MIRA INFORM REPORT

Report No. :	324739
Report Date :	02.06.2015

IDENTIFICATION DETAILS

Name :	INDIAN OXALATE LIMITED
Formerly Known As :	INDIAN OXALATE PRIVATE LIMITED
Registered Office :	257, Shahid Bhagat Singh Road, Welcome House, Near GPO, Fort, Mumbai – 400001, Maharashtra
Tel. No.:	91-22-22622276/ 22610140
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	23.01.1989
Com. Reg. No.:	11-050428
Capital Investment / Paid-up Capital :	Rs 48.144 Million
CIN No.: [Company Identification No.]	U74999MH1989PLC050428
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	MUM105091C
PAN No.: [Permanent Account No.]	AAAC13109F
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Oxalic Acid and Diethyl Oxalate.
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 330000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company and it is having satisfactory track record. During the year under review, the company sales turnover has been reported to be low, but the company have able to achieve minimal profit from its operations. Rating take into consideration sound operation of the company and above an average net worth position of the company. Trade relations are fair. Business is active. Payments are reported to be slow but correct. The company can be considered for the business dealings with its 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 – 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 DEFAILTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAILTERS’ 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 BY

Name :	Ms. Yogita
Designation :	Export Executive
Contact No.:	91-22-22622276
Date :	28.05.2015

LOCATIONS

Registered Office :	257, Shahid Bhagat Singh Road, Welcome House, Near GPO, Fort, Mumbai – 400001, Maharashtra, India
Tel. No.:	91-22-22622276/ 22610140
Fax No.:	91-22-22625759/ 22625760
E-Mail :	srdrugs@bom7.vsnl.net.in sales@indianoxalate.com
Website :	www.indianoxalate.com
Corporate Office :	408/409, Mint Chambers, 45/47/49, Mint Road, Near G.P.O., Fort, Mumbai – 400001, Maharashtra, India
Tel. No.:	91-22-22626209/ 22626210
Factory :	M.I.D.C., Plot No. B-2/B-3, Lote Parshuram, Taluka Khed, Ratnagiri – 415722, Maharashtra, India

DIRECTORS

AS ON 30.09.2014

Name :

Mrs. Suraiya Ruknuddin Tambe

Designation :

Whole-time director

Address :

2/203, Sagar Classic 64, Mirza Galib Road, Mumbai – 400008, Maharashtra, India

Date of Birth/Age :

01.06.1956

Date of Appointment :

01.02.2013

DIN No.:

00178852

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	U24231MH1982PTC027442	S R DRUGS PRIVATE LIMITED	Director	15-06-1982	15-06-1982	Active	NO
2	U74999MH1989PLC050428	INDIAN OXALATE LIMITED	Whole-time director	01-02-2013	23-01-1989	Active	NO
3	U51900MH1998PLC117301	INDIAN BULK DRUGS LIMITED	Director	02-12-1998	02-12-1998	Active	NO
4	U01100MH1998PLC117304	S R AGROVENTURE (INDIA) LIMITED	Director	02-12-1998	02-12-1998	Active	NO
5	U24210MH1993PTC073457	SHREEKUL AGROCHEM PRIVATE LIMITED	Director	10-01-2005	10-01-2005	Active	NO

Name :

Mr. Ruknuddin Ebrahim Tambe

Designation :

Managing Director

Address :

Sagar Classic, Building No. 64, 2/203, Mirza Galib Road, Mumbai – 400008, Maharashtra, India

Date of Birth/Age :

01.02.1945

Date of Appointment :

01.02.2013

DIN No.:

00178870

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	U24231MH1982PTC027442	S R DRUGS PRIVATE LIMITED	Managing director	15-06-1982	15-06-1982	Active	NO
2	U74999MH1989PLC050428	INDIAN OXALATE LIMITED	Managing director	01-02-2013	23-01-1989	Active	NO
3	U51900MH1998PLC117301	INDIAN BULK DRUGS LIMITED	Managing director	02-12-1998	02-12-1998	Active	NO
4	U01100MH1998PLC117304	S R AGROVENTURE (INDIA) LIMITED	Managing director	02-12-1998	02-12-1998	Active	NO
5	U24210MH1993PTC073457	SHREEKUL AGROCHEM PRIVATE LIMITED	Director	10-01-2005	10-01-2005	Active	NO

Name :

Mr. Altaf Rukunuddin Tambe

Designation :

Whole-time director

Address :

2/203, Sagar Classic 64, Mirza Galib Road, Mumbai – 400008, Maharashtra, India

Date of Birth/Age :

11.07.1978

Date of Appointment :

01.02.2013

DIN No.:

00297196

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	U24210MH1993PTC073457	SHREEKUL AGROCHEM PRIVATE LIMITED	Director	10-01-2005	10-01-2005	Active	NO
2	U01100MH1998PLC117304	S R AGROVENTURE (INDIA) LIMITED	Director	30-09-2006	30-09-2006	Active	NO
3	U51900MH1998PLC117301	INDIAN BULK DRUGS LIMITED	Director	30-09-2006	30-09-2006	Active	NO
4	U74999MH1989PLC050428	INDIAN OXALATE LIMITED	Whole-time director	01-02-2013	30-06-2008	Active	NO

KEY EXECUTIVES

Name :	Ms. Yogita
Designation :	Export Executive

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Shareholders	No. of Shares
Ruknuddin Ebrahim Tambe	2019000
Suraiya Ruknuddin Tambe	1080000
Industrial Development Bank of India	360000
Industrial Finance Corporation of India	170000
The Industrial Credit and Investment Corporation of India, India	170000
Altaf Ruknuddin Tambe	350000
Shabeena Ruknuddin Tambe	330000
Sameena Ruknuddin Tambe	335400
Total	4814400

AS ON 30.09.2014

Equity Share Breakup	Percentage of Holding
Category
Public financial companies	14.54
Directors or relatives of directors	85.46
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Distributor of Oxalic Acid and Diethyl Oxalate.
Products :	---
Brand Names :	---
Agencies Held :	---
Exports :
Products :	Not Divulged
Countries :	Not Divulged
Imports :
Products :	Not Divulged
Countries :	Not Divulged
Terms :
Selling :	Not Divulged
Purchasing :	Not Divulged

PRODUCTION STATUS (AS ON 31.03.2013)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Oxalic Acid	M.T.	8000	7200	7229.900

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 India
Branch:	Mumbai Corporation, Banking Branchj,Bombay-400023, 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 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
Other Loans	2.117	1.851
Total	2.117	1.851

Notes :

1 Sales Tax Deferment loan is repayable on future date on basis of demand as and when demand raised by government.

2 Other loan (Secured) Includes Car Loan from bank which Is secured against the car. Current Maturities amounting to Rs. 1.213 Million (P.Y. Rs. 0.951 Million).

Banking Relations :	--
Financial Institution :	· L and T Finance Limited L and T House, Ballard Estate, Mumbai-400001, Maharashtra, India
Auditors :
Name :	P M Turakhia and Associates Chartered Accountants
Address :	102, Osia Friendship, Gaothan Lane No. 4, Opposite Ram Mandir, Off J.P. Road, Mumbai – 400058, Maharashtra, India
Tel. No.:	91-22-26280705/ 30948879
Fax No.:	91-22-56797609
E-Mail :	pmtax@directi.com
Income-tax PAN of auditor or auditor's firm :	AAUPB1584P
Memberships :	Not Aavilable
Collaborators :	Not Aavilable
Relatives of Key Management Personnel and their enterprises where transaction have taken place :	· S.R. Agroventure India Limited Shreekul Agrochem Private Limited S.R. Drugs Private Limited Indian Bulk Drugs 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 Millions
100000	Preference Shares	Rs. 10/- each	Rs. 1.000 Million
	Total		Rs. 60.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4814400	Equity Shares	Rs. 10/- each	Rs. 48.144 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	48.144	48.144	48.144
(b) Reserves & Surplus	67.231	67.102	70.232
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	6.400
Total Shareholders’ Funds (1) + (2)	115.375	115.246	124.776
(3) Non-Current Liabilities
(a) Long-term borrowings	10.969	10.712	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	2.913
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	10.969	10.712	2.913
(4) Current Liabilities
(a) Short term borrowings	27.027	8.801	10.734
(b) Trade payables	62.723	64.939	55.690
(c) Other current liabilities	39.922	33.762	29.712
(d) Short-term provisions	0.000	0.907	4.140
Total Current Liabilities (4)	129.672	108.409	100.276
TOTAL	256.016	234.367	227.965
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	60.729	73.535	84.007
(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	0.000	0.000	0.000
(c) Deferred tax assets (net)	8.055	1.369	1.815
(d) Long-term Loan and Advances	3.899	3.315	2.894
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	72.683	78.219	88.716
(2) Current assets
(a) Current investments	0.011	0.011	0.011
(b) Inventories	17.319	19.939	14.977
(c) Trade receivables	18.930	12.705	11.000
(d) Cash and cash equivalents	137.811	115.267	105.703
(e) Short-term loans and advances	8.093	7.770	4.243
(f) Other current assets	1.169	0.456	3.315
Total Current Assets	183.333	156.148	139.249
TOTAL	256.016	234.367	227.965

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	296.733	340.999	344.975
		Other Income	11.578	10.665	8.320
		TOTAL (A)	308.311	351.664	353.295
Less	EXPENSES
		Cost of Materials Consumed	165.481	195.774	188.177
		Purchases of Stock-in-Trade	0.000	0.000	0.000
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	6.475	(6.102)	(1.414)
		Employees benefits expense	39.360	38.796	43.592
		Other expenses	87.519	107.986	107.016
		TOTAL (B)	298.835	336.454	337.371
	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		9.476	15.210	15.924
Less	FINANCIAL EXPENSES (D)		0.407	0.374	0.832
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		9.069	14.836	15.092
Less/ Add	DEPRECIATION/ AMORTISATION (F)		14.528	14.603	13.951
	PROFIT BEFORE TAX (E-F) (G)		(5.459)	0.233	1.141
Less	TAX (H)		(5.588)	(2.897)	(1.033)
	PROFIT AFTER TAX (G-H) (I)		0.129	(3.130)	(2.174)
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	118.903	121.032	128.684
	TOTAL EARNINGS		118.903	121.032	128.684
	IMPORTS
		Raw Materials	2.763	3.024	5.027
		Stores & Spares	5.175	0.895	0.878
	TOTAL IMPORTS		7.938	3.919	5.905
	Earnings Per Share (Rs.)		0.03	(0.65)	(0.45)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	1.213	0.951	NA
Cash generated from operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	0.04	(0.92)	(0.63)
Operating Profit Margin (PBIDT/Sales)	(%)	3.19	4.46	4.62
Return on Total Assets (PBT/Total Assets}	(%)	(2.20)	0.10	0.50
Return on Investment (ROI) (PBT/Networth)		(0.05)	0.00	0.01
Debt Equity Ratio (Total Liability/Networth)		0.34	0.18	0.09
Current Ratio (Current Asset/Current Liability)		1.41	1.44	1.39

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	48.144	48.144	48.144
Reserves & Surplus	70.232	67.102	67.231
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	6.400
Net worth	118.376	115.246	121.775
Long-term borrowings	0.000	10.712	10.969
Short term borrowings	10.734	8.801	27.027
CURRENT MATURITIES OF LONG-TERM DEBTS	NA	0.951	1.213
Total borrowings	10.734	20.464	39.209
Debt/Equity ratio	0.091	0.178	0.322

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	344.975	340.999	296.733
		(1.153)	(12.981)

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	344.975	340.999	296.733
Profit	(2.174)	(3.130)	0.129
	(0.63)%	(0.92)%	0.04%

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	No
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	10274376	01/03/2011	825,000.00	L AND T FINANCE LIMITED	L AND T HOUSE, BALLARD ESTATE, MUMBAI- 400001, MAHARASHTRA , INDIA	B08498800

UNSECURED LOANS

PARTICULARS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG-TERM BORROWINGS
Loans and Advances
From Related Parties	2.244	2.253
Sales Tax Defennent Loan	6.608	6.608
SHORT TERM BORROWINGS
From Directors	27.027	8.801
Total	35.879	17.662

CORPORATE INFORMATION:

Indian Oxalate Limited was Incorporated on 23rd January, 1989 under the Companies Act, 1956. The Company is in business of Manufacturing of Organic Chemicals.

CONTINGENT LIABILITIES:

Particulars	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
Claims against company not acknowledged as debts in respect of:
Excise Duty	2.569	2.569
Total	2.569	2.569

FIXED ASSETS:

· Land Building

Furniture and Fixture

Factory Building

Plant and Machinery

Vehicles

Computers

Office Equipments

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. 63.61
UK Pound	1	Rs. 97.27
Euro	1	Rs. 69.63

INFORMATION DETAILS

Information Gathered by :	REK
Analysis Done by :	KAS
Report Prepared by :	IND

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--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		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
--	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.