MIRA INFORM REPORT

Report Date :

06.02.2014

IDENTIFICATION DETAILS

Name :	KROPEX INDIA LIMITED

Registered Office :	SY No. 116/1, Hosapalya Main Road, (Off Kudlu Gate), Hongasandra, Bangalore – 560 068, Karnataka

Country :	India

Financials (as on) :	31.03.2013

Date of Incorporation :	08.04.2002

Com. Reg. No.:	08-030332

Capital Investment / Paid-up Capital :	Rs.8.512 Millions

CIN No.: [Company Identification No.]	U05190KA2002PLC030332

TAN No.: [Tax Deduction & Collection Account No.]	BLRK04479G

PAN No.: [Permanent Account No.]	AABCK7543E

Legal Form :	A Closely Held Public Limited Liability Company

Line of Business :	Trader of Offset Printing Materials Like Litho Plates, Chemicals, Inks etc

No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

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

Maximum Credit Limit :	USD 524000

Status :	Satisfactory

Payment Behaviour :	Slow but correct

Litigation :	Clear

Comments :	Subject is an established company having satisfactory track record. Profitability of the company appears to be low. However, overall financial position of the company appears to be decent. Trade relations reported to be fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered for business dealing 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

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

INDIAN ECONOMIC OVERVIEW

The services sector, the largest contributor to India’s GDP, contracted for the sixth consecutive month in December, as orders dipped. However, hiring has risen. Direct tax collections rose 12.3 % during the April – December period of the current financial year. The government has decided to retain 100 per cent foreign direct investment in both greenfield (new) and brown field (existing) pharmaceutical companies, despite concerns over genetic drugs going out of production, if multi-national companies take over domestic ones. In M&A deals, a non compete clause would not be allowed, except in special circumstances. The Department of Industrial Policy and Promotion plans to release the next edition of its consolidated foreign direct investment policy document on March 31, incorporating changes made in the past year. DIPP compiles all policies related to India’s FDI regime into a single document to make it easy for investors to understand. 185 million estimated number of mobile internet users in India by June 2014, according to a report by the Internet & Mobile Association of India and IMRB International. India had 110 million mobile internet users with 25 million in rural areas. $3.77 tn estimated global IT spending in 2014, according to research firm Gartner Inc. The growth forecast for this year is cut to 3.1 %from the earlier estimate of 3.5 %. The spending growth forecast for telecom services – a segment that accounts for more than 40 % at total IT spending – from 1.9 per cent to 1.2 per cent is the main reason for this overall IT cut. A Reserve Bank of India committee has recommended setting up a special category of lenders who would cater to small businesses and households, to expand the number of customers with access to banking services. These banks would focus onproviding payment services and deposit products. Indian banks want the free use of automated teller machines to be capped at five transactions in a month including that of the bank in which the account is active. This follows state government order to banks to install security guards at ATM booths after a woman banker was assaulted in Bangalore. The government is likely to present a vote on Account in mid-February. The annual Economic Survey will be tabled later in Parliament along with the full Budget. A full Budget for 2014/15 is likely to be present in July by the new government formed after the General Election. The government will soon launch an internet spy system, called Netra, to detect malafide messages. Security agency will deploy the system to capture dubious voice traffic on applications such as Skype and Google Talk, as well as tweeters.

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 / Head Office :	SY No. 116/1, Hosapalya Main Road, (Off Kudlu Gate), Hongasandra, Bangalore – 560 068, Karnataka, India
Tel. No.:	91-80-25731241 / 25731242 / 43 / 45
Fax No.:	Not Available
E-Mail :	sanjee@blr.vsnl.net.in kropex@vsnl.net sanjeev@kropex.com kropex@touchtelindia.net info@kropex.com nagarajugl@yahoo.com kropex@airtelbroadband.in
Website :	http://www.kropex.com

Branch Office :	House No. 7-1-60, Flat No. 102, Veena Apartments, Dharam Karam, Road, Ameerpet, Hyderabad, Andhra Pradesh, India
Tel. No.:	91-40-55687008
Fax No.:	91-40-55687008

DIRECTORS

As on 30.09.2013

Name :

Mr. Sanjeev Sachdeva

Designation :

Managing Director

Address :

No. 566, 8^th Block, Koramangala, Bangalore – 560 095, Karnataka, India

Date of Birth/Age :

12.03.1961

Date of Appointment :

08.04.2002

DIN No.:

00468704

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	U85110KA1995PLC017632	KAPOOR SALES (BANGALORE) LIMITED	Managing director	01/04/2000	01/04/2000	-	Active	NO
2	U05190KA2002PLC030332	KROPEX INDIA LIMITED	Managing director	01/09/2012	08/04/2002	-	Active	NO

Name :

Mrs. Poonam Sachdeva

Designation :

Director

Address :

No. 566, 8^th Block, Koramangala, Bangalore – 560 095, Karnataka, India

Date of Birth/Age :

06.12.1963

Date of Appointment :

08.04.2002

DIN No.:

00468731

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	U85110KA1995PLC017632	KAPOOR SALES (BANGALORE) LIMITED	Director	24/10/2000	24/10/2000	-	Active	NO
2	U05190KA2002PLC030332	KROPEX INDIA LIMITED	Whole-time director	01/09/2012	08/04/2002	-	Active	NO

Name :

Mr. Vanik Sachdeva

Designation :

Director

Address :

No. 566, 8^th Block, Koramangala, Bangalore – 560 095, Karnataka, India

Date of Birth/Age :

21.05.1985

Date of Appointment :

22.12.2006

DIN No.:

00942468

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	U05190KA2002PLC030332	KROPEX INDIA LIMITED	Whole-time director	01/09/2012	22/12/2006	-	Active	NO
2	U85110KA1995PLC017632	KAPOOR SALES (BANGALORE) LIMITED	Director	01/04/2009	01/04/2009	-	Active	NO

Name :

Mr. Rohan Sachdeva

Designation :

Director

Address :

No. 566, 8^th Block, Koramangala, Bangalore – 560 095, Karnataka, India

Date of Birth/Age :

18.05.1989

Date of Appointment :

01.08.2012

DIN No.:

05295119

Name :

Simran Sachdeva

Designation :

Whole-time director

Address :

No. 566, 8^th Block, Koramangala, Bangalore – 560 095, Karnataka, India

Date of Birth/Age :

09.03.1985

Date of Appointment :

01.04.2013

DIN No.:

03190547

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

Names of Shareholders	No. of Shares
Sanjeev Sachdeva	478480
Poonam Sachdeva	41535
Randeep Sachdeva	700
Remmi Sachdeva	800
Vanik Sachdeva	216295
Rohan Sachdeva	83230
Monika Makhan	700
Swetha Makhan	600
Anil Makhan	800
Karan Makhan	860
Jasmin Grower	820
Sachin Grower	900
Aswini Sachdeva	25500

TOTAL	851220

As on 30.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	99.00
Other	1.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Trader of Offset Printing Materials Like Litho Plates, Chemicals, Inks etc

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· ING Vysya Bank Limited, 60, Subbarama Chetty Road, Netkallappa Circle, Basavanagudi, Bangalore – 560 004, Karnataka, India

· ING Vysya Bank Limited, Netkallappa Circle Branch, Bangalore-560004, Karnataka, India

· ICICI Bank Limited

· Bank of Baroda, 1^st Floor, 3^rd Block, 9th Main Road, Jayanagar, Bangalore-560011, Karnataka, India

· HDFC Bank Limited

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG TERM BORROWINGS
Term loans
From Banks
ING Vysya Bank Limited - Term Loan (Secured By creating equitable mortgage of immovable properties, Plant and Machinery, vehicles other movable assets and collaterally stock and book debts and by creating equitable mortgage of immovable properties of directors and Group company M/s Kapoor Sales (Bangalore) Limited and guaranteed by the directors in their personal capacities to the extent of liabilities	11.701	4.028
From Others :
Tata Capital Limited	1.275	0.000
HDFC Bank (Secured By Vehicles and guaranteed by the directors in their personal capacities to the extent of liabilities)	3.730	10.004

SHORT TERM BORROWINGS
Loans repayable on demand
from banks : ING Vysya Bank Ltd - Cash Credit (Secured By stock and book debts and collaterly by creating equitable mortgage of immovable properties of directors and Group company M/s Kapoor Sales (Bangalore) Limited and guaranteed by the directors in their personal capacities to the extent of liabilities	160.281	155.753

Total	176.987	169.785

Banking Relations :	--

Financial Institution :	Tata Capital Financial Services Limited One Forbes, Dr. V. B. Gandhi Marg, Fort, Mumbai - 400001, Maharashtra, India

Auditors :
Name :	Ram Raj and Company Chartered Accountants
Address :	No. 65, 29^th A Cross, 4^th Block, Jayanagar, Bangalore – 560 011, Karnataka, India
Tel No.:	91-80-22445567 / 26580511
Telfax No.:	91-80-26580510
Email :	ram_raj_12@yahoo.co.uk ramraj12@gmail.com
PAN No.:	AABFR3927Q

Group Company :	Kapoor Sales (Bangalore) Limited

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount

1000000	Equity Shares	Rs.10/- each	Rs.10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

851220	Equity Shares	Rs.10/- each	Rs.8.512 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	8.512	6.413	4.736
(b) Reserves & Surplus	106.809	76.521	52.134
(c) Money received against share warrants	0.000	0.000	0.000

(2) Share Application money pending allotment	15.800	0.000	0.000
Total Shareholders’ Funds (1) + (2)	131.121	82.934	56.870

(3) Non-Current Liabilities
(a) long-term borrowings	29.640	20.481	13.365
(b) Deferred tax liabilities (Net)	3.905	3.097	2.386
(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)	33.545	23.578	15.751

(4) Current Liabilities
(a) Short term borrowings	160.281	155.753	130.064
(b) Trade payables	45.683	37.812	50.534
(c) Other current liabilities	10.213	7.088	7.508
(d) Short-term provisions	0.000	0.000	1.114
Total Current Liabilities (4)	216.177	200.653	189.220

TOTAL	380.843	307.165	261.841

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	134.102	102.312	76.653
(ii) Intangible Assets	0.124	0.000	0.000
(iii) Capital work-in-progress	0.346	0.312	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	6.635	4.725	3.325
Total Non-Current Assets	141.207	107.349	79.978

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	118.941	112.593	89.119
(c) Trade receivables	112.967	80.604	79.286
(d) Cash and cash equivalents	3.730	3.173	2.358
(e) Short-term loans and advances	3.998	3.446	11.100
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	239.636	199.816	181.863

TOTAL	380.843	307.165	261.841

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	852.725	836.431	796.382
		Other Income	3.271	2.862	12.832
		TOTAL	855.996	839.293	809.214

Less	EXPENSES
		Purchase of Stock in Trade	749.857	767.861	743.648
		Changes in inventories of Stock in trade	(6.347)	(23.474)	(15.224)
		Employee benefit Expenses	26.695	22.511	20.017
		Other Expenses	47.566	38.467	33.030
		Exceptional Item	(0.111)	0.515	0.000
		TOTAL	817.660	805.880	781.471

	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		38.336	33.413	27.743

Less	FINANCIAL EXPENSES		25.208	22.211	17.758

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		13.128	11.202	9.985

Less/ Add	DEPRECIATION/ AMORTISATION		5.472	4.751	4.221

	PROFIT/ (LOSS) BEFORE TAX		7.656	6.451	5.764

Less	TAX		2.563	2.186	2.008

	PROFIT/ (LOSS) AFTER TAX		5.093	4.265	3.756

	Earnings / (Loss) Per Share (Rs.)		7.94	6.65	7.93

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	0.59	0.51	0.46

Net Profit Margin (PBT/Sales)	(%)	0.90	0.77	0.72

Return on Total Assets (PBT/Total Assets}	(%)	2.01	2.10	2.20

Return on Investment (ROI) (PBT/Networth)		0.06	0.08	0.10

Debt Equity Ratio (Total Debt/Networth)		1.45	2.12	2.52

Current Ratio (Current Asset/Current Liability)		1.11	0.99	0.96

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

NOTE

The Registered Office of the company has been shifted from No. 211/20, 11^th Main Road, 16^th Cross, Lakkasandra Wilson Garden, Bangalore – 560 030, Karnataka, India to the present address w.e.f. 19.02.2011.

UNSECURED LOANS

PARTICULAR	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG TERM BORROWINGS
Other loans and advances
From Directors	12.934	6.449

Total	12.934	6.449

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10454242	28/09/2013	1,296,000.00	TATA CAPITAL FINANCIAL SERVICES LIMITED	One Forbes, Dr. V. B. Gandhi Marg, Fort, Mumbai, Maharashtra - 400001, INDIA	B87180717
2	10454255	28/09/2013	1,410,000.00	TATA CAPITAL FINANCIAL SERVICES LIMITED	One Forbes, Dr. V. B. Gandhi Marg, Fort, Mumbai, Maharashtra - 400001, INDIA	B87183042
3	10454245	28/09/2013	2,558,000.00	TATA CAPITAL FINANCIAL SERVICES LIMITED	One Forbes, Dr. V. B. Gandhi Marg, Fort, Mumbai, Maharashtra - 400001, INDIA	B87181251
4	10454252	28/09/2013	2,776,000.00	TATA CAPITAL FINANCIAL SERVICES LIMITED	One Forbes, Dr. V. B. Gandhi Marg, Fort, Mumbai, Maharashtra - 400001, INDIA	B87182622
5	10454250	28/09/2013	2,940,000.00	TATA CAPITAL FINANCIAL SERVICES LIMITED	One Forbes, Dr. V. B. Gandhi Marg, Fort, Mumbai, Maharashtra - 400001, INDIA	B87182176
6	10454249	28/09/2013	4,304,000.00	TATA CAPITAL FINANCIAL SERVICES LIMITED	One Forbes, Dr. V. B. Gandhi Marg, Fort, Mumbai, Maharashtra - 400001, INDIA	B87181673
7	10454258	28/09/2013	4,704,000.00	TATA CAPITAL FINANCIAL SERVICES LIMITED	One Forbes, Dr. V. B. Gandhi Marg, Fort, Mumbai, Maharashtra - 400001, INDIA	B87183521
8	10229954	04/02/2013 *	162,500,000.00	ING VYSYA BANK LIMITED	60, SUBBARAMA CHETTY ROAD, NETKALLAPPA CIRCLE,BAS AVANAGUDI, BANGALORE, Karnataka - 560004, INDIA	B69273464
9	10249989	28/05/2010	11,675,000.00	ING VYSYA BANK LIMITED	60, SUBBARAMA CHETTY ROAD, NETKALLAPPA CIRCLE,BAS AVANAGUDI, BANGALORE, Karnataka - 560004, INDIA	A89794481
10	90195659	04/02/2013 *	201,961,000.00	ING VYSYA BANK LIMITED	60, SUBBARAMA CHETTY ROAD, NETKALLAPPA CIRCLE,BAS AVANAGUDI, BANGALORE, Karnataka - 560004, INDIA	B72017023

* Date of charge modification

FIXED ASSETS

Ø Land and Building

Ø Furniture and Fixtures

Ø Office Equipments

Ø Computer Units

Ø Plant and Machinery

Ø Vehicles

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.62.45
UK Pound	1	Rs.102.01
Euro	1	Rs.84.35

INFORMATION DETAILS

Report Prepared by :

ANK

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	4
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		42

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.

MIRA INFORM REPORT

0.59

0.90

2.01

0.06

1.45

1.11

Unit