MIRA INFORM REPORT

Report Date :

05.04.2014

IDENTIFICATION DETAILS

Name :	JAYKALP TRADE-LINK PRIVATE LIMITED
Registered Office :	D/29, 3^rd Floor, Gandhi Market Building, M G Road, Ghatkopar (East), Mumbai-400077, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	19.11.1993
Com. Reg. No.:	11-075215
Capital Investment / Paid-up Capital :	Rs. 5.000 Millions
CIN No.: [Company Identification No.]	U51900MH1993PTC075215
Legal Form :	Private Limited Liability Company
Line of Business :	Trader and Importer of Gum
No. of Employees :	15 (Approximately)

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 59000
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. 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.

ECGC Country Risk Classification List – December 1, 2013

Country Name	Previous Rating (30.09.2013)	Current Rating (01.12.2013)
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

India’s current account deficit for the fiscal third quarter ended September 2013 narrowed to $4.2 billion or 0.9 % of the gross domestic product from $31.9 billion or 6.5 % of GDP a year earlier, thanks to a pick-up in exports and moderation in gold imports. Manufacturing activity and new orders in India showed their strongest growth in a year in February. The news comes as a relief after data showed Asia’s third largest economy grew by a slower-than-expected 4.7 % annually in the three months through December. The HSBC Manufacturing Purchasing Managers’ Index which gauges the business activity of India’s factories but not its’ utilities, rose to 52.5 in February, its highest in a year from 51.4 in January. Overall new orders for factory goods which rose to a one-year high of 54.9 contributed to the surge. China has emerged as India’s biggest trading partner in the current financial year replacing the United Arab Emirates and pushing it to the third spot. India-China trade has reached $49.5 billion with a 8.7 % share in India’s total trade. The US comes second at $46 billion with 8.1 % share during the first nine months of the current financial year.

The Reserve Bank of India has granted an additional nine months to the public to exchange currency notes printed before 2005 including Rs 500 and Rs 1,000 denominations, pushing the deadline to January 1, 2015. A day before dates for the Lok Sabha polls were announced, the government decided to hike interest rates on fixed deposit schemes offered by post offices up to 0.2 per cent. The new rates will be effective April, 1. The Supreme Court will resume hearing on March, 11 Nokia’s appeal against a ruling over transferring ownership of its local mobile phones plant which is the subject of a tax dispute to Microsoft Corp.

In the last days of the current Government, another scam has surfaced. The defence ministry has ordered a probe into Hindustan Aeronautics Limited’s contracts from Britain’s Rolls-Royce Holdings worth at least $ 1.2 billion. The Central Bureau of Investigation will look into allegations that over $80 million was paid in kickbacks in a deal signed in 2011. India has asked Boeing Co. to find a solution for problems with state-owned Air India’s 787 Dreamliners. The aircraft has experienced a series of malfunctions since its debut in 2011.

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. Pramod
Designation :	Office Executive
Contact No.:	91-22-21025354
Date :	04.04.2014

LOCATIONS

Registered Office :	D/29, 3^rd Floor, Gandhi Market Building, M G Road, Ghatkopar (East), Mumbai-400077, Maharashtra, India
Tel. No.:	91-22-21020354
Fax No.:	91-22-21020354
E-Mail :	jmdhokia@yahoo.com
Godown :	Located At Wadala, Mumbai, Maharashtra, India

DIRECTORS

As on 30.09.2013

Name :

Ms. Kalpana Jayant Dhokia

Designation :

Director

Address :

1004, Neelkanth Valley, Kalindi 7^th Road, Rajawadi, Ghatkopar (East), Mumbai-400077, Maharashtra, India

Date of Birth/Age :

14.08.1961

Date of Appointment :

19.12.1993

DIN No.:

00353081

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	U02004MH1990PTC055782	ANKITA IMPEX PRIVATE LIMITED	Director	13/03/1990	13/03/1990	-	Active	NO
2	U51900MH1993PTC075550	JAYKALP TRADE-WELL PRIVATE LIMITED	Director	10/12/1993	10/12/1993	-	Active	NO
3	U51900MH1993PTC075215	JAYKALP TRADE-LINK PRIVATE LIMITED	Director	19/12/1993	19/12/1993	-	Active	NO
4	U67120MH1995PTC095067	ARPITA CONSULTANTS PRIVATE LIMITED	Director	07/12/1995	07/12/1995	-	Active	NO
5	U65990MH1989PTC054422	MAHANAGAR INVESTMENTS PRIVATE LIMITED	Director	01/02/2002	01/02/2002	-	Active	NO
6	U24110MH1994PTC081265	JAYKALP GUMS AND CHEMICALS PRIVATE LIMITED	Director	20/09/2004	20/09/2004	-	Active	NO
7	AAA-5377	MMD REALTY PROJECTS LIMITED LIABILITY PARTNERSHIP	Designated Partner	29/06/2011	29/06/2011	-	Active	NO

Name :

Mr. Jayant Maneklal Dhokia

Designation :

Director

Address :

1004, Neelkanth Valley, Kalindi 7^th Road, Rajawadi, Ghatkopar (East), Mumbai-400077, Maharashtra, India

Date of Birth/Age :

16.06.1958

Date of Appointment :

19.11.1993

DIN No.:

01241852

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	U02004MH1990PTC055782	ANKITA IMPEX PRIVATE LIMITED	Director	13/03/1990	13/03/1990	-	Active	NO
2	U51900MH1993PTC075215	JAYKALP TRADE-LINK PRIVATE LIMITED	Director	19/11/1993	19/11/1993	-	Active	NO
3	U51900MH1993PTC075550	JAYKALP TRADE-WELL PRIVATE LIMITED	Director	10/12/1993	10/12/1993	-	Active	NO
4	U67120MH1995PTC095067	ARPITA CONSULTANTS PRIVATE LIMITED	Director	07/12/1995	07/12/1995	-	Active	NO
5	U65990MH1989PTC054422	MAHANAGAR INVESTMENTS PRIVATE LIMITED	Director	01/02/2002	01/02/2002	-	Active	NO
6	U24110MH1994PTC081265	JAYKALP GUMS AND CHEMICALS PRIVATE LIMITED	Director	20/09/2004	20/09/2004	-	Active	NO

Name :

Mr. Ankita Jayant Dhokia

Designation :

Director

Address :

1004, Neelkanth Valley, Kalindi 7^th Road, Rajawadi, Ghatkopar (East), Mumbai-400077, Maharashtra, India

Date of Birth/Age :

11.09.1987

Date of Appointment :

01.06.2013

DIN No.:

05112789

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	U02004MH1990PTC055782	ANKITA IMPEX PRIVATE LIMITED	Director	05/11/2011	05/11/2011	-	Active	NO
2	U65990MH1989PTC054422	MAHANAGAR INVESTMENTS PRIVATE LIMITED	Director	01/06/2013	01/06/2013	-	Active	NO
3	U67120MH1995PTC095067	ARPITA CONSULTANTS PRIVATE LIMITED	Director	01/06/2013	01/06/2013	-	Active	NO
4	U24110MH1994PTC081265	JAYKALP GUMS AND CHEMICALS PRIVATE LIMITED	Director	01/06/2013	01/06/2013	-	Active	NO
5	U51900MH1993PTC075550	JAYKALP TRADE-WELL PRIVATE LIMITED	Director	01/06/2013	01/06/2013	-	Active	NO
6	U51900MH1993PTC075215	JAYKALP TRADE-LINK PRIVATE LIMITED	Director	01/06/2013	01/06/2013	-	Active	NO

Name :

Mr. Saumil Tarun Shah

Designation :

Director

Address :

1004, Neelkanth Valley, Kalindi 7^th Road, Rajawadi, Ghatkopar (East), Mumbai-400077, Maharashtra, India

Date of Birth/Age :

11.04.1972

Date of Appointment :

01.06.2013

DIN No.:

06608840

KEY EXECUTIVES

Name :	Mr. Pramod
Designation :	Office Executive

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

Names of Shareholders	No. of Shares
Dhokia M. Jayant	3100
Dhokia J. Kalpana	3600
Dhokia M. Rajnikant	2480
Maneklal V. Dhokia – Huf	2480
Shah A. Minaxi	3180
Shah G. Harendra	480
Shah H. Aruna	180
Vani A. Rajan	880
Dalal R. Utpal	3000
Dalal U. Hansa	2080
Dhokia J. Ankita	4225
Dhokia Jayant Arpita	2725
Anjaria Shamji Mukesh	500
Anjaria Narendra Jayesh	430
Shah Kirit Hira	2800
Rawool Atmaram Vasudeo	3000
Praful Kantilal Shah – Huf	2000
Shah Kirit Satyen	650
Shah Praful Sarla	400
Shah Kantilal Vasant	400
Shah Praful Amit	250
Shah Yogesh Ketkee	380
Shah K. Vijaya	500
Bhagat V. Kundanlal	750
Dave Mamta	500
Parikh K. Saumil	3500
Shah Shantilal Surendra – Huf	280
Shah J. Hiren	2000
Gajaria B. Vinay	25
Gajaria L. Bharat	25
Vani A. Kiran	825
Saumil T. Shah – Huf	2000
Chetan R.Dave	375
Total	50000

As on 30.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	51.00
Other top fifty shareholders	49.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Trader and Importer of Gum

Products :

ITC CODE	PRODUCTS
380610.01	GUM

Imports :

Countries :

• Nigeria
• Sudan

GENERAL INFORMATION

Suppliers :	Amamdsons Overseas Trading Private Limited Ankita Impex Private Limited Dina Sales Corporation Ishaan Associates J Manek and Company Jayant Traders Sayga Corporation Star Industrial Corporation V K Sons
No. of Employees :	15 (Approximately)
Bankers :	Indian Bank, Ghatkopar, Mumbai, Maharashtra, India Kotak Mahindra Bank, Masjid Bunder, Mumbai, Maharashtra, India

Banking Relations :	---
Auditors :
Name :	Y D Shah and Company Chartered Accountants
Address :	D/29, Gandhi Market Building, 3^rd Floor, M G Road, Ghatkopar (East), Mumbai-400077, Maharashtra, India
Tel. No.:	91-22-21020354 / 21025355
Fax No.:	91-22-21020354
PAN No.:	AAOPS7483F

CAPITAL STRUCTURE

As on 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.100/- each	Rs. 5.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.100/- each	Rs. 5.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	5.000	5.000	5.000
(b) Reserves & Surplus	9.961	8.616	7.799
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	14.961	13.616	12.799
(3) Non-Current Liabilities
(a) long-term borrowings	14.957	11.169	5.226
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	14.957	11.169	5.226
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	44.743	26.562	20.447
(c) Other current liabilities	0.725	0.265	0.108
(d) Short-term provisions	0.000	0.000	0.043
Total Current Liabilities (4)	45.468	26.827	20.598
TOTAL	75.386	51.612	38.623
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	0.185	0.176	0.208
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	25.370	23.790	21.379
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	3.251	11.795	0.756
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	28.806	35.761	22.343
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	38.925	7.556	10.011
(c) Trade receivables	3.421	7.368	2.042
(d) Cash and cash equivalents	2.488	0.443	3.509
(e) Short-term loans and advances	1.685	0.459	0.718
(f) Other current assets	0.061	0.025	0.000
Total Current Assets	46.580	15.851	16.280
TOTAL	75.386	51.612	38.623

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	39.371	30.208	41.142
		Other Income	1.337	0.593	1.466
		TOTAL (A)	40.708	30.801	42.608
Less	EXPENSES
		Cost of Materials Consumed	67.786	26.725	39.414
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(31.369)	2.455	(1.060)
		Employees benefits expense	0.666	0.253	0.779
		Other expenses	2.017	0.397	2.423
		Exceptional Items	0.000	0.000	0.021
		Extraordinary Items - Short Provision	0.000	0.005	0.012
		TOTAL (B)	39.100	29.835	41.589
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1.608	0.966	1.019
Less	FINANCIAL EXPENSES (D)		0.002	0.005	0.007
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1.606	0.961	1.012
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.032	0.031	0.038
	PROFIT BEFORE TAX (E-F) (G)		1.574	0.930	0.974
Less	TAX (H)		0.229	0.114	0.183
	PROFIT AFTER TAX (G-H) (I)		1.345	0.816	0.791
	Earnings Per Share (Rs.)		26.90	16.32	17.20

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	3.30	2.65	1.86
Net Profit Margin (PBT/Sales)	(%)	4.00	3.08	2.37
Return on Total Assets (PBT/Total Assets}	(%)	3.15	3.34	5.65
Return on Investment (ROI) (PBT/Networth)		0.11	0.07	0.08
Debt Equity Ratio (Total Debt /Networth)		1.00	0.82	0.41
Current Ratio (Current Asset/Current Liability)		1.02	0.59	0.79

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	5.000	5.000	5.000
Reserves & Surplus	7.799	8.616	9.961
Net worth	12.799	13.616	14.961
long-term borrowings	5.226	11.169	14.957
Short term borrowings	0.000	0.000	0.000
Total borrowings	5.226	11.169	14.957
Debt/Equity ratio	0.408	0.820	1.000

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	41.142	30.208	39.371
		(26.576)	30.333

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	41.142	30.208	39.371
Profit	0.791	0.816	1.345
	1.92%	2.70%	3.42%

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	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	Yes
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	Yes
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	No

UNSECURED LOAN

(Rs. In Millions)

Particular	As on 31.03.2013	As on 31.03.2012
Long Term Borrowings
Loans From Directors	3.520	0.120
Loans From Shareholders	7.887	4.226
Loans From Corporate Bodies	3.550	6.823
Total	14.957	11.169

INDEX OF CHARGES: NO CHARGES EXIST FOR THE COMPANY

FIXED ASSETS

• Land
• Building
• Plant and Machinery
• Furniture and Fixtures
• Vehicles
• Office Equipments
• Computer

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.60.32
UK Pound	1	Rs.100.04
Euro	1	Rs.82.65

INFORMATION DETAILS

Information Gathered by :	PDT
Analysis Done by :	DIV
Report Prepared by :	NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--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
DEFAULTER
--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.