MIRA INFORM REPORT

Report Date :

21.11.2012

IDENTIFICATION DETAILS

Name :	ATLANTIS PRODUCTS PRIVATE LIMITED
Registered Office :	Plot No. 1208/1209, G.I.D.C., Dholka, Ahmedabad – 387 810, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	28.04.2009
Com. Reg. No.:	04-056749
Capital Investment / Paid-up Capital :	Rs. 7.080 Millions
CIN No.: [Company Identification No.]	U17120GJ2009PTC056749
Legal Form :	Private Limited Liability Company.
Line of Business :	Manufacturer and Exporter of Raffia Woven Sacks.
No. of Employees :	150 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 193000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Profitability of the company appears to be low. However, Net worth appears to be satisfactory. 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 condition.

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

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	BB- (Term Loan)
Rating Explanation	Moderate risk of default
Date	24.06.2011

Rating Agency Name	CRISIL
Rating	P4+ (Bank Guarantee)
Rating Explanation	Minimal degree of safety
Date	24.06.2011

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 :

Plot No. 1208/1209, G.I.D.C., Dholka, Ahmedabad – 387 810, Gujarat, India

Tel. No.:

Not Available

Fax No.:

Not Available

E-Mail :

accounts@rajivgroup.com

Website :

http://www.atlantis.co.in

Corporate Office :

"Rajiv House", 4, Smrutikunj, Near Navrangpura Post Office, Navrangpura, Ahemedabad - 380 009, Gujarat, India

Tel. No.:

91-79-26448383/ 26568571

Fax No.:

91-79-26423595

Website :

www.rajivgroup.com

Factory :

1207-1209, GIDC Estate, Dholka, Ahmedabad – 387 810, Gujarat, India

Tel. No.:

91-2714-248344

Mobile No.:

91-98982 12003 (Mr. Pathik Shah)

91-95588 00748 (Mr. Malavraj Bhatt)

E-Mail :

info@atlantis.co.in
malavrajbhatt@atlantis.co.in

Website :

www.atlantis.co.in

DIRECTORS

As on 27.09.2011

Name :

Mr. Pathik Chandrakant Shah

Designation :

Director

Address :

7, Vivek Flats, Dasa Porwad Society, Paldi, Ahmedabad – 380 007, Gujarat, India

Date of Birth/Age :

30.05.1974

Date of Appointment :

28.04.2009

DIN No.:

00076715

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	L25200GJ1993PLC020880	SHREE RAMA MULTI-TECH LIMITED	Director	29/12/2005	29/12/2005	-	Active	NO
2	U24110GJ1985PTC007863	PARI PLAST INDUSTRIES PRIVATE LIMITED	Director	28/03/2007	28/03/2007	-	Amalgamated	NO
3	U25209GJ1998PLC034861	PLASTENE INDIA LIMITED	Director	30/09/2008	01/05/2008	23/02/2010	Active	NO
4	U17120GJ2009PTC056749	ATLANTIS PRODUCTS PRIVATE LIMITED	Director	28/04/2009	28/04/2009	-	Active	NO

Name :

Mr. Sajag Kumarbhai Metha

Designation :

Director

Address :

Vina 32, Sanjiv Baug, Opp. Prakruti Flats, Nr. Sanjivani Hospital, Paldi, Ahmedabad – 380 007, Gujarat, India

Date of Birth/Age :

31.07.1980

Date of Appointment :

28.04.2009

DIN No.:

00870589

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	U40109GJ1988PTC010749	RAJIV ENTERPRISE PVT LTD	Director	22/06/2005	22/06/2005	-	Active	NO
2	U24110GJ1985PTC007863	PARI PLAST INDUSTRIES PRIVATE LIMITED	Director	20/11/2006	20/11/2006	-	Amalgamated	NO
3	U17120GJ2009PTC056749	ATLANTIS PRODUCTS PRIVATE LIMITED	Director	28/04/2009	28/04/2009	-	Active	NO

Name :

Mr. Malavraj Dilip

Designation :

Director

Address :

B-56, Konarak Tower, Pushpa Dhanwa Society, Sundarwan Kompaleksh, Vastrapur, Ahmedabad, Gujarat, India 380015

Date of Birth/Age :

07.06.1973

Date of Appointment :

02.07.2012

DIN No.:

05254322

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 27.09.2011

Names of Shareholders	No. of Shares
Parthik Chandrakant Shah	4000
Haresh Vallabhdas Shah	3000
Sajag Kumarbhai Mehta	3000
Rajiv Vastupal Mehta	529000
Aarti Rajiv Mehta	169000
Total	708000

List of Allotees:

As on 28.03.2012

Names of Shareholders	No. of Shares
Rajiv Vastupal Mehta	75000
Total	75000

Equity Share Break up (Percentage of Total Equity)

As on 27.09.2011

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Raffia Woven Sacks.

Products :

Item Code No.	Product Description
39232990	PP Woven Sacks

PRODUCTION STATUS As on 31.03.2011

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
PP/HDPE Bags	--	N.A	3000000	--

Note: Installed Capacities being technical matter, are taken as certified by the management.

GENERAL INFORMATION

Customers :

· Ambuja Cement

· ACC Limited

· Food Corporation of India

· Haryana Agro India Corporation

· Heidelberg Cement

· Tata Cement

· Siddhi Cement

· Saurashtra Cement

· Sanghi Industries Limited

· Renuka Sugar

· Shree Cement

No. of Employees :

150 (Approximately)

Bankers :

· Syndicate Bank

Manikyam Apartments, Sardar Patel Nagar, Ellisbridge, Ahmedabad – 380 006, Gujarat, India

Facilities :

(Rs. in Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
OD/CC/PCFC/PCL/LC
Syndicate Bank - CC	23.357	19.199
Syndicate Bank - PCFCIPCL	17.823	0.000
Syndicate Bank Unpaid LIC	63.689	24.873
Term Loan
Syndicate Bank term loan	56.465	51.610
Total	161.334	95.682
Unsecured Loan	As on 31.03.2011	As on 31.03.2010
From Share Holders	21.870	21.655
Total	21.870	21.655

Note :

(1) Cash Credit and LC Facility secured against hypothecation of all stocks, Debtors, Second Charge of Plot of GlDC belonging to Rajiv Petrochemicals Private Limited, Personal Guaranteee of Mr. Rajiv Vastupal and Corporate Guarantee of Rajiv Petrochemicals Private Limited

(2) Term Loan Facility secured against Plant and Machinery and secured against hypothecation of all dock;, Debtors, Second Charge of Plot of GlDC belonging to Rajiv Petrochemicals Pvt Ltd. Personal Guaranteee of Mr. Rajiv Vastupal and Corporate Guarantee of Rajiv Petrochemicals Private Limited.

Banking Relations :	--
Auditors :
Name :	Jatin Kedia and Sharma Chartered Accountant
Address :	13, Mill Officers Colony, B/H La- Gajjar Chambers, Ashram Road, Ahmedabad – 380 009, Gujarat, India
Tel. No.:	91-79-26585151/ 26587853/ 26589604
Fax No.:	91-79-26505150
E-Mail :	jks@jainkediasharma.com
PAN No:	AABFJ2625B
Associates:	· Rajiv Enterprise Private Limited · Optic Liting Private Limited · Rajiv Petrochemicals Private Limited · Anupam Enterprise

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital:

No. of Shares	Type	Value	Amount
950000	Equity Shares	Rs.10/- Each	Rs.9.500 Millions

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
708000	Equity Shares	Rs.10/- Each	Rs.7.080 Millions

After 27.09.2011

Authorised Capital:

No. of Shares	Type	Value	Amount
950000	Equity Shares	Rs.10/- Each	Rs.9.500 Millions

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
783000	Equity Shares	Rs.10/- Each	Rs.7.830 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		7.080	5.080
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		41.204	20.331
4] (Accumulated Losses)		0.000	0.000
NETWORTH		48.284	25.411
LOAN FUNDS
1] Secured Loans		161.334	95.682
2] Unsecured Loans		21.870	21.655
TOTAL BORROWING		183.204	117.337
DEFERRED TAX LIABILITIES		2.755	0.226
TOTAL		234.243	142.974
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		83.747	75.996
Capital work-in-progress		0.000	0.000
INVESTMENT		0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	109.560	22.494
	Sundry Debtors	65.746	56.682
	Cash & Bank Balances	7.308	4.119
	Other Current Assets	0.000	0.000
	Loans & Advances	34.611	20.895
Total Current Assets		217.225	104.190
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	63.555	34.245
	Other Current Liabilities	0.243	0.000
	Provisions	3.070	3.089
Total Current Liabilities		66.868	37.334
Net Current Assets		150.357	66.856
MISCELLANEOUS EXPENSES		0.139	0.122
TOTAL		234.243	142.974

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010
	SALES
		Income	501.951	188.708
		Interest Received and Other Income	8.824	8.252
		TOTAL (A)	510.775	196.960
Less	EXPENSES
		Purchase	116.763	74.723
		Raw Material Consumption	321.373	90.823
		Stores and Spares Consumption	7.588	3.259
		Employees Cost	5.731	1.027
		Administrator and Selling Expenses	72.948	31.799
		Foreign Exchange Fluctuation Expenses (Net)	0.171	0.002
		(Decrease) / Increase in Stock	(42.948)	(9.330)
		TOTAL (B)	481.628	192.303
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		29.149	4.657
Less	FINANCIAL EXPENSES (D)		16.132	0.000
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		13.017	4.657
Less/ Add	DEPRECIATION/ AMORTISATION (F)		6.389	4.018
	PROFIT BEFORE TAX (E-F) (G)		6.628	0.639
Less	TAX (H)		3.755	0.228
	PROFIT AFTER TAX (G-H) (I)		2.873	0.411
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		0.411	0.000
	BALANCE CARRIED TO THE B/S		3.284	0.411
	EARNINGS IN FOREIGN CURRENCY		144.173	14.946
	Earnings Per Share (Rs.)		5.65	1.04

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010
PAT / Total Income	(%)	0.56	0.21
Net Profit Margin (PBT/Sales)	(%)	1.32	0.34
Return on Total Assets (PBT/Total Assets}	(%)	2.20	0.35
Return on Investment (ROI) (PBT/Networth)		0.14	0.03
Debt Equity Ratio (Total Liability/Networth)		5.18	6.09
Current Ratio (Current Asset/Current Liability)		3.25	2.79

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	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last two years	Yes
12]	Profitability for last two 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	Yes
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	--------
22]	Litigations that the firm / promoter involved in	--------
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	Yes

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U17120GJ2009PTC056749
Name of the company	ATLANTIS PRODUCTS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Plot No. 1208/1209, G.I.D.C., Dholka, Ahmedabad – 387 810, Gujarat, India Email: accounts@rajivgroup.com
This form is for
Charge identification (ID) number of the charge to be modified	10246249
Type of charge	· Immovable property · Book debts · Movable property (not being pledge) · Plant % Machinery and other Fixed Assets
Particular of charge holder	Syndicate Bank, Manikyam Apartments, Sardar Patel Nagar, Ellisbridge, Ahmedabad – 380 006, Gujarat, India Email: accounts@rajivgroup.com
Nature of instrument creating charge	First charge on plot at moje dholka, taluka dholka survey no-1959 plot no 1210 and Second charge on plot at moje dholka, taluka dholka survey no 1959 p plot no 1212/a, 1212/b and second charge on plot at mouje rampur taluka dholka survey no 103 plot no 1208 and 1209. All exisiting charges amounted 171500000 charge id no.10246249 remain same. Additional charges on plant and machienary and other fixed assets & stock & book debts
Date of instrument Creating the charge	09.11.2011
Amount secured by the charge	Rs.228.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest @13% p.a on SODH (Being 2.25% above the Bank's Base rate) and @13.25% on OSL (Being 2.50% above the Bank's Base rate) Terms of Repayment Term loan of Rs. 31.500 Millions is repayable in 28 quarterly installments after a moratorium period of 12 months commencing from 30.09.2012. Margin Plant & Machinery 25% Electrical Fittings 40% Power Consumption 40% Extent and Operation of the charge To the extent of the outstanding amount receivable by the bank.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	First Charge on Land and Building at Plot No. 1210 GIDC Industrial Estate Dholka, Ahmedabad, owned by M/s. Rajiv Petrochem Private Limited Free hold Property of 1780Sq mt with a total build up area of 2633.54Sq.mt consisting of industrial shed Ground Floor and 2 Floors Valued for Rs. 29.443 Millions By Amrutlal Patel & Associates dt 12.05.11 2nd Charge on the land & Bldg @ Plot No.1212, at GIDC, Dholka admeasuring 2065 Sq. yards in the name of RPPL presently mortgaged to syndicate bank to secure-the cr facilities enjoyed Second charges on land and building at Plot No. 1208 and 1209 at GIDC, Dholka, admeasuring 4000 Sq. yards owned by RPPL presently mortgaged to syndicate bank to secure the credit facilities enjoyed by RPPL. Charges on plant and Machinery and other fixed assets, to be created out of the term loan. Book Debts and stock.
Whether any of the property or interest therein under reference is not registered in the name of the company	Yes
In whose name it is registered	RAJIV PETROCHEM PRIVATE LIMITED
Date of instrument modifying the charge	03.11.2011
Particulars of the present modification	Bank has agreed to increased limit the said credit facility from existing Rs. 171.500 Millions to Rs.228.000 Millions.

PERFORMANCE DURING THE YEAR:

The turnover achieved during this year was Rs.501.951 Millions against Rs.188.708 Millions in the previous year. The profit made during the year before depreciation and taxation was of Rs. 13.016 Millions against Rs.4.657 Millions in the previous year and profit after tax and depreciation was Rs.2.873 Millions against Rs. 0.411 Millions in the previous year. The position of orders on hand is very good and the company is also in the process of getting new customers during the year. The company has also undertaken major expansion during the year.

CONTINGENT LIABILITIES NOT PROVIDED FOR:

Particulars	As on 31.03.2010 Rs. in millions
Bank Guarantee / LC issued by bank on behalf of the company and counter Guarantees given by the Company	5.408
Bills/LC Discounted	64.720
Suit filed against the company	Nil

FIXED ASSETS

· Electric Installation

· Office Equipments

· Plant and Machinery

· Vehicle

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.54.91
UK Pound	1	Rs.87.38
Euro	1	Rs.70.24

INFORMATION DETAILS

Report Prepared by :

MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		45

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.