MIRA INFORM REPORT

Report Date :

25.07.2014

IDENTIFICATION DETAILS

Name :	SDR POLYMERS PRIVATE LIMITED
Registered Office :	145/4A, Ettayapuram Road, Tuticorin – 628002, Tamilnadu
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	24.05.2010
Com. Reg. No.:	18-075796
Capital Investment / Paid-up Capital :	Rs. 7.031 Millions
CIN No.: [Company Identification No.]	U25200TN2010PTC075796
TAN No.: [Tax Deduction & Collection Account No.]	MRIS05883D
PAN No.: [Permanent Account No.]	AAOCS3736L
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing small and Jumbo (FIBC) poly woven bags.
No. of Employees :	Information denied by management.

RATING & COMMENTS

MIRA’s Rating :

Ca (18)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Slow and Delayed
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. The rating reflect instances of delay by SDR in servicing its debt and the delays have been caused by the company’s weak liquidity profile. Business is active. Payment terms are slow and delayed. The company can be considered for business dealings an safe and secured 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 – March 31, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
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

N E W S

The economy grew 4.7 %in 2013/14, marking a second straight year of sub-5 % growth – the worst slowdown in more than a quarter of a century. The data was below an official estimate of 4.9 % annual growth and compared with 4.5 % in the last fiscal year. However, the current account deficit narrowed sharply to $ 32.4 billion at 1.7 % of gross domestic product, in 2013/14 from a record high of $ 98.8 billion or 4.7 %, the year before.A sharp fall in gold imports due to restrictions on overseas purchases and muted import of capital goods helped shrink the current account deficit.

Online retailer Flipkart has acquired fashion portal Myntra as it prepares to battle with the rapidly expanding India arm of the global e-commerce giant Amazon. The company raised $ 210 million from Russian Investment firm DST Global which has also invested in companies like Facebook, Twitter and Alibaba Group.

General Motors will start exporting vehicles from its Talegaon plant near Pune in the second half of 2014. GM was one of the few global carmakers that was using its India plant only for the domestic market.

Google has overtaken Apple as the world’s top brand in terms of value, according to global market research agency Millward Brown. Google’s brand value shot up 40 % in a year to $ 158.84 billion. The top 10 of the 100 slots were dominated by US companies.

Infosys lost another heavy weight when B G Srinivas, a board member put in his papers. He is the third CEO-hopeful to quit after Chairman N R Narayana Murthy’s return to the company – Ashok Vemuri and V Balakrishnan being the other two.While Vemuri went on to lead IGate, Balakrishnan joined politics.

Naresh Goyal – promoted Jet Airways posted biggest quarterly loss – Rs 2153.37 crore – in the three months ended March 31, mainly because it has been offering discounts to passengers to fill planes.

William S Pinckney – Chairman and CEO of Amway India was arrested by the Andhra Pradesh Police in connection with a complaint against the direct selling firm. This is the second time that he has been taken into custody. A year, ago the Kerala Police had arrested Pinckney and two company directors on charges of financial irregularities.

China has told its state-owned enterprises to sever links with American consulting firms after the United States charged five Chinese military officers wih hacking US companies. China’s action which targets consultancies like McKinsey & Co. and the Boston Consulting Group, sterns from fears that the first are providing trade secrets to the US governments.

India has emerged as a country with some of the highest unregistered businesses in the world. Indonesia has the maximum number of shadow businesses, says a study of 68 countries by Imperial College Business School in London.

Pfizer has abandoned its attempt to buy AstraZeneca for nearly $ 118 billion after the latter refused an offer of 55 pounds a share.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long term rating: SD
Rating Explanation	Instrument with this rating in default or expected to be in default soon.
Date	21.04.2014

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. Christy
Designation :	Accounts
Contact No.:	91-461-2264300
Date :	21.07.2014

LOCATIONS

Registered Office :	145/4A, Ettayapuram Road, Tuticorin – 628002, Tamilnadu, India
Tel. No.:	91-461-2320322
Fax No.:	91-461-2324596
E-Mail :	johnohilvi@yahoo.co.in accounts@sdrpolymers.in info@sdrpolymers.in
Website :	www.sdrpolymers.in
Factory :	7/55/1, Kamaraj Nagar West, Servaikaranmadam, Sawyerpuram, District Tuticorin – 628251, Tamilnadu, India
Tel. No.:	91-461-2264300
Fax No.:	91-461-2264301

DIRECTORS

As on 27.09.2013

Name :

Mr. Samvelnadar Dharmaraj Vijayaseelan

Designation :

Chairman cum Managing director

Address :

67/B, Sivanthakulam Road, Thoothukudi Town, District Thoothukudi - 628003, Tamilnadu, India

Date of Birth/Age :

25.06.1972

Date of Appointment :

24.05.2010

DIN No.:

03017599

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	U25200TN2010PTC075796	SDR POLYMERS PRIVATE LIMITED	Managing director	24/05/2010	24/05/2010	-	Active	NO
2	U63010TN2010PTC078084	SDR LOGISTICS PRIVATE LIMITED	Managing director	15/11/2010	15/11/2010	-	Active	NO
3	U74900TN2012PTC087092	SDR ENERGY PRIVATE LIMITED	Director	06/08/2012	06/08/2012	-	Active	NO
4	U74999TN2012PTC087530	VRA ENERGY PRIVATE LIMITED	Director	05/09/2012	05/09/2012	-	Active	NO

Name :

Mr. Vijayaseelan Reena Seelan

Designation :

Director

Address :

67/B, Sivanthakulam Road, Thoothukudi Town, District Thoothukudi - 628003, Tamilnadu, India

Date of Birth/Age :

22.11.1978

Date of Appointment :

24.05.2010

DIN No.:

03011456

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	U25200TN2010PTC075796	SDR POLYMERS PRIVATE LIMITED	Director	24/05/2010	24/05/2010	-	Active	NO
2	U63010TN2010PTC078084	SDR LOGISTICS PRIVATE LIMITED	Director	15/11/2010	15/11/2010	-	Active	NO
3	U74900TN2012PTC087092	SDR ENERGY PRIVATE LIMITED	Director	06/08/2012	06/08/2012	-	Active	NO
4	U74999TN2012PTC087530	VRA ENERGY PRIVATE LIMITED	Director	05/09/2012	05/09/2012	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 27.09.2013

Names of Shareholders	No. of Shares
Samvelnadar Dharmaraj Vijayaseelan	40092
Vijayaseelan Reena Seelan	24220
John Felix	1500
Sudha	1500
Jeyachitra	1500
R. Saravanan	1500
Total	70312

Equity Share Break up (Percentage of Total Equity)

As on 27.09.2013

Category	Percentage
Directors or relatives of Directors	96.00
Other top fifty shareholders	4.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing small and Jumbo (FIBC) poly woven bags.

Products :

ITC Code	Product Descriptions
39232990	Small and Jumbo (FIBC) poly woven bags.

Exports :

Products :

Countries :

Germany

Netherland

Imports :

Products :

Raw Material

Countries :

Dubai

Terms :

Selling :

Cash and Cheque

Purchasing :

Cash and Cheque

PRODUCTION STATUS

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Woven Poly Bags	Qty.(MT)	N.A.	1000	509.61

GENERAL INFORMATION

Suppliers :

· Reliance Industries Private Limited

Customers :

· Retailers and End Users

· V.V. Mineral Private Limited

No. of Employees :

Information denied by management.

Bankers :

· Tamilnad Mercantile Bank Limited, Sipcot Branch, 97/H/30, Palayamkottai Road, Tuticorin – 628002, Tamilnadu, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2013	As on 31.03.2012
Long Term Borrowing:
Term Loan from Bank	24.923	33.849
Short term Borrowing:
Loan Repayable on Demand Form Bank:
Cash Credit facility	24.879	25.552
Bill Discounting Facility	4.483	1.680
Packing Credit	4.978	-
Buyers Credit Loan	11.640	-
Total	70.903	61.081

Banking Relations :
Auditors :
Name :	J. Selvin Gnanaraj Chartered Accountant
Address :	4/219-4, Sundar Nagar, I Street, Muthiahpuram P.O., Tuticorin – 628005, Tamilnadu, India
Income-tax PAN of auditor or auditor's firm :	AQMPS4501Q

CAPITAL STRUCTURE

As on 27.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs. 100/- each	Rs. 10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
70312	Equity Shares	Rs.100/- each	Rs.7.031 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	7.031	6.431	6.431
(b) Reserves & Surplus	11.581	10.221	10.061
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	6.700	1.500	0.000
Total Shareholders’ Funds (1) + (2)	25.312	18.152	16.492
(3) Non-Current Liabilities
(a) long-term borrowings	41.986	49.199	48.307
(b) Deferred tax liabilities (Net)	0.380	0.178	0.252
(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)	42.366	49.377	48.559
(4) Current Liabilities
(a) Short term borrowings	45.980	27.232	22.420
(b) Trade payables	13.616	12.692	3.576
(c) Other current liabilities	11.935	12.819	14.308
(d) Short-term provisions	0.114	0.000	0.151
Total Current Liabilities (4)	71.645	52.743	40.455
TOTAL	139.323	120.272	105.506
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	59.642	63.246	55.771
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	2.217	4.954	8.998
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.060	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	1.479	1.363	0.981
(e) Other Non-current assets	0.115	0.593	3.821
Total Non-Current Assets	63.513	70.156	69.571
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	44.330	28.422	12.158
(c) Trade receivables	19.400	11.190	15.568
(d) Cash and cash equivalents	3.488	0.881	0.947
(e) Short-term loans and advances	8.592	9.623	7.262
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	75.810	50.116	35.935
TOTAL	139.323	120.272	105.506

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Turnover	139.755	94.970	61.933
		Other Income	NA	NA	NA
		TOTAL (A)	NA	NA	NA
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)	NA	NA	NA
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		20.289	20.499	4.646
Less	FINANCIAL EXPENSES (D)		10.971	11.540	2.205
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		9.318	8.959	2.441
Less/ Add	DEPRECIATION/ AMORTISATION (F)		8.655	8.848	1.624
	PROFIT BEFORE TAX (E-F) (G)		0.663	0.111	0.817
Less	TAX (H)		0.203	(0.048)	0.252
	PROFIT AFTER TAX (G-H) (I)		0.460	0.159	0.565
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		0.724	0.565	NA
	BALANCE CARRIED TO THE B/S		1.184	0.724	0.565
	EARNINGS IN FOREIGN CURRENCY		86.023	22.051	NA
	IMPORTS		46.974	3.408	NA
	Earnings Per Share (Rs.)		6.54	NA	NA

Particulars	31.03.2014
Sales Turnover (Approximately)	213.400

The above information has been parted by Ms. Christy

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Return on Total Assets (PBT/Total Assets}	(%)	0.48	0.10	0.85
Return on Investment (ROI) (PBT/Networth)		0.03	0.01	0.05
Debt Equity Ratio (Total Debt /Networth)		3.48	4.21	4.29
Current Ratio (Current Asset/Current Liability)		1.06	0.95	0.89

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	6.431	6.431	7.031
Reserves & Surplus	10.061	10.221	11.581
Share Application money pending allotment	0.000	1.5	6.7
Net worth	16.492	18.152	25.312
long-term borrowings	48.307	49.199	41.986
Short term borrowings	22.420	27.232	45.980
Total borrowings	70.727	76.431	87.966
Debt/Equity ratio	4.289	4.211	3.475

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	61.933	94.970	139.755
		53.343	47.157

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	61.933	94.970	139.755
Profit	0.565	0.159	0.460
	0.91%	0.17%	0.33%

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	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	Yes
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:

In small bag segment, the Company achieved sales volume of 10, 60, 442 bags (previous year 20, 90,550 bags). In Jumbo Bags (FIBC Bags) segment, the Company achieved sales volume of 5, 02,877 bags (previous year 210832 bags). In September 2011 the company shipped its maiden export and the export volume has increased gradually since then. Performance of the company has been satisfactory.

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10451329	05/09/2013	1,000,000.00	TAMILNAD MERCANTILE BANK LIMITED	THOOTHUKUDI SIPCOT BRANCH, D.NO.97/H-30, PALAYAMK  OTTAI ROAD, THOOTHUKUDI, Tamil Nadu - 628008, INDI  A	B85855229
2	10451330	04/09/2013	2,500,000.00	TAMILNAD MERCANTILE BANK LIMITED	THOOTHUKUDI SIPCOT BRANCH, D.NO.97/H-30, PALAYAMK  OTTAI ROAD, THOOTHUKUDI, Tamil Nadu - 628008, INDI  A	B85855591
3	10265709	22/01/2011	39,640,000.00	TAMILNAD MERCANTILE BANK LTD	SIPCOT BRANCH, 97/H/30 , PALAYAMKOTTAI ROAD, TUTI  CORIN, Tamil Nadu - 628008, INDIA	B06008189
4	10265707	19/05/2014 *	45,000,000.00	TAMILNAD MERCANTILE BANK LIMITED	Thoothukudi Sipcot Branch, D.No.97/H-30, Palayamk  ottai Road, Thoothukudi, Tamil Nadu - 628008, INDI  A	C06638332
5	10265708	19/05/2014 *	47,500,000.00	TAMILNAD MERCANTILE BANK LIMITED	Thoothukudi Sipcot Branch, D.No.97/H-30, Palayamk  ottai Road, Thoothukudi, Tamil Nadu - 628008, INDI  A	C06651046
6	10265711	21/01/2011	7,500,000.00	TAMILNAD MERCANTILE BANK LTD	SIPCOT BRANCH, 97/H/30 , PALAYAMKOTTAI ROAD, TUTI  CORIN, Tamil Nadu - 628008, INDIA	B06008478
7	10265712	21/01/2011	8,380,000.00	TAMILNAD MERCANTILE BANK LTD	SIPCOT BRANCH, 97/H/30 , PALAYAMKOTTAI ROAD, TUTI  CORIN, Tamil Nadu - 628008, INDIA	B06008668

* Date of charge modification

UNSECURED LOAN

(In Millions)

Particulars	As on 31.03.2013	As on 31.03.2012
Long Term Borrowing:
Term Loan from other parties	0.026	0.313
Loan and Advances from Related Parties	17.037	15.037
Total	17.063	15.350

FIXED ASSETS

· Factory Building

· Plant and Machinery

· Electrical Installations

· Tools and Equipment’s

· Office Equipment’s

· Data Processing Machines

· Vehicles - Four Wheelers

· Furniture and Fittings

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.60.11
UK Pound	1	Rs.102.68
Euro	1	Rs.81.03

INFORMATION DETAILS

Information Gathered by :	GYT
Analysis Done by :	KAR
Report Prepared by :	JGT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	2
--RESERVES	1~10	2
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES/NO
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		18

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.