MIRA INFORM REPORT

Report Date :

23.01.2013

IDENTIFICATION DETAILS

Name :	K PACK SYSTEMS PRIVATE LIMITED
Registered Office :	A / 121, Associated Society, Near Poultry Farm, Akota, Vadodara – 390 015, Gujarat
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	09.10.1991
Com. Reg. No.:	04-016385
Capital Investment / Paid-up Capital :	Rs.0.300 million
CIN No.: [Company Identification No.]	U51909GJ1991PTC016385
Legal Form :	Private Limited Liability Company
Line of Business :	Designing, Developing and Installing of Water Treatment Systems known as Dissolved Air Floatation Systems, API Oil Separators, Oil Skimmers and Rendering Supervision of Installation and commissioning Services
No. of Employees :	40 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

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

Maximum Credit Limit :	USD 1200
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions.

NOTES :

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

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

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

Name :	Mr. Suresh
Designation :	Process Manager
Contact No.:	91-9886202940
Date :	16.01.2013

LOCATIONS

Registered Office :	A / 121, Associated Society, Near Poultry Farm, Akota, Vadodara – 390 015, Gujarat, India
Tel. No.:	Not Available
Mobile No.:	91-9886202940 (Mr.Suresh)
Fax No.:	Not Available
E-Mail :	kpack@vsnl.com kpackblr@airtelmail.in rajanrajput1980@gmail.com suri5d@kpack.in ralyani@kpack.in
Website :	http://www.kpack.info
Area :	1200 sq ft
Location :	Owned
Factory :	No.3, 9^th Main, 9^th Cross, Vasath Nagar, Bangalore – 560 052, Karnataka, India
Tel. No.:	91-80-40731300/ 40731301
Fax No.:	91-80-40731399/ 41148708
Area :	20000 sq ft
Location :	Rented

DIRECTORS

As on 21.09.2012

Name :

Mr. Vivek Vinay Shah

Designation :

Director

Address :

9, Chateau Marine, Marine Drive, Mumbai – 400 020, Maharashtra, India

Date of Birth/Age :

18.09.1960

Qualification :

MBA

Date of Appointment :

15.05.2011

DIN No.:

00062360

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	U31501GJ1990PTC014714	Suvi Technologies Private Limited	Director	28-11-90	28-11-90	-	Active	NO
2	U51909GJ1990PTC014453	Apex Distributors Private Limited	Director	15-10-91	15-10-91	02-02-11	Active	NO
3	U67190GJ1992PTC017184	Shree Finlease Private Limited	Director	26-02-92	26-02-92	02-02-11	Active	NO
4	U70102MH1992PLC068391	Shugun Realtors Limited	Director	03-09-92	03-09-92	02-03-11	Active	NO
5	U45201GJ1991PTC014926	Sarang Realtors Private Limited	Director	30-11-92	30-11-92	-	Active	NO
6	U45201GJ1979PTC003375	Construction India Private Limited	Director	25-09-93	25-09-93	02-02-11	Active	NO
7	U65922MH1994PLC077868	Noble House Securities and Holdings Limited	Director	11-11-94	11-11-94	-	Active	NO
8	U24117MH2001PLC131723	Heena Marketing Limited	Director	23-04-01	23-04-01	-	Active	NO
9	U45201GJ1994PTC021882	Zen Properties Private Limited	Director	20-06-01	20-06-01	02-03-11	Active	NO
10	U51900MH1994PLC078153	Zen Marketing Limited	Director	10-04-03	10-04-03	-	Active	NO
11	U29119GJ1989PTC012028	Flexican Bellows and Hoses Private Limited	Director	27-10-08	27-10-08	-	Active	NO
12	U51909GJ1991PTC016385	K Pack Systems Private Limited	Director	15-05-11	15-05-11	-	Active	NO
13	U29253MH2010PTC204952	K Pack Bio Systems Private Limited	Director	16-05-11	16-05-11	-	Active	NO
14	U90000GJ2011PTC066743	Tauw India Private Limited	Director	12-08-11	12-08-11	-	Active	NO

Name :

Mrs. Pratima Vinay Chipalkatti

Designation :

Director

Address :

9, Chateau Marine, Marine Drive, Mumbai – 400 020, Maharashtra, India

Date of Birth/Age :

01.02.1938

Qualification :

SSC

Date of Appointment :

09.10.1991

DIN No.:

01215815

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U51909GJ1991PTC016385	K Pack Systems Private Limited	Director	09-10-91	09-10-91	Active	NO
2	U29253MH2010PTC204952	K Pack Bio Systems Private Limited	Director	28-06-10	28-06-10	Active	NO

KEY EXECUTIVES

Name :	Mr. Suresh
Designation :	Manager
Name :	Mr. Prakash
Designation :	General Manager - Project
Name :	Mr. Raghu
Designation :	Manager - Projects
Name :	Ms. Kalyani
Designation :	Manager - Accounts
Name :	Mr. Shankar Rao
Designation :	Executive Assistant to M.D.

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 21.09.2012

Names of Shareholders	No. of Shares	Percentage of Holding
Pratima Vinay Chipalkatti	15300	51
Rutwik Vivek Shah	14700	41
Total	30000	100

As on 21.09.2012

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

BUSINESS DETAILS

Line of Business :	Designing, Developing and Installing of Water Treatment Systems known as Dissolved Air Floatation Systems, API Oil Separators, Oil Skimmers and Rendering Supervision of Installation and commissioning Services.
Products :	v CPI/ TPI Plate Oil Water Separators v DAF Dissolved Air Flotation Plants v Cross-flow Separators v API Separators v Lamella Settlers v Pipe Flocculators v Flash Mixers and Flocculators v Sewage Treatment Plants (Conventional) v SBR/ MBR Sewage Treatment Plants v Grey Water Recycle Plants v Sand/ Clay Water Recycle Plants
Exports :
Products :	Finished Goods
Countries :	v Middle East v Australia v Asian Countries
Imports :
Products :	Raw Materials
Countries :	v USA v Australia
Terms :
Selling :	L/C/Cash/Credit
Purchasing :	L/C/Cash/Credit

GENERAL INFORMATION

Suppliers :

v M.S. Plates

Customers :

End Users and Others

v Hindustan Dorr Oliver Limited

v V A Tech Wabag Limited

No. of Employees :

40 (Approximately)

Bankers :

v Corporation Bank Limited, 11, Nandi, 8^th Main, Vasanth Nagar, Bangalore – 560 052, Karnataka, India

Contact No : 91-80-22355308

v The Ratnakar Bank Limited, 7, Rahimtoola House Homji Street, Fort, Mumbai – 400001, Maharashtra, India

Facilities :

Secured Loans	31.03.2012 Rs. In Millions	31.03.2011 Rs. In Millions
Loan from Corporation Bank (Secured by hypothecation of cars)	1.470	0.000
Cash Credit from Bank (Secured by hypothecation of stock-in-trade and Debtors of the Company.)	8.176	3.443
Total	9.646	3.443

Banking Relations :	--
Auditors :
Name :	Sanjay K. Thanawala and Company Chartered Accountants
Address :	Office No.2, Dhairya Co-Operative Society, S.V. Road, Naupada, Thane – 400 602, Maharashtra, India
Tel. No.:	91-22-25398144
Income-tax PAN of auditor or auditor's firm :	AAHPT3244N
Sister Concern :	v Gujarat Zaverchand Sports Equipment Private Limited v Flexican Bellows and Hoses Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.10/- each	Rs.0.500 million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
30000	Equity Shares	Rs.10/- each	Rs.0.300 million

Reconciliation of number of shares

Equity Shares

Particulars	31.03.2012 (Rs. In. Millions)
	Number of Shares	Rupees
Balance as at the beginning of the year	30000	300000

Rights, Preference and Restrictions attached to shares :

Equity Shares: The Company has one class of equity shares having par value of Rs. 10/- per share. Each shareholder is eligible for one vote per share held. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the Annual General Meeting, except in case of interim dividend. In the event of liquidation, the equity shareholders are subject to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.

Details of shares held by each shareholder holding more than 5% shares

Particulars	31.03.2012 (Rs. In. Millions)
	Number of Shares Held	Percentage of Holding
Equity shares of Rs. 10/- each fully paid up
Mrs. Pratima V. Chipalkatti	15300	51
Mr. Ritwik V. Shah	14700	49

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		0.300	0.300	0.300
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		33.984	25.752	23.820
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		34.284	26.052	24.120
LOAN FUNDS
1] Secured Loans		9.646	3.443	3.595
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		9.646	3.443	3.595
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		43.930	29.495	27.715
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		5.658	5.253	6.210
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.776	0.000	0.000
DEFERRED TAX ASSETS		0.237	0.189	0.126
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.759	2.928	0.172
	Sundry Debtors	41.680	13.010	30.620
	Cash & Bank Balances	2.101	0.589	0.131
	Other Current Assets	3.905	2.187	0.000
	Loans & Advances	14.282	16.093	13.012
Total Current Assets		62.727	34.807	43.935
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	16.523	6.952	17.251
	Other Current Liabilities	8.945	3.802	2.543
	Provisions	0.000	0.000	2.775
Total Current Liabilities		25.468	10.754	22.569
Net Current Assets		37.259	24.053	21.366
MISCELLANEOUS EXPENSES		0.000	0.000	0.013
TOTAL		43.930	29.495	27.715

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Revenue from Operation	132.417	64.544	90.279
		Other Income	0.487	0.454	0.573
		TOTAL (A)	132.904	64.998	90.852
Less	EXPENSES
		Purchased of Stock in Trade	60.307	32.238
		Changes in inventories of Stock in Trade	2.167	(2.755)	74.997
		Employee Benefits Expenses	16.492	5.358
		Other Expenses	38.746	23.916
		TOTAL (B)	117.712	58.757	74.997
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		15.192	6.241	15.855
Less	INTEREST & OTHER FINANCIAL EXPENSES (D)		1.260	0.424	0.901
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		13.932	5.458	14.954
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.248	1.262	1.277
	PROFIT BEFORE TAX (E-F) (G)		12.684	4.196	13.677
Less	TAX (H)		4.452	1.687	4.441
	PROFIT AFTER TAX (G-H) (I)		8.232	2.509	9.236
Less	Prior Period Items		0.000	0.000	0.017
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		19.173	17.940	17.004
Less	APPROPRIATIONS
		Dividend on Equity Shares	0.000	0.501	5.010
		Tax on Dividend	0.000	0.075	0.773
		Transferred to General Reserve	0.700	0.700	2.500
	BALANCE CARRIED TO THE B/S		27.705	19.173	17.940
	EARNINGS IN FOREIGN CURRENCY
	Export of goods calculated on FOB basis		21.890	10.611	15.141
	Total		21.890	10.611	15.141
	IMPORT VALUE
	Stock in trade		0.249	0.088	0.753
	Total		0.249	0.088	0.753
	Earnings Per Share (Rs.)		274.41	83.63	307.87

Expected Sales (2012-2013): Rs.150.000 millions

The above information has been parted by Mr. Suresh

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	6.19	3.86	10.17
Net Profit Margin (PBT/Sales)	(%)	9.58	6.50	15.15
Return on Total Assets (PBT/Total Assets}	(%)	18.34	10.47	27.27
Return on Investment (ROI) (PBT/Networth)		0.37	0.16	0.57
Debt Equity Ratio (Total Liability/Networth)		0.74	0.54	1.08
Current Ratio (Current Asset/Current Liability)		2.46	3.24	1.95

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	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	Yes
18]	Major customers	Yes
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
21]	Market information	-----
22]	Litigations that the firm / promoter involved in	-----
23]	Banking Details	Yes
24]	Banking facility details	No
25]	Conduct of the banking account	-----
26]	Buyer visit details	-----
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

FORM 8:

Corporate identity number of the company	U51909GJ1991PTC016385
Name of the company	K PACK SYSTEMS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	A / 121, Associated Society, Near Poultry Farm, Akota, Vadodara – 390 015, Gujarat, India E-Mail: kpack@vsnl.com
This form is for	Midification of charge
Charge identification number of the charge to be modified	10293580
Type of charge	Book Debts Others
Particular of charge holder	Corporation Bank Limited, 11, Nandi, 8^th Main, Vasanth Nagar, Bangalore – 560 052, Karnataka, India E-Mail: cb747@corpbank.co.in
Nature of description of the instrument creating or modifying the charge	Hypothecation of stock and book debts, guarantee agreement, deposit of title deeds of one property belongs to Vinay Chipalkatti and Kusum Chipalkatti and another property Belongs to Prathima Chipalkatti
Date of instrument Creating the charge	19.07.2012
Amount secured by the charge	Rs.45.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest: Cash Credit-13.10% Be under LC renewal : upto 90 Days-10.50% p.a. from 91 days to 180 days-10.75% p.a. Bank guarantee and import/inland letter of credit-at Banker’s prescribed rates Terms of Repayment: Cash credit-running account repayable on demand subject to annual renewal Be under LC renewal 180days Bank guarantee-one year Import/inland letter of credit/buyers credit-180days Margin: For cash credit facilities-25% For be under lc renewal-nil For bank guarantee-15% cash margin For import/inland letter of credit-15% cash margin Extent and Operation of the charge: Till closure of the loan
Short particulars of the property charged	All the fixed assets. book debts and deposit of title deeds of property belongs to Vinay Chiplkatti and Kusum Chipalkatti and another property belongs to Prathima Chipalkatti
Whether any of the property or interest therein under reference is not registered in the name of the company. If yes, in whose name it is registers	Vinay Chipalkatti with Kusum Chipalkatti and another property Prathima Chipalkatti
Particulars of the present modification	Enhancement of cash credit from Rs. 2.000 Millions to Rs. 5.000 Millions Enhancement of be under LC from Rs. 5.000 Millions to Rs. 10.000 Millions Enhancement of bank guarantee from Rs. 4.000 Millions to Rs. 20.000 Millions Fresh limit of important. inland letter of credit/buyers credit limit Rs. 10.000 Millions

TRADE REFERENCES:

v Hindustan Dorr Oliver Limited

v V.A. Wabag Limited

FIXED ASSETS:

v Furniture and Guest House Furniture

v Machinery

v Computers

v Computer Software

v Xerox Machine

v LCD TV

v Telephone Equipments

v Toyota Car

v Nissan Car

v Tata Car

v Scooter

v Bombay Office Asset

v Air Conditioners

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.53.51
UK Pound	1	Rs.84.84
Euro	1	Rs.71.42

INFORMATION DETAILS

Information Gathered by :	PLK
Report Prepared by :	SPR

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	7
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		49

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.