MIRA INFORM REPORT

Report No. :	346534
Report Date :	26.10.2015

IDENTIFICATION DETAILS

Name :	CHURIWAL COMMERCIAL COMPANY PRIVATE LIMITED
Registered Office :	16 A, Brabourne Road, 7th Floor, Kolkata-700001, West Bengal
Tel. No.:	91-33-30203600
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	02.05.1988
Com. Reg. No.:	21-044308
Capital Investment / Paid-up Capital :	Rs. 40.015 Million
CIN No.: [Company Identification No.]	U51909WB1988PTC044308
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	CALC02893C
PAN No.: [Permanent Account No.]	AABCC0059K
Legal Form :	Private Limited Liability Company
Line of Business :	Importer, Exporter and Distributor of Jute Goods.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (32)

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

Maximum Credit Limit :	USD 234500
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject was established as proprietary concern in the year 1976, later in the year 1988 it was converted as private limited company. The company has registered sizeable decline in its sales turnover and incurred losses during the year. Further, it has moderate financial profile along with unfavorable gap between trade payables and receivables. However, the company has long business track record and gets benefit from vast experience of its promoters. Trade relations are fair. Business is active. Payments are 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 – 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	CRISIL
Rating	Long Term Rating : BB-
Rating Explanation	Inadequate-credit-quality and high credit risk
Date	29.12.2014

Rating Agency Name	CRISIL
Rating	Short Term Rating : A4+
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	29.12.2014

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.

LOCATIONS

Registered Office :	16 A, Brabourne Road, 7th Floor, Kolkata-700001, West Bengal, India
Tel. No.:	91-33-30203600
Fax No.:	91-33-30203629
E-Mail :	Nehamurarka22@gmail.com churiwal.shyam123@yahoo.co.in vishnu@churiwalgroup.com
Website :	www.churiwalgroup.com

DIRECTORS

As on 30.09.2014

Name :

Mr. Vishnu Kumar Churiwal

Designation :

Director

Address :

13 A, Dr. Ashutosh Shastri Road, Beliaghata, Kolkata-700010, West Bengal, India

Date of Birth/Age :

27.03.1961

Date of Appointment :

02.05.1988

DIN No.:

01459000

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	U51909WB1988PTC044308	CHURIWAL COMMERCIAL COMPANY PRIVATE LIMITED	Director	02/05/1988	02/05/1988	-	Active	NO
2	U51109WB1997PTC085145	CHURIWAL MERCANTILES PRIVATE LIMITED	Director	11/08/1997	11/08/1997	-	Active	NO
3	U67120WB1998PTC087764	CHURIWAL FINVEST PRIVATE LIMITED	Director	19/08/1998	19/08/1998	-	Active	NO
4	U18102WB1998PTC087349	SILICON FABRICS PRIVATE LIMITED	Director	01/07/2003	01/07/2003	-	Active	NO
5	U25209WB1981PTC033761	CHURIWAL TECHNOPACK PRIVATE LIMITED	Director	16/09/2005	16/09/2005	-	Active	NO
6	U51109WB2005PTC104864	PREMCHAND JUTE AND INDUSTRIES PRIVATE LIMITED	Whole-time director	01/04/2013	31/08/2006	-	Active	NO
7	U17120WB2009PTC137783	PREMCHAND GEOTEXTILES PRIVATE LIMITED	Director	14/08/2009	14/08/2009	-	Active	NO

Name :

Mr. Vishal Churiwal

Designation :

Director

Address :

13 A, Dr. Ashutosh Shastri Road, Beliaghata, Kolkata-700010, West Bengal, India

Date of Birth/Age :

18.08.1986

Date of Appointment :

01.10.2009

DIN No.:

02967108

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	U51909WB1988PTC044308	CHURIWAL COMMERCIAL COMPANY PRIVATE LIMITED	Director	01/10/2009	01/10/2009	-	Active	NO
2	U25209WB1981PTC033761	CHURIWAL TECHNOPACK PRIVATE LIMITED	Director	01/06/2010	01/06/2010	-	Active	NO
3	U51109WB2005PTC104864	PREMCHAND JUTE AND INDUSTRIES PRIVATE LIMITED	Director	04/06/2014	04/06/2014	-	Active	NO

Name :

Mr. Siddhartha Churiwal

Designation :

Director

Address :

13 A, Dr. Ashutosh Shastri Road, Beliaghata, Kolkata-700010, West Bengal, India

Date of Birth/Age :

18.08.1982

Date of Appointment :

01.07.2003

DIN No.:

02173823

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	U18102WB1998PTC087349	SILICON FABRICS PRIVATE LIMITED	Director	01/07/2003	01/07/2003	-	Active	NO
2	U51909WB1988PTC044308	CHURIWAL COMMERCIAL COMPANY PRIVATE LIMITED	Director	01/07/2003	01/07/2003	-	Active	NO
3	U67120WB1998PTC087764	CHURIWAL FINVEST PRIVATE LIMITED	Director	01/08/2003	01/08/2003	-	Active	NO
4	U25209WB1981PTC033761	CHURIWAL TECHNOPACK PRIVATE LIMITED	Director	01/12/2004	01/12/2004	-	Active	NO
5	U51109WB2005PTC104864	PREMCHAND JUTE AND INDUSTRIES PRIVATE LIMITED	Director	09/06/2008	09/06/2008	31/03/2013	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders	No. of Shares	Percentage
Kumar Vishnu Churiwal	190500	4.76
Kala Chandra Churiwal	397800	9.94
Churiwal Mercantiles Private Limited, India	1920300	47.99
Silicon Fabrics Private Limited, India	595000	14.87
Siddhartha Churiwal	365900	9.14
Vishal Churiwal	262500	6.56
Gunjan Churiwal	262500	6.56
Kumar Churiwal Vishnu (HUF)	7000	0.18
Total	4001500	100.00

BUSINESS DETAILS

Line of Business :	Importer, Exporter and Distributor of Jute Goods.
Products :	Jute Sacking Hessian cloth Jute fine yarn
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Available
Imports :	Not Available
Terms :	Not Available

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

Not Available

Bankers :

Bank Name	Union Bank of India
Branch	India Exchange Place Branch, 15, India Exchange Place, Kolkata - 700001, West Bengal, India
Person Name (With Designation)	Not Available
Contact Number	Not Available
Name of Account Holder	Not Available
Account Number	Not Available
Account Since (Date/Year of Account Opening)	Not Available
Average Balance Maintained (If Possible)	Not Available
Credit Facilities Enjoyed (If any)	Not Available
Account Operation	Not Available
Remarks (If any)	Not Available

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Short-term borrowings
Loans Repayable on Demand
Cash Credit : Union Bank of India	120.842	118.600
Bank Interest on CC A/c (Accrued but not due)	0.000	0.279
Total	120.842	118.879

Auditors :
Name :	Ajay Kumar Gupta Chartered Accountant
Address :	Balajee Ganges,4th Floor, Flat No.A-401, 105/D Bidhan Nagar Road, Kolkata – 700067, West Bengal, India
Tel. No.:	91-33-22310587
Mobile No.:	91-9831096026
E-Mail :	akgmanjula@yahoo.com
PAN N Income-tax PAN of auditor or auditor's firm :	AGQPG1499K
Memberships :	--
Collaborators :	--
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
4,500,000	Equity Shares	Rs.10/- each	Rs. 45.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4,001,500	Equity Shares	Rs.10/- each	Rs. 40.015 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	40.015	40.015	40.015
(b) Reserves & Surplus	42.064	42.343	38.016
(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)	82.079	82.358	78.031
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	0.000	0.000	0.000
(4) Current Liabilities
(a) Short term borrowings	120.842	118.879	120.783
(b) Trade payables	14.857	21.776	24.031
(c) Other current liabilities	7.317	7.601	6.458
(d) Short-term provisions	3.023	3.023	4.978
Total Current Liabilities (4)	146.039	151.279	156.250
TOTAL	228.118	233.637	234.281
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	5.137	4.850	2.394
(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)	0.235	0.000	0.000
(d) Long-term Loan and Advances	9.179	9.196	10.551
(e) Other Non-current assets	25.015	25.015	32.668
Total Non-Current Assets	39.566	39.061	45.613
(2) Current assets
(a) Current investments	3.973	4.944	3.579
(b) Inventories	76.693	31.351	53.325
(c) Trade receivables	72.354	77.446	85.293
(d) Cash and cash equivalents	14.783	25.391	8.300
(e) Short-term loans and advances	2.136	31.781	25.822
(f) Other current assets	18.613	23.663	12.349
Total Current Assets	188.552	194.576	188.668
TOTAL	228.118	233.637	234.281

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Revenue from operations	450.258	567.198	696.004
		Other Income	0.677	0.251	0.207
		TOTAL (A)	450.935	567.449	696.211
Less	EXPENSES
		Purchases of Stock-in-Trade	466.065	504.728	676.081
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(45.342)	21.974	(17.906)
		Employees benefits expense	5.238	5.360	5.019
		Other expenses	12.928	14.552	18.355
		TOTAL (B)	438.889	546.614	681.549
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)		12.046	20.835	14.662
Less	FINANCIAL EXPENSES (D)		11.458	14.472	12.258
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		0.588	6.363	2.404
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.102	0.622	0.367
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		(0.514)	5.741	2.037
Less	TAX (H)		(0.235)	1.935	0.748
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		(0.279)	3.806	1.289
	Earnings / (Loss) Per Share (Rs.)		(0.06)	0.95	0.32

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	0.000	0.000	0.119
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operation	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	(0.06)	0.67	0.19
Operating Profit Margin (PBIDT/Sales)	(%)	2.68	3.67	2.11
Return on Total Assets (PBT/Total Assets}	(%)	(0.23)	2.46	0.87
Return on Investment (ROI) (PBT/Networth)		(0.01)	0.07	0.03
Debt Equity Ratio (Total Debt /Networth)		1.47	1.44	1.55
Current Ratio (Current Asset/Current Liability)		1.29	1.29	1.21

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	40.015	40.015	40.015
Reserves & Surplus	38.016	42.343	42.064
Net worth	78.031	82.358	82.079
long-term borrowings	0.000	0.000	0.000
Short term borrowings	120.783	118.879	120.842
Current maturities of long-term debts	0.119	0.000	0.000
Total borrowings	120.902	118.879	120.842
Debt/Equity ratio	1.549	1.443	1.472

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)
Revenue from operations	696.004	567.198	450.258
		(18.507)	(20.617)

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Revenue from operations	696.004	567.198	450.258
Profit/ (Loss)	1.289	3.806	(0.279)
	0.19%	0.67%	(0.06%)

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	No
8]	Designation of contact person	No
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	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	No
35]	Negative Reporting by Auditors in the Annual Report	No

NOTE: Registered office of the company has been shifted From 14, Netaji Sbuhas Road, 3rd Floor, Kolkata-700001, West Bengal, India to the present address w.e.f. 15.04.2013

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10502844	02/06/2015 *	414,400,000.00	UNION BANK OF INDIA	India Exchange Place Branch, 15, India Exchange Place, Kolkata, West Bengal - 700001, INDIA	C60163383
2	10432246	10/08/2015 *	117,400,000.00	UNION BANK OF INDIA	India Exchange Place Branch, 15, India Exchange Place, Kolkata, West Bengal - 700001, INDIA	C63483200
3	10404375	31/12/2012	73,800,000.00	UNION BANK OF INDIA	India Exchange Place Branch, 15, India Exchange Place, Kolkata, West Bengal - 700001, INDIA	B68605120
4	10226284	09/06/2010	101,626,000.00	UNION BANK OF INDIA	India Exchange Place Branch, 15, India Exchange Place, Kolkata, West Bengal - 700001, INDIA	A88370366
5	10223745	02/06/2010	750,000.00	UNION BANK OF INDIA	RETAIL ASSET BRANCH, 9, INDIA EXCHANGE PLACE, FIRST FLOOR, KOLKATA, West Bengal - 700001, INDIA	A86766045
6	10161628	17/04/2009	91,600,000.00	UNION BANK OF INDIA	INDIA EXCHANGE PLACE BRANCH, 15, INDIA EXCHANGE PLACE, KOLKATA, West Bengal - 700001, INDIA	A62036702
7	10078068	12/03/2012 *	200,000,000.00	UNION BANK OF INDIA	INDIA EXCHANGE PLACE BRANCH, 15, INDIA EXCHANGE PLACE, KOLKATA, West Bengal - 700001, INDIA	B38872677
8	90251832	30/08/2004 *	27,500,000.00	UNION BANK OF INDIA	EXCHANGE PLACE BRANCH, 15; INDIA EXCHANGE PLACE, KOLKATA, West Bengal - 700001, INDIA	-

* Date of charge modification

CONTINGENT LIABILITIES:

(Rs. in million)

PARTICULARS	31.03.2014	31.03.2013
Claims against the company not acknowledged as debt
CST under appeal	6.078	5.796
VAT under appeal	6.655	3.973
Income tax under Appeal A.Y.2009-10	0.876	0.876
Total	13.609	10.645

FIXED ASSETS

• Furniture and fixture
• Vehicles
• Computer
• 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.64.88
UK Pound	1	Rs.99.88
Euro	1	Rs.72.06

INFORMATION DETAILS

Analysis Done by :	TRI
Report Prepared by :	JYTK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION		0
--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	4
--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		32

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.