MIRA INFORM REPORT

Report No. :	327516
Report Date :	16.06.2015

IDENTIFICATION DETAILS

Name :	JS HOSPITALITY SERVICES PRIVATE LIMITED
Registered Office :	FA - 9,10,11 Unitech Metro Walk, Sector 10, Rohini New Delhi - 110085
Tel. No.:	91-11-47553529 / 47553531 / 7553532
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	04.08.2004
Com. Reg. No.:	55-128060
Capital Investment / Paid-up Capital :	Rs.11.731 Million
CIN No.: [Company Identification No.]	U55101DL2004PTC128060
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	DELJ06869C
PAN No.: [Permanent Account No.]	AABCJ4461E
Legal Form :	Private Limited Liability Company
Line of Business :	The company is engaged in the business of providing hospitality services through chain of restaurants.
No. of Employees :	Information declined by the management.

RATING & COMMENTS

MIRA’s Rating :

B (30)

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

Maximum Credit Limit :	USD 140000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is established company and it is having moderate track record. Subject company was incorporated on 04^th August 2004, and it is engaged in a group with interests in all verticals of hospitality – dining, banquet hall etc. As per registrar of companies the date of balance sheet (i.e. financial filed) is shown as 31.03.2014 but the documents related to the financials are not been available from any sources. The company has achieved Rs.297.200 Million sales turnover and reported top line growth of 12.07% during the year 2013. Reserves of the company have decline marked by its negative profit of the company during the year under review. However, rating weakness are partially offset by the diversified business and the extensive experience of J S Hospitality Services Private Limited promoters in the hospitality business. Trade relation are fair. Business is active. Payments are reported to be slow but correct. The company 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

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 DENIED BY

Name :	Mr. Kazi
Designation :	Finance Manager
Contact No.:	91-11-47553529
Date :	15.06.2015

LOCATIONS

Registered Office :	FA - 9,10,11 Unitech Metro Walk, Sector 10, Rohini New Delhi – 110085, India
Tel. No.:	91-11-47553529 / 47553531 / 7553532
Fax No.:	91-11-47553530
E-Mail :	chirag@jshospitality.in
Website :	www.jshospitality.in
Corporate Office :	SCO-302, 2nd Floor, City Center, Sector-29, Urban Estate, Gurgaon -122001, Haryana, India
Tel. No.:	91-124-4830400

DIRECTORS

As on 30.09.2014

Name :

Mr. Jaspal Singh Chadha

Designation :

Director

Address :

H-901, Pilot Court, Essel Tower, M.G.Road, Gurgaon - 122001, Haryana

Date of Appointment :

04.08.2004

DIN No.:

00978913

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	U55101DL2004PTC128060	JS HOSPITALITY SERVICES PRIVATE LIMITED	Director	04/08/2004	04/08/2004	-	Active	NO
2	U55101DL2009PTC187023	PARK BALLUCHI HOSPITALITY PRIVATE LIMITED	Director	28/01/2009	28/01/2009	-	Active	NO
3	U55101DL2010PTC208488	Good Living Plaza Private Limited	Director	21/09/2010	21/09/2010	-	Active	NO
4	U55204DL2012PTC238108	Pind Balluchi Hospitality Private Limited	Director	27/06/2012	27/06/2012	-	Active	NO
5	U55101HR2013PTC049060	IKO HOSPITALITY PRIVATE LIMITED	Director	07/05/2013	07/05/2013	30/06/2014	Active	NO

Name :

Mr. Bhupinder Singh Chadha

Designation :

Director

Address :

H-901, Pilot Court, Essel Tower, M.G.Road, Gurgaon - 122001, Haryana

Date of Appointment :

20.10.2005

DIN No.:

00978864

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	U55101DL2004PTC128060	JS HOSPITALITY SERVICES PRIVATE LIMITED	Director	20/10/2005	20/10/2005	-	Active	NO
2	U55101DL2010PTC208488	Good Living Plaza Private Limited	Director	21/09/2010	21/09/2010	-	Active	NO
3	U55204DL2012PTC238108	Pind Balluchi Hospitality Private Limited	Director	27/06/2012	27/06/2012	-	Active	NO

Name :

Mr. Jaspal Singh Sabharwal

Designation :

Director

Address :

APH-01, Central Park-I, MainSector Road, DLF-Sec-42, Gurgaon - 122002, Haryana

Date of Appointment :

05.12.2011

DIN No.:

0899094

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	U51219MH2003PTC142121	CAPITAL FOODS PRIVATE LIMITED	Director	31/10/2006	31/10/2006	15/02/2010	Active	NO
2	U18202DL2003PLC121787	LILLIPUT KIDSWEAR LIMITED	Director	25/09/2010	14/11/2006	29/09/2011	Under liquidation	NO
3	U45201DL1983PTC017029	INTERARCH BUILDING PRODUCTS PRIVATE LIMITED	Nominee director	05/12/2007	05/12/2007	-	Active	NO
4	U85110TN1998PTC093106	RAVINDRANATH GE MEDICAL ASSOCIATES PRIVATE LIMITED	Nominee director	03/03/2008	03/03/2008	-	Active	NO
5	U55209MH2006PTC161530	Pan India Food Solutions Private Limited	Nominee director	30/09/2009	16/10/2008	-	Active	NO
6	U85110MH2007PLC169493	FUTURE HOSPITALITY MANAGEMENT LIMITED	Additional director	24/12/2009	24/12/2009	03/05/2010	Active	NO
7	U55101DL2004PTC128060	JS HOSPITALITY SERVICES PRIVATE LIMITED	Director	05/12/2011	05/12/2011	-	Active	NO
8	U55204DL2012PTC238108	Pind Balluchi Hospitality Private Limited	Director	27/06/2012	27/06/2012	-	Active	NO
9	U55204MH2013FTC249986	Burger King India Private Limited	Additional director	18/11/2013	18/11/2013	-	Active	NO
10	U51909WB1976PTC030647	RITIKA PRIVATE LIMITED	Director	27/05/2014	15/05/2014	-	Active	NO
11	U55101DL2014PTC273741	VERSATILE FOOD COURTS PRIVATE LIMITED	Director	03/12/2014	03/12/2014	-	Active	NO
12	U74999MH2007PTC176737	TATA COMMUNICATIONS DATA CENTERS PRIVATE LIMITED	Additional director	28/03/2015	28/03/2015	-	Active	NO

Name :

Mr. Amit Sunil Varadkar

Designation :

Director

Address :

CL-6, Hari Nagar , L-Block, New Delhi – 110064, India

Date of Appointment :

05.12.2011

DIN No.:

05136739

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	U55101DL2004PTC128060	JS HOSPITALITY SERVICES PRIVATE LIMITED	Director	05/12/2011	05/12/2011	-	Active	NO
2	U55204DL2012PTC238108	Pind Balluchi Hospitality Private Limited	Director	27/06/2012	27/06/2012	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Kazi
Designation :	Finance Manager

MAJOR SHAREHOLDERS

As on 30.09.2014

Names of Shareholders	No. of Shares	%age holding
Jaspal Singh Chadha	600600	45.18
Bhupinder Singh Chadha	77410	5.82
F and B Asia Ventures (Singapore) Pte. Limited	651420	49.00
Total	1329430	100.00

As on 30.09.2014

Equity Share Break up (Percentage of Total Equity)

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	49.00
Directors or relatives of Directors	51.00
Total	100.00

BUSINESS DETAILS

Line of Business :	The company is engaged in the business of providing hospitality services through chain of restaurants.
Products :	Not Available
Brand Names :	Pind Balluchi
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	Not Divulged
Purchasing :	Not Divulged

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
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

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

No. of Employees :

Information declined by the management.

Bankers :

Banker Name	Kotak Mahindra Bank Limited
Branch Address	36-38 A, Nariman Bhavan, 227, D, Nariman Point, Mumbai – 400021, 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)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

• HDFC Bank Limited, HDFC Bank House Senapati Bapat Marg, Lower Parel West, Mumbai – 400013, Maharashtra, India

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2013	As on 31.03.2012
LONG TERM BORROWING
Rupee loan from Banks	48.788	49.854
SHORT TERM BORROWING
Rupee loan from Banks	4.709	0.000
Overdraft facility from Banks	8.053	0.000
Total	61.550	49.854

Auditors :
Name :	Walker Chandiok and Company Chartered Accountants
Address :	L 41, Connaught Circus, New Delhi – 110001, India
PAN No.:	AAAFW4298E
Memberships :	Not Available
Collaborators :	Not Available
Firm in which the company is a partner :	Vatika Grand An Elegant Hospitality Grand Vatika Park Balluchi
Firm in which relative of KMP is able to exercise control :	Classic Hospitality AG Hospitality Services
Company in which KMP of the company is able to exercise control :	Good Living Plaza Private Limited

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital:

No. of Shares	Type	Value	Amount
3000000	Equity Shares	Rs.10/- each	Rs.30.000 Million

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
1329430	Equity Shares	Rs.10/- each	Rs.13.294 Million

As on 31.03.2013

Authorised Capital:

No. of Shares	Type	Value	Amount
3000000	Equity Shares	Rs.10/- each	Rs.30.000 Million

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
1173176	Equity Shares	Rs.10/- each	Rs.11.731 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	11.731	11.280	9.600
(b) Reserves & Surplus	39.416	86.557	10.138
(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)	51.147	97.837	19.738
(3) Non-Current Liabilities
(a) long-term borrowings	47.671	48.760	63.548
(b) Deferred tax liabilities (Net)	0.000	0.000	0.188
(c) Other long term liabilities	6.688	0.000	0.000
(d) long-term provisions	4.116	0.000	0.000
Total Non-current Liabilities (3)	58.475	48.760	63.736
(4) Current Liabilities
(a) Short term borrowings	15.162	2.400	0.000
(b) Trade payables	32.383	22.098	8.360
(c) Other current liabilities	33.755	17.051	6.681
(d) Short-term provisions	0.020	0.000	3.084
Total Current Liabilities (4)	81.320	41.549	18.125
TOTAL	190.942	188.146	101.599
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	59.827	39.933	20.422
(ii) Intangible Assets	1.737	0.052	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	11.866	16.226	0.131
(c) Deferred tax assets (net)	1.830	2.557	0.000
(d) Long-term Loan and Advances	83.695	77.410	9.045
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	158.955	136.178	29.598
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	4.414	3.336	3.406
(c) Trade receivables	8.509	5.733	7.343
(d) Cash and cash equivalents	2.284	35.174	5.781
(e) Short-term loans and advances	16.780	7.725	55.471
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	31.987	51.968	72.001
TOTAL	190.942	188.146	101.599

PROFIT & LOSS ACCOUNT

PARTICULARS	31.03.2013	31.03.2012	31.03.2011
SALES
Income			171.422 Gross Receipt
Other Income
TOTAL	297.268	265.499	NA
EXPENSES	353.980	253.038	NA
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	(56.712)	12.461	7.672
DEPRECIATION/ AMORTISATION	8.708	3.764	(2.025)
PROFIT/ (LOSS) BEFORE TAX	(65.420)	8.697	9.698
TAX	0.093	0.598	3.278
PROFIT/ (LOSS) AFTER TAX	(65.513)	8.099	6.420
Earnings / (Loss) Per Share (Rs.)	(55.84)	6.90	5.47

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2013	31.03.2012	31.03.201
Current Maturities of Long term debt	1.117	1.093	NA
Cash generated from operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Return on Total Assets (PBT/Total Assets}	(%)	(36.91)	5.14	9.56
Return on Investment (ROI) (PBT/Networth)		(1.28)	0.09	0.49
Debt Equity Ratio (Total Debt/Networth)		1.25	0.53	3.22
Current Ratio (Current Asset/Current Liability)		0.39	1.25	3.97

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	9.600	11.280	11.731
Reserves & Surplus	10.138	86.557	39.416
Net worth	19.738	97.837	51.147
long-term borrowings	63.548	48.760	47.671
Short term borrowings	0.000	2.400	15.162
Current Maturities of Long Term Debt	0.000	1.093	1.117
Total borrowings	63.548	52.253	63.950
Debt/Equity ratio	3.220	0.534	1.250

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013
	(Rs. In Million)	(Rs. In Million)
Sales	265.499	297.268
	54.880	11.966

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013
	(Rs. In Million)	(Rs. In Million)
Sales	265.499	297.268
Profit	8.099	(65.513)
	3.05%	(22.04%)

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	No
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	No
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	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

COMPANY OVERVIEW

Subject was incorporated on 04 August 2004 under the companies Act, 1956. The company is engaged in the business of providing hospitality services through chain of restaurants under the brand name of “Pind Balluchi”.

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2013	As on 31.03.2012
LONG TERM BORROWING
Current maturities of long term borrowings	(1.117)	(1.094)
SHORT TERM BORROWING
From other parties	2.400	2.400
Total	1.283	1.306

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10416751	25/02/2013	5,000,000.00	KOTAK MAHINDRA BANK LIMITED	36-38A, NARIMAN BHAVAN, 227,D, NARIMAN POINT, MUMBAI - 400021, Maharashtra, INDIA	B72288608
2	10419182	25/02/2013	10,000,000.00	KOTAK MAHINDRA BANK LIMITED	36-38A, NARIMAN BHAVAN, 227,D,, NARIMAN POINT, MUMBAI - 400021, Maharashtra, INDIA	B73025272

* Date of charge modification

FIXED ASSETS

• Computer
• Furniture and Fittings

• Leasehold Improvement
• Vehicles
• Plant and Machinery

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.64.08
UK Pound	1	Rs.99.57
Euro	1	Rs.71.84

INFORMATION DETAILS

Information Gathered by :	KMN
Analysis Done by :	KYP
Report Prepared by :	PNM

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILITY	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		30

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.