MIRA INFORM REPORT

Report Date :

11.03.2013

IDENTIFICATION DETAILS

Name :	S B PACKAGING LIMITED (w.e.f.16.09.1989)
Formerly Known As :	S. B. PACKAGINGS PRIVATE LIMITED
Registered Office :	III Floor, Vardhaman Plaza Corner, Indira Enclave Enclave, Paschim Vihar, New Delhi – 110087
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	06.09.1989
Com. Reg. No.:	55-037604
Capital Investment/ Paid-up Capital:	Rs.137.236 Millions
CIN No.: [Company Identification No.]	U25202DL1989PLC037604
TAN No.: [Tax Deduction & Collection Account No.]	DELS21357A DELS24320C
PAN No.: [Permanent Account No.]	AABCS3731Q
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Flexible Packaging Material
No. of Employees:	Not Available

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

Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. The management of the company has failed to file its financials with the government department for the year 2012. As per previous year’s record there appears huge accumulated losses recorded by the company. However, trade relations are reported as fair. Business is active. Payments are reported to be unknown in absence of latest financials. The company can be considered for business dealings with great 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.

LOCATIONS

Registered Office :	III Floor, Vardhaman Plaza Corner, Indira Enclave Enclave, Paschim Vihar, New Delhi – 110087, India
Tel. No.:	91-11-25279191
Fax No.:	91-11-25272501
E-Mail :	ab@sbpack.net info@sbpackagings.com
Factory :	48, KMP, Rohtak Road, Gari Sampla, Rohtak – 124501, Haryana, India
E-Mail :	r.sharma@sbpack.net

DIRECTORS

As on: 30.09.2011

Name :	Mr. Amit Banga
Designation :	Director
Address :	3rd Floor, Vardhman Plaza Corner, Inder Enclave, New Delhi – 110087, India
Date of Birth/Age :	13.02.1968
Date of Appointment :	10.05.1994
DIN No.:	00557441
Name :	Mr. Sudhansu Goswami
Designation :	Director
Address :	Ramnagar Colony, Bahadurgarh, Haryana, India
Date of Birth/Age :	17.01.1962
Date of Appointment :	01.09.2006
DIN No.:	02437398
Name :	Mr. Mrinal Kumar Chatterjee
Designation :	Director
Address :	18/721, Ramnagar Colony, Bahadurgarh, Haryana, India
Date of Birth/Age :	01.06.1963
Date of Appointment :	01.09.2006
DIN No.:	00568669

KEY EXECUTIVES

Name :	Mr. Gaurav
Designation :	Finance Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.09.2011

Names of Shareholders	No. of Equity Shares
Amit Banga	4500
Gross Holdings Private Limited, India	7127902
Indu Tertian	11550
Manushi Mistry	3780
O P Banga	902527
P Mistry	3570
Rajul Batra (HUF)	84000
R K Sharma	8400
Sandeep Banga	3000
Sanjeev Kumar Garg	3000
Shashi Jain	825
Shiv Narain	210
Suman Nagpal	3000
S L Banga	37500
Tapan Samanta	420
Archana Malhotra	30450
Balbir Malhotra	8400
Charu Batra	31500
Darshbir Baweja	7500
Gulbir Singh Baweja	3750
K S Baweja	3750
Mahoni Malhotra	5250
Rajul Batra	73320
Usha Bhurana	2100
SRF Transnational Holdings Limited, India	119000
Brisk Capital Market Services	339270
Anurag Malhotra	12930
Ruchika Baweja	6000
B K Chaddha	900
N V Saroja	50000
Reeshnar Investment Limited, India	3818182
0 P Bang (HUF)	47650
R Subramanian	4500
Total	12763636

Names of Shareholders	No. of Preference Shares
Gross Holdings Private Limited, India	960000
Total	960000

Equity Share Break up (Percentage of Total Equity)

As on: 30.09.2011

Category	Percentage
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	29.00
Bodies corporate	16.00
Directors or relatives of directors	49.00
Other top fifty shareholders	6.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Flexible Packaging Material

Products :

Product Description	ITC Code
Packing Materials	115

PRODUCTION STATUS (As on: 31.03.2011)

Particulars	Unit	Installed Capacity	Actual Production
Poly Coated Paper	MT	4200	103
Pouches/ Bags	MT	1822	225573
Flexible Laminated Film	MT	3600	74

GENERAL INFORMATION

Customers :

· Reebok

· Godrej

· Hindustan Lever Limited

· Lee Cooper

· Ballarpur Industries Limited

· Nike

· Fena

No. of Employees :

Not Available

Bankers :

· State Bank of India

· ING Vysya Bank

· HDFC Bank

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
Rupee term loans banks secured	9.930	67.695
Rupee term loans financial institutions secured	150.516	76.931
Working capital loans banks secured	81.034	348.304
Loans taken for vehicles secured	0.348	0.000
Total	241.828	492.930

Banking Relations :	--
Financial Institution :
Name :	Assets Care and Reconstruction Enterprise Limited
Address :	5th Floorifci Tower, 61 Nehru Place, New Delhi - 110019, India
Auditors :
Name :	Ashu Tandon and Company Chartered Accountants
Address :	57/11, Old Rajinder Nagar, New Delhi – 110060, India
PAN No.:	AAFPT3470J

CAPITAL STRUCTURE

After: 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
14000000	Equity Shares	Rs.10/- each	Rs.140.000 Millions
7000000	Preferences Shares	Rs.10/- each	Rs.70.000 Millions
	Total		Rs.210.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
12763636	Equity Shares	Rs.10/- each	Rs.127.636 Millions
960000	Preferences Shares	Rs.10/- each	Rs. 9.600 Millions
	Total		Rs.137.236 Millions

As on: 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
14000000	Equity Shares	Rs.10/- each	Rs.140.000 Millions
6100000	12% Cumulative Redeemable Preference Shares	Rs.10/- each	Rs.61.000 Millions
	Total		Rs.201.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
12763636	Equity Shares	Rs.10/- each	Rs.127.636 Millions
960000	12% Cumulative Redeemable Preference Shares	Rs.10/- each	Rs. 9.600 Millions
	Total		Rs.137.236 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		137.236	137.236	137.236
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		39.264	39.264	39.264
4] (Accumulated Losses)		(312.422)	(561.838)	(563.643)
NETWORTH		(135.922)	(385.338)	(387.143)
LOAN FUNDS
1] Secured Loans		241.828	492.930	493.705
2] Unsecured Loans		20.000	19.705	7.311
TOTAL BORROWING		261.828	512.635	501.016
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		125.906	127.297	113.873
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		96.937	104.821	113.460
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	2.100	2.100
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	37.899	29.160	18.936
	Sundry Debtors	29.052	25.755	24.464
	Cash & Bank Balances	7.927	11.260	4.739
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	3.055	6.134	6.153
Total Current Assets		77.933	72.309	54.292
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	34.107	39.352	40.063
	Other Current Liabilities	10.463	8.716	12.743
	Provisions	4.394	3.865	3.173
Total Current Liabilities		48.964	51.933	55.979
Net Current Assets		28.969	20.376	(1.687)
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		125.906	127.297	113.873

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	225.025	145.669	99.640
		Other Income	10.475	11.547	4.667
		TOTAL (A)	235.500	157.216	104.307
Less	EXPENSES
		Consumption materials changes inventories	145.087	95.158	135.462
		Manufacturing service costs	20.460	13.476
		Employee related expenses	23.342	17.374
		Administrative selling other expenses	24.256	15.930
		TOTAL (B)	213.145	141.938	135.462
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		22.355	15.278	(31.155)
Less	FINANCIAL EXPENSES (D)		11.374	0.051	0.054
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		10.981	15.227	(31.209)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		13.175	13.422	12.157
	PROFIT BEFORE TAX (E-F) (G)		(2.194)	1.805	(43.366)
Less	TAX (H)		0.000	0.000	0.024
	PROFIT AFTER TAX (G-H) (I)		(2.194)	1.805	(43.390)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(561.838)	(563.643)	(520.253)
	BALANCE CARRIED TO THE B/S		(559.644)	(561.838)	(563.643)
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	3.636	1.416	1.227
	TOTAL EARNINGS		3.636	1.416	1.227
	IMPORTS
		Stores & Spares	0.256	1.188	0.306
	TOTAL IMPORTS		0.256	1.188	0.306
	Earnings Per Share (Rs.)		(0.16)	0.01	NA

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	(0.93)	1.15	(41.60)
Net Profit Margin (PBT/Sales)	(%)	(0.98)	1.24	(43.52)
Return on Total Assets (PBT/Total Assets}	(%)	(1.25)	1.02	(25.85)
Return on Investment (ROI) (PBT/Networth)		(0.02)	0.00	(0.11)
Debt Equity Ratio (Total Debt/Networth)		(1.93)	(1.33)	(1.29)
Current Ratio (Current Asset/Current Liability)		1.59	1.39	0.97

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	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
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	Yes
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	No
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

DETAILS OF UNSECURED LOAN

(Rs. In Millions)

Particulars	31.03.2011	31.03.2010
Loans directors unsecured	20.000	19.705
Total	20.000	19.705

OPERATIONS

The Company made cash Profits during the reporting period with improved capacity utilization. The turnover, and the earnings before Interest and Tax, Have both shown a significant jump.

CONTINGENT LIABILITIES

(Rs. In Millions)

Particular	31.03.2011	31.03.2010
Disputed Excise duty demand pending before the Tribunal	5.314	6.160
Dispute related to Sales Tax	11.729	0.014
Dispute related to Sales Tax	0.369	0.510
Cumulative Dividend on preference shares	19.035	11.835

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number (CIN) or foreign company registration number of the company	U25202DL1989PLC037604
Name of the company	S B PACKAGING LIMITED
Address of the registered office or of the principal place of business in India of the company	III Floor, Vardhaman Plaza Corner, Indira Enclave Enclave, Paschim Vihar, New Delhi – 110087, India E-mail: ab@sbpack.net
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	90368410
Type of charge	· Immovable property · Book debts · Movable property (not being pledge)
Particular of charge holder	Assets Care and Reconstruction Enterprise Limited, 5th Floorifci Tower, 61 Nehru Place, New Delhi - 110019, India E-mail: ace@ifciltd.com
Nature of instrument creating charge	Assignment agreement dated 30.03.2011 entered into between State Bank of India and Assets Care and Reconstruction Enterprise Limited.
Date of instrument Creating the charge	30.03.2011
Amount secured by the charge	Rs.866.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest The rate of interest charged is as per the agreement executed between S B Packaging Limited and State Bank of India and as modified from time to time. Terms of Repayment The terms of repayment is as per the agreement executed between S B Packaging Limited and State Bank of India and as modified from time to time. Margin The margin is as per the agreement executed between S B Packaging Limited and State Bank of India and as modified from time to time. Extent and Operation of the charge As per the agreement executed between S B Packaging Limited and State Bank of India and as modified from time to time.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Equitable mortgage of immovable properties of which is situated at Plot no.7,Vardhman Plaza, LSC, Indira Enclave, Paschim Vihar, New Delhi measuring 2546sq.ft.in the name of SBPL. Land and Building situated at Killa No.30/8/1,Khewat No.139, Khatoni No.169 measuring 5 Kanal 0 Marla in the name of SBPL at Vill Garhi Sampla, District Rohtak, Haryana, India Land and Building situated at Killa No.30/3(8-0),Khewat no.130/127,Khatoni No.160,Killa No 30/4/1(2-12) and Killa 28/23/2(1-3) in Khewat No.131/128 Khatoni No 163,measuring 1 Kanal 17 Marla (37/235 part) Land and Building at Killa No.30/3(8-0) in Khewat No.130, Khatoni No.160 measuring 2 Kanal (1/4th part) in the name of SBPL at Village Garhi Sampla, District Rohtak, Haryana, India Land and Building situated at Khasra No 135/126 measuring 13 Kanal 12 Marlas, Khasra No 156/138 measuring 17 Marlas, Khasra No.141/130 measuring 4 Kanal. Equitable mortgage of movable assets such as plant and machinery at factory premises and stocks and book debts as per assignment agreement.
Date of instrument modifying the charge	04.06.1998
Particulars of the present modification	By the Deed of Assignment dated 30.03.2011, State Bank of India, the assignor of the debt/loan and for the consideration mentioned therein upon terms and conditions set forth therein, unconditionally and irrevocably assigned to and into Assets Care and Reconstruction Enterprise Limited under SARFAESI Act2002, the debt/loan of Rs. 866.000 Millions and the underlying security interest therein.

FIXED ASSETS:

· Land (Free Hold)

· Buildings

· Plant and Machinery

· Electrical Equipments

· Furniture and Fixtures

· Vehicles

AS PER WEBSITE DETAILS:

PROFILE

Subject is a manufacturers of flexible packaging material in India with an integrated production facility at Sampla (Haryana), on the outskirt of Delhi. They are one of the first packaging companies to be certified ISO-9002. The unit is set-up on 20,000 sq. meters land, covered area of about 12,000 sq. mtrs. and is exempted from Sales tax.

They are major supplier of food grade packaging material to Hindustan Lever Ltd. For Ice-Cream, Wheat flour, Salt, Rice, Tea, to ITC for Cigarettes, to Reckitt and Colman of India Limited. In Pharmaceuticals, and to various other customers for packing of Milk, Vanaspati, Snack-Food, Spices, Tea, Liquor, Noodles, Biscuits, Frozen Foods, etc. They also supply to companies such as Reebok, Nike, Fena Limited, Ballarpur Industries Limited., and many others. The various products being manufactured at SBP are Plastic bags, pouches, Laminates, Specialty films, Printed Poly-coated Wrappers, etc. They have the capacity to convert more than 500 tons per month.

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

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

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

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

Charges or investigation registered against subject: None

7] Criminal Records

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

8] Affiliation with Government :

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

9] Compensation Package :

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

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

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

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

CONTRAVENTION

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.40
UK Pound	1	Rs.81.57
Euro	1	Rs.71.24

INFORMATION DETAILS

Report Prepared by :

BSN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	-
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	2
--RESERVES	1~10	2
--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		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.