MIRA INFORM REPORT

Report Date :

01.12.2012

IDENTIFICATION DETAILS

Name :	SATYAM PLASTFAB PRIVATE LIMITED (w.e.f. 29.04.2009)
Formerly Known As :	SATYAM INK AND PIGMENTS PRIVATE LIMITED
Registered Office :	B-110, RIICO Housing Colony, Road No. 1-D, VKI Area, Jaipur-302013, Rajasthan
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	13.06.2008
Com. Reg. No.:	17-026780
Capital Investment / Paid-up Capital :	Rs. 13.977 millions
CIN No.: [Company Identification No.]	U25199RJ2008PTC026780
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of PP/HDPE Woven Sacks and Fabrics.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (27)

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

Maximum Credit Limit :	USD 145000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Profitability of the company appears to be low. However, trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some cautions.

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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

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

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

LOCATIONS

Registered Office :	B-110, RIICO Housing Colony, Road No. 1-D, VKI Area, Jaipur-302013, Rajasthan, India
Tel. No.:	91-141-2460393 / 2168097
Fax No.:	91-141-2460549
E-Mail :	kkgca209@yahoo.co.in
Factory :	E-137-137A, Phase II, RIICO Industrial Area, Bagru, Jaipur-303007, India
Tel. No.:	91-141-2460393 / 2168097
Fax No.:	91-141-2460549
E-Mail :	info@satyamplastfab.com

DIRECTORS

As on 29.09.2011

Name :

Mr. Ashish Agrawal

Designation :

Director

Address :

G-22, Major Shaitan Singh Colony, Shastri Nagar, Jaipur-302001, Rajasthan, India

Date of Appointment :

13.06.2008

DIN No.:

02013780

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U25199RJ2008PTC026780	SATYAM PLASTFAB PRIVATE LIMITED	Director	13/06/2008	13/06/2008	-	Active	NO
2	U01122RJ2009PTC029427	SATYAM GURU FOODS PRIVATE LIMITED	Director	22/07/2009	22/07/2009	-	Active	NO

Name :

Mrs. Pushpa Agarwal

Designation :

Director

Address :

G-22, Major Shaitan Singh Colony, Shastri Nagar, Jaipur-302001, Rajasthan, India

Date of Appointment :

13.06.2008

DIN No.:

02013871

Name :

Mr. Ramratan Agarwal

Designation :

Director

Address :

B-110, Housing Colony, Road No – 1D, VKI Area, Jaipur-302001, Rajasthan, India

Date of Appointment :

28.06.2008

DIN No.:

02243481

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U25199RJ2008PTC026780	SATYAM PLASTFAB PRIVATE LIMITED	Director	28/06/2008	28/06/2008	-	Active	NO
2	U01122RJ2009PTC029427	SATYAM GURU FOODS PRIVATE LIMITED	Director	22/07/2009	22/07/2009	-	Active	NO

Name :

Mrs. Ritu Agarwal

Designation :

Director

Address :

B-110, RIICO Housing Colony, Road No – 1D, VKI Area, Jaipur-302001, Rajasthan, India

Date of Appointment :

28.06.2008

DIN No.:

02243503

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U25199RJ2008PTC026780	SATYAM PLASTFAB PRIVATE LIMITED	Director	28/06/2008	28/06/2008	-	Active	NO
2	U01122RJ2009PTC029427	SATYAM GURU FOODS PRIVATE LIMITED	Director	22/07/2009	22/07/2009	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2011

Names of Shareholders	No. of Shares
Ashish Agarwal	305760
Pushpa Agarwal	270000
Ramtaran Agarwal	350000
Ritu Agarwal	240700
Nidhi Rani Gupta	50000
Dharmendra Kumar	2500
Shweta Tiwari	5000
Girdhari Lal Agarwal	4000
V.K Chabra	30000
R.K Baraya	3000
Sushila Chachan	48500
Dinesh Lahoti	2020
Vinod Kumar Gupta	35940
Gem and Jewellers	20
G.S. Shekhawat	20
H.S Enterprises	20
K.S International	20
Mauram Agarwal	20
Pankaj Gupta	20
Raghav Insulation	20
Ram Babu Gupta	20
Rekha Agarwal	20
Sanehlata Agarwal	20
Subhash Agarwal	20
Mishri Devi Agarwal	20
Total	1347660

Allotees as on 28.03.2012

Names of Allotees	No. of Shares
Pankaj Gupta	49980
G.S. Shekhawat	20
Total	50000

Equity Share Break up (Percentage of Total Equity)

As on 29.09.2011

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of PP/HDPE Woven Sacks and Fabrics.
Products :	P.P. Bags

GENERAL INFORMATION

Suppliers :

· Adhaar Stereo

· Artand Sales

· Apex Metchem Private Limited

· Bang lore Polycotters Private Limited

· Borouge PTE Limited

· City Cool Engineers

· Economic Teasing Industries

· Indian Oil corporation Limited

· Jakplast Technology

· J P Extrusiontech Limited

· J P Industries

· Lohia Starlinger Limited.

· Measure Age Inks Private Limited

· Modi Furniture Limited

· New ARM PCI Limited

· Perfect Belts Limited

· Porwal Tech Corporation

· Rajasthan Trade Links

· Ravi Road Lines

· Rmax Inks

· Samleshwari Packaging Private Limited

· Satyam Poly Plast

· Shree Radhey Govind Felts Private Limited

· Shree Vinayak Stereo

· S K Pneumatic Private Limited

· Stitchman

· VEEKAY Plast

· Vivek Sales Corporation

Customers :

· Jai Polypack

· Bimal Enterprises

· Jhuria Plastic, Jaipur

· J. K. Cement Works

· Maharaja- Polybags

· Quanta Plast Polymers Private Limited

· Shree Cement Limited

· Ultratech Cement Limited

· Venkteshwar Synthetics Private Limited

No. of Employees :

Not Available

Bankers :

· Small Industries Devlepment Bank of India

First Floor, Umrao Complex, Sansar Chandra Road, Jaipur - 302001, Rajasthan, India

Facilities :

Secured Loan	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
RIICO Limited Term Loan Account	1.346	0.000
ICICI Bank Term Loan Account	0.557	0.000
SIDBI Term Loan Account	8.250	6.581
SIDBI Term Loan Account	26.732	35.758
SIDBI Cash Credit Account	29.043	20.721
Total	65.928	63.060
Unsecured Loan	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
a) Loan from Shareholders
Dinesh lahoti	0.670	0.670
Gem and Jewellers	0.999	0.998
G. S. Shekhawat	0.198	0.198
H. S. Enterprises	2.999	2.999
K. S. Internationl	0.499	0.499
Mallram Agrawal	0.399	0.399
Pankaj Gupta	0.000	2.999
Raghav Industries	0.149	0.149
Ram babu Gupta	1.999	1.999
Smt. Rekha Agarwal	0.399	0.399
Smt. Sanehlata Agarwal	0.399	0.399
Subash Agarwal	0.399	0.399
Vlnod Kumar Gupta	0.469	0.469
b) Loan from Related Parties
M/s Satyam Polyplast	9.698	0.000
Total	19.276	12.576

NOTE:

NATURE OF SECURITIES :

Term Loan from RIICO Limited are secured by way of Land acquired by the company.

Term Loan from ICICI Bank Limited are secured by way of respective Motor Car purchased.

Term Loan from SIDBI are secured by way of charge on all the Movable and Immovable assets of the company situated at B-110, RIICO Housing Colony, Road No. 1-D, VKI Area, Jaipur as well as personal guarantees of the directors of the company.

RE-PAYMENT SCHEDULE :

Term Loan from RIICO Limited is repayable in 19 quarterly installments.

Term Loan from ICICI Bank Limited is repayable in 36 monthly installments.

Term Loan from SIDBI (Rs. 8.250 millions) is repayable In 59 monthly installments.

Term Loan from SIDBI (Rs. 26.732 millions) is repayable in 72 monthly installments.

Unsecured Loans from Shareholders and Related Parties are repayable in 1, 2 and 3 years as per terms and conditions of the agreement.

Unsecured loan from Related Parties means loan accepted by the company from those organisations in which the directors of the company are partners and have full portion of capital.

Cash Credit facilities are secured by way of hypothecation of Stocks, Book Debts and other movable properties of the company and also guaranted by the Directors of the Company.

Short-term borrowings are repayable on demand, based on terms and conditions.

Banking Relations :	--
Auditors :
Name :	Kuldeep Kumar Gupta and Company Chartered Accountants
Address :	209, Jaipur Tower, M I Road, Jaipur-302001, Rajasthan, India
Tel. No.:	91-141-2363936
PAN No.:	AABFK3652K

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
1400000	Equity Shares	Rs.10/- each	Rs. 14.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1397660	Equity Shares	Rs.10/- each	Rs. 13.977 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		13.977	13.477	13.140
2] Share Application Money		0.299	0.299	12.295
3] Reserves & Surplus		22.128	11.444	11.177
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		36.404	25.220	36.612
LOAN FUNDS
1] Secured Loans		65.928	63.060	55.328
2] Unsecured Loans		19.275	12.576	0.000
TOTAL BORROWING		85.203	75.636	55.328
DEFERRED TAX LIABILITIES		4.737	5.102	1.161
TOTAL		126.344	105.958	93.101
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		82.482	82.615	74.359
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	12.157	22.670	9.860
	Sundry Debtors	48.942	31.378	10.836
	Cash & Bank Balances	0.109	0.813	0.979
	Other Current Assets	1.133	3.153	2.816
	Loans & Advances	3.276	0.923	0.513
Total Current Assets		65.617	58.937	25.004
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	15.323	30.816	3.844
	Other Current Liabilities	5.426	4.120	2.619
	Provisions	1.006	0.658	0.350
Total Current Liabilities		21.755	35.594	6.813
Net Current Assets		43.862	23.343	18.191
MISCELLANEOUS EXPENSES		0.000	0.000	0.198
Others		0.000	0.000	0.353
TOTAL		126.344	105.958	93.101

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	174.013	130.058	35.797
		Other Income	3.500	3.374	1.973
		TOTAL (A)	177.513	133.432	37.770
Less	EXPENSES
		Cost of Material Consumend	133.188	100.849	32.250
		Employee Benefit Expenses	10.592	8.117
		Other Expenses	19.475	11.039
		Changes in Inventories of Finished Goods, Stock-in-Process and Stock-In-Trade	(2.362)	0.661
		TOTAL (B)	160.893	120.666	32.250
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		16.620	12.766	5.520
Less	FINANCIAL EXPENSES (D)		8.283	6.315	2.343
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		8.337	6.451	3.177
Less/ Add	DEPRECIATION/ AMORTISATION (F)		3.627	3.259	1.018
	PROFIT BEFORE TAX (E-F) (G)		4.710	3.192	2.159
Less	TAX (H)		0.614	4.608	1.495
	PROFIT AFTER TAX (G-H) (I)		4.096	(1.416)	0.664
	IMPORTS
		Raw Materials	50.962	11.725	NA
	TOTAL IMPORTS		50.962	11.725	NA
	Earnings Per Share (Rs.)		2.92	0.00	NA

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	2.31	(1.06)	1.76
Net Profit Margin (PBT/Sales)	(%)	2.71	2.45	6.3
Return on Total Assets (PBT/Total Assets}	(%)	3.18	2.26	2.17
Return on Investment (ROI) (PBT/Net worth)		0.13	0.13	0.06
Debt Equity Ratio (Total Liability/Net worth)		2.94	4.41	1.70
Current Ratio (Current Asset/Current Liability)		3.02	1.66	3.67

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	------
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	Yes
18]	Major customers	Yes
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	------
22]	Litigations that the firm / promoter involved in	------
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	------
26]	Buyer visit details	------
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	No
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

OPERATION DURING THE YEAR

During the Period, the Company has achieved the Sales of Rs. 174.013 millions in comparison of last year's turnover of Rs. 130.058 millions.

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U25199RJ2008PTC026780
Name of the company	SATYAM PLASTFAB PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	B-110, RIICO Housing Colony, Road No. 1-D, VKI Area, Jaipur-302013, Rajasthan, India Email: kkgca209@yahoo.co.in
This form is for	Creation of charge
Type of charge	· Immovable property · Book debts · Movable property (not being pledge)
Particular of charge holder	Small Industries Devlepment Bank of India First Floor, Umrao Complex, Sansar Chandra Road, Jaipur - 302001, Rajasthan, India Email: clbhawal@sibdi.in
Nature of instrument creating charge	Letter of Intent dated 06/04/2012 Subordinated Debt Agreement dated 09/04/2012 Deed of Hypothecation dated 09/04/2012 Declaration and Undertaking
Date of instrument Creating the charge	09.04.2012
Amount secured by the charge	Rs. 8.000 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest 16% p.a., with monthly rests, on the principal amount of the subordinated debt outstanding from time to time. Terms of Repayment In 48 monthly installments comprising 47 installments of Rs. 0.167 million each and last installment of Rs. 0.151 million after an initial moratorium of 36 months from the date of first disbursement Margin As per Sanction Letter Extent and Operation of the charge The charge shall operate as subservient to the extent of Subordinated debt of Rs. 8.000 millions in favour of SIDBI, together with interest, costs, expenses, penal interest and all other monies due and payable by the Borrower.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Subservient charge on all the movable assets (including current assets) (existing + financed under the project) and immovable property situated at E-137-137A, RIICO Ind. Area, Bagru Ext., Jaipur.

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Furniture and Fixtures

· Computer

· Office Equipment

· Electric Fittings

· Mobiles

· Motor Car and 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 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.54.53
UK Pound	1	Rs.87.48
Euro	1	Rs.70.89

INFORMATION DETAILS

Report Prepared by :

MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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		27

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.