MIRA INFORM REPORT

Report Date :

20.09.2008

IDENTIFICATION DETAILS

Name :	PEARL POLYPLAST
Registered Office :	Plot No. G – 108, 109/B, Almight Gate, Behind GIDC Office, Lodnika Industrial Estate, GIDC Metoda, Rajkot – 360021, Gujarat
Country :	India
Financials (as on) :	14.09.2008
Date of Incorporation :	26.06.2007
PAN No.: [Permanent Account No.]	AAJFP5613K
Legal Form :	Partnership concern with an unlimited liability of the partners
Line of Business :	Manufacturer of Multilayer Film

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	New Concern
Payment Behaviour :	No Complains
Litigation :	Clear
Comments :	Subject is a relatively new concern in its field. Partners are reported as experienced, respectable and having satisfactory means of their own. Trade relations are fair. Business is active. No complains have been heard about the subject from the market sources. In view of the good financial standing of the partners, subject can be considered good for normal business dealings. It would be advisable to take adequate securities while dealing with the subject.

INFORMATION PARTED BY

Name :	Mr. Keyur Dhamsania
Designation :	Partner
Contact No.:	91-9377677200
Date :	17.09.2008

LOCATIONS

Registered Office / Factory :	Plot No. G – 108, 109/B, Almight Gate, Behind GIDC Office, Lodnika Industrial Estate, GIDC Metoda, Rajkot – 360021, Gujarat, India
Tel. No.:	91-2827-287542
Mobile No.:	91-9377677200
Fax No.:	91-2827-287542
E-Mail :	pearlpolyplast@gmail.com
Area :	2233.88 sq. mt. [Owned]

PARTNERS

Name :	Mr. Kantilal Gordhandas Dhamsania
Designation :	Partner
Address :	9-A, Shrinathji Tower, Panchvati, Main Road, Rajkot – 360001
Date of Birth/Age :	28.12.1947
Qualification :	Under Graduate
Name :	Ms. Kanchangauri Kantilal Dhamsania
Designation :	Partner
Address :	9-A, Shrinathji Tower, Panchvati, Main Road, Rajkot – 360001
Date of Birth/Age :	02.11.1948
Qualification :	Under Graduate
Name :	Mr. Keyur Kantilal Dhamsania
Designation :	Partner
Address :	9-A, Shrinathji Tower, Panchvati, Main Road, Rajkot – 360001
Date of Birth/Age :	01.07.1981
Qualification :	Technical Graduate B. E., Computer Science
Name :	Ms. Ronak Keyur Dhamsania
Designation :	Partner
Address :	9-A, Shrinathji Tower, Panchvati, Main Road, Rajkot – 360001
Date of Birth/Age :	28.04.1985
Qualification :	Management Graduate B.B.A.
Name :	Mr. Rasikbhai Mohanbhai Patel
Designation :	Partner
Address :	B 607/608, Rajmadhur, Devidas Lane, Near Acure Club, Borivali West [Mumbai]
Date of Birth/Age :	08.05.1968
Qualification :	Under Graduate
Name :	Mr. Niteshkumar Mohanbhai Patel
Designation :	Partner
Address :	B 609/610, Rajkumar, Devidas Lane, Near Acura Club, Borivali West, Mumbai
Date of Birth/Age :	08.05.1968
Qualification :	Under Graduate
Name :	Mr. Girishkumar Ravjibhai Makadia
Designation :	Partner
Address :	701, Gitanjali Apartment, Jalaram – 2, Jagdishan Marg, University Road, Rajkot – 360007
Date of Birth/Age :	23.06.1962
Qualification :	Under Graduate
Name :	Ms. Vasantaben Girishkumar Makadia
Designation :	Partner
Address :	701, Gitanjali Apartment, Jalaram – 2, Jagdishan Marg, University Road, Rajkot – 360007
Date of Birth/Age :	16.09.1966
Qualification :	Under Graduate

BUSINESS DETAILS

Line of Business :	Manufacturer of Multilayer Film
Products :	Stretch Film Cling Film Shrink Film Lamination Film Milk Film Oil Film Ghee Film
Terms :
Selling :	Credit [60 days]
Purchasing :	Cash

PRODUCTION STATUS

Particulars	Unit	Installed Capacity
Multilayer Film	MT	900

GENERAL INFORMATION

Suppliers :

Name of the Customers	Location	Relationship [No. of years]	Credit Period Allowed
Reliance Industries Limited	Rajkot	1.5 Months	Advance Payment
Flamingo Additives and Colourants Private Limited	Mumbai	1.5 Months	Advance Payment

Customers :

• Wholesaler
• Retailer
• End User

Name of the Customers	Location	Relationship [No. of years]	Credit Period Allowed
Ashutosh Enterprise	Rajkot	1.5 months	60 days
Rhythm Plastics Private Limited	Metoda	1.5 months	60 days

No. of Employees :

10 [In Office : 2; In Factory : 8]

Bankers :

• Corporation Bank, Rajkot CPB Branch, University Road
• HDFC Bank Limited

Facilities :

Rs. 5.000 Millions

Banking Relations :	Satisfactory
Auditors :
Name :	R. Javiya and Company Chartered Accountants
Address :	305, Aalap – A, B/h Hotel Jewel, Limbda Chowk, Rajkot – 360001
Tel. No.:	91-281- 2466091
Fax No.:	rjaviya_co@rediffmail.com

CAPITAL STRUCTURE

AS ON 14.09.2008

Capital Investment :
Owned :	Rs. 9.681 Millions
Borrowed :	--
Total :	Rs. 9.681 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		01.04.2008 to 14.09.2008	01.04.2008 to 17.06.2008
SHAREHOLDERS FUNDS
1] Proprietor’s Capital		9.681	8.781
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		0.000	0.000
4] (Accumulated Losses)		0.000	0.000
NETWORTH		9.681	8.781
LOAN FUNDS
1] Secured Loans		0.000	0.000
2] Unsecured Loans		5.113	2.913
TOTAL BORROWING		5.113	2.913
DEFERRED TAX LIABILITIES		0.000	0.000
TOTAL		14.794	11.694
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		9.477	8.872
Capital work-in-progress		0.000	0.000
INVESTMENT		0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000
	Sundry Debtors	1.107	0.000
	Cash & Bank Balances	0.798	1.245
	Other Current Assets	2.356	0.499
	Deposits	0.479	0.479
Total Current Assets		4.740	2.223
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	0.040	0.018
	Provisions	0.000	0.000
Total Current Liabilities		0.040	0.018
Net Current Assets		4.700	2.205
MISCELLANEOUS EXPENSES		0.617	0.617
TOTAL		14.794	11.694

PROFIT & LOSS ACCOUNT

PARTICULARS		01.04.2008 to 14.09.2008	01.04.2008 to 17.06.2008
Expenditures :
	Bank Charges	0.002	0.002
	Electricity Expenses	0.134	0.013
	GIDC Membership Fees	0.001	0.001
	Professional Charges	0.030	0.009
	Telephone Expenses	0.002	0.001
	Vehicles Petrol / Diesel Expenses	0.025	0.008
	Other Expenses	0.019	0.000
Total Expenditure		0.213	0.034

KEY RATIOS

PARTICULARS	01.04.2008 to 14.09.2008	01.04.2008 to 17.06.2008
Debt Equity Ratio (Total Liability/Networth)	0.53	0.33
Current Ratio (Current Asset/Current Liability)	118.50	123.50

LOCAL AGENCY FURTHER INFORMATION

TRADE REFERENCE

Ashutosh Enterprises

Mr. Aashish Joshi

“Raj Ankit”, 1^st Floor, No. 2, Opposite Panchnah Temple, Dr. R. P. Road, Rajkot – 1

Tel No.: 3293435

Rhythm Plastics Private Limited

Mr. Pareshbhai

Plot No. G – 2511, Road H 1, Metoda – 360021

Tel No. : 91-2827-287591

OPERATING STATEMENT

AS PER PROFIT AND LOSS ACCOUNT FOR THE YEAR

[Rs In Millions]

Particulars	2008-09	2009-10	2010-11
	Current Year Estimated	Projected
1. Gross Sales
Sales – Export	0.000	0.000	0.000
Sales – Local	12.500	26.000	27.000
Total Income	12.500	26.000	27.000
2. Less : Excise Duties	0.000	0.000	0.000
3. Net Sales [1-2]	12.500	26.000	27.000
4. % rise [+] or fall [-] in net sales as compared to previous year	0.000	10.800	0.400
5. COST OF SALES
i] Raw Materials [Including stores and other items used in the process of manufacture]
[a] Imported	0.000	0.000	0.000
[b] Indigenous	8.300	15.000	16.000
ii] Consumable Spares
[a] Imported	0.000	0.000	0.000
[b] Indigenous	0.700	1.200	1.300
iii] Power and Fuel	0.800	1.400	1.500
iv] Direct labour	1.500	3.120	3.240
v] Other Manufacturing / Trading Expenses	0.624	1.200	1.100
[Factory Wages and Salaries]
vi] Depreciation	0.500	1.200	1.100
vii] SUB TOTAL [i to iv]	12.424	23.120	24.440
viii] Add : Opening Stocks – in – process	0.000	0.000	0.000
Sub Total	12.424	23.120	24.440
ix] Deduct : Closing Stock – in – Process	0.000	0.000	0.000
x] Cost of production	12.424	23.120	24.440
xi] Add : Opening Stock of finished goods	0.000	1.500	2.000
Sub – total	12.424	24.620	26.440
xii] Deduct: Closing Stock – in - finished goods	1.500	2.000	3.000
xiii] Total Cost of Sales	10.924	22.620	23.440
GROSS PROFIT	1.576	3.380	3.560
6. Selling general and administrative expenses	0.600	0.800	1.000
7. SUB – TOTAL [5+6]	11.524	23.420	24.440
8. Operation profit before interest [3-7]	0.976	2.580	2.560
9. Interest	0.300	0.600	0.700
10. Operating profit after interest [8-9]	0.676	1.980	1.860
11. i] Add : other non-operating income	0.000	0.000	0.000
Sub – total [Income]	0.000	0.000	0.000
ii] Deduct other non-operating expenses	0.000	0.000	0.000
Sub total [Expenses]	0.000	0.000	0.000
iii] Net of other non-operating income / expenses	0.000	0.000	0.000
12. Profit before tax / Loss [10+11[iii]]	0.676	1.980	1.860
13. Provision for taxes	0.000	0.000	0.000
14. Net profit / loss [12-13]	0.676	1.980	1.860
15 Salary and Interest to Partners	0.000	0.000	0.000
16. NET PROFIT AFTER TAX	0.676	1.980	1.860
17 [a] Salary and Interest to Partners	0.000	0.000	0.000
[b] Dividend Rate	0.200	0.500	0.700
16. Retained profit [14-15]	0.476	1.480	1.160
17. Retained profit / Net profit [%]	0.70	0.75	0.62

ANALYSIS OF BALANCE SHEET

[Rs In Millions]

Particulars	2008-09	2009-10	2010-11
	Current Year Estimated	Projected
CURRENT LIABILITIES
01 Short – Term borrowings from banks [including bill purchased, discounted and excess borrowings placed on repayment basis]
I] From Applicant Bank	5.000	5.000	5.000
Sub Total [A]	5.000	5.000	5.000
02 Short Term Borrowings from others	0.000	0.000	0.000
03 Sundry creditors [Trade]	1.000	1.200	1.500
04 Advance payments from customers  / Deposits from dealers	0.000	0.000	0.000
05 Provision for tax [net of Tax paid]	0.000	0.000	0.000
06 Dividend and Dividend Tax payable	0.000	0.000	0.000
07 other statutory liabilities [due within one year]	0.100	0.150	0.200
08 Deposits / Installments of term loans / DPGs / debentures, etc [due within one year]	0.000	0.000	0.000
09 Other current liabilities and provisions [due within one year]	0.050	0.070	0.100
Sub – Total [B]	1.150	1.420	1.800
10 TOTAL CURRENT LIABILITIES [Total of 1 to 9]	6.150	6.420	6.800
11 Term loans	0.000	0.000	0.000
12 Term loans others [excluding installments  payable within one year]	0.000	0.000	0.000
13 Others Advances	0.000	0.000	0.000
14 Term deposit [repayable after one year]	0.000	0.000	0.000
15 other Term Liabilities	2.913	2.900	2.900
16 TOTAL TERM LIABILITIES [Total of 11 to 16]	2.913	2.900	2.900
17 TOTAL OUTSIDE LIABILITIES [10 + 16]	9.063	9.320	9.700
C NET WORTH
18 Share Capital	8.781	9.257	10.737
19 General Reserve	0.000	0.000	0.000
20Investment Allowance Reserve	0.000	0.000	0.000
21 Other Reserves [Excluding provisions]	0.000	0.000	0.000
22 Surplus [+] or deficit [-] in Profit and Loss Account	0.476	1.480	1.160
23 NET WORTH [18 to 22]	9.257	10.737	11.897
24 TOTAL CAPITAL AND LIABILITIES [17+23]	18.320	20.057	21.597
ASSETS
CURRENT ASSETS
25 Cash and Bank Balance	0.078	0.067	0.097
26 Investments [Other than long term investments] Government and other Trustee securities	0.000	0.000	0.000
I] Government and Other Trustee Securities	0.000	0.000	0.000
II] Fixed deposit with bank	0.000	0.000	0.000
27 I] Receivables other than deferred and exports [Including bills purchased and discounted by banks]	1.800	2.700	3.200
II] Export receivables [Including bills purchased / discounted by banks]	0.000	0.000	0.000
28 Instalments of Deferred  receivables [due within one year]	0.000	0.000	0.000
29 Inventory	0.000	0.000	0.000
I] Raw materials [Including stores and other items used in the process of manufacture]
Imported	0.000	0.000	0.000
Indigenous	4.000	4.300	4.500
II] Stock – in – process	1.000	1.200	1.500
II] Finished Goods	1.500	2.000	3.000
IV] Other consumable spares
Imported	0.000	0.000	0.000
Indigenous	0.000	0.000	0.000
30 Advances recordable in Cash or kind	0.000	0.000	0.000
31 Advance payment of taxes [NET]	0.000	0.090	0.100
32 TOTAL CURRENT ASSETS	0.000	0.000	0.000
[Specify Major items] Deposits
A Advance to staff	0.000	0.000	0.000
B Time Limit Deposit	0.000	0.000	0.000
C Sales Tax	0.000	0.000	0.000
D Other Advances	0.100	0.100	0.200
E Work Contract Deposits	0.000	0.000	0.000
F Deposit [Telephone, GEB]	0.800	0.800	0.800
Total	0.900	0.900	1.000
33 Total Current assets [25 to 32]	9.278	11.257	13.397
E FIXED ASSETS
34 Gross Block	9.500	10.500	11.000
35. Depreciation to date	0.500	1.700	2.800
36 NET BLOCK [35-36]	9.000	8.800	8.200
F OTHER NON – CURRENT ASSETS
37 Investments / book / debts / advances / deposits which are not Current Assts	0.042	0.000	0.000
I] [a] Others Investments in Subsidiary	0.000	0.000	0.000
[b] Others companies / affiliates	0.000	0.000	0.000
II] Advances to suppliers of capital goods and contractors	-	-	-
III} Deferred receivables [maturity exceeding one year]	-	-	-
IV] Others	-	-	-
38 Non consumables Stores and Spares	-	-	-
39 Other non – current assets including dues from directors	-	-	-
40 TOTAL OTHER NON – CURRENT ASSETS [total of 37 to 39]	0.042	0.000	0.000
41 Intangible assets [Patents, goodwill, prelim, expenses, bad / doubtful debts Not provided for etc.]	0.000	0.000	0.000
42 TOTAL ASSETS [Total of 33, 36, 40 and 41]	18.320	20.057	21.597
43 TANGIBLE NET WORTH [24-21]	9.257	10.737	11.897
44 NET WORKING CAPITAL to tally with [33-10]	3.128	4.837	6.597
45 Current Ratio  [Items 33/10]	1.51	1.75	1.97
46 Total Outside Liabilities / Tangible Net Worth [17/43]	0.98	0.87	0.82

COMPARATIVE STATEMENT OF CURRENT ASSETS AND CURRENT LIABILITIES

[Rs in Millions]

Particulars	2008-09	2009-10	2010-11
	Current Year Estimated	Projected
A CURRENT ASSETS
1 Raw Materials
[a] Imported	0.000	0.000	0.000
Months Consumption
[b] Indigenous	4.000	4.300	4.500
Months Consumption	[0.578]	[0.344]	[0.338]
2 Other consumable spares
Excluding those included 1 above
[a] Imported	0.000	0.000	0.000
Months Consumption	0.000	0.000	0.000
[b] Indigenous	0.000	0.000	0.000
Months Consumption	0.000	0.000	0.000
3 Stock in process	1.000	1.200	1.500
Months cost of production	[0.100]	[0.062]	[0.074]
4 Finished goods	1.500	2.000	3.000
Months cost of sales	[0.160]	[0.100]	[0.150]
5 Receivable other than export and deferred receivables [including bills purchased and discounted by bankers]	1.800	2.700	3.200
Months domestic sales	[0.170]	[0.120]	[0.140]
[excluding deferred payment sales]
6 Export receivables [including bills purchased and discounted by bankers months export sales]	0.000	0.000	0.000
7 Advances to suppliers of raw materials and stores / spares consumable	0.000	0.000	0.000
8 Other current Assets including cash and bank balances and deferred receivable due within one year	0.978	1.057	1.197
TOTAL CURRENT ASSETS	9.278	11.257	13.397
B CURRENT LIABILITIES
[Other than bank borrowing for working capital]
10 Creditors for purchases of raw materials and stores and consumable spares	1.000	1.200	1.500
Months Consumption	[0.110]	[0.060]	[0.080]
11 Advances from customers	0.000	0.000	0.000
12 Statutory liabilities	0.100	0.150	0.200
13 Other current liability including short term borrowing dividend payable, installment of DPG public deposit, debentures etc	0.050	0.070	0.100
14 TOTAL	1.150	1.420	1.800

COMPUTATION OF MAXIMUM PERMISSIBLE BANK FINANCE FOR WORKING CAPITAL

[Rs in Millions]

Particulars	2008-09	2009-10	2010-11
	Current Year Estimated	Projected
Second Method of Lending
1 Total current Assets	9.278	11.257	13.397
2 Other Current Liabilities [Other than Bank Borrowings]	1.150	1.420	1.800
3 Working Capital Gap [WCG]	8.128	9.837	11.597
4 Minimum Stipulated Net Working Capital [i.e. 25 % WCG / 25 % of Total Current Assets as the case may be depending up on method of lending being applied Exports receivables to be excluded under both methods]	2.320	2.814	3.349
5 Actual / projected Net Working Capital	3.128	4.837	6.597
6 Item 3 Minus Item 4	5.809	7.023	8.248
7 Item 3 Minus Item 5	5.000	5.000	5.000
8 Maximum Permissible Bank Finance [Item 6 or 7 whichever is lower]	5.000	5.000	5.000
9 Excess Borrowing Representing Short fall in NWC [4-5]	0.000	0.000	0.000

FUND FLOW STATEMENT

[Rs in Millions]

PARTICULARS	2008-09	2009-10	2010-11
	Current Year Estimated	Projected
SOURCES
1 Net Profit [after tax]	0.476	1.480	1.160
[a] Depreciation	0.500	1.200	1.100
[b] Increase in [i] Partner’s Capital	8.781	0.000	0.000
[c] [ii] Other Term Liabilities	10.263	0.000	0.000
Increase in Unsecured Loans
[d] Increase in Deferred Payment Credits Decrease in
[e] Other non-current assets	0.000	0.042	0.000
Fixed Assets	0.000	0.000	0.000
[f] Others	0.000	0.000	0.000
[g] TOTAL	20.020	2.722	2.260
2 USES [a] Net Loss	0.000	0.000	0.000
[b] Decrease in Term Liabilities [Including A Closely Held Public Limited Liability Company Deposits]	[10.263]	7.363	0.000
[c] Increase in
Other Non Current Assets	0.042	0.000	0.000
Fixed Assets [Net]	9.500	1.500	2.200
[d] Dividend	0.000	0.000	0.000
[e] Others	0.000	0.000	0.000
[f] Total	[0.721]	8.863	2.200
3 Long – Term Surplus [+] / Deficit [-] [Item 1 minus Item 2]	20.741	[6.141]	0.060
4 Increase / Decrease in Current Assets [As per details given below]	9.278	1.979	2.040
5 Increase / Decrease in Current Liabilities other than bank borrowings.	[6.200]	7.620	0.380
6 Increase / Decrease in Working Capital Gap	[15.478]	5.641	[1.660]
7 Net Surplus [+] / Deficit [-] [Difference of 3 & 6]	5.263	[0.500]	[1.600]
8 Increase / Decrease in Bank Borrowings	5.000	0.000	0.000
INCREASE / DECREASE IN NET SALES	12.500	13.500	1.000
BREAK UP OF [4]
[i] Increase / Decrease in raw Materials	4.000	0.300	0.200
[ii] Increase / Decrease stock – in – process	1.000	0.200	0.300
[iii] Increase / Decrease in Finished goods	1.500	0.500	1.000
[iii] Increase / Decrease in Receivables
[a] Domestic	1.800	0.900	0.500
[b] Exports	0.000	0.000	0.000
[v] Increase / Decrease in Store and Spares	0.000	0.000	0.000
[vi] Increase / Decrease in other Current Assets	0.978	0.079	0.040
Net Effect of Above	9.278	1.979	2.040

MR. KANTILAL GORDHANDAS DHAMSANIA [PARTNER]

Passport No : E4218577

Capital / Loan contribution in the unit : Rs. 1.671 Millions

Investment in Business Capital

Name of the Company / Firm/ Concern in which investment is made	Amount invested [Rs in Millions]
Jagdish Polyplast	0.028
Keshod Industries	0.067
Pearl Polyplast	1.671
Sanket Enterprises	0.207

Deposits held with Banks

Name of the Bank	Nature of deposits held	Amount of Deposits [In Millions]
Corporation Bank	SB A/C 70029	0.143
OBC Bank	SB A/C 301315	0.006
SBS	SB A/C 56344007329	0.180

Deposits held with Companies / Others

Name of the company	Nature of deposit	Amount of deposit [Rs in Millions]
TDS A/c 2007-08	TDS	0.001

Immovable Properties

Name of the owner	Description of property	Location	Type of property, i.e. whether residential / agricultural / industrial / commercial etc.	Original purchase cost [Rs. In millions]
Self	Flat	Flat No. 9, Shrinathji Tower, Rajkot	Residential Plot	1.275
10 % Shares	Plot	Hari Om Park [10 %]	--	0.151

Other Assets

Nature / Details of assets	Market value of assets
Gold Jewellery	0.282
Household	0.834
Vehicle [Activa]	0.042
Vehicle [Scooter]	0.003
Vehicle [Car]	0.564
Cash on Hand	0.049

Total Assets : Rs. 5.503 Millions

Credit limits / facilities with Financial Institutions and Banks

Name of the Institution / bank	Details of Nature and extent of credit limits / facilities enjoyed		Details of securities
	Nature of credit facility	Extent [Rs in millions]
ICICI Bank Limited [Car Loan]	Term Loan	Rs. 0.179 Million	Car

Borrowing from others

Name of the Lender	Amount borrowed [Rs in Millions]
ACE Software Exports Limited	1.000
Gordhandas K Dhamsania	1.000

Total Liabilities Rs 2.179 Millions

Net Worth : Rs. 3.323 Millions

CAPITAL STRUCTURE

AS ON 31.03.2008

Capital Investment :
Owned :	Rs. 3.324 Millions
Borrowed :	--
Total :	Rs. 3.324 Millions

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2008	31.03.2007
SHAREHOLDERS FUNDS
1] Share Capital		3.324	3.489
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		0.000	0.000
4] (Accumulated Losses)		0.000	0.000
NETWORTH		3.324	3.489
LOAN FUNDS
1] Secured Loans		0.179	0.332
2] Unsecured Loans		2.000	1.000
TOTAL BORROWING		2.179	1.332
DEFERRED TAX LIABILITIES		0.000	0.000
TOTAL		5.503	4.821
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		3.151	3.215
Capital work-in-progress		0.000	0.000
INVESTMENT		1.973	0.775
DEFERREX TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000
	Sundry Debtors	0.000	0.000
	Cash & Bank Balances	0.378	0.831
	Other Current Assets	0.001	0.000
	Loans & Advances	0.000	0.000
Total Current Assets		0.379	0.831
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	0.000	0.000
	Provisions	0.000	0.000
Total Current Liabilities		0.000	0.000
Net Current Assets		0.379	0.831
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		5.503	4.821

PROFIT & LOSS ACCOUNT

PARTICULARS	31.03.2008
Total Income [Revenue]	0.150
Net Profit/(Loss)	0.121
Total Expenditure	0.029

KEY RATIOS

PARTICULARS		31.03.2008
PAT / Total Income	(%)	80.67
Net Profit Margin (PBT/Sales)	(%)	80.67
Return on Total Assets (PBT/Total Assets}	(%)	3.43
Return on Investment (ROI) (PBT/Networth)		0.04
Debt Equity Ratio (Total Liability/Networth)		0.66
Current Ratio (Current Asset/Current Liability)		0.00

MS. KANCHANGAURI KANTILAL DHAMSANIA [PARTNER]

Passport No : E4218859

Capital / Loan contribution in the unit : Rs. 1.169 Millions

Investment in Business Capital

Name of the Company / Firm/ Concern in which investment is made	Amount invested [Rs in Millions]
Jagdish Polyplast	0.033
Keshod Industries	0.067
Kohinoor Polyplast	0.020
Pearl Polyplast	1.169
Sanket Enterprises	0.044

Deposits held with Banks

Name of the Bank	Nature of deposits held	Amount of Deposits [In Millions]
Corporation Bank	SB A/C 70030	0.207
SBS	SB A/C 56344007283	0.018

Deposits held with Companies / Others

Name of the company	Nature of deposit	Amount of deposit [Rs in Millions]
Omani Tower owners Ass. [Rajkot]	Deposit	Rs. 0.025 Millions

Immovable Properties

Name of the owner	Description of property	Location	Type of property, i.e. whether residential / agricultural / industrial / commercial etc.	Original purchase cost [Rs. In millions]
Self	Flat [House]	Flat No 602, Omni Tower, Rajkot	Residential Plot	1.166

Other Assets

Nature / Details of assets	Market value of assets
Gold Jewellery	1.058
Household Furniture / Fittings	0.077
Cash on Hand	0.022

Total Assets : Rs. 3.906 Millions

Net Worth : Rs. 3.906 Millions

CAPITAL STRUCTURE

AS ON 31.03.2008

Capital Investment :
Owned :	Rs. 3.906 Millions
Borrowed :	--
Total :	Rs. 3.906 Millions

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2008	31.03.2007
SHAREHOLDERS FUNDS
1] Share Capital		3.906	3.796
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		0.000	0.000
4] (Accumulated Losses)		0.000	0.000
NETWORTH		3.906	3.796
LOAN FUNDS
1] Secured Loans		0.000	0.000
2] Unsecured Loans		0.000	0.000
TOTAL BORROWING		0.000	0.000
DEFERRED TAX LIABILITIES		0.000	0.000
TOTAL		3.906	3.796
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		2.301	2.301
Capital work-in-progress		0.000	0.000
INVESTMENT		1.333	0.820
DEFERREX TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000
	Sundry Debtors	0.000	0.000
	Cash & Bank Balances	0.247	0.650
	Other Current Assets	0.000	0.000
	Deposits	0.025	0.025
Total Current Assets		0.272	0.675
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	0.000	0.000
	Provisions	0.000	0.000
Total Current Liabilities		0.000	0.000
Net Current Assets		0.272	0.675
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		3.906	3.796

PROFIT & LOSS ACCOUNT

PARTICULARS	31.03.2008
Total Income [Revenue]	0.132
Net Profit/(Loss)	0.132
Total Expenditure	0.000

KEY RATIOS

PARTICULARS		31.03.2008
PAT / Total Income	(%)	100.00
Net Profit Margin (PBT/Sales)	(%)	100.00
Return on Total Assets (PBT/Total Assets}	(%)	0.03
Return on Investment (ROI) (PBT/Networth)		0.03
Debt Equity Ratio (Total Liability/Networth)		0.00
Current Ratio (Current Asset/Current Liability)		0.00

MR. KEYUR KANTILAL DHAMSANIA [PARTNER]

Passport No : A7461226

Capital / Loan contribution in the unit : Rs. 1.852 Millions

Investment in Business Capital

Name of the Company / Firm/ Concern in which investment is made	Amount invested [Rs in Millions]
Pearl Polyplast	1.852
Sanket Enterprises	0.108

Deposits held with Banks

Name of the Bank	Nature of deposits held	Amount of Deposits [In Millions]
Corporation Bank	SB A/C 70031	0.236
SBS	SB A/C 56344007432	0.003

Deposits held with Companies / Others

Name of the company	Nature of deposit	Amount of deposit [Rs in Millions]
TDS 2007-08	TDS	Rs. 0.001 Million

Immovable Properties

Name of the owner	Description of property	Location	Type of property, i.e. whether residential / agricultural / industrial / commercial etc.	Original purchase cost [Rs. In millions]
10 % Share	Plot	Hari Om Park Rajkot	Commercial	0.152

Other Assets

Nature / Details of assets	Market value of assets
Gold Jewellery	0.138
Cash on Hand	0.035

Total Assets : Rs. 2.585 Millions

Borrowing from others

Name of the Lender	Amount borrowed [Rs in Millions]
Bhagwanji B. Dhingani	1.000
Gordhandas K. Dhamsania	0.450

Total Liabilities : Rs. 1.450 Millions

Net Worth : Rs. 1.135 Millions

CAPITAL STRUCTURE

AS ON 31.03.2008

Capital Investment :
Owned :	Rs. 1.135 Millions
Borrowed :	--
Total :	Rs. 1.135 Millions

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2008	31.03.2007
SHAREHOLDERS FUNDS
1] Share Capital		1.135	1.035
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		0.000	0.000
4] (Accumulated Losses)		0.000	0.000
NETWORTH		1.135	1.035
LOAN FUNDS
1] Secured Loans		0.000	0.000
2] Unsecured Loans		1.450	0.450
TOTAL BORROWING		1.450	0.450
DEFERRED TAX LIABILITIES		0.000	0.000
TOTAL		2.585	1.485
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.290	0.290
Capital work-in-progress		0.000	0.000
INVESTMENT		2.020	0.840
DEFERREX TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000
	Sundry Debtors	0.000	0.000
	Cash & Bank Balances	0.274	0.355
	Other Current Assets	0.000	0.000
	Deposits	0.001	0.000
Total Current Assets		0.275	0.355
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	0.000	0.000
	Provisions	0.000	0.000
Total Current Liabilities		0.000	0.000
Net Current Assets		0.275	0.355
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		2.585	1.485

PROFIT & LOSS ACCOUNT

PARTICULARS	31.03.2008
Total Income [Revenue]	0.159
Net Profit/(Loss)	0.159
Total Expenditure [Rs. 50.00]	0.000

KEY RATIOS

PARTICULARS		31.03.2008
PAT / Total Income	(%)	100.00
Net Profit Margin (PBT/Sales)	(%)	100.00
Return on Total Assets (PBT/Total Assets}	(%)	28.14
Return on Investment (ROI) (PBT/Networth)		0.14
Debt Equity Ratio (Total Liability/Networth)		1.28
Current Ratio (Current Asset/Current Liability)		0.00

MS. RONAK KEYUR DHAMSANIA

Passport No.: B3371409

Capital / Loan contribution in the unit : Rs. 0.204 Million

Investment in Business Capital

Name of the Company / firm / concern in which investment is made	Amount invested [Rs in Millions]
Pearl Polyplast	0.204

Total Assets : Rs. 0.204 Million

Net Worth : Rs. 0.204 Million

MR. RASIKBHAI MOHANBHAI PATEL

Investment in Business Capital

Name of the Company / Firm/ Concern in which investment is made	Amount invested [Rs in Millions]
Patel Brothers	1.626

Deposits held with Banks

Name of the Bank	Nature of deposits held	Amount of Deposits [In Millions]
FDR with Corporation Bank	FDR	0.004
Corporation Bank	Saving A/c	0.010

Immovable Properties

Name of the owner	Description of property	Type of property, i.e. whether residential / agricultural / industrial / commercial etc.	Original purchase cost [Rs. In millions]
Self	Flat	Residential	2.385

Government Securities / National Saving Certificates / Shares of listed companies / units Trust of India etc.

Description of security	Face value
PPF A/c	Rs. 0.279 Million

Other Assets

Nature / Details of assets	Market value of assets
Household Furniture	0.058

Total Assets Rs. 4.387 Millions

Borrowing from others

Name of the Lender	Amount borrowed [Rs in Millions]
Mohanlal J. Patel	1.000
Bhavesh B Patel	0.150
Sanjay B. Patel	0.200

Total Liabilities : Rs. 1.350 Millions

Net Worth : Rs. 3.037 Millions

CAPITAL STRUCTURE

AS ON 31.03.2007

Capital Investment :
Owned :	Rs. 3.037 Millions
Borrowed :	--
Total :	Rs. 3.037 Millions

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2007
SHAREHOLDERS FUNDS
1] Share Capital		3.037
2] Share Application Money		0.000
3] Reserves & Surplus		0.000
4] (Accumulated Losses)		0.000
NETWORTH		3.037
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		1.350
TOTAL BORROWING		1.350
DEFERRED TAX LIABILITIES		0.000
TOTAL		4.387
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		2.444
Capital work-in-progress		0.000
INVESTMENT		1.909
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000
	Sundry Debtors	0.000
	Cash & Bank Balances	0.034
	Other Current Assets	0.000
	Deposits	0.000
Total Current Assets		0.034
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	0.000
	Provisions	0.000
Total Current Liabilities		0.000
Net Current Assets		0.034
MISCELLANEOUS EXPENSES		0.000
TOTAL		4.387

KEY RATIOS

PARTICULARS	31.03.2007
Debt Equity Ratio (Total Liability/Networth)	0.44
Current Ratio (Current Asset/Current Liability)	0.00

MR. NITESHKUMAR MOHANBHAI PATEL

Deposits held with Banks

Name of the Bank	Nature of deposits held
FDR with Corporation Bank DRSN/5	0.003
FDR with Corporation Bank DRSN/a	0.043
Corporation Bank A/c	0.010

Immovable Properties

Name of the owner	Description of property	Location	Type of property, i.e. whether residential / agricultural / industrial / commercial etc.	Original purchase cost [Rs. In millions]
Self	Flat	Rajkot	Residential	2.081
	Plot			0.152

Government Securities / National Saving Certificates / Shares of listed companies / units Trust of India etc.

Description of security	Face value
PPF A/c	0.277

Other Assets

Nature / Details of assets	Market value of assets
Household Furniture	0.059

Total Assets Rs. 2.679 Millions

Borrowing from others

Name of the Lender	Amount borrowed [Rs in Millions]
Mohanlal J. Patel	0.500
Bhavesh B Patel	0.200
Sanjay B. Patel	0.150

Total Liabilities : Rs. 1.554 Millions

Net Worth : Rs. 1.125 Millions

CAPITAL STRUCTURE

Capital Investment :
Owned :	Rs. 1.125 Millions
Borrowed :	--
Total :	Rs. 1.125 Millions

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2007
SHAREHOLDERS FUNDS
1] Share Capital		1.125
2] Share Application Money		0.000
3] Reserves & Surplus		0.000
4] (Accumulated Losses)		0.000
NETWORTH		1.125
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		0.850
TOTAL BORROWING		0.850
DEFERRED TAX LIABILITIES		0.000
TOTAL		1.975
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		2.291
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERREX TAX ASSETS		0.324
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000
	Sundry Debtors	0.000
	Cash & Bank Balances	0.064
	Other Current Assets	0.000
	Loans & Advances	0.000
Total Current Assets		0.064
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	0.704
	Provisions	0.000
Total Current Liabilities		0.704
Net Current Assets		[0.640]
MISCELLANEOUS EXPENSES		0.000
TOTAL		1.975

KEY RATIOS

PARTICULARS	31.03.2007
Debt Equity Ratio (Total Liability/Networth)	1.38
Current Ratio (Current Asset/Current Liability)	0.09

MR. GIRISHKUMAR RAVJIBHAI MAKADIA

Capital / Loan contribution in the unit : Rs. 1.047 Million

Investment in Business Capital

Name of the Company / Firm/ Concern in which investment is made	Amount invested [Rs in Millions]
Pearl Polyplast	1.047
Sanket Enterprises	0.357
Khedut Auto Spares	0.003

Deposits held with Banks

Name of the Bank	Nature of deposits held	Amount of Deposits [In Millions]
Corporation Bank	Saving Accounts	0.026

Immovable Properties

Name of the owner	Description of property	Location / Address of property	Type of property, i.e. whether residential / agricultural / industrial / commercial etc.	Original purchase cost [Rs. In millions]
Self	Plot	Om Park – 2	Residential	Rs. 0.096 Millions
Self	Plot	Mahavir Swami Park	--	--

Government Securities / National Saving Certificates / Shares of listed companies / units Trust of India etc.

Description of security	Face value
HDFC Mutual Fund	0.010
ICICI Mutual Fund	0.010
Kotak Mahindra Mutual Fund	0.010
Reliance Long Term Fund	0.010
SBI Mutual Fund	0.010
Tata Indoglobal Fund	0.010
UTI Life Style Fund	0.010

Other Assets

Nature / Details of assets	Market value of assets
Equipment	0.002
Cash on Hand	0.005

Total Assets : Rs. 1.604 Millions

LIABILITIES

Borrowing from others

Name of the Lender	Amount borrowed [Rs in Millions]
Relatives	0.835

Total Liabilities : Rs. 0.835 Million

Net Worth : Rs. 0.769 Million

CAPITAL STRUCTURE

AS ON 31.03.2008

Capital Investment :
Owned :	Rs. 0.769 Million
Borrowed :	--
Total :	Rs. 0.769 Million

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		0.769
2] Share Application Money		0.000
3] Reserves & Surplus		0.000
4] (Accumulated Losses)		0.000
NETWORTH		0.769
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		0.835
TOTAL BORROWING		0.835
DEFERRED TAX LIABILITIES		0.000
TOTAL		1.604
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.098
Capital work-in-progress		0.000
INVESTMENT		0.070
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000
	Sundry Debtors	0.000
	Cash & Bank Balances	0.029
	Other Current Assets	1.407
	Loans & Advances	0.000
Total Current Assets		1.436
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	0.000
	Provisions	0.000
Total Current Liabilities		0.000
Net Current Assets		1.436
MISCELLANEOUS EXPENSES		0.000
TOTAL		1.604

PROFIT & LOSS ACCOUNT

PARTICULARS	31.03.2008
Total Income	0.004
Net Profit/(Loss)	0.003
Total Expenditure	0.001

KEY RATIOS

PARTICULARS		31.03.2008
PAT / Total Income	(%)	75.00
Net Profit Margin (PBT/Sales)	(%)	75.00
Return on Total Assets (PBT/Total Assets}	(%)	0.20
Return on Investment (ROI) (PBT/Networth)		0.00
Debt Equity Ratio (Total Liability/Networth)		1.09
Current Ratio (Current Asset/Current Liability)		0.00

MS. VASANTABEN GIRISHKUMAR MAKADIA [PARTNER]

Capital / Loan contribution in the unit : Rs. 1.047 Millions

Investment in Business Capital

Name of the Company / Firm/ Concern in which investment is made	Amount invested [Rs in Millions]
Pearl Polyplast	1.047
Sanket Enterprises	0.232

Deposits held with Banks

Name of the Bank	Nature of deposits held	Amount of Deposits [In Millions]
Corporation Bank	FDR No. 11/14144	0.025

Deposits held with Companies / Others

Name of the Company	Nature of deposit	Amount of Deposit [Rs in Millions]
Reliance Mutual Fund	Mutual Fund	Rs. 0.030 Millions

Immovable Properties

Name of the owner	Description of property	Location / Address of property	Type of property, i.e. whether residential / agricultural / industrial / commercial etc.	Original purchase cost [Rs. In millions]
Self	Plot	Gitanjali Apartment	Residential	1.176
Self	Plot	Mahavir Swami Park	--	0.032
Self	Plot	Sweetland Park		0.002

Government Securities / National Saving Certificates / Shares of listed companies / units Trust of India etc.

Description of security	Face value
Kishan Vikas Patra	0.068
Post Recurring	0.011
PPF	0.343

Other Assets

Nature / Details of assets	Market value of assets
Equipment	0.003
Cash on Hand	0.003

Total Assets : Rs. 2.990 Millions

LIABILITIES

Borrowing from others

Name of the Lender	Amount borrowed [Rs in Millions]
Relatives	1.288

Total Liabilities : Rs. 1.288 Million

Net Worth : Rs. 1.703 Million

CAPITAL STRUCTURE

AS ON 31.03.2008

Capital Investment :
Owned :	Rs. 1.702 Millions
Borrowed :	--
Total :	Rs. 1.702 Millions

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		1.702
2] Share Application Money		0.000
3] Reserves & Surplus		0.000
4] (Accumulated Losses)		0.000
NETWORTH		1.702
LOAN FUNDS
1] Secured Loans		1.288
2] Unsecured Loans		0.000
TOTAL BORROWING		1.288
DEFERRED TAX LIABILITIES		0.000
TOTAL		2.990
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1.213
Capital work-in-progress		0.000
INVESTMENT		0.477
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000
	Sundry Debtors	0.000
	Cash & Bank Balances	0.020
	Other Current Assets	1.280
	Loans & Advances	0.000
Total Current Assets		1.300
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	0.000
	Provisions	0.000
Total Current Liabilities		0.000
Net Current Assets		1.300
MISCELLANEOUS EXPENSES		0.000
TOTAL		2.990

PROFIT & LOSS ACCOUNT

PARTICULARS	31.03.2008
Total Income	0.073
Net Profit	0.073
Total Expenditure [In Rs. 459.00]	0.000

KEY RATIOS

PARTICULARS		31.03.2008
PAT / Total Income	(%)	100.00
Net Profit Margin (PBT/Sales)	(%)	100.00
Return on Total Assets (PBT/Total Assets}	(%)	5.62
Return on Investment (ROI) (PBT/Networth)		0.04
Debt Equity Ratio (Total Liability/Networth)		0.76
Current Ratio (Current Asset/Current Liability)		0.00

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 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.46.32
UK Pound	1	Rs.83.57
Euro	1	Rs.65.90

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	Unfavourable & favourable factors carry similar weight in credit consideration. 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
NR		In view of the lack of information, we have no basis upon which to recommend credit dealings	No Rating

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