MIRA INFORM REPORT

Report Date :

13.10.2011

IDENTIFICATION DETAILS

Name :	GAYATRISHAKTI PAPER AND BOARDS LIMITED

Registered Office :	412, Raheja Plaza, Plot No.15/B, Shah Industrial Estate, Off Link Road, Andheri (West), Mumbai – 400058, Maharashtra

Country :	India

Financials (as on) :	31.03.2010

Date of Incorporation :	20.05.2005

Com. Reg. No.:	11-153451

Capital Investment / Paid-up Capital :	Rs.96.563 Millions

CIN No.: [Company Identification No.]	U21010MH2005PLC153451

Legal Form :	A Closely Held Public Limited Liability Company

Line of Business :	Manufacturer of Coated Paper Board.

No. of Employees :	400 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

Maximum Credit Limit :	USD 1300000

Status :	Satisfactory

Payment Behaviour :	Usually Correct

Litigation :	Clear

Comments :	Subject is a well established company having satisfactory track. The company is doing well. 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. Mahesh Jalan
Designation :	Director
Contact No.:	91-22-42380000
Date :	12.10.2011

LOCATIONS

Registered/ Sales Office :	412, Raheja Plaza, Plot No.15/B, Shah Industrial Estate, Off Link Road, Andheri (West), Mumbai – 400058, Maharashtra, India
Tel. No.:	91-22-42380000
Fax No.:	91-22-42380011
E-Mail :	gayatrishakti@vsnl.net mahesh@gspbl.com
Website :	http://www.gspbl.com

Corporate Office :	Raheja Universal Private Limited, Gala No. 410-416, Raheja Plaza, CTS 844-15B, Shah Industrial Estate, Veera Desai Road, Opposite Yashraj Studio, Andheri (West), Mumbai-400 053, Maharashtra, India
Tel. No.:	91-22-42380000
Fax No.:	91-22-42380011
E-Mail :	gayatrishakti@vsnl.net info@gspbl.com

Factory 1:	Plot No.799/1, G.I.D.C. Industrial Estate, Vapi- 396 195, Gujarat, India
Tel. No.:	91-260-2400451/ 2401588
Fax No.:	91-260-2400451
E-Mail :	gspbl_vapi@sify.com

Factory 2:	Plot No. 808/C, 3rd Phase, G.I.D.C., Vapi – 396 195, Gujarat, India
Tel. No.:	91-260-2430241/ 2400294
Fax No.:	91-260-2400294

Branch Office :	401 Ruby Place, 74 Ceaser Road, Mumbai 400058, Maharashtra, India
Tel. No.:	91-22-26796889

DIRECTORS

(AS ON 30.09.2010)

Name :

Mr. Gajendra Nagin Agarwal

Designation :

Managing Director

Address :

18, Kaushalya, 3^rd Floor, 11^th Road, JVPD Scheme, Mumbai – 400056, Maharashtra, India

Date of Birth/Age :

15.01.1959

Date of Appointment :

20.05.2005

DIN No.:

00231599

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	U21019GJ1979PTC003470	AGRASHAKTI PAPER MILLS PRIVATE LIMITED	Director	01-08-79	01-08-79	Active	NO
2	U22122GJ1972PLC002190	AGARWAL PAPER MILLS LIMITED	Director	01-04-94	01-04-94	Active	NO
3	U21010MH2005PLC153451	GAYATRISHAKTI PAPER AND BOARDS LIMITED	Managing director	20-05-05	20-05-05	Active	NO
4	U21010MH2005PTC153450	KHERANI PAPER MILLS PRIVATE LIMITED	Director	20-05-06	20-05-06	Active	NO

Name :

Mrs. Meena Gajendra Agarwal

Designation :

Director

Address :

18, Kaushalya, 3^rd Floor, 11^th Road, JVPD Scheme, Mumbai – 400056, Maharashtra, India

Date of Birth/Age :

03.11.1961

Date of Appointment :

20.05.2005

DIN No.:

00231687

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	U21019GJ1979PTC003470	AGRASHAKTI PAPER MILLS PRIVATE LIMITED	Director	06-03-85	06-03-85	Active	NO
2	U21010MH2005PLC153451	GAYATRISHAKTI PAPER AND BOARDS LIMITED	Director	20-05-05	20-05-05	Active	NO
3	U21010MH2005PTC153450	KHERANI PAPER MILLS PRIVATE LIMITED	Managing director	20-05-06	20-05-06	Active	NO
4	U22122GJ1972PLC002190	AGARWAL PAPER MILLS LIMITED	Director	18-08-09	18-08-09	Active	NO

Name :

Mr. Mahesh Jalan

Designation :

Director

Address :

601, Gulmohar Complex, Asha Nagar, Kandivali (East), Mumbai, Maharashtra, India

Date of Birth/Age :

18.09.1971

Date of Appointment :

20.05.2005

DIN No.:

00231855

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	U21010MH2005PLC153451	GAYATRISHAKTI PAPER AND BOARDS LIMITED	Director	20-05-05	20-05-05	Active	NO
2	U21010MH2005PTC153450	KHERANI PAPER MILLS PRIVATE LIMITED	Director	20-05-05	20-05-05	Active	NO
3	U22122GJ1972PLC002190	AGARWAL PAPER MILLS LIMITED	Director	14-02-11	31-03-08	Active	NO

KEY EXECUTIVES

Name :	Mr. Navin B. Choudhary
Designation :	Company Secretary
Address :	201-C, Landmark Building, P G Marg, Malad (West), Mumbai – 400064, Maharashtra, India
Date of Birth/Age :	01.07.1966
Date of Appointment :	15.04.2004

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 30.09.2010)

Names of Shareholders		No. of Shares

Gajendra Nagin Agarwal		5384000
Meena Gajendra Agarwal		615600
Kherani Paper Mills Private Limited		3656250
Mangilal B. Suthar		100
Suresh P. Panchal		100
K G Varghese		100
M D Anthony		100

Total		9656250

(AS ON 30.09.2010)

Category		Percentage

Bodies corporate		37.84
Directors or relatives of directors		62.12
Other top fifty shareholders		0.04

Total		100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Coated Paper Board.

Products :

Products Description

Item Code No.

Duplex Board

480523

Terms :

Selling :

L/C, Cash and Credit

Purchasing :

L/C, Cash and Credit

PRODUCTION STATUS (AS ON 31.03.2010)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production

Electricity	KWH	--	--	423
Coal	Kg	--	--	0.723

GENERAL INFORMATION

Customers :

Wholesalers

· Parkson Packaging Limited, Daman

· Twenty First Century Printers Limited, Silvassa

· Borkar Packaging Private Limited, Daman

· Param Packaging Private Limited, Mumbai

· V.F.C. Industries Limited, Halol

· Laxmi Print Arts, Mumbai

· Nebula Home Product (Private) Limited, Mumbai

· Orient Press Limited, Silvassa

· International Print Pack Private Limited, Noida

· Premier Packaging, Cochin

· Innova Printings and Packaging, Bangalore

· Kamsri Flex Forms Limited, Bangalore

· Hyderabad Security and Offset Printers Limited, Hyderabad

· Bala Graphics, Chennai

· Kumar Printers, Delhi

· Yamir Packaging Private Limited, Ahmedabad

· Snahel Printing Bureau, Baroda

· Carton Corporation, Kolkata

· York Print Private Limited, Meghalaya

· Swadhyaya Printing Private Limited, Indore

· Jani Sales Limited

Suppliers :

· BASF India Limited

No. of Employees :

400 (Approximately)

Bankers :

· Bank of India

Andheri Corporate Banking Branch, MDI Building, 28 S V Road, Andheri (West), Mumbai – 400058, Maharashtra, India

· Bank of India

ALC Branch, MDI Building, S. V. Road, Andheri (West), Mumbai - 400058, Maharashtra, India

· IDBI Bank Limited

· Punjab National Bank

· Oriental Bank of Commerce

· Bombay Mercantile Co-operative Bank

Facilities :

Secured Loans	31.03.2010	31.03.2009
	(Rs. In Millions)

1] Term Loan From IDBI Bank Limited	--	14.000
- Short Term Loan from IDBI Bank Limited	25.000	25.459
-
2] Term Loan from Bank IDBI bank Limited
- Power project	--	14.911
- Office Premises	23.866	27.432
- D’Inking Plant	36.366	54.634
- Corporate Loan	18.540	36.062
-
3] Term Loan from Punjab National Bank	2.524	7.577
4] Term Loan from Bombay Mercantile Co-operative Bank	25.859	43.090
5] Term Loan From Oriental Bank of Commerce	37.829	54.667
6] Vehicles Loan	7.089	7.019
(Secured by First exclusive charge on Cars with the Bank)
7] Working Capital of commerce
- Oriental Bank of Commerce	149.610	187.831
- Bank of India	132.382	62.513
- IDBI Bank Limited	49.883	50.251

Total	508.948	585.446
NOTE: Term Loan and Short Term Loan from IDBI is secured against first mortgage and charge on all immovable and movable assets present and future of the Company ranking pail passu with other term lenders subject to charges created/to be created on specific movable assets in favour o bankers and pledge of promoters shareholding. Term Loan from Bank of India for Power Project is secured against first pari passu charge on Company’s total net block of assets. Term Loan from Bank of India for Office Premises, D’ Inking Plant and Corporate Loan are secured against exclusive charge of Office Premises and D’ Inking Plant. Term Loan from Punjab National Bank is secured against first pari passu charge on Company’s total net block of fixed assets. Term Loan from Bombay Mercantile Bank is secured by way of mortgage of various assets of sister concerns. Term Loan from Oriental Bank of Commerce is secured against first pari passu charge on Company’s total net block of fixed assets. Working Capital Loans from Oriental Bank of Commerce, Bank of India and IDBI Bank Limited are secured by way of 1^st charge on current assets including hypothecation of Raw Material Work in Process, Finished Goods, stores and spares and Book debts ad 2^nd charge on company fixed assets. All the term loan and working capital loans are further secured by personal guarantees of promoter directors. All vehicles loans are secured against vehicles financed by Banks.


Banking Relations :	--

Auditors :
Name :	Ashok Bairagra and Associates Chartered Accountants
Address :	404, Shubham Centre, C G Road, Andheri (East), Mumbai – 400099, Maharashtra, India
Tel. No.:	91-22-28259939/ 28259940
Fax No.:	91-22-28259942
Email :	Bairagra_ashok@indiatimes.com

Group Companies :	· Kherani Paper Mills Limited · N.R. Paper and Boards Limited · Suman Paper and Boards Limited · N.R. Agarwal Industries Limited

CAPITAL STRUCTURE

(AS ON 30.09.2010)

Authorised Capital :

No. of Shares	Type	Value	Amount

20000000	Equity Share	Rs.10/- each	Rs.200.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

9656250	Equity Share	Rs.10/- each	Rs.96.563 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		96.563	96.563	96.563
2] Share Application Money		3.000	0.000	0.000
3] Reserves & Surplus		222.673	196.758	176.410
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		322.236	293.321	272.973
LOAN FUNDS
1] Secured Loans		508.948	585.446	501.125
2] Unsecured Loans		192.868	107.780	34.400
TOTAL BORROWING		701.816	693.226	535.525
DEFERRED TAX LIABILITIES		107.132	102.864	91.513

TOTAL		1131.184	1089.411	900.011

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		799.671	711.829	622.495
Capital work-in-progress		0.000	50.904	37.907

INVESTMENT		10.983	10.983	10.983
DEFERREX TAX ASSETS		0.000	0.000	0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	329.826	336.485	220.207
	Sundry Debtors	238.921	161.012	174.804
	Cash & Bank Balances	2.593	2.067	0.537
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	63.159	56.912	43.146
Total Current Assets		634.499	556.476	438.694
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	220.116	166.944	146.502
	Other Current Liabilities	21.541	25.415	25.616
	Provisions	72.312	48.453	38.012
Total Current Liabilities		313.969	240.812	210.130
Net Current Assets		320.530	315.664	228.564

MISCELLANEOUS EXPENSES		0.000	0.031	0.062

TOTAL		1131.184	1089.411	900.011

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	1770.580	1553.863	1361.309
		Other Income	1.934	96.439	2.674
		TOTAL (A)	1772.514	1650.302	1363.983

Less	EXPENSES
		Variation in Stock	(1.456)	(6.638)	(5.345)
		Raw Materials Consumed	1056.898	964.942	757.868
		Excise Duty	64.091	92.061	109.063
		Manufacturing Expenses	289.326	273.829	197.964
		Employees Remuneration and Benefits	58.959	46.591	41.780
		Administrative Expenses	21.099	18.045	16.612
		Selling and Distribution Expenses	99.408	96.337	101.687

		TOTAL (B)	1588.325	1485.167	1219.629

Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		184.189	165.135	144.354

Less	FINANCIAL EXPENSES (D)		72.638	73.857	63.986

	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		111.551	91.278	80.368

Less/ Add	DEPRECIATION/ AMORTISATION (F)		48.304	43.670	39.351

	PROFIT BEFORE TAX (E-F) (G)		63.247	47.608	41.017

Less	TAX (H)		23.776	17.092	17.045

	PROFIT AFTER TAX (G-H) (I)		39.471	30.516	23.972

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		158.196	137.847	119.524

Less	APPROPRIATIONS
		Transfer to General Reserve	1.275	0.000	0.000
		Proposed Dividend – Equity Shares	11.588	8.691	4.828
		Corporate Dividend Tax	1.969	1.476	0.821
	BALANCE CARRIED TO THE B/S		182.835	158.196	137.847

	Earnings Per Share (Rs.)		4.09	--	--

Particulars

31.03.2011

Sales Turnover (Approximately)

2500.000

Expected Sales (2011-12): Rs.2650.000 Millions

The above information has been parted by Mr. Mahesh.

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	2.23	1.85	1.76

Net Profit Margin (PBT/Sales)	(%)	3.57	3.06	3.01

Return on Total Assets (PBT/Total Assets}	(%)	4.41	3.75	3.87

Return on Investment (ROI) (PBT/Networth)		0.20	0.16	0.15

Debt Equity Ratio (Total Liability/Networth)		3.15	3.18	2.73

Current Ratio (Current Asset/Current Liability)		2.02	2.31	2.09

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS:

Particulars	31.03.2010	31.03.2009	31.03.2008
	(Rs. In Millions)

Sundry Creditors
- Outstanding Dues of small scale industrial undertakings and others (Net of Advances)	220.116	166.944	146.502

Total	220.116	166.944	146.502

Check list by info Agents	Available in Report (Yes/ No)

Year of Establishment	Yes
Locality of the Firm	No
Constitution of the Firm	Yes
Premises details	No
Type of Business	Yes
Line of Business	Yes
Promoter’s Background	--------
No. of Employees	Yes
Name of Person Contacted	Yes
Designation of Contact person	Yes
Turnover of Firm for last two years	Yes
Profitability for last three years	No
Reasons for variation <> 20%	No
Estimation for coming financial year	Yes
Capital in the business	Yes
Details of sister concerns	--------
Major Suppliers	Yes
Major Customers	Yes
Payments Terms	Yes
Export/ Imports Details (If applicable)	--------
Market Information	--------
Litigations that the firm/ Promoters Involved in	--------
Banking details	Yes
Banking Facility Details	Yes
Conduct of the Banking Account	--------
Buyer visit details	--------
Financials, if provided	No
Incorporation details is applicable	--------
Last Accounts filed at ROC	--------
Major Shareholders, if available	--------

TRADE REFERENCE:

· Jani Sales Limited

NOTE:

The Registered office of the company has been shifted from 401 Ruby Place, 74 Ceaser Road, Mumbai 400058, Maharashtra, India, to the present address w.e.f. 01.01.2010.

OPERATIONS:

The Duplex Boards Manufactured by the company has very good response from the market during the year. The company has achieved the sales turnover of Rs.1770.580 Millions as against Rs.1553.863 Millions during the previous year. The company has earned profit of Rs.63.247 Millions before taxation during the year. The board of directors is of the opinion that the trend will continue in the year also.

FORM 8:

Corporate identity number of the company	U21010MH2005PLC153451
Name of the company	GAYATRISHAKTI PAPER AND BOARDS LIMITED
Address of the registered office or of the principal place of business in India of the company	412, Raheja Plaza, Plot No. 15/B, Shah Industrial Estate, off Link Road, Andheri West, Mumbai – 400058, Maharashtra, India gayatrishakti@vsnl.net
This form is for	Modification of charge
Charge identification number of the modified	10010331
Type of charge	Immovable property
Particular of charge holder	Bank of India ALC Branch, M. D. I. Building, S. V. Road, Andheri (West), Mumbai – 400058, Maharashtra, India arun.govil@gmail.com
Nature of instrument creating charge	No instrument executed Supplemental Equitable Mortgage created by Deposit of Title Deeds vide Continuing Oral Assent.
Date of instrument Creating the charge	16.06.2011
Amount secured by the charge	Rs.235.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interests: Term Loan-@4.25% over Base Rate presently 14.25% p.a. shall be charged including Tenor Premium Corporate Loan- @4% over Base Rate presently 14% p.a. shall be charged including Tenor Premium Terms of Repayment: Term Loan- as per existing Guidelines Corporate Loan-First 49 Monthly installments of Rs.4.400 Millions each and final installment of Rs.2.000 Millions commencing from 2 Months after first disbursement. Margin: Term Loan-20% Corporate Loan-Nil Extent and Operation of the charge: Exclusive Charge by way of Equitable Mortgage on immovable assets of the Company. Others: Limits enhanced from Rs.35.000 Millions to Rs.235.000 Millions
Particulars of the property charged	Equitable Mortgage on Company's immovable Property viz. Office No.412 to 416,adm. 4470 Sq. Fts., Raheja Plaza, Plot No. 15/B, Parkson Press Compound, Shah Industrial Estate, Off. Andheri Link Road, Andheri (West), Mumbai- 400 053, Maharashtra, India
Particulars of the present modification	Equitable Mortgage on Company's immovable Property viz. Office No.412 to 416, Raheja Plaza, Plot No.15/B, Parkson Press Compound, Shah Industrial Estate, Off. Andheri Link Road, Andheri (West), Mumbai has now increased from Rs.35.000 Millions to Rs.235.000 Millions.

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.49.24
UK Pound	1	Rs.76.80
Euro	1	Rs.67.17

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		47

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

329.826

238.921

2.593

0.000

63.159

634.499

220.116

21.541

72.312

313.969

320.530

2.23

3.57

4.41

0.20

3.15

2.02

Unit