MIRA INFORM REPORT

Report Date :

18.01.2013

IDENTIFICATION DETAILS

Name :	SHREE ADINATH WOVEN SACKS PRIVATE LIMITED
Registered Office :	2005, Gopi Market, Ring Road, Surat-395002, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	23.07.2007
Com. Reg. No.:	04-051365
Capital Investment / Paid-up Capital :	Rs. 20.000 Millions
CIN No.: [Company Identification No.]	U17121GJ2007PTC051365
IEC No.:	5207020072
TAN No.: [Tax Deduction & Collection Account No.]	SRTS07888G
PAN No.: [Permanent Account No.]	AALCS0247D
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of a Comprehensive assortment of woven sacks and fabrics.
No. of Employees :	100 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (26)

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

Maximum Credit Limit :	USD 124000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The company was successful in wiping off the accumulated losses of the previous years. Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some cautions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

INFORMATION PARTED BY

Name :	Mr. Ishwarchand Nemchand Jain
Designation :	Director
Contact No.:	91-9974060430

LOCATIONS

Registered Office :	2005, Gopi Market, Ring Road, Surat-395002, Gujarat, India
Tel. No.:	91-261-2325772
Mobile No.:	91-9974060430 (Mr. Ishwarchand Nemchand Jain)
Fax No.:	91-261-6250772
E-Mail :	info@shreeadinathwovensacks.com ranjikejriwalcs@gmail.com
Website :	http://www.shreeadinath.com
Area :	600 Sq Ft
Location :	Owned
Head Office/ Factory :	Plot No. 272, 73, G.I.D.C, Ankleshwar, Gujarat- NA, India
Tel. No.:	91-2646-250772
Fax No.:	91-2646-312772
E-Mail :	info@shreeadinathwovensacks.com adi_3493@yahoo.com
Area :	400 Sq Mtr
Location :	Owned

DIRECTORS

As on 30.09.2011

Name :

Mr. Ishwarchand Nemchand Jain

Designation :

Director

Address :

2016, Gopi Market, Ring Road, Surat-395002, Gujarat, India

Date of Birth/Age :

01.06.1966

Qualification :

Graduate

Date of Appointment :

23.07.2007

DIN No.:

01639974

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U17121GJ2007PTC051365	Shree Adinath Woven Sacks Private Limited	Director	23-07-07	23-07-07	-	Active	NO
2	U17122GJ2008PTC053452	Shree Sumtinath Silk Mills Private Limited	Director	01-04-08	01-04-08	-	Active	NO
3	U21020GJ2006PTC047887	Viva City Woven Sack Private Limited	Additional director	24-10-11	24-10-11	-	Active	NO

Name :

Mr. Vinod Kumar Jain

Designation :

Director

Address :

Shop No. 2005, Gopi Market, Ring Road, Surat-395002, Gujarat, India

Date of Birth/Age :

04.06.1968

Qualification :

Graduate

Date of Appointment :

23.07.2007

DIN No.:

01604801

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U17121GJ2007PTC051365	Shree Adinath Woven Sacks Private Limited	Director	23-07-07	23-07-07	-	Active	NO
2	U17122GJ2008PTC053452	Shree Sumtinath Silk Mills Private Limited	Director	01-04-08	01-04-08	-	Active	NO
3	U21020GJ2006PTC047887	Viva City Woven Sack Private Limited	Additional director	24-10-11	24-10-11	-	Active	NO

Name :

Mr. Maheshkumar Durgadutt Sharma

Designation :

Director

Address :

2046, Fudina Wadi, Sahara Darwaja, Ring Road, Sruat-395002, Gujarat, India

Date of Birth/Age :

31.07.1963

Qualification :

Graduate

Date of Appointment :

23.07.2007

DIN No.:

00579957

Name :

Mr. Pralhad Rai Khatri

Designation :

Director

Address :

7/84, Tilak Nagar, Kanpur, India

Date of Birth/Age :

14.07.1955

Qualification :

Graduate

Date of Appointment :

11.08.2007

DIN No.:

00424737

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U45201UP1990PTC011725	Rajratan Financial Services Private Limited	Director	09-03-90	09-03-90	-	Active	NO
2	U17117UP1998PLC023288	Ratan Housing Development Limited	Director	29-09-09	27-03-98	-	Active	NO
3	U27104UP2002PLC026832	Jai Jagdamba Metalloys Limited	Director	30-07-02	30-07-02	30-03-09	Active	NO
4	U27106UP1996PTC020573	Raj-Ratan Castings Private Limited	Director	01-07-03	01-07-03	-	Active	NO
5	U17121GJ2007PTC051365	Shree Adinath Woven Sacks Private Limited	Director	11-08-07	11-08-07	-	Active	NO
6	U17120UP2008PLC036077	Raj Ratan Corporation Limited	Director	24-09-08	24-09-08	-	Active	NO
7	U17301UP2007PLC032875	Raj Ratan Fashions Limited	Director	16-08-10	16-08-10	-	Active	NO

Name :

Mr. Sarvan Kumar Tibrewal

Designation :

Director

Address :

58/64, Neetawali Galli, Buhana Road, Kanpur, India

Date of Birth/Age :

10.08.1959

Qualification :

Graduate

Date of Appointment :

11.08.2007

DIN No.:

01678642

Name :

Mr. Jayeshbhai H Patel

Designation :

Director

Address :

Jay Flaxe, 252, GIDC, Akleshwar, India

Date of Birth/Age :

01.03.1966

Qualification :

Graduate

Date of Appointment :

02.12.2006

DIN No.:

01821994

Name :

Mr. Pramodkumar N Jain

Designation :

Director

Address :

2016, Gopi Market, Ring Road, Surat, Gujarat, India

Date of Birth/Age :

10.03.1971

Qualification :

Graduate

Date of Appointment :

31.10.2009

DIN No.:

02151735

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U17122GJ2008PTC053452	Shree Sumtinath Silk Mills Private Limited	Director	09-12-08	09-12-08	-	Active	NO
2	U17121GJ2007PTC051365	Shree Adinath Woven Sacks Private Limited	Director	31-10-09	31-10-09	-	Active	NO
3	U21020GJ2006PTC047887	Viva City Woven Sack Private Limited	Additional director	24-10-11	24-10-11	-	Active	NO

Name :

Mr. Adish Jain

Designation :

Director

Address :

2005-06, Gopi Market, Ring Road, Surat, Gujarat, India

Date of Birth/Age :

23.08.1988

Qualification :

Graduate

Date of Appointment :

31.10.2009

DIN No.:

02200856

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U17122GJ2008PTC053452	Shree Sumtinath Silk Mills Private Limited	Director	09-12-08	09-12-08	-	Active	NO
2	U17121GJ2007PTC051365	Shree Adinath Woven Sacks Private Limited	Director	31-10-09	31-10-09	-	Active	NO
3	U21020GJ2006PTC047887	Viva City Woven Sack Private Limited	Additional director	24-10-11	24-10-11	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Ishwar Chand N Jain	140667
Vinod Kumar Jain	92667
Mahesh Kumar D Sharma	100000
Raj Rani Ishwar Chand Jain	66667
Manju Promod Kumar Jain	66667
Harishkumar J Chandwani	266666
Jayeshbhai Haribhai Patel	90000
Rameshkumar S Kedia	66667
Sarvan R Tibrewal	66667
Shushila Devi R Tibrewal	52000
Prahaladrai R Khatri	400000
Rama Devi Sharma	66667
Sushila Devi R Kedia	66667
A R Khatri	33333
Heera Lal Khatri	48000
Atmaram Khatri	116000
Raj Kumar Khatri	33333
Saria J Patel	76666
Sanjay A Khatri	84000
Raj Kumar Kedia	33333
Taghunandan Tibrewal	33333
TOTAL	2000000

Equity Share Break up (Percentage of Total Equity)

As 30.09.2011

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of a Comprehensive assortment of woven sacks and fabrics.
Products :	· Laminated PP Woven Bags And Sacks · PP Woven Bags with Liner · Laminated PP Woven Fabric · PP Woven Valve Type Bags · Unlaminated PP Woven Bags Anad Sacks · PP Woven Sacks With Liner · Unlaminated PP Woven Fabric · Jumbo Bags
Exports :
Products :	Woven Sacks and Fabrics
Countries :	Dubai
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

PRODUCTION STATUS

As on 31.03.2011

Particulars	Installed Capacity	Actual Production
P.P. Fabrics	10 Tonnes	9 Tonnes

GENERAL INFORMATION

Suppliers :

• Reliance

Customers :

Wholesaler

• D.N.S, Delhi
• Shiva Fabrication, Delhi
• Allegiant Export, Dubai

No. of Employees :

100 (Approximately)

Bankers :

Union Bank of India, Textile Market Branch, Ring Road, Surat – 395002, Gujarat, India

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Union Bank of India T.L A/C 2509	14.139	19.967
Union Bank of India T.L A/C 2511	6.394	8.728
Union Bank of India A/C 79030 (Bank Over Draft)	29.507	20.117
Kotak Mahindra Prime Limited	0.650	0.000
Total	50.690	48.812

Banking Relations :
Auditors :
Name :	Rajiv Modi and Associates Chartered Accountants
Address :	108, 21^st Century Business Center, Near World Trade Center, Ring Road, Surat – 395002, Gujarat, India
Tel. No.:	91-261-2327998/ 2350170
PAN.:	ACSPM1599E

CAPITAL STRUCTURE

As on 31.03.2011

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
2000000	Equity Shares	Rs.10/- each	Rs.20.000 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		20.000	20.000	20.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		10.883	8.794	9.782
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		30.883	28.794	29.782
LOAN FUNDS
1] Secured Loans		50.690	48.812	49.355
2] Unsecured Loans		7.468	18.552	11.250
TOTAL BORROWING		58.158	67.364	60.605
DEFERRED TAX LIABILITIES		0.000	0.000	0.035
TOTAL		89.041	96.158	90.422
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		43.808	47.089	59.559
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.741	0.222	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	25.901	15.987	7.056
	Sundry Debtors	24.126	21.450	15.360
	Cash & Bank Balances	0.387	0.232	5.395
	Other Current Assets	4.883	3.054	2.705
	Loans & Advances	3.751	15.839	2.842
Total Current Assets		59.048	56.562	33.358
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	12.799	5.354	1.575
	Other Current Liabilities	0.224	0.850	0.300
	Provisions	1.696	1.755	0.947
Total Current Liabilities		14.719	7.959	2.822
Net Current Assets		44.329	48.603	30.536
MISCELLANEOUS EXPENSES		0.163	0.244	0.327
TOTAL		89.041	96.158	90.422

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Sales	243.032	178.826	121.914
		Other Income	NA	3.526	0.539
		TOTAL (A)	NA	182.352	122.453
Less	EXPENSES
		Material Consumption	248.472	140.365	96.226
		Direct Expenses		14.454	11.189
		Personnel Cost		3.285	2.484
		Administration and Other Charges		6.910	2.440
		Preliminary Expense		0.066	0.066
		TOTAL (B)	248.472 (Including depreciation and financial charges)	165.080	112.405
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			17.272	10.048
Less	FINANCIAL EXPENSES (D)			7.597	6.172
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			9.675	3.876
Less/ Add	DEPRECIATION/ AMORTISATION (F)			6.948	3.955
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)		1.936	2.727	(0.079)
Less	TAX (H)		(0.152)	0.163	(0.812)
	PROFIT AFTER TAX (G-H) (I)		2.088	2.564	0.733
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	0.000	0.599
Less	APPROPRIATIONS
		Transfer to General Reserve	NA	3.551	0.000
	BALANCE CARRIED TO THE B/S		NA	(0.987)	1.332
	Earnings Per Share (Rs.)		(1.04)	(0.49)	0.37

Expected Sales (2011-2012): Rs.300.000 Millions

The above information has been parted by Mr. Ishwarchand Nemchand Jain (Director)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	NA	1.41	0.60
Net Profit Margin (PBT/Sales)	(%)	0.80	1.52	(0.06)
Return on Total Assets (PBT/Total Assets}	(%)	1.88	2.63	(0.09)
Return on Investment (ROI) (PBT/Networth)		0.06	0.09	(0.00)
Debt Equity Ratio (Total Liability/Networth)		2.36	2.62	2.13
Current Ratio (Current Asset/Current Liability)		4.01	7.10	11.82

LOCAL AGENCY FURTHER INFORMATION

OPERATING RESULT

The company has achieved satisfactory results during the year which is reflected in the balance sheet of the company.

FORM 8

Corporate identity number of the company	U17121GJ2007PTC051365
Name of the company	SHREE ADINATH WOVEN SACKS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	2005, Gopi Market, Ring Road, Surat-395002, Gujarat, India Email : ranjitkejriwalcs@gmail.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10149730
Type of charge	Immovable Property
Particular of charge holder	Union Bank of India, Textile Market, Ring Road, Surat-395002, Gujarat, India Email : rbksurat@gmail.com
Nature of instrument creating charge	Memorandum of Entry
Date of instrument Creating the charge	18.12.2010
Amount secured by the charge	Rs. 69.300 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest: Original Limit Rs. 61.800 Millions As per original sanction Enhanced Cash Credit Rs. 7.500 Millions As per original sanction Terms of Repayment: Original Limit Rs. 61.800 Millions As per original sanction Enhanced Cash Credit Rs. 7.500 Millions As per original sanction Margin: Original Limit Rs. 61.800 Millions As per original sanction Enhanced Cash Credit Rs. 7.500 Millions As per original sanction Extent and operation of the charge: The charge would be first and exclusive charge by way of equitable mortgage of properties mentioned in point 15 below
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Plot No. 272 and 273, Ankleshwar Industrial Estate, R.S. No. 439, Village: Piraman, Taluka: Ankleshwar, District Bharuch in name of Shree Adinath Woven Sacks Private Limited Flat No. 702, Seventh Floor, Sakruti Appartment, TPS No. 6, FP No. 51, Majura, City Survey No. 827/2 Paiki, 827/8 Paiki and 827/9 paiki of Mouje Majura, Surat in name of Parul Modi. Flat No. 1-A, First floor, Golden Avenue Apartment, RS No. 701/4 paiki, TPS No. 4, FP No. 82/1 of Moje Umra, Surat in name of Smt Usha Devi V Jain
Date of instrument modifying the charge	10.08.2009
Particulars of the present modification	The existing limits were increased by issue of additional Cash Credit of Rs. 7.500 millions total limits being Rs. 69.300 millions and Flat No. 102, Sakruti apartment, Majura Surat has been released and New Flat No. 702, Sakruti apartment, Majura, Surat has been added as equitable mortgage.

UNSECURED LOAN

Particular	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
From Shareholder and Relatives	7.468	18.552
Total	7.468	18.552

TRADE REFERENCES

• D.N.S, Delhi
• Shiva Fabrication, Delhi
• Allegiant Export, Dubai
• Reliance

FIXED ASSETS

• Furniture
• Electrical Installation
• Factory Equipment
• Computer
• Office Equipment
• Air Conditioner
• Building
• Land
• Plant and Machinery
• Software
• Motor Car
• Packing Crate

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 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.54.64
UK Pound	1	Rs.87.46
Euro	1	Rs.72.65

INFORMATION DETAILS

Report Prepared by :

NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		26

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.