MIRA INFORM REPORT

Report Date :

08.04.2011

IDENTIFICATION DETAILS

Name :	BEST PAPER MILLS PRIVATE LIMITED

Registered Office :	2 Ram Niwas Pranje ‘B’ Scheme, Road 3, Vile Parle (East), Mumbai-400057, Maharashtra

Country :	India

Financials (as on) :	31.03.2010

Date of Incorporation :	26.09.1995

Com. Reg. No.:	11-93122

CIN No.: [Company Identification No.]	U21000MH1995PTC093122

TAN No.: [Tax Deduction & Collection Account No.]	MUMB06421C

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacturer and Importer of Paper

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 1430500

Status :	Satisfactory

Payment Behaviour :	Usually correct

Litigation :	Clear

Comments :	Subject is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal for business dealings 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 – April 1, 2010

Country Name

Previous Rating

(31.12.2009)

Current Rating

(01.04.2010)

India

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INFORMATION PARTED BY

Name :	Mr. Ketan K Shah
Designation :	Director
Date :	06.04.2011

LOCATIONS

Registered Office :	2 Ram Niwas Pranje ‘B’ Scheme, Road 3, Vile Parle (East), Mumbai-400057, Maharashtra, India
Tel. No.:	91-22-26135358
Mobile No. :	91-9712310000 (Mr. Ramesh K. Shah)
Fax No.:	91-22-26135359
E-Mail :	manoj@paper.co.in best_sumariagroup@yahoo.com
Area :	550 sq.ft
Location :	Owned

Factory 1 :	Plot No. 57, FGH/A Ghala, Phase- 1, GIDC Vapi-396195, Gujarat, India
Tel. No.:	91-260-2427265
Fax No.:	91-260-2427266

Factory 2 :	Plot No. 57/FGH/B-2, G.I.D.C, 1^st Phase, Vapi-396195, Gujarat, India
Area :	Total of both Factory 17000 Sq. Meters
Location :	Leased

DIRECTORS

As on 24.07.2010

Name :	Mr. Ramesh K Shah
Designation :	Managing Director
Address :	502, Manav Mandir, Sarvodya Nagar, Jain Road, Mulund (West), Mumbai-400080, Maharashtra, India
Date of Birth/Age :	29.01.1962
Qualification :	B.Com
Date of Appointment :	01.07.2007

Name :	Mr. Ketan K Shah
Designation :	Whole-time-Director
Address :	502, Manav Mandir, Sarvodya Nagar, Jain Road, Mulund (West), Mumbai-400080, Maharashtra, India
Date of Birth/Age :	17.02.1970
Qualification :	B.Com
Date of Appointment :	01.07.2007

Name :	Mr. Manoj S. Rathod
Designation :	Director
Address :	125-B, Tulsiwadi, Matar Pakhadi Road, Mazgaon, Mumbai – 400010, Maharashtra, India
Date of Appointment :	22.12.2009

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 24.07.2010

Names of Shareholders		No. of Shares
Ramesh Shah		170100
Ketan Shah		1309600
Jigna K Shah		25000
Keshav Shah HUF		20000
Keshav Shah		45500
Ketan Shah HUF		17500
Pushpaben Shah		30000
Ramesh Shah (HUF)		1192400
Sumaria Family Trust		1400000
Sheetal Haria		50000
Rohit Plasto Pack Private Limited, Mumbai		3053730
Kantilal L. Haria (HUF)		600
Manish K. Haria		600
Bimal K. Haria		600
Pravinchandra H. Shah		600
Total		7316230

Names of Preferences Shareholders (As on 24.07.2010)		No. of Shares
Sheetal Haria		2441000

Total		2441000

Equity Share Break up as on 30.09.2010

S. No.	Category	Percentage
1	Directors or relatives of Directors	61.40
2	Bodies corporate	38.60

	Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Importer of Paper

Products :

Product Description	ITC Code
Kraft Paper	48.04

Imports :

Products :

Raw Material (Waster Paper)

Countries :

USA
United Kingdom
Gulf Countries
Holland

Terms :

Selling :

L/C, Cash, Credit (30 days, 60 days, 90 days)

Purchasing :

Cash, Credit (30 days, 60 days, 90 days)

PRODUCTION STATUS AS ON 31.03.2009

Particulars

Unit

Licensed

Capacity

Installed

Capacity

Actual Production

M.G. Kraft Paper

108000

83725.776

GENERAL INFORMATION

Customers :

Distributor
End Users
OEM’s

No. of Employees :

225 (Office + Factory )

Bankers :

State Bank of India, Commercial Branch, Paramisiddhi Complex, Elisbridge, Ahmedabad-380006, Gujarat, India
Bank of Maharashtra, Krishna Villa, Mongibhai Road, Vile Parle (E), Mumbai-400057, Maharashtra, India
Central Bank of India, Shyvchhay Compound, Mathuradas, Visanjit Road, Andheri (East), Mumbai-400069, Maharashtra, India
Punjab National Bank, P. N. B House, Sir P.M. Road, Fort Branch, Mumbai-400001, Maharashtra, India
HDFC Bank Limited

Facilities :

Secured Loans	31.03.2010 Rs. in Millions	31.03.2009 Rs. in Millions
From State Bank of India – Ahmedabad (Term Loan)	--	13.731
From State Bank of India – Ahmedabad (Term Loan – III)	18.371	7.238
From State Bank of India – Ahmedabad (Term Loan – Wind Mill)	33.521	41.921
From Bank of Maharashtra – Mumbai (Term Loan) Secured by hypothecation of all movable and immovable assets and equitable mortgage of factory land and building of the company present and future guarantee of some of the directors.	0.000	17.200
From HDFC Bank Car Laon	1.856	2.447
From Bank of Maharashtra (Working Capital)	81.086	57.251
From State Bank of India - Vapi (Working Capital)	25.612	12.067
From State Bank of India – Ahmedabad (Working Capital)	136.997	99.403
From State Bank of India - Mumbai (Working Capital) Secured against hypothecation of book debts, all stock of raw materials, etc and second charge on fixed assets and personal guarantee of some of the directors	10.454	9.916

Total	307.897	261.174

Unsecured Loans
From Director	13.134	13.500
From Shareholders	16.100	16.100
From Friends	27.138	22.838
From Others	72.065	75.999

Total	128.437	128.437


Banking Relations :	--

Auditors :
Name :	Sunderji Gosar and Company Chartered Accountant
Address :	301, Hind Rajasthan Building, 95, Dadasaheb Phalke Raod, Near Dadar Railway Station, Mumbai-400014, Maharashtra, India
Tel. No.:	91-22-24113441

Associates/Subsidiaries :	Best Plastic Private Limited Address: Vile Parle, Mumbai, Maharashtra, India Line of Business: Manufacturer of Plastic Rohit Plastopack Private Limited Address: 2 Ram Niwas Pranje ‘B’ Scheme, Road 3, Vile Parle (East), Mumbai-400057, Maharashtra, India

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs. 10/- each	Rs. 100.000 Millions
2500000	Preferences Shares	Rs. 10 /- each	Rs. 25.000 Millions

	Total		Rs. 125.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
7316230	Equity Shares	Rs. 10/- each	Rs. 73.162 Millions
2441000	Preferences Shares	Rs. 10 /- each	Rs. 24.410 Millions

	Total		Rs. 97.572 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

Expected Sales (2010-2011) : Rs. 2250.000 Millions

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		97.572	97.572	97.572
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		260.053	224.761	189.877
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		357.625	322.333	287.449
LOAN FUNDS
1] Secured Loans		307.898	261.174	208.474
2] Unsecured Loans		128.437	128.437	128.453
TOTAL BORROWING		436.335	389.611	336.927
DEFERRED TAX LIABILITIES		40.073	35.738	28.967

TOTAL		834.033	747.682	653.343

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		335.725	343.641	307.751
Capital work-in-progress		0.000	0.000	0.000

INVESTMENT		35.266	10.084	10.483
DEFERREX TAX ASSETS		0.000	0.000	0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	186.177	160.878	177.985
	Sundry Debtors	355.878	259.046	279.253
	Cash & Bank Balances	24.825	24.505	22.144
	Other Current Assets	16.417	12.169	12.128
	Loans & Advances	124.236	95.142	71.795
Total Current Assets		707.533	551.740	563.305
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	156.701	118.582	200.890
	Current Liabilities	41.992	10.261	9.083
	Provisions	45.798	28.940	18.223
Total Current Liabilities		244.491	157.783	228.196
Net Current Assets		463.042	393.957	335.109

MISCELLANEOUS EXPENSES		0.000	0.000	0.000

TOTAL		834.033	747.682	653.343

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	1914.529	1730.497	1605.967
		Other Income	21.135	21.378	27.945
		TOTAL (A)	1935.664	1751.875	1633.912

Less	EXPENSES
		Material Consumed	1292.906	1171.633	1043.756
		Excise Duty and Cess	74.785	110.272	161.439
		Sales Tax	67.033	61.419	54.311
		Manufacturing Expenses	173.667	141.702	131.607
		Personnel Expenses	24.410	17.475	17.303
		Administrative Expenses	66.510	39.277	38.496
		Selling & Distribution Expenses	94.612	64.625	59.088
		Increase/-Decrease in Stock	(3.596)	2.224	(0.796)
		TOTAL (B)	1790.327	1608.627	1505.204

Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		145.337	143.248	128.708

Less	FINANCIAL EXPENSES (D)		37.788	45.962	36.939

	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		107.549	97.286	91.769

Less/ Add	DEPRECIATION/ AMORTISATION (F)		51.318	43.127	46.206

	PROFIT BEFORE TAX (E-F) (G)		56.231	54.159	45.563

Less	TAX (I)		20.935	19.271	15.303

	PROFIT AFTER TAX (G-I) (J)		35.296	34.888	30.260

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	1.82	1.99	1.85

Net Profit Margin (PBT/Sales)	(%)	2.93	3.12	2.83

Return on Total Assets (PBT/Total Assets}	(%)	5.38	6.04	5.23

Return on Investment (ROI) (PBT/Networth)		0.15	0.16	0.15

Debt Equity Ratio (Total Liability/Networth)		1.90	1.70	1.27

Current Ratio (Current Asset/Current Liability)		2.89	3.50	2.47

LOCAL AGENCY FURTHER INFORMATION

Sundry Creditors Details:

Particulars	31.03.2010 Rs. in Millions	31.03.2009 Rs. in Millions	31.03.2008 Rs. in Millions
Creditors for Capital Goods	1.195	0.134	4.393
For Goods	153.111	117.427	194.535
For Expenses	2.395	1.021	1.962

Performance Review:

The working result for the year has shown marked all around improvement. The sales of the Company have increased to Rs.1914.530 millions compared to Rs.1730.497millions in the previous year, showing the growth of 10.64%. The production of the Kraft Paper during the year under report was 95712.432 Mts. compared to 83725.776 Mts. in the previous year, showing the growth of 14.31%. The Net Profit of Rs.35.293 millions compared to Rs.34.884 millions in the previous year. This has been achieved inspite of stiff competition from well-established players in the industry.

Change of Address:

The Registered Address of the company has been shifted from Haria Centre E/8, Subhash Road, Vile Parle (E), Mumbai – 400057, Maharashtra, India to the present address i.e. 2 Ram Niwas Pranje ‘B’ Scheme, Road 3, Vile Parle (East), Mumbai-400057, Maharashtra, India w.e.f. 01.06.2006.

Fixed Assets:

Land
Boiler
Factory Building
Office Building
Plant and Machinery
ETP
Furniture and Fixtures
Vehicles
Office Equipments
Computer
Stem Turbine
ESP System
Wind Mill

Trade References:

G.P. Harmony Associates – USA
V.G. Recycling and Resources – Holland

Form 8:

Corporate identity number of the company	U21000MH1995PTC093122
Name of the company	BEST PAPER MILLS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	2 Ram Niwas Pranje ‘B’ Scheme, Road 3, Vile Parle (East), Mumbai-400057, Maharashtra, India
This form is for	Creation of charge
Type of charge	Others – Bills
Particular of charge holder	Bank of Maharashtra, Krishna Villa, Mongibhai Road, Vile Parle (E), Mumbai-400057, Maharashtra, India
Nature of instrument creating charge	Composite Deed of Hypotehcation for all facilities FOBN / FOBP B.P. / B.D. Agreement
Date of instrument Creating the charge	28.01.2010
Amount secured by the charge	Rs. 15.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest For Bills for Rs. 0.100 Million and above up to inclusive of Rs. 1.000 Million – 9.50% p.a. For Bills above Rs. 1.000 Million – 9.25% p.a. Terms of Repayment The Borrower shall on demand pay the whole amount due to the Bank with interest and cost Margin Nil Extent and Operation of the charge Security to cover principal amount together with interest, costs, charges and expenses Others Bills Discounting – Rs. 15.000 Millions
Short particulars of the property charged	First and exclusive charge and security by way of hypothecation of present and future bills drawn under irrevocable letter of credit issued by Nationalized Bank / Reputed Foreign Banks / Private Banks.

Name of the company

BEST PAPER MILLS PRIVATE LIMITED

Presented By

Mr. Ketan K Shah (Director)

1) Date and description of instrument creating the change

13.01.2002 (1) Agreement of Book-debts to secure demand overdraft (2) Agreement of Hypothecation- to secure demand letter of credit (3) Agreement of Hypothecation to secure demand cash credit against goods at 1301.2002

(All the above agreement constitute single charge)

2) Amount secured by the charge/amount owing on the securities of charge

Rs. 45.000 Millions

3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given

All the Borrower present and future book debts, outstanding, moneys, receivables, investments, rights and assets (Except property effectively otherwise hypothecation or charged to the Bank)

All tangible movable property such as products stock-in-trade and goods of the borrower which now or hereafter form time to time during the security shall brought in. stored or be in or about the premises, warehouses or any whereelse or godowns of the Borrowers in at Plot No. 57 FJH/A, 1^st Phased, GIDC, Vapi-396195, Gujarat State or any where else.

4) Gist of the terms and conditions and extent and operation of the charge.

To secured due repayment and discharge of loan together with interest as under:

Fund Based Limit:

Nature of Facility	Limits	Security	Margin	ROI/ Commission
Cash credit ( Hypothecation)	200.000	Hypothecation of Raw Meterial SIP, FG, Consumable Stores, Spares, Packing material etc)	25%	PLR + 2.50 = 15.00% p.a. subject to revision as per Central Office Guidelines.
Sub Limit overdraft agnst	[75.00]	Hypothecation of receivables / book debts	50%	PLR + 3.50= 16.00% p.a.
Total	200.00

Letter of Credit (Import/ Inland) DA usance upto 180 dats	250.000	Hypothecation of stocks received under L/C. Doos of title to goods received under L/C	10%	As per the bank’s guidelines
Grand Total	450.00

5) Name and Address and description of the person entitled to the charge.

Central Bank of India, Shyvchhay Compound, Mathuradas, Visanjit Road, Andheri (East), Mumbai-400069, Maharashtra, India

Now in consortium with:

1. Punjab National Bank, P. N. B House, Sir P.M. Road, Fort Branch, Mumbai-400001, Maharashtra, India

2. Bank of Maharashtra, 118/119, Moti Baug, Sankar Jyot Building, S.V Road, Andheri (West), Mumbai-400058, Maharashtra, India

6) Date and brief description of instrument modifying the charge

Memorandum of Entry dated 10.09.2005

7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.

Vide current Forth Modification the company has provided additional security to secure the present financial facility provided by the Central Bank in consortium with Punjab National Bank and Bank of Maharashtra to the company for total Rs. 259.000 Millions

This form is for	Creation of charge
Corporate identity number of the company	U21000MH1995PTC093122
Name of the company	BEST PAPER MILLS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	2 Ram Niwas Pranje ‘B’ Scheme, Road 3, Vile Parle (East), Mumbai-400057, Maharashtra, India
Type of charge	Immovable Property
Particular of charge holder	State Bank of India, Commercial Branch, Paramisiddhi Complex, Elisbridge, Ahmedabad-380006, Gujarat, India
Nature of description of the instrument creating or modifying the charge	Memorandum of Deposit of Title deeds of the immovable properties
Date of instrument Creating the charge	01.03.2008
Amount secured by the charge	Rs. 445.900 Milions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest For SBI TL SBAR + 1.50% Fro SBI WC SBAR + 1.00% For BOM TL BPLR + 0.75% For BOM WC BPLR + 0.75% Terms of Repayment Repayment of TL Rs. 64.500 Millions in 12 equal installments of Rs. 5.100 Millions each and 13^th installments of Rs. 3.300 Millions repayment commencing form December, 2006, for the new term loan of Rs. 30.000 Millions 10 qtly installments of Rs. 2.700 Millions each and 11^th qtly installment of Rs. 3.000 Millions repayment starting form March, 2007. TL BOM of Rs. 36.400 Milions repayable in qtly installments of Rs. 1.800 Millions and TL of Rs. 30.000 Millions repayable in 12 qtly installment of Rs. 2.500 Millions cash credit repayment on demand Margin Term Loan 25% Raw Material 25% Finished goods 25% Receivables ( 90 days) 50% Letter of credit 10% Extent and Operation of the charge Pari passu first charge for the O/s Term Loan of Rs. 94.500 Millions of SBI and Rs. 66.400 Millions of BOM and Second Pari Passu charge for the working capital facilities with SBI Rs. 185.000 Millions and BOM Rs. 100.000 Millions over the properties mortgaged.
Short particulars of the property charged	Flat No. 64/1282 and 64/1283 of GHB at Plot No. H-6 and H-7, GIDC, Vapi Flat No. D-404, Shri Siddhi Co- operative Society, Plot No. 415, GIDC Area, Vapi Taluka – Killa, Pardi, Distric Valsad GIDC Leasehold Plot No. FGH/B-2 located at GIDCm Vapi Freehold land bearing survey No 773/7. 772/7, 772/5, 772/5, 772/4, 772/1, 761/7, 761/8, 761/10, 762/1, 773/2, 772/3, 773/1, 763/34/p, 762/2/p, 763/28, 761/5, 761/11, 761/12, 761/13/p Village Vapit Taluka Killa Pardi, Valsad con. Survey No. 761/5

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.44.22
UK Pound	1	Rs.71.97
Euro	1	Rs.63.23

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		45

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

186.177

160.878

355.878

259.046

24.825

24.505

16.417

12.169

124.236

95.142

707.533

156.701

118.582

41.992

10.261

45.798

28.940

244.491

157.783

463.042

393.957

1.99

3.12

6.04

0.16

1.70

3.50

Unit