MIRA INFORM REPORT

Report Date :

22.02.2012

IDENTIFICATION DETAILS

Name :	VISHAKHA POLYFAB PRIVATE LIMITED
Registered Office :	Plot No. 549/2, Village Vadsar Ta: Kalol, Dist: Ghandhinagar, Vadsar-382721, Gujarat,
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	29.12.1993
Com. Reg. No.:	04-020968
Capital Investment / Paid-up Capital :	Rs.49.200 Millions
CIN No.: [Company Identification No.]	U17110GJ1993PTC020968
TAN No.: [Tax Deduction & Collection Account No.]	AHMV00284E
PAN No.: [Permanent Account No.]	AAACV6439R
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Plastic high barrier Flexible Packaging
No. of Employees :	Information Declined by Management

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 930000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is a well established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions.

NOTES :

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

INFORMATION DECLINED BY

Name :	Mr. Chandersh Shah
Designation :	Finance Executive
Date :	18.02.2012

LOCATIONS

Registered Office/Factory / Admin / International Business Division :	Plot No. 549/2, Village Vadsar Ta: Kalol, Dist: Ghandhinagar, Vadsar-382721, Gujarat, India
Tel. No.:	91-2764-281048 / 581 / 582
Fax No.:	91-2764-281795
E-Mail :	factory@vishalhapolyfab.com info@vishkhapolyfab.com export@vishkhapolyfab.com
Website :	www.vishkhapolyfab.com
Head Office :	Corporate Road, Prahladnagar, Ahmedabad- 380 015. Gujarat. India.
Tel. No.:	91-79-6190 7373
Fax No.:	91-79-6190 7340

DIRECTORS

As on 21.07.2011

Name :

Mr. Kamal Daulalji Moondra

Designation :

Director

Address :

22, Kaushalya Bunglows, Ramdevnagar, Ahmedabad, Gujarat, India

Date of Birth/Age :

05.05.21959

Date of Appointment :

06.01.2001

DIN No.:

00019671

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	U17110GJ1993PTC020968	VISHAKHA POLYFAB PRIVATE LIMITED	Director	6/10/2001	6/10/2001	-	Active	NO
2	U63022GJ2004PLC045143	ADANI AGRI FRESH LIMITED	Director	1/6/2011	12/7/2010	-	Active	NO
3	U45201GJ1995PTC026067	ADANI PROPERTIES PRIVATE LIMITED	Additional director	13/01/2012	13/01/2012	-	Active	NO

Name :

Mr. Jigish Nagindas Doshi

Designation :

Director

Address :

6, Shrusht Bunglows, Ashwamegh 4B extn 132 Ring Road, satellite, Ahmedabad-380015, Gujarat, India

Date of Birth/Age :

17.01.1981

Date of Appointment :

10.12.1999

DIN No.:

00380192

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	U17110GJ1993PTC020968	VISHAKHA POLYFAB PRIVATE LIMITED	Director	10/12/1999	10/12/1999	-	Active	NO
2	U51495GJ2001PTC039622	DOSHI POLYMERS PRIVATE LIMITED	Director	1/6/2001	1/6/2001	-	Active	NO
3	U25200GJ2005PTC046946	VISHAKHA INDUSTRIES PRIVATE LIMITED	Director	19/10/2005	19/10/2005	-	Active	NO
4	U29299GJ2008PTC053240	VISHAKHA IRRIGATION PRIVATE LIMITED	Director	13/03/2008	13/03/2008	-	Active	NO
5	U25209GJ2010PTC059960	VISHAKHA POLY PIPES PRIVATE LIMITED	Director	22/03/2010	22/03/2010	-	Active	NO
6	U25209GJ2010PTC059959	VISHAKHA IRRIGATION PROJECT PRIVATE LIMITED	Director	22/03/2010	22/03/2010	-	Active	NO

Name :

Mr. Bgadresh Nagindas Doshi

Designation :

Director

Address :

26, Shrusht Bunglows, Ashwamegh 4B extn 132 Ring Road, satellite, Ahmedabad-380015, Gujarat, India

Date of Birth/Age :

08.02.1956

Date of Appointment :

08.06.2000

DIN No.:

00380239

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	U17110GJ1993PTC020968	VISHAKHA POLYFAB PRIVATE LIMITED	Director	8/6/2000	8/6/2000	-	Active	NO
2	U51495GJ2001PTC039622	DOSHI POLYMERS PRIVATE LIMITED	Director	1/6/2001	1/6/2001	-	Active	NO
3	U25200GJ2005PTC046946	VISHAKHA INDUSTRIES PRIVATE LIMITED	Director	15/11/2007	15/11/2007	-	Active	NO
4	U29299GJ2008PTC053240	VISHAKHA IRRIGATION PRIVATE LIMITED	Director	29/09/2008	25/03/2008	-	Active	NO
5	U25209GJ2010PTC059960	VISHAKHA POLY PIPES PRIVATE LIMITED	Director	22/03/2010	22/03/2010	-	Active	NO
6	U25209GJ2010PTC059959	VISHAKHA IRRIGATION PROJECT PRIVATE LIMITED	Director	22/03/2010	22/03/2010	-	Active	NO

Name :

Mr. Jayesh Hasmukhlal Shah

Designation :

Director

Address :

2, Adesh Flats, 14, Dharnidhar Society, Near, dharnidhar Derasar, Vanna, Ahmedabad-380007, Gujarat, India

Date of Birth/Age :

04.10.1958

Date of Appointment :

28.05.2010

DIN No.:

03085675

KEY EXECUTIVES

Name :	Mr. Chandersh
Designation :	Finance Executive

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 21.07.2011

Names of Shareholders	No. of Shares
Jigish Nagindas Doshi	1869599
Bgadresh Nagindas Doshi	332125
Umesh Nagindas Doshi	257775
Jigish Nagindas Doshi (Nominee of M/s. Labdhi International )	500
Adani Wilmar Limited, India	2460000
Jigish Nagindas Doshi (Nominee of Vishakha industries )	1
Total	4920000

As on 21.07.2011

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	50.00
Directors or relatives of Directors	50.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Plastic high barrier Flexible Packaging

Products :

Product Description	ITC Code
Plastic Extruded Film

PRODUCTION STATUS (As on 31.03.2010)

Particulars	Unit	Installed Capacity	Actual Production
Plastic Film	Metnc Tons	8786	6337.903

GENERAL INFORMATION

No. of Employees :

Information Declined by Management

Customer:

• Amul
• Adani Wilmar Limited
• Bunge
• Cargill
• Mother Dairy
• Gokul
• Vofl
• Ruchis
• Hindustan Unilever limited

Bankers :

• Bank of Baroda, New Cloth Market, O/s Raipur Gate, Raiput, Ahmedabad -380001, Gujarat, India
• State Bank Of India, Commercial Branch, Paramsiddhi Complex, Opposite V. S. Hospital, Ellisbridge, Ahmedabad - 380006, Gujarat, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
1.Term loan From Bank
In Foreign Currency	180.089	96.912
In Indian Rupees	53.679	18.590
2.Working Capital	170.229	78.681
3. Vehicle Loan (Secured Against Vehicles)	1.648	2.109
Total	405.645	196.292
Note Secured by an Equitable Mongage on immovable Property and Hypothecation of all movable properties both present and future situated at Block no 549/2 541 and 550 village vadasr Tal Kolot, Dist. Ghandhinagar, Gujarat, India
Unsecured Loan	As on 31.03.2011	As on 31.03.2010
1. From Foreign Bank
In Foreign Currency	79.274	99.983
2. Form Firm / Other Party	12.500	0.000
3. Form A Firm Being a Shareholder	0.000	10.000
Total	91.774	109.983

Banking Relations :	---
Auditors :
Name :	Dharmesh Parikh and Company Chartered Accountants
Address :	3032 / 304, Milestone , Near Drive in Cinema, Opposite, T. V. TOWER, Thaltej, Ahmedabad-380054, Gujarat, India
Tel. No.:	91-79-27474466
Fax No.:	91-79-27479955
PAN.:	AASPP2756N
Associates :	Labdhi International Private Limited Jigish Marketing Doshi Marketing Progressive Plastic Industries Jigish Traders Vishakha Industries Vishakha Irrigation Private Limited Doshi polymers Private Limited

CAPITAL STRUCTURE

As on 21.07.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
7000000	Equity Shares	Rs.10/- each	Rs.70.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5290000	Equity Shares	Rs.10/- each	Rs.52.900 millions

As on 31.03.2011

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
4920000	Equity Shares	Rs.10/- each	Rs.49.200 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		49.200	45.500	40.000
2] Share Application Money		0.000	20.000	0.000
3] Reserves & Surplus		183.478	152.871	106.948
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		232.678	218.371	146.948
LOAN FUNDS
1] Secured Loans		405.645	196.293	111.672
2] Unsecured Loans		91.774	109.983	61.681
TOTAL BORROWING		497.419	306.276	173.353
DEFERRED TAX LIABILITIES		23.071	16.803	12.416
TOTAL		753.168	541.450	332.717
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		410.489	322.086	232.917
Capital work-in-progress		22.872	21.341	3.986
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	277.045	128.276	60.783
	Sundry Debtors	209.749	127.208	96.435
	Cash & Bank Balances	28.365	21.097	17.260
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	96.464	60.931	39.148
Total Current Assets		611.623	337.512	213.626
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	119.066	5.525	68.778
	Other Current Liabilities	144.129	92.369	18.781
	Provisions	28.621	41.595	30.253
Total Current Liabilities		291.816	139.489	117.812
Net Current Assets		319.807	198.023	95.814
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		753.168	541.450	332.717

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
	`	Income	876.601	687.018	558.880
		Other Income	10.589	15.655
		TOTAL (A)	887.190	702.673	558.880
Less	EXPENSES
		Material Cost	582.200	459.663
		Manufacturing and Other Expenses	172.484	132.485
		Selling and Distribution Expenses	10.757	5.912	483.811
		Preliminary Expenses W / off	0.000	0.262
		TOTAL (B)	765.441	598.322	483.811
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		121.749	104.351	75.069
Less	FINANCIAL EXPENSES (D)		41.466	19.525	18.670
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		80.283	84.826	56.399
Less/ Add	DEPRECIATION/ AMORTISATION (F)		55.464	35.154	19.557
	PROFIT BEFORE TAX (E-F) (G)		24.819	49.672	36.842
Less	TAX (I)		8.771	15.387	13.150
	PROFIT AFTER TAX (G-I) (J)		16.048	34.285	23.692
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		53.571	31.948	20.595
Less	APPROPRIATIONS
		Transfer to General Reserve	10.000	10.000	10.000
		Dividend	1.476	2.275	2.000
		Tax on Dividend	0.245	0.387	0.339
	BALANCE CARRIED TO THE B/S		57.898	53.571	31.948
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	83.262	28.264	24.780
	TOTAL EARNINGS		83.262	28.264	24.780
	IMPORTS
		Raw Materials	394.358	248.587	164.375
		Capital Goods	5.167	80.022	78.964
	TOTAL IMPORTS		399.525	328.609	243.339
	Earnings Per Share (Rs.)		3.44	7.30	5.92

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.81	4.80	4.30
Net Profit Margin (PBT/Sales)	(%)	2.83	7.23	NA
Return on Total Assets (PBT/Total Assets}	(%)	2.43	7.53	5.31
Return on Investment (ROI) (PBT/Networth)		0.11	0.23	0.25
Debt Equity Ratio (Total Liability/Networth)		3.39	2.04	1.98
Current Ratio (Current Asset/Current Liability)		2.10	2.42	1.81

LOCAL AGENCY FURTHER INFORMATION

COMPANY'S PERFORMANCE

During the year, Company has been able to sustain its overall performance m terms of consistent growth in turnover and market share the growth in business operations fortifies the confidence shown in the company by its existing customer as well as new customer due to the continued assurance of those services. The company has achieved the production of 7319 MT during the year, as compared at 6338 MT of last year.

The company seven layers Nylon/EVOH based high barrier film manufacturing machine, with an annual capacity of 2400 MT, has achieved its optimum capacity, even though some slow down in general Industry trend.

Turnover increased by 28% to Rs.876.601 Millions as compared to Rs.687018 Millions fast year. The Company posted the performance with Profit before Tax of Rs.24.819 Millions, which is lower as compared to last year, due higher depreciation The net Profit after Tax at Rs16.048 Million as against Rs34.285 Millions of the last year

FINANCE

The Company’s borrowing limit has been enhanced to meet working capital and capital Expenditure requirements, form Rs.344.700 Millions to Rs.392.700 Millions to meet the working capital for new project of 9 layers plant of plastic film and production of plastic pouch. The company has availed financial assistance from the State Bank of India and charges has been created for the limits in favour of the Bank. Further the Company has also availed enhanced ECB of Rs.100.000 Millions to meet the above project cost.

DETAILS OF SUNDRY CREDITORS

Particular	31.03.2011	31.03.2010	31.03.2009
Micro, Small and Medium Enterprises	3.951	0.118	1.802
Other	115.115	5.345	66.976
Acceptance	59.240	1.516	0.000
Statutory Liabilities	7.505	0.576	2.630
Other Liabilities	67.384	2.234	16.151
Sundry Creditors	253.195	9.789	87.555

CONTINGENT LIABILITIES NOT PROVIDED FOR

a) Local Sales Tax liability for accounting year 2004-2005 (Including Penally and Interest of Rs0.376 Million/-) disputed in Appeal not provided in the accounts of Rs0.773 Million (Previous Year Rs.0.773 Million including Penalty & interest of Rs.0.375, Million and for accounting year 2005-2006 (Including Penally and Interest of Rs0.364 Million) disputed in Appeal not provided in the accounts of Rs.0.947 Million {Previous year Rs0.947 Million)

b) Central Sales Tax Liability for accounting year 2005-2006 (Including Penalty 5 Interest Rs.0.605 Million) disputed in Appeal not provided in the accounts of Rs1.422 Millions /-(Previous Year Rs1.422 Million)

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U17110GJ1993PTC020968
Name of the company	VISHAKHA POLYFAB PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Plot No. 549/2, Village Vadsar Ta: Kalol, Dist: Ghandhinagar, Vadsar-382721, Gujarat, factory@vishakhapolyfab.com
This form is for	Modification of Charge
Charge identification (ID) number of the charge to be modified	10076837
Type of charge	Book debts Movable property (not being pledge)
Particular of charge holder	Bank of Baroda, New Cloth Market, O/s Raipur Gate, Raiput, Ahmedabad -380001, Gujarat, India Suresh.pareek@sbi.co.in
Nature of instrument creating charge	1. Supplemental Agreement of Hypothecation of Goods and assets for increase in the overall Limit 2. letter Regarding the grant of Individual limits within the overall limit
Date of instrument Creating the charge	03.12.2011
Amount secured by the charge	Rs.725.600 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Cash Credit : 3.50% above Base Rate (BR) i.e.13.50% p.a. with monthly rest Terms of repayment 1. Cash Credit: Payable on demand. 2. Term Loan-III of Rs.100.000 Millions will be repayable in 21 quarterly installments i.e. 18 installment each of Rs.4.760 Millions and next 3 (Three) installment each of Rs.4.800 Millions and commencing from 3rd quarter of financial year 2011-12 i.e. From December 2011 and for other term loans Margin Stock- 25%, Letter of Credit/Bank Guarantee: 15%, EPC (on FOB Value) - 10%, Book Debts (Cover 90 days) - 35% and Plant and Machineries - 25% Extent and operation of the charge 1.Exclusive charge over the entire fixed assets (Present and Future) including land and Building of the company situated at Block no 549/2 and 550 (admeasuring 10723 sq. mtrs) and Block No. 541 (admeasuring 3805 sq. mtrs) excluding vehicles, 7 and 9 layer main plant financed through unsecured ECB loan situated at Village Vadsar, Taluka Kalol, District Gandhinagar. 2. Exclusive Charge over the entire current assets and movable assets situated at Village Vadsar, Tal. Kalol, Dist. Gandhinagar, Gujarat.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Entire current assets of the company situted at Block No 541, 549/2 and 550 at Village Vadsar, Taluka Kalol, District Gandhinagar. Entire movable properties including plant and Machineries at B Block No 541, 549/2 and 550 at Village Vadsar, Taluka Kalol, District Gandhinagar excluding Vehicles and 7 and 9 layer main plant. Immovable properties situated at Block no 549/2 and 550 (admeasuring 10723 sq. mtrs) at Village Vadsar, Taluka Kalol, District Gandhinagar.
Date of instrument modifying the charge	24.11.2010
Particulars of the present modification	Charge extended from Rs. 708.200 Millions to 725.6 Millions (after liquidation of TL of Rs. 29.000 Millions reduced CEL of Rs. 8.600 Millions and SLC of Rs. 10.000 Millions. with additional LC of Rs. 65.000 Millions) by way of Hypothecation over entire current assets, movable assets and plant and machineries, but excluding Vehicles and 7 and 9 layer main plant financed by ECB situated at Village Vadsar, Taluka Kalol, District Gandhinagar and receivables of the company.

FIXED ASSETS

• Freehold land
• Tuoewell
• Factory Building
• Computer
• Pant and machinery
• Electrical Installation
• Furniture
• 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.48.08
UK Pound	1	Rs.77.80
Euro	1	Rs.65.17

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
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	6
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		48

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.