MIRA INFORM REPORT

Report No. :	340299
Report Date :	08.09.2015

IDENTIFICATION DETAILS

Name :	SHREE NAKODA GLOBAL LIMITED (w.e.f. 17.07.2009)
Formerly Known As :	SHREE NAKODA GLOBAL PRIVATE LIMITED
Registered Office :	Near Railway Crossing, Mowa, Kapa, Raipur – 492001, Near Railway Crossing, Mowa, Kapa, Raipur – 492001, Chattisgarh
Tel. No.:	91-771-2282230
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	29.01.1993
Com. Reg. No.:	007472
Capital Investment / Paid-up Capital :	Rs. 4.827 Million
CIN No.: [Company Identification No.]	U65921CT1993PLC007472
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Trader of steel, sponge iron, coal.
No. of Employees :	12 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

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

Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Management has reported decent growth in its revenue base however net profitability of the company seems to be low during FY2014. Further, external borrowings of the company has reduced over previous year. The rating also takes into consideration the long track of promoters in the steel sector. Trade relations are fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered normal for business dealing 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

Rating Agency Name	ICRA
Rating	Fund Based Limits = B
Rating Explanation	Have risk prone credit quality and carries very high credit risk
Date	September 2014

Rating Agency Name	ICRA
Rating	Non fund based limits = A4
Rating Explanation	Have minimal degree of safety and carry very high credit risk
Date	September 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 31-03-2013.

INFORMATION PARTED BY

Name :	Mr. Martand Verma
Designation :	Accountant
Contact No.:	91-771-2282230
Date :	07.09.2015

LOCATIONS

Registered Office :	Near Railway Crossing, Mowa, Kapa, Raipur – 492001, Chhattisgarh, India
Tel. No.:	91-771-2282230
Mobile No.:	91-7898900330 (Mr. Verma)
Fax No.:	91-771-2282130
E-Mail :	vermamartand@yahoo.com
Website :	http://www.nakodagroup.com
Location :	Rented
Warehouse :	Village – Saddu, P.O. Shankar Nagar, Raipur, Near Railway Crossing, Mowa, Kapa, Raipur – 492001, Chattisgarh, India

DIRECTORS

AS ON 30.09.2014

Name :

Anil Kumar Khemka

Designation :

Director

Address :

Near Railway Crossing, Shankar Nagar, Mowa, Raipur – 492001, Chhattisgarh, India

Date of Birth/Age :

25.01.1964

Date of Appointment :

30.09.2013

DIN No.:

05285079

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	U65921CT1993PLC007472	SHREE NAKODA GLOBAL LIMITED	Director	30/09/2013	15/10/2012	-	Active	NO
2	U27109CT2000PLC014186	SHREE NAKODA ISPAT LIMITED	Additional director	31/03/2015	31/03/2015	-	Active	NO

Name :

Raj Kumar Agarwal

Designation :

Director

Address :

Mig - 57, Sector – 2, Shankar Nagar, Raipur – 492007, Chhattisgarh, India

Date of Birth/Age :

03.10.1967

Date of Appointment :

30.09.2013

DIN No.:

00043440

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	U65921CT1993PLC007472	SHREE NAKODA GLOBAL LIMITED	Director	30/09/2013	15/10/2012	-	Active	NO
2	U70102CT2014PLC001317	SHREE NAKODA INFRATECH LIMITED	Director	10/03/2014	10/03/2014	-	Active	NO
3	U15141CT1991PLC006808	SHREE NAKODA INDUSTRIES LIMITED	Additional director	31/03/2015	31/03/2015	-	Active	NO

Name :

Surendra Goel

Designation :

Director

Address :

B-35, Devendra Nagar, Raipur – 492001, Chhattisgarh, India

Date of Appointment :

30.04.2009

DIN No.:

00058180

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	U51219CT1994PTC008201	GOEL ZENITH AGRO PVT LTD	Additional director	05/08/2015	23/03/2004	-	Active	NO
2	U23109CT2002PLC015315	CG COAL AND POWER LIMITED	Director	19/06/2004	19/06/2004	-	Active	NO
3	U65921CT1993PLC007472	SHREE NAKODA GLOBAL LIMITED	Director	30/09/2009	30/04/2009	-	Active	NO
4	U70200CT2014PLC001211	SHREE NAKODA VIHAR LIMITED	Director	01/01/2014	01/01/2014	-	Active	NO

Name :

Ritesh Kumar Kandoi

Designation :

Additional Director

Address :

Mig-II/11, Housing Board, Ind. Area, Opp. S.B.I., Bhilai – 490026, Chhattisgarh, India

Date of Appointment :

31.03.2015

DIN No.:

05267204

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	U70200CT2014PLC001211	SHREE NAKODA VIHAR LIMITED	Director	01/01/2014	01/01/2014	-	Active	NO
2	U27109CT2000PLC014186	SHREE NAKODA ISPAT LIMITED	Additional director	31/03/2015	31/03/2015	-	Active	NO
3	U65921CT1993PLC007472	SHREE NAKODA GLOBAL LIMITED	Additional director	31/03/2015	31/03/2015	-	Active	NO

Name :

Saroj Kumar Jha

Designation :

Additional Director

Address :

C-7maruti Homes Mohba Bazarhirapur Road, Kotaraipur, Raipur – 492009, Chhattisgarh, India

Date of Appointment :

31.03.2015

DIN No.:

03426446

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	U27109CT2000PLC014186	SHREE NAKODA ISPAT LIMITED	Whole-time director	01/03/2011	01/03/2011	-	Active	NO
2	U15141CT1991PLC006808	SHREE NAKODA INDUSTRIES LIMITED	Additional director	31/03/2015	31/03/2015	-	Active	NO
3	U65921CT1993PLC007472	SHREE NAKODA GLOBAL LIMITED	Additional director	31/03/2015	31/03/2015	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Martand Verma
Designation :	Accountant

MAJOR SHAREHOLDERS

AS ON 30.09.2014

Names of Shareholders	No. of Shares
Shri Virendra Goel	22500
Shri Ramesh Chandra Goel	22865
Shri Sanjay Goel	22510
Shri Virendra Goel	1510
Shri Ashok Goel	1510
Shri Ramesh Chandra Goel	1510
Goel Chemicals	15000
Shyam Lal Goel and Sons (HUF)	35050
Anita Goel	21550
Virendra Goel (HUF)	23725
Surendra Goel (HUF)	22575
Sangeeta Goel	23800
Nirmala Goel	22050
Ramesh Chandra Goel (HUF)	23050
Ashok kumar Goel (HUF)	24050
Saroj Goel	20550
Rekha Goel	23175
Surendra Goel	21750
Sukhlal Ramesh Chand Jain (HUF)	2000
Sanjay Goel (HUF)	23925
Dhanmudra Suppliers Private Limited, India	34800
Vikram Goel	23000
Manish Goel	21000
Ashok Goel	24000
Bloom Suppliers Private Limited	5200
Total	482655

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2014

Category	Percentage
Bodies corporate	11.40
Directors or relatives of Directors	88.19
Other top fifty shareholders	0.41
Total	100.00

BUSINESS DETAILS

Line of Business :	Trader of steel, sponge iron, coal.
Products :	Not Divulged
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :
Products :	Steel
Countries :	Australia
Terms :
Selling :	Cash and Cheque
Purchasing :	Cash and Cheque

GENERAL INFORMATION

Suppliers :

Not Divulged

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 :

Not Divulged

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 :

12 (Approximately)

Bankers :

Banker Name	Bank of Baroda
Branch Address	Wholesale Banking Branch, Raipur, Chhattisgarh, 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
LONG TERM BORROWING
Loans repayable on demand	0.581	15.551
Total	0.581	15.551

Auditors :
Name :	Y.K. Dewangan and Company Chartered Accountant
Address :	MIG (Standard) / 304, Phase II, Kabir Nagar, Raipur, Chhattisgarh, India
PAN No.:	AEFPD2471M
Memberships :	--
Collaborators :	--
Related party :	· Shree Nakoda Ispat Limited · Shree Nakoda Industries Limited · Goel Zenith Agro Private Limited · Ashok Tradares · Ashok Kumar Goel (HUF) · Shyamlal Goel and Sons · Surendra Goel (HUF)

CAPITAL STRUCTURE

AS ON 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.10/- each	Rs. 5.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
482655	Equity Shares	Rs.10/- each	Rs. 4.827 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	4.827	4.427	4.427
(b) Reserves & Surplus	39.947	27.022	24.809
(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)	44.774	31.449	29.236
(3) Non-Current Liabilities
(a) long-term borrowings	89.243	92.261	2.673
(b) Deferred tax liabilities (Net)	0.306	0.085	0.083
(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)	89.549	92.346	2.756
(4) Current Liabilities
(a) Short term borrowings	0.581	31.197	5.515
(b) Trade payables	321.750	126.163	77.153
(c) Other current liabilities	1.056	0.839	94.074
(d) Short-term provisions	1.273	0.845	1.844
Total Current Liabilities (4)	324.660	159.044	178.586
TOTAL	458.983	282.839	210.578
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	7.149	6.685	6.647
(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	1.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	81.732	73.175	50.607
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	88.881	80.860	57.254
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	2.021	1.775	0.589
(c) Trade receivables	288.522	159.912	129.541
(d) Cash and cash equivalents	23.821	16.614	21.165
(e) Short-term loans and advances	55.738	23.678	2.029
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	370.102	201.979	153.324
TOTAL	458.983	282.839	210.578

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	1274.579	1114.176	2714.321
	Other Income	13.886	11.687	12.419
	TOTAL	1288.465	1125.863	2726.740
Less	EXPENSES
	Purchases of Stock-in-Trade	1264.590	1113.077	2707.589
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(0.288)	(1.187)	(0.315)
	Employees benefits expense	1.248	1.276	0.829
	Other expenses	0.755	0.519	0.851
	TOTAL	1266.305	1113.685	2708.954
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	22.160	12.178	17.786
Less	FINANCIAL EXPENSES	17.305	9.114	11.590
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION	4.855	3.064	6.196
Less/ Add	DEPRECIATION/ AMORTISATION	0.036	0.003	0.004
	PROFIT BEFORE TAX	4.819	3.061	6.192
Less	TAX	1.494	0.848	1.842
	PROFIT AFTER TAX	3.325	2.213	4.350
	Earnings Per Share (Rs.)	6.89	4.59	9.01

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 flow from (used in) operation	47.646	(109.665)	12.530

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	0.26	0.20	0.16
Operating Profit Margin (PBIDT/Sales)	(%)	1.74	1.09	0.66
Return on Total Assets (PBT/Total Assets}	(%)	1.05	1.09	2.94
Return on Investment (ROI) (PBT/Networth)		0.11	0.10	0.21
Debt Equity Ratio (Total Debt /Networth)		2.01	3.93	0.28
Current Ratio (Current Asset/Current Liability)		1.14	1.27	0.86

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	4.427	4.427	4.827
Reserves & Surplus	24.809	27.022	39.947
Share Application money pending allotment	0.000	0.000	0.000
Net worth	29.236	31.449	44.774
long-term borrowings	2.673	92.261	89.243
Short term borrowings	5.515	31.197	0.581
Current Maturities of Long Term Debt	0.000	0.000	0.000
Total borrowings	8.188	123.458	89.824
Debt/Equity ratio	0.280	3.926	2.006

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	2714.321	1114.176	1274.579
		(58.952)	14.397

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	2714.321	1114.176	1274.579
Profit	4.350	2.213	3.325
	0.16%	0.20%	0.26%

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	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)	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	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

UNSECURED LOAN

Particulars	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Intercorporate borrowings	86.571	89.589
Loans and advances from directors	0.945	0.944
Loans and advances from others	1.728	1.728
SHORT TERM BORROWING
Loans and advances from others	0.000	15.646
Total	89.244	107.907

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10400230	18/01/2013	150,000,000.00	BANK OF BARODA	WHOLESALE BANKING BRANCH, 1ST FLOOR, K.K. ROAD, MAHAVIR GAUSHALA COMPLEX, RAIPUR, Chhattisgarh - 492001, INDIA	B66984451

* Date of charge modification

FIXED ASSETS

· Land

· Buildings

· Plant and Equipments

· Furniture and Fixture

· Vehicles

· Office Equipments

· Computer 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 records 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 records 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. 66.74
UK Pound	1	Rs. 101.36
Euro	1	Rs. 74.27

INFORMATION DETAILS

Information Gathered by :	GYT
Analysis Done by :	RAS
Report Prepared by :	JYO

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	3
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--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	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		44

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.