MIRA INFORM REPORT

Report Date :

06.06.2012

IDENTIFICATION DETAILS

Name :	SWEET INDUSTRIES INDIA PRIVATE LIMITED
Registered Office :	501/502/503 Parmeshwari Centre, 18 Dalmia, Estate, Office. LBS Road, Mulund (west) Mumbai – 400080, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	16.09.1988
Com. Reg. No.:	11-048843
Capital Investment/ Paid-up Capital:	Rs.6.000 Millions
CIN No.: [Company Identification No.]	U67120MH1988PTC048843
TAN No.: [Tax Deduction & Collection Account No.]	MUMS37021F
PAN No.: [Permanent Account No.]	AABCS1092E
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Flexible Packaging
No. of Employees:	125 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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

Maximum Credit Limit :	USD 185000
Status :	Satisfactory
Payment Behaviour :	Usually 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 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.

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. Amol
Designation :	Finance Controller
Contact No.:	91-226517100
Date :	04.06.2012

LOCATIONS

Registered Office :	501/502/503 Parmeshwari Centre, 18 Dalmia, Estate, Office. LBS Road, Mulund (west) Mumbai – 400080, Maharashtra, India
Tel. No.:	91-22-61517100
Fax No.:	91-22-61517100
E-Mail :	amol@sweetind.com
Website :	www.sweerind.com dilip@sewtind.com
Corporate Office:	Sugar House, 3^rd, Floor, 93/95 Kazi sayed Street, Mumbai- 400 003. India
Tel. No.:	91-22- 66359188/ 89, 23421290, 23442433
Fax No.:	91-22-23400872
E-Mail :	info@sweetindustries.in
Factory 1:	PlotNo.W51/52A, Kupwad MIDC, Dist. Sangli- 416 425. INDIA
Tel. No.:	91-233-2645020, 2645021
Fax No.:	91-233-264 4611
E-Mail :	sangli@sweetindustries.in
Factory 2:	Located at Himachal Pradesh
Overseas Office:	Located at · Moscow · Singapore

DIRECTORS

As on 30.09.2011

Name :

Mr. Dilip Premji Yadava

Designation :

Director

Address :

‘B-4’,MarathonSocy.,1^stFloor, Off Devidayal Road, Mulund-(W) Mumbai-400 080, Maharashtra

Date of Birth/Age :

22.11.1952

Date of Appointment :

16.09.1986

Din No.:

00391212

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	U67120MH1988PTC048843	SWEET INDUSTRIES INDIA PRIVATE LIMITED	Director	16/09/1988	16/09/1988	-	Active	NO
2	U51900MH1997PTC108730	SAMARTH MERCANTILE PRIVATE LIMITED	Director	12/6/1997	12/6/1997	23/06/2009	Active	NO
3	U15323MH1999PTC119223	SWEET INDUSTRIES PRIVATE LIMITED	Director	31/03/1999	31/03/1999	-	Active	NO
4	U15420MH1999PTC120944	SWEETCO CONFECTIONERY PRIVATE LIMITED	Director	22/07/1999	22/07/1999	-	Active	NO
5	U51102MH2001PTC132278	PREMJI AND SONS TRADING INDIA PRIVATE LIMITED	Director	8/6/2001	8/6/2001	-	Active	NO
6	U45200MH2005PTC154590	SWEETCO PROPERTIES PRIVATE LIMITED	Director	7/7/2005	7/7/2005	-	Active	NO
7	U24130MH2005PTC154976	ULTRA THERMLAM AND GRAPHIX PRIVATE LIMITED	Director	21/07/2005	21/07/2005	-	Active	NO
8	U25202MH2005PTC158250	HERALD PLASTIC AND PACKAGING PRIVATE LIMITED	Director	22/12/2005	22/12/2005	11/3/2010	Active	NO
9	U25202MH1994PTC081155	SWEETEX CONTAINERS PRIVATE LIMITED	Director	23/10/2006	23/10/2006	-	Active	NO
10	U45202MH2008PTC181886	TIA SHUBHAM CONSTRUCTIONS PRIVATE LIMITED	Director	2/5/2008	2/5/2008	-	Strike off	NO

Name :

Mr. Bhavesh Premji Yadava

Designation :

Director

Address :

15/16, ‘A’, New Bhagyodaya Soc. 3^RD Floor, V.L. Road, Mulund-(W) Mumbai-400 080, Maharashtra

Date of Birth/Age :

02.07.1966

Date of Appointment :

0704.1989

Din No.:

00391378

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	U67120MH1988PTC048843	SWEET INDUSTRIES INDIA PRIVATE LIMITED	Managing director	7/4/1989	7/4/1989	-	Active	NO
2	U25202MH1994PTC081155	SWEETEX CONTAINERS PRIVATE LIMITED	Director	15/09/1994	15/09/1994	-	Active	NO
3	U15323MH1999PTC119223	SWEET INDUSTRIES PRIVATE LIMITED	Director	31/03/1999	31/03/1999	-	Active	NO
4	U15420MH1999PTC120944	SWEETCO CONFECTIONERY PRIVATE LIMITED	Director	22/07/1999	22/07/1999	-	Active	NO
5	U51102MH2001PTC132278	PREMJI AND SONS TRADING INDIA PRIVATE LIMITED	Director	8/6/2001	8/6/2001	-	Active	NO
6	U45200MH2005PTC154590	SWEETCO PROPERTIES PRIVATE LIMITED	Director	7/7/2005	7/7/2005	-	Active	NO
7	U24130MH2005PTC154976	ULTRA THERMLAM AND GRAPHIX PRIVATE LIMITED	Director	21/07/2005	21/07/2005	-	Active	NO
8	U25202MH2005PTC158250	HERALD PLASTIC AND PACKAGING PRIVATE LIMITED	Director	22/12/2005	22/12/2005	11/3/2010	Active	NO

Name :

Mr. Shantilal Damji Thakkar

Designation :

Director

Address :

B-3/ 606 , Lok Everest, Nr.Mul-E/W Bridg Jata Shankar Dosa Road, Mulund-(W) Mumbai-400 080, Maharashtra

Date of Birth/Age :

02.07.1943

Date of Appointment :

07.04.1989

Din No.:

00392190

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	U67120MH1988PTC048843	SWEET INDUSTRIES INDIA PRIVATE LIMITED	Director	7/4/1989	7/4/1989	-	Active	NO
2	U51900MH1997PTC108730	SAMARTH MERCANTILE PRIVATE LIMITED	Director	3/2/2000	3/2/2000	23/06/2009	Active	NO
3	U99999MH1938GAP002843	THE BOMBAY COMMODITY EXCHANGE LIMITED	Director	27/09/2007	27/09/2007	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Amol
Designation :	Finance Controller

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Dilip Premji Yadava	138025
Bhavesh Premji Yadava	138225
Thakkar trading Private Limited , India	125000
Purnimaben s. Sheth	12000
Radhika g. Sheth	33500
Ganshyam. S. Sheth (huf)	9000
Sevantilal m. Sheth	12000
Siddharth ganshyam. Sheth	33500
Shantilal Damji	20150
Shushila S Thakker	7000
Vimal S Thakker	4850
Vipul S Thakker	6750
Purshottam K Thakker-HUF	15000
Dharmesh P Thakker	15000
Prasant D Thakker	18000
Vishal D Thakker	12000
Total	600000

As on 30.09.2011

Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Flexible Packaging
Exports :
Products :	Flexible Packaging
Countries :	Russia Dubai
Terms :
Selling :	Cash/Credit
Purchasing :	Cash/Credit

GENERAL INFORMATION

Suppliers :

· ITC Limited

· Poly Flex

· Henkel

Customers :

· Godrej

· Dabur

· Wipro

· Henkel

· Ruchi

· prfuenova

No. of Employees :

125 (Approximately)

Bankers :

· The Shamrao Vithal Co-operative Bank Limited, SVC Tower, Nehru Road, Vakola, Santacruz (east) Mumbai -400005

· HCFC Bank

· ICICI Bank

· SVC Bank

Facilities :

Rs. In Millions

SECURED LOAN	31.03.2011	31.03.2010
Term loan form Shamrao Vithal Co-operative Bank Limited, (Secured against of hypothecation of Plant and Machinery, Land, Building office Furniture and Fixtures)	38.556	47.819
Auto loan form HCFC and ICICI Bank (Secured against of hypothecation of Vehicles)	0.396	1.182
Cash Credit From SVC Bank Limited (Secured against of hypothecation of stocks and Debts)	106.272	55.830
Deferred Sales Tax loan	1.536	2.266
Total	146.760	107.097
UNSECURED LOAN	31.03.2011	31.03.2010
Unsecured Loan form share holders, directors their relatives and their company	94.707	117.638
Unsecured Loan form Banks	2.346	0.000
Total	97.054	117.638

Banking Relations :	--
Auditors :
Name :	J.P.B Pathak and Company Chartered Accountant
Address :	504, B, Swastik Enclave, Opposite swastika Park, Azad Nagar, Thane(West), Thane – 400607, Maharashtra, India
Pan No.:	AAGPP7959P

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Share	Rs.10/- each	Rs.10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
600000	Equity Share	Rs.10/- each	Rs.6.000 Millions

Note: out of the above 100000 shares of Rs.10 each issued were issued a premium of Rs.40 per share during last year

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		6.000	6.000	5.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		40.165	33.955	27.336
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		46.165	39.955	32.336
LOAN FUNDS
1] Secured Loans		146.760	107.097	101.838
2] Unsecured Loans		97.054	117.638	62.110
TOTAL BORROWING		243.814	224.735	163.948
DEFERRED TAX LIABILITIES		8.275	8.871	5.516
TOTAL		298.254	273.561	201.800
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		141.882	71.187	56.521
Capital work-in-progress		1.426	60.148	20.136
INVESTMENT		4.778	4.778	4.778
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	154.214	110.686	69.919
	Sundry Debtors	89.420	94.302	102.361
	Cash & Bank Balances	9.922	7.123	9.629
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	20.986	45.686	25.625
Total Current Assets		274.542	257.797	207.534
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	105.570	110.507	73.176
	Other Current Liabilities	18.804	9.842	13.993
	Provisions	0.000	0.000	0.000
Total Current Liabilities		124.374	120.349	87.169
Net Current Assets		150.168	137.448	120.365
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		298.254	273.561	201.800

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	625.099	565.652	484.083
		Other Income	10.822	8.921	8.163
		TOTAL (A)	635.921	574.573	492.246
Less	EXPENSES
		Purchases	534.826	482.042	387.898
		Manufacturing and Operating Expenses	79.999	75.557	62.329
		Administrated Expenses	21.351	20.232	19.797
			636.176	577.831	470.024
		Increase in inventories	(39.074)	(35.751)	(12.655)
		TOTAL (B)	597.102	542.080	457.369
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		38.819	32.493	34.877
Less	FINANCIAL EXPENSES (D)		24.595	18.074	21.528
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		14.224	14.419	13.348
Less/ Add	DEPRECIATION/ AMORTISATION (F)		10.650	6.481	5.548
	PROFIT BEFORE TAX (E-F) (G)		3.574	7.938	7.801
Less	TAX (H)		0.105	4.444	1.812
	PROFIT AFTER TAX (G-H) (I)		3.469	3.494	5.989
Add	Prior period adjustment		2.098	(0.867)	0.553
Less	Short provision for Tax		(0.059)	(0.007)	0.000
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		15.083	12.463	7.421
Add	Mat Cridti Receivable		0.702	0.000	0.000
Less	APPROPRIATIONS
		Transfer to General Reserve	(2.500)	0.000	(1.500)
	BALANCE CARRIED TO THE B/S		18.793	15.083	12.463
	Earnings Per Share (Rs.)		9	4	13

Particulars	31.03.2012
Sales Turnover	640.000

Expected Sales (2012-2013) : Rs.650.000 Millions

The above information has been parted by Mr. Amol

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.55	0.61	1.21
Net Profit Margin (PBT/Sales)	(%)	0.57	1.40	1.61
Return on Total Assets (PBT/Total Assets}	(%)	0.86	2.41	2.96
Return on Investment (ROI) (PBT/Networth)		0.08	0.19	0.24
Debt Equity Ratio (Total Liability/Networth)		7.98	8.64	7.77
Current Ratio (Current Asset/Current Liability)		2.21	2.14	2.38

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report [Yes/No]
Year of Establishment	Yes
Locality of the Firm	Yes
Constitution of the firm	Yes
Premises details	No
Type of Business	Yes
Line of Business	Yes
Promoters background	Yes
No. of Employees	Yes
Name of Person Contacted	Yes
Designation of contact person	Yes
Turnover of firm for last three years	Yes
Profitability for last three years	Yes
Reasons for variation <> 20%	-
Estimation for coming financial year	-
Capital the business	Yes
Details of sister concerns	No
Major Suppliers	Yes
Major Customers	Yes
Payment Terms	Yes
Export / Import Details [If Applicable]	Yes
Market Information	-
Litigations that the firm / promoter involved in	-
Banking Details	Yes
Banking Facility Details	Yes
Conduct of the banking account	-
Buyer visit details	-
Financials, if provided	Yes
Incorporation details, if applicable	Yes
Last accounts filed at ROC	Yes
Major Shareholders, if applicable	Yes

Note:

The Registered Office of the Company of the company has been shifted from the Sugar House, 3^rd, Floor, 93/95 Kazi sayed Street, Mumbai- 400 003. India to the present address w.e.f.23.09.2009

Form : 8

Corporate identity number of the company	U67120MH1988PTC048843
Name of the company	SWEET INDUSTRIES INDIA PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	501/502/503 Parmeshwari Centre, 18 Dalmia, Estate, Office. LBS Road, Mulund (west) Mumbai – 400080, Maharashtra, India Email: dilip@sweetind.in
This form is for	Creation of charge
Charge identification (ID) number of the charge to be modified	80013718
Type of charge	Book debts Movable property
Particular of charge holder	The Shamrao Vithal Co-operative Bank Limited, SVC Tower, Nehru Road, Vakola, Santacruz (east) Mumbai -400005 Email: fernandespl@svcbank.com
Nature of instrument creating charge	Composite Hypothecation Agreement
Date of instrument Creating the charge	13.08.2011
Amount secured by the charge	Rs.192.596 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest Cash Credit:@PLR-3% p.a. Term Loan:@PLR-3% p.a. Terms of repayment As may be decided by the Bank, from time to time. Margin Cash Credit:25% Term Loan:40% Bank Guarantee:25% Extent and operation of the charge To secure due repayment of credit facilities aggregating Rs.192.596 Millions, together with interest, cost, charges, expenses thereof, granted by the Bank to the Company. Other Total Facilities: Cash Credit: Rs.130.000 Millions (Post Shipment: Rs.40.000 Millions / Pre Shipment Credit: Rs.10.000 Millions as a sub-limit of Cash Credit) Term Loans: Rs.57.200 Millions Bank Guarantee: Rs.5.396 Millions ---------------------------------- Total: Rs.192.596 Millions
Short particulars of the property or asset(s) charged (including complete address and location of the property)	The whole of the Borrower's present & future stocks of raw materials, goods-in-process of manufacture & all finished & manufactured goods & articles such as film paper, film transparent PVC ink, etc. stored at the Borrower's factories All of the Borrower's present & future book debts, outstanding monies, receivables, claims, bills, rights to or in moveable properties/ assets All the Plant & Machinery, other assets, etc. installed at the Borrower's factory at and all other tangible movable assets, assets imbedded in the earth, etc.
Particulars of the present modification	The extent of operation of charge stands enhanced from Rs.161.000 Millions to r Rs.230.000 Millions consequent to revision of various fund and non fund credit facilities sanctioned to the company

FIXED ASSETS

· Land and Buildings

· Leasehold Improvement

· Furniture, Fixtures and Air Conditioners

· Vehicles

· Computer

· Plant and Machinery

AS PER WEB SITE DETAILS

Profile

A sweet industry was established in 1989 with factory at Sangli having facilities to Manufacture Flexible Packaging products such as Printed Soap Wrapper’s, Laminates, Anti Fungal Stiffner’s,Shrink Sleeves, Toffee Wrapper’s, Pouches etc.

The further Expansion in capacity was possible by starting their second manufacturing facility at Parwanoo, Himachal Pradesh was the latest unit already commissioned in April 2004 with all the facilities for manufacturing flexible packaging products. The total installed capacity of both the facilities is 2700 tons per annum. The Company has registered a steady increase in turnover and Utilized Capacity.

Sweet Industries has latest State of the art technology and a blend of young dynamic, well qualified and experienced team of people at both office and plant level.

Sweet Industries is also involved in other variety of business activities under different company names and deals in Export of Spices (since last 50 years) across the globe, Equity and Commodity broking, Export of Films (on behalf of Cosmo Films Limited, Polyplex corporation Limited etc.) and Printing Inks in CIS countries. they also have offices apart from India in Moscow and Singapore. The overall group turnover is more than Rs.360.000 Millions.

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.55.56
UK Pound	1	Rs.85.52
Euro	1	Rs.69.50

INFORMATION DETAILS

Information Gathered by :	PJA
Report Prepared by :	BYI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		47

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.