MIRA INFORM REPORT

Report Date :

06.08.2013

IDENTIFICATION DETAILS

Name :	STATIONERY POINT (INDIA) LIMITED
Registered Office :	B - 31/201, Saraf Chawdhary Nagar, Thakur Complex, Kandivali (East), Mumbai – 400101, Maharashtra
Country :	India
Financials (as on) :	30.09.2011
Date of Incorporation :	06.09.1999
Com. Reg. No.:	11-121605
Capital Investment / Paid-up Capital :	Rs. 250.000 Millions
CIN No.: [Company Identification No.]	U36991MH1999PLC121605
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Stationery Products and Flexible Packaging Materials.
No. of Employees :	300 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (32)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 2400000
Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. The management has failed to file its financial for the year 2012 with the government department. As per the previous year’s, the external borrowing seems to be huge. However, trade relations are reported to be fair. Business is active. Payments are reported to be unknown. The company can be considered for business dealings with some caution.

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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
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

We are living in a world where volatility and uncertainty have become the New Normal. We saw a change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once powerful countries in Europe are now fighting for bankruptcy. We have taken growth in the developing part of the world for granted but economic growth in China and India has begun to slow. Companies that were synonymous with their product categories just a few years ago are now no longer in existence. Kodak, the inventor of the digital camera had to wind up its operations, HMV, the British entertainment retailing company and Borders, once the second largest bookstore have shut down due to their inability to evolve their business models with the changing time. Readers’ Digest, Thomson Register are no more !

There is another megatrend happening. The World order is changing as economic power shifts from West to East. According to McKinsey study, it took Britain more than 100 years to double its economic output per person during its industrial revolution and the US later took more than 50 years to do the same. More than a century later, China and India have doubled their GDP per capital in 12 and 18 years respectively. By 2020, emerging Asia will become the world’s largest consuming block, overtaking North America.

The years after the outbreak of the global financial crisis, the world economy continues to remain fragile. The Indian economy demonstrated remarkable resilience in the initial years of the contagion but finally lost ground last year. GDP growth slowed down. Currency has been weakening. There is a marked deceleration in agriculture, industry and services. Dampening sentiment led to a cut-back in investment as well as private consumption expenditure.  Inflation remained at high levels fuelled by the pressure from the food and fuel sectors. The large fiscal and current account deficit s continued to cause grave concern. It is imperative that India regains its growth trajectory of 8-9 % sooner than later. This is crucially important given the need to create gainful livelihood opportunities for the millions living in poverty as also the large contingent of young people joining the job market every year.

EXTERNAL AGENCY RATING

Rating Agency Name	FITCH
Rating	Long term rating : BB
Rating Explanation	Having vulnerability to default risk. Particularly in the event of adverse change in business or economy.
Date	February 2012

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 DENIED

Name :	Mr. Basu
Designation :	Key Executive
Contact No.:	91-22-28545832
Date :	05.08.2013

LOCATIONS

Registered Office :	B - 31/201, Saraf Chawdhary Nagar, Thakur Complex, Kandivali (East), Mumbai – 400 101, Maharashtra, India.
Tel. No.:	91-22-28545832 / 28543869
Fax No.:	91-22-28546575
E-Mail :	stationerypointin@gmail.com
Website :	www.stationerypointindia.com www.seekandsource.com
Area :	400 Sq. ft.
Location :	Owned
Corporate Office :	E – 5, Crystal Lawn, Thakur Complex, Kandivali (E), Mumbai – 400101, Maharashtra, India
Tel. No.:	91-22-28545832 / 28543869 / 32464407
Fax No.:	91-22-28545832
E-Mail :	info@stationerypointindia.com
Factory :	3331, At Post Kaledhon, Taluka Khatav, Satara – 415 312, Maharashtra, India.
Tel. No.:	91-2161-244496 / 244349

DIRECTORS

As on : 30.09.2010

Name :

Mr. Shankar Namdeo Kashid

Designation :

Managing Director

Address :

201,13/B, Thakur Complex, Saraf Choudhary Nagar, Kandivali – (East), Mumbai – 400101, Maharashtra, India

Date of Birth/Age :

21.03.1969

Date of Appointment :

06.09.1999

DIN No.:

01963549

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	U74950PN1998PLC013193	SHIVANI FLEXIPACK LIMITED	Managing director	06-09-99	06-09-99	-	Active	NO
2	U36991MH1999PLC121605	STATIONERY POINT (INDIA) LIMITED	Managing director	06-09-99	06-09-99	-	Active	NO
3	U74950MH2004PTC144012	PUSHKRAJ PACKAGING INDIA PRIVATE LIMITED	Managing director	14-01-04	14-01-04	-	Active	NO
4	U01403MH2009PLC194253	S. K. AGROTECH INDUSTRIES LIMITED	Director	21-07-09	21-07-09	-	Active	NO
5	U45203MH2012PTC229779	S K AGROFOOD TECH PRIVATE LIMITED	Director	17-04-12	17-04-12	04-06-12	Active	NO

Name :

Mr. Maheshwar Mhatre

Designation :

Director

Address :

4A-606, Dheeraj Enclave, Western Express Highway, Borivali (East), Mumbai – 400066, Maharashtra, India

Date of Birth/Age :

16.101941

Date of Appointment :

30.09.2004

DIN No.:

02389293

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	U36991MH1999PLC121605	STATIONERY POINT (INDIA) LIMITED	Director	30-09-04	22-03-04	-	Active	NO
2	U74950PN1998PLC013193	SHIVANI FLEXIPACK LIMITED	Additional director	25-10-11	25-10-11	-	Active	NO
3	U01403MH2009PLC194253	S. K. AGROTECH INDUSTRIES LIMITED	Additional director	25-10-11	25-10-11	-	Active	NO

Name :

Mr. Paul Daniel Macwan

Designation :

Director

Address :

Pali, Perera Wadi, 30^th Road, TPS II, Bandra (West), Mumbai – 400050, Maharashtra, India

Date of Birth/Age :

14.07.1971

Date of Appointment :

06.09.1999

DIN No.:

02443535

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	U36991MH1999PLC121605	STATIONERY POINT (INDIA) LIMITED	Director	06-09-99	06-09-99	25-10-11	Active	NO
2	U74950PN1998PLC013193	SHIVANI FLEXIPACK LIMITED	Director	29-09-07	31-03-07	25-10-11	Active	NO
3	U01403MH2009PLC194253	S. K. AGROTECH INDUSTRIES LIMITED	Director	21-07-09	21-07-09	25-10-11	Active	NO

Name :

Mr. Makarand Ashok Pandit

Designation :

Director

Address :

A-5/150, J.P. Nagar, Khpharad Village, PO – Agashi, Virar West, Thane – 401301, Maharashtra, India

Date of Birth/Age :

19.07.1960

Date of Appointment :

06.09.1999

DIN No.:

02454534

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	U36991MH1999PLC121605	STATIONERY POINT (INDIA) LIMITED	Director	06-09-99	06-09-99	-	Active	NO
2	U74950PN1998PLC013193	SHIVANI FLEXIPACK LIMITED	Director	29-09-07	31-03-07	-	Active	NO
3	U01403MH2009PLC194253	S. K. AGROTECH INDUSTRIES LIMITED	Director	21-07-09	21-07-09	-	Active	NO
4	U45203MH2012PTC229779	S K AGROFOOD TECH PRIVATE LIMITED	Director	17-04-12	17-04-12	04-06-12	Active	NO
5	U74950MH2004PTC144012	PUSHKRAJ PACKAGING INDIA PRIVATE LIMITED	Additional director	01-12-12	01-12-12	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Basu
Designation :	Key Executive

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on : 30.09.2010

SHAREHOLDING DETAILS FILE ATTACHED

As on : 29.09.2011

Names of Allottes	No. of Shares
Pushkraj Packaging India Private Limited, India	4882700
Shivani Flexipack Limited, India	1645000
Shankar Namdeo Kashid	2264800
H N Nagaraja	2500
Blend Financial Services Limited, India	205000
TOTAL	9000000

Equity Share Break up (Percentage of Total Equity)

As on : 30.09.2010

Category	Percentage
Bodies corporate	4.25
Directors or relatives of Directors	95.75
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Stationery Products and Flexible Packaging Materials.
Products :	v U – Clips Stainless Steel v U – Clips Colour v Staple Pins v Note Books v Files and Folders v Pointed Pins – Nickel or copper platted v Photocopying papers v Galvanized and copper wires

GENERAL INFORMATION

No. of Employees :

300 (Approximately)

Bankers :

· State Bank of India, Worli, Mumbai, Maharashtra, India.

· Corporate Bank, Large Corporate Branch, Eagles Flight, Suren Road, Andheri (East), Mumbai – 400093, Maharashtra, India

Facilities :

(Rs. in Millions)

SECURED LOAN	As on 30.09.2011	As on 30.09.2010
Rupee term loans secured	140.755	188.515
Working capital loans secured	485.962	359.041
TOTAL	626.717	547.556

Financial Institute :	Tata Motors Finance Limited
Auditors 1 :
Name :	A.B. Waghela and Company Chartered Accountants
Auditors 2 :
Name :	M.R. Sharma and Company Chartered Accountants
Address :	Poonam Nagar, Jogeshwari Vikroli Link Road, Mumbai – 400093, Maharashtra, India
PAN.:	AAOPS40520N

CAPITAL STRUCTURE

As on : 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
25000000	Equity Shares	Rs.10/- each	Rs. 250.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
25000000	Equity Shares	Rs.10/- each	Rs. 250.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		30.09.2011	30.09.2010
SHAREHOLDERS FUNDS
1] Share Capital		250.000	160.000
2] Share Application Money		0.000	71.200
3] Reserves & Surplus		359.292	213.260
4] (Accumulated Losses)		0.000	0.000
NETWORTH		609.292	444.460
LOAN FUNDS
1] Secured Loans		626.717	547.556
2] Unsecured Loans		117.530	64.501
TOTAL BORROWING		744.247	612.057
DEFERRED TAX LIABILITIES		20.250	9.828
TOTAL		1373.789	1066.345
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		439.685	410.292
Capital work-in-progress		90.049	0.625
INVESTMENT		39.899	22.502
DEFERREX TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	416.562	305.602
	Sundry Debtors	446.987	349.152
	Cash & Bank Balances	2.694	8.073
	Other Current Assets	0.000	0.000
	Loans & Advances	29.010	21.373
Total Current Assets		895.253	684.200
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	28.314	26.405
	Other Current Liabilities	2.203	9.293
	Provisions	60.580	15.600
Total Current Liabilities		91.097	51.298
Net Current Assets		804.156	632.902
MISCELLANEOUS EXPENSES		0.000	0.024
TOTAL		1373.789	1066.345

PROFIT & LOSS ACCOUNT

	PARTICULARS		30.09.2011	30.09.2010
	SALES
		Income	2327.334	1758.307
		Other Income	0.112	0.000
		TOTAL (A)	2327.446	1758.307
Less	EXPENSES
		Consumption material changes inventories	1822.140	1404.934
		Manufacturing service costs	83.756	64.879
		Employees related expenses	27.809	21.393
		Administrative selling other expenses	62.327	82.480
		TOTAL (B)	1996.032	1573.686
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		331.414	184.621
Less	FINANCIAL EXPENSES (D)		91.927	65.966
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		239.487	118.655
Less/ Add	DEPRECIATION/ AMORTISATION (F)		37.745	33.492
	PROFIT BEFORE TAX (E-F) (G)		201.742	85.163
Less	TAX (I)		55.711	15.000
	PROFIT AFTER TAX (G-I) (J)		146.031	70.163
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		212.795	142.632
	BALANCE CARRIED TO THE B/S		358.826	212.795
	Earnings Per Share (Rs.)		5.84	NA

KEY RATIOS

PARTICULARS		30.09.2011	30.09.2010
PAT / Total Income	(%)	6.27	3.99
Net Profit Margin (PBT/Sales)	(%)	8.67	4.84
Return on Total Assets (PBT/Total Assets}	(%)	22.53	12.45
Return on Investment (ROI) (PBT/Networth)		0.33	0.19
Debt Equity Ratio (Total Debt/Networth)		1.22	1.38
Current Ratio (Current Asset/Current Liability)		9.83	13.34

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	Yes
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 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	No
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

UNSECURED LOAN :

Rs in Millions

Particulars	As on 30.09.2011	As on 30.09.2010
Hire purchase installment payable unsecured	0.862	0.542
Other debt unsecured	116.668	63.959
TOTAL	117.530	64.501

OPERATIONAL PERFORMANCE :

The sales for the period ending 30^th September 2011 amounted to Rs.2327.446 Millions as against Rs.1758.307 Millions during the previous year an increase of 33% because of additional capacity of Flexible Packaging Material.

FUTURE OUTLOOK :

Flexible packaging sees wider applications

Flexible packaging types are being widely adopted across several different products categories such as beverages, home care, beauty and personal care, pet care and various other consumer goods categories. This is because products in flexible packaging are lighter and easier to carry, more convenient to use pf packaging types such as metal, glass and rigid plastic. With the use of packaged goods products tricking down from India’s large cities into small town and village, the use of sachets and other small flexible packaging types has seen very rapid growth as these tend to carry low unit price and are affordable to India's rural masses.

INDEX OF CHARGE :

Sr .No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10367825	04/06/2012	1,625,000.00	TATA MOTORS FINANCE LIMITED	C/O. TATA MOTORS LIMITED, 3RD FLOOR, NANAVATI MAHALAYA, 18, HOMI MODY STREET, MUMBAI, Maharashtra - 400001, INDIA	B44614808
2	10367828	04/06/2012	1,625,000.00	TATA MOTORS FINANCE LIMITED	C/O. TATA MOTORS LIMITED, 3RD FLOOR, NANAVATI MAHALAYA, 18, HOMI MODY STREET, MUMBAI, Maharashtra - 400001, INDIA	B44614915
3	10367829	04/06/2012	1,625,000.00	TATA MOTORS FINANCE LIMITED	C/O. TATA MOTORS LIMITED, 3RD FLOOR, NANAVATI MAHALAYA, 18, HOMI MODY STREET, MUMBAI, Maharashtra - 400001, INDIA	B44615144
4	10367830	04/06/2012	1,625,000.00	TATA MOTORS FINANCE LIMITED	C/O. TATA MOTORS LIMITED, 3RD FLOOR, NANAVATI MAHALAYA, 18, HOMI MODY STREET, MUMBAI, Maharashtra - 400001, INDIA	B44615318
5	10367832	04/06/2012	1,625,000.00	TATA MOTORS FINANCE LIMITED	C/O. TATA MOTORS LIMITED, 3RD FLOOR, NANAVATI MAHALAYA, 18, HOMI MODY STREET, MUMBAI, Maharashtra - 400001, INDIA	B44615433
6	10359057	30/11/2011	1,480,000.00	Corporation Bank	Wajid House, I/C, Kalina Market, Kalina Kurla Road, Santacruz (East), Mumbai, Maharashtra - 400029, INDIA	B33834391
7	10359080	30/11/2011	1,480,000.00	Corporation Bank	Wajid House, I/C, Kalina Market, Kalina Kurla Road, Santacruz (East), Mumbai, Maharashtra - 400029, INDIA	B33837949
8	10359084	30/11/2011	1,480,000.00	Corporation Bank	Wajid House, I/C, Kalina Market, Kalina Kurla Road, Santacruz (East), Mumbai, Maharashtra - 400029, INDIA	B33836826
9	10359086	30/11/2011	1,480,000.00	Corporation Bank	Wajid House, I/C, Kalina Market, Kalina Kurla Road, Santacruz (East), Mumbai, Maharashtra - 400029, INDIA	B33835935
10	10359087	30/11/2011	1,480,000.00	Corporation Bank	Wajid House, I/C, Kalina Market, Kalina Kurla Road, Santacruz (East), Mumbai, Maharashtra - 400029, INDIA	B33835281

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. 60.82
UK Pound	1	Rs. 92.97
Euro	1	Rs. 80.73

INFORMATION DETAILS

Information Gathered by :	PLV
Report Prepared by :	NIS

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
		27

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.