MIRA INFORM REPORT

Report No. :	349032
Report Date :	09.11.2015

IDENTIFICATION DETAILS

Name :	NEELIKON FOOD DYES AND CHEMICALS LIMITED
Registered Office :	D-08, Everest Building, 5th Floor, Pt. Madan Mohan Malavia Marg, Tardeo Circle, Mumbai – 400034, Maharashtra
Tel. No.:	91-22-23524806/ 66627225/ 66626874/ 66661415
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	18.04.1994
Com. Reg. No.:	11-077761
Capital Investment / Paid-up Capital :	Rs. 10.251 Million
CIN No.: [Company Identification No.]	U15100MH1994PLC077761
IEC No.:	0388031387
TAN No.: [Tax Deduction & Collection Account No.]	MUMN04499F
PAN No.: [Permanent Account No.]	AAACN3451B
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer, Exporter and Importer of Colours, Lakes and Pigments.
No. of Employees :	800 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (53)

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

Maximum Credit Limit :	USD 2429000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject was incorporated in the year 1994 by Mr. Mukund Turakhia, who is a chemical engineer by qualification and has been associated with the dyestuff and chemical industry for over 45 years. The company is engaged in the production of dyes which caters to various industries including foods, pharmaceuticals, cosmetics, inkjects inks, writing inks and as fluorescent pigments. It’s manufacturing facilities are based in Maharashtra and the company has a distributorship network spanning over 60 countries. It has fine track record. The company possesses decent networth base and fair liquidity position during FY 2014. Further, it has achieved growth in its sales turnover and profit of the company. The rating also takes into consideration long track record of the promoters in the dyes and chemical industry. Trade relations are reported as fair. Business is active. Payment are reported to be regular and as per commitment. The company can be considered normal for business dealings at usual trade terms and conditions.

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	ICRA – Cash Credit
Rating	Fund based limits = A
Rating Explanation	Having adequate degree of safety and carry low credit risk.
Date	October, 2015

Rating Agency Name	ICRA – Letter of Credit
Rating	Non-Fund based limits = A1
Rating Explanation	Have very strong degree of safety and carry lowest credit risk.
Date	October, 2015

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 31-03-2015.

INFORMATION PARTED BY

Name :	Mr. Hridaynath
Designation :	Finance Manager
Contact No.:	91-22-66661415
Date :	04.11.2015

LOCATIONS

Registered/ Head Office :	D-08, Everest Building, 5th Floor, Pt. Madan Mohan Malavia Marg, Tardeo Circle, Mumbai – 400034, Maharashtra, India
Tel. No.:	91-22-23524806/ 66627225/ 66626874/ 66661415
Fax No.:	91-22-40179292/ 66626916
E-Mail :	usjeth@rediffmail.com info@neelikon.com hriday@neelkon.com
Website :	http://www.neelikon.com
Location:	Owned
Locality:	Commercial
Factory :	Plot No. 17 and 67, M.I.D.C. Industrial Area, Dhatav, District Raigad - 402116, Maharashtra, India
Tel. No.:	91-2194-263694
Fax No.:	91-2194-263998
European Office :	270 London Road, Wallington, Surrey SM6 7DJ, United Kingdom
Tel. No.:	+44 (0) 208 669 6204
Fax No.:	+44 (0) 208 669 7747
E-Mail :	kevinbarrance@neelikoneurope.com

DIRECTORS

As on 30.09.2014

Name :

Mr. Mukund Bhogilal Turakhia

Designation :

Managing Director

Address :

Shyam Niwas, 7 - 2B, 51, Bhulabhai Desai Road, Mumbai - 400026, Maharashtra, India

Date of Birth/Age :

19.12.1943

Qualification :

Graduate in Chemical Engineering

Date of Appointment :

16.12.2014

PAN No.:

AABPT6914F

DIN No.:

01211077

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	U15100MH1994PLC077761	NEELIKON FOOD DYES AND CHEMICALS LIMITED	Managing director	16/12/2014	18/04/1994	-	Active	NO

Name :

Mr. Satyen Mukund Turakhia

Designation :

Whole-time director

Address :

Shyam Niwas, 7 - 2B, 51, Bhulabhai Desai Road, Mumbai - 400026, Maharashtra, India

Date of Birth/Age :

05.02.1973

Qualification :

B.Com, M.B.A. in Manufacturing Management

Date of Appointment :

16.01.2012

PAN No.:

AABPT3795O

DIN No.:

00268361

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	U15100MH1994PLC077761	NEELIKON FOOD DYES AND CHEMICALS LIMITED	Whole-time director	16/01/2012	18/04/1994	-	Active	NO

Name :

Mr. Bhaumik Mukund Turakhia

Designation :

Whole-time director

Address :

Shyam Niwas, 7 - 2B, 51, Bhulabhai Desai Road, Mumbai - 400026, Maharashtra, India

Date of Birth/Age :

13.05.1971

Qualification :

Graduate in Chemical Engineering

Date of Appointment :

16.05.2011

PAN No.:

AABPT3794R

DIN No.:

01313530

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	U15100MH1994PLC077761	NEELIKON FOOD DYES AND CHEMICALS LIMITED	Whole-time director	16/05/2011	18/04/1994	-	Active	NO

Name :

Mr. Ram Hanumant Shetty

Designation :

Director

Address :

SI-6, Trimurtinagar, Roha, Roha - 402109, Maharashtra, India

Date of Birth/Age :

06.06.1952

Date of Appointment :

01.02.2010

DIN No.:

02922909

KEY EXECUTIVES

Name :	Mr. Hridaynath
Designation :	Finance Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders	No. of Shares
Mukund Bhogilal Turakhia	559990
Bhaumik Mukund Turakhia	232500
Satyen Mukund Turakhia	168700
Seema Bhaumik Turakhia	10
Bhaumik Mukund Turakhia	63810
Satyen Mukund Turakhia	10
Sejal Satyen Turakhia	10
Mukund Turakhia	10
Indira I. Doctor	10
Daksha Mukund Turakhia	10
Indira I. Doctor	10
Total	1025070

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2014

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Exporter and Importer of Colours, Lakes and Pigments.
Products :	Colours Lakes Pigments
Brand Names :	· Eelicol · Eelicert · Eeligran · Eelilakes · Eelink · Eeliglow · Lavanya
Agencies Held :	Not Available
Exports :
Products :	Colours Lakes Pigments
Countries :	Japan Austria Turkey United State of America Bangladesh Sri Lanka Pakistan United Arab Emirates
Imports :
Products :	Raw Material
Countries :	China Japan
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

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
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

Customers :

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

No. of Employees :

800 (Approximately)

Bankers :

Bank Name	Kotak Mahindra Bank Limited
Branch	G-34, Ground Floor, Aderbad Building, Hughes Road, Mumbai – 400007, 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

· Canara Bank

Tamarind Lane Branch, 8/10, Calcot House, Fountain, Mumbai - 400023, Maharashtra, India

· ING Vysya Bank Limited

Ground Floor, G-34, Aderbad Building, Hughes Road, Mumbai - 400007, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG-TERM BORROWINGS
Other loans and advances	0.578	0.855
SHORT TERM BORROWINGS
Rupee term loans from banks	189.931	130.215
Total	190.509	131.070

Auditors :
Name :	R.R. Rele and Company Chartered Accountants
Address :	Ground Floor, Indira Building 16, Zaoba Wadi, Thakurdwar, Mumbai, Maharashtra, India
PAN N Income-tax PAN of auditor or auditor's firm :	AADPR9934K
Cost Auditors :
Name :	V.J. Talathi and Company Cost Accountants
Memberships :	--
Collaborators :	--
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
1250000	Equity Shares	Rs. 10/- each	Rs. 12.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1025070	Equity Shares	Rs. 10/- each	Rs. 10.251 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	10.251	10.251	10.251
(b) Reserves & Surplus	840.072	652.291	543.464
(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)	850.323	662.542	553.715
(3) Non-Current Liabilities
(a) Long-term borrowings	0.578	0.855	1.156
(b) Deferred tax liabilities (Net)	30.597	22.182	22.837
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	4.208	4.569	2.251
Total Non-current Liabilities (3)	35.383	27.606	26.244
(4) Current Liabilities
(a) Short term borrowings	190.492	130.849	95.509
(b) Trade payables	260.954	165.164	121.545
(c) Other current liabilities	24.294	11.763	12.773
(d) Short-term provisions	58.871	49.987	43.050
Total Current Liabilities (4)	534.611	357.763	272.877
TOTAL	1420.317	1047.911	852.836
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	507.560	370.212	295.048
(ii) Intangible Assets	1.879	0.015	0.015
(iii) Capital work-in-progress	7.295	76.915	61.365
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.042	0.042	0.042
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	516.776	447.184	356.470
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	390.622	247.562	208.846
(c) Trade receivables	283.926	192.306	138.120
(d) Cash and cash equivalents	115.004	59.139	71.092
(e) Short-term loans and advances	113.989	101.720	78.308
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	903.541	600.727	496.366
TOTAL	1420.317	1047.911	852.836

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Revenue from Operations	1584.073	1136.598	947.207
		Other Income	10.171	9.098	8.753
		TOTAL (A)	1594.244	1145.696	955.960
Less	EXPENSES
		Cost of Materials Consumed	853.718	550.706	453.009
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(79.541)	(18.983)	(20.827)
		Employees benefits expense	156.865	139.917	122.527
		Other expenses	303.162	235.404	213.963
		TOTAL (B)	1234.204	907.044	768.672
	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		360.040	238.652	187.288
Less	FINANCIAL EXPENSES (D)		5.831	4.860	3.903
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		354.209	233.792	183.385
Less/ Add	DEPRECIATION/ AMORTISATION (F)		44.995	39.975	42.903
	PROFIT BEFORE TAX (E-F) (G)		309.214	193.817	140.482
Less	TAX (H)		109.441	65.928	58.366
	PROFIT AFTER TAX (G-H) (I)		199.773	127.889	82.116
	Earnings Per Share (Rs.)		195	125	80

Particulars	31.03.2015
Sales Turnover (Approximately)	2000.000

The above information has been parted by Mr. Hridaynath (Finance Manager)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operations	171.507	164.611	146.325
Net cash flow from operating activity	56.236	93.823	84.057

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	12.61	11.25	8.67
Operating Profit Margin (PBIDT/Sales)	(%)	22.73	21.00	19.77
Return on Total Assets (PBT/Total Assets}	(%)	21.88	19.96	17.75
Return on Investment (ROI) (PBT/Networth)		0.36	0.29	0.25
Debt Equity Ratio (Total Debt /Networth)		0.22	0.20	0.17
Current Ratio (Current Asset/Current Liability)		1.69	1.68	1.82

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	10.251	10.251	10.251
Reserves & Surplus	543.464	652.291	840.072
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	553.715	662.542	850.323
Long-term borrowings	1.156	0.855	0.578
Short term borrowings	95.509	130.849	190.492
Total borrowings	96.665	131.704	191.070
Debt/Equity ratio	0.175	0.199	0.225

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	947.207	1136.598	1584.073
		19.995	39.370

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	947.207	1136.598	1584.073
Profit	82.116	127.889	199.773
	8.67%	11.25%	12.61%

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	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	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	Yes
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

CHANGE OF ADDRESS:

The Registered Office of the company has been shifted from D-17, Everest, 5th Floor, M M Malaviya Marg, Tardeo, Mumbai - 400034, Maharashtra, India to the present address w.e.f.05.05.2010.

BUSINESS PERFORMANCE

The turnover of the company for the year ended 31st March, 2014 was Rs. 1584.073 Million as compared to last year Rs. 1136.599 Million. The company crossed many milestones and achieved commendable height ever recorded in terms of production and capacity utilisation.

EXPORT

During the year, company has made exports worth Rs. 1388.344 Million (Last Year Rs. 968.846 Million) efforts are being made to establish higher growth rate. This has been made possible through continued quality up gradation.

UNSECURED LOAN

PARTICULARS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
SHORT TERM BORROWINGS
Loans and advances from related parties	0.561	0.634
Total	0.561	0.634

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10258683	15/06/2011 *	7,900,000.00	ING VYSYA BANK LIMITED	PATEL CHAMBERS, GROUND FLOOR, SANDHURST BRIDGE, OPERA HOUSE, MUMBAI, MAHARASHTRA - 400007, INDIA	B16198194
2	10258684	23/04/2014 *	585,000,000.00	ING VYSYA BANK LIMITED	GROUND FLOOR, G-34, ADERBAD BUILDING, HUGHES ROAD, MUMBAI, MAHARASHTRA - 400007, INDIA	C04078291

FIXED ASSETS

· Land

· Buildings

· Plant and equipment

· Other plant and equipment

· Furniture and fixtures

· Vehicles

· Office equipment

· Computer software

· Copyrights, patents and other operating rights

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.65.79
UK Pound	1	Rs.99.94
Euro	1	Rs.71.54

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	RAS
Report Prepared by :	SUD

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		53

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.