MIRA INFORM REPORT

Report Date :

05.03.2013

IDENTIFICATION DETAILS

Name :	VORA PACKAGING PRIVATE LIMITED (w.e.f. 05.12.2005)
Formerly Known As :	TUVORA PACKAGING PRIVATE LIMITED
Registered Office :	467-A, Vora Bhavan, Opposite Maheshwari Udyan, Kings Circle, Mumbai – 400019, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	20.04.1999
Com. Reg. No.:	11-119514
Capital Investment / Paid-up Capital :	Rs.46.560 Millions
CIN No.: [Company Identification No.]	U25202MH1999PTC119514
TAN No.: [Tax Deduction & Collection Account No.]	MUMT12661F
PAN No.: [Permanent Account No.]	AACCT3267D
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Packaging Materials.
No. of Employees :	100 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (29)

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

Maximum Credit Limit :	USD 220000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. The profitability of the company appears to be low. However, trade relations are reported to be fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some caution.

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. Thakur
Designation :	Accounts Head
Contact No.:	91-22-24012330
Date :	01.03.2013

LOCATIONS

Registered Office :	467-A, Vora Bhavan, Opposite Maheshwari Udyan, Kings Circle, Mumbai – 400019, Maharashtra, India
Tel. No.:	91-22-24012330/ 24012440
Fax No.:	91-22-24035297
E-Mail :	pankaj@vorapack.com sales@vorapack.com vikal@vorapack.com bikal@vorapack.com
Website :	http://www.vorapack.com
Area :	500 Sq. Ft
Location :	Owned
Factory :	G-27, MIDC Tarapur, District Thane - 401506, Maharashtra, India
Tel. No.:	91-2525-272928/ 274720
Fax No.:	91-2525-270447
Branch Office 1 :	Opposite Shribrahama Chaitanya Mandir, Bangalore – 560050, Karnataka, India
Branch Office 2 :	Near Narayan Nagar, Bus Station, Ahmedabad – 380007, Gujarat, India

DIRECTORS

As on: 29.09.2012

Name :	Mr. Pankaj Laxmikant Vora
Designation :	Director
Address :	467 – A, Vora Bhavan, Opposite Maheshwari Udyan, Kings Circle, Mumbai – 400019, Maharashtra, India
Date of Birth/Age :	26.03.1959
Qualification :	BE
Date of Appointment :	20.04.1999
DIN No.:	00575944
Name :	Ms. Shilpa Pankaj Vora
Designation :	Director
Address :	467 – A, Vora Bhavan, Opposite Maheshwari Udyan, Kings Circle, Mumbai – 400019, Maharashtra, India
Date of Birth/Age :	25.03.1960
Qualification :	B. Com
Date of Appointment :	31.03.2003
DIN No.:	00786820
Name :	Ms. Mansi Pankaj Vora
Designation :	Director
Address :	467 – A, Vora Bhavan, Opposite Maheshwari Udyan, Kings Circle, Mumbai – 400019, Maharashtra, India
Date of Birth/Age :	01.10.1986
Qualification :	Post Graduate
Date of Appointment :	31.07.2009
DIN No.:	02594655

KEY EXECUTIVES

Name :	Mr. Thakur
Designation :	Accounts Head

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 29.09.2012

Names of Shareholders	No. of Shares
Pankaj Laxmikant Vora	3439463
Shilpa Pankaj Vora	155908
Pankaj Vora Jointly with Shilpa Vora	270139
Shilpa Vora Jointly with Pankaj Vora	74564
Mansi Vora Jointly with Pankaj Vora	33516
Kanchi Vora Jointly with Pankaj Vora	33516
Dolar Koya	7585
Koya Paroo Jointly with Koya Komal	18698
Nila Chandarana	18698
Mansi Pankaj Vora	196956
Kanchi Pankaj Vora	196956
Pankaj Vora HUF	210000
Total	4655999

Equity Share Break up (Percentage of Total Equity)

As on: 29.09.2012

Category	Percentage
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	0.97
Directors or relatives of directors	99.03
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Packaging Materials.
Exports :
Products :	Packaging Materials
Countries :	Kenya
Imports :
Products :	Raw Materials
Countries :	Dubai
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Cap Seals and Liners	PCS	Not Applicable	8000000	3677994

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

100 (Approximately)

Bankers :

· The Saraswat Co-operative Bank Limited, Matuga East Branch, Pioneer High School Building, Telang Road, Matunga (East)(CR), Mumbai - 400019, Maharashtra, India

· Dena Bank, Maheshwari Udyan Branch, 487-A, Vora Bhuvan, Matunga (C.R.),, Mumbai - 400019, Maharashtra, India

Facilities :

Cash Credit Rs.105.000 Millions (From The Saraswat Co-operative Bank Limited)

(Rs. In Millions)

Secured Loan	As on 31.03.2012
Saraswat Bank Term Loan Facilities	19.524
Cash Credit facilities from Bank	46.312
Total	65.836

Secured Loans	As on 31.03.2011
Dena Bank Cash Credit Facilities	21.048
Dena Bank Foreign Bill Purchase Facilities	0.705
Dena Bank Packing Credit Facilities	0.925
Dena Bank Term Loan Facilities (Secured on Equitable Mortgage of Land and Building letter of Continuity Security, Hypothecation of Stock and Book Debts Plant and Machinery as collateral Security, Personal Guarantee by a director)	14.855
Total	37.533

Banking Relations :	--
Auditors :
Name :	Contractor Nayak and Kishnadwala Chartered Accountants
Address :	1/B, 1^st Floor, Pushpam, K D Road, Vile Parle (West), Mumbai – 400054, Maharashtra, India
PAN No.:	AACFC8587E

CAPITAL STRUCTURE

As on: 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
4700000	Equity Shares	Rs.10/- each	Rs.47.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4655999	Equity Shares	Rs.10/- each	Rs.46.560 Millions

a) Reconciliation of number of equity shares outstanding at the beginning and at the end of the year

Particulars	As at 31st March 2012
Number of shares outstanding at the beginning of the year Number of shares issued during the year	2655999 2000000
Number of shares outstanding at the end of the year	4655999

b) Terms /right attached to equity shares

The Company has only one class of share referred to as equity shares having at par value of Rs. 10/-, Each holder of equity shares is entitled to one vote per share in the event of liquidation of the Company, the holders of equity shares will be entitle to receive any of the remaining assets of the Company, distribution of all preferential amount, after The distribution will be proportionate the number of equity share helf by the share holders.

c) The details of shareholder holding more than 5% shares

Name of shareholders	31.03.2012
Pankaj Laxmikant Vora No. of shares held % of shares held	3709602 79.67%

d) Details of shares Issued for a consideration other than cash (during 5 years preceeding March 31, 2012)

The Company has not allotted any shares for a consideration other than cash or bonus shares for preceeding 5 years from the date of balance sheet

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		46.560	26.560	26.560
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		9.121	18.256	18.256
4] (Accumulated Losses)		0.000	(10.625)	(13.596)
NETWORTH		55.681	34.191	31.220
LOAN FUNDS
1] Secured Loans		65.836	37.533	39.219
2] Unsecured Loans		30.200	44.811	34.311
TOTAL BORROWING		96.036	82.344	73.530
DEFERRED TAX LIABILITIES		6.274	5.490	4.106
TOTAL		157.991	122.025	108.856
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		79.039	75.100	40.370
Capital work-in-progress		0.493	0.094	26.796
INVESTMENT		0.025	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	45.146	25.728	19.202
	Sundry Debtors	38.970	28.609	27.061
	Cash & Bank Balances	3.027	0.320	0.615
	Other Current Assets	0.690	0.000	0.000
	Other Non Current Assets	5.713	0.000	0.000
	Loans & Advances	2.290	7.635	6.823
Total Current Assets		95.836	62.292	53.701
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	6.110	10.616	10.527
	Other Current Liabilities	9.791	3.395	1.057
	Provisions	1.501	1.450	0.427
Total Current Liabilities		17.402	15.461	12.011
Net Current Assets		78.434	46.831	41.690
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		157.991	122.025	108.856

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012
	SALES
		Income
		Other Income
		TOTAL (A)	148.564
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)	133.104
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		15.460
Less	FINANCIAL EXPENSES (D)		7.365
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		8.095
Less/ Add	DEPRECIATION/ AMORTISATION (F)		5.756
	PROFIT BEFORE TAX (E-F) (G)		2.339
Less	TAX (H)		0.850
	PROFIT AFTER TAX (G-H) (I)		1.489
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(10.625)
	BALANCE CARRIED TO THE B/S		NA
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	33.447
	TOTAL EARNINGS		33.447
	IMPORTS
		Raw Materials	19.187
		Consumable and Stores	0.193
		Trading Goods	0.798
	TOTAL IMPORTS		20.178
	Earnings Per Share (Rs.)		0.50

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010
	SALES
		Income	132.169	109.756
		Other Income	1.260	1.085
		TOTAL (A)	133.429	110.841
Less	EXPENSES
		Raw Material Consumed	83.169	71.791
		Payments to Employees	6.740	5.190
		Manufacturing, Administrative and Selling Expenses	34.187	26.044
		Increase/ Decrease in Stocks	(5.205)	(0.837)
		TOTAL (B)	118.891	102.188
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		14.538	8.653
Less	INTEREST & FINANCIAL EXPENSES (D)		5.927	3.307
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		8.611	5.346
Less/ Add	DEPRECIATION/ AMORTISATION (F)		4.169	3.435
	PROFIT BEFORE TAX (E-F) (G)		4.442	1.911
Less	TAX (H)		1.471	0.202
	PROFIT AFTER TAX (G-H) (I)		2.971	1.709
Less	Sales Tax deferral for earlier years		--	(1.260)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(13.596)	(14.045)
	BALANCE CARRIED TO THE B/S		(10.625)	(13.596)
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	36.076	30.883
	TOTAL EARNINGS		36.076	30.883
	IMPORTS
		Raw Materials	27.586	30.298
		Consumable and Stores	0.182	0.117
		Trading Goods	0.283	10.262
	TOTAL IMPORTS		28.051	40.677
	Earnings Per Share (Rs.)		1.12	0.17

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	1.00	2.23	1.54
Net Profit Margin (PBT/Sales)	(%)	NA	3.36	1.74
Return on Total Assets (PBT/Total Assets}	(%)	1.34	3.23	2.03
Return on Investment (ROI) (PBT/Networth)		0.04	0.13	0.06
Debt Equity Ratio (Total Debt/Networth)		1.72	2.41	2.36
Current Ratio (Current Asset/Current Liability)		5.51	4.03	4.47

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	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)	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	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

UNSECURED LOAN

(Rs. In Millions)

Particular	As on 31.03.2012
Sales Tax deferred liabilities	0.384
Loan from Shareholders/ Directors	29.816
Total	30.200

UNSECURED LOAN

(Rs. In Millions)

Particular	As on 31.03.2011
Loans From Directors	33.288
Loans from Shareholders	10.005
Sales Tax Deferral Loan (Repayable within one year Rs.0.623 million)	1.518
Total	44.811

RESULT OF OPERATION:

During the year the Company reported Gross Sales of Rs. 166.014 Millions and Net Sales of Rs.148.564 Millions a Net Growth of 11.40% over the corresponding year 2010-11 and after making provisions for all the Expenses, the Profit before Depreciation and Interest is Rs. 15.460 Millions and achieved a Net Profit for the year before tax is Rs.2.339 Millions. Net profit after provision of all Taxes is Rs. 1.489 Millions.

Bankers Charges Report as per Registry

Corporate identity number (CIN) or foreign company registration number of the company	U25202MH1999PTC119514
Name of the company	VORA PACKAGING PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	467-A, Vora Bhavan, Opposite Maheshwari Udyan, Kings Circle, Mumbai – 400019, Maharashtra, India E-mail: pankaj@vorapack.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10316282
Type of charge	· Book debts · Movable property (not being pledge) · Floating charge
Particular of charge holder	The Saraswat Co-operative Bank Limited, Matuga East Branch, Pioneer High School Building, Telang Road, Matunga (East)(CR), Mumbai - 400019, Maharashtra, India E-mail: pp_aras@saraswatbank.com
Nature of instrument creating charge	Deed of Hypothecation for Additional Advances (Supplementary Deed)
Date of instrument Creating the charge	27.10.2012
Amount secured by the charge	Rs.78.500 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest PLR-0.75%= 13.75% p.a. or at such rate as maybe determined by the bank from time to time Terms of Repayment On demand Margin 30% Extent and Operation of the charge Cash credit: Rs.55.000 Millions (additional Rs.13.500 Millions) Term loan: Rs.13.500 Millions (existing) L/C: Rs.10.000 Millions ( existing)
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Hypothecation of all the stocks and debtors tangible movable property(both present and future)belonging to the borrower and lying and being at the borrowers place of business at factory land and building situated at plot no G 27 and 27(P) 27/2 MIDC Industrial Area, Tarapur, Taluka Palghar, District Thane or wherever else the same maybe.
Date of instrument modifying the charge	04.11.2011
Particulars of the present modification	Cash credit limit enhanced from Rs.41.500 Millions to Rs.55.000 Millions (additional Rs.13.500 Millions). Overall limit secured enhanced to Rs 78.500 Millions (Cash credit: Rs.55.000 Millions, Term loan: Rs.13.500 Millions, L/C: Rs.10.000 Millions)

FIXED ASSETS

· Land – Leasehold

· Factory Building

· Plant and Machinery

· Moulds, Tools and Dies

· Generator Set

· Electric Installations

· Computer Equipment

· Furniture and Fixture

· Factory Equipment

· Office Equipment

· 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.55.05
UK Pound	1	Rs.82.75
Euro	1	Rs.71.61

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	VRN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		29

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.