.175
(e) Short-term loans and advances	25.100	11.474	5.049
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	336.343	373.909	370.677
TOTAL	437.276	495.642	512.566

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		TOTAL INCOME	909.291	869.313	886.835
Less	EXPENSES
		TOTAL	875.179	834.406	851.127
	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		34.112	34.907	35.708
Less/ Add	DEPRECIATION/ AMORTISATION		21.525	23.694	24.828
	PROFIT BEFORE TAX		12.587	11.213	10.880
Less	TAX		4.363	3.809	3.694
	PROFIT AFTER TAX		8.224	7.404	7.186
	EARNINGS IN FOREIGN CURRENCY		8.688	27.063	0.000
	IMPORTS
		Components and Spares Parts	0.937	3.460	2.738
	Earnings Per Share (Rs.)		1.65	1.48	2.29

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	21.990	21.998	25.207
Cash Generated from Operations	71.455	61.791	NA
Net Cash Flow from used in Operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	2.88	2.26	2.12
Return on Investment (ROI) (PBT/Networth)		0.07	0.08	0.08
Debt Equity Ratio (Total Liability/Networth)		1.32	1.81	2.23
Current Ratio (Current Asset/Current Liability)		1.94	1.55	1.44

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	31.327	31.327	49.927
Reserves & Surplus	106.989	114.393	122.617
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	138.316	145.720	172.544
Long-term borrowings	109.973	103.851	88.598
Short term borrowings	173.764	138.238	117.220
CURRENT MATURITIES OF LONG-TERM DEBTS	25.207	21.998	21.990
Total borrowings	308.944	264.087	227.808
Debt/Equity ratio	2.234	1.812	1.320

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Total Income	886.835	869.313	909.291
		(1.976)	4.599

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Total Income	886.835	869.313	909.291
Profit	7.186	7.404	8.224
	0.81%	0.85%	0.90%

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	Yes
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	No
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	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
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	No
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	10569978	27/04/2015	195,000,000.00	RAJASTHAN STATE INDUSTRIAL DEVELOPMENT AND INVESTM  ENTCORPORATION LTD	UDYOG BHAWAN TILAK MARG, JAIPUR - 3020  05, RAJASTHAN, INDIA	C53925764
2	10272522	27/04/2015 *	18,000,000.00	RAJASTHAN STATE INDUSTRIAL DEVELOPMENT AND INVESTM  ENTCORPORATION LTD	UDYOG BHAWAN TILAK MARG, JAIPUR - 3020  05, RAJASTHAN, INDIA	C54024351
3	10115918	08/08/2008	98,000,000.00	RAJASTHAN STATE INDUSTRIAL DEVELOPMENT AND INVESTM  ENTCORPORATION LTD	UDYOG BHAWAN TILAK MARG, JAIPUR - 3020  05, RAJASTHAN, INDIA	A43176346
4	10001363	13/04/2006	630,000.00	BANK OF BARODA	SSI BRANCH, BHILWARA - 311001, RAJASTHAN, INDIA	A00398388
5	90071749	21/07/2004	10,119,000.00	RAJASTHAN FINANCIAL CORPORATION	UDYOG BHAWAN, JAIPUR, RAJASTHAN, INDIA	-
6	90067259	29/01/2002	3,109,000.00	BANK OF BARODA	S.S.I. BRANCH, BHILWARA, RAJASTHAN, INDIA	-
7	80032502	28/11/2000	8,891,000.00	BANK OF BARODA	SSI BRANCH, MILL CHORAHA, PUR ROAD, BHILWARA - 311001, RAJASTHAN, INDIA	-
8	90070034	12/10/2011 *	210,000,000.00	BANK OF BARODA	SME BRANCH, PUR ROAD, BHILWARA - 311001 , RAJASTHAN , INDIA	B23407802

* Date of charge modification

UNSECURED LOANS

PARTICULARS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG-TERM BORROWINGS
From Shareholders, Associate and Retails	80.454	65.283
Total	80.454	65.283

FIXED ASSETS:

· Land

· Building and Dev.

· Plant and Machinery

· MISC, Frxeo Assets

· D.G. set

· Transformer

· Electric Installation

· Vehicles

· Furniture and Fixtures

· Computer

· Ajr Conditional

· Humidification Plant

· Building [Administrative]

· Computer

· MISE Fixed Assets

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.63.57
UK Pound	1	Rs.98.22
Euro	1	Rs.69.93

INFORMATION DETAILS

Information Gathered by :	PPT
Analysis Done by :	ARC
Report Prepared by :	ARC

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--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		45

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.