MIRA INFORM REPORT

Report No. :	320507
Report Date :	08.05.2015

IDENTIFICATION DETAILS

Name :	PALAK AGENCY PRIVATE LIMITED
Registered Office :	509-510, Navratan Premises Cooperative Society, 69, P D Mello Road, Carnac Bunder, Mumbai – 400009, Maharashtra
Tel No :	91-22-66172219 / 66361316
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	19.06.1998
Com. Reg. No.:	11-115425
Capital Investment / Paid-up Capital :	Rs. 2.679 Million
CIN No.: [Company Identification No.]	U51100MH1998PTC115425
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Private Limited Liability Company
Line of Business :	Trader of Steel and also in real estate
No. of Employees :	4 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (28)

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

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. Turnover of the company has declined during FY 2014. Profit margin of the company is also low. However, trade relations are reported as fair. Business is active. Payments terms are reported to be slow but correct. The company can be considered for business dealings with some caution.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
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 31-03-2014.

INFORMATION PARTED BY (GENERAL DETAIL)

Name :	Mr. Sushil Dam
Designation :	Accounts Department
Contact No.:	91-22-66100356
Date :	02.05.2015

LOCATIONS

Registered Office :	509-510, Navratan Premises Cooperative Society, 69, P D Mello Road, Carnac Bunder, Mumbai – 400009, Maharashtra
Tel. No.:	91-22-66172219 / 66361316
Fax No.:	91-22-66361317
E-Mail :	sanjug1984@gmail.com
Location :	Owned
Locality :	Commercial
Correspondence Address :	402 – D, Steel Chamber, Carnac Bunder Masjid, Mumbai – 400009, Maharashtra, India
Tel. No.:	91-22-66172219

DIRECTORS

As on : 30.09.2014

Name :

Mr. Jitendra Chunilal Bhanasali

Designation :

Director

Address :

E- 203, Dawarkesh L.T. road, Borivali, Mumbai – 400092, Maharashtra, India

Date of Birth/Age :

03.02.1943

Date of Appointment :

30.09.2013

DIN No.:

00382662

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	U67120MH1995PTC095602	GUNJAR INVESTMENT AND TRADING PRIVATE LIMITED	Director	01/03/1998	01/03/1996	10/05/2013	Active	NO
2	U67120MH1996PTC096366	KASTURI HOLDINGS PRIVATE LIMITED	Director	02/04/1996	02/04/1996	10/05/2013	Active	NO
3	U65910MH1996PTC095837	RAGINI CREDIT CAP PRIVATE LIMITED	Director	22/08/1996	22/08/1996	10/05/2013	Active	NO
4	U67120MH1995PTC095416	GOPESH FINANCE AND INVESTMENT PRIVATE LIMITED	Director	22/08/1996	22/08/1996	10/05/2013	Active	NO
5	U51311HR1971PTC051172	SAINATH TRADING COMPANY PRIVATE LIMITED	Director	30/09/2006	22/06/2006	03/02/2014	Active	NO
6	U70100MH2007PTC170301	HB Promoters & Developers Private Limited	Director	25/04/2007	25/04/2007	-	Active	NO
7	U99999MH1991PTC062711	POPULAR CHOOSY INVESTMENTS PRIVATE LIMITED	Director	30/09/2010	02/07/2007	27/07/2013	Active	NO
8	U67120MH1991PTC062713	POPULAR CONSCIOUS INVESTMENTS PRIVATE LIMITED	Director	30/09/2010	02/07/2007	27/07/2013	Active	NO
9	U99999MH1991PTC062709	POPULAR BUFFER INVESTMENTS PRIVATE LIMITED	Director	30/09/2010	02/07/2007	27/07/2013	Active	NO
10	U67120MH1991PTC062708	POPULAR RESOLUTE INVESTMENTS PRIVATE LIMITED	Director	30/09/2010	02/07/2007	27/07/2013	Active	NO
11	U51100MH1998PTC115425	PALAK AGENCY PRIVATE LIMITED	Director	30/09/2013	01/04/2008	-	Active	NO
12	U25200MH2006PTC165366	MASTERPLAST INDIA PRIVATE LIMITED	Director	30/09/2009	19/06/2009	17/12/2013	Active	NO
13	U27310MH2006PLC165173	SHREE UTTAM STEEL AND POWER LIMITED	Director	30/09/2010	20/02/2010	-	Active	NO
14	U51900MH1989PTC051001	KARISHMA TRADING COMPANY PRIVATE LIMITED	Director	30/09/2010	16/08/2010	-	Active	NO
15	U65990GJ1992PTC018048	MOUNT TRADING AND INVESTMENTS PVT LTD	Director	31/08/2010	31/08/2010	-	Active	NO
16	U51110GJ1992PTC018050	EKAGRA TRADING AND INVESTMENTS PVT LTD	Director	31/08/2010	31/08/2010	-	Active	NO
17	U45201MH2006PTC165166	VAIKUNTH TOWNSHIPS PRIVATE LIMITED	Director	30/09/2011	11/09/2010	-	Active	NO
18	U45200MH1997PTC112493	VAIDEHI-AKASH HOUSING PRIVATE LIMITED	Additional director	23/11/2010	23/11/2010	24/11/2010	Under liquidation	NO
19	U51900HR1997PTC047058	GROW WELL MERCANTILE Private Limited	Director	30/09/2011	15/04/2011	-	Active	NO
20	U51909MH2005PTC151831	EVERGREEN TRADEPLACE PRIVATE LIMITED	Director	29/09/2012	25/04/2012	05/03/2015	Active	NO
21	U45200MH1994PTC081267	Indrajit Power Private Limited	Director	30/09/2013	23/04/2013	-	Active	NO
22	U51900MH1982PTC028710	UTTAM EXPORTS PRIVATE LIMITED	Director	05/08/2013	05/08/2013	-	Active	NO
23	U27106MH2007PLC172719	FIRST WARDHA STEEL LIMITED	Additional director	14/10/2014	14/10/2014	-	Active	NO
24	U51420MH2008PLC184679	Blackstone Multi Trading Limited	Additional director	23/02/2015	23/02/2015	-	Active	NO

Name :

Mr. Rakesh Kumar Shrikishan Khandelwal

Designation :

Director

Address :

605/B, Usha Nagar, Service Road, Bhandup West, Mumbai – 400078, Maharashtra, india

Date of Birth/Age :

09.08.1948

Date of Appointment :

30.09.2013

DIN No.:

02531139

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	U45202MH1994PTC081286	PARITOSA PROPERTIES PRIVATE LIMITED	Director	17/04/1997	17/04/1997	04/02/2014	Active	NO
2	U70101MH1994PTC081160	OPASA STEELS PRIVATE LIMITED	Director	17/04/1997	17/04/1997	18/09/2012	Active	NO
3	U45202MH1994PTC081324	BAKURA PROPERTIES PRIVATE LIMITED	Director	17/04/1997	17/04/1997	-	Active	NO
4	U70101MH1994PTC081366	HELI PROPERTIES PRIVATE LIMITED	Director	17/04/1997	17/04/1997	-	Active	NO
5	U51100MH1998PTC115425	PALAK AGENCY PRIVATE LIMITED	Director	30/09/2013	22/07/2013	-	Active	NO
6	U51909MH2005PTC151831	EVERGREEN TRADEPLACE PRIVATE LIMITED	Director	30/09/2013	24/07/2013	-	Active	NO
7	U45201MH2006PTC165166	VAIKUNTH TOWNSHIPS PRIVATE LIMITED	Additional director	30/09/2014	01/06/2014	-	Active	NO
8	U45400HR2007PTC049951	FIRSTINDIA INFRASTRUCTURE PRIVATE LIMITED	Additional director	07/10/2014	07/10/2014	22/10/2014	Active	NO

KEY EXECUTIVES

Name :	Mr. Sushil Dam
Designation :	Accounts Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on : 30.09.2014

Names of Shareholders	No. of Shares	%age
B.B. Handa	9880	55.56
Kishore Tita	10	0.06
Grow Well Mercantile Limited	100	0.56
Falguni Tita	10	0.06
UD Trading and Holding Limited (UAE)	7784	43.77
Total	17784	100.00

As on : 30.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	43.33
Other top fifty shareholders	56.67
Total	100.00

BUSINESS DETAILS

Line of Business :	Trader of Steel and also in real estate
Products :	Not Available
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	Cash, L/C and Credit
Purchasing :	Cash, L/C and Credit

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 :

4 (Approximately)

Bankers :

Banker Name	Punjab and Maharashtra Cooperative Bank
Branch Address	CCarnac Bunder, Mumbai, 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

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
SHORT TERM BORROWING
Loans repayable on demand	64.249	410.971
Total	64.249	410.971

Auditors :
Name :	Sonal V. Desai Chartered Accountant
Address :	104, Tuscon, Trikal Cooperative Housing Society, Plot No 310, 90 Feet Road, Ghatkopar (East), Mumbai – 400075, Maharashtra, India
Mobile No.:	91-9821071601
Fax No.:	91-22-25016337/21029777
E-Mail :	Svd10@sonaldesai.com
PAN No :	AAMPD9246M
Financial Institution :	Tata Capital Financial Services Limited – One Forbes, Dr. V.B. Gandhi Marg, Fort, Mumbai – 400001, Maharashtra, India
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

As on : 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs. 10.000 Millions
4000000	Preference Shares	Rs.10/- each	Rs. 40.000 Millions
	Total		Rs. 50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
17784	Equity Shares	Rs.10/- each	Rs. 0.177 Million
250175	Preference Shares	Rs.10/- each	Rs. 2.502 Millions
	Total		Rs.2.679 Millions

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	2.679	2.602	2.602
(b) Reserves & Surplus	259.414	136.173	136.303
(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)	262.093	138.775	138.905
(3) Non-Current Liabilities
(a) long-term borrowings	438.495	423.350	472.000
(b) Deferred tax liabilities (Net)	0.011	0.014	0.014
(c) Other long term liabilities	0.000	0.000	0.002
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	438.506	423.364	472.016
(4) Current Liabilities
(a) Short term borrowings	64.249	410.971	272.281
(b) Trade payables	3171.100	0.628	15.188
(c) Other current liabilities	0.077	0.060	0.007
(d) Short-term provisions	0.033	0.000	0.000
Total Current Liabilities (4)	3235.459	411.659	287.476
TOTAL	3936.058	973.798	898.397
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	0.046	0.077	0.127
(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	136.793	136.793	86.793
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	641.568	674.956	599.319
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	778.407	811.826	686.239
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	143.259	126.022	123.546
(c) Trade receivables	40.191	0.000	3.625
(d) Cash and cash equivalents	0.725	0.050	0.051
(e) Short-term loans and advances	2973.476	35.900	84.936
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	3157.651	161.972	212.158
TOTAL	3936.058	973.798	898.397

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	38.277	50.593
	Other Income	0.078	0.060
	TOTAL (A)	38.355	50.653	10.848
Less	EXPENSES
	Operating Expenses	21.283	(0.442)
	Other expenses	0.213	0.163
	TOTAL (B)	21.496	(0.279)	5.318
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	16.859	50.932
Less	FINANCIAL EXPENSES (D)	16.729	51.012
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	0.130	(0.080)	NA
Less/ Add	DEPRECIATION/ AMORTISATION (F)	0.030	0.051
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	0.100	(0.131)	5.530
Less	TAX (I)	0.030	0.000	2.074
	PROFIT/ (LOSS) AFTER TAX (G-I) (J)	0.070	(0.131)	3.456
	Earnings / (Loss) Per Share (Rs.)	0.04	(0.13)	0.19

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	0.18	(0.26)	31.86
Operating Profit Margin (PBITD/Sales)	(%)	44.04	0.00	0.00
Return on Total Assets (PBT/Total Assets}	(%)	0.00	(0.02)	0.68
Return on Investment (ROI) (PBT/Networth)		0.00	0.00	0.04
Debt Equity Ratio (Total Debt /Networth)		1.92	6.01	5.36
Current Ratio (Current Asset/Current Liability)		0.98	0.39	0.74

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	2.602	2.602	2.679
Reserves & Surplus	136.303	136.173	259.414
Net worth	138.905	138.775	262.093
long-term borrowings	472.000	423.350	438.495
Short term borrowings	272.281	410.971	64.249
Total borrowings	744.281	834.321	502.744
Debt/Equity ratio	5.358	6.012	1.918

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	10.848	50.653	38.355
		366.934	(24.279)

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	10.848	50.653	38.355
Profit	3.456	(0.131)	0.070
	31.86%	(0.26%)	0.18%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--------
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	No
21]	Market information	-----------
22]	Litigations that the firm / promoter involved in	-----------
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	-----------
26]	Buyer visit details	-----------
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Inter corporate Loans and Advances	438.495	423.350
Total	438.495	423.350

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10565602	01/04/2015	1,800,000,000.00	RBL Bank Limited	SHAHUPURI,KOLHAPUR, KOLHAPUR, Maharashtra - 416001, INDIA	C51736940

* Date of charge modification

FIXED ASSETS

• Computer

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.63.04
UK Pound	1	Rs.99.03
Euro	1	Rs.71.76

INFORMATION DETAILS

Information Gathered by :	GYT
Analysis Done by :	DIV
Report Prepared by :	SUJ

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILITY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		28

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.