MIRA INFORM REPORT

Report Date :

16.01.2012

IDENTIFICATION DETAILS

Name :	SABER PAPERS LIMITED
Registered Office :	VPO Jugiana, G.T. Road, Ludhiana – 141 011, Punjab
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	13.10.2007
Com. Reg. No.:	16-031416
Capital Investment / Paid-up Capital :	Rs.197.757 Millions
CIN No.: [Company Identification No.]	U21012PB2007PLC031416
TAN No.: [Tax Deduction & Collection Account No.]	JLDS06391A
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Paper Products.
No. of Employees :	100 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (26)

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

Maximum Credit Limit :	USD 3000000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is a relatively new company having moderate track. There appears some losses being incurred by the company in the current year i.e. 2009-10. However, trade relations are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some caution.

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

INFORMATION PARTED BY

Name :	Mr. Abhishek Soin
Designation :	Director
Contact No.:	91-9888995100

LOCATIONS

Registered Office/ Factory 1 :	VPO Jugiana, G.T. Road, Ludhiana – 141011, Punjab, India
Tel. No.:	91-161-2510634/ 35/ 36
Mobile No.:	91-9888995100 (Mr. Abhishek Soni)
Fax No.:	91-161-2510634
E-Mail :	finance@sigmagroup.com raspreet@saber.asia info@saber.asia
Website :	www.saber.asia
Location :	Owned
Factory 2 :	Village Gondpur Tehsil Haroli , District Una, Himachal Pradesh, India
Corporate Office 1 :	A-301, 3^rd Floor, Statesman House, Barakhamba Road, New Delhi – 110001, India
Tel. No.:	91-11-23354551
Corporate Office 2 :	1604, 16^th Floor, Ambadeep Building, 14 K.G. Marg, New Delhi – 110001, India

DIRECTORS

(AS ON 30.09.2010)

Name :

Mr. Dinesh Soin

Designation :

Managing Director

Address :

396, United Street, Civil Lines, Ludhiana – 141 001, Punjab, India

Date of Birth/Age :

06.02.1965

Date of Appointment :

13.10.2007

DIN No.:

00811936

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	U21022PB1994PTC014423	SIGMA CARTONS PRIVATE LIMITED	Director	6/4/1994	6/4/1994	-	Active	NO
2	U65921PB1994PTC015266	SIGMA FINCAP PRIVATE LIMITED	Director	9/11/1994	9/11/1994	-	Active	NO
3	U21015PB1996PTC019227	SABER PAPER BOARDS PRIVATE LIMITED	Director	1/1/2005	1/1/2005	-	Active	NO
4	U21012PB2007PLC031416	SABER PAPERS LIMITED	Managing director	1/10/2008	13/10/2007	-	Active	NO
5	U01403DL2010PTC197786	SABER GLOBAL GREENS PRIVATE LIMITED	Director	8/1/2010	8/1/2010	-	Active	NO
6	U45200HP2010PTC031505	IND SCHWEIZER INFRA TECH PRIVATE LIMITED	Director	20/12/2010	20/12/2010	-	Active	NO
7	U40101HP2010PTC031504	DELTA HYDRO POWER PRIVATE LIMITED	Director	21/12/2010	21/12/2010	-	Active	NO
8	U21000DL2010PTC211789	SABER KRAFT PAPERS PRIVATE LIMITED	Director	27/12/2010	27/12/2010	-	Active	NO
9	U21015PB2011PLC034808	SABER LIMITED	Director	9/3/2011	9/3/2011	-	Active	NO
10	U26941HP1991PLC011670	DYNO POWER AND INFRASTRUCTURE LIMITED	Director	15/01/2007	-	1/10/2007	Active	NO

Name :

Mr. Satish Kumar

Designation :

Director

Address :

Pipalwali Gali, United Street, Ludhiana – 141 001, Punjab, India

Date of Birth/Age :

20.10.1947

Date of Appointment :

13.10.2007

DIN No.:

00812162

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	U65921PB1994PTC015266	SIGMA FINCAP PRIVATE LIMITED	Director	9/11/1994	9/11/1994	-	Active	NO
2	U67120PB1994PTC015267	SOIN INVESTMENT PRIVATE LIMITED	Director	9/11/1994	9/11/1994	-	Active	NO
3	U51109PB1995PTC015546	WALAITI LAL SOIN AND SONS MARKETING PRIVATE LIMITED	Director	3/1/1995	3/1/1995	-	Active	NO
4	U21022PB1994PTC014423	SIGMA CARTONS PVT LTD	Director	1/7/2005	1/7/2005	1/10/2009	Active	NO
5	U21012PB2007PLC031416	SABER PAPERS LIMITED	Director	13/10/2007	13/10/2007	-	Active	NO
6	U21029PB2007PTC031479	SABER PACKAGING PRIVATE LIMITED	Director	20/11/2007	20/11/2007	-	Active	NO
7	U21015PB2011PLC034808	SABER LIMITED	Director	9/3/2011	9/3/2011	-	Active	NO
8	U26941HP1991PLC011670	DYNO POWER AND INFRASTRUCTURE LIMITED	Director	10/1/1994	-	1/10/2007	Active	NO

Name :

Mr. Abhishek Soin

Designation :

Managing Director

Address :

396, United Street, Civil Lines, Ludhiana – 141 001, Punjab, India

Date of Birth/Age :

14.12.1979

Date of Appointment :

13.10.2007

DIN No.:

00820227

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U51109PB1995PTC015546	WALAITI LAL SOIN AND SONS MARKETING PRIVATE LIMITED	Director	1/1/1997	1/1/1997	Active	NO
2	U21015PB1996PTC019227	SABER PAPER BOARDS PRIVATE LIMITED	Director	1/1/2005	1/1/2005	Active	NO
3	U21012PB2007PLC031416	SABER PAPERS LIMITED	Managing director	1/10/2008	13/10/2007	Active	NO
4	U21029PB2007PTC031479	SABER PACKAGING PRIVATE LIMITED	Director	20/11/2007	20/11/2007	Active	NO
5	U01403DL2010PTC197786	SABER GLOBAL GREENS PRIVATE LIMITED	Director	8/1/2010	8/1/2010	Active	NO
6	U45200HP2010PTC031505	IND SCHWEIZER INFRA TECH PRIVATE LIMITED	Director	20/12/2010	20/12/2010	Active	NO
7	U40101HP2010PTC031504	DELTA HYDRO POWER PRIVATE LIMITED	Director	21/12/2010	21/12/2010	Active	NO
8	U21000DL2010PTC211789	SABER KRAFT PAPERS PRIVATE LIMITED	Director	27/12/2010	27/12/2010	Active	NO
9	U21015PB2011PLC034808	SABER LIMITED	Director	9/3/2011	9/3/2011	Active	NO

Name :

Mr. Manoj Kacker

Designation :

Director

Address :

MIG – 1276, Sector 32, Samrala Road, Ludhiana – 141 010, Punjab, India

Date of Birth/Age :

26.08.1965

Date of Appointment :

01.10.2008

DIN No.:

02993389

Name :

Mr. Chandra Shekhar Sharma

Designation :

Director

Address :

72-Mori Para, Lal Kuan, Meerut – 250 001, Uttar Pradesh, India

Date of Birth/Age :

05.10.1959

Date of Appointment :

01.10.2008

DIN No.:

02999385

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U21012PB2007PLC031416	SABER PAPERS LIMITED	Director	1/10/2008	1/10/2008	Active	NO
2	U40101HP2010PTC031504	DELTA HYDRO POWER PRIVATE LIMITED	Director	20/12/2010	20/12/2010	Active	NO

Name :

Mr. Saurabh Sehgal

Designation :

Additional Director

Address :

102, Sukhmani Enclave Barewal, Ludhiana – 141001, Punjab, India

Date of Birth/Age :

27.11.1980

Date of Appointment :

23.04.2011

DIN No.:

03514100

KEY EXECUTIVES

Name :	Ms. Raspreet Kaur Rajpal
Designation :	Secretary
Address :	# 2060, Phase II, Urban Estate, Patiala, India
Date of Birth/Age :	04.01.1981
Date of Appointment :	22.12.2008
PAN No.:	BEXPK7666E

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 30.09.2010)

Names of Shareholders	No. of Shares
Dinesh Soin	8536334
Ritu Soin	2573500
Abhishek Soin	3745000
Satish Kumar	2500
Veena Soin	2500
Abhimanyu Soin	140000
Sigma Catons Private Limited, India	2056166
Soin Investment Private Limited, India	100000
Sigma Fincap Private Limited, India	1258000
Norbert Peter Wilhelm Schroeder	234200
Nitin Khanna	200000
Karan Khanna	200000
Saber Packaging Private Limited, India	727500
Total	19775700

(AS ON 30.09.2010)

Equity Shares Break – up

Category	Percentage
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	3.21
Bodies corporate	20.94
Directors or relatives of directors	75.85
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Paper Products.
Products :	Writing and Printing Paper

GENERAL INFORMATION

Suppliers :

· Aar Kay Engineers

· Adarsh Furnishers and Decorators

· Advance Infracon Private Limited

· Bharat Graphite Private Limited

· Bthatia Electric Stores Private Limited

· C S Enterprise

· Calcutta House

· Careers Ahead Consultants

· Chopra and Associates

· Commercial Traders

· Connell Bros Company India Private Limited

· D B Engineers Private Limited

· Deepak Gas Services

· Everest Industries Limited

· Fairdeal Agencies

· G K Associate

· G S Engineering Products

· G Varadan Engineering Private Limited

· Hari Ram and Company

· Hind Hardware Store

· Hotel Friends Regency

· lcon Graphics

· IDM Solution (Private) Limited

Customers :

· A. P. Enterprises Private Limited

· G S P Engineers

· Satyam Industries

· Spin N Knit Private Limited

· Siddharth Industries

· Tulip Yarn

No. of Employees :

100 (Approximately)

Bankers :

· Jammu and Kashmir Bank Limited

D-63, Basant Lok, Vasant Vihar, New Delhi – 110057, India

· Allahabad Bank,

IIFB, Cheema Chowk, Ludhiana – 141003, Punjab, India

· State Bank of Hyderabad,

Miller Gunj, Ludhiana – 141 001, Punjab, India

· State Bank of Bikaner and Jaipur

· State Bank of Patiala

· State Bank of India

· HDFC Bank

· ING Vysya Bank

· Karnataka Bank

· Punjab National Bank

· City Bank

· UCO Bank

Facilities :

Secured Loans	31.03.2010	31.03.2009
	(Rs. In Millions)
Term Loan
SBOP Term Loan	232.073	126.306
SBH Term Loan	302.932	142.751
SBBJ Term Loan	220.042	119.337
Allahabad Bank Term Loan	52.614	0.000
SBI Term Loan	252.210	229.785
SBI Car Loan	4.449	0.000
HDFC Bank Car Loan	4.863	0.000
Allahabad Bank Foreign Letter of Credit A/c	91.500	0.000
SBBJ Foreign Letter of Credit A/c	132.763	21.220
SBOP Foreign Letter of Credit A/c	62.220	0.000
Others
SBOP Foreign Letter of Credit A/c	80.963	118.440
SBI Foreign Letter of Credit A/c	34.191	0.000
SBOH Foreign Letter of Credit A/c	22.195	0.000
SBH Cash Credit	36.797	0.000
SBOP Cash Credit	121.432	0.000
SBI Cash Credit	70.168	0.000
Total	1721.412	757.839
NOTE: Term Loan from Banks are secured by Equitable Mortgage created or to be created on all immovable assets of the company, both present and future, and hypothecation of all the moveable assets including movable machinery parts, tools and accessories and other movables, both present and future (except book debts) subject to prior changes created or to be created in favour of the bankers for securing the working capital facilities availed from them Working Capital Borrowing from banks are secured by hypothecation of entire Present and future tangible current assets of the Company. Vehicle loans are secured by the hypothecation of specific assets financed out of such loans.

Banking Relations :	--
Auditors :
Name :	Vijay K. Jindal and Associates Chartered Accountants
Address :	1471, Street No.13, Janakpuri, Ludhiana – 141 003, Punjab, India
PAN No.:	AADFV5000A
Associates/Subsidiaries :	· Deltaforce Limited

CAPITAL STRUCTURE

(AS ON 30.09.2010)

Authorised Capital :

No. of Shares	Type	Value	Amount
40000000	Equity Shares	Rs.10/- each	Rs.400.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
19958500	Equity Shares	Rs.10/- each	Rs.199.585 millions

(AS ON 31.03.2010)

Authorised Capital :

No. of Shares	Type	Value	Amount
20000000	Equity Shares	Rs.10/- each	Rs.200.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
19775700	Equity Shares	Rs.10/- each	Rs.197.757 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		197.757	103.277	0.500
2] Share Application Money		128.022	110.619	38.151
3] Reserves & Surplus		445.903	325.936	0.000
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		771.682	539.832	38.651
LOAN FUNDS
1] Secured Loans		1721.412	757.839	0.000
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		1721.412	757.839	0.000
DEFERRED TAX LIABILITIES		28.193	0.000	0.000
TOTAL		2521.287	1297.671	38.651
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		2031.639	4.421	0.140
Capital work-in-progress (Including Advances on Capital Account)		40.592	1075.706	30.007
Expenditure during construction period pending Allocation/ capitalization		0.000	42.945	7.061
INVESTMENT		26.843	45.989	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	260.564	0.000	0.000
	Sundry Debtors	38.079	0.000	0.000
	Cash & Bank Balances	196.145	171.332	1.256
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	13.583	16.871	0.000
Total Current Assets		508.371	188.203	1.256
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	29.232	57.910	0.000
	Other Current Liabilities	54.372	2.476	0.046
	Provisions	3.500	0.390	0.000
Total Current Liabilities		87.104	60.776	0.046
Net Current Assets		421.267	127.427	1.210
MISCELLANEOUS EXPENSES		0.946	1.183	0.233
TOTAL		2521.287	1297.671	38.651

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009
	SALES
		Income	374.785	0.000
		Other Income	0.987	1.501
		TOTAL (A)	375.772	1.501
Less	EXPENSES
		Raw Materials Communed	286.195	0.000
		Manufacturing Expenses	8.869	0.000
		Administrative Expenses	5.751	0.183
		Personnel Expenses	5.719	0.000
		Preliminary Expenses Written Off	0.236	0.000
		Extra Ordinary Items	0.000	0.000
		TOTAL (B)	306.770	0.183
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		69.002	1.318
Less	FINANCIAL EXPENSES (D)		25.837	0.000
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		43.165	1.318
Less/ Add	DEPRECIATION/ AMORTISATION (F)		20.625	0.000
	PROFIT BEFORE TAX (E-F) (G)		22.540	1.318
Less	TAX (H)		31.693	0.390
	PROFIT AFTER TAX (G-H) (I)		(9.153)	0.928
	IMPORTS
		Capital Goods	NA	21.220
	TOTAL IMPORTS		NA	21.220
	Earnings Per Share (Rs.)		(0.46)	0.09

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	(2.44)	61.83	NA
Net Profit Margin (PBT/Sales)	(%)	6.01	0.00	NA
Return on Total Assets (PBT/Total Assets}	(%)	0.89	0.12	NA
Return on Investment (ROI) (PBT/Networth)		0.03	0.00	NA
Debt Equity Ratio (Total Liability/Networth)		2.34	1.52	0.00
Current Ratio (Current Asset/Current Liability)		5.84	3.10	27.30

LOCAL AGENCY FURTHER INFORMATION

PERFORMANCE REVIEW:

Since this being the first year of its manufacturing operations, the company achieved a total turnover including income other sources of Rs.375.772 Millions However the company incurred loss of Rs.9.152 Millions during the year.

FORM 8:

Corporate identity number of the company	U21012PB2007PLC031416
Name of the company	SABER PAPERS LIMITED
Address of the registered office or of the principal place of business in India of the company	VPO Jugiana, G.T. Road, Ludhiana – 141 011, Punjab, India E-Mail: finance@sigmagroup.com
This form is for	Creation of charge
Type of charge	Immovable Property Book Debts Movable Property (not being pledge)
Particular of charge holder	State Bank of India Commercial Branch, G. T. Road, Miller Ganj, Ludhiana – 141003, Punjab, India E-Mail: sbop50463@gmail.com
Nature of description of the instrument creating or modifying the charge	Agreement of Hypothecation of Goods and Assets
Date of instrument Creating the charge	10.08.2011
Amount secured by the charge	Rs.0.525 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest: 3.50% above base Rate (Floating) Terms of Repayment: Repayable on Demand Margin: Inventory 25% Book Debts 40% ILC/ FLC 10% Bank Guarantee 15% Extent and Operation of the charge: 100%
Short particulars of the property charged	1st Pari Passu charge on the entire current assets (present and future) of the company. 2nd Pari Passu charge with other member banks on the fixed of the company along with equitable mortgage of factory land measuring 330 Kanals at Village Gaundpur, Tehsil Haroli, District Una (H.P). For NFB Limits: Charge on Current Assets

FIXED ASSETS:

· Land

· Building

· Building U. Construction

· Plant and Machinery

· Electric Fittings

· Electric Fitting U. Erec.

· Furniture and Fixture

· Computers and Data Processing Equipment

· 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.51.43
UK Pound	1	Rs.79.10
Euro	1	Rs.66.17

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	--
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		26

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.