MIRA INFORM REPORT

Report Date :

09.10.2013

IDENTIFICATION DETAILS

Name :	DYNAFLEX PRIVATE LIMITED
Registered Office :	12, Sampatrao Colony, Productivity Road, Behind Mangaldeep Complex, Alkapuri, Vadodara-390007, Gujarat
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	19.06.1984
Com. Reg. No.:	04-007018
Capital Investment / Paid-up Capital :	Rs.3.750 Millions
CIN No.: [Company Identification No.]	U25200GJ1984PTC007018
IEC No.:	0889000824
TAN No.: [Tax Deduction & Collection Account No.]	BRDD00708B
PAN No.: [Permanent Account No.]	AAACD8084A
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Importer and Exporter of Printed Poly Bags and Poly Products.
No. of Employees :	200 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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

Maximum Credit Limit :	USD 299000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions.

NOTES :

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

INDIAN ECONOMIC OVERVIEW

We are living in a world where volatility and uncertainty have become the New Normal. We saw a change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once powerful countries in Europe are now fighting for bankruptcy. We have taken growth in the developing part of the world for granted but economic growth in China and India has begun to slow. Companies that were synonymous with their product categories just a few years ago are now no longer in existence. Kodak, the inventor of the digital camera had to wind up its operations, HMV, the British entertainment retailing company and Borders, once the second largest bookstore have shut down due to their inability to evolve their business models with the changing time. Readers’ Digest, Thomson Register are no more !

There is another megatrend happening. The World order is changing as economic power shifts from West to East. According to McKinsey study, it took Britain more than 100 years to double its economic output per person during its industrial revolution and the US later took more than 50 years to do the same. More than a century later, China and India have doubled their GDP per capital in 12 and 18 years respectively. By 2020, emerging Asia will become the world’s largest consuming block, overtaking North America.

The years after the outbreak of the global financial crisis, the world economy continues to remain fragile. The Indian economy demonstrated remarkable resilience in the initial years of the contagion but finally lost ground last year. GDP growth slowed down. Currency has been weakening. There is a marked deceleration in agriculture, industry and services. Dampening sentiment led to a cut-back in investment as well as private consumption expenditure.  Inflation remained at high levels fuelled by the pressure from the food and fuel sectors. The large fiscal and current account deficit s continued to cause grave concern. It is imperative that India regains its growth trajectory of 8-9 % sooner than later. This is crucially important given the need to create gainful livelihood opportunities for the millions living in poverty as also the large contingent of young people joining the job market every year.

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. Anand Ambadkar
Designation :	Manager
Contact No.:	91-9328274881
Date :	08.10.2013

LOCATIONS

Registered Office :	12, Sampatrao Colony, Productivity Road, Behind Mangaldeep Complex, Alkapuri, Vadodara-390007, Gujarat, India
Tel. No.:	91-2676-247999/ 247166/ 247009 91-265-2336248/ 2340803
Mobile No.:	91-9724327025 (Mr. Kailash Mishra) 91-9328274881 (Mr. Anand Ambadkar)
Fax No.:	91-2676-247066 91-265-2355281/ 2336248
E-Mail :	marketing@dynaflex.com ncv@dynaflex.in sid.vora@dynaflex.in accounts@dynaflex.com
Website :	http://www.dynaflex.co.in
Area :	2000 Sq ft
Location :	Owned
Factory :	Plot No.321, P.O. Baska, Baroda-Halol Express-way, Taluka-Halol, District Panchmahal - 389 350, Gujarat, India
Tel. No.:	91-2676-247999/ 247009
Fax No.:	91-2676-247066
E-Mail :	info@dynaflex.co.in
Area :	40000 sq. ft
Location :	Owned

DIRECTORS

AS ON 16.07.2012

Name :	Mr. Niranjan Chhotalal Vora
Designation :	Director
Address :	12, Sampatrao Colony, Vadodara – 390 005, Gujarat, India
Date of Birth :	06.04.1939
Qualification :	B.E. Mechanical
Date of Appointment :	19.06.1984
Voter ID No.:	GJ/22/148/447272
DIN No.:	01678272
Name :	Mr. Gaurav Niranjan Vora
Designation :	Director
Address :	12, Sampatrao Colony, Vadodara – 390 005, Gujarat, India
Date of Birth :	09.08.1973
Qualification :	B.A.
Date of Appointment :	02.09.1996
Voter ID No.:	GJ/22/148/447600
DIN No.:	01571664
Name :	Mr. Siddharth Niranjan Vora
Designation :	Director
Address :	12, Sampatrao Colony, Vadodara – 390 005, Gujarat, India
Date of Birth :	09.01.1976
Qualification :	MBA
Date of Appointment :	01.01.2000
Voter ID No.:	GJ/22/148/447427
DIN No.:	01678339

KEY EXECUTIVES

Name :	Mr. Kailash Mishra
Designation :	Senior Accountant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 16.07.2012

Names of Shareholders	No. of Shares
Shobhna Vora Sudhir Vora	1935
Usha Vora Jitendra Vora	1550
Sudhir Vora Shobhna Vora	1190
Jitendra Vora Sudhir Vora	1920
Dhirendra Vora Sudha Vora	2360
Hansa Vora Niranjan Vora	3300
Sudha Vora Dhirendra Vora	3250
Shobhana Vora	4065
Sudha Vora	1875
Jitendra Vora	2755
Niranjan Vora	2625
Sudhir Vora	2850
Hansa Vora	1875
Usha Vora	1825
Dhirendra Vora	2625
Nitai Ghosh	800
Bishwanath Pal	700
TOTAL	37500

AS ON 16.07.2012

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

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Printed Poly Bags and Poly Products.
Exports :
Products :	Finished Goods
Countries :	Africa Dubai Italy
Imports :
Products :	Raw Materials
Countries :	Dubai Doha Qatar
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

200 (Approximately)

Bankers :

v HDFC Bank Limited, HDFC Bank House Senapati Bapat Marg, Lower Parel (West), Mumbai – 400 013, Maharashtra, India

v HDFC Bank, Productivity House, Vadodara, Gujarat, India

v Bank of Baroda, Rakhial Industrial Estate Branch, Ashram Road, Ahmedabad-380009, Gujarat, India

v State Bank of India

v Axis Bank Limited

Facilities :

Rs. in Millions

Secured Loan
Particular	Terms of repayment and security	As on [31.03.2012]	As on [31.03.2011]
Term Loan
From Banks
Axis Bank Limited – Cruz Car Loan [In rupee currency]	Secured against hypothecation Cruz Car and repayable in 36 monthly installments.	0.461	0.879
Axis Bank Limited – Innova Car Loan [In Rupee currency]	Secured against hypothecation Innova Car and repayable in 37 monthly installments.	0.425	0.000
HDFC Bank Limited Term Loan No:3370901	Secured against hypothecation of plant and machinery. Collateral Security Provided: Factory Land and Building situated at Plot No. 321, Po Baska, Taluka Halol, District Panchmahal.	11.371	0.000
HDFC Bank Limited New Land T/L No:3383423	Land at Revenue Survey No. 318/1, 322/1-2-3, Po Baska, Taluka Halol, District Panchmahal. Terms of Repayment: 60 months it is also guaranteed by all directors as well as Mrs. Hansa Vora (Relative of Directors)	5.679	0.000
Loans repayable on demand From Banks: HDFC Bank	Primary Security: Cash credit facility from bank is secured against hypothecation of stock and book debts. Collateral Security Provided: Factory Land and Building situated at Plot No. 321, Po Baska, Taluka Halol, District Panchmahal. Land at Revenue Survey No. 318/1, 322/1-2-3, Po Baska, Taluka Halol, District Panchmahal. Guarantee: It is guaranteed by all directors and Mrs. Hansa Vora (Relative of Directors)	16.185	19.705
TOTAL		34.121	20.584

Banking Relations :	--
Auditors :
Name :	Shah Sanghvi and Company Chartered Accountants
Address :	2, “Samarpan”, 26, Haribhakti Colony, Race Course Circle, Vadodara – 390 015, Gujarat, India
Tel. No.:	91-265-2337064
Fax No.:	91-265-2354386
E-Mail :	shahsanghvi@gmail.com
PAN No:	AITPS7818Q

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
40000	Equity Shares	Rs.100/- each	Rs.4.000 Millions
10000	Preferences Shares	Rs.100/- each	Rs.1.000 Million
	TOTAL		Rs.5.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
37500	Equity Shares	Rs.100/- each	Rs.3.750 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	3.750	3.750
(b) Reserves & Surplus	71.238	55.796
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	74.988	59.546
(3) Non-Current Liabilities
(a) long-term borrowings	27.742	10.071
(b) Deferred tax liabilities (Net)	5.130	3.872
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	32.872	13.943
(4) Current Liabilities
(a) Short term borrowings	16.185	19.705
(b) Trade payables	23.353	19.482
(c) Other current liabilities	11.626	6.358
(d) Short-term provisions	7.819	10.002
Total Current Liabilities (4)	58.983	55.547
TOTAL	166.843	129.036
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	75.464	47.032
(ii) Intangible Assets	1.144	0.000
(iii) Capital work-in-progress	0.000	0.217
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	1.492	13.660
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	78.100	60.909
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	31.699	27.848
(c) Trade receivables	35.825	22.622
(d) Cash and cash equivalents	7.253	3.898
(e) Short-term loans and advances	13.966	13.759
(f) Other current assets	0.000	0.000
Total Current Assets	88.743	68.127
TOTAL	166.843	129.036

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		3.750
2] Share Application Money		0.000
3] Reserves & Surplus		37.430
4] (Accumulated Losses)		0.000
NETWORTH		41.180
LOAN FUNDS
1] Secured Loans		4.775
2] Unsecured Loans		14.940
TOTAL BORROWING		19.715
DEFERRED TAX LIABILITIES		3.843
TOTAL		64.738
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		32.283
Capital work-in-progress		2.708
INVESTMENT		0.000
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	16.240
	Sundry Debtors	22.534
	Cash & Bank Balances	3.655
	Other Current Assets	0.000
	Loans & Advances	15.049
Total Current Assets		57.478
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	15.900
	Other Current Liabilities	2.001
	Provisions	9.830
Total Current Liabilities		27.731
Net Current Assets		29.747
MISCELLANEOUS EXPENSES		0.000
TOTAL		64.738

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Net Sales			164.288
		Job Work			3.760
		Other Income			1.145
		TOTAL (A)	213.341	184.136	169.193
Less	EXPENSES
		Material Consumed			101.856
		Remuneration and Benefits to employees			3.858
		Manufacturing Expenses			18.695
		Administrative, selling and other expenses			9.446
		Increase /Decrease in stock			(1.021)
		TOTAL (B)	190.454 [Including Financial Expenses and Depreciation]	156.582 [Including Financial Expenses and Depreciation]	132.834
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)				36.359
Less	FINANCIAL EXPENSES (D)				3.265
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)				33.094
Less/ Add	DEPRECIATION/ AMORTISATION (F)				4.404
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		22.887	27.554	28.690
Less	TAX (H)		7.445	9.188	10.167
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		15.442	18.366	18.523
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		52.614	34.248	15.725
	BALANCE CARRIED TO THE B/S		68.056	52.614	34.248
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	21.749	NA	NA
	TOTAL EARNINGS		21.749	NA	NA
	Earnings / (Loss) Per Share (Rs.)		411.79	489.76	493.95

Particulars	31.03.2013
Sales Turnover (Approximately)	320.000

The above information has been parted by Mr. Anand Ambadkar.

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	7.23	9.97	10.95
Net Profit Margin (PBT/Sales)	(%)	NA	NA	17.46
Return on Total Assets (PBT/Total Assets}	(%)	13.72	21.39	31.96
Return on Investment (ROI) (PBT/Networth)		0.31	0.46	0.70
Debt Equity Ratio (Total Debts/Networth)		0.59	0.50	0.47
Current Ratio (Current Asset/Current Liability)		1.50	1.23	2.07

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF CURRENT MATURITIES OF LONG-TERM DEBT

(Rs. in Millions)

PARTICULARS	31.03.2012	31.03.2011	31.03.2010
Current maturities of long-term debt	4.518	1.664	NA

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	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	Yes
30]	Major Shareholders, if available	Yes
31]	PAN of Proprietor/Partner/Director, if available	No
32]	Date of Birth of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	Yes
34]	External Agency Rating, if available	No

UNSECURED LOAN:

Particulars	As on 31.03.2012 [Rs. in Millions]	As on 31.03.2011 [Rs. in Millions]
Loans and advances from related parties Terms of Repayment: Not Stipulated	6.487	5.827
Other loans and advances [other than related parties]	3.319	3.365
TOTAL	9.806	9.192

OPERATIONS:

During the year the total income of the company was Rs.213.341 Millions previous year Rs.184.136 Millions. The profit after tax for the year was Rs.15.442 Millions previous year Rs.18.366 Millions.

The directors have decide to plough back the profits, hence do not recommend any dividend for the current year. The company had not accepted any deposit form the public during the year.

BANKERS CHARGES REPORT AS PER REGISTRY

This form is for	Modification of charge
Charge identification number of the modified	10082844
Corporate identity number of the company	U25200GJ1984PTC007018
Name of the company	DYNAFLEX PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	12, Sampatrao Colony, R.C. Dutt Road, Vadodara – 390 005, Gujarat, India
Type of charge	Immovable Property
Particular of charge holder	HDFC Bank Limited, HDFC Bank House Senapati Bapat Marg, Lower Parel (West), Mumbai – 400 013, Maharashtra, India Email: rbbform8@hdfcbank.com
Nature of description of the instrument creating or modifying the charge	Memorandum recording past transactions of creation of Mortgage by Deposit of Title Deeds.
Date of instrument Creating the charge	29.08.2012
Amount secured by the charge	Rs.189.737 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Interest at the rate as may be communicated by the Bank from time to time. Terms of Repayment Working Capital facility shall be payable on Demand Term Loan facility shall be repayable in suitable installments. Margin As may be stipulated by the Bank from time to time. Extent and Operation of the charge The Company accorded and gave oral consent to Bank to continue to hold and retain the title deeds (by way of Constructive delivery) in respect of its immovable properties, as security for repayment of Rs.189.737 Millions by the Company, together with principal, interest, liquidated damages, costs, charges and expenses.
Short particulars of the property charged	Immovable property situated at R.S. No. 321 in the sim of village Baska, in district Panchmahal and Sub. Dist Halol in the state of Gujarat, together with all the buildings Immovable property being RS No.318 Paiki adm 1553 Sq Mt, RS No.322 Paiki 1 adm 792 Sq Mt, RS No.322 Paiki 2 adm 6768 Sq Mt and RS No.322 Paiki 3 adm 2425 Sq Mt., Baska, Halol
Date of latest modification prior to the present modification	30.08.2011
Particulars of the present modification	The charge shall now stand increased from Rs.81.740 Millions to Rs.189.737 Millions, in favour the Bank against the equitable mortgage of immovable properties being lying and situated in Gujarat.

FIXED ASSETS:

v Land

v Building

v Electrical Installations

v Furniture and Fixtures

v Plant and Machinery

v Vehicles

v Office Equipments

v Folding and Rewinding Machines

v Generator Set

v L T Power Distribution

v Materials Handling 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.61.69
UK Pound	1	Rs.99.20
Euro	1	Rs.83.69

INFORMATION DETAILS

Information Gathered by :	PLK
Report Prepared by :	RAJ

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	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		50

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.