MIRA INFORM REPORT

Report Date :

06.09.2013

IDENTIFICATION DETAILS

Name :	ALFA ICA (INDIA) LIMITED
Registered Office :	1-4 Uma Industrial Estate, Village Vasana - Lawa Taluka Sanand, Ahmedabad, Gujarat
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	11.12.1991
Com. Reg. No.:	04-016763
Capital Investment / Paid-up Capital :	Rs 46.400 Millions
CIN No.: [Company Identification No.]	l20100gj1991plc016763
TAN No.: [Tax Deduction & Collection Account No.]	ahma03990A
PAN No.: [Permanent Account No.]	aabca2800Q
Legal Form :	Public Limited Company. The Company's shares are listed on the Stock Exchange.
Line of Business :	Subject is engaged in manufacturing of Laminate Sheets.
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 419000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The profit margin is low. Trade relations are fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some caution.

NOTES :

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

ECGC Country Risk Classification List – 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.

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	BBB- = Long Term Bank Facilities
Rating Explanation	Moderate degree of safety and moderate credit risk
Date	November 2012

Rating Agency Name	CARE
Rating	A3 = Short Term Bank Facilities
Rating Explanation	Moderate degree of safety and higher credit risk
Date	November 2012

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/Factory 1 :	1-4 Uma Industrial Estate, Village Vasana - Lawa Taluka Sanand, Ahmedabad, Gujarat
Tel. No.:	91-79-23774206/23774134/23774135
Fax No.:	91-79-23774134
E-Mail :	info@alfaico.com
Websites :	www.alfaica.com
Location :	Owned
Factory 2 :	204-205, Uma industrial Estate, Village Vasana-Lawa Taluka Sanand, Ahmedabad, Gujarat
Corporate Office :	Alfa Pallazzo, Near Shivranjani Cross Roads, Satellite Road, Ahmedabad - 380 015, Gujarat, India
Tel. No.:	91-79-26754030 / 26754031
Fax No.:	91-79-26754040
E-Mail :	info@alfaica.com alfaica@icenet.net rt@alfaica.com

DIRECTORS

As on 29.09.2012

Name :

Mr. Shyam Sunder Tibrewal

Designation :

Chairman cum Director

Address :

1 Sanidhya Bunglow, Near Nishant Vibhag – 1, 135 Ft. Ring Road, Satelite, Ahmedabad – 380015, Gujarat, India

Date of Birth/Age :

01.07.1952

Date of Appointment :

31.07.2008

DIN No.:

00500621

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	U17119GJ1985PTC007658	SVAR SYNTHETICS PVT LTD	Director	01/12/2002	01/12/2002	-	Active	NO
2	U25202GJ2004PTC043769	MAYUR WOVENS PRIVATE LIMITED	Director	11/03/2004	11/03/2004	-	Active	NO
3	L20100GJ1991PLC016763	ALFA ICA (INDIA) LIMITED	Director	31/07/2008	31/07/2008	-	Active	NO

Name :

Mr. Rajendra Tikmani

Designation :

Managing Director

Address :

3 Navyug Society, Ambewadi, Ahmedabad – 380015, Gujarat, India, India

Date of Birth/Age :

02.10.1948

Date of Appointment :

11.12.1991

DIN No.:

00333842

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	U45201GJ1987PTC010019	AMRUT GOYAL DEVELOPERS PRIVATE LIMITED	Managing director	25/09/1987	25/09/1987	-	Under liquidation	NO
2	L20100GJ1991PLC016763	ALFA ICA (INDIA) LIMITED	Managing director	11/12/1991	11/12/1991	-	Active	NO
3	U74999GJ1995PLC024160	CHOW CHOON ALFA LTD	Managing director	10/01/1995	10/01/1995	-	Under liquidation	NO
4	U74140GJ1993PTC019279	QUANTUM BANKING RESOURCE CENTRE PRIVATE LIMITED	Director	31/03/1995	31/03/1995	-	Active	NO

Name :

Mr. Rishi Rajendra Tikmani

Designation :

Director

Address :

3 Navyug Society, Ambewadi, Ahmedabad – 380015, Gujarat, India, India

Date of Birth/Age :

09.08.1981

Date of Appointment :

14.08.2006

DIN No.:

00638644

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	L20100GJ1991PLC016763	ALFA ICA (INDIA) LIMITED	Whole-time director	01/09/2008	14/08/2006	-	Active	NO
2	U74999GJ1995PLC024160	CHOW CHOON ALFA LTD	Director	30/09/2006	30/09/2006	-	Under liquidation	NO
3	U45201GJ1987PTC010019	AMRUT GOYAL DEVELOPERS PRIVATE LIMITED	Director	01/11/2006	01/11/2006	-	Under liquidation	NO

Name :

Mr. Inderchand G. Nahta

Designation :

Director

Address :

12, Amrashirish Bunglows, Opposite Karnavati Club, S.G. Road, Ahmedabad – 380015, Gujarat, India

Date of Birth/Age :

08.12.1952

Date of Appointment :

20.06.2011

DIN No.:

03565091

KEY EXECUTIVES

Name :	Mr. Hansraj
Designation :	Accountants

SHAREHOLDING PATTERN

As on 30.06.2013

Names of Shareholders	No. of Shares	% of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	999576	24.74
Any Others (Specify)	555139	13.74
Directors/Promoters & their Relatives & Friends	555139	13.74
Sub Total	1554715	38.48
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	1554715	38.48
(B) Public Shareholding
(1) Institutions
Financial Institutions / Banks	2100	0.05
Sub Total	2100	0.05
(2) Non-Institutions
Bodies Corporate	409262	10.13
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	1079689	26.72
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	979976	24.26
Any Others (Specify)	14258	0.35
Hindu Undivided Families	13898	0.34
Non Resident Indians	360	0.01
Sub Total	2483185	61.46
Total Public shareholding (B)	2485285	61.52
Total (A)+(B)	4040000	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	4040000	0.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in manufacturing of Laminate Sheets.

Products :

Product Description	ITC Code
Articles of Paper and Paperboard	48239019

PRODUCTION STATUS (As on 31.03.2011)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Unit- I Laminate Sheets	No.	NA	1500000	680000
Unit-II Laminate Sheets	No	NA	600000	265000

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· State Bank of India, Special Commercial Branch, Gandhigran, Opposite Gandhigran Railway Station, Ahmedabad – 380009, Gujarat, India

· Citi Bank

Facilities :

Secured Loans	31.03.2012 Rs. In Millions	31.03.2011 Rs. In Millions
Short Term Borrowings
Working Capital Loan from Bank	63.830	40.320
Loans repayable on demand from Bank	34.525	55.959
Total	98.355	96.279

Banking Relations :	--
Auditors :
Name :	O P Bhandari and Company Chartered Accountants
Address :	30 Omkar House, Nera Swastik Char Rasta, C. G. Road, navrungpura, Ahmedabad – 380009, Gujarat, India
PAN No.:	AAAFO6762H
Associates :	· Amrut Goyal Developers Private Limited · Chow Choon Alfa Limited · Tikmani Corporation · Rajendra Enterprise

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs. 10/- each	Rs. 50.000 Millions
250000	Preference Shares	Rs. 100/- each	Rs. 25.000 Millions
	Total		Rs. 75.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4040000	Equity Shares	Rs. 10/- each	Rs. 40.400 Millions
60000	Preference Shares	Rs. 100/- each	Rs. 6.000 Millions
	Total		Rs. 46.400 Millions

Shareholding more than five per cent in company

Particulars	No. of Shares	% of Holding
Rajendra Tikmani	207755	5.14%
Rishi Tikmani	208800	5.17%
Rajendra Hemraj Tikmani (HUF)	965818	23.91%
Haresh Mehta	252400	6.25%
Vasant Rana	230000	5.69%

FINANCIAL DATA

[all figures are in Rupees Millions]

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	46.400	46.400
(b) Reserves & Surplus	58.387	56.422
(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)	104.787	102.822
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000
(b) Deferred tax liabilities (Net)	12.434	14.140
(c) Other long term liabilities	49.807	42.709
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	62.241	56.849
(4) Current Liabilities
(a) Short term borrowings	103.005	103.890
(b) Trade payables	37.563	38.590
(c) Other current liabilities	1.331	0.620
(d) Short-term provisions	3.006	2.161
Total Current Liabilities (4)	144.905	145.261
TOTAL	311.933	304.932
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	84.999	92.363
(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	2.018	1.718
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	87.017	94.081
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	150.764	139.183
(c) Trade receivables	56.241	56.811
(d) Cash and cash equivalents	2.479	2.030
(e) Short-term loans and advances	15.432	12.827
(f) Other current assets	0.000	0.000
Total Current Assets	224.916	210.851
TOTAL	311.933	304.932

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		50.400
2] Share Application Money		0.000
3] Reserves & Surplus		54.335
4] (Accumulated Losses)		0.000
NETWORTH		104.735
LOAN FUNDS
1] Secured Loans		50.481
2] Unsecured Loans		61.463
TOTAL BORROWING		111.945
DEFERRED TAX LIABILITIES		15.555
TOTAL		232.235
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		98.543
Capital work-in-progress		0.000
INVESTMENT		2.495
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	124.103
	Sundry Debtors	34.407
	Cash & Bank Balances	1.980
	Other Current Assets	1.324
	Loans & Advances	3.680
Total Current Assets		165.494
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	29.679
	Other Current Liabilities	2.018
	Provisions	2.600
Total Current Liabilities		34.297
Net Current Assets		131.197
MISCELLANEOUS EXPENSES		0.000
TOTAL		232.235

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	449.235	419.324	356.313
		Other Income	2.112	5.356	8.871
		TOTAL (A)	451.347	424.680	365.184
Less	EXPENSES
		Cost of material consumed	338.868	324.265
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(5.177)	(7.193)
		Employee benefit expenses	3.647	3.404
		Other Expenses	82.626	76.669
		TOTAL (B)	419.964	397.145	342.339
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		31.383	27.535	22.845
Less	FINANCIAL EXPENSES (D)		17.823	14.113	9.689
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		13.560	13.422	13.156
Less/ Add	DEPRECIATION/ AMORTISATION (F)		10.293	10.311	4.971
	PROFIT BEFORE TAX (E-F) (G)		3.267	3.111	8.185
Less	TAX (H)		1.301	1.024	0.805
	PROFIT AFTER TAX (G-H) (I)		1.966	2.087	7.380
	EARNINGS IN FOREIGN CURRENCY		490.651	323.482	271.043
	IMPORTS
		Raw Materials	158.502	133.957	106.424
		Capital Goods	0.539	0.000	6.964
	TOTAL IMPORTS		159.041	133.957	113.388
	Earnings Per Share (Rs.)		0.49	0.52	1.62

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	0.44	0.49	2.02
Net Profit Margin (PBT/Sales)	(%)	0.73	0.74	2.30
Return on Total Assets (PBT/Total Assets}	(%)	1.44	1.46	3.10
Return on Investment (ROI) (PBT/Networth)		0.03	0.03	0.08
Debt Equity Ratio (Total Debt /Networth)		0.98	1.01	1.07
Current Ratio (Current Asset/Current Liability)		1.55	1.45	4.82

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	Yes
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	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

UNSECURED LOANS:

Particulars	31.03.2012 Rs. In Millions	31.03.2011 Rs. In Millions
Short Term Borrowings
Other loans and advances	4.650	7.611
Total	4.650	7.611

INDEX OF CHARGE:

Sr .No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	90103434	29/11/2007 *	150,000,000.00	STATE BANK OF INDIA	MCLAU, 4TH FLOOR, LHO BUILDING, BHADRA, AHMEDABAD, Gujarat - 380001, INDIA	A28120426

* Date of charge modification

MANAGEMENT DISCUSSION AND ANALYSIS

Industry Structure and Development

The Indian Decorative Laminate industry is dominated by unorganized sector with a few players in the organized sector. The organized sector has been able to capture a majority share in the export market driven by sustained quality consciousness. Current market trends show a slow but steady recovery in European and American economies which are the main overseas markets for the Company’s products.

Segment-Wise and Product-Wise Performance

The Company is engaged primarily in manufacturing of Laminate Sheets.

OUTLOOK

Exports shall remain the core growth area and a lot depends on overseas economic recovery. In the domestic sector, the outlook seems to be stable in long term, with the economy expected to perform better in the years to come. Though inflation is a worry which may dampen real spends in the economy, but an emphasis on infrastructure and housing shall push the demand for company’s products.

FIXED ASSETS:

· Land

· Building

· plant and Equipment

· Furniture and Fixtures

· Vehicle

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. 66.04
UK Pound	1	Rs. 103.11
Euro	1	Rs. 86.99

INFORMATION DETAILS

Report Prepared by :

VNT

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	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	4
--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	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.