MIRA INFORM REPORT

Report Date :

18.06.2011

IDENTIFICATION DETAILS

Name :	SHILP GRAVURES LIMITED
Registered Office :	780-778/6, Pramukh Industrial Estate, Sola – Santej Road, Village: Rakanpur, Kalol, Gandhinagar – 382 721, Gujarat
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	29.10.1993
Com. Reg. No.:	04-20552
Capital Investment / Paid-up Capital :	Rs.61.498 millions
CIN No.: [Company Identification No.]	L27100GJ1993PLC020552
Legal Form :	Public Limited Liability Company. The company’s shares are listed on the Stock Exchanges.
Line of Business :	Manufacturer of Neon Glow Signs
No. of Employees :	400 Approximately

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 1100000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a well 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.

INFORMATION PARTED BY

Name :	Mr. Harvind
Designation :	Accounts Manager
Contact No.:	91-9925204012
Date :	16.06.2011

LOCATIONS

Registered Office/Factory :	780-778/6, Pramukh Industrial Estate, Sola – Santej Road, Village: Rakanpur, Kalol, Gandhinagar – 382 721, Gujarat, India
Tel. No.:	91-2764-286323 / 286324, 286866
Mobile No.:	91-9925204012 (Mr. Harvind)
Fax No.:	91-2764-286335
E-Mail :	admin@shilpgravures.com harvindpanchal@shilpgravures.com
Website :	http://www.shilpgravures.com
Factory 2 :	II/III Floor, Hira House, Near Kalali Crossing, Old Padra Road, Baroda - 390 015, Gujarat, India
Corporate Office :	101, Shri Kashi Parekh Complex, B/h. Bhagwati Chambers, C.G. Road, Navrangpura, Ahmedabad - 380 009, Gujarat, India
Tel. No.:	91-79-2642 1144, 2642 3484
Fax No.:	91-79-2644 3241
E-Mail :	exports@shilpgravures.com sales@shilpgravures.com
Branch Office :	Located at · Mumbai · Delhi · Chennai

DIRECTORS

As on 31.03.2010

Name :	Dr. Baldev V. Patel
Designation :	Chairman
Name :	Mr. Ambar J. Patel
Designation :	Managing Director
Name :	Mr. Roshan H. Shah
Designation :	Whole time Director
Name :	Mr. G. V. Bhavsar
Designation :	Whole time Director (Appointed w.e.f. 08.08.2009)
Name :	Mr. Vithaldas H. Patel
Designation :	Director
Name :	Mr. Shailesh C. Desai
Designation :	Director
Name :	Dr. Navin P. Patel
Designation :	Director
Name :	Mr. Chinubhai R. Shah
Designation :	Director
Name :	Mr. Rajendra S. Shah
Designation :	Director
Name :	Mr. Jainand G. Vyas
Designation :	Director (Appointed w.e.f. 08.08.2009)

KEY EXECUTIVES

Name :	Mr. Atul M. Vinchhi
Designation :	Chief Operating Officer
Name :	Mr. Narendra R. Patil
Designation :	Chief Technical Officer
Name :	Ms. Yoshita S. Vora
Designation :	Company Secretary

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.03.2011

Category of Shareholders	No. of Shares	% of Holdings
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	1,665,211	27.08
Sub Total	1,665,211	27.08
(2) Foreign
Individuals (Non-Residents Individuals / Foreign Individuals)	1,788,840	29.09
Sub Total	1,788,840	29.09
Total shareholding of Promoter and Promoter Group (A)	3,454,051	56.17
(B) Public Shareholding
(1) Institutions
(2) Non-Institutions
Bodies Corporate	140,511	2.28
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 million	1,033,559	16.81
Individual shareholders holding nominal share capital in excess of Rs.0.100 million	1,045,753	17.00
Any Others (Specify)	475,926	7.74
Non Resident Indians	466,926	7.59
Directors & their Relatives & Friends	9,000	0.15
Sub Total	2,695,749	43.83
Total Public shareholding (B)	2,695,749	43.83
Total (A)+(B)	6,149,800	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	-	-
(1) Promoter and Promoter Group	-	-
(2) Public	-	-
Sub Total	-	-
Total (A)+(B)+(C)	6,149,800	-

BUSINESS DETAILS

Line of Business :

Manufacturer of Neon Glow Signs

Products :

Product Description	ITC Code
Gravured Roller	84425003
Engraved Screens	84425003
Ink Proofing Machine	84425003

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

GENERAL INFORMATION

No. of Employees :

400 Approximately

Bankers :

· ABN Amro Bank NV

· The Kalupur Commercial Co-operative Bank Limited

· Standard Chartered Bank

· ICICI Bank

· Axis Bank

· Bank of Baroda

· Citibank N.A.

Facilities :

Secured Loans	As on 31.03.2010 Rs. in millions	As on 31.03.2009 Rs. in millions
Term Loans
From Banks
Foreign Currency Loans	49.392	63.460
Indian Rupee Loans	34.496	25.168
Short Term Working Capital Loans
From Banks	100.693	73.731
Hire Purchase Loans	1.951	4.093
Total	186.532	166.452

Unsecured Loans	As on 31.03.2010 Rs. in millions	As on 31.03.2009 Rs. in millions
Long Term
From Financial Institution	16.687	16.687
Fixed Deposits From Directors	9.805	11.952
Fixed Deposits From Others	32.024	50.919
Inter Corporate Deposits	12.700	10.238
Total	71.216	89.796

Banking Relations :	--
Auditors :
Name :	Deloitte Haskins & Sells Chartered Accountants
Address :	“Heritage”, 3rd Floor, Nr. Gujarat Vidyapeth, Off Ashram Road, Ahmedabad - 380 014, Gujarat, India
Associates/Subsidiaries :	Shilp Altratech Shilp Gravures (taken over w.e.f. 16.04.2009)

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
6500000	Equity Shares	Rs.10/- each	Rs.65.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
6149800	Equity Shares	Rs.10/- each	Rs.61.498 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		61.498	61.498	61.498
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		211.198	168.931	161.526
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		272.696	230.429	223.024
LOAN FUNDS
1] Secured Loans		186.532	166.452	104.616
2] Unsecured Loans		71.216	89.796	36.329
TOTAL BORROWING		257.748	256.248	140.945
DEFERRED TAX LIABILITIES		47.980	46.167	30.387
TOTAL		578.424	532.844	394.356
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		431.941	387.351	267.754
Capital work-in-progress		8.584	4.898	8.145
INVESTMENT		2.878	34.233	11.420
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	50.697	31.752	23.463
	Sundry Debtors	145.698	125.406	113.113
	Cash & Bank Balances	31.849	34.668	17.878
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	18.967	16.261	41.208
Total Current Assets		247.211	208.087	195.662
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	59.976	57.420	49.234
	Other Current Liabilities	36.177	30.565	18.469
	Provisions	16.037	13.740	20.922
Total Current Liabilities		112.190	101.725	88.625
Net Current Assets		135.021	106.362	107.037
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		578.424	532.844	394.356

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Sales and Services	471.281	367.914	340.366
		Other Income	12.320	7.588	1.775
		TOTAL (A)	483.601	375.502	342.141
Less	EXPENSES
		Materials and Manufacturing Expenses	197.911	154.582	122.249
		Employee Emoluments	80.306	64.311	57.348
		Administrative, Selling & Other Expenses	47.385	59.309	32.331
		Increase/(Decrease) in Stock	(0.945)	(5.533)	(1.355)
		TOTAL (B)	324.657	272.669	210.573
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		158.944	102.833	131.568
Less	INTEREST AND FINANCE CHARGES		25.350	23.107	10.983
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		133.594	79.726	120.585
Less/ Add	DEPRECIATION/ AMORTISATION (F)		57.405	44.187	39.634
	PROFIT BEFORE TAX (E-F) (G)		76.189	35.539	80.951
Less	TAX (H)		24.929	24.775	20.348
	PROFIT AFTER TAX (G-H) (I)		51.260	10.764	60.603
Add/(Less)	PRIOR PERIOD ADJUSTMENTS		0.000	3.836	(0.865)
	PROFIT AFTER TAX AND PRIOR PERIOD ADJUSTMENTS		51.260	14.600	59.738
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		102.431	96.029	66.400
Less	APPROPRIATIONS
		Transfer to General Reserve	5.126	1.003	15.000
		Proposed Dividend	7.687	6.150	12.914
		Tax on Proposed Dividend	1.306	1.045	2.195
	BALANCE CARRIED TO THE B/S		139.572	102.431	96.029
	EARNINGS IN FOREIGN CURRENCY
		F.O.B. Value – Sales	4.474	2.841	3.162
		Trading Sales	0.000	2.087	1.277
	TOTAL EARNINGS		4.474	4.928	4.439
	IMPORTS
		Capital Goods	35.765	94.944	50.222
		Raw Material	61.480	35.099	26.843
		Trading	3.451	2.339	1.320
		Stores, Spares & Components	11.731	8.637	8.954
	TOTAL IMPORTS		112.427	141.019	87.339
	Earnings Per Share (Rs.)		8.34	2.37	9.71

QUARTERLY RESULTS

PARTICULARS	30.06.2010	30.09.2010	31.12.2010	31.03.2011
Type	1^st Quarter	2^nd Quarter	3^rd Quarter	4^th Quarter
Net Sales	120.300	123.680	127.450	135.960
Total Expenditure	89.490	88.720	99.950	99.290
PBIDT (Excl OI)	30.810	34.960	27.500	36.670
Other Income	1.850	0.300	0.020	0.240
Operating Profit	32.660	35.260	27.540	36.910
Interest	5.870	6.970	3.110	6.570
Exceptional Items	0.000	0.000	0.000	0.000
PBDT	26.790	28.290	24.430	30.340
Depreciation	14.070	14.350	19.280	15.510
Profit Before Tax	12.720	13.940	5.150	14.830
Tax	2.970	1.920	(0.470)	8.810
Provisions and contingencies	0.000	0.000	0.000	0.000
Profit After Tax	9.750	12.020	5.620	6.020
Extraordinary Items	0.000	0.000	0.000	0.000
Prior Period Expenses	0.000	0.000	0.000	0.000
Other Adjustments	0.000	0.000	0.000	0.000
Net Profit	9.750	12.020	5.620	6.020

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	10.60	2.87	17.71
Net Profit Margin (PBT/Sales)	(%)	16.17	9.66	23.78
Return on Total Assets (PBT/Total Assets}	(%)	11.22	5.97	17.47
Return on Investment (ROI) (PBT/Networth)		0.28	0.15	0.36
Debt Equity Ratio (Total Liability/Networth)		1.36	1.56	1.03
Current Ratio (Current Asset/Current Liability)		2.20	2.05	2.21

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS

Particulars	31.03.2010 (Rs. in millions)	31.03.2009 (Rs. in millions)	31.03.2008 (Rs. in millions)
Sundry Creditors	59.976	57.420	49.234

BUSINESS OVERVIEW AND OPERATIONS:

The Company's total revenues have increased from Rs.367.914 millions to Rs.471.281 millions recording growth of 28.00%. The Company's EBDITA increased from Rs.102.833 millions to Rs.158.944 millions and PAT increased from Rs.14.600 millions to Rs.51.260 millions recording increase of 351.00%. During the year Company has provided Foreign Exchange gain of Rs.9.148 millions in the Profit and Loss Account as per the Accounting Standard AS-11 of the ICAI. Interest cost has marginally gone up from Rs.23.107 millions to Rs.25.350 millions. Depreciation has increased from Rs.44.187 millions to Rs.57.405 millions. During the year the demand has improved after the recession. The investments have started contributing to the top line growth. They have strengthened the infrastructure facilities and financial support which has helped the company in servicing the customers and clients by delivering quality products. The Company has carved a niche in the market and has stayed ahead in the Competition.

During the year, a fire took place in the Company's factory premises at Rakanpur, resulting in partial destruction of stock, consumables, plant and machinery and building. The Company has lodged a claim with the insurance company and the surveyor's report assessing the loss is awaited.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

ECONOMY OVERVIEW:

The financial crisis that shook the pillars of world economy is on the path of recovery. Global growth, after experiencing a sharp downturn in 2008-2009, has catapulted back to recovery phase with the global trade gradually picking up. In the wake of such recovery, prospects of developing countries are for robust recovery in the times ahead. India, over a period of the year has posted significant recovery in terms of growth figures. GDP growth rate is around 7.2% for the year 2009-2010. Manufacturing sector registered a growth of 3.2% in 2008-2009 to 8.9% in 2009-2010. The Gravure industry in which Company operates, shall continue to grow at a steady pace since the basic needs of packaging shall remain.

INDUSTRY STRUCTURE AND DEVELOPMENTS:

The Gravure Industry has been continuously growing and showing an upward trend since the company began its operations in 1995. Today the Company serves various segments of gravure industry such as flexible packaging, PVC flooring, artificial leather, specialty coating, etc. The Company has state of the art latest technologies and facilities to keep pace with the emerging trends in the market.

The Company's acquisitions of Flexo Division at Vadodara and setting up of Laser Technology has enhanced the capabilities and strengthened the position in the market. The laser technology has capability to cater to specialty applications like embossing which will be import substitute to many industries. They have developed designs for embossing in glass, paperboard, leather, etc. The designs have been commercially accepted and market response for the same has been overwhelming. We have also been able to develop ceramic anilox rollers for flexography industry too.

OUTLOOK:

The Company, keeping pace with overall gravure market has grown significantly. The Management expects to continue this trend in the years to come, subject to favorable market conditions, and stable economic policies.

AUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED ON 31ST MARCH, 2011 (Rs. in Millions)

Particulars	Quarter Ended AS on 31.03.2011 Audited	Year Ended AS on 31.03.2011 Audited
1. a. Net Sales / Income from operations	136.501	499.905
b. Other Operating Income	(0.537)	5.413
Total Income	135.964	505.318
2. Total expenditure
a. Decrease / ( Increase ) in stock in trade and work in progress	3.695	0.558
b. Consumption of Raw materials	52.570	195.050
c. Purchase of Traded Goods	1.825	5.987
d. Employee costs	21.048	84.836
e. Depreciation	15.510	63.204
f. Other Expenditure	20.153	88.355
g. Total	114.801	437.990
3. Profit / (loss) from Operations before Other Income, Interest and Exceptional Items (1-2)	21.163	67.328
4. Other income	0.240	2.408
5. Profit / (loss) before Interest and Exceptional Items (3+4)	21.403	69.736
6. Interest	6.573	23.141
7. Profit/ (loss) after Interest but before Exceptional Items (5-6)	14.830	46.595
8. Exceptional items	--	--
9. Profit / ( loss ) from Ordinary Activities before tax (7+8)	14.830	46.595
10. Tax Expense
a. Current Taxes	9.458	17.158
b. Deferred Tax Liability / (Asset)	(0.650)	(3.938)
11. Net profit / ( loss ) from ordinary activities after tax (9-10)	6.022	33.375
12. Extraordinary Item
	6.022	33.375
13. Net Profit/ (Loss) for the period (11-12)
	61.498	61.498
14. Paid up Equity share capital ( Rs 10 / each )
15. Reserve excluding Revaluation Reserves as per balance sheet of previous accounting year		235.639
16. Earnings Per Share (EPS)
a) a) Basic & Diluted EPS before Extraordinary items for the period, for the year to date and for the previous year (not annualized)	0.98	5.43
b) Basic and Diluted EPS after Extraordinary items for the period, for the year to date & for the previous year (not annualized)	0.98	5.43
17. Public Shareholding
- No. of shares	2695850	2695850
- Percentage of shareholding	43.84%	43.84%
18. Promoters and promoter group
Shareholding
a) Pledged/Encumbered	--	--
- Number of shares
- Percentage of shares (as a % of the total shareholding of promoter & promoter group)	NIL	NIL
- Percentage of shares (as a % of the total share capital of the company	NIL	NIL
b) Non-encumbered
- Number of shares	3453950	3453950
- Percentage of shares (as a % of the total shareholding of promoter & promoter group)	100.00%	100.00%
- Percentage of shares (as a % of the total share capital of the company	56.16%	56.16%

Notes :

1. The above results were reviewed by the Audit Committee and approved by the Board of Directors at their meeting held on 14th May, 2011.

2. Details of Shareholder's grievances for the quarter ended on 31.03.2011; Beginning - Nil, Received - 1, Redressed - 1, Pending Disposal - Nil.

3. The Board of Directors has recommended dividend of Rs.1.25 per share for the year 2010-11.(Dividend 12.50%)

AUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED ON 31ST MARCH, 2011 (Rs. in Millions)

Particulars	Quarter Ended AS on 31.03.2011 Audited	Year Ended AS on 31.03.2011 Audited
1. SEGMENT REVENUE :
a) Gravure Rollers	117.830	425.490
b)Wind Energy	2.110	6.555
c) Others	18.672	74.415
Total	138.612	506.460
Less: Inter segment Revenue	2.110	6.555
Net Sales / Income From Operations	136.502	499.905
2. SEGMENT RESULTS (Profit before tax, interest and exceptional item from each segment)
a) Gravure Rollers	19.410	58.831
b)Wind Energy	1.623	4.529
c) Others	0.370	6.376
Total	21.403	69.736
Less:
Interest	6.573	23.141
Total Profit Before Tax	14.830	46.595
3. Capital Employed (SegmentAssets Less Segment Liabilites)
a) Gravure Rollers	269.757	269.757
b)Wind Energy	29.748	29.748
c) Others	41.674	41.674
Total Capital Employed	341.179	341.179

FIXED ASSETS

· Land

· Buildings

· Plant and Machinery

· Electrical Installations

· Furniture and Fixtures

· Office Equipments and Computers

· Vehicles

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.44.93
UK Pound	1	Rs.72.43
Euro	1	Rs.63.62

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	YES
--LISTED	YES/NO	YES
--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.