1. Summary Information

		Country	India
Company Name	ANANT EXTRUSIONS LIMITED	Principal Name 1	Mr. Kamal Shankarlal Binani
Status	Satisfactory	Principal Name 2	Mr. Kamal Nandlal Ladha
		Registration #
Street Address	E – 108, Riddhi Siddhi Complex, Kamraj Nagar, [Prem Nagar], Off S.V. Road, Gorgaon [West], Mumbai – 400062, Maharashtra
Established Date	30.09.2004	SIC Code	--
Telephone#	91-22-28772873	Business Style 1	Manufacturer
Fax #	91-22-28769491	Business Style 2	-
Homepage	http://www.kamalpipes.com	Product Name 1	PVC Product
# of employees	Not Available	Product Name 2	-
Paid up capital	Rs.5,160,000/-	Product Name 3	-
Shareholders	Bodies corporate – 22.56% Directors or relatives of Directors – 77.44%	Banking	Bank of India
Public Limited Corp.	No	Business Period	8 Years
IPO	No	International Ins.	-
Public Enterprise	No	Rating	Ba [42]
Related Company
Relation	Country	Company Name	CEO
-	-	-	-
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2010		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	38,212,000	Current Liabilities	9,272,000
Inventories	21,772,000	Long-term Liabilities	29,327,000
Fixed Assets	16,602,000	Other Liabilities	2,974,000
Deferred Assets	0	Total Liabilities	41,573,000
Invest& other Assets	466,000	Retained Earnings	30,319,000
		Net Worth	35,479,000
Total Assets	77,052,000	Total Liab. & Equity	77,052,000
Total Assets (Previous Year)	71,419,000
P/L Statement as of	31.03.2010		(Unit: Indian Rs.)
Sales	93,919,000	Net Profit	788,000
Sales(Previous yr)	89,534,000	Net Profit(Prev.yr)	432,000

MIRA INFORM REPORT

Report Date :

04.01.2012

IDENTIFICATION DETAILS

Name :	ANANT EXTRUSIONS LIMITED
Formerly Known As :	ANANT EXTRUSIONS PRIVATE LIMITED
Registered Office :	E – 108, Riddhi Siddhi Complex, Kamraj Nagar, [Prem Nagar], Off S.V. Road, Gorgaon [West], Mumbai – 400062, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	30.09.2004
Com. Reg. No.:	11-045316
Capital Investment / Paid-up Capital :	Rs.5.160 Millions
CIN No.: [Company Identification No.]	U25200MH2004PLC045316
TAN No.: [Tax Deduction & Collection Account No.]	MUMA21770A
PAN No.: [Permanent Account No.]	AAACA3680K
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of PVC Products.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba [42]

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

Maximum Credit Limit :	USD 141000
Status :	Satisfactory
Payment Behaviour :	Slow but Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for normal 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.

ECGC Country Risk Classification List – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

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

LOCATIONS

Registered Office :	E – 108, Riddhi Siddhi Complex, Kamraj Nagar, [Prem Nagar], Off S.V. Road, Gorgaon [West], Mumbai – 400062, Maharashtra, India
Tel. No.:	91-22-28772873
Fax No.:	91-22-28769491
E-Mail :	kkbinani@gmail.com info@kamalpipes.com
Website :	http://www.kamalpipes.com
Nagpur Office :	288 F, Kinkhede Layout, Civil Lines, District Nagpur – 440001, India
Tel. No.:	91-712-2520164 / 65

DIRECTORS

As on 30.09.2010

Name :

Mr. Kamal Shankarlal Binani

Designation :

Director

Address :

B – 111, Vishnu Baug, S.V. Road, Andheri West, Mumbai, Maharashtra, India

Date of Birth/Age :

30.08.1960

Date of Appointment :

30.09.2004

DIN :

00340348

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	U25200MH1993PTC071407	AKAY MOULDINGS PRIVATE LIMITED	Director	30/03/1993	30/03/1993	-	Active	NO
2	U51900MH1999PTC123089	MANDHARI TRADING PRIVATE LIMITED	Director	18/12/2006	14/12/1999	-	Active	NO
3	U27110MH1995PTC088188	SPA CORPORATE SERVICES PRIVATE LIMITED	Director	13/12/2000	13/12/2000	20/08/2007	Active	NO
4	U51310MH2001PLC131144	INDOTRADE INDIA LIMITED	Director	18/12/2006	8/3/2001	-	Active	NO
5	U52321MH2003PTC140725	SACHI TEX PRIVATE LIMITED	Director	4/6/2003	4/6/2003	-	Active	NO
6	U51909MH2004PTC144883	MAX TRADES PRIVATE LIMITED	Director	5/3/2004	5/3/2004	-	Active	NO
7	L65910DL1984PLC018749	SPA CAPITAL SERVICES LIMITED	Director	30/09/2004	30/09/2004	-	Active	NO
8	U25200MH2004PLC045316	ANANT EXTRUSIONS LIMITED	Director	30/09/2004	30/09/2004	16/08/2011	Active	NO
9	U25209MH1993PLC073582	PREGNA INTERNATIONAL LIMITED	Director	3/11/2004	3/11/2004	-	Active	NO
10	U51310MH2005PTC152420	LION MERCANTILE PRIVATE LIMITED	Director	5/4/2005	5/4/2005	5/9/2008	Active	NO
11	U51909MH2005PTC158188	MERCURY TRADES PRIVATE LIMITED	Director	20/12/2005	20/12/2005	16/08/2007	Active	NO
12	U65900MH1995PTC093305	ABSOLUTE LEASING AND FINVEST PRIVATE LIMITED	Director	16/06/2006	16/06/2006	20/11/2008	Active	NO
13	U22212MH1995PTC084878	ZOE ESTEBE MOVIEZ PRIVATE LIMITED	Director	16/06/2006	16/06/2006	20/11/2008	Active	NO
14	U51311MH2001PLC131131	INDO INDUSTRIES LIMITED	Director appointed in casual vacancy	14/08/2007	14/08/2007	-	Active	NO
15	U18101MH1987PLC043838	KAMAL SUPERS LIMITED	Director	3/9/2007	3/9/2007	-	Active	NO
16	U52100MH2008PTC178915	VENUS MULTITRADE PRIVATE LIMITED	Director	19/02/2008	19/02/2008	-	Active	NO
17	U51909RJ2007PTC030059	DAY NIGHT TRADING PRIVATE LIMITED	Additional director	1/3/2008	1/3/2008	28/03/2008	Active	NO
18	U52590MH2007PTC175090	SOLERTECH MULTITRADE PRIVATE LIMITED	Director	1/6/2009	1/6/2009	-	Active	NO

Name :

Mr. Kamal Nandlal Ladha

Designation :

Director

Address :

Flat No.A - 1/33, MAhindra Garden, S.V. Road, Goregaon – West, Mumbai – 400062, Maharashtra, India

Date of Birth/Age :

02.07.1957

Date of Appointment :

30.09.2004

DIN :

02632130

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	U25200MH1993PTC071407	AKAY MOULDINGS PRIVATE LIMITED	Director	1/7/1999	1/7/1999	Active	NO
2	U25200MH2004PLC045316	ANANT EXTRUSIONS LIMITED	Director	30/09/2004	30/09/2004	Active	NO

Name :

Mr. Sandeep Prannath Sood

Designation :

Director

Address :

16, Shanti Vihar, Chitanvispura Lane, Nagpur – 440001, India

Date of Birth/Age :

17.11.1957

Date of Appointment :

28.09.2005

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2010

Names Of Shareholders	No. Of Shares
Akshat Ladha	46320
Anant Ladha	47000
Anju Maheshwari	2000
Anju Somani	2000
Ankitsomani	4200
Anuradha Bhaiya	200
Anushamotwani	200
Bhavan Devisoni	2150
Deepak Maheshwari	2000
Devina Binani	22000
Dinakr Rao Mane	200
Geeta Devi Memani	200
Govind Sirsawala	200
Guladvani	100
Jignesh V. Shah	200
Kksomani (Huf)	15300
Kamal Ladha	22250
Kamal Ladha (Huf)	15000
Kamal Somani	15880
Kiran Totla	200
Kirittrivedi	100
Krishna Chitlangia	8800
Laittrivedi	100
Lavinanagpal	100
Madanlalpsatavat	200
Manisha Binani	22000
Mehulmansukhlal Dadbhawala	100
Mitali Binani	22000
Mundra Financial Services Limited, India	8000
N L Maheshwari	10000
N.L.Maheshwari (Huf)	9000
Naman Binani	22000
Nitin Mehta	100
P.C Memani	200
Pankaj Sapkal	200
Prakash Chandra Saboo	200
Pranav Kant Manglik	200
Pushpaeben Shah	200
Rachit Somani	2200
Raj Meghraj Shroff	200
Rajiv Khetan	200
Ramesh D Lakhotia	200
Ranjana Ladha	50050
Sagarmal Somani	10000
Sangeeta Ladha	2500
Satyen Somani	4890
Satyen Somani/Anju Somani	5000
Savitridevi Somani	4000
Sensex Capital Market Limited, India	16450
Shashikant P Satavat	200
Shivdevi Chitlangla	3000
Sangeeta Ladha	2500
Satyen Somani	4890
Satyen Somani/Anju Somani	5000
Savitridevi Somani	4000
Sensex Capital Market Limited, India	16450
Shashikant P Satavat	200
Shivdevi Chitlangla	3000
Shyamsunder Ladha	8100
Shyamsunder Somani	10
Sinita Ladha	2500
Tara Dubey	200
Times Gaurantee Limited, India	100000
Triloknath Maheshwari	200
Urmilamaheshwari	4800
Vipulshah	200
Total	516000

As on 30.09.2010

Equity Share Break Up Category	Percentage
Bodies corporate	22.56
Directors or relatives of Directors	77.44
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of PVC Products.

Products :

Products Description	ITC Code No.
PVC Pipes	39172310
Fittings	39174006
Scrap	39153090

PRODUCTION STATUS [As on 31.03.2009]

Particulars	Unit	Quantity
Installed Capacity	Tons	2700

PRODUCTION STATUS [As on 31.03.2009]

Particulars	Unit	Actual Production
PVC Pipe [Includes Job work Qty.26828 Mts (Previous year : NIL)]	Mtrs	1492821

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Bank of India, Malad (West) Branch, Swami Vivekanand Road, Opposite Nataraj Market, Malad (West), Mumbai - 400064, Maharashtra, India

Facilities :

Secured Loan	Rs. In Millions 31.03.2010	Rs. In Millions 31.03.2009
Term Loan - From Bank of India.(Amount Payable within a year Rs.1.167 millions)	4.380	5.727
Cash Credit - From Bank of India	18.780	11.430
Cash Credit - From Bank of India	0.678	1.033
Total	23.838	18.190
Unsecured Loan	Rs. In Millions 31.03.2010	Rs. In Millions 31.03.2009
Sales Tax Defferment Credit	5.489	7.966
Total	5.489	7.966

Banking Relations :	--
Auditors :
Name :	Charudatta Mantri and Company Chartered Accountants
Address :	G-32, Shriniwas CHS, Prarthana Samaj Road, Vile Parle (East), Mumbai – 400057, Maharashtra, India
Tel. No.:	91-22-32193618 / 19
E-Mail :	charudattamantri@yahoo.co.in
PAN :	AFMPM4313B

CAPITAL STRUCTURE

As on 30.09.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
1,200,000	Equity Shares	Rs.10/- each	Rs.12.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
516,000	Equity Shares	Rs.10/- each	Rs.5.160 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

Particulars		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		5.160	5.160	5.160
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		30.319	28.468	28.036
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		35.479	33.628	33.196
LOAN FUNDS
1] Secured Loans		23.838	18.190	14.589
2] Unsecured Loans		5.489	7.966	7.665
TOTAL BORROWING		29.327	26.156	22.254
DEFERRED TAX LIABILITIES		0.818	1.037	0.955
TOTAL		65.624	60.821	56.405
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		16.602	19.619	16.047
Capital work-in-progress		0.386	0.000	0.000
INVESTMENT		0.080	0.080	0.080
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	21.772	21.463	19.602
	Sundry Debtors	21.773	17.006	14.092
	Cash & Bank Balances	0.815	1.049	0.708
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	15.624	12.202	11.257
Total Current Assets		59.984	51.720	45.659
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	5.215	7.232	3.756
	Other Current Liabilities	4.057	1.713	0.375
	Provisions	2.156	1.653	1.250
Total Current Liabilities		11.428	10.598	5.381
Net Current Assets		48.556	41.122	40.278
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		65.624	60.821	56.405

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	93.919	89.534	71.822
		Other Income	0.151	0.183	0.486
		TOTAL (A)	94.070	89.717	72.308
Less	EXPENSES
		Material Cost	69.280	66.234	51.527
		Manufacturing Expenses	10.669	10.510	8.816
		Personnel Expenses	4.405	3.838	4.019
		Other Operating Expenses	3.759	2.889	2.380
		Selling and Distribution Expenses	1.239	0.891	3.075
		Increase / [Decrease] in Stocks	[1.559]	[0.594]	[1.606]
		TOTAL (B)	87.793	83.768	68.211
	PROFIT/[LOSS] BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		6.277	5.949	4.097
Less	FINANCIAL EXPENSES (D)		2.575	2.525	1.764
	PROFIT/[LOSS] BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		3.702	3.424	2.333
Less/ Add	DEPRECIATION/ AMORTISATION (F)		2.539	2.529	1.770
	PROFIT / [LOSS] BEFORE TAX (E-F) (G)		1.163	0.895	0.563
Less	TAX (H)		0.375	0.463	0.145
	PROFIT / [LOSS] AFTER TAX (G-H) (I)		0.788	0.432	0.418
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		2.806	2.374	1.956
	BALANCE CARRIED TO THE B/S		3.594	2.806	2.374
	IMPORTS
		Raw Materials	NA	4.789	2.198
	TOTAL IMPORTS		NA	4.789	2.198
	Earnings/[Loss] Per Share (Rs.)		1.53	0.84	0.81

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	0.84	0.48	0.58
Net Profit Margin (PBT/Sales)	(%)	1.24	1.00	0.78
Return on Total Assets (PBT/Total Assets}	(%)	1.52	1.25	0.91
Return on Investment (ROI) (PBT/Networth)		0.03	0.03	0.02
Debt Equity Ratio (Total Liability/Networth)		1.15	1.09	0.83
Current Ratio (Current Asset/Current Liability)		5.25	4.88	8.48

LOCAL AGENCY FURTHER INFORMATION

Note : Registered office address of the company has been shifted from 19, Mangroal Mansion, Rustamsidhwa Marg, Fort, Mumbai – 400001, Maharashtra, India to the present address w.e.f. 01.06.2011

Review of Operation :

During the year, the company achieved turnover of Rs.93.919 millions against Rs.89.534 millions in previous year. The net profit after tax to the tune of Rs.0.789 million as against net profit to the tune of Rs.0.433 million for the corresponding previous financial year.

Bankers Charges Report as per Registry

Corporate identity number of the company	U25200MH2004PLC045316
Name of the company	ANANT EXTRUSIONS LIMITED
Address of the registered office or of the principal place of business in India of the company	19 Mangroal Mansion, Rustamsidhwa Marg, Fort, Mumbai – 400001, Maharashtra, India
This form is for	Creation of charge
Type of charge	Movable Property Others
Particular of charge holder	Bank of India, Malad (West) Branch, Swami Vivekanand Road, Opposite Nataraj Market, Malad (West), Mumbai - 400064, Maharashtra, India Email : MaladW.MumbaiNorth@bankofindia.co.in
Nature of instrument creating charge	Agreement of TL and Hypothecation of Movable Assets / Goods / Property / Plant and Machinery.
Date of instrument Creating the charge	25.10.2010
Amount secured by the charge	Rs.14.500 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest - 3.25% p.a over BR presently 11.25% p.a with monthly rests or at such other rate(s) as may be notified by the Bank from time to time. Terms of Repayment - 72 installments of Rs.0.278 million each payable from one year after first disbursement or as may be notified by the bank from time time. Margin - As specified by the Bank from time to time. Extent and Operation of the charge The hypothecated goods are hypothecated and charged as aforesaid as security for due repayment by the borrower to the Bank at Malad (West) Branch of the said loan of Rs.14.500 millions by the installments on the days and in the manner aforesaid together with all interest due and payable thereon (including compound interest and additional interest payable hereunder) and also for all costs, charges and expenses ) the legal cost being between Advocate and client) incurred by the Bank for the protection, defense and perfection of this security and for attempted or actual realization thereof and for any commission that the Bank may pay to any Corporation or company or authority in respect of any guarantee the said corporation or company or authority may have given or may give to the Bank in respect of the said loan and for recovery of all moneys due hereunder by the borrower to the Bank and hereby secured or expressed so to be. Facility and Limit: Term Loan Rs.14.500 millions
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Hypothecation and charge by way of first charge to and in favour of Bank of all movable Assets/Goods/ property/ Plant and Machinery together with all accessories, stores and spares relating thereto now belonging or hereafter to belong to the Borrower (both present and future) or being in or upon or about factory buildings or other premises and godowns of the borrower at Nagpur or wherever else the the same may be. Details as per Agreement

FIXED ASSETS :

• Leasehold Land
• Building
• Flats
• Dies and Moulds
• Laboratory Equipments
• Plant and Machinery
• Furniture and Fixtures
• Computer
• Office Equipments
• Electrical Installations
• Vehicles
• Motor Car
• Air Conditioner
• Weighing Scale

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.53.22
UK Pound	1	Rs.82.86
Euro	1	Rs.69.12

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--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	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		42

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.