MIRA INFORM REPORT

Report Date :

24.09.2012

IDENTIFICATION DETAILS

Name :	MARUDHAR INDUSTRIES LIMITED
Registered Office :	611, G.I.D.C Phase, IV Vatva Industrial Estate, Vatva, Ahmedabad-382445, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	18.05.1983
Com. Reg. No.:	04-022203
Capital Investment / Paid-up Capital :	Rs.36.856 Millions
CIN No.: [Company Identification No.]	L91110GJ1983PLC022203
IEC No.:	0895003236
TAN No.: [Tax Deduction & Collection Account No.]	AHMM00060E
PAN No.: [Permanent Account No.]	AABCM4070C
Legal Form :	A Public Limited Liability Company. The Company’s shares are listed on Stock Exchange.
Line of Business :	The Company is engaged in manufacturing of Aluminium Foils, Strips, Sheets, Coils and Manufacturing Plastic Films, Laminated Printed, Pouch and Laminated Printed Films.
No. of Employees :	150 [Approximately]

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 670000
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.

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	ICRA
Rating	LBB+ (Long Term Fund Based Limits)
Rating Explanation	Moderate risk of default
Date	February 2011

Rating Agency Name	ICRA
Rating	LBB+ (Term Loan)
Rating Explanation	Moderate risk of default
Date	February 2011

Rating Agency Name	ICRA
Rating	A4+ (Short Term Non-fund Based Limits)
Rating Explanation	Minimal degree of safety and very high credit risk
Date	February 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.

INFORMATION DECLINED BY

Management non cp-o-operative

LOCATIONS

Registered Office :	611, G.I.D.C Phase, IV Vatva Industrial Estate, Vatva, Ahmedabad-382445, Gujarat, India
Tel. No.:	91-79-25890768
Mobile No.:	91-9824096961 (Mr. Prakash Jain) 91-9374696960 (Mr. Vinod Jain)
Fax No.:	91-79-25890768
E-Mail :	info@marudharind.com marudharind@hotmail.com
Website :	http://www.marudharind.com
Location :	Owned
Factory :	711- Phase IV, Vatva, Ahmedabad-382445, Gujarat, India
Tel. No.:	91-79-25890768/ 25895172
Fax No.:	91-79-25890768
E-Mail :	info@marudharind.com
Location :	Owned

DIRECTORS

AS ON 30.09.2011

Name :	Mr. Prakashraj Sheshmalji Jain
Designation :	Director
Address :	33, Takhorbhai Tower, Opposite Khadi Mandir, Near Law Garden, Ahmedabad-380006, Gujarat, Indi
Date of Birth/Age :	07.07.1956
Qualification :	B.Com
Date of Appointment :	26.09.2000
Voter ID No.:	DDV7286693
Din No.:	00435076
Name :	Mr. Ugamraj Mishrimal Hundia
Designation :	Director
Address :	32-B, Sthankvasi Jain Society, Usmanpura, Ahmedabad-380013, Gujarat, India
Date of Birth/Age :	08.04.1955
Qualification :	B.Com
Date of Appointment :	28.05.1995
PAN No.:	ACLPJ9252A
Din No.:	00435229
Name :	Mr. Naresh Santoshkumar Jain
Designation :	Director
Address :	10/11, Rajendra Vihar, 4, Shrimali Society, Navrangpura, Ahmedabad-380009, Gujarat, India
Date of Birth/Age :	24.07.1980
Qualification :	MBA
Date of Appointment :	01.08.2001
PAN No.:	ACNPJ0818Q
Din No.:	00714499
Name :	Mr. Bhavesh Santoshkumar Jain
Designation :	Whole Time Director
Address :	10/11, Rajendra Vihar, 4, Shrimali Society, Navrangpura, Ahmedabad-380009, Gujarat, India
Date of Birth/Age :	04.09.1984
Date of Appointment :	15.05.2010
PAN No.:	AFFPJ0933D
Din No.:	03091444

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Note: Equity Shareholder details file attach.

AS ON 30.09.2011

Names of Shareholders	No. of Preferences Shares
10% Non Cumulative Redeemable Preference Shares
Arun Bhandari	2500
Mamta Bhandari	2000
Padma Bhandari	1000
Laherchand Jain	1450
Prabh P. Lodha	1500
TOTAL (A)	8450
7% Non Cumulative Redeemable Preference Shares
Naresh Santoshkumar Jain	50000
Interlink Financial Services Limited, India	50000
Pet Plastic Limited, India	50000
TOTAL (B)	150000
11% Non Cumulative Redeemable Preference Shares
Naresh Santoshkumar Jain	2030
Bhavesh Santoshkumar Jain	2030
Pradeep Lodha	1000
Pramila Lodha	500
TOTAL (C)	5560
TOTAL (A+B+C)	164010

AS ON 30.09.2011

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	0.73
Directors or relatives of directors	74.00
Other top fifty shareholders	18.50
Others	6.77
TOTAL	100.00

BUSINESS DETAILS

Line of Business :

The Company is engaged in manufacturing of Aluminium Foils, Strips, Sheets, Coils and Manufacturing Plastic Films, Laminated Printed, Pouch and Laminated Printed Films.

Products :

PRODUCT DESCRIPTION	ITEM CODE
Aluminium Foils	76071991
Aluminium Strips	76061190
Plain Plastic Film	39201012
Laminated Printed Pouch	39219096

PRODUCTION STATUS [AS ON 31.03.2011]

Particulars	Unit	Installed Capacity	Actual Production
Aluminium Foils, Strips, Sheets, Laminated Foils, Strips Blister Foils and Ingots	M. Ton	5000	3853
Plastic and Printed Films	M. Ton	3500	2761

GENERAL INFORMATION

No. of Employees :

150 [Approximately]

Bankers :

Oriental Bank of Commerce, Hotel Meghdoot Building, Station Road Branch, Ahmedabad-380002, Gujarat, India

Facilities :

SECURED LOAN	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
Rupee term loan	38.344	24.038
Working capital loans	144.625	74.886
Hire purchase installment payable	1.762	1.142
TOTAL	184.731	100.066
NOTE: (A) 1)Term Loan from Bank is Secured by way of Hypothecation of its movable Plant and Machinery, Machinery Spares, Tools and Accessories and Other movable both present and future and by way of Equitable mortgage of all the Immovable Properties situated at 610,611,711, G.I.D.C., Vatva Phase IV, Ahmedabad and Personal guarantee of some the director of the company. (B) (i)Working Capital facilities from Oriental Bank of Commerce are secured by way of Hypothecation of Stock in Trade and Book Debts and personal Guarantee of some of the Director of the Company. (ii) Working Capital facilities from Oriental Bank of Commerce are further secured by way of Hypothecation of Plant and Machinery and Equitable Mortgage of Sambhav Machinery Manufacturing Private Limited. Situated at 509, GIDC Phase IV, Vatva, Ahmedabad and it is further secured by corporate guarantee of the Company. (C) Secured against Hypothecation of Vehicles
UNSECURED LOAN	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
Director loans	11.850	2.750
Other debts	53.000	48.250
TOTAL	64.850	51.000

Banking Relations :	--
Auditors :
Name :	Mehta Lodha and Company Chartered Accountant
Address :	105, Sakar-1, 1^st Floor, Opposite Gandhigram Railway Station, Off Ashram Road, Ahmedabad-380009, Gujarat, India
Tel. No.:	91-79-26586683/ 85
Fax No.:	91-79-26586684
Pan No.:	AACFM6805H
Associates :	Sacheta Traders ad Engineers

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
2589000	Equity Shares	Rs.10/- each	Rs. 25.890 Millions
200000	10% Non Cumulative Redeemable Preference Shares	Rs.100/- each	Rs. 20.000 Millions
225000	7% Non Cumulative Redeemable Preference Shares	Rs.100/- each	Rs. 22.500 Millions
16100	11% Non Cumulative Redeemable Preference Shares	Rs.100/- each	Rs. 1.610 Millions
	TOTAL		Rs. 70.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2045525	Equity Shares	Rs.10/- each	Rs. 20.455 Millions
8450	10% Non Cumulative Redeemable Preference Shares	Rs.100/- each	Rs. 0.845 Million
150000	7% Non Cumulative Redeemable Preference Shares	Rs.100/- each	Rs. 15.000 Millions
5560	11% Non Cumulative Redeemable Preference Shares	Rs.100/- each	Rs. 0.556 Million
	TOTAL		Rs. 36.856 Millions

AS ON 30.09.2011

Authorised Capital : Rs. 150.000 Millions

Issued, Subscribed & Paid-up Capital : Rs. 118.677 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		36.856	62.561	62.561
2] Share Application Money		5.000	5.000	8.000
3] Reserves & Surplus		125.813	87.557	78.681
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		167.669	155.118	149.242
LOAN FUNDS
1] Secured Loans		184.731	100.066	157.653
2] Unsecured Loans		64.850	51.000	48.000
TOTAL BORROWING		249.581	151.066	205.653
DEFERRED TAX LIABILITIES		28.118	26.803	24.433
TOTAL		445.368	332.987	379.328
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		227.487	191.569	192.498
Capital work-in-progress		3.747	3.110	2.280
INVESTMENT		0.974	1.320	1.321
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	156.553	94.957	95.299
	Sundry Debtors	161.134	106.649	99.342
	Cash & Bank Balances	12.570	11.208	26.958
	Other Current Assets	0.000	0.00	0.000
	Loans & Advances	44.045	19.830	18.039
Total Current Assets		374.302	232.644	239.638
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	159.510	87.955	55.416
	Other Current Liabilities	0.000	0.000	0.000
	Provisions	1.632	7.701	0.993
Total Current Liabilities		161.142	95.656	56.409
Net Current Assets		213.160	136.988	183.229
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		445.368	332.987	379.328

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	914.815	781.417	664.980
		Other Income	1.363	1.080	2.428
		TOTAL (A)	916.178	782.497	667.408
Less	EXPENSES
		Consumption Materials Changes Inventories	744.802	626.932
		Manufacturing Services Costs	66.528	64.443	613.179
		Employee Related Expenses	22.619	26.472
		Administrative Selling Other Expenses	20.733	10.451
		TOTAL (B)	854.682	728.298	613.179
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		61.496	54.199	54.229
Less	FINANCIAL EXPENSES (D)		23.335	20.695	26.742
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		38.161	33.504	27.487
Less/ Add	DEPRECIATION/ AMORTISATION (F)		18.763	16.949	15.961
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		19.398	16.555	11.526
Less	TAX (H)		6.848	7.678	1.199
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		12.550	8.877	10.327
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		80.271	71.394	61.067
	BALANCE CARRIED TO THE B/S		92.821	80.271	71.394
	IMPORTS
		Capital Goods	14.500	3.100	NA
	Earnings / (Loss) Per Share (Rs.)		6.14	4.34	5.05

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.37	1.13	1.55
Net Profit Margin (PBT/Sales)	(%)	2.12	2.12	1.73
Return on Total Assets (PBT/Total Assets}	(%)	3.22	3.90	2.67
Return on Investment (ROI) (PBT/Networth)		0.12	0.11	0.07
Debt Equity Ratio (Total Liability/Networth)		2.45	1.59	1.75
Current Ratio (Current Asset/Current Liability)		2.32	2.43	4.25

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	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)	Yes
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	Yes
33) Voter ID No of Proprietor/Partner/Director, if available	No
34) External Agency Rating, if available	Yes

SUNDRY CREDITORS DETAILS

(Rs. In Millions)

Particulars	31.03.2011	31.03.2010	31.03.2009
Sundry Creditors
Creditors due small micro enterprises	0.000	0.000	0.000
Creditors due others	159.510	87.955	55.416
TOTAL	159.510	87.955	55.416

OPERATIONS

The turnover and other receipts of the Company for the year has resulted to Rs. 914.815 Millions as compared to Rs. 781.417 Millions for the previous year. The Profit / (Loss) before Depreciation, Financial Charges and Taxation has been Rs 64.228 Millions as compared to Rs. 56.063 Millions during the previous year and Profit/ (Loss) after financial charges, depreciation and taxation but before including income and expenses from extraordinary and prior period items and rectification of errors was Rs. 12.624 Millions as compared to Rs. 8.984 Millions during the previous year.

CONTINGENT LIABILITIES

• Letter of credit Issued Rs.1.205 Millions (Net of accepted liabilities of Rs.34.295 Millions) (Previous Year Rs.0.429 Million)

• Bills of Exchange discounted Rs.28.590 Millions (Previous Year Rs.7.207Millions)

BANKERS CHARGES REPORT AS PER REGISTRY

This form is for	Modification of charge
Charge identification number of the modified	80043418
Corporate identity number of the company	L91110GJ1983PLC022203
Name of the company	MARUDHAR INDUSTRIES LIMITED
Address of the registered office or of the principal place of business in India of the company	611, G.I.D.C Phase, IV Vatva Industrial Estate, Vatva, Ahmedabad-382445, Gujarat, India
Type of charge	Immovable Property
Particular of charge holder	Oriental Bank of Commerce, Hotel Meghdoot Building, Station Road Branch, Ahmedabad-380002, Gujarat, India
Email	bm0120@obc.co.in
Nature of description of the instrument creating or modifying the charge	Confirmation and extension of equitable mortgage
Date of instrument Creating the charge	14.09.2011
Amount secured by the charge	Rs.248.002 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Cash credit: base rate + 3.25% i.e. 14% at present. Penal interest: 2% on overdrawing / irregularity in account. Comm. on guarantee. : as per bank's norm Terms of Repayment Term Loan: As Per Term Loan Agreement. C. C. / LC: Repayment On Demand. Margin Stock / Book Debts / Machinery : 25%, LC : 10%, Bank Guarantee : 10% Extent and Operation of the charge Bank shall have exclusive charge over entire mortgaged property of the company.
Short particulars of the property charged	Immovable property belonging to company being the leasehold plot no.610, 611 and 711 together with construction thereon situated in Phase Iv of GIDC Estate, Vatva, Taluka Dascroi, Ahmedabad.
Date of latest modification prior to the present modification	24.09.2010
Particulars of the present modification	Now by the above mortgage it secures Enhanced lt. From Rs.246.390 Millions to Rs.248.002 Millions. CC Rs.165.000 Millions, sub lt. of book debts Rs.82.500 Millions + import/inland LC/BG Rs.35.500 Millions + TL Rs.11.446 Millions + TL II Rs.36.056 Millions = Rs.248.002 Millions

FIXED ASSETS:

· Rights and Tools

· Leasehold Land

· Factory Building

· Plant and Machinery

· Office Equipments

· Furniture and Fixtures

· Computer

· 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.53.90
UK Pound	1	Rs.87.60
Euro	1	Rs.70.00

INFORMATION DETAILS

Information Gathered by :	SBA
Report Prepared by :	DPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
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		46

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.