MIRA INFORM REPORT

Report Date :

03.12.2012

IDENTIFICATION DETAILS

Name :	SINGHAL INDUSTRIES PRIVATE LIMITED
Registered Office :	Block No.1547, B/H Mukut Pipe, Kalon - Khatraj Road, Moti Bhoyan, Ahmedabad – 382721, Gujarat
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	20.09.2007
Com. Reg. No.:	04-051779
Capital Investment / Paid-up Capital :	Rs. 11.140 Millions
CIN No.: [Company Identification No.]	U25202GJ2007PTC051779
TAN No.: [Tax Deduction & Collection Account No.]	AHMS16939G
PAN No.: [Permanent Account No.]	AALCS2909N
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Plastic Sheets, PP Sheet, PP Roofing Sheet, etc.
No. of Employees :	400 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (36)

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

Maximum Credit Limit :	USD 308000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. The sales of the company appears to be good. But the profitability of the company remains low. However, trade relations are reported to be 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.

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

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Cash Credit : (CRISIL) B+
Rating Explanation	Having high risk of default regarding timely servicing of financial obligation.
Date	June 2012

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.

INFORMATION PARTED BY

Name :	Mr. Tushar Agrawal
Designation :	Director
Contact No.:	91-9924030000
Date :	01.12.2012

LOCATIONS

Registered Office/ Factory :	Block No.1547, B/H Mukut Pipe, Kalon - Khatraj Road, Moti Bhoyan, Ahmedabad – 382721, Gujarat, India
Tel. No.:	91-79-25860975/ 25861975/ 26779864/ 27542815
Mobile No.:	91-9924030000 (Mr. Tushar Agrawal)
Fax No.:	91-79-25850755
E-Mail :	rajivshah1965@gmail.com info@singhalgroup.in tusharsingh@singhalgroup.in singhalind@gmail.com vrs@icenet.co.in
Website :	http://www.singhalgroup.in
Area :	35000 Sq. yard
Location :	Owned

DIRECTORS

AS ON 29.09.2012

Name :	Mr. Tushar Pradeepkumar Agrawal
Designation :	Director
Address :	30, Someshwara Complex No. 1, Near Shyamal Raw House Road, Satellite, Ahmedabad - 380015, Gujarat, India
Date of Birth/Age :	30.12.1983
Date of Appointment :	20.09.2007
DIN No.:	01490852
Name :	Mr. Pradipkumar Kailashchandra Agrawal
Designation :	Director
Address :	30, Someshwara Complex No. 1, Near Shyamal Raw House Road, Satellite, Ahmedabad - 380015, Gujarat, India
Date of Birth/Age :	17.06.1958
Date of Appointment :	20.09.2007
DIN No.:	01490896

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2012

Names of Shareholders	No. of Shares
Tushar Pradeepkumar Agrawal	86000
Pradeep K. Agrawal	138000
Pradeep K. Agrawal (HUF)	61000
Singhal Plastic Industries Private Limited, India	504000
Ramlalit Sharma	10000
Economy Vincome Private Limited, India	275000
Sushma Agrawal	40000
Total	1114000

AS ON 29.09.2012

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	99.10
Other top fifty shareholders	0.90
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Plastic Sheets, PP Sheet, PP Roofing Sheet, etc.
Products :	Ø Plastic Sheets Ø PP Sheets Ø HDPE Sheets Ø LDPE Sheets Ø PP Roofing Sheets Ø Decorative Sheets Ø Fibre Glass Sheets Ø Thermoforming Sheets Ø Vacuum Forming Sheets Ø Wood Grain Plastic Sheets Ø Warning Tape and Mate Ø Cable Protecting Sheets Ø Underground Gas Line Protecting Sheets Ø Lamination Sheets.
Exports :
Products :	Ø Plastic Sheets Ø PP Sheets Ø HDPE Sheets Ø LDPE Sheets Ø PP Roofing Sheets Ø Decorative Sheets Ø Fibre Glass Sheets Ø Thermoforming Sheets Ø Vacuum Forming Sheets Ø Wood Grain Plastic Sheets Ø Warning Tape and Mate Ø Cable Protecting Sheets Ø Underground Gas Line Protecting Sheets Ø Lamination Sheets.
Countries :	Ø US Ø UK Ø Saudi Arabia Ø Europe Ø South Africa Ø Gulf Country
Imports :
Products :	Raw Material
Countries :	Ø Taiwan Ø Gulf Country
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

400 (Approximately)

Bankers :

Ø State Bank of India, Laghu Udyog Branch, Opposite Gandhigram Railway Station, Ahmedabad – 380009, Gujarat, India

Ø ICICI Bank Limited

Ø HDFC Bank Limited

Facilities :

Secured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
State Bank of India - Project Term Loan(Secured against Hypothecation of Plant and Machinery and E. M. of Immovable and Property of the Company and Personal Property of the Director)	21.990	26.058
State Bank of India - Project Term Loan (Secured against Hypo. of Plant and Machinery and E. M. of Immovable and Property of the Company and Personal Property of the Director)	30.949	38.416
ICICI Bank Limited Audi Loan (Secured Against AUDI Car)	0.862	2.172
HDFC Car Loan (Secured Against Car)	0.000	0.039
State Bank of India Cash Credit Account(Secured against Hypothecation of Stock and Book Debt and E.M.	53.802	32.523
SBI CC ADHOC	0.000	0.025
Total	107.603	99.233
Unsecured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
Pradeep Agarwal	1.081	0.000
Pradeep Agarwal - HUF	0.372	0.372
Singhal Plastic Industries Private Limited	0.809	0.000
Sushma Agarwal	4.050	5.150
Tushar Agarwal	0.739	0.000
Vinay Singhal	0.480	0.000
Total	7.531	5.522

Banking Relations :	--
Auditors :
Name :	Rajiv Shah and Associates Chartered Accountants
Address :	31, Kalindi Complex, Navrangpura, Ahmedabad – 380009, Gujarat, India
Tel. No.:	91-79-27542815/ 66612815
Fax No.:	91-79-40070198
E-Mail :	rajivshah1965@gmail.com
Income-tax PAN of auditor or auditor's firm :	AAEFR3394N
Sister Concern :	· Pulkit Plastic Products Ahmedabad, Gujarat, India · Singhal Plastic Private Limited Ahmedabad, Gujarat, India

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
1,250,000	Equity Shares	Rs. 10/- each	Rs. 12.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1,114,000	Equity Shares	Rs.10/- each	Rs. 11.140 Millions

Disclosure pursuant to Point No. A of Part 1 of Schedule VI to the Companies Act, 1956

Particulars	Equity Shares
	Number	Amount
Shares outstanding at the beginning of the year	964000	9.640
Shares issued during the year	150000	--
Shares bought back during the year	-	--
Shares outstanding at the end of the year	1114000	9.640

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		11.140	9.640	7.640
2] Share Application Money		0.000	1.600	0.000
3] Reserves & Surplus		65.887	48.912	28.225
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		77.027	60.152	35.865
LOAN FUNDS
1] Secured Loans		107.603	99.233	69.593
2] Unsecured Loans		7.531	5.522	16.645
TOTAL BORROWING		115.134	104.755	86.238
DEFERRED TAX LIABILITIES		0.000	0.000	0.520
TOTAL		192.161	164.907	122.623
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		91.341	96.462	69.494
Capital work-in-progress		12.349	7.585	0.000
INVESTMENT		0.036	0.036	0.000
DEFERREX TAX ASSETS		0.550	0.218	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	74.570	42.755	19.941
	Sundry Debtors	39.387	19.392	28.809
	Cash & Bank Balances	1.732	1.096	0.478
	Other Current Assets	12.736	10.301	0.000
	Loans & Advances	12.661	10.257	14.036
Total Current Assets		141.086	83.801	63.264
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	34.412	16.405	10.546
	Other Current Liabilities	17.957	5.559	0.850
	Provisions	0.832	1.231	1.300
Total Current Liabilities		53.201	23.195	12.696
Net Current Assets		87.885	60.606	50.568
MISCELLANEOUS EXPENSES		0.000	0.000	2.561
TOTAL		192.161	164.907	122.623

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	239.992	202.165	153.016
		Other Income	2.470	1.253	1.003
		TOTAL (A)	242.462	203.418	154.019
Less	EXPENSES
		Cost of materials consumed	202.928	163.403
		Changes in stock-in-trade	(34.774)	(20.774)
		Employee benefit expenses	5.819	3.240
		Other Expenses	37.239	37.432
		TOTAL (B)	211.212	183.301	144.261
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		31.250	20.117	9.758
Less	FINANCIAL EXPENSES (D)		16.482	8.931	0.000
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		14.768	11.186	9.758
Less/ Add	DEPRECIATION/ AMORTISATION (F)		11.336	8.792	7.780
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		3.432	2.394	1.978
Less	TAX (H)		(0.043)	(0.293)	0.517
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		3.475	2.687	1.461
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		0.751	(1.936)	(3.397)
	BALANCE CARRIED TO THE B/S		4.226	0.751	(1.936)
	Earnings/ (Loss) Per Share (Rs.)		3.12	2.79	1.91

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	1.43	1.32	0.95
Net Profit Margin (PBT/Sales)	(%)	1.43	1.18	1.29
Return on Total Assets (PBT/Total Assets}	(%)	1.48	1.33	1.49
Return on Investment (ROI) (PBT/Networth)		0.04	0.04	0.06
Debt Equity Ratio (Total Liability/Networth)		2.19	2.13	2.76
Current Ratio (Current Asset/Current Liability)		2.65	3.61	4.98

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS:

Particulars	31.03.2012	31.03.2011	31.03.2010
	(Rs. In Millions)
Sundry Creditor for Goods		11.948	8.946
Sundry Creditor for Others		4.457	1.600
Sundry Creditor	34.412	16.405	10.546

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	Yes
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
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	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
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	Yes
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	Yes

Note: The Registered Office of the company has been shifted from, 30, Someshwara Complex No.1, Near Shyamal Raw House Road, Satellite, Ahmedabad - 380015, Gujarat, India, to the present address w.e.f. 15.07.2008

REVIEW OF OPERATION AND FUTURE PROSPECTS:

Company was able to achieve the impressive growth in the financial year and able to achieve sale of more than two hundred Millions. They are planning to increase the production capacity to fulfil the increasing demand of the product.

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U25202GJ2007PTC051779
Name of the company	SINGHAL INDUSTRIES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Block No.1547, B/H Mukut Pipe, Kalon - Khatraj Road, Moti Bhoyan, Ahmedabad – 382721, Gujarat, India Email: rajivshah1965@gmail.com
This form is for	Modification of charge
Charge identification number of the modified	10143607
Type of charge	Immovable Property Others (Extension of EM over immovable properties of company)
Particular of charge holder	State Bank of India, Laghu Udyog Branch, Opposite Gandhigram Railway Station, Ahmedabad – 380009, Gujarat, India Email: sbi.03993@sbi.co.in
Nature of description of the instrument creating or modifying the charge	Deed of further charge executed on dated 19.12.2011
Date of instrument Creating the charge	19.12.2011
Amount secured by the charge	Rs. 127.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest (a) W.C. : @6.75% above base rate (BR=10%), i.e.16.75% p.a. (b) TL-1 : @7.50% above base rate (BR=10%), i.e.17.50% p.a. (c) TL-2 : @5.75% above base rate (BR=10%), i.e.15.75% p.a. Terms of Repayment (a) WC : Repayable on demand (b) TL-1 : As per original sanction i.e. 60 monthly installments of Rs.0.622 Million starting from October-2009 to Sept-14 and then 28 monthly installment of Rs. 0.666 Million (c) TL-II : As per original sanction i.e. 90 monthly installments i.e. 89 installments will be of Rs.0.339 Million and last installment will be of Rs.0.329 Million Margin Raw materials (Domestic) - 25% Raw materials (Imported) - 25% SIP,FG,PKG/Consum. materials - 30% Book debts (cover period 90 days) - 50% Extent and Operation of the charge (i) Primary security -First charge byway extension of mortgage over immovable properties of Company (ii) Collateral security- Mortgage over immovable property for credit facilities extended by SBI, Main Branch, Ahmedabad to Singhal Plastic Industries & Pulkit Plastic Product, more particulars of property described in schedule-I,II,III and IV hereunder written as continuing security for due repayment redemption, liquidation of all monies including interest, costs, charges, expenses payable by borrower to Bank Others Facility Existing Proposed (Rs. in Millions) (i) CC Rs.36.000 Rs.55.000 (ii) TL-I (O/s Rs.49.200 Rs.39.800 (iii) TL-II(O/s) Rs.30.500 Rs.27.700 (iv) SLC Rs.3.000 Rs. Nil (v) LC Rs.10.000 Rs. Nil (vi) Singhal Plastic Ind. Rs. Nil Rs.3.500 (vii) Pulkit Plastic Prod. Rs. Nil Rs.1.000 Total Rs.128.700 Rs.127.000
Short particulars of the property charged	All the immovable assets/properties of the company viz. Freehold NA land bearing block no.1547,adms.25448 sq. mtrs of Mouje Moti Bhoyan, Taluka- Kalol in the registration sub-district of Gandhinagar
Date of latest modification prior to the present modification	28.09.2010
Particulars of the present modification	The original charge (ID No.10143607) created on 04.02.09 for Rs.73.000 Millions was modified on 28.09.10 to Rs.128.700 Millions is now being further modified on 19.12.11 to Rs.127.000 Millions as under (Rs. in Millions) Facility : CC TL-1 TL-2 SLC LC Singhal Plastic Industrial Pulkit Plastic Prod Existing : 36.000 49.200 30.500 3.000 10.000 Nil Nil Proposed: 55.000 39.800 27.700 Nil Nil 3.500 1.000 Now, the charge on immovable properties extend to Rs.127.000 Millions

FIXED ASSETS:

Ø Land

Ø Factory Building

Ø Plant and Machinery

Ø Electrical Equipments

Ø Computer Printer

Ø Air Conditioner Split

Ø Bikes

Ø Ceiling Fans

Ø Audi Car

Ø Furniture and Fixture

Ø Telephone

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

Information Gathered by :	SVA
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--CREDIT LINES	1~10	4
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		36

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.