MIRA INFORM REPORT

Report Date :

22.12.2014

IDENTIFICATION DETAILS

Name :	MANAKSIA INDUSTRIES LIMITED
Registered Office :	Bikaner Building, 3^rd Floor, 8/1, Lal Bazar Street, Kolkata – 700001, West Bengal
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	25.03.2011
Com. Reg. No.:	21-161235
Capital Investment / Paid-up Capital :	Rs. 0.500 Million
CIN No.: [Company Identification No.]	U27100WB2011PLC161235
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAHCM1139N
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer, Exporter and Importer of Aluminium Sheets, Mosquito Coils, Containers, etc.
No. of Employees :	200 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (26)

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

Maximum Credit Limit :	USD 700
Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is a subsidiary of “MANAKSIA LIMITED”. It is an established company having moderate track record. As claimed by Mr. Raj Kumar, Company Secretary that management is in a process of merging packaging division of “Manaksia Limited” (Holding Company) into subject company (Manaksia Industries Limited). Once it got merged with the subject company they will start its business operations. As per available financial of 2014, the company has incurred pre operating expenses which has resulted into huge accumulated losses recorded by the company. As per status in the registrar of companies business appears to be active. Payments are reported to be unknown. The company can be considered for business dealing 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 – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

NOT AVAILABLE

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 31-03-2014.

INFORMATION PARTED BY

Name :	Ms. Papia Banerjee
Designation :	Admin. Department
Contact No.:	91-33-22310050
Date :	18.12.2014

LOCATIONS

Registered Office :	Bikaner Building, 3^rd Floor, 8/1, Lal Bazar Street, Kolkata – 700001, West Bengal, India
Tel. No. :	91-33-22310050 / 51 / 52
Fax No. :	91-33-22300336
E-Mail :	rkbanthia@manaksia.com info@manaksia.com
Website :	www.manaksia.com
Factory 1:	Village & PO : Bhuniya Raichak, Haldia – 721635, West Bengal, India
Tel. No.:	91-3224-219004
E-Mail :	haldia@manaksia.com
Factory 2:	Plot 24A & 25, Anrich Industrial Area, Village Bollaram, Medak – 502320, Telangana, India
Tel. No.:	91-8458-279484
E-Mail :	hyderabad@manaksia.com
Branch Offices :	Located at · Bangalore Chennai Hyderabad Mumbai New Delhi

DIRECTORS

As on 10.09.2014

Name :

Mr. Basant Kumar Agrawal

Designation :

Director

Address :

16, Belvedere Road, Kolkata - 700027, West Bengal, India

Date of Birth/Age :

07.06.1947

Qualification :

Graduate

Date of Appointment :

23.11.2014

PAN No.:

ACSPA0115C

DIN No. :

00520558

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	U27101WB2001PLC138341	MANAKSIA STEELS LIMITED	Director	07-06-2001	07-06-2001	17-01-2013	Active	NO
2	U27106WB2004PLC099659	AGRIM STEEL INDUSTRIES LIMITED	Director	03-09-2004	03-09-2004	-	Active	NO
3	U29219WB2003PLC096890	ARENA MACHINERIES LIMITED	Director	20-04-2010	20-12-2004	-	Active	NO
4	L74950WB1984PLC038336	MANAKSIA LIMITED	Managing director	19-12-2011	19-12-2006	-	Active	NO
5	L40102RJ1977PLC001994	RELIANCE CHEMOTEX INDUSTRIES LTD	Director	24-09-2007	28-07-2007	-	Active	NO
6	U85300WB1926GAP005585	INDIAN CHAMBER OF COMMERCE CALCUTTA	Director	26-07-2013	30-06-2008	02-08-2014	Active	NO
7	U74999WB2008PTC127455	SAMPARK ROLLING STOCKS & CONTAINERS PRIVATE LIMITED	Director	14-07-2008	14-07-2008	-	Active	NO
8	U51909WB2009PTC137474	JIWANJYOTI VANIJYA PRIVATE LIMITED	Director	26-08-2009	26-08-2009	-	Active	NO
9	U51909WB2009PTC137393	CROSSROAD TRADELINKS PRIVATE LIMITED	Director	26-08-2009	26-08-2009	-	Active	NO
10	U51909WB2009PTC137721	EXCEL VINTRADE PRIVATE LIMITED	Director	26-08-2009	26-08-2009	-	Active	NO
11	U51909WB2009PTC137722	GLITTER AGENCIES PRIVATE LIMITED	Director	26-08-2009	26-08-2009	-	Active	NO
12	U51909WB2009PTC137457	MOONCITY TRADECOMM PRIVATE LIMITED	Director	26-08-2009	26-08-2009	-	Active	NO
13	U51909WB2009PTC137483	KOHINOOR COMMODEAL PRIVATE LIMITED	Director	26-08-2009	26-08-2009	-	Active	NO
14	U15511WB2011PTC158570	ZION DISTILLERIES PRIVATE LIMITED	Director	04-02-2011	04-02-2011	-	Active	NO
15	U27100WB2011PLC161235	MANAKSIA INDUSTRIES LIMITED	Managing director	23-11-2014	25-03-2011	-	Active	NO
16	U51909WB2009PTC133864	ACTIVE GOODS PRIVATE LIMITED	Director	05-09-2011	05-09-2011	23-09-2011	Active	NO
17	U92412WB2012NPL186186	KAANAN RESIDENTS ASSOCIATION	Director	19-09-2012	19-09-2012	-	Active	NO
18	U70102WB2012PTC187966	MODCON REALTY PRIVATE LIMITED	Director	06-11-2012	06-11-2012	-	Active	NO

Name :

Mr. Kali Kumar Chaudhuri

Designation :

Director

Address :

29, Banerjee Para Road, Kolkata – 700041, West Bengal, India

Date of Birth/Age :

18.09.1945

Qualification :

Post Graduate

Date of Appointment :

17.11.2014

PAN No. :

ABVPC9186H

DIN No. :

00206157

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	L74950WB1984PLC038336	MANAKSIA LIMITED	Director	26-09-2014	01-02-2002	-	Active	NO
2	U27320WB1964GOI026211	MSTC LIMITED	Director	13-10-2005	13-10-2005	13-10-2008	Active	NO
3	L20211WB1957PLC023493	SARDA PLYWOOD INDUSTRIES LTD	Director	24-01-2006	24-01-2006	-	Active	NO
4	U74999DL2003GOI118633	RAIL VIKAS NIGAM LIMITED	Director	15-12-2010	15-12-2010	14-12-2013	Active	NO
5	U27100WB2011PLC161235	MANAKSIA INDUSTRIES LIMITED	Director	17-11-2014	09-01-2013	-	Active	NO
6	U27100WB2010PLC144405	MANAKSIA ALUMINIUM COMPANY LIMITED	Director	17-11-2014	17-11-2014	-	Active	NO
7	U27101WB2001PLC138341	MANAKSIA STEELS LIMITED	Director	17-11-2014	17-11-2014	-	Active	NO
8	U27100WB2010PLC144409	MANAKSIA COATED METALS AND INDUSTRIES LIMITED	Director	17-11-2014	17-11-2014	-	Active	NO

Name :

Mr. Amit Chakraborty

Designation :

Director

Address :

P/31, New Talpukur Road, Kolkata – 700061, West Bengal, India

Date of Birth/Age :

06.06.1963

Qualification :

Graduate

Date of Appointment :

17.11.2014

PAN No. :

ABVPC7325C

DIN No. :

06470643

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	Company/ LLP Status	Defaulting status
1	U27100WB2011PLC161235	MANAKSIA INDUSTRIES LIMITED	Whole-time director	17-11-2014	09-01-2013	Active	NO

KEY EXECUTIVES

Name :	Ms. Papia Banerjee
Designation :	Admin. Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 10.09.2014

Names of Shareholders	No. of Shares
Manaksia Limited, India	499940
Biswanath Sharma (Beneficial Interest Lies with Manaksia Limited)	10
Ashok Kumar Rawat (Beneficial Interest Lies with Manaksia Limited)	10
Sitaram Agrawal (Beneficial Interest Lies with Manaksia Limited)	10
Vijay Kumar Khator (Beneficial Interest Lies with Manaksia Limited)	10
Sandeep Kumar Sultania (Beneficial Interest Lies with Manaksia Limited)	10
Rajesh Singhania (Beneficial Interest Lies with Manaksia Limited)	10
Total	500000

As on 10.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	99.99
Other top fifty shareholders	0.01
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Exporter and Importer of Aluminium Sheets, Mosquito Coils, Containers, etc.
Brand Names :	--
Agencies Held :	--
Exports :
Products :	Finished Goods
Countries :	Nigeria
Imports :
Products :	Raw Material
Countries :	China
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference:	NOT DIVULGED
Name of the Person (with Designation):
Contact Number:
Since How Long Known:
Maximum Limit Dealt:
Experience :
Remarks :

Customers :

Wholesalers, Retailers and Manufacturer

Reference:	NOT DIVULGED
Name of the Person (with Designation):
Contact Number:
Since How Long Known:
Maximum Limit Dealt:
Experience :
Remarks :

No. of Employees :

200 (Approximately)

Bankers :

Bank Name:	ICICI Bank Limited
Branch:	NOT DIVULGED
Name of the Person (with Designation):
Contact Number:
Name of Account Holder:
Account Number:
Account Since (Date/ Year of A/c Opening):
Average Balance Maintained (Optional):
Credit Facilities Enjoyed (CC/OD/Term Loan):
Account Operation:
Remarks:

Auditors :
Name :	S R B and Associates Chartered Accountants
Address :	5^th Floor, IDCO Tower, Janpath, Bhubaneshwar, West Bengal, India
Income-tax PAN of auditor or auditor's firm :	AAXFS6281Q
Associates/Subsidiaries :	--

CAPITAL STRUCTURE

As on 10.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
75,000,000	Equity Shares	Re.1/- each	Rs. 75.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
500,000	Equity Shares	Re.1/- each	Rs. 0.500 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	0.500	0.500	0.500
(b) Reserves & Surplus	(0.251)	(0.224)	0.000
(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)	0.249	0.276	0.500
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(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)	0.000	0.000	0.000
(4) Current Liabilities
(a) Short term borrowings	0.270	0.000	0.000
(b) Trade payables	0.000	0.000	0.000
(c) Other current liabilities	0.011	0.007	0.007
(d) Short-term provisions	0.000	0.000	0.000
Total Current Liabilities (4)	0.281	0.007	0.007
TOTAL	0.530	0.283	0.507
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	0.000	0.000	0.000
(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	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.200
Total Non-Current Assets	0.000	0.000	0.200
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	0.000	0.000	0.000
(d) Cash and cash equivalents	0.485	0.283	0.307
(e) Short-term loans and advances	0.045	0.000	0.000
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	0.530	0.283	0.307
TOTAL	0.530	0.283	0.507

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	0.000	0.000	0.000
		Other Income	0.000	0.000	0.000
		TOTAL (A)	0.000	0.000	0.000
Less	EXPENSES
		Other Expenses	0.027	0.224	0.000
		TOTAL (B)	0.027	0.224	0.000
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(0.027)	(0.224)	0.000
Less	FINANCIAL EXPENSES (D)		0.000	0.000	0.000
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(0.027)	(0.224)	0.000
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.000	0.000	0.000
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		(0.027)	(0.224)	0.000
Less	TAX (H)		0.000	0.000	0.000
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		(0.027)	(0.224)	0.000
	Earnings / (Loss) Per Share (Rs.)		(0.05)	(0.45)	0.00

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	0.00	0.00	0.00
Operating Profit Margin (PBDIT/Sales)	(%)	0.00	0.00	0.00
Return on Total Assets (PBT/Total Assets}	(%)	(5.09)	(79.15)	0.00
Return on Investment (ROI) (PBT/Networth)		(0.11)	(0.81)	0.00
Debt Equity Ratio (Total Debt/Networth)		1.08	0.00	0.00
Current Ratio (Current Asset/Current Liability)		1.89	40.43	43.86

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	0.500	0.500	0.500
Reserves & Surplus	0.000	(0.224)	(0.251)
Net worth	0.500	0.276	0.249
long-term borrowings	0.000	0.000	0.000
Short term borrowings	0.000	0.000	0.270
Total borrowings	0.000	0.000	0.270
Debt/Equity ratio	0.000	0.000	1.084

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	No
18]	Major customers	No
19]	Payments terms	Yes
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	No
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

INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY

SCHEME OF ARRANGEMENT

The Board of Directors of the Company (Transferee Company) had approved the Scheme of Arrangement (Scheme) under provisions of Sections 391 to 394 of the Companies Act, 1956, for merger of the Packaging Undertaking of the Manaksia Limited (Transferor Company) on a going concern basis w.e.f. 1st October, 2013. Pursuant to the Scheme, shares of the Company, which are presently held by Transferor Company will be cancelled and the Company will issue one equity share of face value of Re. 1/- each fully paid up to the shareholders of Transferor Company for every share held by them on the record date, to be decided and fixed at a later date, after all necessary approvals, orders and permissions. The shares of the Company are proposed to be listed on all the Stock Exchanges at which the shares of Transferor Company are presently listed. The Scheme along with required information/documents as envisaged in SEBI circular dated 4th February, 2013 read with Circular dated 21st May, 2013 are available on the official websites of both NSE and BSE.The Scheme was also approved unanimously by the shareholders of the Company in its Court Convened Meeting held on 7th January, 2014 pursuant to the directives of the Hon?ble High Court at Calcutta dated 13th November, 2013. The Hon’ble High Court at Calcutta has vide its order dated 24th March, 2014 had allowed the Transferor Company’s application under Section 391(2) and 394 of the Companies Act, 1956 and sanctioned the Scheme. The Hon’ble High Court has given directions to adjudicate the stamp duty payable on the order which at present is pending with the office of Collector of Stamp Revenue, Kolkata. The Scheme would become effective from the appointed date i.e. 1st October, 2013, after receipt of the Order of the Hon?ble High Court at Calcutta after payment of adjudicated stamp duty and filing of the same by the Transferor Company with Registrar of Companies, West Bengal.

UNSECURED LOANS

PARTICULAR	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
SHORT TERM BORROWINGS
Other loans and advances, others	0.270	0.000
Total	0.270	0.000

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 records 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.63.07
UK Pound	1	Rs.98.73
Euro	1	Rs.77.46

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	KAR
Report Prepared by :	MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	--
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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		26

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.