MIRA INFORM REPORT

Report Date :

31.01.2013

IDENTIFICATION DETAILS

Name :	POLYSET PLASTICS PRIVATE LIMITED
Registered Office :	11-A, Mehta Industrial Estate, 1^st Floor, Crossing of J. P. Road No. 2 and J. B. Patel Road, Goregaon (East), Mumbai – 400063, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	15.09.1973
Com. Reg. No.:	11-016846
Capital Investment / Paid-up Capital :	Rs.74.501 Millions
CIN No.: [Company Identification No.]	U25209MH1973PTC016846
PAN No.: [Permanent Account No.]	AAACP7373E
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Exporter and Importer of Buckets, Mugs Storage Bins.
No. of Employees :	250 (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 1500000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. The management of the company has failed to file its latest financials i.e. 2011-12 with the government department. From the previous year record it seems that there appears some dip in the turnover and profitability of the company. However, networth appears to be satisfactory. General financial position of the company is good. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitment. The company can be considered normal for business dealings at usual trade terms and condition.

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	ICRA
Rating	Short Term Non-Fund Based Limit = A2
Rating Explanation	The above average credit quality it carry higher credit risk
Date	04.01.2013

Rating Agency Name	ICRA
Rating	Long Term Cash Credit Facility = BBB
Rating Explanation	The moderate credit quality it carry higher than average credit risk.
Date	04.01.2013

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. Ram
Designation :	Accounts Manager
Contact No.:	91-22-32535677
Date :	31.01.2013

LOCATIONS

Registered/ Corporate Office :	11-A, Mehta Industrial Estate, 1^st Floor Crossing Of J. P. Road No. 2 and J. B. Patel Road, Goregaon (East), Mumbai – 400063, Maharashtra, India
Tel. No.:	91-22-26866233/34
Fax No.:	91-22-26866235
E-Mail :	pravin_jain@plyset.net ramavtar_charak@polyset.net
Websites :	http://www.polyset.net
Factory 1 :	131/143 Shreenath Industrial Estate, Off National Highway 8, Village Savroli, Talasari-401606, Thane, Maharashtra, India.
Tel. No.:	91-2521-220111/220126
Fax No.:	91-2521-220122
Factory 2 :	Plot No. 161/4, Amalia Cricket Play Ground, Somnath Road, Dabhel, Nani Daman, Daman-396210, India
Tel. No.:	91-260-2243716/2243458
Fax No.:	91-260-2241267

DIRECTORS

As on 31.03.2011

Name :	Mr. Premraj Futarmal Bafna
Designation :	Whole-time director
Address :	501/502 Kumud, 15^th Road, Khar (West), Mumbai-400052, Maharashtra, India
Date of Birth/Age :	03.08.1935
Date of Appointment :	03.06.2010
DIN No.:	00168555
Name :	Mr. Shailesh Premraj Bafna
Designation :	Managing Director
Address :	52, The Nest CHS Limited, 5^th Floor, Gulmohur Cross Road No. 4, JVPD Sheme, Vileparle (West), Mumbai-400049, Maharashtra, India
Date of Birth/Age :	14.06.1963
Date of Appointment :	01.08.2010
DIN No.:	00168805
Name :	Mr. Bhupesh Premraj Bafna
Designation :	Director
Address :	501/502 Kumud, 15^th Road, Khar (West), Mumbai-400052, Maharashtra, India
Date of Birth/Age :	20.09.1969
Date of Appointment :	01.11.1997
DIN No.:	00168325
Name :	Mr. Dilip Keshavlal Patel
Designation :	Director
Address :	15, Neel Shobha, 4^th Floor, 52 E, M.V. Road, Andheri (East), Mumbai-400093, Maharashtra, India
Date of Birth/Age :	20.10.1947
Date of Appointment :	29.07.2005
DIN No.:	00013150

KEY EXECUTIVES

Name :	Mr. Ram
Designation :	Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.03.2011

Names of Shareholders	No. of Shares
Premraj F. Bafna	852100
Madanlata Premraj Bafna	79680
Madanlata P. Bafna	120000
Shailesh Premraj Bafna	195600
Madanlata Premraj Bafna	431960
Mehul Finance and Investments Private Limited, India	1851700
Bhupesh P. Bafna	231000
Anju Shailesh Bafna	80700
Okay Plastics Private Limited	571000
Shailesh Premraj Bafna	180004
Premraj F.Bafna (HUF)	1000
Premraj Futarmal Bafna	1289000
Shailesh Premraj Bafna	578600
Bhupesh Premraj Bafna	554900
Anju S. Bafna	71906
Priti Bhupesh Bafna	147310
Priti Bhupesh Bafna	19200
Premraj F. Bafna	40000
Bhupesh P. Bafna	154400
Saroj K. Jain	10
Anita Sanjay Pagaria	10
Total	7450080

As on 31.03.2011

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	32.52
Directors or relatives of Directors	67.48
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Exporter and Importer of Buckets, Mugs Storage Bins.

Products :

PRODUCT DESCRIPTION	ITEM CODE NO.
Furniture of Plastics	94037000
Other Plastics Industrial Components	39269009
Other Plastics Injection Moulded Articles Other than those manufactured reserved for SSI	39262009

Exports :

Products :

Finished Good

Countries :

Europe

Imports :

Products :

Raw Materials

Countries :

· Germany

· Dubai

Terms :

Selling :

Credit (30 Days)

Purchasing :

Credit (30 Days)

PRODUCTION STATUS AS ON 31.03.2010

Particulars	Unit	Installed Capacity	Actual Production
Thermo plastic products	Nos.	17,095MT	16,289,792
Crushed moulding powder	Kgs.	-	395,370

Note:

1. Installed capacity is as certified by the management and relied upon by the auditors, being a technical matter.

2. Though the installed capacity is expressed in Metric Tons (MTs), the opening and closing stocks, production and turnover are shown in pieces, as it is not practicable to show them in MTs. Further, the units of production are of varying weights/sizes, and accordingly, the total production quantity may not be strictly comparable with that of the previous year.

3. The production figures include goods manufactured at third party facilities and goods manufactured but not assembled, pending inspection.

GENERAL INFORMATION

Suppliers :

Reliance Industries Limited

Customers :

Wholesalers

· Future Value Retail Limited

No. of Employees :

250 (Approximately)

Bankers :

· State Bank of India, Industrial Finance Branch, Snehal Chambers, Telli Gulli, Andheri (East), Mumbai – 400069, Maharashtra, India

Tel. No.: 91-22-26833001 / 26836870

· State Bank of India, MID Corporate Loan Administrative Unit, Shri Hari Building, RTO. Lane, Four Bunglows, Andheri (West), Mumbai – 400053, Maharashtra, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
Working capital loans banks secured	55.123	69.535
Loans taken for vehicles secured	0.000	0.304
Total	55.123	69.839

Banking Relations :	--
Auditors :
Name :	Malpani and Associates Chartered Accountants
Address :	307, Chartered House 297/299, Dr. Hormasji Street, Near Marine Line Church, Mumbai-400002, Maharashtra, India
PAN.:	AADPM2684D
Enterprises where control exists (Associates) :	· Mehul Finance and Investment Private Limited · Okay Plastics Private Limited · Power Mould · Anju Techno Industries

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
9000000	Equity Shares	Rs.10/- each	Rs.90.000 Millions
300000	Redeemable Cumulative Preferences Shares	Rs.100/- each	Rs.30.000 Millions
	TOTAL		Rs.120.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
7450080	Equity Shares	Rs.10/- each	Rs.74.501 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		74.501	74.501	80.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		309.653	219.004	104.043
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		384.154	293.505	184.043
LOAN FUNDS
1] Secured Loans		55.123	69.839	32.825
2] Unsecured Loans		45.338	50.130	76.823
TOTAL BORROWING		100.461	119.969	109.648
DEFERRED TAX LIABILITIES		25.819	17.961	23.618
TOTAL		510.434	431.435	317.309
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		173.342	137.798	127.369
Capital work-in-progress		55.062	34.611	1.148
INVESTMENT		15.238	2.238	2.238
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	129.554	65.848	72.151
	Sundry Debtors	91.388	182.101	116.720
	Cash & Bank Balances	5.195	5.509	5.533
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	140.574	91.430	59.804
Total Current Assets		366.711	344.888	254.208
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	39.179	33.751	36.761
	Other Current Liabilities	78.081	31.817	26.626
	Provisions	21.838	22.532	4.267
Total Current Liabilities		99.919	88.100	67.654
Net Current Assets		266.792	256.788	186.554
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		510.434	431.435	317.309

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income		860.082	786.480
		Moulding Charges	789.050	24.083	11.954
		Increase / (Decrease) in inventories		(1.664)	(9.983)
		Other Income		23.229	14.843
		TOTAL (A)	789.050	905.730	803.294
Less	EXPENSES
		Office Expenses
		Administrative Expenses	660.609	697.845	663.992
		Advertising Expenses
		TOTAL (B)	660.609	697.845	663.992
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		Including Financial and Depreciation Expenses	207.876	139.302
Less	FINANCIAL EXPENSES (D)			10.740	12.561
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			197.136	126.741
Less/ Add	DEPRECIATION/ AMORTISATION (F)			21.181	26.081
	PROFIT BEFORE TAX (E-F) (G)		128.441	175.955	100.660
Less	TAX (H)		37.791	46.577	35.643
	PROFIT AFTER TAX (G-H) (I)		90.650	129.378	65.017
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		100.804	(28.574)	(93.591)
	BALANCE CARRIED TO THE B/S		191.454	100.804	(28.574)
	EARNINGS IN FOREIGN CURRENCY
		F.O.B value of goods	NA	2.453	0.000
	TOTAL EARNINGS		NA	2.453	0.000
	IMPORTS
		Raw Materials	NA	10.952	4.113
		Stores & Spares	NA	0.338	0.128
		Capital Goods	NA	0.787	1.423
	TOTAL IMPORTS		NA	12.077	5.664
	Earnings Per Share (Rs.)		12.17	17.20	8.64

Expected Sales (2012-13) : Rs.700.000 Millions

The above information has been parted by Mr. Ram

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	11.49	14.28	8.09
Net Profit Margin (PBT/Sales)	(%)	NA	20.46	12.79
Return on Total Assets (PBT/Total Assets}	(%)	23.78	36.45	26.38
Return on Investment (ROI) (PBT/Networth)		0.33	0.60	0.55
Debt Equity Ratio (Total Debt /Networth)		0.26	0.41	0.60
Current Ratio (Current Asset/Current Liability)		3.67	3.91	3.76

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS

(Rs. In Millions)

PARTICULARS	31.03.2011	31.03.2010	31.03.2009
Sundry Creditors
Due to Small, Micro and Medium Enterprises	0.000	0.000	0.000
Others	39.179	33.751	36.761
Total	39.179	33.751	36.761

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	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	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

OPERATIONS

During the year the Company has achieved turnover of Rs.704.659 Millions as compared to Rs.892.847 Millions for the previous year. Profit for the year is Rs.90.650 Millions as compare to Rs.129.378 Millions for the previous year.

UNSECURED LOAN

Rs. In Millions

Particular	As on 31.03.2011	As on 31.03.2010
Loans directors unsecured	9.835	9.310
Deposits related parties unsecured	0.941	5.031
Deferred sales tax loan unsecure	26.753	29.987
Other debt unsecured	7.809	5.802
Total	45.338	50.130

Contingent Liabilities and Capital Commitments (As on 31.03.2010):

i. Unexpired Bank guarantees Rs.0.934 Million

ii. Claims against the Company not acknowledged as debts Rs.4.125 Millions

iii. Sales tax, Customs, Excise and other matters Rs.5.375 Millions

iv. Claims of employees at Halol Unit- Amount not ascertainable

v. Contingent Liabilities as may arise due to delayed/non compliance of certain fiscal statutes- Amount unascertainable

vi. Estimated amount of contracts remaining to be executed on capital accounts (net of advances) and not provided for Rs.38.000 Millions

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U25209MH1973PTC016846
Name of the company	POLYSET PLASTICS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	11-A, Mehta Industrial Estate, 1^st Floor Crossing Of J. P. Road No. 2 and J. B. Patel Road, Goregaon (East), Mumbai – 400063, Maharashtra, India Email Id : pravin_jain@polyset.net
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	90163334
Type of charge	· Book debts · Movable property (not being pledge)
Particular of charge holder	State Bank of India, Industrial Finance Branch, Snehal Chambers, Telli Gulli, Andheri (East), Mumbai – 400069, Maharashtra, India kamalax_saraf@hotmail.com
Nature of instrument creating charge	Letter Regarding The Grant Of Individual Limits Within The Overall Limit
Date of instrument Creating the charge	27.01.2012
Amount secured by the charge	Rs.120.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Dcc (stocks and book debts) : base rate + 5.50% i.e. 15.50% per annum with monthly rests TERMS OF REPAYMENT As per sanction terms. Margin Raw Materials - Domestic : 25.00% Receivables (120 Days Others) : 40.00% Raw Materials - Imported : 25.00% Receivables (120 Days Govt) : 30.00% Stocks In Process : : 33.33% Bank Guarantee and Letter Of Credit : 15.00% Finished Goods : 25.00% Stores and Spares : 50.00% Extent and Operation of the charge Rs. In Millions DCC (Stock and Book Debts) 100.000 L/Cs 10.000 Bgs 10.000 ================================ TOTAL 120.000
Short particulars of the property or asset(s) charged (including complete address and location of the property)	A first charge by way of hypothecation of the borrowers entire goods, movables and other assets present and future including documents of title to goods and other assets, such as book-debts, outstanding moneys, receivables, including receivabels by way of cash assistance and/or cash incentives under the cash incentive scheme or any other scheme, claims, including claims by way of refund of customs/excise duties under the duty drawback credit scheme, or any other scheme Bills, invoices, documents, contracts, insurance policies, guarantees, engagements, securities, investments and rights uncalled capital and all machinery present and future of such form satisfactory to the bank.
Date of instrument modifying the charge	05.03.2010
Particulars of the present modification	Now By The Present Modfn. Date. 27.01.2012 The Bank at The Request Of The Borrower Have Decided To Grant An Individual Limits Within The Overall Limit of Rs. 120.000 Milliosn.

FIXED ASSETS

· Leasehold Land

· Buildings

· Plant and Machinery

· Furniture and Fixtures

· Vehicles

· Computers

· Office Equipments

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.53.57
UK Pound	1	Rs.84.37
Euro	1	Rs.72.23

INFORMATION DETAILS

Information Gathered by :	PLK
Report Prepared by :	NTH

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	5
--CREDIT LINES	1~10	4
--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		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.