MIRA INFORM REPORT

Report Date :

23.12.2013

IDENTIFICATION DETAILS

Name :	RAVIRAJ FOILS LIMITED
Registered Office :	Survey No. 169, P O Chharodi Farm, Taluka Sanand, District Ahmedabad- 382170, Gujarat
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	26.04.1996
Com. Reg. No.:	04-029467
Capital Investment / Paid-up Capital :	Rs.83.102 Millions
CIN No.: [Company Identification No.]	u27203GJ1996PLC029467
TAN No.: [Tax Deduction & Collection Account No.]	AHMR00249E
PAN No.: [Permanent Account No.]	AAACR7333J
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	manufacturer and Exporter of Aluminum foils.
No. of Employees :	220 [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 541000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Exist
Comments :	Subject is an established company having moderate track record. Reserves of the company appears to be low. However, the company has performed well and wipe out its accumulated loss during the year 2011-2012. Trade relations are fair. Business is active. Payment terms are slow but correct. The company can be considered for business dealing with some caution. Note: Latest financial for the year 2013 is not available with us.

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

The current downturn provides an opportunity to push ahead with reforms to accelerate growth, says the latest India Development Update report released by the World Bank. The report says that the adverse effects of rupee depreciation are likely to be offset by the gains in the exports performance due to improved external competitiveness. Since May this year, the local currency has depreciated substantially and fell to a record level of Rs 68.85 to a dollar on August, 28.

A stagflation like situation appears to have arisen as inflation jumped to an eight month high of 6.46 % for the month of September. It is up from 6.10 % in August. Growth continues to be muted with factory output plunging to 0.6  % in August. Onion prices have risen nearly 300 % from last September. Vegetables cost nearly 90 % more than they did last year. Wake up to the economic contribution of slum dwellers. They contribute more than 7.5 % to the country’s gross domestic product, according to a recent study conducted in 50 top cities.

136000 estimated number of jobs created during the second quarter of the current financial year. 50000 estimated number of additional jobs in the field of corporate social responsibility in the coming years.

The International Finance Corporation expects to come out with its rupee linked bonds issue before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple iPhone 5c (Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has been launched in India from 1^st November.

The Land Acquisition Act to provide just and fair compensation to farmers will come into force from January 1 next year, said Rural Development Minister Jairam Ramesh. The Act replaces a 119 year old registration. The Securities and Exchange Board of India has approved the trading of currency futures on the Bombay Stock Exchange. The exchange plans to launch the currency futures platform with advanced trading technology by the end of November.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	B+ [Long Term]
Rating Explanation	Risk prone credit quality and high risk of default.
Date	11.10.2013

Rating Agency Name	CRISIL
Rating	A4 [Short Term]
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	11.10.2013

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 PARTED BY [GENERAL DETAILS]

Name :	Mr. Digvijay
Designation :	Accountant
Contact No.:	91-2717-273306
Date :	20.12.2013

LOCATIONS

Registered Office / Factory :	Survey No. 169, P O Chharodi Farm, Taluka Sanand, Sanand – 382170, District Ahmedabad, Gujarat, India
Tel. No.:	91-2717-273306/ 273307/ 273308/ 273262/ 273360
Fax No.:	91-2717-273263
E-Mail :	info@ravirajfoils.com
Website :	www.ravirajfoils.com
Corporate Office :	702, ‘SAFFRON’, 7^th Floor, Near Panchwati, Ambawadi – 380006, Ahmedabad – 380006, Gujarat, India
Tel. No.:	91-79-26468639 / 40
Fax No.:	91-79-26566144
E-Mail :	info@ravirajfoils.com

DIRECTORS

AS ON 30.09.2013

Name :	Mr. Jaydeepsinh Ravubha Vaghela
Designation :	Managing Director
Address :	C-803, Prestiage Tower, Near Judges Bulglow, Bodakdev, Ahmedabad-380054, Gujarat, India
Date of Birth/Age :	24.07.1968
Qualification :	Diploma in Civil Engineer
Date of Appointment :	01.04.2012
PAN No.:	ABJPV0884D
DIN No.:	00030385
Name :	Mr. Ravubha Bhikhubha Vaghela
Designation :	Whole-time Director
Address :	“SHIVAM Bungalow, Bavla Road, Sanand, District Ahmedabad – 382110, Gujarat, India
Date of Birth/Age :	15.08.1944
Qualification :	B.A., B.ED
Date of Appointment :	01.04.2012
PAN No.:	AAVPV0306P
DIN No.:	00014040
Name :	Mr. Rajendrasinh Ravubha Vaghela
Designation :	Director
Address :	C-103, Prestige Tower, Near Judges Bunglow, Bodakdev, Ahmedabad-380054, Gujarat, India
Date of Birth/Age :	17.11.1970
Qualification :	B.A.
Date of Appointment :	26.04.1996
DIN No.:	00030442

KEY EXECUTIVES

Name :	Mr. Digvijay
Designation :	Accountant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2013

Names of Shareholders	No. of Shares
Jaydipsinh Vaghela	8168425
Rajendrasinh R Vaghela	100
Induben R. Vaghela	624580
Rakshaben J. Vaghela	495120
Rekhaben R. Vaghela	100
Ravubha B. Vaghela	2746075
Anant Vaghela	45600
Abhieet J. Vaghela	20000
TOTAL	12100000

AS ON 30.09.2013

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

BUSINESS DETAILS

Line of Business :

manufacturer and Exporter of Aluminum foils.

Products :

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

Exports :

Products :

Finished Goods

Countries :

· Africa

· Asian Countries

Terms :

Selling :

LC / Cash and Credit

Purchasing :

LC / Cash and Credit

GENERAL INFORMATION

Customers :

Wholesalers and Retailers

No. of Employees :

220 [Approximately]

Bankers :

· Dena Bank, Dena Laxmi Building, Ashram Road, Ahmedabad-380009, Gujarat, India

· ICICI Bank Limited

· HDFC Bank Limited

Facilities :

Secured Loan	As on 31.03.2012 [Rs. in Millions]	As on 31.03.2011 [Rs. in Millions]
Long Term Borrowings
Term loans from banks	56.600	0.000
Loans taken for vehicles	1.930	1.465
Short Term Borrowings
Working capital loans from banks	64.930	10.354
TOTAL	123.460	11.819

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

CAPITAL STRUCTURE

AS ON 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
15000000	Equity Shares	Rs.10/- each	Rs.150.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
12100000	Equity Shares	Rs.10/- each	Rs.121.000 Millions

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
8360000	Equity Shares	Rs.10/- each	Rs.83.600 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
8310200	Equity Shares	Rs.10/- each	Rs.83.102 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	83.102	83.102
(b) Reserves & Surplus	52.362	(84.361)
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	135.464	(1.259)
(3) Non-Current Liabilities
(a) long-term borrowings	58.530	1.465
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	3.789	2.997
Total Non-current Liabilities (3)	62.319	4.462
(4) Current Liabilities
(a) Short term borrowings	96.081	10.854
(b) Trade payables	112.297	94.128
(c) Other current liabilities	142.010	202.131
(d) Short-term provisions	5.562	13.916
Total Current Liabilities (4)	355.950	321.029
TOTAL	553.733	324.232
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	116.459	71.299
(ii) Intangible Assets	0.000	0.001
(iii) Capital work-in-progress	5.395	4.633
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.018	0.018
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	135.318	54.228
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	257.190	130.179
(2) Current assets
(a) Current investments	0.588	4.647
(b) Inventories	102.556	65.454
(c) Trade receivables	155.505	89.404
(d) Cash and cash equivalents	13.631	21.712
(e) Short-term loans and advances	23.608	12.223
(f) Other current assets	0.655	0.612
Total Current Assets	296.543	194.053
TOTAL	553.733	324.232

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		83.102
2] Share Application Money		0.000
3] Reserves & Surplus		10.000
4] (Accumulated Losses)		(100.047)
NETWORTH		(6.945)
LOAN FUNDS
1] Secured Loans		21.316
2] Unsecured Loans		1.361
TOTAL BORROWING		22.677
DEFERRED TAX LIABILITIES		0.000
TOTAL		15.732
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		77.312
Capital work-in-progress		5.594
INVESTMENT		0.046
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	85.124
	Sundry Debtors	77.780
	Cash & Bank Balances	20.963
	Other Current Assets	0.000
	Loans & Advances	45.343
Total Current Assets		229.210
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	113.359
	Other Current Liabilities	169.043
	Provisions	14.028
Total Current Liabilities		296.430
Net Current Assets		(67.222)
MISCELLANEOUS EXPENSES		0.000
TOTAL		15.732

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	1185.121	820.928	797.871
		Other Income	26.676	6.295	9.053
		TOTAL (A)	1211.797	827.223	806.924
Less	EXPENSES
		Cost of materials consumed	881.422	624.129	711.966
		Purchases of stock-in-trade	0.630	0.869
		Employee benefit expense	42.421	28.277
		Other expenses	105.855	84.930
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(10.159)	16.921
		TOTAL	1020.169	755.126	711.966
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		191.628	72.097	94.958
Less	FINANCIAL EXPENSES		7.175	25.980	58.437
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		184.453	46.117	36.521
Less/ Add	DEPRECIATION/ AMORTISATION		13.030	13.911	18.922
	PRIOR PERIOD ITEMS		0.000	(2.919)	(8.639)
	PROFIT / (LOSS) BEFORE TAX		171.423	29.287	8.960
Less	TAX		34.700	23.600	12.500
	PROFIT / (LOSS) AFTER TAX		136.723	5.687	(3.540)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(94.361)	(100.048)	(96.508)
	BALANCE CARRIED TO THE B/S		42.362	(94.361)	(100.048)
	EARNINGS IN FOREIGN CURRENCY		187.277	112.653	150.709
	IMPORTS VALUE		44.795	42.504	75.806
	Earnings Per Share (Rs.)		27.62	1.15	(0.72)

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	11.28	0.69	(0.44)
Net Profit Margin (PBT/Sales)	(%)	14.46	3.57	1.14
Return on Total Assets (PBT/Total Assets}	(%)	31.26	9.16	2.92
Return on Investment (ROI) (PBT/Networth)		1.27	(23.26)	(1.29)
Debt Equity Ratio (Total Debt/Networth)		1.14	(9.78)	3.27
Current Ratio (Current Asset/Current Liability)		0.83	0.60	0.77

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
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	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
21]	Market information	--
22]	Litigations that the firm / promoter involved in	Yes
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	PAN of Proprietor/Partner/Director, if available	Yes
32]	Date of Birth 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

INDEX OF CHARGES:

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10285755	22/02/2013 *	271,225,000.00	DENA BANK	DENA LAXMI BUILDING, ASHRAM ROAD BRANCH, AHMEDABAD - 380009, GUJARAT, INDIA	B69426773
* Date of charge modification

HIGH COURT OF GUJARAT

TAX APPEAL NO. 767 OF 2007

STATUS : PENDING (CONVERTED FROM : ST/883/2007) CCIN NO : 001092200700767

LAST LISTING DATE: 18/01/2008
CORAM: HONOURABLE THE CHIEF JUSTICE Y.R.M EENA HONOURABLE M R.JUSTICE J.C.UPADHYAYA	NOT BEFORE : HONOURABLE M R.JUSTICE AKSHAY H.M EHTA

S. NO.	NAME OF THE PETITIONER	ADVOCATE ON RECORD
1.	COM M ISSIONER OF INCOM E TAX	M S PAURAM I B SHETH FOR: APPELLANT(S) 1
S. NO.	NAME OF THE RESPONDANT	ADVOCATE ON RECORD
1.	RAVIRAJ FOILS LTD	RULE SERVED FOR :OPPONENT(S) 1

PRESENTED ON	: 22/03/2007	REGISTERED ON	: 22/03/2007
BENCH CATEGORY	: DIVISION BENCH	DISTRICT	: AHM EDABAD
CASE ORIGINATED FROM	: THROUGH ADVOCATE	LISTED	: 115 TIMES
STAGE NAME	: FOR FINAL HEARING - TAX M ATTERS
ACT	INCOM E-TAX ACT, 1961

OFFICE DETAILS

S. NO.	FILING DATE	DOCUMENT NAME	ADVOCATE NAME	COURT FEE ON DOCUMENT	DOCUMENT DETAILS
1	15/08/2007	VAKALATNAM A	M S PAURAM I B SHETH ADVOCATE FOR PETITIONER(S) 1	--	M S PAURAM I B SHETH:1
2	15/08/2007	DOCUM ENT	RULE SERVED FOR RESPONDENT(S) 1	--	RULE SERVED:1
3	17/05/2012	APPEARANCE NOTE	M S PAURAM I B SHETH ADVOCATE FOR PETITIONER(S) 1	--	M S PAURAM I B SHETH:1

COURT PROCEEDINGS

S. NO.	NOTIFIED DATE	COURT CODE	BOARD SR. NO.	STAGE	ACTION	CORAM
1.	18/01/2008	1	--	FOR FINAL HEARING - TAX M ATTERS	RULE/ADM IT	HONOURABLE THE CHIEF JUSTICE Y.R.M EENA HONOURABLE M R.JUSTICE J.C.UPADHYAYA

AVAILABLE ORDERS

S. NO.	CASE DETAILS	JUDGE NAME	ORDER DATE	CAV	JUDGMENT
1	TAX APPEAL/767/2007	HONOURABLE THE CHIEF JUSTICE Y.R.M EENA HONOURABLE M R.JUSTICE J.C.UPADHYAYA	18/01/2008	N	ORDER

CERTIFIED COPY

S. NO.	APPLICANT NAME	APPLICATION TYPE	APPLICATION DATE	UOL NUMBER	ORDER DATE	NOTIFY DATE	DELIVERY DATE	STATUS	NATURE OF DOCUMENT
1	M R M ANISH R BHATT	ORDINARY	21/01/2008	O/1755/2008	18/01/2008	31/01/2008	01/02/2008	DELIVERED	ORDER

PERFORMANCE:

The turnover of the Company has increased by Rs 384.573 Millions (i.e. as increase of 46.49%) as compared to previous year. The company has achieved net profit of Rs 136.723 Millions as against Rs 5.687 Millions during the previous year.

Unsecured Loan	As on 31.03.2012 [Rs. in Millions]	As on 31.03.2011 [Rs. in Millions]
Short Term Borrowings
Loans and advances from related parties	31.151	0.500
TOTAL	31.151	0.500

FIXED ASSETS:

· Land and Land Development

· Building

· Plant and Machinery

· Office Equipment

· Furniture and Fixture

· Vehicles

· Computers

· Tally Software

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.24
UK Pound	1	Rs.101.81
Euro	1	Rs.84.87

INFORMATION DETAILS

Information Gathered by :	HTL
Report Prepared by :	TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	4
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		32

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.