MIRA INFORM REPORT

Report Date :

07.11.2011

IDENTIFICATION DETAILS

Name :	OSWAL EXTRUSION LIMITED
Registered Office :	H.B. Jirawala House, 13, Navbharat Society, Opposite Panchsheel Bus Stop, Usmanpura, Ahmedabad – 380 013, Gujarat
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	31.12.2004
Com. Reg. No.:	04-45239
Capital Investment / Paid-up Capital :	Rs.8.782 Millions
CIN No.: [Company Identification No.]	U25200GJ2004PLC045239
TAN No.: [Tax Deduction & Collection Account No.]	AHMO00467F
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Woven Products.
No. of Employees :	100 (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 950000
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 dealing at usual trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
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

Name :	Ms. Munmun
Designation :	Company Secretary
Date :	05.11.2011

LOCATIONS

Registered Office :	H.B. Jirawala House, 13, Navbharat Society, Opposite Panchsheel Bus Stop, Usmanpura, Ahmedabad – 380 013, Gujarat, India
Tel. No.:	91-79-27550764 / 27561000
Mobile No.:	91-9825912345 (Mr. Siddhart S. Parekh)
Fax No.:	91-79-27551764
E-Mail :	info@champalalgroup.com cs@champalalgroup.com chetan@champalalgroup.com
Website :	http://www.champalalgroup.com
Area:	10000 sq. ft.
Location :	Owned
Factory 1:	Plot No. 73/74/75, A and 82-A, Sector 2, Kandal Special Economic Mic Zone, Sector 2, Gabdhidham, Kutch – 370 230, Gujarat, India
Tel. No.:	91-2836-236872 / 253289
Fax No.:	91-2836-236872 / 253433
Area:	10000 sq. ft.
Location :	Rented
Factory 2 :	Plot No: 828, Ambica Industrial Estate, Near Kothari Weigh Bridge, Village Santej – 382 721, Taluka Kalol, District Gandhinagar, Gujarat, India
Factory 3:	Survey No. 317, Nani Chiraj – 370 140, Kutch, Gujarat, India
Factory 4 :	Survey No. 1551, Village Rajpur, Kadi - 38, Gujarat, India

DIRECTORS

As on 18.09.2010

Name :

Mr. Chetan Shantilal Parekh

Designation :

Director

Address :

Plot No. 183, Sector - 4, Gandhidham – 370 201, Gujarat, India

Date of Birth/Age :

30.01.1982

Date of Appointment :

30.09.2005

DIN No.:

00159465

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U01110GJ1995PTC027910	YMP Machineries Private Limited	Director	21-04-04	21-04-04	-	Active	NO
2	U25200GJ2004PLC045239	Oswal Extrusion Limited	Whole-time director	01-04-10	27-01-05	-	Active	NO
3	U45201GJ2008PLC053258	Plastene Infrastructure Limited	Director	14-03-08	14-03-08	-	Active	NO
4	U25200GJ2009PLC058586	Plastene Polyfilms Limited	Director	16-11-09	16-11-09	26-04-10	Active	NO
5	U25200MP2010PTC023141	K. P. Woven Private Limited	Director	02-03-10	02-03-10	-	Active	NO
6	U25190GJ2011PLC063719	Plastene Flexibles Limited	Director	19-01-11	19-01-11	-	Active	NO

Name :

Mr. Ranjan Karunakar Samantaray

Designation :

Director

Address :

Plot No. 119, Ward No. 10/B/C, Vidyanagar, Opposite, IFFCO Udaynagar Colony, Gandhidham – 370 201, Gujarat, India

Date of Birth/Age :

20.06.1970

Date of Appointment :

30.09.2005

DIN No.:

01684974

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U25200GJ2004PLC045239	Oswal Extrusion Limited	Director	27-01-05	27-01-05	Active	NO

Name :

Mr. Siddharth Shantilal Parekh

Designation :

Director

Address :

B-183, Sector - 4, Gandhidham - 370 201, Gujarat, India

Date of Birth/Age :

07.06.1984

Date of Appointment :

07.09.2007

DIN No.:

01688066

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U25200GJ2004PLC045239	Oswal Extrusion Limited	Whole-time director	01-04-10	07-09-07	-	Active	NO
2	U45201GJ2008PLC053258	Plastene Infrastructure Limited	Director	14-03-08	14-03-08	-	Active	NO
3	U25200GJ2009PLC058586	Plastene Polyfilms Limited	Director	16-11-09	16-11-09	26-04-10	Active	NO
4	U25200MP2010PTC023141	K. P. Woven Private Limited	Director	02-03-10	02-03-10	-	Active	NO
5	U25190GJ2011PLC063719	Plastene Flexibles Limited	Director	19-01-11	19-01-11	-	Active	NO

Name :

Mr. Parvesh Chander Chamanlal Suri

Designation :

Additional Director

Address :

A-3, Navroj Apartments, Dafnala Shahibaug, Ahmedabad – 380 004, Gujarat, India

Date of Birth/Age :

31.12.1942

Date of Appointment :

25.01.2011

DIN No.:

01861687

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U25209GJ1998PLC034861	Plastene India Limited	Director	30-09-08	12-11-07	Active	NO
2	U25200GJ2004PLC045239	Oswal Extrusion Limited	Director	29-08-11	25-01-11	Active	NO

KEY EXECUTIVES

Name :	Ms. Munmun
Designation :	Company Secretary

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 18.09.2010

Names of Shareholders	No. of Shares
Plastene India Limited, India Jointly with Nitu D Parekh	10000
Plastene India Limited, India Jointly with Madhu D Parekh	58174
Plastene India Limited, India Jointly with Prakash Parekh	160000
Plastene India Limited, India Jointly with Chetan Parekh	50000
Plastene India Limited, India Jointly with Manisha C Parekh	80000
Plastene India Limited, India Jointly with Deepak Parekh	10000
Plastene India Limited, India Jointly with Siddharth Parekh	10000
Plastene India Limited, India	500000
Total	878174

List of Allotment (As on 23.09.2010)

Names of Equity Allottees	No. of Shares
Plastene India Limited, India	400000
Total	400000

As on 18.09.2010

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Woven Products.

Products :

Tents and Tarpaulins

Product Description	ITC Code
Jumbo Bags and PP Woven Bags	39232990
HDPE Tarpaulin	39269080

PRODUCTION STATUS (As on 31.03.2010)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
PP Woven Bags / Jumbo Bags	M.T.	No licence is required for plastic woven and jumbo Bags	9000	3217
Sulzer Fabrics	M.T.		3600	133
Garbage Bags	M.T.		1500	--
HDPE Tarpaulin	M.T.		3600	000
Total			17700	3350

GENERAL INFORMATION

No. of Employees :

100 (Approximately)

Bankers :

· The Royal Bank of Scotland N.V.

Viva Complex, Opposite Parimal Garden, Parimal Cross Roads, Ahmedabad – 380 007, Gujarat, India

· State Bank of India

Gandhidham Branch, Plot No. 284, Ward 12/B, Gandhidham – 370 201, Gujarat, India

· State Bank of Saurashtra

MID Corporation Branch, Sodiac Avenue, Opposite Commissioner’s Bunglow, Law Garden, Ahmedabad – 380 006, Gujarat, India

· State Bank of Indore

Plot No. 273, Ward 12/B, Gandhidham Branch, Gandhidham – 370 201, Gujarat, India

· ICICI Bank

· HDFC Bank

· Standard Chartered Bank

Facilities :

Secured Loans	As on 31.03.2010 Rs. in millions	As on 31.03.2009 Rs. in millions
Term Loan Facility:-
State Bank of Indore	51.369	7.575
State Bank of India Secured by way of 1^st pari passu charge by equitable mortgage of the immovable properties of the company situated at Plot No. 73, 74, 75A and 82A, Sector 2, KASEZ, Gandhidham, Kutch, Gujarat and Rakanpur Factory. Secured by way of 1^st pari passu charge by hypothecation of the plant and machineries of the Company situated at Plot No. 73, 74, 75A and 82A, Sector 2, KASEZ, Gandhidham, Kutch, Gujarat and Plant and Machineries situated at Rakanpur Factory. Secured by way of 2^nd pari passu charge by Hypothecation of the current assets of the Company situated at Plot No. 73, 74, 75A and 82A, Sector 2, KASEZ, Gandhidham, Kutch, Gujarat	56.712	22.789
Working Capital Facilities
State Bank of Indore	198.227	111.081
State Bank of India	2.821	10.122
Standard Chartered Bank Secured by way of 1^st pari passu charge by Hypothecation of the current assets of the Company situated at Plot No. 73, 74, 75A and 82A, Sector 2, KASEZ, Gandhidham, Kutch, Gujarat Secured by way of 2^nd pari passu charge by Equitable Mortgage of the immovable properties of the company situated at Plot No. 73, 74, 75A and 82A, Sector 2, KASEZ, Gandhidham, Kutch, Gujarat Secured by way of 2^nd pari passu charge by Hypothecation of the plant and machineries of the Company situated at Plot No. 73, 74, 75A and 82A, Sector 2, KASEZ, Gandhidham, Kutch, Gujarat All the aforesaid facilities are also secured by personal Guarantees of the Directors.	71.354	0.000
Term Loan secured by way of hypothecation of specific vehicles and equipments from :
HDFC Bank Limited	0.000	0.041
Kotak Mahindra Prime Limited	1.648	0.000
State Bank of Indore	0.656	0.000
Sundaram Finance Limited	0.694	0.000
Total	383.481	151.608

Unsecured Loans	As on 31.03.2010 Rs. in millions	As on 31.03.2009 Rs. in millions
From Banks (Bills Discounted)	0.000	50.086
From Others	0.748	2.033
Total	0.748	52.119

Banking Relations :	---
Auditors :
Name :	Jain P.C. and Associates Chartered Accountants
Address :	501, Diwan Chambers, Opposite Loha Bhavan, Old High Court Lane, Off Ashram Road, Ahmedabad – 380 009, Gujarat, India
Tel No.:	91-79-40070445
Mobile No.:	91-9377396573
Tele-Fax No.:	91-79-27542102
E-Mail :	pcjain@jainpc.com
Website :	http://www.jainpc.com
PAN No.:	AAFFJ2841K
Holding Company :	Plastene India Limited (Extent of holding 100%) CIN No.: U25209GJ1998PLC034861 Address : H B Jirawala House, Opposite Panchshil Bus Stop, Ushmanpura, Ahmedabad - 380 013, Gujarat, India Line of Business : Manufacturer of Flexible intermediate bulk container (FIBC) tarpaulin and woven bags.
Associates :	· Parekh Industries · Oswal Timber Industry · Oswal Lumbers Private Limited · Plasto Processors · Ankur Chemfood Limited · Siddharth Logistics · Parekh Polymers

CAPITAL STRUCTURE

After 18.09.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs.50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1278174	Equity Shares	Rs.10/- each	Rs.12.782 Millions

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs.50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
878174	Equity Shares	Rs.10/- each	Rs.8.782 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		8.782	8.782	8.782
2] Share Application Money		30.100	0.000	0.000
3] Reserves & Surplus		199.254	141.335	73.143
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		238.136	150.116	81.925
LOAN FUNDS
1] Secured Loans		383.481	151.608	88.801
2] Unsecured Loans		0.748	52.119	63.475
TOTAL BORROWING		384.229	203.727	152.276
DEFERRED TAX LIABILITIES		8.664	4.233	2.438
TOTAL		631.029	358.076	236.639
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		160.090	90.913	35.242
Capital work-in-progress		127.837	0.050	45.428
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	224.615	98.603	62.105
	Sundry Debtors	339.538	105.975	133.601
	Cash & Bank Balances	64.452	6.536	5.573
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	155.357	200.170	47.671
Total Current Assets		783.962	411.284	248.950
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	367.923	131.411	82.125
	Other Current Liabilities	64.688	7.589	10.122
	Provisions	8.598	5.207	0.807
Total Current Liabilities		441.209	144.207	93.054
Net Current Assets		342.753	267.077	155.896
MISCELLANEOUS EXPENSES		0.349	0.036	0.073
TOTAL		631.029	358.076	236.639

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Sales	1133.782	651.326	561.650
		Other Income	16.029	(4.994)	2.016
		TOTAL (A)	1149.811	646.332	563.666
Less	EXPENSES
		Raw material consumed / Cost of goods sold	975.480	467.783	417.504
		Employees Emoluments	24.539	24.662	14.535
		Manufacturing expenses	29.532	31.190	26.447
		Administrative and selling expenses	38.049	39.628	35.201
		Preliminary expenditure written off	0.123	0.036	0.036
		Increase (Decrease) in stock	(16.594)	(15.753)	14.231
		TOTAL (B)	1051.129	547.546	507.954
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		98.682	98.786	55.712
Less	FINANCIAL EXPENSES (D)		23.329	21.879	12.924
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		75.353	76.907	42.788
Less/ Add	DEPRECIATION/ AMORTISATION (F)		4.907	2.504	1.803
	PROFIT BEFORE TAX (E-F) (G)		70.446	74.403	40.985
Less	TAX (H)		12.527	6.200	2.020
	PROFIT AFTER TAX (G-H) (I)		57.919	68.203	38.965
Less	INCOME TAX OF EARLIER YEARS		0.000	0.011	0.000
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		118.835	50.643	11.678
	BALANCE CARRIED TO THE B/S		176.754	118.835	50.643
	EARNINGS IN FOREIGN CURRENCY		617.330	590.614	426.450
	IMPORTS
	Raw Materials		105.887	0.000	0.000
	Capital Goods		77.658	0.000	0.000
	Total		183.545	0.000	0.000
	Earnings Per Share (Rs.)		65.95	77.66	44.37

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	5.04	10.55	6.91
Net Profit Margin (PBT/Sales)	(%)	6.21	11.42	7.30
Return on Total Assets (PBT/Total Assets}	(%)	7.46	14.82	14.42
Return on Investment (ROI) (PBT/Networth)		0.30	0.50	0.50
Debt Equity Ratio (Total Liability/Networth)		3.47	2.32	2.99
Current Ratio (Current Asset/Current Liability)		1.78	2.85	2.68

LOCAL AGENCY FURTHER INFORMATION

OPERATIONS

The year shows a tremendous increase in the turnover of the Company including both domestic and from exports of Rs.1149.811 millions as against Rs.651.326 millions reflecting a growth of 77%. The domestic sales have increased from 35.262 millions to Rs.445.109 millions in the year registering a incredible growth rate in the total turnover. However, the Profit after tax has reduced from 68.203 millions to Rs.57.919 millions. The Board considers the same and has taken actions for accelerating growth as a whole.

FORM 8

This form is for	Creation of charge
Corporate identity number of the company	U25200GJ2004PLC045239
Name of the company	OSWAL EXTRUSION LIMITED
Address of the registered office or of the principal place of business in India of the company	H.B. Jirawala House, 13, Navbharat Society, Opposite Panchsheel Bus Stop, Usmanpura, Ahmedabad – 380 013, Gujarat, India
Type of charge	· Book debts · Movable property (not being pledge) · Others o Stock in Trade
Particular of charge holder	The Royal Bank of Scotland N.V. Viva Complex, Opposite Parimal Garden, Parimal Cross Roads, Ahmedabad – 380 007, Gujarat, India
Nature of description of the instrument creating or modifying the charge	Deed of Hypothecation of Movable Assets Dated 21st Day of October 2011
Date of instrument Creating the charge	21.10.2011
Amount secured by the charge	Rs.100.000 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of interest OD: At Bank's base rate + 2.5% per annum STL/FCNR(B) Loan/BD/LC: At Negotiated Terms Export Packing Credit (Inland and foreign)/Post Shipment Credit (Inland and Foreign): As per RBI guidelines Terms of repayment OD: Repayable on demand STL/FCNR (B) LOAN/BD : Maximum 12 months Export Packing Credit (Inland and Foreign)/ Post Shipment Credit (Inland and Foreign) : Maximum 180 Days LC: Maximum 180 Days Margin 10% cash margin/fixed deposit to be kept under lien with The Royal Bank of Scotland NV at the time of issuance of LC. Extent and operation of the charge First pari passu charge on the entire current assets of the company (both present and future)
Short particulars of the property charged	· All the borrowers present and future stock-in-trade, raw material ,spares, consumable stores, semi finished goods, goods in process of manufacturing, finished and manufactured goods · All the other merchandise dated 21^st October 2011 · All the borrowers present and future book debts outstanding monies, receivables, claims, bills, cash in hand, cash at bank, investments, securities, contracts, choses in action, rights to or · In movable properties and movable assets forming part of current assets which are now due and owing or payable or belonging to the borrower dated 21st October 2011

FIXED ASSETS

· Building and Shed

· Plant and Machinery

· Electrical Installation

· Furniture and Fittings and Office Equipments

· 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.49.08
UK Pound	1	Rs.78.65
Euro	1	Rs.67.79

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	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.