MIRA INFORM REPORT

Report Date :

20.03.2013

IDENTIFICATION DETAILS

Name :	SUNDEK INDIA LIMITED

Formerly Known As :	SUNRAYS LAMINATES PRIVATE LIMITED

Registered Office :	204, Lalita Complex Rasala Marg, Navrangpura, Ahmedabad-380009, Gujarat

Country :	India

Financials (as on) :	31.03.2012

Date of Incorporation :	02.03.1983

Com. Reg. No.:	04-005945

Capital Investment / Paid-up Capital :	Rs. 20.001 millions

CIN No.: [Company Identification No.]	U20299GJ1983PLC005945

Legal Form :	A Closely Held Public Limited Liability Company

Line of Business :	Manufacturer and Dealer in all Kinds of Laminates Sheets and Articles.

No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (34)

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

Maximum Credit Limit :	USD 580000

Status :	Moderate

Payment Behaviour :	Slow

Litigation :	Exist

Comments :	Subject is an established company having a moderate track record. Even though the company has recorded some growth in its turnover during 2012, the profitability appears to be low. However, trade relations are reported as fair. Business is Active. Payments terms are slow. 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

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 :	204, Lalita Complex, Rasala Marg, Navrangpura, Ahmedabad - 380 009. Gujarat, India
Tel. No.:	+91-79-26426840/49
Fax No.:	+91-79-26426477
E-Mail :	mail@sundekintl.com sundekad1@sancharnet.in

Factory :	1421, village Rajpur, Kalol- Mehsana Highway, North Gujarat, Inida
Tel. No.:	91-2764-278562/3/4
Fax No.:	91-2764-278561

Network:	Agra Ahmedabad Bangalore Chandigarh Chennai Delhi Goa Hissar Hyderabad Indore Jaipur Kochi Kolkata Lucknow Ludhiana Mumbai Nagpur Nasik Pune Raipur Srinagar Vijaywada

DIRECTORS

As on 29.09.2012

Name :	Mr. NItinkumar Maneklal Patel
Designation :	Director
Address :	Divyajyot, Swastik Society,Navrangpura, Ahmedabad-380009 Gujarat, India
Date of Birth/Age :	20.09.1957
Date of Appointment :	30.09.2010
DIN No.:	00457516

Name :	Mr. Shashikant Sitaram Gupta
Designation :	Managing Director
Address :	08.11.1961
Date of Birth/Age :	31, Indraprastha, Bunglows, Opposite Management Enclave, Vastrapur, Ahmedabad-380015, Gujarat, India
Date of Appointment :	15.10.1985
DIN No.:	00008798

Name :	Mr. Krishnakumar Bansidhar Shah
Designation :	Whole Time Director
Address :	C-3/23, Goyal Intercity, Drive-in Road, Thaltej, Ahmedabad-380054, Gujarat, India
Date of Birth/Age :	08.02.1945
Date of Appointment :	03.02.1987
DIN No.:	00011671

Name :	Mr. Kantibhai Hirabhai Patel
Designation :	Director
Address :	26, Mahasukhnagar, CHSL-2, 26 Prerna Tirth, Vibhag-1, Opposite Prerna Tirth Jain Derasar, Satellite, Ahmedabad-380015, Gujarat, India
Date of Birth/Age :	03.09.1946
Date of Appointment :	01.06.2010
DIN No.:	02325787

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2012

Names of Shareholders	No. of Shares
Gupta S. Sunil	5250
Gupta P. Pramila	6570
Gupta S. Sangita	3750
Gupta S. Prahlad	450
Gupta S. Shashikant	17250
Gupta S. Rupal	6000
Gupta S. Alka	12880
Gupta L. Prahlad	450
Gupta S. Sunil	750
Parikh N. Devalben	4500
Parikh N. Niravbhai	7500
Parikh N. Payalben	3000
Parikh N. Ashaben	6000
Parikh S. Nitinbhai	6000
Gupta R. Rupali	21450
Parikh N. Viral	3000
Gupta S. Manjudevi	500
Gupta S. Meenadevi	500
Agarwal Satyanarayan	500
Agarawal S. Munidevi	500
Agarwal Ramkrishna	1500
Agarwal Bimladevi	1000
Agarawal Satyanarayan	500
Shah Vinit	600
Shah Girish	900
Gupta S. Shardadevi	3000
Krishnakumar Shah, Girish K. Shah, Vinit K. Shah, Trustees on Behalf of Usha Shah Family will Trust	4500
Shahikant Gupta	40600
Alka S. Gupta	19370
Shahikant S. Gupta	21240
Total	200010

Equity Share Break up (Percentage of Total Equity)

As on 29.09.2012

Category	Percentage
Directors or relatives of Directors	78.77
Other top fifty shareholders	21.23
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Dealer in all Kinds of Laminates Sheets and Articles.

Products :

Item Code No.	Product Description
392640.02	Decorative Laminates

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Bank of Baroda, Usmanpura Branch, Ashram Road, Ahmedabad-380013, Gujarat, India

HDFC Bank

Facilities :

Secured loans	31.03.2012 Rs in million	31.03.2011 Rs in million
Term Loans from Bank of Baroda	22.785	20.785
Car Loans From Banks	0.203	0.337
Working capital facilities repayable on demand Cash Credit (Secured by Hypothecation of Existing and Future Movable Machineries and further secured by extention of charge of Hypothecation of stock and book-debts)	75.394	57.873
Total	98.382	78.995

Note :

Nature of Security	Original Amount of Borrowing Rs.	Tenure at Inception (in months)	Terms of Repayment	Repayment Schedule Installment Rs.	Prevailing Interest Rate per Annum
a) Term loans
From Bank of Baroda	40100000	60	Monthly	833333	14.75%
Term Loans are secured by hypothecation of specific	24000000	36	Monthly	666666	14.75%
Plant & Machineries against
which Loans have been taken
b) Car Loans
Bank of Baroda	1141300	36	Monthly	32607	12.50%
HDFC Bank	590000	48	Monthly	14700	9.25%


Auditors :
Name :	Mr Naushir M Marfatia and Company Chartered Accountant
Address :	1, B. First Floor, Jadav Chambers, Ashram Road, Ahmedabad-380009, Gujarat, India
Tel. No.:	91-79-27546269
Fax No.:	91-79-27546667
E-Mail:	Nmmarfatia108@yahoo.co.in
PAN No.:	AAEFN5051G

CAPITAL STRUCTURE

As on: 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount

500000	Equity Shares	Rs 100/- each	Rs. 50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

200010	Issued Shares	Rs 100/- each	Rs. 20.001 Millions

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		20.001	20.001	20.001
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		125.782	124.871	135.647
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		145.783	144.872	155.648
LOAN FUNDS
1] Secured Loans		98.382	78.995	65.798
2] Unsecured Loans		24.903	27.507	0.437
TOTAL BORROWING		123.285	106.502	66.235
DEFERRED TAX LIABILITIES		0.000	0.000	0.000

TOTAL		269.068	251.374	221.883

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		46.297	55.539	138.432
Capital work-in-progress		95.047	82.890	0.000

INVESTMENT		0.001	0.000	0.072
DEFERRED TAX ASSETS		7.063	7.169	1.987

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	174.943	168.252	142.975
	Sundry Debtors	23.290	42.968	78.583
	Cash & Bank Balances	51.262	21.621	11.235
	Other Current Assets	10.427	20.354	0.000
	Loans & Advances	10.585	10.376	20.581
Total Current Assets		270.507	263.570	253.374
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	34.943	38.452	34.843
	Other Current Liabilities	110.656	115.522	123.085
	Provisions	4.248	3.820	14.683
Total Current Liabilities		149.847	157.794	172.611
Net Current Assets		120.660	105.776	80.763

MISCELLANEOUS EXPENSES		0.000	0.000	0.629

TOTAL		269.068	251.374	221.883

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	399.545	375.279	393.029
		Other Income	1.887	1.998	7.893
		TOTAL (A)	401.432	377.277	400.922

Less	EXPENSES
		Cost of Material Consumed	295.818	304.806
		Purchase of Stock-in-Trade	0.00	0.291
		Employee Benefits Expenses	23.945	20.365	369.172
		Other Expenses	69.042	58.958
		Changes in inventories of Finished goods and Work-in-progress	(7.190)	(11.245)
		TOTAL (B)	381.615	373.175	369.172

Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		19.817	4.102	31.750

Less	FINANCIAL EXPENSES (D)		5.296	2.968	0.000

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		14.521	1.134	31.750

Less/ Add	DEPRECIATION/ AMORTISATION (F)		13.103	16.954	14.724

	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		1.418	(15.820)	17.026

Less	TAX (H)		0.506	(5.044)	5.037

	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		0.912	(10.776)	11.989

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		118.008	128.784	116.795

	BALANCE CARRIED TO THE B/S		118.920	118.008	128.784

	EARNINGS IN FOREIGN CURRENCY
		Export of Goods on F.O.B. Basis	23.688	21.262	18.583
	TOTAL EARNINGS		23.688	21.262	18.583

	IMPORTS
		Paper	56.141	46.481	41.242
		Phenol	0.000	1.676	3.489
		Melamine	3.286	4.729	1.179
		BOPP	0.000	0.589	0.000
	TOTAL IMPORTS		59.427	53.475	45.910

	Earnings / (Loss) Per Share (Rs.)		4.56	(53.88)	59.94

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.23	(2.86)	2.99

Net Profit Margin (PBT/Sales)	(%)	0.35	(4.22)	4.33

Return on Total Assets (PBT/Total Assets}	(%)	0.45	(4.96)	4.35

Return on Investment (ROI) (PBT/Networth)		0.01	(0.11)	0.11

Debt Equity Ratio (Total Debt /Networth)		0.85	0.74	0.43

Current Ratio (Current Asset/Current Liability)		1.81	1.67	1.47

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	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	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	---
22]	Litigations that the firm / promoter involved in	Yes
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

LITIGATION DETAILS:

HIGH COURT OF GUJARAT

TAX APPEAL No. 715 of 2010

Status: PENDING (Converted from: ST/748/2010) CCIN No:001092201000715

Last Listing Date: 18/07/2011

Coram: HONOURABLE MR. JUSTICE AKIL KURESHI

HONOURABLE MS JUSTICE SONIA GOKANI

S.NO.

Name of the Petitioner

Advocate On Record

COMMISIONER OF INCOME TAX - IV

MS PAURAMI B SHETH for: Appellant(s) 1

S.NO.

Name of the Respondant

Advocate On Record

SUNDEK INDIA LTD

RULE SERVED for :Opponent(s) 1

Presented On : 04/03/2010 Registered On : 04/03/2010

Bench Category : DIVISION BENCH District : AHMEDABAD

Case Originated From: THROUGH ADVOCATE Listed : 1 times

Stage Name : FOR REGULAR ADMISSION (SPL.)

Act - INCOME – TAX ACT, 1961

Office Details

S. No

Filing Date

Document Name

Advocate Name

Court Fee on Document

Document Details

04/03/2010

MEMO OF APPEAL/ PETITION/ SUIT

MRS. MAUNA BHATT ADVOCATE for PETITIONER (s) 1

18/03/2010

CERTIFIED COPY

MRS MAUNA M BHATT ADVOCATE for PETITIONER (s) 1

Court Proceedings

S. No.

Notified Date

Court Code

Board Sr. No.

Stage

Action

Coram

18.07.2011

FOR REGULAR ADMISSION (SPL.)

FIXED RULE / ADMIT

HONOURABLE MR. JUSTICE AKIL KURESHI

HONOURABLE MS JUSTICE SONIA GOKANI

Available Orders

S.No.

Case Details

Judge Name

Order Date

CAV

Judgement

View

Download

TAX APPEAL/715/2010

HONOURABLE MR.JUSTICE AKIL KURESHI

HONOURABLE MS.JUSTICE SONIA GOKANI

18/07/2011

View

Download

Certified Copy

S.No.

Applicant Name

Application Type

Application Date

UOL Number

Order Date

Notify Date

Delivery Date

Status

Nature of Document

MRS MAUNA M BHATT

ORDINARY

19/07/2011

O/25200/2011

18/07/2011

21/07/2011

22/07/2011

Delivered

PERFORMANCE

During the year the Turnover and other Income was Rs 439.738 millions compared to Rs.411.216 Millions in the Previous Year. Exports have registered at Rs. 23.688 Millions as compared to Rs. 21.262 Millions in the previous year. The total expenditure incurred is Rs.400.014 Millions compared to Rs. 424.864 Millions in the corresponding year 2010-11 resulting in to Gross Profit before depreciation and taxation of Rs. 14.522 Millions compared to Rs.1.254 Millions .Net profit after depreciation and taxation registered at Rs.0.912 Millions compared to Net loss of Rs.10.776 Millions during the previous financial year.

The performance of the Company compared to previous year is quite satisfactory when viewed against the backdrop of the challenging business context in which this was achieved namely, the steep increase in cost of various raw materials and stiff competition.

Exports recorded a growth as compared to previous year. The overall performance of the Company as compared to previous year amid adverse economic scenario vindicates the effectiveness of the abilities and prudency of Company's management in better exploitation of business opportunities and streamlining the operation.

UNSECURED LOANS

Unsecured Loans	31.03.2012 Rs in million	31.03.2011 Rs in million
Loans from a Director	24.466	27.070
Others	0.437	0.437
Total	24.903	27.507

CONTINGENT LIABILITIES: AS ON 31.03.2012

(a) Counter guarantees executed against guarantees issued by bank for Rs. NIL

(b) Letters of Credit outstanding Rs. 10.749 millions.

(d) Capital Commitments not provided for Rs.1.958 millions against which advances of Rs.0.590 millions have been given.

(e) A suppliers claim of Rs.0.206 million against the Company before the City Civil Court as the Company is contesting/defending the same. The Company has deposited adhoc Rs.0.030 million as per the order of the Court.

(f) Jt. Director General of Foreign Trade has, vide order No. 08/91/AM01/ECA dated 23.06.2011 imposed penalty as under:

(a) Penalty of Rs 0.050 million for non submission of the prescribed documents in time for export obligation.

(b) Penalty of Rs. 16.155 millions for non-fulfillment of 100% export obligation against an EPC6 Licence for import of capital goods within 8 years from the date of issue of Licence, which was issued on 25.02.2002

The Company has however, filed an appeal against the said order before the Additional Director General of Foreign Trade, New Delhi.

The Additional Director General of Foreign Trade, New Delhi has, by its order F. No. 11/277/2011-12/ECA. 1/3729 dated 21.02.2012 set-aside the Order in Original No. 08/91/AMO1/ECA dated 23.06.11 and remanded back the case to Adjudicating Authority for de novo proceedings which was pending as on 31.03.2012.

The matter is in progress with the Director General of Foreign Trade, Ahmedabad for finalization of the proceedings.

FIXED ASSETS

Land- Freehold
Buildings
Factory Temple
Office Building
Plant and Machinery
Electric Installation
SS Press Moulds
Computer
Furniture and Fittings
Furniture Temple House
Laboratory Equipments
Loose Tools
Office Premises (Goa)

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.54.26
UK Pound	1	Rs.81.94
Euro	1	Rs.70.21

INFORMATION DETAILS

Report Prepared by :

MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--CREDIT LINES	1~10	4
--MARGINS	-5~5
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		34

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.

MIRA INFORM REPORT

174.943

23.290

51.262

10.427

10.585

270.507

34.943

110.656

4.248

149.847

120.660

0.23

0.35

0.45

0.01

0.85

1.81

Unit