MIRA INFORM REPORT

Report No. :	339918
Report Date :	05.09.2015

IDENTIFICATION DETAILS

Name :	RATNAJEET POLYCORP PRIVATE LIMITED

Registered Office :	Oriental House, 6-C, Elgin Road, PS Bhawanipur, Kolkata – 700020, West Bengal
Tel. No.:	91-33-22808602

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	27.10.1994

Com. Reg. No.:	21-065666

Capital Investment / Paid-up Capital :	Rs. 7.924 Million

CIN No.: [Company Identification No.]	U25209WB1994PTC065666

IEC No.:	Not Available

TAN No.: [Tax Deduction & Collection Account No.]	CALR02776E

PAN No.: [Permanent Account No.]	AABCR4869C

Legal Form :	Private Limited Liability Company

Line of Business :	Distributors of petrochemicals products.

No. of Employees :	13 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (34)

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

Status :	Moderate

Payment Behavior :	Slow but correct

Litigation :	Clear

Comments :	Subject is an established company having moderate track record. For the financial year ended 2014, sales turnover of the company has drastically declined during a year under a review. Rating further constrained on account of company’s moderate scale of business operations marked by leverage business profile and average balance sheet profile of the company. However, trade relations are reported as fair. Payments are reported to be slow but correct. In view of aforesaid, the company can be considered for business dealing 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

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 PARTED BY

Name :	Mr. Raju Naha
Designation :	Senior in Accounts
Contact No.:	91-33-22808602
Date :	04.09.2015

LOCATIONS

Registered Office / Warehouse :	Oriental House, 6-C, Elgin Road, PS Bhawanipur, Kolkata – 700020, West Bengal, India
Tel. No.:	91-33-22808602
Fax No.:	91-33-22810160
E-Mail :	accounts@ratnajeet.in admin@ratnajeet.in info@ratnajeet.in
Website :	www.ratnajeet.in
Location :	Owned

DIRECTORS

As on 11.08.2014

Name :

Mr. Raj Jain

Designation :

Director

Address :

2/8B, Sarat Bose Road, Kolkata – 700020, West Bengal, India

Date of Birth/Age :

20.04.1974

Date of Appointment :

27.10.1994

Voter ID No.:

DWK1158625

PAN No.:

ACTPJ4159J

DIN No.:

00784400

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	U25209WB1994PTC065666	RATNAJEET POLYCORP PRIVATE LIMITED	Director	27/10/1994	27/10/1994	-	Active	NO
2	U67120WB1995PTC075219	MONOTRONE LEASING PRIVATE LIMITED	Director	09/06/2006	09/06/2006	12/12/2006	Active	NO
3	U25209DL2006PTC149693	PRIME POLYMART PRIVATE LIMITED	Director	27/06/2006	27/06/2006	12/06/2009	Active	NO
4	U70101WB2007PTC112465	ZAP LOGISTICARE PRIVATE LIMITED	Director	09/01/2007	09/01/2007	-	Active	NO
5	U24134TN2008PTC069606	POLYANNEX INDIA PRIVATE LIMITED	Director	21/10/2008	21/10/2008	-	Strike off	NO
6	U25203DL2008PTC185679	POLYLOGIX INDIA PRIVATE LIMITED	Director	11/12/2008	11/12/2008	-	Active	NO
7	U70101DL2011PTC227024	INNOVO INFRATECH PRIVATE LIMITED	Director	04/11/2011	04/11/2011	-	Active	NO
8	U25200WB2009PTC132890	GATEWAY POLYMER PRIVATE LIMITED	Director	15/02/2013	15/02/2013	23/02/2015	Active	NO
9	U51109WB2008PTC127774	MANIMALA TRADE LINK PRIVATE LIMITED	Director	25/04/2014	25/04/2014	-	Active	NO
10	U51900WB2008PTC129350	DELIGHT AGENCY PRIVATE LIMITED	Director	25/04/2014	25/04/2014	-	Active	NO

Name :

Mrs. Bharati Jain

Designation :

Director

Address :

6-C, Elgin Road, Oriental House, Kolkata – 700020, West Bengal, India

Date of Birth/Age :

06.12.1945

Date of Appointment :

27.12.2011

PAN No.:

ADUPJ3724H

DIN No.:

00784486

Voter ID No.:

DWK1158609

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	U65993WB1994PTC065642	RATNAJEET FINVEST PRIVATE LIMITED	Director	26/10/1994	26/10/1994	-	Active	NO
2	U51109WB1994PTC061626	TRINGLE MARKETING PRIVATE LIMITED	Director	09/02/2004	09/02/2004	-	Active	NO
3	U51900WB2005PTC106124	TREND INTRADE PRIVATE LIMITED	Director	10/11/2005	10/11/2005	-	Active	NO
4	U67120WB1995PTC075219	MONOTRONE LEASING PRIVATE LIMITED	Managing director	05/12/2006	05/12/2006	-	Active	NO
5	U70101WB2007PTC112465	ZAP LOGISTICARE PRIVATE LIMITED	Director	09/01/2007	09/01/2007	-	Active	NO
6	U25200WB2009PTC132890	GATEWAY POLYMER PRIVATE LIMITED	Additional director	01/07/2009	01/07/2009	05/11/2009	Active	NO
7	U51109WB2008PTC123319	AMBER SUPPLIERS PRIVATE LIMITED	Director	07/05/2010	07/05/2010	-	Active	NO
8	U70101DL2011PTC227024	INNOVO INFRATECH PRIVATE LIMITED	Director	04/11/2011	04/11/2011	-	Active	NO
9	U25209WB1994PTC065666	RATNAJEET POLYCORP PRIVATE LIMITED	Director	27/12/2011	27/12/2011	-	Active	NO
10	U51900WB2008PTC129350	DELIGHT AGENCY PRIVATE LIMITED	Director	25/04/2014	25/04/2014	-	Active	NO
11	U51900WB2006PTC108078	APEX GOODS PRIVATE LIMITED	Director	30/09/2014	30/09/2014	-	Active	NO

MAJOR SHAREHOLDERS

As on 11.08.2014

Names of Shareholders	No. of Shares
Sanjiv Jain	10500
Raj Jain	41500
Bharati Jain	4000
Kiran Sunil Shah	100
Jaichand Jain and Sons (HUF)	200
Meenakshi Jain	1300
Surbhi Jain	100
Raj Kumar Jain (HUF)	4010
Sanjiv Jain (HUF)	10
Sparsh Jain Trust	10
Vishesh Jain Trust	10
Tringle Marketing Private Limited, India	17500
Total	79240

Equity Share Break up (Percentage of Total Equity)

As on 11.08.2014

Category	Percentage
Directors or relatives of Directors	77.91
Other top fifty shareholders	22.09
Total	100.00

BUSINESS DETAILS

Line of Business :	Distributors of petrochemicals products.

Products :	Petrochemicals Products

Brand Names :	Not Available

Agencies Held :	Haldia Petrochemicals Limited

Exports :	Not Available

Imports :
Products :	Raw Materials
Countries :	China Korea USA Taiwan

Terms :
Selling :	Cash and L/C

Purchasing :	Cash and L/C

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 :

13 (Approximately)

Bankers :

Bank Name	HDFC Bank Limited
Branch	Central Plaza, Kolkata, West Bengal, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	00142790000125
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

ICICI Bank Limited, Landmarkrace Cource Circle, Alkapuri, Baroda, Gujarat - 390015, India
ICICI Bank Limited, Kolkata, West Bengal, India

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Car Loan from Axis Bank	0.000	1.135
Total	0.000	1.135

Auditors :
Name :	J. S. Vanzara and Associates Chartered Accountants
Address :	Suite 3A, Oriental House, 6C, Elgin Road, Kolkata – 700020, West Bengal, India
Tel. No.:	91-33-22806673/ 6674
Fax No.:	91-33-22809363
E-Mail :	response@jsvassociates.com
Income-tax PAN of auditor or auditor's firm :	AAFFJ9852N

Memberships :	Not Available

Associates:	Zap Logisticare Private Limited Amber Suppliers Private Limited Ratnajeet Finvest Private Limited

Significant Influence by key Management Personal and Their relative :	Sparsh Jain Trust Vishesh Jain Trust Raj Jain (HUF) Sanjiv Jain (HUF) Jain Chand and Sons (HUF) Gateway Polymer Private Limited Montron Leasing Private Limited Innovo Infratech Private Limited Polylogix India Private Limited Tringle Marketing Private Limited

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital:

No. of Shares	Type	Value	Amount

121000	Equity Shares	Rs.100/- each	Rs. 12.100 Million

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount

79240	Equity Shares	Rs.100/- each	Rs. 7.924 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	7.924	7.924	7.924
(b) Reserves & Surplus	66.579	62.919	59.585
(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)	74.503	70.843	67.509

(3) Non-Current Liabilities
(a) long-term borrowings	36.930	43.405	46.263
(b) Deferred tax liabilities (Net)	0.180	0.000	0.083
(c) Other long term liabilities	0.059	0.060	0.119
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	37.169	43.465	46.465

(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	36.442	35.755	35.424
(c) Other current liabilities	3.429	11.663	3.816
(d) Short-term provisions	1.836	0.000	0.019
Total Current Liabilities (4)	41.707	47.418	39.259

TOTAL	153.379	161.726	153.233

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	5.511	7.081	8.693
(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	22.596	10.163	10.163
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	15.661	12.347	10.953
(e) Other Non-current assets	4.583	4.768	4.561
Total Non-Current Assets	48.351	34.359	34.370

(2) Current assets
(a) Current investments	0.000	10.000	0.000
(b) Inventories	0.000	4.547	4.676
(c) Trade receivables	65.360	100.755	119.595
(d) Cash and cash equivalents	1.535	1.152	(34.540)
(e) Short-term loans and advances	38.038	10.677	29.010
(f) Other current assets	0.095	0.236	0.122
Total Current Assets	105.028	127.367	118.863

TOTAL	153.379	161.726	153.233

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Revenue from operations	25.974	56.712	47.449
	Other Income	11.631	9.300	6.817
	TOTAL	37.605	66.012	54.266

Less	EXPENSES
	Purchase of stock in trade	2.027	32.844	28.291
	Changes in inventories of stock in trade	4.547	0.128	(1.634)
	Employee benefit expenses	6.000	5.740	4.539
	Other Expenses	5.116	9.105	13.241
	TOTAL	17.690	47.817	44.437

Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	19.915	18.195	9.829

Less	FINANCIAL EXPENSES	12.972	11.541	4.650

	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION	6.943	6.654	5.179

Less/ Add	DEPRECIATION/ AMORTISATION	1.269	1.691	1.060

	PROFIT BEFORE TAX	5.676	4.963	4.119

Less	TAX	2.016	1.629	1.294

	PROFIT AFTER TAX	3.660	3.334	2.825

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	31.279	27.945	25.120

	BALANCE CARRIED TO THE B/S	34.939	31.279	27.945

	IMPORTS
	Purchases including Components, Stores and Spares	NA	4.984	1.247
	TOTAL	NA	4.984	1.247

	Earnings Per Share (Rs.)	46.19	42.08	35.65

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	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	14.09	5.88	5.95

Operating Profit Margin (PBIDT/Sales)	(%)	76.67	32.08	20.71

Return on Total Assets (PBT/Total Assets}	(%)	4.34	3.27	2.88

Return on Investment (ROI) (PBT/Networth)		0.08	0.07	0.06

Debt Equity Ratio (Total Debt /Networth)		0.50	0.61	0.69

Current Ratio (Current Asset/Current Liability)		2.52	2.69	3.03

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	7.924	7.924	7.924
Reserves & Surplus	59.585	62.919	66.579
Net worth	67.509	70.843	74.503

long-term borrowings	46.263	43.405	36.930
Short term borrowings	0.000	0.000	0.000
Total borrowings	46.263	43.405	36.930
Debt/Equity ratio	0.685	0.613	0.496

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	47.449	56.712	25.974
		19.522	(54.200)

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	47.449	56.712	25.974
Profit	2.825	3.334	3.660
	5.95%	5.88%	14.09%

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	Yes
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	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	Yes
35	Negative Reporting by Auditors in the Annual Report	No

UNSECURED LOAN

Unsecured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Loan from related parties	23.930	10.520
Other Loan	13.000	31.750
Total	36.930	42.270

CONTINGENT LIABILITIES:

Particulars	31.03.2014 (Rs. In Million)
a) Claims against the company not acknowledge as debts:
Sales Tax
FY 1997-98	0.084
FY 1999-00	0.983
FY 2004-05	1.270
FY 2005-06	0.000
b) Bank guarantee	16.800
c) Other money for which company is contingently liable	0.000
Total	19.137

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10548546	13/02/2015	40,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA - 390015, GUJARAT, INDIA	C43275437
2	10074594	29/06/2011 *	70,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL WEST, MUMBAI - 400013, MAHARASHTRA, INDIA	B15842222
3	10075973	24/12/2013 *	136,500,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL WEST, MUMBAI - 400013, MAHARASHTRA, INDIA	B92645407

* Date of charge modification

FIXED ASSETS:

· Air Conditioner

· Buildings

· CCTV

· Computer

· Electric Fan

· Vehicles

· Furniture

· Office Equipments

· Water Cooler

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.66.40
UK Pound	1	Rs.101.19
Euro	1	Rs.73.89

INFORMATION DETAILS

Information Gathered by :	SPY

Analysis Done by :	KAR

Report Prepared by :	PNM

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILITY	1~10	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		34

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.

MIRA INFORM REPORT

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