MIRA INFORM REPORT

Report Date :

26.02.2011

IDENTIFICATION DETAILS

Name :	JALARAM CERAMICS LIMITED
Registered Office :	511-512, “Siromani”, 5^th Floor, Opposite Ocean Park, S.M. Road, Near Nehru Nagar Circle, Ahmedabad – 380015, Gujarat
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	17.02.1995
Com. Reg. No.:	04-024696
CIN No.: [Company Identification No.]	U26913GJ1995PLC024696
TAN No.: [Tax Deduction & Collection Account No.]	AHMJ00101D
PAN No.: [Permanent Account No.]	AAACJ4876E
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Ceramic Wall, Floor and Vitrified Floor Tiles.

RATING & COMMENTS

MIRA’s Rating :

B (28)

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

Maximum Credit Limit :	USD 940000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. The company incurred some losses in the current year. However, trade relations are fair. Business is active. Payments are reported to be slow but correct. The company can be considered for small to mediocre 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	A1	A1

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

INFORMATION DECLINED BY

Management Non co-operative.

INFORMATION PARTED BY

Name :	Mr. G. B. Thakkar
Designation :	Director
Contact No.:	91-9824600272
Date :	03.03.2010

LOCATIONS

Registered Office :	511-512, “Siromani”, 5^th Floor, Opposite Ocean Park, S.M. Road, Near Nehru Nagar Circle, Ahmedabad – 380015, Gujarat, India
Tel. No.:	91-2764-281029/ 281216/ 32997949/ 32443838
Fax No.:	91-2764-281489/ 3006174
E-Mail :	jclindia@yahoo.com jalaramceramics@yahoo.com jalaramcera@gmail.com
Website :	www.granmarbo.com
Factory 1 :	Block No. 184, 185, 186, Near Khatraj Char Rasta, Village: Karoli, Ta. Kalol, Dist. Gandhinagar, Gujarat, India d
Tel No.:	91-2764-281216/ 281217/ 281511
Fax No.:	91-2764-281029
Branches:	Located at: · Mumbai · Delhi · Bangalore · Chennai

DIRECTORS

As on 30.09.2010

Name :	Mr. Bhailalbhai P. Thakkar
Designation :	Managing Director
Address :	21, Yogeshwar Nagar Co-Op. Society, Opp. Dharnidhar Derasar, Ellisbridge, Vasna, Ahmedabad – 380007, Gujarat, India
Date of Appointment :	31.07.1995
Name :	Mr. Ghanshyam B. Thakkar
Designation :	Whole Time Director
Address :	15-A, New jayambe Co.Op. H. Society Limited, Zanzar Bunglow, B odekdev, Ahmedabad, Gujarat, India
Date of Appointment :	17.02.1995
Name :	Mr. Girishbhai Thakkar
Designation :	Whole Time Director
Address :	6, Avani Row House, B/H. Satellite Tower, Nr. Satelitte Complex, Ahmedabad, Gujarat, India
Date of Appointment :	17.02.1995
Name :	Mr. Mukesh Thakkar
Designation :	Whole Time Director
Address :	15/B, New Jayambe Co-Op. H. Soc. Limited, Zanzar Bunglow, Bodekedv, Ahmedabad – 380052, Gujarat, India
Date of Appointment :	31.07.1995
Name :	Mr. Ratilal Akhani
Designation :	Director
Address :	41, Uganda Park Society, Opposite Row House, Memnagar, Ahmedabad-380052, Gujarat, India

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2010

Names of Shareholders	No. of Shares
Bhupendrabhai B Thakkar	1258700
Girishbhai B Thakkar	1301800
Ghanshyambhai B Thakkar	1175100
Mukeshbhai B Thakar	1081550
Vijaybhai B Thakkar	622550
Bhilabhai P Thakkar	1334200
Indumativben B Thakkar	215800
Bhanumati Ben B Thakkar	251800
Kusumben G Thakkar	299950
Shilpaben G Thakkar	377350
Meeraben V Thakkar	739750
Vandanaben M Thakkar	390250
Bhupendrabhai B Thakkar (HUF)	116800
Girishbhai B Thakkar (HUF)	25400
Ghanshyambhai B Thakkar (HUF)	73650
Mukeshbhai B Thakkar (HUF)	155050
Vijaybhai B Thakkar (HUF)	264300
Bhailalbhaiu P Thakkar (HUF)	76000
Vitale Bio Science Limited, Gujarat, India	26000
Sheetal Bio Agro Tech Limited, Gujarat, India	20000
Sarang Chemicals Limited, Gujarat, India	30000
Pionner Mercantle Limited, Gujarat, India	14000
Arihant Castor Exports Limited, Gujarat, India	20000
Subh Labh Mercantile Private Limited, Gujarat, India	16000
Maple Dealer Private Limited, West Bengal, India	10000
Onkar Tieup Private Limited, West Bengal, India	10000
Ganga Marketing Private Limited, West Bengal, India	16000
Amar Commercial Private Limited, West Bengal, India	20000
Neelkamal Tradelink Private Limited, West Bengal, India	12000
Glamour Dealer Private Limited, West Bengal, India	6000
Total	9960000

Equity Share Breakup (Percentage of Total Equity)

AS ON 30.09.2010

Category		Percentage of Holding
Bodies Corporate (not mentioned above)		2.00
Directors or relatives of directors		98.00
	Total	100.00

List of Allotment of Equity Shares as on 02.01.2010

Names of Alottee	No. of Shares
Vitale Bio Science Limited	26000
Sheetal Bio Agro Tech Limited	20000
Sarang Chemicals Limited	30000
Pioneer Mercantile Limited	14000
Arihant Castor Exports Limited	20000
Subh Labh Mercantile Private Limited	16000
Maple Dealer Private Limited	10000
Onkar Tieup Private Limited	10000
Ganga marketing Private Limited	16000
Amar Commercial Private Limited	20000
Neelkamal Tradelink Private Limited	12000
Glamour Dealer Private Limited	6000
Total	200000

BUSINESS DETAILS

Line of Business :

Manufacturer of Ceramic Wall, Floor and Vitrified Floor Tiles.

Products :

Item Code Number	Product Description
690810.02	Ceramic Glaze Tiles

PRODUCTION STATUS as on 31.03.2010

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Ceramic Glazed / Vitrified Tiles	MT	N.A	79000	70615

GENERAL INFORMATION

Customers :

• Wholesalers
• Retailers

No. of Employees :

Approximately 100 (in office 35, in factory 65)

Bankers :

• Union Bank of India, Bapunagar Branch, India Colony , Bapunagar, Ahmedabad - 380024, Gujarat, India
• Union Bank of India, Vastrapur Branch, Near Pollytechnic, Ambawadi, Ahmedabad-3800015, Gujarat, India
• Punjab National Bank

Facilities :

Secured Loans	31.03.2010 Rs. In Millions	31.03.2009 Rs. In Millions
Term Loans	115.130	172.781
Cash Credit Facility (Secured by hypothecation of inventory and book debts and first charge over fixed assets of the company (Excei) Windmill ) and personal guarantee of directors of the company)	158.784	144.781
From Punjab National Bank
Term Loan (Against Wind Mill) (Secured by hypothecation of plant and equitable mortgage over immovable assets of wind mill project and personal guarantee of directors of the company.)	10.380	31.766
Term loan from banks (Against vehicle)	1.407	3.183
Total	285.701	352.511

Unsecured Loans	31.03.2010 Rs. In Millions	31.03.2009 Rs. In Millions
From Directors	48.637	48.785
From Shareholders and Relatives	88.321	72.195
Total	136.958	120.980

Banking Relations :	--
Auditors :
Name :	Shah Kantilal And Company Chartered Accountant
Address :	804, Sarap, Opp. Navjivan Press, Near Gujarat Vidhapith Ashram Road, Ahmedabad – 380014, Gujarat, India
Tel No.:	91-79-27543499/ 30082644
Fax No.:	91-79-27541469
E mail:	jkshahca@yahoo.com kmshaha_ca@hotmail.com

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

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
9960000	Equity Shares	Rs. 10/- each	Rs. 99.600 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		99.600	97.600	97.600
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		136.346	121.555	118.493
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		235.946	219.155	216.093
LOAN FUNDS
1] Secured Loans		285.701	352.511	319.980
2] Unsecured Loans		136.958	120.981	106.991
TOTAL BORROWING		422.659	473.492	426.971
DEFERRED TAX LIABILITIES		6.867	21.418	19.435
TOTAL		665.472	714.065	662.499
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		337.280	379.954	290.796
Capital work-in-progress		8.639	1.360	129.502
INVESTMENT		0.025	0.025	0.025
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	224.672	233.279	167.011
	Sundry Debtors	163.380	157.007	113.007
	Cash & Bank Balances	19.405	25.626	29.647
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	33.323	44.940	55.492
Total Current Assets		440.780	460.852	365.157
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	107.404	115.450	94.014
	Other Current Liabilities	11.972	10.838	21.584
	Provisions	1.876	1.838	7.383
Total Current Liabilities		121.252	128.126	122.981
Net Current Assets		319.528	332.726	242.176
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		665.472	714.064	662.499

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	704.873	768.075	691.678
		Other Income	1.591	1.683	1.294
		Power Generation from Wind Mill	23.638	24.312	18.326
		TOTAL (A)	730.102	794.070	711.298
Less	EXPENSES
		Raw Material Consumed	245.108	257.458	234.768
		Manufacturing and Other Expenses	337.779	332.383	261.308
		Administrative, Selling and Other Expenses	81.612	135.025	121.983
		Increase/(Decrease) in Finished Goods	(15.179)	(58.105)	(13.783)
		TOTAL (B)	649.320	666.761	604.275
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		80.782	127.299	107.022
Less	FINANCIAL EXPENSES (D)		45.559	48.537	33.421
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		35.223	78.762	73.601
Less/ Add	DEPRECIATION/ AMORTISATION (F)		82.983	72.428	64.949
	PROFIT BEFORE TAX (E-F) (G)		(47.760)	6.334	8.652
Less	TAX (H)		(14.551)	3.273	4.214
	PROFIT AFTER TAX (G-H) (I)		(33.209)	3.061	4.438
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		88.355	85.293	80.855
	BALANCE CARRIED TO THE B/S		55.146	85.354	85.293
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	0.837	0.377	Nil
	TOTAL EARNINGS		0.837	0.377	Nil
	IMPORTS
		Raw Materials	4.354	36.877	(33.125)
		Stores & Spares	25.341	26.555	24.911
		Capital Goods	15.427	4.971	(109.222)
		Others	0.000	0.000	(0.041)
	TOTAL IMPORTS		45.122	68.403	(117.477)
	Earnings Per Share (Rs.)		(3.39)	0.31	0.45

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	(4.55)	0.38	0.62
Net Profit Margin (PBT/Sales)	(%)	(6.78)	0.82	1.25
Return on Total Assets (PBT/Total Assets}	(%)	((6.14)	0.75	1.31
Return on Investment (ROI) (PBT/Networth)		(0.20)	0.02	0.04
Debt Equity Ratio (Total Liability/Networth)		2.31	2.74	2.54
Current Ratio (Current Asset/Current Liability)		3.64	3.59	2.96

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS

Rs. In Millions

Particulars	31.03.2010	31.03.2009	31.03.2008
Sundry Creditors For Goods	44.639	57.234	40.700
Sundry Creditors For Expenses	62.765	58.216	53.314
Total	107.404	115.450	94.014

Note:

The Registered office of the company has been shifted from Nr Union Bank Of Indiaopp India Colony Bagar, Ahmedabad – 380024, Gujarat, India to present address 10.08.2009

OPERATION

The company has achieved a sales turnover of Rs.745.281 Millions as compared to previous year Rs. 852.174 Millions. During the year under consideration, the Company has made net loss after tax of Rs. 33.209 millions as compared to previous year Rs. 3.061 millions.

FINANCING OF PROJECT

The Company has invested Rs.40.959 millions to expand the existing plant and increased production capacity to cater the demand in the domestic as well as foreign market.

Trade References

• Nagarjuna Constructions, Bangalore

Bankers Charges Report as per Registry

Corporate identity number of the company	U26913GJ1995PLC024696
Name of the company	JALARAM CERAMICS LIMITED
Address of the registered office or of the principal place of business in India of the company	511-512, “Siromani”, 5^th Floor, Opposite Ocean Park, S.M. Road, Near Nehru Nagar Circle, Ahmedabad – 380015, Gujarat, India
This form is for	Creation of Charge
Type of charge	Book Debts Movable Property
Particular of charge holder	Union Bank of India, Vastrapur Branch, Near Pollytechnic, Ambawadi, Ahmedabad-3800015, Gujarat, India
Nature of instrument creating charge	Hypothecation Agreement of Goods and Debts
Date of instrument Creating the charge	27.10.2010
Amount secured by the charge	Rs. 20.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest 14.25% p.a. with monthly rests or at such other revised rate/s as may e prescribe din the bank time to time Terms of Repayment 3 Months Margin Stock- 25% Book Debts- 50% Extent and Operation of the charge Charge operates as a first charge on companies moveable property and book debt to secure adhoc cash credit facility aggregating to Rs. 20.000 Millions
Short particulars of the property charged	Stock of Raw Materials and Finished Good and Ceramics, Wall, Flow, Vitrified Tiles Hypothecation of Book Debts

This form is for

Modification of charge

Charge identification number of the modified

90102720

Corporate identity number of the company

U26913GJ1995PLC024696

Name of the company

JALARAM CERAMICS LIMITED

Address of the registered office or of the principal place of business in India of the company

Nr Union Bank Of Indiaopp India Colony Bagar, Ahmedabad – 380024, Gujarat, India

Type of charge

Immovable Property

Particular of charge holder

Name :	Union Bank of India
Address :	Bapunagar Branch, India Colony , Bapunagar, Ahmedabad - 380024, Gujarat, India
Email :	cbsbapunagar@unionbankofindia.com

Nature of description of the instrument creating or modifying the charge

Supplemental Memorandum of Deposit of Title Deeds

Date of instrument Creating the charge

23.12.2008

Amount secured by the charge

Rs. 3871.000 Millions

Brief particulars of the principal terms an conditions and extent and operation of the charge

Terms of Repayment

Cash credit: Amount Repayable on Demand.

Term Laon I: To be repayable in 20 Quarterly installments.

Term Loan III: To be repayable in 12 Quarterly installments.

Term Loan IV: To be repayable in 7 Years with equal quarterly installments with moratorium of six months from the date of First disbursement.

Extent and Operation of the charge

Charge operate as a first charge on company's immovable properties more particularly described in Sr.. No.14 of Form No. 8, to secure Various existing as well as enhanced fund based and non fund based limits aggregating to Rs.387.100 Millions granted to Jalaram Ceramics Limited.

Short particulars of the property charged

(1) The Whole of the Immovable properties of the Company situate ,lying and being at

1.) Block No.184 Admeasuring 6520 Sq.mtrs

2.) Block No.185 Admeasuring 17382 Sq.mtrs

3.) Block No.186 Admeasuring 3314 Sq.mtrs

4.) Block No.183 Admeasuring 7487 Sq.mtrs.

5)Block No.149 Admeasuring 19122 Sq.mtrs. to gather with Building and other structures standing thereon , of mouje Karoli, Taluka Kalol, Dist. Gandhinagar.

Date of latest modification prior to the present modification

21.08.2007

Particulars of the present modification

By this supplemental Memorandum of Deposit Of title Deeds Dated 23.12.2008 ,The charge created on immovable property , shall be further extended and shall also be continuing security to secure the further aggregating limit of Rs.387.100 millions together with interest ,additional interest ,penal interest , commission ,premia on pre-payment ,costs , charges ,expenses and all other monies payable by the borrowers of the bank and Details of the limits are given in Annexure B.

Fixed Assets

• Land
• Factory Building
• Office Building
• Tubewell
• Plant and Machinery
• Furniture
• Office Equipments
• Vehicles
• Gas generator
• Wind Mill
• Trademark

AS PER WEBSITE

Profile:

Subject is a manufacturer of Ceramic Wall, Floor and Vitrified Floor Tiles in India, having successful track record of over two decades to its credit, employing the latest International Technology and Fully Automated, Single Fired State-of-Art plant and Machinery from SECMI, BandT, WELCO, SIMEC and TECHNOFARRARI and Material Handling Systems from AGV (Auto guide Vehicles) of Italy offering world class Ceramic, Porcelain and Vitrified Tiles of Unmatched Quality.

Since it's inception in 1990, quality without compromise has been the watchword. JALARAM also introduces for the first time in India, FIFTY HEAD POLISHING MACHINE from SIMEC with SQUARING of tiles to Perfect Size along with WELCO DOUBLE CYLINDER/PISTON PRESS to ensure International Quality Standards

At JCL, "Quality" is not just a statement but also the way of life. With the expansion plans they have added technological excellence to the credit by establishing various tiles Plants with increased capacities, having complete range of Ceramics, Porcilina, Vitrified, Elevation, Wall and Heavy Duty Tiles. They manufacture the tiles under ISO 9001:2000 quality control systems to make each tile meet the international standards.

Needless to say, to deliver what they commit, they use the best combination of high quality, high grade raw material imported from the best sources world over.

The company's culture has become so pervading that it has become ingrained in every aspect of JCL's ethos and has resolutely and aggressively paved the way in to the future. A full-fledged team of dedicated professionals qualified, versatile and committed supports its exacting standards of excellence.

With ongoing training, R and D and human resource development, the company continuously strives to bring International Quality Consistently surpassing itself and always reaching a higher peak. THEY BELIEVE IN INTEGRITY Integrity in business means honestly caring about giving customers the best of Product Quality, Value for Money and Service. FOCUS, SYNERGY AND COMMITMENT HAS BEEN THE INSPIRATION AND THE DRIVING FORCE IN JCL's RELENTLESS MARCH.

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.45.37
UK Pound	1	Rs.73.25
Euro	1	Rs.62.68

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	2
--RESERVES	1~10	3
--CREDIT LINES	1~10	1
--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		28

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.