MIRA INFORM REPORT

Report Date :

17.11.2012

IDENTIFICATION DETAILS

Name :	RAVIRAJ FOILS LIMITED
Registered Office :	Survey No. 169, P O Chharodi Farm, Taluka Sanand, District Ahmedabad- 382170, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	26.04.1996
Com. Reg. No.:	04-29467
Capital Investment / Paid-up Capital :	Rs.83.102 millions
CIN No.: [Company Identification No.]	u27203GJ1996PLC029467
TAN No.: [Tax Deduction & Collection Account No.]	AHMR00249E
PAN No.: [Permanent Account No.]	AAACR7333J
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	manufacturer and Exporter of Aluminum foils
No. of Employees :	200 (approximately)

RATING & COMMENTS

MIRA’s Rating :

C

RATING		STATUS	PROPOSED CREDIT LINE
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended

Status :	Sick Company
Payment Behaviour :	Slow and Delayed
Litigation :	Exists
Comments :	Subject is a sick company and is registered with the Board of Industrial and financial restructuring (BIFR). There appears huge accumulated losses recorded by the company. Payments are reported to be slow but delayed. The company can be considered for business dealings on 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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

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

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

LOCATIONS

Registered Office/ Works :	Survey No. 169, P O Chharodi Farm, Taluka Sanand, Sanand – 382170, District Ahmedabad, Gujarat, India
Tel. No.:	91-2717-273306/ 273307/ 273308/ 273262/ 273360
Fax No.:	91-2717-273263
E-Mail :	info@ravirajfoils.com
Website :	www.ravirajfoils.com
Corporate Office :	702, 'SAFFRON', 7th Floor, Near Panchwati, Ambawadi – 380006, Ahmedabad – 380006, India
Tel. No.:	91-79-26468639 / 40,26566144
Fax No.:	91-79-26566144
E-Mail :	info@ravirajfoils.com
Network Office:	Located At: · Ghana · Ethopia · Kenya · Syria · Saudi Arabia · Turkey · Iran · UK · Egypt · Colombia · USA · Bangladesh

DIRECTORS

As on 30.09.2011

Name :

Mr. Ravubha Bhikhubha Vaghela

Designation :

Whole-time Director

Address :

“SHIVAM Bunglow, Bavla Road, Sanand, District Ahmedabad – 382110, Gujarat, India

Date of Birth/Age :

15.08.1944

Qualification :

B.A., B.ED

Date of Appointment :

01.04.2012

DIN No.:

00014040

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	U27203GJ1996PLC029467	RAVIRAJ FOILS LIMITED	Whole-time director	01/04/2012	26/04/1996	-	Active	NO
2	U45203GJ2007PTC050167	SATYAM REALITY DEVELOPERS PRIVATE LIMITED	Director	07/03/2007	07/03/2007	-	Active	NO

Name :

Mr. Jaydeepsinh Ravubha Vaghela

Designation :

Managing Director

Address :

C-803, Prestiage Tower, Near Judges Bulglow, Bodakdev, Ahmedabad-380054, Gujarat, India

Date of Birth/Age :

24.07.1968

Qualification :

Diploma in Civil Engineer

Date of Appointment :

01.04.2012

DIN No.:

00030385

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	U27203GJ1996PLC029467	RAVIRAJ FOILS LIMITED	Managing director	01/04/2012	26/04/1996	-	Active	NO
2	U45203GJ2007PTC050167	SATYAM REALITY DEVELOPERS PRIVATE LIMITED	Director	07/03/2007	07/03/2007	-	Active	NO

Name :

Mr. Rajendrasinh Ravubha Vaghela

Designation :

Director

Address :

C-103, Prestige Tower, Near Judges Bunglow, Bodakdev, Ahmedabad-380054, Gujarat, India

Date of Birth/Age :

17.11.1970

Qualification :

B.A.

Date of Appointment :

26.04.1996

DIN No.:

00030442

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	U27203GJ1996PLC029467	RAVIRAJ FOILS LIMITED	Director	26/04/1996	26/04/1996	-	Active	NO
2	U45203GJ2007PTC050167	SATYAM REALITY DEVELOPERS PRIVATE LIMITED	Director	07/03/2007	07/03/2007	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Equity Shareholders	No. of Equity Shares
Jaydipsinh Vaghela	2730500
Rajendrasinh R Vaghela	100
Induben R. Vaghela	155400
Rakshaben J. Vaghela	145300
Rekhaben R. Vaghela	100
Ravubha B. Vaghela	1878800
Anant Vaghela	20000
Abhieet J. Vaghela	20000
Total	4950200

Names of Preference Shareholders	No. of Preference Shares
Jaydipsinh Vaghela	1673725
Induben R. Vaghela	469180
Rakshaben J. Vaghela	349820
Ravubha B. Vaghela	867275
Total	3360000

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2011

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

manufacturer and Exporter of Aluminum foils

Products :

Item Code No. (ITC Code)	7606
Product Description	Aluminum Foils

· Blister Foil

· Strip Pack Foil

· Lidding Foil

· Cigarette Foil

· Light Gauge Converter Foil

· Triple Laminate For Packaging

· Four Ply Packaging

· Tagger Foil/ Container Foil

· House Foil

PRODUCTION STATUS AS ON 31.03.2011

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Aluminium Foils	M.T.	N.A	6000	4225.936

GENERAL INFORMATION

No. of Employees :

200 (approximately)

Bankers :

v Dena Bank, Ashram Road Branch, Ahmedabad – 380 009, Gujarat, India

v HDFC Bank Limited

v ICICI Bank Limited

Facilities :

Secured Loan	31.03.2011 (Rs. in Millions)	31.03.2010 (Rs. in Millions)
Rupee term loans banks secured	13.033	21.210
Rupee term loans financial institutions secured	0.000	0.106
Total	13.033	21.316

Note:

(A)	0.000	0.000
Dena Bank (The above loans are secured against hypothecation of stock of Raw materials, work in progress, finished goods, stores spares & packing materials and book debts. Further secured against the Fixed assets of the company and NA Land in the name of one director situated at village kalana , and further secured by personal guarantee of all directors)	9.000	8.313
Dena Bank (Overdraft) (The above overdraft is secured against fixed deposit with Dena Bank)	1.354	10.112
HDFC Bank Limited	1.386	2.000
HDFC Bank Limited	0.849	0.000
HDFC Bank Limited	0.229	0.330
ICICI Bank Limited (The Above Loans are Secured Against Vehicles)	0.215	0.456
(B)	0.000	0.000
Sundaram Finance Limited (The Above Loans are Secured Against Vehicles)	0.000	0.105

Unsecured Loan	31.03.2011 (Rs. in Millions)	31.03.2010 (Rs. in Millions)
Loans directors unsecured	0.500	1.361
Total	0.500	1.361

Banking Relations :	--
Financial Institution:	Sundaram Finance Limited
Auditors :
Name :	G.K. Choksi and Company Chartered Accountants
Address :	Madhuban, Near Madalpur Underbridge, Ellisbridge, Ahmedabad-380006, Gujarat, India
Tel. No.:	91-79-30012009
Fax No.:	91-79-26569929
E-Mail :	gkchokshi@hotmail.com
PAN No.:	AAAFG7623H
Associates:	v Shakti Tractors v Satyam Reality Developers Private Limited

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs.50.000 Millions
3360000	Preference Shares	Rs.10/- each	Rs.33.600 Millions
	Total		Rs.83.600 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4950200	Equity Shares	Rs.10/- each	Rs.49.502 Millions
3360000	Preference Shares	Rs.10/- each	Rs.33.600 Millions
	Total		Rs. 83.102 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		83.102	83.102	83.102
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		10.000	10.000	10.000
4] (Accumulated Losses)		(94.361)	(100.047)	(96.508)
NETWORTH		(1.259)	(6.945)	(3.406)
LOAN FUNDS
1] Secured Loans		13.033	21.316	88.602
2] Unsecured Loans		0.500	1.361	13.888
TOTAL BORROWING		13.533	22.677	102.490
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		12.274	15.732	99.084
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		71.299	77.312	78.366
Capital work-in-progress		5.270	5.594	3.073
INVESTMENT		4.665	0.046	0.018
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	65.454	85.124	37.201
	Sundry Debtors	89.405	77.780	85.991
	Cash & Bank Balances	21.712	20.963	49.055
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	88.610	45.343	47.414
Total Current Assets		265.181	229.210	219.661
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	96.685	113.359	79.543
	Other Current Liabilities	198.358	169.043	119.482
	Provisions	39.098	14.028	3.009
Total Current Liabilities		334.141	296.430	202.034
Net Current Assets		(68.960)	(67.222)	17.627
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		12.274	15.732	99.084

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	815.643	797.871	682.472
		Other Income	11.580	9.053	8.061
		TOTAL (A)	827.223	806.924	690.533
Less	EXPENSES
		Consumption materials changes inventories	662.414	629.139	652.005
		Manufacturing service costs	31.583	31.860
		Contract cost	0.564	0.460
		Employee related expenses	28.277	21.844
		Administrative selling other expenses	30.222	28.663
		TOTAL (B)	753.060	711.966	652.005
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		74.163	94.958	38.528
Less	FINANCIAL EXPENSES (D)		28.047	58.437	12.711
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		46.116	36.521	25.817
Less/ Add	DEPRECIATION/ AMORTISATION (F)		13.910	18.922	17.957
	PROFIT BEFORE TAX (E-F) (G)		32.203	17.599	7.860
Less	TAX (H)		23.600	12.500	0.168
	PROFIT AFTER TAX (G-H) (I)		8.606	5.099	7.692
	PRIOR PERIOD ITEMS		(2.919)	(8.639)	(6.973)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(100.048)	(96.508)	(97.378)
Less	ADJUSTMENTS EMPLOYEE BENEFITS		0.000	0.000	0.151
	BALANCE CARRIED TO THE B/S		(94.361)	(100.048)	(96.508)
	EARNINGS IN FOREIGN CURRENCY		112.653	150.709	94.626
	IMPORTS		42.504	75.806	11.305
	Earnings Per Share (Rs.)		1.15	(0.72)	0.15

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.04	0.63	1.11
Net Profit Margin (PBT/Sales)	(%)	3.95	2.21	1.15
Return on Total Assets (PBT/Total Assets}	(%)	9.57	5.74	2.64
Return on Investment (ROI) (PBT/Net worth)		(25.58)	(2.53)	(2.31)
Debt Equity Ratio (Total Liability/Net worth)		(276.15)	(45.95)	(89.41)
Current Ratio (Current Asset/Current Liability)		0.79	0.77	1.09

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	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	No
10]	Designation of contact person	No
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	No
20]	Export / Import details (if applicable)	No
21]	Market information	------
22]	Litigations that the firm / promoter involved in	Yes
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
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

LITIGATION DETAILS:

HIGH COURT OF GUJARAT CIVIL APPLICATION No. 10918 of 2011 In LETTERS PATENT APPEAL/1552/ 2011 ( DISPOSED ) On : 10/04/2012
Status: PENDING (Converted from: CAST/9548/2011) CCIN No:001003201110918 Last Listing Date: 13.10.2011 Coram: HONOURABLE MR. JUSTICE A.L.DAVE HONOURABLE MS JUSTICE J.B.PARDIWALA
S.NO.	Name of the Petitioner			Advocate On Record
1	GUJARAT STATE FINANCIAL CORPORATION			MRS RD DAVE for: PETITIONER(s) - 1
S.NO.	Name of the Respondant			Advocate On Record
1	RAVIRAJ FOILS LIMITED			NOTICE SERVED for :RESPONDENT(s) - 1
Presented On : 26/09/2011 Registered On : 26/09/2011 Bench Category : DIVISION BENCH District : AHMEDABAD Case Originated From: THROUGH ADVOCATE Listed : 1 times Stage Name : FOR REMOVAL OF OFFICE OBJECTIONS
Office Details
S. No	Filing Date	Document Name	Advocate Name		Court Fee on Document	Document Details
1	26/09/2011	MEMO OF APPEAL/ PETITION/ SUIT	M R RD DAVE for PETITIONER (s) 1		20	-

STATUS UNDER SICA 1985

The Company is classified as Sick Industrial Company u/s 3 (1) (o) of the SICA 1985, and accordingly it was registered with BIFR during January 04 and February 05. The BIFR has declared the company as Sick Industry on 4^th July 2006 and appointed Dena Bank as Operating Agency for preparing revival scheme for the company. Dena Bank has circulated Draft Rehabilitation Scheme and the same is yet to be dealt by BIFR.

The Gujarat Government has issued GR dated 15-07-2010 granting relief of interest and penalties to industries declared as sick by BIFR. The Company’s Application filed under the said GR is under active consideration of the appropriate authorities.

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U27203GJ1996PLC029467
Name of the company	RAVIRAJ FOILS LIMITED
Address of the registered office or of the principal place of business in India of the company	Survey No. 169, P O Chharodi Farm, Taluka Sanand, Sanand – 382 170, District Ahmedabad, Gujarat, India Email: info@ravirajfoils.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10285755
Type of charge	· Immovable property · Book debts · Movable property (not being pledge)
Particular of charge holder	Dena Bank, Ashram Road Branch, Ahmedabad – 380 009, Gujarat, India Email: ashram@denabank.co.in
Nature of instrument creating charge	Agreement of Hypothecation (Goods, Book debts & other Movable Assets to secure Multiple Facilities) Extension of Memorandum of Deposit of Title Deeds
Date of instrument Creating the charge	16.03.2012
Amount secured by the charge	Rs. 197.500 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Extent and Operation of the charge First charge on the movable assets offered as security. Immovable assets have also been offered as security.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	All Stock of raw materials, Goods in process and finished goods, consumable stores and spares, packing material, etc., both present and future All tangible/ intangible movable properties and assets of the company including plant and machinery, furniture, articles, office equipments, computers, etc., both present and future All present and future book debts, outstanding, moneys, receivables, claims, bills, etc. All piece and parcel of Non Agricultural land bearing S.No. 179/1, 179/2, 181/1, 181/2, 182 together admeasuring 47450 sq.mtrs at Kalana, Sanand, Ahmedabad belonging to director, Jaydeepsinh Vaghela All piece and parcel of Land bearing S.No. 169/ paiki, 171/1 and 171/3 paiki together admeasuring 25,118 sq. mtrs at Kalana, Sanand, Ahmedabad belonging to the Company.
Whether any of the property or interest therein under reference is not registered in the name of the company	Yes
If yes, in whose name it is registered	Jaydeepsinh Vaghela
Particulars of the present modification	The aggregate facilities granted have been increased from Rs. 99.500 Millions to Rs. 197.500 Millions by enhancement of existing limits and fresh sanction of Term loans. The security provided has been extended to cover the revised aggregate facilities of Rs. 197.500 Millions.

CONTINGENT LIABILITY

(Rs. in millions)

PARTICULARS	31.03.2011
Claims against company not acknowledged as debt Income Tax Demand (Assessment Year 2004-2005)	0.310

Fixed assets:

v tangible assets

· Land and Land Development

· Building

· Plant and Machinery

· Office Equipment

· Furniture and Fixture

· Vehicles

· Computers

v Intangible assets

· Tally Software

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 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.54.96
UK Pound	1	Rs.87.10
Euro	1	Rs.70.03

INFORMATION DETAILS

Report Prepared by :

MRI

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.