MIRA INFORM REPORT

Report Date :

20.06.2012

IDENTIFICATION DETAILS

Name :	R T PACKAGING LIMITED
Registered Office :	Plot No.73-74, Industrial Estate, Phase – III, Dharuhera, Faridabad – 121003, Haryana, India
Country :	India
Financials (as on) :	30.09.2010
Date of Incorporation :	23.11.1993
Com. Reg. No.:	05-032169
Capital Investment / Paid-up Capital :	Rs.80.007 Millions
CIN No.: [Company Identification No.]	U21019HR1993PLC032169
TAN No.: [Tax Deduction & Collection Account No.]	RTKR03842G
PAN No.: [Permanent Account No.]	AAACR0345J
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Flexible Packaging
No. of Employees :	600 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ca (14)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. There appear some accumulated losses recorded by the company. However, trade relations are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealing in a safe and secured 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 (GENERAL DETAILS)

Name :	Mr. U.S. Mourga
Designation :	Account Executive
Contact No.:	91-1274-243326
Date :	18.06.2012

LOCATIONS

Registered Office / Factory :	Plot No.73-74, Industrial Estate, Phase – III, Dharuhera, Faridabad – 121003, Haryana
Tel. No.:	91-1274-243326
Fax No.:	91-1274-242220
E-Mail :	topcorp@rediffmail.com
Website :	www.rollatainers.in
Location :	Owned

DIRECTORS

As on 27.12.2010

Name :

Mr. Vinod Kumar Uppal

Designation :

Director

Address :

H. No. 576, Sector-4, Gurgaon – 122001, Haryana, India

Date of Birth/Age :

14.11.1962

Date of Appointment :

18.08.2009

DIN No.:

00897121

Other Directorship

S.No.	CIN/LLPIN	NAME OF THE COMPANY/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U34300DL1997PLC086695	AMTEK CRANKSHAFTS (INDIA) LIMITED	Director	24/04/2003	24/04/2003	-	Active	NO
2	U51900CH2005PTC028219	MYSORE COMMERCE AND SALES PRIVATE LIMITED	Director	8/4/2005	8/4/2005	-	Active	NO
3	U45201DL1997PTC087554	DWARKA BUILDWELL PRIVATE LIMITED	Director	1/2/2006	1/2/2006	-	Active	NO
4	U45202CH2006PTC030178	AMTEX PACKAGINS PRIVATE LIMITED	Director	10/5/2006	10/5/2006	-	Active	NO
5	U74140DL2002PTC118182	VARRENYAM CONSULTANTS PRIVATE LIMITED	Director	23/04/2007	23/04/2007	21/01/2008	Active	NO
6	L34300HR1968PLC004844	ROLLATAINERS LIMITED	Whole-time director	2/12/2010	23/08/2007	-	Active	NO
7	U23209CH2008PTC031040	MYSORE LUBRICANTS AND OILS PRIVATE LIMITED	Director	7/1/2008	7/1/2008	-	Active	NO
8	U21019HR1993PLC032169	R T PACKAGING LIMITED	Director	18/08/2009	18/08/2009	-	Active	NO
9	U51109DL2009PTC186706	SHRI TIRUPATI BALAJI SCRAP AGENCY PRIVATE LIMITED	Director	2/4/2010	2/4/2010	-	Active	NO
10	U72200UP2004PTC028321	CONCURRENT INFOTECH PRIVATE LIMITED	Director	12/5/2010	12/5/2010	-	Active	NO
11	U51909WB2010PTC149143	NAMOKAR DISTRIBUTOR PRIVATE LIMITED	Director	25/05/2010	25/05/2010	-	Active	NO
12	U70101DL2010PTC207584	VASIKARAN REAL ESTATES PRIVATE LIMITED	Additional director	8/9/2010	8/9/2010	-	Active	NO
13	U27100DL2010PLC210693	PRECISION IRON CASTING LIMITED	Director	23/11/2010	23/11/2010	-	Strike off	NO
14	U29253DL2010PLC210687	FENACE AUTO LIMITED	Director	23/11/2010	23/11/2010	-	Active	NO
15	U27100DL2010PLC210771	ORIENTAL IRON CASTING LIMITED	Director	25/11/2010	25/11/2010	-	Active	NO
16	U34300DL2010PLC210811	ARON AUTO LIMITED	Director	26/11/2010	26/11/2010	-	Active	NO
17	U13201DL2010PLC210933	ODISHA MINES AND MINERALS LIMITED	Director	30/11/2010	30/11/2010	-	Strike off	NO
18	U27100DL2010PLC210947	FINESSE IRON CASTING LIMITED	Director	30/11/2010	30/11/2010	-	Strike off	NO
19	U29256DL2010PLC210985	BAHL AUTOENGINEERING LIMITED	Director	1/12/2010	1/12/2010	-	Strike off	NO
20	U34300DL2010PLC210966	KIZEN SPARE AUTOPARTS LIMITED	Director	1/12/2010	1/12/2010	-	Strike off	NO
21	U34100DL2010PLC211091	ODISHA AUTO LIMITED	Director	6/12/2010	6/12/2010	-	Strike off	NO
22	U70109DL2010PTC211371	ARIZONA INFRASTRUCTURE PRIVATE LIMITED	Director	13/12/2010	13/12/2010	-	Strike off	NO
23	U70101DL2010PTC211629	ELITE HEIGHTDEVELOPERS PRIVATE LIMITED	Director	21/12/2010	21/12/2010	-	Strike off	NO
24	U34100DL2010PLC211602	CONOISSEUR AUTO LIMITED	Director	21/12/2010	21/12/2010	-	Strike off	NO
25	U27100DL2010PLC211721	ODISHA IRON AND STEEL LIMITED	Director	23/12/2010	23/12/2010	-	Strike off	NO

Name :

Mr. Narendra Nath Bhargava

Designation :

Director

Address :

J-8, 2^nd Floor, Kailash Colony, New Delhi -110048, India

Date of Birth/Age :

15.12.1927

Date of Appointment :

23.11.1993

DIN No.:

01354723

Other Directorship

S.No.	CIN/LLPIN	NAME OF THE COMPANY/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	L34300HR1968PLC004844	ROLLATAINERS LIMITED	Director	17/04/1984	17/04/1984	23/08/2007	Active	NO
2	U21019HR1993PLC032169	R T LIMITED	Director	23/11/1993	23/11/1993	20/01/2012	Active	NO

Name :

Mrs. Anita Bhargava

Designation :

Chairman-Cum-Managing Director

Address :

46, Anand Lok, New Delhi – 110049, India

Date of Birth/Age :

03.10.1947

Date of Appointment :

23.11.1993

DIN No.:

01355006

Other Directorship

S.No.	CIN/LLPIN	NAME OF THE COMPANY/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U25202WB1986PTC041030	COSMOS PACKAGING SYSTEMS PRIVATE LIMITED	Director	3/5/1990	3/5/1990	14/12/2010	Active	NO
2	L34300HR1968PLC004844	ROLLATAINERS LIMITED	Director	23/12/1991	23/12/1991	23/08/2007	Active	NO
3	U21019HR1993PLC032169	R T PACKAGING LIMITED	Director	23/11/1993	23/11/1993	20/01/2012	Active	NO
4	U21015HR1994PLC032342	R T PAPER BOARDS LTD	Director	11/7/1994	11/7/1994	-	Active	YES
5	U24223DL2000PTC108276	FILTEK SPECIALITY CHEMICALS PRIVATE LIMITED	Director	7/9/2007	7/9/2007	-	Strike off	NO
6	U31909DL2005PTC143982	XPRT ENGINEERED PACKAGING SOLUTIONS PRIVATE LIMITED.	Director	19/08/2011	19/08/2011	-	Active	NO

Name :

Mr. Ambrish Bhargava

Designation :

Director

Address :

G-46, East Of Kailash, New Delhi – 110065, India

Date of Birth/Age :

21.09.1949

Date of Appointment :

23.11.1993

DIN No.:

01355045

Other Directorship

S.No.	CIN/LLPIN	NAME OF THE COMPANY/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U21019HR1993PLC032169	R T PACKAGING LIMITED	Director	23/11/1993	23/11/1993	20/01/2012	Active	NO
2	U21015HR1994PLC032342	R T PAPER BOARDS LIMITED	Director	11/7/1994	11/7/1994	-	Active	YES
3	U74950DL2007PTC166487	LOPAC PACKAGING PRIVATE LIMITED	Director	31/07/2007	31/07/2007	-	Active	NO
4	U21029DL2002PTC114635	SAAP PACKAGING PRIVATE LIMITED	Additional director	26/08/2007	26/08/2007	-	Active	NO
5	U24223DL2000PTC108276	FILTEK SPECIALITY CHEMICALS PRIVATE LIMITED	Director	7/9/2007	7/9/2007	-	Strike off	NO
6	U31909DL2005PTC143982	XPRT ENGINEERED PACKAGING SOLUTIONS PRIVATE LIMITED.	Director	30/09/2010	1/6/2010	22/08/2011	Active	NO

KEY EXECUTIVES

Name :	Mr. U.S. Mourga
Designation :	Account Executive

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.12.2009

Names of Shareholders	No. of Shares
RT Paper Boards Limited	2500400
Electra Artners Mauritius Limited	2000000
Rolls Print Company Private limited	200000
Vidyawati Bhargava	50000
Vidyawat1 Bhargava	50000
Prabhat Vira	6000
Siddhartha Bhargava	6000
Narendra Nath Bhargava	5100
Ambrish Bhargava	5000
Aditi Bhargava	5000
K Srinivasan	5000
Vinod Bhargava	5000
Vidyawati Bhargava	5000
Yatish Bansal	5000
M L Bhargava (HUF)	4600
Anita Bhargava	3100
Anika Agarwal	3000
Anil Bhargava	3000
ANU Sahnl	.3000
Chandra Prabha Varna	3O00
Deepak Bhargava	3000
Ghanshyam Dass Gupta	3000
Karna Singh Nehta	3000
Maya Karati	3000
Prem Prakash Dinri	3000

As on 27.12.2010

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	40.00
Bodies corporate	54.00
Directors or relatives of Directors	3.00
Other top fifty shareholders	3.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Flexible Packaging

Products :

Product Description	ITC Code
Flexible Printed/Non Printed Laminates	4811
Co-ex Blown Films/Metaiized Polyester	3920

Terms :

Selling :

Cash / Credit

Purchasing :

Cash / Credit

PRODUCTION STATUS (30.09.2010)

Particulars	Unit	Actual Production
Flexible Printed Non – Printed Laminte	(Tons)	1797.73 #
Co-ex blown Film	(Tons)	438.12 #

Note: # Production includes 5.23 MT Flexible Laminate (Previous Year Nil),436.39 MT Co-ex Blown film (Previous Year 382.32 MT), used for self consumption/inter unit transfer

GENERAL INFORMATION

Customers :

Wholesalers and Retailers

No. of Employees :

600 (Approximately)

Bankers :

ICICI Limited, C-23, G Block, Bandra East,, Mumbai - 400051, Maharashtra, India

Facilities :

(Rs. In Millions)

Unsecured Loan	As on 30.09.2010	As on 30.09.2009
Form Associate Company	281.048	365.368
Deferred Sakes Tax	0.774	0.775
Total	281.822	366.143

Banking Relations :	--
Auditors :
Name :	Manoj Mohan and Associates Chartered Accountants
Address :	5, Jai Complex ,Opposite Priya Gold,Sector-15, Naya Bans, Noida – 201301, Uttar Pradesh, India
PAN.:	AAHFM2844H
Holding / Fellow Subsidiary:	Rollatainers Limited

CAPITAL STRUCTURE

As on 30.09.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
6000000	Equity Shares	Rs.10/- each	Rs.60.000 Millions
300000	Preference Shares	Rs.100/- each	Rs.30.000 Millions
	Total		Rs.90.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5000700	Equity Shares	Rs.10/- each	Rs.50.007 Millions
200000	11% Redeemable Cumulative Preference Shares	Rs.100/- each	Rs.20.000 Millions
100000	1% Optionally Cumulative Preference Shares	Rs.100/- each	Rs.10.000 Millions
	Total		Rs.80.007 Millions

Note:

The sold 200000 Redeemable Cumulative Preference Shares were tol be redeemed at par after the expiry of 7 years from the date of allotment i.e. 4^th September 1999. Redemption of these shares

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		30.09.2010	30.09.2009	30.09.2008
SHAREHOLDERS FUNDS
1] Share Capital		80.007	70.007	70.007
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		146.000	56.000	56.000
4] (Accumulated Losses)		(241.565)	(204.469)	(199.369)
NETWORTH		(15.558)	(78.462)	(73.362)
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		281.822	366.143	303.992
TOTAL BORROWING		281.822	366.143	303.992
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		266.264	287.681	230.630
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		308.888	199.392	181.554
Capital work-in-progress		0.000	111.216	91.380
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	20.745	20.584	16.716
	Sundry Debtors	13.190	16.313	54.218
	Cash & Bank Balances	3.536	3.297	2.223
	Other Current Assets	0.828	0.000	0.000
	Loans & Advances	6.582	7.235	7.761
Total Current Assets		44.881	47.429	80.918
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	47.100	56.451	107.963
	Other Current Liabilities	35.230	7.990	9.202
	Provisions	5.175	5.915	6.057
Total Current Liabilities		87.505	70.356	123.222
Net Current Assets		(42.624)	(22.927)	(42.304)
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		266.264	287.681	230.630

PROFIT & LOSS ACCOUNT

	PARTICULARS		30.09.2010	30.09.2009	30.09.2008
	SALES
		Income	156.172	159.541	209.734
		Other Income	7.882	5.243	0.153
		Service Fees / Machine Hire Charges	1.350	0.900	1.080
		Provision mode in earlier years Witten back	0.000	32.335	0.000
		TOTAL (A)	165.404	198.019	210.967
Less	EXPENSES
		Increase/(Decrease) in stock	(0.248)	(0.237)	(1.218)
		Raw Material Consumed	134.687	130.089	174.056
		Other Expenses	46.592	54.024	62.952
		TOTAL (B)	181.031	183.876	235.790
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(15.627)	14.143	(24.823)
Less	FINANCIAL EXPENSES (D)		0.485	0.041	0.097
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(16.112)	14.102	(24.920)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		20.983	19.169	18.300
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		(37.095)	(5.067)	(43.220)
Less	TAX (H)		0.000	0.032	0.114
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		(37.095)	(5.099)	(43.334)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(215.369)	(210.270)	(166.936)
	BALANCE CARRIED TO THE B/S		(252.464)	(215.369)	(210.270)
	Earnings Per Share (Rs.)		(7.86)	(1.46)	(9.10)

KEY RATIOS

PARTICULARS		30.09.2010	30.09.2009	30.09.2008
PAT / Total Income	(%)	(22.43)	(2.58)	(20.54)
Net Profit Margin (PBT/Sales)	(%)	(23.30)	(3.18)	(20.61)
Return on Total Assets (PBT/Total Assets}	(%)	(10.49)	(2.05)	(16.47)
Return on Investment (ROI) (PBT/Networth)		2.38	0.06	0.59
Debt Equity Ratio (Total Liability/Networth)		(23.74)	(5.56)	(5.82)
Current Ratio (Current Asset/Current Liability)		0.51	0.67	0.66

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report (Yes / No)
1) Year of Establishment	Yes
2) Locality of the firm	Yes
3) Constitutions of the firm	Yes
4) Premises details	No
5) Type of Business	Yes
6) Line of Business	Yes
7) Promoter’s background	Yes
8) No. of employees	Yes
9) Name of person contacted	Yes
10) Designation of contact person	Yes
11) Turnover of firm for last three years	Yes
12) Profitability for last three years	Yes
13) Reasons for variation <> 20%	--
14) Estimation for coming financial year	No
15) Capital in the business	Yes
16) Details of sister concerns	Yes
17) Major suppliers	No
18) Major customers	No
19) Payments terms	Yes
20) Export / Import details (if applicable)	No
21) Market information	--
22) Litigations that the firm / promoter	--
23) Banking Details	Yes
24) Banking facility details	Yes
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	Yes
28) Incorporation details, if applicable	Yes
29) Last accounts filed at ROC	Yes
30) Major Shareholders, if available	Yes

Note:

The registered office of the company has been shifted from 13/6, Mathura Road, Faridabad-121003, Haryana, India to present address w.e.f. 10.09.2010

PERFORMANCE

During the 12 months period ended 30th September, 2010, RT Packaging Limited has recorded gross receipt (net of excise) turnover of Rs. 156.172 Millions (12 months) as compared to Rs. 159.541 Millions during the previous year. Net Loss after interest and deprecation has been Rs. 252.465 Millions for 12 months as compared to Profit of Rs. 215.369 Millions during the previous year.

Contingent Liabilities (As on 30.09.2010)

i) Bank Guarantee against Sales tax exemption Rs. 0.019 Million (Previous year Rs.0.019 Million)

ii) Penal charges/Interest on account of Late deposit of TDS, ESI and other statutory dues - Amount, if any, un-ascertained.

FIXED ASSETS

· Land

· Factory Building

· Plant and Machinery

· Electrical Installation

· Office Equipment

· Furniture and Fixture

· Fire Fighting Equipment

· Tools and Implements

· 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 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.56.01
UK Pound	1	Rs.87.85
Euro	1	Rs.70.54

INFORMATION DETAILS

Information Gathered by :	PJA
Report Prepared by :	NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	--
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	2
--RESERVES	1~10	2
--CREDIT LINES	1~10	2
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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		14

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.