MIRA INFORM REPORT

Report Date :

03.01.2013

IDENTIFICATION DETAILS

Name :	SHAKUN POLYMERS LIMITED
Registered Office :	501, Ivory Terrace, R C Dutt Road, Alkapuri, Vadodara – 390007, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	03.04.1995
Com. Reg. No.:	04-25304
Capital Investment / Paid-up Capital :	Rs.34.600 Millions
CIN No.: [Company Identification No.]	U17119GJ1995PLC025304
TAN No.: [Tax Deduction & Collection Account No.]	BRDS01178C
PAN No.: [Permanent Account No.]	AACCS5500Q
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Wire and Cable Compounds
No. of Employees :	200 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 940000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. The latest financial are not made available with the government department. As per previous year record, the company performance seems to be good. Financially appear strong. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct and as per commitment. The company can be considered for normal business dealing 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	CRISIL
Rating	BBB
Rating Explanation	Having moderate degree of safety regarding timely servicing of financial obligations, it carry moderate credit risk.
Date	May, 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 PARTED BY (General Details)

Name :	Mr. Sanjay
Designation :	Accountant
Contact No.:	91-265-2335537
Date :	02.01.2013

LOCATIONS

Registered Office :	501, Ivory Terrace, R C Dutt Road, Alkapuri, Vadodara – 390007, Gujarat, India
Tel. No.:	91-265-2335537/ 2330920/ 2333807/ 2353987/ 3058384/ 6196500
Fax No.:	91-265-2339402
E-Mail :	mktg@shakunpolymers.com sales@shakunpolymers.com compounds@shakunpolymers.com (Sales) technical@shakunpolymers.com (Technical) exim@shakunpolymers.com (Exports) atmajy@bankofbaroda.com purchase@shakunpolymers.com
Website :	http://www.shakunpolymers.com
Location :	Owned
Factory 1 :	Plot No. 2-3, Silver Industrial Estate, Pataliya Road, Bhimpore, Daman – 396210, Gujarat, India
Tel. No.:	91-265-2333807
Fax No.:	91-265-2339402
Location :	Owned
Factory 2 :	Halol, Gujarat, India
Location :	Owned

DIRECTORS

(AS ON 14.08.2012)

Name :	Mr. Rajesh Dhanraj Bansal
Designation :	Whole Time Director
Address :	18, Gotri Co-operative Housing Society, Gotri Road, Vadodara – 390021, Gujarat, India
Date of Birth/Age :	03.03.1964
Date of Appointment :	02.01.1996
DIN No.:	00002176
Name :	Mr. Rakesh Dhanraj Bansal
Designation :	Whole Time Director
Address :	04, Gotri Co-operative Housing Society, Gotri Road, Vadodara – 390021, Gujarat, India
Date of Birth/Age :	27.03.1966
Date of Appointment :	02.01.1996
DIN No.:	00002179
Name :	Mr. Geetesh Dhanraj Bansal
Designation :	Whole Time Director
Address :	05, Gotri Co-operative Housing Society, Gotri Road, Vadodara – 390021, Gujarat, India
Date of Birth/Age :	27.10.1967
Date of Appointment :	02.01.1996
DIN No.:	00002180

KEY EXECUTIVES

Name :	Mr. Sanjay
Designation :	Accountant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 14.08.2012)

Names of Shareholders	No. of Shares
Ritu Bansal	184000
Seema Bansal	422000
Ashima Bansal	241200
Rajesh Bansal – HUF	150900
Rakesh Bansal – HUF	113000
Rakesh Bansal	300700
Geetesh Bansal	186700
Rajesh Bansal	79300
Geetesh Bansal – HUF	222500
Shakuntala Bansal	488300
Urmila Gupta	1800
Abhinav Bansal Education Trust, India	75000
Pawan Gupta	1000
Raghav Sighania	5000
Yash Vardhan Sighania	5000
Bina Singhania	5000
Ghanshyam N Bhatt	2500
P K Kesavan Namboothiri	500
Swati Bakshi	2000
Ashok Bansal	1000
Aarat Metha	2000
Kamalsingh R Zaveri	500
Dhanraj Bansal	100000
Rishina Bansal	102200
Ritvigya Bansal	161100
Anirudha Bansal	155300
Abhinav Bansal	80300
Hemang Bansal	148700
Tanushree Bansal	23800
Rakesh HUF / Ritu	8500
Geetesh HUF / Ashima	8500
Tanushree Bansal Education Trust, India	75000
Dhanraj / Shakuntala	106700
Total	3460000

(AS ON 30.09.2012)

Equity Shares Break – up

Category	Percentage
Directors or relatives of Directors	99.00
Other top fifty shareholders	1.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Wire and Cable Compounds

Products :

Products Description	Item Code No.
Zero Halogen Flame Retardant Compound	39013000
Polyethylene Compound for Insulation and Jacketing of Cables	39011090
Thermoplastic Semi Counting Compound	39019090
Insulated Wire and Cables	85445990

v Ecotek Halogen Free Flame Retardant Compounds

v Frtek PVC Flame Retardant Compounds

v XL Tek Crosslinkable Compounds

v Escon Tek Semi Conductive Compounds

v Vinyl Tek PVC Compounds

v PE Insulation Insulation Polyethylene Compounds

v PE Sheathing Black Polyethylene Compounds

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Halol Division	Tonnes	NA	4800
Halol Unit – II	Tonnes	NA	6000
Daman and Padana Division	Tonnes	NA	6000
Cable	Kms	NA	50000

GENERAL INFORMATION

Customers :

Wholesalers and Retailers

No. of Employees :

200 (Approximately)

Bankers :

· Bank of Baroda

Atmajyoti Ashram Road Branch, Indraprastha Building, Ellora Park, Opposite Vegetable Market, Vadodara – 390007, Gujarat, India

Tel No.: 91-265-2336581

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
From Bank of Baroda
A) Term loan (Secured against land, building and machineries)	67.010	67.124
B) Cash credit account (Against raw material , stores, stocks and book debts)	159.115	121.459
C) Bill discounting (Against receivables – customers)	22.047	15.557
Total	248.172	204.140
Unsecured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
From Directors	2.900	0.000
From Shareholders	14.800	5.200
From Others	5.400	0.728
Total	23.100	5.928

Banking Relations :	--
Auditors :
Name :	Shah Mehta and Bakshi Chartered Accountants
Address :	2^nd Floor, Prasanna House, Associated Society, Near Akota Stadium, Vadodara – 390020, Gujarat, India
Tel. No.:	91-265-2331060/2337727/2355435
Fax No.:	91-265-2343227
E-Mail :	office@smb.ca.com
PAN.:	AABFJ1738M

CAPITAL STRUCTURE

(AS ON 14.08.2012)

Authorised Capital :

No. of Shares	Type	Value	Amount
4000000	Equity Shares	Rs. 10/- each	Rs. 40.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3460000	Equity Shares	Rs. 10/- each	Rs.34.600 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		34.600	34.600	34.600
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		201.458	172.739	126.621
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		236.058	207.339	161.221
LOAN FUNDS
1] Secured Loans		248.172	204.140	165.104
2] Unsecured Loans		23.100	5.928	32.287
TOTAL BORROWING		271.272	210.068	197.391
DEFERRED TAX LIABILITIES		13.207	10.446	8.976
TOTAL		520.537	427.853	367.588
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		196.128	185.625	167.729
Capital work-in-progress		0.000	0.000	2.947
INVESTMENT		0.800	0.800	0.800
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	183.123	141.347	116.046
	Sundry Debtors	145.472	104.214	80.608
	Cash & Bank Balances	10.681	6.464	27.127
	Other Current Assets	15.600	14.660	4.788
	Loans & Advances	19.071	22.072	13.774
Total Current Assets		373.947	288.757	242.343
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	26.425	27.925	31.502
	Other Current Liabilities	1.068	0.505	1.262
	Provisions	22.845	18.899	13.469
Total Current Liabilities		50.338	47.329	46.233
Net Current Assets		323.609	241.428	196.110
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		520.537	427.853	367.588

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	969.936	891.456	1081.508
		Other Income	15.319	9.958	11.246
		TOTAL (A)	985.255	901.414	1092.754
Less	EXPENSES
		Manufacturing Expenses	848.569	742.084	923.610
		Administrative and Selling expenses	53.876	45.109	62.151
		Increase/ Decrease in Stocks	(20.879)	(6.475)	28.312
		TOTAL (B)	881.566	780.718	1014.073
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		103.689	120.696	78.681
Less	FINANCIAL EXPENSES (D)		28.277	20.941	31.572
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		75.412	99.755	47.109
Less/ Add	DEPRECIATION/ AMORTISATION (F)		17.223	15.243	10.829
	PROFIT BEFORE TAX (E-F) (G)		58.189	84.512	36.280
Less	TAX (H)		19.417	30.325	14.488
	PROFIT AFTER TAX (G-H) (I)		38.772	54.187	21.792
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		141.726	101.027	87.486
Less	APPROPRIATIONS
		Transfer to General Reserve	3.877	5.419	2.179
		Dividend	8.650	6.920	5.190
		Tax on distributed profits	1.403	1.149	0.882
	BALANCE CARRIED TO THE B/S		166.568	141.726	101.027
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	385.090	293.836	520.311
		Commission Earnings	14.751	9.196	10.665
	TOTAL EARNINGS		399.841	303.032	530.976
	IMPORTS		362.054	381.322	397.848
	Earnings Per Share (Rs.)		11.21	15.66	6.30

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	3.94	6.01	1.99
Net Profit Margin (PBT/Sales)	(%)	6.00	9.48	3.35
Return on Total Assets (PBT/Total Assets}	(%)	10.21	17.81	8.85
Return on Investment (ROI) (PBT/Networth)		0.25	0.41	0.23
Debt Equity Ratio (Total Liability/Networth)		1.36	1.24	1.51
Current Ratio (Current Asset/Current Liability)		7.43	6.10	5.24

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS:

Particulars	31.03.2011	31.03.2010	31.03.2009
	(Rs. In Millions)
Sundry Creditors
Creditors – Others
-For Raw Materials	23.515	25.403	25.187
-For Expenses	2.910	2.522	6.238
-For Capital goods	0.000	0.000	0.077
Total	26.425	27.925	31.502

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	No
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
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

SALES AND MANUFACTURING OPERATIONS

During the year the company’s turnover was Rs.1006.134 million as compared to previous year Rs.907.889 millions. The company’s profit before taxation was Rs.58.189 millions as compared to the profit of Rs. 84.513 millions of previous year.

CONTINGENT LIABILITIES:

Guarantee given by the banks for which the company counter guarantee amounting to Rs.2.840 millions (Rs.1.940 millions)

Letter of Credit issued for purchases of raw materials Rs.31.330 millions (Rs.19.220 millions)

FORM 8

Corporate identity number of the company	U17119GJ1995PLC025304
Name of the company	SHAKUN POLYMERS LIMITED
Address of the registered office or of the principal place of business in India of the company	501, Ivory Terrace, R.C. Dutt Road, Alkapuri, Vadodara-390005, Gujarat
This form is for	Modification of charge
Type of charge	Immovable Property
Particular of charge holder	v Bank of Baroda, ATM Ajyot Ashram Branch, Indra Prastha, Ellora Park, Opposite Vegetable Market, Baroda – 390007, Gujarat, India atmajy@bankofbaroda.com
Nature of description of the instrument creating or modifying the charge	Instrument relating to extension of mortgage by constructive deposit / delivery of title deeds.
Date of instrument Creating the charge	14.10.2010
Amount secured by the charge	Rs. 330.600 millions
Brief particulars of the principal terms and conditions and extent and operation of the charge	Rate of Interest Cash Credit and TL - at BPLR i.e. 12.00 p a at present with monthly rest Terms of Repayment Working capital - on demand, TL - old - as per earlier sanction, TL - fresh in 54 monthly installments Margin - stocks of RM, SIP, FG - 25%, receivables - 30%, TL - 25% Extent and Operation of the charge - Various credit facilities are collaterally secured by immovable properties more particularly described in second schedule to the Mortgage deed
Short particulars of the property or assets charged	Leasehold property being Plot No.2104 adm. 5000 Sq. Mtrs of GIDC Ind. Estate at Halol situated on land bearing R S No.1592 paiki in Regn Dist and Sub-Dist: Halol, Dist: Panchmahal Property being N A Land adm. 1451 Sq. Mtrs bearing R S No.39/2 and Plot No.2 in the scheme known as Silver Ind. Estate at Moje Bhimpore and in the Regn Sub Dist. Daman, U T of Daman Property being N A Land adm. 1156 Sq. Mtrs bearing R S No.39/1 and Plot No.3 in the scheme known as Silver Ind. Estate at Moje Bhimpore and in the Regn Sub Dist. Daman, U T of Daman Property being N A Land adm. 1273 Sq. Mtrs bearing R S No.38/4 and Plot No.4 in the scheme known as Silver Ind. Estate at Moje Bhimpore and in the Regn Sub Dist. Daman, U T of Daman Property being N A Land adm. 1391 Sq. Mtrs bearing R S No.38/3 and Plot No.5 in the scheme known as Silver Ind. Estate at Moje Bhimpore and in the Regn Sub Dist. Daman, U T of Daman Property being N A Land adm. 1517 Sq. Mtrs bearing R S No.38/2 and Plot No.6 in the scheme known as Silver Ind. Estate at Moje Bhimpore and in the Regn Sub Dist. Daman, U T of Daman leasehold property being all that piece and parcel of land known as plot No.1801 in GIDC Ind. Estate consisting of R S No.2423 and 2422 within the Vill: limit of Chandrapura, Tal: Halol Dist: Panchmahal containing by admeasurements 11594.60 Sq. Mtrs
Date of latest modification prior to the present modification	17.08.2009
Particulars of the present modification	By this execution the charge extended to cover revised credit facilities from Rs.305.500 Millions to Rs.330.600 Millions {TL-I - Rs.1.300 millions + TL- II Rs.5.500 Millions + TL - III Rs.37.400 Millions + TL - IV Rs. 20.400 Millions + TL - V (Fresh) - Rs.18.000 Millions + C C Hyp (LOC) Rs.170.000 Millions + BP/BD(FBP/FBD/FUBP/FUBD) -Rs.50.000 Millions + BG = Rs.5.000 Millions + Exporters Gold Cards - Rs.20.000 Millions + Exposure to forward contract Rs.3.000 Millions aggregating to Rs.330.600 Millions}

FIXED ASSETS:

· Land

· Land (Hsg Quarter)

· Factory Shed

· Hsg Quarter - GIDC

· Plant and Machinery

· Testing Equipment

· Other Equipment

· Furniture and Fixtures

· 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 exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

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

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

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

Charges or investigation registered against subject: None

7] Criminal Records

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

8] Affiliation with Government :

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

9] Compensation Package :

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

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

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

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

CONTRAVENTION

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.39
UK Pound	1	Rs.88.76
Euro	1	Rs.72.19

INFORMATION DETAILS

Information Gathered by :	PJA
Report Prepared by :	NIT

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
-	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.