MIRA INFORM REPORT

Report No. :	333348
Report Date :	31.07.2015

IDENTIFICATION DETAILS

Name :	GULSHAN CHEMICALS LIMITED
Registered Office :	E- 12, Greater Kailash – I, Delhi – 110048
Tel. No.:	91-11-26217424
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	22.05.1985
Com. Reg. No.:	55-020270
Capital Investment / Paid-up Capital :	Rs.52.000 Million
CIN No.: [Company Identification No.]	U24231DL1985PLC020270
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	DELG06430E
PAN No.: [Permanent Account No.]	AAACG4002H
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer, Exporter and Importer of Sodium Hydrosulphite and Sodium Sulphite.
No. of Employees :	250 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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

Maximum Credit Limit :	USD 1300000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Rating takes into consideration, subjects above average financial risk profile marked by healthy net worth base, good profitability, low gearing and sizeable cash balance. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. In the view of long track record of operations and extensive experience of promoters, the subject can be considered 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

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 31-03-2013.

INFORMATION PARTED BY

Name :	Ms. Geeta
Designation :	Accountant
Contact No.:	91-11-26421112
Date :	30.07.2015

LOCATIONS

Registered Office :	E- 12, Greater Kailash – I, Delhi – 110048, India
Tel. No.:	91-11-26217424 / 29237424 / 26421112
Fax No.:	91-11-2924875
E-Mail :	gulshanchemicals.1985@gmail.com gulshanchemicals@airtemail.com
Website:	www.gulshanchemicals@airtelmail.com
Corporate Office :	302,3^rd Floor, Saraswati House, 27, Nehru Place, Delhi – 110019, India
Factory:	A594, RIICO Industrial Area, Bhiwadi, Rajasthan, India

DIRECTORS

AS ON 25.09.2014

Name :

Mr. Pradeep Kumar Jain

Designation :

Managing director

Address :

W-121, 1^st Floor, Greater Kailash – II, New Delhi – 110078, India

Date of Birth/Age :

15.12.1952

Qualification :

Chemical Engineer (USA)

Date of Appointment :

30.09.2011

DIN No.:

00006397

PAN No.:

AAGPJ2525B

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	U74899DL1990PTC042314	CLASS INVESTMENTS PRIVATE LIMITED	Director	07-12-90	07-12-90	-	Active	NO
2	U24231DL1985PLC020270	GULSHAN CHEMICALS LIMITED	Managing director	30-09-11	30-09-06	-	Active	NO

Name :

Mrs. Arti Pradeep Kumar Jain

Designation :

Whole-time director

Address :

W-121, 1st Floor, Greater Kailash – II, New Delhi – 110078, India

Date of Birth/Age :

24.11.1956

Qualification :

BA, MA

Date of Appointment :

30.09.20111

DIN No.:

00006429

PAN No.:

AHJPJ6992L

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	U74899DL1990PTC042314	CLASS INVESTMENTS PRIVATE LIMITED	Director	07-12-90	07-12-90	-	Active	NO
2	U24231DL1985PLC020270	GULSHAN CHEMICALS LIMITED	Whole-time director	30-09-11	30-09-06	-	Active	NO

Name :

Ms. Gulisha Jain

Designation :

Whole-time director

Address :

W-121, 1st Floor, Greater Kailash – II, New Delhi – 110078, India

Date of Birth/Age :

15.10.1985

Qualification :

BBA, MBA

Date of Appointment :

30.09.2011

DIN No.:

00918176

PAN No.:

AAGPJ2526C

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
1	U24231DL1985PLC020270	GULSHAN CHEMICALS LIMITED	Whole-time director	30-09-11	10-08-06	-	Active

KEY EXECUTIVES

Name :	Ms. Geeta
Designation :	Accountant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 25.09.2014

Names of Shareholders	No. of Shares	%age holding
Pradeep Kumar Jain	4000000	76.92
Arti Jain	700000	13.46
Chander Kumar Jain	400	0.01
Gulisha Jain	245800	4.73
Santosh Jain	4000	0.08
Savani Jain	245800	4.73
Kanak Jain	4000	0.08
Total	5200000	100.00

Equity Share Break up (Percentage of Total Equity)

AS ON 25.09.2014

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Exporter and Importer of Sodium Hydrosulphite and Sodium Sulphite.  

Products :

Item Code No.	Product Description
28321020	Sodium Hydrosulphite

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Products :

Finished Goods

Countries :

· Pakistan

· Turkey

Imports :

Products :

Raw Material

Countries :

· China

· Sweden

Terms :

Selling :

L/C, Cash and Credit

Purchasing :

L/C, Cash and Credit

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :

Natraj Drum Indsutries Private Limited

Name of the Person :

Mr. O P Agarwal (Managing Director)

Contact No.:

91-9414012847

Since How Long Known :

2 Years

Maximum Limit Dealt :

Not Divulged

Experience :

Payment Behaviour	Market Goodwill	Overall
Good	Good	Good

Remark:

They gave us positive response abut subject company and they are satisfied with their payment behaviour and market goodwill.

Customers :

Wholesalers, Retailers and End Users

Reference :	Sri Rama News Print Limited, Maumbai, Mahrashtra, India
Name of the Person :	MR. K K Madani (Assistant General Manager)
Contact No.:	91-9820848734
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

No. of Employees :

250 (Approximately)

Bankers :

Banker Name	State Bank of India
Branch Address	Commercial Branch, Vardhman Trade Centre, Plot No.3and4, 2nd Floor, DDA Building, Nehru Place, New Delhi – 110019, India
Person Name (With Designation)	Mr. Vikash Jha (R M )
Contact Number	91-9560383344
Name of Account Holder	Gulshan Chemicals Limited
Account Number	Not Divulged (Current Account)
Account Since (Date/Year of Account Opening)	5 Years +
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Satisfactory
Remarks (If any)	Banker gave us positive response about subject company they are satisfied with their banking transaction.

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
From bank Vehicle	5.657	0.000
Less: Amount repayable within 12 months	1.979	0.000
Total	3.678	0.0000

Auditors :
Name :	Sumant Agarwal and Company Chartered Accountants
Address :	A-58, Anand Vihar, Delhi – 110092, India
Tel. No.:	91-11-22151915
E-Mail :	Sumant_co@yahoo.co.in
PAN N Income-tax PAN of auditor or auditor's firm :	AACFS6840A
Memberships :	Not Available
Collaborators :	Not Available
Enterprises in which key management personnel of the company and the relative exercises significant influence :	Class Investments Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
5900000	Equity Shares	Rs.10/- each	Rs.59.000 Million
10000	Preference Shares	Rs.100/- each	Rs.1.000 Million
	Total		Rs.60.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5200000	Equity Shares	Rs.10/- each	Rs.52.000 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	52.000	52.000	52.000
(b) Reserves & Surplus	387.085	296.116	177.781
(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)	439.085	348.116	229.781
(3) Non-Current Liabilities
(a) long-term borrowings	3.678	0.000	0.000
(b) Deferred tax liabilities (Net)	35.841	38.714	38.658
(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)	39.519	38.714	38.658
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	154.906
(b) Trade payables	41.403	20.021	40.281
(c) Other current liabilities	7.528	7.239	6.507
(d) Short-term provisions	59.452	103.279	60.320
Total Current Liabilities (4)	108.383	130.539	262.014
TOTAL	586.987	517.369	530.453
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	222.187	217.693	222.524
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	10.804	0.000	0.000
(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	13.762	8.808	10.306
(e) Other Non-current assets	2.894	5.729	7.112
Total Non-Current Assets	249.647	232.230	239.942
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	71.823	81.072	91.059
(c) Trade receivables	200.618	167.679	188.513
(d) Cash and cash equivalents	57.571	22.334	5.751
(e) Short-term loans and advances	7.328	14.054	5.188
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	337.340	285.139	290.511
TOTAL	586.987	517.369	530.453

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	780.162 (Market Fluctuation)	848.124	623.558
	Other Income	9.228	2.896	0.899
	TOTAL (A)	789.390	851.020	624.457
Less	EXPENSES
	Cost of Materials Consumed	277.557	317.428	261.041
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	23.077	(8.382)	(29.912)
	Employees benefits expense	46.389	41.955	28.460
	Other expenses	233.496	236.043	217.807
	Exceptional Items	0.918	3.125	(0.462)
	Extraordinary Items	0.000	(0.046)	(17.425)
	TOTAL (B)	581.437	590.123	459.509
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	207.953	260.897	164.948
Less	FINANCIAL EXPENSES (D)	1.231	6.711	19.160
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	206.722	254.186	145.788
Less/ Add	DEPRECIATION/ AMORTISATION (F)	15.616	15.112	14.870
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	191.106	239.074	130.918
Less	TAX (H)	63.635	84.236	47.529
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	127.471	154.838	83.389
	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	253.580	150.730	90.790
	APPROPRIATIONS
	Proposed Dividend on Equity Shares	31.200	31.200	13.000
	Provision for Tax on Dividend	5.302	5.302	2.109
	Transfer to General Reserve	12.749	15.485	8.340
	Balance Carried to the B/S	331.800	253.580	150.730
	IMPORTS
	Raw Materials	99.709	85.425	77.290
	Capital Goods	2.869	2.539	1.134
	TOTAL IMPORTS	102.578	87.964	78.424
	Earnings / (Loss) Per Share (Rs.)	24.51	29.78	16.04

Particulars	31.03.2015
Sales Turnover (Approximately)	1000.000

The above information has been parted by Ms. Geeta

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	1.980	0.000	NA
Cash generated from operations	208.818	267.983	(5.235)
Net cash flows from (used in) Operating Activities	97.094	202.094	(18.270)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	16.34	18.26	13.37
Operating Profit Margin (PBIDT/Sales)	(%)	26.66	30.76	26.45
Return on Total Assets (PBT/Total Assets}	(%)	33.17	46.21	24.68
Return on Investment (ROI) (PBT/Networth)		0.44	0.69	0.57
Debt Equity Ratio (Total Debt /Networth)		0.01	0.00	0.67
Current Ratio (Current Asset/Current Liability)		3.11	2.18	1.11

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	52.000	52.000	52.000
Reserves & Surplus	177.781	296.116	387.085
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	229.781	348.116	439.085
long-term borrowings	0.000	0.000	3.678
Short term borrowings	154.906	0.000	0.000
Total borrowings	154.906	0.000	5.658
Debt/Equity ratio	0.674	0.000	0.013

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)
Sales	623.558	848.124	780.162
		36.014	-8.013

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	623.558	848.124	780.162
Profit	83.389	154.838	127.471
	13.37%	18.26%	16.34%

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)	Yes
16	No. of employees	Yes
17	Details of sister concerns	Yes
18	Major suppliers	Yes
19	Major customers	Yes
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	Yes
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 four years	Yes
27	Reasons for variation <> 20%	Yes
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	Yes
35	Negative Reporting by Auditors in the Annual Report	No

FINANCIAL RESULTS

Income has decreased from Rs.851.001 Million in the previous year to Rs.789.391 Million in the current year. Operating profits have decreased from Rs.259.447 Million in the previous year to Rs.206.812 Million, a decrease of 20.28%. After providing for interest, depreciation and tax the company's Net Profit is Rs.127.471 Million as compared to Net Profit of Rs.154.838 Million in the previous year.

OPERATIONS

The performance of the company during the year was stable inspite of reduced turnover due to reduced demands globally and there being a fire in the works of the company due to which the working of the company hampered for considerable period.

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	90047902	02/05/2000 *	25,000,000.00	INDUSTRIAL DEVELOPMENT BANK OF INDIA	IDBI TOWER; CUFFE PARADE, COLABA, MUMBAI, MAHARAS HTRA - 400005, INDIA	-
2	90047000	21/05/1998 *	20,000,000.00	INDUSTRIAL DEVELOPMENT BANK	INDIA ; IDBI TOWER; W.T.C., CUFFE PARADE ; COLABA , MUMBAI, MAHARASHTRA - 400005, INDIA	-
3	90046562	06/02/1997 *	20,000,000.00	INDUSTRIAL DEVELOPMENT BANK	INDIA ; IDBI TOWER; W.T.C., CUFFE PARADE ; COLABA , MUMBAI, MAHARASHTRA - 400005, INDIA	-

* Date of charge modification

CONTINGENT LIABILITIES:

(Rs. in million)

PARTICULARS	31.03.2014	31.03.2013
a) Bills, Letter of Credit discounted but not matured	--	--
b) Guarantees, LC issued given to Banks, etc. in respect of third Parties
a. Bank Guarantees	0.100	0.100
b. Foreign Letter of Credit – Capital Goods	--	--
Raw Materials	--	--
c) Liabilities on account of non-receipt of C-Forms for past three years	9.085	4.433
d) The Company has hot paid Cenvat on the Finished Goods destroyed in Fire and have applied to the Central Excise Department for waiver of Duty on account of fire. Payment of Rs. 1.921 Million on account of Cenvat on Burnt Finished Goods is Contingent to the decision of Central Excise Department for payment in future.

FIXED ASSETS:

· Land

· Building Office

· Building Factory

· Plant and Machinery

· Furniture and Fixtures

· Office Equipments

· Vehicles

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.64.01
UK Pound	1	Rs.99.83
Euro	1	Rs.70.07

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	KIN
Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--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	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		50

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.