MIRA INFORM REPORT

Report Date :

10.10.2013

IDENTIFICATION DETAILS

Name :	A K GHOSH (PAPER & METALS) PRIVATE LIMITED
Registered Office :	P-36, India Exchange Place (1^st Floor, Room No.29), Kolkata – 700 001, West Bengal
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	20.01.1987
Com. Reg. No.:	21-041781
Capital Investment / Paid-up Capital :	Rs.0.717 million
CIN No.: [Company Identification No.]	U51909WB1987PTC041781
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is in the business of financing for handling Newsprint, on behalf of leading News Paper Agency.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 262000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. Overall financials appears to be good. Liquidity position seems to be strong. Trade relations are fair. Business is active. Payment terms are usually correct. The company can be considered 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.

ECGC Country Risk Classification List – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
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

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.

LOCATIONS

Registered Office :	P-36, India Exchange Place (1^st Floor, Room No.29), Kolkata – 700 001, West Bengal, India
Tel. No.:	91-33-22254425/ 22254186/ 24659678
Fax No.:	91-33-24659678
E-Mail :	akgpm.kol@gmail.com
Factory Shed :	Located at: · Sonarpur

DIRECTORS

AS ON 29.09.2012

Name :

Mr. Subrata Ghosh Chaudhuri

Designation :

Director

Address :

104-D, Block-F, New Alipore, Kolkata – 700 053, West Bengal, India

Date of Birth/Age :

04.04.1960

Date of Appointment :

20.01.1987

DIN No.:

00167292

PAN No.:

ADTPG6066C

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U51909WB1987PTC041781	A K GHOSH (PAPER & METALS) PRIVATE LIMITED	Director	20/01/1987	20/01/1987	-	Active	NO
2	U45202WB1996PTC076454	APARNA CONSTRUCTION PRIVATE LIMITED	Managing director	15/04/1996	15/04/1996	-	Active	NO
3	U15400WB2002PTC094571	KRYSTI FOOD TECH PRIVATE LIMITED	Managing director	29/04/2002	29/04/2002	-	Amalgamated	NO
4	U15490WB2011PTC159531	KRYSTI FOODS PRIVATE LIMITED	Director	21/02/2011	21/02/2011	-	Active	NO

Name :

Mrs. Sunetra Ghose Chaudhuri

Designation :

Director

Address :

104-D, Block-F, New Alipore, Kolkata – 700 053, West Bengal, India

Date of Birth/Age :

02.08.1962

Date of Appointment :

20.01.1987

DIN No.:

00167311

PAN No.:

ADVPG7197A

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U51909WB1987PTC041781	A K GHOSH (PAPER & METALS) PRIVATE LIMITED	Director	20/01/1987	20/01/1987	-	Active	NO
2	U45202WB1996PTC076454	APARNA CONSTRUCTION PRIVATE LIMITED	Director	02/05/2001	02/05/2001	-	Active	NO
3	U15400WB2002PTC094571	KRYSTI FOOD TECH PRIVATE LIMITED	Director	29/04/2002	29/04/2002	-	Amalgamated	NO
4	U15490WB2011PTC159531	KRYSTI FOODS PRIVATE LIMITED	Director	21/02/2011	21/02/2011	-	Active	NO

Name :

Mr. Souvik Ghose Chaudhuri

Designation :

Director

Address :

104-D, Block-F, New Alipore, Kolkata – 700 053, West Bengal, India

Date of Birth/Age :

03.11.1988

Date of Appointment :

22.04.2008

DIN No.:

01670117

PAN No.:

ALRPG5507A

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U51909WB1987PTC041781	A K GHOSH (PAPER & METALS) PRIVATE LIMITED	Director	22/04/2008	22/04/2008	-	Active	NO
2	U45202WB1996PTC076454	APARNA CONSTRUCTION PRIVATE LIMITED	Director	22/04/2008	22/04/2008	-	Active	NO
3	U15400WB2002PTC094571	KRYSTI FOOD TECH PRIVATE LIMITED	Director	01/08/2009	01/08/2009	-	Amalgamated	NO
4	U15490WB2011PTC159531	KRYSTI FOODS PRIVATE LIMITED	Director	21/02/2011	21/02/2011	-	Active	NO

Name :

Siddhika Ghose Chaudhuri

Designation :

Director

Address :

104-D, Block-F, New Alipore, Kolkata – 700 053, West Bengal, India

Date of Birth/Age :

06.02.1991

Date of Appointment :

01.08.2009

DIN No.:

02704027

PAN No.:

ALSPC3430B

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U51909WB1987PTC041781	A K GHOSH (PAPER & METALS) PRIVATE LIMITED	Director	01/08/2009	01/08/2009	-	Active	NO
2	U15400WB2002PTC094571	KRYSTI FOOD TECH PRIVATE LIMITED	Director	01/08/2009	01/08/2009	-	Amalgamated	NO
3	U45202WB1996PTC076454	APARNA CONSTRUCTION PRIVATE LIMITED	Director	01/08/2009	01/08/2009	-	Active	NO
4	U15490WB2011PTC159531	KRYSTI FOODS PRIVATE LIMITED	Director	21/02/2011	21/02/2011	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2012

Names of Shareholders	No. of Shares
Sunetra Ghosechaudhuri	2697
Sova Ghosh	62
Subrata Ghoshchaudhuri	2019
Souvik Ghose Chaudhuri	1387
Siddhika Ghose Chaudhuri	1000
Total	7165

AS ON 29.09.2012

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

BUSINESS DETAILS

Line of Business :

Subject is in the business of financing for handling Newsprint, on behalf of leading News Paper Agency.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Andhra Bank, Kolkata Main Branch, 14/1B, Ezra Street, Kolkata – 700 001, West Bengal, India

Facilities :

Secured Loans	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
LONG TERM BORROWINGS
Term Loans from Other Parties	0.655	0.000
Total	0.655	0.000

I) Details of security for the term loans from other parties:

Term loans from others (Reliance Capital Limited) are secured by an exclusive first charge on the specific assets financed out of the term loans availed.

II) Terms of repayments of term loans from other parties

a) Term loans from Reliance Capital Limited, taken during the year, are repayable in 60 monthly installments, which have commenced from the year 2011-12 and carrying fixed rate of interest 9.75% p.a. computed on monthly rest basis.

Banking Relations :	--
Auditors :
Name :	Mr. Sarvadaman Ray Chartered Accountant
Address :	P-102/D, Block-F, New Alipore, Kolkata – 700 053, West Bengal, India
Tel. No.:	91-33-24781457

CAPITAL STRUCTURE

AS ON 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.100/- each	Rs.1.000 million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
7165	Equity Shares	Rs.100/- each	Rs.0.717 million

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	0.717	0.717
(b) Reserves & Surplus	64.710	61.008
(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)	65.427	61.725
(3) Non-Current Liabilities
(a) Long-term borrowings	0.655	4.240
(b) Deferred tax liabilities (Net)	0.016	0.011
(c) Other long term liabilities	0.000	0.000
(d) Long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	0.671	4.251
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000
(b) Trade payables	5.318	33.632
(c) Other current liabilities	0.844	0.660
(d) Short-term provisions	0.000	0.000
Total Current Liabilities (4)	6.162	34.292
TOTAL	72.260	100.268
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	12.275	11.784
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(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	1.888	1.764
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	14.163	13.548
(2) Current assets
(a) Current investments	10.850	10.490
(b) Inventories	0.000	0.000
(c) Trade receivables	22.472	41.895
(d) Cash and cash equivalents	21.254	29.214
(e) Short-term loans and advances	3.521	5.121
(f) Other current assets	0.000	0.000
Total Current Assets	58.097	86.720
TOTAL	72.260	100.268

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		0.716
2] Share Application Money		0.000
3] Reserves & Surplus		59.868
4] (Accumulated Losses)		0.000
NETWORTH		60.584
LOAN FUNDS
1] Secured Loans		4.932
2] Unsecured Loans		0.000
TOTAL BORROWING		4.932
DEFERRED TAX LIABILITIES		0.000
TOTAL		65.516
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		11.699
Capital work-in-progress		0.000
INVESTMENT		10.477
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000
	Sundry Debtors	42.590
	Cash & Bank Balances	17.886
	Other Current Assets	0.236
	Loans & Advances	9.116
Total Current Assets		69.828
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	26.141
	Other Current Liabilities	0.347
	Provisions	0.000
Total Current Liabilities		26.488
Net Current Assets		43.340
MISCELLANEOUS EXPENSES		0.000
TOTAL		65.516

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	NA	35.219	16.524
		Other Income
		TOTAL	NA	35.219	16.524
Less	EXPENSES
		Office Expenses	NA	28.736	8.571
		Administrative Expenses
		Advertising Expenses
		TOTAL	NA	28.736	8.571
	PROFIT / (LOSS) BEFORE TAX		4.614	6.483	7.953
Less	TAX		0.912	1.207	2.305
	PROFIT / (LOSS) AFTER TAX		3.702	5.276	5.648
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		60.909	55.633	NA
	BALANCE CARRIED TO THE B/S		64.611	60.909	NA
	Earnings / (Loss) Per Share (Rs.)		516.68	736.34	789.00

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	NA	14.98	34.18
Return on Total Assets (PBT/Total Assets}	(%)	6.39	6.47	9.76
Return on Investment (ROI) (PBT/Networth)		0.07	0.11	0.13
Debt Equity Ratio (Total Debt/Networth)		0.01	0.07	0.08
Current Ratio (Current Asset/Current Liability)		9.43	2.53	2.64

LOCAL AGENCY FURTHER INFORMATION

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 two 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) Date of Birth of Proprietor/Partner/Director, if available	Yes
32) PAN of Proprietor/Partner/Director, if available	Yes
33) Voter ID No of Proprietor/Partner/Director, if available	No
34) External Agency Rating, if available	No

Unsecured Loans	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
LONG TERM BORROWINGS
Other Loans from Related Parties	0.000	4.240
Total	0.000	4.240

INDEX OF CHARGES:

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10184575	14/09/2009	5,000,000.00	ANDHRA BANK	KOLKATA MAIN BRANCH, 14/1B, EZRA STREET, KOLKATA, WEST BENGAL - 700001, INDIA	A72591894
2	10020173	11/10/2007 *	2,500,000.00	ANDHRA BANK	BURRA BAZAR BRANCH, 23/1D, MAHARSHI DEVENDRA ROAD, KOLKATA, WEST BENGAL - 700007, INDIA	A25360686

* Date of charge modification

CORPORATE INFORMATION:

Subject, a private limited company governed by the provisions of the Companies Act, 1956 and various regulations and/or policies framed there under by the appropriate authorities was incorporated on 20^th January 1987. The Company at present is carrying on business as Handling agents of newsprint for leading Newspaper Agency.

AMALGAMATION

Scheme of Arrangement (Scheme) - The Scheme sanctioned by Honble High Court of Kolkata is for the amalgamation of the Krysti Foodtech Private Limited (Transferor Company) with the A.K. Ghosh (Paper & Metals) Private Limited (Transferee Company).

The Transferee Company is engaged in the business of to buy directly or through auction papers, stationeries, all kinds of metals and scraps from any person, firm, company or other organizations including local bodies or governments and to resell the same directly or through auctions. The Transferor Company is engaged in the business of marketing, distributing, selling of all types of consumable products, and services and to carry on business of manufacturing, trading, export, import, processing of all types of consumable, food products and drinks and thus there is synergy of business interest between the two Companies. For better growth prospects, expansion and modernization of plant and machinery, marketing and brand building of existing and future products of the Transferor Company and the Transferee Company with the combined resources of the sid companies and for better and more efficient economic and administrative control and management of the undertakings concerned and further with a view to achieve a synergy in operations and reduction in procedural and administrative work it is considered expedient and desirable to amalgamate the Transferor Company with the Transferee Company and would ensure for the benefit of the Shareholders, the employees of both the Companies.

Salient features of the Scheme are:

The name of the Transferor Company Krysti Foodtech Private Limited shall stand changed to A.K. Ghosh (Paper & Metals) Private Limited.

The Scheme would be operative from the Appointed Date, i.e. 01.04.2010 and would be effective from the date on which copies of the order of Honble High Court of Kolkata sanctioning the Scheme has been filed with the Registrar of Companies, West Bengal.

Authorised Share Capital of the Transferee Company would remain unchanged.

Based on the business valuation of Krysti Foodtech Private Limited, Equity Shareholders of Krysti Foodtech Private Limited would get 1 Equity Share of A.K. Ghosh (Paper& Metals) Private Limited for every 1000 Equity Share held in Krysti Foodtech Private Limited

Accordingly, Equity Share Capital of the Transferee Company would become Rs.0.717 million comprising of 7165 Equity Shares.

The incidence of adopting uniform Accounting Policies, if any, would be quantified and adjusted in the Revenue Reserves. All Assets, Liabilities, Rights and Obligations of Transferor Company would vest with the^^ Transferee Company at Book Value as on the Appointed Date, i.e. 1.4.2010.

The accounts of the Company have been prepared following the principles and procedures of the Pooling of Interest Method of Accounting for Amalgamation as per Accounting Standard - 14.

The difference of Rs.0.099 million between the Equity Share Capital allotted to the Shareholders of the Transferor Company and their Equity Share Capital prior to Amalgamation has been adjusted in Capital Reserve.

FIXED ASSETS:

· Machinery

· Air Conditioner

· Computers

· Tools and Equipment

· Factory Shed Sonarpur

· Office Equipments

· Furniture and Fittings

· Motor Vehicles

· Land

· Land and Building

· Property and Rajdanga

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.61.92
UK Pound	1	Rs.99.45
Euro	1	Rs.83.92

INFORMATION DETAILS

Report Prepared by :

SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--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	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		45

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.