MIRA INFORM REPORT

Report Date :

23.01.2014

IDENTIFICATION DETAILS

Name :	KETAN PLASTIC INDUSTRIES PRIVATE LIMITED
Registered Office :	Survey No. 363, (1) (13), Shree Ganesh Industrial Estate, Kachigaon, Daman and Diu – 396210
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	20.06.1996
Com. Reg. No.:	56-002124
Capital Investment/ Paid-up Capital:	Rs.9.625 Millions
CIN No.: [Company Identification No.]	U25201DD1996PTC002124
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Exporter and Importer of Polypropylene and Polypropylene Woven Products.
No. of Employees:	250 ( Approximately) (In Office + In Factory)

RATING & COMMENTS

MIRA’s Rating :

B (27)

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

Maximum Credit Limit :	USD 200000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. The company has incurred a loss during current year. The rating also take into consideration the company’s modest scale of operations, intense competition in the business, as well as fluctuation in raw material prices. However, trade relations are reported as fair. Business is active. Payment terms 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, na

INDIAN ECONOMIC OVERVIEW

India’s current account deficit narrowed in the quarter ended September as government measures to curb imports, especially gold, kicked in.  The current account deficit, the excess of a country’s imports of goods and services over exports, narrowed to $ 5.2 billion from $ 21 billion in the year ago period, according to provisional Reserve Bank of India data. Finance Minister P. Chidambaram said the CAD for the year will be less than $ 60 billion or 3 per cent of GDP and the latest data suggests the government may achieve the target.

India was ranked 94^th among the world’s most corrupt nations list. Denmark and New Zealand topped as the cleanest while Somalia emerged as the most corrupt.

India’s services sector activity witnessed a moderate improvement in November over the previous month, even while indicating the fifth successive monthly contraction, according the HSBC survey.

$53 million estimated losses suffered by India due to phishing attacks during the third quarter, according to a study by RSA. India ranks fourth in the list of nations hit by phishing attacks. The US remained at the top of the charts. Phishing is the process of acquiring information such as user names, passwords and credit card details by sending e-mails disguised as official mails.

Rs.4080 million worth of mobile-phone-based transactions by July 2013 compared to Rs.260 million in September, 2012, according to Deloitte report. The number of transactions has shot up from 94000 to 701000.

India aims to earn Rs.400000 million from the bandwidth auction set for January. The merger and acquisition guidelines, cleared by a group of ministers, will be out before the auction begins so that players can make informed decisions on the auctions.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Term loans: B (Downgraded from BB)
Rating Explanation	High risk of default.
Date	August 2013

Rating Agency Name	ICRA
Rating	Non fund based limits (A4)
Rating Explanation	Minimal degree of safety it carry very high credit risk.
Date	August 2013

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. Shalaka Bhalekar
Designation :	Accountant
Contact No.:	91-22-24929204
Date :	22.01.2014

LOCATIONS

Registered Office/ Factory :	Survey No. 363, (1) (13), Shree Ganesh Industrial Estate, Kachigaon, Daman and Diu – 396210, India
Tel. No.:	91-260-2242231 / 3097292
Mobile No.:	91-9324800017 – (Mr. Dhanesh)
Fax No.:	91-260-2242231 / 24929204
E-Mail :	sales@ketanindia.com dhanesh@ketanindia.com
Website :	http://www.ketanindia.com
Area :	2000 Sq. ft
Location :	Owned
Factory :	597/2 (4), village Dhabel, Daman, Maharashtra, India
Area :	70000 Sq. ft.
Location :	Owned
Administrative Office :	DS-2, Mathuradas mill compound, Lower Parel, Mumbai – 400012, Maharashtra, India
Tel. No.:	91-22-24929204
Fax No.:	91-22-24973466
E-Mail :	kpil@vsnl.com sales@ketanindia.com

DIRECTORS

As on 30.09.2013

Name :	Mr. Dhanesh Banwarilal Jhunjhunwala
Designation :	Director
Address :	6/5 Bhagwati Apartments S V Road, Malad (West), Mumbai – 400 064, Maharashtra, India
Date of Birth/Age :	01.06.1968
Qualification :	B.Com
Date of Appointment :	20.06.1996
Din No.:	00001013
Name :	Mrs. Draupatidevi Banwarilal Jhunjhunwala
Designation :	Director
Address :	6/5 Bhagwati Apartments S V Road, Malad (West), Mumbai – 400 064, Maharashtra
Date of Birth/Age :	10.03.1941
Date of Appointment :	20.06.1996
DIN No.:	00001025
Name :	Mr. Banwarilal Radheshyam Jhunjhunwala
Designation :	Chairman
Address :	6/5 Bhagwati Apartments S V Road, Malad (West), Mumbai – 400 064, Maharashtra
Date of Birth/Age :	10.11.1932
Qualification :	B.Com LLB
Date of Appointment :	29.09.2008
DIN No.:	00001024
Name :	Mr. Ramakant Banwarilal Jhunjhunwala
Designation :	Director
Address :	6/5 Bhagwati Apartments S V Road, Malad (West), Mumbai – 400 064, Maharashtra
Date of Birth/Age :	13.01.1962
Qualification :	B.E Management
Date of Appointment :	29.09.2008
DIN No.:	00001022

KEY EXECUTIVES

Name :	Mr. Shalaka Bhalekar
Designation :	Accountant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

Names of Shareholders	No. of Shares
Ramakant Banwarilal Jhunjhunwala	53500
Draupatidevi Banwarilal Jhunjhunwala	241000
Mona Dhanesh Jhunjhunwala	53500
Banwarilal Radheshyam Jhunjhunwala	66125
Dhanesh Banwarilal Jhunjhunwala	216635
Madhu Ramakant Jhunjhunwala	139125
Kavita Naresh Jhunjhunwala	26625
Naresh Banwarilala Jhunjhunwala	26010
Ketan Plastic Private Limited, Mumbai, India	75000
Ketan Ramakant Jhunjhunwala	65000
Total	962520

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2013

Category	Percentage
Bodies corporate	7.79
Directors or relatives of Directors	92.21
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Exporter and Importer of Polypropylene and Polypropylene Woven Products.

Products :

· HDPE / PP Woven Bags / Sacks

· HDPE / PP Bags and Sacks

· PP Woven Laminated Gusseted Bags

· Tarpaulins

· PP Woven Valve Type Bags

· Sand bags

Item Code No. (ITC Code)	3926.90
Product Description	HDPE/PP Woven Fabric
Item Code No. (ITC Code)	3923.90
Product Description	Plastic HDPE/PP/LDPE BAGS
Item Code No. (ITC Code)	3915.90
Product Description	Plastic Scrap

Exports :

Products :

Polypropylene and Polypropylene Woven Products

Countries :

· Middle east

· Europe

· America

Imports :

Products :

Raw Material

Countries :

· Saudi Arabia

· Thailand

· Singapore

· Europe

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

PRODUCTION STATUS (AS ON : 31.03.2011)

Class of Goods: - HDPE/PP tapes/fabrics/sacks laminated/ unlaminated

Installed capacity (In tonnes) : 6840.00

Particulars	Units	Actual Production
HDPE/PP Plastic Sacks	Pcs	24809351
Plastic fabrics laminated	Kg	709481.480
Plastic fabrics unlaminated	Kg	2266701.500
Plastic bags	Pcs	3195194
Plastic Scrap	Kg	156225.200
Plastic Sheet Tubing	--	589490.000

GENERAL INFORMATION

Customers :

Wholesalers

No. of Employees :

250 ( Approximately) (In Office + In Factory)

Bankers :

· Bank of India, Malad (West) Branch, Swami Vivekanand Road, Opposite Natraj Market, Malad (West), Mumbai – 400064, Maharashtra, India

· Dena Bank

Facilities :

Cash and Credit :– Rs.180.000 Millions (From Bank of India)

Secured Loan	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
Long-term Borrowings
Term Loan from Bank of India Malad (West) -003170210000009 (From Bank of India Malad(west) secured by charge on alt movable plant and machineries of the company both present and future and equitable mortgage on freehold Land and building situated at Somnath ) Interest rate 1-4.50% p.a. with monthly rest Repayable by qtr instalments of Rs. 3.750 Millions( Rs. 3.750 Millions) There is no default in repayment of loan	39.000	45.000
Bank of India Car Loan Interest rate 10.70% p.a. with monthly rest Repayable by Monthly EMI of Rs. 0.025 Million( Rs. Nil/-) There is no default in repayment of loan Amount disclosed under the head "other current liabilities"	0.464	0.000
Short-term borrowings	0	0
Cash Credit (From Bank Of India, Malad(West) (Secured against hypothecation of book debts and stocks and Guaranteed by directors) (Interest Rate charged by the Bank on Packing Credit, Bills discounting were between 6% to 14% p.a. and there is no default in terms of repayment of principal and interest.)	58.938	1.817
Foreign Currency Working Capital Loan (Interest Rate charged by the Bank on Packing Credit, Bills discounting were between 8% to 10% p.a. and there is no default in terms of repayment of principal and interest.)	0.00	46.953
Total	98.402	93.770

Banking Relations :	--
Auditors :
Name :	Jain and Jain Chartered Accountants
Address :	601, Jolly Bhawan No. 2, 51, New Marine Lines, Mumbai - 400 020, Maharashtra, India
Tel. No.:	91-22-43408888
Mobile No.:	cacisa@jainandjain.com
PAN N Income-tax PAN of auditor or auditor's firm :	AAAFJ1726A
Associates :	· Ketan Plastics Private Limited · Ketan Polypack · Saksham Plastics · Polymac Plastics · Ashok Plastics · N. B. Jhunjhunwala and Company · Spur Electronics · Spur Services

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Share	Rs.10/- each	Rs.10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
962520	Equity Share	Rs.10/- each	Rs.9.625 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	9.625	9.625	9.625
(b) Reserves & Surplus	40.685	43.489	42.902
(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)	50.310	53.114	52.527
(3) Non-Current Liabilities
(a) long-term borrowings	88.297	97.077	98.869
(b) Deferred tax liabilities (Net)	9.744	11.791	11.810
(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)	98.041	108.868	110.679
(4) Current Liabilities
(a) Short term borrowings	58.938	48.770	40.688
(b) Trade payables	72.016	78.480	55.360
(c) Other current liabilities	23.757	31.307	33.356
(d) Short-term provisions	0.000	0.135	1.021
Total Current Liabilities (4)	154.711	158.692	130.425
TOTAL	303.062	320.674	293.631
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	149.854	154.690	157.762
(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	0.018	0.018	0.018
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	2.807	2.242	2.319
(e) Other Non-current assets	7.548	7.030	5.294
Total Non-Current Assets	160.227	163.980	165.393
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	60.689	69.965	84.724
(c) Trade receivables	43.662	43.098	23.687
(d) Cash and cash equivalents	3.477	3.940	2.691
(e) Short-term loans and advances	11.666	15.239	10.527
(f) Other current assets	23.341	24.452	6.609
Total Current Assets	142.835	156.694	128.238
TOTAL	303.062	320.674	293.631

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	526.892	481.779	430.234
		Other Income	1.656	0.499	0.484
		TOTAL (A)	528.548	482.278	430.718
Less	EXPENSES
		Office Expenses	497.528	443.876	396.611
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)	497.528	443.876	396.611
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		31.020	38.402	34.107
Less	FINANCIAL EXPENSES (D)		28.090	27.844	19.052
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		2.930	10.558	15.055
Less/ Add	DEPRECIATION/ AMORTISATION (F)		7.782	9.850	9.543
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		(4.852)	0.708	5.512
Less	TAX (H)		0.000	0.116	2.810
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		(4.852)	0.592	2.702
Add	Excess / (Less) IT Provision written back		0.000	(0.005)	(0.034)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		39.789	39.202	36.534
	BALANCE CARRIED TO THE B/S		34.937	39.789	39.202
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Export	160.108	209.215	119.808
	TOTAL EARNINGS		160.108	209.215	119.808
	IMPORTS
		Raw Materials	238.794	143.112	238.120
	TOTAL IMPORTS		238.794	143.112	238.120
	Earnings / (Loss) Per Share (Rs.)		(5.04)	0.62	2.81

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	(0.92)	0.12	0.63
Net Profit Margin (PBT/Sales)	(%)	(0.92)	0.15	1.28
Return on Total Assets (PBT/Total Assets}	(%)	(1.60)	0.22	1.88
Return on Investment (ROI) (PBT/Networth)		(0.10)	0.01	0.10
Debt Equity Ratio (Total Debt /Networth)		2.93	2.75	2.66
Current Ratio (Current Asset/Current Liability)		0.92	0.99	0.98

LOCAL AGENCY FURTHER INFORMATION

CURRENT MATURITIES OF LONG-TERM DEBT DETAILS:

Particulars	31.03.2013	31.03.2012	31.03.2011
	(Rs. In Millions)
Current maturities of long-term debt	6.253	16.598	17.000
Total	6.253	16.598	17.000

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	Yes
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	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

OPERATIONS

During the year the company has achieved a sales of Rs. 526.892 Millions (Rs. 481.779 Millions). The Company has incurred loss mainly on account of exchange fluctuations. In the month of March 2013 foreign borrowings were converted in Indian rupees which minimises risk of exchange fluctuations. The directors are hopeful of better results during the current financial year.

UNSECURED LOAN

PARTICULARS	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
Long-term Borrowings
From Shareholders and Director's Relatives (Interest rate 12% PA.)	46.306	49.622
From Companies Everest Medical Technologies Private Limited (Interest Free loans)	1.500	1.500
Ketan Plastics Private Limited (Interest rate 12% PA.) Amount disclosed under the head "other	1.027	0.955
Total	48.833	52.077

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10155659	08/04/2011 *	178,700,000.00	BANK OF INDIA	MALAD (WEST) BRANCH, SWAMI VIVEKANAND ROAD, OPP. NATRAJ MARKET , MALAD (WEST), MUMBAI, MAHARASHTRA - 400064, INDIA	B11546736
2	10155658	15/04/2009	82,500,000.00	BANK OF INDIA	MALAD (WEST) BRANCH, OPP. NATARAJ MARKET ,, S V ROAD , MALAD (WEST), MUMBAI, MAHARASHTRA - 400064, INDIA	A61657821
3	90075725	23/06/2006 *	8,750,000.00	BANK OF INDIA	S.V. ROAD ,, MALAD(W), MUMBAI, MAHARASHTRA - 400064, INDIA	-
4	90077206	08/04/2011 *	90,000,000.00	BANK OF INDIA	MALAD (WEST) BRANCH, OPP. NATARAJ MARKET ,, S V ROAD , MALAD (WEST), MUMBAI, MAHARASHTRA - 400064, INDIA	B11547031
5	90075706	17/08/2004 *	17,300,000.00	THE ECONOMIC DEVELOPMENT CORPORATION OF GOA, DAMAN AND DIU LIMITED	EDC HOUSE DR., A.B. ROAD ; PANAJI, GOA, GOA, INDIA	-
6	90077184	30/09/2002 *	17,300,000.00	THE ECONOMIC DEVELOPMENT CORPORATION OF GOA, DAMAN AND DIU LIMITED	EDC HOUSE DR., A.B. ROAD ; PANAJI, GOA, GOA, INDI A	-

* Date of charge modification

Fixed Assets:-

Tangible Assets

· Freehold Land

· Factory Building

· Plant and Machinery

· Vehicles

· Electrical Installation

· Flat at Vapi

· Office Equipments

· Furniture and Fixture

· Computers

Intangible Assets

· Computer Software

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.92
UK Pound	1	Rs.101.98
Euro	1	Rs.83.93

INFORMATION DETAILS

Information Gathered by :	NYN
Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	2
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		27

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.