MIRA INFORM REPORT

Report Date :

03.10.2012

IDENTIFICATION DETAILS

Name :	SCAN MACHINERIES PRIVATE LIMITED
Registered Office :	72, Krishnammal Street, K.K. Pudur, Coimbatore - 641038, Tamilnadu
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	19.11.1990
Com. Reg. No.:	18-002933
Capital Investment / Paid-up Capital :	Rs. 6.879 Millions
CIN No.: [Company Identification No.]	U85195TZ1990PTC002933
TAN No.: [Tax Deduction & Collection Account No.]	CMBS04590F
Legal Form :	Private Limited Liability Company
Line of Business :	Supplier of paper machines
No. of Employees :	Not Available

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 130000
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 – 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 :	72, Krishnammal Street, K.K. Pudur, Coimbatore - 641038, Tamilnadu, India
Tel. No.:	91-422-2445538/ 2446638/ 3067621
Fax No.:	91-422-2446638
E-Mail :	scanmachineries@vsnl.com scanmachineries@gmail.com scan99@rediffmail.net
Website :	http://www.scanmachineries.com

DIRECTORS

AS ON 30.09.2011

Name :

Athisayam Jabez Nargunam

Designation :

Managing director

Address :

Old No. 10-A, New No. 23, G.K. Sundaram Street, K.K. Pudur, Coimbatore - 641038, Tamilnadu, India

Date of Birth/Age :

21.09.1938

Date of Appointment :

18.01.1991

DIN No.:

01538013

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	Company/ LLP Status	Defaulting status
1	U85195TZ1990PTC002933	SCAN MACHINERIES PRIVATE LIMITED	Managing director	18/01/1991	18/01/1991	Active	NO
2	U02101TZ1995PTC006153	SCAN TECH PAPER AND BOARDS PRIVATE LIMITED	Managing director	25/05/1995	25/05/1995	Active	NO

Name :

Manickam John Zachariah

Designation :

Managing director

Address :

48C, P.V. Krishnan Street, K.K. Pudur, Coimbatore - 641038, Tamilnadu, India

Date of Birth/Age :

03.04.1945

Date of Appointment :

19.11.1990

DIN No.:

01538070

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	Company/ LLP Status	Defaulting status
1	U85195TZ1990PTC002933	SCAN MACHINERIES PRIVATE LIMITED	Managing director	19/11/1990	19/11/1990	Active	NO
2	U02101TZ1995PTC006153	SCAN TECH PAPER AND BOARDS PRIVATE LIMITED	Managing director	25/05/1995	25/05/1995	Active	NO

Name :

Mr. John Zachariah Christy Selvan

Designation :

Director

Address :

48C, P.V. Krishnan Street, K.K. Pudur, Coimbatore - 641038, Tamilnadu, India

Date of Birth/Age :

24.09.1976

Date of Appointment :

01.04.1999

DIN No.:

01538094

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	Company/ LLP Status	Defaulting status
1	U02101TZ1995PTC006153	SCAN TECH PAPER AND BOARDS PRIVATE LIMITED	Director	25/05/1995	25/05/1995	Active	NO
2	U85195TZ1990PTC002933	SCAN MACHINERIES PRIVATE LIMITED	Director	01/04/1999	01/04/1999	Active	NO

Name :

Jabez Vinod Nargunam

Designation :

Whole-time director

Address :

70, Amarjothi Saroj Nagar, Thudiyalur, Coimbatore – 641034, Tamilnadu, India

Date of Birth/Age :

10.03.1964

Date of Appointment :

19.11.1990

DIN No.:

01693624

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	Company/ LLP Status	Defaulting status
1	U85195TZ1990PTC002933	SCAN MACHINERIES PRIVATE LIMITED	Whole-time director	19/11/1990	19/11/1990	Active	NO
2	U02101TZ1995PTC006153	SCAN TECH PAPER AND BOARDS PRIVATE LIMITED	Director	25/05/1995	25/05/1995	Active	NO
3	U29199TZ1999PTC009050	SCHUMAK EQUIPMENT INDIA PRIVATE LIMITED	Managing director	21/10/1999	21/10/1999	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
Manickam John Zachariah	66850
Athisayam Jabez Nargunam	99108
Florence Zachariah	17208
Jabez Vinod Nargunam	203812
Vijula Nargunam	21320
J. Vikranth Nargunam	11375
J. Christy Selvan	150041
J. Ashty David	100525
Anita Vinod	8341
Swamy Christy	4666
Ceceria Rubiba Ashty	4666
Total	687912

AS ON 30.09.2011

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Supplier of paper machines

Products :

ITC Code	Product Descriptions
843920	Machineries for making pulp of fibrous cellulosic material
843920	Machineries for making paper or paper board
844110	Cutting machine

Ø Head Box

Ø Wire Section

Ø Press Section

Ø Dryer Section

Ø Metering Size Press

Ø Calendar

Ø Pope

Ø Re winder

Ø Suction Rolls

Ø Calendar Rolls

Ø Drying Cylinder

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Ø State Bank of India, SME City Credit Centre, 1^st Floor, Kurinchi Complex, State Bank Road, Coimbatore – 641018, Tamilnadu, India

Ø State Bank of India, Saibaba Colony Branch, No. 107, NSR Road, Saibaba Colony, Coimbatore – 641011, Tamilnadu, India

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
State Bank of India [SME]
Cash credit account [Secured by hypothecation of stack and receivables]	14.258	8.183
Total	14.258	8.183

Banking Relations :	--
Auditors :
Name :	Anbarasu and Jalapathi Chartered Accountants
Address :	#170, N.S.R Road, Canara Bank Upstairs, Saibaba Colony, Coimbatore – 641011, Tamilnadu, India
Income-tax PAN of auditor or auditor's firm :	AAKFA8300P

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
750,000	Equity Shares	Rs. 10/- each	Rs. 7.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
687,912	Equity Share	Rs.10/- each	Rs. 6.879 Millions

Note:

Of the above 75412 shares of Rs. 10/- each were issued as fully paid bonus shares in 2008-09 by capitalization of accumulated profits.

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		6.879	5.279	5.279
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		26.695	24.324	23.177
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		33.574	29.603	28.456
LOAN FUNDS
1] Secured Loans		14.258	8.183	7.782
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		14.258	8.183	7.782
DEFERRED TAX LIABILITIES		0.989	0.880	0.893
TOTAL		48.821	38.666	37.131
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		24.923	23.399	23.792
Capital work-in-progress		8.343	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	32.677	17.401	20.422
	Sundry Debtors	3.853	3.495	5.316
	Cash & Bank Balances	14.675	9.238	7.457
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	7.859	3.715	1.898
Total Current Assets		59.064	33.849	35.093
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	16.313	7.094	7.730
	Other Current Liabilities	27.188	11.446	14.008
	Provisions	0.008	0.042	0.016
Total Current Liabilities		43.509	18.582	21.754
Net Current Assets		15.555	15.267	13.339
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		48.821	38.666	37.131

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	53.065	38.285
		Other Income	4.231	4.526
		TOTAL	57.296	42.811
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	53.857	41.124	N.A.
	PROFIT BEFORE TAX		3.439	1.687
Less	TAX		1.066	0.538
	PROFIT AFTER TAX		2.373	1.149
	EARNINGS IN FOREIGN CURRENCY
		FOB value of Export	Nil	Nil	Nil
		Commission Earned	Nil	0.234	0.429
	TOTAL EARNINGS		Nil	0.234	0.663
	IMPORTS		14.478	2.443	8.923
	Earnings Per Share (Rs.)		3.45	2.18	N.A.

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	4.14	2.68	N.A.
Net Profit Margin (PBT/Sales)	(%)	6.48	4.41	N.A.
Return on Total Assets (PBT/Total Assets}	(%)	4.09	2.95	N.A.
Return on Investment (ROI) (PBT/Networth)		0.10	0.06	N.A.
Debt Equity Ratio (Total Liability/Networth)		1.72	0.90	1.04
Current Ratio (Current Asset/Current Liability)		1.36	1.82	1.61

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	No
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	--
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

FINANCIAL REVIEW:

After sorting out the labour problem which affected the company in the previous financial year, the company successfully resumed normal and full scale operations during the year.

During the year, the company had to continuously provide for increase in cost of inputs, freight, transport, labour and administrative overheads.

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U85195TZ1990PTC002933
Name of the company	SCAN MACHINERIES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	72, Krishnammal Street, K.K. Pudur, Coimbatore - 641038, Tamilnadu, India Email ID: scanmachineries@vsnl.com
This form is for	Modification of charge
Charge identification number of the modified	90006741
Type of charge	Immovable Property Movable Property Others (Raw Materials, Semi Finished and Finished Goods)
Particular of charge holder	State Bank of India, Saibaba Colony Branch, No. 107, NSR Road, Saibaba Colony, Coimbatore – 641011, Tamilnadu, India Email ID: sbi.12776@sbi.co.in
Nature of description of the instrument creating or modifying the charge	I) Supplemental agreement of loan- cum- hypothecation II) Consent letter for continuation deposit- form b 3 nos
Date of instrument Creating the charge	04.11.2011
Amount secured by the charge	Rs. 42.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest i) Cash Credit and SME Credit Plus and Term Loan(New) interest Terms of Repayment Working Capital: Repayable On Demand. TERM LOAN (New): The Term Loan is payable by/ in 60 monthly installments of Rs. 1,00,000/-(Rupees One Lac only) each, the First installment to commence on April 2012 and the last installment falls due on March 2017. Margin FUND BASED LIMITS: Raw Materials, Stock in Process, Finished Goods, Receivables(cover 45 days) and Term Loan(New)- each 25% NON- FUND- BASED LIMITS: *Bank Guarantee and Letter Of Credit- each 25% * 100% margin for BGs issued for dispute purpose. Extent and Operation of the charge The Charge Operates as security for the due repayment of all liabilities in respect of the loan/ limit including costs, charges and expenses and all other monies due to the bank. Others i) Cash Credit and SME Credit Plus: 4.75%over Base Rate(10%), Present Effective Rate- 14.75% p.a.(ii) TL(New): 5.50% over Base Rate(10%), Present Effective Rate- 15.50% p.a.(including term premium of 0.75%).
Short particulars of the property charged	Cash Credit and SME Credit Plus: Hypothecation Of Raw Materials, Semi Finished and Finished Goods, Receivables, Consumable Spares and other current assets of the Company. Letter Of Credit: Merchandise covered under Letter Of Credit and extension of charge over current assets of the Company. Bank Guarantee: Counter Guarantee from the Company and charge over current assets of the Company. Term Loan (New): Hypothecation of Machinery purchased out of Bank Finance. i) Company's Immovable Property situated in Coimbatore Reg Dt, Perianaickenpalayam Sub Reg Dt, Coimbatore North Taluk, Thudialur Village, in S F No. 197/3A, with the Following boundaries North Of- Land in S F No. 197/7, 196, South Of- Lands belonging to Mr. Nanjappan in old S F No. 197/4 and 197/5, New 197/1, East Of- North- South Thudiyalur Kanuvai Road, West Of- Lands of Nanjappan Measuring an extent of 74 cents with passage rights.(ii) Company's Immovable Property situated in Coimbatore Reg Dt, Perianaickenpalayam Sub Reg Dt, Coimbatore North Taluk, Thudialur Village, in S F No. 197/1C, with the Following boundaries North- Narayanasamy's land purchased by M/s. Scan Machineries Private Limited, South - North- South Thudiyalur Kanuvai Road, West- lands of Nanjappan in old S F No. 197/4 and 197/5, New 197/1, East- Zackariah's 0.34 Acres Land. Measuring an extent of 74 cents with passage rights. (iii) Company's Immovable Property situated in Coimbatore Reg Dt, Gandhipuram Sub Reg Dt, Coimbatore North Taluk, Sanganoor Village in S F No. 313 and 314 laid out into house sites as per the lay out sanctioned in DTP No. 4/72 dated 12/12/1972 sit no.50 within the following area 2390 Sq. ft or 5 cents 209 Sq. feet with Building. North Of- 20 feet broad East- West Road, South Of- Site No.51, East Of- Rangasamy Gounder Land, West Of- 20 feet broad North- South Road.
Date of latest modification prior to the present modification	11.12.2010
Particulars of the present modification	The Amount secured by the Existing charge on the Current Assets and other Current Assets, Plant and Machineries and Company’s Immovable Properties Stands Reduced From Rs. 90.900 Millions To Rs. 42.000 Millions

FIXED ASSETS:

Ø Land

Ø Building

Ø Factory

Ø Office

Ø Plant and Machinery

Ø Tools and Handling Equipment

Ø Electricals and Fittings

Ø Borewell

Ø Vehicles

Ø Furniture and Fittings

Ø Office Equipments

WEBSITE DETAILS

PROFILE:

Subject is the supplier of Paper Machines for all grades of paper starting from Head Box to Rewinder.

They also offer technological solutions for rebuild in the paper machine as per the requests and requirements of the individual customer.

Scan association with leading manufacturer and experts through out the world helps in supplying quality paper machines at affordable cost.

Scan also takes up responsibility for installation and commissioning of the paper machine.

Design has been the core strength of Scan. Scan has kept itself with the latest developments in the paper machines and wherever possible has introduced the same to its customers successfully. Scan machines are renowned for their performance, quality and endurance.

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. 52.78
UK Pound	1	Rs. 85.16
Euro	1	Rs. 67.79

INFORMATION DETAILS

Report Prepared by :

BVA

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	NO
--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

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.